MIRA INFORM REPORT

Report No. :	355710
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	DELPHI-TVS DIESEL SYSTEMS LIMITED (w.e.f.03.05.2002)
Formerly Known As :	LUCAS-TVS DIESEL SYSTEMS LIMITED
Registered Office :	No. 6, Patullos Road, Chennai – 600 002, Tamilnadu
Tel. No.:	91-44-27658454
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.05.1952
Com. Reg. No.:	18-005704
Capital Investment / Paid-up Capital :	Rs.79.200 Million
CIN No.: [Company Identification No.]	U24117TN1952PLC005704
IEC No.:	0401010180
TAN No.: [Tax Deduction & Collection Account No.]	CHEL00047F
PAN No.: [Permanent Account No.]	AAACL1019K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automotive Component. (Registered Activity)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Delphi Corporation, USA, and T.V. Sundaram Iyengar and Sons, India for the manufacturer of Fuel injection Equipment (FIE) used in diesel automotive engines. The company is one of the major FIE manufacturers in the country. It and operates three manufacturing facilities situated as Mannur and Oragadam in Tamilnadu and at Pantnagar in Uttarakhand. For the financial year ended 2015, revenue of the company has been declined by 10.27% and it has also reported loss during the year under review. However, rating continue to draw strength from the long-standing experience of the promoter groups in the auto-component industry backed by track record of Delphi-TVS Diesel Systems Limited (DTVS) as a suppier to major Original Equipment manufacturers (OEMs) in the domestic automobile market. Furthermore, high entry barriers on account of the capital and technology intensiveness associated with the product which has resulted in very few players and symbiotic relationship between the Fuel Injection equipment (FIE) manufacturers and the OEMs. Rating also takes into consideration company’s established track record of business operations supported by its satisfactory financial profile along with moderate liquidity position and sound debt coverage indicators. Rating strength is partially offset by company’s largely debt-funded capital expenditure program against the slowdown seen in the automotive industry that resulted in less than anticipated volume off-take in the common rail (CR) division of company marked by its limited product profile in the Fuel Injection Equipment (FIE) business and significant concentration of sales with its largest customers viz., Tata Motors Limited (TML). Trade relations are reported as fair. Payments are reported to be regular and as per commitments. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (A)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	February 24, 2015
Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A1)
Rating Explanation	Very strong degree of safety and carry lowest risk.
Date	February 24, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

LOCATIONS

Registered Office :	No. 6, Patullos Road, Chennai – 600 002, Tamilnadu, India
Tel. No.:	91-44-27658454
Fax No.:	91-44-27658351/ 91-44-27659657
E-Mail :	mns.fin@delphitvs.com vn.pur@delphitvs.com
Website :	http://www.delphitvs.com
Corporate Office :	Aalim Centre, 2^nd Floor, 82 Dr. Radhakrishan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No.:	91-44-28110063 / 28110074
Fax No.:	91-44-28115624
E-Mail :	tvs.corp@lucastvs.co.in
Office and Factory :	Mannur, Thodukadu Post, Sriperumbudur Taluka, Kancheepuram District – 602105, Tamilnadu, India
Tel. No.:	91-44-27658454 (Extension 130/131/133)
Fax No.:	91-44-27658351/ 91-44-27659657
E-Mail :	ss.mktg@delphitvs.com
Plant Office :	Uttarakhand Plant : Plot number: 58 & 59, Sector 11, I.I.E- Panth Nagar, (District .U.S.NAGAR) Oragadam Plant : Plot No B 16, Sipcot Industrial Park, Kancheepuram District, Tamilnadu, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Tirumala Kumara Balaji

Designation :

Managing Director

Address :

34, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Appointment :

01.04.2012

PAN No.:

AAFPB7797J

DIN No.:

