1. Summary Information

		Country	India
Company Name	SUDHIR GENSETS LIMITED	Principal Name 1	Mr. Sudhir Seth
Status	Good	Principal Name 2	Mr. Rahul Seth
		Registration #	55-73261
Street Address	No. 507, International Trade Tower, Nehru Place, New Delhi – 110 019
Established Date	17.10.1995	SIC Code	----
Telephone#	91-124-4168000	Business Style 1	Manufacturer
Fax #	91-124-4168010	Business Style 2	Sale
Homepage	www.sudhirgensets.com	Product Name 1	Generators Sets
# of employees	----	Product Name 2	----
Paid up capital	Rs. 2,647,286,000/-	Product Name 3	----
Shareholders	Directors or relatives of directors - 99.98% Other top fifty shareholders 0.02%	Banking	Citi Bank
Public Limited Corp.	NO	Business Period	16 years
IPO	NO	International Ins.	----
Public Enterprise	NO	Rating	A (58)
Related Company
Relation	Country - ---	Company Name	CEO
Subsidiary Company	India	Sudhir Power Projects Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,711,864,000	Current Liabilities	1,241,009,000
Inventories	967,563,000	Long-term Liabilities	000
Fixed Assets	1,034,754,000	Other Liabilities	83,873,000
Deferred Assets	10,754,000	Total Liabilities	1,324,882,000
Invest & other Assets	6,823,256,000	Retained Earnings	6,576,022,000
		Net Worth	9,223,309,000
Total Assets	10,548,191,000	Total Liab. & Equity	10,548,191,000
Total Assets (Previous Year)	8,726,349,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	7,522,065,000	Net Profit	1,700,218,000
Sales(Previous yr)	7,513,470,000	Net Profit(Prev.yr)	1,181,063,000

MIRA INFORM REPORT

Report Date :

11.01.2011

IDENTIFICATION DETAILS

Name :	SUDHIR GENSETS LIMITED
Registered Office :	No. 507, International Trade Tower, Nehru Place, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.10.1995
Com. Reg. No.:	55-73261
CIN No.: [Company Identification No.]	U74899dl1995plc073261
TAN No.: [Tax Deduction & Collection Account No.]	dels12408e
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer and Sale of Generators Sets

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 36000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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 – 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 :	No. 507, International Trade Tower, Nehru Place, New Delhi – 110 019, India
Tel. No.:	91-124-4168000
Fax No.:	91-124-4168010
E-Mail :	info@sudhirgensets.com kunnalmalhotra@sudhirgensets.com
Website :	www.sudhirgensets.com
Corporate Office :	Plot No-1, Sector-34, E.H.T.P., Gurgaon-122001, Haryana, India
Tel. No.:	91-124-4168000 (30lines)
Fax No.:	91-124-4168010
E-Mail :	info@sudhirgensets.com
Website :	www.sudhirgensets.com
Factory 1 :	Plot No.8-9 and10, Survey No.144/1/2, Industrial Area, Athal – 396230, U.T. of Dadra and Nagar Haveli.
Tel. No.:	91-260-3291418/ 22
Fax No.:	91-260-2632176
Factory 2 :	31, Bommasandra Industrial Area, Bangalore-560099, Karnataka, India
Tel. No.:	91-80-27834978/ 27833024
Fax No.:	91-80-27832268
E-Mail :	admin@intravidyut.com
Factory 3 :	No. 1, Sector-34, E.H.T.P, Gurgaon-122001, Haryana, India
Tel. No.:	91-124-4038000/ 04
Fax No.:	91-124-2373982
E-Mail :	info@sudhirgensets.com
Factory 4 :	Road No. 18, SIDCO Industrial Complex, Bari Brahmna, Ph-II, Jammu-181133 (Jammu and Kashmir)
Tel. No.:	91-1923-221993/ 221845
E-Mail :	operation_jammu@hotmail.com
Factory 5 :	E.P.I.P., Kartholl, Bari Brahmna, Jammu
Tel. No.:	91-1923-220553
Factory 6 :	Plot No. 444/1/4, Masat Industrial Area, Masat, Silvassa-396230 D and N.H.
Tel./ Fax No.:	91-260-2641162/ 2640059/ 2640060
Factory 7 :	Plot No. 92, Sector 8, Industrial Estate, IMT Manesar, Gurgaon, Haryana, India
Branches :	Located at: · Delhi · Ahmedabd · Alwar · Amritsar · Baddi · Chandigarh · Jaipur · Jodhpur · Karnal · Ludhiana · Mumbai · Surat · Udaipur

