MIRA INFORM REPORT

Report Date :

26.11.2012

IDENTIFICATION DETAILS

Name :	SUNVOICE ELECTRONICS PRIVATE LIMITED
Registered Office :	432, Block No.6, Functional Industrial Estate, Patarganj, New Delhi – 110092, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.02.1997
Com. Reg. No.:	55-085197
Capital Investment / Paid-up Capital :	Rs.20.818 Millions
CIN No.: [Company Identification No.]	U32301DL1997PTC085197
TAN No.: [Tax Deduction & Collection Account No.]	DELS19885F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Company for Colour, Slim and LCD television.
No. Of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 320000
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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	432, Block No.6, Functional Industrial Estate, Patarganj, New Delhi – 110092, Delhi, India
Tel. No.:	91-11-22141232 / 22157743
Fax No.:	91-11-22157743
E-Mail :	nyak1976@yahoo.in sunvoice@airtelmail.in info@sunvoice.in sunvoicedelhi@airtelmail.in
Website :	http://www.sunvoice.in
Head Office :	A-6, Sector 8, Noida – 201301, Uttar Pradesh, India
Tel No.:	91-120-4750300
Fax no.:	91-120-4750334

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Prem Gupta
Designation :	Director
Address :	A-227, New Friends Colony, New Delhi – 110065, Delhi, India
Date of Birth/Age :	14.11.1960
Date of Appointment :	17.02.1997
DIN No.:	00419755

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1978PTC008918	MARUSHI ELECTRONICS (INDIA) PRIVATE LIMITED	Director	08/09/1982	08/09/1982	21/03/2011	Active	NO
2	U00349BR1972PLC000965	MARUTI WIRE INDUSTRIES LIMITED	Director	29/07/1994	29/07/1994	31/03/2011	Active	NO
3	U32301DL1997PTC085197	SUNVOICE ELECTRONICS PRIVATE LIMITED	Director	17/02/1997	17/02/1997	-	Active	NO
4	U74899DL2006PTC144771	PREMDEEP INFRA PROJECTS PRIVATE LIMITED	Director	13/01/2006	13/01/2006	11/04/2012	Active	NO
5	U51311DL2004PTC125783	NIKHIL IMPEX PRIVATE LIMITED	Director	06/06/2008	19/01/2006	21/03/2011	Active	NO
6	U51909DL2006PTC146723	FESTAL EXIM PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Strike off	NO
7	U51909DL2006PTC146730	MAMMON IMPEX PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Strike off	NO
8	U31500DL2010PTC211171	SUNPLAST ELECTRONICS PRIVATE LIMITED	Director	07/12/2010	07/12/2010	-	Active	NO

Name :	Mr. Chacko Mathew
Designation :	Director
Address :	E-105, Jalvayu Vihar, Sector -21, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	14.05.1966
Date of Appointment :	01.07.1997
DIN No.:	01073006

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32301DL1997PTC085197	SUNVOICE ELECTRONICS PRIVATE LIMITED	Director	01/07/1997	01/07/1997	-	Active	NO
2	U00349BR1972PLC000965	MARUTI WIRE INDUSTRIES LIMITED	Director	25/03/2004	25/03/2004	16/04/2012	Active	NO
3	U31500DL2010PTC211171	SUNPLAST ELECTRONICS PRIVATE LIMITED	Director	07/12/2010	07/12/2010	-	Active	NO

Name :	Mr. Pushkar Gupta
Designation :	Director
Address :	A-227, New Friends Colony, New Delhi – 110065, Delhi, India
Date of Birth/Age :	21.08.1986
Date of Appointment :	01.01.2005
DIN No.:	00419906

