MIRA INFORM REPORT

Report No. :	356999
Report Date :	31.12.2015

IDENTIFICATION DETAILS

Name :	RENEWSYS INDIA PRIVATE LIMITED (w.e.f. 01.06.2012)
Formerly Known As :	POSITIVE RENEWSYS PRIVATE LIMITED
Registered Office :	98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai-400021, Maharashtra
Tel. No.:	91-22-30011700
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.08.2011
Com. Reg. No.:	11-220771
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U36990MH2011PTC220771
IEC No.:	0314038850
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCP2384M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Renewable Energy Equipment, Photovoltaic Modules, Films, Backsheet, etc. (Confirmed by Management)
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 200
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of Far East Holding Limited, Mauritius incorporated in the year 2011. As per Registrar of Companies, the date of balance sheet i.e. financials filed is shown as 31^st March, 2015 but documents related to the financials for the year 2015 are not available from any sources. Mr. Ashish Sawant from Accounts department has claimed that the activity has started from April 2014. As per available financial of 2014, the company has incurred accumulated loss due to pre-operative expenses. As per information gathered by other sources, the company possesses net worth of Rs. 1511.59 Million and total turnover of Rs. 722.45 million for the FY 15. Business is active. No Payment terms are known. In view of limited track record, 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	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

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Umesh Mamtani
Designation :	Marketing Manager
Contact No.:	91-9820302984
Date :	26.12.2015

LOCATIONS

Registered Office / Corporate Office :	98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-30011700
Mobile No.:	91-9820302984 (Mr.Umesh Mamtani)
Fax No.:	Not Available
E-Mail :	umeshmamtani@renewsysindia.com renewsys@renewsysindia.com laxminarayan.hariharan@rebewsysindia.com
Website :	http://www.renewsysindia.com http://www.renewsysworld.com
Area :	2000 Sq. Ft.
Location :	Owned
Locality :	Commercial
Factory 1 :	Fab City, Plot No.06, Survey No.114/P, Shrinagar Village, Maheshwaram Mandal, Rangareddy Dist. - 501359, Telangana, India
Factory 2 :	Plot No 21 and Part 22, Bommasandra- Jigani Link Road, KIADB Industrial Area, Bangalore- 562106, Karnataka, India
Tel. No.:	91-80-33494545
Fax no. :	91-80-33494552
Corporate Office :	3rd Floor,The Great Eastern Summit, A Wing Sector 15, Plot No 56, CBD Belapur, Navi Mumbai - 400 614, Maharashtra, India
Tel. No.:	91-22-39211400
Fax no. :	91-22-39211430

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Avinash Gope Hiranandani

Designation :

Managing Director

Address :

605, Kaveri Apartments, 5th Road, Diamond Garden, Chembur, Mumbai-400071, Maharashtra, India

Date of Appointment :

18.03.2015

DIN No.:

07118075

Name :

Mr. Sanjay Naraindas Kirpalani

Designation :

Director

Address :

98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai-400021, Maharashtra, India

Date of Appointment :

30.09.2014

DIN No.:

00088075

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	U51900MH1992PTC068505	MONTANA EXPORTS PRIVATE LIMITED	Director	07/04/1994	07/04/1994	-	Active	NO
2	U85110MH2005PTC154861	NEW WORLD i CARE PRIVATE LIMITED	Director	18/07/2005	18/07/2005	-	Active	NO
3	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	01/01/2014	24/09/2005	27/01/2015	Active	NO
4	U21010MH1985FTC035837	VISTA FILM AND PACKAGING PRIVATE LIMITED	Director	11/01/2007	11/01/2007	-	Amalgamated	NO
5	U22300MH2006PTC163173	BLUE FROG MEDIA PRIVATE LIMITED	Director	10/09/2007	21/05/2007	-	Active	NO
6	U74999MH2007PTC169648	FROG COMPANY PRIVATE LIMITED	Director	28/09/2012	25/11/2011	-	Active	NO
7	U72900MH2012PTC234985	ENCEPT PREMEDIA PRIVATE LIMITED	Director	18/09/2014	27/08/2014	-	Active	NO
8	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Director	30/09/2014	27/08/2014	-	Active	NO
9	U74120MH2011PTC221719	TOBUSOL MANAGEMENT SERVICES PRIVATE LIMITED	Director	24/03/2015	24/03/2015	-	Active	NO

