MIRA INFORM REPORT

Report Date :

18.11.2014

IDENTIFICATION DETAILS

Name :	SANRAA GLOBAL GREEN ENERGY LIMITED (w.e.f. 2014)
Formerly Known As :	SANRAA GLOBAL GREEN ENERGY PRIVATE LIMITED
Registered Office :	No.9, Kanagsri Nagar, Cathedral Road, Gopalapuram, Chennai – 600086, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.12.2009
Com. Reg. No.:	18-074012
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U40102TN2009PLC074012
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHES34668E
PAN No.: [Permanent Account No.]	AAOCS6090F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ari Products, Trader of Cocopeat
No. of Employees :	68 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

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 :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred a huge accumulated loss which has eroded the networth of the company. However, business is active. Payment terms are 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

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.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 PARTED BY

Name :	Mr. Indra Kumar
Designation :	Account Manager
Contact No.:	91-9884062648
Date :	17.11.2014

LOCATIONS

Registered Office :	No.9, Kanagsri Nagar, Cathedral Road, Gopalapuram, Chennai – 600086, Tamilnadu, India
Tel. No. :	91-44-28116911
Mobile No. :	91-9884062648
Fax No. :	91-44-28116911
E-Mail :	raman@orientgreenpower.com rama@cocogreen.in
Website :	www.cocogreen.in
Location :	Rented
Factory :	Vadikadu, Punalvasal, Pattukkottai Taluk Thanjavur - 614803 District, Tamilnadu, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Vijay Kumar Ramanlal Vakharia

Designation :

Director

Address :

Old No.81, New No.102, Chamiers Road, Raja Annamalai Puram, Chennai - 600028, Tamilnadu, India

Date of Birth/Age :

02.05.1960

Date of Appointment :

22.12.2009

DIN No. :

02078523

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	U67190MH1981PTC024050	ABHINANDAN FINANCIAL AND CHEMICAL PVT LTD	Director	12/03/81	12/03/81	-	Active	NO
2	U52599TN1993PTC024591	VAKHARIA FOREX PRIVATE LIMITED	Director	11/03/93	11/03/93	-	Active	NO
3	U65991TN1993PTC024592	AASMAN FINANCIAL SERVICES PRIVATE LIMITED	Director	11/03/93	11/03/93	-	Active	NO
4	U45201TN1997PTC038859	ARROWAIR EXPRESS PRIVATE LIMITED	Director	02/05/01	02/05/01	-	Active	NO
5	U70101TN2005PTC058044	ZEAL REALTORS PRIVATE LIMITED	Director	18/11/05	18/11/05	-	Active	NO
6	U45202TN2006PTC059262	ZEAL WAREHOUSE PRIVATE LIMITED	Director	22/03/06	22/03/06	-	Active	NO
7	U85194TN2006PTC061273	PARAMA HEALTHCARE PRIVATE LIMITED	Director	01/09/09	23/02/09	-	Active	NO
8	U40102TN2009PLC074012	SANRAA GLOBAL GREEN ENERGY LIMITED	Director	22/12/09	22/12/09	-	Active	NO
9	L72300TN1995PLC031194	SANRAA MEDIA LIMITED	Director	10/03/10	10/03/10	-	Active	YES
10	U45400TN2013PTC091529	ZEAL INFRACON PRIVATE LIMITED	Director	06/06/13	06/06/13	-	Active	NO

Name :

Mr.Raman Kuppurao

Designation :

Whole-time Director

Address :

No.18, Natesan Colony, Alwarpet, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

11.11.1972

Date of Appointment :

05.08.2010

DIN No. :

02982911

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	U45309TN2007PTC065408	POWER PLAY CONSTRUCTION PRIVATE LIMITED	Director	30/09/10	13/07/10	-	Active	NO
2	U40102TN2009PLC074012	SANRAA GLOBAL GREEN ENERGY LIMITED	Whole-time director	05/08/10	05/08/10	-	Active	NO
3	U70102TN2007PTC065409	TRIPLE ENCLAVE INFRA DEVELOPERS PRIVATE LIMITED	Additional director	21/10/10	21/10/10	-	Active	NO
4	U45200TN2007PLC065170	KAASHYAP INFRA DEVELOPERS LIMITED	Additional director	22/02/11	22/02/11	-	Active	NO
5	L74999TN1993PLC026312	GEMMIA OILTECH (INDIA) LIMITED	Additional director	12/08/11	12/08/11	-	Active	NO
6	U80301TN2011PTC082280	MEGHDOT EDUTECH PRIVATE LIMITED	Director	09/09/11	09/09/11	-	Active	NO
7	U74999TN2012PTC088701	SARA BIO GLOBAL ENTERPRISES PRIVATE LIMITED	Director	29/11/12	29/11/12	-	Active	NO
8	U74999TN2013PTC090922	SARA BIO GLOBAL (GUJARAT) PRIVATE LIMITED	Director	02/05/13	02/05/13	-	Active	NO

Name :

Havenhalli Keshavamurthy Sowmya

Designation :

Director

Address :

New Nno 33 Old No 15, Sriram Colony, Abhiramapuram, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

05.08.1977

Date of Appointment :

07.08.2013

DIN No. :

