MIRA INFORM REPORT

Report Date :

04.01.2011

IDENTIFICATION DETAILS

Name :	UNITECH WIRELESS (TAMILNADU) PRIVATE LIMITED UNITECH WIRELESS (NORTH) PRIVATE LIMITED AMALGAMATED WITH UNITECH WIRELESS (TAMILNADU) PRIVATE LIMITED
Formerly Known As :	UNITECH BUILDERS AND ESTATES PRIVATE LIMITED UNITECH BUILDERS AND ESTATES PRIVATE LIMITED
Registered Office :	Basement 6, Community Centre, Saket, New Delhi-110017
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	10.08.2007
Com. Reg. No.:	55-166910
CIN No.: [Company Identification No.]	U45400DL2007PTC166910
TAN No.: [Tax Deduction & Collection Account No.]	DELU03471G
PAN No.: [Permanent Account No.]	AAACU9188Q
Legal Form :	Private Limited Liability Company.
Line of Business :	Real Estate Developers.

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 3000000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution, initially.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	Basement 6, Community Centre, Saket, New Delhi-110017, India
E-Mail :	anil.rustgi@unitechwireless.com anil.rustgi@uninor.in

DIRECTORS

As on 03.07.2009

Name :	Mr. Ajay Chandra
Designation :	Director
Address :	C-41, Mayfair Gardens, New Delhi-110016, India
Date of Birth/Age :	11.12.1967
Date of Appointment :	06.02.2009
Name :	Mr. Sanjay Chadnra
Designation :	Director
Address :	C-41, Mayfair Gardens, New Delhi-110016, India
Date of Birth/Age :	07.09.1972
Date of Appointment :	06.02.2009
Name :	Mr. Sigve Berkke
Designation :	Director
Address :	39/ 206, Nichada Thani, Samakeee Road, Nonthaburi, Thailand-1120
Date of Birth/Age :	15.12.1959
Date of Appointment :	20.03.2009
Name :	Mr. Yogesh Sanjeev Malik
Designation :	Director
Address :	A-18, Chanakyapuri, Sama Road Baroda-390008, Gujarat, India
Date of Birth/Age :	26.07.1972
Date of Appointment :	20.03.2009
Name :	Mr. Jan Edvard Thygesen
Designation :	Director
Address :	Nes Terrasse 23, Nesbru-1394, Norway
Date of Birth/Age :	19.03.1951
Date of Appointment :	20.03.2009
Name :	Mr. Jaideep Singh
Designation :	Director
Address :	24, First Street, Shanti Niketan, New Delhi-110021, India
Date of Birth/Age :	11.12.1967
Date of Appointment :	30.06.2009
Date of Ceasing:	19.12.2009
Name :	Mr. Rajan Narula
Designation :	Director
Address :	55, Pragati Apartments, Punjabi Bagh, Club Road, Paschim Vihar, New Delhi-110063, India
Date of Birth/Age :	02.04.1967
Date of Appointment :	20.03.2009
Date of Ceasing:	18.05.2009
Name :	Mr. Ravi Sangam Aiyar
Designation :	Director
Address :	E-28, First Floor, Kalkaji, New Delhi-110019, India
Date of Birth/Age :	20.04.1958
Date of Appointment :	06.02.2009
Date of Ceasing:	20.03.2009
Name :	Mr. Sanjay Kaul
Designation :	Director
Address :	A-53, Sector-41, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	28.11.1963
Date of Appointment :	10.08.2007
Date of Ceasing:	13.03.2009
Name :	Mr. Ramkrishna Jaibhagwan Sharma
Designation :	Director
Address :	W-27, Regency Park 2, Near Supermart, PLF City, Phase-II, Gurgaon-122002, Haryana, India
Date of Birth/Age :	10.09.1963
Date of Appointment :	05.09.2007
Date of Ceasing:	13.03.2009
Name :	Mr. Harish Asnani
Designation :	Director
Address :	A-87, Lajpat Nagar-II, New Delhi-110024, India
Date of Birth/Age :	12.06.1965
Date of Appointment :	10.08.2007
Date of Ceasing:	13.03.2009
Name :	Mr. Stein Erik Vellan
Designation :	Director
Address :	Vajara Doke Joanovica 15, Belgrde-11040
Date of Birth/Age :	13.02.1965
Date of Ceasing :	18.08.2010
Name :	Mr. Anand Prasad
Designation :	Director
Address :	S-565, G-7 II Floor, Greater Kailash-II, New Delhi-110048, India
Date of Birth/Age :	01.02.1968
Date of Appointment :	20.03.2009
Date of Ceasing:	10.09.2009

