MIRA INFORM REPORT

Report Date :

26^th February, 2007

IDENTIFICATION DETAILS

Name :	WHIRLPOOL OF INDIA LIMITED
Registered Office :	Plot No. A-4, MIDC, Ranjangaon, Taluka Shirur, District Pune, Maharashtra - 419 204, India
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	19.07.1960
Com. Reg. No.:	11-3268
TAN No.: [Tax Deduction & Collection Account No.]	DELW00327F
PAN No.: [Permanent Account No.]	AAACW1336L
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Refrigerator Direct Cool, Refrigerator No Frost, Deep Freezer, Additional Compressor, Electrical Grade Lamination, Electrically Operated Cash register, Electronic Cash Register, Scooter, Moped, Microwave Oven, Winding Wire, Tool and Programmable Laundering Machines.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :	--
Status :	Moderate
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old well-established company engaged in production and marketing of Refrigerators and Washing Machines. For the past two financial years, the company’s performance has not been satisfactory and it has incurred huge losses during the financial year 2003-2004. Trade relations are reported as fair. Payments are reported as slow, but correct. Your proposed business dealings worth Euro 500,000 appears to be a very huge sum for a single business dealings as the company’s current financial position is not comfortable to meet such a huge financial liability. It may be considered on instalment basis after satisfactorily completing each transaction against D/P terms.

LOCATIONS

Registered Office :	Plot No. A-4, MIDC, Ranjangaon, Taluka Shirur, District Pune, Maharashtra - 419 204, India
Tel. No.:	91-20-4061100
Fax No.:	91-2138-232376/ 232229
E-Mail :	dinesh_mittal@whirlpool.com
Corporate Office :	A 8, Vaitalik, U.S.O. Road, Qutab Institutional Area, New Delhi – 110 067, India
Tel. No.:	91-11-26857180
Fax No.:	91-11-26523369
E-Mail :	dinesh_mittal@whirlpool.com
Factory 1 :	v 28 N.I.T., Faridabad (Haryana), India v Plot No. A-4 MIDC Ranjangaon, Taluka Shirur, District - Pune 419 204. v Village Thirubhuvanai, Pondicherry 605 001, India

DIRECTORS

Name :	Mr. Mark Hu
Designation :	Chairman
Name :	Mr. Arvind Uppal
Designation :	Managing Director
Name :	Mr. Robert Lawrence Mink
Designation :	Director
Name :	Mr. S.J. Scarff
Designation :	Director
Name :	Mr. Anand Bhatia
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Dinesh Mittal
Designation :	Director and Company Sectary

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Promoters	104448074	82.33
Mutual Funds	9440	0.01
Non Resident Indians	185818	0.14
Banks & Financial Institutions	444285	0.35
Foreign Institutional Investors	8152	0.01
Corporate Bodies	2645867	2.08
Public	19130194	15.08
Total	126871830	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Refrigerator Direct Cool, Refrigerator No Frost, Deep Freezer, Additional Compressor, Electrical Grade Lamination, Electrically Operated Cash register, Electronic Cash Register, Scooter, Moped, Microwave Oven, Winding Wire, Tool and Programmable Laundering Machines.

Products :

Product Description	Item Code No.
Refrigerators	84.18
Washing Machines	84.50

Brand Names :

“WHIRLPOOL”.

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Refrigerator Direct Cool	Nos.	1600000
Refrigerator No Frost	Nos.	600000
Washing Machine	Nos.	650000
Blade Coffee Grinder	Nos.	200000
Air Conditiners	Nos.	90000
Bag Drier	Nos.	--
Portable Oven and Small Appliances	Nos.	1200000

GENERAL INFORMATION

No. of Employees :

511

Bankers :

v ABN Amro Bank N.V.

v Citibank

v Deutsche Bank

v HDFC Bank Limited

v Punjab National bank

v Standard Chartered Bank

v Hongkong & Shanghai Banking Corporation

v Societe Generale

v Standard Chartered Grindlays Bank Limited

v State Bank of India

Facilities :

