MIRA INFORM REPORT

Report Date :

27.09.2012

1. Summary Information

		Country	India
Company Name	CAPITAL BUSINESS SYSTEMS LIMITED	Principal Name 1	Mr. Ajay Khurana
Status	Satisfactory	Principal Name 2	Mr. Anuj Khurana
		Registration #	55-7505
Street Address	54/2, East Punjabi Bagh, New Delhi – 110026, India
Established Date	31.10.1974	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Supplier
Homepage	http://www.cbsl-india.com	Product Name 1	Stationery goods.
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 10,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors - 100.00%	Banking	Axis Bank
Public Limited Corp.	NO	Business Period	38 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (48)
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	301,169,000	Current Liabilities	78,272,000
Inventories	128,682,000	Long-term Liabilities	243,173,000
Fixed Assets	131,321,000	Other Liabilities	35,064,000
Deferred Assets	0,000	Total Liabilities	356,509,000
Invest& other Assets	4,105,000	Retained Earnings	198,768,000
		Net Worth	208,768,000
Total Assets	565,277,000	Total Liab. & Equity	565,277,000
Total Assets (Previous Year)	520,731,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	166,084,000	Net Profit	10,552,000
Sales(Previous yr)	150,342,000	Net Profit(Prev.yr)	26,551,000

IDENTIFICATION DETAILS

Name :	CAPITAL BUSINESS SYSTEMS LIMITED
Registered Office :	54/2, East Punjabi Bagh, New Delhi – 110026
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.10.1974
Com. Reg. No.:	55-7505
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U74100DL1974PLC007505
TAN No.: [Tax Deduction & Collection Account No.]	DELC06181A / DELC07082F
PAN No.: [Permanent Account No.]	AAACC0146L
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer and Supplier of Custom Made Stationery Goods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 830000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a established company having satisfactory. There appears sharp dip in the profitability recorded by the company. However, net worth appears to be strong track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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.

LOCATIONS

Registered Office :	54/2, East Punjabi Bagh, New Delhi – 110026, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@cbsl-india.com cbsl@vsnl.com
Head Address :	30 - B, Prehlad Market, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-25762034 / 47597700
Fax No.:	91-11-25753975
Corporate Office :	G N - 14, Shivaji Enclave, Raja Garden, New Delhi - 110005, India
Tel. No.:	91-11-45570066 / 67
Fax No.:	91-11-25107225
E-Mail :	info@cbsl-india.com
Godown:	G-13, Peeragarhi, Udyog Nagar Industrial Area, New Delhi – 110041, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Ajay Khurana

Designation :

Managing Director

Address :

54/2, East Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

17.08.1955

Date of Appointment :

03.01.1977

Voter ID No.:

DL06065030660

DIN No:

00168033

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74100DL1974PLC007505	CAPITAL BUSINESS SYSTEMS LIMITED	Managing director	03/01/1977	03/01/1977	-	Active	NO
2	U74899DL1995PLC070562	ISOFT TECHNOLOGIES LIMITED	Director	06/07/1995	06/07/1995	-	Active	NO
3	U45201RJ2005PTC021005	RAMKUTI REAL ESTATES PRIVATE LIMITED	Director	10/11/2006	10/11/2006	-	Active	NO
4	U74120DL2008PTC186095	Capital Record Centre Private Limited	Director	23/12/2008	23/12/2008	-	Active	NO

Name :

Mr. Anuj Khurana

Designation :

Director

Address :

54/2, East Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

03.08.1960

Date of Appointment :

01.04.1984

DIN No:

00168086

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74100DL1974PLC007505	CAPITAL BUSINESS SYSTEMS LIMITED	Director	01/04/1984	01/04/1984	-	Active	NO
2	U74899DL1995PLC070562	ISOFT TECHNOLOGIES LIMITED	Director	06/07/1995	06/07/1995	-	Active	NO
3	U45201RJ2005PTC021005	RAMKUTI REAL ESTATES PRIVATE LIMITED	Director	10/11/2006	10/11/2006	-	Active	NO
4	U01122RJ2006PTC023521	ASHIRWAD AGROTECH PRIVATE LIMITED	Director	26/12/2006	26/12/2006	11/05/2007	Active	NO
5	U74120DL2008PTC186095	Capital Record Centre Private Limited	Director	23/12/2008	23/12/2008	-	Active	NO

