MIRA INFORM REPORT

Report Date :

30.07.2008

IDENTIFICATION DETAILS

Name :	B E BILLIMORIA AND COMPANY LIMITED
Registered Office :	Shiv Sagar Estate, Block A, 2^nd Floor, Dr. A B Road, Worli, Mumbai – 400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	12.02.1962
Com. Reg. No.:	11-12268
CIN No.: [Company Identification No.]	L45200MH1962PLC012268
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11823A
PAN No.: [Permanent Account No.]	AAACB1542P
Legal Form :	Public Limited Liability Company. The company's shares are listed on Stock Exchange
Line of Business :	The Company acts as Civil Engineers and Contractors.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5700000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed construction company having fine track. Available information indicates high financial responsibility of the company. Their trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. Nothing adverse reported.

LOCATIONS

Registered Office :	Shiv Sagar Estate, Block A, 2^nd Floor, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66545000
Fax No.:	91-22-66545050
E-Mail :	beb@bebanco.com cnapoleon@bebanco.com
Website :	http://www.bebanco.com
Corporate Office :	No. 56, Shiv Kripa, 1^st Floor, Plot No. 6, 4^th Main Road, Domlur Layout, 2^nd Stage, Indira Nagar, Bangalore – 560 071, Karnataka, India
Tel. No.:	91-80-25359559
Fax No.:	91-80-25359566
E-Mail:	beb@blr.bebanco.com
Website :	http://www.bebanco.com

DIRECTORS

Name :	Mr. Billimoria Edulji Beji
Designation :	Director
Address :	10-B, Sunita, Ridge Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	27.06.1927
Date of Appointment :	12.02.1962
Name :	Mr. Kapadia Kalyanji Laxmidas
Designation :	Whole Time Director
Address :	Ramanuj, 152, Road No. 9, Wadala, Mumbai – 400 031, Maharashtra, India
Date of Birth/Age :	25.12.1926
Date of Appointment :	01.05.1976
Name :	Mr. Parameshwaram Chidambaram Nemmara
Designation :	Director
Address :	Flat No. 9/10, Ganadev Co-operative Society, Chembur, Mumbai – 400 071
Date of Birth/Age :	21.06.1938
Date of Appointment :	01.05.1976
Name :	Mr. Kapadia Laxmidas Digant
Designation :	Director
Address :	Ramanuj, 152, Road No. 9, Wadala, Mumbai – 400 031, Maharashtra, India
Date of Birth/Age :	05.03.1957
Date of Appointment :	14.07.1994
Name :	Mr. Billimoria Beji Kaiyoze
Designation :	Managing Director
Address :	10-B, Sunita, Ridge Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	25.05.1955
Date of Appointment :	14.07.1994
Name :	Mr. Thothathri Ramakrishnan
Designation :	Director
Address :	4^th Floor, Shruti Apartments, Plot No. 368, 6^th Road, Chembur, Mumbai – 700 071, Maharashtra, India
Date of Birth/Age :	29.09.1951
Date of Appointment :	01.06.2003
Name :	Mr. Indru Bhagwandas Hingorani
Designation :	Director
Address :	71, Le-Chateu, Plot No. 90, 15^th Road, Bandra, Mumbai – 400 050, Maharashtra, India
Name :	Ms. Kiran Indru Hingorani
Designation :	Director
Address :	71, Le-Chateu, Plot No. 90, 15^th Road, Bandra, Mumbai – 400 050, Maharashtra, India
Name :	Mr. Kanwal Narain Vaid
Designation :	Director
Address :	1001, Akruti Niharika Complex, Atria “B” Wing, N S Padhke Marg, Saiwadi, Andheri (East), Mumbai – 400 069, Maharashtra, India
Name :	Mr. Ramakrishna Reddy Madadi
Designation :	Director
Address :	312, Road No. 25, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India
Name :	Mr. M Subba Raju
Designation :	Director
Address :	44, Hyderabad Asbestos Colony, Opp Vikrampuri, Secunderabad – 500 009, Andhra Pradesh, India
Name :	Mr. Prakash Kundalia
Designation :	Director
Address :	Sorab House, Flat No. 1, Garden Road, Colaba, Mumbai – 400 039, Maharashtra, India