00002010

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	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	30/03/2012	24/08/1979	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Director	31/08/1979	31/08/1979	-	Active	NO
3	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	15/10/1979	15/10/1979	-	Active	NO
4	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Managing director	01/04/2012	15/10/1979	-	Active	NO
5	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	28/11/1984	28/11/1984	-	Active	NO
6	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Director	01/03/1986	01/03/1986	-	Active	NO
7	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	28/07/1986	28/07/1986	-	Active	NO
8	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	27/12/1996	27/12/1996	-	Active	NO
9	U30007TN1997PTC038151	HARITA ELECTRONICS PRIVATE LIMITED	Director	09/05/1997	09/05/1997	-	Active	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	15/02/2000	15/02/2000	14/08/2008	Active	NO
11	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
12	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
13	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	17/09/2001	17/09/2001	15/04/2014	Active	NO
14	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18/07/2003	18/07/2003	04/08/2008	Active	NO
15	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
16	U65191TN1994PLC028851	TVS Capital Funds Limited	Director	14/09/2009	28/08/2008	05/08/2013	Active	NO
17	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23/06/2010	03/05/2010	-	Active	NO
18	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	25/09/2013	05/08/2013	-	Active	NO

Name :

Mr. Kalathur Seshadri

Designation :

Nominee director

Address :

No. 23, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Appointment :

25.10.2000

DIN No.:

00301839

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	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	31/05/1995	31/05/1995	-	Active	NO
2	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
3	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Nominee director	25/10/2000	25/10/2000	-	Active	NO
4	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	23/09/2002	23/09/2002	-	Active	NO
5	U65993TN1995PLC030884	SYNERGY SHAKTHI RENEWABLE ENERGY LIMITED	Director	27/08/2008	27/08/2008	-	Active	NO
6	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Additional director	30/12/2008	30/12/2008	-	Active	NO
7	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	20/07/2009	20/07/2009	-	Active	NO

Name :

Darren Brent Mathis

Designation :

Nominee Director

Address :

5940 Sussex DR, Troy, Michigen, 48098, , United States of America

Date of Appointment :

25.03.2015

DIN No.:

07140636

Name :

Mr. Arvind Balaji

Designation :

Director Appointed in casual vacancy

Address :

34, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Appointment :

16.06.2009

DIN No.:

00557711

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	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	22/09/2010	10/05/2004	-	Active	NO
2	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
3	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
4	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
5	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
6	U70101TN2007PTC063926	PROSPERTREE ESTATES PRIVATE LIMITED	Director	12/06/2007	12/06/2007	07/09/2011	Active	NO
7	U65993TN1995PLC030884	SYNERGY SHAKTHI RENEWABLE ENERGY LIMITED	Director	27/08/2008	06/08/2007	-	Active	NO
8	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	18/04/2013	13/12/2007	-	Active	NO
9	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	26/08/2013	25/10/2008	-	Active	NO
10	U01400TN2009PTC070420	HARITA GREENS PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO
11	U40104TN2009PTC070419	HARITA ARVIND ENERGY PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO
12	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	30/07/2010	22/04/2009	-	Active	NO
13	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Director appointed in casual vacancy	16/06/2009	16/06/2009	-	Active	NO
14	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03/09/2009	03/09/2009	-	Active	NO
15	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	02/12/2013	07/10/2013	-	Active	NO
16	U74990TN2010PLC075028	TVS TRAINING AND SERVICES LIMITED	Additional director	15/10/2013	15/10/2013	-	Active	NO

Name :

Mustafa Kerem Erman

Designation :

Nominee Director

Address :

16 Rue Auguste Liesch, Luxembourg, 1937, , Luxembourg

Date of Appointment :

25.03.2015

DIN No.:

07140638

Name :

Venkatarathnam Balaraman

Designation :

Director

Address :

Guru Guha, New No.24, Old No, Third Main Road, Kasturbai Nagar, Chennai, 600020, Tamil Nadu, India

Date of Appointment :

25.03.2015

DIN No.:

00267829

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	U24246MH1981PLC261125	PONDS EXPORTS LIMITED	Director	03/01/2000	03/01/2000	22/05/2014	Active	NO
2	U65910TN1988PTC015757	COMPUTER AGE MANAGEMENT SERVICES PRIVATE LIMITED	Director	15/04/2000	15/04/2000	-	Active	NO
3	U92490TN1997PLC037551	MAHINDRA WORLD CITY DEVELOPERS LIMITED	Director	22/07/2014	25/03/2002	-	Active	NO
4	U72200TN2002PLC048860	ADRENALIN ESYSTEMS LIMITED	Director	01/05/2002	01/05/2002	-	Active	NO
5	U85100TN2008PTC068431	ANANDA NIDRA SLEEP MEDICINE CENTERS PRIVATE LIMITED	Director	02/07/2008	02/07/2008	-	Strike off	NO
6	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	27/08/2014	25/10/2008	-	Active	NO
7	U74900TN2011PLC080610	CAMS INSURANCE REPOSITORY SERVICES LIMITED	Director	07/08/2012	12/05/2011	19/01/2015	Active	NO
8	U29142TN1990PLC020023	PARRY ENTERPRISES INDIA LIMITED	Director	25/07/2014	23/07/2011	-	Active	NO
9	L65993TN1993PLC024142	Polaris Consulting & Services Limited	Director	23/07/2014	27/04/2013	-	Active	NO
10	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	14/07/2014	31/01/2014	-	Active	NO
11	L72900TN2011PLC080183	INTELLECT DESIGN ARENA LIMITED	Director	17/09/2014	17/09/2014	-	Active	NO
12	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Director	25/03/2015	25/03/2015	-	Active	NO

Name :

Bharati Rao

Designation :

Director

Address :

308, Kumar Paradise,, Bp Wadia Road,, Bangalore, 560004, Karnataka, India

Date of Appointment :

25.03.2015

DIN No.:

01892516

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	U65190MH1991PTC060503	SBI FACTORS AND COMMERCIAL SERVICES PRIVATE LIMITED	Nominee director	15/01/2009	14/11/2007	-	Amalgamated	NO
2	U65910MH1988PLC046447	SBI DFHI LIMITED	Nominee director	14/11/2007	14/11/2007	08/04/2008	Active	NO
3	U67190MH2005PLC157240	SBICAP VENTURES LIMITED	Nominee director	27/12/2008	17/11/2007	03/03/2015	Active	NO
4	U99999MH1986PLC040298	SBI CAPITAL MARKETS LIMITED	Nominee director	27/12/2008	17/11/2007	-	Active	NO
5	U72900MH2006PLC159038	C-EDGE TECHNOLOGIES LIMITED	Additional director	24/11/2007	24/11/2007	10/04/2008	Active	NO
6	L63040MH1978PLC020717	THOMAS COOK (INDIA) LIMITED	Nominee director	24/11/2007	24/11/2007	10/04/2008	Active	NO
7	U72300MH2000PLC128359	CREDIT INFORMATION BUREAU (INDIA) LIMITED	Additional director	26/11/2007	26/11/2007	10/04/2008	Active	NO
8	U65999MH2005PLC155485	SBICAP SECURITIES LIMITED	Nominee director	09/04/2009	06/12/2007	-	Active	NO
9	U99999MH2000PLC129113	SBI LIFE INSURANCE COMPANY LIMITED	Nominee director	06/12/2007	06/12/2007	26/04/2008	Active	NO
10	U65999MH2002PLC134884	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	Nominee director	20/12/2007	20/12/2007	04/04/2008	Active	NO
11	U65991MH2003PTC138496	SBI MUTUAL FUND TRUSTEE COMPANY PRIVATE LIMITED	Director	24/09/2009	27/12/2007	02/03/2014	Active	NO
12	U91110MH1928GAP001391	INDIAN INSTITUTE OF BANKING AND FINANCE	Director	15/02/2008	15/02/2008	27/01/2009	Active	NO
13	U74900MH2008PTC182269	SBI-SG Global Securities Services Private Limited	Director	31/08/2009	16/05/2008	25/02/2010	Active	NO
14	U65929MH2001PLC131203	SBI GLOBAL FACTORS LIMITED	Director	30/03/2015	03/07/2009	-	Active	NO
15	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Nominee director	20/09/2013	13/08/2012	27/03/2015	Active	NO
16	U27310GJ2006PLC048563	SE FORGE LIMITED	Nominee director	25/09/2014	02/05/2014	27/03/2015	Active	NO
17	L85195TG1984PLC004393	NEULAND LABORATORIES LTD.	Director	24/06/2014	09/05/2014	-	Active	NO
18	L65993TN1978PLC007576	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	Director	31/07/2015	31/07/2014	-	Active	NO
19	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	03/08/2015	01/11/2014	-	Active	NO
20	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Director	30/09/2015	17/03/2015	-	Active	NO
21	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Director	25/03/2015	25/03/2015	-	Active	NO
22	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Director	01/04/2015	01/04/2015	-	Active	NO