06403183

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	U74999TN2012PTC088701	SARA BIO GLOBAL ENTERPRISES PRIVATE LIMITED	Director	29/11/12	29/11/12	-	Active	NO
2	U74999TN2013PTC090922	SARA BIO GLOBAL (GUJARAT) PRIVATE LIMITED	Director	02/05/13	02/05/13	-	Active	NO
3	U40102TN2009PLC074012	SANRAA GLOBAL GREEN ENERGY LIMITED	Director	30/09/13	07/08/13	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Sara Bio Global Enterprises Private Limited, India	2549500
K. Raman	100
Sukumar Subramanian	100
K. Lakshmanan	100
K. Venkatesh	100
L. Indrakumar	50
A. Thafsir Basha	50
Total	2550000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	99.98
Directors or relatives of Directors	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ari Products, Trader of Cocopeat
Products :	v Coco Peat v Coir Products v Coco Husk Products v Bio-Fuel
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	v USA v China v Singapore v Dubai v South Korea v Italy v Turkey
Imports :	Not Available
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	TVS Industries Limited, Tamilnadu
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Tata Coffee Limited, Tamilnadu
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

68 (Approximately)

Bankers :

Banker Name	Bank of Maharashtra
Branch Address	Broadway Branch, 116, Sri Gujarati Mandal Bhawan, Braodway, Chennai - 600108, Tamilnadu, India
Person Name (With Designation)	Mr. Bhatt (AGM)
Contact Number	91-44-25383570
Name of Account Holder	Sanraa Global Green Energy Private Limited (Old name of the subject company)
Account Number	--
Account Since (Date/Year of Account Opening)	4 Years ago
Average Balance Maintained (Optional)	--
Credit Facilities Enjoyed (CC / OD / Term loan)	They have current account
Account Operation	--
Remarks (If any)	Mr. Bhatt is informed the company having very good track record in payment transaction.

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loan bank	14.399	20.486
SHORT TERM BORROWINGS
Loan repayable on demand
Cash Credit from bank	15.197	6.704
Total	29.596	27.190

Banking Relations :	--
Auditors :
Name :	R. Ravindran and Associates Chartered Accountants
Address :	No. 14, Ashtalakshmi Street, Muthulakshmi Nagar, Chitlapakkam, Chennai – 600064, Tamilnadu, India
PAN No. :	AAJPR6640L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Sara Bio Global Enterprises Private Limited

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2550000	Equity Shares	Rs.10/- each	Rs.25.500 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	(2.151)	(3.560)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	24.514	18.700	7.500
Total Shareholders’ Funds (1) + (2)	22.863	15.640	8.000
(3) Non-Current Liabilities
(a) long-term borrowings	14.399	20.486	0.000
(b) Deferred tax liabilities (Net)	0.317	0.266	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14.716	20.752	0.000
(4) Current Liabilities
(a) Short term borrowings	32.141	7.743	4.854
(b) Trade payables	1.512	1.929	3.803
(c) Other current liabilities	5.004	5.004	0.000
(d) Short-term provisions	2.844	0.774	0.553
Total Current Liabilities (4)	41.501	15.450	9.210
TOTAL	79.080	51.842	17.210
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.044	32.387	5.548
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	4.388
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.687	0.604	0.025
(e) Other Non-current assets	4.090	5.274	3.542
Total Non-Current Assets	39.821	38.265	13.503
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.681	6.783	0.154
(c) Trade receivables	15.593	4.796	0.000
(d) Cash and cash equivalents	7.981	0.062	0.014
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	3.004	1.936	3.539
Total Current Assets	39.259	13.577	3.707
TOTAL	79.080	51.842	17.210

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	30.300	9.286	0.000
		Other Income	0.042	0.043	0.000
		TOTAL	30.342	9.329	0.000
Less	EXPENSES
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.221	1.612	0.000
		Employees benefits expense	5.507	2.586	0.000
		Other expenses	4.935	4.196	0.000
		TOTAL	18.663	8.394	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		11.679	0.935	0.000
Less	FINANCIAL EXPENSES		5.459	2.433	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.220	(1.498)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		3.753	1.797	0.000
	PROFIT/ (LOSS) BEFORE TAX		2.467	(3.295)	0.000
Less	TAX		1.058	0.265	0.000
	PROFIT/ (LOSS) AFTER TAX		1.409	(3.560)	0.000
	Earnings / (Loss) Per Share (Rs.)		28.00	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	4.65	(38.34)	0.00
Operating Profit Margin (PBDIT/ Sales)	(%)	38.54	10.07	0.00
Return on Total Assets (PBT/Total Assets}	(%)	3.12	(6.36)	0.00
Return on Investment (ROI) (PBT/Networth)		0.11	(0.21)	0.00
Debt Equity Ratio (Total Debt/Networth)		2.04	1.80	0.61
Current Ratio (Current Asset/Current Liability)		0.95	0.88	0.40

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	0.000	(3.560)	(2.151)
Share Application money pending allotment	7.500	18.700	24.514
Net worth	8.000	15.640	22.863
long-term borrowings	0.000	20.486	14.399
Short term borrowings	4.854	7.743	32.141
Total borrowings	4.854	28.229	46.540
Debt/Equity ratio	0.607	1.805	2.036

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)
Revenue from operations	0.000	9.286	30.300
			226.298

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	0.000	9.286	30.300
Profit	0.000	(3.560)	1.409
		(38.34%)	4.65%

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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

NOTE:

The registered address of the company has been shifted from No. 1, Whites Road, Royapettah, Chennai – 600014, Tamilnadu, India to the present address w.e.f. 25.10.2011

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advance related parties	0.000	0.137
Other loans and advance	16.944	0.902
Total	16.944	1.039

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10301142	16/06/2012 *	40,000,000.00	BANK OF MAHARASHTRA	BROADWAY BRANCH, 116, SRI GUJURATI MANDAL BHAWAN,  BROADWAY, CHENNAI, Tamil Nadu - 600108, INDIA	B45395803

* Date of charge modification

FIXED ASSETS

œ Plant and Equipment

œ Office Equipment

œ Furniture

œ Computer and Software

œ Building

œ Vehicle

œ Land

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.61.68
UK Pound	1	Rs.96.94
Euro	1	Rs.77.36

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		15

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.