MIRA INFORM REPORT

Report Date :

26.10.2012

IDENTIFICATION DETAILS

Name :	ABHITECH ENERGYCON LIMITED (w.e.f. 13.08.2003)
Formerly Known As :	ABHITECH ENERGYCON PRIVATE LIMITED (w.e.f. 17.07.2003) ABHITECH ENERGYCON SERVICES PRIVATE LIMITED
Registered Office :	A-1020, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.10.1997
Com. Reg. No.:	11-111233
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U74210MH1997PLC111233
TAN No.: [Tax Deduction & Collection Account No.]	MUMA25346G
PAN No.: [Permanent Account No.]	AABCA3856C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Fuel Additives viz. Thermol and Thermact.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (39)

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

Maximum Credit Limit :	USD 390000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a well established company having moderate track record. The management has failed to file it financial detail with government department. However, from the previous year record it seems that company performance has been good. Financial appears to be strong. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealing with slight 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 :	A-1020, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28479999
Fax No.:	91-22-28479988
E-Mail :	smddesai@gmail.com inquiry@abhitechenergycon.com abhitech@abhitechenergycon.com
Website :	http://www.abhitechenergycon.com

DIRECTORS

As on 29.09.2010

Name :

Mr. Ganesh Dattatraya Samant

Designation :

Director

Address :

Sundara Narayan Niwas, Padmavati Extension. Road, IIT Market, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

09.09.1972

Date of Appointment :

01.04.2011

DIN No.:

00457859

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	U74210MH1997PLC111233	ABHITECH ENERGYCON LIMITED	Managing director	01-04-11	10-10-97	-	Active	NO
2	U74999MH1996PLC101658	SUN AUTOMATION LIMITED	Additional director	23-01-12	06-06-03	-	Active	NO
3	U51100MH1997PTC111142	OCEAN DISTRIBUTORS PRIVATE LIMITED	Director	31-07-03	31-07-03	01-10-09	Under Process of Striking off	NO
4	U67120MH1988PTC046132	COMPACT PROPERTIES PRIVATE LIMITED	Director	20-12-06	20-12-06	31-12-10	Active	NO
5	U55200KA2011PTC058886	ELIM RESORTS PRIVATE LIMITED	Additional director	23-01-12	23-01-12	-	Active	NO
6	U29198MH1991PTC060189	TECHNOCRAFTS SWITCHGEARS PRIVATE LIMITED	Additional director	23-01-12	23-01-12	-	Active	NO
7	U74999MH1995PLC086385	GLOBAL NATURAL RESOURCES LIMITED	Additional director	29-01-12	29-01-12	-	Active	NO

Name :

Mr. Prasad Tulshidas Samant

Designation :

Director

Address :

C-2/201,Chakresheshvari Sarvodaya Nagar, Mulund (West),Mumbai-400080, Maharashtra, India

Date of Birth/Age :

27.07.1963

Date of Appointment :

01.02.2012

DIN No.:

00457890

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	U74210MH1997PLC111233	ABHITECH ENERGYCON LIMITED	Whole-time director	01-02-12	30-06-01	-	Active	NO
2	U67190MH1998PTC115474	NAVJYOT SAVINGS AND FINLEAS PRIVATE LIMITED	Director	01-09-03	01-09-03	01-10-10	Active	NO

Name :

Mr. Vivek Vijay Pandit

Designation :

Director

Address :

202,Vishalgad, IIT Staff Co-operative Society, Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

03.06.1971

Date of Appointment :

01.04.2011

DIN No.:

00457967

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	U74210MH1997PLC111233	ABHITECH ENERGYCON LIMITED	Whole-time director	01-04-11	10-10-97	-	Active	NO
2	U51909MH1997PTC110669	SAINATH INFORMATICS PRIVATE LIMITED	Director	01-07-03	01-07-03	06-12-09	Active	NO
3	U45400MH2007PTC172265	ORCA ENGINEERING AND CONSTRUCTION COMPANY PRIVATE LIMITED	Director	24-10-08	24-10-08	-	Active	YES
4	U45400MH2010PTC201656	VIVA INFRADEVELOPERS PRIVATE LIMITED	Director	05-04-10	05-04-10	-	Active	NO

