MIRA INFORM REPORT

Report No. :	316705
Report Date :	10.04.2015

IDENTIFICATION DETAILS

Name :	TPG WHOLESALE PRIVATE LIMITED (w.e.f. 21.09.2010)
Formerly Known As :	MICRONET INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	Plot No.184, Fifth Floor, Platinum Tower, Udyog Vihar, Phase-1, Gurgaon – 122 016, Haryana
Tel. No.:	91-124-4980000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.05.2010
Com. Reg. No.:	05-052389
Capital Investment / Paid-up Capital :	Rs.2514.674 million
CIN No.: [Company Identification No.]	U51909HR2010PTC052389
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT16416B
PAN No.: [Permanent Account No.]	AAGCM7158Q AADCT9047J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the wholesale business of trading of apparels, fast moving consumer goods (FMCG) and general merchandise.
No. of Employees :	400 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational risk profile and huge accumulated loss incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	16.05.2014

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 (GENERAL DETAILS)

Name :	Mr. Satyendra Kumar
Designation :	Accounts Department
Contact No.:	91-124-4980000
Date :	09.04.2015

LOCATIONS

Registered Office/ Corporate Office :	Plot No.184, Fifth Floor, Platinum Tower, Udyog Vihar, Phase-1, Gurgaon – 122 016, Haryana, India
Tel. No.:	91-124-4980000
Fax No.:	91-124-4980001
E-Mail :	satyendra.kumar@vikaswholesale.co.in arun.gupta@vishalwholesale.co.in

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Puneet Bhatia

Designation :

Director

Address :

House Number-525 A, Magnolias Apartment, DLF Golf, Course, DLF Phase-V, Gurgaon, Galleria DLF-IV, Gurgaon – 122 009, Haryana, India

Date of Birth/Age :

16.12.1966

Date of Appointment :

30.11.2011

DIN No. :

00143973

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	U67190MH2002PTC137790	TPG CAPITAL INDIA PRIVATE LIMITED	Director	06/11/2002	06/11/2002	-	Active	NO
2	U74140TN1993PTC024863	SHRIRAM HOLDINGS MADRAS PRIVATE LIMITED	Nominee director	02/02/2006	02/02/2006	-	Amalgamated	NO
3	L65191TN1979PLC007874	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED	Director	09/07/2014	26/10/2006	-	Active	NO
4	U24231TG1984PLC005146	MYLAN LABORATORIES LIMITED	Director	22/01/2007	22/01/2007	25/09/2009	Active	NO
5	U70101DL2005PTC141236	FLARE ESTATE PRIVATE LIMITED	Additional director	18/07/2007	18/07/2007	-	Active	NO
6	U51909HR2010PTC052389	TPG WHOLESALE PRIVATE LIMITED	Director	30/11/2011	24/07/2010	-	Active	NO
7	L65191TN1986PLC012840	SHRIRAM CITY UNION FINANCE LIMITED	Director	28/07/2011	01/12/2010	-	Active	NO
8	U72200TN2000PTC044560	SHRIRAM PROPERTIES PRIVATE LIMITED	Director	29/04/2011	29/04/2011	-	Active	NO
9	U65993TN1974PLC006588	SHRIRAM CAPITAL LIMITED	Nominee director	29/04/2011	29/04/2011	-	Active	NO
10	U65923KA2006PTC040028	JANALAKSHMI FINANCIAL SERVICES PRIVATE LIMITED	Nominee director	10/11/2014	10/11/2014	-	Active	NO
11	U51101HR2014PTC054022	VISHAL E-COMMERCE PRIVATE LIMITED	Director	17/12/2014	17/12/2014	-	Active	NO
12	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Additional director	22/12/2014	22/12/2014	-	Active	NO
13	U85110KA2010PTC052540	MANIPAL HEALTH ENTERPRISES PRIVATE LIMITED	Nominee director	26/02/2015	26/02/2015	-	Active	NO

Name :

Mr. Gunender Kapur

Designation :

Managing Director

Address :

29, CCI Chambers, Dinshaw Vachha Road, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

19.01.1961

Date of Appointment :

01.10.2012

DIN No. :

01927304

PAN No.:

AAGPK7344B

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	U01100MH1999PLC120563	RELIANCE RETAIL LIMITED	Director	30/09/2008	11/12/2007	31/03/2010	Active	NO
2	U15419MH2006PLC165826	RELIANCE DAIRY FOODS LIMITED	Director	26/08/2008	31/12/2007	31/03/2010	Amalgamated	NO
3	U74140MH2000PLC128371	DELIGHT PROTEINS LIMITED	Director	26/08/2008	07/01/2008	31/03/2010	Amalgamated	NO
4	U85190MH2000PLC126442	RELIANCE F&B SERVICES LIMITED	Director	26/08/2008	07/01/2008	31/03/2010	Amalgamated	NO
5	U52599MH2007PLC176409	RELIANCE HOME PRODUCTS LIMITED	Director	30/09/2009	21/01/2009	31/03/2010	Amalgamated	NO
6	U51909HR2010PTC052389	TPG WHOLESALE PRIVATE LIMITED	Managing director	01/10/2012	01/06/2011	-	Active	NO
7	L63090MH1983PLC031418	MERCATOR LIMITED	Director	24/09/2014	13/08/2014	-	Active	NO
8	U51101HR2014PTC054022	VISHAL E-COMMERCE PRIVATE LIMITED	Director	17/12/2014	17/12/2014	-	Active	NO

Name :

Carlos Miguel Aquino

Designation :

Director

Address :

12/B Vancouver Mansion, 6 Kingston ST, Causeway Bay, Hong Kong

Date of Birth/Age :

13.01.1962

Date of Appointment :

30.11.2011

DIN No.:

03570603

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	U51909HR2010PTC052389	TPG WHOLESALE PRIVATE LIMITED	Director	30/11/2011	30/08/2011	-	Active	NO

Name :

Jonathan Mark Andrew Price

Designation :

Director

Address :

19 Holland Rise, Singapore, 278710

Date of Birth/Age :

19.12.1964

Date of Appointment :

30.11.2011

DIN No.:

03591276

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	U51909HR2010PTC052389	TPG WHOLESALE PRIVATE LIMITED	Director	30/11/2011	30/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun Kumar Gupta
Designation :	Secretary
Address :	902, Tower # 3, Orchid Petals, Sector-49, Sohna Road, Gurgaon – 122 018, Haryana, India
Date of Birth/Age :	08.09.1974
Date of Appointment :	29.03.2011
PAN No.:	AHDPG2001K
Name :	Mr. Satyendra Kumar
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2014

Names of Shareholders	No. of Shares
TPG VW Limited, Mauritius	250410811
Mitco Services Limited, Mauritius	1
Karthik Natarajan	433947
Gunender Kapur	814983
Pegasus Group Twelve Trust-II, India	298699
Yogesh Kumar Gupta	1760
Seshadri Vishwanath Kumar	22869
TPG Asia SF V Pte. Limited, Singapore	67812500
Mukesh Chaudhary	28125
Samir Agrawal	28125
Total	319851820

AS ON 25.09.2014

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]	99.58
Directors or relatives of Directors	0.25
Other top fifty shareholders	0.17
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is in the wholesale business of trading of apparels, fast moving consumer goods (FMCG) and general merchandise.
Products :	Apparels Fast Moving Consumer Goods (FMCG)
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Retailers and End Users

Reference :	Not Divulged
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 :

400 (Approximately)

Bankers :

Banker Name	State Bank of India (As Monitoring Institution)
Branch Address	A-5, Ring Road, South Extension, Part - 1, New Delhi – 110 058, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	2617.344	2446.976
Rupee term loans from others	475.106	606.728
Total	3092.450	3053.704

Banking Relations :	--
Auditors :
Name :	B.S.R.R. and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower-B, DLF Cyber City, Phase-II, Gurgaon – 122 002, India
PAN No.:	AAKFB1884H
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	TPG VW, Limited, Mauritius

