1. Summary Information

		Country	India
Company Name	MILESTONE GLOBAL LIMITED	Principal Name 1	Mr. Alok Krishna Agarwal
Status	Moderate	Principal Name 2	Mr. Sunil Kumar Agarwal
		Registration #	08-011082
Street Address	54-B, Hoskote Industrial Area (KIADB), Chintamanin Road, Hoskote-562114, Karnataka
Established Date	23.07.1990	SIC Code	--
Telephone#	91-80-7971334/ 7971345	Business Style 1	Processing
Fax #	91-80-7971345	Business Style 2	--
Homepage	www.milestoneglobal.net	Product Name 1	Polished granite tiles
# of employees	Not Available	Product Name 2	Slabs
Paid up capital	Rs.50,175,000/-	Product Name 3	Monuments
Shareholders	Promoter Holding (54.61%) Public Shareholding (45.39%)	Banking	State Bank of India
Public Limited Corp.	YES	Business Period	22 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	B (26)
Related Company
Relation	Country	Company Name	CEO
Subsidiary Company	New Zealand	Milestone Global (NZ) Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	48,703,000	Current Liabilities	6,557,000
Inventories	24,103,000	Long-term Liabilities	35,327,000
Fixed Assets	41,778,000	Other Liabilities	806,000
Deferred Assets	0,000	Total Liabilities	42,690,000
Invest& other Assets	12,151,000	Retained Earnings	33,870,000
		Net Worth	84,045,000
Total Assets	126,735,000	Total Liab. & Equity	126,735,000
Total Assets (Previous Year)	130,569,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	96,942,000	Net Profit/ Loss	(767,000)
Sales(Previous yr)	116,372,000	Net Profit/ Loss(Prev.yr)	(457,000)

MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	MILESTONE GLOBAL LIMITED
Registered Office :	54-B, Hoskote Industrial Area (KIADB), Chintamanin Road, Hoskote-562114, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.07.1990
Com. Reg. No.:	08-011082
Capital Investment / Paid-up Capital :	Rs.50.175 Millions
CIN No.: [Company Identification No.]	L85110KA1990PLC011082
TAN No.: [Tax Deduction & Collection Account No.]	BLRS03411C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Processing of polished granite tiles, slabs and monuments.
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

Maximum Credit Limit :	USD 340000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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/ Factory :	54-B, Hoskote Industrial Area (KIADB), Chintamanin Road, Hoskote-562114, Karnataka, India
Tel. No.:	91-80-7971334/ 7971345
Fax No.:	91-80-7971345
E-Mail :	alkasgl@yahoo.com alkamsgl@yahoo.com
Website:	http://www.milestoneglobal.net
Overseas Office :	UK Office:- 1 Aimsbury Court, 2359 Coventry Road, Sheldon, Birmingham B26 3 P N, United Kingdom
Tel. No.:	+44- (0) 800 4049292 (UK) +1-877-686 1597 (USA) +91-0-98445-62068 +91-0-98445-62069 +353-1800550396 (Ireland)
Fax No.:	+1-772-3252428 (USA) +44-(0)- 870 7628736 (UK) +353-1-6842030 (Ireland)

DIRECTORS

As on 24.09.2011

Name :

Mr. Sunil Kumar Agarwal

Designation :

Managing director

Address :

#282, Adarsh Palm Meadows, Phase II, Airport Whitefield Road, Bangalore -560066, Karnataka, India

Date of Birth/Age :

13.08.1966

Date of Appointment :

23.07.1990

DIN No.:

00127233

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	L85110KA1990PLC011082	MILESTONE GLOBAL LIMITED	Managing director	28/06/2008	23/07/1990	-	Active	NO
2	U14102KA2004PTC035111	ANA HOSPITALITY PRIVATE LIMITED	Director	28/11/2005	29/11/2004	31/03/2008	Active	NO

Name :

Mr. Alok Krishna Agarwal

Designation :

Director

Address :

A-56, Gulmohar Park, New Delhi-110049, India

Date of Birth/Age :

24.08.1942

Date of Appointment :

25.03.2005

DIN No.:

00127273

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	U22130DL2002PTC114808	LAWZ MEDIA PRIVATE LIMITED	Director	2/04/2002	2/04/2002	-	Active	NO
2	U31908DL2005PTC132984	SHELLY ENGINEERS PRIVATE LIMITED	Director	14/02/2005	14/02/2005	29/08/2009	Active	NO
3	U80301DL2005PTC132983	ADVANCED LAW COLLEGE OF INDIA PRIVATE LIMITED	Director	14/02/2005	14/02/2005	-	Active	NO
4	U28991DL1999PTC102647	DOLPHIN HARDWARES PRIVATE LIMITED	Director	16/03/2005	16/03/2005	20/03/2008	Active	NO
5	L85110KA1990PLC011082	MILESTONE GLOBAL LIMITED.	Director	25/03/2005	25/03/2005	-	Active	NO
6	U40107WB1999PLC089994	WEARIT GLOBAL LIMITED	Director	15/07/2006	15/07/2006	-	Active	NO
7	L15420MH1931PLC001797	BAJAJ HINDUSTHAN LIMITED	Director	26/02/2008	24/04/2007	-	Active	NO
8	U74120DL2008PTC175826	PNP TECHNOLOGIES INDIA PRIVATE LIMITED	Director	25/03/2008	25/03/2008	-	Active	NO
9	L01132AS1981PLC007309	S P B P TEA ( INDIA ) LIMITED	Director	14/09/2010	1/03/2010	-	Active	NO

