MIRA INFORM REPORT

Report No. :	330826
Report Date :	08.07.2015

IDENTIFICATION DETAILS

Name :	INDIA YAMAHA MOTOR PRIVATE LIMITED
Registered Office :	First Floor, The Great Eastern Centre, 70, Nehru Place, Behind IFCI Tower, New Delhi – 110019
Tel. No.:	91-11-43115000
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	17.10.2007
Com. Reg. No.:	55-169496
Capital Investment / Paid-up Capital :	Rs. 13137.135 Million
CIN No.: [Company Identification No.]	U34200DL2007PTC169496
IEC No.:	0507068645
TAN No.: [Tax Deduction & Collection Account No.]	DELI06615A
PAN No.: [Permanent Account No.]	AABCI7552F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing and Selling of Bi-Wheelers and Spares.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 27140000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘YAMAHA MOTOR COMPANY, JAPAN’. It is an established company having satisfactory track record. For the financial year ended 2014, company possesses healthy operational risk profile and achieved topline growth of 16.20% along with profitability margins at 0.80%. Due to profit during a year 2014, company able to wipeout some of its accumulated losses. Rating also takes into consideration renowned brand name YAMAHA in Indian 2 wheeler industry along with wide spread distributed and service networks backed by strong financial as well as technical support that company receives from its parent company. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of reputed brand name along with strong parent company support, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

LOCATIONS

Registered Office :	First Floor, The Great Eastern Centre, 70, Nehru Place, Behind IFCI Tower, New Delhi – 110019, India
Tel. No.:	91-11-43115000/ 41802255
Fax No.:	91-11-41802200
E-Mail :	msinghal@knm.in yes@yamaha-motor-india.com
Website :	http://www.yamaha-motor-india.com http://www.ymsl.in
Head Office / Corporate Office / Development Centre 1:	A3, Industrial Area, Noida Dadri Road, District Gautam Budh Marg, Surajpur - 201306, Uttar Pradesh, India
Tel. No.:	91-120 2350694
Chennai Office:	8th Floor, Polyhose Towers (Ex – SPIC Annexe Building) No.88, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India
Development Centre 2:	19/6, Mathura Road, Faridabad – 121006, Haryana, India
Tel. No.:	91-129-2222083, 4006595
Fax No.:	91-129-4013957, 2284841

DIRECTORS

AS ON 16.03.2015

Name :

Kawashima Riuji

Designation :

Director

Address :

B-439 New Friends Colony, New Delhi - 110065, India

Date of Birth/Age :

15.12.1958

Qualification :

Post Graduate

Experience :

29 Years

Date of Appointment :

18.04.2011

DIN No.:

03425405

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	U34200DL2007PTC169496	INDIA YAMAHA MOTOR PRIVATE LIMITED	Director	18/04/2011	11/02/2011	-	Active	NO
2	U50300DL2005PTC139501	YAMAHA MOTOR INDIA SALES PRIVATE LIMITED	Director	27/03/2012	23/06/2011	19/07/2012	Active	NO
3	U74900DL1995PTC073540	YAMAHA MOTOR INDIA PRIVATE LIMITED	Director	27/03/2012	23/06/2011	30/06/2014	Active	NO

Name :

Takashi Terabayashi

Designation :

Managing director

Address :

B-439 New Friends Colony, New Delhi - 110065, India

Date of Birth/Age :

29.10.1961

Date of Appointment :

21.07.2014

DIN No.:

05229128

Name :

Hitoshi Inagaki

Designation :

Director

Address :

R-185, SF, Greater Kailash-I, New Delhi - 110048, India

Date of Birth/Age :

19.05.1961

Qualification :

Graduate

Experience :

23 Years

Date of Appointment :

12.03.2013

DIN No.:

06452878

Name :

Noriyuki Moriyama

Designation :

Whole-time director

Address :

Crowne Plaza, Plot No. 1, Community Center, Phase - I, Okhla, New Delhi – 110020 - India

Date of Birth/Age :

03.10.1962

Date of Appointment :

13.10.2014

DIN No.:

06991095

Name :

Hiroaki Fujita

Designation :

Director

Address :

C-9, Second Floor, Panchsheel Enclave, New Delhi - 110017, India

Date of Birth/Age :

15.01.1960

Date of Appointment :

19.01.2015

DIN No.:

