MIRA INFORM REPORT

Report No. :	353273
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	DISNEY BROADCASTING (INDIA) LIMITED (w.e.f.17.06.2015)
Formerly Known As :	UTV ENTERTAINMENT TELEVISION LIMITED (w.e.f. 05.11.2007) V AND S BROADCASTI NG LIMITED (w.e.f. 04.06.2007) V AND S BROADCASTI NG PRIVATE LIMITED
Registered Office :	1^st Floor, Building No. 14, Solitaire Corporate Park, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra
Tel. No.:	91-22-24905353/ 61091000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.04.2007
Com. Reg. No.:	11-170405
Capital Investment / Paid-up Capital :	Rs. 88.720 Million
CIN No.: [Company Identification No.]	U64200MH2007PLC170405
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUMV14871D
PAN No.: [Permanent Account No.]	AACCV4782D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Telecommunication, Broadcasting and Information Supply Services. (Registered Activity)
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 was earlier known with the name of “ÜTV Entertainment Television Limited” and recently on 17^th June, 2015, the name of the company has been changed to “Disney Broadcasting (India) Limited. It is a wholly owned subsidiary of “ÜTV Global Broadcasting Limited”, which is in tern subsidiary of “The Wait Disney Company”. As per Registrar of Companies the date of balance sheet (i.e financial field) is shown as 31.03.2015 but documents related to same for the financial year ending 2015 is not available from any other sources. It is an established company having moderate track record. There appear consecutive losses recorded by the company from its operating activities leading erosion of its networth. External borrowing of the company seems to be increasing during the financial year 2014. However, trade relations are reported as fair. Business is active. Payment terms are usually correct. In view of strong holding company, the subject 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.

EXTERNAL AGENCY RATING

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

(TEL. NO.: 91-22-61091000/ 24905353)

LOCATIONS

Registered/ Corporate Office :	1^st Floor, Building No. 14, Solitaire Corporate Park, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-24905353/ 61091000
Fax No.:	91-22-67421930
E-Mail :	puneet.juneja@disney.com
Website :	http://corporate.disney.in

DIRECTORS

AS ON 22.09.2014

Name :	Mr. Prem Raj Mehta
Designation :	Additional Director
Address :	S-3 Pemino, Altamount Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	01.10.2015
DIN No.:	00005622
Name :	Mr. Narendra Kumar Anand Ambwani
Designation :	Additional Director
Address :	1201 , Sterling Sea Face, Dr Annie Besant Road , Worli, Mumbai - 400018, Maharashtra, India
Date of Appointment :	01.10.2015
DIN No.:	00236658
Name :	Mr. Nikhil Kanti Gandhi
Designation :	Director
Address :	Vijay Appartment, 67, St. Joseph Avenue,, Santacruz (West), Mumbai - 400054, Maharashtra, India
Date of Birth/Age :	23.08.1977
Qualification :	B. com, M.Com., PGDAM
Date of Appointment :	27.07.2012
DIN No.:	00744698
Name :	Mr. Sameer Kalpathy Ganapathy
Designation :	Director
Address :	603 Devaarti, Narayan Pathare Marg, Off Sitladevi Temple Road, Mahim, Mumbai - 400016, Maharashtra, India
Date of Birth/Age :	21.02.1978
Qualification :	B.Com
Date of Appointment :	15.05.2013
DIN No.:	05215983
Name :	Mrs. Jyotika Ahuja
Designation :	Additional Director
Address :	101, Daffodil Building, Bhakti Park, Wadala (East), Mumbai - 400037, Maharashtra, India
Date of Appointment :	01.10.2015
DIN No.:	06480142

KEY EXECUTIVES

Name :	Mrs. Sarika Pramod Joshi
Designation :	Secretary
Address :	'A' wing, 501, Shree Ganasiddhi Vinayak,, Dilip Gupte Road, Mahim (W), Mumbai - 400016, Maharashtra, India
Date of Appointment :	17.03.2015
PAN No.:	ADLPT3255C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Disney Broadcasting (India) Limited (Formerly known as UTV Global Broadcasting Limited)	9982270
* Nimish Shah	1
* Anuraag Shroff	1
* Sujit Vaidya	1
* S. Venkata Subramanian	1
* Charles Jacob	1
* Kunal Bharti	1
Total	9982276

NOTE:

* Holding shares as a nominee on behalf of Disney Broadcasting (India) Limited (Formerly known as UTV Global Broadcasting Limited).

AS ON 22.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Telecommunication, Broadcasting and Information Supply Services.

