MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	B.G. SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED
Registered Office :	72-76, Industrial Estate, Mundhwa, Pune – 411 036, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.03.1994
Com. Reg. No.:	11-077340
Capital Investment / Paid-up Capital :	Rs.168.281 Millions
CIN No.: [Company Identification No.]	U45201PN1994PTC077340
PAN No.: [Permanent Account No.]	PNEB02744A AAACB7293D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Prefabricated Cement Blocks and Sheets.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 10000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company’s operational income grew by 16.56% to Rs. 13871.700 Millions during 2011 over previous year. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	December 2011

Rating Agency Name	ICRA
Rating	Non-Fund Based Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	December 2011

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 BY

Name :	Mr. Salvi
Designation :	Deputy General Manager
Date :	27.09.2012

LOCATIONS

Registered/ Head Office/ Factory :	72-76, Industrial Estate, Mundhwa, Pune – 411 036, Maharashtra, India
Tel. No.:	91-20-26870151/ 26708100/ 26870755/ 756
Fax No.:	91-20-26871612/ 26870319
E-Mail :	sunil_adhiya@vsnl.net bgstech@vsnl.com pvkokate@shirke.co.in siporex@vsnl.net vbshirke@shirke.co.in
Website :	http://www.shirkegroup.com
Area:	28 Acres
Location:	Leased
Branch Office :	Located at: · Bangalore · New Delhi · Hyderabad · Mumbai · Nagpur

DIRECTORS

As on 21.07.2012

Name :	Mr. Pratap Baburao Shirke
Designation :	Director
Address :	1205, Apte Road, Pune – 411004, Maharashtra, India
Date of Birth/Age :	20.03.1948
Date of Appointment :	25.03.1994
DIN No.:	00104902
Name :	Mr. Vijay Baburao Shirke
Designation :	Managing Director
Address :	1205, Apte Road, Pune – 411004, Maharashtra, India
Date of Birth/Age :	04.11.1949
Qualification :	BE (Mech)
Experience :	39 Years
Date of Appointment :	25.03.1994
DIN No.:	00006804
Name :	Mr. Ajay Baburao Shirke
Designation :	Director
Address :	1205, Apte Road, Pune – 411004, Maharashtra, India
Date of Birth/Age :	26.04.1958
Date of Appointment :	25.03.1994
DIN No.:	00006807
Name :	Mr. Uday Suresh Ghorpade
Designation :	Director
Address :	Plot No. 18, Mangalwadi Co-operative Housing Society, Senapati Bapat Road, Pune – 411016, Maharashtra, India
Date of Birth/Age :	26.08.1962
Date of Appointment :	14.10.2003
DIN No.:	00104984

KEY EXECUTIVES

Name :	Mr. Kishor M. Thatte
Designation :	Vice President (Finance and Accounts) and Company Secretary
Address :	D-602, Pate Sanskruti, Sahakar Nagar No.2, Pune- 411009, Maharashtra, India
Date of Birth/Age :	01.05.1955
Date of Appointment :	19.02.2009
Pan No.:	AABPT7218E
Name :	Mr. V. G. Jana
Designation :	Senior Executive
Name :	Mr. R. B. Suryavanshi
Designation :	Senior Chief Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.07.2012

Names of Shareholders	No. of Shares
Pratap Baburao Shirke	4053614
Vijay Baburao Shirke	1603293
V. B. Shirke [HUF]	6765760
Ajay Baburao Shirke	1604213
Anavi Ajay Shirke	400
Uday Suresh Ghorpade	800
Gayatri Vijay Shirke	500000
Cadence Speciality Audio Products Private Limited, India	2300000
Total	16828080

As on 21.07.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	13.67
Directors or relatives of Directors	86.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Prefabricated Cement Blocks and Sheets.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
M.S. Fabricated and Galvanized Steel structures and parts thereof	MT	7923
Components / Accessories of GIC Silo System	MT	975
Concrete Weigh Batching and Mixing plant	Nos.	4

