MIRA INFORM REPORT

Report No. :	342207
Report Date :	25.09.2015

IDENTIFICATION DETAILS

Name :	SETCO AUTOMOTIVE LIMITED (w.e.f. 14.02.2006)
Formerly Known As :	ERSTWHILE GUJARAT SETCO CLUTCH LIMITED
Registered Office :	Baroda - Godhra Highway, Kalol (Panchmahal) - 389 330, Gujarat
Tel. No.:	91-2676-305600
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.05.1982
Com. Reg. No.:	04-005203
Capital Investment / Paid-up Capital :	Rs. 267.193 Million
CIN No.: [Company Identification No.]	L35999GJ1982PLC005203
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00832G
PAN No.: [Permanent Account No.]	AAACG7777K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Clutch Products for the Automotive and Hydraulic Products for Construction Equipment Industry.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 5700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 1982. It is engaged in the business of manufacturing and exporting of clutch products for the automotive and hydraulic products. For the financial year 2015, the company has healthy operational activity along with satisfactory profit margin of 5.13 %. It has good net worth base and there is favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are reported to be usually correct. In the view of long track record, company can be considered for 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 = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	22nd January, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	22nd January, 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.

INFORMATION PARTED BY

Name :	Mr. Pundalik
Designation :	Assistant Manager Account
Contact No.:	91-22-40755546
Date :	22.09.2015

LOCATIONS

Registered Office :	Baroda - Godhra Highway, Kalol (Panchmahal) - 389 330, Gujarat, India
Tel. No.:	91-2676-305600
E-Mail :	contact@setcoauto.com pharyan@setcoauto.com mmehta@setcoauto.com
Website :	www.setcoauto.com
Corporate Office :	2/A, Film Centre Building, Ground Floor, Tardeo Road, Mumbai - 400034, Maharashtra, India
Tel. No.:	91-22-40755555
Fax No.:	91-22-23520754
Factory :	Sitarganj, Udham Singh Nagar - 262405, Uttaranchal, India
Plants :	Plot No. 196/A, Phase 1, Eldeco Sidcul Industrial Park, Village Lalarpatti, P. O. Sia Camp, Udham Singh Nagar – 262403, Uttarakhand, India

DIRECTORS

As on 31.03.2015

Name :

Pratap Ratilal Merchant

Designation :

Director

Address :

Flat No 403, Sheel Building A, 4th Floor, Neelsheel CHS, Lajapat Rai Road, Vileparle (West), Mumbai - 400056, Maharashtra, India

Date of Appointment :

09.09.2014

DIN No.:

00022223

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	L31300MH1989PLC054356	PRECISION WIRES INDIA LIMITED	Director	29/09/2014	23/07/1999	-	Active	NO
2	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Director	09/09/2014	09/08/2001	-	Active	NO
3	U74140MH1998PLC220222	KJMC ASSET MANAGEMENT COMPANY LIMITED	Director	18/08/2001	18/08/2001	-	Active	NO
4	U10100MH2003PTC140221	N S COAL PRIVATE LIMITED	Director	01/06/2004	01/06/2004	01/02/2008	Active	NO
5	L24249MH1984PLC032170	GeeCee Ventures Limited	Director	31/07/2007	25/01/2007	-	Active	NO
6	U91990MH1987NPL044382	ANARDE RURAL SUPPORT PROGRAMME (INDIA)	Director	30/09/2008	29/07/2008	-	Active	NO
7	U45201MH2006PLC165973	RELCON INFRAPROJECTS LIMITED	Director	30/09/2010	27/08/2010	28/12/2012	Active	NO

Name :

Shvetal Shatrughna Vakil

Designation :

Whole-Time Director

Address :

17, Darya Mahal, Napean Sea Road, Malabar Hills, Mumbai - 400006, Maharashtra, India

Date of Appointment :

01.01.2015

DIN No.:

