MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	COMMONWEALTH BANK OF AUSTRALIA
Mumbai Branch Office :	Level 2, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.07.2009
Capital Investment / Paid-up Capital :	Rs.1691.843 Millions
FCRN No.: [Foreign Company Registering Numbers]	F03739
TAN No.: [Tax Deduction & Collection Account No.]	MUMC16951E
PAN No.: [Permanent Account No.]	ACCC7171R
Legal Form :	Foreign Registry Bank
Line of Business :	Banking Activities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 6800000
Status :	Good
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established and reputed bank having a good track record. There appear losses recorded by the bank. However, the capital base of the bank seems to be strong. The subject gets good financial support from its holdings. The fundamental of the bank appears to be healthy and strong. Trade relations are reported to be fair. Business is active. Payments are reported slow but correct. In view of experience promoters the bank can be considered for normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long term issuer rating: AA-
Rating Explanation	Having very low default risk, it indicates very strong company for payment of financial commitment.
Date	November, 2012

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 :	Level 7, 48 Martin Place, Sydney New South Wales, Australia 2000
Tel. No.:	Not Available
Fax No.:	Not Available
Mumbai Branch Office :	Level 2, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-61390100
Fax No.:	91-22-61390200
E-Mail :	sandeep.thacker@commbank.co.in narayanan.s@commbank.co.in complaints@commbank.co.in enquiries@commbank.co.in
Website :	http://www.commbank.co.in
Office :	NRI Banking, Post Box – 474, Parramatta, NSW – 2124
Tel. No.:	1800 108 756
E-Mail :	nri@cba.com.au

DIRECTORS

(AS ON 31.03.2012)

Name :	Mr. David John Turner
Designation :	Chairman
Address :	38, The Grove Mosman NSW 2088 Australia
Other Directorships:	· Coblam Plc
Name :	Mr. Ian Mark Nrev
Designation :	Director
Address :	Ground Floor, Tower 1, 201 Sussex street Sydney NSW 2000 Australia
Name :	Mr. Colin Robert Galbraith
Designation :	Director
Address :	34 Pickles street Albert Park VIC 3206 Australia
Other Directorships:	· BHP Billiton Community Trust · One Steel Limited · Australia Institute of Company Directors · Care Australia
Name :	Mr. Sarah Carolyn Hailes kay
Designation :	Director
Address :	Ground Floor, Tower 1, 201 Sussex street Sydney NSW 2000 Australia
Other Directorships:	· Allens Arthur Robinson · Brambles Industries Limited · Sydney Institute · Infrastructure NSW
Name :	Mr. Fergus Denis Ryan
Designation :	Director
Address :	6 Caprice Court, Templestowe VIC 3106 Australia
Other Directorships:	· Australia Foundation Investment Company Limited · Centre for Social Impact · Advisory Council of the Global Foundation
Name :	Mr. Jane Sharman Hemstrich (Jane Sharman Crawford)
Designation :	Director
Address :	33 Docker Street Richmond VIC 3121 Australia
Other Directorships:	· The Global Foundation · Tabcorp · Santos Limited · The Victorian Opera Company · Lend Lease
Name :	Dr. John Michael Schubert
Designation :	Director
Address :	Level 2, 48 Martin Place, Sydney New South Wales, 2000 Australia
Other Directorships :	· G2 Therapies Limited (Chairman) · Great Barrier Reef Foundation (Chairman) · BHP Billiton Limited · BHP Billiton Plc · Qantas Airways Limited
Name :	Mr. Ralph James Norris
Designation :	Director
Address :	Ground Floor, Tower 1, 201 Susses street Sydney NSW 200 Australia
Other Directorships :	· Australia Bankers Associate (Chairman) · CommFoundation Pty Limited (Chairman) · Business Council of Australia · Financial Markets Foundation for Children
Name :	Mr. Harrison Hurst Young
Designation :	Director
Address :	679 Orrong Road Toorak VIC 3142 Australia
Other Directorships :	· Financial Services Volunteer Corps · Court of the Bank of England and Member of it Financial stability Committee · Better Place (Australia) Pty Limited (Chairman) · The Asia Society Astral Asia Centre and Asia Link Advisory Board (Deputy Chairman)
Name :	Mr. John Anthony Anderson
Designation :	Director
Address :	3 Bayview Terrace, Oriential Bay, Wellington New Zeeland
Other Directorships :	· Television New Zealand Limited (Chairman) · Capital and Coast District Health Board (Chairman) · New Zealand Venture Investment Fund (Chairman)
Name :	Mr. Andrew Max Mohl
Designation :	Director
Address :	5 Burroway street Neutral Bay NSW 2089 Australia
Other Directorships :	· Federal Government’s Export Finance and Insurance Corporation (Chairman) · AMP Foundation (Director)

