1. Summary Information

		Country	India
Company Name	GREEN PEARL ELECTRONICS PRIVATE LIMITED	Principal Name 1	Mr. Ravi Pachamuthu
Status	Small company	Principal Name 2	Mr. Manivannan Subramanian
		Registration #	18-069329
Street Address	Survey No. 211/1 and 211/2, East Potheri Vallage, Kattangulathur - 603203, Tamilnadu
Established Date	18.09.2008	SIC Code	--
Telephone#	91-44-33451400/ 06	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Supplier
Homepage	www.greenpearlelectronics.com	Product Name 1	Indoor Lights
# of employees	Not Available	Product Name 2	Street Lights
Paid up capital	Rs. 2,160,000/-	Product Name 3	Solar Inverters
Shareholders	Directors or relatives of directors – 100.00%	Banking	Tamilnad Mercantile Bank Limited
Public Limited Corp.	No	Business Period	5 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (33)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	17,532,000	Current Liabilities	9,533,000
Inventories	10,376,000	Long-term Liabilities	20,000,000
Fixed Assets	7,650,000	Other Liabilities	1,772,000
Deferred Assets	0.000	Total Liabilities	31,305,000
Invest& other Assets	0.000	Retained Earnings	2,093,000
		Net Worth	4,253,000
Total Assets	35,558,000	Total Liab. & Equity	35,558,000
Total Assets (Previous Year)	18,305,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	23,838,000	Net Profit	1,328,000
Sales(Previous yr)	20,489,000	Net Profit(Prev.yr)	729,000

MIRA INFORM REPORT

Report Date :

03.09.2013

IDENTIFICATION DETAILS

Name :	GREEN PEARL ELECTRONICS PRIVATE LIMITED (w.e.f. 20.09.2012)
Formerly Known As :	SRM ELECTRONICS PRIVATE LIMITED
Registered Office :	Survey No. 211/1 and 211/2, East Potheri Vallage, Kattangulathur - 603203, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.09.2008
Com. Reg. No.:	18-069329
Capital Investment / Paid-up Capital :	Rs. 2.160 Millions
CIN No.: [Company Identification No.]	U29300TN2008PTC069329
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Indoor Lights, Street Lights and Electronic Instruments and Solar Inverters.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 17000
Status :	Small company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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.

LOCATIONS

Registered Office/ Factory :	Survey No. 211/1 and 211/2, East Potheri Vallage, Kattangulathur - 603203, Tamilnadu, India
Tel. No.:	91-44-33451400/ 06
Fax No.:	Not Available
E-Mail :	sales@greenpearlelectronics.com support@greenpearlelectronics.com
Website :	http://www.greenpearlelectronics.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Ravi Pachamuthu

Designation :

Director

Address :

4, Prakasam Street, Valasaravakkam, Chennai, Tamilnadu, India

Date of Birth/Age :

21.12.1972

Date of Appointment :

18.09.2008

DIN No.:

00675665

Other Directorships:

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	U65991TN1992PLC023585	S.R.M.Investments and Credits Limited	Managing director	07/10/1992	07/10/1992	-	Active	NO
2	U45201TN1995PLC033114	Srm Engineering Construction Corporation Limited	Director	29/09/1995	29/09/1995	-	Active	NO
3	U45201TN1998PTC040501	S.R.M. Civil Works Private Limited	Director	15/07/1998	15/07/1998	-	Active	NO
4	U63040TN1999PTC042453	Srm Transports India Private Limited	Director	29/09/2012	21/05/1999	-	Active	NO
5	U55101TN1994PTC028286	Srm Hotels Private Limited	Managing director	21/05/1999	21/05/1999	-	Active	NO
6	U30009TN1999PTC042497	Srm Technologies Private Limited	Director	30/10/2003	30/10/2003	-	Active	NO
7	U67120TN2006PTC058548	T R P Properties and Investments Private Limited.	Director	12/01/2006	12/01/2006	-	Active	NO
8	U22110TN2006PTC059091	Green Pearl Publications Private Limited	Director	03/03/2006	03/03/2006	-	Active	NO
9	U22110TN2006PTC059092	New Generation Media Corporation Private Limited	Director	03/03/2006	03/03/2006	-	Active	NO
10	U31401TN2007PLC064655	Srm Electricity and Power Limited	Director	07/09/2007	07/09/2007	-	Active	NO
11	U31903TN2007PLC064653	Srm Global Energy Resources Limited	Director	07/09/2007	07/09/2007	-	Active	NO
12	U74900TN2007PLC065017	Srm Global Cements Corporation Limited	Director	10/10/2007	10/10/2007	-	Active	NO
13	U29300TN2008PTC069329	Green Pearl Electronics Private Limited	Director	18/09/2008	18/09/2008	-	Active	NO
14	U45400TN2008PLC069449	Green Pearl Engineering Construction Corporation Limited	Director	29/09/2008	29/09/2008	-	Active	NO
15	U33110TN2008PTC069469	Srm Pharmaceuticals (India) Private Limited	Director	06/10/2008	06/10/2008	-	Active	NO
16	U72200PN2001PTC015724	Gtss Technologies India Private Limited	Director	12/03/2009	12/03/2009	-	Active	NO
17	U64204TN2010PTC077423	Easwari Media Private Limited	Director	21/09/2010	21/09/2010	-	Active	NO
18	U74990TN2010PTC077421	Green Pearl Media Private Limited	Director	21/09/2010	21/09/2010	-	Active	NO
19	U74990TN2010PTC077442	Srm Infotainment Media Private Limited	Director	22/09/2010	22/09/2010	-	Active	NO
20	U74900TN2010PTC077485	Trp Media Private Limited	Director	27/09/2010	27/09/2010	-	Active	NO
21	U40107AP1994PLC016992	H.C.L.Agro Power Limited	Director	28/12/2010	26/11/2010	-	Active	NO
22	L26942AP1981PLC002995	Hemadri Cements Limited	Whole-time director	01/10/2011	26/11/2010	-	Active	NO
23	U22130TN2011PTC079276	Fourth Dimension Media Solutions Private Limited	Director	18/02/2011	18/02/2011	-	Active	NO
24	U65100TN2011PLC080310	Srm Finance Corporation Limited	Director	26/04/2011	26/04/2011	-	Active	NO
25	U72900DL2009PTC192598	Trac Multimedia Private Limited	Director	30/09/2011	17/08/2011	-	Active	NO
26	U85100TN2012PTC085331	Srm Healthcare Private Limited	Director	09/04/2012	09/04/2012	-	Active	NO
27	U22211DL2010PTC198147	Trac Media Private Limited	Director	29/09/2012	18/06/2012	-	Active	NO
28	U72200DL2004PTC129907	Sas Software Private Limited	Additional director	17/10/2012	17/10/2012	-	Active	NO
29	U40300TN2013PTC090246	P R Powergen Corp India Private Limited	Director	25/03/2013	25/03/2013	-	Active	NO
30	U74900TN2013PTC091444	Srm Auto Tec Private Limited	Director	31/05/2013	31/05/2013	-	Active	NO

Name :

Mr. Manivannan Subramanian

Designation :

Director

Address :

F3, First Floor, Sai Majestic Apartments 49/5, Balaji Nagar, 2nd Street, Chennai – 600092, Tamil Nadu, India

Date of Birth/Age :

22.01.1972

Date of Appointment :

23.07.2013

DIN No.:

05236971

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	U72200TZ2003PTC010609	Srm Learning Tree Private Limited	Director	20/07/2013	02/04/2012	-	Active	NO
2	U30009TN1999PTC042497	Srm Technologies Private Limited	Director	21/07/2012	02/04/2012	-	Active	NO
3	U29300TN2008PTC069329	Green Pearl Electronics Private Limited	Director	23/07/2013	02/04/2012	-	Active	NO
4	U22110TN2006PTC059091	Green Pearl Publications Private Limited	Director	23/07/2013	02/04/2012	-	Active	NO
5	U22130TN2011PTC079276	Fourth Dimension Media Solutions Private Limited	Director	23/07/2013	02/04/2012	-	Active	NO
6	U45201TN1995PLC033114	Srm Engineering Construction Corporation Limited	Managing director	02/05/2012	02/04/2012	05/07/2013	Active	NO
7	U72200DL2004PTC129907	Sas Software Private Limited	Additional director	17/10/2012	17/10/2012	-	Active	NO
8	U65100TN2011PLC080310	Srm Finance Corporation Limited	Additional director	23/03/2013	23/03/2013	-	Active	NO
9	U52599TN1996PTC036165	Will Computers And Communications Private Limited	Director	03/06/2013	27/03/2013	-	Active	NO
10	U80301TN2013PTC090981	Green Pearl Education Management Corporation Private Limited	Director	06/05/2013	06/05/2013	-	Active	NO
11	U45400TN2008PLC069449	Green Pearl Engineering Construction Corporation Limited	Additional director	29/07/2013	29/07/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Ravi Pachamuthu	5000
Sathyanarayanan Pachamuthu	5000
Total	10000