ADDITIONAL DIRECTORS

As on 18.08.2010

Name :	Mr. Richard Olav AA
Designation :	Additional Director
Address :	Rugelandsveien 130, Eiksmarka-1359
Date of Birth/Age :	08.08.1966
Date of Appointment :	18.08.2010
Name :	Jayesh Desai
Designation :	Additional Director
Address :	GP-1/5A, Gurgaon One Housing Complex, Old Delhi Road, Sector-22, Mulahera, Gurgaon-122015, Haryana, India
Date of Birth/Age :	17.12.1966
Date of Appointment :	06.10.2010

KEY EXECUTIVES

Name :	Mr. Manish Sansi
Designation :	Secretary
Address :	125, Mukherjee Park, New Delhi-110018, India
Date of Birth/Age :	24.07.1971
Date of Appointment :	12.05.2009
Name :	Mr. Vijay Goyal
Designation :	Secretary
Address :	House No. 1475, Sector-7 Ext. Gurgaon-122001, Hayrana, India
Date of Birth/Age :	01.10.1979
Date of Appointment :	16.09.2008
Date of Ceasing:	01.05.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.07.2009

Names of Shareholders	No. of Shares
Unitech Limited, Delhi, India	2500000
Cestos Unitech Wireless Private Limited, Delhi, India	1700000
Simpson Unitech Wireless Private Limited, Delhi, India	2500000
Telenor Asia Pte Limited, Singapore	9595652
Acorus Unitech Wireless Private Limited, Delhi, India	3300000
Total	19595652

As on 26.08.2009

List of Allottees	No. of Shares Allotted
Simpson Unitech Wireless Private Limited, Delhi, India	2320131
Telenor Asia Pte Limited, Singapore	2227627
Total	4547758

As on 18.01.2010

List of Allottees	No. of Shares Allotted
Telenor Asia Pte Limited, Singapore	6735865
Total	6735865

As on 10.02.2010

List of Allottees	No. of Shares Allotted
Telenor Asia Pte L`imited, Singapore	5470361
Total	5470361

As on 22.02.2010

List of Allottees	No. of Shares Allotted
Simpson Unitech Wireless Private Limited, Delhi, India	2320131
Telenor Asia Pte Limited, Singapore	6029793
Total	8349924

As on 01.10.2010

Names of Shareholders	No. of Shares
Unitech Limited Business, Delhi, India	770452
Cestos Unitech Wireless Private Limited, Delhi, India	55067
Simpson Unitech Wireless Private Limited, New Delhi, India	146281
Acorus Unitech Wireless Private Limited	106896
Telenor Asia Pte Limited, Singapore	2221744
Total	3300440

As on 01.10.2010

Names of Shareholders	No. of Shares
Unitech Limited Business, Delhi, India	6540904
Cestos Unitech Wireless Private Limited, Delhi, India	3510134
Simpson Unitech Wireless Private Limited, New Delhi, India	14573086
Acorus Unitech Wireless Private Limited	6813792
Telenor Asia Pte Limited, Singapore	64562084
Total	96000000

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2009

Category	Percentage of Holding
Foreign holdings (Foreign institutional investor(s), Foreign comapnie(s) Foreign financial institution(s), Non-resident indian(s) or overseas corporate bodies or others)	48.97
Bodies corporate (not mentioned above)	51.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Developers.

