. Summary Information

		Country	INDIA
Company Name	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Shyama Prasad Chatterjee
Status	MODERATE	Principal Name 2	Mr. Piyush Kumar Tater
		Registration #	21-056860
Street Address	8/1B, CHOWRINGHEE LANE, KOLKATA – 700 016, WEST BENGAL
Established Date	27.10.1992	SIC Code	--
Telephone#	91-33-30289494	Business Style 1	Distributor
Fax #	91-33-22520884	Business Style 2	--
Homepage	Not Available	Product Name 1	Electronic Consumer Durables
# of employees	35 (Approximately)	Product Name 2	--
Paid up capital	RS.8,357,000/-	Product Name 3	--
Shareholders	Bodies Corporate-15.56% Directors or Relatives of Directors-0.24% Other Top Fifty Shareholders-84.20%	Banking	Allahabad Bank
Public Limited Corp.	NO	Business Period	22 Years
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	B (30)
Related Company
Relation	Country	Company Name	CEO
Associates :	--	Prudential Aqua (Private) Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	227,102,000	Current Liabilities	37,273,000
Inventories	69,799,000	Long-term Liabilities	199,357,000
Fixed Assets	6,407,000	Other Liabilities	6,448,000
Deferred Assets	0,000	Total Liabilities	243,078,000
Invest& other Assets	500,000	Retained Earnings	52,373,000
		Net Worth	60,730,000
Total Assets	303,808,000	Total Liab. & Equity	303,808,000
Total Assets (Previous Year)	299,407,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	702,426,000	Net Profit	23,812,000
Sales(Previous yr)	915,271,000	Net Profit(Prev.yr)	1,720,000

MIRA INFORM REPORT

Report Date :

19.05.2014

IDENTIFICATION DETAILS

Name :	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED (w.e.f. 19.01.2004)
Formerly Known As :	CHARCHCO MECHANICALS AND ENGINEERING PRIVATE LIMITED
Registered Office :	8/1B, Chowringhee Lane, Kolkata – 700 016, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.10.1992
Com. Reg. No.:	21-056860
Capital Investment / Paid-up Capital :	Rs. 8.357 Millions
CIN No.: [Company Identification No.]	U31103WB1992PTC056860
TAN No.: [Tax Deduction & Collection Account No.]	CALC04131B
PAN No.: [Permanent Account No.]	AABCC3109J
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Electronic Consumer Durables.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 240000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company possesses a moderate credit profile mainly on account of high working capital requirements. Resulting from their trading nature operations Further, the Management has seen a dip in its sales volume during 2013. The ratings also take into consideration the benefit from strong network of about 550 dealers across Bengal. Trade relations seems to be fair. Business is active. Payment terms are slow but correct In view of promoter’s experience, the subject can be considered for business dealings with caution.

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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATINGS AND RESERCH
Rating	Long term rating B
Rating Explanation	High risk of default regarding timely searching of financial obligations.
Date	05.02.2013

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Arun Kumar Poddar
Designation :	Manager
Contact No.:	91-33-40159499
Date :	13.05.2014

LOCATIONS

Registered Office :	8/1B, Chowringhee Lane, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-30289494/ 40159494/ 40159495
Fax No.:	91-33-22520844/ 22520884
E-Mail :	avacafirm@gmail.com charcho@panoramagroup.co.in neosa@panoramagroup.co.in balaram@panoramagroup.co.in
Warehouse :	286, Jessore Road, Madhyamgram, Kolkata – 700132, West Bengal, India
Location :	Rented

Note:

DIRECTORS

As on: 30.09.2013

Name :

Mr. Shyama Prasad Chatterjee

Designation :

Director

Address :

73, Aurobindo Road, Salkia, Howrah – 711 106, West Bengal, India

Date of Birth/Age :

01.11.1948

Date of Appointment :

01.04.2000

PAN No.:

ABWP5952G

DIN No.:

01314557

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	U32109WB1986PTC040867	SYLVAN ELECTRONICS PRIVATE LIMITED	Director	27/09/1994	27/09/1994	-	Active	NO
2	U51109WB1995PTC072564	PRUDENTIAL AQUA PRIVATE LIMITED	Director	07/07/1995	07/07/1995	-	Active	NO
3	U31103WB1992PTC056860	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO

Name :

Mr. Piyush Kumar Tater

Designation :

Director

Address :

10/4, Vivekananda Road, Kolkata – 700 007, West Bengal, India

Date of Birth/Age :

04.11.1981

Qualification :

BBA

Date of Appointment :

04.02.2009

DIN No.:

02561285

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	U31103WB1992PTC056860	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED	Director	04/02/2009	04/02/2009	-	Active	NO
2	U74999WB2007PTC117075	PANORAMA DISPLAY TECHNOLOGIES PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun Kumar Poddar
Designation :	Manager

MAJOR SHAREHOLDERS

As on: 30.09.2013

Names of Shareholders (Ordinary Equity Shares)	No. of Shares
Balaram Chowdhury	5960
Arun Kumar Poddar	1000
Bani Chowdhury	8762
Lata Bhattacharjee	1000
Rollatainers Niryat Private Limited, India	50000
Ramkrishna Saha	2000
Shyama Prasad Chatterjee	2000
Subrata Bhattacharjee	20000
Nishit Kumar Sinha	4000
Rita Chowdhury	11000
Panorama Electronics Private Limited, India	50000
Panorama Developers Private Limited, India	30000
Total	185722

Names of Shareholders (Class A Equity Shares)	No. of Shares
Jayanta Chowdhury	6500
Total	6500

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	15.56
Directors or relatives of Directors	0.24
Other top fifty shareholders	84.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Electronic Consumer Durables.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

35 (Approximately)

Bankers :

• Allahabad Bank, Kolkata Main Branch, 14, India Exchange Place, Kolkata - 700 001, West Bengal, India
• Standard Chartered Bank
• HDFC Bank Limited
• Indusind Bank Limited, Savitri Towers, 3A, Upper Wood Street, Kolkata – 700 017, West Bengal, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)
Long Term Borrowings
Term Loan (Against Vehicle)
From Citi Financial Corporation
From HDFC Bank Limited	0.195
Cash Credit Accounts	148.702
Short Term Borrowings
Term Loan (Against Vehicle)
From Citi Financial Corporation	0.062
From HDFC Bank Limited	0.503
Total	149.462

Secured Loans	31.03.2012 (Rs. in Millions)
Cash Credit From Allahabad Bank (Secured against Hypothecation of stock of Finished Goods and hypothecation of Book Debts and personal guarantee of the Directors)	172.324
Term Loan (Secured against hypothecation of Motor Vehicles)	2.047
Total	174.371

Banking Relations :	---
Auditors :
Name :	Agarwal Vishwanath and Associates Chartered Accountants
Address :	7B, Dacres Lane, 1^st Floor, Kolkata - 700 069, West Bengal, India
PAN No.:	AAHFA4348L
Associates :	Prudential Aqua (Private) Limited Sylvan Electronics (Private) Limited Panorama Display Technologies (Private) Limited Asahi Electronics private limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
300000	Ordinary Equity Shares	Rs.10/- each	Rs.3.000 Millions
7000	“A” Class Equity Shares	Rs.1000/- each	Rs.7.000 Millions
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
185722	Ordinary Equity Shares	Rs.10/- each	Rs.1.857 Millions
6500	“A” Class Equity Shares	Rs.1000/- each	Rs.6.500 Millions
	Total		Rs.8.357 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	8.357
(b) Reserves & Surplus	52.373
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	60.730
(3) Non-Current Liabilities
(a) long-term borrowings	0.195
(b) Deferred tax liabilities (Net)	0.297
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.492
(4) Current Liabilities
(a) Short term borrowings	199.162
(b) Trade payables	31.364
(c) Other current liabilities	5.909
(d) Short-term provisions	6.151
Total Current Liabilities (4)	242.586
TOTAL	303.808
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.407
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.500
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.129
Total Non-Current Assets	7.036
(2) Current assets
(a) Current investments	0.000
(b) Inventories	69.799
(c) Trade receivables	143.052
(d) Cash and cash equivalents	18.033
(e) Short-term loans and advances	61.249
(f) Other current assets	4.639
Total Current Assets	296.772
TOTAL	303.808

