MIRA INFORM REPORT

Report Date :

04.06.2012

IDENTIFICATION DETAILS

Name :	PAY POINT INDIA NETWORK PRIVATE LIMITED
Registered Office :	201 -202, Sushil Building, 2^nd Floor, Kamla Nehru Cross Road No. 1, Near Kandiwali Railway Station, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.09.2005
Com. Reg. No.:	11-156130
Capital Investment/ Paid-up Capital:	Rs.74.187 Millions
CIN No.: [Company Identification No.]	U74999MH2005PTC156130
TAN No.: [Tax Deduction & Collection Account No.]	MUMP22908E
PAN No.: [Permanent Account No.]	AADCP6881A
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in only one business segment i.e. Bill Payments
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 357000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However. 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 cautions

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	201 -202, Sushil Building, 2^nd Floor, Kamla Nehru Cross Road No. 1, Near Kandiwali Railway Station, Kandivali (West), Mumbai – 400067, Maharashtra India
Tel. No.:	91-22-40688088
Fax No.:	Not Available
E-Mail :	md@paypointindia.com info@paypointindia.com
Website :

DIRECTORS

As o 30.09.2011

Name :

Mr. Pradip Chandrakant Mehta

Designation :

Director

Date of Appointment :

20.03.2007

Din No.:

00027702

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	U67120MH1986PTC041949	GAPARIK TRADE AND FINANCE RESOURCES PVT. LTD.	Director	22/12/1986	22/12/1986	28/12/2011	Active	NO
2	U24110MH1988PTC048512	PARAM CHEMICALS PRIVATE LIMITED	Director	17/08/1988	17/08/1988	-	Active	NO
3	U61100MH1992PLC067643	STAR NAVIGATION LIMITED	Director	10/7/1992	10/7/1992	-	Active	NO
4	U20221MH1992PLC067635	STAR INFRASTRUCTURE LIMITED	Director	10/7/1992	10/7/1992	-	Active	NO
5	U17119DN1994PLC000060	STARWOOD DEVELOPERS LIMITED	Director	10/1/1994	10/1/1994	-	Active	NO
6	U64200MH1996PTC100330	WAVELENGTH CONTAINERISED CARGO SERVICES PRIVATE LIMITED	Director	20/06/1996	20/06/1996	30/11/2009	Active	NO
7	U63090MH1998PTC113045	EXPORT CONSOLIDATION SERVICES INDIA PRIVATE LIMITED	Director	16/01/1998	16/01/1998	2/1/2010	Active	NO
8	U63090MH1999PTC120184	ROYALE CLEFORD PRIVATE LIMITED	Director	1/11/1999	1/11/1999	30/11/2009	Active	NO
9	U50402KA2002PTC030980	SCARLET YAMAHA PRIVATE LIMITED	Director	6/9/2002	6/9/2002	-	Active	NO
10	U51311MH2003PTC143731	CHINTAMANI IMPEX PRIVATE LIMITED	Director	30/12/2003	30/12/2003	-	Active	NO
11	U31503MP1995PTC009139	EXELITE LAMPS (INDIA)PVT LTD	Director	4/10/2005	4/10/2005	-	Active	NO
12	U51397MP2002PTC015111	AKSHAR EUDAEMONICS PRIVATE LIMITED	Director	4/10/2005	4/10/2005	-	Active	NO
13	U51109WB1996PTC077618	STARPOINT COMMERCE PVT LTD	Director	12/4/2006	12/4/2006	-	Active	NO
14	U74999MH2005PTC156130	PAY POINT INDIA NETWORK PRIVATE LIMITED	Director	20/03/2007	20/03/2007	-	Active	NO
15	U55101MH2002PTC135554	VYANJAN HOTELS PRIVATE LIMITED	Director	22/03/2007	22/03/2007	18/10/2007	Active	NO
16	U85100MH2008PTC178233	ALEXIN HEALTHCARE PRIVATE LIMITED	Director	25/01/2008	25/01/2008	-	Active	NO
17	U80903MH2008PTC182047	SMILE EDUCATION PRIVATE LIMITED	Director	9/5/2008	9/5/2008	-	Active	NO
18	U73100MH2009PTC196916	MH LIFESCIENCE PRIVATE LIMITED	Director	6/11/2009	6/11/2009	-	Active	NO
19	U24119MH2006PTC164171	MICROGEN HYGIENE PRIVATE LIMITED	Director	12/4/2010	12/4/2010	-	Active	NO
20	U67120MH1995PTC093279	SHRI AMBE PUNJINVESH PRIVATE LIMITED	Director	29/07/2010	29/07/2010	-	Active	NO
21	U51109MH2009PTC197346	SIKANDER TRADING PRIVATE LIMITED	Director	5/1/2011	5/1/2011	-	Active	NO
22	U65923MH2011NPL212936	PAY POINT MICROFIN FOUNDATION	Director	2/2/2011	2/2/2011	-	Active	NO
23	U24100MH2009PTC196106	CORAZON PHARMA PRIVATE LIMITED	Director	20/12/2011	20/12/2011	-	Active	NO

