MIRA INFORM REPORT

Report Date :

02.05.2014

IDENTIFICATION DETAILS

Name :	DELPHI CONNECTION SYSTEMS INDIA LIMITED (w.e.f. 21.12.2012)
Formerly Known As :	FCI TECHNOLOGY SERVICES LIMITED (w.e.f. 11.06.2002) FC INFORMATION AND TECHNOLOGY SERVICES PRIVATE LIMITED
Registered Office :	XII/101, Thiruvaniyoor Vettickal Road Thiruvaniyoor Post Puthencruz Via – 682308, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.11.2000
Com. Reg. No.:	09015286
Capital Investment / Paid-up Capital :	Rs.51.873 Millions
CIN No.: [Company Identification No.]	U32109KL2000PLC015286
PAN No.: [Permanent Account No.]	AAACF5044Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of Manufacture and Sale of Automotive Connectors, Moulds and Tools for Automotive Connectors, and Design and Engineering Services.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 130520
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operation during 2013. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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.

INFORMATION DECLINED BY

Name :	Ms. Princy
Designation :	Accounts Executive
Contact No.:	91-484-6611196
Date :	30.04.2014

LOCATIONS

Registered Office :	XII/101, Thiruvaniyoor Vettickal Road Thiruvaniyoor Post Puthencruz Via – 682308, Kerala, India
Tel. No.:	91-484-4090700
Fax No.:	91-484-2301973
E-Mail :	rajiv.navaloor@delphi.com biju-k.elias@fci.com vikasbasal@delphi.com
Website :	http://www.delphi.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rajiv Navaloor

Designation :

Director

Address :

8/529-4B, Noel Signature Apartments, Edachira Road, Kusumagiri P.O., Kakkanad Ernakulam – 682030, Kerala, India

Date of Birth/Age :

21.05.1974

Date of Appointment :

12.12.2012

Din No.:

06395054

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U32109KL2000PLC015286	Delphi Connection Systems India Limited	Whole-time director	01-04-2013	26-10-2012	Active	NO

Name :

Simon Yang Xiaoming

Designation :

Director

Address :

204 Paulo Dr Ne, Warren Ohio, 44483

Date of Birth/Age :

19.10.1963

Date of Appointment :

12.12.2012

Din No.:

06405039

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U32109KL2000PLC015286	Delphi Connection Systems India Limited	Director	12-12-2012	26-10-2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Princy
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Delphi Connection Systems Holdings France SAS, France	5187156
Navaloor Rajiv	10
Narayanan Prameela	52
P R Kumar Manoj	10
Menon N Harish	10
K R Nagashayana	10
Nair P Ramesh	10
TOTAL	5187258

AS ON 30.09.2013

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 the business of Manufacture and Sale of Automotive Connectors, Moulds and Tools for Automotive Connectors, and Design and Engineering Services.

Products :

PRODUCTS DESCRIPTION	ITEM CODE NO.
Computer Aided Design and Manufacture	85249002
Connectors, Tools and Moulds	8536

Exports :

Products :

Not Divulged

Countries :

Not Divulged

Imports :

Products :

Not Divulged

Countries :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Federal Bank Limited, Ernakulam North Branch, Ernakulam – 682018, Kerala, India

· Centurion Bank of Punjab Limited, Choice Tower, Manorama Junction, Cochin – 682016, Kerala, India

Facilities :

Secured Loan	31.03.2013 [15 Months]	31.12.2011 [12 Months]
	Rs. In Millions
Short Term Borrowings
Foreign currency term loans from others	147.937	32.856
TOTAL	147.937	32.856