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Bank of Maharashtra, 1257, Pawar Building, Deccan Gymkhana Branch, Pune- 411004, Maharashtra, India
• Bank of Baroda, Corporate Financial Services Branch, Mantri Court, 1^st Floor, 39, Ramabai Ambedkar road, Pune- 411001, Maharashtra, India
• The Karnataka Bank Limited, Budhwar Peth Branch, Pune, Maharashtra, India
• Andhra Bank, Pune Camp Branch. Pune, Maharashtra, India
• Canara Bank, Pune Camp Branch, Pune, Maharashtra, India
• Central Bank of India, Pune Camp Branch, Pune, Maharashtra, India
• ICICI Bank, Bund Garden Branch, Pune, Maharashtra, India
• Axis Bank Limited, Deccan Gymkhana Branch, Pune, Maharashtra, India
• IDBI Bank Limited, FC Road, Pune, Maharashtra, India
• Centurion Bank of Punjab Limited, Durga Niwas M G Road, Panaji – 403001, Goa, India
• HDFC Bank Limited, Sandoz House, Worli, Mumbai – 400 021, Maharashtra, India
• HDFC Bank, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	1109.042	1362.842
Rupee term loans others secured	338.847	350.344
Working capital loans banks secured	1083.003	484.659
Other debt secured	262.094	70.287
Total	2792.986	2268.132
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks unsecured	503.661	653.536
Loans directors unsecured	(A)73.208	66.912
Other debt unsecured	(B)3043.313	2455.883
Total	3620.182	3176.331
(A) Includes Unsecured Loans from Directors and shareholders. (B) Represents Mobilisation Advance from clients

Banking Relations :	--
Auditors :
Name :	Joshi and Kulkarni Chartered Accountants
Address :	C.T.S. S. No. 108/10, “Utkarsh”, Bharati Niwas Society, Off Prabhat Road, Lane No.14, Pune – 411004, Maharashtra, India
PAN No.:	AAAFJ9692D
Joint Venture :	· HCC - BGSCTPL Joint Venture · JEL – BGSCTPL Joint Venture · BGSCTPL- VIL Joint Venture · BGSCTPL- MSKEL Consortium · BGSCTPL – VMC Joint Venture
Enterprises owned by Directors jointly :	· Siporex India Private Limited · Karmveer Investments Private Limited · Kirkland Investments Private Limited · Ashwamedh Investments Private Limited · Convex Investments and Trading Private Limited · Five Stars Bulkcarriers Limited · Cadence Specialty Audio Products Private Limited · B.G. Shirke Oil and Gas Private Limited · M/s. Cadence · M/s Shirke Infrastructure · Ganesh Shipping Inc. Panama · Shirke Trust · First Future Air Services Private Limited · NABI Developers LLP

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 Millions
200000	8% Cumulative Convertible Preference Shares	Rs.100/- each	Rs.20.000 Millions
	Total		Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16828080	Equity Shares	Rs.10/- each	Rs.168.281 Millions

Of the above Equity Shares:

1) 1,51,45,100 Shares of Rs.10/- each are allotted as fully paid up by way of Bonus Shares by Capitalisation of profits and Capital Redemption Reserve.

2) 16,32,680 Shares are allotted as fully paid up pursuant to contract without payments being received in cash.

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		168.281	168.281	168.281
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2400.011	1595.137	1055.993
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2568.292	1763.418	1224.274
LOAN FUNDS
1] Secured Loans		2792.986	2268.132	2194.107
2] Unsecured Loans		3620.182	3176.331	2133.389
TOTAL BORROWING		6413.168	5444.463	4327.496
DEFERRED TAX LIABILITIES		130.772	112.917	160.542
TOTAL		9112.232	7320.798	5712.312
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2728.195	2489.055	2306.922
Capital work-in-progress		339.732	77.735	62.785
INVESTMENT		740.243	610.178	160.278
DEFERREX TAX ASSETS		0.000	0.000	23.486
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4636.684	3031.418	2567.637
	Sundry Debtors	1352.300	1053.570	1153.225
	Cash & Bank Balances	202.929	486.957	66.353
	Other Current Assets	0.717	0.744	1.020
	Loans & Advances	2013.135	1912.517	1357.966
Total Current Assets		8205.765	6485.206	5146.201
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1724.702	1539.277	1280.788
	Other Current Liabilities	979.216	627.322	582.513
	Provisions	197.785	174.777	124.059
Total Current Liabilities		2901.703	2341.376	1987.360
Net Current Assets		5304.062	4143.830	3158.841
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9112.232	7320.798	5712.312

