MIRA INFORM REPORT

Report Date :

29.07.2014

IDENTIFICATION DETAILS

Name :	FIRST DATA (INDIA) PRIVATE LIMITED
Registered Office :	502, Windsor, 5^th Floor, Off C S T Road (Vidhyanagri Marg) Santacruz (East), Mumbai – 400098, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.06.2006
Com. Reg. No.:	11-162543
Capital Investment / Paid-up Capital :	Rs. 225.948 Millions
CIN No.: [Company Identification No.]	U64203MH2006PTC162543
TAN No.: [Tax Deduction & Collection Account No.]	MUMF04687E
PAN No.: [Permanent Account No.]	AAACF9898A
Legal Form :	Private Limited Liability Company
Line of Business :	Providing data processing and back office processing services in relation to payment card transactions to card issuer companies.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 :	Slow
Litigation :	Exist
Comments :	Subject is an established company having a moderate track record. Management of the company has failed to file its financials for the year 2013 with the government department. As per avaialable financial 2012, Net worth of the company has been eroded due to continuous accumulated loss incurred from its operations. However, Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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

MANAGEMETN NON-COOPERATIVE (Tel. No.: 91-22-67206111)

LOCATIONS

Registered Office :	502, Windsor, 5^th Floor, Off C S T Road (Vidhyanagri Marg) Santacruz (East), Mumbai – 400098, Maharashtra, India
Tel. No. :	91-22-67206111/ 42294843
Fax No. :	Not Available
E-Mail :	aparajit.bhattacharya@hsalegal.com imsplcompany@gmail.com
Website :	www.firstdata.com

DIRECTORS

As on 27.11.2012

Name :

Bairavarasu Amrish Rau

Designation :

Additional director

Address :

A-13, Sagar Darshan, 308, Carter Road, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

07.10.1973

Date of Appointment :

18.01.2008

DIN No. :

02008811

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	U72900MH2007FTC171573	POS MERCHANT SOLUTIONS PRIVATE LIMITED	Director	12-06-2007	12-06-2007	18-03-2014	Under Process of Striking off	NO
2	U64203MH2006PTC162543	FIRST DATA (INDIA) PRIVATE LIMITED	Additional director	18-01-2008	18-01-2008	-	Active	NO
3	U74140MH2009PTC194399	ICICI MERCHANT SERVICES PRIVATE LIMITED	Director	31-12-2010	28-07-2009	-	Active	NO
4	U74990MH2009PTC194864	FIRST DATA SUPPORT SERVICES PRIVATE LIMITED	Director	12-08-2009	12-08-2009	-	Active	NO

Name :

Marc Kay Mathenz

Designation :

Additional Director

Address :

8, Mount Sinai Rise, Singapore, 276900

Date of Birth/Age :

18.08.1969

Date of Appointment :

18.01.2008

DIN No. :

02121243

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	U72900MH2007FTC171573	POS MERCHANT SOLUTIONS PRIVATE LIMITED	Additional director	24-09-2007	24-09-2007	18-03-2014	Under Process of Striking off	NO
2	U64203MH2006PTC162543	FIRST DATA (INDIA) PRIVATE LIMITED	Additional director	18-01-2008	18-01-2008	-	Active	NO
3	U74140MH2009PTC194399	ICICI MERCHANT SERVICES PRIVATE LIMITED	Additional director	22-12-2009	22-12-2009	14-04-2010	Active	NO

KEY EXECUTIVES

Name :	Maria Esperancha Rodrigues
Designation :	Secretary
Address :	301/A, EL Plaza, I.C. Colony, Borivili (West), Mumbai – 400103, Maharashtra, India
Date of Birth/Age :	26.08.1980
Date of Appointment :	01.01.2011
PAN No.:	ALNPR2407G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.11.2012

Names of Shareholders	No. of Shares
Paysys International Inc., USA	3570282
First Data Asia Private Limited, Singapore (formerly Paysys Asia Pte Limited)	500
Paysys Europe BV, Netherlands	55606239
Total	59177021