07052823

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	U34200DL2007PTC169496	INDIA YAMAHA MOTOR PRIVATE LIMITED	Director	19/01/2015	19/01/2015	Active	NO
2	U50300DL2005PTC139501	YAMAHA MOTOR INDIA SALES PRIVATE LIMITED	Director	19/01/2015	19/01/2015	Active	NO
3	U73100DL2013FTC248429	YAMAHA MOTOR RESEARCH AND DEVELOPMENT INDIA PRIVATE LIMITED	Director	19/01/2015	19/01/2015	Active	NO
4	U74900DL1995PTC073540	YAMAHA MOTOR INDIA PRIVATE LIMITED	Whole-time director	19/01/2015	19/01/2015	Active	NO

Name :

Hiroyuki Seto

Designation :

Director

Address :

2359-13 Umeyama, Fukuroi, Shizuoka, 4371105, Japan

Date of Birth/Age :

23.06.1962

Date of Appointment :

16.03.2015

DIN No.:

07126328

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	U34200DL2007PTC169496	INDIA YAMAHA MOTOR PRIVATE LIMITED	Director	16/03/2015	16/03/2015	Active	NO
2	U74900DL1995PTC073540	YAMAHA MOTOR INDIA PRIVATE LIMITED	Director	16/03/2015	16/03/2015	Active	NO

KEY EXECUTIVES

Name :	Akriti Yadav
Designation :	Secretary
Address :	R-56, Model Town-3, Delhi-110009, Delhi, 110009, India
Date of Birth/Age :	03.10.1990
Date of Appointment :	14.08.2014
PAN No.:	ALUPY4516E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.03.2015

Names of Shareholders	No. of Shares	Percentage of Holding
Yamaha Motor Company Limited, Japan	1115545039	84.92
Yamaha Motor Asia Pte. Limited, Singapore	1111450	0.08
Bussan Automotive Singapore Pte. Limited, Singapore	197057027	15.00
Total	1313713516	100.00

AS ON 16.03.2015

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing and Selling of Bi-Wheelers and Spares.

Products :

ITC Code No.	Product Descriptions
Motorcycles and Parts	871120

Brand Names :

“YAMAHA”

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Available

Bankers :

Bank Name:	Standard Chartered Bank
Branch:	Narain Manzil, 23, Barakhamba Road, New Delhi - 110001, India
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

· Calyon Bank, 6th Floor, Birla Tower, 25, Barakhamba Road, New Delhi - 110001, Delhi, India

