MIRA INFORM REPORT

Report No. :	306075
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	FEDERAL - MOGUL IGNITION PRODUCTS INDIA LIMITED (w.e.f. 01.03.2014)
Formerly Known As :	FEDERAL MOGUL AUTOMOTIVE PRODUCTS (INDIA) LIMITED (w.e.f. 04.04.2011) FEDERAL MOGUL AUTOMOTIVE PRODUCTS (INDIA) PRIVATE LIMITED (w.e.f. 26.02.1999) COOPER AUTOMOTIVE PRODUCTS (INDIA) PRIVATE LIMITED
Registered Office :	G-4, J.R. Complex, Gate No.4, Mandoli, Delhi – 110 093
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.12.1998
Com. Reg. No.:	55-195010
Capital Investment / Paid-up Capital :	Rs.427.890 Millions
CIN No.: [Company Identification No.]	U51109DL1998PLC195010
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF4128M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing of auto components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1772000
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 moderate financial risk profile marked by low reserves and declining in profitability margins of the company during 2014. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

NOT AVAILABLE

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.

LOCATIONS

Registered Office :	G-4, J.R. Complex, Gate No.4, Mandoli, Delhi – 110 093, India
Tel. No.:	91-11-30781090
Fax No.:	91-11-30781091
E-Mail :	anupriya.garg@federalmogul.com
Corporate Office :	Paras Twin Towers, 10^th Floor, Tower B, Sector 54, Golf Course Road, Gurgaon 122 002, Haryana, India
Tel. No.:	91-124-4784530
Fax No.:	91-124-4292840
Factory :	SP 812/B-I and II, RICCO Industrial Area, Phase – III, Bhiwadi – 301 019, Rajasthan, India
Tel. No.:	91-1493-222923/ 221971
Fax No.:	91-1493-221909

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Andreas Wilhelm Kolf

Designation :

Director

Address :

Bruchhauser Str 66, 51377, Lerverkusen, NA, Germany

Date of Birth/Age :

23.03.1962

Qualification :

Graduate

Date of Appointment :

30.09.2014

DIN No. :

00519780

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	U34300DL1997PLC087410	FEDERAL-MOGUL TPR (INDIA) LIMITED	Director	04/06/2014	29/06/2006	-	Active	NO
2	U74999DL1986PTC023789	SATARA RUBBERS AND CHEMICALS PRIVATE LIMITED	Director	27/06/2007	29/06/2006	31/03/2010	Active	NO
3	L74899DL1954PLC002452	FEDERAL-MOGUL GOETZE (INDIA) LIMITED	Managing director	23/05/2014	06/11/2013	-	Active	NO
4	U51109DL1998PLC195010	FEDERAL - MOGUL IGNITION PRODUCTS INDIA LIMITED	Director	30/09/2014	07/11/2013	-	Active	NO
5	U52100DL2008PTC179224	FEDERAL-MOGUL PTSB INDIA PRIVATE LIMITED	Director	30/09/2014	07/11/2013	-	Active	NO
6	U29199HR2006PLC043262	FEDERAL-MOGUL BEARINGS INDIA LIMITED	Director	29/09/2014	28/11/2013	-	Active	NO

Name :

Mr. Sunit Kapur

Designation :

Director

Address :

H. No.335, Sector 9 D, Chandigarh – 160 009, Chandigarh, India

Date of Birth/Age :

12.11.1974

Qualification :

Graduate

Date of Appointment :

07.11.2013

DIN No. :