00140956

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	L51909MH2002PLC135594	MULTI COMMODITY EXCHANGE OF INDIA LIMITED	Director	03/10/2003	03/10/2003	01/09/2013	Active	NO
2	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Whole-time director	01/01/2015	22/10/2008	-	Active	NO
3	U55100GJ2010PTC062787	TRANSSTADIA HOSPITALITY PRIVATE LIMITED	Director	25/04/2012	13/12/2010	-	Active	NO
4	U28990GJ2010PTC062907	TRANSSTADIA TECHNOLOGIES PRIVATE LIMITED	Director	10/05/2012	13/12/2010	-	Active	NO
5	U92412GJ2009PTC065204	TRANSSTADIA (AHMEDABAD) PRIVATE LIMITED	Director	30/09/2011	13/12/2010	-	Active	NO
6	U92490MH2011PTC220604	TRANSSTADIA BOXING INDIA PRIVATE LIMITED	Director	05/08/2011	05/08/2011	-	Active	NO

Name :

Ashok Kumar Jha

Designation :

Director

Address :

Late Mr. A. L. Jha, D-6/24, S/F, Road of D Block, Vasant Vihar, Opposite MCD Park, New Delhi - 110057, Delhi, India

Date of Appointment :

18.09.2010

DIN No.:

00170745

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	U85110KA1992GOI013570	ANTRIX CORPORATION LIMITED	Director	19/04/2006	19/04/2006	01/05/2007	Active	NO
2	U67190DL2006GOI144520	INDIA INFRASTRUCTURE FINANCE COMPANY LIMITED	Director	22/05/2006	22/05/2006	19/06/2007	Active	NO
3	U29309TN1996PLC035377	HYUNDAI MOTOR INDIA LIMITED	Whole-time director	24/03/2008	09/08/2007	01/08/2009	Active	NO
4	U65999MH2008PLC185856	METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED	Director	24/07/2009	26/06/2009	12/09/2013	Active	NO
5	U74140MH2001PTC134220	HSBC ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	03/09/2009	20/08/2009	08/02/2013	Active	NO
6	U45200DL2007PLC159699	HABITAT HOUSING FINANCE LIMITED	Director	30/09/2009	23/08/2009	08/07/2010	Active	NO
7	U71290DL1996PTC081376	S V CREDITLINE PRIVATE LIMITED	Director	10/09/2010	29/09/2009	01/04/2011	Active	NO
8	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Director	18/09/2010	22/01/2010	-	Active	NO
9	U48985WB1992PLC095301	GREAT EASTERN ENERGY CORPORATION LIMITED	Director	20/08/2010	10/03/2010	-	Active	NO
10	U74120TG2008PLC074583	NUZIVEEDU SEEDS LIMITED	Director	23/06/2014	22/06/2012	-	Active	NO
11	L74899DL1993GOI053677	IFCI LIMITED	Director	13/11/2013	15/07/2013	02/12/2013	Active	NO
12	L25209WB1997PLC085972	XPRO INDIA LIMITED	Director	31/07/2014	26/07/2013	-	Active	NO
13	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	23/12/2014	14/11/2014	-	Active	NO

Name :

Arun Arora

Designation :

Director

Address :

Flat No 3A, Somerset Place, 61-D, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

28.03.2007

DIN No.:

00172044

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	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Whole-time director	23/07/1996	23/07/1996	08/08/2007	Active	NO
2	U32109MH1986PLC168454	TIMES GLOBAL BROADCASTING COMPANY LIMITED	Director	01/12/1997	01/12/1997	04/09/2007	Active	NO
3	U18109MH1992PLC068085	SURGE ENTERPRISES LIMITED	Director	28/04/1999	28/04/1999	03/09/2007	Active	NO
4	U67190MH2000PTC126353	TIMESOFMONEY Private Limited	Director	08/05/2000	08/05/2000	07/08/2007	Active	NO
5	U22120MH2003PTC142239	WORLDWIDE MEDIA PRIVATE LIMITED	Director	31/03/2015	16/09/2003	-	Active	NO
6	U72900MH2002PLC134966	TIMES INFOTAINMENT MEDIA LIMITED	Director	14/10/2004	14/10/2004	07/08/2007	Active	NO
7	U92100DL2005PLC173555	TIMES BUSINESS SOLUTIONS LIMITED	Director	26/07/2005	26/07/2005	03/09/2007	Amalgamated	NO
8	U74992MH2006PLC163048	ZOOM ENTERTAINMENT NETWORK LIMITED	Director	18/06/2007	20/03/2007	06/09/2007	Active	NO
9	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Director	28/03/2007	28/03/2007	-	Active	NO
10	U80301MH2007PTC173773	EDVANCE LEARNING PRIVATE LIMITED	Director	03/09/2007	03/09/2007	-	Active	NO
11	U80100MH2008PTC188191	EDVANCE PRE-SCHOOLS PRIVATE LIMITED	Director	14/11/2008	14/11/2008	-	Active	NO
12	U72900MH2008PTC188190	EDVANCE ONLINE PRIVATE LIMITED	Director	14/11/2008	14/11/2008	-	Active	NO
13	U74990GJ2008PTC065269	SE TRANSSTADIA PRIVATE LIMITED	Director	14/06/2010	01/08/2009	-	Active	NO
14	L65920MH1989PLC054398	TIMES GUARANTY LIMITED	Director	25/09/2014	16/05/2011	-	Active	NO

Name :

Udit Harish Sheth

Designation :

Whole-Time Director

Address :

ILA Kunj, 32 Nepean Sea Road, Mumbai - 400036, Maharashtra, India

Date of Appointment :

01.01.2015

DIN No.:

00187221

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	U67120MH1995PTC086277	TRANSSTADIA CAPITAL PRIVATE LIMITED	Director	10/03/1995	10/03/1995	-	Active	NO
2	U54100MH1979PTC171127	SETCO ENGINEERING PRIVATE LIMITED	Director	30/06/2008	30/06/2008	-	Active	NO
3	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Whole-time director	01/01/2015	30/06/2008	-	Active	NO
4	U74990GJ2008PTC065269	SE TRANSSTADIA PRIVATE LIMITED	Managing director	01/08/2009	17/12/2008	-	Active	NO
5	U92412GJ2009PTC065204	TRANSSTADIA (AHMEDABAD) PRIVATE LIMITED	Director	26/03/2009	26/03/2009	-	Active	NO
6	U92412GJ2010PTC062766	TRANSSTADIA PLAYSPORT PRIVATE LIMITED	Director	27/10/2010	27/10/2010	-	Active	NO
7	U85110GJ2010PTC062770	TRANSSTADIA SPORT SCIENCES PRIVATE LIMITED	Director	30/10/2010	30/10/2010	-	Active	NO
8	U55100GJ2010PTC062787	TRANSSTADIA HOSPITALITY PRIVATE LIMITED	Director	01/11/2010	01/11/2010	-	Active	NO
9	U28990GJ2010PTC062907	TRANSSTADIA TECHNOLOGIES PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
10	U92490MH2011PTC220604	TRANSSTADIA BOXING INDIA PRIVATE LIMITED	Director	05/08/2011	05/08/2011	-	Active	NO
11	U65993GJ2012PTC068506	TRANSSTADIA HOLDINGS PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO
12	U65923MH2012PTC238698	SETCO HOLDINGS PRIVATE LIMITED	Director	11/12/2012	11/12/2012	-	Active	NO
13	U27205MH2011PTC217467	LAVA CAST PRIVATE LIMITED	Director	15/06/2013	15/06/2013	-	Active	NO

Name :

Suhasini Somesh Sathe

Designation :

Director

Address :

15, Laxmi Mahal, B. Petit Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

09.09.2014

DIN No.:

00205174

Other Directorship :

ar	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	U29299MH1982PTC027461	SUKESHAN EQUIPMENTS PRIVATE LIMITED	Director	17/06/1982	17/06/1982	-	Active	NO
2	U24230MH1984PTC032941	ESSP MEDITEK PRIVATE LIMITED	Director	17/09/1991	17/09/1991	-	Active	NO
3	U74120MH2011PTC219847	SUKESHAN TECHNOLOGIES PRIVATE LIMITED	Director	15/07/2011	15/07/2011	-	Active	NO
4	U51900MH1957PTC010868	ARBES TOOLS PRIVATE LIMITED	Managing director	01/02/2013	01/02/2013	-	Active	NO
5	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Director	09/09/2014	12/02/2014	-	Active	NO

