MIRA INFORM REPORT

Report Date :

22.08.2014

IDENTIFICATION DETAILS

Name :	SECUREVALUE INDIA LIMITED
Registered Office :	601 – 602, B Wing, Trade World, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.04.2012
Com. Reg. No.:	11-230193
Capital Investment / Paid-up Capital :	Rs. 55.500 Millions
CIN No.: [Company Identification No.]	U74120MH2012PLC230193
TAN No.: [Tax Deduction & Collection Account No.]	MUMS74784D
PAN No.: [Permanent Account No.]	AARCS3659P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is in the Business of Providing Cash Management and Replenishment Services to Various Banks and Service Providers
No. of Employees :	Not Divulged

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 82000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. The company has incurred loss from its operational activities in its first year of business operation. However, trade relations are improving. Business is active. Payment terms are 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 – 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.

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 BY

Name :	Mr. Vipul
Designation :	Accounts Manager
Contact No.:	91-22-71818181
Date :	21.08.2014

LOCATIONS

Registered Office :	601 – 602, B Wing, Trade World, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-67812000
Fax No.:	91-22-24935384
E-Mail :	Ravi_goyal@agsindia.com
Website :	www.securevalue.in

DIRECTORS

As on: 30.09.2013

Name :

Mr. Ravi Badrinath Goyal

Designation :

Director

Address :

203, Shreenath Niwas, Poddar Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

02.05.1962

Date of Appointment :

24.04.2012

DIN No.:

01374288

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	U72200MH2002PLC138213	AGS TRANSACT TECHNOLOGIES LIMITED	Managing director	01/08/2010	11/12/2002	-	Active	NO
2	U74999MH2003PTC139495	FILLON TECHNOLOGIES INDIA PRIVATE LIMITED	Director	01/04/2010	06/03/2003	-	Active	NO
3	U72200MH2006PTC161398	AGS SUNDYNE TECHNOLOGIES PRIVATE LIMITED	Director	26/04/2006	26/04/2006	-	Active	NO
4	U72900MH2007PLC172249	INDIA TRANSACT SERVICES LIMITED	Managing director	18/09/2012	11/07/2007	-	Active	NO
5	U24119KA1984PTC006178	INSTRUMENTS RESEARCH ASSOCIATES PRIVATE LIMITED	Director	01/04/2010	05/03/2008	-	Active	NO
6	U15122MH2012PTC229263	WOW FOOD BRANDS PRIVATE LIMITED	Director	04/04/2012	04/04/2012	-	Active	NO
7	U74120MH2012PLC230193	SECUREVALUE INDIA LIMITED	Director	24/04/2012	24/04/2012	-	Active	NO
8	U29253MH2012PTC232057	ECOPOWER SYSTEMS PRIVATE LIMITED	Director	11/06/2012	11/06/2012	29/09/2012	Active	NO
9	U72900MH2012PTC235603	AGS MEGA AUTOMATION SYSTEMS PRIVATE LIMITED	Additional director	11/02/2013	12/09/2012	-	Strike off	NO
10	U91100MH2013NPL244942	CONFEDERATION OF ATM INDUSTRY	Director	28/06/2013	28/06/2013	-	Active	NO

Name :

Mr. Manas Sudhir Tendon

Designation :

Director

Address :

28, Hastings Road, Allahabad – 211001, Uttar Pradesh, India

Date of Birth/Age :

07.05.1977

Date of Appointment :

24.04.2012

DIN No.:

05254602

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	U74120MH2012PLC230193	SECUREVALUE INDIA LIMITED	Director	24/04/2012	24/04/2012	-	Active	NO
2	U72900MH2007PLC172249	INDIA TRANSACT SERVICES LIMITED	Nominee director	18/09/2012	18/09/2012	24/05/2013	Active	NO
3	L25202WB1993PLC111382	FLEXITUFF INTERNATIONAL LIMITED	Director	30/09/2013	15/03/2013	-	Active	NO
4	U72200MH2002PLC138213	AGS TRANSACT TECHNOLOGIES LIMITED	Nominee director	24/05/2013	24/05/2013	-	Active	NO
5	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Director	12/08/2013	12/08/2013	-	Active	NO

