MIRA INFORM REPORT

(REVISED REPORT)

Report No. :	308261.2
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	SPECTRUM RENEWABLE ENERGY PRIVATE LIMITED (w.e.f. 13.12.2007)
Formerly Known As :	J.R. DEVELOPMENT AND RESEARCH CONSULTANTS PRIVATE LIMITED
Registered Office :	Gat No.1165, Village Kodoli, Panhala Taluka, Warnanagar – 413113, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.03.2002
Com. Reg. No.:	11-152951
Capital Investment / Paid-up Capital :	Rs.113.215 Millions
CIN No.: [Company Identification No.]	U40101PN2002PTC152951
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject engaged into renewable energy solutions for the organic waste management and agricultural sector.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 310000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company in renewable energy sector having moderate track record. The company has incurred accumulated loss during the year 2013-2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON – COOPERATIVE (91-40-23281918)

LOCATIONS

Registered Office / Warana Project Site:	Gat No.1165, Village Kodoli, Panhala Taluka, Warnanagar – 413113, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@srel.in
Corporate Office	Banjara Hills, Hyderabad, Andhra Pradesh, Indai
Tel. No.:	91-40-23281918
Fax No.:	91-40-23281919
E-Mail :	darrao@srel.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Akula Venkata Mohan Rao

Designation :

Managing director

Address :

281A, Road No. 10C, Jubilee Hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

10.05.1945

Date of Appointment :

06.08.2008

DIN No.:

00091706

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	U33112TG1999PTC032551	DYNAMIC GENERATION PRIVATE LIMITED	Director	27-08-03	27-08-03	-	Active	NO
2	L51909DL1985PLC020779	PRAGATI VANIJAYA LIMITED	Additional director	11-02-07	11-02-07	01-04-09	Active	NO
3	U10100DL1996PLC251093	SPECTRUM COAL AND POWER LIMITED	Whole-time director	13-04-07	13-04-07	01-04-09	Active	NO
4	U10100DL1996PTC083980	CLI COAL HANDLING CO. PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO
5	U40101PN2002PTC152951	SPECTRUM RENEWABLE ENERGY PRIVATE LIMITED	Managing director	01-04-10	06-08-08	-	Active	NO

Name :

Mr. Akula Srikant Rao

Designation :

Director

Address :

425, Washington, 8LVD UN 3608, Jersey City NJ, 07310, United States of America

Date of Birth/Age :

20.03.1978

Date of Appointment :

06.08.2008

DIN No.:

01996927

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	U10100DL1996PLC251093	SPECTRUM COAL AND POWER LIMITED	Director	13-04-07	13-04-07	01-04-09	Active	NO
2	U10100DL1996PTC083980	CLI COAL HANDLING CO. PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO
3	U40101PN2002PTC152951	SPECTRUM RENEWABLE ENERGY PRIVATE LIMITED	Director	30-08-08	06-08-08	-	Active	NO

Name :

Mr. Vikram Ravindra Mamidipudi

Designation :

Additional director

Address :

Plot No. 16, Card Master Road, Arihant Road, Tarbund, Secunderabad – 500009, Telangana, India

Date of Birth/Age :

18.05.1956

Date of Appointment :

03.10.2013

DIN No.:

00008241

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	U51398TG1987PTC007885	NORMAK FASHIONS PRIVATE LIMITED	Director	18-11-88	18-11-88	-	Active	NO
2	U74140TG1992PTC014155	M.ANANDAM CONSULTANCY SERVICES PRIVATE LIMITED	Director	30-04-92	30-04-92	-	Active	NO
3	L85110KA1992PLC013421	ASM TECHNOLOGIES LIMITED	Director	28-06-14	30-06-98	-	Active	NO
4	U24110TG1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Director	30-09-14	24-03-99	-	Active	NO
5	U01119TG1992PTC014048	WINGS INFONET Private Limited	Director	11-05-00	11-05-00	-	Active	NO
6	U74140TG2000PTC034461	ASSOCIATED BUSINESS COUNSELLILNG SERVICES PRIVATE LIMITED	Director	10-05-01	10-05-01	27-10-14	Active	NO
7	U25209TN1978PTC007619	A-BOND STRANDS PRIVATE LIMITED	Director	31-07-02	31-07-02	-	Active	NO
8	U36911TG2003PTC040714	NORMAK INDIA PRIVATE LIMITED	Director	25-03-03	25-03-03	27-10-14	Active	NO
9	U72200TG2004PTC042465	PYTHIAN INDIA PRIVATE LIMITED	Alternate director	30-04-04	30-04-04	14-04-07	Active	NO
10	U15549TG2004PTC043249	TAZA RICA BEVERAGES PRIVATE LIMITED	Director	14-09-04	14-09-04	08-09-08	Active	NO
11	L27100AP1989PLC010122	ZENOTECH LABORATORIES LIMITED	Additional director	01-10-09	29-11-05	26-02-10	Active	NO
12	L18101AP1962PLC054323	GTN INDUSTRIES LIMITED	Director	17-12-05	17-12-05	-	Active	NO
13	U65990MH1993PLC071003	CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED	Director	26-06-07	18-04-07	16-08-07	Active	NO
14	U93000TG2008PTC057571	PACIFIC RIM ALLIANCE INDIA PRIVATE LIMITED	Director	12-02-08	12-02-08	09-05-08	Active	NO
15	U74900TG2008PTC061647	ESTELLE INDIA PRIVATE LIMITED	Director	31-10-08	31-10-08	-	Active	NO
16	U80302TG2002NPL039397	INSTITUTE OF INSURANCE AND RISK MANAGEMENT	Director	17-07-09	25-03-09	-	Active	NO
17	U80101TG1995PTC022594	TRIUMPHANT INSTITUTE OF MANAGEMENT EDUCATION PRIVATE LTD.	Director	22-07-09	22-07-09	-	Active	NO
18	L65191RJ1943PLC000135	THE BANK OF RAJASTHAN LIMITED	Director	14-12-09	14-12-09	-	Amalgamated	NO
19	U40109TG2008PLC061202	AMRELI POWER PROJECTS LIMITED	Director	29-09-11	03-12-10	-	Active	NO
20	U65922DL1996PLC249927	Venture Finance & Development Corporation Limited.	Director	28-09-12	23-08-12	-	Active	NO
21	U80901TG2012NPL083292	LIFE SKILLS AND LIVELIHOOD SKILLS - INTERNATIONAL	Director	22-04-13	13-10-12	-	Active	NO
22	U24239TG2005PTC047102	AHLADA ENGINEERS PRIVATE LIMITED	Director	27-09-13	23-08-13	-	Active	NO
23	U40101PN2002PTC152951	SPECTRUM RENEWABLE ENERGY PRIVATE LIMITED	Director	30-09-14	03-10-13	-	Active	NO
24	U51909TG1981PLC041292	GTN ENGINEERING(INDIA) LIMITED	Director	04-07-14	04-07-14	-	Active	NO
25	U93090TN1962PLC004947	CHETTINAD CEMENT CORPORATION LIMITED	Director	27-08-14	27-08-14	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
A V Mohan Rao	24750
Shrikant Akula	24850
Sundar Sundaresan Kapleeswaran Rao	100
A V Hanumantha Rao	100
A Didya Rao	100
Lakshmi Sheth	100
Spectrum Renewable Energy Limited, Mauritius	11419000
Total	11469000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.56
Directors or relatives of Directors	0.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject engaged into renewable energy solutions for the organic waste management and agricultural sector.

Products :

Item Code No.	Product Description
23025000	Bio Gas
31059090	Fertilizers

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 of Baroda, Shivaji Chowk Branch, P.O. No. 11, Maharana Pratap, Kolhapur - 416002, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	96.728	112.843
Short-term borrowings
Working capital loans from banks	5.792	1.666
Total	102.520	114.509

Banking Relations :	--
Auditors :
Name :	V. T. and Associates Chartered Accountants
Address :	304/1, Near Hotel, Elegant, Rukmini Nagar, Kolhapur, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AGHPM6488M
Memberships :	--
Collaborators :	--
Holding company:	· Spectrum Renewable Energy Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Spectrum Gas Distribution Company