Name :

Harish Kiritbhai Sheth

Designation :

Managing Director

Address :

2nd Floor, Ila Kunj, 32, Nepean Sea Road, Mumbai - 400036, Maharashtra, India

Date of Appointment :

01.01.2015

DIN No.:

1434459

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	U54100MH1979PTC171127	SETCO ENGINEERING PRIVATE LIMITED	Director	21/12/1979	21/12/1979	-	Active	NO
2	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Managing director	01/01/2015	05/05/1982	-	Active	NO
3	U67120MH1995PTC086277	TRANSSTADIA CAPITAL PRIVATE LIMITED	Director	10/03/1995	10/03/1995	-	Active	NO
4	L99999GJ1987PLC009768	20 MICRONS LIMITED	Director	10/12/2007	10/12/2007	30/07/2009	Active	NO
5	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	06/09/2011	03/09/2008	11/09/2014	Active	NO
6	U74990GJ2008PTC065269	SE TRANSSTADIA PRIVATE LIMITED	Director	17/12/2008	17/12/2008	-	Active	NO
7	U92412GJ2009PTC065204	TRANSSTADIA (AHMEDABAD) PRIVATE LIMITED	Director	26/03/2009	26/03/2009	-	Active	NO
8	U92412GJ2010PTC062766	TRANSSTADIA PLAYSPORT PRIVATE LIMITED	Director	27/10/2010	27/10/2010	-	Active	NO
9	U85110GJ2010PTC062770	TRANSSTADIA SPORT SCIENCES PRIVATE LIMITED	Director	30/10/2010	30/10/2010	-	Active	NO
10	U55100GJ2010PTC062787	TRANSSTADIA HOSPITALITY PRIVATE LIMITED	Director	01/11/2010	01/11/2010	13/12/2010	Active	NO
11	U28990GJ2010PTC062907	TRANSSTADIA TECHNOLOGIES PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
12	U92490MH2011PTC220604	TRANSSTADIA BOXING INDIA PRIVATE LIMITED	Director	05/08/2011	05/08/2011	-	Active	NO
13	U65993GJ2012PTC068506	TRANSSTADIA HOLDINGS PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO
14	U65923MH2012PTC238698	SETCO HOLDINGS PRIVATE LIMITED	Director	11/12/2012	11/12/2012	-	Active	NO

Name :

Bhalchandra Lalan Naik

Designation :

Director

Address :

291, 301 Jyoti Avenue, Shere Punjab, Andheri (E), Mumbai - 400093, Maharashtra, India

Date of Appointment :

24.09.2009

DIN No.:

02490022

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	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Director	24/09/2009	24/12/2008	-	Active	NO
2	U74990GJ2008PTC065269	SE TRANSSTADIA PRIVATE LIMITED	Director	29/09/2014	12/03/2014	-	Active	NO

Name :

Urja Harshal Shah

Designation :

Whole-Time Director

Address :

13/5 Jayant Mahal D Road, Marine Drive Near Wankhede Stadium, Mumbai - 400020, Maharashtra, India

Date of Appointment :

11.11.2014

DIN No.:

02675341

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	U67120MH1995PTC086277	TRANSSTADIA CAPITAL PRIVATE LIMITED	Director	10/03/1995	10/03/1995	-	Active	NO
2	U17120TG2008PTC057183	DHAMA INNOVATIONS PRIVATE LIMITED	Director	06/06/2009	06/06/2009	02/02/2011	Active	NO
3	U74900MH2013PTC249243	HREHAN VENTURE ADVISORS PRIVATE LIMITED	Director	15/10/2013	15/10/2013	-	Active	NO
4	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Whole-time director	11/11/2014	11/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Vinay Vasant Shahane
Designation :	CFO
Address :	A-801, Krishna Towers,, Shital Nagar Kandivali (East), Mumbai - 400101, Maharashtra, India
PAN No.:	AHCPS3108E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.06.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2938076	11.00
Bodies Corporate	13872769	51.92
Sub Total	16810845	62.92
(2) Foreign	0	0
Total shareholding of Promoter and Promoter Group (A)	16810845	62.92
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	110500	0.41
Financial Institutions / Banks	9,150	0.03
Foreign Institutional Investors	1030500	3.86
Sub Total	1150150	4.30
(2) Non-Institutions
Bodies Corporate	1537316	5.75
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	2608720	9.76
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	1375142	5.15
Any Others (Specify)	3237162	12.12
Clearing Members	26563	0.10
Non Resident Indians	855766	3.20
Trusts	1850	0.01
Others	2352983	8.81
Sub Total	8758340	32.78
Total Public shareholding (B)	9908490	37.08
Total (A)+(B)	26719335	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
Total (A)+(B)+(C)	26719335	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Clutch Products for the Automotive and Hydraulic Products for Construction Equipment Industry.

