MIRA INFORM REPORT

Report Date :

19.04.2011

IDENTIFICATION DETAILS

Name :	IDFC ASSET MANAGEMENT COMPANY LIMITED (w.e.f. 05.06.2009)

Formerly Known as :	STANDARD CHARTED ASSET MANAGEMENT CO. PRIVATE LIMITED

Registered Office :	One India Bulls Centre, 841 Jupiter Mills Compound, Senapati Bapat Marg, Elphinstone(W), Mumbai-400013, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	20.12.1999

Com. Reg. No.:	11-123191

CIN No.: [Company Identification No.]	U65993MH1999PTC123191

TAN No.: [Tax Deduction & Collection Account No.]	MUMI08373B

PAN No.: [Permanent Account No.]	AACCA3262H

Legal Form :	A Closely Held Public Limited Liability Company.

Line of Business :	Subject is the Investment Manager of the schemes of Standard Chartered Mutual Fund.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2200000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a subsidiary of Infrastructure Development Finance Company Limited. It is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DENIED BY

Name :	Mr. Dinesh Jha
Designation :	Accounts Manager
Contact No.:	91-22-66289994
Date :	18.04.2011

LOCATIONS

Registered Office :	One India Bulls Centre, 841 Jupiter Mills Compound, Senapati Bapat Marg, Elphinstone(W), Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-22621111
Fax No.:	91-22-22693365
E-Mail :	investor@idcmf.com uttara.deka@in.standardchartered.com netra.vernekar@idfcms.com vrishali@idfc.com uttara.deka@idfcmf.com

Branches:	Located at: · Lucknow · Ludhiana · Delhi · Chennai

DIRECTORS

AS ON 15.06.2009

Name :	Mr. Hanmant R Patil
Designation :	Director
Address :	Flat No. 901, Glorisosa Apartments, N M Kale Marg, Off S K Bole Road, Dadar(w), Mumbai-400028, Maharashtra, India
Date of Birth/Age :	05.09.1937
Date of Appointment :	08.10.2007

Name :	Mr. Rajiv Behari Lall
Designation :	Director
Address :	Sanghi House, 3^rd Floor, 94, Nepean Sea Road, Mumbai-400001, Maharashtra, India
Date of Birth/Age :	17.10.1951
Date of Appointment :	04.06.2008

Name :	Mr. Bakul R Patel
Designation :	Director
Address :	P1 and P2, Eden ?Hall, Rajni Patel Chowk, Dr. Annie Besant Road, WOrli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	14.10.1938
Date of Appointment :	21.12.1999

Name :	Mr. Pradip P Madhavji
Designation :	Director
Address :	1, Aashiana, 5 Altamount Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	06.04.1936
Date of Appointment :	21.12.1999

Name :	Mr. Krishnan Jyothi
Designation :	Managing Director
Address :	2, Jamuna, Chhedanagar, Chembur, Mumbai-400089, Maharashtra, India
Date of Birth/Age :	24.08.1981
Date of Appointment :	27.04.2009

Name :	Mr. Atul C Choksey
Designation :	Director
Address :	4B, Geetanjali 9N, Gamadia Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	17.10.1951
Date of Appointment :	22.12.1999
Date of Ceasing:	22.05.2008

Name :	Mr. Naval Bir Kumar
Designation :	Director
Address :	11, 1^st Floor, Tahnee Heights, D Building, Petit Hall, N S Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	13.03.1965
Date of Appointment :	15.03.2000
Date of Ceasing:	20.10.2008

Name :	Mr. Paul A Jebson
Designation :	Chairman
Address :	22, Greystone Park, Sundribridge, Sevenoaks, Kent, United Kingdom, TN 146EB
Date of Birth/Age :	17.08.1955
Date of Appointment :	19.09.2001
Date of Ceasing:	04.06.2008