SECURED LOANS	31.03.2006
600 9.15% Debentures of Rs. 500000/- each fully paidup	300.000
24 Redeemable Non Convertible Debentures (MIBOR Linked) of Rs. 10000000/- each fully paid up (Previous period 78 Redeemable Non Convertible Debentures (MIBOR Linked) of Rs.10000000/- each fully paid up	780.000
Working Capital Loans from Banks
Cash Credit & Packing Credit	450.696
lnterest Accrued and Due	21.800
Total	990.914

Notes:

1. a) The 9.15% Redeemable Non Convertible Debentures of Rs. 300 millions issued in favour of various Banks by way of private placement are redeemable at par after five years from the date of allotment i.e. on 01.03.2007.

b) Redeemable Non Convertible Debentures (MIBOR Linked) of Rs. 240 millions are redeemable at par in two phases i.e. on 12.03.2007 and 30.03.2007. These Debentures carry put and call option subject to notice period of one business day.

c) Out of Rs. 240 millions of Mibor Linked Debentures as at 31.03.2006, Rs. 240 millions have been redeemed till 27.04.2006.

2. a) The 9.15% Redeemable Non Convertible Debentures of Rs. 300 millions are secured by a first mortgage of land at Gujarat and also secured by way of a first charge of all the immovable properties, ranking pari passu interse, situated at Faridabad and Pondicherry Plant of the Company and land in Ranjangaon (Shirur) Industrial Area of MIDC, Pune. These debentures are issued on the basis of a corporate guarantee from Whirlpool Corporation to the trustees of the Debenture issue i.e. UTI Bank Limited.

b) Redeemable Non Convertible Debentures (MIBOR Linked) are agreed to be secured by way of residual charge of all the fixed assets of the Company (charge yet to be created).

3. Working Capital Facilities are secured by way of first charge by hypothecation of inventories and book debts and second charge on immovable properties and hypothecation of movable assets of the Company.

4. Repayment of Term Loans and redemption of Debentures within one year - Rs. 540 millions (Previous year Rs. 780 millions).

UNSECURED LOANS	31.03.2006
Fixed Deposits	8.266
Interest Accrued & Due	0.165
Foreign Currency Loan from Holding Company	1358.925
Short Term Loans from Banks	87.233
Total	1454.589

Notes:

1 Fixed Deposits repayable within one year Rs. 601.600 millions (Previous year Rs. 981.200 millions).

2 Foreign currency loan from Holding Company re-payable within one year is Rs. 906.900 millions (Previous year Rs. 981.600 millions).

Banking Relations :	Satisfactory
Auditors :	S. R. Batliboi & Company Chartered Accountants
Address:	SRB House, 20, Community Centre, Pushp Vihar (Madangir) New Delhi - 110 060
Cost Auditor	Mr. Ashok K. Agarwal Cost Accountant
Associates/Subsidiaries :	· Whirlpool Narcissus Shanghai · Whirlpool Europe S. R. L. · Whirlpool Microwave Product Development Company Limited · Whirlpool Sweden · Multibras SA Electrodomesticos S. A. · Whirlpool Laport · Whirlpool Hong Kong · Whirlpool Argentina · Empresa Brasileira · Whirlpool Microwave Product Development Company Limited · Whirlpool Puertorico · Whirlpool Colombia · Whirlpool South East Asia · Whirlpool Thailand · Whirlpool South Africa · Commercial Acros Whirlpool Mexico · Great Teco Whirlpool Taiwan · Whirlpool Australia · Empresa Brasileira · Whirlpool Frances SA
Subsidiaries :	v Kelbex International Limited
Membership:	Confederation of Indian Industry

