1. Summary Information

		Country	India
Company Name	Bartaman Private Limited	Principal Name 1	Mr. Sakti Dasgupta
Status	Satisfactory	Principal Name 2	Ms. Subha Datta
		Registration #	21-35338
Street Address	6, J B S Haldane Avenue, Tiljala, Kolkata-700105, West Bengal, India
Established Date	15.10.1982	SIC Code	--
Telephone#	91-33-23000101/ 102/ 103/ 104/ 106 to 110/ 2243907/ 22449680/ 66220612	Business Style 1	Printing
Fax #	91-33-23233001/ 23233002/ 22441215/ 23234030	Business Style 2	Publishing
Homepage	http://www.bartamanpatrika.com	Product Name 1	‘Bratman’, Bengali Daily Newspaper
# of employees	240 (Approximately)	Product Name 2	‘Saptahik Bartman’ Bengali Weekly Magazine.
Paid up capital	Rs.3,106,300/-	Product Name 3	--
Shareholders	Bodies Corporate- 100.00%	Banking	State Bank of India (Lead Bank)
Public Limited Corp.	No	Business Period	30 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	A (61)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	336,310,000	Current Liabilities	203,115,000
Inventories	164,878,000	Long-term Liabilities	55,600,000
Fixed Assets	323,744,000	Other Liabilities	42,749,000
Deferred Assets	0,000	Total Liabilities	301,464,000
Invest& other Assets	48,578,000	Retained Earnings	568,940,000
		Net Worth	572,046,000
Total Assets	873,510,000	Total Liab. & Equity	873.510,000
Total Assets (Previous Year)	709,874,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales (Total Income)	876,254,000	Net Profit	128,549,000
Sales(Previous yr) (Total Income)	716,307,000	Net Profit(Prev.yr)	59,766,000

MIRA INFORM REPORT

Report Date :

15.05.2012

IDENTIFICATION DETAILS

Name :	BARTAMAN PRIVATE LIMITED (w.e.f. 02.01.2002)
Formerly Known As :	BARTAMAN PRINTERS AND PUBLISHERS PRIVATE LIMITED
Registered Office :	6, J B S Haldane Avenue, Tiljala, Kolkata – 700105, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.1982
Com. Reg. No.:	21-35338
Capital Investment / Paid-up Capital :	Rs.3.106 Millions
CIN No.: [Company Identification No.]	U22121WB1982PTC035338
TAN No.: [Tax Deduction & Collection Account No.]	CALB05702E
PAN No.: [Permanent Account No.]	AABCB6237C
Legal Form :	Private Limited Liability Company
Line of Business :	Printing and Publishing of ‘Bratman’, Bengali Daily Newspaper and ‘Saptahik Bartman’ Bengali Weekly Magazine.
No. of Employees :	240 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial Position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be 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	A1	A1

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

LOCATIONS

Registered/ Head Office :	6, J B S Haldane Avenue, Tiljala, Kolkata – 700105, West Bengal, India
Tel. No.:	91-33-23000101/ 102/ 103/ 104/ 106 to 110/ 2243907/ 22449680/ 66220612/ 23000509/ 551/ 554/ 550
Fax No.:	91-33-23233001/ 23233002/ 23233003/ 22441215/ 23234030
E-Mail :	bartaman@satyam.net.in
Website :	http://www.bartamanpatrika.com
Corporate Office :	76-A, Acharya Jagdish Chandra Bose Road, Kolkata – 700014, West Bengal, India
Tel. No.:	91-33-22443907/ 22449680
Fax No.:	91-33-22441215
Branches:	Located at: · Mumbai · Bangalore · New Delhi · Siliguri

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Sakti Dasgupta

Designation :

Whole Time Director

Address :

GD 277, Salt Lake City, Kolkata-700108, West Bengal, India

Date of Birth/Age :

14.02.1946

Date of Appointment :

15.10.1982

DIN No.:

