MIRA INFORM REPORT

Report Date :

10.11.2014

IDENTIFICATION DETAILS

Name :	WESTERN THOMSON (INDIA) LIMITED (w.e.f. 19.01.1988)
Formerly Known As :	WESTERN THOMSON (INDIA) PRIVATE LIMITED
Registered Office :	Riviera Park,11, 4th Main Roadextension, Kotturpuram, Chennai-600085, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.01.1967
Com. Reg. No.:	18-005474
Capital Investment / Paid-up Capital :	Rs. 7.654 Millions
CIN No.: [Company Identification No.]	U26109TN1967PLC005474
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Thermostats for The Automobile Industry
No. of Employees :	Information decline by the management

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 :	USD150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s below average operational performance marked by loss incurred from operational activities and moderate liquidity profile of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = “BB+”
Rating Explanation	Inadiquate credit quality and high credit risk
Date	20.11.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non-Cooperative (Tel. No. 91-044-2447330)

LOCATIONS

Registered Office :	Riviera Park,11, 4th Main Roadextension, Kotturpuram, Chennai-600085, Tamilnadu, India
Tel. No.:	91-44-24473306 / 24473307
Fax No.:	91-44-24473311
E-Mail :	sales@westrern2westernthomsonindia.com Iqbal@nti.co.in
Website :	http://www.westernthomsonindia.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Kameshwaran Tanjore Krishnan

Designation :

Director

Address :

Flat No. 10, Apartment “A”, Raja Bhavan, 81, Royapettah High Road, Chennai-600014, India

Date of Birth/Age :

18.02.1942

Date of Appointment :

03.02.2003

DIN No.:

01975662

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	U29309TN1994PLC027555	NIPPON THERMOSTAT (INDIA) LIMITED	Director	24-02-01	24-02-01	-	Active	NO
2	U70101TN1996PTC036579	MAYFLOWER PROPERTIES PRIVATE LIMITED	Director	24-08-01	24-08-01	29-08-11	Active	NO
3	U74999TN1998PTC039977	GB INTERNATIONAL PRIVATE LIMITED	Director	24-08-01	24-08-01	29-08-11	Active	NO
4	U26109TN1967PLC005474	WESTERN THOMSON (INDIA) LIMITED	Director	03-02-03	03-02-03	-	Active	NO
5	U27320TN2006PTC061402	AUSTENITIC CASTINGS PRIVATE LIMITED	Director	30-09-09	31-12-08	29-08-11	Active	NO
6	U31103TN2006PTC060090	PRECIALP PRECISION INDIA PRIVATE LIMITED	Alternate director	30-12-10	26-03-10	18-07-14	Active	NO

Name :

Mr. Seetha Chidambaram

Designation :

Whole-time director

Address :

Riviera, 11, View Road, Kotturpuram, Chennai-600085, Tamilnadu, India

Date of Birth/Age :

03.03.1945

Date of Appointment :

03.02.2003

DIN No.:

02179050

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	U29309TN1994PLC027555	NIPPON THERMOSTAT (INDIA) LIMITED	Whole-time director	03-02-13	03-02-03	-	Active	NO
2	U26109TN1967PLC005474	WESTERN THOMSON (INDIA) LIMITED	Whole-time director	03-02-13	03-02-03	-	Active	NO
3	U74999TN1978PTC007601	RIVIERA CAPITAL CONSULTING AND RESEARCH PRIVATE LIMITED	Director	10-07-09	10-07-09	-	Active	NO

Name :

Mr. Venkatachalam Chidambaram

Designation :

Director

Address :

34, Mayubury Court, Marylebone, London

Date of Birth/Age :

18.03.1974

Date of Appointment :

01.10.1999

DIN No.:

02300612

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	U29309TN1994PLC027555	NIPPON THERMOSTAT (INDIA) LIMITED	Director	01-10-99	01-10-99	-	Active	NO
2	U26109TN1967PLC005474	WESTERN THOMSON (INDIA) LIMITED	Director	01-10-99	01-10-99	-	Active	NO
3	U31103TN2006PTC060090	PRECIALP PRECISION INDIA PRIVATE LIMITED	Director	05-06-06	05-06-06	-	Active	NO
4	U74999TN1978PTC007601	RIVIERA CAPITAL CONSULTING ANDRESEARCH PRIVATE LIMITED	Additional director	30-03-12	30-03-12	-	Active	NO

Name :

Mr. Swaminadhan Subramanian

Designation :

Whole-time director

Address :

B1, Dhruvanivas, old No. 23, South Mada Street, Srinagar Nagar Colony, Saidpet. Chennai-600028, Tamilnadu, India

Date of Birth/Age :

25.06.1956

Date of Appointment :

24.12.2009

DIN No.:

02927909

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	U29309TN1994PLC027555	NIPPON THERMOSTAT (INDIA) LIMITED	Director	24-12-09	24-12-09	-	Active	NO
2	U26109TN1967PLC005474	WESTERN THOMSON (INDIA) LIMITED	Whole-time director	24-12-12	24-12-09	-	Active	NO
3	U31103TN2006PTC060090	PRECIALP PRECISION INDIA PRIVATE LIMITED	Director	30-12-11	30-12-11	-	Active	NO

Name :

Mr. Raam Vairavan Ramanathan

Designation :

Alternate director

Address :

21, Anandham Colony, Mandaveli, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

01.03.1971

Date of Appointment :

16.12.2000

DIN No.:

02972191

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Seeta Chidambaram	284773
Riviera Capital Consulting and Research Private Limited	80010
A. R. Thaigrajan	9
V. Varadrajan	10
T. Govindrajan	10
Riviera Capital	380529
S. Renganathan	10
Riviera Auto Components	20000
TOTAL	765351

