MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED
Registered Office :	EL- 74/75,MIDC, Electric Zone, Mahape, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.03.1997
Com. Reg. No.:	11-106456
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U31100MH1997PTC106456
TAN No.: [Tax Deduction & Collection Account No.]	MUMA24968G MUMA11997G
PAN No.: [Permanent Account No.]	AAACA9778Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Transformer, Chokes, Reactors, Control Panel.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There seems dip in the sales turnover as well as profit of the company during 2013. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating=BB (Suspended)
Rating Explanation	Have moderate risk of default.
Date	22.05.2014

Rating Agency Name	CRISIL
Rating	Short term rating=A4+ (Suspended)
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	22.05.2014

Reason for suspension: The suspension of ratings is on account of non-cooperation by company with CRISIL’S efforts to undertake a review of the ratings outstanding.

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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-22-41619700)

LOCATIONS

Registered Office :	EL- 74/75, MIDC, Electric Zone, Mahape, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-41619700/27619506
Fax No.:	91-22-41619797
E MAIL:	Apollo@bom3.vsnl.net Girdhar.jalani@apollosoyuz.com contact@apollosoyuz.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Pradeep Savla

Designation :

Director

Address :

16, Jayshilpam, Garden Lane, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

Date of Birth/Age :

02.06.1946

Date of Appointment :

18.03.2011

DIN No.:

00340008

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	L25209MH1992PLC068546	SAHIL TECH (INDIA) LIMITED	Managing director	01/08/2006	15/09/1992	13/09/2011	Active	NO
2	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Director	26/09/2011	18/03/2011	-	Active	NO

Name :

Mr. Girdhargopal Ramratan Jalani

Designation :

Managing Director

Address :

1405, Gautam Sindhu, Opposite Aradhana Talkies, Thane (West) – 400602, Maharashtra, India

Date of Birth/Age :

10.08.1957

Date of Appointment :

10.03.1997

DIN No.:

00504521

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	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Managing director	10/03/1997	10/03/1997	-	Active	NO
2	U24117MH2001PTC131504	NUCLEUS CHEM OIL PRIVATE LIMITED	Director	22/05/2002	22/05/2002	26/08/2010	Active	NO
3	U31908MH2012PTC237701	Avatar Power Private Limited	Director	08/11/2012	08/11/2012	-	Active	NO

Name :

Mr. Kusum Girdhar Jalani

Designation :

Director

Address :

1405, Gautam Sindhu, Opposite Aradhana Talkies, Thane (West) – 400602, Maharashtra, India

Date of Birth/Age :

30.01.1960

Date of Appointment :

05.11.2003

DIN No.:

00578235

Name :

Mr. Hargovind Ghasiram Jalani

Designation :

Director

Address :

B-1306, Upan Tower Upper Govind Nagar, Malad (East), Mumbai – 400097 Maharashtra, India

Date of Birth/Age :

13.09.1952

Date of Appointment :

20.07.2007

DIN No.:

00578407

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	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Director	20/07/2007	26/07/2006	-	Active	NO

Name :

Mr. Nikhil Girdhar Jalani

Designation :

Director

Address :

1405, Gautam Sindhu, Opposite Aradhana Talkies, Thane (West) – 400602, Maharashtra, India

Date of Birth/Age :

28.07.1985

Date of Appointment :

25.11.2005

DIN No.:

00578761

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	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Director	25/11/2005	25/11/2005	-	Active	NO
2	U31908MH2012PTC237701	Avatar Power Private Limited	Director	08/11/2012	08/11/2012	-	Active	NO

Name :

Mr. Sandeep Sumatilal Karnavat

Designation :

Director

Address :

1701/1702, Carlyle, Raheja Gardens, L. B. S. Marg, Thane – 400604, Maharashtra, India

Date of Birth/Age :

04.10.1967

Date of Appointment :

24.02.2012

DIN No.:

01280600

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	U70100MH1992PTC066036	VASTUSHRI ESTATES PVT.LTD.	Director	07/09/1997	07/09/1997	-	Active	NO
2	U93090MH2007PTC168368	SUNJANA REALTORS PRIVATE LIMITED	Director	06/03/2007	06/03/2007	-	Active	NO
3	U45400MH2009PTC196592	Splendid Realtors and Infrastructure Private Limited	Additional director	13/01/2010	13/01/2010	03/09/2010	Active	NO
4	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Director	29/09/2012	24/02/2012	-	Active	NO
5	U70102MH2012PTC229503	SSR REALTY VENTURES PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Girdhargopal RamRatana Jalani	1089986
Girdhar Jalani	300000
Nikhil Girdhargopal Jalani	300000
Girdhargopal Jalani - HUF	231000
Saloni Girdhargopal Jalani	79000
Usha Garodia Jointly with Sagar Garodia	1
Dhwani N. Sanghvi	1
Jaya Rohra Jointly with Kajal Rohra and Ahok R Rohra	1
Sheshnal B Jain HUF	1
Vinod Kothari HUF	1
Pooja Sheth	1
Pradeep Savla Jointly with Nirmala Savla	1
Vidya Bhat (Proprietorship)	1
Nihar Lund	1
Ashwin Bhatia (Proprietorship)	1
Jasmita Bhodia	1
Rajesh Batra	1
S C Karnavat	1
Neha Desai	1
Total	2000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Transformer, Chokes, Reactors, Control Panel.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· UTI Bank Limited- Branch Office at Dheeraj Baug, Hariniwas Circle, Thane West, Thane – 400602, Maharashtra, India