Name :

Mr. Vijay Subramaniam Iyer

Designation :

Director

Address :

Challengers Co Operative Housing Society Limited, Building No 4, Flat No – 206, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

24.07.1976

Date of Appointment :

24.04.2012

DIN No.:

05251449

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	U74120MH2012PLC230193	SECUREVALUE INDIA LIMITED	Director	24/04/2012	24/04/2012	-	Active	NO
2	U72900MH2012PTC235603	AGS Mega Automation Systems Private Limited	Additional director	31/01/2013	14/12/2012	11/02/2013	Strike off	NO

Name :

Mr. Ankur Sharma

Designation :

Director

Address :

A -102, Sector 31-32A, Raheja Atlantis, Gurgaon – 122002, Haryana, India

Date of Birth :

11.12.1979

Date of Appointment :

15.11.2013

DIN No.:

06735472

Name :

Mr. Mahesh Ramchand Chhabria

Designation :

Director

Address :

11, Golden Beach, Ruia Park, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

19.04.1964

Date of Appointment :

24.05.2013

DIN No.:

00166049

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	U65993MH2005PTC155032	3i INDIA PRIVATE LIMITED	Director	19/01/2006	19/01/2006	31/03/2010	Active	NO
2	L85110KA1980PLC003913	WENDT INDIA LIMITED	Director	10/04/2006	10/04/2006	23/01/2009	Active	NO
3	U74300MH2006PTC163636	OUT-OF-HOME MEDIA (INDIA) PRIVATE LIMITED	Director	08/08/2006	08/08/2006	15/03/2010	Active	NO
4	U92120DL2005PLC135845	UFO MOVIEZ LIMITED	Nominee director	24/08/2007	08/01/2007	-	Amalgamated	NO
5	U22120DL2004PLC164728	UFO MOVIEZ INDIA LIMITED	Director	02/08/2007	27/03/2007	16/03/2010	Active	NO
6	U24230MH2000PTC125061	SIRO CLINPHARM PRIVATE LIMITED	Nominee director	16/06/2007	16/06/2007	22/03/2010	Active	NO
7	U99999MH2006PTC159322	ADIMPACT MEDIA PRIVATE LIMITED	Additional director	18/12/2007	18/12/2007	28/03/2009	Active	NO
8	U74300MH2008PTC179059	FOCUS OUT-OF-HOME MEDIA (INDIA) PRIVATE LIMITED	Director	19/02/2008	19/02/2008	15/03/2010	Active	NO
9	U67190DL1998PTC092947	ACTIS ADVISERS PRIVATE LIMITED	Director	24/09/2010	12/07/2010	-	Active	NO
10	U29192MH1984PLC034861	TEMA INDIA LIMITED	Director	30/09/2011	23/12/2010	22/02/2013	Active	NO
11	U72200MH2002PLC138213	AGS TRANSACT TECHNOLOGIES LIMITED	Nominee director	24/05/2013	22/11/2012	-	Active	NO
12	U74120MH2012PLC230193	SECUREVALUE INDIA LIMITED	Nominee director	24/05/2013	22/11/2012	-	Active	NO
13	U24232MP2002PTC015293	SYMBIOTEC PHARMALAB PRIVATE LIMITED	Nominee director	19/03/2014	19/03/2014	-	Active	NO
14	L29120PN2009PLC133351	KIRLOSKAR OIL ENGINES LIMITED	Additional director	17/06/2014	17/06/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vipul
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
AGS Transact Technologies Limited	3049994
Ravi B. Goyal	1
Anupama R. Goyal	1
Vimla B. Goyal	1
Kiran B. Goyal	1
Nidhi K. Goyal	1
Neha R. Goyal	1
Total	3050000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is in the Business of Providing Cash Management and Replenishment Services to Various Banks and Service Providers

