MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	GREAT UNITED ENERGY PRIVATE LIMITED
Registered Office :	Raja Bahadur Building, 32, Apollo Street, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.08.2011
Com. Reg. No.:	11-220329
Capital Investment / Paid-up Capital :	Rs.180.000 Millions
CIN No.: [Company Identification No.]	U74900MH2011PTC220329
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMG15652A
PAN No.: [Permanent Account No.]	AAECG3525B
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Offshore Services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 561000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating is constrained on account of low reserves. However, rating derives strength from improvement in performance of the company in the year 2013-14 and professionally qualified and experienced management. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities – Term Loan = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	01.10.2014

Rating Agency Name	CARE
Rating	Non Fund Based – BG = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	01.10.2014

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. Nitin
Designation :	Finance Department
Contact No.:	91-22-22700200
Date :	08.12.2014

LOCATIONS

Registered Office :	Raja Bahadur Building, 32, Apollo Street, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22700200
Fax No.:	91-22-22655354
E-Mail :	vijayksheth@gmail.com greatunited@greatunitedepl.com

DIRECTORS

As on 28.04.2014

Name :

Mr. Vijay Kantilal Sheth

Designation :

Director

Address :

Sonmarg, Flat No. 5, 67-B, Napeansea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

14.07.1954

Date of Appointment :

01.08.2011

PAN No.:

AHPS4692K

DIN No.:

00022135

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	U67120MH1981PTC024170	ANUVI HOLDINGS COMPANY PRIVATE LIMITED	Director	29/06/1981	29/06/1981	-	Active	NO
2	U70101MH1982PTC028324	ANAND HOUSING COMPANY PRIVATE LIMITED	Director	27/09/1982	27/09/1982	-	Active	NO
3	U51910MH1945PLC004398	THE BOMBAY SUGAR MARKET LIMITED	Director	12/10/1989	12/10/1989	29/02/2012	Active	NO
4	U55101MH1990PTC056759	SURYAKIRTI HOTELS AND INVESTMENTS PRIVATE LIMITED	Director	18/07/1990	18/07/1990	-	Active	NO
5	U51900MH1986PTC042047	VIMATH TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	15/03/1992	15/03/1992	-	Active	NO
6	U45200MH1988PTC046195	VEGA HOUSING COMPANY PRIVATE LIMITED	Director	15/03/1992	15/03/1992	05/05/2009	Active	NO
7	U67120MH1986PTC041670	VINCE TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	15/03/1992	15/03/1992	05/05/2009	Active	NO
8	U65990MH1994PTC079352	A H BHIWANDIWALLA INVESTMENTS PRIVATE LIMITED	Director	01/07/1994	01/07/1994	15/04/2009	Active	NO
9	U63032MH2002PLC136714	DEEP WATER SERVICES (INDIA) LIMITED	Director	02/08/2002	02/08/2002	29/05/2009	Active	NO
10	U63033MH1998PTC113735	UNITED HELICHARTERS PRIVATE LIMITED	Director	11/08/2003	11/08/2003	29/05/2009	Active	NO
11	L11200MH2005PLC154793	GOL OFFSHORE LIMITED	Managing director	01/04/2007	14/07/2005	30/05/2009	Active	NO
12	U61100AP1999PLC032961	KEI-RSOS MARITIME LIMITED	Additional director	05/11/2008	05/11/2008	29/05/2009	Active	NO
13	U71120AP2002PLC027001	GOL SALVAGE SERVICES LIMITED	Director	05/11/2008	05/11/2008	29/05/2009	Active	NO
14	U11101MH2009PTC193619	GREAT ENERGY PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Active	NO
15	U11102MH2009PTC197610	Great Drilling Private Limited	Director	04/12/2009	04/12/2009	-	Active	NO
16	U74140MH2010PTC198799	Great United Infrastructure Private Limited	Director	12/01/2010	12/01/2010	-	Active	NO
17	U74990MH2011PTC212613	Arabian Ocean Drilling Supplies & Services Private Limited	Director	03/02/2011	03/02/2011	-	Active	NO
18	U74900MH2011PTC220329	Great United Energy Private Limited	Director	01/08/2011	01/08/2011	-	Active	NO

Name :

Malini Vijay Sheth

Designation :

Director

Address :

5, Sonmarg, 67-B, Nepean Sea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

02.12.1954

Date of Appointment :

01.08.2011

PAN No.:

AMHPS7275A

DIN No.:

00022810

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	U67120MH1981PTC024170	ANUVI HOLDINGS COMPANY PRIVATE LIMITED	Director	30/05/1983	30/05/1983	-	Active	NO
2	U74899DL1979PTC009527	SUMER CHAND AND COMPANY PRIVATE LIMITED	Director	17/01/1986	17/01/1986	28/06/2014	Active	NO
3	U67120MH1986PTC041670	VINCE TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	01/12/1986	01/12/1986	05/05/2009	Active	NO
4	U51900MH1986PTC042047	VIMATH TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	31/12/1986	31/12/1986	-	Active	NO
5	U55101MH1990PTC056759	SURYAKIRTI HOTELS AND INVESTMENTS PRIVATE LIMITED	Director	24/07/1992	24/07/1992	-	Active	NO
6	U45200MH1988PTC046195	VEGA HOUSING COMPANY PRIVATE LIMITED	Director	02/11/1992	02/11/1992	05/05/2009	Active	NO
7	U51900MH1978PTC020220	LINK EXPORTS PRIVATE LIMITED	Director	21/03/2005	21/03/2005	23/06/2014	Active	NO
8	U11101MH2009PTC193619	GREAT ENERGY PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Active	NO
9	U74140MH2010PTC198799	Great United Infrastructure Private Limited	Director	30/08/2010	30/08/2010	-	Active	NO
10	U11102MH2009PTC197610	Great Drilling Private Limited	Director	30/08/2010	30/08/2010	-	Active	NO
11	U74900MH2011PTC220329	Great United Energy Private Limited	Director	01/08/2011	01/08/2011	-	Active	NO

Name :

Tarini Sheth Mody

Designation :

Director

Address :

242-A , 24th Floor, Tahnee Height CHS Limited , 66 Napean Sea Road, Petit Hall, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

18.07.1983

Date of Appointment :

28.05.2013

PAN No.:

AQOPS1754R

DIN No.:

01842961

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	U51900MH1986PTC042047	VIMATH TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	24/12/2002	24/12/2002	-	Active	NO
2	U67120MH1981PTC024170	ANUVI HOLDINGS COMPANY PRIVATE LIMITED	Director	24/12/2002	24/12/2002	-	Active	NO
3	U67120MH1986PTC041670	VINCE TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	24/12/2002	24/12/2002	17/11/2008	Active	NO
4	U45200MH1988PTC046195	VEGA HOUSING COMPANY PRIVATE LIMITED	Director	24/12/2002	24/12/2002	17/11/2008	Active	NO
5	U11101MH2009PTC193619	GREAT ENERGY PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Active	NO
6	U74140MH2010PTC198799	Great United Infrastructure Private Limited	Director	30/08/2010	30/08/2010	-	Active	NO
7	U11102MH2009PTC197610	Great Drilling Private Limited	Director	30/08/2010	30/08/2010	-	Active	NO
8	U74900MH2011PTC220329	Great United Energy Private Limited	Director	28/05/2013	28/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin
Designation :	Finance Department

MAJOR SHAREHOLDERS

As on 28.04.2014

Names of Shareholders	No. of Shares
Vijay Kantilal Sheth Jointly with Malini Vijay Sheth	4493000
Malini Vijay Sheth Jointly with Mr. Vijay Kantilal Sheth	4187000
Rishabh Vijay Sheth Jointly with Malini Vijay Sheth	1150000
Vijay Kantilal Sheth (HUF) Jointly with Rishabh Vijay Sheth	2180000
Vijay Kantilal Sheth (HUF) Jointly with Rishabh Vijay Sheth and Jointly with Rishabh Vijay Sheth	1140000
Great Energy Private Limited, India	125000
Tarini V Sheth Jointly with Rishabh A. Mody	60000
Total	13335000

Equity Share Break up (Percentage of Total Equity)

As on 28.04.2014

Category	Percentage
Bodies corporate	20.00
Directors or relatives of Directors	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Offshore Services.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.12.2012 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	397.400	514.100
Total	397.400	514.100