Name :

Mr. Fiaz Ahmed

Designation :

Whole-time director

Address :

No.265, 5th Cross, K G Halli, Bangalore – 560045, Karnataka, India

Date of Birth/Age :

07.06.1950

Date of Appointment :

03.03.2007

DIN No.:

02021233

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	L85110KA1990PLC011082	MILESTONE GLOBAL LIMITED	Whole-time director	1/10/2008	3/03/2007	-	Active	NO
2	U14102KA2004PTC035111	ANA HOSPITALITY PRIVATE LIMITED	Director	30/09/2008	25/02/2008	-	Active	NO

Name :

Mr. Rajeev Kapoor

Designation :

Director

Address :

19/173-A, Patkapur, Kanpur -208001, Uttar Pradesh, India

Date of Birth/Age :

05.03.1967

Date of Appointment :

22.02.2007

DIN No.:

01358390

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	L85110KA1990PLC011082	MILESTONE GLOBAL LIMITED	Director	28/09/2007	22/02/2007	-	Active	NO
2	U93030UP2011PTC043215	S S NARAIN CONSULTANTS PRIVATE LIMITED	Director	18/01/2011	18/01/2011	-	Active	NO

Name :

Mr. Naveen Chawla

Designation :

Director

Address :

B-66, Sector 26, Noida, Uttar Pradesh, India

Date of Birth/Age :

18.06.1974

Date of Appointment :

23.06.2007

DIN No.:

01754938

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	L85110KA1990PLC011082	MILESTONE GLOBAL LIMITED	Director	28/09/2007	23/06/2007	-	Active	NO
2	U14102KA2004PTC035111	ANA HOSPITALITY PRIVATE LIMITED	Director	30/09/2009	25/03/2009	-	Active	NO

Name :

Ms. Vinita Sahay

Designation :

Director

Address :

Flat No 403 Gateway Tower, 4/24 B Vashali, Ghaziabad, Uttar Pradesh, India 201012

Date of Birth/Age :

01.07.1969

Date of Appointment :

01.04.2009

DIN No.:

00865215

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	U74899DL1978PTC009082	VOHRA BUILDERS PRIVATE LIMITED	Director	1/11/2006	1/11/2006	15/05/2009	Active	NO
2	L85110KA1990PLC011082	MILESTONE GLOBAL LIMITED	Director	26/09/2009	1/04/2009	-	Active	NO

Name :

Mr. Mayank Bughani

Designation :

Director

Address :

A32 / S5, Ambika Palace II, Shalimar Garden Ext-II, Sahibabad, Ghaziabad-201005, Uttar Pradesh, India

Date of Birth/Age :

16.09.1982

Date of Appointment :

27.10.2009

DIN No.:

02809728

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	L85110KA1990PLC011082	MILESTONE GLOBAL LIMITED	Director	25/09/2010	27/10/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2011

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2,740,095	54.61
Sub Total	2,740,095	54.61
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2,740,095	54.61
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	300,000	5.98
Sub Total	300,000	5.98
(2) Non-Institutions
Bodies Corporate	818,800	16.32
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	474,555	9.46
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	383,550	7.64
Any Others (Specify)	300,500	5.99
Non Resident Indians	40,000	0.80
Overseas Corporate Bodies	160,000	3.19
Clearing Members	100,500	2.00
Sub Total	1,977,405	39.41
Total Public shareholding (B)	2,277,405	45.39
Total (A)+(B)	5,017,500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	5,017,500	-

BUSINESS DETAILS

Line of Business :	Processing of polished granite tiles, slabs and monuments.
Products :	Stone

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Overseas Branch, No. 65, St. Mark’s Road, Bangalore – 560001, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	0.144	1.114
Working capital loans banks secured	35.183	35.373
Loans taken for vehicles secured	0.000	0.303
Total	35.327	36.790

Banking Relations :	--
Auditors :
Name :	P L Tondon and Company Chartered Accountants
Address :	37/17, 1^st Floor, West Cott Building, The Mall, Kanpur, Uttar Pradesh, India
PAN.:	ACKPB8101H
Associates/Subsidiaries :	Milestone Global (UK) Limited, United Kingdom Milestone Global (NZ) Limited, New Zealand ANA Hospitality Private Limited, India CIN No.: U14102KA2004PTC035111 Milestone Global (US) Inc., USA

