MIRA INFORM REPORT

Report Date :

02.01.2014

IDENTIFICATION DETAILS

Name :	WATERWINGS EQUIPMENTS PRIVATE LIMITED
Registered Office :	D-8/10, Popular Nagar, Warje, Pune – 411058, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.05.2006
Com. Reg. No.:	11-128460
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U29299PN2006PTC128460
TAN No.: [Tax Deduction & Collection Account No.]	PNEW01372A
PAN No.: [Permanent Account No.]	AAACW6398L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Water and Waste Water Treatment Equipments and Services.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 43000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some slight dip in the profitability of the company during current year. However, networth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Ms. Nilima
Designation :	Accounts Department
Contact No.:	91-20-25232607
Date :	02.01.2014

LOCATIONS

Registered Office :	D-8/10, Popular Nagar, Warje, Pune – 411058, Maharashtra, India
Tel. No.:	91-20-25232607/ 25233921
Fax No.:	91-20-25232607/ 25233921
E-Mail :	mallarlaw@vsnl.net info@waterwingsindia.com nilima@waterwingsindia.com appasaheb@waterwingsindia.com
Website :	http://www.waterwingsindia.com
Location :	Owned
Factory :	S. No. 82/08, Dangat Patil Nagar, Shed No. 03, Shivane, Pune – 411023, Maharashtra, India
Tel. No.:	91-20–67239700

DIRECTORS

AS ON 05.06.2013

Name :

Mr. Suresh Appakudal Venkatasubramanyam

Designation :

Additional director

Address :

B 1905, Augustus Building, Acropolis 2, Raheja Acropolis Complex, Deonar ( Chembur),Mumbai- 400071 Maharashtra, India

Date of Birth/Age :

02.07.1956

Date of Appointment :

19.06.2009

DIN No.:

00041094

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	U29219AP1980PLC002851	AQUAMALL WATER SOLUTIONS LIMITED	Director	24/04/1998	24/04/1998	-	Active	NO
2	U29197UR2002PLC033315	FORBES AQUAMALL LIMITED	Director	28/08/2002	28/08/2002	-	Amalgamated	NO
3	U29295TZ2002PLC015239	NYPRO FORBES MOULDS LIMITED	Director	06/01/2003	06/01/2003	13/08/2007	Amalgamated	NO
4	U28122KA2003PLC032492	FORBES AQUATECH LIMITED	Director	29/06/2004	29/06/2004	-	Active	NO
5	U74999TN2008PTC066939	INNONANO RESEARCH PRIVATE LIMITED	Director	24/03/2008	24/03/2008	02/02/2009	Active	NO
6	U73100KA2008PLC045994	AQUADIAGNOSTICS WATER RESEARCH & TECHNOLOGY CENTRE LIMITED	Director	09/04/2008	09/04/2008	15/01/2012	Active	NO
7	U74140KA2008PTC048719	MEGAMORPH CONSULTING PRIVATE LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
8	U27310MH2008PLC188478	FORBES ENVIRO SOLUTIONS LIMITED	Additional director	22/01/2009	22/01/2009	-	Active	NO
9	U74930MH2004PTC147742	FORBES FACILITY SERVICES PRIVATE LIMITED	Additional director	27/01/2009	27/01/2009	-	Active	NO
10	U55101MH2006PTC162855	FORBES CONCEPT HOSPITALITY SERVICES PRIVATE LIMITED	Additional director	27/01/2009	27/01/2009	-	Active	NO
11	U29299PN2006PTC128460	WATERWINGS EQUIPMENTS PRIVATE LIMITED	Additional director	19/06/2009	19/06/2009	-	Active	NO
12	U31200MH1988PTC045887	RADIANT ENERGY SYSTEMS PRIVATE LIMITED	Additional director	19/06/2009	19/06/2009	-	Active	NO
13	U67190MH2011PLC214424	EURO FORBES FINANCIAL SERVICES LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO
14	U31908UR2012PTC000450	AQUAIGNIS TECHNOLOGIES PRIVATE LIMITED	Director	01/11/2012	01/11/2012	07/11/2012	Active	NO

Name :

Mr. Rajagopalan Sambamoorthy

Designation :

Additional director

Address :

B-1/17, Shatataraka, Near RTO, Four Bunglows, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

23.02.1962

Date of Appointment :

19.06.2009

DIN No.:

02706251

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31200MH1988PTC045887	RADIANT ENERGY SYSTEMS PRIVATE LIMITED	Additional director	19/06/2009	19/06/2009	Active	NO
2	U29299PN2006PTC128460	WATERWINGS EQUIPMENTS PRIVATE LIMITED	Additional director	19/06/2009	19/06/2009	Active	NO
3	U52100DL2010PTC206267	FORBES G4S SOLUTIONS PRIVATE LIMITED	Director	27/12/2011	27/09/2010	Active	NO
4	U67190MH2011PLC214424	EURO FORBES FINANCIAL SERVICES LIMITED	Director	25/04/2013	25/04/2013	Active	NO
5	U29219AP1980PLC002851	AQUAMALL WATER SOLUTIONS LIMITED	Additional director	30/04/2013	30/04/2013	Active	NO

Name :

Mr. Raman Venkatesh

Designation :

Additional director

Address :

F-7, Nesam Court, 64 Ellai Amman Koil Street, Vannanthurai, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

12.11.1971

Date of Appointment :

19.06.2009

DIN No.:

02711993

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31200MH1988PTC045887	RADIANT ENERGY SYSTEMS PRIVATE LIMITED	Additional director	19/06/2009	19/06/2009	Active	NO
2	U29299PN2006PTC128460	WATERWINGS EQUIPMENTS PRIVATE LIMITED	Additional director	19/06/2009	19/06/2009	Active	NO
3	U29197UR2002PLC033315	FORBES AQUAMALL LIMITED	Director	19/02/2010	19/02/2010	Amalgamated	NO
4	U29219AP1980PLC002851	AQUAMALL WATER SOLUTIONS LIMITED	Director	19/02/2010	19/02/2010	Active	NO
5	U31908UR2012PTC000450	AQUAIGNIS TECHNOLOGIES PRIVATE LIMITED	Nominee director	07/11/2012	07/11/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Nilima
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.06.2013

Names of Shareholders	No. of Shares
Eureka Forbes Limited, India	49994
Eureka Forbes jointly with J. N. Ichhaporia	1
Eureka Forbes Limited jointly with A. V. Suresh	1
Eureka Forbes jointly with R. S. Moorthy	1
Eureka Forbes Limited jointly with Vilas Dalvi	1
Eureka Forbes jointly with Kavita Gandhi	1
Eureka Forbes jointly with Rajnish Sethia	1
Total	50000

AS ON 05.06.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Water and Waste Water Treatment Equipments and Services.

Products/ Services :

ITC Code No.	Product Descriptions
99532533	Water & Waste Water Treatment Plants

Exports :

Products :

Finished Goods

Countries :

· Nepal

UAE

Terms :

Selling :

Cash and Credit

Purchasing :

Cash, Credit and Depend

GENERAL INFORMATION

Customers :

End Users and Others

Centralised water treatment for drinking & non drinking applications in housing complex

· Florida Estates – Mundhwa

Naiknavare & Associates – Viman Nagar

Alstom Projects – Uttaranchal

Galaxy resort – Goa

Empire estate – Pimpri, Pune

Hotels & Restaurants

· Hotel Pancard Club, Pune – Water softener

Talera Group of Hotels – Automatic water softeners

Hotel Sadanand Resorts – Filter, softener

Sahil Resorts - Alibag – WTP, RO

Reverse Osmosis plants or purifiers for drinking

· Brinton Carpets Asia Private Limited – Pirangut

· Mahle Filter Systems – Pirangut

· Tulip Corporation – Alandi

· Bobst India Private Limited – Pirangut

· Ashwini Hospital – Solapur

Reverse Osmosis plant for Dialysis in Hospitals

· DY Patil Medical College – Pimpri

· Anand Rishiji Hospital – Nagar

· Deenanath Mangeshkar Hospital – Pune

· Shinde Patil Hospital – Satara

· YCM hospital – Pimpri

Water softeners for Industrial use

· Varroc Engineering Private Limited, Talegaon

Dhariwal Industries, Shirur

Palekar Foods, Satara

Varroc Engineering Limited, Aurangabad

Brihan Maharashtra Sugar Syndicate

No. of Employees :

50 (Approximately)

Bankers :

· Bhagini Nivedita Sahakari Bank Limited

Narayan Peth Branch, Narayan Peth, Pune - 411030, Maharashtra, India

· Kotak Mahindra Bank Limited

36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, 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 [Secured against hypothecation of stock-in-trade and book debts]	17.095	0.000
Total	17.095	0.000