As on: 06.12.2012

Names of Shareholders	No. of Shares
Ravi Pachamuthu	100000
Sathyanarayanan Pachamuthu	106000
Total	206000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Indoor Lights, Street Lights and Electronic Instruments and Solar Inverters.
Products :	LED Lamps DC Power Supply Electronic Load

GENERAL INFORMATION

Customers:	Retail Chains Corporate Customers Hotels Hospital Others
No. of Employees :	Not Available
Bankers :	Tamilnad Mercantile Bank Limited, No.25, Venkatarayana Road, T Nagar, Chennai - 600017, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	Ramadoss and Company Chartered Accountants
Address :	Flat No. 10, Sougandh, New No.77, 3^rd Floor, 7^th Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India
Tel. No.:	91-44-42179237
E-Mail :	ramadoss2901@airtelmail.in
PAN No.:	AAAFR0938G

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
216000	Equity Shares	Rs.10/- each	Rs. 2.160 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.160	0.100
(b) Reserves & Surplus	2.093	0.765
(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)	4.253	0.865
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.101	0.069
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.101	0.069
(4) Current Liabilities
(a) Short term borrowings	20.000	1.061
(b) Trade payables	9.533	7.640
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	1.671	8.670
Total Current Liabilities (4)	31.204	17.371
TOTAL	35.558	18.305
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.650	3.578
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	7.650	3.578
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.376	6.944
(c) Trade receivables	6.555	5.820
(d) Cash and cash equivalents	1.759	1.552
(e) Short-term loans and advances	1.380	0.411
(f) Other current assets	7.838	0.000
Total Current Assets	27.908	14.727
TOTAL	35.558	18.305

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.035
4] (Accumulated Losses)		0.000
NETWORTH		0.135
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1.061
TOTAL BORROWING		1.061
DEFERRED TAX LIABILITIES		0.004
TOTAL		1.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.149
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.089
	Sundry Debtors	1.008
	Cash & Bank Balances	0.068
	Other Current Assets	0.000
	Loans & Advances	0.128
Total Current Assets		3.293
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.474
	Other Current Liabilities	0.607
	Provisions	0.161
Total Current Liabilities		2.242
Net Current Assets		1.051
MISCELLANEOUS EXPENSES		0.000
TOTAL		1.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	23.838	20.489
		Other Income	0.288	0.012
		TOTAL	24.126	20.501	13.747
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	22.401	19.514	12.809
	PROFIT BEFORE TAX		1.725	0.987	0.938
Less	TAX		0.397	0.258	0.000
	PROFIT AFTER TAX		1.328	0.729	0.938
	Earnings Per Share (Rs.)		132.84	72.94	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.51	3.56	6.82
Net Profit Margin (PBT/Sales)	(%)	7.23	4.81	0.00
Return on Total Assets (PBT/Total Assets}	(%)	4.85	5.39	27.25
Return on Investment (ROI) (PBT/Networth)		0.41	1.14	6.95
Debt Equity Ratio (Total Debt/Networth)		4.70	1.22	7.86
Current Ratio (Current Asset/Current Liability)		0.90	0.85	1.47

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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Short term borrowings
Loans and advance from related parties
From directors	0.000	1.061
From others	20.000	0.000
Total	20.000	1.061

Note:

The Registered Office of the company has been shifted from No.3, Veerasamy Street, West Mambalam, Chennai – 600033, Tamilnadu, India to the present address w.e.f. 29.09.2012

Fixed Assets:

• Plant and Machinery
• Computer Equipment
• Furniture and Fixture
• Office Equipment
• Vehicle

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. 65.87
UK Pound	1	Rs. 102.51
Euro	1	Rs. 87.06

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.