MIRA INFORM REPORT

Report No. :	302626
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	TECUMSEH PRODUCTS INDIA PRIVATE LIMITED (w.e.f. 27.08.2003)

Formerly Known As :	TECUMSEH PRODUCTS INDIA LIMITED

Registered Office :	Balanagar Township, Hyderabad – 500037, Telangana

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	30.01.1997

Com. Reg. No.:	36-035316

Capital Investment / Paid-up Capital :	Rs.1885.042 Millions

CIN No.: [Company Identification No.]	U31109TG1997PTC035316

TIN No.:	Not Available

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCT6893J

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing, trading and sale of compressors used in room air-conditioners and refrigerators and also provides engineering design services.

No. of Employees :	Not Available

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 1700000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2014. 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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	CRISIL
Rating	Long Term Rating = BB-
Rating Explanation	Have moderate risk of default
Date	06.08.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	06.08.2014

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/ Factory 1 :	Balanagar Township, Hyderabad – 500037, Telangana, India
Tel. No.:	91-40-23078103-109 / 23720837 / 23720034 / 30116906
Fax No.:	91-40-23076472 / 23078945 / 23076923 / 23075854
E-Mail :	vivekanand.tadimeti@tecumseh.com tpchakrapani@tecumsehindia.com legal@tecumsehindia.com rajivsawhnet@tecumsehindia.com secretarial@tecumseh.com
Website :	http://www.tecumsehindia.com

Factory 2 :	38 KM Stone, Delhi-Mathura Road, Ballshgarh, Ballabhgarh – 121004, Haryana, India
Tel No :	91-129-2307216-22
Fax :	91-129-2307221

Corporate Marketing Office :	205-208 (2^nd Floor), Tribhuvan Complex, Ishwar Nagar, Opposite New Friends Colony, Mathura Road, New Delhi – 110065, India
Tel. No.:	91-11-26921923, 26921924, 26921925
Fax No.:	91-11-26921781

Branch Office :	41, Amul Estate, Near Sanand - Sarkhej Railway Crossing, Opposite Mariyam Masjid, Sarkhej, Ahmedabad – 382210, Gujarat, India
Tel. No.:	91-79-26823458
Fax No.:	91-79-26823423

Regional Sales Offices :	Located At: Ahmedabad Bangalore Chandigarh Chennai Delhi Ghaziabad Hyderabad Indore Kolkata Mumbai Pune Silvassa

Depots :	Located At: Faridabad Indore Chandigarh Bhubaneswar Silvassa Pune

DIRECTORS

As on 30.09.2014

Name :

Mr. Janice Elaine Stipp

Designation :

Director

Address :

1281 Covington Road, Bloomfield Hills Mi, 48301, United States Of America

Date of Birth/Age :

22.09.1959

Date of Appointment :

27.09.2013

DIN No.:

06511155

Other Directorship:

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

U31109TG1997PTC035316

TECUMSEH PRODUCTS INDIA PRIVATE LIMITED

Director

27/09/2013

25/02/2013

Active

Name :

Mr. Narasimhan Natarajan

Designation :

Director

Address :

Flat No. B 101, Vishnu Splendor, Near Srinagar Colony Club, Yellareddyguda, Hyderabad - 500073, Telangana, India

Date of Birth/Age :

11.05.1968

Date of Appointment :

30.09.2014

DIN No.:

06921386

Other Directorship:

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

U31109TG1997PTC035316

TECUMSEH PRODUCTS INDIA PRIVATE LIMITED

Director

30/09/2014

08/08/2014

Active

Name :

Mr. Harold Moore Karp

Designation :

Director

Address :

52, Ledge View Dr Se, Hunts Ville, Al, 35802, United States Of America

Date of Birth/Age :

04.09.1956

Date of Appointment :

30.09.2014

DIN No.:

06945969

Other Directorship:

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

U31109TG1997PTC035316

TECUMSEH PRODUCTS INDIA PRIVATE LIMITED

Director

30/09/2014

08/08/2014

Active

Name :

Mr. Kumud Kumar

Designation :

Director

Address :

Plot # 299, Maytas Hill County, Nizampet Road, Bachupally, Hyderabad - 500090, Telangana, India

Date of Appointment :

30.09.2014

DIN No.:

06953046

Other Directorship:

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

U31109TG1997PTC035316

TECUMSEH PRODUCTS INDIA PRIVATE LIMITED

Director

30/09/2014

08/08/2014

Active

MAJOR SHAREHOLDERS

As on 30.09.2014

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

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

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
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
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, trading and sale of compressors used in room air-conditioners and refrigerators and also provides engineering design services.

