MIRA INFORM REPORT

Report Date :

10.08.2013

IDENTIFICATION DETAILS

Name :	VIACOM 18 MEDIA PRIVATE LIMITED (w.e.f.03.12.2007)
Formerly Known As :	Mtv networks India private limited (w.e.f.21.03.1996) PJ entertainment private limited
Registered Office :	Zion Bizworld, Subhash Road – A, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.12.1995
Com. Reg. No.:	11-095508
Capital Investment / Paid-up Capital :	Rs.955.380 Millions
CIN No.: [Company Identification No.]	U92100MH1995PTC095508
TAN No.: [Tax Deduction & Collection Account No.]	MUMM10374A
PAN No.: [Permanent Account No.]	AAACM9164E
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of broadcasting, distributing, producing audiovisual programs, marketing and selling commercial advertising on channels' Colors, MTV, Nickelodeon, Sonic, VH1 and Comedy Central.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 30100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject belongs to network 18 Media and Investment Limited. It is an established company having a satisfactory track record. Company has incurred huge losses during its operations on 2012. However, overall financial of the company is strong. Trade relations are trustworthy. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Facilities: A-
Rating Explanation	Adequate degree of safety low credit risk.
Date	13.01.2013

Rating Agency Name	CARE
Rating	Short Term Facilities: A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	13.01.2013

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.

INFORMATION DECLINED BY

Name :	Mr. Menroy
Designation :	Finance Executive
Contact No.:	91-9920160704
Date :	09.08.2013

LOCATIONS

Registered Office :	Zion Bizworld, Subhash Road – A, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-66622424/ 43412424/ 42581818
Mobile No.:	91-9820734473 (Mr. Saumitra Deva)
Fax No.:	91-22-66547720/ 42581890/ 91
E-Mail :	sujeet.jain@viacom18.com aabid.co@gmail.com careers@viacom18.com communications@viacom18.com saumitra.deva@viacom18.com menroy.rodrigues@viacom18.com
Website :	http://www.viacom18.com
Location :	Leased
Branch Office:	30-H, Simran Center, 3rd Floor, Parsi Panchayat Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-42325300
Fax No.:	91-22-67652663/ 4
E-Mail :	colorstv@viacom18.com

DIRECTORS

(AS ON 28.09.2012)

Name :	Mr. Raghav Bahl
Designation :	Director
Address :	E-36, Sector – 30, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	02.01.1961
Date of Appointment :	06.11.2007
DIN No.:	00015280
Name :	Mr. Robert Marc Bakish
Designation :	Director
Address :	17 Old Neversink Road, Danbury, Ct – 06811, USA
Date of Birth/Age :	14.12.1963
Date of Appointment :	20.03.2007
DIN No.:	02069095
Name :	Mr. Wade Cullen Davis
Designation :	Director
Address :	464, Temama St., San Francisco, Ca – 94103, USA
Date of Birth/Age :	06.03.1972
Date of Appointment :	07.08.2007
DIN No.:	02157793
Name :	Mr. Paul Jerome Rourke
Designation :	Director
Address :	8, Pemne Lane, Cranbury NJ,08512, USA
Date of Birth/Age :	26.07.1963
Date of Appointment :	13.06.2012
DIN No.:	05144789
Name :	Mr. Saikumar Ganapathy Balasubramanian
Designation :	Director
Address :	Flat No. 11, B-Wing, 6^th Floor, Sunset Heights, 59 Pall Hill, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	01.09.1974
Date of Appointment :	13.06.2012
DIN No.:	01772191
Name :	Mr. Sarbvir Singh
Designation :	Director
Address :	House 46, Sector 37, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	27.09.1971
Date of Appointment :	13.06.2012
DIN No.:	00509959

KEY EXECUTIVES

Name :	Mr. Menroy
Designation :	Finance Executive
Name :	Mr. Sujeet Veerchand Jain
Designation :	Secretary
Address :	1303, Tower 1, Raheja Tipco Heights CHS, Rani Sati Marg, Malad (East), Mumbai-400097, Maharashtra, India
Date of Birth/Age :	04.08.1973
Date of Appointment :	21.02.2008
PAN No.:	AAWPJ4965H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Names of Shareholders	No. of Shares
MTV Asia Ventures (India) Pte Limited, Mauritius	47768791
TV18 Broadcast Limited, India	47768791
Total	95537582

(AS ON 28.09.2012)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of broadcasting, distributing, producing audiovisual programs, marketing and selling commercial advertising on channels' Colors, MTV, Nickelodeon, Sonic, VH1 and Comedy Central.