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	9Th Floor, Abad, NucleusNh-49, Maradu P O
PAN No:	ACHFS9118A
Holding Company :	Delphi Connection Systems Holding France SAS, France
Other Related Parties :	Delphi Connection Systems, Hungary KFT, Hungary Delphi Connection Systems US Inc., United States Delphi Connection Systems France SAS, France Delphi Connection Systems Deutschland GmbH, Germany FCI Asia PTE Limited, Singapore FCI International SAS, France Delphi Connection Systems, Austria GmbH, Austria Delphi Conectores Do Brasil LTDA, Brazil Delphi Connections Systems Shanghai Limited Delphi Connection Systems Italia S.P.A. Italy FCI Besancon S.A, France Delphi Connection Systems, United States of America, United States Delphi Connection Systems Japan Limited, Japan Fci Oen Connectors Limited, India FCI SA, France Delphi Automotive Systems Private Limited, India [U74899DL1995PTC067296] Delphi Electronics and Safety Hungary

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
22500000	Equity Shares	Rs.10/- each	Rs.225.000 Millions
17500000	Preference Shares	Rs.10/- each	Rs.175.000 Millions
	TOTAL		Rs.400.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
17500000	Preferences Shares	Rs.10/- each	Rs.175.000 Millions
	TOTAL		Rs.325.000 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5187258	Equity Shares	Rs.10/- each	Rs.51.873 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 [15 Months]	31.12.2011 [12 Months]
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	51.873	51.873
(b) Reserves & Surplus	(19.243)	48.406
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	32.630	100.279
(3) Non-Current Liabilities
(a) Long-term borrowings	881.319	837.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	4.738	0.855
Total Non-current Liabilities (3)	886.057	837.855
(4) Current Liabilities
(a) Short term borrowings	147.937	32.856
(b) Trade payables	278.067	290.277
(c) Other current liabilities	98.609	222.884
(d) Short-term provisions	12.500	20.838
Total Current Liabilities (4)	537.113	566.855
TOTAL	1455.800	1504.989
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	402.913	475.854
(ii) Intangible Assets	102.943	118.231
(iii) Capital work-in-progress	10.911	9.693
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	2.162
(d) Long-term Loan and Advances	239.347	173.477
(e) Other Non-current assets	1.188	1.187
Total Non-Current Assets	757.302	780.604
(2) Current assets
(a) Current investments	0.000	46.653
(b) Inventories	218.589	140.135
(c) Trade receivables	383.546	368.818
(d) Cash and cash equivalents	18.858	42.151
(e) Short-term loans and advances	77.490	89.636
(f) Other current assets	0.015	36.992
Total Current Assets	698.498	724.385
TOTAL	1455.800	1504.989

SOURCES OF FUNDS		31.12.2010 [12 Months]
SHAREHOLDERS FUNDS
1] Share Capital		51.873
2] Share Application Money		0.000
3] Reserves & Surplus		41.962
4] (Accumulated Losses)		0.000
NETWORTH		93.835
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		93.835
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.629
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.665
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	89.038
	Cash & Bank Balances	8.650
	Other Current Assets	31.951
	Loans & Advances	7.763
Total Current Assets		137.402
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.887
	Other Current Liabilities	2.183
	Provisions	4.791
Total Current Liabilities		53.861
Net Current Assets		83.541
MISCELLANEOUS EXPENSES		0.000
TOTAL		93.835

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013 [15 Months]	31.12.2011 [12 Months]	31.12.2010 [12 Months]
	SALES
		Income	1973.492	416.663	181.372
		Other Income	12.739	2.518	0.048
		TOTAL (A)	1986.231	419.181	181.420
Less	EXPENSES
		Cost of materials consumed	964.903	156.285	0.000
		Purchases of stock-in-trade	172.450	16.902	5.508
		Employee benefit expense	298.684	100.551	94.971
		Other expenses	416.795	109.414	63.273
		Prior period items	2.157	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(60.177)	(12.219)	0.000
		TOTAL (B)	1794.812	370.933	163.752
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		191.419	48.248	17.668
Less	FINANCIAL EXPENSES (D)		110.930	13.559	0.790
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80.489	34.689	16.878
Less/ Add	DEPRECIATION/ AMORTISATION (F)		145.976	23.982	4.732
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(65.487)	10.707	12.146
Less	TAX (H)		2.163	4.263	3.546
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(67.650)	6.444	8.600
	Earnings / (Loss) Per Share (Rs.)
	- Basic		(13.04)	0.15	1.66
	- Diluted		(13.04)	1.24	1.66

