MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	SHREE NM ELECTRICAL LIMITED
Registered Office :	45/47, Lohar Chawl, Mumbai 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.07.2004
Com. Reg. No.:	11-147418
Capital Investment/ Paid-up Capital:	Rs.97.171 Millions
CIN No.: [Company Identification No.]	U52334MH2004PLC147418
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of Cables, Motors, Diesel Gensets and other Industrial Electricals
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1317000
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 – 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 :	45/47, Lohar Chawl, Mumbai 400002, Maharashtra, India
Tel. No.:	91-22-67494748 / 22194748
Fax No.:	91-22-22063134
E-Mail :	ssrassociates@gmail.com mumbai@shreenm.com
Website :	www.shreenm.com
Area :	4500sq.fts
Location :	Owned
International Technical Product Marketing Division :	407-410 Sgartech Plaza A, Andheri Kurla Road, Skainaka, Andheri (East), Mumbai -400072
Tel. No.:	91-22 67814748
Fax No.:	91-22-67814749
E-Mail :	andheri@shreenm.com
Sourcing Office :	346-349, Kothariya, Airport Road, Daman -396210
Tel. No.:	91-260-2260418
E-Mail :	siraj@ shreenm.com
International Office :	Saigo International Building D -1605, 16^th Floor, 126, Weiyang Lu, Xian – 710016, Shaanxi - China
E-Mail :	china@shreenm.com
Our Sales Office:	Located At: · Goa · Hyderabad · Vapi
Our Resident Representatives:	Located At: · Aurangabad · Jaipur · Nagpur · Trunelveli
Branches :	Located At: · Ahemedabad · Bangalore · Bhubaneswar · Chennai · Delhi · Indore · Kolhapur · Kolkata · Pune · Raipur · Vadodra

DIRECTORS

As on 30.09.2010

Name :

Mr. Harivallabh Mundhra

Designation :

Director

Address :

91, Sunita, Cuffe Parade, Mumbai 400005, Maharashtra, India

Date of Birth/Age :

19.10.1954

Date of Appointment :

09.07.2004

Din No.:

00434785

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	U31500MH1985PTC037434	CLASSIC LUMINAIRES PVT LTD	Director	9/9/1985	9/9/1985	-	Active	NO
2	U31900MH1988PTC046123	CREATIVE LIGHTS PRIVATE LIMITED	Director	5/2/1988	5/2/1988	-	Active	NO
3	U65990MH1988PTC049638	NANDAN HOLDINGS PVT LTD	Director	16/11/1988	16/11/1988	-	Active	NO
4	U70101MH1989PTC051658	BAHAR BUILDING ESTATE PRIVATE LIMITED	Director	9/5/1989	9/5/1989	-	Active	NO
5	L70101MH1984PLC033920	VOLTAIRE LEASING AND FINANCE LTD	Director	21/06/1990	21/06/1990	-	Active	NO
6	U31100MH1994PTC076066	SHREE NURSINGSAHAY MUDUNGOPAL (BOMBAY) ELECTRIC CO.PRIVATE LIMITED	Director	14/01/1994	14/01/1994	-	Active	NO
7	U51909WB1920PLC003891	THE EAST INDIA ELECTRIC SUPPLY & TRACTION CO LTD	Director	30/09/1994	30/09/1994	-	Active	NO
8	U52334MH2004PLC147418	SHREE NM ELECTRICALS LIMITED	Director	9/7/2004	9/7/2004	-	Active	NO
9	U70102MH2005PTC150650	DESINE PROPERTIES AND CONSULTANCY PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
10	U64200MH2005PTC150878	NM TELE SERVICES PRIVATE LIMITED	Director	28/01/2005	28/01/2005	-	Active	NO
11	U74950HR1973PTC006460	ASHOKA PACKERS PVT LTD	Director	13/08/2009	13/08/2009	-	Active	NO
12	U74900MH2010PTC205796	BHAVADEEP ELECTRICALS & SWITCHGEARS PRIVATE LIMITED	Director	21/07/2010	21/07/2010	-	Active	NO
13	U51101MH2012PTC230263	AMITI BAZAR PRIVATE LIMITED	Director	25/04/2012	25/04/2012	-	Active	NO

Name :

Mr. Shreevallabh Mundhra

Designation :

Director

Address :

91, Sunita, Cuffe Parade, Mumbai 400005, Maharashtra, India

Date of Birth/Age :

