MIRA INFORM REPORT

Report No. :	356580
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	GOLDI GREEN TECHNOLOGIES PRIVATE LIMITED

Registered Office :	Plot No. 239, Shop No. 2, Suraj Darshan Apartment, Pajwa Falia, Greenlines, Katargam, Surat – 395004, Gujarat
Tel. No.:	91-261-3099999 (Mr. Alpesh)

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	23.02.2011

Com. Reg. No.:	04-064163

Capital Investment / Paid-up Capital :	Rs.11.339 Million

CIN No.: [Company Identification No.]	U40100GJ2011PTC064163

IEC No.:	Not Applicable (As claimed by company management that company does not export and import)

TAN No.: [Tax Deduction & Collection Account No.]	SRTG02279E

PAN No.: [Permanent Account No.]	AAECG1248F

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in Manufacturing of Solar Panels. (Registered activity)

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 380000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated on 23^rd February, 2011. It is promoted by Mr. Inshverbhai Dholakia, Mr. Prabhudas Dholakia and Mr. Bharatkumar Bhut. It is engaged in the business of manufacturing, exporting and importing of photovoltatic (PV) solar modules / Panels. It has moderate track record. The rating assigned to company remain constrained by its moderate liquidity position, capital structure and debt coverage indicators along with its presence in the highly competitive and fragmented industry and large players in the market. The ratings take consideration on company’s substantial increase in total revenue of the company with stabilization of operations and modest profitability level in FY-15. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	CARE
Rating	Long Term Bank Facilities = BB
Rating Explanation	Have moderate risk of default.
Date	December 24, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	December 24, 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 31-03-2015.

INFORMATION DECLINED

Management Non-Cooperative

LOCATIONS

Registered Office :	Plot No. 239, Shop No. 2, Suraj Darshan Apartment, Pajwa Falia, Greenlines, Katargam, Surat – 395004, Gujarat
Tel. No.:	91-261-3099999 (Mr. Alpesh)
Fax No.:	91-261.2537264
E-Mail :	alpesh@goldigreen.in info@goldigreen.in rampavthawala@gmail.com
Website:	http://www.goldigreen.in

Admin Office and Factory :	Block No. 149A, Plot No. J and K1, Bs. IOC Petrol Pump, Pipodara N.H.No. 8, District – Surat – 394110, Gujarat, India
Tel. No.:	91-261-3099999
Fax No.:	91-261-3099900

DIRECTORS

As on 31.03.2015

Name :

Mr. Prabhubhai Parbatbhai Dholakia

Designation :

Director

Address :

4, Gayatrinagar Society, Vibhag – 5" Katargam Road" Surat, 395004, Gujarat, India

Date of Appointment :

23.02.2011

DIN No. :

03412446

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	U40100GJ2011PTC064163	GOLDI GREEN TECHNOLOGIES PRIVATE LIMITED	Director	23/02/2011	23/02/2011	-	Active	NO
2	U51909WB2009PTC134795	NUMERIC COMMODEAL PRIVATE LIMITED	Director	26/11/2011	26/11/2011	-	Active	NO

Name :

Mr. lshverbhai Arjanbhai Dholakiya

Designation :

Director

Address :

81B, Vallabhnagar Co-operative Housing Society, Limited, Varachha, Road, Surat – 395006, Gujarat, India

Date of Appointment :

23.02.2011

DIN No. :

01981790

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	U45201GJ1998PTC034149	SHREE YOGESHWAR CONSTRUCTION AND ORGANISERS PRIVATE LIMITED	Director	22/05/1998	22/05/1998	-	Active	NO
2	U55101GJ2004PTC043924	GOLDI HOTELS PRIVATE LIMITED	Director	04/09/2009	04/09/2009	-	Active	NO
3	U40100GJ2011PTC064163	GOLDI GREEN TECHNOLOGIES PRIVATE LIMITED	Director	23/02/2011	23/02/2011	-	Active	NO
4	U51909WB2009PTC134795	NUMERIC COMMODEAL PRIVATE LIMITED	Director	26/11/2011	26/11/2011	-	Active	NO

Name :

Mr. Bharatkumar Laxmanbhai Bhut

Designation :

Director

Address :

24, Ranchodji Park Society, Near, Kantareshwar Mahadev Road, Katargam, Surat – 395004, Gujaral, India