Name :

Mr. Arun Ashok Lakhani

Designation :

Director

Address :

Apartment 2804, Al Murjan Towers, Dubai Marina, PO Box 48748, Dubai, Na, United Arab Emirates

Date of Appointment :

30.09.2014

DIN No.:

06910712

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	Company/ LLP Status	Defaulting status
1	U72900MH2012PTC234985	ENCEPT PREMEDIA PRIVATE LIMITED	Director	18/09/2014	07/08/2014	Active	NO
2	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Director	30/09/2014	27/08/2014	Active	NO

Name :

Mr. Laxminarayan Hariharan Chitoor

Designation :

Whole-Time Director

Address :

C/302, Shree Mangesh, Junction of 6th and 8th Road, Chembur, Mumbai-400071, Maharashtra, India

Date of Birth/Age :

22.10.1957

Date of Appointment :

01.10.2014

DIN No.:

00062585

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	U51900MH1992PTC068505	MONTANA EXPORTS PRIVATE LIMITED	Whole-time director	01/11/2014	30/09/1992	-	Active	NO
2	U67120MH1992PTC065419	CHAPARRAL HOLDINGS COMPANY PRIVATET LIMITED	Director	11/08/1998	11/08/1998	-	Active	NO
3	U67120MH2000PTC129105	CHETAK RESOURCES PRIVATE LIMITED	Director	15/04/2002	15/04/2002	15/03/2015	Active	NO
4	U51900MH1993PTC071173	CHANDRALOK EXIM PRIVATE LIMITED	Director	15/04/2002	15/04/2002	15/03/2015	Active	NO
5	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	01/10/2014	26/09/2002	27/01/2015	Active	NO
6	U51900MH1984PTC034426	VIGNESHH PHARMA IMPEX PRIVATE LIMITED	Director	15/09/2003	15/09/2003	15/03/2015	Active	NO
7	U85110MH2005PTC154861	NEW WORLD i CARE PRIVATE LIMITED	Alternate director	31/10/2005	31/10/2005	-	Active	NO
8	U70200MH2007PTC167216	CHAPARRAL HOUSING PRIVATE LIMITED	Director	23/01/2007	23/01/2007	-	Active	NO
9	U72200PN2003PTC018548	EMPIRICAL SYSTEMS PRIVATE LIMITED	Additional director	20/03/2009	20/03/2009	-	Active	NO
10	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Whole-time director	01/10/2014	09/08/2011	-	Active	NO
11	U74950MH2007PTC174475	ICM PACKAGING PRIVATE LIMITED	Director	29/09/2012	30/03/2012	-	Amalgamated	NO
12	U72900MH2012PTC234985	ENCEPT PREMEDIA PRIVATE LIMITED	Director	27/08/2012	27/08/2012	-	Active	NO
13	U74120MH2011PTC221719	TOBUSOL MANAGEMENT SERVICES PRIVATE LIMITED	Director	17/04/2013	17/04/2013	-	Active	NO

Name :

Mr. Jayaram Upadhya

Designation :

Whole-Time Director

Address :

No. 471, Mahalakshmi, 3rd Cross, Barath HSG Coop Society, Subramanyapura Post, Bangalore - 560061, Karnataka, India

Date of Appointment :

18.03.2015

DIN No.:

07120812

KEY EXECUTIVES

Name :	Mr. Umesh Mamtani
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Far East Holdings Limited, Mauritius	84159152
Goldera International Limited, Mauritius	615569
Star Services and Investments Limited, Mauritius	220985
N. P. Kriplani	3944
Ashok S Lakhani	1490
C.H. Laxminarayan	18
L. Ramkrishnam	6
Total	85001164

AS ON 19.09.2015

Names of Allottee	No. of Shares
Far East Holdings Limited, Mauritius	3979784
Total	3979784

