MIRA INFORM REPORT

Report No. :	324616
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	AUTOLIV INDIA PRIVATE LIMITED
Registered Office :	Survey No.80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Bangalore Rural, Hoskote Industrial Estate, Bangalore – 562 114, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.10.2000
Com. Reg. No.:	08-056723 (New) 55-108041 (Old)
Capital Investment / Paid-up Capital :	Rs.50.113 Million
CIN No.: [Company Identification No.]	U34300KA2000PTC056723 (New) U34300DL2000PTC108041 (Old)
IEC No.:	0507039807
PAN No.: [Permanent Account No.]	AADCA6222E
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Integrated Safety Systems for Major Automotive Manufacturers.
No. of Employees :	Information decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 3300000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Subject was established in 2000. Subject is engaged in manufacturing of integrated safety system for major automotive manufacturers. Management of the company has failed to file its financials with the government department for the FY 2014. However, profit of the company has decline during financial year 2013. However, general financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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

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.

INFORMATION DENIED

Management Non-Cooperative (Tel. No. 91-80-30601300 / 124-4768712 / 44-26811847)

LOCATIONS

Registered Office Corporate Office 1/ Factory 1 :	Survey No.80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Bangalore Rural, Hoskote Industrial Estate, Bangalore – 562 114, Karnataka, India
Tel. No.:	91-80-27971250/ 51/ 53/ 54/ 55/ 57/ 30601300
Fax No.:	91-80-30601430
E-Mail :	mohammad.ibrahim@autoliv.com krishna.kumar@autolive.com devanad.achutan@autoliv.com nagaraju.lade@autoliv.com
Website :	http://www.autoliv.com
Corporate Office 2/ Head Office/ Factory 2 :	16, Visveswaraiah Industrial Estate, 1^st Main Road, Off Whitefield Road, Mahadevapura, Bangalore – 560 048, Karnataka, India
Tel. No.:	91-80-30586300/ 6267
Fax No.:	91-80-30586302
E-Mail :	vipin.saini@autoliv.com
Factory 3 :	Plot 203, Sector 4, IMT, Manasar Gurgaon – 122 050, Haryana, India.
Tel. No.:	91-124-4768700
Fax No.:	91-124-4768724
Factory 4 :	Shed No.76/78 SIDCO Industrial Estate, Thirumazhisai Poonamalle Taluk, Thiruvallur, Chennai – 602 107, Tamilnadu, India
Tel. No.:	91-44-26811847
Fax No.:	91-44-26844846
Factory 5 :	Plot No.44, Safety Street, KIADB Industrial Area, Kadakola, Mysore, Karnataka, India
Tel. No.:	91-421-3021419/ 21

DIRECTORS

As on 30.09.2013

Name :	Mr. Suresh Nandagopal
Designation :	Nominee Director
Address :	# 145, Prestige Ozone, Whitefield, Hagadur Village, Bangalore – 560 006, Karnataka, India
Date of Birth/Age :	14.01.1970
Date of Appointment :	15.09.2010
DIN No.:	03245760
Name :	Mr. Chang Ket Leong
Designation :	Director
Address :	No.26, Building in Rancho Santafe on 333 Long Jinhui Road, Shanghai 201107
Date of Birth/Age :	14.02.1964
Date of Appointment :	29.09.2012
DIN No.:	05344642
Name :	Mr. Devanand Achuthan
Designation :	Director
Address :	No.L5, Chaithanya Samarpan, Kannamangala Village, Bangalore – 560 067, Karnataka, India
Date of Birth/Age :	19.05.1974
Date of Appointment :	29.09.2012
DIN No.:	06446956
Name :	Mr. Hans Niclas Claesson Nelson
Designation :	Director
Address :	Sveavagen 20 A, 182 60 Djursholm, Stockholm 18260
Date of Birth/Age :	31.03.1964
Date of Appointment :	29.09.2012
DIN No.:	06510932
Name :	Mr. Per Holst Nielsen
Designation :	Director
Address :	No.163, Lane 258, Gaojing Rd., Xujing Town, Shanghai 201702
Date of Birth/Age :	06.11.1964
Date of Appointment :	29.09.2012
DIN No.:	06546590

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Autoliv AB, Sweden	5011283
Autoliv East Europe AB, Sweden	1
Autoliv Asia ROH Company Limited, Thailand	1
Total	5011285

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
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 :

Manufacturer of Integrated Safety Systems for Major Automotive Manufacturers.

