MIRA INFORM REPORT

Report Date :

24.03.2012

IDENTIFICATION DETAILS

Name :	TT ENERGY PRIVATE LIMITED
Registered Office :	207, Chiranjeev Tower, 43 , Nehru Place, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.07.2006
Com. Reg. No.:	55-150487
Capital Investment / Paid-up Capital :	Rs.135.000 millions
CIN No.: [Company Identification No.]	U40102DL2006PTC150487
TAN No.: [Tax Deduction & Collection Account No.]	DELT07852F
PAN No.: [Permanent Account No.]	AACCT9372M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Generation of Power on commencement of project.
No. of Employees :	Not Available

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 1194000
Status :	Project under implementation stage
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2006, the company is yet to commenced its commercial operations. The company’s project is still under its implementation stage. Payments are unknown. The company can be considered for business dealings with some cautions. Profit and loss account of the company for the current year is not available.

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
ow	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	207, Chiranjeev Tower, 43 , Nehru Place, New Delhi – 110 019, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rolimishra@dansenergy.com
Website :	http://dansenergy.com
Corporate Office :	5^th Floor, Building No.8, Tower C, DLF Cyber City, Phase-II, Gurgaon -122 002, Haryana, India
Tel. No.:	91-124-4696300
Fax No.:	91-124-4696311

DIRECTORS

As on 07.09.2011

Name :

Mr. Tadikamalla Nagendra Rao

Designation :

Nominee Director

Address :

K-101, Central Park, Sector – 42, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

13.02.1955

Date of Appointment :

22.09.2008

DIN No.:

00729696

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	U72900DL2003PTC119047	Dans Energy Private Limited	Managing director	01-04-10	20-02-03	-	Active	NO
2	U74300AP1994PTC017808	Capital Fortunes Ventures Private Limited	Director	17-05-05	17-05-05	22-06-09	Active	NO
3	U40102DL2006PTC153501	Dans Energy Consulting Private Limited	Director	11-09-06	11-09-06	18-03-08	Active	NO
4	U51909DL2005PTC143237	Shiga Energy Private Limited	Managing director	14-10-10	04-10-06	-	Active	NO
5	U40102DL2007PTC159477	Rangit Valley Hydro Private Limited	Director	20-02-07	20-02-07	-	Active	NO
6	U40102DL2006PTC150487	TT Energy Private Limited	Nominee director	01-05-10	22-09-08	-	Active	NO
7	U72900AP2011PTC073836	Eigen Computer Services Private Limited	Additional director	25-02-12	25-02-12	-	Active	NO

Name :

Mr. Chilappagari Rajam Laxmi

Designation :

Nominee Director

Address :

Plot No.1267A, Road No.63A, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

04.03.1951

Date of Appointment :

27.11.2008

DIN No.:

00029156

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	U45200AP2003PLC040845	Intercontinental Infrastructure Limited	Director	01-10-11	17-04-03	-	Active	NO
2	U70100MH2004PTC147452	Vidarbh Homes Private Limited	Director	13-07-04	13-07-04	-	Active	NO
3	U45200AP2006PTC049709	Srivenkata Sai Lakshmi Builders Private Limited	Director	04-04-06	04-04-06	-	Active	NO
4	U45309WB2006PLC108996	West Bengal Sew Prasad Infrastructure Limited	Managing director	31-12-11	19-04-06	-	Active	NO
5	U45201MH2006PTC165540	Vidarbh Infrastructure Private Limited	Director	14-11-06	14-11-06	-	Active	NO
6	U45200AP1983PLC003796	SEW Infrastructure Limited	Director	29-03-07	29-03-07	30-01-09	Active	NO
7	U45400AP2007PTC055443	Intercontinental Realty Private Limited	Director	07-09-07	07-09-07	05-03-10	Active	NO
8	U45200AP2007PTC056842	Intercontinental Properties Private Limited	Director	26-12-07	26-12-07	08-03-10	Active	NO
9	U45200AP2007PTC056841	Intercontinental Homes Private Limited	Director	26-12-07	26-12-07	08-03-10	Active	NO
10	U45400MH2008PTC177391	Darmstadtium Realty Private Limited	Director	05-01-08	05-01-08	-	Strike off	NO
11	U45400MH2008PTC177390	Darmstadtium Homes Private Limited	Director	05-01-08	05-01-08	-	Strike off	NO
12	U41000AP2008PTC058577	Bushnak Pallava Water Services (Vizag) Private Limited	Director	08-04-08	08-04-08	-	Active	NO
13	U22200AP2008PTC061579	Intercontinental Publications Private Limited	Director	27-10-08	27-10-08	-	Active	NO
14	U40102DL2006PTC150487	TT Energy Private Limited	Nominee director	27-11-08	27-11-08	-	Active	NO
15	U45201AP1997PLC028680	GVPR Engineers Limited	Director	30-09-09	18-02-09	12-11-11	Active	NO
16	U66010AP2003PLC041084	New Era Insurance Broking Services Limited	Director	29-09-09	03-03-09	30-04-11	Active	NO
17	U72900DL2003PTC119047	Dans Energy Private Limited	Nominee director	23-11-09	23-11-09	-	Active	NO
18	U92130AP2010PTC068487	Intercontinental Media Network Private Limited	Director	19-05-10	19-05-10	-	Active	NO
19	U22219AP2010PTC070457	Telangana Publications Private Limited	Managing director	06-10-11	16-09-10	-	Active	NO
20	U23203AP2010PLC070842	SEW Carbons Limited	Director	28-09-11	18-10-10	01-11-11	Active	NO
21	U13203AP2011PLC075319	SEW Minerals Limited	Director	01-07-11	01-07-11	01-11-11	Active	NO

Name :

Ms. Sonal Somani Gupta

Designation :

Nominee Director

Address :

D-12, Ashok Vihar, Phase-I, New Delhi – 110 052, India

Date of Birth/Age :

13.02.1979

Date of Appointment :

22.09.2008

DIN No.:

01823521

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74140DL2005PTC142778	Kaizan Advisory Services Private Limited	Director	21-11-05	21-11-05	Active	NO
2	U40102DL2006PTC153501	Dans Energy Consulting Private Limited	Director	18-03-08	18-03-08	Active	NO
3	U40102DL2006PTC150487	TT Energy Private Limited	Nominee director	01-05-10	22-09-08	Active	NO
4	U72900DL2003PTC119047	Dans Energy Private Limited	Nominee director	16-06-10	16-06-10	Active	NO
5	U51909DL2005PTC143237	Shiga Energy Private Limited	Director	22-02-11	22-02-11	Active	NO
6	U72900AP2011PTC073836	Eigen Computer Services Private Limited	Additional director	25-02-12	25-02-12	Active	NO

Name :

Mr. Alastair Mckendrick

Designation :

Nominee Director

Address :

1, Kingswood Rise, Box Hill South, Victoria-3128

Date of Birth/Age :

09.03.1956

Date of Appointment :

23.09.2010

DIN No.:

00042669

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U93000DL1997PTC088574	SMEC (India) Private Limited	Director	16-06-01	16-06-01	Active	NO
2	U74900DL2009PTC192968	Perenia Carbon India Private Limited	Director	07-08-09	07-08-09	Active	NO
3	U40101DL2005PTC137235	Himalayan Green Energy Private Limited	Director	30-09-10	16-08-10	Active	NO
4	U40102DL2006PTC150487	TT Energy Private Limited	Nominee director	23-09-10	23-09-10	Active	NO

Name :

Mr. Ross Henry Hitt

Designation :

Nominee Director

Address :

8, Canberra Parade Port-Melbourne, Victoria-3207

Date of Birth/Age :

07.10.1952

Date of Appointment :

01.10.2010

DIN No.:

01728931

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40101DL2005PTC137235	Himalayan Green Energy Private Limited	Director	05-07-05	05-07-05	Active	NO
2	U93000DL1997PTC088574	SMEC (India) Private Limited	Director	20-09-07	20-09-07	Active	NO
3	U40102DL2006PTC150487	TT Energy Private Limited	Nominee director	01-10-10	01-10-10	Active	NO

Name :

Mr. Yalamanchili Sai Ram

Designation :

