MIRA INFORM REPORT

Report Date :

18.09.2014

IDENTIFICATION DETAILS

Name :	SHV ENERGY INDIA PRIVATE LIMITED
Registered Office :	8-2-334, 4th Floor, SDE Serene Chambers, Road No. 7, Banjara Hills, Hyderabad – 500034, Telangana
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	04.12.1995
Com. Reg. No.:	030488
Capital Investment / Paid-up Capital :	Rs. 1763.332 Millions
CIN No.: [Company Identification No.]	U24111TG1995PTC030488
PAN No.: [Permanent Account No.]	AAACS7887A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in setting up and carrying LPG business.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 7166000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of SHV Calor Asia B.V., Netherlands. It is an established company having moderate track record. Management remained non-cooperative denied to disclose any information about the subject. The company has incurred a loss during 2013. However, capital base of the company is satisfactory. As per Registrar of Companies, the status of the company is shown as active. Payment terms are unknown. 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 willfully 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

[CONTACT NO.: 91-40-23540079]

LOCATIONS

Registered/ Corporate Office :	8-2-334, 4th Floor, SDE Serene Chambers, Road No. 7, Banjara Hills, Hyderabad – 500034, Telangana, India
Tel. No.:	91-40-23540079/ 30604005/ 4006
Fax No.:	91-40-23540082/ 0083
E-Mail :	tarun@supergas.com shv@supergas.com
Website :	http://www.supergas.com
North Regional Office :	2nd Floor, Mahalaxmi Metro Tower C-1, Sector-4, Ghaziabad, Uttar Pradesh, India
Tel. No.:	91-120-4759000 to 9009/ 2777646
Fax No.:	91-120-2777647
West Regional Office :	82, 8th Floor, "TITANIUM", Opposite Ashwaraj Bunglows, Near Prahaladnagar, Auda Garden 100 Ft. Road, Satellite, Ahmedabad - 380015, Gujarat, India
Tel. No.:	91-79-32989078/ 5102
Fax No.:	91-79-40066319
East Regional Office :	11A/1D, East Topsia Road, 4th Floor, Near Mirania Gardens, Kolkata, West Bengal, India
Tel. No.:	91-33-32502785/ 76
Fax No.:	91-33-24641546
South Regional Office :	No. 150/15, Alpha Centre, 7th Floor, North Usman Road, T Nagar Chennai - 600017, Tamilnadu, India
Tel. No.:	91-44-28140450/ 51/ 58
Fax No.:	91-44-28157636
Bangalore Office :	“Sai Ram Arcade”, 3^rd Floor, #1695, 2^nd Sector, 19^th Main, Near Cambridge School, HSR Layout, Bangalore – 560102, Karnataka, India
Tel. No.:	91-80-25720884
Pune Office :	739-1/2, Chorall Butruk, Near Nirma Godwon, Alandi Road, Pune – 412105, Maharashtra, India
Tel. No.:	91-20-32316447
Jamshedpur Office :	Plot 467, Road Khatta-98, Thane-67, Village + Post Office Choto Gamaria, District Saraikela Kharswan – 832108, Jharkhand, India
Tel. No.:	91-657-3209094

DIRECTORS

AS ON 30.06.2014

Name :

Mr. Ajay Kumar

Designation :

Director

Address :

302, Ganga Residency, Plot No. 54, Srinagar Colony, Hyderabad – 500073, Telangana, India

Date of Birth/Age :

21.11.1959

Date of Appointment :

12.08.2001

DIN No.:

00833469

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	U45309GJ1995PTC053302	SHV ENERGY LPG INFRASTRUCTURE PRIVATE LIMITED	Director	15/12/1999	15/12/1999	Amalgamated	NO
2	U23200MH1996PTC096727	SHV ENERGY LPG INDIA PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Dissolved	NO
3	U23203MH1996PTC099040	SHV ENERGY SOUTHERN PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Dissolved	NO
4	U23203MH1996PTC099008	SHV ENERGY SOUTH WEST PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Dissolved	NO
5	U23203MH1996PTC099007	SHV ENERGY NORTHERN PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Dissolved	NO
6	U23200MH1996PTC096728	SHV ENERGY MARCO PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Dissolved	NO
7	U23200MH1996PTC096409	SHV ENERGY DISTRIBUTION PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Dissolved	NO
8	U40100WB1998PTC088292	SHV ENERGY NORTH EAST PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Dissolved	NO
9	U23203TG1998PTC065333	SHV ENERGY LPG NORTH PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Amalgamated	NO
10	U24111TG1996PTC030487	SHV ENERGY PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Active	NO
11	U24111TG1995PTC030488	SHV ENERGY INDIA PRIVATE LIMITED	Director	12/08/2001	12/08/2001	Active	NO
12	U23203TN1998PTC039803	SHV LPG INDIA PRIVATE LIMITED	Director	20/09/2010	22/12/2009	Active	NO

Name :

Mr. Arvindersingh Oberai

Designation :

Director

Address :

Flat No. 803, Galaxy, Wonder City, Katraj, Pune – 411046, Maharashtra, India

Date of Birth/Age :

17.06.1954

Date of Appointment :

28.06.2013

DIN No.:

05346675

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	U23203TN1998PTC039803	SHV LPG INDIA PRIVATE LIMITED	Director	28/09/2012	06/08/2012	Active	NO
2	U24111TG1996PTC030487	SHV ENERGY PRIVATE LIMITED	Director	28/06/2013	06/08/2012	Active	NO
3	U24111TG1995PTC030488	SHV ENERGY INDIA PRIVATE LIMITED	Director	28/06/2013	06/08/2012	Active	NO

Name :

Selim Siper

Designation :

Director

Address :

Cengelkoy Mah, Dr. Daglar Sk. No. 14/1, Uskudar, Istanbul 34680 Turkey

Date of Birth/Age :

11.05.1957

Date of Appointment :

30.06.2014

DIN No.:

06626332

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	U23203TN1998PTC039803	SHV LPG INDIA PRIVATE LIMITED	Director	30/09/2013	26/07/2013	Active	NO
2	U24111TG1996PTC030487	SHV ENERGY PRIVATE LIMITED	Director	30/06/2014	26/07/2013	Active	NO
3	U24111TG1995PTC030488	SHV ENERGY INDIA PRIVATE LIMITED	Director	30/06/2014	29/07/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2014

Names of Shareholders	No. of Shares
SHV Calor Asia B.V., Netherlands	176333237
SHV Holdings N.V., Netherlands	2
Total	176333239

AS ON 30.06.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in setting up and carrying LPG business.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	8-2-293/82/A/1131A, Road No. 36, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AABFL5878L
Holding company :	SHV Calor Asia B.V, Netherlands
Subsidiary company :	· SHV Energy Private Limited [U24111TG1996PTC030487] SHV LPG India Private Limited [U23203TN1998PTC039803]
Ultimate Holding company :	SHV Holding N.V

CAPITAL STRUCTURE

AS ON 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
403,700,000	Equity Shares	Rs. 10/- each	Rs. 4037.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
176,333,239	Equity Shares	Rs. 10/- each	Rs. 1763.332 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1763.332	1763.332	1763.332
(b) Reserves & Surplus	28.208	28.495	15.819
(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)	1791.540	1791.827	1779.151
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.500	5.500	5.500
Total Non-current Liabilities (3)	5.500	5.500	5.500
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.533	0.533	0.000
(c) Other current liabilities	1.004	1.620	1.664
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1.537	2.153	1.664
TOTAL	1798.577	1799.480	1786.315
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.002	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1747.526	1747.526	1750.196
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1747.526	1747.528	1750.196
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.421	0.351	0.358
(e) Short-term loans and advances	1.194	1.215	35.761
(f) Other current assets	49.436	50.386	0.000
Total Current Assets	51.051	51.952	36.119
TOTAL	1798.577	1799.480	1786.315

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		TOTAL	0.738	4.904	0.661
Less	EXPENSES
		TOTAL	1.025	3.893	1.058
	PROFIT/ [LOSS] BEFORE TAX		(0.287)	1.011	(0.397)
Less	TAX		0.000	0.069	0.000
	PROFIT/ [LOSS] AFTER TAX		(0.287)	0.942	(0.397)
	Earnings/ [Loss] Per Share (Rs.)		(0.00)	0.01	(0.00)

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
PAT / Total Income	(%)	(38.89)	19.21	(60.06)
Return on Total Assets (PBT/Total Assets}	(%)	(0.56)	1.95	(1.10)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		33.21	24.13	21.71

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1763.332	1763.332	1763.332
Reserves & Surplus	15.819	28.495	28.208
Net worth	1779.151	1791.827	1791.540
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	0.661	4.904	0.738
		641.906	(84.951)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	0.661	4.904	0.738
Profit/ [Loss]	(0.397)	0.942	(0.287)
	(60.06%)	19.21%	(38.89%)

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	No
24]	Banking facility details	No
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: NO CHARGES EXIST FOR COMPANY

GENERAL INFORMATION

The Company’s main business activity is setting up and carrying LPG business in India through downstream subsidiaries.

REVIEW OF OPERATIONS DURING THE YEAR

The Company has investments in its subsidiaries involved in LPG Storage and Distribution. The Company has not received any dividend income from its investment activity in its subsidiaries. The Accumulated losses of the Company as on 31st December 2013 are Rs. 124.384 Millions.

AMALGAMATION

Pursuant to the Scheme of Amalgamation approved by the Honorable High Courts of Gujarat and Andhra Pradesh on April 20, 2012 and July 20, 2012 respectively, the erstwhile SHV Energy LPG Infrastructure Private Limited (hereafter referred to as "SHV Infra") and SHV Energy LPG North Private Limited (hereafter referred to as "SHV North") which were wholly owned subsidiaries of SHV Energy India Private Limited prior to amalgamation have been amalgamated with SHV Energy India Private Limited (here in after referred to as the “Company”) effective from January 1, 2011. Accordingly all the assets and liabilities of the erstwhile SHV Infra and SHV North have been transferred to and vested in the company, effective the said date.

As per the approved scheme, the authorized share capital of the company has increased with effect from January 1, 2011 without any further Act, instrument or deed on the part of the company including payment of stamp duty and fees payable to Registrar of Companies by the authorized share capital of SHV Infra and SHV North as on the effective date.

The Amalgamation has been accounted for under the "pooling of interest" method as prescribed by the Accounting Standard AS -14, "Accounting for Amalgamation" notified under Section 211 (3C) of the Act. Accordingly in the previous year all assets and liabilities of SHV Infra and SHV North as at January 1, 2011 have been taken over at the values as appearing in the books of SHV Infra and SHV North. The following assets and liabilities of were acquired as part of the said scheme:

[RS. IN MILLIONS]

PARTICULARS

SHV North

SHV Infra

A. Assets

Assets held for Sale

0.617

--

Fixed Assets (Net Block- Rs. 0.082 Million i.e. Gross Block- Rs. 0.444 Million Less accumulated depreciation- Rs. 0.362 Million):

--

0.082

Particulars	Gross block	Accumulated Depreciation	Net block
Office Equipment	0.041	0.025	0.016
Vehicles	0.403	0.337	0.066
Total	0.444	0.362	0.082

Investments

--

0.000

Inventories

--

2.625

Cash and Bank Balances

--

0.066

Loans and Advances

13.054

0.040

B. Liabilities

Current liabilities

0.013

1.835

C. Net Assets taken over (A-B)

13.658

0.978

Less: Investment balance of the company

(2.272)

(0.398)

Net balance accounted in the books of the company as Amalgamation Reserve in terms of the aforesaid scheme of Amalgamation under Reserves and Surplus in the previous year.

11.967

Since SHV Infra and SHV North have been amalgamated with the company retrospectively w.e.f January 1, 2011 during the previous year, the net loss for the year ended December 31, 2011 for SHV Infra and SHV North aggregating to Rs.0.233 Million has been adjusted to deficit in Statement of Profit and Loss under Reserves and Surplus in the previous year.

FIXED ASSETS:

· Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

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. 60.95
UK Pound	1	Rs. 99.32
Euro	1	Rs. 78.97

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--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.