Products/ Services :

Item Code No. (ITC Code)	87082100
Product/ Service Description	Automotive Safety Seat Belts/ Safety Seat Belts
Item Code No. (ITC Code)	87089500
Product/ Service Description	Safety Airbags with Inflater System; parts thereof/ Air Bags
Item Code No. (ITC Code)	87089400
Product/ Service Description	Steering Wheels
Item Code No. (ITC Code)	87082900
Product/ Service Description	Webbing
Item Code No. (ITC Code)	39159030
Product/ Service Description	Waste Scrap of Acrylic Polymers and Methlyacrylic Copolymers
Item Code No. (ITC Code)	99839900
Product/ Service Description	All other professional, technical and business services n.e.c.
Item Code No. (ITC Code)	99834430
Product/ Service Description	Testing and analysis services of integrated mechanical and electrical systems

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information decline by the management

Bankers :

Bank Name	Mizuho Bank Limited
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS

Particulars	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
SHORT-TERM BORROWINGS
Working capital demand loan from Mizuho Bank (Working Capital Facility from Mizuho Bank is secured by corporate guarantee given by Autoliv AB, the holding company. The facility is repayable on demand and carries interest @ 8.15% to 9.45% p.a.)	180.000	60.000
Total	180.000	60.000

Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	UB City, Canberra Block, 12th and 13th Floor, No.24, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India
PAN No.:	AALFS0506L
Holding Company :	Autoliv AB, Sweden
Fellow Subsidiaries:	Autoliv ASP, Inc. Autoliv Australia Pty Limited N.C.S. Pyrotechnie et Technologies SAS Nanjing Hongguang Autoliv Vehicle Safety Systems Company Limited Autoliv (China) Inflators P.T. Autoliv Indonesia Autoliv ATC Autoliv Japan Limited Autoliv Do Brasil Limited Autoliv Romania -Iro Inflators division Autoliv B.V. & CompanyKG, Germany Autoliv (China) Steering Wheel Company, Limited Autoliv (Shanghai) Vehicle Safety Systems Company Limited Taicang VOA Shenda Special Type Textile Products Company Limited Autoliv (China) Electronics Company, Limited VOA Canada, Inc. Autoliv North America Autoliv Development AB Van Oerle Alberton BV Livbag, SAS Autoliv Asia ROH Company Limited, Thailand Autoliv Corporation, Korea Autoliv (Shanghai) Vehicle Safety Systems Technical Center Company, Limited Autoliv Electronics Asia Pacific

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5011285	Equity Shares	Rs.10/- each	Rs.50.113 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.113	50.113
(b) Reserves & Surplus	1129.675	0.000
(c) Money received against share warrants	0.000	1121.065
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1179.788	1171.178
(3) Non-Current Liabilities
(a) long-term borrowings	271.351	248.646
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	39.010	0.000
(d) long-term provisions	28.389	7.734
Total Non-current Liabilities (3)	338.750	256.380
(4) Current Liabilities
(a) Short term borrowings	180.000	60.000
(b) Trade payables	1189.837	1072.532
(c) Other current liabilities	74.164	103.476
(d) Short-term provisions	14.859	30.785
Total Current Liabilities (4)	1458.860	1266.793
TOTAL	2977.398	2694.351
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	769.776	669.121
(ii) Intangible Assets	20.921	18.472
(iii) Capital work-in-progress	85.380	130.435
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	23.134	3.887
(d) Long-term Loan and Advances	547.844	431.495
(e) Other Non-current assets	0.051	0.475
Total Non-Current Assets	1447.106	1253.885
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	418.854	513.334
(c) Trade receivables	797.475	635.351
(d) Cash and cash equivalents	49.744	36.378
(e) Short-term loans and advances	264.193	255.403
(f) Other current assets	0.026	0.000
Total Current Assets	1530.292	1440.466
TOTAL	2977.398	2694.351

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		50.113
2] Share Application Money		0.000
3] Reserves & Surplus		931.743
4] (Accumulated Losses)		0.000
NETWORTH		981.856
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		209.167
TOTAL BORROWING		209.167
DEFERRED TAX LIABILITIES		0.000
TOTAL		1191.023
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		349.240
Capital work-in-progress		329.444
INVESTMENT		0.000
DEFERRED TAX ASSETS		23.052
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	456.157
	Sundry Debtors	603.569
	Cash & Bank Balances	65.278
	Other Current Assets	0.017
	Loans & Advances	480.720
Total Current Assets		1605.741
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1016.770
	Other Current Liabilities	76.480
	Provisions	23.204
Total Current Liabilities		1116.454
Net Current Assets		489.287
MISCELLANEOUS EXPENSES		0.000
TOTAL		1191.023