Products :

Item Code No.	Product Description
29301	Manufacture of clutches for Medium and Heavy Commercial Vehicles

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

• UK
• USA
• Dubai

Imports :

Products :

Raw Material

Countries :

• Australia
• China

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

End Users and OEM’s

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

No. of Employees :

700 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Bank of Baroda

• ICICI Bank Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loans From Banks	354.889	208.023
Other Loans From Banks	437.500	0.000
Short-term borrowings
Working Capital Loan from Banks	1207.733	1073.918
Total	2000.122	1281.941

Note:

Long Term Borrowings:

• Indian Rupee Term Loan from Bank of Baroda is repayable in 16 quarterly installments each of Rs. 4.688 Million to be repaid by May, 2017. The loan is secured by first pari passu charge on company’s fixed assets (excluding cars / vehicles) and the second charge on pari passu basis on stocks and book debts as collateral security.

• Indian Rupee Term Loan from Bank of Baroda is repayable in 16 quarterly installments each of Rs. 24.000 Million to be repaid by August, 2019. The loan is secured by first pari passu charge on company’s fixed assets (excluding cars / vehicles) and the second charge on pari passu basis on stocks and book debts as collateral security.

• Indian Rupee Corporate Loan from Bank of Baroda is repayable in 16 quarterly installments each of Rs. 31.250 Million to be repaid by August, 2019. The loan is secured by first pari passu charge on company’s fixed assets (excluding cars/vehicles) and the second charge on pari passu basis on stocks and book debts as collateral security and personal guarantee of Mr. Harish Sheth & Mr. Udit Sheth.

• Indian Rupee Term Loan from ICICI Bank is repayable in 16 quarterly installments each of Rs. 6.250 Million to be repaid by January, 2020. The loan is secured by first pari passu charge on company’s fixed assets (excluding cars/vehicles) and the second charge on pari passu basis on stocks and book debts as collateral security.

Short Term Borrowings:

• Working Capital Loans are secured by first charge by way of hypothecation of current assets including stocks, book debts etc. and second charge on entire fixed assets of the company on paripassu basis.
• Unsecured Loan is from ICICI Bank Rs. Nil (Rs. 100.000 Million) and is Guaranteed by Chairman & Managing Director of the Company.

Statutory Auditors :	Manesh Mehta and Associates Chartered Accountants
Address :	R. C. Dutt Road, Alkapuri, Vadodara, Gujarat, India
Tel No.:	91-265-3052544
Email :	maneshmehta84@yahoo.co.in
Secretarial Auditor :	P. P. Shah and Company
Solicitors :
Name :	Wadia Ghandy and Company
Address :	Mumbai, Maharashtra, India
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	Setco Engineering Private Limited, U54100MH1979PTC171127
Wholly Owned Ultimate Foreign Subsidiary Companies :	Setco Automotive (UK) Limited UK Setco Automotive N.A. Inc. (USA) WEW Holdings Limited, Mauritius
Subsidiary Company	Lava Cast Private Limited
Enterprises over which Key Managerial Personnel are able to exercise significant influence :	Western Engineering Works SE Transstadia Private Limited Transstadia (Ahmadabad) Private Limited Transstadia Technologies Private Limited Transstadia Play sport Private Limited Transstadia Sport Sciences Private Limited Transstadia Capital Private Limited Transstadia Boxing India Private Limited Transstadia Holdings Private Limited Setco Holdings Private Limited
Name of the Related Party:	Transstadia hospitality Private Limited Urdit Exports Setco Foundation