KEY EXECUTIVES

Name :	Mr. Divakar V Kulkarni
Designation :	Director (Engineering)
Qualification :	Civil Engineer
Profile :	Graduated as a Civil Engineer in 1957 and is member of many engineering professional institutes. He spent the early part of his career acquiring considerable expertise in heavy engineering projects. Having joined the company in 1977, he is presently managing the technical aspects of specific projects, mainly bridges and special engineering works, including assessment of requirement of resources, deployment of plant and machinery and liasing with clients and consultants.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Billimoria Edulji Beji	249000
Mr. Billimoria Beji Mehroo	140000
Mr. Kapadia Kalyanji Laxmidas	67600
Mr. Billimoria Beji Kaiyoze	450000
Mr. Karanjia Yuzud Binaifer	225000
Ms. Jasmine Jehangir Jehangir	225000
Mr. Kapadia Laxmidas Digant	593400
Mr. Kapadia Laxmidas Pushpa	150000
Mr. Thakkar Anil Mukti	225000
Mr. Kuvadia, Kishore Trupti	225000
Mr. Parameshwaram Chidambaram Nemmara	150000
Mr. Parameshwaran Sethulaxmi Mr. Parameshwaram Chidambaram Nemmara	100000
Mr. Parameshwaran Vidya Mr. Parameshwaram Chidambaram Nemmara	100000
Mrs. Parameshwaran Swathi Mr. Parameshwaram Chidambaram Nemmara	100000

Equity Share Breakup (Percentage of Total Equity) :-	Percentage
Foreign Holdings (Foreign Institutional Investors, Foreign Companies, Foreign Financial Institution, Non-Resident Indian or Overseas Corporate Bodies)	4.00
Bodies Corporate	48.00
Directors and Directors Relatives	48.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company acts as Civil Engineers and Contractors.
Products :	· Civil Engineers and Contractors · Sale of Property

GENERAL INFORMATION

Bankers :	· ICICI Bank Limited, Zenith House, Keshavrao Khyade Marg, Mahalaxmi, Mumbai – 400 034, Maharashtra, India · BNP Paribas · Standard Chartered Bank · HDFC Bank Limited · Central Bank of India
Banking Relations :	Satisfactory
Auditors 1 :
Name :	R. N. Bhansali and Company Chartered Accountants
Address :	7-10, Botawala Building, 3^rd Floor, Horniman Circle, Fort, Mumbai – 400 001, Maharashtra, India
Auditors 2 :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Express Tower, 6^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Solicitors :	· Mulla & Mulla and Craigie · Blunt and Caroe
Associates :	· Billimoria Properties Private Limited · Gammon and Billimoria Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 millions

As On 31.03.2007

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs. 10/- each	Rs. 110.000 millions

As On 31.03.2006

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs. 10/- each	Rs. 75.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		110.000	75.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1027.007	349.087	241.906
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1137.007	424.087	271.906
LOAN FUNDS
1] Secured Loans		24.155	41.794	148.560
2] Unsecured Loans		0.000	30.000	222.833
TOTAL BORROWING		24.155	71.794	371.393
DEFERRED TAX LIABILITIES		14.778	18.517	0.000
TOTAL		1175.940	514.398	643.299
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		344.524	320.988	293.268
Capital work-in-progress		0.000	19.967	1.112
INVESTMENT		264.880	2.326	0.624
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	125.372	104.408	114.891
	Sundry Debtors	345.830	255.583	471.793
	Cash & Bank Balances	21.848	75.309	56.508
	Other Current Assets	1.144	0.000	0.000
	Loans & Advances	559.142	197.603	148.544
Total Current Assets		1053.336	632.903	791.736
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	478.200	450.975	396.365
	Provisions	8.600	10.811	47.076
Total Current Liabilities		486.800	461.786	443.441
Net Current Assets		566.536	171.117	348.295
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1175.940	514.398	643.299

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		1716.328	1206.820	1328.162
Other Income		45.836	9.981	38.056
Total Income		1762.164	1216.801	1366.218
Profit/(Loss) Before Tax		175.018	142.204	125.586
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		175.018	142.204	125.586
Expenditures :
	Raw Material Consumed	1463.099	967.841	0.000
	Salaries, Wages, Bonus, etc.	15.993	12.544	10.749
	Managerial Remuneration	13.194	12.000	12.000
	Payment to Auditors	1.178	1.390	0.934
	Interest	8.312	18.701	23.324
	Insurance Expenses	1.020	0.333	0.278
	Power & Fuel	1.139	0.912	8.419
	Depreciation & Amortization	43.173	37.400	0.000
	Other Expenditure	40.038	23.476	1184.928
Total Expenditure		1587.146	1074.597	1240.632

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	9.93	11.68	9.19
Net Profit Margin (PBT/Sales)	(%)	9.93	11.68	9.19
Return on Total Assets (PBT/Total Assets}	(%)	10.52	14.56	11.55
Return on Investment (ROI) (PBT/Networth)		0.15	0.33	0.46
Debt Equity Ratio (Total Liability/Networth)		1.46	2.30	3.99
Current Ratio (Current Asset/Current Liability)		2.16	1.37	1.78

