MIRA INFORM REPORT

Report No. :	337798
Report Date :	21.08.2015

IDENTIFICATION DETAILS

Name :	LOCON SOLUTIONS PRIVATE LIMITED
Registered Office :	Unit No. 303, Wing A, Supreme Busienss Park, Behind Lake Castle, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra
Tel No.:	91-22-64641071
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.03.2012
Com. Reg. No.:	11-227804
Capital Investment / Paid-up Capital :	Rs.33.619 Million
CIN No.: [Company Identification No.]	U74120MH2012PTC227804
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	To Deal in Systems and Application Software and Allied Activities.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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 a company with short operational history having moderate track The company has incurred consecutive losses from its operational activities in its first year of business operation. However, trade relations are improving. Business is active. Payment terms are slow but correct. In view of infancy, the company can be considered for business dealings with 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Jatin
Designation :	Data Collection Department
Contact No.:	91-22-64641071
Date :	20.08.2015

LOCATIONS

Registered Office :	Unit No. 303, Wing A, Supreme Busienss Park, Behind Lake Castle, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-64641071
Fax No.:	Not Available
E-Mail :	rahulyadav.kh@gmail.com
Corporate Office:	3^rd Floor, Bhavani Industrial Estate, Opposite Asiad Medical Store, Near IIT Main Gate, Powai, Mumbai-400076, Maharashtra, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Ritesh Banglani

Designation :

Additional director

Address :

A-403, Floriana Estate, Next To John Fowler,, Sarjapura Road, Koramangala 3rd Block, Bangalore - 560034, Karnataka, India

Date of Appointment :

05.05.2015

Din No.:

02129763

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	U74300KA2006PTC039541	Adadyn Technologies Private Limited	Director	30/09/2008	3/4/2008	30/07/2010	Active	NO
2	U74900KA2011PTC057111	Serendipity Infolabs Private Limited	Nominee director	28/09/2012	20/05/2012	5/3/2015	Active	NO
3	U74900DL2013PTC252252	ZOBTREE VENTURES PRIVATE LIMITED	Nominee director	8/9/2014	8/9/2014	4/8/2015	Active	NO
4	U85100AP2009PTC062828	TODAY'S HEALTHCARE INDIA PRIVATE LIMITED	Director	13/09/2014	13/09/2014	-	Active	NO
5	U74120MH2012PTC227804	LOCON SOLUTIONS PRIVATE LIMITED	Additional director	5/5/2015	5/5/2015	-	Active	NO
6	U05190KA2004PTC034678	SPRING LEAF RETAIL PRIVATE LIMITED	Nominee director	22/05/2015	22/05/2015	-	Active	NO

Name :

Mr. Arun Madhu

Designation :

Additional director

Address :

B-201, Ariisto Sapphire, 2nd Hasnabad Lane, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Appointment :

05.05.2015

Din No.:

03325086

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	U74990MH2011FTC212951	Apavou Sub-recovery Services Private Limited	Director	3/2/2011	3/2/2011	9/7/2012	Under Process of Striking off	NO
2	U74120MH2012PTC227804	LOCON SOLUTIONS PRIVATE LIMITED	Additional director	5/5/2015	5/5/2015	-	Active	NO

Name :

Mr. Jonathan Olof Bullock

Designation :

Additional director

Address :

15860, Union Ave, Los Gatos, California, 95032, United States of America

Date of Appointment :

05.05.2015

Din No.:

07120383

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	U72900MH2010PTC240894	ANI TECHNOLOGIES PRIVATE LIMITED	Nominee director	14/04/2015	14/04/2015	-	Active	NO
2	U74900DL2015PTC278340	SBG Advisors India Private Limited	Additional director	24/04/2015	24/04/2015	-	Active	NO
3	U72300DL2007PTC168097	JASPER INFOTECH PRIVATE LIMTED	Additional director	4/5/2015	4/5/2015	-	Active	NO
4	U74120MH2012PTC227804	LOCON SOLUTIONS PRIVATE LIMITED	Additional director	5/5/2015	5/5/2015	-	Active	NO

KEY EXECUTIVE

Name :	Mr. Jatin
Designation :	Data Collection Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Rahul Yadav	327200	--
Abhishek Anand	82500	--
Sanat Ghosh	66600	--
Neeraj Bhunwal	66600	--
Snehil Buxy	82500	--
Ravish Naresh	76800	5947
Amrit Raj	66200	--
Rishabh Agrawal	66200	--
Saurabh Goyal	45400	--
Advitya Sharma	32278	--
Hemanth Goteti	20753	--
Zishaan Hayath	20753	--
Aatif Misbah	5377	--
Aditya Agrawal	5377	--
Harsh Baid	10753	--
Gagan Goyal	10753	--
Shishir Kapoor	10753	--
Vaibhav Puranik	10753	--
Haresh Chawla	146628	--
Jasspreet Saluka	16139	--
Vaibhav Tolia	16139	--
Nexus Ventures III Limited, India	100	1071227
Helion Venture Partners II, LLC, Mauritius	100	604604
Qualicomm Asai Spacific Pte Limited, Singapore	100	302251
Kunal Bahl	--	1954
Rohit Bansal	--	1954
TOTAL	1186756	1987937

As on 08.10.2014

Names of Allottees	No. of Equity Shares
Nirvana Digital India Fund	100
Digital Nirvana Fund Company Limited, Mauritius	100
Eashwar Viswanathan Krishnan	100
Apoletto Asia Limited, Mauritius	100
TOTAL	400

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.03
Directors or relatives of Directors	30.28
Other top fifty shareholders	69.69
Total	100.00

BUSINESS DETAILS

Line of Business :	To Deal in Systems and Application Software and Allied Activities.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information denied by the management

Bankers :