Banking Relations :	--
Auditors :
Name :	Batliboi and Purohit Chartered Accountants
Address :	National Insurance Building, 204, Dadabhoy Naoroji Road, Fort, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB0915F
Fellow Subsidiary company :	· Aquamall Water Solutions Limited [U29219AP1980PLC002851] Forbes Lux FXCO Radiant Energy Systems Private Limited [U31200MH1988PTC045887]
Holding company :	· Eureka Forbes Ltd [U27109WB1931PLC007010] Forbes & Company Limited [L17110MH1919PLC000628]
Ultimate Holding company :	Shapoorji Pallonji And Company Limited [U45200MH1943PLC003812]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

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	0.500	0.500	0.500
(b) Reserves & Surplus	10.349	10.843	9.535
(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)	10.849	11.343	10.035
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.041	0.133	0.000
Total Non-current Liabilities (3)	0.041	0.133	0.000
(4) Current Liabilities
(a) Short term borrowings	17.095	0.000	0.000
(b) Trade payables	37.804	27.704	42.634
(c) Other current liabilities	3.233	5.256	1.741
(d) Short-term provisions	0.600	0.627	0.846
Total Current Liabilities (4)	58.732	33.587	45.221
TOTAL	69.622	45.063	55.256
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.331	1.113	0.831
(ii) Intangible Assets	0.579	0.122	0.183
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.100	0.063	0.056
(d) Long-term Loan and Advances	2.090	2.195	0.457
(e) Other Non-current assets	1.292	1.179	3.252
Total Non-Current Assets	8.392	4.672	4.779
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.651	7.398	3.599
(c) Trade receivables	50.029	29.948	38.694
(d) Cash and cash equivalents	0.152	1.920	7.746
(e) Short-term loans and advances	1.398	1.066	0.264
(f) Other current assets	0.000	0.059	0.174
Total Current Assets	61.230	40.391	50.477
TOTAL	69.622	45.063	55.256

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	172.605	158.949	145.269
Less	EXPENSES
		TOTAL	161.353	145.812	132.768
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		11.252	13.137	12.501
Less/ Add	DEPRECIATION/ AMORTISATION		0.886	0.338	0.305
	PROFIT BEFORE TAX		10.366	12.799	12.196
Less	TAX		3.305	3.936	4.040
	PROFIT AFTER TAX		7.061	8.863	8.156
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.843	1.535	0.109
Less	APPROPRIATIONS
		Transfer to General Reserve	0.700	1.000	0.900
		Interim Dividend	6.500	6.500	5.000
		Proposed Final Dividend	0.000	0.000	0.000
		Tax on Dividend	1.055	1.055	0.830
	BALANCE CARRIED TO THE B/S		0.649	1.843	1.535
	Earnings Per Share (Rs.)		141.21	177.25	163.12

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.09	5.58	5.61
Return on Total Assets (PBT/Total Assets}	(%)	14.91	28.44	22.09
Return on Investment (ROI) (PBT/Networth)		0.96	1.13	1.22
Debt Equity Ratio (Total Debt/Networth)		1.58	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.04	1.20	1.12

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	Yes
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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10379495	06/09/2012	30,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,, MUMBAI - 400021, MAHARASHTRA, INDIA	B59289488

OPERATIONS:

During the year, the company recorded excellent results with turnover of Rs. 172.605 Millions, a growth of 8.60% over the previous year and has made a profit of Rs.7.061 Millions.

The company also executed the following prestigious projects: (i) Balco: Rs 9.600 Millions (ii) NIros Ispat: Rs 7.600 Lakhs and (iii) Neel Metal : Rs 2.000 Millions.

The company also exported WTP plants to the following countries in Uganda: RO 400 LPH plant; Ghana: RO 200 LPH plant; Philippines: Dual media filters and Liberia: UF plant 250 LPH

The company also successfully commissioned the prestigious Nanded city Water treatment plant in Pune (175 X 2 m3/Hr and the Seven Star project in Chennai in this year.

Mr. Uday Gokhale who was the CEO of the Company has resigned as CEO with effect from March 31, 2013.

FIXED ASSETS:

· Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

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. 61.93
UK Pound	1	Rs. 102.39
Euro	1	Rs. 85.12

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.