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32301DL1997PTC085197	SUNVOICE ELECTRONICS PRIVATE LIMITED	Director	01/01/2005	01/01/2005	-	Active	NO
2	U74899DL2006PTC144771	PREMDEEP INFRA PROJECTS PRIVATE LIMITED	Director	13/01/2006	13/01/2006	21/03/2011	Active	NO
3	U51909DL2006PTC146730	MAMMON IMPEX PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Strike off	NO
4	U51909DL2006PTC146723	FESTAL EXIM PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Strike off	NO
5	U31500DL2010PTC211171	SUNPLAST ELECTRONICS PRIVATE LIMITED	Director	07/12/2010	07/12/2010	-	Active	NO
6	U51311DL2004PTC125783	NIKHIL IMPEX PRIVATE LIMITED	Director	21/02/2011	21/02/2011	11/04/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Prem Gupta	84500
Deepa Gupta	500
Pushkar Gupta	33100
Prerna Gupta	25000
Prem Gupta and Sons HUF	512000
Krishan Gupta and Shibu Mathew	100
Marushi Electronics (India) Private Limited, India	370000
Anil Gupta	10000
Suraj Goel	10
O. P. Aggarwal	40000
Sarthak	10
B.K. Malhotra	1800
Gopi Securities Private Limited, Delhi	80000
Chhavi Investments Private Limited, Delhi	65900
Money Flow Portfolio Private Limited, Delhi	60900
Riwaaz Investments Private Limited, Delhi	82300
Samraat Finelease Private Limited, Delhi	91500
Syndicate Installment Supply Limited, Delhi	139300
Master Look Trading and Investments Private Limited	219600
Rudawal Capital Trust Limited, Delhi	148500
A.K.S. International Limited, India	116800
TOTAL	2081820

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	66.04
Directors or relatives of Directors	31.47
Other top fifty shareholders	2.49
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Company for Colour, Slim and LCD television.

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Speakers	Lac	135	12396233
Deagaussing Coil	Lac	6	663476

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Jammu and Kashmir Bank Limited, E-9, South Extension, New Delhi-110049, Delhi, India

· Canara Bank, Nehru Place, New Delhi-110019, India

· Canara Bank, D D A Building, Near Paras Cinema, Nehru Place, New Delhi-110019, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG TERM BORROWINGS
Term Loans from Banks (Secured against hypothecation of Land and Building)	55.065	74.791
SHORT TERM BORROWINGS
From Banks (Secured against hypothecation of Stock and Book Debts)	28.262	31.838
TOTAL	83.327	106.629
Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG TERM BORROWINGS
From Directors and Their Relatives	11.370	0.000
TOTAL	11.370	0.000
NOTES LONG TERM BORROWINGS Terms of repayment of secured Term Loan: The Company has taken secured Term Loan amounting to Rs.70.000 Millions from HDFC Bank Limited which is repayable in 180 monthly installments of Rs. 0.829 Million each starting from March, 2011 al applicable rate of interest 11.75% as on reporting date and secured Term Loan amounting to Rs 17.750 Millions from Standard Chartered Bank, which is repayable in 160 monthly installments of Rs 0.227 Million each starting from March, 2011 al applicable rate of interest 12.70% as on reporting date.

Banking Relations :	--
Auditors :
Name :	Mahajan S and Company Chartered Accountant
Address :	319, Aggarwal Modern Bazar, C-33, Lawrence Road Industrial Area, Delhi-110035, India
PAN No.:	AAUFM5612N
Subsidiaries :	Sunplast Electronics Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.10/- each	Rs. 21.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2081820	Equity Shares	Rs.10/- each	Rs. 20.818 Millions

NOTES

(A) Reconciliation of number of Equity shares outstanding at the beginning and at the end of the year

Particulars	As At March 31, 2012
Equity Shares	No. of Shares	Rs. In Millions
Opening Balance	2,036,820.00	20.368
Changes during the year	45,000.00	0.450
Closing Balance	2,081,820.00	20.818

(B) Rights, preferences and restrictions attached to shares

The company has one class of equity shares having a par value of Rs.10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion to their shareholding.

(C) Details of Shares held by shareholders holding more than 5% of the aggregate shares in the Company

Particulars	As At March 31, 2012
Name of the shareholder	No. of Equity Shares held	Percentage Held
Prem Gupta	--	--
Prem Gupta HUF	512,000	24.59%
Marushi Electronics Private Limited	370,000	17.77%
Rudawal Capital Trust Limited	148,500	7.13%
A K S International Limited	116,800	5.61%
Masterlook Trading and Investment Private Limited	219,600	10.55%
Syndicate Installment Supply Limited	139,300	6.69%

