MIRA INFORM REPORT

Report Date :

16.02.2013

IDENTIFICATION DETAILS

Name :	GLODYNE PEOPLEPOWER LIMITED (w.e.f. 24.07.2009)
Formerly Known As :	GLODYNE PEOPLEPOWER PRIVATE LIMITED INTERCON MANAGEMENT SERVICES PARIVATE LIMITED
Registered Office :	801, Balarama Building, Bandra Kurla Complex,  Bandra (East), Mumbai - 400051
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.02.1991
Com. Reg. No.:	11-060143
Capital Investment / Paid-up Capital :	Rs.42.000 Millions
CIN No.: [Company Identification No.]	U74140MH1991PLC060143
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Technology Infrastructure Management Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Glodyne Technoserve Limited’. It is an established company having moderate track record. The financials of 2011 and 2012 are not available. The market conditions are unfavorable to the holding company. Payment delays have been reported against it. However, business is active. Payment terms are unknown. The concern can be considered for business dealings on a safe and secured trade terms and conditions.

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 :	801, Balarama Building, Bandra Kurla Complex,  Bandra (East), Mumbai – 400051, India
Tel. No.:	91-22-66963333
Fax No.:	91-22-66963344
E-Mail :	support@peoplepower.com amit.jaste@glodyne.com
Website :	http://www.peoplepower.com
Corporate Office :	C-103, Ground Floor, Fortune 2000, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, India
Tel. No.:	91-22-66963333
Fax No.:	91-22-66963344
E-Mail :	corporate@peoplepower.com
Software Development Centre :	A3, Unit No. 215, Sector 1, Millennium Business Park, Mahape, Navi Mumbai – 400709, India
Tel. No.:	91-22-27781018
Fax No.:	91-22-27781019
E-Mail :	support@peoplepower.com
Branch Office :	Located at · Mumbai · Pune · Bangalore · New Delhi · Chennai

DIRECTORS

As on: 30.09.2010

Name :

Mr. Divvyani Annand Sarnaaik

Designation :

Director

Address :

402, Jairaj CHS. Limited, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Date of Birth/Age :

15.02.1968

Date of Appointment :

06.02.2002

DIN No.:

00041482

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	U74140MH1991PLC060143	GLODYNE PEOPLEPOWER LIMITED	Director	06/02/2002	06/02/2002	-	Active	NO
2	U72200MH2002PTC137040	PARADYNE INFOSERVICES PRIVATE LIMITED	Director	02/09/2002	02/09/2002	-	Active	NO
3	L51100MH1997PLC112281	Glodyne Technoserve Limited	Whole-time director	25/09/2007	25/09/2004	-	Active	NO
4	U65993MH2007PTC174573	Glodyne Ventures and Holding Private Limited	Director	27/09/2007	27/09/2007	-	Active	NO
5	U15549MH2008PLC178287	GROWDYNE TECHZONE SERVICES LIMITED	Director	28/01/2008	28/01/2008	-	Active	NO
6	U92412MH2008PTC178286	Globetor Gaming Projects Private Limited	Director	28/01/2008	28/01/2008	-	Active	NO
7	U74140MH2008PTC180329	Sixdyne Wealthserve Private Limited	Director	20/03/2008	20/03/2008	-	Active	NO
8	U22300MH2008PLC180387	GLODYNE PRO MEDIA LIMITED	Director	24/03/2008	24/03/2008	-	Active	NO
9	U45203MH2008PLC185522	GLODYNE INFRASPACE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
10	U51109MH2008PTC185545	Glodyne Global Private Limited	Director	06/08/2008	06/08/2008	-	Active	NO
11	U74999MH2008PTC186638	Smaarftech Technologies Private Limited	Director	19/08/2009	29/01/2009	-	Active	NO
12	U40105MH2009PLC191066	Glodyne Power Limited	Director	19/03/2009	19/03/2009	-	Active	NO
13	U40101MH2010PLC200403	Bihar Smart Energy Services Limited	Director	24/02/2010	24/02/2010	-	Active	NO

Name :

Mr. Annand Madhavrao Sarnaaik

Designation :

Director

Address :

402, Jairaj CHS. Limited, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Date of Birth/Age :

31.07.1971

Date of Appointment :

06.02.2002

DIN No.:

00041562

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	U74140MH1991PLC060143	GLODYNE PEOPLEPOWER LIMITED	Director	06/02/2002	06/02/2002	-	Active	NO
2	U72200MH2002PTC137040	PARADYNE INFOSERVICES PRIVATE LIMITED	Director	02/09/2002	02/09/2002	-	Active	NO
3	L51100MH1997PLC112281	Glodyne Technoserve Limited	Managing director	25/09/2007	25/09/2004	-	Active	NO
4	U65993MH2007PTC174573	Glodyne Ventures and Holding Private Limited	Director	27/09/2007	27/09/2007	-	Active	NO
5	U15549MH2008PLC178287	GROWDYNE TECHZONE SERVICES LIMITED	Director	28/01/2008	28/01/2008	-	Active	NO
6	U92412MH2008PTC178286	Globetor Gaming Projects Private Limited	Director	28/01/2008	28/01/2008	-	Active	NO
7	U74140MH2008PTC180329	Sixdyne Wealthserve Private Limited	Director	20/03/2008	20/03/2008	-	Active	NO
8	U22300MH2008PLC180387	GLODYNE PRO MEDIA LIMITED	Director	24/03/2008	24/03/2008	-	Active	NO
9	U45203MH2008PLC185522	GLODYNE INFRASPACE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
10	U51109MH2008PTC185545	Glodyne Global Private Limited	Director	06/08/2008	06/08/2008	-	Active	NO
11	U74999MH2008PTC186638	Smaarftech Technologies Private Limited	Director	10/09/2008	10/09/2008	01/06/2010	Active	NO
12	U40105MH2009PLC191066	Glodyne Power Limited	Director	19/03/2009	19/03/2009	-	Active	NO
13	U93090MH2009NPL196726	Sarvalabh Global Foundation	Director	28/10/2009	28/10/2009	-	Active	NO
14	U40101MH2010PLC200403	Bihar Smart Energy Services Limited	Director	24/02/2010	24/02/2010	-	Active	NO

Name :

Mr. Shantanu Narayan Rooj

Designation :

Director

Address :

A/103 – 104, Lemont Apartment, JN. of Rani Sati Marg, Western Express Highway, Malad (East), Mumbai, Maharashtra, India

Date of Birth/Age :

27.07.1973

Date of Appointment :

20.08.2009

DIN No.:

00200275

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	L51100MH1997PLC112281	Glodyne Technoserve Limited	Whole-time director	24/12/2010	05/12/1997	-	Active	NO
2	U72200MH2002PTC136857	RINSEL TECHNOLOGIES (INDIA ) PRIVATE LIMITED	Director	16/08/2002	16/08/2002	06/07/2012	Active	NO
3	U64202MH2002PTC137220	BROADLLYNE INFOSERVICES PRIVATE LIMITED	Director	16/09/2002	16/09/2002	-	Active	YES
4	U65921WB1992PTC056358	RAJ LAKSHMI AUTO FINANCE PRIVATE LIMITED	Director	01/10/2002	01/10/2002	06/07/2012	Under Process of Striking off	NO
5	U30000MH2005PTC154057	Marss Education Private Limited	Director	07/07/2005	07/07/2005	01/01/2011	Active	NO
6	U74999MH2006PLC163019	BROADLLYNE TECHNOLOGIES LIMITED	Managing director	01/04/2007	10/07/2006	-	Amalgamated	NO
7	U74140MH1991PLC060143	GLODYNE PEOPLEPOWER LIMITED	Director	20/08/2009	06/06/2009	-	Active	NO
8	U80301MH2010PTC211390	SCHOOL GURU EDUSERVE PRIVATE LIMITED	Managing director	29/09/2012	30/03/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on: 30.09.2010

Names of Shareholders	No. of Shares
Sarnaaik Madhavaro Annand, 402, Jairaj Co – operative Housing Society, Bandra Kurla Complex, Bandra (East), Mumbai – 40051, India	1900
Sarnaaik Annand, Divvyani402, Jairaj Co – operative Housing Society, Bandra Kurla Complex, Bandra (East), Mumbai – 40051, India	950
Glodyne Technoserve, Limited, 801 Balarama Building, Bandra Kurla Complex,Bandra (E), Mumbai – 400051, India	2520000
Abode Hotel Limited, 16, Plot No. A,, Society Limited, Saibaba Nagar Road, Borivali (W), Mumbai – 92, India	325000
Awesome Packaging Private Limited, Flat No.16, Plot No. A, K.Priti Sangam Co.Operative Society Limited, Saibaba Nagar Road., Borivali (w), Mumbai- 400092, India	657150
Indu Niranjan7th Floor, Jairaj Co – operative Housing Society, Opposite Income Tax, Bandra Kurla Complex, Bandra (East), Mumbai -400051, India	15000
Intime Consultants Private Limited, 104, Amrapali, R. S., Maharaj Marg (Teli Gulli), Andheri, (East), Mumbai – 400069, India	10000
Jajodia Textiles Mills, Private Limited, A- 105, Building 70M, Vrindivan Co – operative Society, Vardhaman Nagar, Tulinj Road, Nalasopara (East), Thane – 401209, India	325000
Kohinoor Merchandise Private Limited, 31-A Turf View, Apts. Worli, Mumbai – 400018, India	60000
Milestone Flower Valley Buildwell Private Limited, Senate II, Business Centre, Grant, Hyatt, Santacruz (E), Mumbai – 400055, India	100000
Quest Profin Advisor Private Limited, 27, Maker Bhavan No. 2, 2^nd Floor, 18, New Marine Lines, Mumbai - 400020, India	60000
Rosentiques Jewellery Private Limited, Matru Ashish, Shop No 3, Ground Floor, 39 Nepean Sea Road, Mumbai – 400036, India	100000
Savera Technologies Private Limited, Savera Plot No 212, 11^th Road, Chembur, Mumbai - 400071, India	25000
Total	4200000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2010

Category	Percentage
Bodies corporate	99.58
Directors or relatives of Directors	0.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Technology Infrastructure Management Services.

