MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	GLOBAL WIND POWER LIMITED (w.e.f. 27.02.2008)
Formerly Known As :	GLOBAL WIND POWER PRIVATE LIMITED (w.e.f. 05.10.2007) MUKTIDAYA CONSULTANCY SERVICES PRIVATE LIMITED
Registered Office :	301, Satellite Silver, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.02.2007
Com. Reg. No.:	11-168078
Capital Investment / Paid-up Capital :	Rs.417.099 Millions
CIN No.: [Company Identification No.]	U74140MH2007PLC168078
TAN No.: [Tax Deduction & Collection Account No.]	SRTG01581G
PAN No.: [Permanent Account No.]	AAECM9752G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Wind Mill Generators and Turbine.
No. of Employees :	560 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 4840000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is promoted by the Reliance ADA Group. It is an established company having moderate track record. Latest financials for 2012 are not available. Mr. Mukesh, Finance Manager provided with us general information and denied to disclose financial details. From the available financials of the year 2011 it seems that the company has recorded some accumulated losses. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with great caution.

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	ICRA
Rating	Term Loan: D
Rating Explanation	This rating are in default or are expected to be in default soon.
Date	October, 2012

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

MANAGEMENT NON CO-OPERATIVE

Contact No.: 91-22-39313500

LOCATIONS

Registered Office/ Factory 1 :	301, Satellite Silver, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-39918500/ 39918543
Fax No. :	91-22-39918521
E-Mail :	kailash.rathi@gwpl.co.in praveenbhansali@gwpl.co.in info@gwpl.co.in
Website :	www.gwpl.co.in
Area :	3000 sq. ft.
Location :	Owned
Head Office :	15, Soundarapandian Street, Ashok Nagar, Chennai, Tamilnadu, India
Tel No. :	91-44-39182618
Factory 2 :	Survey No.24/1, 26, 27, 28, 358/2/2, 358/3, 359/1, Village Kherdi, Khanvel, Amboli Road, Silvassa – 396 230, U.T. - Dadra and Nagar Haveli, India
Tel. No.:	91-260-3268060/ 3091850
Fax No.:	91-260-2677977
Area :	50 Acres
Location :	Owned
Branch Office :	9^th Floor, Tower 2B, One Indiabulld Centre, Jupiter Mills Compound, Senapati Bapat Road, Elphinstone Road, Mumbai – 400013, Maharashtra, India
Tel No.:	91-22-39313500
Fax No.:	91-22-39313535
Overseas Office :	Amsterdam Seweg 204 A, 1182 HL Amstelveen, The Netherlands
Tel. No.:	+ 31 20 4260 923
Fax No. :	+ 31 20 4260 901
E-Mail :	info@globalwindpower.nl

DIRECTORS

(AS ON )

Name :	Mr. Prakash Pandurang Khedekar
Designation :	Director
Address :	103, Swaraj Palace, Plot No.12/13 Sector 12D, Koparkhairane, Navi Mumbai – 400 709, Maharashtra, India
Date of Birth/Age :	02.03.1974
Date of Appointment :	23.02.2007
DIN No.:	01260382
Name :	Mr. Hiren Vinay Shah
Designation :	Director
Address :	1 D, Cosmopolis 21, Ruparel Road, Mlabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	22.02.1967
Date of Appointment :	03.01.2012
Name :	Mr. Suresh Lachamandas Makhija
Designation :	Director
Address :	Gundecha Symphony, Flat No. 1402 B Wing, CTS 737/8/4, Veera Desai Rd, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth :	27.11.1948
Date of Appointment :	03.01.2012
Name :	Ms. Rashmee Ranchhodas Mehta
Designation :	Director
Address :	402-B, Mithila Apartments, Kantinahgar, Behind J.B. Nagar, Mumbai – 400059, Maharashtra, India
Date of Birth :	24.04.1956
Date of Appointment :	20.04.2012

KEY EXECUTIVES

Name :	Mr. R. Ravishankar
Designation :	Manager
Address :	20/1, Bagirathi Ammal Street, T. Nagar, Chennai – 600017, Tamilnadu, India
Date of Birth/Age :	02.03.1963
Date of Appointment :	04.08.2009
Name :	Mr. Mukesh
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 10.12.2011)

Shareholding details file attached.

(AS ON 10.12.2011)

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	5.20
Bodies corporate	21.70
Directors or relatives of directors	30.90
Other top fifty shareholders	40.40
Others	1.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Wind Mill Generators and Turbine.

