MIRA INFORM REPORT

Report Date :

07.04.2014

IDENTIFICATION DETAILS

Name :	LIGHTO TECHNOLOGIES PRIVATE LIMITED [w.e.f. 02.12.2011]
Formerly Known As :	PALATIAL TRADING PRIVATE LIMITED
Registered Office :	Lunkad Tower, Viman Nagar, Off Pune Nagar Road, Pune-411014, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.10.2007
Com. Reg. No.:	11-130869
Capital Investment / Paid-up Capital :	Rs.5.297 Millions
CIN No.: [Company Identification No.]	U51909PN2007PTC130869
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Lighting Products and Lighting Instruments.
No. of Employees :	30 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 36840
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Even though the company was incorporated during 19^th October 2007. It has started its business operation from June 2012. Mr. Chetan Agarwal, Senior Accounts Manager has provided information to us. As per financial record of 2013, the company has incurred loss from its operational activities. However, trade relations are improving. Business is active. Payment terms are slow. The company can be considered for business dealing with great 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Chetan Agarwal
Designation :	Senior Accounts Manager
Contact No.:	91-9860768159
Date :	05.04.2014

LOCATIONS

Registered Office :	Lunkad Tower, Viman Nagar, Off Pune Nagar Road, Pune-411014, Maharashtra, India
Tel. No.:	91-20-66845050 / 66845020
Mobile No.:	91-9860768159 [Mr. Chetan Agarwal]
Fax No.:	91-20-26630779
E-Mail :	chetan@lightotech.com
Website :	www.lightotech.com
Area :	3000 Sq. Ft.
Location :	Leased
Warehouse :	Located At: Ahmedabad Pune Punjab Mumbai

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Narayan Vithal Karbhase

Designation :

Director

Address :

5, Meghdoot Apartments, Alkapuri Society, Paud Road, Kothrud, Pune-411029, Maharashtra, India

Date of Birth/Age :

06.10.1950

Date of Appointment :

19.10.2007

Din No.:

