1. Summary Information

		Country	India
Company Name	TATA COMMUNICATION BANKING INFRASOLUTIONS LIMITED	Principal Name 1	Mr. Satish Gopal Ranade
Status	Moderate	Principal Name 2	Mr. Sanjay Baweja
		Registration #	11-179551
Street Address	C-21/C 36, ‘G’ Block, Bandra Kurla Complex, Mumbai-400098, Maharashtra
Established Date	28.02.2008	SIC Code	--
Telephone#	--	Business Style 1	Service Provider
Fax #	--	Business Style 2	--
Homepage	--	Product Name 1	Electronic Transactions Processing Services
# of employees	--	Product Name 2	Core Banking Solutions Services
Paid up capital	Rs.750,000,000	Product Name 3	--
Shareholders	Bodies corporate 100.00%	Banking	--
Public Limited Corp.	No	Business Period	03 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (26)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Tata Communication Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	769,059,000	Current Liabilities	267,692,000
Inventories	--	Long-term Liabilities	670,053,000
Fixed Assets	337,647,000	Other Liabilities	--
Deferred Assets	--	Total Liabilities	937,745,000
Invest& other Assets	311,518,000	Retained Earnings	--
		Net Worth	480,479,000
Total Assets	1,418,224,000	Total Liab. & Equity	1,418,224,000
Total Assets (Previous Year)	413,846,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	411,184,000	Net Profit	(168,891,000)
Sales(Previous yr)	50,286,000	Net Profit(Prev.yr)	(99,391,000)

MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	TATA COMMUNICATION BANKING INFRASOLUTIONS LIMITED (w.e.f. 09.06.2009)
Formerly Known As :	BANKING ATM INFRASOLUTIONS LIMITED
Registered Office :	C-21/C 36, ‘G’ Block, Bandra Kurla Complex, Mumbai-400098, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.02.2008
Com. Reg. No.:	11-179551
Capital Investment / Paid-up Capital :	Rs.750.000 Millions
CIN No.: [Company Identification No.]	U72900MH2008PLC179551
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Banking Infrastructure Service Provider.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Tata Communication Limited having moderate track. There appears a huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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	A1	A1

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

LOCATIONS

Registered Office :	C-21/C 36, ‘G’ Block, Bandra Kurla Complex, Mumbai-400098, Maharashtra, India
Tel No.:	91-22-66591977
Fax No.:	91-22-67251962
E-Mail :	ashok.someshwar@tatacommunications.com

DIRECTORS

AS ON 19.09.2011

Name :	Mr. Satish Gopal Ranade
Designation :	Director
Address :	15/8, JPM Society, Ramdas Road, Mulund (E), Mumbai, Maharashtra, India
Date of Birth/Age :	14.09.1953
Date of Appointment:	28.02.2008

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64200MH2003PLC143200	VSNL BROADBAND LIMITED	Director	04/09/2006	31/10/2005	-	Amalgamated	NO
2	U74899MH1994PLC214182	TATA COMMUNICATIONS INTERNET SERVICES LIMITED	Director	23/06/2006	23/06/2006	-	Amalgamated	NO
3	U72900DL1999PLC100538	DIRECT INTERNET LIMITED	Director	23/06/2006	23/06/2006	-	Amalgamated	NO
4	U93090MH2006PLC165083	TATA COMMUNICATIONS TRANSFORMATION SERVICES LIMITED	Director	06/10/2006	06/10/2006	-	Active	NO
5	U72900MH2008PLC179551	TATA COMMUNICATIONS BANKING INFRASOLUTIONS LIMITED	Director	28/02/2008	28/02/2008	-	Active	NO
6	U72900MH2007PTC176737	S & A INTERNET SERVICES PRIVATE LIMITED	Director	30/09/2010	11/11/2009	-	Active	YES

Name :	Mr. Sanjay Baweja
Designation :	Directgor
Address :	W-7/1, phase 3, Near Sriram School, Girgaon-122002, Haryana, India
Date of Birth/Age :	11.10.1969
Date of Appointment:	31.02.2009