DIRECTORS

As on 30.09.2010

Name :	Mr. Sudhir Seth
Designation :	Managing Director
Address :	W8C/4 Lane, Western Avenue, sainik Farms, New Delhi – 110 062, India
Date of Appointment :	02.09.2006
DIN No.:	0.0281778
Name :	Mr. Vishal Bakshi
Designation :	Director
Address :	A-24, Indian Foreign Services (IFS) Apoartments, Mayur Vihar, Phase I, Delhi-110097, India
Date of Birth/ Age:	12.08.1971
Date of Appointment :	30.09.2010
DIN No.:	0.2203108
Name :	Mr. Rahul Seth
Designation :	Managing Director
Address:	W8C/4 Lane, Western Avenue, Sainik Farms, New Delhi-110062, India
Date of Appointment :	14.08.1997
DIN No.:	00281028
Name :	Mr. Pankaj Renjhen
Designation :	Director
Address :	P-1/11, DLF City, phase III, Gurgaon -122 002, Haryana
Date of Birth/Age :	03.03.1976
Date of Appointment :	09.10.2007
DIN No.:	01809021
Name :	Mr. Maharaj Kishen Trisal
Designation :	Director
Address:	V-9/3, DLF City Phase-3, Gurgaon-122001, Haryana, India
Date of Appointment :	01.03.2006
DIN No.:	00059545
Name :	Mr. Heramb Ravindra Hajarnavis
Designation :	Director
Address :	La Mer (13 Floor) Co-op Housing Society, Bandra, Mumbai – 400 050, Maharashtra
Date of Birth/Age :	13.09.1974
Date of Appointment :	09.10.2007
Date of Ceasing:	14.05.2010
DIN No.:	0.01680435
Name :	Mr. M K Trishal
Designation :	Director
Address :	V-9/3, DLf City, phase III, Gurgaon
Date of Appointment :	01.03.2006

KEY EXECUTIVES

Name :	Mr. Kunal Malhotra
Designation :	Company Secretary
Address :	59, Sahyog Apartment, Pitmapura, Delhi-110034, India
Date of Appointment :	28.03.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Equity Shares
Sudhir seth	3676040
Sudhir seth HUF	525
Indu Seth	525525
Kamala Seth	10
Rahul seth HUF	10
Rahul Seth	526040
Kritika Seth	525
Total	4728675
Names of Shareholders	No. of Shares
COMPULSORY CONVERTIBLE PREFERENCES SHARES	200000000
GS Sudhir Holdings Limited, USA	60000000
Total	260000000

Equity Share Breakup (Percentage of Total Equity)

AS ON : 30.09.2010

Category		Percentage of Holding
Directors or relatives of directors		99.98
Other top fifty shareholders		0.02
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Sale of Generators Sets

PRODUCTION STATUS (As on : 31.03.2010 )

Particulars	Unit	Licensed / Installed Capacity	Actual Production
D G Sets	Nos.	21359	8132
Control Panels	Nos.	9400	1038

GENERAL INFORMATION

Bankers :	· Kotak Mahindra Bank limited, 36-38A, Nariman Bhavan, 227D, Nariman point, Mumbai – 400 021, Maharashtra, India · Kotak Mahindra Bank Limited, Ambadeep Building, CGE, 14 K G Marg, Delhi, India · HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower parel (West), Mumbai – 400 013, Maharashtra · Citi Bank · Syndicate Bank · ABN amro Bank
Banking Relations :	---
Auditors :
Name :	S R Batliboi and Associates Chartered Accountants
Address :	Gold View, Corporate Tower B, Sector 42, Sector Road, Gurgaon – 122 002, Haryana, India
Tel No.:	91-124-4644000
Fax No.:	91-124-4644050
Joint Venture with :	Consortium of Sudhir power Projects Private Limited and Sudhir Gensets Limited
Associates:	Electron Energy System Alfa Impex
Subsidiaries :	Sudhir Power Projects Private Limited CIN : U70102DL2007PTC160912 Sudhir Intra Vidyut Limited U85110KA1993PLC015053 Sudhir Sales and Services Limited U31200DL2009PLC190575

CAPITAL STRUCTURE

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs.150.000 millions
260000000	Compulsory Convertible preferences Shares	Rs. 10/- each	Rs.2600.000 millions
		Total	Rs.2750.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4728675	Equity Shares	Rs. 10/- each	Rs.47.287 millions
260000000	Compulsory Convertible preferences Shares	Rs. 10/- each	Rs.2600.000 millions
		Total	Rs.2647.287 millions

Note:

Of the above

i) * 4638605 Equity Shares of Rs. 10 each have been allotted as fully paid up bonus shares by capitalization of accumulated balance in the profit and loss account.

ii) The Compulsory Convertible Preference shares are convertible at the conversion price at the mandatory conversion date unless the investors notice of conversion to the company requesting conversion, in that case it becomes convertible within 15 business days of such notice. The mandatory conversion date is the earliest of the followings.