03435110

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	U34300DL1997PLC087410	FEDERAL-MOGUL TPR (INDIA) LIMITED	Director	26/04/2012	23/02/2011	25/10/2013	Active	NO
2	L74899DL1954PLC002452	FEDERAL-MOGUL GOETZE (INDIA) LIMITED	Director	06/11/2013	08/05/2012	-	Active	NO
3	U51109DL1998PLC195010	FEDERAL - MOGUL IGNITION PRODUCTS INDIA LIMITED	Director	07/11/2013	08/05/2012	-	Active	NO
4	U74899DL1994PLC057419	FEDERAL-MOGUL MOTORPARTS (INDIA) LIMITED	Additional director	08/05/2012	08/05/2012	27/09/2012	Active	NO
5	U52100DL2008PTC179224	FEDERAL-MOGUL PTSB INDIA PRIVATE LIMITED	Director	28/09/2012	08/05/2012	07/11/2013	Active	NO
6	U29199HR2006PLC043262	FEDERAL-MOGUL BEARINGS INDIA LIMITED	Director	28/09/2012	17/05/2012	28/11/2013	Active	NO

Name :

Mr. Khalid Iqbal Khan

Designation :

Director

Address :

2136, Mir Bukhari Street, Turkman Gate, Delhi – 110 006, India

Date of Birth/Age :

15.07.1968

Qualification :

Graduate

Date of Appointment :

28.09.2012

DIN No. :

05253556

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	U74899DL1994PLC057419	FEDERAL-MOGUL MOTORPARTS (INDIA) LIMITED	Director	28/09/2012	08/05/2012	-	Active	NO
2	U51109DL1998PLC195010	FEDERAL - MOGUL IGNITION PRODUCTS INDIA LIMITED	Director	28/09/2012	08/05/2012	-	Active	NO

Name :

Mr. Ritesh Sood

Designation :

Whole-time Director

Address :

H. No.5093/3 Modern Housing Board Complex, Mani Majra Complex, Chandigarh – 160 101, India

Date of Birth/Age :

21.02.1981

Qualification :

Graduate

Date of Appointment :

28.09.2012

DIN No. :

05281334

PAN No.:

AVTPS2531E

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	U51109DL1998PLC195010	FEDERAL - MOGUL IGNITION PRODUCTS INDIA LIMITED	Whole-time director	28/09/2012	08/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Lalita S. Notani
Designation :	Company Secretary
Address :	582 P, Sector 14, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	30.12.1968
Date of Appointment :	01.03.2012
PAN No.:	ABIPN3258N
Name :	Mr. Hitesh Kumar
Designation :	Chief Executive Officer
Address :	3884, Shukar Pura, Rewari - 123401, Rewari – 123 401, Haryana, India
Date of Appointment :	30.06.2014
PAN No.:	AMSPB1388G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Federal Mogul Pty Limited, Australia	42789029
Federal Mogul Worldwide Inc.	2
Federal Mogul Pty Limited Jointly with Andreas Kolf	1
Federal Mogul Pty Limited Jointly with Sachin Selot	1
Federal Mogul Pty Limited Jointly with Khalid Khan	1
Federal Mogul Pty Limited Jointly with Ashok Ramrakhiani	1
Federal Mogul Pty Limited Jointly with Saloni Chawla	1
Total	42789036

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [(Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing of auto components.
Products :	Auto Components
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
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Not Available
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Co. LLP Chartered Accountants
Address :	L-41, Connaught Circus, New Delhi, India
PAN No.:	AAAFW4298E
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company:	Federal Mogul Corporation, United States
Holding Company:	Federal Mogul Holding, Germany
Fellow Subsidiary Companies :	· Federal-Mogul S.A.R.L., Switzerland · Federal-Mogul PTSB India Private Limited, India (CIN No.: U52100DL2008PTC179224) · Federal Mogul Konitch, Belgium · Federal-Mogul Goetze (India) Limited, India (CIN No.: L74899DL1954PLC002452) · Federal Mogul Weston, United States · Federal Mogul Corporation (Corpadm), United States · Federal Mogul Auto Parts Co Limited, China · Federal Mogul (Wmoadmin), United States · Federal Mogul Champion, Belgium · Federal Mogul De-Mexico SA DE, Mexico · Federal Mogul Ignition S.R.L., Italy · Federal Mogul Yokohama KK, Japan · Federal Mogul Aftermarket, South Africa · Federal-Mogul Bearings India Limited, India (CIN No.: U29199HR2006PLC043262) · Federal-Mogul VSP (India) Limited, India (CIN No.: U74899DL1994PLC057419) · Federal Mogul Limited · Federal Mogul Chazelles-Sur-Lyon

