MIRA INFORM REPORT

Report No. :	347896
Report Date :	02.11.2015

IDENTIFICATION DETAILS

Name :	TOKAI RIKA MINDA INDIA PRIVATE LIMITED
Registered Office :	Plot No. 365, Sompura Industrial Area, 1^st Stage, Dobaspet, Nelamangala, Taluk, Bangalore – 562111, Karnataka
Tel. No.:	91-80-28014700
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.08.2008
Com. Reg. No.:	08-047401
Capital Investment / Paid-up Capital :	Rs. 1750.000 Million
CIN No.: [Company Identification No.]	U34300KA2008PTC047401
TAN No.: [Tax Deduction & Collection Account No.]	BLRT06505C
PAN No.: [Permanent Account No.]	AADCT0271C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacture of key sets, immobilizers, seatbelts and switches to the Automobile Industry.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 2400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated on 11^th August, 2008. It is engaged into business of manufacturing and selling of automotive parts to various car manufacturers. It is subsidiary of Tokai Rika Company Limited Japan. Tokai Rika Company Limited, Japan held 87.14% equity stake in the company and balance 12.86% are held by Minda Finance Limited, India. It is a well-established company having a moderate track record. The company is continuously incurring accumulated losses from its operations. There is unfavorable gap between trade receivables and trade payables. However, trade relations are reported to be fair. Business is active. Payment are reported to be slow but correct. In view of strong holding companies and experienced promoters, the subject 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 – 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DENIED

Management Non-Cooperative (Tel No.:91-80-28014700)

LOCATIONS

Registered Office/ Factory :	Plot No. 365, Sompura Industrial Area, 1^st Stage, Dobaspet, Nelamangala Taluk, Bangalore – 562111, Karnataka, India
Tel. No.:	91-80-28014700
Mobile No.:	91-9945912008 (Mr. Manju Nath)
Fax No.:	91-80-28014750
E-Mail :	ambika.vs@trmn.biz mkubo@trmn.co.in sjacob@trmn.biz ksprasad@trmn.co.in bini.cyriac@trmn.biz parameshwar.bhat@trmn.biz rajkiran.bs@trmn.biz prasad.ks@trmn.biz
Location :	Owned

DIRECTORS

As on 09.08.2014

Name :

Mr. Jaikumar Menon

Designation :

Director Appointed In Casual Vacancy

Address :

805, Ivory Towers South City-I Gurgaon - 122001, Haryana, India

Date of Birth/Age :

30.04.1960

Date of Appointment :

17.07.2013

DIN No.:

00292236

Name :

Mr. Ashok Kumar Goel

Designation :

Director

Address :

A 303 Gh- 96, Sector - 54, Gurgaon -122001, Haryana, India

Date of Birth/Age :

29.08.1950

Date of Appointment :

27.07.2009

DIN No.:

02012971

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	U23201DL2001PLC111781	MINDA AUTOGAS LTD	Director	18/08/2008	17/12/2007	-	Amalgamated	NO
2	U34300KA2008PTC047401	TOKAI RIKA MINDA INDIA Private Limited	Director	27/07/2009	25/08/2008	-	Active	NO
3	U74899DL1995PTC073692	MINDARIKA PRIVATE LIMITED	Director	26/08/2009	11/12/2008	15/07/2013	Active	NO
4	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director appointed in casual vacancy	29/07/2009	29/07/2009	29/10/2009	Active	NO
5	U51909DL2011PLC223728	MI TORICA INDIA LIMITED	Director	16/08/2011	16/08/2011	12/07/2013	Active	NO
6	U35122DL2011PLC223819	MINDA KYORAKU LIMITED	Director	17/08/2011	17/08/2011	-	Active	NO
7	U28111RJ2008PTC026385	TOYODA GOSEI MINDA INDIA PRIVATE LIMITED	Director	17/11/2011	17/11/2011	15/12/2012	Active	NO
8	U35999DL2012FTC238701	FUJITSU TEN MINDA INDIA PRIVATE LIMITED	Director	11/07/2012	11/07/2012	23/07/2013	Active	NO
9	U50400DL2012PTC238724	MINDA F-TEN PRIVATE LIMITED	Director	12/07/2012	12/07/2012	02/09/2014	Active	NO

Name :

Mr. Yoshihiro Obayashi

Designation :

Director Appointed In Casual Vacancy

Address :

