MIRA INFORM REPORT

Report Date :

01.03.2012

IDENTIFICATION DETAILS

Name :	TSR DARASHAW LIMITED
Registered Office :	6-10 Haji Moosa Patrawala Industrial Estate, 20 Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.09.1985
Com. Reg. No.:	11-037369
Capital Investment / Paid-up Capital :	Rs.19.014 Millions
CIN No.: [Company Identification No.]	U67120MH1985PLC037369
TAN No.: [Tax Deduction & Collection Account No.]	MUMT11437G
PAN No.: [Permanent Account No.]	AAACT1979L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Registrar and Share Transfer Agents.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – 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 :	6-10 Haji Moosa Patrawala Industrial Estate, 20 Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-66568484
Fax No.:	91-22-66568494
E-Mail :	ppai@tsrdarashaw.com accounts@tsrdarashaw.com rjoshi@tsrdarashaw.com csg-unit@tsrdarashaw.com tsrdlbang@tsrdarashaw.com tsrdlcal@tsrdarashaw.com tsrdljsr@tsrdarashaw.com tsrdldel@tsrdarashaw.com
Website :	www.tsrdarashaw.com
Branch Office :	Located at · Bangalore · Kolkata · Jamshedpur · New Delhi · Ahmedabad

DIRECTORS

As on 15.09.2011

Name :	Mr. Kishor Anant Chaukar
Designation :	Director
Address :	72 Ancpa Apartment, 7 Floor, Dorabjitat Aroad , Mumbai - 400021, Maharashtra, India
Date of Birth/Age :	01.08.1947
Date of Appointment :	20.10.2005
DIN No.:	00033830

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	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Managing director	15-10-08	15-10-98	-	Active	NO
2	U85110KA1989PLC013224	TATA ADVANCED MATERIALS LIMITED	Director	14-01-99	14-01-99	24-09-10	Active	NO
3	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Nominee director	25-02-99	25-02-99	-	Active	NO
4	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	30-03-99	30-03-99	-	Active	NO
5	U64200MH2000PLC129407	SITEL INDIA LIMITED	Director	20-12-00	20-12-00	11-04-07	Active	NO
6	L64200MH1986PLC039266	TATA COMMUNICATIONS LIMITED	Director	01-07-02	01-07-02	-	Active	NO
7	U67190MH2002PLC137798	IDFC PRIVATE EQUITY COMPANY LIMITED	Director	17-09-03	17-09-03	-	Active	NO
8	L67200MH1937PLC002622	TATA INVESTMENT CORPORATION LIMITED	Director	09-06-04	09-06-04	-	Active	NO
9	U64200AP1995PLC044060	TATA BUSINESS SUPPORT SERVICES LIMITED	Director	14-01-05	14-01-05	-	Active	NO
10	U11100MH1993PLC134095	TATA PETRODYNE LIMITED	Director	21-02-05	21-02-05	-	Active	NO
11	U91110GJ2000NPL037902	GIVE FOUNDATION	Director	30-07-05	30-07-05	-	Active	NO
12	U67120MH1985PLC037369	TSR DARASHAW LIMITED	Director	29-09-06	20-10-05	-	Active	NO
13	U24117KA2005PLC036126	ADVINUS THERAPEUTICS LIMITED	Director	10-08-07	08-11-06	-	Active	NO
14	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Nominee director	27-06-08	17-06-07	-	Active	NO
15	U93090MH2007PLC173035	TATA INDUSTRIAL SERVICES LIMITED	Director	19-09-08	05-12-07	13-09-10	Active	NO
16	U34300PN1997PLC015436	TATA YAZAKI AUTOCOMP LIMITED	Director	23-09-09	09-01-09	-	Active	NO
17	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	13-08-09	24-03-09	-	Active	NO
18	U66010MH2000PLC128403	TATA AIG LIFE INSURANCE COMPANY LIMITED	Director	16-09-10	14-10-09	-	Active	NO
19	U93090MH2010NPL208544	BHAVISHYA ALLIANCE CHILD NUTRITION INITIATIVES	Director	03-10-10	03-10-10	-	Active	NO
20	U65991MH1995PLC087722	TATA TRUSTEE COMPANY LIMITED	Additional director	10-06-11	10-06-11	-	Active	NO

Name :	Mr. Darashaw Keki Dinshah Bamanji Mehta
Designation :	Director
Address :	Rajesh Mansion , 1^st Floor , Sir Dinshah Vachha Road , Churchgate , Mumbai - 400020, Maharashtra, India
Date of Birth/Age :	14.11.1971
Date of Appointment :	29.09.2006
DIN No.:	00017308

