MIRA INFORM REPORT

Report Date :

27.01.2014

IDENTIFICATION DETAILS

Name :	SHREE NM ELECTRICALS LIMITED
Registered Office :	45/47, Lohar Chawl, Mumbai - 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.07.2004
Com. Reg. No.:	11-147418
Capital Investment / Paid-up Capital :	Rs. 97.171 Millions
CIN No.: [Company Identification No.]	U52334MH2004PLC147418
TAN No.: [Tax Deduction & Collection Account No.]	MUMS47630C
PAN No.: [Permanent Account No.]	AADCS6037P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading of Electrical Cables and Wires, Motors, Electrical Fittings, etc and other similar Electrical goods.
No. of Employees :	Not Divulged

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

Maximum Credit Limit :	USD 1560000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears dip profit of the company during the financial year 2013. However, general financial position of the company seems to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are reported to be usually 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, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 08, 2013

Rating Agency Name	CARE
Rating	Short term Bank facilities : A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	February 08, 2013

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 DECLINED BY

Name :	Mr. Sanjeev
Designation :	Accounts Department
Contact No.:	91-22-39411100
Date :	25.01.2014

LOCATIONS

Registered/ Corporate Office :	45/47, Lohar Chawl, Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-39411100/ 22194748
Fax No.:	91-22-22063134
E-Mail :	ssrassociates@gmail.com mumbai@shreenm.com ssrauthan@ssrgroupindia.in
Website :	http://www.shreenm.com
Sourcing Office :	346-349, Kothariya, Airport Road, Daman 396210, Daman and Diu, U.T. India
E-Mail :	shashimishra@shreenm.com
Sales Offices :	Located At: · Goa · Vapi
Branch Offices :	Located At: · Ahmedabad · Aurangabad · Bangalore · Bhubaneswar · Chennai · Delhi · Hubli · Indore · Jaipur · Kolhapur · Kolkata · Pune · Raipur · Secunderabad · Vadodara
International Office :	Saigo International Building D - 1605, 16th Floor, 126, Weiyang Lu, Xian – 710016, Shaanxi - China
E-Mail :	china@shreenm.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Harivallabh Parmananddas Mundhra

Designation :

Director

Address :

91, Sunita Building, 98, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

19.10.1954

Date of Appointment :

09.07.2004

PAN No.:

AAAPM8378D

DIN No.:

00434785

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	U31500MH1985PTC037434	CLASSIC LUMINAIRES PRIVATE LIMITED	Director	09/09/1985	09/09/1985	Active	NO
2	U31900MH1988PTC046123	CREATIVE LIGHTS PRIVATE LIMITED	Director	05/02/1988	05/02/1988	Active	NO
3	U65990MH1988PTC049638	NANDAN HOLDINGS PRIVATE LIMITED	Director	16/11/1988	16/11/1988	Active	NO
4	U70101MH1989PTC051658	BAHAR BUILDING ESTATE PRIVATE LIMITED	Director	09/05/1989	09/05/1989	Active	NO
5	L70101MH1984PLC033920	VOLTAIRE LEASING AND FINANCE LIMITED	Director	21/06/1990	21/06/1990	Active	NO
6	U31100MH1994PTC076066	SHREE NURSINGSAHAY MUDUNGOPAL (BOMBAY) ELECTRIC CO.PRIVATE LIMITED	Director	14/01/1994	14/01/1994	Active	NO
7	U51909WB1920PLC003891	THE EAST INDIA ELECTRIC SUPPLY & TRACTION CO LIMITED	Director	30/09/1994	30/09/1994	Active	NO
8	U52334MH2004PLC147418	SHREE NM ELECTRICALS LIMITED	Director	09/07/2004	09/07/2004	Active	NO
9	U70102MH2005PTC150650	DESINE PROPERTIES AND CONSULTANCY PRIVATE LIMITED	Director	14/01/2005	14/01/2005	Active	NO
10	U64200MH2005PTC150878	NM TELE SERVICES PRIVATE LIMITED	Director	28/01/2005	28/01/2005	Active	NO
11	U74950HR1973PTC006460	ASHOKA PACKERS PRIVATE LIMITED	Director	13/08/2009	13/08/2009	Active	NO
12	U74900MH2010PTC205796	BHAVADEEP ELECTRICALS & SWITCHGEARS PRIVATE LIMITED	Director	21/07/2010	21/07/2010	Active	NO
13	U51101MH2012PTC230263	AMITI BAZAR PRIVATE LIMITED	Director	25/04/2012	25/04/2012	Active	NO

