1. Summary Information

		Country	India
Company Name	ASCENT CIRCUITS PRIVATE LIMITED	Principal Name 1	Mr. Manjunath Punyamurthy
Status	Satisfactory	Principal Name 2	Mr. Arvind Aroor Rao
		Registration #	08-024700
Street Address	B-13, I.T.I Industrial Estate, Mahadevapura, Bangalore – 560 048, Karnataka
Established Date	01.02.1999	SIC Code	--
Telephone#	91-80-28511709	Business Style 1	Manufacturer
Fax #	91-80-28511709	Business Style 2	Exporter
Homepage	http://www.ascentcircuits.com	Product Name 1	Single Sided Printed Circuit Boards
# of employees	250 (Office =30 and Factory = 220) (Approximately)	Product Name 2	Populated Boards
Paid up capital	Rs.15,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	14 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (52)
Related Company
Relation	Country	Company Name	CEO
Related Party		Hosur Coir Foam Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	313,501,000	Current Liabilities	120,941,000
Inventories	88,476,000	Long-term Liabilities	86,307,000
Fixed Assets	175,168,000	Other Liabilities	16,549,000
Deferred Assets	0,000	Total Liabilities	223,797,000
Invest& other Assets	0.000	Retained Earnings	338,348,000
		Net Worth	353,348,000
Total Assets	577,145,000	Total Liab. & Equity	577,145,000
Total Assets (Previous Year)	566,536,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	NA	Net Profit	NA
Sales(Previous yr)	916,374,000	Net Profit(Prev.yr)	64,379,000

MIRA INFORM REPORT

Report Date :

07.12.2013

IDENTIFICATION DETAILS

Name :	ASCENT CIRCUITS PRIVATE LIMITED (w.e.f. 07.04.2000)
Formerly Known As :	RIC CIRCUITS PRIVATE LIMITED
Registered Office :	B-13, I.T.I Industrial Estate, Mahadevpur, Bangalore-560048, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.02.1999
Com. Reg. No.:	08-024700
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U31200KA1999PTC024700
TAN No.: [Tax Deduction & Collection Account No.]	BLRA06934E
PAN No.: [Permanent Account No.]	AABCR2074D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Printed Circuit Boards (PCBs)
No. of Employees :	250 (Office =30 and Factory = 220) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having a satisfactory track record. The management has failed to file its financial with government department for the year 2013. However, as per available financial records of 2012, General financial position of the company appears to be fair. Trade relations are reported as fair. Business is active. Payment terms are usually 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	21.12.2012

Reason for suspension: Non co-operation by the company in providing details

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 (91-4344-400108)

LOCATIONS

Registered Office :	B-13, ITI Industrial Estate, Mahadevpur, Bangalore – 560 048, Karnataka, India
Tel. No.:	91-80-28511709
Fax No.:	91-80-28511709
E-Mail :	riclhosr@blr.vsnl.net.in manjunath@asscentcircuits.com ragee2001@rediffmail.com
Website :	www.ascentcircuits.com
Factory :	Plot No. 111, Sipcot Industrial Complex, Phase – 1, Hosur – 635 126, Tamilnadu, India
Tel. No.:	91-4344-400108 / 400124 / 400103 / 400102 / 400109 / 271123 / 271124
Fax No.:	91-4344-400128 / 271148
E-Mail :	info@ascentcircuits.com rfq@ascentcircuits.com
Area :	5.5 Acres
Location :	Owned

DIRECTORS

As on 30.09.2012

Name :

Mr. Manjunath Punyamurthy

Designation :

Managing Director

Address :

1282, 13th Cross Indira Nagar, II State, Bangalore-560038, Karnataka, India

Date of Birth/Age :

05.02.1960

Qualification :

B. Tech.

Date of Appointment :

01.02.1999

DIN No.:

00900902

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	U01300TZ1989PTC002484	HOSUR COIR FOAMS PRIVATE LIMITED	Director	24-03-93	24-03-93	-	Active	NO
2	U31503KA1986PTC007459	TECHNOVA TAPES (INDIA)PRIVATE LIMITED	Director	25-08-94	25-08-94	-	Active	NO
3	U31200KA1999PTC024700	ASCENT CIRCUITS PRIVATE LIMITED	Managing director	01-02-99	01-02-99	-	Active	NO
4	U17111TZ1995PTC006507	PEPS INDUSTRIES PRIVATE LIMITED	Director	14-09-06	16-12-05	-	Active	NO
5	U31300KL2008PTC027811	GLOBALWAVE TECHNOLOGIES PRIVATE LIMITED	Director	12-05-08	12-05-08	-	Active	NO
6	U17214TZ2010PTC016432	HOSUR MATTRESS INDUSTRIES INDIA PRIVATE LIMITED	Director	13-10-10	13-10-10	-	Active	NO
7	U74900KA2011PTC059112	ACE ENVIRO TECH PRIVATE LIMITED	Director	13-06-11	13-06-11	-	Active	NO

