MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	GREENESOL POWER SERVICES PRIVATE LIMITED
Registered Office :	H.No:8-2-418, 1^st Floor, Meenakshi House, Road No:7, Banjara Hills Hyderabad – 500034, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.01.2007
Com. Reg. No.:	01-052441
Capital Investment / Paid-up Capital :	Rs. 0.150 Million
CIN No.: [Company Identification No.]	U40104AP2007PTC052441
TAN No.: [Tax Deduction & Collection Account No.]	HYDG05539C
PAN No.: [Permanent Account No.]	AAHFG1740Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of Civil Construction, Commissioning and Erection of Steam Turbo Generator and Boiler Packages for Power Plants and incidental services to the owners of the power plants.
No. of Employees :	150 (Approximately)

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 310000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company seems to be huge. There appears drastic dip in sales and profit of the company in the year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – 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.

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 PARTED BY (GENERAL DETAILS)

Name :	Ms. Bhagya
Designation :	Finance Department
Contact No.:	91-80-23154446
Date :	06.11.2013

LOCATIONS

Registered Office :	H.No:8-2-418, 1^st Floor, Meenakshi House, Road No:7, Banjara Hills Hyderabad – 500034, Andhra Pradesh, India
Tel. No. :	91-40-23350415
Fax No. :	Not Available
E-Mail :	rba_ca@yahoo.com
Corporate Office :	No. 11/23, Suryadev, 20^th Main Road, 1-R Block, Rajaji Nagar, West of Chord Road, Bangalore – 560010, Karnataka, India
Branch Office:	8-3-945, Flat No.305A & B, Pancom Business Center, Ameerpet, Hyderabad – 500073, Andhra Pradesh, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Sivaram Prasad Jetty

Designation :

Managing director

Address :

1-2-593/D/9/B, Rama Chandra Mission Road, Domalguda, Hyderabad – 500029, Andhra Pradesh, India

Date of Birth/Age :

01.06.1960

Qualification :

FCA

Experience :

26 Years

Date of Appointment :

22.01.2007

PAN No.:

ACDPJ5613K

DIN No. :

00221271

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	U65921AP1984PTC004613	KAKATIYA FINANCE AND LEASING COMPANY Private Limited	Director	29/06/1987	29/06/1987	15/04/2011	Active	NO
2	L26942AP1982PLC003492	KEERTHI INDUSTRIES LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
3	U40104AP2003PTC041169	GREENESOL POWER SYSTEMS PRIVATE LIMITED	Managing director	16/06/2003	16/06/2003	-	Active	NO
4	U51100AP2005PTC048512	PUISSANCE DE L'EAU POWER SYSTEMS PRIVATE LIMITED	Managing director	21/12/2005	21/12/2005	-	Active	NO
5	U85110HR2006PLC048628	HEMARUS INDUSTRIES LIMITED	Director	25/03/2006	25/03/2006	17/10/2011	Active	NO
6	U65993AP1999PLC031684	COASTAL LOCAL AREA BANK LIMITED	Director	10/05/2006	10/05/2006	05/10/2009	Active	NO
7	U40109AP2006PTC051173	QRE GREENESOL POWER TRANSFORMER COMPANY PRIVATE LIMITED	Managing director	15/09/2006	15/09/2006	-	Active	NO
8	U40104AP2007PTC052441	GREENESOL POWER SERVICES PRIVATE LIMITED	Managing director	22/01/2007	22/01/2007	-	Active	NO
9	L26942AP1979PLC002485	KAKATIYA CEMENT SUGAR AND INDUSTRIES LIMITED	Director	29/09/2007	29/01/2007	-	Active	NO
10	U45200AP2006PLC048911	CREDENCE INFRASTRUCTURE LIMITED	Director	23/07/2007	03/04/2007	05/10/2009	Active	NO
11	U65990AP2007PTC056196	J S R INFRA HOLDINGS INDIA PRIVATE LIMITED	Director	05/11/2007	05/11/2007	29/09/2010	Active	NO
12	U45209AP2008PTC057599	JVR CROISSANCE INFRASTRUCTURE CO. PRIVATE LIMITED	Director	14/02/2008	14/02/2008	15/10/2008	Active	NO
13	U31900AP2008PTC059791	HMG POWER SYSTEMS PRIVATE LIMITED	Director	21/06/2008	21/06/2008	-	Active	NO
14	U01119TN1995PLC032185	GROWMORE BIO-TECH LIMITED	Director	26/02/2009	26/02/2009	-	Active	NO
15	U40108KA2009PTC049592	ECOGREEN POWER SYSTEMS PRIVATE LIMITED	Director	17/04/2009	17/04/2009	-	Active	NO
16	U72200AP2005PTC046838	EXXOVA SOLUTIONS (INDIA) PRIVATE LIMITED	Director	14/09/2009	13/05/2009	15/03/2011	Active	NO
17	U31900KA2010PTC055151	SUPINCO AUTOMATION PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Active	NO
18	U31506AP2011PTC072205	GREEN SECURE ENERGY PRIVATE LIMITED	Director	12/01/2011	12/01/2011	-	Active	NO
19	U23101AP2011PTC074338	GREENESOL HYDROCARBONS PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Active	NO
20	U40100AP2012PTC081662	GREENWAYS TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	26/06/2012	26/06/2012	-	Active	NO

