1. Summary Information

		Country	India
Company Name	S. C. SHAH AND COMPANY PRIVATE LIMITED	Principal Name 1	Mr. Virendra Shantilal Shah
Status	Satisfactory	Principal Name 2	Mr. Bhavesh Virendra Shah
		Registration #	18-44965
Street Address	518, Anna Salai, Teynampet, Chennai – 600 018, Tamilnadu, India
Established Date	17.05.2000	SIC Code
Telephone#	91-44-24349268/ 28153162/ 63/ 28460871/ 28158106	Business Style 1	Trading
Fax #	91-44-28414477	Business Style 2	--
Homepage	http://www.shahs.co.in	Product Name 1	Air Conditioners
# of employees	80 (Approximately)	Product Name 2	Refrigerators
Paid up capital	Rs.3,000,000/-	Product Name 3	Televisions
Shareholders	Directors or Relatives of Directors (100%)	Banking	ICICI Bank Limited
Public Limited Corp.	No	Business Period	14 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	29,112,000	Current Liabilities	78,331, 000
Inventories	63,395,000	Long-term Liabilities	20,298, 000
Fixed Assets	12,086,000	Other Liabilities	12,273, 000
Deferred Assets	977,000	Total Liabilities	110,902, 000
Invest& other Assets	22,769,000	Retained Earnings	12,937, 000
		Net Worth	17,437, 000
Total Assets	128,339,000	Total Liab. & Equity	128,339,000
Total Assets (Previous Year)	98,974,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	Not Available	Net Profit	5,950,000
Sales(Previous yr)	789,247,000	Net Profit(Prev.yr)	3,041,000

MIRA INFORM REPORT

Report Date :

18.03.2014

IDENTIFICATION DETAILS

Name :	S. C. SHAH AND COMPANY PRIVATE LIMITED
Registered Office :	518, Anna Salai, Teynampet, Chennai – 600 018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.05.2000
Com. Reg. No.:	18-044965
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U51909TN2000PTC044965
TAN No.: [Tax Deduction & Collection Account No.]	CHES20824G
PAN No.: [Permanent Account No.]	AAGCS0730A
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Consumer Durables.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 69000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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 (GENERAL DETAILS)

Name :	Mr. Venkat Raman
Designation :	Marketing Manager
Contact No.:	91-9940084927
Date :	04.03.2014

LOCATIONS

Registered/ Branch Office :	518, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-24349268/ 28153162/ 63/ 28460871/ 28158106
Fax No.:	91-44-28414477
E-Mail :	nuk3@yahoo.com shahs.chennai@gmail.com gopikrishnan_am@yahoo.com contact@shahs.co.in
Website :	http://www.shahs.co.in
Corporate Office :	Flat No. 3-A, Heavitree Building, 3^rd Floor, No. 47, Spurtank Road, Chennai – 600031, Tamilnadu, India
Tel. No.:	91-44-43591010/ 45521010/ 42170711/ 12
Fax No.:	91-44-2815 3164
Location :	Rented
Branch Office :	Opposite Spencer's Towers, Next no D2, Police Station, Anna Salai, Chennai -600002, Tamilnadu, India
Tel. No.:	91-44-28523163
Fax No.:	91-44-28414477
Retail Outlets :	Located at: · Annanagar, Chennai, India · Adyar, Chennai, India · T. Nagar, Chennai, India · Mount Road, Chennai, India · Velachery, Chennai, India · Valasaravakkam, Chennai, India · Chrompet, Chennai, India · OMR, Chennai, India · Teynampet, Chennai, India · Mylapore, Chennai, India

Note: Corporate office of the company has been shifted from Flat No. 2 - B, 2nd Floor, Sreenivasam Apartment, New No. 12, Dr. Giriappa Road, T. Nagar Chennai – 600017, Tamilnadu, India to the present address.

DIRECTORS

As on 30.09.2013

Name :	Mr. Virendra Shantilal Shah
Designation :	Managing Director
Address :	62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu, India
Date of Birth/Age :	16.03.1949
Date of Appointment :	17.05.2000
PAN No.:	AALPS3102L
DIN No.:	00903368
Name :	Mrs. Veena Virendra Shah
Designation :	Director
Address :	62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu, India
Date of Birth/Age :	04.09.1950
Date of Appointment :	17.05.2000
PAN No.:	AAJPS7813C
DIN No.:	02092876
Name :	Mr. Paras Virendra Shah
Designation :	Director
Address :	62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu, India
Date of Birth/Age :	25.03.1978
Date of Appointment :	17.05.2000
DIN No.:	00903567
Name :	Mr. Bhavesh Virendra Shah
Designation :	Director
Address :	62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu, India
Date of Birth/Age :	17.05.1976
Date of Appointment :	17.05.2000
DIN No.:	02092884
Name :	Mrs. Poonam Bhavesh Shah
Designation :	Director
Address :	62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu, India
Date of Birth/Age :	08.10.1976
Date of Appointment :	17.05.2000
DIN No.:	02092881
Name :	Mrs. Jayakanthi Arunagiri
Designation :	Director
Address :	C 5, Dhamayanthi Apartments, 17, South MADA Street, Nungambakkam, Chennai – 600034, Tamilnadu, India
Date of Birth/Age :	13.03.1959
Date of Appointment :	17.05.2000
DIN No.:	00903641

KEY EXECUTIVES

Name :	Mr. Venkat Raman
Designation :	Marketing Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Virendra Shantilal Shah	160900	53.63
Veena Virendra Shah	139100	46.37
Total	300000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading in Consumer Durables.
Products :	Air Conditioners Refrigerators DTH Televisions LCDS / Plasma TVS Home Theatre Systems Microwaves Washing Machines Dishwashers Stereo Systems Digital Cameras Handy cams Cordless phones Kitchen Appliances Small Appliances
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

80 (Approximately)

Bankers :

• ICICI Bank Limited
• HSBC Bank
• State Bank of India
• State Bank of Saurashtra, 27/28 Woods Road, Mount Road Branch, Chennai – 600002, Tamilnadu, India
• HDFC Bank Limited, HDFC Bank Houses, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227D, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions
Long Term Borrowings
Loans taken for vehicles	0.855
Short Term Borrowings
Working capital loans from banks	19.405
Loans taken for fixed assets	0.038
Total	20.298

SECURED LOANS	31.03.2012 Rs. In Millions
HDFC I20 Asta Car Loan [Against Hypothecation Of Motor Vehicle]	0.107
HDFC Alto Car Loan [Against Hypothecation Of Motor Vehicle]	0.133
HDFC Tata Ace Loan [Against Hypothecation Of Motor Vehicle]	0.105
BMW India Financial Services Limited [Against Hypothecation Of Motor Vehicle]	0.509
HDFC Tata Ace Loan II and III [Against Hypothecation Of Motor Vehicle]	0.283
Standard Chartered Bank Od A/C	16.911
HDFC Od A/C	3.770
Total	21.818

Nature of Security and Terms of Repayment for Secured Borrowings:

Nature of Security	Terms of Repayment
Cash Credit loan from Bank is secured by hypothecation of Stock, Book Debts, Fixed Deposits, mortgage of Properties and other Fixed Assets	No terms defined under loan agreement for repayment of principal amount.
Term/Working Capital Demand Loan/Foreign Currency Loan	N.A.