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11500000	Equity Shares	Rs.10/- each	Rs. 115.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11469000	Equity Shares	Rs.10/- each	Rs. 114.690 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11500000	Equity Shares	Rs.10/- each	Rs. 115.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11321500	Equity Shares	Rs.10/- each	Rs. 113.215 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	113.215	113.215	89.840
(b) Reserves & Surplus	(4.819)	18.462	14.626
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	20.048
Total Shareholders’ Funds (1) + (2)	108.396	131.677	124.514
(3) Non-Current Liabilities
(a) long-term borrowings	96.728	112.843	112.578
(b) Deferred tax liabilities (Net)	7.652	2.962	0.000
(c) Other long term liabilities	1.500	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	105.880	115.805	112.578
(4) Current Liabilities
(a) Short term borrowings	5.792	1.666	0.000
(b) Trade payables	43.101	27.741	10.995
(c) Other current liabilities	19.127	18.568	0.495
(d) Short-term provisions	1.631	0.807	0.586
Total Current Liabilities (4)	69.651	48.782	12.076
TOTAL	283.927	296.264	249.168
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	239.697	261.429	18.200
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.576	0.940	186.890
(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	5.760	6.128	17.526
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	247.033	268.497	222.616
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.469	12.178	0.000
(c) Trade receivables	12.816	6.954	0.000
(d) Cash and cash equivalents	4.686	1.462	21.557
(e) Short-term loans and advances	5.170	0.112	4.776
(f) Other current assets	7.753	7.061	0.219
Total Current Assets	36.894	27.767	26.552
TOTAL	283.927	296.264	249.168

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	90.925	22.156	2.840
	Other Income	NA	0.085
	TOTAL	NA	22.241	2.840
Less	EXPENSES	NA	21.013	6.120
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	NA	1.228	(3.280)
Less	FINANCIAL EXPENSES	NA	7.928	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (	1.177	-6.699	(3.280)
Less/ Add	DEPRECIATION/ AMORTISATION	19.769	9.878	0.526
	PROFIT/ (LOSS) BEFORE TAX	(18.592)	(16.577)	(3.806)
Less	TAX	4.690	2.962	0.000
	PROFIT/ (LOSS) AFTER TAX	(23.282)	(19.539)	(3.806)
	Earnings / (Loss) Per Share (Rs.)	(2.03)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(25.61)	(88.19)	NA
Operating Profit Margin (PBIDT/Sales)	(%)	NA	5.54	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(6.58)	(5.61)	(6.11)
Return on Investment (ROI) (PBT/Networth)		(0.17)	(0.13)	(0.03)
Debt Equity Ratio (Total Debt /Networth)		0.95	0.87	0.90
Current Ratio (Current Asset/Current Liability)		0.53	0.57	2.20

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	89.840	113.215	113.215
Reserves & Surplus	14.626	18.462	(4.819)
Net worth	104.466	131.677	108.396
long-term borrowings	112.578	112.843	96.728
Short term borrowings	0.000	1.666	5.792
Total borrowings	112.578	114.509	102.520
Debt/Equity ratio	1.078	0.870	0.946

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	22.156	90.925
		310.385

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	22.156	90.925
Profit	(19.539)	(23.282)
	(88.19%)	(25.61%)

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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CURRENT YEAR PERFORMANCE

In the year 2014-15, the company has recorded CBG sales of Rs. 45.300 Millions till 31st August, 2014. With effective cost control and steady supply of raw material, the company is expected to earn good profit in the half year ending 30th September, 2014 Future prospects An awareness of the CBG, the product of the company, is being envisaged. Being convinced with the importance of CBG for national economy, the Government of India, in its union budget of 2014-15 has exempted CBG from the scope of Excise Duty. Such positive step from the government is expected to improve future prospects of the company.

Bio-Fertilizer a by-product of their production process is proven to be an excellent nutrient for soil thus aiding cultivation. Bio-Fertilizer produced in their factory is gradually becoming popular amongst cultivators. Such popularity vis--vis increase in demand is expected to stabilize and grow market for their fertilizer The company is looking forward to increase its production capacity by setting up satellite units in surrounding areas for manufacturing CBG by cleaning Spent Wash The company is expanding its customer base and has upwardly revised selling price to absorb increase in cost. Such expanded customer base is expected to recover accumulated loss and see a bright future for the company

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10435406	31/01/2013	22,500,000.00	BANK OF BARODA	SHIVAJI CHOWK BRANCH, P.O. NO. 11, MAHARANA PRATAP, KOLHAPUR, MAHARASHTRA - 416002, INDIA	B76020361
2	10267580	13/06/2014 *	111,091,000.00	BANK OF BARODA	SHIVAJI CHOWK BRANCH, P.O. NO. 11, MAHARANA PRAT AP CHOWK, KOLHAPUR, MAHARASHTRA - 416002, INDIA	C09611500

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.