MIRA INFORM REPORT

Report Date :

03.11.2012

IDENTIFICATION DETAILS

Name :	CRADLE RUNWAYS (INDIA) PRIVATE LIMITED
Registered Office :	17, 2^nd Floor, Hind Services Industries, Near Shivaji Park Seaface, Dadar (West), Mumbai-400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.02.2004
Com. Reg. No.:	11-144435
Capital Investment / Paid-up Capital :	Rs.26.000 Millions
CIN No.: [Company Identification No.]	U26933MH2004PTC144435
Legal Form :	Private Limited Liability Company
Line of Business :	Design, Fabrication, Procurement and Installation of Facade Access Systems.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Corporate Office :	17, 2^nd Floor, Hind Services Industries, Near Shivaji Park Seaface, Dadar (West), Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-28474633
Fax No.:	91-22-28472518
E-Mail :	ngawde@cleanindia.net info@cleanindia.net ashok@cleanindia.net
Website :	http://www.cleanindiagroup.com
Location :	Owned
Head Office :	217, 2nd Floor, Hind Service Industries, Near. Shivaji Park Seaface, Dadar (West) Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-49101100/ 49101111
Fax No.:	91-22-49101101
E-Mail :	mum@cleanindia.net
Corporate Office :	313, Hind Service Industries Shivajipark Seaface Dadar (West) – 400028, Maharashtra, India
Central Office :	Shernaz Villa, 2nd Floor, Road No7, Hiremath Park, Kalyani Nagar, Pune - 411006, Maharashtra, India
Tel. No.:	91-20-41033400
Fax No.:	91-20-26650088
E-Mail :	pune@cleanindia.net
South Regional Office :	No.2, 2nd Floor, Haudin House, No.13, haudin Road, Bangalore – 560042, Karnataka, India
Tel. No.:	91-80-41152851/ 25599909
E-Mail :	blr@cleanindia.net
North Regional Office :	2^nd Floor, 201, Pragati House, 47-48, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26419545
E-Mail :	delhi@cleanindia.net
Factory :	Survey No 5/B, Honad Village, Behind Prosal Chemical, Taluka - khalapur, Khopoli, Dist – Raigad – 410 203, Maharashtra, India
Email :	crlworks@cleanindia.net
Branch Office :	Located At : · Kolkata:   · Hyderabad · Chennai:

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Ashok Daulatram Khemlani

Designation :

Managing Director

Address :

51 – B, Queens Apartment, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

07.01.1945

Date of Appointment :

10.02.2004

Din No.:

01296446

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74999MH1997PTC111906	TECHNOCLEAN (INDIA) PRIVATE LIMITED	Managing director	17/11/1997	17/11/1997	Active	NO
2	U26933MH2004PTC144435	CRADLE RUNWAYS (INDIA) PRIVATE LIMITED	Managing director	10/2/2004	10/2/2004	Active	NO
3	U74900MH2011PTC215945	TSP ACCESS RENTAL PRIVATE LIMITED	Director	8/4/2011	8/4/2011	Active	NO

Name :

Mr. Tarun Ashok Khemlani

Designation :

Director

Address :

51 – B, Queens Apartment, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

22.05.1975

Date of Appointment :

28.04.2007

Din No.:

00929128

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74999MH1997PTC111906	TECHNOCLEAN (INDIA) PRIVATE LIMITED	Director	27/11/2002	27/11/2002	Active	NO
2	U26933MH2004PTC144435	CRADLE RUNWAYS (INDIA) PRIVATE LIMITED	Director	28/04/2007	28/04/2007	Active	NO
3	U74900MH2011PTC215945	TSP ACCESS RENTAL PRIVATE LIMITED	Director	8/4/2011	8/4/2011	Active	NO

Name :

Mrs. Bindya Ashok Khemlani

Designation :

Director

Address :

51 – B, Queens Apartment, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

05.10.1949

Date of Appointment :

10.02.2004

Din No.:

01115489

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74999MH1997PTC111906	TECHNOCLEAN (INDIA) PRIVATE LIMITED	Director	17/11/1997	17/11/1997	Active	NO
2	U26933MH2004PTC144435	CRADLE RUNWAYS (INDIA) PRIVATE LIMITED	Director	10/2/2004	10/2/2004	Active	NO

Name :

Ms. Suhag Ashok Khemlani

Designation :

Director

Address :

51 – B, Queens Apartment, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Appointment :

