MIRA INFORM REPORT

Report Date :

01.10.2012

IDENTIFICATION DETAILS

Name :	SHURJO ENERGY PRIVATE LIMITED
Registered Office :	Plot No. 107-112, Kalyani Industrial Area, Block D, Phase-ll, Under Kalyani Municipality, Nadia Kalyani – 741235, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.08.2003
Com. Reg. No.:	21-096692
Capital Investment / Paid-up Capital :	Rs.22.857 Millions
CIN No.: [Company Identification No.]	U40106WB2003FTC096692
IEC No.:	0204010659
TAN No.: [Tax Deduction & Collection Account No.]	CALS13027A
PAN No.: [Permanent Account No.]	AAICS1161M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Solar Photovoltaic Panels
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 49000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution

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 :	Plot No. 107-112, Kalyani Industrial Area, Block D, Phase-ll, Under Kalyani Municipality, Nadia Kalyani – 741235, West Bengal
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sameer.chavan@paeltd.com info@shurjo-energy.com nimesh.nandu@paeltd.com sales@shurjoenergy.com
Website :	http://www.shurjo-energy.com
Corporate Office/ Factory :	D-82, Industrial Estate, Block – D, Kalyani-741235, West Bengal, India
Tel. No.:	91-33-25025745/ 46/ 47/ 25025146/
Fax No.:	91-33-25025109
Area :	10681 sq. ft.
Location :	Rented
Marketing Office 1 :	PAE Limited 69, Tardeo Road, Mumbai- 400034,  Maharashtra, India
Tel. No.:	91-22 66185799
Fax No.:	91-22 66185757
E-Mail :	solarsales@paeltd.com
Website :	www.paeltd.com
Marketing Office 2 :	Located At · Europe · North America · Africa

DIRECTORS

As on 30.09.2011

Name :

Mr. Arvind Raoji Doshi

Designation :

Chairman

Address :

2A, Windcliffe, 50D, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

26.11.1939

Qualification :

Diploma in Civil and Sanitory Engineering, DBM

Date of Appointment :

31.08.2009

DIN No.:

00015293

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	L24110MH1973PLC016698	SADHANA NITRO CHEM LIMITED	Director	17/09/1974	17/09/1974	-	Active	NO
2	L99999MH1950PLC008152	PAE LIMITED	Whole-time director	29/05/2010	16/04/1994	-	Active	NO
3	U40106WB2003FTC096692	SHURJO ENERGY PRIVATE LIMITED	Director	31/08/2009	24/03/2009	-	Active	NO
4	U51397MH1998PTC115885	PAE RENEWABLES PRIVATE LIMITED	Director	30/08/2010	9/3/2010	-	Active	NO
5	U70102MH2011PTC216252	PAE INFRASTRUCTURE PRIVATE LIMITED	Director	15/04/2011	15/04/2011	29/12/2011	Active	NO
6	U40104HR2010PTC040333	SOVOX RENEWABLES PRIVATE LIMITED	Director	29/08/2012	18/04/2012	-	Active	NO

Name :

Mr. Pritam Arvind Doshi

Designation :

Director

Address :

2A, Windcliffe, 50D, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

09.04.1973

Qualification :

MBA

Date of Appointment :

31.08.2009

DIN No.:

00015302

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	U67120PN1982PTC028264	RAJUBAI INVESTMENT PRIVATE LIMITED	Director	29/06/1998	29/06/1998	-	Active	NO
2	U51397MH1998PTC115885	PAE RENEWABLES PRIVATE LIMITED	Director	20/07/1998	20/07/1998	-	Active	NO
3	L99999MH1950PLC008152	PAE LIMITED	Managing director	29/05/2010	30/01/2004	-	Active	NO
4	U40106WB2003FTC096692	SHURJO ENERGY PRIVATE LIMITED	Director	31/08/2009	24/03/2009	-	Active	NO
5	U70102MH2011PTC216252	PAE INFRASTRUCTURE PRIVATE LIMITED	Director	15/04/2011	15/04/2011	29/12/2011	Active	NO
6	U74140MH1997NPL111167	YOUNG PRESIDENTS ORGANIZATION (MUMBAI CHAPTER)	Director	1/7/2011	1/7/2011	-	Active	NO
7	U40104HR2010PTC040333	SOVOX RENEWABLES PRIVATE LIMITED	Director	29/08/2012	18/04/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Energy Equipments Testing Services Limited	8141
Hindhivac Private Limited, India	5000
Shurjo Energy Holdings Limited, London	6844108
PAE Limited, India	16000246
Total	22857495

As on 01.10.2011

Names of Allottee	No. of Shares Allotted
PAE Limited, India	22785178
Hind High Vacuum Company Private Limited, India	4985
Total	22790163

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	29.98
Bodies corporate	70.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Solar Photovoltaic Panels.

