MIRA INFORM REPORT

Report Date :

11.07.2014

IDENTIFICATION DETAILS

Name :	ELECTRONICS AND CONTROLS POWER SYSTEMS PRIVATE LIMITED
Registered Office :	No. 29A, Opposite Asian Paints Godown, Peenya Industrial Area, 2nd Phase, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.06.1997
Com. Reg. No.:	08-022448
Capital Investment / Paid-up Capital :	Rs. 36.000 Millions
CIN No.: [Company Identification No.]	U31200KA1997PTC022448
TIN No.:	34720008312
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of UPS Systems.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its latest financials after 2010 with the Government Department. Mr. M. Shankar, Finance Department denied to provide any information to us. Business is active. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term Fund based = C
Rating Explanation	Poor credit quality and limited prospects of recovery.
Date	March 2013

Rating Agency Name	ICRA
Rating	Short term Non-fund based limits = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	March 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. M. Shankar
Designation :	Finance Department
Contact No.:	91-80-28371974
Date :	10.07.2014

LOCATIONS

Registered Office/ Factory 1 :	No. 29A, Opposite Asian Paints Godown, Peenya Industrial Area, 2nd Phase, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28371974/ 28379401
Fax No.:	91-80-28391587
E-Mail :	rajaram@eandcpower.com customer_support@eandcpower.com
Website :	http://www.eandcpower.co.in
Factory 2 :	A-95 (BIS), PIPDIC Industrial Area, Mettupalayam, Pondicherry – 605009, Union Territory of India
Tel. No.:	91-413-2277241
Fax No.:	91-413-2277241
E-Mail :	sales@eandcpower.com

DIRECTORS

AS ON 30.09.2010

Name :

Ramamoorthy Rajaram

Designation :

Managing director

Address :

SF-10, Atria Villa, Palacegutta Halli Main Road, Malleshwaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

28.12.1968

Date of Appointment :

27.12.2006

DIN No.:

02072128

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	U31200KA1997PTC022448	ELECTRONICS AND CONTROLS POWER SYSTEMS PRIVATE LIMITED	Managing director	27/12/2006	27/12/2006	-	Active	NO
2	U30007TN1990PTC018855	ELECTRONICS AND CONTROLS PRIVATE LIMITED	Director	20/03/2012	20/03/2012	19/08/2013	Active	NO

Name :

Sundari Ramachandran

Designation :

Director

Address :

547, 3 Cross, R.T. Nagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

21.01.1952

Date of Appointment :

24.12.1998

DIN No.:

01222179

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	U30007TN1990PTC018855	ELECTRONICS AND CONTROLS PRIVATE LIMITED	Director	13/03/1990	13/03/1990	-	Active	NO
2	U65110KA1995PLC018131	SVAGATH CAPITAL MARKET SERVICE LIMITED	Director	25/04/1997	25/04/1997	-	Active	NO
3	U31200KA1997PTC022448	ELECTRONICS AND CONTROLS POWER SYSTEMS PRIVATE LIMITED	Director	24/12/1998	24/12/1998	-	Active	NO
4	U72900KA2003PTC032723	SIXTH ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	14/10/2003	14/10/2003	01/03/2009	Active	NO

Name :

Mittur Sivakumar Sivasankaran

Designation :

Director

Address :

748B, Vinayaka Nagar, HAL, Bangalore – 560017, Karnataka, India

Date of Birth/Age :

07.04.1955

Date of Appointment :

05.12.1997

DIN No.:

01222208

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	U31200KA1997PTC022448	ELECTRONICS AND CONTROLS POWER SYSTEMS PRIVATE LIMITED	Director	05/12/1997	05/12/1997	-	Active	NO
2	U65110KA1990PTC010729	SVAGATH PROFESSIONAL SERVICES PRIVATE LIMITED	Director	28/08/2002	28/08/2002	24/03/2008	Active	NO
3	U67120KA1994PTC015734	SAFE WORTH CORPORATE SERVICES PRIVATE LIMITED	Director	01/06/2003	01/06/2003	-	Active	NO
4	U31909PY2004PTC001764	POWER WORLD TECHNOLOGIES PRIVATE LIMITED	Director	12/03/2004	12/03/2004	-	Strike off	NO
5	U72900KA2003PTC032723	SIXTH ENERGY TECHNOLOGIES PRIVATE LIMITED	Whole-time director	01/09/2008	07/04/2008	-	Active	NO
6	U40107KA2008PLC046311	YUKTHI ENERGY AND STEEL LIMITED	Director	05/05/2008	05/05/2008	05/12/2008	Active	NO
7	U65110KA1995PLC018131	SVAGATH CAPITAL MARKET SERVICE LIMITED	Director	01/08/2008	01/08/2008	-	Active	NO
8	U52599TN1991PTC020377	SWAGAT AGENCIES PRIVATE LIMITED	Director	01/08/2008	01/08/2008	-	Active	NO
9	U70101TZ2008PTC014738	TILANY PROPERTIES PRIVATE LIMITED	Director	05/09/2008	05/09/2008	-	Active	NO
10	U01429KA2002PTC030954	MATHA MINERALS PRIVATE LIMITED	Director	29/09/2008	29/09/2008	10/08/2009	Active	YES

Name :

Iyer Ramachandran Vidya

Designation :

Whole-time director

Address :

547, 3 Cross, R.T. Nagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

13.05.1975

Date of Appointment :

05.12.1997

DIN No.:

01995996

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	U30007TN1990PTC018855	ELECTRONICS AND CONTROLS PRIVATE LIMITED	Director	07/04/1997	07/04/1997	-	Active	NO
2	U31200KA1997PTC022448	ELECTRONICS AND CONTROLS POWER SYSTEMS PRIVATE LIMITED	Whole-time director	05/12/1997	05/12/1997	-	Active	NO

Name :

Krishnamurthy Uma Maheswari

Designation :

Director

Address :

72, Periyar Nagar Extn., Madipakkam, Chennai – 600080, Tamilnadu, India

Date of Birth/Age :

06.05.1957

Date of Appointment :

24.12.1998

DIN No.:

01996138

KEY EXECUTIVES

Name :	Mr. M. Shankar
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares	Percentage of Holding
Sundari Ramachandran	24760	6.88
Iyer Ramachandran Vidya	37135	10.32
Divya R. Iyer	37125	10.31
Sundari Ramachandran and Divya R. Iyer and Iyer Ramachandran Vidya	196170	54.49
Electronics and Controls Private Limited, India	64810	18.00
Total	360000	100.00

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of UPS Systems.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Uninterruptible Power Supply Systems (UPS)	In Numbers	Not Applicable	Not Applicable	1283

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India

Peenya Industrial Estate Branch, B-96, II Cross, I Stage, Peenya Industrial Estate, Bangalore - 560058, Karnataka, India

· State Bank of India

MID Corporate Loan Administration Unit, Residency Plaza, 3rd Floor, No. 61, Residency Road, Bangalore - 560025, Karnataka, India

Facilities :

SECURED LOANS	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Cash Credit with State Bank of India	36.096	35.132
Working Capital term loan from State Bank of India	19.500	25.304
Interest accrued and due on above [Secured by mortgage of leasehold rights of property situated at Pondicherry and hypothecation of Plant and Machinery, Inventories, Book Debts and Other Current Assets. Further secured by mortgage of factory building situated at Peenya, Bangalore, belonging to a firm in which the directors are interested and the personal guarantee of directors]	0.457	0.000
Total	56.053	60.436