Products :

Product Description	Item Code No. (ITC Code)
Compressors of a kind used in refrigerating equipment	84143000
Compressors of a kind used in air-conditioning equipment	84148011

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

Brand Names :

Agencies Held :

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

State Bank of India, Corporate Accounts Group Branch, Jawahar Vyapar, Bhawan, 11th and 12th Floor, Tolstoy Marg, New Delhi - 110001, Delhi, India

Allahabad Bank, Industrial Finance Branch, 6-3-850/3, Ist Floor, Ameerpet Main Road, Hyderabad - 500016, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from others	94.997	85.771
SHORT TERM BORROWINGS
Loans repayable on demand from banks	741.242	792.494
Total	836.239	878.265


Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	7^th Floor, Block III, White House, Kundan Bagh, Begumpet, Hyderabad – 500016, Telangana, India
PAN No.:	AAAFW4298E

Memberships :	--

Collaborators :	--

Holding Company :	Tecumseh Europe SA, France

Ultimate Holding Company :	Tecumseh Products Company, USA (TPC)

Fellow Subsidiary Company :	Tecumseh Europefar East Sdn. Bhd, Malausia Tecumseh Do Brazil Limiteda, Brazil Century Tecumseh Europe Refrigerator Equipment (Shanghai) Company Limited Tecumseh Compressor (Guanghou) Company Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

22500000	Equity Shares	Rs.100/- each	Rs.2250.000 Millions
7500000	Preference Shares	Rs.100/- each	Rs.750.000 Millions
	Total		Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

12018607	Equity Shares	Rs.100/- each	Rs.1201.861 Millions
6831817	Preference Shares	Rs.100/- each	Rs.683.181 Millions
	Total		Rs.1885.042 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1,885.042	1,885.042	1,885.042
(b) Reserves & Surplus	(1,290.530)	(907.375)	(1,014.657)
(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)	594.512	977.667	870.385

(3) Non-Current Liabilities
(a) long-term borrowings	349.517	315.571	80.385
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	13.860	14.038	14.045
(d) long-term provisions	85.756	184.250	158.195
Total Non-current Liabilities (3)	449.133	513.859	252.625

(4) Current Liabilities
(a) Short term borrowings	741.242	792.494	766.333
(b) Trade payables	1,578.241	1,646.927	1,410.796
(c) Other current liabilities	193.349	186.763	353.961
(d) Short-term provisions	309.436	67.421	74.492
Total Current Liabilities (4)	2,822.268	2,693.605	2,605.582

TOTAL	3,865.913	4,185.131	3,728.592

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,019.489	1,058.825	1,212.748
(ii) Intangible Assets	0.418	0.584	3.363
(iii) Capital work-in-progress	29.515	12.865	60.445
(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	99.598	183.650	197.905
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,149.020	1,255.924	1,474.461

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1,328.891	1,283.751	1,196.831
(c) Trade receivables	773.590	1,107.961	647.161
(d) Cash and cash equivalents	76.464	76.497	54.316
(e) Short-term loans and advances	295.279	274.139	255.006
(f) Other current assets	242.669	186.859	100.817
Total Current Assets	2,716.893	2,929.207	2,254.131

TOTAL	3,865.913	4,185.131	3,728.592

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6,787.100	7,299.900	4,482.200
		Other Income	3.900	11.370	21.700
		TOTAL (A)	6,791.000	7,311.270	4,503.900

Less	EXPENSES
		TOTAL (B)	6,889.900	6,845.870	4,450.100

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(98.900)	465.400	53.800

Less	FINANCIAL EXPENSES (D)		152.000	174.700	180.100

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(250.900)	290.700	(126.300)

