MIRA INFORM REPORT

Report No. :	334715
Report Date :	01.08.2015

IDENTIFICATION DETAILS

Name :	MEI POWER PRIVATE LIMITED (w.e.f. 08.01.2008) THE MARSON’S ELECTRICAL INDUSTRIES A UNIT OF MEI POWER PRIVATE LIMITED
Formerly Known As :	THE MARSON’S ELECTRICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	11^th Floor, Room no -36, 23A, Netaji Subhash Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22301968
Country :	India
Financials (as on) :	31.032014
Date of Incorporation :	05.01.1984
Com. Reg. No.:	21-037064
Capital Investment / Paid-up Capital :	Rs. 8.020 Million
CIN No.: [Company Identification No.]	U31102WB1984PTC037064
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCT1567H
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Electrical Transformers
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track record, incorporated during the year 1984. In the view of financials of the FY-2014, the company has healthy operational activity backed by upstanding sales turnover along with profitability margin of 2.7%. Further, the company has strong financial risk profile marked by adequate net worth position along with favorable gap between trade payables and receivables. Moreover, it has long business track record. Also, it pursue versatility in high – quality design solutions. Trade relations are reported as fair Business is active. Payment terms are reported to be usually correct. In view of long business track record, the company can be considered for business dealings at usual 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	13.07.2015

Rating Agency Name	CRISIL
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	13.07.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Arun Agarwal
Designation :	Finance Manager
Contact No.:	91-562-2850812
Date :	30.07.2015

LOCATIONS

Registered Office :	11^th Floor, Room no -36, 23A, Netaji Subhash Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22301968
Fax No.:	Not Available
E-Mail :	meidg@marsonselectricals.com
Factory :	Mathura Road, Artoni, Agra – 282007, Uttar Pradesh, India
Tel. No.:	91-562-26452327,2642328,2640144
Fax No.:	91-562-2641435
E-mail:	info@marsonselectricals.com
Website:	www.marsonselectricals.com
Correspondence Office :	1/189, Delhi Gate, Civil Lines, Agra – 282002, Uttar Pradesh India
Tel. No.:	91-562-2850812, 2520027
Fax No.:	91-562-2851306

DIRECTORS

As on 12.09.2014

Name :

Mrs. Neetu Jain

Designation :

Director

Address :

1/189, Delhi Gate, Civil Lines, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

17.01.1978

Date of Appointment :

25.07.2001

DIN No. :

00346737

Name :

Mr. Swaroop Chand Jain

Designation :

Director

Address :

1/189, Delhi Gate, Civil Lines, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

19.08.1927

Date of Appointment :

15.02.2000

DIN No. :

00383083

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	U31102RJ1972PTC001444	WESTERN TRANSFORMER & EQUIPMENT PRIVATE LIMITED	Director	12/07/1972	12/07/1972	-	Active	NO
2	U03110MP1977PTC001428	BANMORE ELECTRICALS PVT LTD	Director	28/12/1977	28/12/1977	-	Active	NO
3	U74899DL1988PTC033273	FUTURA BUILDERS PRIVATE LIMITED	Director	14/06/1990	14/06/1990	-	Active	NO
4	U74899DL1984PTC017404	MARSONS INDUSTRIES PRIVATE LTD	Director	25/05/1995	25/05/1995	-	Active	NO
5	U31300MP1997PTC011547	VARDHAN WIRES PRIVATE LIMITED	Director	08/01/1997	08/01/1997	-	Active	NO
6	U31102WB1984PTC037064	MEI POWER PRIVATE LIMITED	Director	15/02/2000	15/02/2000	-	Active	NO
7	U31102RJ2005PTC021527	MARSONS ENERGY PRIVATE LIMITED	Director	26/10/2005	26/10/2005	25/08/2009	Active	NO

Name :

Mr. Bimlesh Kumar Jain

Designation :

Director

Address :

1/189, Delhi Gate, Civil Lines, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

17.01.1953

Date of Appointment :

05.01.1984

DIN No. :

00383164

Other Directorship :

Name :

Mr. Nirmal Kumar Jain

Designation :

Director

Address :

1/189, Delhi Gate, Civil Lines, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

21.08.1954

Date of Appointment :