Name :

Mr. Hemant Raghunath Mohite

Designation :

Director

Address :

C-110,Bharat Apts, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

08.08.1972

Date of Appointment :

01.04.2011

DIN No.:

00458029

Name :

Mr. Vijay Chandrakant Kamble

Designation :

Whole-Time Director

Address :

806, Panchmahal, Near S.M. Sheity High School, Chandivali, Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

28.08.1971

Date of Appointment :

01.02.2012

DIN No.:

00458661

Name :

Mr. Subodh Hareshwar Raut

Designation :

Director

Address :

C-502, Mangesh Apartments, Devidas Lane, Eksar, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Birth/Age :

01.08.1958

Date of Appointment :

01.04.2011

DIN No.:

00458795

Name :

Mr. Swatantra Kumar

Designation :

Director

Address :

Flat No. 1504, Tower I, Challenger Tower, Thakur Village, Kandivli (East), Mumbai 400101, Maharashtra, India

Date of Birth/Age :

26.01.1956

Date of Appointment :

01.04.2011

DIN No.:

00464807

Name :

Mr. Girish Kumar Trivedi

Designation :

Director

Address :

302,Shivneri, I.I.T. Bombay, Ataff Co-operative Hsg. Society limited, Kopari Hiranandani, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

19.04.1940

Date of Appointment :

01.10.2006

DIN No.:

01733386

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Ganesh Dattatraya Samant	209980
Vivek Vijay Pandit	22500
Prasad Tulshidas Samant	22500
Hemant Raghunath Mohite	22500
Vijay Chandrakant Kamble	22500
Girish Kumar Trivedi	10
Prakash Poojari	10
Compact Capital Limited, India	200000
Total	500000

As on 29.03.2011

Names of Allottee	No. of Shares Allotted
Ganesh Dattatraya Samant	7379640
Vivek Vijay Pandit	405000
Prasad Tulshidas Samant	405000
Hemant Raghunath Mohite	405000
Vijay Chandrakant Kamble	405000
Girish Kumar Trivedi	180
Prakash Poojari	180
Total	9000000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	40.00
Directors or relatives of Directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Suppliers of Fuel Additives viz. Thermol and Thermact.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Corporate Banking Branch, Axis House, Ground Floor, Bombay Dying Mill Compound, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India

· Bank of Maharashtra, Pantnagar, Ghatkoper (East), Mumbai - 400075, Maharashtra, India

· Karnataka Bank Limited

· HDFC Bank

· ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
Tem Loan: Karnataka Bank Limited (Secured against Plant and Machinery)	0.356	0.477
Term Loan: ICICI Bank (Secured against Plant and Machinery)	3.806	1.558
Term Loan: HDFC Bank (Secured against Plant and Machinery)	0.000	1.803
Term Loan: Bank of Maharashtra (Secured against Plant and Machinery)	0.390	0.572
Cash Credit: UTI Bank (Secured against stock, book debts and personal guarantee o directors)	43.601	30.903
Total	48.153	35.313

Banking Relations :	--
Auditors :
Name :	Awinash Verma and Associates Chartered Accountants
Address :	12, 2^nd Floor, New Gopal House, S. L. Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25934488
Mobile No.:	91-9967362315 / 9967232844
E-Mail :	awinash_varma@rediffmail.com suvarna_hadhav786@rediffmail.com
PAN.:	AAYPN2873N