28.04.2004

Din No.:

00929158

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74999MH1997PTC111906	TECHNOCLEAN (INDIA) PRIVATE LIMITED	Director	1/3/2001	1/3/2001	Active	NO
2	U26933MH2004PTC144435	CRADLE RUNWAYS (INDIA) PRIVATE LIMITED	Director	28/04/2004	28/04/2004	Active	NO
3	U74900MH2011PTC215945	TSP ACCESS RENTAL PRIVATE LIMITED	Director	8/4/2011	8/4/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ashok Daulatram Khemlani	156000
Bindya Ashok Khemlani	84000
Tarun Ashok Khemlani	10000
Suhag Ashok Khemlani	10000
Total	260000

AS ON 30.09.2012

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Design, Fabrication, Procurement and Installation of Facade Access Systems.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited

Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing Mill Compound, P. B. Marg, Worli, Mumbai – 400025, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loan from Bank (Secured against hypothecation of vehicles)	0.657	1.569
Term Loans from Bank (Secured against hypothecation of Flat)	0.000	18.373
Cash Credit facility, repayable on demand from bank (Secured by hypothecation of inventories and book debts)	28.990	14.368
Export Credit facility, repayable on demand from bank (Secured by hypothecation of inventories and book debts)	0.000	2.060
Total	29.647	36.370
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Axis Bank Technoclean (India) Private Limited	14.827	0.000
From Director, Shareholder and Relatives	--	0.150
Total	14.827	0.150

Banking Relations :	--
Auditors :
Name :	Mayor R. Shah and Associates Chartered Accountants
Address :	3, Bethal Building, Chheda Nagar, Chembur, Mumbai-400089, Maharashtra, India
Tel No.:	91-22-25259117
Mobile No.:	91-9819228475
Pan No.:	AAPFM9575P
Email:	mayurca@rediffmail.com

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
260000	Equity Shares	Rs.100/- each	Rs.26.000 Millions

Reconciliation of equity hares and amounts outstanding particulars (Rs. In millions)

At the beginning of the year	Amount	14.500
	Qty.	145,000
Fresh Shares allotted during the year against subscription	Amount	11.500
	Qty.	115,000
At the end of the year	Amount	26.000
	Qty.	260,000

Details of Shares held by shareholder holding more than 5% of the aggregate shares in the company

Particulars	No of Shares	% of Holding
Ashok D. Khemlani	156,000	1
Bindya Ashok Khemlani	84,000	0

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		26.000	14.500	5.000
2] Share Application Money		0.550	11.500	2.125
3] Reserves & Surplus		13.424	7.155	9.575
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		39.974	33.155	16.700
LOAN FUNDS
1] Secured Loans		29.647	36.370	21.761
2] Unsecured Loans		14.827	0.150	0.000
TOTAL BORROWING		44.474	36.520	21.761
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		84.448	69.675	38.461
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.837	47.665	37.854
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.020
DEFERREX TAX ASSETS		0.303	0.193	0.305
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.970	53.152	86.299
	Sundry Debtors	81.078	81.601	48.349
	Cash & Bank Balances	5.838	4.472	3.598
	Other Current Assets	0.026	0.038	0.000
	Loans & Advances	14.376	17.042	23.203
Total Current Assets		120.288	156.305	161.449
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	38.291	34.941	23.968
	Other Current Liabilities	35.637	90.432	135.059
	Provisions	7.052	9.115	2.191
Total Current Liabilities		80.980	134.488	161.218
Net Current Assets		39.308	21.817	0.231
MISCELLANEOUS EXPENSES		0.000	0.000	0.051
TOTAL		84.448	69.675	38.461

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	186.075	212.115	120.015
		Other Income	5.064	1.404	5.035
		TOTAL (A)	191.139	213.519	125.050
Less	EXPENSES
		Cost of Material Consumed	70.258	88.665
		Changes in Inventories	35.608	38.855	111.457
		Employee Costs	27.836	33.292
		Other Expenses	38.462	35.442
		TOTAL (B)	172.164	196.254	111.457
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.975	17.265	13.593
Less	FINANCIAL EXPENSES (D)		6.226	2.712	3.654
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.749	14.553	9.939
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.577	3.484	3.131
	PROFIT BEFORE TAX (E-F) (G)		9.172	11.069	6.808
Less	TAX (H)		2.904	3.988	2.104
	PROFIT AFTER TAX (G-H) (I)		6.268	7.081	4.704
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		6.268	7.081	4.704
	Earnings Per Share (Rs.)		24.00	48.83	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.28	3.32	3.76
Net Profit Margin (PBT/Sales)	(%)	4.93	5.22	5.67
Return on Total Assets (PBT/Total Assets}	(%)	5.55	5.43	3.42
Return on Investment (ROI) (PBT/Networth)		0.23	0.33	0.41
Debt Equity Ratio (Total Liability/Networth)		3.14	5.16	10.96
Current Ratio (Current Asset/Current Liability)		1.49	1.16	1.00

