MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	PALADION NETWORKS PRIVATE LIMITED
Registered Office :	Chennai Citi Centre Level 6, No.10/11, Dr.s Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.05.2000
Com. Reg. No.:	18-045018
Capital Investment / Paid-up Capital :	Rs.3.398 millions
CIN No.: [Company Identification No.]	U72200TN2000PTC045018
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMP11467B
PAN No.: [Permanent Account No.]	AACCP0500B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of providing Assurance Services, Compliance Services, Risk Mitigation Services, Training Services, On-site Security Management and other consultancy services relating to networking and Development of Software Products.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has failed to file its financial for the year 2014 with the Government Department. As per available financial of 2013, financial position of the company seems to be decent. However, trade relations are fair. Business is active. Payment terms 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

NOT AVAILABLE

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 DECLINED BY

Name :	Mr. Rajesh Nair
Designation :	Finance Manager
Contact No.:	91-80-42543444
Date :	30.12.2014

LOCATIONS

Registered Office :	Chennai Citi Centre Level 6, No.10/11, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	rajesh.nair@paladion.net
Website :	http://www.paladion.net
Head Office :	Shilpa Vidya, 49, 1^st Main, 3^rd Phase, JP Nagar, Bangalore – 560 078, Karnataka, India
Tel. No.:	91-80-42543444
Fax No.:	91-80-41208929
E-Mail :	sales@paladion.net
Mumbai Office :	606, A Wing, 6^th Floor, Technocity, Mahapae, Navi Mumbai – 400 710, Maharashtra, India
Tel. No. :	91-22-33655151/ 41615151
Fax No. :	91-22-41615161
Gurgaon Office :	E-801, Lagoon Apartments, Ambience Isand, NH-8, Gurgaon – 122 002, Haryana, India
Overseas Office :	Located at: · London · Dubai · Sharjah · Doha · Riyadh · Muscat · Kuwait · Toronto · Kuala Lumpur · Jalan Kedoya Raya (Indonesia) · Bangkok · Virginia · Germany

DIRECTORS

AS ON 26.11.2013

Name :

Mr. Rajat Mohanty

Designation :

Director

Address :

Flat No.S-3, Building No.135/16, Madhura Niwas, 6^th B Main, 14^th Cross, J.P. Nagar, 3^rd Phase, Bangalore – 560 078, Karnataka, India

Date of Birth :

06.02.1972

Date of Appointment :

24.05.2000

DIN No. :

01779926

PAN No.:

AFGPM3673Q

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	U72200TN2000PTC045018	PALADION NETWORKS PRIVATE LIMITED	Director	24-05-2000	24-05-2000	-	Active	NO
2	U72200KA2005PTC037731	INSIGHT TECHNOLOGY PARTNERS PRIVATE LIMITED	Director	29-09-2012	25-03-2012	-	Active	NO

Name :

Mr. Vinod Vasudevan

Designation :

Director

Address :

Flat No.1, No.15B, Rathinammal Street, Kodambakkam, Chennai – 600 024, Tamilnadu, India

Date of Birth :

20.06.1972

Date of Appointment :

24.05.2000

DIN No. :

01779973

PAN No.:

AAIPV2196C

Name :

Mr. Jose Varghese

Designation :

Director

Address :

701, Gauri Priya, Plot No.41, Sector-19, Kharghar, Navi Mumbai – 410 210, Maharashtra, India

Date of Birth :

27.05.1974

Date of Appointment :

29.11.2000

DIN No. :

01780064

PAN No.:

AAIPV2197D

Name :

Binu Mathew Thomas

Designation :

Director

Address :

Binu Bhavan, No.30, Rose Nagar, Sreekaiyam PO, Trivandrum – 695 017, Kerala, India

Date of Birth :

13.05.1973

Date of Appointment :

29.11.2000

DIN No. :

01819505

PAN No.:

ACGPT1106Q

Name :

Sreeraj Gopinathan Nair

Designation :

Director

Address :

Lekshmi, TC28-563, Kaithamukku, Trivandrum – 695 024, Kerala, India

Date of Birth :

17.12.1973

Date of Appointment :

29.11.2000

DIN No. :

01820216

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	U72200TN2000PTC045018	PALADION NETWORKS PRIVATE LIMITED	Director	29-11-2000	29-11-2000	-	Active	NO
2	U72900DL2009PTC193746	ORION TECHNOSECURE PRIVATE LIMITED	Director	28-01-2010	28-01-2010	-	Strike off	NO

Name :

Mr. Nandan Laxman Sastry

Designation :

Director

Address :

# 537, Anugraha, 4^th Main, 3^rd Cross, Maruthi Layout, Subramayapura, Vasanthpur, Bangalore – 560 061, Karnataka, India

Date of Birth :

08.04.1980

Date of Appointment :

30.09.2013

DIN No. :

03473182

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	U74990AP1999PLC031449	COOPTIONS CORPORATION LIMITED	Director	30-09-2011	23-02-2011	31-08-2012	Active	NO
2	U72200TN2000PTC045018	PALADION NETWORKS PRIVATE LIMITED	Director	30-09-2013	19-12-2012	-	Active	NO

Name :

Mr. Vishal Jain

Designation :

Director

Address :

A-501, Mantri Pride Apartments, Near Madavan Park, 1^st Block, Jayanagar, Bangalore South, Jayanagar III, Bangalore – 560 011, Karnataka, India

Date of Birth/Age :

14.06.1973

Date of Appointment :

30.09.2013

DIN No. :

00709250

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	U74999DL2006PTC147307	CINESPRITE ENTERTAINMENT PRIVATE LIMITED	Director	04-11-2006	04-11-2006	-	Active	NO
2	L74899DL1993PLC054313	NU TEK INDIA LIMITED	Director	14-06-2007	14-06-2007	18-01-2011	Active	NO
3	L72200RJ2000PLC016272	CAREER POINT LIMITED	Director	28-09-2012	27-01-2011	-	Active	NO
4	U72200TN2000PTC045018	PALADION NETWORKS PRIVATE LIMITED	Director	30-09-2013	19-12-2012	-	Active	NO
5	AAC-0161	KANCHAN STONES LLP	Designated Partner	20-01-2014	20-01-2014	-	Active	NO
6	AAC-1031	VISHIDHRA INVESTMENT ADVISORS LLP	Designated Partner	19-02-2014	19-02-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Nair
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.11.2013

Names of Shareholders	No. of Shares
Rajat Mohanty	32131
Roshen Ramachadran	28639
Vinod Vasudevan	28639
Nandkumar T.V.	28639
Sreeraj Gopinathan	28639
Jose Varghese	28639
Firosh Ummer	28639
Binu Thomas	28639
Rohit Kumar	11683
Sachin Varghese	11683
Nadathur Holdings and Investments Private Limited	83800
Total	339770

AS ON 26.11.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	24.67
Directors or relatives of Directors	50.04
Other top fifty shareholders	25.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of providing Assurance Services, Compliance Services, Risk Mitigation Services, Training Services, On-site Security Management and other consultancy services relating to networking and Development of Software Products.

Products/ Services :

Item Code No. (ITC Code)	99831311
Product/ Service Description	Consultancy services related to hardware and software requirements

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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 declined by the Management.

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	75.506	77.861
Loans and advances from directors	40.000	0.000
Total	115.506	77.861

Banking Relations :	--
Auditors :
Name :	Deloitee Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage, 100/2, Richmond Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276011
PAN No.:	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Paladion Network LLC, United Arab Emirates Paladion Network, Thailand Paladion Network (M) SDH, Malaysia Nadathur Estates Private Limited, India (CIN No.: U70102KA2000PTC026405) Paladion Qatar Paladion Establishment, Saudi Arabia Paladion Network LLC, Oman