CAPITAL STRUCTURE

After 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs.170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	Rs.10/- each	Rs.95.000 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	1.402
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		94.367	78.298	28.831
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		99.367	83.298	30.233
LOAN FUNDS
1] Secured Loans		48.153	35.313	55.257
2] Unsecured Loans		0.000	0.036	2.110
TOTAL BORROWING		48.153	35.349	57.367
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		147.520	118.647	87.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.290	23.581	26.986
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.650	0.000	0.000
DEFERREX TAX ASSETS		1.066	0.874	0.598
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.074	14.997	11.959
	Sundry Debtors	132.939	90.872	74.569
	Cash & Bank Balances	6.016	1.635	2.137
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.470	7.479	5.381
Total Current Assets		162.499	114.983	94.046
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.477	5.261	19.949
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	26.508	15.530	14.081
Total Current Liabilities		42.985	20.791	34.030
Net Current Assets		119.514	94.192	60.016
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		147.520	118.647	87.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	248.273	210.684	130.496
		Other Income	0.269	2.526	0.254
		TOTAL (A)	248.542	213.210	130.750
Less	EXPENSES
		Material Consumed	50.828	74.815	34.695
		Direct Expenses	9.347	9.189	5.920
		Payment to Employees	40.236	30.605	19.885
		Administrative Expenses	59.388	41.794	25.912
		Marketing Expenses	55.093	12.883	8.501
		TOTAL (B)	214.892	169.286	94.913
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.650	43.924	35.837
Less	FINANCIAL EXPENSES (D)		5.823	7.353	6.543
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.827	36.571	29.294
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.054	4.023	3.504
	PROFIT BEFORE TAX (E-F) (G)		23.773	32.548	25.790
Less	TAX (H)		3.044	6.195	4.515
	PROFIT AFTER TAX (G-H) (I)		20.729	26.353	21.275
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49.645	24.407	5.219
Less	Previous Years Taxes		4.660	0.017	2.087
Less	Bonus Share Issued		0.000	1.098	0.000
	BALANCE CARRIED TO THE B/S		65.714	49.645	24.407
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	13.334	25.568	4.609
	TOTAL EARNINGS		13.334	25.568	4.609
	Earnings Per Share (Rs.)		41.46	52.70	151.75

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.34	12.36	16.27
Net Profit Margin (PBT/Sales)	(%)	9.58	15.45	19.76
Return on Total Assets (PBT/Total Assets}	(%)	12.59	23.49	21.31
Return on Investment (ROI) (PBT/Networth)		0.24	0.39	0.85
Debt Equity Ratio (Total Liability/Networth)		0.92	0.67	3.02
Current Ratio (Current Asset/Current Liability)		3.78	5.53	2.76

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	No
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	No
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

Note:

The registered office of the company has been shifted from 403, Sentinel Centralavenue, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India to present address w.e.f. 27.07.2009

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74210MH1997PLC111233
Name of the company	ABHITECH ENERGYCON LIMITED
Address of the registered office or of the principal place of business in India of the company	A-1020, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Mumbai – 400072, Maharashtra, India smddesai@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10005179
Type of charge	Immovable property
Particular of charge holder	Axis Bank Limited, Corproate Banking Branch, Axis House, Ground Floor, Bombay Dying Mill Compound, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India adlalwani@rediffmail.com
Nature of instrument creating charge	Memorandum of entry [extension of equitable mortgage]
Date of instrument Creating the charge	06.09.2012
Amount secured by the charge	Rs.75.300 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.75.300 Millions (cash credit = Rs.45.000 Millions, M. power term loan =Rs.18.000 Millions, term loan =Rs.12.300 Millions) and/or as stipulated by bank from time to time (for M.power term loan Rs.18.000 Millions, emg charge Others As stipulated by bank from time to time and/or as per agreement attached and/or as stipulated by bank from time to time
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge (present and future) on following assets: (1) emg of premises admeasuring about 4S41SQ. Fts.. Super built-up area. Bearing Unit Nos.1013, 1014.1015.1016.1017. Lois. 1019 and 1020. All On The I" Floor, In The Building Known As "Oberoi Garden Estates, constructed on all that piece or parcel of land bearing Cts No.47 and 47/1 To 47/20, Lying, Being And Situate At Village Chandivali. Taluka Kurla. Mumbai Suburban District
Particulars of the present modification	By this modification limit enhanced to Rs.75.300 Millions (cash credit =Rs.45.000 Millions, M.power term loan =Rs.18.000 Millions, term loan =Rs.12.300 Millions),securities are continued as given by original charge as well as by modifications, terms and conditions as per agreement attached and/or as per sanction letter of the bank

FIXED ASSETS

· Building

· Office Equipment

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Motor Car

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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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		39

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.