CAPITAL STRUCTURE

AS ON 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
660000000	Equity Shares	Rs.10/- each	Rs.6600.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
319851820	Equity Shares	Rs.10/- each	Rs.3198.518 million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
660000000	Equity Shares	Rs.10/- each	Rs.6600.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
251467445	Equity Shares	Rs.10/- each	Rs.2514.674 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	2514.674	2511.441	2266.423
(b) Reserves & Surplus	(689.623)	129.778	747.995
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.419	0.000
Total Shareholders’ Funds (1) + (2)	1825.051	2641.638	3014.418
(3) Non-Current Liabilities
(a) Long-term borrowings	4953.037	4914.291	4711.732
(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	26.258	23.386	11.016
Total Non-current Liabilities (3)	4979.295	4937.677	4722.748
(4) Current Liabilities
(a) Short term borrowings	275.100	275.100	310.661
(b) Trade payables	2394.657	1891.413	1822.877
(c) Other current liabilities	469.165	164.442	107.623
(d) Short-term provisions	6.292	15.338	15.516
Total Current Liabilities (4)	3145.214	2346.293	2256.677
TOTAL	9949.560	9925.608	9993.843
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	912.301	814.968	939.397
(ii) Intangible Assets	4929.822	5321.689	5728.139
(iii) Capital work-in-progress	1.653	0.000	0.740
(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	32.348	22.497	40.724
(e) Other Non-current assets	0.987	1.443	1.716
Total Non-Current Assets	5877.111	6160.597	6710.716
(2) Current assets
(a) Current investments	40.000	500.377	449.416
(b) Inventories	522.633	708.571	390.162
(c) Trade receivables	3152.437	2217.710	2047.103
(d) Cash and cash equivalents	291.366	274.040	269.029
(e) Short-term loans and advances	29.247	27.393	54.061
(f) Other current assets	36.766	36.920	73.356
Total Current Assets	4072.449	3765.011	3283.127
TOTAL	9949.560	9925.608	9993.843

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	10151.247	8393.384	7071.720
		Other Income	99.679	84.485	119.584
		Increase in Stock	185.938	(318.409)	83.198
		TOTAL	10436.864	8159.460	7274.502
Less	EXPENSES
		TOTAL	11258.714	8950.990	8249.017
	PROFIT/ (LOSS) BEFORE TAX		(821.850)	(791.530)	(974.515)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(821.850)	(791.530)	(974.515)
	Earnings / (Loss) Per Share (Rs.)		(3.27)	(3.15)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(8.10)	(9.43)	(13.78)
Return on Total Assets (PBT/Total Assets}	(%)	(8.26)	(7.97)	(9.75)
Return on Investment (ROI) (PBT/Networth)		(0.45)	(0.30)	(0.32)
Debt Equity Ratio (Total Debt/Networth)		2.86	1.96	1.67
Current Ratio (Current Asset/Current Liability)		1.29	1.60	1.45

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	2266.423	2511.441	2514.674
Reserves & Surplus	747.995	129.778	(689.623)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.419	0.000
Net worth	3014.418	2641.638	1825.051
Long Term borrowings	4711.732	4914.291	4953.037
Short Term borrowings	310.661	275.100	275.100
Total borrowings	5022.393	5189.391	5228.137
Debt/Equity ratio	1.666	1.964	2.865

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Income	7071.720	8393.384	10151.247
		18.689	20.943

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Income	7071.720	8393.384	10151.247
Profit	(974.515)	(791.530)	(821.850)
	(13.78%)	(9.43%)	(8.10%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered office of the company has been shifted from 704, Platina, Plot No.C-59, G - Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India to the present address w.e.f. 13.02.2014.

BACKGROUND

The Company is a wholly owned subsidiary of TPG VW, Limited. The Company was incorporated on 31^st May 2010. The Company had acquired the ‘wholesale undertaking” of Vishal Retail Limited on 14^th March 2011. The Company is in the wholesale business of trading of apparels, fast moving consumer goods (FMCG) and general merchandise.

FINANCIAL RESULTS

In March 2011, the Company purchased the wholesale business of Vishal Retail Limited. Operational performance of the wholesale business for the financial year 2013-14 is included as part of the financial results. The management of the Company is focusing on operational efficiencies, reduction of cost at all levels and better working capital management.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Bonds	100.000	100.000
Fully convertible debentures	1760.587	1760.587
SHORT TERM BORROWINGS
2751000 (previous year 2751000) 0.50% compulsorily convertible debentures	275.100	275.100
Total	2135.687	2135.687

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10285080	14/03/2011	3,117,400,000.00	STATE BANK OF INDIA AS MONITORING INSTITUTION	A-5, RING ROAD, SOUTH EXTENSION PART-I, NEW DELHI, DELHI - 110058, INDIA	B12018719

FIXED ASSETS

Tangible Assets

· Leasehold Improvements

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer Equipments

Intangible Assets

· Goodwill

· Computer Software

· Licenses and Franchise

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.62.26
UK Pound	1	Rs.92.49
Euro	1	Rs.66.99

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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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.