Name :

Mr. Mahendra Vinayak Vichare

Designation :

Director

Date of Appointment :

20.03.2007

Din No.:

00042478

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	U64120MH1996PTC104537	VICHARE COURIER SERVICE PRIVATE LIMITED	Managing director	15/10/2005	15/10/2005	-	Active	NO
2	U51109WB1996PTC077618	STARPOINT COMMERCE PVT LTD	Director	12/4/2006	12/4/2006	-	Active	NO
3	U18101MH2006PTC162484	FALGUNI VICHARE APPAREL PRIVATE LIMITED	Director	31/05/2006	31/05/2006	-	Active	NO
4	U74999MH2005PTC156130	PAY POINT INDIA NETWORK PRIVATE LIMITED	Director	20/03/2007	20/03/2007	-	Active	NO
5	U70200MH2008PTC184773	VICHARE PROPERTY DEVELOPERS PRIVATE LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO
6	U24100MH2010PTC199447	VICHARE INKS & ALLIED INDUSTRIES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO

Name :

Mr. Ketan Chandravadan Doshi

Designation :

Director

Address :

3/B/9 Krishna Nagar, Chandavarkar Road, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Appointment :

20.03.2007

Din No.:

01355942

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	U67120MH1995PTC085438	WINWIN SECURITIES PRIVATE LIMITED	Director	8/8/2000	8/8/2000	-	Active	NO
2	U74999MH2005PTC156130	PAY POINT INDIA NETWORK PRIVATE LIMITED	Director	20/03/2007	20/03/2007	-	Active	NO
3	U51109MH2009PTC197431	Paypoint Shares & Securities Private Limited	Director	20/04/2010	20/04/2010	-	Active	NO
4	U74140WB2005PTC101414	EKDANT CONSULTANTS PRIVATE LIMITED	Director	19/08/2010	19/08/2010	-	Active	NO
5	U65923MH2011NPL212936	PAY POINT MICROFIN FOUNDATION	Director	2/2/2011	2/2/2011	-	Active	NO

Name :

Mr. Dolar Bharat Doshi

Designation :

Director

Date of Appointment :

20.03.2007

Din No.:

01463061

Name :

Mr. Sajit Raghava Suvarna

Designation :

Director

Date of Appointment :

20.03.2007

Din No.:

01481316

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	U74999MH2005PTC156130	PAY POINT INDIA NETWORK PRIVATE LIMITED	Director	20/03/2007	20/03/2007	-	Active	NO
2	U30009PN2008PTC132035	ACS Auxiliaries India Private Limited	Director	16/05/2008	16/05/2008	14/08/2008	Active	NO
3	U74990MH2009PTC196881	Stephen Gould India Private Limited	Director	5/11/2009	5/11/2009	-	Active	NO
4	U93090MH2011PTC223078	Securus First India Private Limited	Director	15/10/2011	15/10/2011	16/03/2012	Active	NO

Name :

Mr. Romil Rasik Meghani

Designation :

Director

Address :

Sital Mahal, Flat No. 3, 1st floor,, Sital Baug, 64, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Appointment :

02.09.2011

Din No.:

03355485

KEY EXECUTIVES

Name :	Mr. Ketan C. Doshi
Designation :	CEO / Managing Director
Name :	Mr. Romil R. Meghani
Designation :	Director - Communication
Name :	Mr. Ketan H. Doshi Head
Designation :	Business Development
Name :	Mr. Dhruv Chikhal
Designation :	Chief Strategy Officer
Name :	Mr. ArijitGhosh
Designation :	Strategic Advisor
Name :	Mr. Subro Nath
Designation :	Head - Sales
Name :	Mr. Hemang Dani
Designation :	IT Consultant
Name :	Mr. Swapnal Chonkar
Designation :	IT – Development
Name :	Mr. Bharat Chitroda
Designation :	IT – Maintenance
Name :	Mr. Sachin Lokhande
Designation :	IT – Infrstructure