Banking Relations :	--
Auditors :
Name :	Nuk Associates Chartered Accountants
Address :	311, City Center, 186, Puraasawalkam High Road, Chennai – 600010, Tamilnadu, India
PAN No.:	AAAFN2496H

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.000
(b) Reserves & Surplus	12.937
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	1.500
Total Shareholders’ Funds (1) + (2)	17.437
(3) Non-Current Liabilities
(a) long-term borrowings	0.855
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	1.029
Total Non-current Liabilities (3)	1.884
(4) Current Liabilities
(a) Short term borrowings	19.443
(b) Trade payables	76.285
(c) Other current liabilities	12.273
(d) Short-term provisions	1.017
Total Current Liabilities (4)	109.018
TOTAL	128.339
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.086
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.977
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	21.384
Total Non-Current Assets	34.447
(2) Current assets
(a) Current investments	0.000
(b) Inventories	63.395
(c) Trade receivables	15.006
(d) Cash and cash equivalents	13.685
(e) Short-term loans and advances	0.421
(f) Other current assets	1.385
Total Current Assets	93.892
TOTAL	128.339

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.000
2] Share Application Money		1.500	1.500
3] Reserves & Surplus		6.987	3.947
4] (Accumulated Losses)		0.000	0.000
NETWORTH		11.487	8.447
LOAN FUNDS
1] Secured Loans		21.818	2.535
2] Unsecured Loans		0.000	29.524
TOTAL BORROWING		21.818	32.059
DEFERRED TAX LIABILITIES		(0.897)	0.000
TOTAL		32.408	40.506
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.293	12.274
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.709
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.939	83.679
	Sundry Debtors	1.306	3.976
	Cash & Bank Balances	9.656	3.861
	Other Current Assets	15.007	2.855
	Loans & Advances	0.773	15.562
Total Current Assets		88.681	109.933
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.716	81.584
	Other Current Liabilities	5.845	0.000
	Provisions	1.005	0.826
Total Current Liabilities		66.566	82.410
Net Current Assets		22.115	27.523
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		32.408	40.506

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Revenue from Operation		789.247
		Other Income		0.011
		TOTAL (A)		789.258
Less	EXPENSES
		Cost of Materials and Components consumed		698.335
		Employee Benefits Expense		14.495
		Other Expenses		66.576
		TOTAL (B)		779.406
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	9.852
Less	FINANCIAL EXPENSES (D)			2.621
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			7.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)			2.530
	PROFIT BEFORE TAX (E-F) (G)			4.701
Less	TAX (H)			1.660
	PROFIT AFTER TAX (G-H) (I)		5.950	3.041
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	3.947
	BALANCE CARRIED TO THE B/S		NA	6.988
	Earnings Per Share (Rs.)		NA	10.00

	PARTICULARS		31.03.2011
	SALES
		Income	64.603
		Other Income	0.009
		TOTAL	64.612
Less	EXPENSES
		Selling Expenses	4.769
		Administrative and Financial Expenses	55.410
		TOTAL	60.179
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.433
Less/ Add	DEPRECIATION/ AMORTISATION		2.556
	PROFIT BEFORE TAX		1.877
Less	TAX		1.261
	PROFIT AFTER TAX		0.616
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.331
	BALANCE CARRIED TO THE B/S		3.947
	Earnings Per Share (Rs.)		2.05

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	0.39	0.95
Net Profit Margin (PBT/Sales)	(%)	NA	0.60	2.91
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.75	1.54
Return on Investment (ROI) (PBT/Networth)		NA	0.41	0.22
Debt Equity Ratio (Total Debt /Networth)		1.16	1.90	3.80
Current Ratio (Current Asset/Current Liability)		0.86	1.33	1.33

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 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CORPORATE INFORMATION

The company is a Private Limited Company and incorporated under the provisions of the Companies Act, 1956, India. The Company is primarily engaged in the Business of Trading in Consumer Durables.

FINANCIAL HIGHLIGHTS:

During the year, the Company has made a net profit after tax of Rs.5.950 Millions as compared to previous year’s net profit after tax of Rs.3.040 Millions. The Directors are confident of achieving a higher turnover and profit in the coming year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10212269	09/03/2010	15,500,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	A83192849
2	10173261	07/09/2009	4,000,000.00	Kotak Mahindra Bank Limited	36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India	A68811249
3	90294763	30/04/2009 *	15,000,000.00	State Bank of India	Woods Road, B. R. Complex, Chennai, Tamil Nadu - 600002, India	A62716923

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.51.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	VNT

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.