· Axis Bank – Dhiraj Baug, Near Hariniwas Circle, L B S Marg, Thane West – 400602, Maharashtra, India

· Kotak Mahindra Bank

· ICICI Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from banks
UTI A/C 061010600003735	0.335	3.675
Term loan 910060046902898 (Secured by way of mortgage of immovable and movable assets. Current assets and personal guarantee of directors)	0.000	2.397
Deferred payment liabilities sales tax deferred for 8 years	5.921	6.018
Long term maturities of finance lease obligations
Axis bank car loan (Secured by vehicle and guaranteed by directors)	0.609	0.748
ICICI bank car loan (Secured by vehicle and guaranteed by directors)	0.775	0.000
Short Term Borrowings
Loans repayable on demand from banks
Cash credit facility with Axis bank (secured by way of immovable and movable assets, current assets and personal guarantee of directors)	49.981	54.516
Working capital drawing limit with Axis bank (secured by way of immovable and movable assets, current assets and personal guarantee of directors)	30.000	0.000
Total	87.621	67.354

Banking Relations :	--
Auditors :
Name :	E. A. Patil and Associates Chartered Accountants
Address :	316, 3^rd Floor, Nirman Vyapar Kendra, Sector-17, Vashi, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-39180272/39180273/39180274/67913754
E-Mail :	contactus@eapassociates.com
PAN No.:	AAAFE7801R

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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	20.000	20.000	17.400
(b) Reserves & Surplus	83.283	77.444	70.178
(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)	103.283	97.444	87.578
(3) Non-Current Liabilities
(a) long-term borrowings	42.329	39.218	34.265
(b) Deferred tax liabilities (Net)	0.888	1.282	1.059
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.742	0.639	0.650
Total Non-current Liabilities (3)	43.959	41.139	35.974
(4) Current Liabilities
(a) Short term borrowings	79.981	54.516	65.001
(b) Trade payables	60.111	81.289	72.966
(c) Other current liabilities	75.500	84.380	64.767
(d) Short-term provisions	2.084	6.649	2.943
Total Current Liabilities (4)	217.676	226.834	205.677
TOTAL	364.918	365.417	329.229
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.432	38.189	36.247
(ii) Intangible Assets	3.510	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.190
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.297	10.804	5.377
(e) Other Non-current assets	2.079	1.751	0.698
Total Non-Current Assets	62.318	50.744	42.512
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	170.594	162.999	148.434
(c) Trade receivables	111.374	138.601	124.321
(d) Cash and cash equivalents	4.982	5.721	8.899
(e) Short-term loans and advances	1.520	2.000	0.768
(f) Other current assets	14.130	5.352	4.295
Total Current Assets	302.600	314.673	286.717
TOTAL	364.918	365.417	329.229

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	239.504	388.502	408.029
Less	EXPENSES		231.677	370.239	391.480
	PROFIT/(LOSS) BEFORE TAX		7.827	18.263	16.549
Less	TAX		1.988	5.528	6.542
	PROFIT/(LOSS) AFTER TAX		5.839	12.735	10.007
	Earnings Per Share (Rs.)		2.92	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.44	3.28	2.45
Return on Total Assets (PBT/Total Assets}	(%)	2.14	5.00	5.03
Return on Investment (ROI) (PBT/Networth)		0.08	0.19	0.19
Debt Equity Ratio (Total Debt /Networth)		1.18	0.96	1.13
Current Ratio (Current Asset/Current Liability)		1.39	1.39	1.39

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	17.400	20.000	20.000
Reserves & Surplus	70.178	77.444	83.283
Net worth	87.578	97.444	103.283
long-term borrowings	34.265	39.218	42.329
Short term borrowings	65.001	54.516	79.981
Total borrowings	99.266	93.734	122.310
Debt/Equity ratio	1.133	0.962	1.184

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	408.029	388.502	239.504
		(4.786)	(38.352)

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	408.029	388.502	239.504
Profit	10.007	12.735	5.839
	2.45%	3.28%	2.44%

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	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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from related shareholders, friends and relatives	34.267	21.280
Other loans and advances compact capital limited	0.422	5.100
Total

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10507803	20/06/2014	4,244,446.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	C10373405
2	10258720	03/12/2010	10,000,000.00	AXIS BANK	DHIRAJ BAUG, NEAR HARINIWAS CIRCLE, L B S MARG, THANE WEST, MAHARASHTRA - 400602, INDIA	B01477025
3	90155443	09/03/2012 *	199,500,000.00	AXIS BANK	DHIRAJ BAUG, NEAR HARINIWAS CIRCLE, L B S MARG, THANE WEST, MAHARASHTRA - 400602, INDIA	B38480885
4	90160261	09/03/2012 *	189,500,000.00	AXIS BANK	DHIRAJ BAUG, NEAR HARINIWAS CIRCLE, L B S MARG, THANE WEST, MAHARASHTRA - 400602, INDIA	B38436820

*Date of modification Charges

FIXED ASSETS:

· Furniture and fixture

· Instruments

· Machinery

· Office equipments

· Dies and jigs

· Building A/C

· Electric installation

· Land A/C

· Lift A/C

· Computer

· Storage, Racks and Bins

· Safety equipments

· Motor Car

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

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.60.73
UK Pound	1	Rs.101.48
Euro	1	Rs.81.04

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.