00774631

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	U22121WB1982PTC035338	BARTAMAN PRIVATE LIMITED	Director	15/10/1982	15/10/1982	Active	NO
2	U74140WB1995PTC072128	BARTAMAN HOLDING TRUST PRIVATE LIMITED	Director	14/06/1995	14/06/1995	Active	NO
3	U67120WB1995PTC072168	RUPANJANA HOLDINGS PRIVATE LIMITED.	Director	19/06/1995	19/06/1995	Active	NO
4	U67120WB1995PTC073274	MANISHA DASGUPTA HOLDINGS PRIVATE LIMITED.	Director	1/8/1995	1/8/1995	Active	NO
5	U67120WB1995PTC072378	SOUDAMINI HOLDINGS PRIVATE LIMITED	Director	28/10/1995	28/10/1995	Active	NO
6	U51109WB1983PTC037025	BARTAMAN MAGAZINES PRIVATE LIMITED	Director	19/05/2000	19/05/2000	Active	NO
7	U65993WB1983PTC036955	SOUDAMINI INVESTMENTS PRIVATE LIMITED	Director	9/8/2002	9/8/2002	Active	NO
8	U67120WB1980PLC032871	DAMAYANTI BANIJYA PRATISTHAN LIMITED	Director	9/8/2002	9/8/2002	Under Process of Striking off	NO

Name :

Ms. Subha Datta

Designation :

Whole Time Director

Address :

GD 277, Salt Lake City, Kolkata-700108, West Bengal, India

Date of Birth/Age :

20.11.1951

Date of Appointment :

01.01.1997

DIN No.:

00774545

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	U65993WB1983PTC036955	SOUDAMINI INVESTMENTS PRIVATE LIMITED	Director	26/11/1983	26/11/1983	Active	NO
2	U74140WB1995PTC072128	BARTAMAN HOLDING TRUST PRIVATE LIMITED	Director	14/06/1995	14/06/1995	Active	NO
3	U67120WB1995PTC072168	RUPANJANA HOLDINGS PRIVATE LIMITED	Director	19/06/1995	19/06/1995	Active	NO
4	U67120WB1995PTC072378	SOUDAMINI HOLDINGS PRIVATE LIMITED	Director	28/06/1995	28/06/1995	Active	NO
5	U67120WB1995PTC073274	MANISHA DASGUPTA HOLDINGS PRIVATE LIMITED	Director	1/8/1995	1/8/1995	Active	NO
6	U22121WB1982PTC035338	BARTAMAN PRIVATE LIMITED	Director	1/1/1997	1/1/1997	Active	NO
7	U67120WB1980PLC032871	DAMAYANTI BANIJYA PRATISTHAN LIMITED	Director	23/08/2003	23/08/2003	Under Process of Striking off	NO

Name :

Mr. Kusal Kumar Datta

Designation :

Director

Address :

GD 277, Salt Lake City, Kolkata-700108, West Bengal, India

Date of Birth/Age :

05.01.1948

Date of Appointment :

18.09.2007

DIN No.:

00774397

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	U22122WB2002PTC095136	SILIGURI PRESS PRIVATE LIMITED	Director	11/9/2002	11/9/2002	30/10/2007	Active	NO
2	U22121WB1982PTC035338	BARTAMAN PRIVATE LIMITED	Director	18/09/2007	18/09/2007	-	Active	NO

Name :

Mr. Amit Roy

Designation :

Director

Address :

140 A, Raja Dinendra Street, Kolkata-700106, West Bengal, India

Date of Birth/Age :

16.12.1952

Date of Appointment :

19.10.2007

DIN No.:

01807049

Name :

Ms. Manjima Bhattacharya

Designation :

Director

Address :

6, Sunny Park, Falt 9/5, Block B, Kolkata-700019, West Bengal, India

Date of Birth/Age :

06.09.1966

Date of Appointment :

10.07.2008

DIN No.:

00729134

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	U74140WB1995PTC072128	BARTAMAN HOLDING TRUST PRIVATE LIMITED	Director	14/06/1995	14/06/1995	-	Active	NO
2	U67120WB1995PTC072168	RUPANJANA HOLDINGS PRIVATE LIMITED	Director	19/06/1995	19/06/1995	-	Active	NO
3	U67120WB1995PTC073274	MANISHA DASGUPTA HOLDINGS PRIVATE LIMITED	Director	1/8/1995	1/8/1995	-	Active	NO
4	U67120WB1995PTC072378	SOUDAMINI HOLDINGS PRIVATE LIMITED	Director	28/10/1995	28/10/1995	-	Active	NO
5	U22122WB2002PTC095136	SILIGURI PRESS PRIVATE LIMITED	Director	11/9/2002	11/9/2002	8/7/2008	Active	NO
6	U22121WB1982PTC035338	BARTAMAN PRIVATE LIMITED	Director	10/7/2008	10/7/2008	-	Active	NO
7	U65993WB1983PTC036955	SOUDAMINI INVESTMENTS PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO
8	U51109WB1983PTC037025	BARTAMAN MAGAZINES PRIVATE LIMITED	Director	1/1/2009	1/1/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Soumani Investment (Private) Limited, India	14358
Bartaman Holding Trust (Private) Limited, India	16705
Total	31063

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies Corporate (not mentioned above)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Printing and Publishing of ‘Bratman’, Bengali Daily Newspaper and ‘Saptahik Bartman’ Bengali Weekly Magazine.
Products :	· Newspaper · Magazine · Advertisement Space

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Newspaper	Nos.	150000 (Copies of newspaper of 16 pages equivalent thereto per hour)	128827282
Weekly Magazine	Nos.	--	7494256
Monthly Magazine	Nos.	--	1356807
Annual Magazine	Nos.	--	168000

GENERAL INFORMATION

No. of Employees :

240 (Approximately)

Bankers :

· State Bank of India (Lead Bank),

Commercial Branch, Kolkata, 24, Park Street, Kolkata-700016, West Bengal, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Workings Capital Loan From Banks
Cash Credit Accounts (Secured by hypothecation of current assets ranking pari passu amongst the Banks, First/ second charge over entire fixed assets including plant and machinery and equitable mortgage of title deeds of immovable properties and also covered by personal guarantee of the directors of the company.	55.600	20.999
Total	55.600	20.999

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Plot No. –Y-14, Block-EP, Sector -5, Salt Lake, Electronics Complex, Vidhan Nagar, Kolkata-700091, West Bengal, India
PAN No.:	AAEFP3641G

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31063	Equity Shares	Rs.100/- each	Rs.3.106 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		3.106	3.106	2.998
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		568.940	444.024	375.079
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		572.046	447.130	378.077
LOAN FUNDS
1] Secured Loans		55.600	20.999	51.895
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		55.600	20.999	51.895
DEFERRED TAX LIABILITIES		36.068	34.083	30.448
TOTAL		663.714	502.212	460.420
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		323.744	305.484	253.975
Capital work-in-progress		48.578	0.000	0.000
INVESTMENT		0.000	16.160	16.160
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	164.878	128.740	231.075
	Sundry Debtors	110.541	77.297	72.613
	Cash & Bank Balances	213.710	151.582	25.757
	Other Current Assets	6.689	10.513	7.503
	Loans & Advances	5.370	20.098	6.381
Total Current Assets		501.188	388.230	343.329
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	159.741	175.455	123.641
	Other Current Liabilities	43.374	25.557	25.669
	Provisions	6.681	6.650	3.734
Total Current Liabilities		209.796	207.662	153.044
Net Current Assets		291.392	180.568	190.285
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		663.714	502.212	460.420

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	876.254	716.307	592.734
Less	EXPENSES
		TOTAL	663.592	607.926	515.471
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		212.662	108.381	77.263
Less/ Add	DEPRECIATION/ AMORTISATION		17.127	13.982	12.937
	PROFIT BEFORE TAX		195.535	94.399	64.326
Less	TAX		66.986	34.633	24.431
	PROFIT AFTER TAX		128.549	59.766	39.895
	IMPORTS
		Raw Materials	307.726	168.146	278.137
	TOTAL IMPORTS		307.726	168.146	278.137
	Earnings Per Share (Rs.)		4138.35	1992.62	1330.59