00228836

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	U65999MH1994PTC080287	KOVID INVESTMENTS PRIVATE LIMITED	Director	04-10-1995	04-10-1995	-	Active	NO
2	U29000PN1995PLC090946	INDIAN SEAMLESS ENTERPRISES LIMITED	Whole-time director	01-02-2011	10-08-1998	-	Active	NO
3	U40108PN1996PTC099133	SUCCESS POWER AND INFRAPROJECTS PRIVATE LIMITED	Director	10-10-1998	10-10-1998	13-02-2014	Active	NO
4	U30007PN1995PTC094840	MAMTA TRADELINKS (INDIA) PRIVATE LIMITED	Director	01-11-1998	01-11-1998	-	Amalgamated	NO
5	U51216PN1994PTC076383	VISHKUL LEATHER GARMENTS PRIVATE LIMITED	Director	09-11-1998	09-11-1998	-	Active	NO
6	U65910MH1993PTC075787	KNOX INVESTMENTS PRIVATE LIMITED	Director	15-06-2001	15-06-2001	-	Active	NO
7	U67120MH1994PTC075950	KLAPA INVESTMENTS PRIVATE LIMITED	Director	15-06-2001	15-06-2001	-	Active	NO
8	U70101PN1999PTC013495	PALATIAL ESTATES PRIVATE LIMITED	Director	18-12-2001	18-12-2001	-	Active	NO
9	U74999MH1996PTC098913	UNITED MARCON PRIVATE LIMITED	Director	01-04-2006	01-04-2006	-	Strike off	NO
10	U64201PN2006PTC144143	LOVYAM INFRASTRUCTURE PRIVATE LIMITED	Additional director	18-08-2006	18-08-2006	10-03-2010	Active	NO
11	U51900PN2000PTC130349	FAIR MILLENNIUM INVESTMENT AND TRADING PRIVATE LIMITED	Director	10-10-2006	10-10-2006	-	Active	NO
12	U51909PN2007PTC130869	LIGHTO TECHNOLOGIES PRIVATE LIMITED	Director	19-10-2007	19-10-2007	-	Active	NO
13	U45200PN2007PTC131032	KETAKI PROMOTERS AND DEVELOPERS PRIVATE LIMITED	Director	26-11-2007	26-11-2007	-	Active	NO
14	U51399PN2004PTC019783	BEST EXIM PRIVATE LIMITED	Director	26-09-2008	01-01-2008	13-02-2014	Active	NO
15	U29299PN2008PTC131221	GLOBAL TUBE AND STEEL SOLUTIONS PRIVATE LIMITED	Director	01-01-2008	01-01-2008	11-01-2008	Active	NO
16	U70102PN2008PTC131352	SAROD REALITY PRIVATE LIMITED	Director	30-01-2008	30-01-2008	-	Active	NO
17	U70102PN2008PTC131351	RADHIKA REAL ESTATES PRIVATE LIMITED	Director	30-01-2008	30-01-2008	-	Active	NO
18	U72200PN2007PTC144349	M M INFOPROC SERVICES PRIVATE LIMITED	Director	18-02-2008	18-02-2008	10-03-2010	Active	NO
19	U45203PN2007PTC129795	MARSHAL MICROWARE INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	26-09-2008	25-03-2008	13-02-2014	Active	NO
20	U40100TN2008PTC069515	NAGAPATTINAM ENERGY PRIVATE LIMITED	Director	25-11-2009	19-01-2009	-	Active	NO
21	U45203TN2009PTC070495	ANKORA PORT PRIVATE LIMITED	Additional director	05-02-2009	05-02-2009	20-11-2009	Active	NO
22	U40108TN2009PTC070786	THIRUKKUVALAI ENERGY PRIVATE LIMITED	Director	20-02-2009	20-02-2009	20-11-2009	Active	NO
23	U10101TN2007PTC070594	TRIDEM PORT AND POWER COMPANY PRIVATE LIMITED	Director	31-03-2010	18-03-2009	-	Active	NO
24	U40109TN2009PTC073537	RUKMAT ENERGY PRIVATE LIMITED	Director	16-11-2009	16-11-2009	16-11-2009	Active	NO
25	U40100TN2009PTC073632	HEMERA ENERGY PRIVATE LIMITED	Director	20-11-2009	20-11-2009	20-11-2009	Strike off	NO
26	U40109TN2009PTC073631	TAPANA ENERGY PRIVATE LIMITED	Director	20-11-2009	20-11-2009	20-11-2009	Strike off	NO
27	U45203TN2009PTC073630	ANALA PORT PRIVATE LIMITED	Director	20-11-2009	20-11-2009	20-11-2009	Strike off	NO
28	U50300TN2007PTC062038	KATRA AUTO ENGINEERING PRIVATE LIMITED	Director	28-09-2012	15-06-2011	23-07-2013	Active	NO
29	U51109PN2012PTC141893	PRECISION MERCHANDISE PRIVATE LIMITED	Director	21-03-2013	07-09-2012	-	Amalgamated	NO
30	AAB-4196	PRIME SURGICAL DAMLE PATH LLP	Designated Partner	22-03-2013	22-03-2013	-	Active	NO

Name :

Mr. Rajiv Shivnath Goel

Designation :

Director

Address :

Flat No. 601, Building No. A-2, Park Island, S. No. 188, Shastri Nagar, Yerwada, Pune-411006, Maharashtra, India

Date of Birth/Age :

16.07.1953

Date of Appointment :

19.10.2007

Din No.:

00328723

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	U29000PN1995PLC090946	INDIAN SEAMLESS ENTERPRISES LIMITED	Director	10-08-1998	10-08-1998	-	Active	NO
2	L27109PN1999PLC016417	ISMT LIMITED	Whole-time director	01-12-2011	29-11-2005	-	Active	NO
3	U51909PN2007PTC130869	LIGHTO TECHNOLOGIES PRIVATE LIMITED	Director	19-10-2007	19-10-2007	-	Active	NO
4	U29299PN2007FTC131108	STRUCTO HYDRAULICS INDIA PRIVATE LIMITED	Director	10-09-2008	12-12-2007	-	Active	NO
5	U29299PN2008PTC131221	GLOBAL TUBE AND STEEL SOLUTIONS PRIVATE LIMITED	Director	01-01-2008	01-01-2008	11-01-2008	Active	NO
6	U51109PN2012PTC141893	PRECISION MERCHANDISE PRIVATE LIMITED	Director	21-03-2013	07-09-2012	-	Amalgamated	NO
7	U85100PN2011PTC141113	PRIME SURGICAL CENTERS PRIVATE LIMITED	Additional director	25-01-2013	25-01-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chetan Agarwal
Designation :	Senior Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Indian Seamless Enterprises Limited, India	539739
N.V. Karbhase, Nominee of Indian Seamless Enterprises Limited, India	1
Indian Seamless Enterprises Limited, India Jointly With N.V. Karbhase	1
TOTAL	539741

