MIRA INFORM REPORT

Report No. :	346123.2
Report Date :	29.10.2015

IDENTIFICATION DETAILS

Name :	STATCON ENERGIAA PRIVATE LIMITED (w.e.f. 26.12.2014)

Formerly Known As :	TRIPORT ELECTRONICS PRIVATE LIMITED

Registered Office :	Flat No.19 E, Pocket 2, Kondli Gharoli, Mayur Vihar Phase – III, Delhi – 110096, India
Mobile No.:	91-9871000429 (Mr. Kailash Gupta)

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	26.07.1991

Com. Reg. No.:	55-045130

Capital Investment / Paid-up Capital :	Rs.8.239 Million

CIN No.: [Company Identification No.]	U31100DL1991PTC045130

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 is engaged in the business of manufacturing and trading of Power Controlling Equipment’s like Integrated Power Supply, Battery Charges, Ground Power Units and Solar Inverters also provides after sales support for the same.

No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 a subsidiary of “Statcon Power control Limited”, incorporated in the year 1991 and is managed by Mr. Pande and Mr. Saini. It has five business activities viz. integrated power solutions for India Railways, Solar, Defense and Power Industries and trading of Batteries. In 2014-2015, the management of the company decided to separate and have planned that the first line of business viz. integrated power solution for India Railways will be retained in Statcon Power control Limited (SPCL) and remaining will be transfer to subject company i.e. Statcon Energiaa Private Limited (SEPL). As claimed by Mr. Kailesh Gupta, Chief Finance Officer of the company that sales turnover of the company is Rs.67.1 million from 1st March 2015 to 31st March 2015. The aforesaid rating derive strength from the well experienced of the promoter’s and extensive distribution network as well as established cliental group. Rating is constrained by company’s high dependence on tender based business and limited track record of SEPL operations and moderate financial risk profile. However, trade relations seems to be fair. Business is active. Payments terms are reported to be slow but correct. In view of experienced promoter’s base, the company can be considered for business dealings with some cautions. Note:- The partial information has taken from outside source i.e. SMERA

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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Kailash Gupta
Designation :	Chief Finance Officer
Contact No.:	91-9871000429
Date :	20.10.2015

LOCATIONS

Registered Office :	Flat No.19 E, Pocket 2, Kondli Gharoli, Mayur Vihar Phase – III, Delhi – 110096, India
Tel. No.:	91-11-26163700
Mobile No.:	91-9871000429 (Mr. Kailash Gupta)
Fax No.:	Not Available
E-Mail :	info@statconenergiaa.com spja30@aceindialegal.com
Website :	http://www.statconenergiaa.com
Area :	800 sq. mtr.
Location :	Rented

Factory :	Kasra No. 509, B – Block, Chhijarssi Kulich Nagar, Pilukwa Hapur, Uttar Pradesh, India
Tel. No.:	91-122-3058120 / 121
Location :	Rented

Corporate Office :	B – 81, Sector 63, G.B. Nagar, Noida – 201307, Uttar Pradesh, India
Tel. No.:	91-120-2427310
Fax No.:	91-120-2427311

Head Office :	701-702, R.G. Trade Tower, Netaji Subhash Place, Pitam Pura, New Delhi – 110034, India

Branch Office :	145-146, Tower B-2, Spaze I –Tech Park, Sohna Road, Sector – 49, Sohna Road, Gurgaon – 122102, Haryana, India
Tel No.:	91-124-4264510

Manufacturing Facilities :	Located at: Pilkhuwa (Uttar Pradesh)

Branches :	Located at : Noida Delhi, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Ajay Sharma
Designation :	Managing Director
Address :	A-112, Sector-55, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	01.07.1954
Date of Appointment :	01.07.2002
DIN No.:	00097536

Name :	Mr. Budhi Behari Pandey
Designation :	Director
Address :	B-6-G, Delhi Police Appartment, Mayur Vihar Phase-I, New Delhi - 110091, Delhi, India
Date of Birth/Age :	06.07.1934
Qualification :	Graduate
Date of Appointment :	05.11.1996
DIN No.:	01493825

Name :	Mr. Sunita Pand
Designation :	Additional Director
Address :	B-6-G, Delhi Police Apartment, Mayur Vihar-1, Delhi - 110091, India
Qualification :	Poet – Graduate
Date of Appointment :	04.03.2015
DIN No.:	00097694

Name :	Mr. Manoj Pande
Designation :	Managing Director
Address :	B-30, Sector-53, Noida - 201301, Uttar Pradesh, India
Qualification :	B. Tech (IIS)
Date of Appointment :	05.08.2015
DIN No.:	00076026