Name :

Mr. Shridhar Nambi

Designation :

Director

Address :

318, Sri Sainoami, 18^th Main, Nandini Layout, Bangalore – 560096, Karnataka, India

Date of Birth/Age :

11.12.1960

Qualification :

Engg. Grd

Experience :

31 Years

Date of Appointment :

22.01.2007

DIN No. :

00390520

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	U40104AP2003PTC041169	GREENESOL POWER SYSTEMS PRIVATE LIMITED	Director	18/08/2005	18/08/2005	-	Active	NO
2	U51100AP2005PTC048512	PUISSANCE DE L'EAU POWER SYSTEMS PRIVATE LIMITED	Director	21/12/2005	21/12/2005	-	Active	NO
3	U40109AP2006PTC051173	QRE GREENESOL POWER TRANSFORMER COMPANY PRIVATE LIMITED	Director	15/09/2006	15/09/2006	-	Active	NO
4	U40104AP2007PTC052441	GREENESOL POWER SERVICES PRIVATE LIMITED	Director	22/01/2007	22/01/2007	-	Active	NO
5	U31900AP2008PTC059791	HMG POWER SYSTEMS PRIVATE LIMITED	Director	21/06/2008	21/06/2008	-	Active	NO
6	U72900KA2007PTC042787	SEQUENT SYSTEM INTEGRATORS PRIVATE LIMITED	Director	30/06/2008	30/06/2008	07/08/2009	Active	NO
7	U85110KA1998PTC023987	SEQUENT AUTOMATION PRIVATE LIMITED	Director	13/10/2008	13/10/2008	-	Active	NO
8	U01119TN1995PLC032185	GROWMORE BIO-TECH LIMITED	Director	26/02/2009	26/02/2009	-	Active	NO
9	U40108KA2009PTC049592	ECOGREEN POWER SYSTEMS PRIVATE LIMITED	Director	17/04/2009	17/04/2009	-	Active	NO
10	U74140KA2010PTC053345	ECOTHERM POWER SERVICES PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
11	U31900KA2010PTC055151	SUPINCO AUTOMATION PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Active	NO
12	U40101KA2009PLC050960	HANUMAN INFRA ENERGY LIMITED	Director	23/02/2011	23/02/2011	-	Active	NO
13	U23101AP2011PTC074338	GREENESOL HYDROCARBONS PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Bhagya
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
JSR. Prasad	10000
Shridhar Nambi	5000
Total	15000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of Civil Construction, Commissioning and Erection of Steam Turbo Generator and Boiler Packages for Power Plants and incidental services to the owners of the power plants.

Products :

Item Code No. (ITC Code)	Product Description
99541214	Erection Services

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Others (Corporate)

No. of Employees :

150 (Approximately)

Bankers :

Axis Bank Limited, G.G. Arcade, No.2940/E-5, Service Road, Opposite Maruthi Mandira, Vijayanagar, 2nd Stage, Bangalore - 560040, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans - From Banks
Car Loans from Axis Bank (Secured by Hypothecation of Car)	0.000	0.370
SHORT TERM BORROWINGS
Car Loans from Axis Bank (Secured by Hypothecation of Car)	0.272	0.934
Total	0.272	1.304