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
15,00,00,000	Equity Shares	Rs.10/- each	Rs.1500.000 millions
15,50,00,000	Preference Shares	Rs. 10/- each	Rs. 1550.000 millions
	Total		Rs. 3050.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
126,871,830	Equity Shares	Rs.10/- each	Rs.1268.718 millions
50,000 66,01,400 41,96,400 25,000 75,00,000 2,42,02,188	Includes: Shares allotted pursuant to a contract for supply of machinery Shares allotted as fully paid up Bonus Shares by capitalisation out of Reserves Shares allotted as fully paid up Bonus Shares by capitalisation out of Share Premium Account Shares allotted to Shareholders of erstwhile Aravali Swachalit Vahan Limited under a Scheme of Amalgamation Shares allotted to Shareholders of erstwhile Whirlpool Washing Machines Ltd. under a Scheme of Amalgamation Shares allotted to a Shareholder of erstwhile Whirlpool Financial India Private Ltd. under a Scheme of Amalgamation
15,23,42,500	10% Redeemable Non Convertible Cumulative Preferences Shares	Rs. 10/- each	Rs. 1523.425 millions
	Total		Rs. 2792.143 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		2792.143	1268.718	1268.718
2] Reserves & Surplus		358.915	362.881	366.847
3] (Accumulated Losses)		(1048.384)	(667.413)	330.582
NETWORTH		2102.674	964.186	1966.147
LOAN FUNDS
1] Secured Loans		990.914	1746.162	1933.773
2] Unsecured Loans		1454.589	2365.613	2173.622
TOTAL BORROWING		2445.503	4111.775	4107.395
TOTAL		4548.177	5075.961	6073.542
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3139.630	3329.191	3501.905
Capital work-in-progress		9.545	17.596	0.297
Capital Advance		27.376	26.280	44.202
INVESTMENT		0.000	0.000	0.112
DEFERREX TAX ASSETS		767.651	583.785	587.905
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1977.790	2137.823	1498.187
	Sundry Debtors	1091.050	1319.490	2138.615
	Cash & Bank Balances	151.604	246.111	540.841
	Loans & Advances	635.959	709.310	481.813
Total Current Assets		3856.403	4412.734	4659.456
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	3151.287	2998.465	2632.541
	Provisions	623.117	552.434	468.322
Total Current Liabilities		3774.404	3550.899	3100.863
Net Current Assets		81.999	861.835	1558.593
MISCELLANEOUS EXPENSES		521.976	257.274	380.528
TOTAL		4548.177	5075.961	6073.542

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Sales Turnover [including other income]	12741.915	10331.375	14260.809
Profit/(Loss) Before Tax	(533.307)	(993.870)	(501.413)
Provision for Taxation	(152.336)	(4.125)	(164.914)
Profit/(Loss) After Tax	(380.971)	(997.995)	(336.499)
Export Value	1825.574	1213.920	1072.550
Import Value	1785.570	1947.728	1331.552
Total Expenditure	13275.222	10221.557	15188.700

QUARTERLY

PARTICULARS	30.06.2006 1^st Quarter	30.09.2006 2^nd Quarter	31.12.2006 3^rd Quarter
Sales Turnover	4534.900	3065.100	3716.700
Other Income	40.900	56.900	32.100
Total Income	4575.800	3122.000	3748.800
Total Expenditure	4366.700	3141.400	3636.600
Operating Profit	209.100	(19.400)	112.200
Interest	38.100	32.800	45.400
Gross Profit	171.000	(52.200)	66.800
Depreciation	91.200	82.700	99.200
Tax	8.100	8.100	9.900
Reported PAT	71.700	(143.000)	(42.300)