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	U67120MH1994PTC076656	DARASHAW AND COMPANY PRIVATE LIMITED	Director	18-02-94	18-02-94	-	Active	NO
2	U67120MH1995PTC087032	DARASHAW SECURITIES PRIVATE LIMITED	Director	30-03-95	30-03-95	-	Active	NO
3	U01100MH2000PTC125790	DARASHAW BLOODSTOCK PRIVATE LIMITED	Director	20-01-05	20-01-05	-	Active	NO
4	U67120MH1985PLC037369	TSR DARASHAW LIMITED	Director	29-09-06	29-09-06	-	Active	NO
5	U74999MH1931GAP001784	WESTERN INDIA RACE HORSE OWNERS ASSOCIATION LIMITED	Director	15-06-07	15-06-07	-	Active	NO
6	U65999MH1997PTC109450	DARASHAW FINANCE PRIVATE LIMITED	Director	20-01-09	20-01-09	-	Active	NO
7	U67120MH1997PTC109452	DARASHAW CAPITAL PRIVATE LIMITED	Director	20-01-09	20-01-09	-	Active	NO
8	U74999MH2008NPL185159	INTERNATIONAL WINE AND FOOD SOCIETY	Director	29-09-10	29-09-10	-	Active	NO

Name :	Mr. Phillie Dara Karkaria
Designation :	Director
Address :	1 Sleater House # 2, Naushir Bharucha Road Mumbai - 400007, Maharashtra, India
Date of Birth/Age :	06.11.1948
Date of Appointment :	29.09.2006
DIN No.:	00059397

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	U67120MH1983PLC029631	QUESTAR INVESTMENTS LIMITED	Director	28-08-89	28-08-89	30-04-08	Amalgamated	NO
2	L25200GJ1981PLC004375	ECOPLAST LIMITED	Director	11-04-90	11-04-90	27-01-09	Active	NO
3	U63090MH1988PTC049519	TEJ TRANSPORTATION PRIVATE LIMITED	Director	31-07-91	31-07-91	14-09-10	Active	NO
4	U67120MH1988PLC049872	RUJUVALIKA INVESTMENTS LIMITED	Director	12-08-93	12-08-93	-	Active	NO
5	U65990MH1983PLC030848	KALIMATI INVESTMENT COMPANY LIMITED	Director	12-08-93	12-08-93	-	Active	NO
6	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	14-09-93	14-09-93	-	Active	NO
7	U67120MH1983PLC031632	SIMTO INVESTMENT COMPANY LIMITED	Director	03-06-98	03-06-98	-	Active	NO
8	U67120MH1992PLC066160	PANATONE FINVEST LIMITED	Director	30-09-98	30-09-98	22-06-09	Active	NO
9	U63013MH1993PLC072760	TAJ AIR LIMITED	Director	15-01-99	15-01-99	-	Active	NO
10	U74300MH1978PTC020453	DYNAMIC ADVERTISING AND RESEARCH TEAM PRIVATE LIMITED	Director	28-03-01	28-03-01	03-09-07	Active	NO
11	U45200MH1989PLC050444	SHEBA PROPERTIES LIMITED	Director	08-06-01	08-06-01	-	Active	NO
12	U67120MH1989PLC054778	NISKALP ENERGY LIMITED	Director	23-10-02	23-10-02	02-09-09	Active	NO
13	U74300MH1982PLC027839	TADDSCO PROMOTIONS LIMITED	Director	27-01-04	27-01-04	27-11-07	Active	NO
14	U67120MH1983PLC029632	VANTECH INVESTMENTS LIMITED	Director	29-03-04	29-03-04	21-06-08	Amalgamated	NO
15	U67120MH1994PLC080918	TATA SECURITIES LIMITED	Director	05-01-05	05-01-05	-	Active	NO
16	U67120MH1985PLC037369	TSR DARASHAW LIMITED	Director	29-09-06	29-09-06	-	Active	NO
17	U70102MH2007PLC168300	TATA REALTY AND INFRASTRUCTURE LIMITED.	Whole-time director	04-05-07	04-05-07	-	Active	NO
18	U45400DL2007PTC163100	TRIL URBAN TRANSPORT PRIVATE LIMITED	Director	06-11-08	25-05-07	22-02-11	Active	NO
19	U45400MH2007PLC171654	TRIL DEVELOPERS LIMITED.	Director	29-11-08	14-06-07	22-02-11	Active	NO
20	U45200MH2007PLC171687	TRIL HIGHWAY PROJECTS LIMITED	Director	14-06-07	14-06-07	-	Active	NO
21	U45201MH2007PLC171985	TRIL CONSTRUCTIONS LIMITED.	Director	25-06-07	25-06-07	11-02-08	Active	NO
22	U45400MH2007PTC174567	TRIL ROADS PRIVATE LIMITED	Director	11-07-11	29-01-08	-	Active	NO
23	U45200TN2008PLC066931	TRIL INFOPARK LIMITED	Director	26-08-09	07-05-08	-	Active	NO
24	U45202MH2008PTC177330	TRIF INFRASTRUCTURE PRIVATE LIMITED	Director	29-11-08	10-06-08	22-10-10	Active	NO
25	U45202MH2008PTC177351	TRIF REAL ESTATE AND DEVELOPMENT PRIVATE LIMITED	Director	23-09-10	31-08-09	07-03-11	Active	NO
26	U45200MH2007PTC173822	TRIF KOCHI PROJECTS PRIVATE LIMITED	Director	14-09-10	31-08-09	07-03-11	Active	NO
27	U45202MH2007PTC177140	AHINSA REALTORS PRIVATE LIMITED	Director	23-08-10	30-06-10	22-10-10	Active	NO
28	U45202MH2008PTC188845	TRIL LOGISTICS PRIVATE LIMITED	Director	01-08-11	05-04-11	-	Active	NO
29	U74120DL2009PTC188631	PUNE SOLAPUR EXPRESSWAYS PRIVATE LIMITED	Additional director	10-11-11	10-11-11	-	Active	NO

