MIRA INFORM REPORT

Report Date :

03.11.2014

IDENTIFICATION DETAILS

Name :	SICAME INDIA CONNECTORS PRIVATE LIMITED
Registered Office :	S. No. 473/1 (Part) No. 96, Sirukundram Village, Chengalpet Taluk, Kancheepuram – 603108, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.08.2006
Com. Reg. No.:	18-060997
Capital Investment / Paid-up Capital :	Rs. 277.966 Millions
CIN No.: [Company Identification No.]	U51103TN2006PTC060997
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Connectors and Related Mechanical Accessories, Low Voltage Accessories, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management of the company has changed its financial year from (31^st December, 2011 to 31^st March, 2013) ranging from (January 2012-March 2013) for 15 months. The company has incurred some accumulated losses during 2013. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some 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 – 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-44-37270300)

LOCATIONS

Registered Office :	S. No. 473/1 (Part) No. 96, Sirukundram Village,Chengalpet Taluk, Kancheepuram – 603108, Tamilnadu, India
Tel. No. :	91-44-37270300
Fax No. :	91-44-37270347
E-Mail :	guillaume.valle@sicame.in shine.damodaran@sicame.in
Website :	www.sicsme.in www.sicame.com
Delhi Sales Office :	No. 708, Vishwa Sadan Building, Plot No.9, District Centre, Janakpuri, New Delhi – 110058, India
Tel. No.:	91-11-46542222
Fax No.:	91-11-44067852

DIRECTORS

As on 10.09.2014

Name :

Shine Damodaran

Designation :

Managing Director

Address :

No.A705, Mantri Synergy, No 1/124B, Rajiv Gandhi Salai, Padur, Kelambakkam, Kanchipuram - 603103, Tamilnadu, India

Date of Birth/Age :

12.03.1977

Date of Appointment :

24.12.2012

DIN No. :

06462120

Name :

Soy Joseph

Designation :

Alternate Director

Address :

Indira Devi Complex, IInd Floor, 20, Gopalakrishna Street, Pondy Bazar T. Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

31.05.1968

Date of Appointment :

01.04.2010

DIN No. :

00014936

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	U74140TG2006PTC049480	SGS CORPORATE SOLUTIONS INDIA PRIVATE LIMITED	Director	14-03-2006	14-03-2006	-	Active	NO
2	U74999TN2008PTC069341	SAS PARTNERS CORPORATE ADVISORS PRIVATE LIMITED	Director	19-09-2008	19-09-2008	-	Active	NO
3	U74120TN2009PTC070908	LEX AUDE SERVICES PRIVATE LIMITED	Director	05-03-2009	05-03-2009	05-10-2011	Active	NO
4	U72900TG2008PTC061219	R3 ECONSULTING PRIVATE LIMITED	Director	15-12-2009	23-09-2009	-	Active	NO
5	U51103TN2006PTC060997	SICAME INDIA CONNECTORS PRIVATE LIMITED	Alternate director	01-04-2010	01-04-2010	-	Active	NO
6	U29248TN2012PTC084707	BONTAZ AUTOMOTIVE INDIA PRIVATE LIMITED	Director	26-08-2013	19-06-2013	-	Active	NO
7	U72200TN2006PTC059713	SOLARWINDS INDIA PRIVATE LIMITED	Director	30-09-2014	01-04-2014	-	Active	NO

Name :

Pierre Francois

Designation :

Director

Address :

12 Rue Leon Sazerat, Limoges, 87000, France

Date of Appointment :

30.08.2006

DIN No. :

00517463

Name :

Patrick Libert

Designation :

Director

Address :

31 Rue De L'ermitage, Versailles, 78000, France

Date of Appointment :

30.08.2006

DIN No. :

00517498

Name :

Guillaume Valle

Designation :

Director

Address :

B23 Gulmohar Park, New Delhi - 110049, India

Date of Birth/Age :

21.08.1980

Date of Appointment :

30.09.2013

DIN No. :

02579192

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51103TN2006PTC060997	SICAME INDIA CONNECTORS PRIVATE LIMITED	Director	30-09-2013	01-04-2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sicame SA, France	27302699	98.22
SM-CI, France	493899	1.78
Total	27796598	100.00

As on 10.09.2014

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 :

Manufacturer of Connectors and Related Mechanical Accessories, Low Voltage Accessories, etc.