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· ING Vysya Bank Limited

22, M.G. Road, Bangalore – 560001, Karnataka, India

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Axis Bank Limited

· Central Bank of India

· Union Bank of India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Long Term Borrowings
Term Loans from Banks (Term loan from Bank amounting to Rs.1980.000 millions is secured by a first pari passu charge over Fixed Assets and Current Assets belonging to the Company)	1980.000	2000.000
Short Term Borrowings
Working Capital Loans from Banks (Working Capital Loans from Banks are secured by a first pari passu charge over Fixed Assets and Current Assets belonging to the Company)	1600.000	1149.000
Loans Repayable on demand from Banks (Cash Credit from Bank is secured by a first pari passu charge over Fixed Assets and Current Assets belonging to the Company. Fixed Deposits amounting to Rs. 135.870 millions are provided as collateral security)	1441.270	1361.580
Total	5021.270	4510.580

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra, India
PAN No.:	ADEPG6306N
Holding Companies :	· TV18 Broadcast Limited, India
Ultimate Holding Companies :	· Network18 Media and Investments Limited, India
Subsidiary Companies :	· IFC Distribution Private Limited, India · The Indian Film Company (Cyprus) Limited, Cyprus · Viacom 18 US Inc, United States
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· AETN18 Media Private Limited, India · Colosceum Media Private Limited, India · Digital18 Media Limited, India · Greycells18 Media Limited, India · Infomedia Press Limited, India · MTV Asia LDC, Singapore · MTV Network New York, United States · MTV Networks B.V., Netherlands · MTV Networks Europe, United Kingdom · Network 18 Publications Limited, India · Nickelodeon Asia Holdings Pte. Limited, Singapore · Nickelodeon India Private Limited, India · TV 18 Home Shopping Network Limited, India · Paramount Pictures Global, Division of Viacom Global (Netherlands) B.V., Netherlands · The Indian Film Company (Cyprus) Limited, Cyprus · Web Chutney Studio Private Limited, India · Viacom International Inc., United States · MTV Asia Ventures (India) Private Limited, Mauritius · Viacom 18 Media (UK) Limited, United Kingdom · Roptonal Limited, Cyprus · e-Eighteen.Com Limited, India

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
120,994,500	Equity Shares	Rs. 10/- each	Rs.1209.945 Millions
44,005,500	0.01% Optionally Convertible Redeemable Cumulative Preference Shares	Rs. 10/- each	Rs.440.055 Millions
	Total		Rs.1650.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
104,164,124	Equity Shares	Rs.10/- each	Rs.1041.640 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95,537,582	Equity Shares	Rs.10/- each	Rs.955.376 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	955.380	1283.700
(b) Reserves & Surplus	6564.040	5977.410
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	640.200
Total Shareholders’ Funds (1)+(2)	7519.420	7901.310
(3) Non-Current Liabilities
(a) long-term borrowings	1980.000	2000.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1980.000	2000.000
(4) Current Liabilities
(a) Short term borrowings	3044.510	3008.860
(b) Trade payables	4323.400	3622.960
(c) Other current liabilities	671.840	773.890
(d) Short-term provisions	20.340	15.360
Total Current Liabilities (4)	8060.090	7421.070
TOTAL	17559.510	17322.380
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	379.730	129.490
(ii) Intangible Assets	10.620	13.500
(iii) Capital work-in-progress	41.730	1.080
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	3664.450	4546.930
(c) Deferred tax assets (net)	64.520	120.000
(d) Long-term Loan and Advances	1489.180	334.070
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	5650.230	5145.070
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5667.310	4104.740
(c) Trade receivables	5010.780	4013.140
(d) Cash and cash equivalents	525.300	3010.250
(e) Short-term loans and advances	703.790	1050.580
(f) Other current assets	2.100	1.600
Total Current Assets	11909.280	12180.310
TOTAL	17559.510	17322.380

