MIRA INFORM REPORT

Report Date :

14.05.2012

IDENTIFICATION DETAILS

Name :	PILANI SOFT LABS PRIVATE LIMITED
Registered Office :	No 311, 7^th Cross, Domlur Layout, Bangalore – 560071, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.08.2006
Com. Reg. No.:	1-050820
Capital Investment / Paid-up Capital :	Rs. 6.394 Millions
CIN No.: [Company Identification No.]	U72200AP2006PTC050820
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is an Aggregator and Distributor of bus tickets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings 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 :	No 311, 7^th Cross, Domlur Layout, Bangalore – 560071, Karnataka, India
Tel. No.:	91-80-41480875
E-Mail :	hq_finance@redbus.in phani@redbus.in
Website :	http://www.redbus.in
Corporate Head Office:	No. 314/1, 3^rd Main, 7^th Cross, Domlur Layout, Bangalore – 560071, Karnataka, India
Tel. No.:	91-80-39412345
Branch Office:	Located at : · Ahmedabad · Chennai · Delhi · Hyderabad · Mumbai · Pune

DIRECTORS

AS ON 28.09.2011

Name :

Mr. Parag Dhol

Designation :

Director

Address :

Flat No. 203, 2^nd Floor, Santhon Apartment, No. 33/1 1^st Stage, 1^st A Cross, Indiranagar, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

30.11.1968

Date of Appointment :

30.06.2009

DIN No.:

02641114

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200AP2006PTC050820	PILANI SOFT LABS PRIVATE LIMITED	Director	26-09-09	30-06-09	Active	NO
2	U67120TN2008PTC069572	WEALTH INDIA FINANCIAL SERVICES PRIVATE LIMITED	Director	27-09-10	29-07-10	Active	NO
3	U51395KA2008PTC048525	VIZURY INTERACTIVE SOLUTIONS PRIVATE LIMITED	Additional director	08-10-10	08-10-10	Active	NO
4	U72300DL2010PTC201900	LemonLearn eServices Private Limited	Director	02-12-11	02-12-11	Active	NO
5	U60231KA2012PTC062501	savaari car rentals private limited	Director	03-04-12	03-04-12	Active	NO

Name :

Mr. Ashish Gupta

Designation :

Nominee director

Address :

339, Verano Drive Los Altos California – 94022, United State of America

Date of Birth/Age :

25.05.1981

Date of Appointment :

07.03.2011

DIN No.:

00521511

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	L74899DL1995PLC068021	INFO EDGE (INDIA) LIMITED	Director	13-03-06	13-03-06	-	Active	NO
2	U72200KA2004PTC033790	JIGRAHAK MOBILITY SOLUTIONS PRIVATE LIMITED	Director	25-08-06	25-08-06	-	Active	NO
3	U72200TN2006PTC060794	ANANTARA SOLUTIONS PRIVATE LIMITED	Director	16-10-06	16-10-06	23-02-11	Active	NO
4	U72900KA2005PTC035942	HUMMING BIRD TRAVEL AND STAY PRIVATE LIMITED	Director	13-02-08	13-02-08	08-09-10	Active	NO
5	U51900DL2010PTC210181	DIGITAIL MANAGEMENT SERVICES PRIVATE LIMITED	Director	25-01-11	18-01-11	05-04-12	Active	NO
6	U72200AP2006PTC050820	PILANI SOFT LABS PRIVATE LIMITED	Nominee director	07-03-11	07-03-11	-	Active	NO
7	U74999KA2011PTC058717	Boost Enterprises India Private Limited	Director	07-09-11	12-08-11	-	Active	NO
8	U72900AP2011PTC075505	MySmartPrice Web Technology Private Limited	Director	15-01-12	15-01-12	-	Active	NO

Name :

Mr. Sanjay Anandaram

Designation :

Director

Address :

709, Pine Block, Raheja Residency, 3^rd Block, 8^th C Main, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

01.12.1964

Date of Appointment :

31.07.2007

DIN No.:

00579785

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	U06599KA1999PTC026095	JUMPSTARTUP FUND ADVISORS PRIVATE LIMITED	Managing director	16-12-99	16-12-99	-	Strike off	NO
2	U06599KA2000PTC026392	SYZYGY CONSULTANTS PRIVATE LIMITED	Director	15-02-00	15-02-00	-	Active	NO
3	U72900KA2007FTC041491	FONEMINE COMMUNICATIONS (INDIA) PRIVATE LIMITED	Director	19-01-07	19-01-07	-	Strike off	NO
4	U74140KA2005PTC036144	RESOLVE BUSINESS SERVICES (INDIA) PRIVATE LIMITED	Director	28-09-07	29-01-07	-	Active	NO
5	U51109KA2007PTC042014	Maya Organic India Private Limited	Director	27-08-08	16-03-07	01-04-12	Active	NO
6	U72200KA1996FTC019924	COREOBJECTS INDIA PRIVATE LIMITED	Director	26-11-07	01-06-07	06-07-09	Active	NO
7	U72200KA1997PTC060109	JOPASANA SOFTWARE AND SYSTEMS Private LIMITED	Director	30-10-07	06-06-07	06-07-09	Active	NO
8	U72200AP2006PTC050820	PILANI SOFT LABS PRIVATE LIMITED	Director	24-09-07	31-07-07	-	Active	NO

Name :

Bharati Pinnamaneni Jacob

Designation :

Director

Address :

A-32, Shefali Apartments, AGA Abbas Ali Road, Ulsoor, Bangalore – 560042, India

Date of Birth/Age :

07.12.1960

Date of Appointment :

18.04.2008

DIN No.:

00174865

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	U67120MH2006PTC162412	SEED ADVISORS PRIVATE LIMITED	Director	17-05-06	17-05-06	-	Active	NO
2	U85110KA2004PTC035114	VAATSALYA HEALTH CARE SOLUTIONS PRIVATE LIMITED	Director	28-02-08	28-02-08	-	Active	NO
3	U67190MH2008FTC179910	Goldman Sachs Asset Management (India) Private Limited	Director	08-09-09	26-03-08	-	Active	NO
4	U72200AP2006PTC050820	PILANI SOFT LABS PRIVATE LIMITED	Director	29-09-08	18-04-08	-	Active	NO
5	U51216KA1991PTC053425	GRAMEEN FINANCIAL SERVICES PRIVATE LIMITED	Director	30-08-08	14-05-08	02-02-09	Active	NO
6	U74999KA2009PTC048887	SV EDUSPORTS PRIVATE LIMITED	Director	12-01-10	12-01-10	-	Active	NO

Name :

Panindra Sama

Designation :

Director

Address :

99 4^th Cross, 2^nd Block, 4^th Cross, Koramangala, Bangalore – 560034, India

Date of Birth/Age :

15.08.1980

Date of Appointment :

04.08.2006

DIN No.:

01395397

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2011

Names of Shareholders	Type of Shares	No. of Equity Shares
Panindra Sama	Equity	200004
Padma Raju Charan Kumar Raju	Equity	170474
Sudhakar Pasupunari	Equity	88102
Sanjay Anandram	Equity	7850
Ashok Yerneneni	Equity	7850
Kiranbir Nag	Equity	7850
India Seed Investment Trust, India	Equity	509570
India Seed Investment Trust, India	Equity Series A	1330
Inventus Capital Partners Limited, Mauritius	Equity	8031
Gee R Reddy and Neerja Reddy	Equity	270
Hellon Venture Partners II LLC, Mauritius	Equity Series A	6055
Hellon Venture Partners II LLC, Mauritius	Equity	31730
Seed Fund 2 International, Mauritius	Equity Series A	1971
Seed Fund 2 Domestic, India	Equity Shares Series A	80
Total		1041167

Names of Shareholders	Type of Shares	No. of Preference Shares
Inventus Capital Partners Limited, Mauritius	Preference – A	386000
Inventus Capital Partners Limited, Mauritius	Preference – C	83292
Gee Reddy R Reddy and Neerja Reddy	Preference - A	15540
India Seed Investment Trust, India	Preference - A	78000
Hellon Venture Partners II LLC, Mauritius	Preference – A	62420
Hellon Venture Partners II LLC, Mauritius	Preference – B	50280
Hellon Venture Partners II LLC, Mauritius	Preference – C	267585
Seed Fund 2 International, Mauritius	Preference – C	120057
Seed Fund 2 Domestic, India	Preference - C	5104
Total		1068278

