MIRA INFORM REPORT

Report Date :

01.03.2014

IDENTIFICATION DETAILS

Name :	MHI-VST DIESEL ENGINES PRIVATE LIMITED
Registered Office :	Plot No. 305, Hebbal Industrial Area, Metagalli, Mysore-570016, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.07.2007
Com. Reg. No.:	08-043432
Capital Investment / Paid-up Capital :	Rs.1295.000 Millions
CIN No.: [Company Identification No.]	U34107KA2007PTC043432
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Diesel Engine.
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3678900
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Mitsubishi Heavy Industries Limited. It is an established company having moderate track record. The company has recorded some accumulated losses. However, trade relations are reported to be fair. Business is active. Payments terms are reported to be slow but correct. In view of strong holding, the company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Ms. Smitha
Designation :	Company Secretary
Contact No.:	91-821-4003407
Date :	27.02.2014

LOCATIONS

Registered Office / Factory :	Plot No. 305, Hebbal Industrial Area, Metagalli, Mysore-570016, Karnataka, India
Tel. No.:	91-821-4003407/ 40003400
Fax No.:	91-821-4003499
E-Mail :	s_smitha@mude.mhi.co.jp mvde_general@mvde.mhi.co.jp
Website :	http://www.mhivst.com
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Shibasaki Toru

Designation :

Managing Director

Address :

No. 604, Sankalp Central Park, 6^th Floor, Block 11, Marigold, CTS No. 3360, No. 1 to 7, Java Main Road, Yadavagiri, Mysore-570020, Karnataka, India

Date of Birth/Age :

13.01.1959

Date of Appointment :

01.05.2012

Din No.:

05236037

Name :

Watanabe Junichi

Designation :

Director

Address :

1-59-36, Yotsuya, Fuchu City, Tokyo, Pin Code 1830035, Japan

Date of Birth/Age :

08.08.1955

Date of Appointment :

06.09.2013

Din No.:

03553584

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74200HR2011FTC043786	MHI ENGINEERING AND INDUSTRIAL PROJECTS INDIA PRIVATE LIMITED	Director	02/09/2011	02/09/2011	Active	NO
2	U29130TN1963PLC004990	MITSUBISHI HEAVY INDUSTRIES INDIA PRECISION TOOLS LIMITED	Director	23/05/2013	23/05/2013	Active	NO
3	U29299DL2005PTC133062	MITSUBISHI HEAVY INDUSTRIES INDIA PRIVATE LIMITED	Managing director	20/09/2013	01/06/2013	Active	NO
4	U29100GJ2011PLC067084	ANUPAM-MHI INDUSTRIES LIMITED	Director	11/06/2013	11/06/2013	Active	NO
5	U29292DL2011FTC225628	MITSUBISHI POWER SYSTEMS INDIA PRIVATE LIMITED	Director	20/09/2013	21/06/2013	Active	NO
6	U34107KA2007PTC043432	MHI-VST DIESEL ENGINES PRIVATE LIMITED	Director	06/09/2013	26/07/2013	Active	NO

Name :

Nagatsuka Kunihiko

Designation :

Director

Address :

708-37, Smimotsurmuma, Yamato Shi, Kangawa Perfecture, Pin Code 242-0001, Japan

Date of Birth/Age :

22.08.1958

Date of Appointment :

06.09.2013

Din No.:

06640052

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U34107KA2007PTC043432	MHI-VST DIESEL ENGINES PRIVATE LIMITED	Director	06/09/2013	26/07/2013	Active	NO

Name :

Mahendra Vellore Padmanaban

Designation :

Director

Address :

Lakshmi Vilas, No. 5, Sankey Road, High Grounds, Bangalore-560052, Karnataka, India

Date of Birth/Age :

16.07.1942

Date of Appointment :

31.07.2008

Din No.:

00033270

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U55101KA1971PTC002122	HOTEL PEARLS PRIVATE LIMITED	Director	16/08/1980	16/08/1980	-	Active	NO
2	U17111TZ1974PLC000712	LAKSHMI RING TRAVELLERS (COIMBATORE) LIMITED	Director	09/09/1980	09/09/1980	-	Active	NO
3	U70102KA1983PTC005112	PEARLS ESTATES PRIVATE LIMITED	Director	13/01/1983	13/01/1983	-	Active	NO
4	L65921TN1983PLC010029	GOVE INVESTMENT & FINANCE COMPANY LIMITED	Director	22/09/1983	22/09/1983	-	Active	NO
5	L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	Managing director	20/02/2009	20/02/1984	-	Active	NO
6	U65993TN1985PTC011607	V P MAHENDRA BROTHERS INVESTMENTS PRIVATE LIMITED	Director	26/02/1985	26/02/1985	-	Active	NO
7	L65993TN1978PLC007576	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	Director	16/10/1994	16/10/1994	28/07/2011	Active	NO
8	U50101TN2004PTC054176	V.S.T. & SONS PRIVATE LIMITED	Director	08/09/2004	08/09/2004	-	Active	NO
9	U50101TN2005PTC055926	V.S.T.AUTO PARTS PRIVATE LIMITED	Director	11/04/2005	11/04/2005	-	Active	NO
10	U26999TN1949PLC003210	V.S.T.MOTORS LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
11	L85110KA1946PLC000415	KIRLOSKAR ELECTRIC COMPANY LIMITED	Director	30/08/2007	25/06/2007	-	Active	NO
12	U34107KA2007PTC043432	MHI-VST DIESEL ENGINES PRIVATE LIMITED	Director	31/07/2008	11/02/2008	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Smitha
Designation :	Company Secretary
Address :	No. 3806, 13^th Cross, N.R. Mohalla, Karunapura, Mysore-570007, Karnataka, India
Date of Birth/Age :	31.05.1978
Date of Appointment :	26.10.2012
Pan No.:	BPFPS2219C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Mitsubishi Heavy Industries Limited, Japan	125350000	96.80
VST Tillers Tractors Limited, India	4150000	3.20
TOTAL	129500000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	97.00
Bodies corporate	3.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Diesel Engine.
Exports :
Products :	Finished Goods
Countries :	Japan
Imports :
Products :	Raw Materials
Countries :	Japan
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :	Hindustan Foundry Limited
Customers :	End Users · International Tractors Limited
No. of Employees :	200 [Approximately]
Bankers :	Standard Chartered Bank, Raheja Towers, Sixth Floor, No. 26-27, Raheja Towers, Bangalore - 560001, Karnataka, India