200606 Quarter 1 :-- 1. The company's operations predominantly, comprise only one product segment i.e. Home Appliances. The above figures reflect this segment results as per AS 17. 2. Deferred tax asset/liability for the year will be created at the year end based on the full year results. 3. The revised Accounting standard AS 15 on 'Employee benefits'. issued by the institute of Chartered Accountants of India has become effective from April 1, 2006 and the impact of the same has been considered in the profit & loss accountfor the current quarter. 4. No preference dividend has been declared during the quarter. However, for the purpose of calculation of Earning Per Share, the dividend on preference shares amounting to Rs. 3.8 cores upto June'O6 has been considered. 5. We have received only two investor complaints during the quarter and that was promptly attended to. No complaints are pending at the end of the quarter. 6. Previous period figures have been regrouped wherever necessary. 7. The above results, as reviewed by the audit committee, have been taken on record by the Board of Directors at its meeting held on July 28, 2006. Limited Review The Limited Review as required under Clause 41 of the Listing Agreement has been completed by the Statutory Auditors. The Limited Review report highlights the auditors qualifications related to deferred tax and retention amount against VAT refund as given in Note No. D7 & 8 respectively of Schedule P to the financial statement for the year ended March 31, 2006. Apart from above, the report does not have any impact on the above' Results & Notes for the quarter ended June 30, 2006, which needs to be explained.

200609 Quarter 2 :-- 1.The Company's operations predominantly comprise only one product segment i.e.,Home Appliances. The above figures reflect this segment results as per AS 17. 2.Deferred tax asset/liability for the year will be created at the year end based on the full year results. 3. The revised Accounting Standard AS 15 on ' Employee benefits' has become effective from April 1, 2006 and the impact of the same has been considered in the profit & loss account for the current quarter. 4. No preference dividend is payable during the quarter. However, for the purpose of calculating Earning per Share(EPS), the dividend on preference shares upto Sep'O6 has been considered. 5. We have received only three investor complaints during the quarter and that was promptly attended to. No complaints are pending atthe end of the quarter. 6. Previous period figures have been regrouped wherever necessary. 7. The above results, as reviewed by the audit committee, have been taken on record by the Board of Directors in its meeting held on Oct 27, 2006. 8 The Limited Review as required under Clause 41 of the Listing Agreement has been completed by the Statutory Auditors. The Limited Review report highlights the auditors qualifications related to deferred tax as given in Note No. D7 of Schedule P to the financial statement for the year ended March 31, 2006. Apart from above, the report does not have any impact on the above'Results & Notes' for the quarter ended September 30, 2006, which needs to be explained.

200612 Quarter 3 -- 1. The Company's operations predominantly comprise only one product segment i.e, Home Appliances. The above figures reflect this segment results as per AS 17. 2. Deferred tax asset/liability for the year will be created at the year end based on the full year results. 3. No preference dividend is payable during the quarter. However, for the purpose of calculating Earning Per Share (EPS), the dividend on preference shares upto Dec'06 has been considered. 4. We have received only two investor complaints during the quarter and that was promptly attendedto. No complaints are pending atthe end ofthe quarter. 5. Previous period figures have been regrouped wherever necessary. 6. The above results, as reviewed by the audit committee, have been taken on record by the Board of Directors in its meeting held on Jan 30th 2007. Limited Review The Limited Review as required under Clause 41 of the Listing Agreement has been, completed by the Statutory Auditors. The Limited Review report highlights the auditors qualifications related to deferred tax as given in Note No. D7 of Schedule P to the financial statement for the year ended March 31, 2006. Apart from above.. the report does not have any impact on the above 'Results & Notes' for the quarter ended December 31, 2006, which needs to be explained.

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Debt-Equity Ratio	2.40	3.17	1.88
Long Term Debt-Equity Ratio	0.60	0.85	0.61
Current Ratio	0.80	0.82	0.87
TURNOVER RATIOS
Fixed Assets	2.33	1.89	2.16
Inventory	6.69	5.99	7.92
Debtors	11.41	6.30	5.48
Interest Cover Ratio	(1.20)	(2.45)	(0.33)
Operating Profit Margin (%)	1.09	(2.68)	2.19
Profit Before Interest and Tax Margin (%)	(1.57)	(5.63)	(0.81)
Cash Profit Margin (%)	0.89	(5.02)	0.80
Adjusted Net Profit Margin (%)	(1.77)	(7.97)	(2.20)
Return on Capital Employed (%)	0.00	0.00	(2.14)
Return on Net Worth (%)	0.00	0.00	(13.71)

STOCK PRICES

Face Value	Rs.10.00
High	Rs.27.50
Low	Rs.26.70

LOCAL AGENCY FURTHER INFORMATION

Leadership.

