MIRA INFORM REPORT

Report Date :

20.12.2013

IDENTIFICATION DETAILS

Name :	KOLKATA METRO RAIL CORPORATION LIMITED
Registered Office :	KMRCL Bhavan, HRBC Office Compound, Munshi PremChand Sarani, Kolkata – 700 021, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.07.2008
Com. Reg. No.:	21-127338
Capital Investment / Paid-up Capital :	Rs.4805.000 Millions
CIN No.: [Company Identification No.]	U60100WB2008SGC127338
PAN No.: [Permanent Account No.]	AADCK5313J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of Vehicle of Government of West Bengal and Government of India Implementing Kolkata East-West Metro Rail Project.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (58)

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 19220000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having fine track record. Capital base of the company appears to be very strong. Company gets good support from government of India. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of strong holding of government, company can be considered normal for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	KMRCL Bhavan, HRBC Office Compound, Munshi PremChand Sarani, Kolkata – 700 021, West Bengal, India
Tel. No.:	91-33-22134345
Fax No.:	91-33-22144380
E-Mail :	roc@kmrc.in
Website :	www.kmrc.in

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Hemant Kumar Sharma

Designation :

Director

Address :

3-A, Tower-2, Diamond City South, 58 M. G. Road, Tollygunge, Kolkata – 700 041, West Bengal, India

Date of Birth/Age :

20.07.1955

Date of Appointment :

06.11.2012

Voter ID No.:

MJD1049717

DIN No.:

05339955

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	Company/ LLP Status	Defaulting status
1	U60100WB2008SGC127338	KOLKATA METRO RAIL CORPORATION LIMITED	Managing director	16/11/2012	11/07/2012	Active	NO

Name :

Mr. Naresh Salecha

Designation :

Director

Address :

253/2-A,Railway Colony, Panchkuian Road, New Delhi – 110 001, India

Date of Birth/Age :

15.09.1961

Date of Appointment :

06.03.2013

Voter ID No.:

SJE0360925

DIN No.:

00843812

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	U64202DL2000GOI107905	RAILTEL CORPORATION OF INDIA LIMITED	Nominee director	01/07/2010	28/09/2006	30/01/2013	Active	NO
2	U74899DL1999GOI101707	INDIAN RAILWAY CATERING AND TOURISM CORPORATION LIMITED	Director	04/10/2006	04/10/2006	01/12/2010	Active	NO
3	U74899DL1970GOI005276	HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED	Director	02/01/2013	02/01/2013	-	Active	NO
4	U74899DL1953GOI002220	HINDUSTAN PREFAB LIMITED	Nominee director	17/01/2013	17/01/2013	-	Active	NO
5	L74899DL1960GOI003335	NATIONAL BUILDINGS CONSTRUCTION CORPORTION LIMITED	Nominee director	10/09/2013	14/02/2013	-	Active	NO
6	U60100WB2008SGC127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	06/03/2013	06/03/2013	-	Active	NO
7	U74899DL1995GOI068150	DELHI METRO RAIL CORPORATION LIMITED	Nominee director	03/09/2013	03/09/2013	-	Active	NO

Name :

Mr. Sudhir Krishna

Designation :

Director

Address :

6, New Moti Bagh, Shantipath, New Delhi – 110 023, India

Date of Birth/Age :

01.07.1954

Date of Appointment :

10.08.2011

DIN No.:

01418617

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	U45209KA1999SGC025497	KARNATAKA ROAD DEVELOPMENT CORPORATION LIMITED	Nominee director	14/02/2007	14/02/2007	20/05/2008	Active	NO
2	U60100WB2008SGC127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	10/08/2011	10/08/2011	-	Active	NO
3	U34101DL1993PLC053032	URBAN MASS TRANSIT COMPANY LIMITED	Director	28/06/2012	10/08/2011	-	Active	NO
4	U60100TN2007SGC065596	CHENNAI METRO RAIL LIMITED	Nominee director	10/08/2011	10/08/2011	-	Active	NO
5	U16286KA1994GOI016286	BANGALORE METRO RAIL CORPORATION LIMITED	Nominee director	10/08/2011	10/08/2011	-	Active	NO
6	U74899DL1995GOI068150	DELHI METRO RAIL CORPORATION LIMITED	Nominee director	07/09/2011	07/09/2011	-	Active	NO
7	U60100KL2011SGC029003	KOCHI METRO RAIL LIMITED	Nominee director	30/08/2012	30/08/2012	-	Active	NO
8	U60200DL2013GOI256716	NATIONAL CAPITAL REGION TRANSPORT CORPORATION LIMITED	Director	21/08/2013	21/08/2013	-	Active	NO