GENERAL INFORMATION

Bankers :

• Punjab National Bankl, Large Corporate Branch, Tolstory Marg, New Delhi-110001, India
• State Bank of Bhawan, Corporate Centre, Madame Cama Road, Nariman Point, Mumbai-400021, Maharashtra, India
• Bank of India
• Canara Bank
• Oriental Bank of Commerce
• Vijaya Bank

Facilities :

Secured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Short Term Loans
From Bank of India	176.042	--
From Canara Bank	457.708	--
From Central Bank of India	176.042	--
From Oriental Bank of Commerce	211.250	--
From Punjab National Bank	457.708	--
From Vijaya Bank	211.250	--
Interest Accrued and due on above	2.266	--
Total	1692.266	--
Note: Secured loans form the banks are secured against assignment of the UAS License(s) in favour of the Banks, Corporate Guarantee of Unitech Limited pledge of entire shares held by Unitech Limited, Cestos Unitech Wireless Private Limited, Simpson Unitech Wireless Private Limited and Acours Unitech Wireless Private Limited in the company, mortgage of certain land(s) of Unitech Limited and its subsidiaries. Debt Service Reserve account equivalent to next 6 months interest payment for loan. Whole amount of loan is due for repayment on 07.02.2010.
Unsecured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Short Term loans	102.907	2258.850
Convertible Bonds	834.000	0.000
Total	936.907	2258.850

Banking Relations :	--
Auditors :
Name :	Goel Garg and Company Chartered Accountant
Address :	102, E-588, Greater Kailash-II, New Delhi-110048, India
Tel. No.:	91-11-29215236/ 2922577
Fax No.:	91-11-25163683
E-Mail :	malin@goeigarggroup.com
Holding Company :	Telenor Asia Pte Limited, Singapore
Fellow Subsidiaries :	Unitech Wireless (Delhi) Private Limited Unitech Wireless (Kolkata) Private Limited Unitech Wireless (Mumbai) Private Limited Unitech Wireless (East) Private Limited Unitech Wireless (North) Private Limited Unitech Wireless (South) Private Limited Unitech Wireless (West) Private Limited

CAPITAL STRUCTURE

As on 03.07.2009

Authorised Capital : Rs. 5165.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1440.000 Millions

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
15100000	Equity Shares	Rs. 10/- each	Rs. 151.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15039733	Equity Shares	Rs. 10/- each	Rs. 150.397 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		150.397	100.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		606.610	0.000
4] (Accumulated Losses)		0.000	[0.676]
NETWORTH		757.007	99.324
LOAN FUNDS
1] Secured Loans		1692.266	0.000
2] Unsecured Loans		936.907	2258.850
TOTAL BORROWING		2629.173	2258.850
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		3386.180	2358.174
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2882.499	2357.528
Capital work-in-progress		0.949	0.155
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.032
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	505.748	0.486
	Other Current Assets	0.000	0.000
	Loans & Advances	220.266	0.000
Total Current Assets		726.014	0.486
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.153	0.011
	Other Current Liabilities	180.633	0.016
	Provisions	6.496	0.000
Total Current Liabilities		223.282	0.027
Net Current Assets		502.732	0.459
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3386.180	2358.174

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Income	6.996	0.000
		Other Income		0.141
		TOTAL	6.996	0.141
Less	EXPENSES
		Administrative Expenses and other Expenses	246.111	0.849
		TOTAL	246.111	0.849
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		[239.115]	[0.708]
Less/ Add	DEPRECIATION/ AMORTISATION		8.785	0.000
	PROFIT BEFORE TAX		[247.900]	[0.708]
Less	TAX		0.214	[0.032]
	PROFIT AFTER TAX		[248.114]	[0.676]
	Earnings Per Share (Rs.)			0.08

