MIRA INFORM REPORT

Report No. :	321007
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	POWER BUILD BATTERIES PRIVATE LIMITED
Registered Office :	4 M, KIADB Industrial Area, Yedehalli Village, Dobaspet, Bangalore – 562111, Karnataka
Tel No.:	91-80-28394355 / 6033 / 27735346 / 5347
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.03.1992
Com. Reg. No.:	08-013026
Capital Investment / Paid-up Capital :	Rs.5.150 Million
CIN No.: [Company Identification No.]	U31402KA1992PTC013026
TIN No.:	Not Available
IEC No.:	Not Available
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 :	Manufacture of Lead Acid Batteries and Components.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover of the company has declined which has resulted into dip in profit of the company during 2014. However, the rating takes into consideration company’s established track record of business operations supported by extensive experience of the promoters and sound liquidity profile of the company. Trade relations are fair. Business is active. Payments are reported to be slow but 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

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 PARTED BY

Name :	Ms. Swati
Designation :	HR
Contact No.:	91-80-27735346
Date :	02.05.2015

LOCATIONS

Registered Office /Factory :	4 M, Kiadb Industrial Area, Yedehalli Village, Dobaspet, Bangalore – 562111, Karnataka, India
Tel. No.:	91-80-28394355 / 28396033 / 27735346 / 5347
Fax No.:	91-80-28396033 / 28360395
E-Mail :	finance@nedenergy.in info@powerbuildbatteries.com sales@powerbuildbatteries.com
Website :	http://www.powerbuildbatteries.com
Corporate Office :	No. G 32-33-34, Kushal Garden Arcade, 1A, 2nd Phase Peenya Industrial Area Bangalore - 560058, Karnataka, India
Branch Offices :	Located At: Calcutta Jabalpur Jaipur Delhi Mumbai Assam Haryana Kerala Tamilnadu
Customer Support Network :	Located At: Assam Bangalore Bhopal Bhubaneswar Chennai Cochin Coimbatore Delhi Hyderabad Jabalpur Jharkand Kharagpur Kolkata Rajasthan Trichy Varanasi Vellore

DIRECTORS

As on 27.09.2014

Name :

Mr. Bharat Kumar Ratanlal Vageria

Designation :

Director

Address :

101-102 Nandalaya Khandelwal Complex, Evershine Nagar, Malad (West), Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

10.12.1959

Date of Appointment :

27.08.2010

DIN No.:

00183629

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	U51900MH1989PTC052612	VISHWALAXMI TRADING AND FINANCE PRIVATE LIMITED	Director	16/11/1989	16/11/1989	07/03/2015	Active	NO
2	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Whole-time director	01/12/2010	21/03/1990	-	Active	NO
3	U51900MH1991PTC063915	TIME EXPORTS PRIVATE LIMITED	Director	06/11/1991	06/11/1991	-	Active	NO
4	U51900MH1999PTC119909	AVION EXIM PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
5	U67120MH1995PTC089667	TIME SECURITIES SERVICES PRIVATE LIMITED	Director	15/05/2006	15/05/2006	-	Active	NO
6	U31909DD1998PLC004665	NED ENERGY LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO
7	U51909MH2002PLC134507	LOTUS TRADING CORP LIMITED	Additional director	04/03/2008	04/03/2008	-	Amalgamated	NO
8	U28992MH1999PLC119981	ACE MOULDINGS LIMITED	Director	27/09/2008	09/05/2008	-	Active	NO
9	U74999MH1998PTC113840	BHARAT INFRASTRUCTURES PRIVATE LIMITED	Director	27/09/2008	01/08/2008	-	Active	NO
10	U25200DD2009PLC004671	Schoeller Allibert Time Materials Handling Solutions Limited	Nominee director	13/05/2009	13/05/2009	-	Active	NO
11	U31402KA1992PTC013026	POWER BUILD BATTERIES PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO
12	U74900DD2013PLC004729	VFM LOGISUPPORT SERVICES LIMITED	Director	27/08/2013	27/08/2013	-	Active	NO

Name :

Kukkuye Raghuram Shetty

Designation :

Director

Address :

117, Gurukrupa, 5th Block, 2nd Cross, Koramangala, Bangalore - 560095, Karnataka, India

Date of Birth/Age :

15.04.1947

Date of Appointment :

26.03.1994

DIN No.:

00924607

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	U85110KA1970PTC001891	ASPA PRIVATE LIMITED	Director	11/05/1970	11/05/1970	-	Active	NO
2	U32302KA1982PTC004967	GURUPRIYA TELE-AUTO PRIVATE LIMITED	Director	24/09/1982	24/09/1982	-	Active	NO
3	U34300KA1984PTC006118	ASPA AUTO LAMPS PRIVATE LIMITED	Director	28/05/1984	28/05/1984	-	Active	NO
4	U25199KA1988PTC009117	INDIRA RUBBER AND PLASTICS PRIVATE LIMITED	Director	23/04/1990	23/04/1990	-	Active	NO
5	U28933KA1989PTC010304	SPOT ELECTROTECH SYSTEMS PRIVATE LIMITED	Director	14/08/1991	14/08/1991	30/04/2011	Active	NO
6	U31402KA1992PTC013026	POWER BUILD BATTERIES PRIVATE LIMITED	Director	26/03/1994	26/03/1994	-	Active	NO
7	U31504KA1994PTC016427	ASPA LAMPS (INDIA) PRIVATE LIMITED	Director	20/10/1994	20/10/1994	-	Active	NO
8	U45201KA1993PTC014669	GURUPRIYA HOUSING PRIVATE LIMITED	Director	18/08/1997	18/08/1997	21/01/2009	Active	NO
9	U27320KA1982PTC004644	DYMAXION PRIVATE LIMITED	Director	12/01/1998	12/01/1998	-	Strike off	NO
10	U34300KA1999PTC024781	ASPA AUTO PRODUCTS PRIVATE LIMITED	Director	17/02/1999	17/02/1999	-	Active	NO
11	U25209KA1999PTC026065	INDIRA PRECISION AND PLASTIC PRIVATE LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO

Name :

Mr. Mohan Sunder

Designation :

Director

Address :

Devaki Illam, Potti Garden, S.M Road, Jalahalli West, Bangalore - 560015, Karnataka, India

Date of Birth/Age :

09.11.1968

Date of Appointment :

01.02.1996

DIN No.:

00996223

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	U25110KA1995PTC019086	DEVAKI ENGINEERING ENTERPRISES PRIVATE LIMITED	Director	01/11/1995	01/11/1995	-	Active	NO
2	U31402KA1992PTC013026	POWER BUILD BATTERIES PRIVATE LIMITED	Director	01/02/1996	01/02/1996	-	Active	NO
3	U25209KA1999PTC026065	INDIRA PRECISION AND PLASTIC PRIVATE LIMITED	Director	10/12/1999	10/12/1999	-	Active	NO
4	U25209KL1994PTC007846	SAHYA PLAST PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO

Name :

Mr. Shaik Abdul Gaffoor

Designation :

Director

Address :

Flat No 304 Sterling Grand, CVK 78.A West Marredpally, Secunderabad - 500026, Andhra Pradesh, India

Date of Birth/Age :

01.01.1961

Date of Appointment :

27.08.2010

DIN No.:

01479844

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	U31909DD1998PLC004665	NED ENERGY LIMITED	Whole-time director	29/09/2013	27/04/2007	-	Active	NO
2	U51909MH2002PLC134507	LOTUS TRADING CORP LIMITED	Additional director	04/03/2008	04/03/2008	-	Amalgamated	NO
3	U40109TG2008PTC061591	ROSHAN ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	27/10/2008	27/10/2008	-	Active	NO
4	U31402KA1992PTC013026	POWER BUILD BATTERIES PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO

Name :

Mr. Annamraju Srinivas Nagaraj

Designation :

Director

Address :

12-2-828 /A, 23, Amba Gardens,, Mehdipatnam, Hyderabad - 500028, Telangana, India

Date of Birth/Age :

02.09.1962

Date of Appointment :

27.08.2010

DIN No.:

03290538

KEY EXECUTIVES

Name :	Ms. Swati
Designation :	HR

MAJOR SHAREHOLDERS

As on 27.09.2014

Names of Shareholders	No. of Shares	% of Holding
Mohan Sunder	85236	16.55
S Murlidharan	48664	9.45
Anil Kumar	36050	7.00
Ned Energy Limited, India	345050	67.00
Total	515000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Bodies corporate	67.00
Directors or relatives of Directors	33.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Lead Acid Batteries and Components.
Products :	Lead Acid Batteries and Components
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cheque
Purchasing :	Cheque