During the period under review, monsoons, though delayed, had also been fairly good across the country. Unfortunately inflation continued to be a problem and therefore challenges on the commodity front continued. The approach of being passionate about and placing consumers at the centre of all our activities will help us realise not only our immediate plans but also create a loyal consumer franchise for the Whirlpool' brand. The company continues to create new & innovative solutions to meet consumer needs and has developed new products in Direct Cool Refrigerators - the "Genius" range, and in Air Conditioners - the new "MagiCool" range, which have been launched in April 2005. the Company has run extremely successful consumer promotions in the last 6 months - the Diwali "6lh Sense Aazmao, Lakhshmi Char Le Jao" promotion, and the 10 year Celebration promotion, to celebrate 10 years of Whirlpool's successful presence in India. Whirlpool conducted the "2nd Whirlpool CR8! Women Awards" function in February, 2005 to honour Indian women in 19 diverse fields, ranging from Sports to Literature to Business. The Whirlpool GR8! Women Award recognizes the achievements of Indian women at home and in the outside world. Whirlpool has also recently signed new Brand Ambassadors with the celebrity couple, Kajol and Ajay Devgan. They are both top-notch performers, and represent the Whirlpool Brand Value extremely well. They will certainly add excitement to the brand. The new trade management strategy adopted by the Company during 2004 has been executed and is setting the base for rapid distribution expansion and achieving greater productivity in terms of supply chain efficiency, inventory optimization, lower credit risk and better working capital management. During the year, the former Managing Director resigned due to personal reasons. In keeping with its commitment to the India business, Whirlpool Corporation was closely associated in the selection of the Managing Director to ensure that the chosen individual has the leadership qualities and attributes to get Whirlpool India back to its right place of leadership. The Directors are pleased to inform you that Mr. Arvind Uppal has been appointed as Managing Director and The company will sure benefit with his rich experience. During the year, the Company shifted its Registered Office from Delhi to its plant location at Ranjangaon, Pune.

Performance of the Company:

During the year the Company recorded a net profit/(loss) of Rs. (381.000) millions representing an improvement of Rs. 617.000 millions over the previous year notwithstanding the challenges of mother nature viz. unprecedented rains in Mumbai and other parts of Maharashtra, South India and massive earthquake in North India. The above performance was driven by new product launches, focus on mix management, operational excellence, effective cost control measures and better management of working capital. In the year under review, your Company embarked on the second leg of its strategy 'Onto Leadership-Sustainable and Profitable'. The company has also consolidated its market position across all categories led by new product launches, distribution correction and various process initiatives. 

The 'Whirlpool' brand resonates well with the consumers and is being endorsed by Kajol and Ajay Devgan, one of India's leading celebrity couple. They have featured in the company's advertisement on television and print media campaigns. During the auspicious festival season, did a lot of activities in different parts of the country leveraging leading media publications. These activities included events, direct consumer interactions such as festival recipe contests, Dealer felicitations and Community get together. This helped us to establish a strong emotional bond with the homemaker, her family, the community and the company's trade and service partners. 

Sales and Marketing: 

During the year under review, a number of initiatives were taken in the front-end of the business which contributed to improved performance of the company. In line with our strategy of getting closer to the end consumer, a number of additional direct dealers were appointed and the trade terms were also rationalised. New trade terms resulted in significant reduction in domestic receivables and reduced trade inventory. There was also a strong focus on mix management, micro marketing, and superior sales execution resulting in better price and margin realisation. The Consumer Loyalty index for the company increased by 2 points to 34, thereby reflecting increasing level of consumer satisfaction. 

