MIRA INFORM REPORT

Report Date :

23.04.2014

IDENTIFICATION DETAILS

Name :	APPLIED SOLAR TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	A-5, Saraswati House, Naraina Industrial Area, Phase II, New Delhi – 110028
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.12.2008
Com. Reg. No.:	55-226945
Capital Investment / Paid-up Capital :	Rs. 2102.968 Millions
CIN No.: [Company Identification No.]	U70102DL2008PTC226945
TAN No.: [Tax Deduction & Collection Account No.]	DELA23978D
PAN No.: [Permanent Account No.]	AAHCA4863F
Legal Form :	Private Limited Liability Company
Line of Business :	The company is providing Solar Hybrid Energy Solutions.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 7200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded accumulated losses from its operation. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Solar Energy Grading=SP2B
Rating Explanation	High performance capability and moderate financial strength.

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 Co-operative (91-11-41007573)

LOCATIONS

Registered Office :	A-5, Saraswati House, Naraina Industrial Area, Phase II, New Delhi – 110028, India
Tel. No.:	91-11-41007573
Fax No.:	91-11-41007572
E-Mail :	kapil.kathpalia@appliedsolartechnologies.com garima.bhatnagar@appliedsolartechnologies.com
Website :	www.appliedsolartechnologies.com
Head Office :	E 8/11, Vasant Vihar, New Delhi – 110057, India
Branch Office :	C-31, 2^nd Floor, Sector-6, Noida – 201301, India

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Vinod Kumar Agarwal

Designation :

Managing Director

Address :

E 8/11, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

30.04.1952

Date of Appointment :

07.10.2009

DIN No.:

02103176

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	U74899AP2006PTC062426	SEM INDIA FAB PRIVATE LIMITED	Director	22/02/2006	22/02/2006	30/09/2009	Active	NO
2	U72900KA2006PTC048767	SEM INDIA SYSTEMS PRIVATE LIMITED	Director	14/08/2007	22/02/2006	30/09/2009	Active	NO
3	U29309AP2006SGC050029	FAB CITY SPV (INDIA) PRIVATE LIMITED	Director	02/05/2006	02/05/2006	30/09/2009	Active	YES
4	U32104AP2006PTC051177	SemIndia Holdings Private Limited	Director	15/09/2006	15/09/2006	30/09/2009	Strike off	NO
5	U70102DL2008PTC226945	APPLIED SOLAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Managing director	07/10/2009	29/12/2008	-	Active	NO
6	U40106DL2011PTC223918	APPLIED SOLAR PROJECTS PRIVATE LIMITED	Director	19/08/2011	19/08/2011	-	Active	NO
7	U40106DL2011PTC224287	APPLIED SOLAR POWER MANAGEMENT PRIVATE LIMITED	Director	29/08/2011	29/08/2011	-	Active	NO
8	U74900DL2013PTC248470	AST TELECOM SOLAR PRIVATE LIMITED	Director	19/02/2013	19/02/2013	27/01/2014	Active	NO

Name :

Mr. Kapil Kumar Kathpalia

Designation :

Director

Address :

C-618, New Friends Colony, New Delhi – 110025, India

Date of Birth/Age :

04.06.1960

Date of Appointment :

30.092009

DIN No.:

02567813

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	U70102DL2008PTC226945	APPLIED SOLAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	30/09/2009	24/04/2009	-	Active	NO
2	L27109AP2004PLC042375	BS LIMITED	Director	27/07/2009	29/06/2009	09/02/2012	Active	NO
3	U40106DL2011PTC223918	APPLIED SOLAR PROJECTS PRIVATE LIMITED	Director	19/08/2011	19/08/2011	-	Active	NO
4	U40106DL2011PTC224287	APPLIED SOLAR POWER MANAGEMENT PRIVATE LIMITED	Director	29/08/2011	29/08/2011	-	Active	NO
5	U74900DL2013PTC248470	AST TELECOM SOLAR PRIVATE LIMITED	Director	19/02/2013	19/02/2013	27/01/2014	Active	NO

Name :

Mr. Robin Chandra

Designation :

Nominee Director

Address :