Banking Relations :	--
Auditors :
Name :	G. P. Ramachandran and Associates Chartered Accountants
Address :	No. 208, Commerce House, 9/1, Cunningham Road, Bangalore – 560052, Karnataka, India
Tel. No.:	91-80-22371665/ 22383494
E-Mail :	gpr_assoc@dataone.in
Income-tax PAN of auditor or auditor's firm :	AAGFG5877P
Other Related Parties :	· Electronics and Controls Electronics and Control Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
400,000	Equity Shares	Rs. 100/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
360,000	Equity Shares	Rs. 100/- each	Rs. 36.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		36.000	36.000	36.000
2] Share Application Money		42.320	42.320	25.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(96.973)	(100.405)	(78.220)
NETWORTH		(18.653)	(22.085)	(17.220)
LOAN FUNDS
1] Secured Loans		56.053	60.436	61.952
2] Unsecured Loans		18.803	17.996	22.296
TOTAL BORROWING		74.856	78.432	84.248
DEFERRED TAX LIABILITIES		0.759	1.078	1.476
TOTAL		56.962	57.425	68.504
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.889	20.653	24.484
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.038	0.038	0.038
DEFERRED TAX ASSETS		2.140	1.739	2.624
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.651	22.014	24.410
	Sundry Debtors	48.060	43.574	41.324
	Cash & Bank Balances	8.227	14.055	13.189
	Other Current Assets	0.066	0.000	0.000
	Loans & Advances	6.130	6.934	12.092
Total Current Assets		89.134	86.577	91.015
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.974	40.263	38.971
	Other Current Liabilities	5.798	7.427	3.153
	Provisions	3.467	3.892	7.533
Total Current Liabilities		51.239	51.582	49.657
Net Current Assets		37.895	34.995	41.358
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.962	57.425	68.504

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	89.186	91.831	125.145
		Other Income	53.965	49.069	48.433
		TOTAL	143.151	140.900	173.578
Less	EXPENSES
		TOTAL	140.439	161.384	292.447
	PROFIT/ (LOSS) BEFORE TAX		2.712	(20.484)	(118.869)
Less	TAX		(0.720)	1.701	(1.439)
	PROFIT/ (LOSS) AFTER TAX		3.432	(22.185)	(117.430)
	IMPORTS
		Raw Materials	22.070	26.684
		Uninterruptible Power Supply Systems	0.064	0.169
	TOTAL IMPORTS		22.134	26.853	NA
	Earnings/ (Loss) Per Share (Rs.)		9.53	(61.63)	(326.19)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.40	(15.75)	(67.65)
Net Profit Margin (PBT/Sales)	(%)	3.04	(22.31)	(94.99)
Return on Total Assets (PBT/Total Assets}	(%)	2.56	(19.10)	(102.92)
Return on Investment (ROI) (PBT/Networth)		(0.15)	0.93	6.90
Debt Equity Ratio (Total Debt/Networth)		(4.01)	(3.55)	(4.89)
Current Ratio (Current Asset/Current Liability)		1.74	1.68	1.83

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2008	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	36.000	36.000	36.000
Share Application Money	25.000	42.320	42.320
Reserves & Surplus	0.000	0.000	0.000
(Accumulated Losses)	(78.220)	(100.405)	(96.973)
Net worth	(17.220)	(22.085)	(18.653)
Secured Loans	61.952	60.436	56.053
Unsecured Loans	22.296	17.996	18.803
Total borrowings	84.248	78.432	74.856
Debt/Equity ratio	(4.892)	(3.551)	(4.013)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	125.145	91.831	89.186
		(26.620)	(2.880)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	125.145	91.831	89.186
Profit/ (Loss)	(117.430)	(22.185)	3.432
	(93.84%)	(24.16%)	3.85%

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	No
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	90191880	09/07/2009 *	130,000,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATION UNIT, RESIDENCY PLAZA, 3RD FLOOR, NO. 61, RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA	A67186908
2	90195996	07/05/2004 *	17,700,000.00	STATE BANK OF INDIA	PEENYA IND. ESTATE BRANCH, PEENYA INDUSTRAIL ESTATE, BANGALORE, KARNATAKA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Loans from Directors	18.011	17.996
Loan from a Company	0.792	0.000
Total	18.803	17.996

FIXED ASSETS:

· Land

Building

Leasehold Land

Improvement to premises

Motor Vehicles

Office Equipments

Furniture and Fixture

Testing Equipments

Plant and Machinery

Software

Computers

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 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. 59.88
UK Pound	1	Rs. 102.59
Euro	1	Rs. 81.69

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.