Nominee Director

Address :

Padmaja Courts 2, Plot No.72, Apartment 301, Srinagar Colony, Hyderabad – 500 073, Andhra Pradesh, India

Date of Birth/Age :

01.02.1973

Date of Appointment :

22.05.2011

DIN No.:

02047635

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40101AP2007PLC052941	SEW Green Energy Limited	Director	30-09-08	23-08-07	Active	NO
2	U40102DL2006PTC150487	TT Energy Private Limited	Nominee director	22-05-11	22-05-11	Active	NO
3	U45400AP2011PTC074628	Gamya Infrastructure Services Private Limited	Director	24-05-11	24-05-11	Active	NO
4	U93000AP2008PTC061110	Dezign Elementz Consultants Private Limited	Director	04-11-11	04-11-11	Active	NO

Name :

Mr. Yalamanchili Gangadhara Rao

Designation :

Nominee Director

Address :

Plot No.417A, Road No.18, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

15.08.1954

Date of Appointment :

27.11.2008

Date of Ceasing :

22.05.2011

DIN No.:

00358053

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	U45200AP1983PLC003796	SEW Infrastructure Limited	Whole-time director	01-10-11	12-09-98	-	Active	NO
2	U80301AP1999PTC031960	Samaikya Educations Private Limited	Director	23-06-99	23-06-99	-	Active	NO
3	U24299AP2003PLC042010	Ra'pure Life Sciences Limited	Director	05-11-03	05-11-03	-	Active	NO
4	U24239AP2006PLC050996	Neocare Naturals Limited	Director	28-08-06	28-08-06	-	Active	NO
5	U40101AP2007PLC052941	SEW Green Energy Limited	Director	23-02-07	23-02-07	-	Active	NO
6	U40105AP2008PLC058508	SEW Nafra Power Corporation Limited	Nominee director	02-04-08	02-04-08	-	Active	NO
7	U40101AP2008PLC060107	SEW Nyukcharong CHU Power Corporation Limited	Nominee director	11-07-08	11-07-08	-	Active	NO
8	U40105AP2008PLC060189	SEW MAGO CHU Power Corporation Limited	Nominee director	17-07-08	17-07-08	-	Active	NO
9	U40102DL2006PTC150487	TT Energy Private Limited	Nominee director	27-11-08	27-11-08	22-05-11	Active	NO
10	U40101AP1997PLC028298	SEW RHO Power Corporation Limited	Director	29-09-09	31-08-09	-	Active	NO
11	U40108AP1999PLC031522	SEW Thermal Power Corporation Limited	Director	30-09-09	31-08-09	-	Active	NO
12	U40104AP2009PLC066442	SEW Power Limited	Director	22-12-09	22-12-09	-	Active	NO
13	U40108AP2010PLC068928	SEW Thermal Power Corporation (AP) Limited	Director	14-06-10	14-06-10	-	Active	NO
14	U40108AP2010PLC069326	SEW Rangmaw Power Corporation Limited	Director	06-07-10	06-07-10	-	Active	NO
15	U23203AP2010PLC070842	SEW Carbons Limited	Director	13-10-10	13-10-10	-	Active	NO
16	U45203AP2011PLC073071	SEW DSY Tollways Limited	Director	07-03-11	07-03-11	27-06-11	Active	NO

Name :

Mr. Klaas Ids Groenhout

Designation :

Nominee Director

Address :

4, Boundary Street, COOMA New South Wales, Australia

Date of Birth/Age :

24.03.1946

Date of Appointment :

27.11.2008

Date of Ceasing :

01.10.2010

DIN No.:

02372432

Name :

Mr. Pankaj Patel

Designation :

Nominee Director

Address :

B 19, DLF Phase – 1, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

15.01.1955

Date of Appointment :

01.06.2010

Date of Ceasing :

23.09.2010

DIN No.:

01798557

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	U93000DL1997PTC088574	SMEC (India) Private Limited	Director	16-12-09	10-09-07	16-07-10	Active	NO
2	U40102DL2006PTC150487	TT Energy Private Limited	Nominee director	01-06-10	17-03-08	23-09-10	Active	NO
3	U60100AP1988PLC009254	Balaji Rail Road Systems Limited	Director	07-09-09	23-12-08	20-07-10	Active	NO
4	U40101DL2005PTC137235	Himalayan Green Energy Private Limited	Additional director	14-10-09	14-10-09	16-08-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.09.2011

