1. Summary Information

		Country	India
Company Name	SGS TEKNIKS MANUFACTURING PRIVATE LIMITED	Principal Name 1	Mr. Jasbir Gujral
Status	Satisfactory	Principal Name 2	Mr. Ranjit Singh
		Registration #	--
Street Address	D-1/3 Rajouri Garden New Delhi – 110 027, Delhi
Established Date	02.03.2006	SIC Code	--
Telephone#	--	Business Style 1	Electronic Manufacturing Services
Fax #	--	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	--	Product Name 2	--
Paid up capital	15,082,000	Product Name 3	--
Shareholders	Jasbir Gujral - 254288	Banking	Citi Bank
Public Limited Corp.	--	Business Period	05 years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	Ba (44)
Related Company
Relation Associates/Subsidiaries	Country India	Company Name	Pawan Associates
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	280,115,000	Current Liabilities	168,947,000
Inventories	101,186,000	Long-term Liabilities	87,163,000
Fixed Assets	193,608,000	Other Liabilities	11,709,000
Deferred Assets	--	Total Liabilities	267,819,000
Invest& other Assets	1,035,000	Retained Earnings	293,043,000
		Net Worth	308,125,000
Total Assets	575,944,000	Total Liab. & Equity	575,944,000
Total Assets (Previous Year)	455,527,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	831,286,000	Net Profit	96,797,000
Sales(Previous yr)	642,596,000	Net Profit(Prev.yr)	69,084,000

MIRA INFORM REPORT

Report Date :

20.09.2011

IDENTIFICATION DETAILS

Name :	SGS TEKNIKS MANUFACTURING PRIVATE LIMITED
Registered Office :	D-1/3 Rajouri Garden New Delhi – 110 027, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.03.2006
Com. Reg. No.:	55-147027
Capital Investment / Paid-up Capital :	Rs.15.082 Millions
CIN No.: [Company Identification No.]	u72200dl2006ptc147027
TAN No.: [Tax Deduction & Collection Account No.]	Dels33467A
PAN No.: [Permanent Account No.]	AAKCS4000M
Legal Form :	Private Limited Liability Company
Line of Business :	Electronic Manufacturing Services
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba ( 44 )

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

Maximum Credit Limit :	USD 1232500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 :	D-1/3 Rajouri Garden New Delhi – 110 027
E-Mail :	gujral@sgst.com
Website :	www.sgst.com
Corporate Office :	A-3, Info City, Sector - 34, Gurgaon – 122 001, Haryana
Tel. No.:	91-124- 4628800 / 4628833-34
Fax No.:	91-124- 4628821
Factory :	407, Phase Iv, Udyog Vihar, Gurgaon – 122 015, Haryana
Tel. No.:	91-124-2450239 / 2345894
Fax No.:	91-124-2342105

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Jasbir Singh Gujral
Designation :	Director
Address :	D1/3, Rajouri Garden, new Delhi – 110 027
Date of Birth/Age :	09.09.1955
Qualification :	Fellow member of the institute of Chartered Accountants of India & associate member of the institute of internal auditors (u.s.a)
Date of Appointment :	03.03.2006

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1986PTC024356	SGS TEKNIKS PRIVATE LIMITED	Director	20/04/1990	20/04/1990	-	Amalgamated	NO
2	U74899DL1994PTC061801	SGS HOLDINGS AND LEASING PRIVATE LIMITED	Director	27/09/1994	27/09/1994	-	Active	NO
3	U74899DL1995PTC069956	SGS INFOTECH PRIVATE LIMITED	Director	20/06/1995	20/06/1995	-	Active	NO
4	U70101DL2000PTC105595	HAMP PROPERTIES PRIVATE LIMITED	Director	08/05/2000	08/05/2000	-	Active	NO
5	U31104DL1996PTC082106	ELTEK SGS PRIVATE LIMITED	Director	24/09/2003	24/09/2003	-	Active	NO
6	U72200DL2006PTC147027	SGS Tekniks Manufacturing Private Limited	Director	02/03/2006	02/03/2006	-	Active	NO
7	U28931DL2006PTC150600	ELTEK SGS MECHANICS PRIVATE LIMITED.	Director	06/07/2006	06/07/2006	-	Active	NO
8	U40109DL2003PTC209036	VALERE POWER INDIA PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO
9	U31900DL2011PTC216806	ELTEK SGS RENEWABLE ENERGY PRIVATE LIMITED	Director	30/03/2011	30/03/2011	-	Active	NO
10	U31501DL2011PTC218182	SGS TEKNIKS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO

Name :	Mr. Sanjiv Narayan
Designation :	Director
Address :	F-255 A, Sainik Farms, New Delhi – 110 062
Date of Birth/Age :	12.04.1951
Qualification :	B.TECH.(ELECT.), I.I.T DELHI – M.B.A., F.M.S. DELHI
Date of Appointment :	01.08.2006
Directorship in other Companies :	SGC Infotech Private Limited CIN : U74899DL1995PTC0699956 SGS Tekniks Private Limited CIN : U74899DL1986PTC024356 SGS Holdings and Leasing Private Limited CIN : U74899DL1994PTC061801 Eltek SGs Private Limited CIN : U31104DL1996PTC082106

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1994PTC061801	SGS HOLDINGS AND LEASING PRIVATE LIMITED	Director	27/09/1994	27/09/1994	-	Active	NO
2	U74899DL1995PTC069956	SGS INFOTECH PRIVATE LIMITED	Director	20/06/1995	20/06/1995	-	Active	NO
3	U72200DL2006PTC147027	SGS Tekniks Manufacturing Private Limited	Director	01/08/2006	01/08/2006	-	Active	NO
4	U74899DL1986PTC024356	SGS TEKNIKS PRIVATE LIMITED	Managing director	05/12/2006	05/12/2006	-	Amalgamated	NO
5	U93030DL2010PTC199633	Prisha Culture and Education Private Limited	Director	02/03/2010	02/03/2010	-	Active	NO
6	U74900DL2011PTC216717	ROCKWOOD HOSPITALITY ASSOCIATES PRIVATE LIMITED	Director	29/03/2011	29/03/2011	-	Active	NO
7	U31501DL2011PTC218182	SGS TEKNIKS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO
8	U74140DL2011PTC222878	ENTREPRENEURING INDIA VENTURE SERVICES PRIVATE LIMITED	Director	27/07/2011	27/07/2011	-	Active	NO

Name :	Mr. Ranjit Singh
Designation :	Director
Address :	D-1/25, Rajouri Garden, New Delhi – 110 027
Date of Birth/Age :	09.08.1957
Qualification :	B.TECH.(MECH.) Delhi college of engineering
Date of Appointment :	01.08.2006

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1986PTC024356	SGS TEKNIKS PRIVATE LIMITED	Director	26/09/1991	26/09/1991	-	Amalgamated	NO
2	U74899DL1994PTC061801	SGS HOLDINGS AND LEASING PRIVATE LIMITED	Director	27/09/1994	27/09/1994	-	Active	NO
3	U74899DL1995PTC069956	SGS INFOTECH PRIVATE LIMITED	Director	20/06/1995	20/06/1995	-	Active	NO
4	U70101DL2000PTC105595	HAMP PROPERTIES PRIVATE LIMITED	Director	08/05/2000	08/05/2000	-	Active	NO
5	U45201DL2003PTC122908	RANJIT KRISHNA PROPERTIES PRIVATE LIMITED	Director	03/11/2003	03/11/2003	-	Active	NO
6	U28931DL2006PTC150600	ELTEK SGS MECHANICS PRIVATE LIMITED.	Director	06/07/2006	06/07/2006	-	Active	NO
7	U72200DL2006PTC147027	SGS Tekniks Manufacturing Private Limited	Director	01/08/2006	01/08/2006	-	Active	NO
8	U31501DL2011PTC218182	SGS TEKNIKS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO

Name :	Mr. Krishna Kumar Pant
Designation :	Director
Address :	J2/36, DLF – Phase II, Gurgaon – 122 002, Haryana
Date of Birth/Age :	26.04.1958
Qualification :	Graduated with hounours from Delhi university and Post Graduation in business management
Date of Appointment :	01.08.2006