Name :

Mr. Ved Prakash Khurana

Designation :

Director

Address :

54/2, East Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

28.09.1928

Date of Appointment :

01.03.1994

DIN No:

01028058

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74100DL1974PLC007505	CAPITAL BUSINESS SYSTEMS LIMITED	Director	01/03/1994	01/03/1994	-	Active	NO
2	U74899DL1995PLC070562	ISOFT TECHNOLOGIES LIMITED	Director	06/07/1995	06/07/1995	-	Active	NO

Name :

Mr. Aseem Khurana

Designation :

Director

Address :

54/2, East Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

22.09.1982

Date of Appointment :

01.11.2005

DIN No:

01028106

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ajay Khurana	34950
Anuj Khurana	34950
Vandana Khurana	4000
Rupa Khurana	5000
V P Khurana – HUF	8000
Ajay Khurana – HUF	8000
Anuj Khurana – HUF	40
Prerna Khurana	5000
Raghvi Khurana	20
Suvidhi Khurana	20
Aseem Khurana	20
Total	100000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Custom Made Stationery Goods.
Products :	Paper Text Books Tickets [Ballot, Transport, Lottery etc Sales – PP Sheets Files and Folders Binding Rolls Sorter Machines

GENERAL INFORMATION

Customers :

Land Record Digitization

· Govt. of Karnataka

· Punjab Land

· Rajasthan Land Record

· U. P. Land Record

· Board of Revenue, Ajmer

Content Management

· Land Record, U.P.

· GBM (Gulf Business Machine)

· Comat Technologies Private Limited

· Enhira Software Services Private Limited

· Ninestar Information Technologies Limited

· Syscon Technologies

· Data Soft Computer Services Private Ltd.

Digitization

· Hewlett-Packard (LIC EDMS)

· Ministry of Work and Housing,

· Bahrain Ministry of Home Affairs

· Income Tax Department

· MCD Rural Development Department,

· Gujarat Rural Development Department,

· Rajasthan Engineers India Limited,

· New Delhi Airport Authority of India

· HARTRON, Haryana

· Ghaziabad Development Authority

· Sarva Shiksha Abhiyan Authority,

· Punjab Estate Department,

· Ministry of Urban Development, Delhi

· BHEL Sarkaria Commission Report,

· Ministry of Land and Development, Govt. of India

Manuscript

· Khuda Bakhsh Oriental Public Library,

· Patna Orissa State Museum, Bhubaneswar

· Culture Ministry

· U. P. Land Record State Archives, Bikaner,

· Rajasthan National Mission of Manuscripts (NMM)

· Krishna Kant Handique Library

· Orissa State Museum, Bhubaneswar

· Indira Gandhi National Centre for the Arts (IGNCA)

· Department of Historical and Antiquarian Studies

· Srimanta Sankaradeva Kalakshetra

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi - 110002, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash credit Limit from State Bank of India (a)	18.762	6.156
Cash credit Limit from Axis bank (b)	123.956	36.338
EPC/FBP/FBD from Axis bank (b)	0.000	8.938
Buyers Credit Limit from Axis bank (b)	0.000	1.132
Hire purchase liabilities ( c)	10.713	11.965
Total	153.431	64.529
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholders	45.117	48.475
From Directors	44.625	63.450
Total	89.742	111.925

Banking Relations :	--
Auditors :
Name :	R. K. Relan and Company Chartered Accountant
Address :	C – 26, First Flore, Greater Kailash Part – I, New Delhi – 110048, India
PAN No:	AAAFR5686H
Subsidiaries :	· Capital Record Centre Private Limited · CIN: U74120DL2008PTC186095

