MIRA INFORM REPORT

Report No. :	304252
Report Date :	02.00.2015

IDENTIFICATION DETAILS

Name :	POWERWIND LIMITED [w.e.f. 31.01.2013]
Formerly Known As :	RK WIND LIMITED [w.e.f 16.09.2009] RK WIND PRIVATE LIMITED [w.e.f. 24.12.2008] CHETTINAD ENERGY PRIVATE LIMITED
Registered Office :	GL Business Centre, Old Gurgaon Road, Opposite to Udhyog Vihar Phase I, Dundahera, Gurgaon-122016, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.12.2004
Com. Reg. No.:	05-049783
Capital Investment / Paid-up Capital :	Rs. 725.363 Millions
CIN No.: [Company Identification No.]	U40101HR2004PLC049783
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wind Turbine Blades and Assemble Wind Turbine Generators.
No. of Employees :	Not Available

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 2700000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company moderate financial risk profile marked by low profit margin and increased in the borrowing of the company during FY 2014. However, trade relations are reported as 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B-
Rating Explanation	High risk of default
Date	31.10.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	31.10.2014

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 31-03-2014.

LOCATIONS

Registered / Head Office :	GL Business Centre, Old Gurgaon Road, Opposite to Udhyog Vihar Phase I, Dundahera, Gurgaon-122016, Haryana, India
Tel. No.:	91-124-4984455
Fax No.:	91-124-4984466
E-Mail :	info@powerwind.co.in chanchal.garg@powerwind.co.in
Factory :	Plot No. 352-353, Sector 2, HSIIDC G C Bawal, District Rewari, Haryana, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Raj Kumar Yadav

Designation :

Director

Address :

House No. 123, Sector 21, Gurgaon-122016, Haryana, India

Date of Birth/Age :

03.03.1978

Date of Appointment :

20.07.2009

Election Commission Identity Card Number :

HVVI846369

Din No.:

01644129

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	U70109DL2006PTC153589	ANANDRAO INFRASTRUCTURE PRIVATE LIMITED	Managing director	10/10/2007	12/09/2006	26/02/2009	Active	NO
2	U40101HR2006PTC049781	R. S. INDIA WIND ENERGY Private Limited	Managing director	28/09/2011	12/09/2006	-	Active	NO
3	U62100DL2006PTC153980	R. S. INDIA AVIATION PRIVATE LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO
4	U92490DL2006PTC154287	R. S. INDIA INFOTAINMENT PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Active	NO
5	U40102DL2008PLC179688	R.S . INDIA POWER LIMITED	Director	18/06/2008	18/06/2008	-	Active	NO
6	U45400DL2008PTC185657	VIGHNESHVARA INFRASTRUCTURE PRIVATE LIMITED	Director	10/12/2008	10/12/2008	-	Active	NO
7	U40300HR2008PLC049683	R.S.INDIA GLOBAL ENERGY LIMITED	Managing director	26/02/2009	10/12/2008	-	Active	NO
8	U70102DL2009PTC186307	PRIYANKA TOWNSHIPS PRIVATE LIMITED	Director	02/01/2009	02/01/2009	15/04/2009	Active	NO
9	U40101HR2004PLC049783	POWERWIND LIMITED	Director	20/07/2009	09/01/2009	-	Active	NO
10	U40101DL2009PTC186651	R. S. INDIA HYDRO POWER PRIVATE LIMITED	Director	13/01/2009	13/01/2009	-	Active	NO
11	U40300DL2009PTC186796	R. S. INDIA SOLAR ENERGY PRIVATE LIMITED	Director	19/01/2009	19/01/2009	-	Active	NO
12	U40107DL2009PTC186798	R. S. INDIA BIO MASS ENERGY PRIVATE LIMITED	Director	19/01/2009	19/01/2009	-	Active	NO
13	U40101DL2009PTC189200	R. S. WIND TECHNIK NORD PRIVATE LIMITED	Director	08/04/2009	08/04/2009	-	Active	NO
14	U40109DL2010PLC197654	ULTRA MEGA SOLAR WIND LIMITED	Additional director	04/07/2013	04/07/2013	-	Active	NO

Name :

Vidya Sagar Ailawadi

Designation :

Director

Address :

15/12, First Floor, Sarvapriya Vihar, New Delhi-110016, India

Date of Birth/Age :

01.08.1938

Date of Appointment :

26.08.2010

Din No.:

01259142

Other Directorship:

.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	U15520PB1986PLC006814	CHANDIGARH DISTILLERS AND BOTTLERS LIMITED	Director	03/01/2002	03/01/2002	19/11/2008	Active	NO
2	U40100HP2004PTC026975	KAPIL MOHAN AND ASSOCIATES HYDRO POWER PRIVATE LIMITED	Director	26/09/2009	30/10/2008	27/10/2009	Active	NO
3	U40101HR2004PLC049783	POWERWIND LIMITED	Director	26/08/2010	14/12/2009	-	Active	NO
4	U40300HR2008PLC049683	R.S.INDIA GLOBAL ENERGY LIMITED	Director	16/08/2011	20/07/2011	-	Active	NO

Name :

Mr. Anil Kumar

Designation :

Director

Address :

P1, Plot No. 16, Naryani Apartment, Brijlalpura, Santosh Nagar, Jaipur-302016, Rajasthan, India

Date of Birth/Age :

31.07.1977

Date of Appointment :

30.09.2013

Din No.:

03353338

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	U74900DL2012PTC230684	ROBOTICK MAGICAL COMPANY PRIVATE LIMITED	Director	30/01/2012	30/01/2012	-	Active	NO
2	U40101HR2004PLC049783	POWERWIND LIMITED	Director	30/09/2013	19/12/2012	-	Active	NO
3	U40300HR2008PLC049683	R.S.INDIA GLOBAL ENERGY LIMITED	Director	30/09/2013	19/12/2012	-	Active	NO
4	U74140HR2010PTC041269	JAB GREEN ENERGY CONSULTANTS PRIVATE LIMITED	Director	24/12/2012	24/12/2012	19/06/2013	Strike off	NO
5	U40106HR2010PTC040179	ADVANCE SOLAR POWER TECHNOLOGIES PRIVATE LIMITED	Director	24/12/2012	24/12/2012	19/06/2013	Strike off	NO

KEY EXECUTIVES

Name :	Chanchal Garg
Designation :	Secretary
Date of Birth/Age :	30.05.1981
Date of Appointment :	10.02.2010
Pan No.:	AKEPG2697M

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
R.S. India Global Energy Limited, India	12208015
Raj Kumar Yadav	833
R.S. India Wind Energy Private Limited, India	13506101
R.S. India Infra Power Private Limited, India	46667420
Jeetendra Pratap Yadav	10
Meetika Yadav	10
Ajay Kumar Yadav	10
Amita Duggal	10
Prem Devi Yadav	10
Amudha Marts Private Limited, India	153846
TOTAL	72536265

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Wind Turbine Blades and Assemble Wind Turbine Generators.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• Corporation Bank, West Patel Nagar Branch, New Delhi-110028, India

Facilities :

Secured Loan	As on 31.03.2014 [Rs. in Millions]	As on 31.03.2013 [Rs. in Millions]
Long Term Borrowings
Term Loans
From Banks	NA	445.908
Less: Current maturities of long term borrowings	NA	(43.352)
TOTAL	NA	402.556

Auditors :
Name :	KRA and Company Chartered Accountants
Address :	H-1/208, Garg Tower, Netaji Subhash Place, Pitampura, New Delhi – 110034, India
PAN No.:	AAIFK1650J
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	R.S. India Infrapower Private Limited (w.e.f 31.12.2011)
Enterprises over which key management personnel or relative of key management personnel exercise significant influence :	R.S. India Global Energy Limited R. S. India Wind Energy Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
95000000	Equity Shares	Rs.10/- each	Rs. 950.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72536265	Equity Shares	Rs.10/- each	Rs.725.363 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	725.363	723.824	698.209
(b) Reserves & Surplus	202.901	194.735	194.479
(c) Money received against share warrants	0.000	0.000	0.000
			0.000
(2) Share Application money pending allotment	0.000	2.000	0.000
Total Shareholders’ Funds (1) + (2)	928.264	920.559	892.688
(3) Non-Current Liabilities
(a) long-term borrowings	405.439	402.556	139.472
(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	0.804	0.215	0.000
Total Non-current Liabilities (3)	406.243	402.771	139.472
(4) Current Liabilities
(a) Short term borrowings	845.274	0.000	0.000
(b) Trade payables	147.053	1.967	6.862
(c) Other current liabilities	114.620	94.941	20.919
(d) Short-term provisions	1.688	0.003	0.019
Total Current Liabilities (4)	1108.635	96.911	27.800
TOTAL	2443.142	1420.241	1059.960
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	713.173	683.971	154.812
(ii) Intangible Assets	351.630	389.244	0.000
(iii) Capital work-in-progress	136.388	26.407	744.555
(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	34.258	7.031	135.108
(e) Other Non-current assets	41.380	16.581	0.000
Total Non-Current Assets	1276.828	1123.234	1034.475
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	740.289	94.673	0.000
(c) Trade receivables	229.810	25.036	0.000
(d) Cash and cash equivalents	168.107	176.409	25.351
(e) Short-term loans and advances	19.988	0.307	0.134
(f) Other current assets	8.119	0.582	0.000
Total Current Assets	1166.312	297.007	25.485
TOTAL	2443.142	1420.241	1059.960