Name :

Mr. Shreevallabh Parmanandas Mundhra

Designation :

Director

Address :

91, Sunita Building, 98, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

03.03.1959

Date of Appointment :

09.07.2004

PAN No.:

AEMPM4922K

DIN No.:

00434820

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	U31900MH1988PTC046123	CREATIVE LIGHTS PRIVATE LIMITED	Director	05/02/1988	05/02/1988	Active	NO
2	U65990MH1988PTC049638	NANDAN HOLDINGS PRIVATE LIMITED	Director	16/11/1988	16/11/1988	Active	NO
3	U31100MH1994PTC076066	SHREE NURSINGSAHAY MUDUNGOPAL (BOMBAY) ELECTRIC CO.PRIVATE LIMITED	Director	14/01/1994	14/01/1994	Active	NO
4	L70101MH1984PLC033920	VOLTAIRE LEASING AND FINANCE LIMITED	Director	17/02/1994	17/02/1994	Active	NO
5	U52334MH2004PLC147418	SHREE NM ELECTRICALS LIMITED	Director	09/07/2004	09/07/2004	Active	NO
6	U64200MH2005PTC150878	NM TELE SERVICES PRIVATE LIMITED	Director	28/01/2005	28/01/2005	Active	NO
7	U70101MH1989PTC051658	BAHAR BUILDING ESTATE PRIVATE LIMITED	Director	09/02/2007	09/02/2007	Active	NO
8	U74950HR1973PTC006460	ASHOKA PACKERS PRIVATE LIMITED	Director	13/08/2009	13/08/2009	Active	NO
9	U74900MH2010PTC205796	BHAVADEEP ELECTRICALS & SWITCHGEARS PRIVATE LIMITED	Director	21/07/2010	21/07/2010	Active	NO
10	U51101MH2012PTC230263	AMITI BAZAR PRIVATE LIMITED	Director	25/04/2012	25/04/2012	Active	NO

Name :

Mr. Brijnandan Harivallabh Mundhra

Designation :

Director

Address :

92, Sunita Building, 98, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

02.08.1978

Date of Appointment :

10.02.2005

PAN No.:

AADPM5572C

DIN No.:

00434904

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	U52334MH2004PLC147418	SHREE NM ELECTRICALS LIMITED	Director	10/02/2005	10/02/2005	Active	NO
2	U74900MH2010PTC205796	BHAVADEEP ELECTRICALS & SWITCHGEARS PRIVATE LIMITED	Director	21/07/2010	21/07/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjeev
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	3.50
Directors or relatives of directors	96.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Electrical Cables and Wires, Motors, Electrical Fittings, etc and other similar Electrical goods.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank Of India

Commercial Branch, N. G. N. Vaidya Marg, Bank Street, Horniman Circle, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	2.702	14.302
Other loans and advances	0.285	0.759
SHORT TERM BORROWINGS
Rupee term loans from banks	12.031	12.182
Working capital loans from banks	279.749	367.093
Total	294.767	394.336