Banking Relations :	--
Auditors :
Name :	R.B Associates Chartered Accountants
Address :	305 A&B, 3^rd Floor, Pancom Business Centre, Ameerpet, Hyderabad – 500073, Andhra Pradesh, India
Tel. No. :	91-40-66632045
Mobile No. :	91-9949998987
Fax No. :	91-40-66669827
E-Mail :	rba_ca@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AAFFR1152B
Enterprises over which hey Managerial personnel are able to exercise significant influence:	· Puissance De' Leau Power Systems Private Limited · QRE Greenesol Power Transformers Private Limited · Greenesol Power Systems Private Limited · Sequent Automation Private Limited · HMG Power Systems Private Limited · Supinco Automation Private Limited · Green Secure Energy Private Limited (Formerly Known as Greensecure Power Systems Private Limited) · Greenesol Power Boiler Private Limited · Ecogreen Power Systems Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.10/- each	Rs. 0.150 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.150	0.150	0.150
(b) Reserves & Surplus	76.850	63.737	38.171
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.200	0.200	0.200
Total Shareholders’ Funds (1) + (2)	77.200	64.087	38.521
(3) Non-Current Liabilities
(a) long-term borrowings	875.370	937.612	496.828
(b) Deferred tax liabilities (Net)	0.209	0.947	0.605
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.445	0.000	0.000
Total Non-current Liabilities (3)	877.024	938.559	497.433
(4) Current Liabilities
(a) Short term borrowings	0.272	0.934	1.587
(b) Trade payables	15.520	8.598	0.744
(c) Other current liabilities	199.419	204.558	259.599
(d) Short-term provisions	7.576	12.978	8.185
Total Current Liabilities (4)	222.787	227.068	270.115
TOTAL	1177.011	1229.714	806.069
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.048	9.305	9.006
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	57.646	62.188	62.154
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	66.694	71.493	71.160
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	36.678	63.862	28.023
(c) Trade receivables	947.559	1003.627	559.345
(d) Cash and cash equivalents	97.774	56.956	64.963
(e) Short-term loans and advances	27.354	30.883	76.849
(f) Other current assets	0.952	2.893	5.729
Total Current Assets	1110.317	1158.221	734.909
TOTAL	1177.011	1229.714	806.069

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income			889.337
		Other Income			1.905
		TOTAL (A)	871.411	1476.397	891.242
Less	EXPENSES
		Project Expenses			732.005
		Administrative, Selling and Distribution Expenses			120.016
		Increase/ Decrease in Work in Progress			(10.154)
		TOTAL (B)	781.803	1386.148	841.867
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		89.608	90.249	49.375
Less	FINANCIAL EXPENSES (D)		67.753	49.352	24.711
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.855	40.897	24.664
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.905	2.058	2.188
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		19.950	38.839	22.476
Less	TAX (H)		6.837	13.273	8.607
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		13.113	25.566	13.869
	EARNINGS IN FOREIGN CURRENCY		5.869	8.314	0.000
	Earnings / (Loss) Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.50	1.73	1.56
Net Profit Margin (PBT/Sales)	(%)	NA	NA	2.53
Return on Total Assets (PBT/Total Assets}	(%)	1.69	3.16	2.79
Return on Investment (ROI) (PBT/Networth)		0.26	0.61	0.58
Debt Equity Ratio (Total Debt/Networth)		11.34	14.64	12.94
Current Ratio (Current Asset/Current Liability)		4.98	5.10	2.72

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10232649	12/07/2010	2,813,000.00	AXIS BANK LIMITED	SME CENTRE NO:41,SESHADRI ROAD, ANAND RAO CIRCLE, BANGALORE - 560040, KARNATAKA, INDIA	A91272559
2	10140952	10/03/2011 *	147,500,000.00	AXIS BANK LIMITED	G.G. ARCADE, NO.2940/E-5, SERVICE ROAD, OPPOSITE MARUTHI MANDIRA, VIJAYANAGAR, 2ND STAGE, BANGALORE - 560040, KARNATAKA, INDIA	B09621756

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
From Directos	10.000	10.000
Intercorporate Deposit	865.370	927.242
Total	875.370	937.242

NOTE

The registered office of the company has been shifted from F.No. 305 A & B, Pancom Business Centre, Ameerpet, Hyderabad – 500073, Andhra Pradesh, India to the present address w.e.f. 14.06.2009

NATURE OF OPERATIONS

Subject is primarily engaged in the business of Civil Construction, Commissioning and Erection of Steam Turbo Generator and Boiler Packages for Power Plants and incidental services to the owners of the power plants.

CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2013):

a. Estimated amount of Contracts remaining to be executed on capital account and not provided for are Rs. Nil (Previous Year Rs. Nil)

b. Bank Guarantee outstanding Rs. 76.152 Millions (Previous Year Rs. 81.942 Millions)

c. Claims against the company not acknowledged as debt Rs. Nil (Previous Year Rs. Nil)

FIXED ASSETS

· Vehicles

· Computers

· Furniture and Fixtures

· Office Equipment

· Plant and Machinery

· Vehicles (Two Wheelers)

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.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	MRI

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	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		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.