Less	DEPRECIATION/ AMORTISATION (F)		132.300	183.400	154.200

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(383.200)	107.300	(280.500)

Less	TAX (H)		0.000	0.000	0.000

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(383.200)	107.300	(280.500)

	EARNINGS IN FOREIGN CURRENCY		NA	NA	2165.055

	IMPORTS		NA	NA	525.634

	Earnings / (Loss) Per Share (Rs.)		(20.33)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(5.65)	1.47	(6.26)

Operating Profit Margin (PBDIT/Sales)	(%)	(1.46)	6.38	1.20

Return on Total Assets (PBT/Total Assets}	(%)	(9.99)	2.57	(7.65)

Return on Investment (ROI) (PBT/Networth)		(0.64)	0.11	(0.32)

Debt Equity Ratio (Total Debt /Networth)		1.83	1.13	0.97

Current Ratio (Current Asset/Current Liability)		0.96	1.09	0.87

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	1885.042	1885.042	1885.042
Reserves & Surplus	(1014.657)	(907.375)	(1290.530)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	870.385	977.667	594.512

Long Term borrowings	80.385	315.571	349.517
Short Term borrowings	766.333	792.494	741.242
Total borrowings	846.718	1108.065	1090.759
Debt/Equity ratio	0.973	1.133	1.835

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	4,482.200	7,299.900	6,787.100
		62.864	-7.025

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	4,482.200	7,299.900	6,787.100
Profit	(280.500)	107.300	(383.200)
	(6.26%)	1.47%	(5.65%)

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

LITIGATION DETAILS

CASE STATUS INFORMATION SYSTEM

OSA 32 / 2014

OSASR 7450 / 2014

CASE IS:PENDING

PETITIONER		RESPONDENT
M/S SERVOMAX INDIA LIMITED, HYD	VS	M/S TECUMSEH PRODUCTS INDIA PRIVATE LIMITED, HYD
PET.ADV. : RAMACHANDRAN		RESP.ADV. : LAXMINARASIMHAM
SUBJECT: ORIGINAL SIDE APPEALS		DISTRICT: HYDERABAD

FILING DATE: 06-11-2014	POSTING STAGE : INTERLOCUTORY
REG. DATE : 12-11-2014	LISTING DATE : 19-01-2015	STATUS : ---------

HON'BLE JUDGE(S):

K.C.BHANU

ANIS

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Other loans and advances	254.520	229.800
Total	254.520	229.800

COMPANY OVERVIEW

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

FINANCIAL PERFORMANCE:

During the year the Company recorded a fall in sales in comparison to the previous year 2012-13. This was primarily on account of issues related to product and fall in demand in Middle East. The Company has achieved the Gross Sales of Rs.7331.200 Millions compared to Rs.7733.4000 Millions in the previous period. The total foreign exchange earnings from exports of goods and services during the year were Rs.1944.800 Millions compared to Rs 3252.100 Millions during 2012-13.

PROJECTS:

During the year we have taken up projects for high efficiency AW R22 compressors and started working on AW R410A compressors.

AW Project:

Designed high efficiency AW R22 compressor. As a part of it, new set of parts (Suction muffler, discharge muffler, crankshaft, Stator wound etc.) were developed. Invested for prototype tooling for these parts. CER for production tooling and setup is in progress. Initiated design of AW R410A compressor. As a part of it, designed new set of parts (Crankcase machined, Motors, new sintered piston, new crankshaft forging, housing etc.), in addition to the new parts developed for high efficiency AWR22 project. Invested for prototype tooling for these parts. CER for production tooling and setup is in progress.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10228694	24/08/2011 *	250,000,000.00	State Bank Of India	Corporate Accounts Group Branch, Jawahar Vyapar, Bhawan, 11th And 12th Floor, Tolstoy Marg, New Delhi, Delhi - 110001, India	B19705508
2	90130244	25/03/2014 *	1,312,500,000.00	Allahabad Bank	Industrial Finance Branh, 1st Floor, Ameerpet Main Road, Hydearbad, Andhra Pradesh - 500016, India	C04300471

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.16
UK Pound	1	Rs.94.29
Euro	1	Rs.73.73

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	VNT

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
--PROFITABILITY	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	YES
--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.