MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	TECUMSEH PRODUCTS INDIA PRIVATE LIMITED (w.e.f. 27.08.2003)
Formerly Known As :	TECUMSEH PRODUCTS INDIA LIMITED
Registered Office :	Balanagar Township, Hyderabad – 500 037, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.01.1997
Com. Reg. No.:	01-035316
Capital Investment / Paid-up Capital :	Rs.1885.042 Millions
CIN No.: [Company Identification No.]	U31109AP1997PTC035316
TAN No.: [Tax Deduction & Collection Account No.]	HYDT00954C
PAN No.: [Permanent Account No.]	AABCT6893J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacture of hermetically sealed compressors and also provides engineering solutions through tools of computer aided designing, engineering and manufacturing (CADEM).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 3482000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long Term Rating: B-
Rating Explanation	Rating indicate that material default risk is present, but the limited margin of safety remains. Financial commitments are currently being met.
Date	December, 2011

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 31-03-2012.

LOCATIONS

Registered Office/ Factory 1 :	Balanagar Township, Hyderabad - 500 037, Andhra Pradesh, India
Tel. No.:	91-40-23078103-105-109/ 23720837/ 23720034/ 30116906
Fax No.:	91-40-23076472/ 23078945/ 23076923/ 23075854
E-Mail :	vivekanand.tadimeti@tecumseh.com tpchakrapani@tecumsehindia.com legal@tecumsehindia.com rajivsawhnet@tecumsehindia.com secretarial@tecumseh.com
Website :	http://www.tecumsehindia.com
Factory 2 :	38 KM Stone, Delhi-Mathura Road, Ballshgarh, Ballabhgarh – 121 004, Haryana, India
Tel No :	91-129-2307216-22
Fax :	91-129-2307221
Corporate Marketing Office :	205-208 (2^nd Floor), Tribhuvan Complex, Ishwar Nagar, Opposite New Friends Colony, Mathura Road, New Delhi – 110 065, India
Tel. No.:	91-11-26921923, 26921924, 26921925
Fax No.:	91-11-26921781
Regional Sales Offices :	Located At: · Ahmedabad · Bangalore · Chandigarh · Chennai · Delhi · Ghaziabad · Hyderabad · Indore · Kolkata · Mumbai · Pune · Silvassa
Branch Office :	41, Amul Estate, Near Sanand - Sarkhej Railway Crossing, Opposite Mariyam Masjid, Sarkhej, Ahmedabad – 382210, Gujarat, India
Tel. No.:	91-79-26823458
Fax No.:	91-79-26823423
Depots :	Located At: · Faridabad · Indore · Chandigarh · Bhubaneswar · Silvassa · Pune

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Ravi Raghavan
Designation :	Director
Address :	6-3-900 10 Flat NOA 1 B Cosmopoltan, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India
Date of Birth/Age :	04.01.1964
Date of Appointment :	01.01.2009
DIN No.:	02501588
PAN No.:	AFUPR8639H
Name :	Mr. John James Connor
Designation :	Director
Address :	462, Cumberland CT, Malford, Michigan – 483813395, USA
Date of Birth/Age :	26.11.1951
Date of Appointment :	29.01.2010
DIN No.:	03110613
Name :	Mr. Mracek Paul Ralph
Designation :	Director
Address :	17, Harding Street, Victoria – 3190, Australia
Date of Birth/Age :	22.01.1957
Date of Appointment :	08.06.2010
DIN No.:	03116471
Name :	Sandro Claudio Ruffato
Designation :	Director
Address :	387, Rue Vers Vaulx, Grenay, France 38540
Date of Birth/Age :	14.07.1959
Date of Appointment :	27.09.2012
DIN No.:	05203887

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Tecumseh Europe Asia, France	12018606
Tecumseh Europe S.A., France	1
Total	12018607

AS ON 27.09.2012

Names of Shareholders (Preference Shares)	No. of Shares
Tecumseh Europe Asia, France	6831817
Total	6831817

AS ON 27.09.2012

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

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacture of hermetically sealed compressors and also provides engineering solutions through tools of computer aided designing, engineering and manufacturing (CADEM).