Name :

Ranganathan Vijayaraghavan

Designation :

Director

Address :

Arvind", New No.40 (Old No.33), Warren Road, Mylapore, Chennai, 600004, Tamil Nadu, India

Date of Appointment :

25.03.2015

DIN No.:

00026763

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	L17115TZ1980PLC000916	SRI NACHAMMAI COTTON MILLS LIMITED	Director	04/06/1992	04/06/1992	23/10/2007	Active	NO
2	L52599TN1961PLC028758	REDINGTON (INDIA) LIMITED	Director	25/10/1995	25/10/1995	31/05/2008	Active	NO
3	L15421TN1954PLC002915	THIRU AROORAN SUGARS LIMITED	Director	29/09/2014	28/10/1997	-	Active	NO
4	L24231TN1936PLC000017	AMRUTANJAN HEALTH CARE LIMITED	Director	24/01/1998	24/01/1998	17/07/2008	Active	NO
5	L60220TN1979PLC007970	SANCO TRANS LIMITED	Director	15/09/2014	25/03/1998	-	Active	NO
6	U40105TN1995PLC030420	TERRA ENERGY LIMITED	Director	24/07/2000	24/07/2000	17/11/2008	Active	NO
7	U15421TN1988PLC015660	SHREE AMBIKA SUGARS LIMITED	Director	24/07/2000	24/07/2000	02/07/2008	Active	NO
8	U74140TN2001PLC047424	PRIME TECHNOLOGY RESOURCES MANAGEMENT LIMITED	Director	12/07/2001	12/07/2001	01/10/2008	Active	NO
9	U74140TN2001PLC047423	STRATEGIC MANAGEMENT AND MARKETING CONSULTANCY SERVICES LIMITED	Director	12/07/2001	12/07/2001	01/10/2008	Active	NO
10	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	27/08/2014	25/03/2005	-	Active	NO
11	U65191TN1998PLC039853	Chennai Business Consulting Services Limited	Director	06/09/2006	12/09/2005	27/06/2008	Active	NO
12	U65993TN1995PTC030884	SYNERGY SHAKTHI RENEWABLE ENERGY Private Limited	Additional director	06/08/2007	06/08/2007	24/07/2008	Active	NO
13	L29130TN1961PLC004466	BIMETAL BEARINGS LIMITED	Director	23/07/2014	10/05/2010	-	Active	NO
14	U02421TZ1910PLC000221	T STANES AND COMPANY LIMITED	Director	08/08/2014	11/11/2011	-	Active	NO
15	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	21/08/2014	10/02/2012	-	Active	NO
16	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	25/06/2014	30/03/2012	-	Active	NO
17	U65993TN1995PLC032050	REDINGTON (INDIA) INVESTMENTS LIMITED	Director	31/08/2012	29/06/2012	12/03/2015	Active	NO
18	U52390TN2011PLC081001	CURRENTS TECHNOLOGY RETAIL (INDIA) LIMITED	Director	23/07/2014	17/10/2013	12/03/2015	Active	NO
19	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	24/03/2015	24/03/2015	-	Active	NO
20	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Director	25/03/2015	25/03/2015	-	Active	NO

Name :