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
26719335	Equity Shares	Rs.10/- each	Rs. 267.193 Million

1. The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder of equity share is entitled to one vote per share.

2. The company declares and pays dividends in Indian rupees. The Board of Directors, in their meeting held on 11th November, 2014, declared an interim dividend of Rs. 1.50 per Share (Previous year Rs. NIL). Further, the board of directors in their meeting held on 26th May, 2015 have proposed final dividend of Rs. 1.50/- per share (Previous year Rs. 2.65/-) for financial year ended 31st March, 2015. The proposed final dividend is subject to the approval of the share holders at the ensuing Annual General Meeting. The total dividend appropriation for the year ended 31st March, 2015 would amount to approximately Rs. 96.305 Million (Previous year Rs. 70.697 Million) including corporate dividend tax of Rs. 16.168 Million (Previous year Rs. 12.050 Million).

3. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

Reconciliation of the number of shares

Equity Shares	31 March 2015
	Number of Shares	Rs. In Million
Shares outstanding at the beginning of the year	2,66,78,024	266.780
Add : Share issued on exercise of employee stock options	41,311	0.413
Shares outstanding at the end of the year	2,67,19,335	267.193

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Equity Shares of Rs. 10 each fully paid
Setco Engineering Private Limited (Promoter Group)*	1,35,42,769	50.69
New Vernon Private Equity Limited	23,52,983	8.81

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	267.193	266.780	266.721
(b) Reserves & Surplus	1740.730	1598.906	1451.962
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.225
Total Shareholders’ Funds (1) + (2)	2007.923	1865.686	1718.908
(3) Non-Current Liabilities
(a) long-term borrowings	792.389	208.023	89.081
(b) Deferred tax liabilities (Net)	89.670	80.964	59.709
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	10.912	5.630	7.800
Total Non-current Liabilities (3)	892.971	294.617	156.590
(4) Current Liabilities
(a) Short term borrowings	1207.733	1233.918	1291.940
(b) Trade payables	433.518	504.343	344.493
(c) Other current liabilities	203.500	146.315	122.764
(d) Short-term provisions	59.348	103.113	91.856
Total Current Liabilities (4)	1904.099	1987.689	1851.053
TOTAL	4804.993	4147.992	3726.551
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1247.796	1119.418	1044.729
(ii) Intangible Assets	101.323	83.722	57.204
(iii) Capital work-in-progress	4.561	0.742	64.490
(iv) Intangible assets under development	82.863	75.026	74.712
(b) Non-current Investments	819.650	629.050	483.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	440.396	414.752	235.713
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2696.589	2322.710	1959.948
(2) Current assets
(a) Current investments	727.499	654.925	608.557
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	879.138	756.739	845.848
(d) Cash and cash equivalents	60.995	45.460	17.112
(e) Short-term loans and advances	440.772	368.158	295.086
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2108.404	1825.282	1766.603
TOTAL	4804.993	4147.992	3726.551

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	4581.347	3287.858	3407.835
	Other Income	90.741	132.041	85.197
	TOTAL SALES	4672.088	3419.899	3493.032
Less	EXPENSES
	Cost of Materials Consumed	2741.420	2011.573	2148.898
	Purchases of Stock-in-Trade
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(26.005)	(23.181)	(98.996)
	Employees benefits expense	397.448	304.559	269.388
	Other expenses	910.267	653.002	610.691
	Miscellaneous Expenses	0.000	(76.722)	0.170
	TOTAL	4023.130	2869.231	2930.151
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	648.958	550.668	562.881
Less	FINANCIAL EXPENSES	234.338	202.215	173.579
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	414.620	348.453	389.302
Less	DEPRECIATION/ AMORTISATION	132.405	105.165	91.812
	PROFIT/ (LOSS) BEFORE TAX	282.215	243.288	297.490
Less	TAX	47.088	11.279	24.119
	PROFIT/ (LOSS) AFTER TAX	235.127	232.009	273.371
	EARNINGS IN FOREIGN CURRENCY	374.317	313.951	329.362
	IMPORTS
	Raw Materials	714.109	510.704	556.583
	Components and Stores parts	759.504	622.520	667.930
	Capital Goods	0.000	71.075	1.079
	TOTAL IMPORTS	1473.613	1204.299	1225.592
	EARNINGS / (LOSS) PER SHARE (RS.)	8.81	8.70	10.28

Expected Sales (2015-16): Rs. 7000.000 Million.