(E) Shares alloted as fully paid up by way of bonus shares during 5 years preceding March 31, 2012 The Company has not alloted any equity shares as fully paid up bonus shares during the preceding 5 years.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.818	20.368	19.918
2] Share Application Money		0.000	0.000	0.585
3] Reserves & Surplus		60.200	48.977	37.788
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.018	69.345	58.291
LOAN FUNDS
1] Secured Loans		83.327	106.629	56.716
2] Unsecured Loans		11.370	0.000	16.625
TOTAL BORROWING		94.697	106.629	73.341
DEFERRED TAX LIABILITIES		0.441	0.671	0.627
TOTAL		176.156	176.645	132.259
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.987	33.733	35.186
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		11.986	11.986	12.695
DEFERREX TAX ASSETS		0.000	0.000	0.000
OTHER NON CURRENT ASSETS		9.980	9.862	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	82.423	48.382	33.131
	Sundry Debtors	84.289	102.839	98.943
	Cash & Bank Balances	6.825	21.533	31.227
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.220	7.434	30.734
Total Current Assets		181.757	180.188	194.035
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.749	38.745	102.722
	Other Current Liabilities	22.872	20.379	6.962
	Provisions	2.933	0.000	0.000
Total Current Liabilities		58.554	59.124	109.684
Net Current Assets		123.203	121.064	84.351
MISCELLANEOUS EXPENSES		0.000	0.000	0.027
TOTAL		176.156	176.645	132.259

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	442.227	459.610	434.372
		Other Income	2.453	4.130	4.674
		TOTAL (A)	444.680	463.740	439.046
Less	EXPENSES
		Employees Benefits Expense	44.625	45.613
		Operating and Other Expenses	72.817	77.940
		Cost of Material Consumed	305.166	327.008
		Purchase of Stock – In – Trade	18.582	0.000
		Excise Duty related to the difference between Closing Stock and Opening Stock	1.487	0.544	423.258
		Changes in Inventories of Finished Goods, Work in progress and stock in trade	(22.708)	(7.466)
		TOTAL (B)	419.969	443.639	423.258
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.711	20.101	15.788
Less	FINANCIAL EXPENSES (D)		12.232	6.847	2.946
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.479	13.254	12.842
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.050	3.645	3.628
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		9.429	9.609	9.214
Less	TAX (H)		2.707	2.920	2.826
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		6.722	6.689	6.388
	IMPORTS
		Raw Materials	94.851	107.444	99.048
		Stores & Spares	2.665	5.752	4.963
	TOTAL IMPORTS		97.516	113.196	104.011
	Earnings Per Share (Rs.)		3.23	3.28	4.62

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.51	1.44	1.45
Net Profit Margin (PBT/Sales)	(%)	2.13	2.09	2.12
Return on Total Assets (PBT/Total Assets}	(%)	4.23	4.29	4.01
Return on Investment (ROI) (PBT/Networth)		0.12	0.14	0.15
Debt Equity Ratio (Total Liability/Networth)		1.90	2.40	3.13
Current Ratio (Current Asset/Current Liability)		3.10	3.05	1.76

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FORM 8

Corporate identity number of the company	U32301DL1997PTC085197
Name of the company	SUNVOICE ELECTRONICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	432, Block No.6, Functional Industrial Estate, Patarganj, New Delhi – 110092, Delhi, India
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Jammu and Kashmir Bank Limited, E-9, South Extension, New Delhi-110049, Delhi, India
Nature of instrument creating charge	The Sanction of a Cash Credit Facility of Rs.40.000 Millions as ( Cash Credit Facility) and Bill Discounting Option for limit of Rs.20.000 Millions, vide sanction letter No. JKB/A and AP/2010/-3460 and JKB/A and AP/2010/-5440
Date of instrument Creating the charge	17.01.2011
Amount secured by the charge	Rs. 60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Per Agreement Terms of repayment As Per Agreement Margin As Per Agreement Extent and operation of the charge As Per Agreement
Short particulars of the property charged (Including location of the property)	Hypothecation Of Stock, Book Debts 432,Block No-6,Sie, Patparganj,Delhi-110092 A-74A,South Extension Part-Ii, New Delhi-11049

FIXED ASSETS

· Land and Building

· Machinery

· Testing Equipments

· Fire Extinguisher

· Computer

· Car Generation

· Crates

· Furniture and Fixtures

· Tools and Equipments

· TV Inverter

· Motor

· Factory Equipments

· Cycle

· Fan

· Refrigerator

· Weighing Machine

· Plot G. Noida

· Plot Gurgaon

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 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. 55.34
UK Pound	1	Rs. 88.29
Euro	1	Rs. 71.36

INFORMATION DETAILS

Report Prepared by :

DPT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.