Philip Roy Ramsey

Designation :

Nominee Director

Address :

47, Colchester Road,, Ipswich, Ip43bt, , United Kingdom

Date of Appointment :

08.07.2015

DIN No.:

07242708

KEY EXECUTIVES

Name :	Mr. Subramanian Narayanaswamy Mangalam
Designation :	Secretary
Address :	New 38/2, Block 9 , SSV Apartments, Chockalingam Nagar, Velacherry, Chennai – 600042, India
Date of Appointment :	15.10.1979
PAN No.:	AACPS3496G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2014

Names of Shareholders	No. of Shares
Delphi Automotive systems Instruments Private Limited, Singapore	4158000
T.V. Sundaram Iyengar and Sons Limited, India	1071936
Sundaram Industries Limited, India	1081700
Southern Roadways Limited, India	365468
Sundaram finance Limited, India	252896
Lucas – TVS Limited, India	264000
Lucas Indian Service Limited, India	66000
Life Insurance corporation of India, India	330004
General Insurance Corporation of India, India	164996
United India Insurance Company Limited, India	164996
K. Sesahdri	1
Arvind Balaji	1
J.S. Chopra	1
M N Subramanian	1
Total	7920000

Equity Share Break up (Percentage of Total Equity)

As on 18.09.2014

Category	Percentage
Public financial companies	8.33
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	52.50
Bodies corporate	39.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Component.

Products :

Item Code No.	Production Description
84133010	Rotary Fuel Injection Equipment
84133010	Common Fuel Injection Equipment

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

• TATA
• Mahindra
• Hindustan Motors
• Mahindra Renault
• Force
• Maruti Suzuki
• Ford
• Sangyong
• Perkins
• Renault
• Peugeot
• Escort
• Fiat
• Greaves
• Delphi

No. of Employees :

Not Available

Bankers :

• The South Indian Bank Limited, 150, Triplicane High Road, Chennai – 600005, Tamilnadu, India
• Indian Overseas Bank, Anna Salai, Chennai – 600002, Tamilnadu, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
• Axis Bank Limited, Corporate Banking Branch, Ground Floor, Karumuthu Nilayam, No.192, Anna Salai, Chennai - 600002, Tamil Nadu, India
• Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• State Bank of India, Industrial Finance Branch, 155, Anna Salai, Chennai – 600002, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loans from banks	2212.796	2920.807
Rupee term loans from others	717.937	908.080
Long-term maturities of finance lease	57.149	80.392
Short-term borrowings
Rupee term loans from banks	100.000	0.000
Foreign currency term loans from banks	208.968	192.968
Working capital loans from banks	437.120	491.049
Total	3733.970	4593.296

1. Rupee term loan from State Bank of India was Secured by first charge on the entire fixed assets of the company, present and future, on paripassu basis with other term lenders and Equitable Mortgage of land at Mannur Village, and lease hold rights of Land at Plot No. B-16 SIPCOT Industrial Park, Oragadam, Sriperumbudur Taluk.

2. Rupee term loan from South Indian Bank Limited was Secured by first charge on the entire fixed assets of the company on paripassu basis with other term lenders.

3. Rupee term loan from HDFC Bank Limited was Secured by first paripassu charge on the fixed assets to be created / purchased by the company.

4. Rupee term loan from AXIS Bank Limited was Secured by first paripassu charge on the fixed assets to be created / purchased by the company.