Products :

Product Description	ITC Code
Solar Photovaltaic Panel	85414011

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Modules Below 50 Wp	Pcs.	15860
Modules Between 50 Wp – 100 Wp	Pcs.	3560
Modules above 100 Wp	Pcs.	423

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India, Maniktolla Branch, 77C, Raja Ram Mohan Roy Sarani, Kolkata-700009, West Bengal, India

· The Federal Bank Limited, Overseas Branch, 21-A, Shakespeare Sarani, Kolkata-700017, West Bengal, India

· Axis Bank Limited

· Commercial Bank of Africa, Moi Avenue, P.O. Box -90681, Mombasa

· Tel No. : 91-2544122247/2

· Commercial Bank of Africa (Tanzania), PPF House, Samora Avenue, P.O. Box -9640

· National Australia Bank, Breadfasrt Creek Road, Newstead, Qld 4006, Australia

· Tel No. : 91-61386419937

· Compass Bank of Arizona, 5285E, Williams Circle, Suite 3500, Tucson, AZ 85711

· HSBC Bank Canada, 8999 boul. L’Acadie Montreal, Quebec H4N 3K1

· Tel No.: 91-514-381-5483

· Fax No.: 91-514-381-0793

· E mail: Daniel_chin@hsbc.ca

· Corporation Bank Phoneix Mills Compound, Lower Parel, Mumbai 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Other debt secured	(A) 7.605	14.164
Total	7.605	14.164
(A) secured loand a) cash credit account b) packin Credit Loan
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks unsecured	0.483	1.705
Other debt unsecured	(A) 6.051	5.038
Total	6.534	6.743
(A) Inter Corporate Deposit

Banking Relations :	--
Auditors :
Name :	G. P. Agarwal and Company Chartered Accountants
Address :	7A, Kiran Shankar Ray Road, Kolkata - 700001, West Bengal, India
Tel. No.:	91-33-22483941/ 8338/ 7972
Fax No.:	91-33-22486814
PAN.:	AACFG8964F
Holding Company:	PAE Limited, India
Fellow Subsidiary Company :	PAE Renewables Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.1/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45647658	Equity Shares	Rs.1/- each	Rs.45.648 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.1/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22857495	Equity Shares	Rs.1/- each	Rs.22.857 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		22.857	22.857	13.282
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.829	33.906	15.859
4] (Accumulated Losses)		(34.362)	(22.879)	0.000
NETWORTH		12.324	33.884	29.141
LOAN FUNDS
1] Secured Loans		7.605	14.164	14.995
2] Unsecured Loans		6.534	6.743	2.817
TOTAL BORROWING		14.139	20.907	17.812
DEFERRED TAX LIABILITIES		0.000	0.000	0.146
TOTAL		26.463	54.791	47.099
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.870	27.221	9.159
Capital work-in-progress		0.000	2.587	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.821	23.048	18.555
	Sundry Debtors	0.249	5.001	11.965
	Cash & Bank Balances	1.937	3.475	5.170
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.005	8.289	8.042
Total Current Assets		23.012	39.813	43.732
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	20.057	13.128	5.444
	Other Current Liabilities	1.042	1.359	0.036
	Provisions	0.320	0.343	0.312
Total Current Liabilities		21.419	14.830	5.792
Net Current Assets		1.593	24.983	37.940
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		26.463	54.791	47.099

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	83.374	73.488
		Other Income		0.321	0.616
		TOTAL (A)	NA	83.695	74.104
Less	EXPENSES
		Cost of Materials Consumed		72.708	57.648
		Other Manufacturing Expenses		5.675	1.093
		Employees Remuneration and Benefits		7.223	5.067
		Administrative and Other Expenses		20.116	6.258
		TOTAL (B)		105.722	70.066
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	(I22.027)	4.038
Less	FINANCIAL EXPENSES (D)			1.589	1.368
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(23.616)	2.670
Less/ Add	DEPRECIATION/ AMORTISATION (F)			2.995	1.127
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(21.560)	(26.611)	1.543
Less	TAX (H)		0.000	0.008	0.351
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(21.560)	(26.619)	1.192
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	3.740	2.315
	PRIOR PERIOD ADJUSTMENT		NA	0.000	0.233
	BALANCE / (Loss) CARRIED TO THE B/S		NA	(22.879)	3.740
	EXPORT VALUE		53.562	80.412	72.612
	IMPORTS
		Raw Materials	24.498	66.089	47.187
		Stores & Spares	0.438	2.314	0.052
		Capital Goods	0.000	0.988	0.000
	TOTAL IMPORTS		24.936	69.391	47.239
	Earnings Per Share (Rs.)
	- Basic		(0.94)	(1.61)	0.09
	- Diluted		(0.94)	(1.61)	0.18