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		198.768	188.240	163.172
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		208.768	198.240	173.172
LOAN FUNDS
1] Secured Loans		153.431	64.529	52.837
2] Unsecured Loans		89.742	111.925	38.950
TOTAL BORROWING		243.173	176.454	91.787
DEFERRED TAX LIABILITIES		5.569	6.218	7.029
TOTAL		457.510	380.912	271.988
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		131.321	140.757	121.592
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.058	3.058	3.057
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	128.682	111.880	34.639
	Sundry Debtors	200.006	180.409	110.724
	Cash & Bank Balances	36.954	33.869	19.944
	Other Current Assets	0.012	0.012	0.012
	Loans & Advances	64.197	49.175	35.412
Total Current Assets		429.851	375.345	200.731
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.601	49.683	22.692
	Other Current Liabilities	52.671	66.041	22.836
	Provisions	29.495	24.095	9.959
Total Current Liabilities		107.767	139.819	55.487
Net Current Assets		322.084	235.526	145.244
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
(OTHER) Pre Operating Expenses		1.047	1.571	2.095
TOTAL		457.510	380.912	271.988

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	166.084	150.342	84.041
		Revenue Receipt	264.213	345.706	286.209
		Other Income	2.426	2.625	2.630
		TOTAL (A)	432.723	498.673	372.880
Less	EXPENSES
		Manufacture and Other Expanses	371.165	419.584	299.342
		Pre Operating Expenses Written off	0.523	0.524	0.524
		TOTAL (B)	371.688	420.108	299.866
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		61.035	78.565	73.014
Less	FINANCIAL EXPENSES (D)		22.613	14.849	10.689
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.422	63.716	62.325
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.119	23.475	22.456
	PROFIT BEFORE TAX (E-F) (G)		15.303	40.241	39.869
Less	TAX (I)		4.751	13.690	12.934
	PROFIT AFTER TAX (G-I) (J)		10.552	26.551	26.935
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		58.240	48.672	21.768
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	15.500	0.000
		Tax on Dividend	(0.025)	(1.483)	0.000
	BALANCE CARRIED TO THE B/S		68.787	58.240	48.672
	Earnings Per Share (Rs.)		105.52	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.44	5.32	7.22
Net Profit Margin (PBT/Sales)	(%)	9.21	26.76	47.44
Return on Total Assets (PBT/Total Assets}	(%)	6.40	7.79	12.69
Return on Investment (ROI) (PBT/Networth)		0.07	0.20	0.23
Debt Equity Ratio (Total Liability/Networth)		1.68	1.60	0.85
Current Ratio (Current Asset/Current Liability)		3.99	2.68	3.61

LOCAL AGENCY FURTHER INFORMATION

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	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	Yes
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	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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U74100DL1974PLC007505
Name of the company	CAPITAL BUSINESS SYSTEMS LIMITED
Address of the registered office or of the principal place of business in India of the company	54/2, East Punjabi Bagh, New Delhi – 110026, India accounts@cbsl-india.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi - 110002, India f8.axisbank@gmail.com
Nature of instrument creating charge	Composite Hypothecation Deed (Current Assets, Movables, Plant & Machinery).
Date of instrument Creating the charge	28.01.2012
Amount secured by the charge	Rss.50.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter no. AXISB/DELSME /2011-12/13666 dated 27.01.2012 to be amended from time to time. Terms of Repayment As Per Sanction Letter No. AXISB/DELSME /2011-12/13666 Dated 27.01.2012 To Be Amended From Time To Time. Margin AS PER SANCTION LETTER NO. AXISB/DELSME/2011-12/13666 DATED 27.01.2012 TO BE AMENDED FROM TIME TO TIME. Extent and Operation of the charge Extent and Operation - 100% Others The Above Is To Secure Short Term Loan.
Short particulars of the property charged	Hypothecation by way of first and exclusive charge over all present & future current assets and movable fixed assets (except those on hire purchase basis) of the company stored or to be stored at co's Godowns or premises situated at g-13, Udyog Nagar Industrial Area, New Dlehi and 85 Industrial Area, Pahse-I, Panchkula and Damdama Road, Village Bhondsi, Gurgaon or Whereverelse The Same Maya B.

FIXED ASSETS

• Land
• Plant and Machinery
• Electric Installation
• Fire Extinguishers
• Generator
• Computer
• Voltage Stabilizer
• Fans and Air Conditioner
• Intercom and EPABX
• Car
• Delivery Van
• Cycle
• Typewriter
• Scooter and Motor Cycle
• Furniture and Fixture
• Plant and Machinery
• Lift
• Factory Building
• Office Equipment

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.53.58
UK Pound	1	Rs.86.60
Euro	1	Rs.68.94

INFORMATION DETAILS

Information Gathered by :
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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

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.