401 Moregrace Yashirodai Fierte, 3-174 Yashirodai, Nagoya - 4650092, Japan

Date of Birth/Age :

13.04.1954

Date of Appointment :

24.08.2012

DIN No.:

05352550

Name :

Mr. Yoshihiro Kondo

Designation :

Managing Director

Address :

23 Yamazaki Nagasawa-Cho, Aichi, Toyokawa - 4410203, Japan, India

Date of Birth/Age :

28.12.1962

Date of Appointment :

01.01.2013

DIN No.:

06449145

Name :

Ms. Koki Imaeda

Designation :

Director

Address :

1-100 Maru, Oguchi-Cho, Niwa-Gun, Aichi, Niwa Gun -4800145, Japan

Date of Birth/Age :

01.03.1964

Date of Appointment :

09.08.2014

DIN No.:

06936401

Name :

Mr. Yoshihiro Tanaka

Designation :

Director

Address :

1237-111 Umazutsumi, Kurozasa-Cho, Miyoshi-Shi, Aichi, Miyoshi Shi, 4700232, Japan

Date of Birth/Age :

08.04.1958

Date of Appointment :

09.08.2014

DIN No.:

06936407

KEY EXECUTIVES

Name :	Mr. Manju Nath
Designation :	Maintenance Department
Name :	Ambika VS
Designation :	Secretary
Address :	"Sahani" Ground Floor, 12^th Cross Left Side, 60 Feet Road, Vinobha Nagar, Shimoga - 577204, Karnataka, India
Date of Birth/Age :	11.12.1987
Date of Appointment :	30.06.2014
PAN No. :	AKEPA5998F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.08.2014

Names of Shareholders	No. of Shares	%age holding
Tokai Rika Company Limited, Japan	152500000	87.14
Minda Finance Limited, India	22500000	12.86
Total	175000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 09.08.2014

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	87.14
Bodies corporate	12.86
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacture of key sets, immobilizers, seatbelts and switches to the Automobile Industry.
Products :	· Key Sets · Immobilizers · Seatbelts · Switches To The Automobile Industry.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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 declined by the management

Bankers :

Bank Name	Not Divulged
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

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276011
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Tokai Rika Co. Limited, Japan
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Minda Finance Limited CIN No.: L67120DL1985PLC021349 · Mindarika Private Limited, India CIN No.: U74899DL1995PTC073692 · Thai Torica Co. Limited, Thailand
Fellow Subsidiary Companies :	· Tokai Rika (Thailand) Company Limited, Thailand · Thai Seat Belt Company Limited , Thailand · TRCZ S.R.O, Czech Republic · TRQSS., INC, United States · TRP, INC, Philippines · Tokai Rika Create Corporation, Japan · Foshan Tokai Rika Automotive Parts Co. Limited, China · Wuxi Risho Technology Co. Limited, China · Sandenzaisha Co. Limited, Japan

CAPITAL STRUCTURE

As on 09.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs. 10/- each	Rs.1750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs. 10/- each	Rs.1750.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1750.000	1750.000	630.000
(b) Reserves & Surplus	(894.316)	(685.636)	(533.202)
(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)	855.684	1064.364	96.798
(3) Non-Current Liabilities
(a) long-term borrowings	357.560	384.560	458.810
(b) Deferred tax liabilities (Net)	0.000	0.000	14.205
(c) Other long term liabilities	0.000	0.116	0.126
(d) long-term provisions	7.298	6.541	7.687
Total Non-current Liabilities (3)	364.858	391.217	480.828
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	403.500
(b) Trade payables	538.032	479.961	304.268
(c) Other current liabilities	241.309	58.146	75.592
(d) Short-term provisions	2.216	2.408	1.824
Total Current Liabilities (4)	781.557	540.515	785.184
TOTAL	2002.099	1996.096	1362.810
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	812.450	847.854	897.822
(ii) Intangible Assets	3.357	2.955	3.085
(iii) Capital work-in-progress	208.019	9.606	3.946
(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	9.148	8.418	8.714
(e) Other Non-current assets	2.982	1.801	1.488
Total Non-Current Assets	1035.956	870.634	915.055
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	286.518	172.098	121.369
(c) Trade receivables	114.399	210.848	142.217
(d) Cash and cash equivalents	340.624	600.520	97.587
(e) Short-term loans and advances	217.457	141.153	86.459
(f) Other current assets	7.145	0.843	0.123
Total Current Assets	966.143	1125.462	447.755
TOTAL	2002.099	1996.096	1362.810

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income	1316.180	1297.770	942.121
	Other Income	35.533	13.233	1.094
	TOTAL	1351.713	1311.003	943.215
OPERATING EXPENDITURE		1495.795	1437.922	1031.853
PROFIT/ (LOSS) BEFORE TAX		(208.680)	(166.099)	(177.613)
TAX		0.000	(13.664)	1.875
PROFIT/ (LOSS) AFTER TAX		(208.680)	(152.435)	(179.488)
EARNINGS IN FOREIGN CURRENCY		1.116	1.799	0.424
Earnings / (Loss) Per Share (Rs.)		(1.19)	(0.87)	(2.85)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	27.000	22.250	38.750
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	7.580	45.959	36.088
Net cash flow from operating activity	(29.659)	31.589	36.082

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(15.85)	(11.75)	(19.05)
Return on Total Assets (PBT/Total Assets}	(%)	(11.63)	(8.36)	(13.07)
Return on Investment (ROI) (PBT/Networth)		(0.24)	(0.16)	(1.83)
Debt Equity Ratio (Total Debt /Networth)		0.45	0.38	9.31
Current Ratio (Current Asset/Current Liability)		1.24	2.08	0.57

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	630.000	1750.000	1750.000
Reserves & Surplus	(533.202)	(685.636)	(894.316)
Net worth	96.798	1064.364	855.684
long-term borrowings	458.810	384.560	357.560
Short term borrowings	403.500	0.000	0.000
Current Maturities of Long-Term Debts	38.750	22.250	27.000
Total borrowings	901.060	406.810	384.560
Debt/Equity ratio	9.309	0.382	0.449

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	942.121	1297.770	1316.180
		37.750	1.419

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	942.121	1297.770	1316.180
Profit	(179.488)	(152.435)	(208.680)
	(19.05%)	(11.75%)	(15.85%)

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	Yes
8	Designation of contact person	Yes
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	No
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

NOTE: Registered office of the company has been shifted from C/O BMR and Associates 2nd Floor, Embassy Icon Annexe, 2/1 Infantry Road, Bangalore – 560001, Karnataka, India to the present address w.e.f. 11.11.2009

BUSINESS OVERVIEW

The total revenue (net of Excise) was INR1316.180 million as against INR 1297.770 million, Profit Before Tax (PBT) was INR (208.680) million against INR (166.090) million and Profit After Tax (PAT) stood at INR (208.680) million against INR (152.430) million in the previous year.

CORPORATE INFORMATION

Subject, the Company was incorporated on August 11, 2008 as a Joint Venture between Tokai Rika Co., Limited, Japan and Minda Investments Limited, India (replaced with Minda Finance Limited vide an amendment dated March 15, 2011 to the Joint Venture Agreement), to carry on the business of manufacture and selling of automotive parts to various car manufacturers in accordance with the Joint Venture agreement June 16, 2008 (as amended).

The company has its registered office at Sompura Industrial area, Dobaspet, Nelamangala Taluk, Bangalore - 562111.

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Foreign currency term loans from banks	50.000	77.000
Loans and advances from others	307.560	307.560
Total	357.560	384.560
NOTE The Bank of Tokyo - Mitsubushi UFJ, Limited - Singapore*The loan is unsecured and are repayable on half yearly basis in eight (8) equal semi annual instalments, commencing after one year from the date of each drawdown (Draw down date of the loan being September 13, 2011 and April 30, 2012), provided that on the final maturity date, the borrower shall repay in full all principal amount then outstanding, together with unpaid interest accrued thereon and any other amounts then due under the agreement. Interest is payable semi-annually at floating rate at the rate of USD LIBOR +1.50%. Next instalment of Rs. 4.75 Mio is due on April 30, 2014, Rs.8.750 Million is due on September 15, 2014, Rs. 4.750 Millions is due on October 30, 2014 and Rs. 8.750 Millions is due on March 13, 2015 External Commercial borrowing from Tokai Rika Co. Limited, Japan, the Holding Company The loan is unsecured and is repayable on March 31, 2018. Interest is payable annually at 1.465% per annum on JPY amount of loan.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Estimated amount of contracts remaining to be executed on capital account and not provided for	33.224	7.489
Other commitments	2.320	9.615

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Asset

· 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.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.66

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RSM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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		32

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.