Banking Relations :	--
Financial Institution :	L and T Finance Limited, L and T House, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	D. H. Udani and Company Chartered Accountants
Address :	143 "A" Wing, Mittal Court, 224, Nariman Point, Mumbai, Maharashtra, India
PAN No.:	AAGFM2328D
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Arabian Ocean Drilling Supplies and Services Private Limited CIN No.: U74990MH2011PTC212613

CAPITAL STRUCTURE

As on 28.04.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (15 Months)	31.12.2012 (4 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	180.000	180.000
(b) Reserves & Surplus	16.289	(98.999)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	196.289	81.001
(3) Non-Current Liabilities
(a) long-term borrowings	397.400	514.100
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	397.400	514.100
(4) Current Liabilities
(a) Short term borrowings	14.500	24.000
(b) Trade payables	12.846	17.173
(c) Other current liabilities	7.507	4.166
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	34.853	45.339
TOTAL	628.542	640.440
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	544.535	594.783
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	544.535	594.783
(2) Current assets
(a) Current investments	2.577	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	18.511	21.984
(d) Cash and cash equivalents	15.339	10.008
(e) Short-term loans and advances	9.506	2.924
(f) Other current assets	38.074	10.741
Total Current Assets	84.007	45.657
TOTAL	628.542	640.440

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014 (15 Months)	31.12.2012 (4 Months)
	SALES
		Income		351.819	125.400
		Other Income		0.000	0.957
		TOTAL (A)		351.819	126.357
	EXPENSES
		Cost of Materials Consumed		96.754	81.691
		Employee Benefits Expenses		14.552	11.689
		Other Expenses		4.303	4.220
		TOTAL (B)		115.609	97.600
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			236.208	28.757
Less	FINANCIAL EXPENSES (D)			71.481	75.167
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			164.727	(46.410)
Less	DEPRECIATION/ AMORTISATION (F)			50.783	46.016
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			113.944	(92.426)
Less	TAX (H)			0.060	0.373
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			113.884	(92.799)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(92.799)	0.000
	APPROPRIATIONS
			Transfer to General Reserve	20.971	0.000
	BALANCE CARRIED TO THE B/S			0.114	(92.799)
	Earnings / (Loss) Per Share (Rs.)			6.33	(5.16)

KEY RATIOS

PARTICULARS		31.03.2014 (15 Months)	31.12.2012 (4 Months)
Net Profit Margin (PAT/Sales)	(%)	32.37	(74.00)
Operating Profit Margin (PBIDT/Sales)	(%)	67.14	22.93
Return on Total Assets (PBT/Total Assets}	(%)	18.13	(14.43)
Return on Investment (ROI) (PBT/Networth)		0.58	(1.14)
Debt Equity Ratio (Total Debt /Networth)		2.10	6.64
Current Ratio (Current Asset/Current Liability)		2.41	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2012 (4 Months)	31.03.2014 (15 Months)
	Rs. In Millions	Rs. In Millions
Share Capital	180.000	180.000
Reserves & Surplus	(98.999)	16.289
Share Application money pending allotment	0.000	0.000
Net worth	81.001	196.289
Long Term borrowings	514.100	397.400
Short Term borrowings	24.000	14.500
Total borrowings	538.100	411.900
Debt/Equity ratio	6.643	2.098

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012 (4 Months)	31.03.2014 (15 Months)
	Rs. In Millions	Rs. In Millions
Sales	125.400	351.819
		180.557

NET PROFIT MARGIN

Net Profit Margin	31.12.2012 (4 Months)	31.03.2014 (15 Months)
	Rs. In Millions	Rs. In Millions
Sales	125.400	351.819
Profit	(92.799)	113.884
	(74.00%)	32.37%

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 two years	Yes
12]	Profitability for last two 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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.12.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on demand	14.500	24.000
Total	14.500	24.000

CORPORATE INFORMATION

Subject is a Private Limited Company incorporated in Mumbai, Maharashtra on 1st August 2011 under the companies Act 1956. The Company is in the business of providing offshore services.

FINANCIAL HIGHLIGHTS

The company made a profit of Rs 113.885 Millions during the period 1st Jan 2013 to 31st March 2014. Due to Profit, as per Provision of Income Tax Act, 1961, created a Tonnage tax Reserve under section U/s 115VT of Income Tax Act in 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	10377574	27/12/2013 *	680,000,000.00	ICICI Bank Limited	Landmark Race Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B93527331

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.92
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.