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(31.80)	1.61
Net Profit Margin (PBT/Sales)	(%)	NA	(31.92)	2.10
Return on Total Assets (PBT/Total Assets}	(%)	(45.03)	(39.70)	2.92
Return on Investment (ROI) (PBT/Networth)		(1.75)	(0.79)	0.05
Debt Equity Ratio (Total Liability/Networth)		2.89	1.05	0.81
Current Ratio (Current Asset/Current Liability)		1.07	2.68	7.55

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	Yes
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 two 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)	No
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

FINANCIAL RESULTS:

During the year ended 31^st March, 2011 the Company made a Net Loss before Tax of Rs.21.560 Millions.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (As on 31.03.2011)

i) Disputed Sales Tax demand of Rs. 0.014 Million (Previous year Rs. 0.014 Million) under West Bengal V.A.T. Act, 2003 related to 2005-06 in respect of which proceedings is pending with Asstt. Commissioner Commercial Taxes, Kolkata.

ii) Disputed Income Tax demand of Rs.0.723 Million (Previous year Rs. 0.723 Million) under Income Tax Act,1961 relating to Assessment year 2008-09 in respect of which rectification petition and revised return is filed and amended order is pending with Income Tax Officer, Kolkata.

iii) Disputed Excise Duty of Rs. 0.056 Million (Previous year Rs. 0.021 Million) under Central Excise Act, 1944 is pending with Asstt. Comm. Central Excise, Kalyani.

Bankers Charges Report as per Registry

Corporate identity number of the company	U40106WB2003FTC096692
Name of the company	SHURJO ENERGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 107-112, Kalyani Industrial Area, Block D, Phase-ll, Under Kalyani Municipality, Nadia Kalyani – 741235, West Bengal, India nimesh.nandu@paeltd.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10185098
Type of charge	· Book debts · Movable property (not being pledge) · Others (Current and Fixed Assets)
Particular of charge holder	Corporation Bank, Phoenix Mills Compound, Lower Parel, Mumbai – 400013, Maharashtra, India cb0750@corpbank.co.in
Nature of instrument creating charge	1. Common deed of hypothection of movables/assets/debts 2. Uattested deed of hypothecation of movables (all the above agreement constitute a single charge)
Date of instrument Creating the charge	02.09.2010
Amount secured by the charge	Rs.35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Stipulated By Bank From Time To Time Terms of Repayment As Stipulated By Bank From Time To Time Margin As Stipulated By Bank From Time To Time Extent and Operation of the charge First charge(present and future)=total limit Rs.35.000 Millions (cash credit= Rs.7.500 Millions, PCL/FDBN/FDBP/FDBD cum import LC cum buyer's credit cum BG = Rs.27.500 Millions) (sub limit-1.FDBD = Rs.15.000 Millions, IMLC cum buyer's credit Rs.7.500 Millions, part BG.= Rs.5.000 Millions) And/or as stipulated by bank from time to time Others As stipualted by bank from time to time and as per agreement attached and as per sanction letter of the bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge(present and future on assets mentioned below)- (1) Hypothecation of all inventory / stock / goods / products kept at borrower place / premises / factories / godown etc or whereeverelse or in transit including brought under l.c. (2) Hypothecation of all book debts and receivbles (3) Hypothecation of all plant and machinery (4) Hypothecation of all current,movable and fixed assets of the company
Particulars of the present modification	By this modification limit remain same Rs.35.000 Millions only nature of limits are changed ((cash credit = Rs.7.500 Millions, PCL/FDBN/FDBP/FDBD cum import LC cum buyer's credit cum BG = Rs.27.500 Millions) (sub limit-1.FDBD = Rs.15.000 Millions, IMLC cum buyer's credit Rs.7.500 Millions, part BG.= Rs.5.000 Millions),securities are continued as given by original charge as well as by modifications, terms

FIXED ASSETS:

· Plant and Machinery

· Electrical Installations

· Computers

· Office Equipments

· Air Conditioner

· Furniture and Fixture

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 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.52.70
UK Pound	1	Rs.85.71
Euro	1	Rs.68.15

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.