KEY RATIOS

PARTICULARS		31.03.2013 [15 Months]	31.12.2011 [12 Months]	31.12.2010 [12 Months]
PAT / Total Income	(%)	(3.41)	1.54	6.69
Net Profit Margin (PBT/Sales)	(%)	(3.32)	2.57	6.70
Return on Total Assets (PBT/Total Assets}	(%)	(4.53)	0.72	0.08
Return on Investment (ROI) (PBT/Networth)		(2.00)	0.11	0.13
Debt Equity Ratio (Total Debt/Networth)		31.54	8.67	0.00
Current Ratio (Current Asset/Current Liability)		1.30	1.28	2.55

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.03.2013
	[12 Months]	[15 Months]
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	51.873	51.873
Reserves & Surplus	48.406	-19.243
Net worth	100.279	32.630
long-term borrowings	837.000	881.319
Short term borrowings	32.856	147.937
Total borrowings	869.856	1,029.256
Debt/Equity ratio	8.674	31.543

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.03.2013
	[12 Months]	[12 Months]	[15 Months]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	181.372	416.663	1973.492
		129.728	373.642

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.03.2013
	[12 Months]	[12 Months]	[15 Months]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	181.372	416.663	1973.492
Profit	8.600	6.444	(67.650)
	4.74%	1.55%	(3.43%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
10]	Designation of contact person	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10379960	27/08/2012	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, Maharashtra - 400013, INDIA	B59470328

NOTE:

The Registered office of the company has been shifted from XXIX/2089Tripunithura Road, Thykoodam, Ernakulam – 682019, Kerala, India to the present address w.e.f. 12.12.2012.

CORPORATE INFORMATION:

Delphi Connection Systems India Limited, formerly known as FCI Technology Services Limited (“the Company”), was incorporated on November 7, 2000. The Company is engaged in the business of manufacture and sale of automotive connectors; moulds and tools for automotive connectors; and design and engineering services. The Company is a subsidiary of Delphi Connection Systems Holding France, S.A.S, which in turn is a subsidiary of Delphi Automotive Plc, U.S.A, the ultimate holding company. The Company's manufacturing facilities are located at Kochi, Kerala and the design and engineering service center is located at Chennai, Tamil Nadu.

Unsecured Loan	31.03.2013 [15 Months]	31.12.2011 [12 Months]
	Rs. In Millions
Long Term Borrowings
Term loans from others	881.319	837.000
TOTAL	881.319	837.000

FINANCIAL RESULT:

During the period the company recorded revenue of Rs.1.98 billion as against Rs.0.42 billion. The total expenditure incurred was Rs.2.05 billion which resulted in a loss before tax of Rs.63.330 millions as against a profit of Rs.10.700 millions in the previous year ended 31.12.2011. After provision for taxes and prior period items the loss for the period stood at Rs.67.650 millions as against a profit of Rs.6.44 million.

The Company changed its Financial Year from the existing calendar year concept to April – March and also the current Financial Year was extended by 3 months to conclude on 31st March 2013. Therefore the financial results are prepared for the 15 months period from 1st January 2012 to 31st March 2013.

FIXED ASSETS:

· Goodwill

· Leasehold Improvement

· Building

· Plant, Machinery and Equipment – Owned

· Plant, Machinery and Equipment – Leased

· Office Equipment

· Data processing Equipment

· Furniture and Fixtures

• Vehicles

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.60.34
UK Pound	1	Rs.101.45
Euro	1	Rs.83.31

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.