MIRA INFORM REPORT

Report Date :

26.03.2012

IDENTIFICATION DETAILS

Name :	CAPITAL FORTUNES PRIVATE LIMITED

Formerly Known As :	CAPITAL FORTUNES LIMITED

Registered Office :	8-2-698, Flat No.403, 5^th Floor, M.J. Towers, Road No.12, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	17.06.1996

Com. Reg. No.:	01-024364

Capital Investment / Paid-up Capital :	Rs.23.600 millions

CIN No.: [Company Identification No.]	U65910AP1996PTC024364

TAN No.: [Tax Deduction & Collection Account No.]	HYDC00600F

PAN No.: [Permanent Account No.]	AABCC5489P

Legal Form :	Private Limited Liability Company

Line of Business :	Providing Advisory Services in the field of project and infrastructure, bid and privatization, syndication and placement, socio-economic surveys and research, as well as specialist and global business services.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 598000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	8-2-698, Flat No.403, 5^th Floor, M.J. Towers, Road No.12, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India
Tel. No.:	91-40-23302216/ 17/ 18
Fax No.:	91-40-23397279
E-Mail :	sriram@capitalfortunes.com contact@capitalfortunes.com
Website :	http://www.capitalfortunes.com

Branch Office :	Located at: v New Delhi v Mumbai

Projects Office :	Located at: v Bangalore v Chennai v Bhubaneswar v Vishakhapatnam

DIRECTORS

As on 05.09.2011

Name :

Nagaraj Umaabhaskar Mocherla

Designation :

Director

Address :

8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

30.09.1944

Date of Appointment :

30.01.1999

DIN No.:

01799253

Name :

Mr. Srinivasa Chakravarthy Bulusu

Father’s Name: B. Kameshwara Rao

Designation :

Director

Address :

Flat No.203, Rajeev Krishna Doyen Hermitage Apartments, Santi Nagar, Hyderabad – 500 029, Andhra Pradesh, India

Date of Birth/Age :

20.08.1964

Date of Appointment :

20.03.2000

DIN No.:

01716952

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	U65910AP1996PTC024364	Capital Fortunes Private Limited	Director	20-03-00	20-03-00	-	Active	NO
2	U74140AP2001PTC037979	CFL PVR Infrastructure Private Limited	Director	22-10-01	22-10-01	-	Active	NO
3	U40300AP2004PTC044058	Oorja Infraenergy Solutions Private Limited	Director	01-09-04	01-09-04	25-03-11	Active	NO

Name :

Venkata Chalam Durvasula

Designation :

Director

Address :

Plot No.558, Flat No.F1, Swarna Heights, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

30.08.1969

Date of Appointment :

27.07.2009

DIN No.:

02749496

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	U40103AP2008PLC057031	Thermal Powertech Corporation India Limited	Director	03-07-09	17-03-08	-	Active	NO
2	U40105AP2003PTC040857	Amaravati Thermal Power Private Limited	Director	17-03-08	17-03-08	-	Active	NO
3	U65910AP1996PTC024364	Capital Fortunes Private Limited	Director	24-08-09	27-07-09	-	Active	NO
4	U45200AP2005PTC045511	NSL Nagapatnam Power And Infratech Private Limited	Director	30-09-11	05-01-11	-	Active	NO
5	U74900AP2011PTC072450	Sembcorp Gayatri O and M Company Private Limited	Director	01-02-11	01-02-11	09-12-11	Active	NO

Name :

Mr. Sairam Mocherla

Father’s Name: M. Bhaskara Rao

Designation :

Director

Address :

8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

27.08.1964

Date of Appointment :

27.09.2003

Date of Ceasing :

28.10.2011

DIN No.:

01430951

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	U74140KA1994PTC015895	KP and MB Consultancy Private Limited	Director	29-09-96	29-09-96	16-07-09	Active	YES
2	U74140AP2001PTC037979	CFL PVR Infrastructure Private Limited	Director	22-10-01	22-10-01	-	Active	NO
3	U65910AP1996PTC024364	Capital Fortunes Private Limited	Director	27-09-03	27-09-03	28-10-11	Active	NO
4	U45200AP2003PLC041175	Kanumuru Infrastructure Company Limited	Director	21-01-04	21-01-04	10-07-11	Active	NO
5	U40300AP2004PTC044058	Oorja Infraenergy Solutions Private Limited	Director	01-09-04	01-09-04	25-03-11	Active	NO
6	U65993AP1983PLC004226	Gati Infrastructure Limited	Director	01-04-05	01-04-05	30-06-11	Active	NO
7	U51109AP2002PLC039141	Amrit Jal Ventures Limited	Director	25-09-07	29-12-06	-	Active	NO
8	U26942AP1991PLC013359	Penna Cement Industriies Limited	Director	27-07-07	10-03-07	-	Active	NO
9	U64203AP1989PLC009561	ICOMM Tele Limited	Director	21-11-08	26-09-08	24-02-10	Active	NO
10	U63032AP2009PTC066123	Portman India Private Limited	Director	10-09-10	04-12-09	-	Active	NO
11	U40300AP2006PTC050579	NSL Nagapatnam Power Ventures Private Limited	Director	30-09-11	11-11-10	-	Active	NO
12	U74999AP2007PLC053278	Anrak Aluminnium Limited	Director	30-09-11	27-12-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2011

Names of Shareholders (Equity Shares)	Address	No. of Shares
U. Sriram	Flat No.204, Tejaswini Shantasheel Towers, 3-6-185/1 and 2, Urdu Hall Lane, Himayat Nagar, Hyderabad – 500 029, Andhra Pradesh, India	676600
M. Aparna	8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India	100
K. Usha Viswanath	8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India	2000
A. Somaraju	D-4, Pinewood Apartments, Begumpet, Hyderabad – 500 016, Andhra Pradesh, India	758000
B.S. Chakravarthy	Flat No.203, Krishnan Doyen Hermitage Apartment, Shanti Nagar, Hyderabad – 500 029, Andhra Pradesh, India	150000
Gopal Palepu	49, Moore Street, Chennai – 600 001, Tamilnadu, India	2000
M. Bhaskara Rao	8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India	100
Sairam Mocherla	8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India	100
Capital Fortunes Finance Services Limited	8-2-698, 5^th Floor, M.J. Towers, Road No.12, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India	80000
M.N. Uma Baskar	8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India	11100
Indu Setu Bara Pte. Limited	8 Cross Street, 1100, PWC Building, Singapore 048 424	300000
	Total	1980000

As on 05.09.2011

Names of Shareholders (Preference Shares)	Address	No. of Shares
TCI Finance Limited	1-7-293, M.G. Road, Secunderabad – 500 003, Andhra Pradesh, India	350000
T. Garg and Company (Private) Limited	1-7-293, M.G. Road, Secunderabad – 500 003, Andhra Pradesh, India	30000
	Total	380000

As on Date – Not Available

Names of Shareholders	Address	No. of Shares
M.N. Uma Baskar	8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India	139000
U. Sriram	Flat No.204, Tejaswini Shantasheel Towers, 3-6-185/1 and 2, Urdu Hall Lane, Himayat Nagar, Hyderabad – 500 029, Andhra Pradesh, India	10000
M. Aparna	8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India	35000
K. Usha Viswanath	8-2-472/6, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India	2000
A. Somaraju	D-4, Pinewood Apartments, Begumpet, Hyderabad – 500 016, Andhra Pradesh, India	2000
B.S. Chakravarthy	Flat No.203, Krishnan Doyen Hermitage Apartment, Shanti Nagar, Hyderabad – 500 029, Andhra Pradesh, India	10000
Gopal Palepu	49, Moore Street, Chennai – 600 001, Tamilnadu, India	2000
	Total	200000

As on 05.09.2011

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		15.00
Bodies corporate		4.00
Directors or relatives of directors		81.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Providing Advisory Services in the field of project and infrastructure, bid and privatization, syndication and placement, socio-economic surveys and research, as well as specialist and global business services.

