MIRA INFORM REPORT

Report No. :	318957
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	STATCON POWER CONTROLS LIMITED
Registered Office :	19-Epocket-II, Kondli Gharoli-2, Mayur Vihar Phase-III, Delhi – 110092
Tel No :	91-120-3851760
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.05.1994
Com. Reg. No.:	55-058976
Capital Investment / Paid-up Capital :	Rs. 37.997 Million
CIN No.: [Company Identification No.]	U74899DL1994PLC058976
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 and technical support of equipment for the static energy conversion. The critical application areas includes Defence, Railway signaling, State electricity Boards, Power Generating Stations, Airports.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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	CRISIL
Rating	Long term Rating BBB (Suspended)
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	29.11.2014

Rating Agency Name	CRISIL
Rating	Short term Rating A3+ (Suspended)
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	29.11.2014

Reason for Suspension :

The suspension of ratings account of non-cooperation by company with CRISIL efforts oto undertake a review of the rating outstanding.

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 PARTED BY

Name :	Ms. Anjali
Designation :	Receptionist
Contact No.:	91-120-3851760
Date :	24.04.2015

LOCATIONS

Registered Office :	19-Epocket-II, Kondli Gharoli-2, Mayur Vihar Phase-III, Delhi – 110092, India
Tel. No.:	91-120-3851760
Fax No.:	91-120-3851796
E-Mail :	info@stat-con.com
Location :	Owned
Factory 1 :	Khasara No. 509, Village Chhijarsikalich Nagar, P.O. Pilkhuwa Tehsil - Dhaulana, Dist. Hapur - 245304, Uttar Pradesh, India

DIRECTORS

As on : 30.09.2014

Name :

Mr. Manoj Pande

Designation :

Managing Director

Address :

B-30, Sector – 53, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

04.12.1958

Date of Appointment :

01.06.2013

PAN No.:

AAIPP5058M

DIN No.:

00076026

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	U74899DL1994PLC058976	STATCON POWER CONTROLS LIMITED	Managing director	01/06/2013	11/05/1994	-	Active	NO
2	U31900DL2010PTC199164	STAT ENTERPRISES PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO

Name :

Mr. Manmohan Singh Saini

Designation :

Jt. Managing Director

Address :

B-58, Sector – 53, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

07.03.1957

Date of Appointment :

01.06.2013

PAN No.:

AAXPS7448B

DIN No.:

00076131

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	U74899DL1994PLC058976	STATCON POWER CONTROLS LIMITED	Whole-time director	01/06/2013	11/05/1994	-	Active	NO
2	U31900DL2010PTC199164	STAT ENTERPRISES PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO
3	U31908DL2015PTC278619	STATCON POWTECH PRIVATE LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

Name :

Ms. Sunita Pande

Designation :

Director

Address :

B-6-G, Delhi Police, Aptt. Mayur Vihar –I, Delhi – 110091, India

Date of Birth/Age :

08.02.1956

Date of Appointment :

01.04.2008

DIN No.:

00097694

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	U74899DL1994PLC058976	STATCON POWER CONTROLS LIMITED	Whole-time director	01/04/2008	20/11/1995	-	Active	NO
2	U31100DL1991PTC045130	STATCON ENERGIAA PRIVATE LIMITED	Additional director	04/03/2015	04/03/2015	-	Active	NO

Name :

Mr. Anil Dhar

Designation :

Executive Director

Address :

58, Sector – 16, Faridabad, Uttar Pradesh, India

Date of Birth/Age :

01.07.2002

Date of Appointment :

01.06.2013

DIN No.:

00076859

Name :

Mr. Pradeep Kaur Saini

Designation :

Director

Address :

B-58, Sector – 53, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

12.09.2004

Date of Appointment :

01.06.2009

DIN No.:

02296190

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	U74899DL1994PLC058976	STATCON POWER CONTROLS LIMITED	Whole-time director	01/06/2009	01/07/2002	-	Active	NO
2	U74999DL2014PTC265918	SYSTATIC ENGG PRIVATE LIMITED	Director	05/03/2014	05/03/2014	-	Active	NO
3	U31908DL2015PTC278619	STATCON POWTECH PRIVATE LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares
Manoj Pnade	654460
Pradeep Kaur Saini	149770
Manmohan Singh Saini	732530
Sunita Pande	14900
Anil Dhar	900
Charusnita	326350
Sarvparteek Singh	288150
Stat Enterprises Private Limited	1191760
Green Vision Constructions	10000
Fine Tradelink Private Limited	10000
GVR Consulting Services Private Limited	10000
Atul Aggarwal	7000
Shubham Associates	1000
NSYS design Systems Private Limited	65000
Rhythm Exim Private Limited	20000
Soffpro Technologies Private Limited	10000
Gursewa Singh	34000
Harkirat Singh	34000
Gurmit Kaur	32000
Anita Saini	3000
A.K. Goswami	70000
Ranjana Goswami	60000
Guesewa Singh Prabla	20000
Madhu Gupta	51000
Vani Sriram	3850
Total	3799670

As on : 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	37.00
Directors or relatives of Directors	63.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and technical support of equipment for the static energy conversion. The critical application areas includes Defence, Railway signaling, State electricity Boards, Power Generating Stations, Airports.

Products :

Product Description	Item Code No. (ITC Code)
Elctrc Moters and Genrtrs (Excl Genrtng Sets)	8501

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash

Purchasing :

Cash

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	Small Industry Development Bank of India
Branch Address	Zycon Square, Plot No. 1, Block H1 – A, Sector – 63, Noida – 201307, uttar Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan from Bank	24.630	28.451
SHORT TERM BORROWING
Working Capital loan from Bank	148.090	124.079
Total	172.720	152.530

Auditors :
Name :	Aar and Associates Chartered Accountant
Address :	701-702, Rg Trade Tower Netaji Subhash Place, Pitampura, New Delhi – 110034, India
PAN No.:	AAPFA4079G
Enterprises which are owned, or have significant influence of or are partners with key management personnel and their relatives :	Stat Enterprises Private limited (CIN No. :U31900DL2010PTC199164)
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Triport Electronics Private Limited (CIN No.: U31100DL1991PTC045130) Stat Enterprises Private Limited Stat Power Controls FZE UAE

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3799670	Equity Shares	Rs.10/- each	Rs.37.997 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	37.997	37.997	37.904
(b) Reserves & Surplus	254.051	199.617	165.974
(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)	292.048	237.614	203.878
(3) Non-Current Liabilities
(a) long-term borrowings	39.086	46.112	56.275
(b) Deferred tax liabilities (Net)	10.258	6.363	1.998
(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)	49.344	52.475	58.273
(4) Current Liabilities
(a) Short term borrowings	148.090	124.079	90.752
(b) Trade payables	238.956	288.460	180.561
(c) Other current liabilities	64.063	53.193	54.543
(d) Short-term provisions	24.000	26.277	19.882
Total Current Liabilities (4)	475.109	492.009	345.738
TOTAL	816.501	782.098	607.889
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	177.063	166.054	161.331
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	2.124	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	20.955	20.955	20.955
(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	0.176
Total Non-Current Assets	198.018	189.133	182.462
(2) Current assets
(a) Current investments	0.000	0.571	0.771
(b) Inventories	74.755	98.668	58.580
(c) Trade receivables	419.150	407.425	295.273
(d) Cash and cash equivalents	57.096	33.902	32.219
(e) Short-term loans and advances	67.482	52.399	38.584
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	618.483	592.965	425.427
TOTAL	816.501	782.098	607.889