The above information has been parted by Mr. Pundalik, Assistant Manager Account.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	129.250	48.483	43.702
Cash generated from operations	101.460	392.582	170.214
Net Cash Flow from Operating Activities	100.447	391.003	169.477

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.13	7.06	8.02
Operating Profit Margin (PBIDT/Sales)	(%)	14.17	16.75	16.52
Return on Total Assets (PBT/Total Assets}	(%)	7.24	7.07	9.58
Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.17
Debt Equity Ratio (Total Debt /Networth)		1.00	0.77	0.80
Current Ratio (Current Asset/Current Liability)		1.11	0.92	0.95

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 230.50/-

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	266.721	266.780	267.193
Reserves & Surplus	1451.962	1598.906	1740.730
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.225
Net worth	1718.683	1865.686	2008.148
long-term borrowings	89.081	208.023	792.389
Short term borrowings	1291.940	1233.918	1207.733
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total borrowings	1381.021	1441.941	2000.122
Debt/Equity ratio	0.804	0.773	0.996

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	4581.347	3287.858	3407.835
	--	(28.234)	3.649

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	4581.347	3287.858	3407.835
Profit	273.371	232.009	235.127
	5.97%	7.06%	6.90%

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPPORTUNITIES:

- Indian economy is at an inflexion point and is set for sustained growth in the coming years. Reduced interest rates, lower oil prices, increasing urban population, higher per capita income translates into higher spending which directly leads to increased freight movement and increased demand for commercial vehicles.

- The Government’s plan for creation of 100 smart cities till 2022 will result in increased demand for Commercial Vehicles in the long term. The Smart City model will boost the organized retail sector which will directly encourage the hub and spoke model for transportation and better logistics efficiency. This will also lead to higher penetration of commercial vehicles in the country.

- The Government’s commitment towards the “Make in India” initiative will result in a massive push to the manufacturing sector leading to higher growth.

- India is also rapidly modernizing its freight corridors for efficient transport.

- India continues to remain a preferred destination for quality manufacturing at competitive price. While there are multiple routes for Global players to enter India; partnerships, mergers and joint ventures have been preferred routes as both the Indian and Global partners can leverage each other’s strengths to their advantage.

- The company is by far the largest supplier of MHCV clutches to some of the global commercial vehicle manufactures who have set up their factories in India. This gives them an opportunity to work with these Global OEM’s to cater to their international requirements.

- The company also has set its vision to become a leader in the clutch business worldwide with a clutch for every truck in its product portfolio.

- The company’s new product development has also ensured entry in the LCV and Farm Equipment markets for clutches.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Working Capital Loan from Banks	0.000	160.000
Total	0.000	160.000

CONTINGENT LIABILITIES:

1. Guarantees given by the bank on behalf of the Company Rs. 10.794 Million (Rs. 4.517 Million).
2. Guarantee given for £ 1.40 million (£ 1.40 million) to ICICI Bank Limited, U.K. for Wholly Owned Ultimate Foreign Subsidiary’s credit facilities Rs. 130.466 Million (Rs. 140.532 Million).
3. Guarantee given for $ 0.65 million ($ 0.65 million) to ICICI Bank Limited, Singapore for Wholly Owned Ultimate Foreign Subsidiary’s credit facilities Rs. 40.970 Million (Rs. 39.228 Million).
4. Guarantee given for $ 4.000 million ($ 4.000 million) to Bank of Baroda, New York, USA for Wholly Owned Ultimate Foreign Subsidiary’s credit facilities Rs. 252.120 Million (Rs. 241.400 Million).
5. Guarantee given for Rs. 1170.500 Million (Rs. Nil) to Bank of Baroda, Mumbai, India, for subsidiary’s credit facilities.
6. Warranty Claims raised by Customer but not acknowledged Rs. 18.442 Million (Rs. 10.961 Million).
7. Sales tax demand under dispute Rs. Nil (Rs. 2.278 Million).

