1. Summary Information

		Country	India
Company Name	DACS ELECTRO SYSTEMS PRIVATE LIMITED	Principal Name 1	Mr. Ravindra Balwant Lad
Status	Satisfactory	Principal Name 2	Mr. Vinay Waman Medhekar
		Registration #	11-024965
Street Address	301, T.V. Industrial Estate, Ahire Road, Behind Glaxo, Worli – 400030, Maharashtra, India
Established Date	11.08.1981	SIC Code	--
Telephone#	91-20-22933447	Business Style 1	Design
Fax #	91-20-22933449	Business Style 2	Manufacturing
Homepage	Not Available	Product Name 1	Switch Mode Power Supply
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 16,500,000/-	Product Name 3	--
Shareholders	Bodies corporate – 9.10%, Directors or relatives of directors – 90.90%	Banking	The Saraswat Co-Operative Bank Limited
Public Limited Corp.	No	Business Period	31 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (42)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	136,619,000	Current Liabilities	47,550,000
Inventories	90,240,000	Long-term Liabilities	29,890,000
Fixed Assets	43,761,000	Other Liabilities	24,105,000
Deferred Assets	843,000	Total Liabilities	101,545,000
Invest& other Assets	25,000	Retained Earnings	153,443,000
		Net Worth	169,943,000
Total Assets	271,488,000	Total Liab. & Equity	271,488,000
Total Assets (Previous Year)	266,463,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	154,651,000	Net Profit/loss	(15,879,000)
Sales(Previous yr)	341,081,000	Net Profit(Prev.yr)	42,872,000

MIRA INFORM REPORT

Report Date :

16.05.2012

IDENTIFICATION DETAILS

Name :	DACS ELECTRO SYSTEMS PRIVATE LIMITED
Registered Office :	301, T.V. Industrial Estate, Ahire Road, Behind Glaxo, Worli – 400030, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.08.1981
Com. Reg. No.:	11-024965
Capital Investment / Paid-up Capital :	Rs. 16.500 Millions
CIN No.: [Company Identification No.]	U72200MH1981PYC024965
Legal Form :	Private Limited Liability Company
Line of Business :	Design, manufacturing and supply of various power supply systems required in the field of telecommunication.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 790000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the turnover and the company has incurred losses in the current year (i.e. 2010-11). However, financial position of the company appears to be satisfactory. 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 – 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 :	301, T.V. Industrial Estate, Ahire Road, Behind Glaxo, Worli – 400030, Maharashtra
Tel. No.:	91-20-22933447
Fax No.:	91-20-22933449
E-Mail :	gujar.dacs@yahoo.co.in info@dacselectrosystems.com
Website:	www.dacselectrosystems.com
Factory :	Gut No. 1/3/4, At post Marunji, Near Hinjewadi, Pune – 411057, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Ravindra Balwant Lad

Designation :

Director

Address :

1501, Le-Pepeyon, Mount Mary Road, Bandra (West) - 400051, Mumbai, Maharashtra, India

Date of Appointment :

11.08.1981

DIN No.:

00005632

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	U72200MH1981PTC024965	DACS ELECTRO SYSTEMS PRIVATE LIMITED	Director	11-08-81	11-08-81	-	Active	NO
2	U33100MH1986PTC039476	AARS ELECTRONIC EQUIPMENTS PRIVATE LIMITED	Director	07-04-86	07-04-86	-	Active	NO
3	U31200PN1987PTC044757	APPROPRIATE POWERCON EQUIPMENT PRIVATE LIMITED	Director	24-09-87	24-09-87	24-05-11	Active	NO
4	U65990MH1997PTC105981	FORTUNE INVESTMENTS AND FINANCE INDIA PRIVATE LIMITED	Director	19-02-97	19-02-97	-	Active	NO
5	U31103PN1995PLC084268	ADOR POWERTRON LIMITED	Director	26-04-01	26-04-01	-	Active	NO
6	U27100MH1938PTC002782	PEPEYON ENTERPRISES PRIVATE LIMITED	Director	07-03-03	07-03-03	19-01-09	Active	NO
7	U74899DL1992PTC049037	CONCEPTS INTERNATIONAL INDIA PRIVATE LIMITED	Director	23-06-06	23-06-06	-	Active	NO
8	U30006MH1998PTC117221	KIE SOLATHERM PRIVATE LIMITED	Director	16-10-06	16-10-06	-	Active	NO
9	U45200MH2003PTC138518	ANOKHEE CONSTRUCTIONS PRIVATE LIMITED	Director	20-12-06	20-12-06	-	Active	NO
10	U17100MH1939PLC002887	AMSIL ENTERPRISES LIMITED	Director	21-07-08	21-07-08	-	Active	NO
11	U67120MH1983PTC031446	DUMIR INVESTMENTS PRIVATE LIMITED	Director	17-01-09	17-01-09	-	Active	NO
12	U45200MH2003PTC138515	SHUBHAY BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	19-01-09	19-01-09	-	Active	NO
13	U45202MH2009PTC194904	ENPAR CONSTRUCTIONS PRIVATE LIMITED	Director	26-08-09	26-08-09	-	Active	NO
14	U45203MH2010PTC198826	ALUBOND DACS INDIA PRIVATE LIMITED	Director	12-01-10	12-01-10	-	Active	NO
15	U27205MH2010PTC198869	ALUBOND SYSTEMS PRIVATE LIMITED	Director	13-01-10	13-01-10	-	Active	NO
16	U51900PN2010PTC135399	ALUBOND INTERNATIONAL MARKETING PRIVATE LIMITED	Director	27-01-10	27-01-10	-	Active	NO
17	U40101MH2010PTC199671	ENPAR POWER GENERATION PRIVATE LIMITED	Director	04-02-10	04-02-10	-	Active	NO
18	U67190MH2010PTC199787	ENPAR HOLDINGS PRIVATE LIMITED	Director	05-02-10	05-02-10	-	Active	NO
19	U63040MH2005PTC155946	COMO REALTY PRIVATE LIMITED	Director	13-03-10	13-03-10	-	Active	NO
20	U74120WB2007PTC113765	SILVER SAND BEACH INN PRIVATE LIMITED	Director	08-12-10	08-12-10	-	Active	NO
21	U51109WB2007PTC113714	GREEN WATER RESORTS PRIVATE LIMITED	Director	08-12-10	08-12-10	-	Active	NO
22	U45200MH2006PTC159344	GANGOTARI BUILDERS PRIVATE LIMITED	Director	15-12-10	15-12-10	-	Active	NO
23	U01403UP1991PLC013450	ANAND AGRO CHEM INDIA LIMITED	Director	22-07-11	22-07-11	-	Active	NO

Name :

Mr. Vinay Waman Medhekar

Designation :

Director

Address :

C-62, Abhi Manshree Co-operative Housing Society Limited, Baner Road Anudh, Pune – 411008, Maharashtra, India

Date of Birth/Age :

12.10.1947

Date of Appointment :

11.08.1981

DIN No.:

00008008

Other Directorship :

Top of Form S.No. Bottom of Form	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	U72200MH1981PTC024965	DACS ELECTRO SYSTEMS PRIVATE LIMITED	Director	11-08-81	11-08-81	-	Active	NO
2	U30006MH1998PTC117221	KIE SOLATHERM PRIVATE LIMITED	Director	31-12-99	31-12-99	-	Active	NO
3	U31103PN1995PLC084268	ADOR POWERTRON LIMITED	Director	26-04-01	26-04-01	28-04-08	Active	NO
4	U45203MH2010PTC198826	ALUBOND DACS INDIA PRIVATE LIMITED	Director	12-01-10	12-01-10	-	Active	NO
5	U27205MH2010PTC198869	ALUBOND SYSTEMS PRIVATE LIMITED	Director	13-01-10	13-01-10	-	Active	NO
6	U51900PN2010PTC135399	ALUBOND INTERNATIONAL MARKETING PRIVATE LIMITED	Director	27-01-10	27-01-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Vinay Waman Medhekar	65090
Neeta R. Lad	25800
Ravindra Balwant Lad	12910
Pramod V. Medhekar	5210
Chaitanya V. Medhekar	2900
Vilas W. Medhekar	400
Vinita V. Medhekar	400
Preeti R. Lad	15490
Akshita R. Lad	21800
Thornerry Finance Limited, Mauritius	15000
Total	165000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	9.10
Directors or relatives of directors	90.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Design, manufacturing and supply of various power supply systems required in the field of telecommunication.
Product :	· Switch Mode Power Supply

