1. Summary Information

		Country	India
Company Name	Star CJ Network India Private Limited	Principal Name 1	Mr. Uday Shankar
Status	Moderate	Principal Name 2	Mr. Sanjay Jain
		Registration #	11-186380
Street Address	6^th Floor, Star CJ Plaza, Dr. D. B. Marg, Grant Road (East), Mumbai – 400007, Maharashtra, India
Established Date	01.09.2008	SIC Code	--
Telephone#	91-22-43217106/ 43217000	Business Style 1	Trading
Fax #	91-22-43217121	Business Style 2	Producing
Homepage	http://www.starcj.com	Product Name 1	Satellite Television Channels
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.1285,036,860/-	Product Name 3	--
Shareholders	Foreign holdings – 100%	Banking	Not Available
Public Limited Corp.	No	Business Period	4 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
Joint Venture Company :	--	Star HS Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	641,582,000	Current Liabilities	524,784,000
Inventories	218,706,000	Long-term Liabilities	0,000
Fixed Assets	260,151,000	Other Liabilities	40,182,000
Deferred Assets	0,000	Total Liabilities	564,966,000
Invest& other Assets	801,000	Retained Earnings	873,985,000
		Net Worth	556,274,000
Total Assets	1,121,240,000	Total Liab. & Equity	1121,240,000
Total Assets (Previous Year)	437,394,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales (including Other Income)	875,934,000	Net Profit	(1088,925,000)
Sales(Previous yr) (including Other Income)	35,886,000	Net Profit(Prev.yr)	(512,327,000)

MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	STAR CJ NETWORK INDIA PRIVATE LIMITED
Registered Office :	6^th Floor, Star CJ Plaza, Dr. D. B. Marg, Grant Road (East), Mumbai – 400007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.09.2008
Com. Reg. No.:	11-186380
Capital Investment / Paid-up Capital :	Rs.1285.037 Millions
CIN No.: [Company Identification No.]	U72900MH2008PTC186380
TAN No.: [Tax Deduction & Collection Account No.]	MUMS61393D
Legal Form :	Private Limited Liability Company
Line of Business :	Trading, Producing, Importing, Licensing, Buying Programmes, Content, Software Production and Distribution of Satellite Television Channels.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2230000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a Joint Venture between Star Asia and The South Korean Home Shopping Major, CJ O Shopping Company Limited. It is an established company having a moderate track record. The latest financials are not made available with the government department. As per previous year’s, there appear huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. In view of strong holding 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

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 :	6^th Floor, Star CJ Plaza, Dr. D. B. Marg, Grant Road (East), Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-43217106/ 43217000
Fax No.:	91-22-43217121
E-Mail :	swapna.jaeel@starcj.com legal@starcj.com response@starcj.com jagdish@in.startv.com
Website :	http://www.starcj.com

DIRECTORS

(AS ON 28.09.2012)

Name :

Mr. Uday Shankar

Designation :

Director

Address :

Ashford Apartments, 2^nd Floor, 1/26A, Ridge Road, Near Sahayadri Guest Hosue, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

16.09.1961

Date of Appointment :

24.03.2009

DIN No.:

01755963

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U92132MH2002PTC136072	MEDIA CONTENT AND COMMUNICATIONS SERVICES (INDIA ) PRIVATE LIMITED	Director	24/08/2007	24/08/2007	-	Active	NO
2	U22211DL2007NPL165480	NEWS BROADCASTERS ASSOCIATION	Director	1/9/2007	1/9/2007	5/1/2008	Active	NO
3	U92120MH2001PLC130365	TATA SKY LIMITED	Director	27/06/2008	20/09/2007	-	Active	NO
4	U74899DL1999NPL101705	INDIAN BROADCASTING FOUNDATION U S 25 PUBLIC COMPANY	Nominee director	21/09/2007	21/09/2007	-	Active	NO
5	L64204MH1959PLC011421	HATHWAY CABLE AND DATACOM LIMITED	Director	9/9/2009	24/10/2007	-	Active	NO
6	U74300MH1996PTC206321	VIJAY TELEVISION PRIVATE LIMITED	Director	30/09/2009	2/1/2009	-	Active	NO
7	U90001MH1991PLC178157	ASIANET COMMUNICATIONS LIMITED	Director	29/09/2009	9/1/2009	-	Active	NO
8	U72900MH2008PTC186380	STAR CJ NETWORK INDIA PRIVATE LIMITED	Director	25/08/2009	24/03/2009	-	Active	NO
9	U73100DL2010NPL205584	BROADCAST AUDIENCE RESEARCH COUNCIL	Director	9/7/2010	9/7/2010	-	Active	NO

Name :

Mr. Sanjay Jain

Designation :

Director

Address :

