1. Summary Information

		Country	India
Company Name	LAN MARK SHOPS INDIA PRIVATE LIMITED	Principal Name 1	Mr. Jerry Mathew
Status	Satisfactory	Principal Name 2	Mr. Sandeep Nair
		Registration #	09-017761
Street Address	D - 31/670, Parvathinilayam, Sahodaran Ayyappan Road, Ernakulam - 682019, Kerala, India
Established Date	07.01.2005	SIC Code	--
Telephone#	91-484-2305078	Business Style 1	Dealer
Fax #	Not Available	Business Style 2	----
Homepage	http://www.lanmarkshops.com	Product Name 1	Fast Moving Consumer Goods
# of employees	135 (Approximately)	Product Name 2	Electronic Appliances
Paid up capital	Rs. 12,603,960/-	Product Name 3	TV Dealer - Samsung
Shareholders	Directors / Relatives of Directors – 79% Other Top 50 Share Holders – 21%	Banking	The Federal Bank Limited
Public Limited Corp.	No	Business Period	8 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Entities in which directors are interested	India	Tranzmedia Netvision Private Limited	----
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	38,795,000	Current Liabilities	14,034,000
Inventories	38,860,00	Long-term Liabilities	37,062,000
Fixed Assets	6,702,000	Other Liabilities	3,558,000
Deferred Assets	486,000	Total Liabilities	54,654,000
Invest& other Assets	050,000	Retained Earnings	10,070,000
		Net Worth	30,239,000
Total Assets	84,893,000	Total Liab. & Equity	84,893,000
Total Assets (Previous Year)	76,998,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	NA	Net Profit	6,171,000
Sales(Previous yr)	737,182,000	Net Profit(Prev.yr)	2,300,000

MIRA INFORM REPORT

Report Date :

15.10.2013

IDENTIFICATION DETAILS

Name :	LAN MARK SHOPS INDIA PRIVATE LIMITED
Registered Office :	D - 31/670, Parvathinilayam, Sahodaran Ayyappan Road, Ernakulam - 682019, Kerala.
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.01.2005
Com. Reg. No.:	09-017761
Capital Investment / Paid-up Capital :	Rs.12.603 Millions
CIN No.: [Company Identification No.]	U52339KL2005PTC017761
PAN No.: [Permanent Account No.]	AABCL0490M
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer of Fast Moving Consumer Goods - Electronic Appliances, Home Appliances, DVD Player, TV Dealer - Samsung.
No. of Employees :	135 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen an increase in the net profitability during 2012. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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

Name :	Mr. Joshy Joseph
Designation :	Vice President
Contact No.:	91-9895487525
Date :	12.10.2013

LOCATIONS

Registered Office :	D – 31/670, Parvathinilayam, Sahodaran Ayyappan Road, Ernakulam – 682019, Kerala, India
Tel. No.:	91-484-2305078 / 79
Mobile No.:	91-9895487525 (Mr. Joshy Joseph)
Fax No.:	Not Available
E-Mail :	lanmarkshop@sify.com support@lanmarkshops.com joshyjoseph@whitenart.in
Website :	http://www.lanmarkshops.com
Head Office :	16/222-F, Pookattupady Road, Mundapalam, Vadacode P. O., Enrnakulam 682021, Kerala, India
E-mail id:	sunil@lanmarkshops.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Jerry Mathew
Designation :	Managing Director
Address :	X/89, Kalapura House, Puthenangadi, ThirunakKara, Kottayam - 686001, Kerala, India.
Date of Birth/Age :	09.01.1971
Date of Appointment :	07.01.2005
PAN No.:	AEFPM3684M
DIN No.:	01351521
Name :	Mr. Alex Thomas
Designation :	Director
Address :	E 6, Golden Enclave, Kanji Kuzhy, Kottayam – 686004, Kerala, India.
Date of Birth/Age :	31.10.1961
Date of Appointment :	25.06.2007
DIN No.:	00004026
Name :	Mr. Ramachandran Venkitachelam
Designation :	Director
Address :	X1/305, Karisoondaman Galam, Thirunakkara, Kottayam – 686001, Kerala, India
Date of Birth/Age :	09.11.1962
Date of Appointment :	07.01.2005
DIN No.:	02232130
Name :	Mr. Binu Purushothaman
Designation :	Director
Address :	6B, Kavadiyarmandir, Javahar Nagar, Trivandrum – 695041, Kerala, India.
Date of Birth/Age :	21.10.1962
Date of Appointment :	20.05.2005
PAN No.:	AEVPP3604E
DIN No.:	02487584
Name :	Mr. Zacharian Abraham
Designation :	Director
Address :	Njavallil, Kanji Rappally, Kottayam – 686507, Kerala, India.
Date of Birth/Age :	19.07.2001
Date of Appointment :	30.09.2011
PAN No.:	AERPA8980L
DIN No.:	00842401
Name :	Mr. Sandeep Nair
Designation :	Director
Address :	8/11, Kumarnivas, Pullarapillil House, Vadakkimpuram P. O., Ernakulam – 683521, Kerala, India
Date of Birth/Age :	25.10.1969
Date of Appointment :	20.05.2005
PAN No.:	ABMPN3940K
Din No.:	02487636