AS ON 06.01.2012

Names of Allottees	No. of Shares
Danan Christadoss	1613
Bhaskar	100
Samir Chaudhary	159
Total	1872

AS ON 17.02.2012

Names of Allottees	No. of Shares
Mayank Bidawatka	9047

AS ON 21.03.2012

Names of Allottees	No. of Shares
Abey Zachariah	17767

AS ON 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Venture Capital	49.08
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	4.62
Directors or relatives of directors	19.96
Other top fifty shareholders	26.34
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is an aggregator and distributor of bus tickets.
Brand Names :	“Red Bus”

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Facilities :

Banking Relations :	--
Auditors 1 :
Name :	B S R R and Company Chartered Accountants
Address :	Maruthi Info-Tech Centre , 11-12/1 Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, INDIA
Income-tax PAN of auditor or auditor's firm :	AAKFB1884H
Auditors 2 :
Name :	Mohan and Sridhar Chartered Accountant
Address :	27 Sri Nilaya, 2^nd Floor, 10^th Cross, Malleswaram, Bangalore – 560003, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AABFM1149F
Associates/Subsidiaries :	· Helion Venture Partners II LLC · Inventus Capital Private (Mauritius) Limited · India Seed Investment Trust

CAPITAL STRUCTURE

AS ON 28.09.2011

Authorised Capital : Rs. 7.558 Millions

No. of Shares	Type	Value	Amount
2007999	Equity Shares	Rs. 1/- each	Rs. 2.008 Millions
750000	Preference Shares	Rs. 1/- each	Rs. 0.750 Millions
480000	Preference Shares	Rs. 10/- each	Rs. 4.800 Millions
	Total		Rs. 7.558 Millions

Issued, Subscribed & Paid-up Capital : Rs. 6.422 Millions

No. of Shares	Type	Value	Amount
1069853	Equity Shares	Rs. 1/- each	Rs. 1.070 Millions
592240	Preference Shares	Rs. 1/- each	Rs. 0.592 Millions
476038	Preference Shares	Rs. 10/- each	Rs. 4.760 Millions
	Total		Rs. 6.422 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2007999	Equity Shares	Rs. 1/- each	Rs. 2.008 Millions
750000	Preference Shares	Rs. 1/- each	Rs. 0.750 Millions
480000	Preference Shares	Rs. 10/- each	Rs. 4.800 Millions
	Total		Rs. 7.558 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1041167	Equity Shares	Rs. 1/- each	Rs. 1.042 Millions
592240	Preference Shares	Rs. 1/- each	Rs. 0.592 Millions
476038	Preference Shares	Rs. 10/- each	Rs. 4.760 Millions
	Total		Rs. 6.394 Millions

Notes:

1. Equity Shares

(i) Shares split

During the year, the Company had split the following shares

Equity Shares

- 199000 equity shares of Rs 10 each into 1990000 equity shares of Re 1 each.

- 1000 series A equity shares of Rs 10 each into 10000 series A equity shares of Re 1 each.

Preference Shares

- 60000 series A preference shares of Rs 10 each into 600000 series A preference shares of Re 1 each.

- 15000 series B preference shares of Rs 10 each into 150000 series S preference shares of Re 1 each.

(ii) Voting rights:

In accordance with the terms of shareholders agreement, each of the holder of series A equity shares shall carry 60 votes, till series A equity shares are converted into equity shares of the company.

(iii) Dividend rights:

In accordance with the terms of shareholders agreement, each of the holder of series A equity shares shall, in respect of such shares held by them, be entitled to be id out of the profits of the Company available for distribution, a fixed preferential and cumulative dividend per such series A share, at the higher of 1% or the pro-rata dividend declared and payable on the equity shares, on a fully.

2. Preference Shares

(i) The Company has the following preference shares:-

- 541960, 1% Compulsorily Convertible Series A Preference Shares (CCPS-A) of Re 1 each

- 50280, 1% Compulsorily Convertible Series B Preference Shares (CCPS-B) of Re 1 each

- 476038, 1% Compulsorily Convertible Series C Preference Shares (CCPS-C) of Re 1 each

(ii) Dividend rights:

In accordance with shareholders agreement each of the holders CCPS- A and CCPS-B are entitled to a dividend that should be paid out of profits of the company available for distribution, a foxed preferential and cumulative dividend per such CCPS- A and CCPS-B at the higher of 1% or the pro-rata dividend declared and payable on the equity shares, on a fully diluted basis.