Financial Institution:	State Industries Promotion Corporation of Tamilnadu Limited, 19- A, Rukmani Lakshmipathy Road, Egmore, Chennai - 600008, Tamil Nadu, India
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	No.48, Masilamani Road, Royapettah, Chennai – 600014, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB2481J
Email:	mail@brahmayya.com
Memberships :	---
Collaborators :	---
Fellow Subsidiary company	Delphi Diesel Systems Gillingham, United Kingdom Delphi Diesel Systems Sudbury, United Kingdom Delphi Diesel Systems France, France Delphi Diesel After Market – UK Delphi Automotive Systemleri – Korea Delphi Diesel Systems Spain Delphi Diesel Systems Romania Delphi Diesel Systems France SAS Delphi Diesel Systems Poland Beijing Delphi Wanyur Engine Management Systems Company Limited, China Delphi Automotive Systems Do Brasil Limited, Brazildelphi Diesel Sys Tems Coahuilla- Mexico Delphi Otomotiv Sistemeri Sanayi Turkey Delphi Automotive Systems Private Limited, India Delphi Otomotiv Sistemleri Turkey Delphi EandC El Paso Dc, USA D Elphi Automotive Systems Singapore Pte Limited, Singapore Delphi Diesel Systems Limited Mexico Delphi Korea LLC Korea Technical Centre Delphi Diesel Systems Limited, UK
Associate	T.V. Sundram Iyengar and Sons Private Limited Delphi Electronics and Safety Singapore Delphi La Rochelle, France India Nippon Electricals Limited, India
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Lucas TVS Limited, India
Holding company	Delphi Automotive Systems Investments Pte Limited, Singapore

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
7920000	Equity Shares	Rs.10/- each	Rs.79.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	79.200	79.200	79.200
(b) Reserves & Surplus	2754.901	2769.126	2721.460
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2834.101	2848.326	2800.660
(3) Non-Current Liabilities
(a) long-term borrowings	2987.882	3956.669	3222.423
(b) Deferred tax liabilities (Net)	263.893	289.054	331.629
(c) Other long term liabilities	28.820	47.120	75.336
(d) long-term provisions	19.721	17.634	11.526
Total Non-current Liabilities (3)	3300.316	4310.477	3640.914
(4) Current Liabilities
(a) Short term borrowings	746.088	684.017	1759.421
(b) Trade payables	1073.432	1111.880	1478.159
(c) Other current liabilities	1333.652	1213.933	1096.706
(d) Short-term provisions	67.736	76.682	127.608
Total Current Liabilities (4)	3220.908	3086.512	4461.894
TOTAL	9355.325	10245.315	10903.468
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5910.632	4154.896	4610.367
(ii) Intangible Assets	364.540	467.792	440.639
(iii) Capital work-in-progress	45.558	2375.244	2003.542
(iv) Intangible assets under development	4.940	0.000	39.875
(b) Non-current Investments	6.050	2.450	2.450
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	317.086	316.201	316.569
(e) Other Non-current assets	3.051	6.646	15.485
Total Non-Current Assets	6651.857	7323.229	7428.927
(2) Current assets
(a) Current investments	2.620	0.000	0.000
(b) Inventories	1302.836	1294.314	1624.483
(c) Trade receivables	874.636	1002.250	1180.327
(d) Cash and cash equivalents	16.355	28.921	20.329
(e) Short-term loans and advances	471.218	558.478	624.667
(f) Other current assets	35.803	38.123	22.735
Total Current Assets	2703.468	2922.086	3474.541
TOTAL	9355.325	10245.315	10903.468

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	8872.330	10012.485	11768.647
	Other Income	165.206	59.769	29.772
	TOTAL (A)	9037.536	10072.254	11798.419
Less	EXPENSES
	Cost of Materials Consumed	4720.159	5523.121	6789.776
	CSR Expenses	4.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	25.531	74.231	(171.117)
	Employees benefits expense	1258.877	1203.292	1187.300
	Other expenses	1737.687	2165.652	2615.272
	TOTAL (B)	7746.254	8966.296	10421.231
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1291.282	1105.958	1377.188
Less	FINANCIAL EXPENSES (D)	524.831	377.111	409.389
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	766.451	728.847	967.799
Less/ Add	DEPRECIATION/ AMORTISATION (F)	805.838	726.058	782.481
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(39.387)	2.789	185.318
Less	TAX (I)	(25.162)	(41.877)	37.585
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(14.225)	44.666	147.733
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	562.605	517.939	422.043
	APPROPRIATIONS
	Proposed final dividend for the year	0.000	0.000	31.680
	Dividend distribution tax	0.000	0.000	5.384
	Transfer to General Reserve	0.000	0.000	147.733
	Balance Carried to the B/S	548.380	562.605	517.939
	EARNINGS IN FOREIGN CURRENCY	407.781	581.636	503.842
	IMPORTS
	Raw Materials	2552.274	2740.868
	Components and Stores parts	157.648	283.387
	Capital Goods	53.567	82.177
	TOTAL IMPORTS	2763.489	3106.432	NA
	Earnings / (Loss) Per Share (Rs.)	(1.80)	5.64	18.65