Products :

Products Description	Item Code No.
Wind Operated Electricity Generator – Wind Mill Tower and Nacelle	3600

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed Capacity – The products manufactured and sold by the Company, i.e. WTG’s and Components have not been included in the list of mandatory items, which requires a license under the New Industrial Policy in terms of Notification No. S.O.477 (E) dated 25^th July, 1991; and hence licensing requirements are not applicable to the products manufactured by the Company.

Installed Capacity - The installed capacities are not precisely ascertainable, given the nature of operations, changes in product mix and utilization of manufacturing facilities; and hence, have not been disclosed.

Production – Details of productions made during the year is as follows:

Particulars	Units Produced (in Nos.)	Units Produced (in MW’s)
Wind Turbine Generators Up to 1 MW	52	39.00
Towers	9	NA
Foundation Mounting Piece	21	NA

GENERAL INFORMATION

No. of Employees :

560 (Approximately)

Bankers :

v Axis Bank Limited

Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025, Maharashtra, India (Contact No.: 91-22-24252525)

v Punjab National Bank

Chennai, Tamilnadu, India

v Export-Import Bank of India

Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v Yes Bank Limited

9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

v Axis Bank Limited

Nariman Point Branch, Atlanta Building, Ground Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
	(Rs. In Millions)
Rupee term loans banks secured	1391.380	2016.340
Foreign currency loans banks secured	858.678	31.585
Working capital loans banks secured	657.301	402.228
Other debt secured	313.827	10.512
Total	3221.186	2460.665

Banking Relations :	--
Auditors 1:
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	AAFFP3698A
Auditors 2 :
Name :	Malpani and Associates Chartered Accountants
Address :	307, Chartered House 297/299, Dr. C.H. Street, Near Marine Lines Church, Marine Lines (East), Mumbai – 400 002, Maharashtra, India
PAN No.:	AADPM2684D
Subsidiary Companies :	· Ashban Company Limited, Cyprus · Global Wind Infrastructure and Services Private Limited, India (CIN No.: U74900DN2009PTC000294)
Other related parties with whom transactions have taken place during the year :	Major Investing parties / Promoters having significant influence/ control on the Company directly or indirectly: · Reliance Shares and Stock Brokers Private Limited, India (CIN No.: U67120MH1993PTC218678) · Reliance Net Limited, India (CIN No.: U74210MH1999PLC120378) · Reliance Capital Limited, India (CIN No.: L65910MH1986PLC165645)
Associate :	· Norwin A/S, DENMARK
Other Related Parties :	· Reliance General Insurance Company Limited (RGICL), India (CIN No.: U66603MH2000PLC128300)

CAPITAL STRUCTURE

AS ON 10.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 millions
250000000	Zero Coupon Non Cumulative Redeemable Preference Shares	Re.1/- each	Rs.250.000 millions
	Total		Rs.650.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16709894	Equity Shares	Rs.10/- each	Rs.167.099 millions
250000000	Zero Coupon Non Cumulative Redeemable Preference Shares	Re.1/- each	Rs.250.000 millions
	Total		Rs.417.099 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		417.099	312.391	312.391
2] Share Application Money Pending Allotment		0.040	603.000	603.000
3] Equity Warrants Issued and Subscribed		0.000	325.000	325.000
4] Reserves & Surplus		1422.454	249.162	249.162
5] (Accumulated Losses)		(628.779)	(468.890)	(52.309)
NETWORTH		1210.814	1020.663	1437.244
LOAN FUNDS
1] Secured Loans		3221.186	2460.665	1901.684
2] Unsecured Loans		50.000	50.000	0.000
TOTAL BORROWING		3271.186	2510.665	1901.684
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4482.000	3531.328	3338.928
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1451.460	1335.587	1288.491
Capital work-in-progress		2063.353	1336.086	29.553
INVESTMENT		122.486	120.485	937.621
DEFERRED TAX ASSETS		3.411	3.411	3.411
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	680.975	675.409	1176.916
	Sundry Debtors	767.591	87.775	0.000
	Cash & Bank Balances	92.559	119.388	107.609
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	136.332	164.140	109.448
Total Current Assets		1677.457	1046.712	1393.973
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	600.892	177.170	284.518
	Other Current Liabilities	72.559	129.605	26.025
	Provisions	162.716	4.178	3.578
Total Current Liabilities		836.167	310.953	314.121
Net Current Assets		841.290	735.759	1079.852
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4482.000	3531.328	3338.928