AS ON 30.09.2014

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Renewable Energy Equipment, Photovoltaic Modules, Films, Backsheet, etc. (Confirmed by Management)
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· European Countries · UAE · South Africa
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Advance Payment, L/C and Credit (30 days)
Purchasing :	Advance Payment, L/C and Credit (30 days)

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 :

Wholesalers, Retailers, OEMs and Manufacturer

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 :

450 (Approximately)

Bankers :

Bank Name:	The Federal Bank Limited
Branch:	Bannerghatta Branch, 53/ 3, 4, 5, Limra Towers, B Annerghatta, Bangalore- 560083, Karnataka, 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 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

Auditors :

Name :

Gopal Krishnam and Company

Chartered Accountants

Address :

B-601, Sai Leela, Near Pillai College, Sector 16, New Panvel, Navi Mumbai-410206, Maharashtra, India

Tel. No.:

91-22-22055858/22052903

Mobile No.:

91-9820423904/9969398887

E-Mail :

gopi2903@yahoo.com

Income-tax PAN of auditor or auditor's firm :

AAFPM7592J

Memberships :

--

Collaborators :

--

Holding Company :

Far East Holdings Limited

CAPITAL STRUCTURE

AFTER 30.09.2015

Authorised Capital : Rs.1100.000 Million

Issued, Subscribed & Paid-up Capital : Rs.1004.001 Million

AS ON 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
110000000	Equity Shares	Rs.10/- each	Rs.1100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
85001164	Equity Shares	Rs.10/- each	Rs.850.012 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	(0.039)	(0.038)	(0.020)
(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)	0.061	0.062	0.080
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.000	0.000	0.000
TOTAL	0.061	0.062	0.080
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.000	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.061	0.062	0.080
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.061	0.062	0.080
TOTAL	0.061	0.062	0.080

PARTICULARS (From Other Sources)	31.03.2015
Total Turnover	722.450

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	NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)	0.00	0.00	0.00

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	0.100	0.100
Reserves & Surplus	(0.020)	(0.038)	(0.039)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.080	0.062	0.061
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	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	No
26	Turnover of firm for last one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
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	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	10551031	10/04/2015 *	269,000,000.00	THE FEDERAL BANK LIMITED	BANNERGHATTA BRANCH, 53/3,4,5, LIMRA TOWERS, B  ANNERGHATTA, BANGALORE- 560083, KARNATAKA, INDIA	C53768198

OPERATIONS: (As on 31.03.2014)

The company was established in 2011 with the objective of carrying their manufacturer of films, backsheet, components, parts and auxiliaries used or required for Renewable energy equipment.

As solar industry was witnessing a slowdown and since the exiting capacities in the country were underutilized, the Board felt that investment in this industry at that stage might not be prudent and decided to defer the same till the outlook changed favorable for the industry.

However, pickup in the Solar Industry is now being witnessed. The Company had an opportunity to acquire an entire Solar Business as a going concern from M/ s positive Packaging Industries Limited for which the approval was obtained. The Company has been informed by Positive Packaging Industries Limited that the Bombay High Court has passed its Final Order approving the demerge of the their Solar Division vide its order dated 1^st August 2014. On getting the certified copy of the Order and after filing the same with the Registrar of Companies and completing other procedural formalities the Company will take over the running business of the demerged Solar Division of Positive Packaging Industries Limited and operate the same in its own name.

“Pursuant to the Scheme of arrangement (The Scheme) under sections 391 and 394 read with sections 78,100 to 103 of Companies Act, 1956 between Positive Packaging Industries Limited (PPIL) and the Company and their respective Shareholders and Creditors, Manufacturing of components of modules viz. Ethylene Vinyl Acetate (EVA) film and Back sheet business of PPIL, as sanctioned by Hon’ble High Court of Bombay, vide its order dated 1^st August 2014 has been transferred by demerger to the Company on a going concern basis with effect from the appointed date of the Scheme i.e. 1^st April 2014.

The Company is in the process of giving effect to the above scheme.

Since the company has not started any commercial activity during the year, no statement of profit and loss has been prepared.

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. 66.42
UK Pound	1	Rs. 98.55
Euro	1	Rs. 72.60

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	AMR
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	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		27

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.