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As o 30.09.2011

Names of Shareholders	No. of Shares
Mr. Pradip Chandrakant Mehta	470750
Mr. Mahendra Vinayak Vichare	100000
Mr. Ketan Chandravadan Doshi	371500
Mr. Sajit Raghava Suvarna	146000
Mr. Romil Rasik Meghani	258000

As on 12.03.2012

Names of Alottees	No. of Shares
Winwin Securities Private Limited	10000
Venkatrao Sayanna Shankawar	10000
Shoba Venkatrao Shankawar	10000
Vishwas Venkatrao Shankawar	10000
Total	40000

As on 30.09.2011

Category	Percentage
Bodies corporate	40.00
Directors or relatives of directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in only one business segment i.e. Bill Payments

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Divulged
Facilities :

Banking Relations :	--
Auditors :
Name :	Vakilna and Company Chartered Accountant
Address :	B/12, Om Modi Nagar Chs, Mathrudas Road, Kandiwali (West), Mumbai – 400067, India
Mobile No.:	91-9320009990
Email:	aavakilnaca@rediffmail.com
Pan No.:	ABAPV8469R

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Share	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7418750	Equity Share	Rs.10/- each	Rs.74.187 Millions

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Share	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7608750	Equity Share	Rs.10/- each	Rs.76.088 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		74.187	59.730	20.000
2] Share Application Money		0.000	1.463	15.493
3] Reserves & Surplus		23.564	23.563	3.227
4] (Accumulated Losses)		(8.474)	(13.655)	(14.680)
NETWORTH		89.277	71.102	24.040
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		89.277	71.101	24.040
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.830	9.460	9.145
Capital work-in-progress		0.000	57.428	16.102
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.186	0.000	0.000
	Sundry Debtors	3.412	2.578	1.591
	Cash & Bank Balances	(0.129)	4.146	0.131
	Other Current Assets	16.737	11.681	6.564
	Loans & Advances	0.535	0.451	0.483
Total Current Assets		21.741	18.856	8.769
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.408	6.401	3.650
	Other Current Liabilities	13.886	7.996	6.326
	Provisions	0.000	0.246	0.000
Total Current Liabilities		19.294	14.643	9.976
Net Current Assets		2.447	4.213	(1.207)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
0
TOTAL		89.277	71.101	24.040

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	Income	51.955	24.553	NA
Less	Operating Expense	49.611	22.988	NA
	PROFIT BEFORE TAX	2.344	1.565	NA
Less	TAX	0.190	0.246	NA
	PROFIT AFTER TAX	2.154	1.319	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.14	5.37	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.10	5.53	NA
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	NA
Debt Equity Ratio (Total Liability/Networth)		0.22	0.20	0.40
Current Ratio (Current Asset/Current Liability)		1.13	1.29	(0.90)

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last two years	Yes
Profitability for last two years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	-
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	No
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	No
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note: The Registered office of the company has been shifted from the 4- D, Government Industrial Estate, Hindustan Naka, M.G Road, Kandivali (East) Mumbai – 400067, Maharashtra, India to the present address w.e.f 05.05.2011

REVIEW OF OPERATIONS

Following graphs indicate the results of business operations:

The company now provides payment solution for almost all service providers in the states of Gujarat, Delhi, Maharashtra, Chhattisgarh and Rajasthan through direct contractual agreements or service aggregators. Pay Point India now has associations with some of the largest service providers of the country:

1. BEST

2. MSEB

3. MTNL

4. Tata Indicom

5. IRCTC

6. Aircel

7. Airtel

8. BPL / LOOP Mobile

9. BSNL – Maharashtra 10. Dish TV

11. IDEA 12. MMT

13. RCOM 14. Sun TV

15. Reliance Big TV 16. Tata sky

17. Bus Tickets (Long distance) 18. Virgin

19. Vodafone and many more...

Latest additions:

1. State Bank of India

2. Reliance Energy

3. BSNL – Chattisgarh

4. BMC – Bombay Municipal Corporation

5. MGL – Mahanagar Gas

6. Uninor

7. ICICI Lombard Insurance

EXPANDING BUSINESS HORIZONS: NEW BUSINESS VERTICALS:

1.Government Levies and Taxes:

BMC - Bombay Municipal Corporation - Citizens will be able to pay their over 105 taxes towards BMC like establishment tax, water tax avail birth / death certificate etc from Pay Point India outlets. The pilot is set to start shortly.