701/702, Heera Apartments, Plot No. 479, 13^th Road, Near Khar Gym Khana, Khar (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

18.03.1963

Date of Appointment :

21.01.2010

DIN No.:

00110587

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64120MH2006PTC159808	ACTVE DIGITAL SERVICES PRIVATE LIMITED	Director	16/02/2006	16/02/2006	16/08/2007	Active	NO
2	U92100MH2000PTC124779	BIGTREE INTERACTIVE TICKETING PRIVATE LIMITED	Director	4/9/2008	26/06/2006	-	Amalgamated	NO
3	U74300MH2005PTC157920	NEWS OUTDOOR INDIA PRIVATE LIMITED	Director	7/6/2007	26/06/2006	25/07/2007	Active	NO
4	U74300MH1996PTC206321	VIJAY TELEVISION PRIVATE LIMITED	Director	29/09/2010	26/06/2006	-	Active	NO
5	U74899DL2000PLC103884	NETTO TRAVEL COM LIMITED	Director	4/9/2008	26/06/2006	-	Amalgamated	NO
6	U72400KA1999PTC026037	EXPLOCITY PRIVATE LIMITED	Nominee director	30/08/2006	30/08/2006	-	Active	NO
7	U92120MH2006PTC166015	FOX TELEVISION STUDIOS INDIA PRIVATE LIMITED	Additional director	22/05/2007	22/05/2007	23/07/2007	Active	NO
8	U92110MH1995PTC092382	LIVE WIRE PROGRAMME TRADING COMPANY PRIVATE LIMITED	Additional director	22/05/2007	22/05/2007	23/07/2007	Active	NO
9	U72300MH1994PTC076485	STAR INDIA PRIVATE LIMITED	Director	28/09/2007	30/07/2007	5/11/2009	Active	NO
10	L64204MH1959PLC011421	HATHWAY CABLE AND DATACOM LIMITED	Director	26/08/2008	26/08/2008	14/10/2008	Active	NO
11	U90001MH1991PLC178157	ASIANET COMMUNICATIONS LIMITED	Director	29/09/2010	10/12/2009	-	Active	NO
12	U72900MH2008PTC186380	STAR CJ NETWORK INDIA PRIVATE LIMITED	Director	1/6/2010	21/01/2010	-	Active	NO
13	U74900MH2010PLC198635	TS INVESTMENTS LIMITED	Director	22/06/2011	25/08/2010	-	Active	NO
14	U92412MH2006PTC164446	MEDIA PRO ENTERPRISE INDIA PRIVATE LIMITED	Director	29/09/2011	29/06/2011	-	Active	NO

Name :

Mr. Young Keun Kim

Designation :

Director

Address :

513-304, Mok-Dong, Yangehun-Gu Seoul, Republic of Korea - 158 755

Date of Birth/Age :

20.02.1966

Date of Appointment :

21.06.2011

DIN No.:

03415011

KEY EXECUTIVES

Name :	Mr. Yogesh Sachdeva
Designation :	Secretary
Address :	A - 303, Rishikesh CHS, Shubh Shagun Complex, Plot No. 29-31, Sector 34, Kamothe, Navi Mumbai - 410 209, Maharashtra, India
Date of Birth/Age :	11.05.1982
Date of Appointment :	13.12.2010
PAN :	BFYPS3993A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Satr HS Limited, Mauritius	95561337
CJ O Shopping Company Limited, Korea	95561337
Total	191122674

AS ON 10.12.2012

Names of Allottees	No. of Shares Allotted
Satr HS Limited, Mauritius	1989940
CJ O Shopping Company Limited, Korea	1989940
Total	3979880

AS ON 27.12.2012

Names of Allottees	No. of Shares Allotted
Satr HS Limited, Mauritius	2701187
CJ O Shopping Company Limited, Korea	2701187
Total	5402374

AS ON 30.09.2012

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

BUSINESS DETAILS

Line of Business :

Trading, Producing, Importing, Licensing, Buying Programmes, Content, Software Production and Distribution of Satellite Television Channels.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN :	AACFD4815A
Joint Venture Company :	Star HS Limited CJO Shopping Company Limited