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1986PTC024356	SGS TEKNIKS PRIVATE LIMITED	Director	26/09/1991	26/09/1991	-	Amalgamated	NO
2	U74899DL1994PTC061801	SGS HOLDINGS AND LEASING PRIVATE LIMITED	Director	27/09/1994	27/09/1994	-	Active	NO
3	U74899DL1995PTC069956	SGS INFOTECH PRIVATE LIMITED	Director	20/06/1995	20/06/1995	-	Active	NO
4	U31104DL1996PTC082106	ELTEK SGS PRIVATE LIMITED	Director	27/09/1996	27/09/1996	-	Active	NO
5	U70101DL2000PTC105595	HAMP PROPERTIES PRIVATE LIMITED	Director	08/05/2000	08/05/2000	-	Active	NO
6	U45201DL2003PTC122908	RANJIT KRISHNA PROPERTIES PRIVATE LIMITED	Director	03/11/2003	03/11/2003	-	Active	NO
7	U72200DL2006PTC147027	SGS Tekniks Manufacturing Private Limited	Director	01/08/2006	01/08/2006	-	Active	NO
8	U40109DL2003PTC209036	VALERE POWER INDIA PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO
9	U31900DL2011PTC216806	ELTEK SGS RENEWABLE ENERGY PRIVATE LIMITED	Director	30/03/2011	30/03/2011	-	Active	NO
10	U31501DL2011PTC218182	SGS TEKNIKS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Mr. Jasbir Singh Gujral	254288
Mr. Ranjit Singh Lonial	254287
Mr. Sanjiv Narayan	254288
Mr. Krishna Kumar Pant	254287
Ms. Sushma Narayan	900
Mr. Sukhbir Kaur Gujral	900
Mr. Bhavnjeet Kaur Lonial	900
Ms. Usha Pant	900
SGS Holdings and Leasing Private Limited	487500
Total	1508250

AS ON 29.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		32.00
Directors or relatives of directors		68.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Electronic Manufacturing Services

PRODUCTION STATUS (As on: 31.03.2009):-

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Battery eliminators	Nos.	36000	36000	NIL
Electronic Sub Assemblies and Modules	Rs. in millions	5.000	5.000	2416435
Power Supplies	Nos.	5000	5000	NIL
Switches and Relay	Nos.	25000	25000	NIL
Chokes Coil Inductors	Nos.	Na	NA	NIL

GENERAL INFORMATION

Bankers :

Citi Bank N.A, Jeevan Vihar, 3 Sansad Marg, New Delhi – 110 001

Facilities :

SECURED LOANS	31.03.2010 (RS. IN MILLIONS)	31.03.2009 (RS. IN MILLIONS)
From Banks
Working Capital Demand Loan including Cash Credit	67.849	61.470
Term loan [Amount repayable within one year Rs.10.114 Millions [Amount repayable within one year Rs. 10.114 Millions	10.114	24.485
From Others
Vehicle Loan [Amount repayable within one year Rs.1.967 Millions (Previous Year Rs.0.924 Million)	6.149	2.114
Total	84.113	88.070
UNSECURED LOANS	31.03.2010 (RS. IN MILLIONS)	31.03.2009 (RS. IN MILLIONS)
From Banks	0.000	0.000
From Others
M/s SGS Holdings and Leasing Private Limited	0.00	13.244
Others	3.050	1.200
Total	3.050	14.444

NOTE:

1) (Secured by hypothecation of the Stocks and Debtors)

2) (Secured by hypothecation of all present and future stocks, plant and machinery, land and building situated at Plot no 390391 Udyog Vihar, Phase-lV, Gurgaon and Plot No. A-03, Infocity Sector -34, Gurgaon Haryana, Personal Guarantee of the Directors of the Company and Corporate Guarantee of M/s SGS Holdings and Leasing Private Limited)

3) (Secured by way of hypothecation of Vehicles)

Banking Relations :

---

Auditors :

Name :

J C Bhalla and Company

Chartered Accountants

Address :

B-05, Sector -6, Noida – 201301, Uttar Pradesh, India

Tel No.:

91-120-4241000

Fax No.:

91-120-4241007

Associates/Subsidiaries :

· Pawan Associates

· Suprina associates

· Ranjit Krishna Properties Private Limited

CAPITAL STRUCTURE

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1508250	Equity Shares	Rs. 10/- each	Rs. 15.082 millions

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		15.082	15.082	15.082
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		293.043	204.237	143.976
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		308.125	219.319	159.058
LOAN FUNDS
1] Secured Loans		84.113	88.070	84.668
2] Unsecured Loans		3.050	14.444	31.524
TOTAL BORROWING		87.163	102.514	116.192
DEFERRED TAX LIABILITIES		11.709	11.699	14.542
TOTAL		406.996	333.532	289.792
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		193.608	181.944	138.648
Capital work-in-progress		0.715	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	101.186	74.386	64.172
	Sundry Debtors	170.712	10.044	4.569
	Cash & Bank Balances	10.379	132.847	134.736
	Other Current Assets	0.000	7.340	18.063
	Loans & Advances	99.024	48.325	41.577
Total Current Assets		381.301	272.942	263.117
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	107.078	70.368	0.000
	Other Current Liabilities	17.830	14.323	86.544
	Provisions	44.039	37.304	26.390
Total Current Liabilities		168.947	121.995	112.934
Net Current Assets		212.354	150.947	150.183
MISCELLANEOUS EXPENSES		0.320	0.641	0.961
TOTAL		406.997	333.532	289.792