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008
PAT / Total Income	(%)	[3546.51]	[479.43]
Return on Total Assets (PBT/Total Assets}	(%)	[6.87]	[0.03]
Return on Investment (ROI) (PBT/Networth)		[0.33]	[0.01]
Debt Equity Ratio (Total Liability/Networth)		3.77	22.74
Current Ratio (Current Asset/Current Liability)		3.25	18.00

LOCAL AGENCY FURTHER INFORMATION

Overview:

The company was granted Unified Access Services License for Tamilnadu Service Area by the Department of Telecommunications (DoT).

Pursuant to the execution of the Shareholders Agreement dated 20^th March 2009, between Unitech Group and Telenor Group, Telenor Asia Pte Limited has subscribed to fresh equity capital issued by the company and as on date Telenor Aiss Pte. Limited holds 49% of the paid up share capital of the company. The remaining share capital of the company is continued to be held by Unitech Group. Telenor is the world’s seven largest telecommunication group and has presence is as many as 13 countries. Unitech is India’s one of the largest real estate group with many other diversified interests.

Bankers Charges Report as per Registry

Corporate identity number of the company	U45400DL2007PTC166910
Name of the company	UNITECH WIRELESS (TAMILNADU) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Basement 6, Community Centre, Saket, New Delhi-110017, India
This form is for	Creation of Charge
Type of charge	Others
Particular of charge holder	State Bank of Bhawan, Corporate Centre, Madame Cama Road, Nariman Point, Mumbai-400021, Maharashtra, India
Nature of instrument creating charge	Tripartite Agreement dated May 6, 2010 by and between President of India, Unitech Wireless (Tamilnadu) Private Limited and State Bank of India (acting for itself as Lender and as agent for other Lenders) fro assignment of UAS License in respect of Tamilnadu (including Chennai Metro) Circle/ Service Area.
Date of instrument Creating the charge	06.05.2010
Amount secured by the charge	Rs. 50000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 75 basis points below the benchmark advance lending rate of SBI as applicable form time to time. The interest rate is 11% on the date of the short term facility agreement dated August 10, 2009. Terms of Repayment Unless prepaid in accordance with the Short Term Facility Agreement dated August 10, 2009 (Agreement) the loan availed shall be repaid by each obligor in one installment on the date falling 364 days after the date of the first draw down under the agreement. Margin Not Applicable Extent and Operation of the charge First ranking security for repayment of facility of Rs. 50000.000 Millions with fess, costs and all amounts due and payable to all the Lenders (as per attachment), Facility Agent and Security Trustee. The charge created in favour of Lenders shall rank pari passu inter se without any preferences or priority in favour of any of other lenders
Short particulars of the property charged	License Agreement No. 20-217/2008-Unitech-AS-I dated February 29, 2008 in respect of Tamilnadu (including Chennai Metro) Circle/ Service Area.

Fixed Assets:

· Computer

· Office Equipments

· Furniture and Fittings

· Leasehold Improvements

· Vehicles

· Software License

· Telecom License

KEY HIGHLIGHTS OF THE BUSINESS AND OPERATIONS

Some of the key highlights pertaining to the business of the Company, including its subsidiaries and joint venture companies, for the financial year 2009-10 and period subsequent thereto are given hereunder:

Fund Raising: During the last financial year the Company successfully raised nearly Rs.44000.000 Millions through two (02) rounds of Qualified Institutional Placement (QIP) - around USD 325 million (Rs.16210.000 Millions) in April 2009 and USD 575 million (Rs.27893.200 Millions) in July 2009. The said funds aided the Company in reducing its debt by almost Rs.30000.000 Millions and further reinforced the confidence and trust the investors place in the Company.