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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 involved in	-----
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The Registered office of the company has been shifted from G-121, Ansa Industrial Estate, Saki Vihar Road, Andheri (East), Mumbai, Maharashtra, India, to the present address w.e.f 15.02.2008.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10342243
Corporate identity number of the company	U26933MH2004PTC144435
Name of the company	CRADLE RUNWAYS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17, 2nd Floor, Hind Services Industries, Near Shivaji Park Seaface, Dadar (West), Mumbai – 400028, Maharashtra, India info@cleanindia.net
Type of charge	Immovable Property Movable Property Others: Current and fixed assets
Particular of charge holder	Axis Bank Limited Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing Mill Compound, P. B. Marg, Worli, Mumbai – 400025, Maharashtra, India adlalwani@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental deed of hypothecation
Date of instrument Creating the charge	24/08/2012
Amount secured by the charge	Rs.74.137 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time Terms of Repayment As stipulated by bank from time to time Margin As stipulated by bank from time to time Extent and Operation of the charge First Charge (Present and Future) = Total Limit Rs.74.137 Millions (Cash Credit= Rs.50.000 Millions, Term Loan-1 (Towards Factory Land and Building)= Rs.10.000 Millions, Term Loan-II (Reimbursement of capex)= Rs.1.563 Millions, Term Loan-III=7.574 Millions), and Bank Guarantee (Standlone Limit)= Rs.5.000 Millions)- (EPC/PSC (Sub Limit of Cash Credit) - Rs.5.000 Millions, (Bank Guarantee (Sub Limit of Cash Credit) - Rs.25.000 Millions, (Inland LCBD (Sub Limit of Cash Credit) - Rs.10.000 Millions, As Stipulated by Bank from time to time Others As stipulated by bank from time to time and as per agreement attached and as per sanction letter of the bank
Short particulars of the property charged	First Charge (Present & Future) On Following Assets:-1) Hypothecation of all stock/ goods/ inventories/ products kept at borrower place/ premises/ factories/ godown etc kept at borrower place/ premises/ factories godown etc or whereeverelse or in transit (2) Hypothecation of all book debts and receivables (3) Hypothecation of all the plant and machinery, furniture and fixtures, computers including all the assets purchased out of term loan and bank finance (4) Hypothecation of all current, movable and fixed assets (5) EMG of Flat No B-33, B Wing, Queens Apartment, Nargis Dutt Road, Bandra (West) Mumbai 400050, (Owned by company) (6) EMG of Flat No B-51, B Wing, Queens Apartment, Nargis Dutt Road, Pali Hill, Bandra (West) Mumbai 400050, owned by Mr. Ashok Khermani (Director).
Whether any of the property or interest therein under reference is not registered in the name of the company	Yes
If yes, in whose name it is registered	Point No 6 property owned by Mr. Ashok Khermani Director
Particulars of the present modification	By this mod. Limit Total Limit Rs.74.137 Millions (C.C.=Rs.50.000 Million, Tl-1 = Rs.10.000 Millions, Tl-II= Rs.1.563 Millions, Tl-III= 7.574 Millions) and BG= Rs.5.000 Millions), (Sub Limit of C.C.-(1)EPC/PSC-Rs.5.000 Millions, (2)BG-Rs.25.000 Millions, (3) Inland LCBD-Rs.10.000 Millions), by this mod. hyp charge is extended for enhanced limits and hyp of assets purchased out of T.L taken as security, cont. security as given by original charge as well as by modifications terms & conditions as per agre.

FIXED ASSETS:

· Computer and Computer Software

· Land

· Building

· Furniture and Fixture

· Office Equipments

· Plant and Machinery

· Motor Vehicles

· Vehicles-Tempo

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.53
UK Pound	1	Rs.87.48
Euro	1	Rs.70.88

INFORMATION DETAILS

Report Prepared by :

NIT

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.