Products :

Item Code No. (ITC Code)	Product Description
85367000	Connectors

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Unit	31.12.2011
Licensed Capacity	Nos.	5000000
Installed Capacity	Nos.	5000000
Actual Production	Nos.	1932990

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Deutsche Bank Ag, Kothari Building, Ground Floor, 114 Nungambakkam, High Road, Nungambakkam, Chennai - 600034, Tamilnadu, India

The Hongkong And Shanghai Banking Corporation Limited, 76, Cathedral Road, Chennai - 600086, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (15 Months) (Rs. in Millions)	31.12.2011 (12 Months) (Rs. in Millions)
LONG TERM BORROWINGS
Loans taken for vehicles (Secured by hypothecation of Tata Aria Vehicle. Secured by hypothecation of the vehicle - Mahindra Xylo)	0.636	0.000
SHORT TERM BORROWINGS
Rupee term loans from banks (Guaranteed by a Stand by Letter of Credit amounting to 1 Million Euro from NATIXIS (a Bank), France on behalf of Sicame S.A France, the ultimate holding company. Guaranteed by a Stand by Letter of Credit amounting to 6 lakh Euro from NATIXIS (a Bank), France on behalf of Sicame S.A France, the ultimate holding company. Secured by hypothecation charge on stock and book debts as well as collateral of three stand by letter of credit issued by Natixis bank France.)	58.300	81.400
Total	58.936	81.400

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	Sreela Terrace, Level-4, Unit-D, 105, First Main Road, Gandhi Nagar, Adyar, Chennai - 600020, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	ABSPP3565C
Holding Company :	Sicame SA, France
Enterprises which are under common control :	· SM CI, France · Sicamex, France · Mecatraction, France · SBI Connectors, Spain · SMCI (Sae Malico Connectors International) · SMCI Electrical Equipments, China · Dervasil · Salvi · SBI Connectors Espana S. A · A Salvi and C.S.P.A · Sicame HK Limited · Sicame S A PBI · Sicame Ukraine · SM CI · CATU - SA · Cicame Energie · Liat S A · Establishments Metalugicos Cavanna SACIRI · Sicame South Africa (Pty) Limited · Hydro Quebec · SM CI - Everux · Dervaux SA · Sicame polska SP Z O O · OOO Sicame · Sicame Australia

CAPITAL STRUCTURE

As on 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
35,000,000	Equity Shares	Rs.10/- each	Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27,796,598	Equity Shares	Rs.10/- each	Rs. 277.966 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 (15 Months)	31.12.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	277.966	253.795
(b) Reserves & Surplus	(10.737)	(79.853)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	49.314
Total Shareholders’ Funds (1) + (2)	267.229	223.256
(3) Non-Current Liabilities
(a) long-term borrowings	28.454	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	2.559	1.524
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	31.013	1.524
(4) Current Liabilities
(a) Short term borrowings	58.300	81.400
(b) Trade payables	186.435	165.335
(c) Other current liabilities	5.385	1.969
(d) Short-term provisions	0.231	0.000
Total Current Liabilities (4)	250.351	248.704
TOTAL	548.593	473.484
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	216.120	178.764
(ii) Intangible Assets	0.478	0.855
(iii) Capital work-in-progress	0.000	4.856
(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	1.119	0.786
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	217.717	185.261
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	94.084	140.402
(c) Trade receivables	195.662	88.485
(d) Cash and cash equivalents	19.622	36.578
(e) Short-term loans and advances	16.314	22.653
(f) Other current assets	5.194	0.105
Total Current Assets	330.876	288.223
TOTAL	548.593	473.484

