MIRA INFORM REPORT

Report Date :

05.09.2014

IDENTIFICATION DETAILS

Name :	GLOBAL POWERSOURCE (INDIA) PRIVATE LIMITED (w.e.f.11.09.2008)
Formerly Known As :	FIAMM GLOBAL (INDIA) PRIVATE LIMITED
Registered Office :	C-10, Satyam Shopping Centre, M.G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.08.2006
Com. Reg. No.:	11-163562
Capital Investment / Paid-up Capital :	Rs.80.000 Millions
CIN No.: [Company Identification No.]	U74140MH2006PTC163562
TAN No.: [Tax Deduction & Collection Account No.]	MUMF04740B
PAN No.: [Permanent Account No.]	AAACF9963C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer and Distributor of UPS and Batteries.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 840000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company is low. However, the rating reflects GPPL’s established position in the industrial uninterrupted power supply battery segment supported by established relationships with its customers and sound liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

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

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	26.11.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	26.11.2013

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sahil Kumar
Designation :	General Finance Manager
Contact No.:	91-9320640646
Date :	02.09.2014

LOCATIONS

Registered Office / Head Office :	C-10, Satyam Shopping Centre, M.G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Tel. No.:	91-22-25110646/ 40460646
Mobile No.:	91-9320640646 (Mr. Sahil Kumar)
Fax No.:	91-22-25111042/ 21021042
E-Mail :	sahil.kumar@rocketbatteries.net info@rocketbatteries.net sandeep@sppc.co.in
Website:	www.rocketbatteries.net
Area:	3000 sq. ft.
Location:	Owned
Corporate Office	C-701/2/3, Neelkanth Busines Park, Vidyavihar (West), Mumbai – 400077, Maharashtra, India
Warehouse:	B S 67, Mitali Commercial Complex, Rehnal Village, Anjur Phata, Bhiwandi, Thane, Maharashtra, India
Area:	10000 sq. ft.
Location:	Owned
Branch Offices :	Located at: · Delhi · Kolkata · Ahmedabad · Bangalore · Lucknow · Patna · Pune · Chennai · Chandigarh · Bhubaneshwar · Vapi · Guwahati · Jaipur · Karnal · Gurgaon · Secunderabad
Special Economic Zonal Office 1 :	Unit No.97, Plot No.294, Surat Special Economic, Sachin, Surat - 394230, Gujarat, India
Special Economic Zonal Office 2 :	Plot No.43/A/SDF, 1^st Floor, 'D' Block, Cochin SEZ Kakkaned, Cochin - 682037, Kerala, India
Tel. No.:	91-484-2413369

DIRECTORS

As on 30.09.2013

Name :

Mr. Dipak Dhirajlal Gandhi

Designation :

Director

Address :

405, Sahyadri, Neelkanth Valley, Ghatkopar (East), Mumbai – 400087, Maharashtra, India

Date of Birth/Age :

07.08.1955

Date of Appointment :

04.08.2006

PAN No.:

AABPG7719F

DIN No.:

00004313

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	U74140MH2006PTC163562	GLOBAL POWERSOURCE (INDIA) PRIVATE LIMITED	Director	04/08/2006	04/08/2006	Active	NO
2	U64201MH2009PTC191306	GLOBAL NISHI TELESERVICES INDIA PRIVATE LIMITED	Director	30/03/2009	30/03/2009	Active	NO
3	U64201MH2009PTC191814	GLOBAL TELETOWER (INDIA) PRIVATE LIMITED	Director	18/04/2009	18/04/2009	Active	NO
4	U31908MH2010PTC200602	NARADA GLOBAL BATTERIES ( I ) PRIVATE LIMITED	Director	05/03/2010	05/03/2010	Active	NO
5	U51909MH2010PTC202373	ROCKET BATTERIES INDIA PRIVATE LIMITED	Director	26/04/2010	26/04/2010	Active	NO

Name :

Mr. Ashwin Kisandas Parekh

Designation :

Director

Address :