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70109DL2006PTC154556	EMAAR MGF CONSTRUCTION PRIVATE LIMITED	Director	29/09/2006	29/09/2006	31/12/2008	Active	NO
2	U74930DL2006PTC154644	EMAAR MGF SERVICES PRIVATE LIMITED	Director	05/10/2006	05/10/2006	31/12/2008	Active	NO
3	U45200DL2006PTC154977	Meteor Propbuild Private Limited	Director	25/10/2006	25/10/2006	31/12/2008	Active	NO
4	U45200DL2006PTC155009	Peseta Propbuild Private Limited	Director	26/10/2006	26/10/2006	31/12/2008	Active	NO
5	U51909DL2006PTC157004	MGF RETAIL PRIVATE LIMITED	Director	26/12/2006	26/12/2006	31/12/2008	Active	YES
6	U74899DL2001PTC110258	RSH DISTRIBUTION (INDIA) PRIVATE LIMITED	Director	29/09/2007	04/02/2007	31/12/2008	Active	YES
7	U74999DL2007PTC160023	MGF RETAIL VENTURES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	31/12/2008	Active	NO
8	U72300DL2007PTC161202	INGENUITY IT SOLUTIONS PRIVATE LIMITED	Director	28/03/2007	28/03/2007	31/12/2008	Strike off	NO
9	U74120DL2007PTC161203	INGENUITY ADVISORS PRIVATE LIMITED	Director	28/03/2007	28/03/2007	31/12/2008	Strike off	NO
10	U55101DL2007PTC161614	PREMIER INN INDIA PRIVATE LIMITED	Director	03/04/2007	03/04/2007	31/12/2008	Active	NO
11	U51909DL2007PTC161615	MGF RETAIL SERVICES PRIVATE LIMITED	Director	03/04/2007	03/04/2007	31/12/2008	Active	NO
12	U45400DL2007PTC161620	MGF Holdings Private Limited	Director	03/04/2007	03/04/2007	31/12/2008	Active	YES
13	U45400DL2007PTC161948	ENAMEL PROPBUILD PRIVATE LIMITED	Director	12/04/2007	12/04/2007	31/12/2008	Active	NO
14	U45400DL2007PTC162104	EPITOME PROPBUILD PRIVATE LIMITED	Director	16/04/2007	16/04/2007	31/12/2008	Active	NO
15	U45400DL2007PTC162105	EDUCT PROPBUILD PRIVATE LIMITED	Director	16/04/2007	16/04/2007	31/12/2008	Active	NO
16	U45400DL2007PTC162103	EDENIC PROPBUILD PRIVATE LIMITED	Director	16/04/2007	16/04/2007	31/12/2008	Active	NO
17	U20296DL2007PTC162117	EASEL PROPBUILD PRIVATE LIMITED	Director	16/04/2007	16/04/2007	31/12/2008	Active	NO
18	U62100DL2007PTC163523	ELATION AIRWAYS PRIVATE LIMITED	Director	16/05/2007	16/05/2007	08/08/2007	Strike off	NO
19	U45400DL2007PTC164852	EMAAR MGF PROJECTS PRIVATE LIMITED	Director	18/06/2007	18/06/2007	31/12/2008	Active	NO
20	U45200DL2006PTC155677	LEIGHTON CONSTRUCTION (INDIA) PRIVATE LIMITED	Director	06/08/2007	06/08/2007	31/12/2008	Active	NO
21	U45201DL2006PTC147529	SHITIJ BUILDCON PRIVATE LIMITED	Director	07/11/2007	07/11/2007	31/12/2008	Active	NO
22	U45201DL2006PTC147521	SPHERE REALTORS PRIVATE LIMITED	Director	07/11/2007	07/11/2007	31/12/2008	Strike off	NO
23	U55204DL2007PTC171167	EMAAR MGF HOSPITALITY PRIVATE LIMITED	Director	06/12/2007	06/12/2007	31/12/2008	Active	NO
24	L27109AP2004PLC042375	BS TRANSCOMM LIMITED	Additional director	10/12/2007	10/12/2007	09/01/2009	Active	NO
25	U93090MH2006PLC165083	TATA COMMUNICATIONS TRANSFORMATION SERVICES LIMITED	Director	24/09/2009	24/07/2009	-	Active	NO
26	U72900MH2008PLC179551	TATA COMMUNICATIONS BANKING INFRASOLUTIONS LIMITED	Director	16/06/2011	31/07/2009	-	Active	NO
27	U74899MH1994PLC214182	TATA COMMUNICATIONS INTERNET SERVICES LIMITED	Additional director	03/08/2009	03/08/2009	-	Amalgamated	NO
28	U72900MH2007PTC176737	S & A INTERNET SERVICES PRIVATE LIMITED	Director	30/09/2010	11/11/2009	-	Active	YES