PRODUCTION STATUS AS ON

Particulars	2010-11 Quantity
Capacities and Production
Licensed Capacity	N.A.
Installed Capacity	N.A.
Actual Production:
DC-DC Converter	250
Switch Mode Power Supply 8485	1892

GENERAL INFORMATION

Customers :	· Alcatel India · BSNL · Ericsson India Limited · Huawei Telecommunications (India) Company Private Limited] · ITI Limited India · Motorola India
No. of Employees :	Not Available
Bankers :	The Saraswat Co-Operative Bank Limited, C-2, Kohinoor Estate Co-operative Housing Society, Plot No. 12, Mula Road, Sangamwadi, Pune – 411030, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	A.N. Bapat Chartered Accountant
Address :	5, Sadashiv Peth, Near Alka Talkies, Tilak Road, Pune – 411030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABGPB9005P

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 100/-each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
165000	Equity Shares	Rs. 100/-each	Rs. 16.500 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		16.500	16.500	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		153.443	169.297	65.573
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		169.943	185.797	80.573
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		29.890	0.000	28.849
TOTAL BORROWING		29.890	0.000	28.849
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		199.833	185.797	109.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.761	49.063	42.809
Capital work-in-progress		0.000	0.000	0.536
INVESTMENT		0.025	1.525	1.650
DEFERRED TAX ASSETS		0.843	0.539	0.332
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.240	44.140	29.308
	Sundry Debtors	73.351	53.697	97.566
	Cash & Bank Balances	9.478	65.319	25.117
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	53.790	52.180	10.774
Total Current Assets		226.859	215.336	162.765
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.416	40.033	79.974
	Other Current Liabilities	6.134	8.516	10.149
	Provisions	24.105	32.117	8.547
Total Current Liabilities		71.655	80.666	98.670
Net Current Assets		155.204	134.670	64.095
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		199.833	185.797	109.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	154.651	341.081	337.400
		TOTAL	154.651	341.081	337.400
Less	EXPENSES
		TOTAL	170.833	275.566	305.446
	PROFIT BEFORE TAX		(16.182)	65.515	31.954
Less	TAX		(0.303)	(22.643)	(6.983)
	PROFIT AFTER TAX		(15.879)	42.872	24.971
	Earnings Per Share (Rs.)		(96.24)	259.83	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(10.27)	12.57	7.40
Net Profit Margin (PBT/Sales)	(%)	(10.46)	19.21	9.47
Return on Total Assets (PBT/Total Assets}	(%)	(0.06)	0.25	0.16
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.35	0.40
Debt Equity Ratio (Total Liability/Networth)		0.60	0.43	1.58
Current Ratio (Current Asset/Current Liability)		3.17	2.67	1.65

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	No
9. Name of person contacted	No
10. Designation of contact person	No
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	--
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	No
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	--
26. Buyer visit details	--
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

Notes:

The Registered Address of the Company has been shifted from Kamla Mils Limited Senapati Bapat Road, Lower Parel, Mumbai, Maharashtra, India to the Present Address w.e.f. 06.07.2009

Turnover:

The Company has achieved a turnover of Rs. 154.651 millions. The Company has made sizable growth in the turnover and profitability, The Board is confident of achieving better results in the current financial year. The profit (Loss) available for appropriation is Rs. 40.491 millions