Wing A, Flat No.201, 2^nd Floor, Nityanand Krupa, M G Raod, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

18.07.1956

Date of Appointment :

10.11.2011

DIN No.:

05117212

KEY EXECUTIVES

Name :	Mr. Sahil Kumar
Designation :	General Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Dipak Dhirajlal Gandhi	5562500
Dipak Dhirajlal Gandhi HUF	2437500
Total	8000000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Importer and Distributor of UPS and Batteries.
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	· Korea · China · Malaysia · Vietnam
Terms :
Selling :	Credit
Purchasing :	L/C / DA / DP

GENERAL INFORMATION

Suppliers :

Vietnam Center Power Technology Company Limited, Hong Kong

Customers :

Wholesalers and OEM’s

· Silvex Exports Private Limited, India

No. of Employees :

250 (Approximately)

Bankers :

· Union Bank of India, Silver Court, M G Road, Ghatkopar, Mumbai - 400077, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· Abu Dhabi Commercial Bank Limited, 75, Rehmat Manzil, Veer Nariman Road, Churchgate, Mumbai - 400020, Maharashtra, India

· Standard Chartered Bank, SME Credit, 23-25, M G Road, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Secured Term Loan from Bank
Commercial Premises Loan A/c	0.000	11.396
Union Bank of India	0.352	0.619
SHORT TERM BORROWINGS
Secured Loan from Banks
Buyers credit with UBI	19.193	162.428
Bank Overdraft	274.014	170.049
Total	293.559	344.492

Banking Relations :	--
Auditors :
Name :	Nitin Pota and Associates Chartered Accountants
Address :	D-204, Kailas Esplanade, L.B.S. Road, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
Tel No.:	91-22-25000590/ 25005087
Fax No.:	91-22-25005087
E-Mail:	admin@canitinpota.com
Website :	www.canitinpota.com
PAN No.:	AADPP2784R
Associate Company :	· Rocket Batteries (India) Private Limited Global Tele Tower (India) Private Limited
Group Company :	Global Nishi Teleservices Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	80.000	80.000	50.000
(b) Reserves & Surplus	131.672	110.073	86.061
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	211.672	190.073	136.061
(3) Non-Current Liabilities
(a) long-term borrowings	21.546	47.314	71.588
(b) Deferred tax liabilities (Net)	2.995	1.915	1.456
(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)	24.541	49.229	73.044
(4) Current Liabilities
(a) Short term borrowings	293.208	332.477	355.388
(b) Trade payables	619.877	464.887	254.360
(c) Other current liabilities	0.883	4.924	1.975
(d) Short-term provisions	38.379	36.716	23.823
Total Current Liabilities (4)	952.347	839.004	635.546
TOTAL	1188.560	1078.306	844.651
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	65.366	54.005	18.752
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	30.838
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.191	4.191	1.691
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.016	5.948	5.749
(e) Other Non-current assets	0.072	0.174	0.303
Total Non-Current Assets	80.645	64.318	57.333
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	152.681	152.415	91.110
(c) Trade receivables	721.292	620.004	480.205
(d) Cash and cash equivalents	145.524	186.337	177.866
(e) Short-term loans and advances	3.116	3.886	2.368
(f) Other current assets	85.302	51.346	35.769
Total Current Assets	1107.915	1013.988	787.318
TOTAL	1188.560	1078.306	844.651

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3108.195	2690.812	2285.131
		Other Income	20.126	17.451	13.700
		TOTAL (A)	3128.321	2708.263	2298.831
Less	EXPENSES
		Cost of Materials Consumed	2833.674	2477.623	2027.975
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.266)	(61.305)	19.445
		Employees benefits expense	76.361	67.353	39.188
		Other expenses	115.473	101.772	101.811
		TOTAL (B)	3025.242	2585.443	2188.419
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		103.079	122.820	110.412
Less	FINANCIAL EXPENSES (D)		68.647	84.877	82.094
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.432	37.943	28.318
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.178	2.772	1.847
	PROFIT BEFORE TAX (E-F) (G)		31.254	35.171	26.471
Less	TAX (H)		9.655	11.159	10.389
	PROFIT AFTER TAX (G-H) (I)		21.599	24.012	16.082
	Earnings Per Share (Rs.)		2.70	3.00	3.22