KEY EXECUTIVES

Name :	Mr. Joshy Joseph
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Jerry Mathew	671250
Ramachandran V	25000
Pradeep Nair	100000
Binu Purushothaman	100000
Zachariah Abraham	100000
Annie Alex	46
Dilip Chandran	6000
Bindu James	5000
Santosh Chacko	2500
George Abraham	2500
Regi Varghese	2500
Aby Kurian	2000
Denny Kurien	243600
Total	1260396

As on: 25.03.2013

Names of Allottees	No. of Allottees
Jerry Mathew	1363750
Denny Kurien	915950
Sandeep Nair	100000
Annie Alex	92
Zachariah Abraham	100000
Dilip Chandran	22000
Santosh Chacko	5000
George Abraham	5000
Regi Varghese	5000
Aby Kurian	4000
Total	2520792

As on: 19.09.2013

Names of Allottees	No. of Allottees
Jerry Mathew	250187
Denny Kurien	289888
Sandeep Nair	50000
Annie Alex	34
Zachariah Abraham	50000
Dilip Chandran	7000
Santosh Chacko	1875
George Abraham	1875
Regi Varghese	1875
Aby Kurian	1500
Ramachandran V	6250
Binu Purushothaman	25000
Bindu James	1250
MK Logendra Kumar	8376
Giby Mathew	250187
Total	945297

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	79.00
Other top fifty shareholders	21.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer of Fast Moving Consumer Goods - Electronic Appliances, Home Appliances, DVD Player, TV Dealer - Samsung.
Products :	Dealer of Fast Moving Consumer Goods - Electronic Appliances, Home Appliances, DVD Player, TV Dealer - Samsung.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

135 (Approximately)

Bankers :

• The Federal Bank Limited, Panangad Branch, Ernakulam – 682506, Kerala, India.
• The South Indian Bank Limited, Vyttila Branch, Vyttila, Kerala, India
• State Bank of Travancore, .Edappally Branch, Edappally. P.O, Kochi – 682024, Kerala, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short term borrowings
Working capital loan - State Bank of Travancore	24.255	21.089
Loans repayable on demand	12.807	9.550
Total	37.062	30.639

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	Sreenikethan, Nettipadam Road, Kochi – 682016, India
PAN No.:	AABFV9555E
Entities in which directors are interested :	· Swamy Agencies · Home Gallery · Ad India Advertisers · Celebrus Capital Limited · Celebrus Commodities Limited · Tranzmedia Netvision Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1260396	Equity Shares	Rs. 10/- each	Rs.12.603 Millions

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4726485	Equity Shares	Rs. 10/- each	Rs.47.265 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.603
(b) Reserves & Surplus	10.070
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	7.566
Total Shareholders’ Funds (1) + (2)	30.239
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.400
Total Non-current Liabilities (3)	0.400
(4) Current Liabilities
(a) Short term borrowings	37.062
(b) Trade payables	8.778
(c) Other current liabilities	5.256
(d) Short-term provisions	3.158
Total Current Liabilities (4)	54.254
TOTAL	84.893
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.746
(ii) Intangible Assets	1.956
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.050
(c) Deferred tax assets (net)	0.486
(d) Long-term Loan and Advances	0.900
(e) Other Non-current assets	0.000
Total Non-Current Assets	8.138
(2) Current assets
(a) Current investments	0.000
(b) Inventories	38.860
(c) Trade receivables	14.655
(d) Cash and cash equivalents	2.466
(e) Short-term loans and advances	20.774
(f) Other current assets	0.000
Total Current Assets	76.755
TOTAL	84.893

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.604	12.603
2] Share Application Money		7.066	0.000
3] Reserves & Surplus		6.096	5.260
4] (Accumulated Losses)		0.000	0.000
NETWORTH		25.766	17.863
LOAN FUNDS
1] Secured Loans		21.089	13.283
2] Unsecured Loans		9.550	11.364
TOTAL BORROWING		30.639	24.647
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		56.405	42.510
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.186	1.814
Capital work-in-progress		0.000	0.391
INVESTMENT		0.050	0.050
DEFERREX TAX ASSETS		0.686	0.496
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.783	31.108
	Sundry Debtors	10.151	12.367
	Cash & Bank Balances	2.060	1.634
	Other Current Assets	0.000	0.000
	Loans & Advances	14.082	10.538
Total Current Assets		70.076	55.647
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.561	11.218
	Other Current Liabilities	5.226	2.811
	Provisions	1.806	1.859
Total Current Liabilities		20.593	15.888
Net Current Assets		49.483	39.759
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		56.405	42.510