Name :	Mr. Sunil Radheshyam Joshi
Designation :	Additional Director
Address :	19, Jubilee Road, Khandallah, Wellington – 6035, New Zealand
Date of Birth/Age :	31.01.1964
Date of Appointment :	25.05.2009

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72900MH2008PLC179551	TATA COMMUNICATIONS BANKING INFRASOLUTIONS LIMITED	Director	24/09/2009	25/05/2009	31/03/2011	Active	NO
2	U72900MH2007PTC176737	S & A INTERNET SERVICES PRIVATE LIMITED	Director	30/09/2010	27/11/2009	-	Active	YES

Name :	Mr. David Eldon Wird
Designation :	Director
Address :	5, Shenton Way UIC Building 34-10, Singapore – 68808
Date of Birth/Age :	15.011.1962
Date of Appointment:	29.03.2011
Date of Ceasing :	27.05.2011

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U93090MH2006PLC165083	TATA COMMUNICATIONS TRANSFORMATION SERVICES LIMITED	Director	23/09/2010	28/01/2010	26/05/2011	Active	NO
2	U72900MH2008PLC179551	TATA COMMUNICATIONS BANKING INFRASOLUTIONS LIMITED	Additional director	29/03/2011	29/03/2011	27/05/2011	Active	NO

Name :	Mr. Srinivasa Rao Addepalli
Designation :	Director
Address :	1002, Dosti Daisy, Dosti Acrres, Antop Hill, Wadala (E), Mumbai, Maharashtra, India
Date of Birth/Age :	23.03.1975
Date of Appointment:	28.02.2008

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899MH1994PLC214182	TATA COMMUNICATIONS INTERNET SERVICES LIMITED	Director	23/06/2006	23/06/2006	-	Amalgamated	NO
2	U72900DL1999PLC100538	DIRECT INTERNET LIMITED	Director	23/06/2006	23/06/2006	-	Amalgamated	NO
3	U93090MH2006PLC165083	TATA COMMUNICATIONS TRANSFORMATION SERVICES LIMITED	Director	06/10/2006	06/10/2006	-	Active	NO
4	U72900MH2008PLC179551	TATA COMMUNICATIONS BANKING INFRASOLUTIONS LIMITED	Director	28/02/2008	28/02/2008	-	Active	NO
5	U64200MH2003PLC143200	VSNL BROADBAND LIMITED	Additional director	27/11/2008	27/11/2008	-	Amalgamated	NO
6	U72900MH2007PTC176737	S & A INTERNET SERVICES PRIVATE LIMITED	Director	30/09/2010	27/11/2009	-	Active	YES

Name :	Mr. Laurie Anne Bowen
Designation :	Director
Address :	40 Lamont Road, London SW100JA
Date of Birth/Age :	14.08.1961
Date of Appointment:	29.03.2011

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72900MH2008PLC179551	TATA COMMUNICATIONS BANKING INFRASOLUTIONS LIMITED	Director	19/09/2011	29/03/2011	-	Active	NO

Name :	Mr. Ajay Kumar Pandey
Designation :	Director
Address :	Seaworld 1^st Floor, Perry Cross Road, Bandra West, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	24.09.1961
Date of Appointment:	01.07.2011

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72200AP2004PTC042639	CORETREE SOLUTIONS PRIVATE LIMITED	Director	12/02/2004	12/02/2004	19/06/2008	Active	NO
2	U72900DL1999PLC100313	TATA INTERNET SERVICES LIMITED	Director	22/09/2004	22/09/2004	13/04/2007	Active	NO
3	U93090MH2006PLC165083	TATA COMMUNICATIONS TRANSFORMATION SERVICES LIMITED	Director	26/09/2011	01/07/2011	-	Active	NO
4	U72900MH2008PLC179551	TATA COMMUNICATIONS BANKING INFRASOLUTIONS LIMITED	Director	19/09/2011	01/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Someshwar
Designation :	Secretary
Address :	B/14, Symphony Chandivil 1, Off Saki Vihar Road, Andheri (E), Mumbai-400073, Maharashtra, India
Date of Birth/Age :	21.07.1987
Date of Appointment :	11.07.2008
Date of Ceasing:	03.08.2011
Name :	Ms. Shalini Shrivastav
Designation :	Secretary
Address :	Gunina Flat No.202, Plot 2 and 3, Sector 16A, Sanpada Navi Mumbai -400705, Maharashtra, India
Date of Birth/Age :	18.09.1977
Date of Appointment :	03.08.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.09.2011