Name :

Mr. Shankar Ram Gopalan

Designation :

Director

Address :

201, Trinity Golf Links Apartments, 139/8, Sharadhamma Layout, Domlur, Bangalore – 560071, Karnataka, India

Date of Birth/Age :

04.12.1959

Qualification :

B. Tech.

Date of Appointment :

01.02.1999

DIN No.:

00110783

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	U01300TZ1989PTC002484	HOSUR COIR FOAMS PRIVATE LIMITED	Director	24-03-93	24-03-93	-	Active	NO
2	U31200KA1999PTC024700	ASCENT CIRCUITS PRIVATE LIMITED	Director	01-02-99	01-02-99	-	Active	NO
3	U17111TZ1995PTC006507	PEPS INDUSTRIES PRIVATE LIMITED	Director	14-09-06	16-12-05	-	Active	NO
4	U17214TZ2010PTC016432	HOSUR MATTRESS INDUSTRIES INDIA PRIVATE LIMITED	Director	13-10-10	13-10-10	-	Active	NO

Name :

Mr. Arvind Aroor Rao

Designation :

Director

Address :

188/A, 6^th Main Road, FE, Bangalore - 560038, Karnataka, India

Date of Birth/Age :

04.06.1959

Qualification :

B. Tech.

Date of Appointment :

01.02.1999

DIN No.:

00110677

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	U31503KA1986PTC007459	TECHNOVA TAPES (INDIA)PRIVATE LIMITED	Managing director	07-02-86	07-02-86	-	Active	NO
2	L85110KA1942PLC000295	THE MYSORE PLANTATIONS LIMITED	Whole-time director	01-09-11	28-11-91	-	Active	NO
3	U01300TZ1989PTC002484	HOSUR COIR FOAMS PRIVATE LIMITED	Director	01-04-94	01-04-94	-	Active	NO
4	U31200KA1999PTC024700	ASCENT CIRCUITS PRIVATE LIMITED	Director	01-02-99	01-02-99	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Arvind Aroor Rao	315000
Manjunath Punyamurthy	750000
Shankar Ram Gopalan	435000
Total	1500000

As on 30.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Printed Circuit Boards (PCBs)
Product :	Hiring Systems Instruments Printed Circuits Boards Telecom Products, etc.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Printed Circuit Boards	Sq.mtrs	480000	480000	299946

GENERAL INFORMATION

No. of Employees :

250 (Office =30 and Factory = 220) (Approximately)

Bankers :

State Bank of India, Specialised MID Corporate Branch, # 97, Railway Parallel Road, Kumarapark West, Bangalore-560020, Karnataka, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012
Long Term Borrowings
Term loans – from banks	0.000
Deferred payment liabilities	21.828
Loans and advances from related parties	1.668
Other loans – working capital loans	0.000
Long Term Borrowings
Term loans – from banks	0.000
Deferred payment liabilities	3.960
Loans and advances from related parties	0.000
Other loans – working capital loans	58.851
Total	86.307

(Rs. In Millions)

Secured Loan	As on 31.03.2011
Term Loans from Banks	35.200
Working Capital Loans from Banks	114.531
Total	149.731
Note : Term loan from State Bank of India is secured by hypothecation of plant and machinery. The working capital loan from State Bank of India is secured by hypothecation of stock of raw materials, work-in-progress, finished goods and receivables. Amount due on term loans in one year Rs. 20.001 Millions {31 March 2010 - Rs. 26.932 Millions}

Banking Relations :	--
Auditors :
Name :	G Jagadish Babu Chartered Accountants
Address :	No.760, 2^nd Floor, Dr. Rajkumar Road, Rajajinagar, 6^th Block, Bangalore-560010, Karnataka, India
Tel. No.:	91-80-23153425
Mobile No.:	91-9448324794
PAN.:	AAOPB3442M
Companies in which directors of the company are able to exercise control or have significant influence :	· Hosur Coir Foam Private Limited · Peps Industries Private Limited · Technova Tapes India Private Limited · Technova Industries

