MIRA INFORM REPORT

Report No. :	325749
Report Date :	08.06.2015

IDENTIFICATION DETAILS

Name :	NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED
Registered Office :	2^nd Floor, Vidyut Bhawan, Bailey Road, Patna - 800001, Bihar
Tel. No.:	91-612-2504044
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.07.2012
Com. Reg. No.:	03-018920
Capital Investment / Paid-up Capital :	Rs. 3850.000 Million
CIN No.: [Company Identification No.]	U40109BR2012SGC018920
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 :	Distribution of Electricity.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is Government Entity subsidiary of “Bihar State Power Holding Company Limited”, it is established company incorporated in July 2012 and it is having moderate track record. The Company is engaged primarily in the business of distribution of Electricity. Rating is constrained on moderate operational risk profile marked by losses incurred from its operations and risk associated with the nature of the business. Rating further constrained on input price that may further affect the bottom line of the company. However, rating strength partially offset by strong support that company received from the Bihar Government. Trade relation are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for the business dealings with some caution. NOTE: 23 AC Documents for the year 2014 are not been available from any sources.

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 31-03-2013.

INFORMATION BY

MANAGEMENT NON-COOPERATIVE

Tel. No.: 91-612-2504044

LOCATIONS

Registered Office :	2^nd Floor, Vidyut Bhawan, Bailey Road, Patna - 800001, Bihar
Tel. No.:	91-612-2504044
Fax No.:	Not Available
E-Mail :	Cs.bsphcl@gmail.com
Website :	www.nbpdcl.co.in

DIRECTORS

AS ON 29.09.2014

Name :

Pratyaya Amrit

Designation :

Nominee Director

Address :

4, Polo Road, Patna, 800015, Bihar, India

Date of Birth/Age :

07.07.1967

Date of Appointment :

10.06.2014

DIN No.:

01192117

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	U45201BR1975SGC001208	BIHAR RAJYA PUL NIRMAN NIGAM LIMITED	Alternate director	30/04/2012	20/04/2006	30/06/2012	Active	NO
2	U45200BR2009SGC014600	BIHAR URBAN INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	27/07/2009	27/07/2009	09/06/2014	Active	NO
3	U45203BR2009SGC014434	BIHAR STATE ROAD DEVELOPMENT CORPORATION LIMITED	Managing director	30/07/2009	30/07/2009	09/06/2014	Active	NO
4	U45200BR2008SGC013513	BIHAR STATE BUILDING CONSTRUCTION CORPORATION LIMITED	Nominee director	15/06/2011	15/06/2011	09/06/2014	Active	NO
5	U60230BR2014SGC022105	BIHAR URBAN TRANSPORT SERVICES LIMITED	Nominee director	21/02/2014	21/02/2014	09/06/2014	Active	NO
6	U40100BR1982SGC001627	BIHAR STATE HYDRO-ELECTRIC POWER CORPORATION LIMITED	Nominee director	06/06/2014	06/06/2014	-	Active	YES
7	U40102BR2012SGC018889	BIHAR STATE POWER TRANSMISSION COMPANY LIMITED	Nominee director	10/06/2014	10/06/2014	-	Active	NO
8	U40102BR2012SGC018888	BIHAR STATE POWER GENERATION COMPANY LIMITED	Nominee director	10/06/2014	10/06/2014	-	Active	NO
9	U40109BR2012SGC018920	NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Nominee director	10/06/2014	10/06/2014	-	Active	NO
10	U40102BR2012SGC018495	BIHAR STATE POWER (HOLDING) COMPANY LIMITED	Managing director	10/06/2014	10/06/2014	-	Active	NO
11	U40109BR2012SGC018890	SOUTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Nominee director	10/06/2014	10/06/2014	-	Active	NO
12	U40100BR2013PLC019722	BIHAR GRID COMPANY LIMITED	Director	15/09/2014	10/06/2014	-	Active	NO
13	U45206BR2008PTC013348	BIHAR POWER INFRASTRUCTURE COMPANY PRIVATE LIMITED	Nominee director	16/06/2014	16/06/2014	-	Active	NO
14	U40104DL2008PTC183024	NABINAGAR POWER GENERATING COMPANY PRIVATE LIMITED	Nominee director	09/07/2014	09/07/2014	-	Active	NO
15	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Director	09/07/2014	09/07/2014	-	Active	NO

Name :

Manish Kumar Verma

Designation :

Nominee Director

Address :

Collector Distmagistrate Balasore, Balasore, 756001, Orissa, India

Date of Birth/Age :

01.04.1974

Date of Appointment :

26.02.2015

DIN No.:

03132137

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	U91100OR2010NPL011544	NOCCI BALASORE INFRASTRUCTURE COMPANY	Nominee director	04/09/2010	04/09/2010	25/04/2011	Active	NO
2	U40102BR2012SGC018888	BIHAR STATE POWER GENERATION COMPANY LIMITED	Managing director	26/02/2015	16/04/2014	-	Active	NO
3	U40109BR2012SGC018920	NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Nominee director	26/02/2015	16/04/2014	-	Active	NO
4	U40109BR2012SGC018890	SOUTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Nominee director	26/02/2015	16/04/2014	-	Active	NO
5	U40102BR2012SGC018889	BIHAR STATE POWER TRANSMISSION COMPANY LIMITED	Managing director	26/02/2015	16/04/2014	-	Active	NO
6	U40102BR2012SGC018495	BIHAR STATE POWER (HOLDING) COMPANY LIMITED	Nominee director	26/02/2015	16/04/2014	-	Active	NO
7	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Additional director	27/03/2015	27/03/2015	-	Active	NO
8	U40104DL2008PTC183024	NABINAGAR POWER GENERATING COMPANY PRIVATE LIMITED	Nominee director	27/03/2015	27/03/2015	-	Active	NO

Name :

Prabhat Shankar

Designation :

Nominee Director

Address :

H No. 18 Meena Niketan Ramkrishna, Path Northn S K Puri Gpo Patna, Patna, 800013, Bihar, India

Date of Birth/Age :

01.07.1956

Date of Appointment :

31.07.2013

DIN No.:

06675368

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	U40109BR2012SGC018890	SOUTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Nominee director	31/07/2013	31/07/2013	-	Active	NO
2	U40102BR2012SGC018888	BIHAR STATE POWER GENERATION COMPANY LIMITED	Nominee director	31/07/2013	31/07/2013	-	Active	NO
3	U40102BR2012SGC018889	BIHAR STATE POWER TRANSMISSION COMPANY LIMITED	Nominee director	31/07/2013	31/07/2013	-	Active	NO
4	U40109BR2012SGC018920	NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Nominee director	31/07/2013	31/07/2013	-	Active	NO
5	U40102BR2012SGC018495	BIHAR STATE POWER (HOLDING) COMPANY LIMITED	Nominee director	03/03/2015	03/03/2015	-	Active	NO

Name :

Sachindra Kishore Prasadsingh

Designation :

Nominee Director

Address :

B/1, New Bseb Colony, New Punaichak, Patna, Patna, 800023, Bihar, India

Date of Birth/Age :

12.07.1997

Date of Appointment :

01.03.2014

DIN No.:

06848925

Name :

Raju Lakshmanan

Designation :

Nominee Director

Address :

Flat No. B3/57 ,Officers Flat, Bailey Road, Patna, 800021, Bihar, India

Date of Birth/Age :

23.07.1980

Date of Appointment :

27.02.2015

DIN No.:

06908182

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	U40102BR2012SGC018888	BIHAR STATE POWER GENERATION COMPANY LIMITED	Nominee director	27/02/2015	07/06/2014	-	Active	NO
2	U40109BR2012SGC018920	NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Nominee director	27/02/2015	07/06/2014	-	Active	NO
3	U40109BR2012SGC018890	SOUTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Managing director	27/02/2015	07/06/2014	-	Active	NO
4	U40102BR2012SGC018889	BIHAR STATE POWER TRANSMISSION COMPANY LIMITED	Nominee director	27/02/2015	07/06/2014	-	Active	NO
5	U40102BR2012SGC018495	BIHAR STATE POWER (HOLDING) COMPANY LIMITED	Nominee director	27/02/2015	07/06/2014	-	Active	NO
6	U15520BR2006SGC012413	BIHAR STATE BEVERAGES CORPORATION LIMITED	Managing director	21/08/2014	21/08/2014	15/12/2014	Active	NO
7	U40100BR1982SGC001627	BIHAR STATE HYDRO-ELECTRIC POWER CORPORATION LIMITED	Managing director	02/03/2015	02/03/2015	-	Active	YES

Name :

Balamurugan Devaraj

Designation :

Managing Director

Address :

District Magistrate, Siwan, 841406, Bihar, India

Date of Birth/Age :

08.04.1975

Date of Appointment :

10.06.2014

DIN No.:

06908216

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	U40109BR2012SGC018890	SOUTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Nominee director	10/06/2014	10/06/2014	-	Active	NO
2	U40109BR2012SGC018920	NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Managing director	10/06/2014	10/06/2014	-	Active	NO
3	U40102BR2012SGC018495	BIHAR STATE POWER (HOLDING) COMPANY LIMITED	Nominee director	10/06/2014	10/06/2014	-	Active	NO
4	U40102BR2012SGC018888	BIHAR STATE POWER GENERATION COMPANY LIMITED	Nominee director	26/02/2015	10/06/2014	-	Active	NO
5	U40102BR2012SGC018889	BIHAR STATE POWER TRANSMISSION COMPANY LIMITED	Nominee director	26/02/2015	10/06/2014	-	Active	NO
6	U40100BR1982SGC001627	BIHAR STATE HYDRO-ELECTRIC POWER CORPORATION LIMITED	Nominee director	18/07/2014	18/07/2014	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Bihar state Power Holding, Bihar	2099400
Pratyayya Amrit	100
Vinojanand Jha	100
Sanjay Kumar Singh	100
Jitendra srivastava	100
Balamurugan Devarai	100
Palka Sahni	100
Total	2100000

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Government companies	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distribution of Electricity.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT DIVULGED

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· CANARA BANK, PATNA - 800001, BIHAR, INDIA

·

· Power Finance Corporation Limited, 'Urjanidhi', 1, Barakhamba Lane, Connaught Place, New Delhi - 110001, Connaught Place, New Delhi – 110001, India

Auditors :
Name :	Ranjan and Associates Chartered Accountants
Address :	Near CP Thakur Marketing Complex, Frazer Road, Patna – 800001, Bihar, India
Income-tax PAN of auditor or auditor's firm :	AAGFR9904A
Holding Company :	Bihar State Power(Holding) Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000,000	Equity Shares	Rs. 10/- each	Rs. 5000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,85,000,000	Equity Shares	Rs. 10/- each	Rs. 3850.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013		Balance on Restructring
Net Fixed Assets
Gross Block	34740.028		27739.108
Less: Accumulated Depreciation	6301.061		2802.899
Net Fixed Assets		28438.967		21936.203
Capital Expenditure-in-Progress		11798.204		18804.496
Assets not in use		0.000
Differed Cost		0.000
Regulatory Assets		0.000
Intangible Assets		0.000
Investments		2731.148
Net Current Assets
Total Current Assets	19078.932		15758.764
Less
Total Current Liabilities
(i) Security deposit from Consumers	1136.993		1002.278
(ii) Other Current Liabilities	14320.699		12074.042
Total Current Liabilities	15467.632		13076.320
Net Current Assets		3621.240		2682.434
Subsidy Receivable from Government		0.000
NET ASSETS		46589.559		45045.554
FINANCED BY
Borrowing for Working Capital		6414.681		5694.109
Payments Due on Capital Liabilities		600805		441.995
Capita Liabilities		4343.771		4378.047
Funds from State Government		2534.217		1064.512
Contribution, Grant and Subsidies towards Cost of Capital Assets		16824.599		17039.446
Reserves and Reserve Funds		12577.447		12577.447
Equity Capital		3850.000		3850.000
Surplus / (Deficit)		(555.962)		0.000
TOTAL FUNDS		46589.559		45045.554

REVENU ACCOUNT

	PARTICULARS		31.03.2013 (November 2012 To March 2013)
	SALES
		Income	8440.488
		Other Income	628.326
		TOTAL (A)	9068.814
Less	EXPENSES
		Purchase of Power	6989.846
		Repairs and Maintenance	151.590
		Employee Costs	620.333
		Administration and General Expenses	129.502
		Others Debits	1.832
		TOTAL (B)	7893.103
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1175.711
Less	FINANCIAL EXPENSES (D)		700.561
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		475.150
Less/ Add	DEPRECIATION/ AMORTISATION (F)		498.163
	PROFIT BEFORE TAX (E-F) (G)		(23.013)
Less	TAX (H)		0.000
	PROFIT AFTER TAX (G-H) (I)		(23.013)
	Net Prior Period Credits/ (Charges)		(532.948)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013
Current Maturities of Long term debt	NA
Cash generated from operations	NA

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	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 one year	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10488496	13/03/2014	1,934,800,000.00	CANARA BANK	CANARA BANK, PATNA - 800001, BIHAR, INDIA	C03055951
2	10488497	13/03/2014	2,937,350,000.00	CANARA BANK	CANARA BANK, PATNA - 800001,, BIHAR INDIA	C03057122
3	10419121	19/03/2013	718,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE,  , NEW DELHI, DELHI - 110001, INDIA	B72966658

FIXED ASSETS:

· Land and Land Rights

· Building

· Hydraulic Works

· Others Civil Works

· Plant and Machinery

· Lines and Cable Network

· Vehicles

· Furniture and Fixtures

· Office Equipment

· Unallocated

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.63.90
UK Pound	1	Rs.97.98
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	ARC

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
--PROFITABILIRY	1~10	--
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.