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Company address has been shifted from Wankhede Stadium, North Stand ‘D’ Road, Churchgate, Mumbai – 400 020, Maharashtra, India to present address w. e. f. 12.10.2005

FORM 8:-

Name of the company	B E BILLIMORIA AND COMPANY LIMITED
Presented By	DIRECTOR
1) Date and description of instrument creating the change	Dated 07.03.2005 Mater Equipment Loan Cum Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 6.787 millions (Schedule 1) Rs. 6.587 millions (Schedule 2) Total Rs. 13.374 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all collaterals in favour of ICICI Bank Limited in and against all collateral along with all and any additions, attachments, accessories and accessions and substitution, replacement and exchange thereof and all insurance and other proceeds thereof whether present or future. Schedule 1 : SHIRKE-POTAIN TOWER CRANE MC 85 A Schedule 2 : SHIRKE-POTAIN TOWER CRANE MC 85 A The borrower will not create any secutiry on the collateral without consent of ICICI. The borrower shall execute a demand promissory note in favour of ICICI.
4) Gist of the terms and conditions and extent and operation of the charge.	1^st charge: Schedule 1: Interest : 3.7% flat Repayable : 36 equal monthly installment of Rs. 0.210 millions each Schedule 2: Interest : 3.7% flat Repayable : 36 equal monthly installments of Rs. 0.204 millions each
5) Name and Address and description of the person entitled to the charge.	ICICI Bank Limited Zenith House, Keshavrao Khyade Marg, Mahalaxmi, Mumbai – 400 034, Maharashtra, India
6) Date and brief description of instrument modifying the charge	N A
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	N A

Fixed ASSETS:

· Leasehold Land

· Plant and Machinery

· Works Instruments

· Office Equipments

· Computers

· Furniture and Fixtures

· Motor Vehicle

· Heavy Vehicle

· Electrical Installations

· Cycles

website DETAILS:

History and Activities:

The company has its origin in the partnership firm of B E Billimoria and Company which was established in 1958 by Mr. Beji E Billimoria and Mr. Laxmidas K Kapadia.

Since being awarded the first contract for the construction of hostels for the Demographic Research Centre, the company has continued to expand its activities and has grown to be one of the most reputable firms of Civil Engineering Construction Contractors in India today.

The reputation of the company has been built on the quality of work which is always of the highest standard and never sacrificed on any account. The organization has prized itself on its ability to execute work speedily and always well within the stipulated period. Work has often been carried out in conjunction with reputed firms of Architects, Consulting Engineers and various Government Departments to exacting standards and their testimonials have always been complimentary.

The present wealth of experienced and qualified staff includes over 75 Civil Engineers and more than twice as many other technical and supervisory site staff. A considerable number of skilled craftsmen are under the regular employ of the company. Moving from site to site as required, labour contractors connected with the company for many years provide a reasonably constant supply of unskilled and semi-skilled labour as and when required.

In October 2000, the Quality Management Systems of the company for "Design, Construction, Erection, Commissioning and Servicing of Civil Structures" was certified as being compliant to ISO 9001:1994.

The company is an active member of the Builders' Association of India. It is also registered or prequalified to undertake works with numerous Government Departments and Works Authorities including the Public Works and Health Department of the Government of Maharashtra, the Mumbai Municipal Corporation, the City and Industrial Development Corporation of Maharashtra, the Delhi Development Authority and the Karnataka Housing Board among others. The company has been prequalified by the Maharashtra State Road Development Corporation and the National Highway Authority of India to undertake the work of major roads and bridges.

In the private sector, most of the company's clients are national or international companies. The fact that clients repeatedly call upon the company to meet their building construction requirements is a testimonial to the company's reputation.

The company prides itself on having undertaken a large number of varied projects which are beyond the ability of the average construction contractor either because of its size or more often because of its special technical features. Where expert and precise engineering requirements are called for and where designs demand a thorough understanding and application, the company's competent Engineers are motivated to reach their greatest level of expertise and perfection.

The Indian Airlines Hangar was a job which called for engineering skills that had never before been applied anywhere in the world. The Nehru Planetarium was a unique structure in design and construction and was completed in a record period.

The Wankhede Stadium, also completed at breakneck speed was finished to exacting specifications and to the complete satisfaction of the clients.

Other prestigious projects completed include the Drama Opera Theatre at Nariman Point for the National Centre for the Performing Arts, the Imax Dome Theatre, the IDBI Tower at the World Trade Centre at Cuffe Parade, Port Buildings at the Jawaharlal Nehru Port at Nhava Sheva and the Indira Gandhi Institute of Development Research at Goregaon for the Reserve Bank of India.