2.Banking and Financing:

State Bank of India - In order to capitalize on the unbanked population of the country, Pay Point India is in advance negotiation a leading Indian bank, the State Bank of India, to extend their reach into the rural regions of the country. Citizens will now be able to open bank accounts, withdraw, deposit and transfer cash through Pay Point India outlets. These will be no-frill accounts with certain cash limits. Pay Point will also accept loan applications and provide financial products on behalf of the State Bank of India.

3.New service channels:

CIDCO – City and Industrial Corporation - CIDCO is a city government owned, city planning organization based in Navi Mumbai. CIDCO plans to provide the citizens Pay Point India’s services of payment collection for numerous service providers in its area of operation. CIDCO growing reach is a promising and valuable proposition, current presence in Navi Mumbai, Nanded, Auranganbad, Nasik, Latur etc. Pay Point India will power CIDCO’s systems and pay them a per transaction commission.

NEW TECHNOLOGY INITIATIVES and INFRASTRUCTURE:

1.Systems, Technology and Infra-structure upgrade - In anticipation of the growth in services and verticals the company has initiated processes for building a stronger IT team; scale up of technology and infrastructure. This upgrade will enrich the current operations and complement the additional revenue generating streams which are poised to develop in the near future.

2.The Pay Pointz card - The key focus of Pay Point is to integrate enhanced banking and payment solutions and create a new payment system platform, the Pay Pointz card. This Pay Pointz card is a pre-paid cash/debit card which will have an extensive acceptability while providing an un-paralleled convenience to citizens. Integration will begin shortly as an approval from the State Bank of India has been received recently for being Pay Point’s official settlement partner. Most technology related requirements have been fulfilled, system and process audits are in progress and the RBI (Reserve Bank of India) clearance under the Payment and Settlement Act of India, for issuing the Pay Pointz card is expected shortly.

3.Mobile Applications – A mobile payment system is under has been developed in-house and the BETA version is in the initial pilot phase on the B2B platform. Testing programs, inputs and survey programs have been initiated and the final product will be made available in the next financial year. Subsequently, a B2C platform for making payment through cell phones is the pipeline where consumers will be able to make all financial transactions through their mobile phones at no extra cost. This mobile application will be complemented by the Pay Pointz card and mark Pay Points foray into the B2C segment.

4.Automated Payment Management and Settlement System - APMS

Several significant accomplishments like payment settlement platforms for service have been developed in-house. Automated Payment Management and Settlement System (APMS) is a proprietary tech platform developed by Pay Point India keeping in mind the need of the service providers; it provides commendable efficiency and accuracy of transaction, data and payment management. Custom made, proprietary, state of the art platform, for Pay Point India’s world class comprehensive payment solution, developed in-house

This is a one of its kind payment platform with integration options for of all payment modes, services and related software and hardware infrastructure including cash, cheque, credit / debit cards, AFC cards, mobile payments / IMPS, POS terminals and B2C services on multiple

AS PER WABSITE DETAILES

Profile

Pay Point India Network Private Limited is one of the pioneers in providing a one stop solution for distribution and collection of a wide range of services. Every family on an average has to deal with a minimum of 4-5 bills in every month besides requiring E-recharge, renewal of mobiles & Dish TV etc. Considering the perceptible increase in disposable income in the hands of millions of people the number of services required and used would only go up.

Pay Point effectively fills this gap by letting the utilities concentrate on the service delivery only and creating a vast dealer network comprising of Kirana shops, Medical pharmacies, petrol pumps, PCO booths or any other similar retailers conveniently located in the consumer's neighbourhood. This convenient Shoppe will be equipped with a multifunctional terminal which will collect payment vouchers, dispense various other services and value added products.

It will collect payments through its indigenously developed in-house system, on behalf of various service providers of utility services such as Telecom, Electricity, Gas & Entertainment companies. Pay Point India will also dispense pin based and non-pin based talk-time recharges on behalf of telecom companies across the counter.

Pay Point India will issue tickets of various transport systems, such as buses, railways, airlines and as well as entertainment and cinema shows.

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.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.