Name :	Mr. Malkiat Singh
Designation :	Director
Address :	House No. 282-283, Ward No. 4, Village – darapur, Hoshiarpur, Punjab – 146001, India
Date of Birth/Age :	07.09.1935
Date of Appointment :	01.07.2002
DIN No.:	02548368

KEY EXECUTIVES

Name :	Mr. Kailash Gupta
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Statcon Power Controls Limited, India	82017	99.55
Manoj Pandey (Nominee of Statcon Power Controls Limited)	120	0.15
Manmohan Singh Saini	250	0.30
Total	82387	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing and trading of Power Controlling Equipment’s like Integrated Power Supply, Battery Charges, Ground Power Units and Solar Inverters also provides after sales support for the same.

Products :	Battery Charger Battery Capacity Tester Battery Management System DC Power Plant Ground Power Unit (GPU) Integrated Power Supply (IPS) Solid State Load

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Countries :	South Africa

Imports :
Countries :	Singapore Italy Australia

Terms :
Selling :	Cheque and Credit

Purchasing :	Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Arihant Electrical

Name of the Person :

Mr. Ankur (Manager)

Contact No.:

91-9560389916

Since How Long Known :

1 Year

Maximum Limit Dealt :

As per requirement

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

Subject having satisfactory trade record in market their payment behavior is good.

Customers :

End Users

Reference :

Alfa Interior Private Limited

Name of the Person :

Mr. Ajay Chabra (Director)

Contact No.:

91-9811611004

Since How Long Known :

6 to 7 Years

Maximum Limit Dealt :

As per requirement

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Average	Good

Remark:

Contact person is not available on time customer services is very poor, they are not providing services on time, but product quality of goods is good and delivery begaviour is on time.

Reference :

Best Power Solutions

Name of the Person :

Mr. Vishal Pancholi (Chief Executive Officer)

Contact No.:

91-9887210060

Since How Long Known :

2 Years

Maximum Limit Dealt :

As per requirement

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

Product quality of subject company is good, they deliver their Products on time, in rare cases the delayed their delivery.

Reference :

Adyoni Solar Energy Private Limited

Name of the Person :

Mr. Nitin Aggarwal (Director)

Contact No.:

91-9650295550

Since How Long Known :

1 Year

Maximum Limit Dealt :

As per requirement

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

Having good reputation in market, product quality is also good, their management is good.

Reference :	Alfa Interiors Private Limited
Name of the Person :	Mr. Ajay Chabra
Contact No.:	91-9811611004

Reference :	Best Power Solution
Name of the Person :	Mr. Vishal Pacnoli
Contact No.:	91-9887210060

Reference :	Clean Energy Solar Solutions
Name of the Person :	Mr. Appu P.N.
Contact No.:	91-9745974006

Reference :	Easy Photocoltech
Name of the Person :	Mr. Vinod Kumar
Contact No.:	91-9311112551

Reference :	Electro Sales India
Name of the Person :	Mr. Sanjeev
Contact No.:	91-9706083022

Reference :	Jaiswal Battery Services
Name of the Person :	Mr. Arvind
Contact No.:	91-9453042371

Reference :	Kirti Solar Limited
Name of the Person :	Mr. Gorav
Contact No.:	91-8420054204

Reference :	M.M.T. Solar Systems
Name of the Person :	Mr. Ansari
Contact No.:	91-8090897488

Reference :	Mahindra Susten (P) Limited
Name of the Person :	Ms. Vidya
Contact No.:	91-9619136106

Reference :	Marston Moor Technologies CC
Name of the Person :	Export to South Africa

Reference :	Offcom Systems
Name of the Person :	Mr. Sanjay Shah
Contact No.:	91-9873353704

Reference :	Ritika Systems Private Limited
Name of the Person :	Mr. Sagar
Contact No.:	91-1202586610

Reference :	SURE Energy Systems Limited
Name of the Person :	Ms. Kalpana
Contact No.:	91-7680990961

Reference :	Vaini Marketing Private Limited
Name of the Person :	Mr. Ravindra
Contact No.:	91-9540307355

Reference :	Vikram Solar Private Limited
Name of the Person :	Mr. Arvind
Contact No.:	91-8800575856

Reference :	Viveto Systems
Name of the Person :	Mr. Sanjeev Rajpoot
Contact No.:	91-9910030111

Reference :	Welspun Energy Private Limited
Name of the Person :	Ms. Radha
Contact No.:	91-8744054206

Reference :	Xrossways Inc
Name of the Person :	Mr. Gopal Chuhan
Contact No.:	91-9810162521