GENERAL INFORMATION

Customers :	· Oracle · Globus · Rochem
No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Nilesh M. Kapadia and Company Chartered Accountants
Address :	104, Amrapali, R.S. Maharaj Marg (Teli Gali), Andheri (East), Mumbai – 400069, Maharashtra, India
PAN.:	AAEFN0307K
Holding Company :	Glodyne Technoserve Limited, India CIN No.: L51100MH1997PLC112281
Fellow Subsidiaries :	· Glodyne Technoserve Inc.,U.S.A · Glodyne Technoserve Singapore Pte. Limited, Singapore · Smaarftech Technologies Private Limited, India

CAPITAL STRUCTURE

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4200000	Equity Shares	Rs.10/- each	Rs.42.000 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		42.000	42.000	19.110
2] Share Application Money		0.000	0.000	0.250
3] Reserves & Surplus		10.796	1.824	0.854
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		52.796	43.824	20.214
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		9.186	43.125	0.000
TOTAL BORROWING		9.186	43.125	0.000
DEFERRED TAX LIABILITIES		0.852	0.650	1.950
TOTAL		62.834	87.599	22.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.727	12.680	13.624
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	22.154	7.183	5.416
	Cash & Bank Balances	2.848	4.598	9.309
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	56.256	87.324	13.311
Total Current Assets		81.258	99.105	28.036
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.144	1.108	0.444
	Other Current Liabilities	22.007	22.885	19.052
	Provisions	0.000	0.193	0.000
Total Current Liabilities		38.151	24.186	19.496
Net Current Assets		43.107	74.919	8.540
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		62.834	87.599	22.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Technology Infrastructure Management Services	54.062	3.309	3.425
		Other Income	5.544	11.708	0.108
		TOTAL (A)	59.606	15.017	3.533
Less	EXPENSES
		Material Cost, Software Development, Contract and Service Charges	37.717	0.000	0.000
		Operating and other expenses	5.708	1.359	1.374
		TOTAL (B)	43.425	1.359	1.374
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.181	13.658	2.159
Less	FINANCIAL EXPENSES (D)		1.630	9.766	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.551	3.892	2.159
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.031	0.986	0.974
	PROFIT BEFORE TAX (E-F) (G)		12.519	2.905	1.185
Less	TAX (H)		3.547	1.991	0.359
	PROFIT AFTER TAX (G-H) (I)		8.972	0.914	0.826
	BALANCE CARRIED TO THE B/S		8.972	0.914	826.515
	IMPORTS
		C.I.F. Value of Import	0.000	0.042	0.063
	TOTAL IMPORTS		0.000	0.042	0.063
	Earnings Per Share (Rs.)		2.14	0.46	0.42

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	15.05	6.09	23.38
Net Profit Margin (PBT/Sales)	(%)	23.16	87.79	34.60
Return on Total Assets (PBT/Total Assets}	(%)	12.40	2.60	2.84
Return on Investment (ROI) (PBT/Networth)		0.24	0.07	0.06
Debt Equity Ratio (Total Debt/Networth)		0.17	0.98	0.00
Current Ratio (Current Asset/Current Liability)		2.13	4.10	1.44

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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	No
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

REVIEW OF OPERATIONS:

The total income reflected has increased to Rs. 59.606 Millions as compared to previous year’s income of Rs. 15.017 Millions. The Earnings Before Interest, Tax, Depreciation and Adjustments (EBITDA) stood at Rs. 12.519 Millions as compared to last years Rs. 2.905 Millions. The Company’s profit after tax stood at Rs. 8.972 Millions as compared to previous year’s Rs. 0.914 Millions.

UNSECURED LOAN:

(Rs. In Millions)

Particulars	As on 31.03.2010	As on 31.03.2009
Unsecured Loan from holding company	9.186	43.125
Total	9.186	43.125

COMPANY OVERVIEW:

Glodyne Peoplepower Limited (‘The Company”) is engaged in providing Technology Infrastructure Management Services. The name of the Company has been changed from Intercon Management Services Private Limited to Glodyne Peoplepower Private Limited vide special resolution passed by the members at an Extra Ordinary General Meeting held on 6^th April, 2009 consequent upon which the Registrar of Companies, Maharashtra, India has issued a fresh certificate of incorporation dated 12th May, 2009. It was converted into public company on 24th July 2009. The Company is a subsidiary of Glodyne Technoserve Limited.

FIXED ASSETS:

· Office Premises

· Furniture

· Computers

· 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.53.99
UK Pound	1	Rs.83.72
Euro	1	Rs.72.09

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
TOTAL		16

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.