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Golf View, Tower B, Sector-42, Sector Road, Gurgaon – 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding company :	· Yamaha Motor Company, Japan
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Mitsui and Company Limited, Japan
Fellow Subsidiary Company:	· Yamaha Motor Asia Pte Limited · Yamaha Motor Taiwan Trading · Sunward International · Yamaha Motor India Sales Private Limited (U50300DL2005PTC139501) · Yamaha Motor Solutions (India) Private Limited (U72900DL2002PTC116738) · Yamaha Motor Distribution Singapore Pte Limited · Yamaha Motor India Private Limited (U74899DL1995PTC073540) · Yamaha Motor Europe N.V. · Yamaha Motor Commercial Trading (Shanghai) Company Limited · P.T. Yamaha Indonesia Motor Manufacturing · Yamaha Motor Philippines Inc · Yamaha Motor Electronics Company Limited · Yamaha Vietnam Company Limited · Yamaha Motor Asian Centre Company Limited · Yamaha Motor Australia Pty Limited · Yamaha Travel Service Company Limited · Yamaha Motor Distribution Latin America Inc · Yamaha Motor Hydraulic System Company Limited · Thai Yamaha Motor Company Limited · Yamaha Motor Racing S.r.1 · Yamaha Motor Hydraulic System Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,210,000,000	Equity Shares	Rs. 10/- each	Rs. 22100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,313,713,516	Equity Shares	Rs. 10/- each	Rs. 13137.135 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13137.100	11500.000	11500.000
(b) Reserves & Surplus	(3638.300)	(4159.200)	(4181.600)
(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)	9498.800	7340.800	7318.400
(3) Non-Current Liabilities
(a) Long-term borrowings	7389.300	4139.600	2852.300
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	148.400	132.400	107.400
(d) long-term provisions	740.300	647.400	500.900
Total Non-current Liabilities (3)	8278.000	4919.400	3460.600
(4) Current Liabilities
(a) Short term borrowings	411.700	590.600	0.000
(b) Trade payables	4755.800	4046.600	2645.100
(c) Other current liabilities	6742.500	5493.800	4767.800
(d) Short-term provisions	202.200	143.700	88.300
Total Current Liabilities (4)	12112.200	10274.700	7501.200
TOTAL	29889.000	22534.900	18280.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9643.500	9333.700	6589.900
(ii) Intangible Assets	725.700	635.000	727.300
(iii) Capital work-in-progress	4747.000	1469.500	1497.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.300	0.300	0.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3586.100	1988.400	1255.400
(e) Other Non-current assets	996.100	225.300	58.600
Total Non-Current Assets	19698.700	13652.200	10128.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3849.200	3197.300	3919.700
(c) Trade receivables	626.100	568.100	870.700
(d) Cash and cash equivalents	2023.100	2637.200	804.900
(e) Short-term loans and advances	3468.600	2210.000	2078.500
(f) Other current assets	223.300	270.100	477.800
Total Current Assets	10190.300	8882.700	8151.600
TOTAL	29889.000	22534.900	18280.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2014	31.12.2013	31.12.2012
	SALES
		Income	40375.300	34746.900	26483.200
		Other Income	1192.700	900.400	819.500
		TOTAL (A)	41568.000	35647.300	27302.700
Less	EXPENSES
		TOTAL (B)	39713.300	34421.600	27374.400
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1854.700	1225.700	(71.600)
Less	FINANCIAL EXPENSES (D)		434.100	284.000	432.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1420.600	941.700	(503.800)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1096.200	919.300	592.800
	PROFIT BEFORE TAX (E-F) (G)		324.400	22.400	(1096.600)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		324.400	22.400	(1096.600)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4159.200)	(4181.600)	(13584.700)
Less	Adjusted against Capital Reduction		0.000	0.000	(10500.000)
	BALANCE CARRIED TO THE B/S		(3834.800)	(4159.200)	(4181.600)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	11950.200	8359.400
	IMPORTS
		Capital Goods		268.500	2742.000
		Raw materials, packing material and components		2385.200	155.500
		Store, spare parts and tools		85.600	28.700
		Trading goods		1.600	1.100
	TOTAL IMPORTS		NA	2740.900	2927.300
	Earnings Per Share (Rs.)		0.25	0.02	(0.95)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	0.000	755.100	431.200
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	1406.600	4178.200	(2542.400)

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	0.80	0.06	(4.14)
Operating Profit Margin (PBDIT/Sales)	(%)	4.59	3.53	(0.27)
Return on Total Assets (PBT/Total Assets}	(%)	1.29	0.11	(6.53)
Return on Investment (ROI) (PBT/Networth)		0.03	0.00	(0.15)
Debt Equity Ratio (Total Liability/Networth)		0.82	0.75	0.45
Current Ratio (Current Asset/Current Liability)		0.84	0.86	1.09

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	11500.000	11500.000	13137.100
Reserves & Surplus	(4181.600)	(4159.200)	(3638.300)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7318.400	7340.800	9498.800
Long-term borrowings	2852.300	4139.600	7389.300
Short term borrowings	0.000	590.600	411.700
CURRENT MATURITIES OF LONG-TERM DEBTS	431.200	755.100	0.000
Total borrowings	3283.500	5485.300	7801.000
Debt/Equity ratio	0.449	0.747	0.821

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	26483.200	34746.900	40375.300
		31.204	16.198

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	26483.200	34746.900	40375.300
Profit	(1096.600)	22.400	324.400
	(4.14%)	0.06%	0.80%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	1311.700	0.000
Other external commercial borrowings	6077.600	4139.600
SHORT TERM BORROWINGS
Foreign currency term loans from others	411.700	590.600
Total	7801.000	4730.200

RESULTS OF OPERATIONS

The Company achieved Domestic Turnover of Rs. 31595.300 Million (previous year: Rs. 25699.000 Million) and Export Turnover of Rs. 11387.400 Million (previous year: Rs. 11950.200 Million) during the year. The Company earned a Net Profit of Rs. 324.400 Million (previous year: Profit of Rs. 22.400 Million) during the year.

FUTURE PLANS

The Company shall make efforts to improve profitability in the coming year.

FIXED ASSETS:

Tangible assets

· Land

· Buildings

· Office building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

Intangible assets

· Goodwill

· Computer software

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.63.37
UK Pound	1	Rs.98.86
Euro	1	Rs.69.97

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.