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Dena Bank Limited
Branch	Okhla Industrial Estate, Okhla Phase – III, New Delhi – 110020, India
Person Name (With Designation)	Not Divulged
Contact Number	91-11-26312059
Email id :	okhla@denabank.co.in
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

Auditors :
Name :	AAR and Associates Chartered Accountants
Address :	701-702, R.G. Trade Tower, Netaji Subhash Place, Pitam Pura, New Delhi – 110034, India
Tel No.:	91-11-47381100 / 08 / 05
Fax No.:	91-11-47381109
Email Id:	info@apac.in
Website :	www.apac.in www.aarindia.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAPFA4079G

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Statcon Power Control Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.100/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

82387	Equity Shares	Rs.100/- each	Rs.8.239 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015
SHAREHOLDERS FUNDS
1] Share Capital		8.239
2] Share Application Money		0.000
3] Reserves & Surplus		2.192
4] (Accumulated Losses)		0.000
NETWORTH		10.431
LOAN FUNDS
1] Secured Loans		3.900
2] Unsecured Loans		0.000
TOTAL BORROWING		3.900
DEFERRED TAX LIABILITIES		0.112

TOTAL		14.443

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		13.571
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.989
	Sundry Debtors	63.811
	Cash & Bank Balances	0.639
	Other Current Assets	0.000
	Loans & Advances	0.664
Total Current Assets		70.103
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	67.518
	Other Current Liabilities	0.713
	Provisions	1.000
Total Current Liabilities		69.231
Net Current Assets		0.872

MISCELLANEOUS EXPENSES		0.000

TOTAL		14.443

SOURCES OF FUNDS	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.239	8.239
(b) Reserves & Surplus	(0.967)	(0.570)
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7.272	7.669

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	0.034	0.143
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	0.034	0.143

TOTAL	7.306	7.812

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.384	3.526
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.021
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3.384	3.547

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	2.878	2.878
(d) Cash and cash equivalents	1.022	1.359
(e) Short-term loans and advances	0.022	0.028
(f) Other current assets	0.000	0.000
Total Current Assets	3.922	4.265

TOTAL	7.306	7.812

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	67.134	0.000	0.000
	Other Income	0.000	0.097	0.020
	TOTAL (A)	67.134	0.097	0.020

Less	EXPENSES
	Cost of Materials Consumed	5.704	0.000	0.000
	Purchases of Stock-in-Trade	56.262	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	0.224	0.000	0.004
	Other expenses	1.022	0.352	0.355
	TOTAL (B)	63.212	0.352	0.359

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3.922	(0.255)	(0.339)

Less	FINANCIAL EXPENSES (D)	0.000	0.000	0.060

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3.922	(0.255)	(0.399)

Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.031	0.142	0.171

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.891	(0.397)	(0.570)

Less	TAX (H)	1.112	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.779	(0.397)	(0.570)

	Earnings / (Loss) Per Share (Rs.)	34.00	(4.82)	(6.92)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.14	(409.28)	(2850.00)

Operating Profit Margin (PBIDT/Sales)	(%)	5.84	(262.89)	(1695.00)

Return on Total Assets (PBT/Total Assets}	(%)	4.65	(5.43)	(7.30)

Return on Investment (ROI) (PBT/Networth)		0.37	(0.05)	(0.07)

Debt Equity Ratio (Total Debt /Networth)		0.37	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.01	115.35	29.83

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	8.239	8.239	8.239
Reserves & Surplus	(0.570)	(0.967)	2.192
Net worth	7.669	7.272	10.431

long-term borrowings	0.000	0.000	3.900
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	3.900
Debt/Equity ratio	0.000	0.000	0.374

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	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

Statcon Energiaa Private Limited (the ‘company’) (formerly known as Triport Electronics Private Limited) is engaged in the business of manufacturing and trading of power controlling equipments like Integrated Power Supply, Battery Chargers, Ground Power Units and Solar Inverters also provides after sale support for the same. The Company has a manufacturing facilities at Pilkhuwa (Uttar Pradesh) and Branches at Noida and Delhi, India. The Company is a Private Limited Company incorporated on July 26, 1991.

UNSECURED LOAN

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Unsecured loan

3.900

0.000

Total

3.900

0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90043895	04/02/2010 *	8,000,000.00	DENA BANK	OKHLA INDUSTRIAL ESTATE, OKHLA PHASE-IIII, NEW DELHI - 110020, INDIA	A78972262

FIXED ASSETS

Land
Office equipment
Vehicle
Plant and Machinery
Building
CWIP
Computer
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 records 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.65.04
UK Pound	1	Rs.99.58
Euro	1	Rs.71.75

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAS

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		13

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.