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	1070.179	996.109	638.267
	Other Income	7.896	2.899	28.467
	TOTAL (A)	1078.075	999.008	666.734
Less	EXPENSES
	Cost of Materials Consumed	518.468	540.260	310.420
	Purchases of Stock-in-Trade	216.617	196.181	169.588
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.151)	(25.281)	(20.895)
	Employees benefits expense	86.045	70.699	53.925
	Other expenses	155.652	130.485	76.175
	TOTAL (B)	971.631	912.344	589.213
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	106.444	86.664	77.521
Less	FINANCIAL EXPENSES (D)	17.023	19.950	16.605
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	89.421	66.714	60.916
Less/ Add	DEPRECIATION/ AMORTISATION (F)	7.116	6.759	4.554
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	82.305	59.955	56.362
Less	TAX (I)	27.873	22.416	9.722
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	54.432	37.539	46.640
	EARNINGS IN FOREIGN CURRENCY
	Freight	NA	42.324	NA
	TOTAL EARNINGS	NA	42.324	NA
	Earnings / (Loss) Per Share (Rs.)	14.33	9.88	12.27

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.09	3.77	7.31
Operating Profit Margin (PBITD/Sales)	(%)	9.95	8.70	12.15
Return on Total Assets (PBT/Total Assets}	(%)	10.35	7.90	9.60
Return on Investment (ROI) (PBT/Networth)		0.28	0.25	0.28
Debt Equity Ratio (Total Debt /Networth)		0.64	0.72	0.72
Current Ratio (Current Asset/Current Liability)		1.30	1.21	1.23

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	37.904	37.997	37.997
Reserves & Surplus	165.974	199.617	254.051
Net worth	203.878	237.614	292.048
long-term borrowings	56.275	46.112	39.086
Short term borrowings	90.752	124.079	148.090
Total borrowings	147.027	170.191	187.176
Debt/Equity ratio	0.721	0.716	0.641

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	666.734	999.008	1078.075
		49.836	7.915

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	666.734	999.008	1078.075
Profit	46.640	37.539	54.432
	7.00%	3.76%	5.05%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	Yes

PERFORMANCE

The performance of the company was much better during the year and the Company was able to make a sale of Rs.1070.000 Million as against sale of Rs. 996.100 Million in the immediately proceeding year thereby achieving the sales growth of around 10%.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan from Bank	14.456	17.661
Total	14.456	17.661

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10469901	06/01/2014	40,000,000.00	SMALL INDUSTRIES DEVLOPMENT BANK OF INDIA	ZYGON SQUARE, PLOT NO. - 1,, BLOCK- H1-A,SECTOR -  63, NOIDA, Uttar Pradesh - 201307, INDIA	B93408151
2	10262177	18/01/2011	7,500,000.00	SMALL INDUSTRIES DEVLOPMENT BANK OF INDIA	C-60,, SECTOR-2,, NOIDA, Uttar Pradesh - 201301,  INDIA	B03472057
3	10225598	16/06/2010	10,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	C-60,, SECTOR-2, NOIDA, Uttar Pradesh - 201301, I  NDIA	A88026315
4	10225597	16/06/2010	45,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	C-60,, SECTOR-2, NOIDA, Uttar Pradesh - 201301, I  NDIA	A88025473
5	10198875	29/01/2010	10,000,000.00	SMALL INDUSTRIES DEVLOPMENT BANK OF INDIA	C-60,, SECTOR-2,, NOIDA, Uttar Pradesh - 201301,  INDIA	A77833432
6	10190568	10/12/2009	5,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	C-60,, SECTOR-2,, NOIDA, Uttar Pradesh - 201301,  INDIA	A75214007
7	10074201	15/01/2013 *	333,700,000.00	STATE BANK OF INDIA	SME BRANCH, DHARMA PLACE COMPLEX, SECTOR-18, NOID  A, Uttar Pradesh - 201301, INDIA	B68770189

* Date of charge modification

FIXED ASSETS

• Plant & Machinery
• Building
• Furniture & Fixtures
• Testing Equipments
• Computers
• Tools& Tackles
• Vehicles
• Office Equipment
• Electrical Equipments
• Land

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.63.57
UK Pound	1	Rs.97.98
Euro	1	Rs.70.53

INFORMATION DETAILS

Information Gathered by :	RKA
Analysis Done by :	RSM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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.