Name :	Mr. Baman Kekidinshahbamanji Mehta
Designation :	Director
Address :	Firuzara 2nd Floor, 1 M K, Road Nariman Point, Mumbai - 400 021, Maharashtra, India
Date of Birth/Age :	06.04.1967
Date of Appointment :	29.09.2006
DIN No.:	00017068

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	U67120MH1995PTC087032	DARASHAW SECURITIES PRIVATE LIMITED	Director	30-03-95	30-03-95	-	Active	NO
2	U67120MH1994PTC076656	DARASHAW AND COMPANY PRIVATE LIMITED	Director	30-03-97	30-03-97	-	Active	NO
3	U65999MH1997PTC109450	DARASHAW FINANCE PRIVATE LIMITED	Director	16-07-97	16-07-97	-	Active	NO
4	U67120MH1997PTC109452	DARASHAW CAPITAL PRIVATE LIMITED	Director	16-07-97	16-07-97	-	Active	NO
5	U01100MH2000PTC125790	DARASHAW BLOODSTOCK PRIVATE LIMITED	Director	11-04-00	11-04-00	-	Active	NO
6	U67120MH1985PLC037369	TSR DARASHAW LIMITED	Director	25-10-06	29-09-06	-	Active	NO
7	U40108PB2007PTC031377	GREEN PLANET ENERGY PRIVATE LIMITED	Director	19-09-07	19-09-07	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Padmini Manjunath Pai
Designation :	Secretary
Address :	Flat No.7, 2nd Floor, Nazareth Chs, Plot No.444, Pitamber Lane, Mahim (West), Mumbai -400016, Maharashtra, India
Date of Birth/Age :	17.10.1976
Date of Appointment :	02.02.2009
PAN No.:	AAFPS0486H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2011

Names of Shareholders	No. of Shares
Darashaw Holding, India	190131
Daisy Keki Mehta	1
Baman Keki Mehta	1
Deven Shashikant Padhya	1
Keki DB Mehta	1
Dara Keki Mehta	1
Tihunaz K.Mehta	1
Total	190137

As on 15.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Registrar and Share Transfer Agents.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Lease Finance from a Company	0.027	1.238
Total	0.027	1.238

Banking Relations :	--
Auditors :
Name :	Sara and Associates Chartered Accountants
Address :	Peekay Mansion, 1st Floor, 470, J. S. S. Road, Chira Bazar, Marine Lines, Mumbai – 400002, Maharashtra, India
PAN.:	AAPFS0971H
Holding Company :	Darashaw Holdings

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued :

No. of Shares	Type	Value	Amount
197637	Equity Shares	Rs.100/- each	Rs.19.764 Millions

Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
190137	Equity Shares	Rs.100/- each	Rs.19.014 Millions

Note:

Of the above 190131 Equity Shares are held by Darashaw Holding, The Holding Trust