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.69	0.89	0.70
Net Profit Margin (PBT/Sales)	(%)	1.01	1.31	1.16
Return on Total Assets (PBT/Total Assets}	(%)	2.64	3.27	3.26
Return on Investment (ROI) (PBT/Networth)		0.15	0.19	0.19
Debt Equity Ratio (Total Debt /Networth)		1.49	2.00	3.14
Current Ratio (Current Asset/Current Liability)		1.16	1.21	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	50.000	80.000	80.000
Reserves & Surplus	86.061	110.073	131.672
Net worth	136.061	190.073	211.672
long-term borrowings	71.588	47.314	21.546
Short term borrowings	355.388	332.477	293.208
Total borrowings	426.976	379.791	314.754
Debt/Equity ratio	3.138	1.998	1.487

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2285.131	2690.812	3108.195
		17.753	15.511

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2285.131	2690.812	3108.195
Profit	16.082	24.012	21.599
	0.70%	0.89%	0.69%

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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
From Banks and Financial Institutions	0.257	16.480
From Shareholders and Group Companies	20.938	15.894
From Others	0.000	2.925
Total	21.195	35.299

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10514808	31/07/2014	290,000,000.00	DBS BANK LIMITED	CAPITOL POINT, BABA KHARAK SINGH MARG, CONNAUGHT  PLACE, NEW DELHI, DELHI - 110001, INDIA	C16364499
2	10451668	05/09/2013	20,000,000.00	UNION BANK OF INDIA	SILVER COURT, M G ROAD, GHATKOPAR, MUMBAI, MAHARASHTRA - 400077, INDIA	B86005931
3	10423506	14/03/2014 *	850,000,000.00	UNION BANK OF INDIA	UNION BANK OF INDIA, SILVER COURT, 1ST FLOOR, M. G. ROAD, GHATKOPAR (E), MUMBAI, MAHARASHTRA - 400077, INDIA	C04335303
4	10375907	27/07/2012	20,000,000.00	UNION BANK OF INDIA LIMITED	M. G. ROAD,, GHATKOPAR (EAST), MUMBAI, MAHARASHTRA - 400077, INDIA	B57873887
5	10365704	28/06/2012	800,000.00	UNION BANK OF INDIA	SILVER COURT, 1ST FLOOR,, M. G. ROAD, GHATKOPAR (W), MUMBAI, MAHARASHTRA - 400077, INDIA	B43715507
6	10231548	28/06/2010	195,000,000.00	STANDARD CHARTERED BANK	SME CREDIT, 23-25, M G ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA	A90229204
7	10188544	09/11/2009	50,000,000.00	UNION BANK OF INDIA	GHATKOPAR (EAST) BRANCH, SILVER COURT, 1ST FLOOR,  M. G. ROAD, GHATKOPAR (E), MUMBAI, MAHARASHTRA -  400077, INDIA	A74106220
8	10171992	13/03/2012 *	200,000,000.00	UNION BANK OF INDIA	SILVER COURT, M G ROAD,, GHATKOPAR (EAST), MUMBAI, MAHARASHTRA - 400077, INDIA	B36797850
9	10110306	13/03/2012 *	540,000,000.00	UNION BANK OF INDIA	SILVER COURT, M G ROAD,, GHATKOPAR (EAST), MUMBAI, MAHARASHTRA - 400077, INDIA	B36800274

* Date of charge modification

FIXED ASSETS

· Mobile

· Computer

· Air Conditioner

· Battery Racks

· Battery Testing Equipment

· Weighting Scales

· Projector

· Fax Machine

· Furniture

· Camera

· Cycle

· Electrical Fittings

· Office Equipments

· Car

· Scooter and Bike

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.54
UK Pound	1	Rs.99.73
Euro	1	Rs.79.54

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	NTH

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	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.