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	737.182	608.432
		Other Income	NA
		TOTAL	NA	737.182	608.432
	EXPENSES
		Office Expenses
		Administrative Expenses		792.401	650.409
		Advertising Expenses
		TOTAL	NA	792.401	650.409
	PROFIT BEFORE TAX		NA	3.595	5.873
Less	TAX		NA	1.295	2.019
	PROFIT AFTER TAX		6.171	2.300	3.854
	Earnings Per Share (Rs.)		4.90	1.83	3.09

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.31	0.63
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.71	10.22
Return on Investment (ROI) (PBT/Networth)		NA	0.14	0.32
Debt Equity Ratio (Total Debt/Networth)		0.01	1.19	1.38
Current Ratio (Current Asset/Current Liability)		1.41	3.40	3.50

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

Note:

The Registered Office of the company has been shifted from D, 31/670, Parvathinilayam, Sahodaran Ayyappan Road, Ernakulam, Kerala - 682019 India to the present address w.e.f. 02.08.2013.

PERFORMANCE

The company’s business performance during the year resulted in a net profit of Rs.6.171 millions as against Rs.2.301 millions for the previous year. Directors propose a dividend of 10% on the paid up capital of the Company which amounts to Rs1.260 millions. There was no material change or commitments affecting the financial position of the company or state of affairs since the date of Balance Sheet up to this date of report.

NEWS

WATCH OUT WALMART, LANMARK GAINING POPULARITY IN RETAILING

CHENNAI: A novel experiment in retail that began in Kerala is catching on in Tamil Nadu, holding out hope that this hybrid model could be just what small traders require to compete effectively against Big Retail.

LanMark, which has brought together 160 small dealers of white goods in Kerala under a common brand, has quietly made its debut in Tamil Nadu with 12 stores under its fold. It is now ready to expand to the rest of south India.

LanMark was started seven years ago when a group of retail professionals saw an answer to the problems of scale-challenged small retailers. In Chennai, learning that some small stores were on the verge of closing down, the brand studied the city market and found their problems were the same as in Kerala: absence of proper accounting, poor staff attitudes and a lack of professionalism.

"We sensed early that retail hinges not only on scale of operations, but also on financial discipline and a professional approach. And we could impress these on individual store-owners over the past seven years," said Jerry Mathew, MD of LanMark.

LAN MARK ANNOUNCES RE-BRANDING OF HOME APPLIANCES BUSINESS AS WHITE MART

KOCHI: In a major revamp of business operations, Lan Mark, leading consumer durable network in South India, has announced the re-branding of home appliances business as White Mart and an ambitious expansion in its operations in the next couple of years.

The White Mart network will have nearly 500 outlets in South India by 2015, Jerry Mathew, managing director of Lan Mark Shops India Limited said. Identifying Tamil Nadu as the next major market, the company plans to have 50 shops under the White Mart brand by 2013.

Addressing a press conference here on Tuesday company spokesmen said that Lan Mark is exploring the feasibility of entering other retail verticals such as fast moving consumer goods and convenience stores.

"There are plans to make White Mart a national brand", he said. "The idea is to make the brand convey the idea of reliable high quality retailing in small towns", he added.

Lan Mark built a network of nearly 200 showrooms in Kerala by introducing the "cluster" approach in retailing. Leveraging on the collective bargaining power of the retailers Lan Mark was able to compete with the bigger players in the field.

In Tamil Nadu where it started its operations earlier this year the number of showrooms under the network is already 25. In the next phase of expansion, White Mart proposes to enter the Andhra Pradesh and Karnataka markets.

The re-branding exercise of the company will start on December 6. With a network of nearly 200 shops in Kerala, goods can be delivered anywhere in the state in less than an hour, company spokesmen said.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10067138	25/07/2013 *	110,000,000.00	STATE BANK OF TRAVANCORE	BR. EDAPPALLY, EDAPPALLY, P.O, KOCHI, KOCHI, Kerala - 682024, INDIA	B82120189

* Date of charge modification

FIXED ASSETS:

· Plant and Machinery

· Computer Equipments

· Furniture and Fixtures

· Vehicles

· 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. 61.30
UK Pound	1	Rs. 97.99
Euro	1	Rs. 83.15

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.