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		19.014	19.014	19.014
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		261.183	218.610	177.650
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		280.197	237.624	196.664
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.027	1.238	2.481
TOTAL BORROWING		0.027	1.238	2.481
DEFERRED TAX LIABILITIES		0.431	0.808	0.347
TOTAL		280.655	239.670	199.492
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.058	38.865	23.490
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		59.482	98.791	92.023
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	51.362	54.257	47.979
	Cash & Bank Balances	54.633	84.723	70.613
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	124.724	16.993	37.346
Total Current Assets		230.719	155.973	155.938
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.716	28.928	37.626
	Other Current Liabilities	7.708	7.866	7.753
	Provisions	15.180	17.165	26.580
Total Current Liabilities		50.604	53.959	71.959
Net Current Assets		180.115	102.014	83.979
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		280.655	239.670	199.492

]

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	212.114	200.760	187.095
		Other Income	42.730	10.087	6.909
		TOTAL	254.844	210.847	194.004
Less	EXPENSES
		Mismanagement Expanses	171.074	136.012	150.573
		TOTAL	171.074	136.012	150.573
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		83.770	74.835	43.431
Less/ Add	DEPRECIATION/ AMORTISATION		12.747	9.178	6.813
	PROFIT BEFORE TAX		71.023	65.657	36.618
Less	TAX		25.124	21.360	12.618
	PROFIT AFTER TAX		45.899	44.297	24.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		159.564	120.853	105.568
Less	APPROPRIATIONS
		Transfer to General Reserve	2.295	2.250	2.400
		Dividend	2.852	2.852	0.000
		Interim Dividend	0.000	0.000	5.704
		Dividend Distribution Tax	0.000	0.000	0.611
		Tax on Dividend	0.474	0.484	0.000
	BALANCE CARRIED TO THE B/S		199.842	159.564	120.853
	Earnings Per Share (Rs.)		241.00	233.00	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	18.01	21.01	12.37
Net Profit Margin (PBT/Sales)	(%)	33.48	32.70	19.57
Return on Total Assets (PBT/Total Assets}	(%)	26.13	33.70	20.41
Return on Investment (ROI) (PBT/Networth)		0.25	0.28	0.19
Debt Equity Ratio (Total Liability/Networth)		0.18	0.23	0.38
Current Ratio (Current Asset/Current Liability)		4.56	2.89	2.17

LOCAL AGENCY FURTHER INFORMATION

Business Outlook:

Business Opportunities for subject in its businesses continues to be promising even in the current challenging environment.

With the near completion of implementation of a new Global Payroll ERP application called RAMCO for its Payroll business, subject is now in a position to compete with other competitors by offering a boutique of services to its existing as well as new customers. With RAMCO ERP application, subject can now look at handling Overseas Payroll as well, thereby extending its reach beyond domestic markets and increase profitability. Similarly, in the Trust Funds business, subject has rolled out a new Web based ERP application, which would be able to meet current and future requirements of its customers.

In the R and T business, subject has rolled out a substantial part of an new Web based integrated application catered to meet its clients increasing and complex requirements. This application takes care of the scalability in terms of huge numbers as is comparable with some of the best in the industry.

IT continues to be the key focus wherein the company as part of its initiatives, has been instrumental in writing in house a new software application for its Record Management business.

Financial Highlights:

Total Income has been increased by 21% from Rs. 210.800 Millions in 2009-10 to Rs 254.800 Millions in the year 2010-11.

Income from traditional Registry Business has also increased by 8% from Rs. 120.500 Millions to Rs 130.500 Millions.

As compared to the Previous Year the income from Payroll business has decreased by 10% from Rs. 67.100 Millions to Rs. 60.500 Millions.

The Management expenses have increased by 26 % from Rs. 136.000 Millions to Rs. 171.100 Millions of which Administration Expenses have increased by 6% from Rs 135.300 Millions to Rs 142.900 Millions due to employee related cost, legal and professional charges, computer related expenses etc. The Management Expenses include a Provision for Dimunition in Value of Investments of Equity Shares of Ankur Drugs Limited of Rs. 17.922 Millions and of Vijay Shanthi Builders Limited of Rs 11.419 Millions

Contingent Liability:

Legal Cases filed by various investors against the company and client company amounts to Rs.9.530 Millions (Previous Year Rs.10.468 Millions)

Fixed Assets:

· Air Conditioner

· Furniture and Fixtures

· Electrical Appliances

· Computers

· Office Equipments

· Motor Car

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.48.94
UK Pound	1	Rs.77.95
Euro	1	Rs.65.94

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.