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		220.487
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(87.485)
NETWORTH		133.002
LOAN FUNDS
1] Secured Loans		0.374
2] Unsecured Loans		81.400
TOTAL BORROWING		81.774
DEFERRED TAX LIABILITIES		0.000
TOTAL		214.776
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		57.979
Capital work-in-progress		79.770
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.855
	Sundry Debtors	81.615
	Cash & Bank Balances	24.981
	Other Current Assets	0.164
	Loans & Advances	16.523
Total Current Assets		182.138
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.321
	Other Current Liabilities	3.870
	Provisions	0.920
Total Current Liabilities		105.111
Net Current Assets		77.027
MISCELLANEOUS EXPENSES		0.000
TOTAL		214.776

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013 (15 Months)	31.12.2011 (12 Months)	31.12.2010
	SALES
		Income	48.816	243.142	175.268
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		44.699	(47.435)	(8.900)
Less	FINANCIAL EXPENSES (D)		18.814	13.652	5.850
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.885	(61.087)	(14.750)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.185	11.220	7.434
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		8.700	(72.307)	(22.184)
Less	TAX (H)		(4.823)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		13.523	(72.307)	(22.184)
	EARNINGS IN FOREIGN CURRENCY		61.022	26.610	21.377
	Earnings / (Loss) Per Share (Rs.)		0.49	(2.85)	(1.01)

KEY RATIOS

PARTICULARS		31.03.2013 (15 Months)	31.12.2011 (12 Months)	31.12.2010
Net Profit Margin (PAT/Sales)	(%)	27.70	(29.74)	(12.66)
Operating Profit Margin (PBDIT/Sales)	(%)	91.57	(19.51)	(5.08)
Return on Total Assets (PBT/Total Assets}	(%)	1.59	(15.43)	(9.24)
Return on Investment (ROI) (PBT/Networth)		0.03	(0.32)	(0.17)
Debt Equity Ratio (Total Debt/Networth)		0.32	0.36	0.61
Current Ratio (Current Asset/Current Liability)		1.32	1.16	1.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011 (12 Months)	31.03.2013 (15 Months)
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	253.795	277.966
Reserves & Surplus	(79.853)	(10.737)
Net worth	173.942	267.229
long-term borrowings	0.000	28.454
Short term borrowings	81.400	58.300
Total borrowings	81.400	86.754
Debt/Equity ratio	0.468	0.325

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011 (12 Months)	31.03.2013 (15 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	175.268	243.142	48.816
		38.726	(79.923)

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011 (12 Months)	31.03.2013 (15 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	175.268	243.142	48.816
Profit/ (Loss)	(22.184)	(72.307)	13.523
	(12.66%)	(29.74%)	27.70%

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	-----
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10514930	26/06/2014	135,000,000.00	DEUTSCHE BANK	4-4A, WESTERN TOWER, SUNNY SIDE, SHAFI MOHAMMAD ROAD, NUNGAMBAKKAM, CHENNAI, TAMILNADU - 600034, INDIA	C13185491
2	10408135	27/06/2012	120,000,000.00	DEUTSCHE BANK AG	KOTHARI BUILDING, GROUND FLOOR, 114 NUNGAMBAKKAM, HIGH ROAD, NUNGAMBAKKAM, CHENNAI, TAMILNADU - 600034, INDIA	B59527341

UNSECURED LOANS

PARTICULAR	31.03.2013 (15 Months) (Rs. in Millions)	31.12.2011 (12 Months) (Rs. in Millions)
LONG TERM BORROWINGS
Other external commercial borrowings	27.818	0.000
Total	27.818	0.000

COMPANY’S PERFORMANCE

The Global financial meltdown had its impact in all the countries of the World. France was also one of the affected countries where the Company’s ultimate holding company is situated.

There was a 205% improvement in the sales despite the impact of the global financial crisis.

Company is taking all the necessary measures to reduce the cost and to improve the performance of the company in the forthcoming year.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (15 Months) (Rs. in Millions)	31.12.2011 (12 Months) (Rs. in Millions)
a) Bank Guarantee	67.932	34.250
b) Estimated amount of Contracts remaining to be executed on Capital A/c (not provided for)	0.000	0.824
b) Claims against the company not acknowledged as debt (IT Demand)	0.110	0.000

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

Intangible Assets

· Copyrights, Patents and Other Operating Rights

· Other Intellectual Property Rights

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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.77.19

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	2
--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		27

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.