Services :

v Project Infrastructure Advisory

v BID Advisory and Privatisation

v Social Research

GENERAL INFORMATION

Customers :

v Thermal Powertech Corporation (India) Limited

v NCC Infrastructure Holdings Limited

v Gautami Power Private Limited

v Himagiri Enterprises Private Limited

v Hyderabad Metro Rail Limited

v Cuddalore Port Company Limited

v Hyderabad Growth Corridor Limited

v Airports Authority of India

v Nagarjuna Construction Company Limited

v Indu Projects Limited

No. of Employees :

Not Available

Bankers :

IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loan from MIS Reliance Capital Limited	0.000	0.180
BMW Financial Services (secured by way of Hypothecation of vehicle)	2.725	0.000
Loan from IDBI (Secured by Hypothecation of book debts and movable assets of the company present and future Further collaterally secured by Equitable mortgage of the flat at Banjara Hills Hyderabad)	18.103	20.177
Total	20.828	20.357

Unsecured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Inter Corporate Loan

29.900

0.000

Total

29.900

0.000


Banking Relations :	--

Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	403 and 404, Golden Green Apartments, Irrum Manzil Colony, Hyderabad – 500 082, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AADFB8032G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2600000	Equity Shares	Rs.10/- each	Rs.26.000 millions
400000	8% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.4.000 millions
	Total		Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1980000	Equity Shares	Rs.10/- each	Rs.19.800 millions
380000	8% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.3.800 millions
	Total		Rs.23.600 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		23.600	23.600	20.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		125.936	73.036	36.787
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		149.536	96.636	57.387
LOAN FUNDS
1] Secured Loans		20.828	20.357	15.241
2] Unsecured Loans		29.900	0.000	4.576
TOTAL BORROWING		50.728	20.357	19.817
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		200.264	116.993	77.204

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		21.456	18.368	19.892
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		205.890	49.889	49.889
DEFERRED TAX ASSETS		0.429	0.304	0.157

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	27.245	43.406	8.854
	Cash & Bank Balances	4.256	1.073	3.166
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	162.353	107.296	41.348
Total Current Assets		193.854	151.775	53.368
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.414	1.984	1.022
	Other Current Liabilities	156.820	75.508	26.660
	Provisions	55.131	25.851	18.420
Total Current Liabilities		221.365	103.343	46.102
Net Current Assets		(27.511)	48.432	7.266

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		200.264	116.993	77.204

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Advisory Services	204.986	132.028	96.620
		Other Income	5.025	6.148	3.986
		TOTAL (A)	210.011	138.176	100.606

Less	EXPENSES
		Personnel Expenses	47.750	29.871	16.604
		Administrative Expenses	76.881	65.599	42.373
		TOTAL (B)	124.631	95.470	58.977

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		87.380	42.706	41.629

Less	FINANCIAL EXPENSES (D)		3.296	3.180	2.046

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		84.084	39.526	39.583

Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.956	2.559	2.694

	PROFIT BEFORE TAX (E-F) (G)		81.128	36.967	36.889

Less	TAX (H)		27.875	12.367	12.934

	PROFIT AFTER TAX (G-H) (I)		53.253	24.600	23.955

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.386	36.137	13.188

Less	APPROPRIATIONS
		Transfer to General Reserve	--	--	0.650
		Dividend on Preference Shares	0.304	0.304	0.304
		Tax on Corporate Dividend	0.049	0.047	0.052
	BALANCE CARRIED TO THE B/S		113.286	60.386	36.137

	EARNINGS IN FOREIGN CURRENCY		1.769	1.569	2.337

	Earnings Per Share (Rs.)		26.74	12.27	14.08

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	25.36	17.80	23.81

Net Profit Margin (PBT/Sales)	(%)	39.58	28.00	38.18

Return on Total Assets (PBT/Total Assets}	(%)	37.68	21.73	50.35

Return on Investment (ROI) (PBT/Networth)		0.54	0.38	0.64

Debt Equity Ratio (Total Liability/Networth)		1.82	1.28	1.15

Current Ratio (Current Asset/Current Liability)		0.88	1.47	1.16

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 6-3-649/1, 1^st Floor, Nalanda Apartments, Medinova Complex, Somajiguda, Hyderabad – 500 082, Andhra Pradesh to the present address w.e.f. 24.12.2007.

