MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	TE CONNECTIVITY INDIA PRIVATE LIMITED (w.e.f. 29.08.2012)
Formerly Known As :	TYCO ELECTRONICS CORPORATION INDIA PRIVATE LIMITED TYCO ELECTRONIC CORPORATION LIMITED (w.e.f 24.02.2000) AMP INDIA LIMITED (w.e.f 30.06.1998) AMP INDIA PRIVATE LIMITED
Registered Office :	“TE Park”, Site No.22B, Doddenakundi Industrial Area, Bangalore – 560048, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.12.1993
Com. Reg. No.:	08-015007
Capital Investment / Paid-up Capital :	Rs.720.817 Millions
CIN No.: [Company Identification No.]	U31909KA1993PTC015007
TAN No.: [Tax Deduction & Collection Account No.]	BLRT02262B
PAN No.: [Permanent Account No.]	AABCT7374C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Importers and Exporters of Wire and Cable for Networking, Communication, Household Appliances, Power Transmission and Distribution Materials, Automotive Wiring Systems, Electrical and Electronic Components, Accessories, Assemblies, etc.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 20000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Liquidity position seems to be good. Networth of the company appears to be strong. Company is operating on its owned funds. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular. The company can be considered normal 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 DENIED

Management Non Cooperative. (91-80-40115000)

LOCATIONS

Registered /Head Office :	“TE Park”, Site No.22B, Doddenakundi Industrial Area, Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-40115000/ 401/ 28540800/ 28412433/ 28540800/ 24163745
Fax No.:	91-80-40115001/ 401/ 28540820
Email :	ravis@tycoelectronics.com ravis@te.com
Area :	3000 Sq. ft
Location :	Leased
Factory 1 :	No. 4, Maruthi Industrial Estate, Hoody Rajapalya, Whitefield Main Road, Mahadevapura, Bangalore – 560 048, Karnataka, India
Tel. No.:	91-80-26453014 / 28410200
Fax No.:	91-80-28453038 / 28410210
Factory 2 :	Gat No.1122, 1129, 1140, 1295, Village – Shirwal, Taluka – Khandala, Satara- 412801, Maharashtra, India
Tel No.:	91-2169-246000
Branch Office 1 :	1^st Floor, No-5, Shalimar House Comm, Center Saket-110017, Delhi, India
Tel. No.:	91-11-26864107
Branch Office 2:	Cochin Special Economic Zone Plot No. 44, Cochin-kakkanand-682037 India

DIRECTORS

As on: 28.09.2012

Name :

Mr. Srinivasan Varadarajan

Designation :

Director

Address :

40, Kuppu, 14th cross, Vignana Nagar, New Thippasandra Bangalore – 560075, Karnataka, India

Date of Birth/Age :

01.07.1958

Date of Appointment :

11.05.2006

DIN No.:

00337041

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	U72900KA2000PTC026408	PRECISION INTERCONNECT INDIA PRIVATE LIMITED	Director	20/01/2005	20/01/2005	-	Amalgamated	NO
2	U31909KA1993PTC015007	TE Connectivity India Private Limited	Director	11/05/2006	11/05/2006	-	Active	NO

Name :

Mr. Juerg Frischknecht

Designation :

Director

Address :

W. Wolfensberger Stresses 14, 9424, Reinbeck, Switzerland

Date of Birth/Age :

09.06.1959

Date of Appointment :

06.08.2003

DIN No.:

02406047

Name :

Mr. Raja Venkataraman

Designation :

Managing Director

Address :

Flat No.218, Royal Heritage Apartment, Benninganahalli East Range, Bangalore – 560016, Karnataka, India

Date of Birth/Age :

08.12.1956

Date of Appointment :

28.09.2012

DIN No.:

00669376

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	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Managing director	14/07/2004	14/07/2004	07/10/2011	Active	NO
2	U31909KA1993PTC015007	TE Connectivity India Private Limited	Managing director	28/09/2012	13/10/2011	-	Active	NO
3	U29299KL1995PLC009664	CII GUARDIAN INTERNATIONAL LIMITED	Nominee director	05/11/2011	05/11/2011	19/08/2012	Active	NO
4	U74999MH1984PTC033786	RAYCHEM-RPG Private Limited	Director	27/09/2012	15/12/2011	-	Active	NO
5	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Director	28/09/2012	25/08/2012	-	Active	NO
6	U31908AP2012PTC084828	Radiant Interconnect Solutions (India) Private Limited	Director	08/08/2013	08/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Anushree Keshav Dixit
Designation :	Secretary
Address :	No.20, S2, Swagath Vinayaka Enclave, Vianayaka Layout, Vijaynagar, Bangalore - 560040, Karnataka, India
Date of Birth/Age :	27.11.1984
Date of Appointment :	22.03.2011
PAN No.:	AUEPA5737C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Tyco Electronics Singapore Pte Limited, Singapore	44742393
Tyco Electronics Netherlands India Cooperatief U A, The Netherlands	1
Total	44742394

Names of Shareholders (Preference Shares)	No. of Shares
Tyco Electronics Singapore Pte Limited, Singapore	273393065
Total	273393065

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Importers and Exporters of Wire and Cable for Networking, Communication, Household Appliances, Power Transmission and Distribution Materials, Automotive Wiring Systems, Electrical and Electronic Components, Accessories, Assemblies, etc.

Products :

Products	ITC Code
Tools, Moulds and Dies	84622990
Connectors	85367000
Cable Assembly	85444930

GENERAL INFORMATION

No. of Employees :	Information declined by the management.
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Rcihmond Road, Bangalore, Karnataka, India
PAN No.:	AACFD3771D
Holding company :	· Tyco Electronics Singapore Pte Limited · Tyco Electronics Group S A, Luxembourg
Associates :	Tyco Electronics Systems India Private Limited CIN No.: U29199KA1995PTC032692
Ultimate Holding Company :	TE Connectivity Limited, Switzerland (formerly known as Tyco Electronics Limited, Switzerland)
Subsidiary Company:	XOL Technologies Private Limited
Fellow Subsidiaries:	· Tyco Electronics Systems India Private Limited · TEI Technologies Private Limited · AMP Manufacturing Korea Limited · AMP Manufacturing Taiwan Limited · AMP Trading B.V. · PT Tyco Electronics, Indonesia · Shenzhen Original Electric Co. · Shunde Tyco Electronics Limited · Tyco Electronics. Brasil LTA · Tyco Electronics Raychem, Belgium · Tyco Electronics - HK Limited · Tyco Electronics Malaysia SD · Tyco Electronics Schweiz AG · Tyco Electronics AMP Espana SA · Tyco Electronics AMP Gmbh · Tyco Electronics AMP Italia SPA · Tyco Electronics AMP K.K. · Tyco Electronics Amp Shanghai Limited · Tyco Electronics Argentina S.A · Tyco Electronics Canada Limited. · Tyco Electronics Czech S.R.O AMP De France · Tyco Electronics da Amaznia, · Tyco Electronics EC Gmbh & Co. · Tyco Electronics France SAS · Tyco Electronics HK LIMITED · Tyco Electronics Hungary KFT · Tyco Electronics Logistics AG · Tyco Electronics Mexico S.A, · Tyco Electronics Middle East FZE · Tyco Electronics Nederland BV · Tyco Electronics New Zealand Limited · Tyco Electronics Polska Spz · Tyco Electronics Pty Limited · Tyco Electronics Raychem Gmbh · Tyco Electronics Raychem NV · Tyco Electronics Raychem, S.A. · Tyco Electronics S.A (Pty) Limited · Tyco Electronics Shanghai CLT · Tyco Electronics UK Limited · Tyco Electronics Dongguan Limited · Tyco Electro-Electronica Ltda · Whitekar Corporation · Precision Interconnect USA · AMP Shunde Connector Limited · AMP Holland BV · Tyco Electronics Augat AG · Tyco Electronics Austria GmbH · Tyco Electronics Exports SARL · Tyco Electronics Columbia Limited · Tyco Electronics Export · Tyco Electromechanical components · AMP Services · Tyco Electronics UK Limited (Crompton IN) · Tyco Electronics AMP Guang Don Limited · Tyco Electronics Nederland B.V. · Tyco Electronics Singapore · Tyco Electronics Japan GK · Tyco Electronics Kunsham · Tyco Electronics Raychem BVBA · Tyco Electronics Belgium EC BVBA · Tyco Electronics VII Limited · Tyco Electronics Malaysia SDN BHD · Tyco Electronics Chile LTDA · Tyco Electronics Subsea Communication LLC · Tyco Electronics Technologies Kunshan Co · Tyco Electronics Del Peru SAC · Dongguan Transpower Electric. · Tyco Electronics Simel · Tyco Electronics Zhuhai Limited · Tyco Electronics Qingdao Limited · Tyco Electronics ETA Limited · Rochester Wire and Cable · Tyco Electronics AMP Korea · Tyco Electronics AMP Guangdond Limited · Raychem Electronics Shanghai Co Limited · ADC India Communications Limited · Raychem RPG Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs.450.000 Millions
280000000	Preference Shares	Rs.1/- each	Rs.280.000 Millions
	Total		Rs.730.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44742394	Equity Shares	Rs.10/- each	Rs.447.424 Millions
273393065	Preference Shares	Rs.1/- each	Rs.273.393 Millions
	Total		Rs.720.817 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	720.820	720.820
(b) Reserves & Surplus	4476.350	3901.370
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5197.170	4622.190
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	124.330	177.540
Total Non-current Liabilities (3)	124.330	177.540
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1224.710	1427.690
(c) Other current liabilities	60.610	61.760
(d) Short-term provisions	5.670	5.410
Total Current Liabilities (4)	1290.990	1494.860
TOTAL	6612.490	6294.590
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1333.860	845.240
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	35.740	54.990
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	608.420	0.000
(c) Deferred tax assets (net)	244.740	236.730
(d) Long-term Loan and Advances	361.560	175.440
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2584.320	1312.400
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1277.280	1490.380
(c) Trade receivables	1313.890	1516.350
(d) Cash and cash equivalents	1035.200	1414.580
(e) Short-term loans and advances	373.250	498.720
(f) Other current assets	28.550	62.160
Total Current Assets	4028.170	4982.190
TOTAL	6612.490	6294.590

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		720.817
2] Share Application Money		0.000
3] Reserves & Surplus		3406.113
4] (Accumulated Losses)		0.000
NETWORTH		4126.930
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		4126.930
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		840.870
Capital work-in-progress		46.817
INVESTMENT		0.002
DEFERREX TAX ASSETS		160.043
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1293.545
	Sundry Debtors	1057.264
	Cash & Bank Balances	911.290
	Other Current Assets	80.000
	Loans & Advances	1099.078
Total Current Assets		4441.177
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1211.161
	Other Current Liabilities	43.656
	Provisions	107.162
Total Current Liabilities		1361.979
Net Current Assets		3079.198
MISCELLANEOUS EXPENSES		0.000
TOTAL		4126.930

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	8980.920	7738.761	5859.593
		Other Income		582.022	469.697
		TOTAL (A)	8980.920	8320.783	6329.290
Less	EXPENSES
		Consumption materials changes inventories	7921.540	4635.546	3548.484
		Employee related expenses		908.053	686.879
		Administrative selling other expenses		1803.775	1280.405
		Restructuring charges		0.000	152.503
		TOTAL (B)	7921.540	7347.374	5668.271
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	973.409	661.019
Less	FINANCIAL EXPENSES (D)			8.320	9.525
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1059.380	965.089	651.494
Less/ Add	DEPRECIATION/ AMORTISATION (F)		202.400	196.528	228.552
	PROFIT BEFORE TAX (E-F) (G)		856.980	768.561	422.942
Less	TAX (H)		282.000	273.303	211.613
	PROFIT AFTER TAX (G-H) (I)		574.980	495.258	211.329
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4447.640	4184.280	2890.946
		Commission Earnings			324.904
	TOTAL EARNINGS		4447.640	4184.280	3215.850
	IMPORTS
		Raw Materials	NA	NA	1843.773
		Stores & Spares			782.432
		Capital Goods			83.210
		Others			0.999
	TOTAL IMPORTS		NA	NA	2710.414
	Earnings Per Share (Rs.)		NA	11.07	4.72

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.40	5.95	3.34
Net Profit Margin (PBT/Sales)	(%)	NA	9.93	7.22
Return on Total Assets (PBT/Total Assets}	(%)	14.97	12.80	8.01
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.10
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.12	3.33	3.26

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	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY.

FIXED ASSETS:

· Leasehold Improvements

· Plant and Machinery

· Office Equipments

· Data Processing Equipments

· Furniture and Fixture

· Motor Vehicles

· Building

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.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.