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	831.286	642.596	531.714
		Other Income		0.000	0.000
		TOTAL	831.286	642.596	531.714
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		89.207	76.180	60.831
Less	TAX		7.590	7.096	7.743
	PROFIT AFTER TAX		96.797	69.084	53.088
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	NA
		Dividend	8.823	8.823	NA
	BALANCE CARRIED TO THE B/S		77.974	97.894	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	190.807	214.390	169.370
	TOTAL EARNINGS		190.807	214.390	169.370
	IMPORTS
		Raw Materials	339.218	244.170	188.852
		Capital Goods	2.302	35.766	NA
	TOTAL IMPORTS		341.520	279.936	188.852

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	11.64	10.75	9.98
Net Profit Margin (PBT/Sales)	(%)	NA	11.86	11.44
Return on Total Assets (PBT/Total Assets)	(%)	15.52	16.74	15.14
Return on Investment (ROI) (PBT/Networth)		0.29	0.35	0.38
Debt Equity Ratio (Total Liability/Networth)		0.83	1.02	1.44
Current Ratio (Current Asset/Current Liability)		2.26	2.24	2.33

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office address of the company has been shifted from F 225 A Sainik Farms, New Delhi – 110062, Delhi, India to present w.e.f. 01.04.2010

form 8:-

Corporate identity number of the company

u72200dl2006ptc147027

Name of the company

SGS TEKNIKS MANUFACTURING PRIVATE LIMITED

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

D-1/3 Rajouri Garden New Delhi – 110 027

This form is for

modification of charge

Type of charge

· Immovable property

· Book debts

· Movable Property (Not being pledge)

· Others (Stocks, P and M, Office Equipment, Furniture and Fixtures)

Particular of charge holder

Category :	Foreign Bank
Name :	Citi Bank N.A
Address :	Jeevan Vihar, 3 Sansad Marg, New Delhi – 110 001
E-Mail :	roc@sdpa.in

Nature of instrument creating charge

Deed of modification of Goods Security Agreement.

Deed of modification of Loan Agreement.

Date of instrument Creating the charge

15.01.2010

Amount secured by the charge

Rs. 120.000 millions

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

Rate of Interest:

As per sanction terms and as may be decided by the Bank and Company mutually from time to time.

Terms of Repayment:

Repayable on demand, annually renewable.

Margin:

Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the Bank.

Extent and Operation of the charge:

First exclusive charge on the current assets (including stocks and book debts) and movable fixed assets (including P and M, Off. equipment, furniture and fixtures etc.) both present and future and equitable mortgage of land and building at:

(a) 390-391, Udyog Vihar, Phase-4, Gurgaon

(b) Plot No. 3, Block A, Info City, Gurgaon in favour of Citibank N.A Delhi for the repayment of all monies in respect of the credit facility, including outstanding balance and also all interest, costs, charges and expenses.

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

· Current assets (including stocks and book debts) and movable fixed assets (including plant and machinery, office equipment, furniture and fixtures etc.) both present and future.

· Equitable mortgage of land and building at 390-391, Udyog Vihar, Phase-4, Gurgaon.

· Equitable mortgage of land and building at Plot No. 3, Block A, Info City, Gurgaon.

Date of instrument modifying the charge

23.07.2008

Particulars of the present modification

By this modification increase the facilities for the following charges upto Rs. 120.000 millions and the charge is secured by first exclusive charge on the current assets (including stocks and book debts) and movable fixed assets (including plant and machinery, office equipment, furniture and fixtures etc.) both present and future and equitable mortgage of land and building at:

(a) 390-391, Udyog Vihar, Phase-4, Gurgaon

(b) Plot No. 3, Block A, Info City, Gurgaon.

Fixed assets:-

· Land

· building

· Tools and Moulds

· Plant and Machinery

· computer

· Office Equipments

· Vehicles

· Coolers and Refrigerators

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.47.79
UK Pound	1	Rs.75.05
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	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	no
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		44

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

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.