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	13871.700	11901.000	11110.900
		Other Income	NA	15.800	96.400
		TOTAL	NA	11916.800	11207.300
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	10051.600	9625.100
		Advertising Expenses
		TOTAL	NA	10051.600	9625.100
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2195.400	1865.200	1582.200
Less	INTEREST & FINANCIAL EXPENSES		605.300	572.700	510.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1590.100	1292.500	1071.700
Less/ Add	DEPRECIATION/ AMORTISATION		296.700	291.500	264.200
Add	Income from Investment		109.200	15.800	0.000
	PROFIT BEFORE TAX		1402.600	1016.800	807.500
Less	TAX		450.600	379.400	270.200
	PROFIT AFTER TAX		952.000	637.400	537.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1453.700	978.300	565.200
Less	APPROPRIATIONS
		Provision for Gratuity for earlier years	0.000	0.000	21.300
		Interim Dividend	84.100	42.100	0.000
		Proposed Final Dividend	42.100	42.100	42.100
		Dividend Distribution Tax	21.000	14.100	7.100
		Transfer to General Reserve	95.200	63.700	53.700
	BALANCE CARRIED TO THE B/S		2163.300	1453.700	978.300
	IMPORTS
		Raw Materials	4.413	7.702	36.204
		Stores & Spares	1.908	8.329	13.578
		Capital Goods	310.777	244.733	86.358
	TOTAL IMPORTS		317.098	260.764	136.140
	Earnings Per Share (Rs.)		56.57	37.88	31.93

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	5.35	4.79
Net Profit Margin (PBT/Sales)	(%)	10.11	8.54	7.27
Return on Total Assets (PBT/Total Assets}	(%)	12.83	11.33	10.83
Return on Investment (ROI) (PBT/Networth)		0.55	0.58	0.66
Debt Equity Ratio (Total Liability/Networth)		3.63	4.42	5.16
Current Ratio (Current Asset/Current Liability)		2.83	2.77	2.59

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. in millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors due small micro enterprises	99.890	13.092	0.910
Creditors due others	1624.812	1526.185	1279.878
Total	1724.702	1539.277	1280.788

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	Yes
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	Yes
10]	Designation of contact person	Yes
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	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	Yes

REVIEW OF OPERATIONS:

During the year, the Company’s operational income grew by 16.56% to Rs.13871.700 Millions as compared to Rs.11901.000 Millions in the previous year. The value of orders on hand at present is of approximately Rs.43000.000 Millions. Various ongoing projects are being completed as per schedule and to the satisfaction of the clients. The increase in income from investments is due to the share of profits of M/s. Shirke Infrastructure, a Partnership Firm. The Directors expect to improve performance further during the current year. The Board of Directors of the Company has approved the proposal of amalgamation of First Future Air Services with the Company effective from 1st December, 2010. The Company is in the process of taking steps for submission of the Scheme of Amalgamation with the appropriate authorities in this regard.

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2011	31.03.2010
Claims against the Company not acknowledged as debts	46.254	65.086
Counter Indemnities given to Banks for guarantees given by them including guarantees given on behalf of Joint Ventures	3340.280	2959.940
Excise duty / Custom Duty / Service Tax / Sales Tax claims disputed by the Company	223.252	221.824
Pending C Forms under MVAT	10.524	1.501
Outstanding balance of Corporate Guarantees given by the Company:
i on behalf of Mr. Ajay B. Shirke a Director of the Company	6.774	7.163
ii jointly on behalf of a Company in which one of the Directors of the Company is a Director	3644.560	1832.810
iii jointly on behalf of a Company in which the Company is a shareholder	1675.890	2334.110
iv on behalf of a Company in which one of the Directors of the Company is a Director	251.500	Nil

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45201PN1994PTC077340
Name of the company	B. G. SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	72-76, Industrial Estate, Mundwa, Pune – 411 036, Maharashtra, India sunil_adhiya@vsnl.net
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of instrument creating charge	Agreement for Loan and Guarantee. (Contracts No.: 3439600 / 604 / 606 / 714) (Rs.0.559 Million X 4 Nos.) = Rs.2.235 Millions
Date of instrument Creating the charge	01.09.2012
Amount secured by the charge	Rs.2.235 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 10.5 % p.a. Terms of Repayment The Loan is repayable in 59 EMIs of Rs.0.049 Million (Rs.0.012 Million X 4 Nos.) starting from 1st October, 2012 ending on 1st August, 2017. Margin As may be stipulated by bank from time to time. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment described in Item No. 15 as security for the repayment / payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of 4 Nos. Equipments namely : STETTER TRANSIT MIXER MODEL AM6 SHC (Year of Manufacture: 2012)

FIXED ASSETS

·

· Freehold Land

· Factory Building

· Non Factory Building

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

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.53.26
UK Pound	1	Rs.86.23
Euro	1	Rs.68.64

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.