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
251000000	Equity Share	Rs.10/- Each	Rs.2510.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200504928	Equity Share	Rs.10/- Each	Rs.2005.049 millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
251000000	Equity Share	Rs.10/- Each	Rs.2510.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
128503686	Equity Share	Rs.10/- Each	Rs.1285.037 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		1285.037	825.287	17.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		873.985	0.000	0.000
4] (Accumulated Losses)		(1602.748)	(513.823)	(1.495)
NETWORTH		556.274	311.464	15.905
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		24.940	23.533	0.000
TOTAL		581.214	334.997	15.905
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		260.151	285.766	0.000
Capital work-in-progress		0.801	2.110	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	218.706	12.606	0.000
	Sundry Debtors	129.421	11.448	0.000
	Cash & Bank Balances	358.369	52.589	16.039
	Other Current Assets	4.450	0.003	0.000
	Loans & Advances	149.342	72.872	0.425
Total Current Assets		860.288	149.518	16.464
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	509.958	83.206	0.505
	Current Liabilities	14.826	10.936	0.054
	Provisions	15.242	8.255	0.000
Total Current Liabilities		540.026	102.397	0.559
Net Current Assets		320.262	47.121	15.905
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		581.214	334.997	15.905

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		31.551	0.000
		Other Income		4.335	0.000
		TOTAL	875.934	35.886	0.000
Less	EXPENSES
		Cost of Goods Sold		32.892	0.000
		General and Other Administrative Expenses	NA	262.299	1.495
		Payments to and Provision for Employees		188.545	0.000
		TOTAL	NA	483.736	1.495
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(447.850)	(1.495)
Less/ Add	DEPRECIATION/ AMORTISATION		NA	40.944	0.000
	PROFIT / (LOSS) BEFORE TAX		(1087.517)	(488.794)	(1.495)
Less	TAX		1.408	23.533	0.000
	PROFIT / (LOSS) AFTER TAX		(1088.925)	(512.327)	(1.495)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(513.823)	(1.495)	0.000
	BALANCE CARRIED TO THE B/S		(1602.748)	(513.823)	(1.495)
	IMPORTS - Capital Goods		NA	137.585	NA
	Earnings Per Share (Rs.)		(11.53)	(9.14)	(38.67)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(124.31)	(1427.65)	NA
Net Profit Margin (PBT/Sales)	(%)	NA	(1549.22)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(97.06)	(112.29)	(9.08)
Return on Investment (ROI) (PBT/Networth)		(1.95)	(1.57)	(0.09)
Debt Equity Ratio (Total Liability/Networth)		0.97	0.33	0.04
Current Ratio (Current Asset/Current Liability)		1.59	1.46	29.45

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	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	No
24]	Banking facility details	No
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

BACKGROUND

Subject was incorporated on September 1, 2008 to undertake the business of wholesale cash and carry trading, producing, importing, licensing, buying programmes, content, software production and distribution of satellite television channels. The company has not started its commercial activities till March 31, 2009

OPERATING ACTIVITIES

During the financial year , the Company received the license to Uplink and Downlink a 24 hours Non-News and Current Affairs Television Channel " STAR/ CJ alive " from India, from the Ministry of Information and Broadcasting, Government of India after which the Company launched its FIRST 24 hour Home Shopping Television Channel STAR CJ alive in India on 1st August, 2010. This has augmented the Company's business operations of Wholesale Cash and Carry commenced by the Company in the previous year, which was initially fulfilling the requirements of the Company's Franchisee, generated only through a six hour showcasing of products on STAR Utsav channel. The Company has also launched a full fledged e-commerce website to serve as an enhanced platform for doing business by the Company's Franchisee(s), given the fact that in India, during the year 2010, online sales were over 30 times than those by TV channels.

As at the end of the financial year the channel had over 600 products reaching approx. 14 million Indian household, representing products of 105 renowned brands. The Company also successfully launched several promotional/ marketing programmes in furtherance of its objective to boost the viewership of the Company's TV Channel STAR CJ alive and other platforms like Good Shopping India, Shopping ka Sixer, to name a few.

FINANCIALS

During the year the company earned majorly from trading in merchandise and as fees from the franchisee. Though there has been a significant growth in the total revenue, due to increased scale of operations the company had to incur additional expenses on goods, services and talented human resources, which lead to multifold increase of total expenditure as compared to the last year thus leading to increase in loss for the current financial year. The Company plans to utilize these additional resources to the best extent and lay down concrete steps to achieve best value for its shareholders.

SHARE CAPITAL

There was no increase in the Authorised Share Capital of the Company. During the year, the Company has issued and allotted a total of 4,59,75,006 equity shares, of Rs. 10/- each, to the existing shareholders of the Company.

CONTINGENT LIABILITIES:

Rs. in millions

Particulars	31.03.2011	31.03.2010
(a) Bank Guarantee with Haryana VAT Department (Fully Secured By Fixed Deposit with Bank)	0.100	0.100
(b) Estimated amount of contracts remaining to be executed on capital account and not provided for	0.121	0.000

FIXED ASSETS:

· Furniture and Fixtures

· Office Equipments

· Computers

· Studio Equipments

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 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.54.64
UK Pound	1	Rs.87.46
Euro	1	Rs.72.65

INFORMATION DETAILS

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	3
--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		27

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.