As per the shareholders agreement the CCPS-C shall carry a pre-determined cumulative dividend rate of 1% per annum. In addition, the CCPS- C shall be entitled to dividend on as if converted basis. In addition, if the holders of equity shares are paid dividend in excess of 1%, the holders of CCPS-C shall be entitled to each dividend rate. The dividend payments to the holders of CCPS-C shall rank senior to any dividend payments to the holders of preference shares of the company and the holders of the equity shares and all other classes of shares of the company.

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		6.394	1.625	0.785
2] Share Application Money		0.000	0.008	30.000
3] Reserves & Surplus		416.681	131.513	24.738
4] (Accumulated Losses)		(97.587)	(66.117)	(30.013)
NETWORTH		325.487	67.029	25.510
LOAN FUNDS
1] Secured Loans		0.000	4.389	1.680
2] Unsecured Loans		0.000	0000	0.000
TOTAL BORROWING		0.000	4.389	1.680
DEFERRED TAX LIABILITIES		0.000	0.128	0.128
TOTAL		325.488	71.546	27.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.097	7.359	8.379
Capital work-in-progress		0.000	0.000	0.754
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	7.371	4.920	6.258
	Cash & Bank Balances	333.036	60.363	2.793
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.518	14.641	26.783
Total Current Assets		363.925	79.924	35.834
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.558	9.614	15.102
	Other Current Liabilities	18.941	5.926	2.350
	Provisions	1.035	0.197	0.197
Total Current Liabilities		47.534	15.737	17.649
Net Current Assets		316.391	64.187	18.185
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		325.488	71.546	27.318

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	121.418	48.002	25.983
	TOTAL	121.418	48.002	25.983
LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		N.A.	29.176	21.509
LOSS BEFORE TAX		(31.103)	(34.586)	(23.334)
TAX		(0.366)	(1.518)	N.A.
LOSS AFTER TAX		(31.469)	(36.104)	N.A.
BALANCE CARRIED TO THE B/S		(97.587)	(66.117)	(30.013)
Earnings Per Share (Rs.)		(30.45)	(37.80)	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(25.92)	(75.21)	N.A.
Net Profit Margin (PBT/Sales)	(%)	(25.62)	(72.05)	(89.80)
Return on Total Assets (PBT/Total Assets}	(%)	(8.34)	(39.63)	(53.78)
Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.51)	(0.91)
Debt Equity Ratio (Total Liability/Networth)		0.15	0.30	1.47
Current Ratio (Current Asset/Current Liability)		7.66	5.08	2.03

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. Constructions 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	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	No
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

Note

The Registered address of the company has been shifted from Plot No. 3, Green View Enclave, Manovikas Post, Bowenpally, Secunderabad – 500009, Andhra Pradesh, India to the Present address w.e.f. 7.07.2011

Background:

Subject was incorporated on 04 August 2006 as a private limited company under the Companies Act, 1956. The Registered office of the company is in Secunderabad, India. It operates under the brand “red bus”. The Company is an aggregator and distributor of bus tickets through the website www.redbus.in and through its call centers and support applications.

Present Performance:

The Company’s income has increased substantially [from Rs 48.002 to Rs 121.418 millions]. The loss for the year has reduced from Rs. 36.104 to Rs. 31.469 millions. The company has expanded its operations and therefore incurred increase in operation and administrative costs.

Future Prospects:

The directors are confident of building value in the company and the company’s future prospects are bright.

Contingent Liabilities:

Particulars	31.03.2011(Rs. in Millions	31.03.2010(Rs. in Millions
Bank Guarantees	0.500	0.000
Preference dividend not provided	0.008	0.004
Total	0.508	0.004

AS PER WEBSITE DETAILS

COMPANY OVERVIEW:

Pilani Soft Labs Private Limited provides online bus tickets booking services in India. It also offers services for booking bus tickets through its call centers and bus travel operators. The company was incorporated in 2006 and is based in Bangalore, India.

Fixed Assets:

Tangible Assets

· Computers

· Furniture and fixtures

· Office Equipments

· Leasehold improvements

Intangible Assets

· Software

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. 53.64
UK Pound	1	Rs. 86.42
Euro	1	Rs. 69.29

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		27

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.