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· ICICI Bank Limited · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India · Standard Chartered Bank, Raheja Tower, 26-27, M G Road, Bangalore – 560001, Karnataka, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	The Ruby, 14^th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61921000
PAN No.:	ABSFS4151K
Holding company :	AGS Transact Technologies Limited
Subsidiaries :	India Transact Services Limited Global Transact Services Private Limited (Formerly Known As AGS Infotech Singapore Private Limited)

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3050000	Equity Shares	Rs.10/- each	Rs. 30.500 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.500
(b) Reserves & Surplus	(9.981)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	20.519
(3) Non-Current Liabilities
(a) provision for gratuity	0.111
(b) lease equalisation	0.696
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.807
(4) Current Liabilities
(a) Loan From Parent Company (Unsecured)	52.667
(b) Trade payables	5.580
(c) Other current liabilities	0.348
(d) Short-term provisions	9.895
Total Current Liabilities (4)	68.490
TOTAL	89.816
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	68.110
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.880
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	11.775
(e) Other Non-current assets	0.000
Total Non-Current Assets	80.765
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	7.069
(d) Cash and cash equivalents	0.000
(e) Short-term loans and advances	1.982
(f) Other current assets	0.000
Total Current Assets	9.051
TOTAL	89.816

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income
		Other Income
		TOTAL (A)	27.407
Less	EXPENSES
		TOTAL (B)	34.913
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(7.506)
Less	FINANCIAL EXPENSES (D)		0.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(8.006)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.975
	PROFIT BEFORE TAX (E-F) (G)		(9.981)
Less	TAX (H)		0.000
	PROFIT AFTER TAX (G-H) (I)		(9.981)
	Earnings Per Share (Rs.)		(30.77)

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	(36.42)
Return on Total Assets (PBT/Total Assets}	(%)	(11.22)
Return on Investment (ROI) (PBT/Networth)		(0.49)
Debt Equity Ratio (Total Debt/Networth)		2.57
Current Ratio (Current Asset/Current Liability)		0.13

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

REVIEW OF OPEARTIONS AND OVERALL PERFORMANCE:

During the year, the total revenue earned was Rs. 27.407 Millions and total expenditure incurred Rs. 34.913 Millions for the financial year ended 31^st March, 2013, the Net Loss incurred by the company is Rs. 9.981 Millions.

COMPANY OVERVIEW:

Securevalue India limited is a company domiciled in India and incorporated under the provisions of the companies Act 1956. The Company is in the Business of Providing Cash Management and Replenishment Services to Various Banks and Service Providers. The company was incorporated on 24 April 2012.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10513239	24/07/2014	27,499,343.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C15255904
2	10512744	14/07/2014	120,000,000.00	STANDARD CHARTERED BANK	112, SERENITY, 3RD FLOOR, EAST WING,, KORAMANGALAINDL AREA, 5TH BLOCK, KORMANGALA, BANGALORE - 560095, KARNATAKA, INDIA	C14941041
3	10496658	25/05/2014	30,352,874.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C05161559
4	10488968	19/04/2014	34,389,666.00	ICICI BANK LIMITED	ICICI BANK LIMITED, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C03022977
5	10482040	22/02/2014	9,235,645.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B98291008
6	10469290	26/12/2013	5,810,132.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B93181980
7	10463963	25/11/2013	12,945,887.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B91025866
8	10460229	12/06/2014 *	180,000,000.00	STANDARD CHARTERED BANK	112, SERENITY, 3RD FLOOR, EAST WING,, KORAMANGALAINDL AREA, 5TH BLOCK, KORAMANGALA,, BANGALORE - 560095, KARNATAKA, INDIA	C10184315
9	10457191	12/10/2013	16,822,077.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B88368865
10	10449285	02/09/2013	28,579,894.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B85107696

FIXED ASSETS:

· Plant and Machinery

· Air Conditioners

· Electrical Fittings

· Furniture and Fixtures

· Office Equipment

· Computers

· 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 judgment 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.60.77
UK Pound	1	Rs.100.72
Euro	1	Rs.80.56

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
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.