Products :

ITC Code No.	Product Descriptions
99846220	Television Channel Programmes

Brand Names :

· Disney

· Marvel

· UTV

· bindaas

· hungama

· indiagames

· Star wars

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Information declined by management

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Axis Bank Limited

Credit Management Center, Unit No 6,Corporate Park, Chembur, Mumbai, Mumbai - 400071, Maharashtra, India

· Yes Bank Limited

9^th Floor, Nehru Centre, Discovery of India,, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Financial Institutions :	· Sbicap Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade,, Colaba,, Mumbai - 400005, Maharashtra, India · Sicom Limited Nirmal Building 1^st Floor, Nariman Point, Mumbai - 400021, Maharashtra, India
Auditors :
Name :	Price Waterhouse & Company Chartered Accountants
Address :	5Th Floor, Tower D, The Mellenia, 1 and 2, Murphy Road, Ulsoor, Bangalore, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Memberships :	--
Collaborators :	--
Holding Company :	· UTV Software Communications Limited (U72200MH1990PLC056987) · UTV Global Broadcasting Limited (U32300MH2007PLC171337) · The Walt Disney Company (Southeast Asia) Pte Limited
Ultimate Holding Company:	· The Walt Disney Company
Fellow Subsidiary Company :	· Genx Entertainment Limited (U92142MH2007PLC167974) · UTV Communications (USA) LLC

CAPITAL STRUCTURE

AFTER 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
95,50,000	Equity Shares	Rs. 10/- each	Rs. 95.500 Million
1,500,000	Preference Shares	Rs. 10/- each	Rs. 15.000 Million
	Total		Rs. 110.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99,82,276	Equity Shares	Rs. 10/- each	Rs. 99.823 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
95,50,000	Equity Shares	Rs. 10/- each	Rs. 95.500 Million
1,500,000	Preference Shares	Rs. 10/- each	Rs. 15.000 Million
	Total		Rs. 110.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88,72,152	Equity Shares	Rs. 10/- each	Rs. 88.722 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	88.720	86.520	64.640
(b) Reserves & Surplus	(307.670)	124.120	281.030
(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)	(218.950)	210.640	345.670
(3) Non-Current Liabilities
(a) Long-term borrowings	1267.260	1267.260	417.260
(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	11.490	15.950	4.740
Total Non-current Liabilities (3)	1278.750	1283.210	422.000
(4) Current Liabilities
(a) Short term borrowings	1252.450	688.930	850.000
(b) Trade payables	436.330	559.680	832.130
(c) Other current liabilities	86.630	48.720	126.810
(d) Short-term provisions	5.800	2.720	0.360
Total Current Liabilities (4)	1781.210	1300.050	1809.300
TOTAL	2841.010	2793.900	2576.970
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.850	43.190	58.790
(ii) Intangible Assets	9.020	14.650	20.100
(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	377.960
(d) Long-term Loan and Advances	258.310	234.990	209.060
(e) Other Non-current assets	0.000
Total Non-Current Assets	295.180	292.830	665.910
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1842.360	1781.690	1297.850
(c) Trade receivables	423.490	494.690	307.670
(d) Cash and cash equivalents	9.710	1.890	82.370
(e) Short-term loans and advances	260.020	222.800	223.170
(f) Other current assets	10.250	0.000	0.000
Total Current Assets	2545.830	2501.070	1911.060
TOTAL	2841.010	2793.900	2576.970

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1385.500	1279.050	1235.660
		Other Income	8.920	0.010	5.510
		TOTAL (A)	1394.420	1279.060	1241.170
Less	EXPENSES
		Expenditure on production, transportation and other expenditure pertaining to E&P activities	1333.570	1612.940	0.000
		Employees benefits expense	265.870	227.110	179.990
		Other expenses	271.670	254.450	1735.910
		TOTAL (B)	1871.110	2094.500	1915.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(476.690)	(815.440)	(674.730)
Less	FINANCIAL EXPENSES (D)		214.290	129.790	26.350
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(690.980)	(945.230)	(701.080)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.520	21.840	34.560
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(708.500)	(967.070)	(735.640)
Less	TAX (H)		0.000	377.960	1.490
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(708.500)	(1345.030)	(737.130)
	EARNINGS IN FOREIGN CURRENCY		163.510	57.740	9.190
	Earnings/ (Loss) Per Share (Rs.)		(80.60)	(185.03)	(132.24)