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42789036	Equity Shares	Rs.10/- each	Rs.427.890 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	427.890	427.890	427.890
(b) Reserves & Surplus	192.282	173.501	105.978
(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)	620.172	601.391	533.868
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.100	0.100	0.075
(d) Long-term provisions	10.159	11.158	8.075
Total Non-current Liabilities (3)	10.259	11.258	8.150
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	168.000	117.096	128.439
(c) Other current liabilities	10.367	4.311	7.231
(d) Short-term provisions	9.800	11.949	0.825
Total Current Liabilities (4)	188.167	133.356	136.495
TOTAL	818.598	746.005	678.513
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	131.044	116.582	111.665
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	36.923	15.857	1.247
(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)	5.491	4.069	3.767
(d) Long-term Loan and Advances	46.766	23.449	12.503
(e) Other Non-current assets	2.968	2.510	2.325
Total Non-Current Assets	223.192	162.467	131.507
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	183.341	154.331	123.308
(c) Trade receivables	149.681	95.660	104.960
(d) Cash and cash equivalents	34.652	24.655	47.251
(e) Short-term loans and advances	224.240	306.311	269.485
(f) Other current assets	3.492	2.581	2.002
Total Current Assets	595.406	583.538	547.006
TOTAL	818.598	746.005	678.513

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	796.345	721.918	741.293
		Other Income	36.321	40.368	43.229
		TOTAL	832.666	762.286	784.522
Less	EXPENSES
		Cost of materials consumed	467.357	402.933	356.047
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(15.518)	(13.303)	4.125
		Employee benefit expense	79.907	78.035	73.504
		Other expenses	251.309	198.571	222.731
		Prior period items	(0.862)	(25.585)	0.000
		TOTAL	782.193	640.651	656.407
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		50.473	121.635	128.115
Less	FINANCIAL EXPENSES		2.064	0.222	0.316
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		48.409	121.413	127.799
Less/ Add	DEPRECIATION/ AMORTISATION		20.178	18.786	19.451
	PROFIT/ (LOSS) BEFORE TAX		28.231	102.627	108.348
Less	TAX		9.450	35.104	34.685
	PROFIT/ (LOSS) AFTER TAX		18.781	67.523	73.663
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	97.294	96.333	99.237
		Commission Income	5.407	7.256	7.337
		Income from services rendered to group company	1.502	2.219	5.429
	TOTAL EARNINGS		104.203	105.808	112.003
	IMPORTS
		Raw Material, Components, Stores and Spare Parts	396.271	323.960	296.213
		Purchase of Goods for resale merchandise Goods	7.426	21.372	0.000
	TOTAL IMPORTS		403.697	345.332	296.213
	Earnings / (Loss) Per Share (Rs.)		0.44	1.58	1.72

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.36	9.35	9.94
Operating Profit Margin (PBDIT/ Sales)	(%)	6.34	16.85	17.28
Return on Total Assets (PBT/Total Assets}	(%)	3.64	14.13	16.09
Return on Investment (ROI) (PBT/Networth)		0.05	0.17	0.20
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.16	4.38	4.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	427.890	427.890	427.890
Reserves & Surplus	105.978	173.501	192.282
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	533.868	601.391	620.172
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	741.293	721.918	796.345
		(2.614)	10.310

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	741.293	721.918	796.345
Profit	73.663	67.523	18.781
	9.94%	9.35%	2.36%

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	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	No
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

No Charges Exist for Company.

FIXED ASSETS

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computers

· Vehicles

· Building

· Leasehold Land

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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		30

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.