CAPITAL STRUCTURE

AS ON 26.11.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
339770	Equity Shares	Rs.10/- each	Rs.3.398 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	3.398	3.398	3.398
(b) Reserves & Surplus	368.839	351.252	295.220
(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)	372.237	354.650	298.618
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.039
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.257	0.092	1.551
(d) Long-term provisions	18.690	24.953	46.165
Total Non-current Liabilities (3)	18.947	25.045	47.755
(4) Current Liabilities
(a) Short term borrowings	115.506	77.861	129.957
(b) Trade payables	235.015	168.233	121.072
(c) Other current liabilities	114.696	105.388	52.065
(d) Short-term provisions	10.024	33.800	116.402
Total Current Liabilities (4)	475.241	385.282	419.496
TOTAL	866.426	764.977	765.869
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.023	61.596	50.300
(ii) Intangible Assets	6.733	5.689	5.326
(iii) Capital work-in-progress	0.000	0.092	0.000
(iv) Intangible assets under development or work-in-progress	34.440	1.261	0.000
(b) Non-current Investments	13.421	12.039	0.866
(c) Deferred tax assets (net)	19.428	20.761	11.143
(d) Long-term Loan and Advances	46.177	19.836	17.502
(e) Other Non-current assets	13.959	20.864	45.160
Total Non-Current Assets	194.181	142.138	130.297
(2) Current assets
(a) Current investments	0.000	40.900	212.348
(b) Inventories	16.685	16.685	0.000
(c) Trade receivables	407.173	270.583	266.354
(d) Cash and cash equivalents	56.535	116.825	110.586
(e) Short-term loans and advances	120.653	125.863	33.258
(f) Other current assets	71.198	51.983	13.026
Total Current Assets	672.244	622.839	635.572
TOTAL	866.426	764.977	765.869

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales	1082.003	838.618	804.127
		Service support cost reversed	35.190	78.708	0.000
		Other Income	21.440	67.755	17.955
		TOTAL	1138.633	985.081	822.082
Less	EXPENSES
		Office Expenses	1085.592	878.080	698.158
		Administrative Expenses
		Advertising Expenses
		TOTAL	1085.592	878.080	698.158
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		53.041	107.001	123.924
Less	INTEREST		12.499	11.124	10.379
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		40.542	95.877	113.545
Less/ Add	DEPRECIATION/ AMORTISATION		15.336	11.740	11.471
	PROFIT/ (LOSS) BEFORE TAX		25.206	84.137	102.074
Less	TAX		7.620	28.105	10.101
	PROFIT/ (LOSS) AFTER TAX		17.586	56.032	91.973
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		322.090	266.058	174.085
	BALANCE CARRIED TO THE B/S		339.676	322.090	266.058
	Earnings / (Loss) Per Share (Rs.)		51.76	164.91	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	1.63	6.68	11.44
Operating Profit Margin (PBDIT/ Sales)	(%)	4.90	12.76	15.41
Return on Total Assets (PBT/Total Assets}	(%)	3.15	11.51	13.54
Return on Investment (ROI) (PBT/Networth)		0.07	0.24	0.34
Debt Equity Ratio (Total Debt/Networth)		0.31	0.22	0.44
Current Ratio (Current Asset/Current Liability)		1.41	1.62	1.52

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	3.398	3.398	3.398
Reserves & Surplus	295.220	351.252	368.839
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	298.618	354.650	372.237
Long Term borrowings	0.039	0.000	0.000
Short Term borrowings	129.957	77.861	115.506
Total borrowings	129.996	77.861	115.506
Debt/Equity ratio	0.435	0.220	0.310

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	804.127	838.618	1,082.003
		4.289	29.022

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	804.127	838.618	1,082.003
Profit	91.973	56.032	17.586
	11.44%	6.68%	1.63%

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 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	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	No
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	No

Note:

The registered address of the company has been shifted from No.2, 2^nd Cross, Pachayappan Colony, I Street, Zamin Pallavaram, Madras – 600 043, Tamilnadu to the present address w.e.f. 21.03.2012.

CORPORATE INFORMATION:

The Company is a company incorporated under the provisions of the Companies Act, 1956. The Company is in the business of providing Assurance Services, Compliance Services, Risk Mitigation Services, Training Services, On-site Security Management and other consultancy services relating to networking and Development of Software Products.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10500698	26/05/2014	300,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, INDIA	C05432976
2	10331559	28/10/2013 *	170,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B89552319

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Buildings

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment

· Leasehold Improvement

Intangible Assets

· Computer Software

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.63.75
UK Pound	1	Rs.98.88
Euro	1	Rs.77.32

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		47

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.