ADDITIONAL DIRECTOR

As on 29.03.2010

Name :	Mr. Mahendra N Shah
Designation :	Alternate Director
Address :	71, Satyam. Rungta Kane, 68 Nepean Sea Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	07.11.1958
Date of Appointment:	29.03.2010

KEY EXECUTIVES

Name :	Mrs. Uttara Robin Deka
Designation :	Secretary
Address :	F 1004, Great Eastern Gardens, LBS Marg, Kanjurmarg(W), Mumbai-400078, Maharashtra, India
Date of Birth/Age :	11.11.1973
Date of Appointment :	27.05.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.06.2009

Names of Shareholders	No. of Preference Shares	No. of Equity Shares

Infrastructure Development Finance Company Limited, Tamilnadu, India	2609996	19792500
Vikram Limaye Jointly With Infrastructure Development Finance Company Limited	1	--
L K Narayan Jointly with Infrastructure Development Finance Company Limited	1	--
A.K. T Chani Jointly with Infrastructure Development Finance Company Limited,	1	--
Sadashiv Rao Jointly with Infrastructure Development Finance Company Limited	1	--
Bipin Gemani Jointly with Infrastructure Development Finance Company Limited	1	--
Mahendra Shah Jointly with Infrastructure Development Finance Company Limited	1	--
Total	2610002	19792500

Equity Share Breakup (Percentage of Total Equity)

AS ON 15.06.2009

S. No.

Category

Percentage

Public Financial Companies

100.00

BUSINESS DETAILS

Line of Business :

Subject is the Investment Manager of the schemes of Standard Chartered Mutual Fund.

GENERAL INFORMATION

No. of Employees :	180 (Office 100, Branches- 80)

Bankers :	Standard Chartered Bank, 19 M G Road, Fort Branch, Mumbai HDFC Bank, Fort Branch, Mumbai


Banking Relations :	--

Auditors :
Name :	M P Chitals And Company Chartered Accountant
Address :	Trade World Building, B Wing, 7^th Floor, Senapati Bapat Marg, Mumbai-400013, Maharashtra, India

Holding Company :	Infrastructure Development Finance Company Limited L65191TN1997PLC037415 Industry Type : Finance-Term Lending Institutions

Subsidiaries :	IDFC Pension Fund Management Company Limited U66000MH2009PLC191350 IDFC Investment Advisors Limited U74920MH2006PLC160937

Fellow Subsidiaries:	IDFC AMC Trustee Company Limited IDFC Private Equity Company Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions
21000000	15% non participating, non convertible cumulative redeemable Preference Shares	Rs.10/- each	Rs.210.000 Millions0
	Total		Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2610002	Equity Shares	Rs.10/- each	Rs.26.100 Millions
19792500	15% non participating, non convertible cumulative redeemable Preference Shares	Rs.10/- each	Rs.197.925 Millions
	Total		Rs. 224.025 Millions

Note:

All the above preference shares are fully paid shares and are held by IDFC Limited, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (12 Months)	31.03.2009 (15 Months)	31.12.2007 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		224.025	224.025	224.025
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		339.145	311.214	251.125
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		563.170	535.239	475.150
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		563.170	535.239	475.150

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		87.638	45.213	15.111
Capital work-in-progress		3.512	3.289	0.000

INVESTMENT		659.484	333.735	492.227
DEFERREX TAX ASSETS		6.977	2.458	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	17.599	11.496	48.105
	Cash & Bank Balances	26.537	6.595	23.305
	Other Current Assets	0.077	0.001	0.000
	Loans & Advances	253.112	245.084	356.372
Total Current Assets		297.325	263.176	427.782
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	481.087	107.818	37.053
	Other Current Liabilities	6.961	1.332	11.943
	Provisions	3.718	3.482	410.974
Total Current Liabilities		491.766	112.632	459.970
Net Current Assets		[194.441]	150.544	[32.188]