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	14.67	8.34	6.73
Return on Total Assets (PBT/Total Assets}	(%)	23.70	13.61	10.77
Return on Investment (ROI) (PBT/Networth)		0.34	0.21	0.17
Debt Equity Ratio (Total Liability/Networth)		0.46	0.51	0.54
Current Ratio (Current Asset/Current Liability)		2.39	1.87	2.24

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FINANCIAL RESULTS:

The profit for the year before tax amounted to Rs.195.536 Millions (Previous year Rs.94.399 Millions) after providing for depreciation amounting to Rs.17.127 Millions (Previous Year Rs.13.982 Millions.)

BUSINESS ACTIVITIES

The sale of publication etc at Rs.374.727 Millions and advertisement space at Rs.488.474 Millions showed an increase in circulation sales of 1.65% and a commendable increase in advertisement of 43.63% over 2009-2010. In the perspective of economic slow down all over the globe the performance of the company has been truly mercurial. The circulation of weekly magazine and monthly magazine as per certificate issue by the audit bureau of circulations shows a marginal increase in the two publications. The puja issue brough out by the company during the festive season has emerged as the largest circulated Bengali Puja Number.

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Claims not acknowledged as debts
- Disputed Sales Tax	0.000	0.094	0.094
- Disputed Income Tax	0.000	2.978	2.978
- Disputed Labour Matters	0.631	0.000	0.000
Bank Guarantee outstanding	2.830	2.830	2.830

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U22121WB1982PTC035338
Name of the company	BARTAMAN PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6, J B S Haldane Avenue, Tiljala, Kolkata-700105, West Bengal, India bartaman@satyam.net.in
Type of charge	Book Debts Movable Property Floating Charge Others- All other current Assets
Particular of charge holder	State Bank of India (Lead Bank), Commercial Branch, Kolkata, 24, Park Street, Kolkata-700016, West Bengal, India sbi.07502@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Working Capital Consortium Agreement Joint Deed of Hypothecation
Date of instrument Creating the charge	30.12.2010
Amount secured by the charge	Rs. 207.500 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest SBI- CC: At 0.75% above SBAR (Benchmark PLR), present effective rate being 12.50% p.a. UCO Bank- CC: BPLR + 0.5% i.e. 13.00% p.a. (floating). AB- As per sanction letter. Terms of Repayment The Borrower shall repay the Working Capital Limit on Demand of the respective Bank/s. Margin As applicable to SBI: Raw Materials : Domestic : 20%, Imported : 20% and Receivables (Cover 60 days) : 25%. Margin as applicable to other Banks are specified in the Sanction Letters of the respective Bank/s. Extent and Operation of the charge The charge shall operate as pari passu first charge basis amongst the Working Capital Bankers on the whole of the hypothecated current assets of the Company, both present and future without any preference or priority of one over the other/others to secure the overall limit of Rs.207.500 Millions (SBI - Rs.83.000 Millions, UCO - Rs.70.800 Millions and AB - Rs.53.700 Millions) together with interest, costs and charges thereon. Others: The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements.
Short particulars of the property charged	The whole of the current assets of the Borrower namely stocks of raw materials, stock in process, semi finished and finished goods, stores and spares not related to plant and machinery (consumable stores and spare), bills receivables and book debts and all other movables, both present and future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of this security of these presents be brought into or upon or be stored or be in or about the Borrower's factories premises and godowns situated at 6, J. B. S. Haldane Avenue, Tiljala, Kolkata 700105 or where ever else the same may be or be held by any party to the order or disposition of the Borrower or in the course of transit or on high seas or on order or delivery howsoever and where so ever in the possession of the Borrower and either by way of substitution or addition by way of pari passu first charge basis.

FIXED ASSETS:

· Leasehold Land

· Leasehold Building

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Motor Cars

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.53.71
UK Pound	1	Rs.86.34
Euro	1	Rs.69.23

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		61

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.