Allottee as on 11.02.2013

Names of Allottee	No. of Shares
Paysys Europe BV, Netherlands	16414716
Total	16414716

As on 27.11.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing data processing and back office processing services in relation to payment card transactions to card issuer companies.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding Companies :	· Paysys International Inc., United States (upto October 22, 2010) Paysys Europe BV, United States (w.e.f from October 23, 2010)
Ultimate Holding Company:	First Data Corporation, United States
Fellow Subsidiary Companies :	· First Data (Singapore) Pte Limited First Data Asia Pte Limited. First Data Resources Australia Limited ICICI Merchant Services Private Limited CIN No.: U74140MH2009PTC194399 Paysys International Inc First Data Asia Processing FDR Limited First Data Technologies FD Slovakia Merchant First Data Deutschland Gmbh

CAPITAL STRUCTURE

After 27.11.2012

Authorised Capital : Rs. 900.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 818.115 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
90,000,000	Equity Shares	Rs.10/- each	Rs. 900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22594782	Equity Shares	Rs.10/- each	Rs. 225.948 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	225.948	225.948
(b) Reserves & Surplus	(473.053)	(449.108)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	194.476	93.456
Total Shareholders’ Funds (1) + (2)	(52.629)	(129.704)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	6.119	5.315
Total Non-current Liabilities (3)	6.119	5.315
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	441.963	371.245
(c) Other current liabilities	12.129	10.969
(d) Short-term provisions	0.958	0.590
Total Current Liabilities (4)	455.050	382.804
TOTAL	408.540	258.415
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.524	41.091
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	33.286	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	56.355	46.956
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	126.165	88.047
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	53.548	31.553
(d) Cash and cash equivalents	129.250	89.848
(e) Short-term loans and advances	67.232	31.857
(f) Other current assets	32.345	17.110
Total Current Assets	282.375	170.368
TOTAL	408.540	258.415

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		35.708
2] Share Application Money		93.456
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(190.852)
NETWORTH		(61.688)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		(61.688)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.516
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	26.511
	Cash & Bank Balances	29.227
	Other Current Assets	0.000
	Loans & Advances	40.026
Total Current Assets		95.764
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	142.222
	Other Current Liabilities	13.361
	Provisions	2.385
Total Current Liabilities		157.968
Net Current Assets		(62.204)
MISCELLANEOUS EXPENSES		0.000
TOTAL		(61.688)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	328.870	249.771	68.212
		Other Income	NA	NA	0.000
		TOTAL	NA	NA	68.212
Less	EXPENSES
		Personnel Expenses			44.422
		Administrative and Other Expenses			82.844
		TOTAL	NA	NA	127.266
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	(59.054)
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	0.127
	PROFIT/ (LOSS) BEFORE TAX		(102.844)	(135.448)	(59.181)
Less	TAX		(78.899)	122.808	0.000
	PROFIT/ (LOSS) AFTER TAX		(23.945)	(258.256)	(59.181)
	Earnings / (Loss) Per Share (Rs.)		(1.06)	(11.43)	(16.57)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	(86.76)
Net Profit Margin (PBT/Sales)	(%)	(31.27)	(54.23)	(86.76)
Return on Total Assets (PBT/Total Assets}	(%)	(27.41)	(52.41)	(61.47)
Return on Investment (ROI) (PBT/Networth)		1.95	1.04	0.96
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.62	0.45	0.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	225.948	225.948
Reserves & Surplus	(449.108)	(473.053)
Share Application money pending allotment	93.456	194.476
Net worth	(129.704)	(52.629)
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	68.212	249.771	328.870
		266.169	31.669

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	68.212	249.771	328.870
Profit	(59.181)	(258.256)	(23.945)
	(86.76%)	(103.40%)	(7.28%)