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		563.170	535.239	475.150

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 (12 Months)	31.03.2009 (15 Months)	31.12.2007 (12 Months)
	SALES
		Income	1058.851	678.892	516.799
		Other Income		4.182	0.000
		TOTAL (A)	1058.851	683.074	516.799

Less	EXPENSES
		Staff Expenses	427.457	213.639	0.000
		Establishment Expenses	123.942	93.001	0.000
		Other Operating Expenses	456.902	251.245	176.027
		Provision and Contingencies	0.000	7.892	0.000
		Personnel Costs	0.000	0.000	228.830
		TOTAL (B)	1008.301	565.777	404.857

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.550	117.297	111.942

Less	INTEREST (D)		1.175	6.172	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.375	111.125	111.942

Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.827	11.711	5.074

	PROFIT BEFORE TAX (E-F) (G)		21.548	99.414	106.868

Less	TAX (H)		4.481	39.325	36.259

	PROFIT AFTER TAX (G-H) (I)		17.067	60.089	70.609

Add	PRIOR PERIOD INCOME		10.864	0.000	0.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		282.864	222.775	186.900

Less	APPROPRIATIONS
		Proposed Dividend on Preference Shares	0.000	0.000	29.689
		Distribution	0.000	0.000	5.046

	BALANCE CARRIED TO THE B/S		310.795	282.864	222.774

	Earnings Per Share (Rs.)		10.70	23.02	13.75

KEY RATIOS

PARTICULARS		31.03.2010 (12 Months)	31.03.2009 (15 Months)	31.12.2007 (12 Months)
PAT / Total Income	(%)	1.61	8.80	13.66

Net Profit Margin (PBT/Sales)	(%)	NA	14.64	NA

Return on Total Assets (PBT/Total Assets}	(%)	5.60	32.23	23.56

Return on Investment (ROI) (PBT/Networth)		0.04	0.19	0.22

Debt Equity Ratio (Total Liability/Networth)		0.87	0.21	0.96

Current Ratio (Current Asset/Current Liability)		0.60	2.34	0.93

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars

31.03.2010

(12 Months)

31.03.2009

(15 Months)

31.12.2007

(12 Months)

Sundry Creditors – Other tan Micro, Small and Medium Enterprises

481.087

107.818

37.053

NOTE:

The registered address of the company was changed from 90, M G Road, Fort, Mumbai-400001, Maharashtra, India to present w.e.f. 17.11.2008.

OPERATIONS OF IDFC MUTUAL FUND

The company is the Investment Manager of the schemes of IDFC Mutual Fund (IDFC MF). The assets under Management of IDFC Mutual Fund were Rs. 199790.000 Millions (including AUM of Fund of Funds Schemes) as on March 31, 2010.

NEW SCHEMES LAUNCH

· Open ended schemes launched during the period:

IDFC Asset Allocation Fund of Fund, an open ended Fund of Funds Scheme was launched on January 04, 2010. The investment objective of the scheme is to generate capital appreciation through investment in different mutual fund schemes primarily local funds based on a defined asset allocation model. It has 3 plans – Aggressive Plan, Conservative Plan and Moderate Plan. The Aggressive Plan collected a total of Rs. 613.484 Millions during the New Fund Offer. The Conservative Plan collected a total of Rs 301.262 Millions during the New Fund Offer. The Moderate Plan collected a total of Rs. 404.382 Millions during the New Fund Offer.

IDFC Monthly Income Plan Fund of Fund, an open ended Fund of Fund scheme was launched on January 11, 2010. This scheme collected a total of Rs. 2113.410 Millions during the New Fund Offer. The primary objective of the Scheme is to generate regular returns through investment primarily in debt oriented Mutual Fund schemes (such as Income and Liquid funds). The secondary objective of the Scheme is to generate long-term capital appreciation by investing a portion of the Scheme's assets in equity oriented MF schemes. Monthly Income is not assumed and the same is subject to availability of distributable surplus.