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	13.00
Directors or relatives of Directors	87.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Thermostats for The Automobile Industry
Exports :	Not Divulged
Imports :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information decline by the management

Bankers :

Indian Overseas Bank, Haddows Road Branch, Prince Towers, Nungambakkam, College Road, Chennai - 600006, Tamil Nadu, India

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Term Loan From Banks	16.809	11.486
SHORT TERM BORROWINGS
Term Loan From Banks	10.060	10.060
Cash Credit	112.178	90.948
Total	139.047	112.494

Banking Relations :	---
Auditors :
Name :	P. B. Vijayaraghavan And Company Chartered Accountant
Address :	New No. 14 Old No 27, Cathedral Garden Road, Nungambakkam, Chennai-600034, Tamil Nadu, India
Tel. No.:	91-44-28263918 / 3490
Mobile No.:	91-9840188734
Fax No.:	91-44-28276519
E-Mail :	Admin@pbv.co.in
PAN No.:	AAASV3332L
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
1500000	Preference Share	Rs. 10/- each	Rs. 15.000 Millions
			Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
765351	Equity Shares	Rs.10/- each	Rs. 7.654 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	7.654	7.654	7.654
(b) Reserves & Surplus	45.871	74.296	61.845
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.300	0.300	0.300
Total Shareholders’ Funds (1) + (2)	53.825	82.250	69.799
(3) Non-Current Liabilities
(a) long-term borrowings	32.812	24.923	18.239
(b) Deferred tax liabilities (Net)	9.519	8.668	7.507
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	42.331	33.591	25.746
(4) Current Liabilities
(a) Short term borrowings	129.830	101.008	74.218
(b) Trade payables	159.603	170.077	224.837
(c) Other current liabilities	7.895	12.015	15.223
(d) Short-term provisions	1.549	12.983	7.362
Total Current Liabilities (4)	298.877	296.083	321.640
TOTAL	395.033	411.924	417.185
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	89.809	81.144	67.969
(ii) Intangible Assets	0.837	1.255	1.673
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	17.123	17.077	15.270
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	107.769	99.476	84.912
(2) Current assets
(a) Current investments	0.070	0.070	0.070
(b) Inventories	89.908	99.834	75.673
(c) Trade receivables	91.866	100.440	119.485
(d) Cash and cash equivalents	17.613	20.487	5.457
(e) Short-term loans and advances	87.807	91.617	131.588
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	287.264	312.448	332.273
TOTAL	395.033	411.924	417.185

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	319.827	542.710	482.284
		Other Income	1.346	0.752	0.163
		TOTAL (A)	321.173	543.462	482.447
Less	EXPENSES
		Cost of Materials Consumed	230.955	400.673	367.640
		Employees benefits expense	38.838	40.790	34.412
			0.332	0.348	0.202
			1.202	1.334	1.097
			5.628	8.281	6.070
		Other expenses	40.190	45.706	43.675
		TOTAL (B)	317.145	497.132	453.096
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.028	46.330	29.351
Less	FINANCIAL EXPENSES (D)		25.550	20.388	15.803
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(21.522)	25.942	13.548
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.052	5.152	4.665
	PROFIT BEFORE TAX (E-F) (G)		(27.574)	20.790	8.883
Less	TAX (H)		0.851	7.450	2.522
	PROFIT AFTER TAX (G-H) (I)		(28.425)	13.340	6.361
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		48.208	37.258	33.286
Less	APPROPRIATIONS
		Proposed Dividend	0.000	0.765	0.765
		Tax on Dividend	0.000	0.124	0.124
	BALANCE CARRIED TO THE B/S		19.784	48.208	37.258
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		58.348	72.127	NA
	IMPORTS
		Stores & Spares	62.590	150.158	148.259
		Capital Goods	6.961	3.814	0.137
	TOTAL IMPORTS		69.551	153.972	148.396
	Earnings Per Share (Rs.)		(22.00)	17.00	17.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(8.89)	2.46	1.32
Operating Profit Margin (PBIDT/Sales)	(%)	1.26	8.54	6.09
Return on Total Assets (PBT/Total Assets}	(%)	(6.98)	5.05	2.13
Return on Investment (ROI) (PBT/Networth)		(0.51)	0.25	0.13
Debt Equity Ratio (Total Debt /Networth)		3.02	1.53	1.32
Current Ratio (Current Asset/Current Liability)		0.96	1.06	1.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7.654	7.654	7.654
Reserves & Surplus	61.845	74.296	45.871
Share Application money pending allotment	0.300	0.300	0.300
Net worth	69.799	82.250	53.825
long-term borrowings	18.239	24.923	32.812
Short term borrowings	74.218	101.008	129.830
Total borrowings	92.457	125.931	162.642
Debt/Equity ratio	1.325	1.531	3.022

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	482.284	542.710	319.827
		12.529	(41.069)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	482.284	542.710	319.827
Profit	6.361	13.340	(28.425)
	1.32%	2.46%	(8.89%)

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	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	No
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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Other Loans and Advances	16.003	13.437
SHORT TERM BORROWINGS
Other Loans and Advances	7.592	0.000
Total	23.595	13.437

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90289112	22/05/2013 *	163,724,705.00	INDIAN OVERSEAS BANK	HADDOWS ROAD BRANCH, PRINCE TOWERS, NUNGAMBAKKAM,  COLLEGE ROAD, CHENNAI, TAMIL NADU - 600006, INDIA	B78911229

* Date of charge modification

FIXED ASSETS

• Land and Building
• Plant and Equiepment
• Furniture and Fixture
• Vehicles
• Office Equiepment
• Electrical Installer
• Computer
• Software’s
• Air Conditioner
• Tools
• Typewriter

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. 61.52
UK Pound	1	Rs. 97.39
Euro	1	Rs. 76.15

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KRN
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.