MIRA INFORM REPORT

Report No. :	307837
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	MITSUBISHI CORPORATION INDIA PRIVATE LIMITED
Formerly Known As :	MC INTERNATIONAL INDIA PRIVATE LIMITED
Registered Office :	5th Floor, Birla Tower, 25 Barakhamba Road, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.05.1996
Com. Reg. No.:	55-079069
Capital Investment / Paid-up Capital :	Rs.1200.000 Millions
CIN No.: [Company Identification No.]	U45201DL1996PTC079069
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACM4764G
Legal Form :	Private Limited Liability Company
Line of Business :	The Company Deals in Logistics, Petroleum Products and Ferrous Raw Materials, Non-Ferrous Metals and Minerals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 5000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “MITSUBISHI CORPORATION”, JAPAN. It is an established company having satisfactory track record. The takes into consideration company’s improved operational risk profile marked by adequate capital base and financial as well as managerial support that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

LOCATIONS

Registered Office :	5th Floor, Birla Tower, 25 Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-41503888
Fax No.:	91-11-23736726
E-Mail :	sanjeev.jns@gmail.com vandana.gupla@mitsubishi.com
Location :	Rented
Branch Office :	75-77, Maker Chambers, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-42300700
Fax No.:	91-22-42300701
Location :	Rented
Branch Offices :	Also Located At: · Chennai · Kolkata

DIRECTORS

As on 28.08.2014

Name :

Mr. Prince Madan

Designation :

Director and Company Secretary

Address :

C-20, East Kailash, New Delhi – 110068, India

Date of Birth/Age :

28.09.1967

Date of Appointment :

28.09.2010

PAN No.:

AAKPM7441H

DIN No.:

03282439

Name :

Mr. Nobuyuki Kato

Designation :

Whole Time Director

Address :

E-10/, 3^rd Floor, Vasant Vihar, New Delhi, India

Date of Birth/Age :

31.01.1980

Date of Appointment :

18.06.2012

PAN No.:

CPLPK1804G

DIN No.:

05304549

Name :

Mr. Takehiro Fujioka

Designation :

Whole Time Director

Address :

2/28, 2^nd Floor, Shanti Niketan, Delhi, India

Date of Birth/Age :

29.04.1975

Date of Appointment :

23.08.2012

PAN No.:

ABTPF2124A

DIN No.:

05358386

Name :

Mr. Hidehiko Kunitake

Designation :

Whole Time Director

Address :

C-5/5, 2^nd Floor, Vasant Vihar, Delhi – 110021, India

Date of Birth/Age :

12.0.1962

Date of Appointment :

21.09.2012

PAN No.:

CSRPK8687G

DIN No.:

06380209

Name :

Mr. Wataru Kato

Designation :

Director

Address :

Prestige Palladium Bayan, Door Nos. 129-140, Grenzres Road, Chennai, Tamilnadu, India

Date of Birth/Age :

19.08.1973

Date of Appointment :

22.11.2012

PAN No.:

CTPPK5838Q

DIN No.:

06431644

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	U29130TN1985PTC011572	HI TECH ARAI Private Limited	Alternate director	21/11/2012	21/11/2012	31/03/2014	Active	NO
2	U45201DL1996PTC079069	MITSUBISHI CORPORATION INDIA PRIVATE LIMITED	Director	22/11/2012	22/11/2012	-	Active	NO
3	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Additional director	30/10/2014	30/10/2014	-	Active	NO
4	U60300TN2014FTC095940	MC Logistics India Private Limited	Additional director	17/11/2014	17/11/2014	-	Active	NO

Name :

Mr. Masakazu Sakakida

Designation :

Additional Director

Address :

13, Panchasheel Marg, Chankapuri, New Delhi, India

Date of Birth/Age :

11.11.1958

Date of Appointment :

27.09.2013

PAN No.:

ESIPS2244Q

DIN No.:

06505056

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	U45201DL1996PTC079069	MITSUBISHI CORPORATION INDIA PRIVATE LIMITED	Director	27/09/2013	20/03/2013	-	Active	NO
2	U29200TZ2007PTC014014	MC Craftsman Machinery Private Limited	Director	20/03/2013	20/03/2013	-	Active	NO
3	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	26/09/2013	20/03/2013	30/10/2014	Active	NO
4	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	14/08/2013	01/04/2013	-	Active	NO

Name :

Mr. Masaru Akiyama

Designation :

Whole Time Director

Address :

E-25, 2^nd Floor, Vasant Marg, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

07.07.1969

Date of Appointment :

18.11.2013

PAN No.:

BKUPA0838D

DIN No.:

06736988

Name :

Mr. Kiyoshi Iwata

Designation :

Whole Time Director

Address :

5, First Floor, Anand Lok, August Kranti Marg, New Delhi – 110049, India

Date of Birth/Age :

30.12.1961

Date of Appointment :

24.01.2014

PAN No.:

AEDPI0849C

DIN No.:

06795890

Name :

Mr. Arihlo Nakamura

Designation :

Whole Time Director

Address :

Flat No.4607, The imperial north tower BB Nakashe Marg, Tardeo Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

16.11.1965

Date of Appointment :

21.03.2014

PAN No.:

AWAPN3393B

DIN No.:

06849587

Name :

Mr. Ueki Toshiaki

Designation :

Whole Time Director

Address :

A-10/4, 2^nd Floor, Rear Unit, Vasant Vihar, Delhi, India

Date of Birth/Age :

08.08.1963

Date of Appointment :

26.04.2013

PAN No.:

ADUPU7226K

DIN No.:

06563320

MAJOR SHAREHOLDERS

As on 28.08.2014

Names of Shareholders	No. of Shares
Mitsubishi Corporation, Japan	119999999
Mitsubishi Australia, Australia	1
Total	120000000

As on 28.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company Deals in Logistics, Petroleum Products and Ferrous Raw Materials, Non-Ferrous Metals and Minerals.

Products :

Item Code No. (ITC Code)	Product Description
29053100	Mono Ethylene Glycol
27040020	Metallurgical Coke
31042000	Muriate / Sulphate of Potash
29173600	Purified Terephthalic Acid
72026000	Ferro Nickel Granuels

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Available
Bankers :	· Standard Chartered Bank, New Delhi, India · Deutsche Bank, Tolstoy House, 15-17 Tolstoy Marg, Post Bag 33, New Delhi-110001, India

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
PAN No.:	AABFD2095B
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Mitsubishi Corporation, Japan
Fellow Subsidiary Company :	· Thai Mc Company Limited, Thailand · Petro Diamond Singapore Private Limited, Singapore · Mc Energy, Inc (Earlier Petro Diamond Japan Corporation), Japan · Mitsubishi Corporation Rtm Japan (Earlier Mitsubishi Corporation Unimetals Limited), Japan · Asia Modified Starch Company Limited, Thailand · Mitsubishi International Gmbh, Germany · M C Facilities Company Limited, Japan · Metal One Corporation India Private Limited, India · Mitsubishi Corporation, Technos, Japan · Mitsubishi Corporation (Taiwan) Limited, Taiwan, Province Of China · Mc Aviation Partners Inc, United States · Agrex Asia Private Limited, Singapore · Mitsubishi Shoji Packaging, Japan · Mitsubishi Shoji Chemical Corporation, Japan · Mitsubishi Corporation Hong Kong Limited, China · Mitsubishi Corporation Fashion Company Limited, Japan · Mc Craftsman Machinery Private Limited, India · Mitsubishi Shoji Plastics, Japan · Mc Foods Ltd.(Formerly Mc Beverages & Foods Company Limited), Japan · Mc Emerging Capital Partners B.V, Netherlands · Mitsubishi International Polymer Trade Corporation · Kohjin Life Sciences Company Limited · Mitsubishi Corporation, Guangzhou Limited · Mitsubishi Corporation, Rtm International Private Limited · Mitsubishi Corporation, Trading · Mitsubishi Australia Limited, Australia

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/-each	Rs.1200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/-each	Rs.1200.000 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1200.000	1200.000	1200.000
(b) Reserves & Surplus	871.034	690.764	571.251
(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)	2071.034	1890.764	1771.251
(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	11.717	2.270
(d) long-term provisions	41.423	31.933	20.856
Total Non-current Liabilities (3)	41.423	43.650	23.126
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	91.511
(b) Trade payables	8482.948	8418.713	11546.002
(c) Other current liabilities	109.768	35.984	28.191
(d) Short-term provisions	11.044	10.987	1.174
Total Current Liabilities (4)	8603.760	8465.684	11666.878
TOTAL	10716.217	10400.098	13461.255
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.684	177.710	90.902
(ii) Intangible Assets	3.144	3.559	0.247
(iii) Capital work-in-progress	0.000	9.341	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.500	15.423	20.000
(c) Deferred tax assets (net)	72.018	66.834	30.485
(d) Long-term Loan and Advances	607.907	572.114	360.445
(e) Other Non-current assets	0.000	0.000	4.067
Total Non-Current Assets	877.253	844.981	506.146
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1594.602	901.801	666.550
(c) Trade receivables	7653.194	7749.418	10610.697
(d) Cash and cash equivalents	447.556	784.714	1474.926
(e) Short-term loans and advances	30.542	63.521	65.782
(f) Other current assets	113.070	55.663	137.154
Total Current Assets	9838.964	9555.117	12955.109
TOTAL	10716.217	10400.098	13461.255

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	Turnover	42761.682	42855.440	38813.462
	Other Income	143.039	116.136	117.708
	TOTAL REVENUE	42904.721	42971.576	38931.170
Less	EXPENSES	42589.177	42936.892	38745.813
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	315.544	34.684	185.357
Less/ Add	INTEREST AND DEPRECIATION	41.786	33.187	30.425
Add	EXCEPTIONAL ITEMS	0.000	172.464	0.000
	PROFIT/ (LOSS) BEFORE TAX	273.758	173.961	154.932
Less	TAX	93.488	54.448	50.475
	PROFIT/ (LOSS) AFTER TAX	180.270	119.513	104.457
	Earnings / (Loss) Per Share (Rs.)	1.50	1.00	0.87

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Total Revenue	(%)	0.42	0.27	0.26
Operating Profit Margin (PBDIT/Total Revenue)	(%)	0.73	0.08	0.47
Return on Total Assets (PBT/Total Assets}	(%)	2.57	1.69	1.16
Return on Investment (ROI) (PBT/Networth)		0.13	0.09	0.09
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.05
Current Ratio (Current Asset/Current Liability)		1.14	1.13	1.11

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1200.000	1200.000	1200.000
Reserves & Surplus	571.251	690.764	871.034
Net worth	1771.251	1890.764	2071.034
long-term borrowings	0.000	0.000	0.000
Short term borrowings	91.511	0.000	0.000
Total borrowings	91.511	0.000	0.000
Debt/Equity ratio	0.052	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	38931.170	42971.576	42904.721
		10.378	(0.156)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	38931.170	42971.576	42904.721
Profit	104.457	119.513	180.270
	0.27%	0.28%	0.42%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS REVIEW AND FUTURE OUTLOOK ·

The company achieved a turnover of Rs.42761.682 Millions in the year, as compared to turnover of Rs. 42855.440 Millions in the previous year thereby showing a decrease of 0.2 %. During the year, the Company has earned a Profit after tax of Rs. 180.270 Millions as compared to the Profit after tax of Rs. 119.513 Millions earned last year. Despite decrease in turnover, the Company has registered operational gains. The Directors expect to continue to earn profit in future.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90368532	02/04/2004	30,000,000.00	STANDARD CHARTERED BANK	PARLIAMENT STREET, NEW DELHI, Delhi, INDIA	-
2	90385818	02/04/2004	30,000,000.00	STANDARD CHARTERED BANK	PARLIAMENT STREET, NEW DELHI, Delhi, INDIA	-
3	90368520	30/10/2003	30,000,000.00	SOCIETE GENERALE	6TH FLOOR MOHAN DEV, 13 TOLSTOY MARG, NEW DELHI, Delhi, INDIA	-
4	90385800	09/10/2003	30,000,000.00	SOCIETE GENERALE	13 TOLSTOY MARG, NEW DELHI, Delhi, INDIA	-
5	90385795	19/06/2003	100,000,000.00	DEUTSCHE BANK	15- 17 TOLSTOY MARG, NEW DELHI, Delhi, INDIA	-
6	90368494	01/10/2002	75,000,000.00	DEUTSCHE BANK	HAZARIMAL SOMANI MARG, FORT, MUMBAI, Maharashtra, INDIA	-
7	90385771	18/01/2002	75,000,000.00	DEUTSCHE BANK	FORT, MUMBAI, Maharashtra, INDIA	-
8	90368447	01/08/2002 *	20,000,000.00	THE HONGKONG & SHANGHAI BANKING CORPORATION LTD.	15 K.G. MARG, NEW DELHI, Delhi, INDIA	-
9	90385745	01/08/2002 *	200,000,000.00	THE HONGKONG & SHANGHAI BANKING CORPORATION	15 KASTURBA GANDHI MARG, NEW DELHI, Delhi, INDIA	-
10	90368446	19/05/2000	64,000,000.00	DEUTSCHE BANK	TOLSTOY HOUSE, 15- 17 TOLSTOY MARG, NEW DELHI, Delhi, INDIA	-

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.13
UK Pound	1	Rs.95.77
Euro	1	Rs.71.05

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.