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	962.245	886.029	773.697
Net cash flows from (used in) operating activities	1505.475	1210.592	375.832
Net cash flows from (used in) operations	1524.468	1243.964	406.103

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(0.16)	0.45	1.26
Operating Profit Margin (PBIDT/Sales)	(%)	14.55	11.05	11.70
Return on Total Assets (PBT/Total Assets}	(%)	(0.42)	0.04	2.09
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.00	0.07
Debt Equity Ratio (Total Debt /Networth)		1.66	1.94	2.06
Current Ratio (Current Asset/Current Liability)		0.84	0.95	0.78

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	79.200	79.200	79.200
Reserves & Surplus	2721.460	2769.126	2754.901
Net worth	2800.660	2848.326	2834.101
long-term borrowings	3222.423	3956.669	2987.882
Short term borrowings	1759.421	684.017	746.088
Current Maturities of Long term debt	773.697	886.029	962.245
Total borrowings	5755.541	5526.715	4696.215
Debt/Equity ratio	2.055	1.940	1.657

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11768.647	10012.485	8872.330
		(14.922)	(11.387)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11768.647	10012.485	8872.330
Profit (Loss)	147.733	44.666	(14.225)
	1.26%	0.45%	(0.16%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

ECONOMIC SCENARIO

The Indian Economy posted 7.4% growth in the financial year 2014-15 (Central Statistics Office 2011-12 base years, Advance Estimates) as against 6.9% in the financial year 2013-14. While the Industrial sector gained momentum during the year, the Agricultural sector slowed down to 1.1% from 3.7% in the previous year. Overall, improved business sentiment, lower oil prices and policy measures helped the economy to build momentum. Most economists believe that the Indian economy is at an inflexion point and is set for sustained growth in coming ears. Lower oil prices, contained inflation, stable financial sector, expected policy actions and hopes of lower interest rate regime will support growth this year.

Downside risks include uncertain monsoon, increase in interest rates in U S leading to capital outflow, infrastructure bottlenecks and pending structural reforms. GST, which will remove cascading effect of indirect taxes on goods and services is set for introduction from 1st April 2016 and necessary legislations for this purpose have been proposed in Parliament.

AUTOMOBILE INDUSTRY SCENARIO

The Indian auto and auto components industry witnessed a moderate recovery during the year 2014-15 after two consecutive years of falling demand. The volumes in the domestic Passenger Vehicle (PV) grew marginally while Medium & Heavy Commercial Vehicle (M&HCV) segments grew by 16% in the year 2014-15. The emissions legislation norms for introduction of BS4 norms across the country by April 2017 are being notified shortly. This follows the reduction in losses of Oil companies due to the fall in oil prices and their ability to invest in upgradation of fuel. The roadmap for introduction of BS5 norms and BS6 norms is under discussion and expected to be finalized soon. Draft rules for fuel efficiency norms and Safety standards have been issued and are expected to be notified shortly. Government plans to introduce flexible-fuel policy for the automotive industry to promote new sources of alternative energy and reduce dependence on imported fossil fuels that has been a major burn on forex reserves. As a first step, government has notified ethanol up to 85% for petrol and diesel-fired vehicles that would allow the sugarcane-based by product to be used in commercial vehicles in the first stage and eventually for other segments.