Banking Relations :	--
Auditors :
Name :	D.S.K. And Associates Chartered Accountants
Address :	19, Andheri Universal Industrial Premises Society Limited, 57, J. P. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFD5962C
Associates :	· Voltaire Leasing and Finance Limited Asian Engineering Corporation Shreeji Industries Shree Nursinghsahay Mudungopal (Bombay) Nandan Holdings Private Limited Creative Lights Private Limited Ashoka Packers Private Limited N M Teleservices Private Limited Ore Logistics Private Limited Nandan Holdings Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6,100,000	Equity Shares	Rs. 10/- each	Rs. 61.000 Millions
7,000,000	Preference Shares	Rs. 10/- each	Rs. 70.000 Millions
	Total		Rs. 131.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,682,790	Equity Shares	Rs. 10/- each	Rs. 46.828 Millions
5,034,350	Preference Shares	Rs. 10/- each	Rs. 50.343 Millions
	Total		Rs. 97.171 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	97.171	97.171	97.171
(b) Reserves & Surplus	293.318	273.653	232.157
(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)	390.489	370.824	329.328
(3) Non-Current Liabilities
(a) long-term borrowings	34.422	61.796	73.538
(b) Deferred tax liabilities (Net)	7.177	5.385	3.432
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	41.599	67.181	76.970
(4) Current Liabilities
(a) Short term borrowings	311.146	381.640	326.649
(b) Trade payables	798.776	867.216	805.867
(c) Other current liabilities	22.660	47.527	17.417
(d) Short-term provisions	77.938	84.165	63.282
Total Current Liabilities (4)	1210.520	1380.548	1213.215
TOTAL	1642.608	1818.553	1619.513
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	199.165	213.445	169.941
(ii) Intangible Assets	4.882	6.133	7.378
(iii) Capital work-in-progress	0.000	0.000	37.002
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	14.302	14.302	14.302
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.951	8.884	8.884
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	241.300	242.764	237.507
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	378.425	523.660	463.417
(c) Trade receivables	723.730	809.335	701.881
(d) Cash and cash equivalents	57.655	21.762	13.007
(e) Short-term loans and advances	241.498	221.032	203.701
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1401.308	1575.789	1382.006
TOTAL	1642.608	1818.553	1619.513

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations		3807.986	3616.568
		Other Income		1.863	8.399
		TOTAL (A)	NA	3809.849	3624.967
Less	EXPENSES
		Cost of materials consumed		3475.390	3334.888
		Employee benefit expense		47.053	36.504
		Other expenses		149.389	133.969
		TOTAL (B)	NA	3671.832	3505.361
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation Expenses)	138.017	119.606
Less	FINANCIAL EXPENSES (D)			55.906	45.812
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			82.111	73.794
Less/ Add	DEPRECIATION/ AMORTISATION (F)			16.113	12.046
	PROFIT BEFORE TAX (E-F) (G)		33.779	65.998	61.748
Less	TAX (H)		12.303	22.847	21.377
	PROFIT AFTER TAX (G-H) (I)		21.476	43.151	40.371
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		273.653	232.157	193.552
Add	EARLIER YEAR ADJUSTMENT		(0.056)	0.100	0.001
Less	APPROPRIATIONS
		Proposed Preference Dividend	1.510	1.510	1.510
		Dividend Distribution Tax	0.245	0.245	0.257
	BALANCE CARRIED TO THE B/S		293.318	273.653	232.157
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB Basis	0.041	1.415	0.000
		Rebate in Purchases	0.000	0.000	4.450
		Commission recd	0.000	1.671	6.125
	TOTAL EARNINGS		0.041	3.086	10.575
	Earnings Per Share (Rs.)		4.21	8.84	8.24

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	1.13	1.11
Net Profit Margin (PBT/Sales)	(%)	NA	1.73	1.71
Return on Total Assets (PBT/Total Assets}	(%)	2.07	3.66	3.94
Return on Investment (ROI) (PBT/Networth)		0.09	0.18	0.19
Debt Equity Ratio (Total Debt/Networth)		0.88	1.20	1.22
Current Ratio (Current Asset/Current Liability)		1.16	1.14	1.14

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 two 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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80032073	19/03/2013 *	999,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N. G. N. VAIDYA MARG, BANK STREET, HORNIMAN CIRCLE, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B73093148
2	90353668	28/04/2005	110,000,000.00	STATE BANK OF INDIA	G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from directors	19.435	34.735
Loans and advances from others	12.000	12.000
SHORT TERM BORROWINGS
Intercorporate deposits	17.004	0.004
Other loans and advances	2.362	2.361
Total	50.801	49.100

CORPORATE INFORMATION

Subject is an unlisted public limited Company domiciled in India, incorporated under the Companies Act, 1956. The Company is engaged in trading of Electrical Cables and Wires, Motors, Electrical Fittings, etc and other similar Electrical goods.

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Office equipment

Computer equipments

Leasehold improvements

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. 62.18
UK Pound	1	Rs. 103.38
Euro	1	Rs. 85.09

INFORMATION DETAILS

Information Gathered by :	SVA
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	6
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		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	--

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.