The company has established its credentials as not just a reliable but a pioneer contractor in undertaking low cost mass housing projects using a light-weight Aluminium formwork system which results in rapid construction to exacting specifications at low cost. It has received numerous accolades for the housing project carried out for the Nagari Niwara Parishad at Goregaon.

Industrial Structures and complexes often built to the specifications of the clients' overseas collaborators and always completed with utmost success have accounted for the majority of the projects undertaken by the company but an excellent reputation has also been developed in the construction of luxury multi-storeyed residential buildings. The use of only the highest quality materials, the most precise structures and exquisite finishing work makes apartments in residential buildings constructed by the company, highly sought after.

The company has carried out the construction of a number of rail bridges for The Indian Railway Construction Company (on the Mankhurd Panvel line) and for the Konkan Railway Corporation (on the Konkan Railway line). Flattering testimonials have been received from the clients in respect of the work done.

The list of areas in which the company's experience extends is unlimited. Projects have been concluded at the Naval Dockyard for the Military Engineering Services. Work for the Mumbai Municipal Corporation include two major hospitals, a multi-purpose sports complex and stadium at Mulund, a Reservoir at Raoli Hill, a cricket stadium at Thane and a road bridge at Kings Circle, Mumbai. Also completed are 5 star hotels, large hospitals, office complexes, villas, bridges, roads and recreation centers, all adding constantly to the wealth of experience already gained.

The Company has also undertaken overseas projects as technical advisors and consultants to local construction companies in the United Arab Emirates, Nigeria and the Sudan. Responsibilities as consultants extends from advice on tender preparation and negotiations prior to the award of the contract, recruitment of overseas staff, planning and programming of work through to execution and rendering full service to ensure smooth and satisfactory completion of the various projects.

The company is reputed in respect of its ability to deploy its skills and resources to complete whatever project it may undertake with the utmost of efficiency. Under the supervision of a highly efficient and experienced management, it is striving towards even greater achievement than has been attained already.

Awards :

· Acce – Sarvamangla Award – 1992

· Quality Construction Award – Konkan Railway

Ongoing Projects

Residential

· Mahindra Splendour at Bhandup, Mumbai - 5 towers with 2 level parking and stilt, 2 towers having 32 floors each and 3 towers having 21, 23 and 25 floors each

· Crescent Court at Greater Noida, Uttar Pradesh - 3 towers with double basement, ground + 22 floors and 2 towers with double basement, ground + 6 floors

· Ashok Towers at Parel, Mumbai

3 towers with ground + 30 floors and 1 tower with ground + 51 floors and 3 levels of podium

· Planet Godrej at Byculla, Mumbai

5 towers with part podium, 4 towers with 48 + 3 floors and 1 tower with 48 + 3 floors

· Ashford at Lower Parel, Mumbai

2 towers with 23 floors each + 2 level parking with in-house amphitheatre

· One Altamount Road at Altamount Road, Mumbai

22 floors with duplex flats and 12 parking levels

· Lodha Chateau Paradise at Worli, Mumbai

Double basement with ground + 6 floors

· Lodha Grandeur at Parel, Mumbai

Basement and ground + 26 floors

· Lodha Bellissimo at Lower Parel, Mumbai

Construction of residential tower with 3 level Podium + stilt + 50 floors

· Piramal House at Worli, Mumbai

1 tower with basement, ground  + 13 floors

· Godrej Regency Park at Thane

1 tower with stilt + 23 floors

· Mantri Green at Sampige Road, Bangalore

2 towers having 1 basement each and 2 towers having 2 basements each:

All 4 towers with ground + 16 typical floors and penthouses of 2 levels

· Concorde Manhattan at Doddathoguru village, Bangalore - 5 towers with Ground + 14 floors and 2 basements Corporate

· Godrej Eternia at Shivajinagar, Pune

Stilt + 10 floors

· Brigade Gateway at Malleshwaram, Bangalore

Double basement  with ground + 28 floors

Utility

· Orchid Ozone Mall at Dahisar, Mumbai

2 Basements with ground + 26 floors

· Brigade Gateway at Malleshwaram, Bangalore

Multilevel car parking

· UPAL Mall at Lucknow, Uttar Pradesh - with 3 basements and Ground + 6 floors

Industrial

· Procter and Gamble factory at Baddi, Himachal Pradesh

Civil, structural and infrastructural work for fabric, home care and beauty care manufacturing unit

· S. H. Kelkar at Patalganga, Raigad

Civil, structural and miscellaneous works of Fragrance manufacturing unit

· Raptakos Brett and Co. Limited. at Thane

Civil, structural and plumbing work for RandD and liquid oral manufacturing plant

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 records 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. 42.54
UK Pound	1	Rs.84.86
Euro	1	Rs. 66.95

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
TOTAL		63

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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