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1398.456	53.205	0.00
	Other Income	16.871	7.243	0.262
	TOTAL (A)	1415.327	60.448	0.262
Less	EXPENSES
	Cost of Materials Consumed	135.313	22.822	0.000
	Purchases of Stock-in-Trade	1094.358	49.273	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(201.484)	(25.789)	0.000
	Employees benefits expense	20.087	3.031	0.832
	Other expenses	144.534	12.930	1.240
	TOTAL (B)	1192.808	62.267	2.072
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	222.519	(1.819)	(1.810)
Less	FINANCIAL EXPENSES (D)	101.145	4.498	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	121.374	(6.317)	(1.810)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	111.987	1.111	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	9.387	(7.428)	(1.810)
Less	TAX (I)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	9.387	(7.428)	(1.810)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1398.456	53.205	0.000
	TOTAL EARNINGS	1398.456	53.205	0.000
	IMPORTS
	Raw Materials	330.908	80.907	0.000
	Components and Stores parts	0.000	4.791	0.000
	Capital Goods	27.462	49.179	0.341
	TOTAL IMPORTS	358.370	134.877	0.341
	Earnings / (Loss) Per Share (Rs.)	0.11	(0.11)	(0.04)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.67	(13.96)	NA
Operating Profit Margin (PBDIT / Sales)	(%)	15.91	(3.42)	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.41	(0.53)	(0.57)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.01)	0.00
Debt Equity Ratio (Total Debt /Networth)		1.35	0.44	0.16
Current Ratio (Current Asset/Current Liability)		1.05	3.06	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	698.209	723.824	725.363
Reserves & Surplus	194.479	194.735	202.901
Share Application money pending allotment	0.000	2.000	0.000
Net worth	892.688	920.559	928.264
long-term borrowings	139.472	402.556	405.439
Short term borrowings	0.000	0.000	845.274
Total borrowings	139.472	402.556	1250.713
Debt/Equity ratio	0.156	0.437	1.347

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	0.262	60.448	1415.327
		22,971.756	2,241.396

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	0.262	60.448	1415.327
Profit	(1.810)	(7.428)	9.387
	(690.84%)	(12.29%)	0.66%

a

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

Registered office of the company has been shifted from Rani Seethal Hall, 5^th Floor, 603, Anna Salal, Chennai – 600006, Tamilnadu, India to the present address w.e.f.09.07.2010

Review of Performance

The Net Profit for the year ended 31^st March 2014 was Rs. 7.703 Millions the company is planning for expansion of its business and new initiatives in diversifying fields. The company is firmly looking for the business opportunity through the strategic alliances, tie up and joint venture in related business area.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10456767	06/09/2013	631,000.00	CORPORATION BANK	West Patel Nagar Branch, DELHI, Delhi - 110008, INDIA	B88210521
2	10456772	06/09/2013	643,000.00	CORPORATION BANK	West Patel Nagar Branch, DELHI, Delhi - 110008, INDIA	B88211438
3	10456773	06/09/2013	737,000.00	CORPORATION BANK	West Patel Nagar Branch, DELHI, Delhi - 110008, INDIA	B88211651
4	10314043	30/03/2013 *	520,000,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	BO : NEHRU PLACE, CC-21, NEHRU ENCLAVE,, NEW DELHI, Delhi - 110019, INDIA	B75855726
5	10314053	10/10/2011	1,980,000,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	BO : NEHRU PLACE, CC - 21, NEHRU ENCLAVE, NEW DELHI, Delhi - 110019, INDIA	B23888761

* Date of charge modification

FIXED ASSETS

• Freehold Land
• Building
• Office Equipment
• Vehicles
• Computer

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.61.76
UK Pound	1	Rs.93.13.
Euro	1	Rs.70.02

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		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.