The strong performance in the Refrigerator category was led by two successful launches in two distinct segments - Genius in Direct Cool and Iceberg in Frost Free. Both product offerings were differentiated from competition in terms of features and benefits. This resulted not only in growth in market share but also improvement in margins. For the year under review, Whirlpool was the only company to have grown share in both DC and FF segments. Market share grew from 19.2% in 200405 to 20.4% in 2005-06 representing a 1.2 points improvement. 

The Washer category grew quarter on quarter with an annual growth in value exceeding 30%. Introduction of colour finishes in the category added a new dimension and created excitement in the shop-floor.

Steps were taken to establish footprint in the Cooking and AC category. A new range of imported Microwaves and Window Air Conditioners were launched with outstanding cooking and cooling performance. 

Exports: 

Exports turnover exceeded Rs. 1500 millions representing a 45% increase over the previous year. This was achieved despite appreciation of the Rupee during the first 6 months of the financial year, firming up of commodity prices and increase in fuel costs. Going forward, the company would focus on exports to the Middle East, Africa, Oceania and parts of Europe, while continuing its position as the leading Western brand in South Asia. Exports of Small Appliances to the US under the Kitchen Aid brand out of the company's EOU at Pondicherry grew at an accelerated rate led by the introduction of a number of new appliances. These products have performed well in the export market. 

Consumer Services: 

The Company is committed to delivering superior service to its consumers. The company has focused on Key Service Metrics like Same Day Completion (SDC), First Time Fix (FTF) and has attained improvement in performance levels. The expanded service partner network also helped us to reach closer to the consumer. 

During the year under review, the company opened 4 new call centres in B class towns & non metro cities to facilitate easy consumer access. As a part of the process innovation initiative, 'Hotlines' were installed in key trade partners' locations to provide direct link to our call centres and service partners. This concept is the first in the industry. 

'Product Experience Centres' were started in key service partners' locations, to facilitate the consumer to experience your company's products and services. In 2006 we plan to extend the roll out of such centres across the country. 

To further enhance the effectiveness of the service organisation and the service partners, your company is also investing in an integrated web based solution to provide real time and on line information to attend to the needs of the consumer. 

Finance and Accounts: 

During the year under review, the Company focussed on all the key financial metrics viz. revenue, costs, working capital and cash flow. On the revenue side, the focus was on volume, price and mix. On the cost side there was a lot of emphasis on productivity improvement and cost saving measures. The biggest stride was in the area of working capital, which saw significant improvement across all its constituents viz. receivables, inventory and payables. Overall efficiency in working capital helped the Company to generate additional cash. 

In addition, the Company also received fresh infusion of preference capital of Rs. 1523.400 millions from Whirlpool Canada. The cash generated/funds received were utilised to retire high cost debts resulting in reduction in interest cost. The benefit of this will continue going forward. 

Pondicherry Plant- S

i) Re source saving (water and energy ) development work with specific focus for new wash system,

ii) Develop customer friendly stain removable cycle for washing machines,

iii) Development of fragrance dispensing system as a part of wash system,

iv) Development of Copper - Silver electrolytic system for providing hygiene wash.

v) Unique colour finish and material (CFM ) related activities for improving aesthetic and perceived quality

of the washing machines,

vi) Higher capacity 7 & 8 kgs new platform in Fully automatic washing machines,

vii) Utility pedestal development for Horizontal Axis washing machine to take care of ergonomics.

Benefits/achievements derived as a result of the above R&D

Faridabad Plant

v Better space management.

v Increased capacity available for consumers

v New Features like cosmetic organizers made available to consumers

v Improved cooling efficiency and load handling

v Better illumination & aesthetics.

Pune Plant

v Better product performance

v Reduced running cost for consumer,

v Quality improvement

v Low cost innovation to improve cooling performance and freshness retention.

Pondicherry Plant

v Enhanced washing performance of semi automatic and fully automatic machines.

v Unique cycles for providing resource saving.

v Development of electronics and control system for withstanding Severe Indian conditions.

Future plan of action

Faridabad and Pune Plant

v Work on new platform and new configuration for future launches.

v Energy efficient products inline with future trends.

v Aesthetics Refreshing & better space management offering.

Pondicherry Plant

v Launch of semi automatic twin tub with external pumping tower,

v Fully automatic washing machine with unique wash system with very low mechanical action.

v End to End solution for Global project.

v Accessories like spin basket bag development and replaceable fragrance cartridges.

Technology Absorption, Adaptation and Innovation:

1. Efforts made towards technology absorption, adaptation and innovation are directed towards:

Faridabad Plant

v Simulation based structural analysis to enable Predictive Design Methods,

v Installation of Lab View for better controls simulation,

v Work initiated on variable speed compressor application for better load handling and improved

v energy performance.

v Migrate to electronic based controls from electromechanical based controls for better reliability and performance.

v Enrich the Innovation pipeline with ideas that will support Whirlpools brand promise

Pondicherry Plant

v Launch of fully automatic with unique colour finish and material (CFM).

v Launch of service accessories (water softener system)

v Understanding of flow and dynamics for the new wash system with soft vanes and external pumping tower (CFD).

v New innovative feature like stain cycle, spin basket bag, fragrance cycle.

v Robust Product Development system internalization.

2. Benefits derived as a result of the above efforts:

Faridabad Plant

v Better product performance

v Reduced running cost for consumer.

v Quality improvement accompanied by Service Incidence Rate reduction.

v Low cost innovation to improve cooling performance and freshness retention.

Pondicherry Plant

v Unique high performance wash system with low mechanical action.

v Additional feature like pumping tower and stain cycle in fully automatic washing machine,

v Understanding and incorporating India environment requirements in the electronic and controls modules.

v RPD/innovation systems focus as part of product creation & development.

Fixed assets

v Freehold land

v Leasehold land

v Leasehold improvement

v Buildings

v Plant and machinery

v Furniture

v Fixtures

v Office equipments

v Vehicles

It is in trade terms with:-

· A. M. Engineers

· B. L. Containers Private Limited

· Bajaj Naylon Plastic

· Box & Carton (India) Private Limited

· Belmarks Private Limited

· Consult Tech (India) Private Limited

· Dinesh Printing Press

· Dudeja Cable Industries

· HL Gandhi Enterprises Private Limited

· Jayen Wirelink

· Jham Plastic Industries

· Kishan Metal Industries

· Lachchman Singh Metal Industries

· Neumann Engineering Works

· Nanda Glass Industries

· NPI Packaging Private Limited

· PR Packaging Private Limited

· Rajan Engineering Works

· Rubco

· Sangeetha Industries

· Sahil Overseas

· Shree Shyam Pipes Private Limited

· VK Engineers

· Vaishali Metals Private Limited

· Annapurna Kenmore

· K-Air Speciality Gases

· Suma Springs Private Limited

· Mahavir Decorative Products Private Limited

· TVS Cherry Private Limited

· Deltron Limited

· Aar Aar Plastics Private Limited

· Esbee Industries Combines

· Glorious Engineers

· EMI Solutions Private Limited

· Sree MPF Industries

· Sundaram Plastics

· Automotive and Industrial Sales Private Limited

· Plant Engineering Services

· Periwal Hitech Moulding Private Limited

· Kamal Engineers

· Switch International

· Bharath Rubber Factory

· Buyers Engineers Private Limited

· Auto Steel and Rubber Industries Private Limited

· Esbee Industrial Combines

· Mathure Metal Works Private Limited

· Hi Tech Arai Limited

· Pipes India Limited

· Gee Pee Electro Plating

· Atop Product

· Raj Films Plast

· Jig Universal,

· Sundaram Plastics,

· Pondy Die Castings Private Limited

· Tanya Electronics Private Limited

· Tarapur Cables India Limited

· Glorious Engineering Enterprises

· Prime Polymer

· Rubco

· Shivlok Enterprise

· Kabir Traders

· Annapurna Kenmore Tube Production Private Limited

· Newman Engineering Works,

· Securipax India Private Limited

· Khemka Containers Limited and

· Kishan Industries

Press Releases

Whirlpool Corporation Completes Hoover Sale to Techtronic Industries Company Limited

Benton Harbor, Mich. -- Wednesday, January 31, 2007 -- Whirlpool Corporation (NYSE: WHR) today announced that it has sold the Hoover floor-care business to Techtronic Industries Company Limited (TTI) for approximately $107 million in cash following the expiration of a regulatory review process. Hoover offers a comprehensive line of products for general and special-purpose vacuuming, including full-size uprights and canisters, deep cleaners, and hard-floor cleaners.

Whirlpool and TTI reached an agreement to sell the Hoover business in December 2006. Under the terms of the sale, TTI will assume operational control of the Hoover business, including manufacturing operations in North Canton, Ohio, El Paso, Texas, Juarez, Mexico, and all other Hoover locations.  Whirlpool retains the liabilities associated with pension plans for pension benefits for both active and retired employees accrued up to the date of the sale and for post-retirement medical benefits for currently retired Hoover employees.

About Whirlpool Corporation

Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of more than $19 billion, more than 80,000 employees, and more than 60 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Bauknecht and other major brand names to consumers in nearly every country around the world.

About Techtronic Industries Company Limited

Founded in 1985, Techtronic Industries Company Limited (TTI) (stock code: 669, ADR symbol: TTNDY) is a world-class supplier of superior home improvement and construction tools with a powerful portfolio of trusted brands and a strong commitment to innovation and quality. The portfolio that TTI offers includes a full line of power equipment products, floor care appliances, laser and electronic products. Our brands include Milwaukee®, AEG® and Ryobi® power tools and accessories, Ryobi® and Homelite® outdoor power equipment and Royal®, Dirt Devil®, Regina® and Vax® floor care appliances.

TTI is one of the constituent stocks on the Hang Seng HK MidCap Index under the Hang Seng Composite Index, the MSCI Hong Kong Index, the FTSE All-World Hong Kong Index, the FTSE/Hang Seng Asian Cyclical Index and the Dow Jones Hong Kong Titans 30.

Trademarks: The use of the trademark Ryobi® is pursuant to a license granted by Ryobi Limited

Whirlpool Additional Information

This document contains forward-looking statements that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document include, but are not limited to, expectations regarding the merger with Maytag Corporation. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool Corporation’s forward-looking statements. Among these factors are: (1) the company’s ability to integrate the recently acquired Maytag Corporation on a timely basis and realize the full anticipated benefits of the merger within the current estimate of costs; and (2) changes in market conditions, health care cost trends and pending regulation that could increase future funding obligations for pension and post-retirement benefit plans.  Additional information concerning these and other factors can be found in Whirlpool Corporation’s filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.

Whirlpool Corporation Declares Quarterly Dividend

Benton Harbor, Mich. -- Tuesday, February 20, 2007 -- The board of directors of Whirlpool Corporation (NYSE:WHR) declared today a quarterly dividend of 43 cents per share on the company’s common stock.  The dividend is payable March 15, 2007, to shareholders of record at the close of business on March 2, 2007.

About Whirlpool Corporation

Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $18 billion, more than 80,000 employees, and more than 60 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Bauknecht and other major brand names to consumers in nearly every country around the world.

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 records 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.44.31
UK Pound	1	Rs.86.96
Euro	1	Rs.58.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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		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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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