PERFORMANCE OF TH E COMPANY:

The Company completed its Fifteenth year of operation as a corporate entity. In terms of financial performance your company has achieved a significant growth in its operations with an impressive 51.99% increase in its gross income when compared to 37.34% growth of the previous year. It is pertaining to note that this significant growth is on the larger base of previous year.

The company spent an amount of Rs.6.260 millions for providing Computers, office equipments, furniture and Fixtures etc., to executives and other staff of the company enabling them to enhance their productivity to render efficient services.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars

31.03.2011

(Rs. in millions)

Bank Guarantees

5.300

Bankers Charges Report as per Registry

Corporate identity number of the company	U65910AP1996PTC024364
Name of the company	CAPITAL FORTUNES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	8-2-698, Flat No.403, 5^th Floor, M.J. Towers, Road No.12, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India E-Mail: sriram@capitalfortunes.com
This form is for	Modification of charge
Charge identification number of the modified	10131366
Type of charge	Immovable property Any interest in immovable property Book Debts Movable Property (not being pledge) Others (All current and fixed assets of the company)
Particular of charge holder	CIN No.: L65190MH2004GOI148838 IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail: r_sunil@idbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Supplemental deed of hypothecation. 2. Declaration and undertaking in the matter of mortgage of deposit of title deeds.
Date of instrument Creating the charge	12.01.2011
Amount secured by the charge	Rs.30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: BBR+4.75% (which shall vary from time to time) payable monthly Terms of Repayment: Repayable on demand Margin: 25% on receivables Extent and Operation of the charge: Exclusive charge on the movable and immovable properties as mentioned and on all the current assets of the Company, Present and Future
Short particulars of the property charged	Commercial Property of Office No.303, 3^rd Floor, Door No.8-2-698, Road No.12, Banjara Hills, Hyderabad - 500 034. The above property having constructed area of 4718 sq. feet, 3 car parking area of 360 sq. feet together with undivided share of land admeasuring 120 sq. yards.
Date of latest modification prior to the present modification	04.11.2009
Particulars of the present modification	Present Cash credit limit is increased from Rs.20.000 millions to Rs.30.000 millions. There is no change in other terms and conditions.

FIXED ASSETS:

v Land

v Building

v Furniture and Fixtures

v Office Equipment

v Vehicles

v Computers

WEBSITE DETAILS:

PROFILE:

Subject is a thoroughbred project-maker today, both at the national and international levels. A frontline financial and project advisory services company, subject offers a comprehensive range of services in specialist areas such as project and infrastructure, bid and privatization, syndication and placement, socio-economic surveys and research, as well as specialist and global business services.

Headquartered in Hyderabad, Southern India, subject has offices in New Delhi, Mumbai, and Project Offices in Bangalore, Chennai, Bhubaneswar and Vishakhapatnam. Over the last 16 years, the company has assisted clients in all parts of India, demonstrating substantial reach across topographies and infrastructure sectors. Subject has experience working in 12 states across India on various infrastructure projects and has around 20 State Government and Central Government agencies as clientele. Not only pan India, subject has network of relationships in Australia, Europe, North America, Middle East and South East to Far East Asia.

With over 50 professionally qualified persons, over 100 Associates for specialist expertise and with related experience, subject stands today as a proactive, growth-oriented organization aiming at professional excellence.

The business leadership of the company comprises of the following high quality professionals who have acquired deep insights into Indian economic scenario and its drivers/enablers/inhibitors.

The operational team (around 20 senior personnel’s) is led by a cross-functional team possessing high conceptual skills and goal based operations management competencies supported by highly qualified Consultants and Research Associates and full-fledged office infrastructure.

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.50.91
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		47

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.