Date of Appointment :

23.02.2011

DIN No. :

02069655

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	U52100GJ2008PTC053405	HARIKRISHNA RETAIL PRIVATE LIMITED	Director	28/03/2008	28/03/2008	-	Strike off	NO
2	U40100GJ2011PTC064163	GOLDI GREEN TECHNOLOGIES PRIVATE LIMITED	Director	23/02/2011	23/02/2011	-	Active	NO

Name :

Mr. Chetan Sureshchandra Shah

Designation :

Director

Address :

106, Sant Tukaram Society iii" Opposite Vivekanand Garden, Ghod Dod Road" Surat – 395007, Gujarat, India

Date of Appointment :

12.08.2011

DIN No. :

02253886

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	U72200MH2006PTC162540	V SERVE CONSULTANTS PRIVATE LIMITED	Director	09/06/2006	09/06/2006	-	Active	NO
2	U45201GJ2004NPL044389	SAR INFRACON	Director	27/04/2009	27/04/2009	03/08/2009	Active	NO
3	U40100GJ2010PTC062208	EXERGY RESEARCH GUILD PRIVATE LIMITED	Director	06/09/2010	06/09/2010	-	Active	NO
4	U40100GJ2011PTC064163	GOLDI GREEN TECHNOLOGIES PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO
5	U51909WB2009PTC134795	NUMERIC COMMODEAL PRIVATE LIMITED	Director	26/11/2011	26/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders		No. of Shares
Parbhudas Parbatbhai Dholakia		868684
Ishverbhai Arjanbhai Dholakiya		67657
Bharatkumar Laxmnbhai Bhut		13100
Chetan Sureshchandra Shah		21122
Numeric Commodeal Private Limited , India		140800
Rinkal B. Bhut		8380
Paulomi Shah		11331
Hansaben Ravjibhai Sutaria		2714
Niravbhai Dineshbhal Narola		100
Total		1133888

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	12.42
Directors or relatives of Directors	85.00
Other top fifty shareholders	2.58
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Manufacturing of Solar Panels. (Registered activity)

Products :	Solar Panels

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 declined by the management

Bankers :

Bank Name	Punjab National Bank
Branch	Main Branch, Meghnani Tower, Station Road, Surat - 395003, Gujarat, 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 Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loan from Banks	39.098	62.814
Other loans and liabilities	0.000	0.159
Total		62.973

Short-term borrowings
Loans Repayable on Demand from Bank	112.235	55.695
Buyer Credit
ICICI-0052MLC0000914	0.000	5.109
ICICI-0052MLC00009414	0.000	3.907
Punjab National Bank – 0439FIBN00006413	0.000	7.422
Punjab National Bank – 0439FIBN0009914	3.359	0.000
Total	154.692	135.106
Note : Long Term Borrowing From Bank Punjab National Bank: Term loan has been secured by the Hypothecation of Entire Machineries, Electrical Installations, Furniture and Fixture, Office Equipment’s and Other Movable Fixed Assets of the company. Residential Property of the Directors Brothers and Personal Guarantee of the Directors. ICICI Bank – Car Loan: The vehicle Loans is secured by the car. Short-term borrowings Punjab National Bank: The working capital facility from Punjab National Bank is secured by Hypothecation of All current Assets (incl of stock, Spare Consumables and Receivables) of the company and personal Guarantee of the Directors.

Auditors :
Surat :
Name :	Gasv and Company Chartered Accountants
Address :	110, The Financial Super Market, 1^st Floor, 21^st Century Business Center, Ring Road, Surat – 395002, Gujarat, India
Tel No.:	91-261-4003090 / 4103000
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFG4749P

Mumbai :	The Financial Suparmarket, Office No. 413-414, 4^th Floor, Hubtown Viva, Western Express Highway, Near Shankar Wadi, Andheri (East), Mumbai – 400060, Maharashtra, India
Tel No.:	91-22-61272747

Memberships :	Not Available

Collaborators :	Not Available

Associates/ Subsidiary :	Not Available

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1133888	Equity Shares	Rs.10/- each	Rs.11.339 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.338	11.338	11.339
(b) Reserves & Surplus	121.131	110.529	101.851
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	5.742
Total Shareholders’ Funds (1) + (2)	132.469	121.867	118.932