Names of Shareholders	No. of Shares
Tata Communication Limited, India	74999400
Satish Gopal Ranade	100
Sandeep Mathur	100
Danappa Aroon	100
Srinivasa Addepalli	100
Kumar Sudip	100
Rishabh Aditya	100
Total	75000000

AS ON 19.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Banking Infrastructure Service Provider.

GENERAL INFORMATION

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans from Tata Communication Limited		245.766
Total		245.766

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Holding Company:	Tata Communication Limited (L64200MH1986PLC039266)

CAPITAL STRUCTURE

AS ON 19.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		750.000	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(269.521)	(100.629)	(1.238)
NETWORTH		480.479	(100.129)	(0.738)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		670.053	245.766	3.500
TOTAL BORROWING		670.053	245.766	3.500
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1150.532	145.637	2.762
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		337.647	163.392	0.000
Capital work-in-progress		7.003	181.650	2.394
INVESTMENT		304.515	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	206.411	18.716	0.000
	Cash & Bank Balances	12.100	0.893	0.738
	Other Current Assets	81.230	32.290	0.335
	Loans & Advances	469.318	16.905	1.000
Total Current Assets		769.059	68.804	2.073
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	195.072	239.484	1.639
	Other Current Liabilities	54.668	13.399	0.066
	Provisions	17.952	15.326	0.000
Total Current Liabilities		267.692	268.209	1.705
Net Current Assets		501.367	(199.405)	0.368
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1150.532	145.637	2.762

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	411.184	50.286	0.000
		Other Income	2.254	6.480	0.000
		TOTAL (A)	413.438	56.766	0.000
Less	EXPENSES
		Employee related expenses	104.215	65.315	0.000
		Manufacturing service costs	269.146	44.181	0.093
		Administrative selling other expenses	118.331	38.398	1.060
		Contract cost	11.908	(11.908)	0.000
		TOTAL (B)	503.600	135.986	1.153
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(90.162)	(79.220)	(1.153)
Less	FINANCIAL EXPENSES (D)		38.575	9.153	0.085
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(128.737)	(88.373)	(1.238)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.154	11.018	0.000
	PROFIT BEFORE TAX (E-F) (G)		(168.891)	(99.391)	(1.238)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		(168.891)	(99.391)	(1.238)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(100.629)	(1.238)	0.000
	BALANCE CARRIED TO THE B/S		(269.520)	(100.629)	(1.238)
	IMPORTS
		Capital Goods	NA	164.569	0.573
	Earnings Per Share (Rs.)		(50.63)	(1987.82)	(37.33)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(40.85)	(175.09)	(0.00)
Net Profit Margin (PBT/Sales)	(%)	(41.07)	(197.65)	(0.00)
Return on Total Assets (PBT/Total Assets}	(%)	(15.26)	(42.80)	(59.72)
Return on Investment (ROI) (PBT/Networth)		(0.35)	(0.99)	(1.68)
Debt Equity Ratio (Total Liability/Networth)		1.95	(5.13)	(7.05)
Current Ratio (Current Asset/Current Liability)		2.87	0.26	1.22

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from LVSB, Kashinath Dhuru Marg, Prabhadevi, Mumbai-400028, Maharashtra, India to the present address w.e.f. 01.11.2009

STRATEGIC OVERVIEW AND OPERATIONS

Your Company was incorporated with an object to be in the business of providing infrastructure services to the Banking & Financial Services Industry. The services and solutions offered by the Company include those relating to automated teller machines (ATM), electronic transaction processing solutions (ETPS), cheque truncation services (CTS), core banking solutions (CBS) and other equipments which could be used for banking operations. The Company is actively engaging the banks for using its unique “Pay per Use” service model and has commenced commercial operations with effect from 1st April, 2009. The Company has put in place a highly experienced team of professionals from the banking and financial services industry for managing the operations of the company.

Fixed Assets:

• Plant and Machinery
• Office Equipment
• Computers
• Leasehold Improvements

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.51.15
UK Pound	1	Rs.81.79
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
TOTAL		26

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.