Bankers Charges Report as per Registry

Corporate identity number of the company	U72200MH1981PTC024965
Name of the company	DACS ELECTRO SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	301, T.V. Industrial Estate, Ahire Road, Behind Glaxo, Worli – 400030, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	80044681
Type of charge	Immovable Property
Particular of charge holder	The Saraswat Co - Operative Bank Limited, C-2, Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula Road, Sangamwadi, Pune – 411030, Maharashtra, India Email id: amd_cs@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Equitable mortgage by depositing of original title deeds dated 04th July 2011.
Date of instrument Creating the charge	04.07.2011
Amount secured by the charge	Rs. 120,000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Commission as prescribed by the bank from time to time. Terms of Repayment Repayable on demand. Margin 5.00% In FDR Extent and Operation of the charge Type of facility :- Bank guarantee limit of Rs.120.000 millions interchangeable with letter of credit limit of Rs.20.000 millions Others All other terms and conditions.
Short particulars of the property charged	(i) All the plant and machinery and all tangible movable property (both present and future) belonging to the borrowers place of business at Gat no,1/3/4 A/P, Marunji Pune or the borrowers place of residence at Gat No ,1/3/4 A/P, Marunji Pune. All the non agricultural piece or parcel of land admeasuring 1 H 32.5 ares or 13,250 sq mters. Bearing s. No. 3/4/b at village Marunji Tal Paud Mulshi dist Pune within the limits local authority at Marunji with all easementary rights attached with the land (ii) All the book debts, outstandings, monies receivables, claims and biils belonging to the borrower/s and pertaining to the borrower/s and lying and being at the borrowers (iii) Places of business situate at Gat No. 1/3/4, at. Post. Marunji, Near Hinjewadi, Tal - Mulshi, Dist - Pune.
Date of latest modification prior to the present modification	05.01.2010
Particulars of the present modification	All that non agricultural piece or parcel of land admeasuring 0 H 50 ares or 5000 sq mters. At s. No. 4/4 at village Marunji Tal Paud Mulshi Dist Pune together with the building and structures now standing thereon or may be constructed hereafter and together all the present and future FSI and any right to any TDR and all the easementary rights attached to said land is provided in addition for BQ limit Rs. 120.000 millions with interchangeable letter of credit limit of Rs.20.000 millions.

Contingent Liabilities:

Banks

1. Guarantees extended by Bankers to third parties Rs. 27.181 millions

2. Letter of Credit issued by bank on behalf of the company Rs. NIL

Statutory Dues in respect of which either show cause notice is received of the Company / Department is in appeal:

1. Central Sales Tax – Rs, 3.368 millions F.Y.2002-03

2. Bombay Sales Tax – Rs. 0.371 million F.Y.2002-03

3. Central Sales Tax – Rs. 1.637 millions F.Y.2003-04

4. Bombay Sales Tax - Rs. 1.090 millions F.Y.2003-04

5. Income Tax – T.D.S. Rs. 0.391 F.Y.2008-09

6. Income Tax - T.D.S. Rs. 0.436 F.Y.2008-09

Pending Sales Tax Concessional forms:

F.Y.2006-07 – Rs. 0.453 million

F.Y.2007-08 – RS. 0.112 million

F.Y.2008-09 – RS. 0.347 million

F.Y.2009 – 10 – RS. 3.624 millions

AS PER WEBSITE DETAILS:

PROFILE:

Subject is located in Pune (Maharashtra), India. Ever since it was established in 1981 it commenced with design, manufacturing and supply of various power supply systems required in the field of telecommunication and had gained expertise in DC-DC Converters, AC-DC Converters and SMPS Based Power Plant systems.

Over the years DACS has identified the necessity of highly reliable, efficient power supplies for various applications. In view of disparity of the power situations in India, the power supply plays a vital role in a reliable performance of telecom equipments.

To cater the requirements of telecom service providers DACS has developed a product range in order of 24V and 48VDC systems of various capacities and has succeeded to meet the stringent norms on reliable operations of such systems. Also it is equipped with the most advanced and unique manufacturing facility comprising of in-house Surface Mount Line (SMT), CNC Fabrication, and Powder Coating facility including seven tank pre-treatment process.

DACS over the years has always ensured the enhancement of customer satisfaction and are committed to comply with the requirements and continually improve the effectiveness of the Quality management system

FIXED ASSETS:

Land

Building

Factory Shed

Factory Building

Plant and Machinery

Furniture and Fixtures

Office Equipments

Vehicles

Computers

Electrical Fittings

Electrical Installation

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. 53.84
UK Pound	1	Rs. 86.72
Euro	1	Rs. 69.17

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.