INDES OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10426213	22/04/2015 *	3,024,800,000.00	BANK OF BARODA	KALOL, DIST. PANCHMAHAL,, PANCHMAHAL -  389330, GUJARAT, INDIA	C52679578
2	10426892	20/04/2015 *	3,024,800,000.00	BANK OF BARODA	KALOL, DIST. PANCHMAHAL,, PANCHMAHAL -  389330, GUJARAT, INDIA	C52680311
3	10426210	20/04/2015 *	3,024,800,000.00	BANK OF BARODA	KALOL, DIST. PANCHMAHAL,, PANCHMAHAL -  389330, GUJARAT, INDIA	C52680824
4	10060665	06/02/2009 *	375,169,000.00	BANK OF BARODA	KALOL (PANCHMAHAL), KALOL (PANCHMAHAL), BARODA -  389330, GUJARAT, INDIA	A57268955
5	10071316	29/02/2012 *	1,424,600,000.00	BANK OF BARODA	KALOL,, DIST. PANCHMAHAL,, PANCHMAHAL -  389330, GUJARAT, INDIA	B35378090
6	10060663	29/02/2012 *	950,000,000.00	BANK OF BARODA	KALOL, DIST. PANCHMAHAL, PANCHMAHAL -  389330, GUJARAT, INDIA	B35469063
7	10060667	29/02/2012 *	474,600,000.00	BANK OF BARODA	KALOL,, DIST. PANCHMAHAL, PANCHMAHAL -  389330, GUJARAT, INDIA	B35471119
8	10007546	27/06/2006	436,444,000.00	BANK OF BARODA	KALOL 389330, KALOL, GUJARAT, INDIA	A01764679
9	10009835	27/06/2006	3,600,000.00	THE BANK OF BARODA	KALOL-389330, KALOL, GUJARAT, INDIA	A02394930
10	90111917	28/05/1988 *	11,196,000.00	BANK OF BARODA	KALOL;PANCHMAHALS, SURAT, GUJARAT, INDIA	-

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015

(Rs. In Million)

Particulars	3 Months Ended
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	1036.500
b) Other operating income	0.000
Total income from Operations(net)	1036.500
2.Expenditure
a) Cost of material consumed	631.500
b) Purchases of stock in trade	0.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(39.300)
d) Employees benefit expenses	100.400
e) Depreciation and amortization expenses	36.800
f) Power and Fuel	0.000
g) Other expenditure	230.000
Total expenses	959.400
3. Profit from operations before other income and financial costs	77.100
4. Other income	49.100
5. Profit from ordinary activities before finance costs	126.200
6. Finance costs	74.600
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	51.600
8. Exchange Currency Fluctuation Loss/ (Gain)	0.000
9. Profit from ordinary activities before tax Expense:	51.600
10.Tax expenses	11.900
-- Current Tax
-- MAT (Credit) / Reversal	(2.800)
-- Deferred Tax
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	42.500
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	42.500
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	267.200
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	1.59
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	9908490
- Percentage of shareholding	37.08%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	990000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	5.89%
Percentage of shares (as a % of total share capital of the company)	3.71%
b) Non Encumbered
Number of shares
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	15820845
Percentage of shares (as a % of total share capital of the company)	94.11%
	59.21%
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	27
Disposed of during the quarter	27
Remaining unreserved at the end of the quarter	0

FIXED ASSETS:

• Freehold Land
• Lease Hold Land
• Buildings
• Plant and Machinery
• Furniture’s and Fixtures
• Office Equipments
• Pollution Equipments
• Computers
• Electric Fittings
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No 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. 66.10
UK Pound	1	Rs. 100.89
Euro	1	Rs. 73.96

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	AMT
Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s cr[edit 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.