Products :

Item Code (ITC Code)	Product Description
84143000	Compressors of a kind used in refrigerating equipment
84148011	Compressors of a kind used in air-conditioning equipment

• Refrigerator Compressors
• Commercial Refrigeration Compressors
• Air-Conditioning Compressors
• Commercial Air-Conditioning Compressors
• Condensing Units

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Hermetically sealed compressors	Nos.	4435294	2989162

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Canara Bank
• State Bank of Hyderabad
• HDFC Bank Limited
• ICICI Bank Limited
• Allahabad Bank, Industrial Finance Branch, #6-3-850/3, 1^st Floor, Ameerpet Main Road, Hyderabad – 500 016 Andhra Pradesh, India
• Standard Chartered Bank, 6-3-1090, Raj Bhavan Road, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India
• State Bank of India, Corporate Accounts Group Branch, Jawahar Vyapar Bhawan, 11^th and 12^th Floor, Tolstoy Marg, New Delhi – 110 001, India

Facilities :

SECURED LOAN	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	766.335	681.975
Terms of repayment of long-term loans and other long-term loans	Repayable after six months from the date of availment of the facility
Total	766.335	681.975

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	7^th Floor, Block III, White House, Kundan Bagh, Begumpet, Hyderabad – 500 016, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Holding Company :	Tecumseh Europe Asia S.A.S, France
Ultimate Holding Company:	Tecumseh Products Company, United States
Fellow Subsidiaries :	Tecumseh Europe-Far East Sdn. Bhd, Malaysia Tecumseh Compressor Company, USA Tecumseh Do Brazil Limiteda, Brazil Tecumseh Europe S.A, France Tecumseh Compressor (Guangzhou) Company Limited, China

CAPITAL STRUCTURE

AS ON 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
22500000	Equity Shares	Rs.100/- each	Rs.2250.000 Millions
7500000	Preference Shares	Rs.100/- each	Rs.750.000 Millions
	Total		Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12018607	Equity Shares	Rs.100/- each	Rs.1201.861 Millions
6831817	Preference Shares	Rs.100/- each	Rs.683.181 Millions
	Total		Rs.1885.042 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1885.042	1885.042	1201.861
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	362.394
4] (Accumulated Losses)		(1014.657)	(734.185)	(771.894)
NETWORTH		870.385	1150.857	792.361
LOAN FUNDS
1] Secured Loans		766.335	681.975	346.734
2] Unsecured Loans		80.385	258.938	785.704
TOTAL BORROWING		846.720	940.913	1132.438
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1717.105	2091.770	1924.799
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1214.235	1354.114	1469.760
Capital work-in-progress		60.442	48.266	52.017
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1196.832	1263.148	879.363
	Sundry Debtors	647.161	530.301	766.730
	Cash & Bank Balances	54.315	43.375	28.129
	Other Current Assets	0.000	20.741	0.000
	Loans & Advances	562.124	805.587	506.611
Total Current Assets		2460.432	2663.152	2180.833
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1419.187	1615.507	1441.301
	Other Current Liabilities	370.013	125.984	134.779
	Provisions	228.804	232.271	201.731
Total Current Liabilities		2018.004	1973.762	1777.811
Net Current Assets		442.428	689.390	403.022
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1717.105	2091.770	1924.799

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4482.200	6764.400	4822.764
		Other Income	21.700	51.100	369.837
		TOTAL (A)	4503.900	6815.500	5192.601
Less	EXPENSES
		Materials Consumed	4450.100	6797.800	3728.445
		Decrease / (increase) in stocks			16.717
		Employee Costs			580.398
		Manufacturing, administrative and Selling expenses			652.830
		TOTAL (B)	4450.100	6797.800	4978.390
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.800	17.700	214.211
Less	FINANCIAL EXPENSES (D)		180.100	174.200	132.758
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(126.300)	(156.500)	81.453
Less/ Add	DEPRECIATION/ AMORTISATION (F)		154.200	168.200	177.947
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(280.500)	(324.700)	(96.494)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(280.500)	(324.700)	(96.494)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(771.894)	(1675.400)
	BALANCE CARRIED TO THE B/S		NA	NA	(771.894)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	2165.055	2930.914	1688.575
		Service and Other Income		9.877	7.271
	TOTAL EARNINGS		2165.055	2940.791	1695.846
	IMPORTS
		Finished Goods and Accessories	525.634	4.674	7.945
		Raw Material		929.336	575.071
		Capital Goods		13.927	15.610
	TOTAL IMPORTS		525.634	947.937	598.626
	Earnings/Loss Per Share (Rs.)			(27.01)	(8.03)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(6.23)	(4.76)	(1.86)
Net Profit Margin (PBT/Sales)	(%)	(6.26)	(4.80)	(2.00)
Return on Total Assets (PBT/Total Assets}	(%)	(7.63)	(8.08)	(2.64)
Return on Investment (ROI) (PBT/Networth)		(0.32)	(0.28)	(0.12)
Debt Equity Ratio (Total Debt/Networth)		0.97	0.82	1.43
Current Ratio (Current Asset/Current Liability)		1.22	1.35	1.23