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1014.280
2] Share Application Money		200.000
3] Reserves & Surplus		4561.650
4] (Accumulated Losses)		(3602.800)
5] Equity Share Warrants		3.000
NETWORTH		2176.130
LOAN FUNDS
1] Secured Loans		446.760
2] Unsecured Loans		0.000
TOTAL BORROWING		446.760
DEFERRED TAX LIABILITIES		0.000
TOTAL		2622.890
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		173.740
Capital work-in-progress		12.700
INVESTMENT		0.470
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	738.120
	Sundry Debtors	3017.480
	Cash & Bank Balances	1034.150
	Other Current Assets	0.000
	Loans & Advances	939.820
Total Current Assets		5729.570
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2936.850
	Other Current Liabilities	342.940
	Provisions	13.800
Total Current Liabilities		3293.590
Net Current Assets		2435.980
MISCELLANEOUS EXPENSES		0.000
TOTAL		2622.890

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	GROSS INCOME		15019.310	11053.860	8359.390
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		(1004.080)	1089.190	(348.760)
Less/ Add	DEPRECIATION/ AMORTISATION		82.850	81.090	79.600
	PROFIT/ LOSS BEFORE EXCEPTIONAL ITEMS AND TAXES		(1086.930)	1008.100	(428.360)
Less	EXCEPTIONAL ITEMS: PROVISION FOR DIMINUTION IN THE VALUE OF INVESTMENT		882.490	0.000	0.000
	PROFIT/LOSS BEFORE TAX		(1969.420)	1008.100	(428.360)
Less	TAX		55.480	84.780	1.570
	PROFIT/LOSS AFTER TAX		(2024.900)	923.320	(429.930)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2679.480)	(3602.800)	(3172.870)
	BALANCE CARRIED TO THE B/S		(4704.380)	(2679.480)	(3602.800)
	EARNINGS IN FOREIGN CURRENCY		604.800	375.770	84.960
	IMPORTS
		Capital Goods	NA	NA	14.440
	Earnings Per Share (Rs.)		21.19	13.10	(8.74)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	(14.28)	7.96	(7.26)
Return on Investment (ROI) (PBT/Networth)		(0.26)	0.13	(0.20)
Debt Equity Ratio (Total Debt/Networth)		0.67	0.63	0.21
Current Ratio (Current Asset/Current Liability)		1.48	1.64	1.74

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM DEBT DETAIL:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Current Maturity of Long Term Debt	20.000	0.000	NA

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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)	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	Yes

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Short Term Borrowings
Term loans from banks	3.240	498.280
Total	3.240	498.280

NOTE:

The Registered office of the company has been shifted from 36-B, Dr. R. K. Shirodkar Road, Parel, Mumbai – 400012, Maharashtra, India to the present address w.e.f. 06.02.2012.

GENERAL INFORMATION

The company is incorporated in India under the Companies Act, 1956 of India as a private limited Company.

The Company is a jointly controlled entity between MTV Asia Ventures (India) Pte. Limited Mauritius and TV18 Broadcast Limited.

The Company is engaged in the business of broadcasting, distributing, producing audiovisual programs, marketing and selling commercial advertising on channels' Colors, MTV, Nickelodeon, Sonic, VH1 and Comedy Central. Additionally, the Company also generates revenue from licensing and merchandising of products, brand solutions and marketing partnerships. The company is also in the business of production and distribution of films.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10325624	05/12/2011	1,600,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN DIA	B28801538
2	10325727	06/02/2013 *	1,250,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5,, I FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,, NEW D ELHI, DELHI - 110001, INDIA	B69678506
3	10279582	21/03/2011	4,000,000,000.00	CENTRAL BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, CHANDER MUKHI, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021 , INDIA	B10404622
4	10157647	31/12/2010 *	1,500,000,000.00	UNION BANK OF INDIA	239, VIDHAN BHAVAN MARG, UNION BANK BHAVAN,, IST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 40002 1, INDIA	B04127866
5	10129505	04/07/2013 *	2,000,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B80011620

* Date of charge modification

FIXED ASSETS:

· Goodwill

· Computer – Software

· Leasehold improvements

· Furniture and Fixtures

· Plant and Machinery

· Motor Vehicles

· Equipments and Computer System

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.61.39
UK Pound	1	Rs.94.17
Euro	1	Rs.81.70

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NIT

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	4
--LIQUIDITY	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.