MIRA INFORM REPORT

Report Date :

11.01.2013

IDENTIFICATION DETAILS

Name :	SEABASE IMPEX PRIVATE LIMITED
Registered Office :	VI-1, Dhruvatara Apartments, 6-3-652, Somajiguda, Hyderabad-500082, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.07.2009
Com. Reg. No.:	01-064323
Capital Investment / Paid-up Capital :	Rs. 11.740 millions
CIN No.: [Company Identification No.]	U74999AP2009PTC064323
TAN No.: [Tax Deduction & Collection Account No.]	HYDS26015D
PAN No.: [Permanent Account No.]	AANCS1893D
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesaler and Retailer of Iron Ore and Coal.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 260000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge external borrowings recorded by the company. The profitability of the company is found to be low. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A3 (Short term bank facilities)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	23.08.2012

Rating Agency Name	CARE
Rating	BBB (Long term bank facilities)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	23.08.2012

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.

LOCATIONS

Registered Office :	VI-1, Dhruvatara Apartments, 6-3-652, Somajiguda, Hyderabad-500082, Andhra Pradesh, India
Tel. No.:	91-40-23310780 / 44557789
Fax No.:	91-40-23314080
E-Mail :	yugandhar@navayuga.com info@seabaseimpex.com
Website :	http://www.seabase.in
Branch 1 :	New No. 19/2, Old No. 10/2 1^st Cross Street, CIT Colony Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No.:	91- 44-43508731/32
Fax No.:	91- 44-43508732
E-Mail :	info@seabase.in
Branch 2 :	# 1259, Lakshmi Towers, Road No. 36, Jubilee Hills, Hyderabad, Andhra Pradesh, India
Tel. No.:	91-40-23557196 / 99
Fax No.:	91-40-23557190/ 23557176

DIRECTORS

As on 14.09.2011

Name :

Mr. Chinta Visweswara Rao

Designation :

Director

Address :

Plot No. 550/A, Road No. 92, Phase-III, Jubilee Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

09.06.1947

Date of Appointment :

10.07.2009

DIN No.:

00009262

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	U45203AP1986PLC006925	NAVAYUGA ENGINEERING COMPANY LIMITED	Whole-time director	28-10-09	06-11-86	-	Active	NO
2	U14102AP1993PLC016535	NAVAYUGA EXPORTS LTD	Director	05-11-93	05-11-93	11-02-10	Active	NO
3	U05001OR1995PTC003949	UTKAL AQUA PRIVATE LIMITED	Director	18-10-05	01-12-96	15-04-10	Active	NO
4	U72200AP1997PTC026655	NAVAYUGA INFOTECH PRIVATE LIMITED	Director	17-03-97	17-03-97	-	Active	NO
5	U45201AP2001PTC036704	NYSE PROPERTIES PRIVATE LIMITED	Director	11-05-01	11-05-01	01-07-11	Active	NO
6	U72200AP2004PTC044662	NAVAYUGA SPATIAL TECHNOLOGIES PRIVATE LIMITED	Director	22-11-04	22-11-04	-	Active	NO
7	U45203AP1996PLC023529	KRISHNAPATNAM PORT COMPANY LIMITED	Whole-time director	12-08-10	16-08-05	-	Active	NO
8	U65910AP2006PTC049469	CHINTA INVESTMENTS PRIVATE LIMITED	Director	13-03-06	13-03-06	-	Active	NO
9	U45200AP2006PTC049468	CVR HOLDINGS PRIVATE LIMITED	Director	13-03-06	13-03-06	-	Active	NO
10	U45200AP2006PTC049585	GODAVARI TOLL BRIDGE PRIVATE LIMITED	Director	23-03-06	23-03-06	11-02-10	Active	NO
11	U74930TN2006PTC061098	CUDDALORE PORT COMPANY PRIVATE LIMITED	Director	09-01-07	09-01-07	05-08-10	Active	NO
12	U45201KA2007PTC042067	CORNERSTONE SHELTERS PRIVATE LIMITED	Director	20-06-07	20-06-07	-	Active	NO
13	U40101AP2007PLC055995	NAVAYUGA POWER CORPORATION LIMITED	Director	18-10-07	18-10-07	-	Active	NO
14	U40105AP2007PLC056531	KRISHNAPATNAM POWER CORPORATION LIMITED	Director	05-12-07	05-12-07	-	Active	NO
15	U40101OR2008PLC009754	ASTARANGA POWER COMPANY LIMITED	Director	18-01-08	18-01-08	04-05-10	Active	NO
16	U27102OR2008PLC009755	NAVAYUGA STEEL LIMITED	Director	18-01-08	18-01-08	-	Active	NO
17	U13209OR1991PTC002927	GEOMIN MINERALS AND MARKETING PVT LTD	Director	29-03-08	29-03-08	-	Active	NO
18	U27101OR1991PTC002917	KONARK FERRO ALLOYS PRIVATE LIMITED	Director	29-03-08	29-03-08	-	Active	NO
19	U13202OR1996PTC004607	AXL INDUSTRIES PRIVATE LIMITED	Director	29-03-08	29-03-08	-	Active	NO
20	U63032OR2008PLC010058	JAGANNATH PORT COMPANY LIMITED	Director	28-05-08	28-05-08	-	Active	NO
21	U65993TN2008PTC068100	CUDDALORE INFRASTRUCTURE HOLDINGS PRIVATE LIMITED	Director	09-06-08	09-06-08	31-12-10	Active	NO
22	U14108OR1996PLC004643	NAVAYUGA MINERALS LIMITED	Director	05-01-09	05-01-09	15-04-10	Active	NO
23	U74999AP2009PTC064323	SEABASE IMPEX PRIVATE LIMITED	Director	10-07-09	10-07-09	-	Active	NO
24	U45400AP2007PTC053344	NAVAYUGA BENGALOORU TOLLWAY PRIVATE LIMITED	Director	27-10-09	27-10-09	11-02-10	Active	NO
25	U40300AP2009PTC066095	NEKKANTI POWER PRIVATE LIMITED	Director	03-12-09	03-12-09	-	Active	NO
26	U15132AP2009PTC066094	NEKKANTI SUGARS PRIVATE LIMITED	Director	03-12-09	03-12-09	-	Active	NO
27	U45204AP2009PTC066139	NAVAYUGA UDUPI TOLLWAY PRIVATE LIMITED	Director	04-12-09	04-12-09	28-03-12	Active	NO
28	U45200AP2007PLC052829	MACHILIPATNAM PORT LIMITED	Director	18-04-11	06-02-10	-	Active	NO
29	U45203AP2010PTC067113	NAVAYUGA DEVANAHALLI TOLLWAY PRIVATE LIMITED	Additional director	21-12-12	22-02-10	-	Active	NO
30	U45203AP2010PTC068139	NAVAYUGA INFRA PROJECTS PRIVATE LIMITED	Director	28-04-10	28-04-10	-	Active	NO
31	U45203AP2010PTC068208	NAVAYUGA ROAD PROJECTS PRIVATE LIMITED	Director	01-05-10	01-05-10	16-07-10	Active	NO
32	U45309AP2010PTC068207	NAVAYUGA PORT PROJECTS PRIVATE LIMITED	Director	01-05-10	01-05-10	07-08-10	Active	NO
33	U74999AP2008PTC058448	VANPIC PORTS PRIVATE LIMITED	Director	20-09-10	14-05-10	12-05-12	Active	NO
34	U45209AP2008PTC058696	GENEXX INFRATECH PRIVATE LIMITED	Nominee director	14-05-10	14-05-10	16-07-10	Active	NO
35	U45203AP2010PTC068532	NAVAYUGA QUAZIGUND EXPRESSWAY PRIVATE LIMITED	Director	21-05-10	21-05-10	-	Active	NO
36	U45203AP2010PTC069649	NAVAYUGA DIBANG INFRA PROJECTS PRIVATE LIMITED	Director	23-07-10	23-07-10	-	Active	NO
37	U45400AP2010PTC069750	NAVAYUGA DHOLA INFRA PROJECTS PRIVATE LIMITED	Director	29-07-10	29-07-10	-	Active	NO
38	U45200AP2010PTC070149	NAVAYUGA BIHAR INFRATECH PRIVATE LIMITED	Director	25-08-10	25-08-10	11-10-10	Active	NO
39	U45203AP2010PTC070358	NAVAYUGA JAHNAVI TOLL BRIDGE PRIVATE LIMITED	Director	07-09-10	07-09-10	-	Active	NO
40	U74999AP2011PTC075333	Prinasubham importexport Private Limited	Director	04-07-11	04-07-11	-	Active	NO
41	U45209AP2012PTC080244	Navayuga magathmithila tollway private limited	Director	12-04-12	12-04-12	-	Active	NO

Name :

Mr. Veerendra Kedarnath Chandalada

Designation :

Director

Address :

9-2-2, Chandalada Street, Samalkota (East), Godavari, Andhra Pradesh, India

Date of Birth/Age :

06.07.1982

Date of Appointment :

10.07.2009

DIN No.:

02692504

Name :

Mr. Mohammed Abdul Sattar

Designation :

Additional director

Address :

9-17-28/25, CBM Compound, Visakhapatnam-530003, Andhra Pradesh, India

Date of Birth/Age :

13.07.1958

Date of Appointment :

23.12.2010

DIN No.:

02140935

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	U40101AP2007PLC055995	NAVAYUGA POWER CORPORATION LIMITED	Director	15-09-08	27-06-08	-	Active	NO
2	U45200AP2006PTC049468	CVR HOLDINGS PRIVATE LIMITED	Additional director	14-10-08	14-10-08	-	Active	NO
3	U14102AP1993PLC016535	NAVAYUGA EXPORTS LTD	Additional director	11-02-10	11-02-10	12-02-10	Active	NO
4	U40105AP2007PLC056531	KRISHNAPATNAM POWER CORPORATION LIMITED	Whole-time director	28-06-10	11-02-10	-	Active	NO
5	U45200AP2007PLC052829	MACHILIPATNAM PORT LIMITED	Director	18-04-11	18-03-10	-	Active	NO
6	U74999AP2008PTC058448	VANPIC PORTS PRIVATE LIMITED	Director	20-09-10	14-05-10	12-05-12	Active	NO
7	U45209AP2008PTC058696	GENEXX INFRATECH PRIVATE LIMITED	Director	20-09-10	14-05-10	12-05-12	Active	NO
8	U74999AP2009PTC064323	SEABASE IMPEX PRIVATE LIMITED	Additional director	23-12-10	23-12-10	-	Active	NO
9	U85110AP2011PTC072774	SKE SUSRUTA INSTITUTE OF MEDICAL SCIENCES PRIVATE LIMITED	Director	21-02-11	21-02-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.09.2011

Names of Shareholders	No. of Shares
Chinta Visweswara Rao	5000
Chandalada Veerendra Kedarnath	5000
Navayuga Exports Limited, India	1164000
Total	1174000

Equity Share Break up (Percentage of Total Equity)

As on 14.09.2011

Category	Percentage
Bodies corporate	99.15
Directors or relatives of Directors	0.85
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesaler and Retailer of Iron Ore and Coal.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, 6-3-879/B, First Floor, G Pulla Reddy Building, Begumpet, Hyderabad-500016, Andhra Pradesh, India

· State Bank of India, Corporate Accounts Group Branch, “Ozone”, 2^nd Floor, #6-3-669, Punjagutta Main Road, Hyderabad-500082, Andhra Pradesh, India

· ICICI Bank Limited, Road No. 36, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

IFSC:ICIC0000076

Tel: 91-40-42032075

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
State Bank of India Cash Credit Account	432.119	0.000
State Bank of India EPC Account	88.488	0.000
State Bank of India Bill Discount Account	16.763	0.000
Total	537.370	0.000

Banking Relations :	--
Auditors :
Name :	C Venkat Krishna and Company Chartered Accountants
Address :	909A, Raghavaratna Towers, Chirag Ali Lane, Abids, Hyderabad-500001, Andhra Pradesh, India
Tel. No.:	91-40-23201035 / 232016111 / 23201598
Fax No.:	91-891-2573819 / 2736056
E-Mail :	hyd1_auditor@yahoo.co.in
PAN No.:	AABFC2051L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1174000	Equity Shares	Rs.10/- each	Rs. 11.740 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		11.740	11.740
2] Share Application Money		2.185	3.185
3] Reserves & Surplus		51.166	48.309
4] (Accumulated Losses)		0.000	0.000
NETWORTH		65.091	63.234
LOAN FUNDS
1] Secured Loans		537.370	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		537.370	0.000
DEFERRED TAX LIABILITIES		0.023	0.008
TOTAL		602.484	63.242
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.658	0.049
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	627.610	54.804
	Sundry Debtors	48.922	0.000
	Cash & Bank Balances	2.685	17.597
	Other Current Assets	4.203	15.543
	Loans & Advances	121.339	31.397
Total Current Assets		804.759	119.341
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	201.669	55.293
	Provisions	1.264	0.855
Total Current Liabilities		202.933	56.148
Net Current Assets		601.826	63.193
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		602.484	63.242

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	548.157	188.047
		Other Income
		TOTAL (A)	548.157	188.047
Less	EXPENSES
		Material Purchased	816.208	185.352
		Trading Expenses	239.034	45.442
		Administrative Expenses	24.759	3.983
		Personnel Expenses	4.644	1.476
		Increase / (Decrease) in Stocks	(572.806)	(54.804)
		TOTAL (B)	511.839	181.449
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		36.318	6.598
Less	FINANCIAL EXPENSES (D)		32.127	3.980
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.191	2.618
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.055	0.006
	PROFIT BEFORE TAX (E-F) (G)		4.136	2.612
Less	TAX (H)		1.264	0.856
	PROFIT AFTER TAX (G-H) (I)		2.872	1.756
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.749	0.000
	BALANCE CARRIED TO THE B/S		4.621	1.756
	EARNINGS IN FOREIGN CURRENCY
		F.O.B Value of Exports	66.400	104.200
	TOTAL EARNINGS		66.400	104.200
	IMPORTS
		Coal	8.280	0.000
	TOTAL IMPORTS		8.280	0.000
	Earnings Per Share (Rs.)		2.45	1.50

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.52	0.93
Return on Total Assets (PBT/Total Assets}	(%)	0.51	2.19
Return on Investment (ROI) (PBT/Networth)		0.06	0.04
Debt Equity Ratio (Total Liability/Networth)		11.37	0.89
Current Ratio (Current Asset/Current Liability)		3.97	2.13

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 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

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.54.63
UK Pound	1	Rs.87.50
Euro	1	Rs.71.32

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.