01.07.1987

DIN No. :

00383214

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	U03110MP1977PTC001428	BANMORE ELECTRICALS PVT LTD	Director	28/12/1977	28/12/1977	-	Active	NO
2	U31102WB1984PTC037064	MEI POWER PRIVATE LIMITED	Director	01/07/1987	01/07/1987	-	Active	NO
3	U31102RJ1972PTC001444	WESTERN TRANSFORMER & EQUIPMENT PRIVATE LIMITED	Director	18/11/1999	18/11/1999	-	Active	NO
4	U74899DL1984PTC017404	MARSONS INDUSTRIES PRIVATE LTD	Director	04/12/2000	04/12/2000	-	Active	NO

Name :

Mr. Ratan Kumar Jain

Designation :

Director

Address :

1/189, Delhi Gate, Civil Lines, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

11.05.1956

Date of Appointment :

15.02.2000

DIN No. :

00383272

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	U74899DL1988PTC033273	FUTURA BUILDERS PRIVATE LIMITED	Director	14/06/1990	14/06/1990	-	Active	NO
2	U31300MP1997PTC011547	VARDHAN WIRES PRIVATE LIMITED	Director	08/01/1997	08/01/1997	-	Active	NO
3	U31102WB1984PTC037064	MEI POWER PRIVATE LIMITED	Director	15/02/2000	15/02/2000	-	Active	NO
4	U31102RJ1972PTC001444	WESTERN TRANSFORMER & EQUIPMENT PRIVATE LIMITED	Director	24/02/2000	24/02/2000	-	Active	NO

Name :

Mr. Nitin Jain

Designation :

Director

Address :

1/189, Delhi Gate, Civil Lines, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

02.08.1980

Date of Appointment :

25.07.2001

DIN No. :

00383348

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	U74899DL1988PTC033273	FUTURA BUILDERS PRIVATE LIMITED	Director	14/06/1990	14/06/1990	-	Active	NO
2	U31300MP1997PTC011547	VARDHAN WIRES PRIVATE LIMITED	Director	08/01/1997	08/01/1997	-	Active	NO
3	U31102WB1984PTC037064	MEI POWER PRIVATE LIMITED	Director	15/02/2000	15/02/2000	-	Active	NO
4	U31102RJ1972PTC001444	WESTERN TRANSFORMER & EQUIPMENT PRIVATE LIMITED	Director	24/02/2000	24/02/2000	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun Agarwal
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Jain Kumar Bimlesh	411766	51.34
Jain Chan D Swaroop	83100	10.36
Jain Nitin	162600	20.27
Jain Kumar Ratan	2334	0.29
Jain Usha	23134	2.88
Jain Neetu	21668	2.70
Jain Meghna	96398	12.02
Jain Kumar Nirmal	1000	0.12
Total	802000	100.00

As on 12.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Electrical Transformers

Products :

Item Code No. (ITC Code)	Product Description
850431	Transformers and ITS Components
841280	Wind Power Generation

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished

Countries :

UK

Imports :

Products :

Raw Material

Countries :

Sweden

Terms :

Selling :

L/C, Cash, Advance Payment and credit

Purchasing :

L/C, Cash, Advance Payment and credit

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 :

Wholesalers, Retailers

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 :

Information declined by the management.

Bankers :

Banker Name	United Bank of India
Branch Address	Free Ganj Branch, Agra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	0273250017601
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 Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	57.309	0.000
Total	57.309	0.000

Auditors :
Name :	Prem Pradeep and Company Chartered Accountant
Address :	F-2, Friend Wasan Plaza, Sanjay place, Agra – 282002, India
Tel No.:	91-562-2525540
Mobile No.:	91-9359932092
PAN No.:	AAXPG0792Q
Memberships :	Not Available
Collaborators :	Not Available
Associates :	· Banmore Electricals Private Limited CIN No.: U03110MP1977PTC001428 · Marsons Industries Private Limited CIN No.: U74899DL1984PTC017404 · Marsons Energy Private Limited CIN No.: U31102RJ2005PTC021527

CAPITAL STRUCTURE

As on 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
802000	Equity Shares	Rs.10/- each	Rs. 8.020 Million