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 Flow from used in Operations	(804.970)	(1846.730)	(1143.470)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(51.14)	(105.16)	(59.65)
Operating Profit Margin (PBDIT/Sales)	(%)	(34.41)	(63.75)	(54.60)
Return on Total Assets (PBT/Total Assets}	(%)	(24.94)	(34.61)	(33.45)
Return on Investment (ROI) (PBT/Networth)		3.24	(4.59)	(2.13)
Debt Equity Ratio (Total Debt/Networth)		(11.51)	9.29	3.67
Current Ratio (Current Asset/Current Liability)		1.43	1.92	1.06

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	64.640	86.520	88.720
Reserves & Surplus	281.030	124.120	-307.670
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	345.670	210.640	-218.950
Long-term borrowings	417.260	1267.260	1267.260
Short term borrowings	850.000	688.930	1252.450
Total borrowings	1267.260	1956.190	2519.710
Debt/Equity ratio	3.666	9.287	-11.508

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	1235.660	1279.050	1385.500
		3.511	8.323

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	1235.660	1279.050	1385.500
Profit/ (Loss)	(737.130)	(1345.030)	(708.500)
	(59.65%)	(105.16%)	(51.14%)

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	No
8	Designation of contact person	No
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	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	No
26	Turnover of firm for last three years	--
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	850.000	850.000
Rupee term loans from others	417.260	417.260
SHORT TERM BORROWINGS
Rupee term loans from banks	1252.450	688.930
Total	2519.710	1956.190

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 7th Floor, Building No. 11, Solitaire Corporate Park,

Guru Hargovindji Marg, Chakala, Andheri (East) Mumbai – 400093, Maharashtra, India to the present address w.e.f. 10.01.2014.

GENERAL INFORMATION

The Company was incorporated in India as a Public Limited Company under the Companies Act, 1956 on April 28, 2007. The Company is a 100% subsidiary of UTV Global Broadcasting Limited (UGBL) which in turn is the subsidiary of UTV Software Communications Limited (USCL). The Company owns and operates four channels namely UTV Movies, UTV World Movies, 'UTV Stars' and 'Disney Junior'.

BUSINESS OVERVIEW

The Company owns and operates four channels namely UTV Movies, UTV Stars, UTV World Movies and Disney Junior. UTV Movies caters to one of the biggest entertainment genres on Indian Television Hindi movies. It has access to an enviable slate of movies from the UTV library which includes the biggest blockbusters and has also acquired movies from multiple companies across India. Despite being one of the youngest in the genre, the channel continues to enjoy patronage both from audiences and advertisers. The GRPs have remained at 40 to 45 during the year. The channel intends to further strengthen its library and increase the access to premiers in the coming financial year.

UTV Stars caters to the need for Bollywood content in India and is a premium channel which gives the best of Bollywood content to audiences. In this financial year UTV Stars continued serving Bollywood content to audiences with shows like Stars@10, Just Khans, Style Addict, Whats this Friday, Stars in City, Breakfast to Dinner, etc., UTV Stars also launched a new show TV Shivi which focused on Television Stars, with the intent to widen its viewership base.

UTV Stars will continue in its present avatar till September 2014, offering popular music and feature based programming to audiences. In

October 2014, the Company will unveil a refreshed channel offering, with a new brand proposition complemented with fresh packaging, new content and a new brand name, that further fortifies the bindass brand and creates an entertainment proposition for youth.

UTV World Movies is the first channel of its kind which brings World cinema to Indian television. UTV World Movies has acquired International blockbusters in varied languages like Italian, French, German, Spanish, Polish, Japanese, Korean, Chinese. However, the Company intends to shut this channel to start Disney XD during FY 14-15. Disney XD is the channel targeting boys in the age group of 6 to 11 yrs. It transports the kids into the worlds of hilarious, outrageous, fun and awesome, inspiring adventures.

The Company also intends to launch Disney Channel during FY14-15. The target audience of Disney Channel will be kids in the age group of 2 to 14 years, including their families. Apart from animation series, the channel will also exhibit local live action/ fiction content.

Disney Junior is the premier channel targeting preschoolers and early schoolers with high quality, engaging stories with their favorite Disney characters as well as some brand new ones. The content is presented in a manner that is highly entertaining and useful at the same time, which helps them with early stage social and life skills. Currently served as an ad-free channel, Disney Junior is already available in over 20 million homes, within a year of its launch.

FIXED ASSETS:

Tangible Assets

· Plant and Equipment

· Furniture and Fixtures

· Office Equipment

· Leasehold Improvements

Intangible Assets

· Computer Software

· Copyrights, Patents and Other Operating Rights

· 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 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.66.75
UK Pound	1	Rs.99.61
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KIN
Report Prepared by :	ARC

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	6
--PROFITABILIRY	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	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		47

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.