(3) Non-Current Liabilities
(a) long-term borrowings	59.814	78.480	37.890
(b) Deferred tax liabilities (Net)	5.838	5.505	2.118
(c) Other long term liabilities	0.000	0.089	76.256
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	65.652	84.074	116.264

(4) Current Liabilities
(a) Short term borrowings	115.593	72.132	68.953
(b) Trade payables	77.287	38.567	6.492
(c) Other current liabilities	19.662	5.668	2.568
(d) Short-term provisions	2.313	1.992	0.316
Total Current Liabilities (4)	214.855	118.359	78.329

TOTAL	412.976	324.300	313.525

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.612	140.003	145.062
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.030	0.030	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.217	13.049	8.908
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	125.859	153.082	153.970

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	148.515	100.729	78.859
(c) Trade receivables	96.354	34.756	22.126
(d) Cash and cash equivalents	35.742	26.391	57.568
(e) Short-term loans and advances	6.399	9.342	1.002
(f) Other current assets	0.107	0.000	0.000
Total Current Assets	287.117	171.218	159.555

TOTAL	412.976	324.300	313.525

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	670.029	465.037	NA
	Other Income	3.977	3.287	NA
	TOTAL (A)	674.006	468.324	NA

Less	EXPENSES
	Cost of Materials Consumed	565.362	365.553
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(40.556)	(4.018)
	Employees benefits expense	29.571	20.383
	Extra Ordinary items	0.000	0.079
	Other expenses	52.592	35.674
	TOTAL (B)	606.969	417.671	NA

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	67.037	50.653	NA

Less	FINANCIAL EXPENSES (D)	21.545	18.360

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	45.492	32.293	NA

Less/ Add	DEPRECIATION/ AMORTISATION (F)	27.477	21.302	NA

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	18.015	10.991	NA

Less	TAX (H)	6.315	3.519

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	11.700	7.472	3.181

	Earnings / (Loss) Per Share (Rs.)	10.32	6.59	2.81

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	9.662	3.750	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	3.750	0.000	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.75	1.61	NA

Operating Profit Margin (PBIDT/Sales)	(%)	10.01	10.89	NA

Return on Total Assets (PBT/Total Assets}	(%)	4.36	3.39	NA

Return on Investment (ROI) (PBT/Networth)		0.14	0.09	NA

Debt Equity Ratio (Total Debt /Networth)		1.40	1.27	0.90

Current Ratio (Current Asset/Current Liability)		1.34	1.45	2.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	11.339	11.338	11.338
Reserves & Surplus	101.851	110.529	121.131
Share Application money pending allotment	5.742	0.000	0.000
Net worth	118.932	121.867	132.469

long-term borrowings	37.890	78.480	59.814
Short term borrowings	68.953	72.132	115.593
Total borrowings	106.843	150.612	175.407
Debt/Equity ratio	0.898	1.236	1.324

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	465.037	670.029
		44.081

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	465.037	670.029
Profit	7.472	11.700
	1.61%	1.75%

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	Yes
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

NOTE: Registered office of the company has been shifted from 278, Pajwa Falia, Greenlines, Katargam, Surat – 395004, Gujarat, India to the present address w.e.f. 09.10.2013

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Loans from Directors	20.715	15.506
Total	20.715	15.506

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10341060	20/01/2014 *	110,000,000.00	PUNJAB NATIONAL BANK	MAIN BRANCH, MEGHNANI TOWER, STATION ROAD, SURAT, Gujarat - 395003, INDIA	B96084983
2	10341052	17/08/2015 *	361,100,000.00	PUNJAB NATIONAL BANK	MAIN BRANCH, MEGHNANI TOWER,, STATION ROAD, SURAT, Gujarat - 395003, INDIA	C64263064
3	10342735	26/08/2015 *	361,100,000.00	PUNJAB NATIONAL BANK	MAIN BRANCH, MEGHNANI TOWER,, STATION ROAD, SURAT, Gujarat - 395003, INDIA	C64444292

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Bank Guarantee	4.985	0.000

FIXED ASSETS

Factory Land
Factory Building
Office Building
Plant and machinery
Furniture and equipment
Electrical Installation
Computer System
Motor Car and vehicle
Motor Sets

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.66.32
UK Pound	1	Rs.98.98
Euro	1	Rs.72.13

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	SUJ

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit