MIRA INFORM REPORT

Report Date :

23.11.2012

IDENTIFICATION DETAILS

Name :	CAPGEMINI INDIA PRIVATE LIMITED (w.e.f. 07.09.2007)
Formerly Known As :	KANBAY SOFTWARE (INDIA) PRIVATE LIMITED
Registered Office :	Plant 2, Block “A”, Godrej IT Park, Godrej and Boyce Compound, LBS Marg, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.09.1992
Com. Reg. No.:	11-197069
Capital Investment / Paid-up Capital :	Rs.73.744 Millions
CIN No.: [Company Identification No.]	u72200mh1992ptc197069
PAN No.: [Permanent Account No.]	AAACK2632B
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the development of computer software.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 57000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The latest financial are not made available. Our executives tried to contact the subject but the management was not co-operative. As per previous years record, we found that the financial position of the company is strong and healthy. The operations of the company are carried out effectively and efficiently. Trade relations are reported as trustworthy. Business is active. Payments terms are regular. The company can be considered 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.

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

Management non co-operative

(91-22-66421000)

LOCATIONS

Registered Office :	Plant 2, Block “A”, Godrej IT Park, Godrej and Boyce Compound, LBS Marg, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-66421000 / 67557000
Fax No.:	91-22-25187100
E-Mail :	armin.billimoria@capgemini.com
Website:	http://www.capgemini.com
Location :	Leased
Branches :	Located At: Bangalore Kolkata Pune Hyderabad Chennai New Delhi

DIRECTORS

As on 30.07.2012

Name :	Mr. Hubert Paul Henri Giraud
Designation :	Director
Address :	14, Rue, Barbette Paris 75003
Date of Appointment :	05.09.2008
DIN No.:	00817709
Name :	Mr. Salil Satish Parekh
Designation :	Director
Address :	602, Belmont, 37 D Nepean Sea Road, Mumbai-400036, Maharashtra, India
Date of Appointment :	22.03.2007
DIN No.:	01876159
Name :	Mr. Pierre Yves Cros
Designation :	Director
Address :	Little ST Michaels West Heath, Oxted RH80QS, UK
Date of Appointment :	05.09.2008
DIN No.:	02017700
Name :	Mr. Philippe Grangeon Pierre
Designation :	Director
Address :	8 Rue Des Saints-Peres Paris-75007
Date of Appointment :	05.09.2008
DIN No.:	02275201
Name :	Ms. Aruna Jayanthi
Designation :	Director
Address :	C-62, Belapur, 37 D, Nepean Sea Road, Mumbai – 400036, Maharashtra, India
Date of Appointment :	02.08.2011
DIN No.:	00817860
Name :	Mr. Jermy Nicholas Roffe Vidal
Designation :	Director
Address :	50 R Du Chateau, Boulonge, Billancour, USA 92100
Date of Appointment :	04.11.2011
DIN No.:	03644038
Name :	Mr. Aftab Zaid Ullah
Designation :	Additional Director
Address :	Buena Vista SNO 138, HNO1A/1A/1/1A, Pashan, Pune - 412021, Maharashtra, India
Date of Appointment :	27.01.2012
DIN No.:	05165334

KEY EXECUTIVES

Name :	Ms. Armin Behram Billimoria
Designation :	Secretary
Address :	R-17, Godrej Baug, Off Nepeansea Road, Mumbai-400026, Maharashtra, India
Date of Appointment :	05.09.2008
PAN No.:	AADPB5862E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.07.2012

Names of Shareholders	No. of Shares
Capgemini Financial Services International Inc., USA	4504
Kanbay (Asia) Limited, Mauritius	195850
Capgemini U.S. LLC, New York	537081
Capgemini Holding Inc., New York	1
Total	737436

As on 30.07.2012

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the development of computer software.

GENERAL INFORMATION

No. of Employees :	100 (Approximately)
Bankers :	The Saraswat Co-Operative Bank Limited, Vikhroli Branch

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai 400028, Maharashtra, India
PAN No.:	AABFL5878L
Holding Company:	Capgemini US LLC
Subsidiary:	Pune Software Park Private Limited (U72300MH1988PTC047841)
Fellow Subsidiaries:	Capgemini Italy SPA Italy Capgemini (China) Company Limited, China Capgemini l Australia Pty, Limited, Australia Capgemini Belgium NV/SA, Belgium Capgemini Business Services (Asia) Limited, China Capgemini Business Services (Australia) Pty Limited, Australia Capgemini Business Services (China) Limited, China Capgemini Business Services (India) Limited, India Capgemini Business Services Brash - Assessoria Empresarial Limited, Brazil Capgemini do Brash, Servicos de Consultoria e Inforrntica Limited, Brazil Capgemini Business Service Chile Limited, Chile Capgemini Business Services Guatemala SA, Guatemala Capgemini Canada Inc., Canada Capgemini Consulting Osterreich AG, Austria Capgemini Consulting SAS, France Capgemini Danrnark (Denmark), Denmark Capgemini Deutschland GmbH, Germany Capgemini Deutschland Holding GmbH, Germany Capgemini Educational Services BV, Netherlands Capgemini Energy LP, USA Capgemini Espana, Spain Capgemini Est SAS, France Capgemini Finance et Services SAS, France Capgemini Financial Services Canada Inc, Canada Capgemini Financial Services International Inc., USA Capgemini Financial Services UK Limited, UK Capgemini Finland Oy, Finland Capgemini France SAS, France Capgemini Hong Kong Limited, Hong Kong Capgemini Industrie et Distribution SAS, France Capgemini Magyarorszag Kft, Hungary Capgemini Mexico S. De R.L, Mexico Capgemini Nederland BV, Netherlands Capgemini Norge A/S, Norway Capgemini OS Electric SAS, France Capgemini Ouest SAS, France Capgemini Outsourcing BV, Netherlands Capgemini Outsourcing Services GmbH, Germany Capgemini Outsourcing Services SAS, France Capgemini Polska Sp. Z.O.O. Poland Capgemini Portugal SA, Portugal Capgemini SD and M AG, Germany Capgemini SD and M Schweiz AG, Switzerland Capgemini Service Romania S.R. 1, Romania Capgemini Service SAS, France Capgemini Singapore Pte Limited, Singapore Capgemini Slovensko S.R.O, Slovakia Capgemini Sud SAS, France Capgemini Suisse AG, Switzerland Capgemini Suisse SA, Switzerland Capgemini Sverige AB, Sweden Capgemini Technologies LLC, USA Capgemini Telecom and Media Defense SAS, France Capgemini TMN Deutschland GmbH, Germany Capgemini UK Plc, UK Capgemini Universite, SAS, France Inergi LP, Canade New Horizons Systems Solutions Inc, USA Sogeti Espana, Spain Sogeti Belgium SA, Belgium Sogeti High Tech SAS, France Sogeti Ile de France SAS, France Sogeti Limited, UK Sogeti Nederland BV, Nederland Sogeti Regions SAS, France Sogeti Services SAS, France Sogeti Suisse SA, Switzerland Sogeti Sverige AB, Sweden Sogeti UK Limited, UK Sogeti USA LLC, USA Sogeti IS SAS, France Capgemini Financial Services HK Limited, Hong Kong Capgemini Financial Services Australia Pty Limited, Australia Capgemini Financial Services (Japan) Inc., Japan Capgemini Financial Services Singapore Pte Limited, Singapore Capgemini Financial Services Europe Inc., USA Capgemini Financial Services Europe Inc. (Ireland) Ireland Capgemini Financial Services USA Inc., USA Capgemini Taiwan, Taiwan Kanbay Asia Limited, Mauritius Kanbay Limited, Bermuda

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
14800000	Equity Shares	Rs.100/- each	Rs.1480.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
737436	Equity Shares	Rs.100/- each	Rs.73.744 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		73.744	79.267	79.267
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14263.144	15793.920	9485.005
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14336.888	15873.187	9564.272
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
DEFERRED GOVERNMENT GRANT SHARE CAPITAL SUSPENSE		0.000	23.789	33.054
TOTAL		14336.888	15896.976	9597.326
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4353.438	3445.813	3622.728
Capital work-in-progress		450.457	855.331	732.200
INVESTMENT		1022.294	170.776	170.776
DEFERREX TAX ASSETS		237.153	340.678	390.643
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	7408.460	3856.159	5668.196
	Cash & Bank Balances	4287.586	8553.256	3749.942
	Other Current Assets	79.372	109.798	9.729
	Loans & Advances	2082.744	2808.155	1033.413
Total Current Assets		13858.162	15327.368	10461.280
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2842.567	2396.684	2089.689
	Other Current Liabilities	851.619	479.255	2517.266
	Provisions	1890.430	1367.051	1173.346
Total Current Liabilities		5584.616	4242.990	5780.301
Net Current Assets		8273.546	11084.378	4680.979
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14336.888	15896.976	9597.326

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income / Gross Revenue	31413.000	23694.303	23264.217
		Other Income	NA	1105.667	1279.825
		TOTAL (A)	NA	24799.970	24544.042
Less	EXPENSES
		Employee Costs	NA	13685.240	12515.103
		Operating and Other Expenses		6140.154	7591.167
		TOTAL (B)	NA	19825.394	20106.270
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		4762.000	4974.576	4437.772
Less	FINANCIAL EXPENSES (D)		0.000	0.065	1.022
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2588.000	4974.511	4436.750
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1087.000	1038.476	1085.566
	PROFIT BEFORE TAX (E-F) (G)		3675.000	3936.035	3351.184
Less	TAX (H)		623.000	525.158	163.546
	PROFIT AFTER TAX (G-H) (I)		3052.000	3410.877	3187.638
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12344.059	8933.182	5745.544
	BALANCE CARRIED TO THE B/S		NA	12344.059	8933.182
	IMPORTS
		Capital Goods	NA	150.542	350.655
	Earnings Per Share (Rs.)		3853.00	4303.00	5199.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	13.75	12.99
Net Profit Margin (PBT/Sales)	(%)	NA	16.61	14.40
Return on Total Assets (PBT/Total Assets}	(%)	20.18	20.97	23.79
Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.35
Debt Equity Ratio (Total Liability/Networth)		0.39	0.27	0.60
Current Ratio (Current Asset/Current Liability)		2.48	3.61	1.81

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Small micro enterprises	9.440	0.000	0.000
Others	2833.127	2396.684	2089.689
Total	2842.567	2396.684	2089.689

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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 (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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	--
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATION:

Total income during the year increased from Rs.24817.000 Millions to Rs.31413.000 Millions. As a result your company has reported a net profit of INR 3,052 M

During the year, the Company acquired 670,019 shares in Thesys Technology Private Limited (‘Thesys India’). Such purchase of shares took place in November, 2010 resulting in Thesys India becoming a wholly owned subsidiary of the Company.

CONTINGENT LIABILITIES (AS ON 31.03.2011)

(a) Bank Guarantees Rs.113.917 Millions [Previous Year Rs.112.859 Millions].

(b) Capital Commitments Rs.688.285 Millions [Previous Year Rs.240.474 Millions].

(c) Income Tax matters in appeal Rs.140.873 Millions [Previous Year Rs.127.724 Millions].

(d) Claims against the Company not acknowledged as debts Rs.1.997 Millions [Previous year Rs.0.381 Million].

Note: Future cash outflow in respect of (c) above is determinable only on receipt of Judgment /decisions pending with income tax authorities.

FIXED ASSETS:

• Computer Software
• Leasehold Land
• Freehold Land
• Computer Equipment
• Computer Software
• Furniture and Fixtures
• Office Equipments

PRESS RELEASE

CAPGEMINI MANDATES A FINANCIAL INSTITUTION TO CARRY OUT PART OF ITS SHARE BUYBACK PROGRAM

PARIS, NOVEMBER 21, 2012 –

Pursuant to the announcement made on July 26, 2012, of its intention to buyback shares in order to neutralize all or part of the dilution resulting from the issue last September of new shares in the context of its international employee share ownership plan, Capgemini has decided to mandate a financial institution to assist

in the execution of part of these share buybacks.

In accordance with the decision of the Board of Directors of Cap Gemini SA held on July 25, 2012, taken by virtue of the authorization granted by the Combined Shareholders’ Meeting on May 24 2012, the company has concluded today a share purchase agreement with an authorized financial intermediary, whereby the financial intermediary undertakes to sell, and the company undertakes to acquire, a number of shares corresponding to a maximum amount of € 30 million over a period starting November 22, 2012 and ending no later than December 21, 2012.

The price of the shares purchased by the company will be calculated on the basis of the arithmetic average of the daily volume-weighted average price of Cap Gemini shares over the acquisition period1, after applying a discount. The maximum purchase price agreed does not exceed the limit authorized by the Combined Shareholders’ Meeting on May 24, 2012.

CONTINUED REVENUE GROWTH IN Q3 2012 AND CONFIRMATION OF GROUP OBJECTIVES FOR 2012

PARIS, NOVEMBER 8, 2012 –

Despite an uncertain economic context, Capgemini Group reports Q3 2012 consolidated revenues of €2,523 million, up 6.1% on published revenues (i.e. at current Group structure and exchange rates) for the same period last year and 1.0% like-for-like (i.e. at constant Group structure and exchange rates): the difference between the two rates is mainly due to favorable exchange rate effects.

Q3 2012 Revenues	Q3 2011 Revenues	Change	Q3 2012 / Q3 2011
€2,523 million	€2,378 million	Published	+ 6.1%
		like-for-like	+ 1.0%

This growth in revenues breaks down as follows:

by business, Consulting Services, Technology Services and Local Professional Services reported average revenue growth of 1.3%, like-for-like. Technology Services (+3.4%) continued to grow at the same rate as last quarter, while Consulting Services and Local Professional Services (Sogeti) contracted (-4.0% and -2.4% respectively). Outsourcing Services reported growth of 0.5%.

by region, North America – which emerged as the Group’s number one market in Q3 in revenue terms – continued to report excellent performance (+24.9% on published revenues and +10.9% like-for-like). The United Kingdom and Ireland region enjoyed ongoing growth (+12.7% on published revenues and 1.4% like-for-like), with increases across all businesses more than offsetting the foreseen drop in revenues with the UK tax authorities. France reported a 4.0% drop in revenues in the quarter. Benelux revenues continued to fall (-13.8%), although measures taken by the Group from last September should enable a marked recovery in profitability in this region from 2013. The other regions reported average revenue growth of 3.9%, driven by the dynamism of the Asia Pacific region (+18.5%) and the Nordic countries (+10.7%).

Bookings recorded since the beginning of the year total €7,173 million, down slightly on the same period in 2011. Bookings recorded by Consulting Services, Technology Services and Local Professional Services (Sogeti) are broadly stable.

As of September 30, 2012, the total headcount of the Group was 123,229, up 5% on one year previously. Capgemini recruited 30,000 new employees over the last 12 months. The headcount includes 47,943 offshore employees, representing 39% of the total headcount, including 38,731 in India at that date.

Bolstered by this solid performance, Capgemini confirms its objective of like-for-like growth in excess of 1% for the year as a whole and an increase in the operating margin over the whole year, in line with the general consensus.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.55.16
UK Pound	1	Rs.88.03
Euro	1	Rs.70.86

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		55

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.