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins & Sells Chartered Accountants
Address :	100/2 Richmondroad, Deloitte Centre , Bangalore-560025, Karnataka, India
PAN No:	AACFD3771D
Holding Company :	Mitsubishi Heavy Industries Limited
Joint Venture :	VST Tillers Tractors Limited
Associates :	· Mitsubishi Engine North America, Inc. · MHI Engine System Honk Kong Limited · MHI Equipment Europe B.V. · MHI Engine System Asia Pte. Limited · MHI Engine System Middle East Fze

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
129500000	Equity Shares	Rs.10/- each	Rs.1295.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
129500000	Equity Shares	Rs.10/- each	Rs.1295.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	1295.000	1295.000	415.000
(b) Reserves & Surplus	(375.275)	(429.477)	(332.043)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	919.725	865.523	82.957
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	3.850	1.510	1.217
Total Non-current Liabilities (3)	3.850	1.510	1.217
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	54.000
(b) Trade payables	404.892	409.575	560.148
(c) Other current liabilities	14.798	6.011	0.926
(d) Short-term provisions	9.231	1.567	0.000
Total Current Liabilities (4)	428.921	417.153	615.074
TOTAL	1352.496	1284.186	699.248
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	232.857	266.630	271.861
(ii) Intangible Assets	0.013	0.044	0.126
(iii) Capital work-in-progress	3.494	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	27.384	19.418	18.032
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	263.748	286.092	290.019
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	303.607	230.977	251.879
(c) Trade receivables	143.910	183.030	56.883
(d) Cash and cash equivalents	503.447	481.920	22.083
(e) Short-term loans and advances	134.127	101.651	78.375
(f) Other current assets	3.657	0.516	0.009
Total Current Assets	1088.748	998.094	409.229
TOTAL	1352.496	1284.186	699.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1034.170	685.260	209.289
		Other Income	34.690	5.840	4.539
		TOTAL (A)	1068.860	691.100	213.828
Less	EXPENSES
		TOTAL (B)	963.310	772.950	263.098
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		105.550	(81.850)	(49.270)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		105.550	(81.850)	(49.270)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.350	15.580	55.052
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		54.200	(97.430)	(104.322)
Less	TAX (H)		0.000	0.000	0.257
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		54.200	(97.430)	(104.579)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(429.470)	(332.040)	(227.461)
	BALANCE CARRIED TO THE B/S		(375.270)	(429.470)	(332.040)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	849.439	494.497	NA
	Earnings / (Loss) Per Share (Rs.)		0.42	(0.75)	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.07	(14.10)	(48.91)
Net Profit Margin (PBT/Sales)	(%)	5.24	(14.22)	(49.85)
Return on Total Assets (PBT/Total Assets}	(%)	4.02	(7.59)	(14.92)
Return on Investment (ROI) (PBT/Networth)		0.05	(0.11)	(1.25)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.65
Current Ratio (Current Asset/Current Liability)		2.54	2.39	0.67

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	415.000	1295.000	1295.000
Reserves & Surplus	(332.043)	(429.477)	(375.275)
Net worth	82.957	865.523	919.725
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	209.289	685.260	1034.170
		227.423	50.916

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	209.289	685.260	1034.170
Profit	(104.579)	(97.430)	54.200
	(49.97%)	(14.22%)	5.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10149405	02/04/2009	150,000,000.00	STANDARD CHARTERED BANK	RAHEJA TOWERS, SIXTH FLOOR, NO. 26-27, RAHEJA TOW  ERS, BANGALORE- 560001, KARNATAKA, INDIA	A59517730

REVIEW OF OPERATIONS:

For the year, the company has a turnover of Rs.1034.170 millions (comprising exports of Rs.862.530 millions and domestic sales of Rs.171.640 millions) in comparison with Rs.685.260 millions in the previous year (comprising Rs.507.850 millions of exports and Rs.177.410 millions of domestic sales), registering a growth of about 51 %.

The production of Diesel engines during the year at 13865 is an increase of about 118% over the previous year output. The company has made a profit of Rs.54.200 millions before tax during the year as against a loss of Rs.97.430 millions during the previous year, which was possible because of increased exports and better realization from the export market.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.