Name :

Mr. Harjit Anand Singh

Designation :

Director

Address :

Flat No.A6, Metro Enclave, 41 Press Enclave Road, Push[ Vihar, New Delhi – 110 017, India

Date of Birth/Age :

04.12.1954

Date of Appointment :

11.06.2012

DIN No.:

01549385

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	Company/ LLP Status	Defaulting status
1	U74899DL1995GOI068150	DELHI METRO RAIL CORPORATION LIMITED	Director	05/06/2007	05/06/2007	Active	NO
2	U60100WB2008SGC127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	11/06/2012	11/06/2012	Active	NO
3	U16286KA1994GOI016286	BANGALORE METRO RAIL CORPORATION LIMITED	Nominee director	11/04/2013	11/04/2013	Active	NO

Name :

Mr. Basavapatna Srinivasa Murthy Sudhir Chandra

Designation :

Director

Address :

A-502, Sterling Terraces Banashankari, 3 Stage, 100 Feet, Ring Road, Bangalore – 560 085, Karnataka, India

Date of Birth/Age :

06.08.1943

Date of Appointment :

24.07.2012

DIN No.:

02359661

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	U16286KA1994GOI016286	BANGALORE METRO RAIL CORPORATION LIMITED	Director	08/03/2007	08/03/2007	-	Active	NO
2	U60100WB2008SGC127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	24/07/2012	24/07/2012	-	Active	NO
3	U60100TN2007SGC065596	CHENNAI METRO RAIL LIMITED	Nominee director	27/09/2012	27/09/2012	-	Active	NO

Name :

Mr. Chittaranjan Kumar Khaitan

Designation :

Director

Address :

C-II/17, Tilak Lane, New Delhi – 110 001, India

Date of Birth/Age :

02.07.1961

Date of Appointment :

06.03.2013

Voter ID No.:

SJE1755479

DIN No.:

03171151

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	Company/ LLP Status	Defaulting status
1	U60100TN2007SGC065596	CHENNAI METRO RAIL LIMITED	Nominee director	19/02/2013	19/02/2013	Active	NO
2	U60100WB2008SGC127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	06/03/2013	06/03/2013	Active	NO
3	U60100KL2011SGC029003	KOCHI METRO RAIL LIMITED	Nominee director	04/04/2013	04/04/2013	Active	NO

Name :

Mr. Kailash Kumar Aggarwal

Designation :

Director

Address :

253/2-A,Railway Colony, Panchkuian Road, New Delhi – 110 001, India

Date of Birth/Age :

07.04.1961

Date of Appointment :

30.11.2012

Voter ID No.:

SJE0362319

DIN No.:

06589635

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	Company/ LLP Status	Defaulting status
1	U60100WB2008SGC127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	30/11/2012	30/11/2012	Active	NO
2	U16286KA1994GOI016286	BANGALORE METRO RAIL CORPORATION LIMITED	Nominee director	09/01/2013	09/01/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Udayan Chakrabarti
Designation :	Secretary
PAN No.:	ACDPC5330N
Date of Appointment :	02.09.2013
Name :	Mr. Biswanath Dewanjee
Designation :	Chief Engineer (Civil)
Name :	Mr. Sandeep Kumar
Designation :	Chief Engineer (Electrical)
Name :	Mr. G.G. Biswas
Designation :	Chief Engineer (Signal and Telecom)
Name :	Mr. Subhash Chandra Ghosh
Designation :	Financial Adviser and Chief Accounts Officer
Name :	Mr. S. Ahamed
Designation :	General Manager (Administration)

MAJOR SHAREHOLDERS

AS ON 27.09.2013

Names of Shareholders	No. of Shares
President of India	480475000
Sudhir Krishna	7000
H. S. Anand	7000
Hemant Kumar Sharma	1000
Prakash Singh	2000
K. C. Meena	2000
Ruth Changsan	2000
C. K. Khaitan	4000
Total	480500000