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Shareholder* holding more than 5% of the shares

Particular	Number	Rs. In Millions
Equity share of Rs.10/- each
Mr. P. Manjunath	750,000	7.500
Mr. G. Shankar Ram	435,000	4.350
Mr. A. Arvind Rao	315,000	3.150
	1,500,000	15.000

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		338.348	271.863	207.483
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		353.348	286.863	222.483
LOAN FUNDS
1] Secured Loans		86.307	149.731	138.058
2] Unsecured Loans		0.000	32.121	53.949
TOTAL BORROWING		86.307	181.852	192.007
DEFERRED TAX LIABILITIES		16.474	19.659	22.333
TOTAL		456.129	488.374	436.823
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		175.168	188.960	197.263
Capital work-in-progress		0.000	0.000	2.749
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	88.476	74.724	64.169
	Sundry Debtors	203.535	222.215	170.706
	Cash & Bank Balances	23.507	25.322	20.243
	Other Current Assets	30.547	0.000	0.000
	Loans & Advances	55.912	55.315	117.798
Total Current Assets		401.977	377.576	372.916
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	117.467	73.809	53.896
	Other Current Liabilities	3.474	2.714	0.261
	Provisions	0.075	1.639	81.948
Total Current Liabilities		121.016	78.162	136.105
Net Current Assets		280.961	299.414	236.811
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		456.129	488.374	436.823

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		916.374	713.478
		Other Income		NA	8.283
		TOTAL (A)		NA	721.761
Less	EXPENSES
		Office Expenses		NA	589.957
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)		NA	589.957
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			NA	131.804
Less	FINANCIAL EXPENSES (D)			NA	19.485
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	112.319
Less/ Add	DEPRECIATION/ AMORTISATION (F)			NA	32.884
	PROFIT BEFORE TAX (E-F) (G)			97.476	79.435
Less	TAX (H)			33.097	15.390
	PROFIT AFTER TAX (G-H) (I)			64.379	64.045
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			131.897	67.852
	BALANCE CARRIED TO THE B/S			196.276	131.897
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	184.230	209.463	189.679
	TOTAL EARNINGS		184.230	209.463	189.679
	IMPORTS
		Raw Materials	431.406	501.577	356.761
		Stores & Spares	13.078	12.566	10.537
		Capital Goods	17.317	10.471	0.000
	TOTAL IMPORTS		461.801	524.614	369.720
	Earnings Per Share (Rs.)		NA	42.92	42.70

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	8.87
Net Profit Margin (PBT/Sales)	(%)	NA	10.64	11.13
Return on Total Assets (PBT/Total Assets}	(%)	NA	17.21	13.93
Return on Investment (ROI) (PBT/Networth)		NA	0.34	0.36
Debt Equity Ratio (Total Debt /Networth)		0.24	0.63	0.86
Current Ratio (Current Asset/Current Liability)		3.32	4.83	2.74

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	Yes
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 two 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

BACKGROUND:

The company was incorporated on 1^st February 1999 with its registered office in Bangalore and its manufacturing operation being carried in Hosur, India. The Company is a Manufacturer of Printed Circuit Boards (PCBs).

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2011
From Director	2.076
From others – IFST Deferred	30.045
Total	32.121

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10412404	25/05/2013 *	273,000,000.00	ING VYSYA BANK LIMITED	NO.7,II CROSS,KAMARAJ COLONY, KRISHNAGIRI DISTRICT, HOSUR, TAMIL NADU - 635125, INDIA	B79254496
2	90198599	27/06/2005 *	20,000,000.00	STATE BANK OF INDIA	III ANCILLARY INDUSTRIAL ESTATE, MAHADEVURA, BANGALORE, KARNATAKA, INDIA	-
3	90197640	08/04/2011 *	367,500,000.00	STATE BANK OF INDIA	SPECIALISED MID CORPORATE BRANCH, #97, RAILWAY PA  RALLEL ROAD, KUMARAPARK WEST, BANGALORE, KARNATAKA  - 560020, INDIA	B11393998
4	90199280	27/06/2005 *	22,500,000.00	STATE BANK OF INDIA	ITI ANCILLARY INDL. ESTATE, MAHADEVAPURA, BANGALORE, KARNATAKA - 560048, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Effluent Treatment Plant

· Furniture

· Plant and Machinery

· Equipments

· Vehicles

· Computers

· Generator

· Electrical Installation

· Guest House

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.67
UK Pound	1	Rs.100.65
Euro	1	Rs.84.25

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		52

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.