03.03.1959

Date of Appointment :

09.07.2004

Din No.:

00434820

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	U31900MH1988PTC046123	CREATIVE LIGHTS PRIVATE LIMITED	Director	5/2/1988	5/2/1988	-	Active	NO
2	U65990MH1988PTC049638	NANDAN HOLDINGS PVT LTD	Director	16/11/1988	16/11/1988	-	Active	NO
3	U31100MH1994PTC076066	SHREE NURSINGSAHAY MUDUNGOPAL (BOMBAY) ELECTRIC CO.PRIVATE LIMITED	Director	14/01/1994	14/01/1994	-	Active	NO
4	L70101MH1984PLC033920	VOLTAIRE LEASING AND FINANCE LTD	Director	17/02/1994	17/02/1994	-	Active	NO
5	U52334MH2004PLC147418	SHREE NM ELECTRICALS LIMITED	Director	9/7/2004	9/7/2004	-	Active	NO
6	U64200MH2005PTC150878	NM TELE SERVICES PRIVATE LIMITED	Director	28/01/2005	28/01/2005	-	Active	NO
7	U70101MH1989PTC051658	BAHAR BUILDING ESTATE PRIVATE LIMITED	Director	9/2/2007	9/2/2007	-	Active	NO
8	U74950HR1973PTC006460	ASHOKA PACKERS PVT LTD	Director	13/08/2009	13/08/2009	-	Active	NO
9	U74900MH2010PTC205796	BHAVADEEP ELECTRICALS & SWITCHGEARS PRIVATE LIMITED	Director	21/07/2010	21/07/2010	-	Active	NO
10	U51101MH2012PTC230263	AMITI BAZAR PRIVATE LIMITED	Director	25/04/2012	25/04/2012	-	Active	NO

Name :

Mr. Brijnandan H Mundhra

Designation :

Director

Address :

92, Sunita, Cuffe Parade, Mumbai 400005, Maharashtra, India

Date of Birth/Age :

02.08.1978

Date of Appointment :

10.02.2005

Din No.:

00434904

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	U52334MH2004PLC147418	SHREE NM ELECTRICALS LIMITED	Director	10/2/2005	10/2/2005	-	Active	NO
2	U74900MH2010PTC205796	BHAVADEEP ELECTRICALS & SWITCHGEARS PRIVATE LIMITED	Director	21/07/2010	21/07/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Equity Shareholders	No. of Shares
Harivallabh Mundhra	188900
Shreevallabh Mundhra	2055870
Brijnandan H Mundhra	98410
Shri NM Electronics ( Bombay )Company Private Limited	163780
HariVallabh P Mundhra (HUF)	2150230
Kamladevi Mundhra	25250
Kiran Mundhra	150
Nupur Mundhra	100
Supriya Mundhra	100
Total	4682790