Names of Shareholders	Address	No. of Shares
SEW Green Energy Limited	6-3-871, Snehlata Green Land Road, Begumpet, Hyderabad – 500 016, Andhra Pradesh, India	3500000
Energy Holdings Limited	PO Box 61136, JAFZA, Dubai, UAE	4968101
Dans Energy Consulting Private Limited	207, Chiranjeev Tower, 43, Nehru Place, New Delhi – 110 019, India	31899
Frontier Energy Limited	LB 16, Office No.140, PO Box 61136, JAFZA, Dubai, UAE	5000000
	Total	13500000

As on 22.06.2006

Names of Shareholders	Address	No. of Shares
Sunil Vishwanath Seth	R/O B-24, Kailash Apartments, New Delhi – 110 048, India	5000
Atul O. Dua	B-185, East of Kailash, New Delhi – 110 048, India	5000
	Total	10000

As on 07.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	73.84
Bodies corporate	26.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Generation of Power on commencement of project.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	B. Luthra Associates Chartered Accountants
Address :	207, Chrinjiv Tower, 43, Nehru Place, New Delhi – 110 019, India
Income-tax PAN of auditor or auditor's firm :	AABPL3817B

CAPITAL STRUCTURE

As on 07.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13500000	Equity Shares	Rs.10/- each	Rs.135.000 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		135.000	110.234	110.100
2] Share Application Money Pending Allotment		165.000	165.000	115.134
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1.392)	(1.387)	(0.291)
NETWORTH		298.608	273.847	224.943
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		298.608	273.847	224.943
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.189	1.366	0.026
Capital work-in-progress		295.900	272.512	204.776
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	1.692	0.908	20.351
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.006	0.007	0.006
Total Current Assets		1.698	0.915	20.357
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.179	0.946	0.205
	Provisions	0.000	0.000	0.236
Total Current Liabilities		0.179	0.946	0.441
Net Current Assets		1.519	(0.031)	19.916
MISCELLANEOUS EXPENSES		0.000	0.000	0.225
TOTAL		298.608	273.847	224.943

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL	0.000	0.000
Less	EXPENSES
		Filing Fee	0.008	0.000
		Audit Fee	0.011	0.000
		Expenses for increase in Authorised Share Capital	1.077	0.000
		TOTAL	1.096	0.000
	PROFIT/ (LOSS) BEFORE TAX		(1.096)	0.000
Less	TAX		0.000	0.236
	PROFIT/ (LOSS) AFTER TAX		(1.096)	(0.236)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.291)	(0.055)
	BALANCE CARRIED TO THE B/S		(1.387)	(0.291)
	Earnings/ (Loss) Per Share (Rs.)		(0.10)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	NA	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	NA	(48.05)	0.00
Return on Investment (ROI) (PBT/Networth)		NA	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		9.49	0.97	46.16

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS AND FINANCIAL PERFORMANCE:

During the year, the company was engaged in the development of a Greenfield hydroelectric project (Ting Ting HEP) in the State of Sikkim. The company has incurred total project expenditure approximately Rs.300.000 millions till the end of the financial year. The Project has made progress as detailed below:

Has obtained the Stage I approval from Government of Sikkim for diversion of 4.9381 Ha of forest land for the Project. Contract for Electro Mechanical Works has been awarded to Alstom Projects India Limited. Has obtained statutory Clearances including Environmental Clearance from Government of India as required for construction of project.

CHANGES IN SHARE CAPITAL:

During the year, the Company has issued and allotted 24,76,626 equity shares of Rs.10/- each making total Issued, Subscribed and Paid up Capital to Rs.135.000 millions divided into 1,35,00,000 number of equity shares of Rs.10/- each as on 31^st March, 2011.

FIXED ASSETS:

v Furniture and Fixtures

v Office Equipments

v Computer and Peripherals

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] 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.50.91
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--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.