a) The date falling 10 years after the issue date i.e. January 8, 2008 or

b) The date of occurrence of an IPO (Initial Public Offering) or

c) The date of an occurrence of a QIPO (Qualified Initial Public Offering)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2647.287	2647.287	2647.287
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6576.022	4876.107	3890.524
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9223.309	7523.394	6537.811
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9223.309	7523.394	6537.811
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1034.754	655.132	657.964
Capital work-in-progress		559.579	841.074	583.321
INVESTMENT		6263.677	3801.269	4372.700
DEFERREX TAX ASSETS		10.754	16.238	16.891
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	967.563	949.046	898.859
	Sundry Debtors	775.172	900.973	793.618
	Cash & Bank Balances	357.715	1281.019	414.972
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	578.977	281.598	300.847
Total Current Assets		2679.427	3412.636	2408.296
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	781.246	715.965	985.260
	Other Current Liabilities	459.763	278.068	332.372
	Provisions	83.873	208.922	183.729
Total Current Liabilities		1324.882	1202.955	1501.361
Net Current Assets		1354.545	2209.681	906.935
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9223.309	7523.394	6537.811

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	7522.065	7513.470	7679.107
		Other Income	670.973	328.136	264.164
		TOTAL (A)	8193.038	7841.606	7943.271
Less	EXPENSES
		Raw Material Consumed	5538.864	5047.385	5267.978
		Purchase of Trading Goods	14.774	591.615	269.089
		Raw Material Consumed – Hotel	6.509	0.000	0.000
		Personnel Expenses	248.622	239.668	186.059
		Operating and other Expenses	496.662	664.879	745.801
		Increase/ Decrease in Stock	[59.531]	[136.982]	[171.378]
		TOTAL (B)	6245.900	6406.565	6297.549
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1947.138	1435.041	1645.722
Less	FINANCIAL EXPENSES (D)		10.617	8.923	5.743
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1936.521	1426.118	1639.979
Less/ Add	DEPRECIATION/ AMORTISATION (F)		73.311	48.721	47.223
	PROFIT BEFORE TAX (E-F) (G)		1863.210	1377.397	1592.756
Less	TAX (I)		162.992	196.134	56.795
	PROFIT AFTER TAX (G-I) (J)		1700.218	1181.063	1535.961
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2876.107	2390.524	1622.709
Less	APPROPRIATIONS
		Interim Dividend	0.260	--	78.023
		On Preference Shares	--	18.131	16.404
		Proposed Final Dividend	--	148.953	134.767
		On Interim Dividend	--	--	13.260
		Dividend on Proposed Final Dividend	--	25.315	22.904
		Dividend on Preference Shares	0.043	3.081	2.788
		Transfer to General Reserve	500.000	500.000	500.000
	BALANCE CARRIED TO THE B/S		4076.022	2876.107	2390.524
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	10.364	20.821	NA
	TOTAL EARNINGS		10.364	20.821	NA
	IMPORTS
		Raw Materials	22.940	17.553
		Stores & Spares	0.894	0.337
		Capital Goods	0.734	24.554	270.373
		D G Sets for Trading	0.000	579.821
		UPS and batteries	19.570	9.126
	TOTAL IMPORTS		44.138	631.391	270.373
	Earnings Per Share (Rs.)
	Basic		359.49	245.28	320.76
	Diluted		339.73	235.99	306.91

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	20.75	15.06	19.33
Net Profit Margin (PBT/Sales)	(%)	24.77	18.33	20.74
Return on Total Assets (PBT/Total Assets)	(%)	50.16	15.78	19.81
Return on Investment (ROI) (PBT/Networth)		0.20	0.18	0.24
Debt Equity Ratio (Total Liability/Networth)		0.14	0.16	0.23
Current Ratio (Current Asset/Current Liability)		2.02	2.84	1.60

LOCAL AGENCY FURTHER INFORMATION

Financial Results:

The company has performed reasonably well during the financial year 2009-10. During the year the company’s Gross revenue was Rs. 8193.030 Millions as against 7841.610 Millions last year. Profit after tax was Rs. 1700.220 Millions as against 1181.060 Millions last year.