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Term loans from others (Other external commercial borrowings)	80.385	258.939
Terms of repayment of long-term loans and other long-term loans	The entire loan amount is repayable on 31^st January 2016	Term loan from other parties amount is repayable on 31^st January 2016 and Deferred payment Liabilities is repayable in the month of may 2012
TOTAL	80.385	258.939

COMPANY OVERVIEW:

The Company incorporated in 1997 is engaged in manufacturing, trading and sale of compressors used in room air-conditioners and refrigerators, with manufacturing facilities located in Hyderabad, Andhra Pradesh and Ballabgrah, Haryana, India. The Company also provides engineering design services using information technology.

FINANCIAL PERFORMANCE:

During the year the Company recorded reduction in sales in comparison to the previous year 201011, this was primary on account of loss of sale with a big customer who preferred cheaper imports during the year. The Company has achieved the Gross Sales of Rs 4657.500 millions compared to 7035.200 millions in the previous period. The total foreign exchange earnings from exports of goods and services during the year were Rs.2165.100 millions compared to Rs 2940.800 millions during 201112.

SALES AND MARKETING:

Air-conditioning and Refrigerator segments in 2011 the company went through a challenging time with some recovery visible in first Quarter of 2012. The Standards and labeling Program for Air conditioners and Refrigerators became effective in India heralding a new era of empowerment of the Indian Consumer.

Few countries in the Middle East region went through political crisis and showed degrowth in 2011. Many of Middle East countries also introduced energy standards for Air conditioners to which their company responded by developing appropriate more efficient products.

Looking at the growing market of Air conditioners in future the company have launched High EER Rotary compressors in RN and RK platforms to meet the Energy standards introduced in India and some of the Middle East Countries.

The Company also launched new series of Commercial Refrigeration Compressors for applications like water coolers, deep freezers, visicooler etc. The Company has expanded the range of Commercial Condensing Units to cater to new applications of Cold Rooms, Bulk Milk Coolers, Refrigerated display cases etc.

A major initiative this year was the launch of Battery Coolers and Free Cooling Units for Telecom sector manufactured at Hyderabad and orders were bagged from OEMs after a stringent approval process.

The new range of GREEN and ENERGY EFFICIENT products were launched at the ACREX show at Bangalore in February 2012. The Company also displayed a large range of Value Added Products and Masterflux range at this widely attended show.

The Company continued to focus on market consolidation, by adding new customers, and expanding their Distribution network in India and the Middle East

With number of initiatives put in place their sale performance will show favorable results in all the segments in coming FY.

PROJECTS

During the year they have taken up projects to convert Copper Winding Motors to Aluminum Winding Motors for cost advantage. Details of these is as under

AW PROJECT:

They have designed a new Lamination for AW Motors with Both Windings Aluminum Wires. Invested tooling for Lamination Punching and Windings tooling. Aluminum windings implemented for more than 40% models.

ROTARY COMPRESSOR PROJECT:

They have designed a new Lamination for RN Motors with Both Windings Aluminum Wires. Invested tooling for Lamination Punching and Windings tooling.

Aluminum windings implemented for more than 50% models.

TESTING FACILITIES:

They have enhanced their testing facilities by adding Liquid Slug Test and AC Endurance testing.

They are planning to enhance Calorimeter facilities for testing Hydro Carbon Gas Refrigerant Compressors.

CONTINGENT LIABILITIES

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
In respect of demands pending disposal of appeals
- Excise duty and Service Tax	158.819	148.402
- Sales tax	30.850	38.502
- Income tax authorities	6.444	16.990
- Claims against company not acknowledged as debts	9.414	9.157

NOTE: Of the above, the Company, as part of the arrangement entered with Mawana Sugars Limited (formerly known as SIEL Limited), has obtained a bank guarantee for an amount of Rs.78.184 millions, in respect of demands raised on SIEL Limited pertaining to pre acquisition period.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Other Equipments

· Office Equipments

· Computers

· Motor Vehicles

· 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.54.10
UK Pound	1	Rs.82.47
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.