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	2355.010	1037.643	0.000
		Other Income	39.963	28.634	2.581
		TOTAL (A)	2394.973	1066.277	2.581
Less	EXPENSES
		Consumption materials changes inventories	1869.020	985.852	19.307
		Manufacturing service costs	33.851	42.962
		Employee related expenses	88.223	47.530
		Administrative selling other expenses	308.605	117.767
		TOTAL (B)	2299.699	1194.111	19.307
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		95.274	(127.834)	(16.726)
Less	INTEREST FINANCIAL EXPENSES (D)		201.471	239.036	27.597
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(106.197)	(366.870)	(44.323)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		53.692	49.711	1.390
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(159.889)	(416.581)	(45.713)
Less	TAX (H)		0.000	0.000	(2.670)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(159.889)	(416.581)	(43.043)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(468.890)	(52.309)	(9.266)
	BALANCE CARRIED TO THE B/S		(628.779)	(468.890)	(52.309)
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basis	32.094	1.834	0.000
		Export of services	21.608	0.000	0.000
	TOTAL EARNINGS		53.702	1.834	0.000
	IMPORTS
		Raw Materials	389.408	64.570	587.029
		Stores & Spares	6.536	0.000	0.492
		Capital Goods	148.400	0.151	108.935
	TOTAL IMPORTS		544.344	64.721	696.456
	Earnings/(Loss) Per Share (Rs.)		(17.82)	(66.77)	(7.84)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(6.68)	(39.07)	(1667.69)
Net Profit Margin (PBT/Sales)	(%)	(6.79)	(40.15)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(5.11)	(17.49)	(1.70)
Return on Investment (ROI) (PBT/Networth)		(0.13)	(0.41)	(0.03)
Debt Equity Ratio (Total Debt/Networth)		2.70	2.46	1.32
Current Ratio (Current Asset/Current Liability)		2.01	3.37	4.44

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE

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	Yes
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)	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	Yes

UNSECURED LOANS

	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Other debt unsecured	50.000	50.000
Total	50.000	50.000

NOTE:

The registered office address of the company has been shifted from 402, Satellite Silver, Opposite Honda Showroom, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India to present w.e.f 21.01.2009.

OPERATIONS

The Company achieved income from operation of Rs.2355.000 millions as against zero income in the previous year. However, the Company incurred a net loss after tax of Rs.159.900 millions as compared to net loss after tax of Rs.468.900 millions in the previous year. The loss in current year was mainly on account of interest and finance charges, higher inventory cost, tough economic conditions and cost of market entry.

Further during the year your company was successful in following areas

1. Tower manufacturing plant:

During the year company has produced 9 towers for customers like Kenersys, Vestas and GE apart from 52 towers for its 750 KW WTGs.

2. 750 KW WTGs:

The Company has produced and sold 52 (28 previous year) No. of 750 KW wind turbine generators (WTG) totaling to 39 MW (21.75 MW previous year) achieving a growth of 79% year on year.

3. 2MW WTG:

The year company has successfully installed a prototype of its 2 MW WTG at Kaythar in Tamilnadu. The 2 MW plant is under construction and is expected to commence in the first half of 2011-12.

4. 2.5 MW WTG:

The work for 2.5 MW plant has also begun at Silvassa and is expected to be commissioned Next year.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10309517	06/09/2011	650,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B22264816
2	10181753	03/05/2010 *	750,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A87810727
3	10140528	31/12/2008	1,250,000.00	PUNJAB NATIONAL BANK	T NAGAR, CHENNAI, TAMILNADU - 600083, INDIA	A55835680
4	10105569	12/02/2011 *	900,000,000.00	PUNJAB NATIONAL BANK	10, RAJA STREET, T.NAGAR, CHENNAI, TAMILNADU - 600017, INDIA	B12891685
5	10092075	05/08/2011 *	2,000,000,000.00	AXIS BANK LIMITED	AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B21981451

* Date of charge modification

FIXED ASSETS:

Tangible Assets

v Freehold Land

v Buildings

v Plant and Machinery

v Furniture and Fittings

v Vehicles

v Office Equipment

v Computers

Intangible Assets

v Software

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.68.36
UK Pound	1	Rs.106.02
Euro	1	Rs.91.47

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	NIT

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	2
--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		26

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.