Contingent Liabilities are not provided in respect of :

a) Claims against the company not acknowledged as debts Rs. 4.840 Millions. These claims are in respect of various cases filed by the customers and employees. The legal proceedings are going on and therefore it is not practicable to state the timing of any payment. The management is of the option that it is possible, but not probable, that the action will succeed and accordingly no provision for any liability has been made in these financial statements.

b) Guarantees issued by the bank on behalf of the company Rs. 217.782 Millions

c) Guarantee issued on behalf of a subsidiary company Rs. 1788.500 Millions

d) The company has collection pending of Sales tax declaration from for earlier years, the estimated liability on which if not collected would be approximately Rs. 274.866 Millions. The management is of the opinion that it will collect all the forms in due course and there will not be any liability in that regard and accordingly has not provided for the same.

e) The Excise authorities have raised demands of Rs. 3.564 Millions for the year 1999-2000. The company has gone into appeal with the Customa, Excise and Service Tax Applace Tribunal against the aforesaid demand and the stay was granted subject to payment of Rs. 0.750 Million. The company has deposited the said amount of in compliance with the stay order. The management, based on expert opinion believes that it is possible, but not probable, that any liability would devolve on the company and accordingly no provision for any liability has been made in these financial statements and the amount paid under protest is shown as recoverable under Schedule and Loans and Advances in the financial statement.

f) The company has availed benefit of concession customs duty rate under the “Export Promotion Capital Goods Scheme” (EPCG) under which capital goods may be imported as a concession rate of basic customs duty subject to fulfillment of the specified value of exports obligation over a period of 8 years form the date of issue of license. In case the company fails to fulfill the export obligation as per the terms of the license, it shall be liable to pay differential customs duty along with interest. As at the year end the pending export obligations is 96.687 Millions. The management is confident that it will be able to fulfill the export obligations within the time period and hence have not provide for any duty or interest on this account. Having regard to the past rends of exports, they concur with the management assessment as there is a substantial period of time left to complete the obligations and they do not foresee any reason for the company not being able to fulfill the export obligation.

g) In respect of assessment year 2004-05, 2005-06 ands 2006-07, the income tax authorities did not consider interest income from fixed deposits as business income and accordingly the same was not allowed fro computation of deduction u/s done an analysis and is of the opinion that it has fair chance of a favourable decision. The amount for contingent liability for the year is 6.790 Millions.

Bankers Charges Report as per Registry

Corporate identity number of the company

U74899DL1995PLC073261

Name of the company

SUDHIR GENSETS LIMITED

Address of the registered office or of the principal place of business in India of the company

No. 507, International Trade Tower, Nehru Place, New Delhi – 110 019

This form is for

Creation of charge

Type of charge

· Book debts

· Movable property (not being pledge)

· Floating charge

Particular of charge holder

CIN :	L65110mh1985plc038137
Name :	Kotak Mahindra Bank limited
Address :	36-38A, Nariman Bhavan, 227D, Nariman point, Mumbai – 400 021, Maharashtra
E-Mail :	bina.chandarana@kotak.com

Nature of instrument creating charge

Deed of Hypothecation of stocks, book debts and moveable fixed assets expect land and building.

Date of instrument Creating the charge

03.06.2009

Amount secured by the charge

Rs. 400.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

As per agreement

Terms of repayment

As per agreement

Extent and operation of the charge

Hypothecation by way of First Pari Passu charge on all the moveable fixed assets (expect on land and building) and first pari passu charge on all stocks and book debts of the company both present and future.

Short particulars of the property charged (including location of the property)

Hypothecation by way of First Pari Passu charge on all the moveable fixed assets (expect on land and building) and first pari passu charge on all stocks and book debts of the company both present and future.

fixed assets:

· Land (Leasehold)

· Leasehold Improvement

· Building

· Computer

· Electric Fitting

· Furniture and Fixture

· Office Equipment

· Vehicles

· Plant and Machinery

AS PER WEBSITE

Company Information :

Sudhir is a name synonymous with Power. It stands tall in the Indian Power Generation Sector, providing complete turnkey Electrical solutions from GENERATION, DISTRIBUTION to ELECTRIFICATION.

An Industry leader in the field of setting up Diesel base Captive Power Plants upto 20MW having its corporate office in Gurgaon and revenue of over INR 10000.000 Millions, it has leveraged its relationship with Cummins Limited to capture a majority market share.

The Company has a wide blue-chip customer base and operates through multiple manufacturing facilities across India and focuses on Diesel and Gas Generators, HT and LT Switchboards, Transformers and Turnkey EPC contracts.

The product line includes the widest range of Diesel Gensets 15-3000 KVA with a fuel option of Gas, Transformers, Packaged Substations, complete range of HT 11KV and 33KV Panels, LT Switchboards, Turnkey EPC contracts covering electrical and mechanical services of Generation, Distribution and Electrification.

Indeed, they have achieved and leapfrogged towards unprecedented growth. But to them this is just another step in the ongoing journey to greater goals and broader horizons.

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 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.45.44
UK Pound	1	Rs.70.61
Euro	1	Rs.58.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	no
--LITIGATION	YES/NO	no
--OTHER ADVERSE INFORMATION	YES/NO	no
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	no
--EXPORT ACTIVITIES	YES/NO	no
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		58

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.