Unitech Wireless: Wireless Companies having pan-India licenses for providing unified access services (“UASL”), successfully launched services across 8 circles viz. Andhra Pradesh, Bihar, Karnataka, Kerala, Orissa, Tamilnadu (including Chennai), Uttar Pradesh (East) and Uttar Pradesh (West), in December 2009 under the brand name Uninor. The total number of subscribers in Unitech Wireless Companies as on March 31, 2010 were 4.2 million.

Further, during the year, Telenor Asia Pte Limited Singapore (“Telenor”) increased its stake in Unitech Wireless Companies from initial 33.5% to 67.25% by investing a further sum of INR 48.85 billion, in the form of fresh equity shares, in addition to INR 12.50 billion invested last year.

PRESS RELEASES

CANCELLATION OF 2G SPECTRUM LICENCES

TRAI has not recommended cancellation of 2G spectrum licenses of 85 companies. However, recently TRAI has recommended for cancellation of 38 Unified Access Service (UAS) Licenses as per following details:

S. No.	Name of Licensee Company	Number of UAS licences
	Aircel Limited	1
	Dishnet Wireless Limited	3
	Etisalat DB Telecom Private Limited	2
	Loop Telecom Limited	14
	Sistema Shyam Teleservices Limited	10
	Unitech Wireless (East) Private Limited	2
	Unitech Wireless (North) Private Limited	5
	Unitech Wireless (West) Private Limited	1

Further TRAI has also recommended for cancellation of 31 UAS licenses after legal examination as per following details:

S. No.	Name of Licensee Company	Number of UAS licences
1.	Aircel Limited	1
2.	Allianz Infratech (P) Limited	2
3.	Etisalat DB Telecom Private Limited	11
4.	Loop Telecom Limited	6
5.	Sistema Shyam Teleservices Limited	1
6.	Videocon Telecommunications Limited	10

The Report of Comptroller and Auditor General of India (CAG) on “Issue of Licences and Allocation of 2G Spectrum by the Department of Telecommunications”, has been tabled in the Parliament on 16.11.2010. As per the CAG Report following companies were ineligible on the date of their respective applications for grant of UAS licences:

S. No.	Old Name of Company	Present Name of Company
1.	Swan Telecom Private Limited	Etisalat DB Telecom Private Limited
2.	Loop Telecom Private Limited	Loop Telecom Limited
3.	S. Tel Limited	S Tel Private Limited
4.	Hudson Properties Limited	Unitech Wireless (Delhi) Private limited
5.	Nahan Properties Private Limited	Unitech Wireless (East) Private Limited
6.	Azare Properties Limited	Unitech Wireless (Kolkata) Private Limited
7.	Unitech Infrastructure Private Limited	Unitech Wireless (Mumbai) Private Limited
8.	Adonis Projects Private Limited	Unitech Wireless (North) Private Limited
9.	Aska Projects Limited	Unitech Wireless (South) Private Limited
10.	Unitech Builders and Estates Private Limited	Unitech Wireless (Tamil Nadu) Private Limited
11.	Volga Properties Private Limited	Unitech Wireless (West) Private Limited
12.	Datacom Solutions Private Limited	Videocon Telecommunications Limited
13.	Allianz Infratech (P) Limited	Allianz Infratech (P) Limited

As per information received from the companies M/s. Allianz Infratech (P) Limited has amalgamated with M/s. Etisalat DB Telecom Private Limited and companies mentioned at serial number 4 to 9 and 11 have amalgamated with M/s. Unitech Wireless (Tamil Nadu) Private Limited as per the orders of the Hon’ble High court(s).

Unified Access Services (UAS) licences have been granted in terms of the UAS guidelines dated 14.12.2005.

Government has decided to issue show cause notices to the errant companies after due examinations.

This information was given by the Minister of State for Communications and Information Technology, Shri Sachin Pilot in written reply to a question in Rajya Sabha today.

Bottom of Form

SP/AS

CMT REPORT (Corruption, Money Laundering and 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 records 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 records 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.45.37
UK Pound	1	Rs.70.88
Euro	1	Rs.59.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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
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.