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	No
10]	Designation of contact person	No
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	Yes
23]	Banking Details	No
24]	Banking facility details	No
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	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY
CASE DETAILS
BENCH:- BOMBAY
PRESENTATION DATE:- 29/05/2013
STAMP NO:- ITXAL/839/2014		FAILING DATE:- 29/05/2013		REG. NO.: ITXA/2085/2014		REG. DATE: 25/10/2014
PETITIONER:-	THE COMMISSIONER OF INCOME TAX-10		RESPONDENT:-		M/S. FIRST DATA (INDIA)PVT. LTD., MUMBAI
PETN.ADV:-	ARVIND PINTO
DISTRICT:-	MUMBAI
BENCH:-	DIVISION
STATUS:-	PRE-ADMISSION		CATEGORY:-		TAX APPEALS
LAST DATE:-	28/07/2014		STAGE:-		FOR REJECTION [ORIGINAL SIDE MATTERS]
LAST CORAM:-	ACCODING TO SITTING LIST ACCODING TO SITTING LIST
ACT:-	INCOME TAX ACT, 1961
UNDER SECTION:-	260A

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CHANGE OF ADDRESS

The registered office of the company has been shifted from Wochardt Towers, Level-1, East Wing, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India to the present address w.e.f. 18.11.2010.

NATURE OF OPERATIONS

The Company is a private limited company incorporated in India on June 8, 2006. The main object of the Company is to carry out the business of providing data processing and back office processing services in relation to payment card transactions to card issuer companies and to provide services in relation to payment card transactions switching and acquiring and processing debit, credit card related payment transactions and stored value card transactions for acquiring institutions and merchants.

The Company has entered in to agreements with certain Banks for providing data processing and back office processing services in relation to their credit card transactions and managing their ATMs. The Company receives service fees in relation to the services rendered by the Company, pursuant to such agreement, which has been disclosed under the Note 15 as Income from Operations. The Company uses the software platform belonging to its parent group to render such data processing services and has retained service providers for providing ATM related services. Further, to render services to its Customer, the Company avails the services of personnel located at the data service centres of its parent group entities outside India. Accordingly, the service charges incurred by the Company in respect of credit card transactions have been recorded as Servicing Cost and Implementation Charges and the ATM related costs have been recorded as ATM maintenance costs under the head Other Expenses.

During the year, the Company has incurred loss from operations amounting to Rs.23.945 Millions including prior period Income of Rs. 78.899 Millions. This along with the accumulated loss of previous year of Rs. 449.108 Millions has resulted into erosion of its entire networth. The Company also has net current liabilities of Rs. 172.675 Millions. Management of the Company is in the process of diversifying the Company's activities through rendering of services to other companies. Based on the plan of the management of the Company to diversify the Company's activities through rendering of the additional kind of services and Shareholder's intension to provide continued financial and operating support, management believes that the Company will continue to be in existence for a foreseeable future and accordingly, the management has prepared the financial statements on a going concern basis.

OPERATIONS

The Company is into the business of providing data processing and back office processing services in relation to payment card transactions to card issuer companies and to provide services in relation to payment card transactions switching and acquiring and processing debit, credit card related payment transactions and stored value card transactions for acquiring institutions and merchants.

During the period ended 31 March 2012, the Company has incurred losses amounting to Rs.102.844 Millions as compared to loss of Rs.135.448 Millions during the year ended 31 March 2011.

The income from operations has also increased to Rs.328.870 Millions in the year ended 31 March 2012 as compared to Rs. 249.771 Millions in the year ended 31 March 2011.

The Directors of the Company are making their best efforts to increase the income of the Company and are hopeful that the Company shall show better results in the coming future.

CONTINGENT LIABILITIES (AS ON 31.03.2012):

Claims not acknowledged as debt Rs. Nil (Previous year: Income tax demand for Penalty, against which the Company had preferred an appeal Rs. 13.357 Millions).

FIXED ASSETS

Tangible Assets

· Furniture and Fixtures

Office equipment

Leasehold Improvements

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 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.60.10
UK Pound	1	Rs.102.04
Euro	1	Rs.80.74

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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		18

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.