Names of Preference Shareholders	No Of Shares
Akhil Bharatiya Pushtimargiya	3240
Madhukanta R Mehta	11130
R Plyarellal Private Limited	1495600
Ilapatel (HUF)	27930
Brubihari Dye PTG Works	7760
Ghanshyam Naik	10530
Giri SALES	4080
Jivanlal H Damani	22760
Kalindi	100300
Krishnadevi Mundhra	207510
Rajul Parag Merchant	8900
Mfena B Patel	31990
Namrata Mundhra	39000
Neha Mundhra	46000
Vla Naik	9520
N1rmala Mundhra	71000
Nupurh Mundhra	39900
Hushpadevi Mundhra	40000
R Mandelia	150
Priti Ranjit Sampat	38510
Nilesh R Mehta	21320
Ndira KamaIa	3500
Sadapurnadevi Mundhra	2500
Saroj Damani	9390
N K Corporation	3500
Shreekant Shah	3070
Shruti Mundhra	31500
V K Udyog	1720
Susheela Bagadia	10000
Uma Sharma	6350
Vanita vikas Nidhi	18330
Meera Muzumdar	38270
Kamala D Muzumdar	25770
Chaitanya Poly chemicals Private Limited	13500
Chandandevi Bagri	32330
Brindavan Das Mundhra	100000
Haresh £Ou Estates Private Limited	1466890
Ranjit G Sampat	10000
Neuton India	18050
Utron Industries	14030
K D Mundhra Huf	9500
Mahesh Kantilal Pandhi	2910
Chaitanya Fibers	25000
Basantkumar D Kabra	3760
Madhusudan Basant Huf	7790
Krishna Gran Marbles Private Limited	5810
Jainsons finvest Limited	4940
Kishore L Shah	1530
Bhangvandas Laxmichand	6500
Vtshnuprasad M Poddar	11050
Ramswaroop Varma	11050
Narayan Prasad Lalchotia	11050
Pooja Mukesh Shah	6010
Nandkishore Rathi	1470
Smita M Shah	9380
Tulsidas G Sampat Huf	6500
Brijmohan Mundhra	40000
Pooja Taparia	70000
Chaitanya Impogenix	85000
Suprasad Invests and Trdg Company Limited	11640
Nilesh Trivedi	10370
Jayantilal M Vaidya	10370
Gracy Miranda	10370
Chandrakant N Mehta	10370
Tara Tulsidas Sampat	6500
Nalini Krisnaraj Sampat	3500
Rashmi R Sampat	14000
Rawal and Sons	30810
Krishnaraj G Sampat Huf	37510
Sandeep Taparia	56730
Nandakishore Taparia	56730
Shree Subh Laxmi Fabrics Private Limited	27960
Subhlaxmi Chem Private Limited	27960
Nandakishore Taparia and Sons (Huf)	28360
Sitadevi Taparia	28360
Mahesh Kumar Agarwal (Huf)	40000
Meera A Agarwal	20000
Chandadevi Bahety	4270
Bishnukumar Bahety	6410
Raghavi Nanji	14180
Suprasad Inv Trading Company Limited	111180
Dakshina Properties Private Limited	27680
Keshavbkgadgil	6970
Bharat Containers Private Limited	3000
Chaitanya Impogenix	34040
Rashmi R Sampat	30000
Total	5034350

As on 30.09.2010

Category	Percentage
Bodies Corporate	3.50
Directors or relatives of the Directors	96.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Cables, Motors, Diesel Gensets and other Industrial Electricals

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, NGN Vaidya Marg, Fort, Mumbai 400023, Maharashtra, India

Facilities :

Rs.in Millions

SECUREDLOAN	31.03.2011	31.03.2010
Rupee term loans banks secured	37.502	33.227
Working capital loans banks secured	318.358	256.050
Loans taken for vehicles secured	1.223	1.647
Total	357.083	290.923

UNSECUREDLOAN	31.03.2011	31.03.2010
Loans directors unsecured	35.235	30.235
Other debt unsecured	7.868	22.986
Total	43.103	53.221

Note:

· Incorporated Deposits 5.404 Millions Short term loan:- From Other 2.465 Millions

· Incorporated Deposits 20.503 Millions Short term loan:- From Other 2.482 Millions

Banking Relations :	--
Auditors :
Name :	D. S. K. Associates Chartered Accountants
Address :	19, Andheri Universal Industrial Premises, 57, J. P. Road, Andheri [West], Mumbai 400058, Maharashtra, India
Tel. No.:	91-22-26707188
Fax No.:	91-22-26289672
Pan No.:	AACFD5962C
Associates/Subsidiaries :	· Voltaire Leasing and Finance Limited · Asian Engineering Corporation · Harivallabh Mundhra HUF · Shreeji Industries · Shree Nursinghsahay Mudungopal ( Bombay ) · Nandan Holdings Private Limited · Creative Lights Private Limited. · Ashoka Packers Private Limited · N M Teleservices Private Limited · Ore Logistics Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6100000	Equity Shares	Rs. 10/- each	Rs. 61.000 Millions
7000000	Preference Shares	Rs. 10/- each	Rs. 70.000 Millions
Total			Rs.131.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4682790	Equity Shares	Rs. 10/- each	Rs.46.827 Millions
5034350	Preference Shares	Rs. 10/- each	Rs.50.344 Millions
9717140	Total		Rs.97.171 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		97.171	97.171	97.171
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		232.157	193.552	162.160
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		329.328	290.723	259.331
LOAN FUNDS
1] Secured Loans		357.083	290.924	257.813
2] Unsecured Loans		43.103	53.221	3.268
TOTAL BORROWING		400.186	344.145	261.081
DEFERRED TAX LIABILITIES		3.432	2.419	3.080
TOTAL		732.946	637.287	523.492
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		177.319	102.599	67.865
Capital work-in-progress		37.002	58.520	19.791
INVESTMENT		14.301	14.151	0.115
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	463.417	391.760	222.867
	Sundry Debtors	701.880	832.454	554.391
	Cash & Bank Balances	13.007	19.907	13.873
	Other Current Assets	146.649	181.302	0.000
	Loans & Advances	65.936	71.409	263.055
Total Current Assets		1390.889	1496.832	1054.186
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	730.187	914.731	497.507
	Other Current Liabilities	93.097	46.002	21.145
	Provisions	63.281	74.082	99.813
Total Current Liabilities		886.565	1034.815	618.465
Net Current Assets		504.324	462.017	435.721
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		732.946	637.287	523.492