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		8.357	8.357
2] Securities Premium		8.636	8.637
3] Share Application Money		0.000	0.000
4] Reserves & Surplus		19.925	18.205
5] (Accumulated Losses)		0.000	0.000
NETWORTH		36.918	35.199
LOAN FUNDS
1] Secured Loans		174.371	156.299
2] Unsecured Loans		48.220	54.486
TOTAL BORROWING		222.591	210.785
DEFERRED TAX LIABILITIES		0.192	0.223
TOTAL		259.701	246.207
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.419	14.346
Capital work-in-progress		0.000	0.000
INVESTMENT		0.500	0.500
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.707	111.322
	Sundry Debtors	191.645	180.093
	Cash & Bank Balances	5.453	9.188
	Other Current Assets	7.594	0.000
	Loans & Advances	33.089	20.766
Total Current Assets		283.488	321.369
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.420	83.712
	Other Current Liabilities	22.798	3.705
	Provisions	3.488	2.591
Total Current Liabilities		39.706	90.008
Net Current Assets		243.782	231.361
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		259.701	246.207

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operation	702.426	915.271	995.948
		Other Income	43.478	0.757	19.451
		TOTAL (A)	745.904	916.028	1015.399
Less	EXPENSES
		Cost of Goods Sold			854.687
		Vat Paid			112.435
		Administrative Overhead			15.233
		Selling and Distribution Overhead			9.762
		TOTAL (B)	NA	NA	992.117
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	23.282
Less	FINANCIAL EXPENSES (D)		NA	NA	18.887
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	4.395
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	0.837
	PROFIT BEFORE TAX (E-F) (G)		NA	NA	3.558
Less	TAX (H)		NA	NA	1.031
	PROFIT AFTER TAX (G-H) (I)		23.812	1.720	2.527
Less	Expenses for earlier year		NA	NA	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	18.205	15.678
	BALANCE CARRIED TO THE B/S		NA	NA	18.205
	Earnings Per Share (Rs.)		123.88	8.95	3.21

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.19	0.19	0.25
Net Profit Margin (PBT/Sales)	(%)	NA	100.08	0.35
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	1.06
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.10
Debt Equity Ratio (Total Debt /Networth)		3.28	6.03	5.99
Current Ratio (Current Asset/Current Liability)		1.22	7.14	3.57

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

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	995.948	915.271	702.426
		(8.101)	(23.255)

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	995.948	915.271	702.426
Profit	2.527	1.720	23.812
	0.25%	0.19%	3.39%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	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	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	10464535	28/11/2013	182,500,000.00	INDUSIND BANK LIMITED.	Savitri Towers, 3A, Upper Wood Street, Kolkata, West Bengal - 700017, INDIA	B91274571

* Date of charge modification

UNSECURED LOANS:

Particular	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Loan from Standard Chartered bank	10.979	0.000
From Body Corporate (Interest Free)	38.915	48.220
Total	49.894	48.220

Notes:

· The registered office of the company has been shifted from 3C Chowringhee Lane Kolkata – 700016, West Bangal, India to present address w.e.f. 01.11.2011

· The warehouse of the company has been shifted from Raghunathpur, Nazrul, Islam Avenue, Kolkata - 700 059, West Bengal, India to present address

FIXED ASSETS

• Furniture
• Motor Car
• Motor Van
• Machinery
• Generator
• Motor Cycle
• Office Equipment
• Computer
• Electrical Equipment
• Air Conditioner

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 records 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.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	YOG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.