Bank Name	FirstRand Bank Limited
Branch	TCG Financial Centre, Plot No Centre Plot No.C 53, G Block, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, 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

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-39896000
Fax No.:	91-22-30902511
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB4734C
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 181.095 Million

Issued, Subscribed & Paid-up Capital : Rs. 171.704 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1525230	Equity Shares	Rs.1/- each	Rs. 1.525 Million
4088683	Preference Shares	Rs.30/- each	Rs. 122.660 Million
	Total		Rs. 124.186 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1187156	Equity Shares	Rs.1/- each	Rs. 1.187 Million
2366003	Preference Shares	Rs.30 /- each	Rs. 70.980 Million
	Total		Rs. 72.167 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1524130	Equity Shares	Rs.1/- each	Rs. 1.524 Million
1282529	Preference Shares	Rs.30/- each	Rs. 38.476 Million
	Total		Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1186556	Equity Shares	Rs.1/- each	Rs. 1.187 Million
392529	Compulsorily convertible Cumulative participating Preference Shares Series A	Rs.30 /- each	Rs. 11.776 Million
355676	Compulsorily convertible Cumulative participating Preference Shares Series B	Rs.30 /- each	Rs. 10.670 Million
332877	Compulsorily convertible Cumulative participating Preference Shares Series C	Rs.30 /- each	Rs. 9.986 Million
	Total		Rs. 33.619 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	33.619	0.410	0.100
(b) Reserves & Surplus	44.129	1.405	(0.009)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	12.000	0.000
Total Shareholders’ Funds (1) + (2)	77.748	13.815	0.091
(3) Non-Current Liabilities
(a) long-term borrowings	11.622	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.916	0.000	0.000
(d) long-term provisions	5.761	0.000	0.000
Total Non-current Liabilities (3)	18.299	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.020
(b) Trade payables	54.766	0.425	0.000
(c) Other current liabilities	60.265	2.455	0.000
(d) Short-term provisions	0.012	0.000	0.005
Total Current Liabilities (4)	115.043	2.880	0.025
TOTAL	211.090	16.695	0.116
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.506	5.289	0.000
(ii) Intangible Assets	36.718	0.169	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	29.793	7.015	0.000
(e) Other Non-current assets	0.000	0.000	0.016
Total Non-Current Assets	143.017	12.473	0.016
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1.369	0.000	0.000
(d) Cash and cash equivalents	55.323	2.800	0.100
(e) Short-term loans and advances	11.364	1.422	0.000
(f) Other current assets	0.017	0.000	0.000
Total Current Assets	68.073	4.222	0.100
TOTAL	211.090	16.695	0.116

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	16.721	1.325	0.000
	Other Income	2.348	0.000	0.000
	TOTAL (A)	19.069	1.325	0.000
Less	EXPENSES
	Employees benefits expense	226.914	10.631
	Other expenses	256.431	7.797
	TOTAL (B)	483.345	18.428	0.009 (Including financial expenses)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(464.276)	(17.103)	(0.009)
Less	FINANCIAL EXPENSES (D)	4.580	0.005
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(468.856)	(17.108)	(0.009)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	20.011	0.480	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(488.867)	(17.588)	(0.009)
Less	TAX (I)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(488.867)	(17.588)	(0.009)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(17.588)	0.000	NA
	Balance Carried to the B/S	(506.455)	(17.588)	NA
	Earnings / (Loss) Per Share (Rs.)	(413.00)	(43.00)	(0.90)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2923.67)	(1327.40)	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	(2776.60)	(1290.79)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(231.59)	(105.35)	(7.76)
Return on Investment (ROI) (PBT/Networth)		(6.29)	(1.27)	(0.10)
Debt Equity Ratio (Total Debt /Networth)		0.15	0.00	0.22
Current Ratio (Current Asset/Current Liability)		0.59	1.47	4.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.410	33.619
Reserves & Surplus	(0.009)	1.405	44.129
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	12.000	0.000
Net worth	0.091	13.815	77.748
long-term borrowings	0.000	0.000	11.622
Short term borrowings	0.020	0.000	0.000
Total borrowings	0.020	0.000	11.622
Debt/Equity ratio	0.220	0.000	0.149

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	0.000	1.325	16.721
			1,161.962

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	0.000	1.325	16.721
Profit	(0.009)	(17.588)	(488.867)
		(1327.40%)	(2923.67%)

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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL AND OPERATIONAL PERFORMANCE OUTLOOK

The performance of the company during the year as follows.

The gross income of the company was Rs. 19.068 Million as compared to Rs. 1.325 Million in the previous year. The result is considering the development phase of the company’s website being tested in the market during the last financial year. The company has suffered a loss of Rs. 488.867 Million as compared to the loss of previous year of Rs. 17.588 Million and the balance carried forward to next year is (Rs. 506.455 Million) compared to (Rs.17.588 Million).

FUTURE OUTLOOK

The company continues to strongly believe that the long term prospects for the industry in India and abroad are attractive and provides huge potential in the future years.

The company looks forward to 2014-15 with a clear object of being market leader providing a world class as search engine for the real estate industry across the country.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Finance lease obligation	11.622	0.000
Total	11.622	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10525932	12/01/2015 *	104,800,000.00	FIRSTRAND BANK LIMITED	TCG FINANCIAL CENTRE, PLOT NO CENTRE PLOT NO.C 53 , G BLOCK, BANDRA KURLA COMPLEX, MUMBAI, MAHARASH TRA - 400051, INDIA	C40308991

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Vehicle
• Air Conditioner
• Furniture and Fixtures
• Office Equipment
• Leasehold Improvement

Intangible Assets

• Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.24
UK Pound	1	Rs.102.21
Euro	1	Rs.72.57

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		--
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.