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2013

Category	Percentage
Government [Central and State]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Vehicle of Government of West Bengal and Government of India Implementing Kolkata East-West Metro Rail Project.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Dattson and Company Chartered Accountants
Address :	Mercantile Building, 1^st Floor, Block B, 9 Lal Bazar Street, Kolkata, West Bengal, India
PAN No.:	ADZPD1327R

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1400000000	Equity Shares	Rs. 10/- each	Rs.14000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
480500000	Equity Shares	Rs. 10/- each	Rs.4805.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4805.000	2730.000	1720.000
(b) Reserves & Surplus	0.000	0.000	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1015.000	600.000
Total Shareholders’ Funds (1) + (2)	4805.000	3745.000	2320.000
(3) Non-Current Liabilities
(a) long-term borrowings	8597.548	6177.242	4424.789
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	403.718	139.654	28.901
(d) long-term provisions	1.135	0.609	0.303
Total Non-current Liabilities (3)	9002.401	6317.505	4453.993
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	781.603	1295.699	1129.139
(d) Short-term provisions	33.600	14.839	2.232
Total Current Liabilities (4)	815.203	1310.538	1131.371
TOTAL	14622.604	11373.043	7905.364
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	435.756	437.349	149.265
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11202.469	7215.094	4554.380
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1968.820	2692.602	2673.328
(e) Other Non-current assets	1.582	1.582	1.582
Total Non-Current Assets	13608.627	10346.627	7378.555
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	639.728	1013.473	523.241
(e) Short-term loans and advances	374.249	12.943	3.568
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1013.977	1026.416	526.809
TOTAL	14622.604	11373.043	7905.364

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	0.000	0.000	0.000
		Other Income	61.718	40.850	13.661
		TOTAL (A)	61.718	40.850	13.661
Less	EXPENSES
		Employee Benefits Expenses	29.884	26.055	20.479
		Other Expenses	36.789	38.423	24.510
		TOTAL (B)	66.673	64.478	44.989
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(4.955)	(23.628)	(31.328)
Less	FINANCIAL EXPENSES (D)		191.158	46.025	26.415
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(196.113)	(69.653)	(57.743)
Less	DEPRECIATION/ AMORTISATION (F)		5.186	5.773	6.803
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(201.299)	(75.426)	(64.546)
Less	TAX (H)		18.762	12.607	2.232
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(220.061)	(88.033)	(66.778)
	Earnings/(Loss) Per Share (Rs.)		(0.46)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(356.56)	(215.50)	(488.82)
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(13.89)	(5.15)	(9.55)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.02)	(0.03)
Debt Equity Ratio (Total Debt /Networth)		1.79	1.65	1.91
Current Ratio (Current Asset/Current Liability)		1.24	0.78	0.47

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	No
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	Yes
23]	Banking Details	No
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	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	Yes
34]	External Agency Rating, if available	No

LITIGATION DETAILS:

CALCUTTA HIGH COURT
CASE STATUS INFORMATION SYSTEM

Case Status    :   Pending

Status of          WRIT PETITIONS (WP)  157        of    2012    

M/S. INDUSTRIAL CHEMICAL CORPORATION                 Vs.                  THE KOLKATA METRO RAIL CORPORATION LTD.

Pet's Adv.       :   M/S. R.L.DUTT & CO.                   

Res's Adv.      :       

Court No.       :  10     Last Listed On :     Tuesday, September 25, 2012     

Category        :   ACQUISITION & REQUISITION OF LAND : LAND LAWS     

CONNECTED APPLICATION (S) No Connected Application.

CONNECTED MATTER (S) No Connected Cases.

Case Updated on:   Friday, September 28, 2012

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Borrowing from government Semi-government bodies	6697.548	1600.000
Borrowing from foreign companies	1900.000	4577.242
Total	8597.548	6177.242

NOTE:

· Registered office Address of the company has been shifted from 4^th and 5^th Floor, HRBC House, Munshi Premchand Sarani, Kolkata – 700 021, West Bengal, India to the present address w.e.f. 04.02.2013

· No Charges Exist for Company.

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.62.38
UK Pound	1	Rs.102.15
Euro	1	Rs.85.29

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		58

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.