· Close ended schemes launched during the period:

In addition to the above open ended schemes, Six Close-Ended income Schemes in the form of Fixed Maturity Plans (FMP’s) were launched. These comprised of IDFC Fixed Maturity Plan – Thirteen Months Series I, IDFC Fixed Maturity Plan –Fifteen Months Series 3, IDFC Fixed Maturity Plan – Seventeen Months Series 1, IDFC FMP-Half Yearly Series 9 and IDFC Fixed Maturity Plan – Fourteen Months Series 1. These Fixed Maturity Plans collected approximately Rs 10278.500 Millions.

AWARDS and RECOGNITION

IDFC Premier Equity Fund – Plan A has been ranked as a Seven Star Fund by ICRA in the category of 'Open Ended Equity Diversified - Defensive' schemes for its 3 years performance till December 31, 2009. The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, company concentration and liquidity. The ranking methodology did not take into account entry and exit loads imposed by the Fund. There were 81 schemes considered in 'Open Ended Equity Diversified

- Defensive' category for the ranking exercise. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of IDFC Premier Equity Fund – Plan A.

IDFC Government Securities Fund – ST – Plan A has been ranked as a Five Star Fund by ICRA in the category of 'Open Ended Gilt' schemes for its 1 year performance till December 31, 2009. The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size and average maturity. The ranking methodology did not take into account entry and exit loads imposed by the Fund. There were 30 schemes considered in 'Open Ended Gilt' category for the ranking exercise. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of IDFC Government Securities Fund – ST – Plan A.

IDFC Premier Equity Fund ranked as Best Fund over Past 3 Years period ending Dec. 31, 2009, India Equity by Lipper, a global ranking agency for mutual funds in Lipper Fund Awards, India, 2010.

Business Standard, a leading newspaper in India voted IDFC Mutual Fund as the “EquityFund Managers of the Year” for the year 2009.

Business World, a leading business magazine in India voted Kenneth Andrade (Head –Investments) as the “Smartest Fund Manager of the Year” for the year 2009.

IDFC Premier Equity Fund rated as the “Best Mid-cap and Small-cap Fund” over Past 3Years period ending Dec. 31, 2009 by Business World, a leading business magazine in India

IDFC AMC rated as the “Best Performing Fund House” by the Economic Times (ET)Quarterly Mutual Fund Tracker for Q1 and Q2 of FY 09-10.

IDFC Imperial Equity Fund and IDFC Dynamic Bond Fund ranked in the “Platinum Category” which is the highest ranking given to schemes in Q1 and Q2 2009.

NEW BUSINESSES

· Portfolio Management Services:

During the year, the Company acquired 100% of the equity share capital of IDFC Investment Advisors Limited (IDFC IA) from Infrastructure Development Finance Company Limited (IDFC). IDFC IA is a Portfolio Manager, registered with the Securities and Exchange Board of India (SEBI) to carry out Portfolio Management Services pursuant to SEBI (Portfolio Managers) Regulations, 1993.

· Pension Fund Management

During the year, the Company acquired 50.00001% of the equity share capital of IDFC Pension Fund Management Company Limited (IDFC PFM). IDFC PFM is one of the six pension fund managers selected by the Pension Fund Regulatory and Development Authority (PFRDA) to manage the New Pension System (NPS) launched by the Government of India for all citizens of India other than government employees covered under NPS. IDFC PFM was incorporated on March 31, 2009 and the Pension Fund Regulatory and Development Authority issued the Certificate of Commencement of Business on May 01, 2009. Tier I and Tier II schemes are managed by IDFC PFM.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars

31.03.2010

Rs. In Millions

a) Claims not acknowledged as debts in respect of

(Income-tax demand, disputed by the company in respect of A.Y. 2005-2006. The matters in dispute are under appeal. Amount of Rs. 1.500 Millions has been paid against the demand

3.037

b) Bank guarantee issued on behalf of the company

1.000

Fixed Assets :

v Furniture And Fixture

v Office Equipments

v Computer Hardware

v Computer Software

Website Details Attached:

Infrastructure Development Finance Company Limited

Registered Office : ITC Centre, 3^rd Floor, 760 Anna Salai, Chennai-600002, Tamil Nadu, India

History :

In 1994 the Department of Economic Affairs MoF in recognition of the need to develop the country's infrastructure established an Expert Group on Commercialisation of Infrastructure Projects under the Chairmanship of Dr. Rakesh Mohan. The group reviewed the existingstate of infrastructure in the country including the state ofcorporate debt market to provide long-term funds to infrastructure projects and recommended the need for a specialized financial intermediary for funding infrastructure projects.

Thereafter the announcement for the setting up of IDFC was made in the Union Finance Minister's budget speech in July 1996.

The Company was incorporated as a public limited company on January 30 1997 with its registered office at Chennai and commenced business activities on June 9 1997. IDFC was conceptualised to lead private capital to commercially viable infrastructure projects. Towards this objective IDFC would nurture and develop bankable projects and create innovative instruments that unbundle and mitigate the risks forinvestors in the infrastructure sector. IDFC's role is to complement existing institutions undertaking infrastructure financing with focuson strengthening market mechanisms where these were evolving or hadfailed to develop. IDFC also works closely with the GOI and the state governments on conceptualizing and formulating policies that would be conducive for private sector participation in the infrastructure sector.

In 2002 in order to attract private sector investment in infrastructure projects to supplement public investment the Finance Minister of India in his Budget speech for 2002-03 proposed the setting up of Rs. 10 000 million Infrastructure Equity Fund to be managed by IDFC to help in providing equity investment in infrastructure projects. To give effect to the same on November 7 2002 had incorporated IDFC Asset Management Company Limited as their subsidiary.

IDFC - Acquisition of Standard Chartered Asset Management Company Private Limited and Standard Chartered Trustee Company Private Limited by IDFC

Infrastructure Development Finance Company Limited (IDFC) has informed BSE that IDFC and Standard Chartered PLC on March 07, 2008 have entered into an agreement whereby IDFC has agreed to acquire 100% equity share capital of Standard Chartered Asset Management Company Private Limited (SCAMC) and Standard Chartered Trustee Company Private Limited (SCTCPL). SCAMC and SCTCPL represent the mutual fund business of Standard Chartered PLC in India.

In this regard the Company has issued the following Press Release:

“Standard Chartered PLC announced that it has agreed to sell Standard Chartered Trustee Company Private Limited and Standard Chartered Asset Management Company Private Limited, including minorities to Infrastructure Development Finance Company Limited (IDFC) for a total cash consideration of approximately USD 205 million. The consideration is before deductions for local taxes and deal expenses.

The Companies mentioned above represent the mutual fund manufacturing business of Standard Chartered in India. The transaction does not include Standard Chartered a mutual fund distribution business which Standard Chartered will continue to pursue.

Jaspal Bindra, Chief Executive Office, Asia said, “IDFC is a well respected financial services Company and they are delighted to have reached an agreement with them for the sale of this business. Standard Chartered will remain a distributor of asset management products in India. India is a key market and delivered record results in 2007.”

Dr. Rajiv Lall, Managing Director and Chief Executive Officers of the Company said, “We are pleased to acquire a quality asset management platform. This is in line with the wider strategy of broadening the footprint in the asset management business and diversifying the fee-based revenue streams”.

This transactions is subject to certain regulatory approvals and other closing conditions and is expected to complete in the second quarter of 2008.”

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.44.27
UK Pound	1	Rs.72.07
Euro	1	Rs.63.66

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
--PROFITABILIRY	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	NO
--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		45

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.

MIRA INFORM REPORT

0.000

17.599

26.537

0.077

253.112

297.325

481.087

6.961

3.718

491.766

[194.441]

1.61

13.66

NA

NA

5.60

23.56

0.04

0.22

0.87

0.96

0.60

0.93

Unit