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	8.020	8.020	8.020
(b) Reserves & Surplus	192.053	165.941	142.367
(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)	200.073	173.961	150.387
(3) Non-Current Liabilities
(a) long-term borrowings	9.000	5.350	15.800
(b) Deferred tax liabilities (Net)	3.523	3.977	4.076
(c) Other long term liabilities	1.840	3.263	4.682
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	14.363	12.590	24.558
(4) Current Liabilities
(a) Short term borrowings	78.159	59.188	65.044
(b) Trade payables	288.880	288.767	159.366
(c) Other current liabilities	19.336	7.484	35.083
(d) Short-term provisions	2.755	2.803	2.797
Total Current Liabilities (4)	389.130	358.242	262.290
TOTAL	603.566	544.793	437.235
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.224	38.343	34.789
(ii) Intangible Assets	1.403	0.710	0.746
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.008	0.008	0.008
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.364	1.688	0.953
(e) Other Non-current assets
Total Non-Current Assets	34.999	40.749	36.496
(2) Current assets
(a) Current investments
(b) Inventories	64.730	88.782	66.675
(c) Trade receivables	312.101	261.944	131.360
(d) Cash and cash equivalents	156.337	105.442	165.979
(e) Short-term loans and advances	31.646	47.469	36.384
(f) Other current assets	3.753	0.407	0.341
Total Current Assets	568.567	504.044	400.739
TOTAL	603.566	544.793	437.235

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income (Turnover)	1137.818	1067.607	960.863
	Other Income	N.A	N.A	N.A
	TOTAL	N.A	N.A	N.A
Less	TOTAL EXPENSES	N.A	N.A	N.A
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	49.773	46.156	39.674
Less/ Add	DEPRECIATION/ AMORTISATION	3.735	3.670	3.691
	PROFIT/ (LOSS) BEFORE TAX	46.038	42.486	35.983
Less	TAX	15.022	14.055	11.872
	PROFIT/ (LOSS) AFTER TAX	31.016	28.431	24.111
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	2.502	1.731	1.781
Less	APPROPRIATIONS
	Transfer to General Reserve	25.000	23.000	19.500
	Interim Dividend	2.005	2.005	2.005
	Tax on Dividend	0.341	0.325	0.325
	proposed dividend	2.005	2.005	2.005
	corporate tax on proposed divende	0.341	0.325	0.326
		0.015	0.000	0.000
	Total	29.707	27.660	24.161
	Balance Carried to the B/S	3.811	2.502	1.731
	Earnings / (Loss) Per Share (Rs.)	38.67	35.45	30.06

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	N.A	N.A	N.A
Cash generated from operations	N.A	N.A	N.A
Net cash Flow from used in operation	27.126	(28.950)	34.279

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.73	2.66	2.51
Return on Total Assets (PBT/Total Assets}	(%)	7.63	7.80	8.23
Return on Investment (ROI) (PBT/Networth)		0.23	0.24	0.24
Debt Equity Ratio (Total Liability/Networth)		0.44	0.37	0.54
Current Ratio (Current Asset/Current Liability)		1.46	1.41	1.53

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	8.020	8.020	8.020
Reserves & Surplus	142.367	165.941	192.053
Net worth	150.387	173.961	200.073
long-term borrowings	15.800	5.350	9.000
Short term borrowings	65.044	59.188	78.159
Total borrowings	80.844	64.538	87.159
Debt/Equity ratio	0.538	0.371	0.436

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales (Turnover)	960.863	1067.607	1137.818
		11.109	6.576

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	960.863	1067.607	1137.818
Profit	24.111	28.431	31.016
	2.51%	2.66%	2.73%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90253229	25/10/2010 *	410,000,000.00	UNITED BANK OF INDIA	MAIN BRANCH, FREEGANJ, AGRA, Uttar Pradesh - 2820  04, INDIA	A98024532

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advance from related parties	9.000	5.350
SHORT TERM BORROWINGS
Working capital loans from banks	20.850	59.188
Total	29.850	64.538

FIXED ASSETS

· Land

· Building

· Furniture and fixture

· Plant and machinery

· Vehicle

· Computer

· Factory equipment

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.64.00
UK Pound	1	Rs.99.83
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	TRI
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.