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

• Elektro Battery Solutions India Private Limited
• APLAB Limited, Bangalore
• Crompton Greaves Limited
• Gensis Power Equipments Limited
• Rainbow Electronics
• Switching Power Conversion Private Limited
• TECHSER Power Solution Private Limited
• Green Vision
• Numeric Power Systems Limited
• Anu Solar
• Chhattisgarh State Electricity Board,
• Gujarat State Electricity Board, Baroda
• Haryana Vidyut Prasaran Nigam Limited, Panchkula
• Himachal Pradesh State Electricity Board,
• Karnataka Power Corporation Limited , Bangalore
• Madhya Pradesh State Electricity Board, Jabalpur
• Tamilnadu State Electricity Board, Chennai
• Transmission Corporation of Andhra Pradesh, Andhra Pradesh

No. of Employees :

Information denied by management

Bankers :

• Axis Bank Limited, Corporate Banking Branch, II Floor, Express Building, No.1, Queens Road, Bangalore - 560001, Karnataka, India
• Vijaya Bank, 3/1/A,Peenya Branch, Tumkur Road,, Bangalore - 560058, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
From Axis Bank	53.108	52.408
From National Small Industries Corporation Limited	9.484	9.504
Total	62.592	61.912

Auditors :
Name :	Ishwar and Gopal Chartered Accountants
Address :	Sri Vinayaka Building, 21/3, TSP Road Kalasipalyam, Bangalore – 560002, Karnataka, India
PAN No.:	AAAFI2474E
Memberships :	--
Collaborators :	--
Holding Company :	Ned Energy Limited, India
Associates :	Devaki Engineering Enterprises Private Limited Indira Rubber and Plastics Private Limited

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5150000	Equity Shares	Rs.10/- each	Rs.5.150 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	5.150	5.150	4.628
(b) Reserves & Surplus	89.464	87.358	61.488
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	4.751
Total Shareholders’ Funds (1) + (2)	94.614	92.508	70.867
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.200	0.274	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.656	1.453	1.188
Total Non-current Liabilities (3)	1.856	1.727	1.188
(4) Current Liabilities
(a) Short term borrowings	79.860	71.912	65.605
(b) Trade payables	54.985	93.247	55.976
(c) Other current liabilities	4.096	3.636	5.231
(d) Short-term provisions	1.577	8.215	2.260
Total Current Liabilities (4)	140.518	177.010	129.072
TOTAL	236.988	271.245	201.127
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.839	49.843	35.936
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.128	0.125	0.125
(c) Deferred tax assets (net)	0.000	0.000	0.272
(d) Long-term Loan and Advances	6.303	13.006	0.000
(e) Other Non-current assets	0.000	0.000	12.991
Total Non-Current Assets	62.270	62.974	49.324
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	73.712	76.009	62.227
(c) Trade receivables	89.846	117.240	75.872
(d) Cash and cash equivalents	5.662	6.087	5.912
(e) Short-term loans and advances	5.498	8.935	7.792
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	174.718	208.271	151.803
TOTAL	236.988	271.245	201.127

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	260.552	388.954	246.308
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX		3.251	24.936	NA
Less	TAX		1.145	8.254	NA
	PROFIT/(LOSS) AFTER TAX		2.106	16.682	5.599
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.400	22.718	17.119
	BALANCE CARRIED TO THE B/S		41.506	39.400	22.718
	Earnings / (Loss) Per Share (Rs.)		0.41	NA	NA

Particulars	31.03.2015
Sales Turnover (Approximately)	350.000

The above information has been parted by Ms. Swati

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.81	4.29	2.27
Return on Total Assets (PBT/Total Assets}	(%)	1.37	9.20	NA
Return on Investment (ROI) (PBT/Networth)		0.03	0.27	NA
Debt Equity Ratio (Total Debt /Networth)		0.84	0.78	0.93
Current Ratio (Current Asset/Current Liability)		1.24	1.18	1.18

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	4.628	5.150	5.150
Reserves & Surplus	61.488	87.358	89.464
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	4.751	0.000	0.000
Net worth	70.867	92.508	94.614
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	65.605	71.912	79.860
Total borrowings	65.605	71.912	79.860
Debt/Equity ratio	0.926	0.777	0.844

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	246.308	388.954	260.552
		57.914	(33.012)

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	246.308	388.954	260.552
Profit	5.599	16.682	2.106
	2.27%	4.29%	0.81%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
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	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
From Holding Company	17.268	10.000
Total	17.268	10.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10181012	20/06/2012 *	106,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, II FLOOR, EXPRESS BUILDING, NO.1, QUEENS ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B43075167

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.88
UK Pound	1	Rs.97.21
Euro	1	Rs.72.51

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		42

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.