555 Bryani Street, Apartment # 310, Palo Alto, California, United States of America

Date of Birth/Age :

15.04.1966

Date of Appointment :

09.10.2009

DIN No.:

00396361

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	U74140MH1993PTC139435	SAROVAR HOTELS PRIVATE LIMITED	Director	31/08/2006	20/02/2006	18/05/2011	Active	NO
2	L74210TN2000PLC045167	SHRIRAM EPC LIMITED	Director	31/03/2006	31/03/2006	30/05/2012	Active	NO
3	U70102DL2008PTC226945	APPLIED SOLAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Nominee director	09/10/2009	09/10/2009	-	Active	NO
4	L40108TN2006PLC061665	ORIENT GREEN POWER COMPANY LIMITED	Nominee director	05/08/2010	28/01/2010	26/05/2012	Active	NO
5	L45203MH2000PLC129790	IL&FS TRANSPORTATION NETWORKS LIMITED	Director	04/08/2010	25/05/2010	18/05/2012	Active	NO
6	U72300DL2007PTC168097	JASPER INFOTECH PRIVATE LIMTED	Nominee director	18/08/2011	18/08/2011	24/04/2013	Active	NO
7	U63090TN2001PTC047432	MATRIMONY.COM PRIVATE LIMITED	Additional director	28/09/2011	28/09/2011	11/07/2012	Active	NO

Name :

Mr. Dipender Saluja

Designation :

Nominee Director

Address :

1715, West Brook, Ave LOS Altos, California, United States of America 94024

Date of Birth/Age :

12.10.1964

Date of Appointment :

08.12.2010

DIN No.:

03272554

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	Company/ LLP Status	Defaulting status
1	U70102DL2008PTC226945	APPLIED SOLAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Nominee director	08/12/2010	08/12/2010	Active	NO
2	U29248TN2012FTC088235	Sunpreme Solar India Private Limited	Director	26/10/2012	26/10/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Garima Bhatnagar
Designation :	Secretary
Address :	1-84, IInd Floor, Sector-41, Noida – 201301, India
Date of Birth/Age :	29.01.1985
Date of Appointment :	18.09.2013
PAN No.:	AQRPB5441K

MAJOR SHAREHOLDERS

AS ON 27.09.2013

Names of Shareholders	No. of Equity Shares (Rs.10/-)	No. of Series A Preference Shares (Rs.115/-)	No. of Series A Preference Shares (Rs.1000/-)	No. of Series B Preference Shares (Rs.1000/-)	No. of Series C Preference Shares (Rs.1000/-)
Vinod Kumar Agarwal HUF*	1401036	--	--	--	--
Kapil Kathpalia	275946	--	--	--	--
Neeraj Saxena	275946	--	--	--	--
Ashok Juneja	275946	--	--	--	--
Patanjali Management Services Private Limited	57607	--	--	--	--
Bessemer Venture Partners Trust	1000	2025742	68695	23000	255818
Bessemer India Capital Holdings II Limited	63055	--	--	--	--
International Finance Corporation	100	--	--	253000	177918
Capricon Libra Investment Group LP (Delaware)	220071	--	--	207000	858870
Total	2570707	2025742	68695	483000	1292606

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2013

Category	Percentage
Bodies corporate	13.30
Directors or relatives of Directors	10.73
Other top fifty shareholders	75.97
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is providing Solar Hybrid Energy Solutions.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Divulged

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Foreign currency term loans from banks	176.573	193.023
Term Loans from Others	755.000	886.000
Short Term Borrowings
Other Loans and Advances	389.613	158.480
Total	1321.186	1237.503

Banking Relations :	--
Financial Institutions :	Landt Infrastructure Finance Company Limited, Mount Poonamallee Road, Manapakkam, Chennai – 600089, Tamilnadu, India
Auditors :
Name :	S R B C and co LLP Chartered Accountants
Address :	Golf View, Corporate Tower-B, Sector-42, Sector Road, Gurgaon, India
PAN No.:	ACHFS9117R