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5017500	Equity Shares	Rs.10/- each	Rs.50.175 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		50.175	50.175	50.175
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.870	34.637	35.094
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.045	84.812	85.269
LOAN FUNDS
1] Secured Loans		35.327	36.790	38.833
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		35.327	36.790	38.833
DEFERRED TAX LIABILITIES		0.806	1.064	1.571
TOTAL		120.178	122.666	125.673
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.778	47.230	51.185
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		12.151	7.251	7.251
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.103	23.704	36.858
	Sundry Debtors	22.019	22.443	23.144
	Cash & Bank Balances	2.146	3.276	3.077
	Other Current Assets	0.006	0.008	0.000
	Loans & Advances	24.532	26.657	10.301
Total Current Assets		72.806	76.088	73.380
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.557	7.854	3.612
	Other Current Liabilities	0.000	0.049	2.531
	Provisions	0.000	0.000	0.000
Total Current Liabilities		6.557	7.903	6.143
Net Current Assets		66.249	68.185	67.237
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		120.178	122.666	125.673

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	96.942	116.372	110.152
		Other Income	0.562	0.140	0.208
		TOTAL (A)	97.504	116.512	110.360
Less	EXPENSES
		Consumption materials changes inventories	43.964	60.852	99.209
		Manufacturing service costs	5.700	6.755
		Employee related expenses	19.564	19.554
		Administrative selling other expenses	18.574	19.048
		TOTAL (B)	87.802	106.209	99.209
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.702	10.303	11.151
Less	FINANCIAL EXPENSES (D)		4.215	4.565	4.571
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.487	5.738	6.580
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.392	6.501	7.273
	PROFIT BEFORE TAX (E-F) (G)		(0.905)	(0.763)	(0.693)
Less	TAX (H)		(0.138)	(0.306)	0.127
	PROFIT AFTER TAX (G-H) (I)		(0.767)	(0.457)	(0.820)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.209	18.666	19.486
	BALANCE CARRIED TO THE B/S		17.442	18.209	18.666
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	106.600	102.158
	TOTAL EARNINGS		NA	106.600	102.158
	IMPORTS
		Raw Materials		4.951	4.735
		Stores & Spares	NA	2.640	2.192
		Capital Goods		0.000	0.815
	TOTAL IMPORTS		NA	7.591	7.742
	Earnings Per Share (Rs.)		(0.15)	(0.09)	(0.16)

QUARTERLY RESULTS

PARTICULARS	30.06.2011 1^st Quarter	30.09.2011 2^nd Quarter	31.12.2011 3^rd Quarter
Type	UnAudited	UnAudited	UnAudited
Net Sales	24.560	21.040	21.270
Total Expenditure	22.460	18.810	19.210
PBIDT (Excl OI)	2.100	2.230	2.060
Other Income	0.050	0.010	0.050
Operating Profit	2.150	2.240	2.110
Interest	0.990	1.010	1.010
Exceptional Items	0.000	(4.000)	0.000
PBDT	1.160	(2.770)	1.100
Depreciation	1.260	1.270	1.300
Profit Before Tax	(0.100)	(4.040)	(0.200)
Tax	0.000	0.000	0.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(0.100)	(4.040)	(0.200)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(0.100)	(4.040)	(0.200)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.79	0.39	0.74
Net Profit Margin (PBT/Sales)	(%)	0.93	0.66	0.63
Return on Total Assets (PBT/Total Assets}	(%)	0.79	0.62	0.56
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Liability/Networth)		0.50	0.53	0.53
Current Ratio (Current Asset/Current Liability)		11.10	9.63	11.95

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No

Business

During the year, due to unstable marketing conditions, the company recorded a remarkable decrease in the turnover, Rs.96.942 Millions as against Rs.116.372 Millions previous year resulting a net loss of Rs.0.905 Million as against net loss of Rs.0.763 Million of previous year.

As a counter mechanism to reduce risk the Company continued in implementing FOB billing and other suitable measures. The directors are confident in expecting considerable growth in the performance of the company in the coming years.

Subsidiary Companies

As a proven strategy the company adopted the direct marketing for risk mitigation and shareholders wealth maximization, as on March 31, 2011 the company has total 4(Four) Subsidiaries as follows:

Milestone Global (UK) Limited, United Kingdom

Milestone Global (NZ) Limited, New Zealand

Milestone Global (US) Inc, United States of America

ANA Hospitality Private Limited, India

During the year, the overall performance of subsidiaries at US, UK, New Zealand was satisfactory.

However, ANA Hospitality Private Limited, which was acquired by the company as a wholly owned Indian subsidiary in the year 2008-09, has been continuously incurring losses since acquisition. The Company had invested Rs.5.000 Millions in equity share capital and extended unsecured loan of Rs.12.525 Millions in the said Subsidiary; the subsidiary incurred losses Rs.2.654 Millions and Rs.1.915 Millions for the financial years 2009-2010 and 2010-2011 respectively and there are bleak prospects of making turnaround and profits in the future. The Board considered the divestment of the investment in said subsidiary in order to have the better liquidity in the company to meet the day to day activities in the business of the company and In order to protect the company from further having losses due to erosion in the value of investment of said subsidiary company. The board decided to sell off the subsidiary company to prospective buyer.

Fixed Assets

• Land
• Factory Building
• Office Building
• Non-Factory Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Computer

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.51.55
UK Pound	1	Rs.81.95
Euro	1	Rs.67.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
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	2
--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	YES
--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.