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Operating Income
		Other Income
		TOTAL (A)	4864.835	4875.205	4694.108
Less	EXPENSES
		TOTAL	4875.473	4624.008	4304.394
	PROFIT BEFORE TAX		(10.638)	251.197	389.714
Less	TAX		(19.248)	61.875	95.980
	PROFIT AFTER TAX		8.610	189.322	293.734
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1006.755	817.433	523.699
	BALANCE CARRIED TO THE B/S		1015.365	1006.755	817.433
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports	326.327	198.389	58.220
		Engineering Income			59.915
	TOTAL EARNINGS		326.327	198.389	118.135
	IMPORTS
		Traded Goods			148.566
		Raw Materials			1394.097
		Capital Goods			143.788
	TOTAL IMPORTS		NA	NA	1686.451
	Earnings Per Share (Rs.)		86.09	37.78	58.61

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Total Income)	(%)	0.18	3.88	6.26
Return on Total Assets (PBT/Total Assets}	(%)	(0.37)	9.81	19.93
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.21	0.40
Debt Equity Ratio (Total Debt/ Networth)		0.38	0.26	0.21
Current Ratio (Current Asset/Current Liability)		1.05	1.14	1.44

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Share Capital	50.113	50.113
Reserves & Surplus	0.000	1129.675
Money received against share warrants	1121.065	0.000
Net worth	1171.178	1179.788
long-term borrowings	248.646	271.351
Short term borrowings	60.000	180.000
Total borrowings	308.646	451.351
Debt/Equity ratio	0.264	0.383

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	4694.108	4875.205	4864.835
		3.858	(0.213)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	4694.108	4875.205	4864.835
Profit	293.734	189.322	8.610
	6.26%	3.88%	0.18%

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	No
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	No
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

Note : The registered office of the company has been again shifted from 16, Visveswaraiah Industrial Estate, 1^st Main Road, Off Whitefield Road, Mahadevapura, Bangalore – 560 048, Karnataka, India to the present address w.e.f. 14.07.2011

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG-TERM BORROWINGS
Term loans
Foreign currency loan from Autoliv AB* (Foreign currency loan from Autoliv AB carries interest as per Autoliv Prime Rate as at the first day of relevant interest period. The loan was repayable in full by September 30, 2011, but has been renewed till September 30, 2015.) (The Company does not have any continuing defaults in repayment of loans and interest as at the reporting date.)	264.958	248.646
Other Loans and advances from others	6.393	0.000
Total	271.351	248.646

NOTES:

Long-term borrowings	(Rs. In Million)
	Non-current			Current
	March 31, 2013	March 31, 2013		March 31, 2013		March 31, 2013
Term loans Unsecured Foreign currency loan from Autoliv AB*	264.958	248.646		--		--
Other loans and advances, Unsecured Finance lease obligations**	6.393	---		2.999		---
Less: Amount disclosed under the head 'Other current liabilities'	---	---		(2.999)		---
Total	271.351	248.646		---		---
* Foreign currency loan from Autoliv AB carries interest as per Autoliv Prime Rate as at rate of 0.75% - 1.10%. The loan is repayable in full by September 30, 2015. The Company does not have any continuing defaults in repayment of loans and interest as at the reporting date. **Finance lease obligations relate to vehicles purchased under financing arrangement. The loans are repayable over a period of 3 to 4 years, along with interest at the rate of 11.5%.
SHORT-TERM BORROWINGS, UNSECURED			March 31, 2013		March 31, 2013
Working capital demand loan from Mizuho Bank			180.000		60.000
Total			180.000		60.000
Autoliv AB, the holding company has given corporate guarantee for working capital facility from Mizuho Bank. The facility is repayable on demand and carries interest @ 8.15% to 10.9% p.a.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90250498	26/02/2002	2,635,000.00	FORD INDIA	CHENNAI, CHENNAI, TAMIL NADU, INDIA	-
2	90250018	11/04/1997 *	38,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, BANGALORE, KARNATAKA, INDIA	-

* Date of charge modification

OPERATIONS:

During the financial year the Company’s total income was Rs. 4865.000 Million as against Rs. 4875.000 Million achieved in the previous year. The Profit after tax was Rs. 86.000 Million for the year against the profit of Rs. 1890.000 Million for the previous year. The drop in profit mainly on account of product development cost incurred for Hyundai and MSIL projects, we expect the revenue from 2013-14 onwards and exchange loss on account rupee depreciation. The Company won the first order from Honda, with this we would have business relationship with all major OEMs

Further, Macro Economic indicators are not very encouraging lately; and market is going through turbulent time as OEMS (car manufacturers) have reduced volume and delayed new launches. Despite the challenging times, your directors continue to focus on strengthening the operations by optimizing utilization of assets and trimming costs to emerge stronger from this turbulence.

FIXED ASSETS:

Tangible Assets

· Leasehold Land

· Buildings

· Plant and Machinery

· Testing Equipments

· Tools

· Electrical Fittings

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Computers 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. 63.90
UK Pound	1	Rs. 98.16
Euro	1	Rs. 69.74

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SAN
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		44

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

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