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
1958500	Preference Shares	Rs.1000/- each	Rs.1958.500 Millions
2100000	Preference Shares	Rs.115/- each	Rs.241.500 Millions
	Total		Rs.2300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2570707	Equity Shares	Rs.10/- each	Rs.25.707 Millions
1844301	Preference Shares	Rs.1000/- each	Rs.1844.301 Millions
2025742	Preference Shares	Rs.115/- each	Rs.232.960 Millions
	Total		Rs.2102.968 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	2,102.968	2,102.968	810.362
(b) Reserves & Surplus	(285.663)	(260.859)	(54.151)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1,817.305	1,842.109	756.211
(3) Non-Current Liabilities
(a) long-term borrowings	931.573	1,091.523	614.500
(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	2.951	2.425	0.000
Total Non-current Liabilities (3)	934.524	1,093.948	614.500
(4) Current Liabilities
(a) Short term borrowings	389.613	158.480	60.828
(b) Trade payables	50.991	39.284	130.328
(c) Other current liabilities	327.064	445.915	0.000
(d) Short-term provisions	72.277	0.026	0.000
Total Current Liabilities (4)	839.945	643.705	191.156
TOTAL	3,591.774	3,579.762	1,561.867
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,084.738	1,816.251	643.299
(ii) Intangible Assets	4.165	5.215	0.953
(iii) Capital work-in-progress	178.124	229.139	297.629
(iv) Intangible assets under development	0.000	0.000	4.629
(b) Non-current Investments	0.300	0.200	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	94.861	78.275	19.804
(e) Other Non-current assets	118.392	119.910	70.168
Total Non-Current Assets	2,480.580	2,248.990	1,036.482
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	10.915	5.074
(c) Trade receivables	189.779	108.645	89.520
(d) Cash and cash equivalents	783.053	1,076.402	369.712
(e) Short-term loans and advances	120.163	94.370	35.988
(f) Other current assets	18.199	40.440	25.091
Total Current Assets	1,111.194	1,330.772	525.385
TOTAL	3,591.774	3,579.762	1,561.867

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1,469.834	931.950	306.646
Less	EXPENSES
		TOTAL	1,321.561	1,042.078	293.169
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		148.273	(110.128)	13.477
Less	DEPRECIATION/ AMORTISATION		216.022	116.208	60.501
	PROFIT/(LOSS) BEFORE TAX		(67.749)	(226.336)	(47.024)
Less	TAX		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX		(67.749)	(226.336)	(47.024)
	Earnings/(Loss) Per Share (Rs.)		(10.52)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(4.61)	(24.29)	(15.33)
Return on Total Assets (PBT/Total Assets}	(%)	(1.98)	(6.76)	(3.73)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.12)	(0.06)
Debt Equity Ratio (Total Debt /Networth)		0.73	0.68	0.89
Current Ratio (Current Asset/Current Liability)		1.32	2.07	2.75

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	810.362	2102.968	2102.968
Reserves & Surplus	(54.151)	(260.859)	(285.663)
Net worth	756.211	1842.109	1817.305
long-term borrowings	614.500	1091.523	931.573
Short term borrowings	60.828	158.480	389.613
Total borrowings	675.328	1250.003	1321.186
Debt/Equity ratio	0.893	0.679	0.727

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	306.646	931.950	1,469.834
		203.917	57.716

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	306.646	931.950	1,469.834
Profit	(47.024)	(226.336)	(67.749)
	(15.33%)	(24.29%)	(4.61%)

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	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	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	Yes

OPERATIONAL REVIEW:

The company is providing Solar Hybrid Energy Solutions including management of all passive power infrastructure at telecom tower sites to Bharti Infratel Limited (BIL), Indus Towers Limited (ITL), IDEA cellular Limited (IDEA), Bharat Petroleum Corporation Limited (BPCL) and others, in Bihar, Jharkhand and Uttar Pradesh. During the year, the total income has increased to Rs.1469.836 Millions. The accumulated losses of Rs.349.922 Millions are mainly due to depreciation and write-off of notional foreign exchange translation differences, and other one-time expenses. Your company has generated cash profit during the year.

INDEX OF CHARGE:

SR. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10475720	05/02/2014	10,166,875,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B95542809

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· 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.60.71
UK Pound	1	Rs.102.04
Euro	1	Rs.83.77

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		31

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.