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	Trader of Lighting Products and Lighting Instruments.
Brand Names :	“LIGHTO”
Imports :
Products :	Lighting Instruments
Countries :	Hong Kong Austria China
Terms :
Selling :	Credit
Purchasing :	LC / TT

GENERAL INFORMATION

Suppliers :

Associated Lighting Services Private Limited, Delhi

Customers :

Wholesalers and Retailers

• Survin Marketing Private Limited, Punjab

No. of Employees :

30 [Approximately]

Bankers :

Corporation Bank, Aditi Commerce Centre, General Thimmaya Road, East Street, Camp, Pune - 411001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Working Capital Loans From Banks	6.938	0.000
TOTAL	6.938	0.000

Banking Relations :	--
Auditors :
Name :	S.B. Parasnis and Company Chartered Accountants
Address :	15, Gopur Laxmi Co-operative Senapati Bapat Road, Pune-411016, Maharashtra, India
PAN No:	AATPP5539R
Holding Company :	Indian Seamless Enterprises Limited [U29000PN1995PLC090946]
Associates :	ISMT Limited [L27109PN1999PLC016417]

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10010000	Equity Shares	Rs.10/- each	Rs.100.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
539741	Equity Shares	Rs.10/- each	Rs.5.397 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10010000	Equity Shares	Rs.10/- each	Rs.100.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
529741	Equity Shares	Rs.10/- each	Rs.5.297 Millions

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	5.297	50.000	0.500
(b) Reserves & Surplus	3.814	(50.064)	(46.107)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.100	10.000	46.000
Total Shareholders’ Funds (1) + (2)	9.211	9.936	0.393
(3) Non-Current Liabilities
(a) long-term borrowings	20.538	15.838	5.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.903	0.000	0.000
Total Non-current Liabilities (3)	21.441	15.838	5.500
(4) Current Liabilities
(a) Short term borrowings	6.938	0.000	0.000
(b) Trade payables	34.722	0.240	0.000
(c) Other current liabilities	8.740	2.306	0.022
(d) Short-term provisions	0.318	0.000	0.000
Total Current Liabilities (4)	50.718	2.546	0.022
TOTAL	81.370	28.320	5.915
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.863	5.218	0.000
(ii) Intangible Assets	0.936	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	1.726	19.631	5.292
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.023
Total Non-Current Assets	9.525	24.849	5.315
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.824	0.000	0.000
(c) Trade receivables	31.227	0.000	0.000
(d) Cash and cash equivalents	11.635	3.088	0.600
(e) Short-term loans and advances	0.904	0.151	0.000
(f) Other current assets	1.255	0.232	0.000
Total Current Assets	71.845	3.471	0.600
TOTAL	81.370	28.320	5.915

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	74.200	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	NET PROFIT / (LOSS)		(32.600)	(3.957)	(0.034)

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	2.98	1.59	13.99
Current Ratio (Current Asset/Current Liability)	1.42	1.36	27.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	50.000	5.297
Reserves & Surplus	(46.107)	(50.064)	3.814
Net worth	(45.607)	(0.064)	9.111
long-term borrowings	5.500	15.838	20.538
Short term borrowings	0.000	0.000	6.938
Total borrowings	5.500	15.838	27.476
Debt/Equity ratio	(0.121)	(247.469)	3.016

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	Yes
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 one year	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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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	10379036	20/12/2013 *	59,200,000.00	Corporation Bank	ADITI COMMERCE CENTRE, GENERAL THIMMAYA ROAD, EAST STREET, CAMP, PUNE - 411001, MAHARASHTRA, INDIA	B95668786

* Date of charge modification

OPERATIONS AND PERFORMANCE:

The Company commenced trading activities in Electrical, Electronics and Lighting products in the month of July 2012 and achieved a turnover of Rs. 74.200 Millions during the financial year 2012-13. To establish the market under the brand Lighto, the company has appointed channel partners in State of Gujarat, Madhya Pradesh and Punjab. Being the first year of business operations, the expenses incurred for establishment of business were on higher side and hence during the financial year, the Company incurred a net loss of Rs. 32.600 Millions.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Inter-corporate Borrowings	20.538	15.838
TOTAL	20.538	15.838

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 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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	TPT

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	3
--PROFITABILIRY	1~10	--
--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		26

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.