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3606.239	3136.084	3129.261
		Other Income	18.729	26.605	31.908
		TOTAL (A)	3624.968	3162.689	3161.169
Less	EXPENSES
		Consumption material Changes in inventories	3334.888	2915.664
		Employee related Expenses	36.504	27.465
		Administrative selling other Expenses	133.968	124.036
		TOTAL (B)	3505.360	3067.165	3066.534
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		119.608	95.524	94.635
Less	FINANCIAL EXPENSES (D)		45.813	33.753	31.595
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.795	61.771	63.040
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.046	8.597	9.781
	PROFIT BEFORE TAX (E-F) (G)		61.749	53.174	53.259
Less	TAX (H)		21.378	20.147	19.861
	PROFIT AFTER TAX (G-H) (I)		40.371	33.027	33.398
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		193.553	162.292	NA
Less	APPROPRIATIONS
		Dividend	1.767	1.510	NA
		Tax on Dividend		0.256	NA
	BALANCE CARRIED TO THE B/S		232.157	193.553	NA
	EARNINGS IN FOREIGN CURRENCY		4.450	Nil	NA
		Purchase	5.896	53.676	NA
	Earnings Per Share (Rs.)		4.15	NA	0.34

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.11	1.04	1.06
Net Profit Margin (PBT/Sales)	(%)	1.71	1.70	1.70
Return on Total Assets (PBT/Total Assets}	(%)	3.93	3.32	4.75
Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.20
Debt Equity Ratio (Total Liability/Networth)		3.91	4.74	3.39
Current Ratio (Current Asset/Current Liability)		1.57	1.45	1.70

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	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	Yes
Designation of contact person	No
Turnover of firm for last three years	No
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	Yes
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	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

The situation of the registered office of the company was changed from 55, Esra Street, Kolkata 700001 to 45/47, Lohar Chawl, Mumbai 400002, Maharashtra, India w.e.f. 05.01.2004

Form 8

Corporate identity number of the company	U52334MH2004PLC147418
Name of the company	SHREE N. M. ELECTRICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	45/47, Lohar Chawal, Mumbai – 400002, Maharashtra, India Email: ssrassociates@gmail.com
This form is for	Modification of Charge
Charge identification number of the charge to be modified	80032073
Type of charge	Book debts Movable Property
Particular of charge holder	State Bank of India Commercial Branch, NGN Vaidya Marg, Fort, Mumbai 400023, Maharashtra, India Email: kamalax_saraf@hotmail.com
Nature of instrument creating charge	A). Third supplemental agreement of loan for increase in the overall limit (form c.1-a) B)Third Supplemental Agreement Of Hypothecation Of Goods And Assets For Increase In The Overall Limit (Form C.2-A) Both the above agmts. Are constitute a single modification.
Date of instrument Creating the charge	18.05.2010
Amount secured by the charge	Rs.562.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : 4.25% of margin above the base rate which is presently 7.50% p.a. thus the present effective rate of interest being 11.75% p.a. Terms of Repayment : As per Sanction Terms and Conditions Margin As per Sanction Terms and Conditions Extent and Operation of the charge: Not Applicable Others: Not Applicable
Short particulars of the property charged	All present and future goods, bookdebts and all other movable assets of the borrower including documents of title to the goods, outstanding moneys, receivables including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme claims including claims by way of refund of customs/ excise duties under the duty drawback credit scheme or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantee, engagements, securities, investments and rights and present and all future machinery.
Date of instrument modifying the charge	20.05.2009
Particulars of the present modification	Now by the present modfn. Dt.18.8.2010 the limit increased from Rs.482.000Millions to Rs.562.000 Millions

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.55.73
UK Pound	1	Rs.87.26
Euro	1	Rs.69.89

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		20

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.