COMPANY REVIEW

OPERATIONS

ROTARY FUEL INJECTION EQUIPMENT

The sales revenues of Rotary FIE for the year showed a significant decline of 26% over the previous year. The significant drop in volumes, arising as a result of slowdown in the Indian Economy and more particularly, substantial drop in volumes of their major customer, resulted in significant decline in their operating margins. However, the company has been able to recover some ground through improved productivity, quality measures and cost reduction. The Directors are pleased to inform the shareholders that the company continued to be the sole supplier of Rotary fuel injection systems to leading manufacturers on 4 models in the car segment, models in Utility Vehicles segment, 2 models in the LCV segment and 6 models in the tractors and off-highway segments. While the introduction of BS4 emission norms across the country in the next 18 months, the volumes in the passenger vehicle and SCV segments are expected to decline sharply during the next 2 years. The Company is working on increasing its share in the tractor, genets and after-market segments in the coming years.

COMMON RAIL FUEL INJECTION EQUIPMENT

The Directors are also pleased to state that the company supplies Common Rail fuel injection systems to leading vehicle manufacturers for fitment on 7 models in the car segment, 9 models in the SUV segment and 6 models in the LCV segments. The slowdown in demand saw a decrease in revenues of 1.4% during the year. The decline in off take of all major customers resulted in substantial decline in operating margins in addition to increased interest costs. Cost reduction and productivity improvements however helped us offset the drop in margins to large extent. The programmer for localization of major components used in the manufacture of common rail system is proceeding apace. With a view to meeting the demand in the coming years, the company has completed the expansion of capacities during the year. The Company has availed of loans from banks and financial institutions for this purpose.

TECHNICAL CENTRE

With a view to strengthening its application development capabilities in Common Rail and other products, the Company has expanded its Technical Centre by investing in new engine dynamometers and validation test rigs. The Company is strengthening its engineering capabilities with induction of full time Delphi Diesel Systems experts based at its Technical Centre. In addition, the Company deputes engineers as needed to Delphi Diesel Systems for assistance in the application work for Delphi’s global customers on a regular basis. Similar product training has also been provided on FIE equipment for engineers. The Technical Centre has now developed capabilities for undertaking application development work in Common Rail for meeting Euro 5 and Euro 6 emission norms. The Centre has also successfully developed Rotary Systems to meet BS4 emission norms and launched the Unit pump based CR systems (UPCR) on multiple applications.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Deferred sales tax loan	0.000	47.390
Public deposits	0.000	0.000
Total	0.000	47.39

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2015
Claims against company not acknowledged as debt	43.735
Guarantees	35.270
Other money for which company is contingently liable	801.324
Total	911.5605

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10478697	30/12/2013	500,000,000.00	THE SOUTH INDIAN BANK LIMITED	150, TRIPLICANE HIGH ROAD, CHENNAI - 600005, TAMIL NADU, INDIA	B96828405
2	10399636	06/12/2013 *	400,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, GROUND FLOOR, KARUMUTHU NILAYAM, NO. 192, ANNA SALAI, CHENNAI - 600002, TAMIL NADU, INDIA	C07070436
3	10349791	19/02/2013 *	1,000,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTR E COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B71479265
4	10324421	06/12/2013 *	500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B95314951
5	10284535	15/03/2011	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B12174579
6	10240176	05/08/2010	147,307,000.00	STATE INDUSTRIES PROMOTION CORPORATION OF TAMILNAD U LIMITED	19- A, RUKMANI LAKSHMIPATHY ROAD, EGMORE, CHENNAI - 600008, TAMIL NADU, INDIA	A95163846
7	10167913	25/06/2009	500,000,000.00	SOUTH INDIAN BANK LIMITED	150, TRIPLICANE HIGH ROAD, TRIPLICANE, CHENNAI - 600005, TAMIL NADU, INDIA	A66425471
8	10107991	06/12/2013 *	3,965,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENNAI – 600002, TAMIL NADU, INDIA	B95335865
9	10090040	05/11/2007	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A33067257

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles

Intangible assets

• Know-how
  

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.66.30
UK Pound	1	Rs.98.71
Euro	1	Rs.72.33

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--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		60

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.