KEY EXECUTIVES

Name :	Mr. Ravindra Parankushan
Designation :	Authorised Representative
Address :	Apt. 401, Sterling Orchards, 217/3 Tumkur Road (C. V. Raman Road), RMV Extension Bangalore – 560080, Karnataka, India
Date of Birth	11.05.1962
PAN No.:	AGRPP7483K
Email:	ravi.kushan@commbank.co.in
Name :	John Damien Hatton
Designation :	Company Secretary
Address :	31 Barcoo Island, Sylvania Waters, NSW 2224 Australia
Other Directorships :	· Australian Bank Pty Limited · CB-Clha Pty Limited · Colonial Finance (Australia) Pty Limited · Colonial First State Group Limited · Colonial Holding Company Limited · Colonial Pty Limited · Commonwealth Insurance Holdings Pty Limited · Commonwealth International Holdings Pty Limited · Emerald Holding Company Pty Limited
Name :	Carla Felicita Collingwood
Designation :	Company Secretary
Address :	15 Alan Avenue, Seaforth, NSW 2092 Australia
Other Directorships :	· CB-CLA Limited · CB CLHA Limited · Colonial Finance Limited
Name :	Mr. Neeraj Chandra
Designation :	Senior Vice President – Head of Operations and Technology
Name :	Mr. Ajay Kala
Designation :	Vice President – Product Development and Marketing
Name :	Mr. Sandeep Thacker
Designation :	Vice President – finance and Administrative
Name :	Mr. M. D. Mohandas
Designation :	Vice President – Compliance
Name :	Mr. Patrick Arabha
Designation :	Vice President – Treasury

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

Banking Activities.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Reserve Bank of India · Bank of India

Banking Relations :	--
Auditors :
Name :	Khimji Kunverji and Company Chartered Accountant
Address :	Sunshine Tower, Level 19, Senapati Bapat Marg, Dadar (West), Mumbai – 400026, Maharashtra, India
Tel. No.:	91-22-24214330/31/32/33
E-Mail :	info@kkc.in
Website :	http://www.kkc.in

CAPITAL STRUCTURE

(AS ON 31.03.2012)

PARTICULARS	RS. IN MILLIONS
Opening Balance	1584.087
Additions During the year/ Period	107.756
TOTAL	1691.843

NOTES:

Amount of deposit kept with Reserve Bank of India under Sec 11(2)(b) of the Baking Regulation Act.1949 is Rs.2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

MUMBAI BRANCH (SCHEDULED COMMERCIAL BANK)

ABRIDGED BALANCE SHEET

LIABILITIES	31.03.2012	31.03.2011	31.03.2010
Capital and Liabilities
Capital	1691.843	1584.087	1361.936
Reserve and Surplus	0.000	0.000	0.000
Deposits	109.405	21.268	0.002
Borrowings	411.324	204.468	0.000
Other Liabilities and Provisions	75.990	75.512	9.917
TOTAL	2288.562	1885.335	1371.855
ASSETS
Cash and Balance with Reserve
Bank of India	38.007	20.148	50.008
Balance with banks and money at call and short notice	880.199	1279.743	1254.508
Investments	163.776	67.868	0.000
Advances	899.161	263.089	0.000
Fixed Assets	10.543	13.855	11.919
Other Assets	50.246	53.374	36.586
Debit Balance in Profit and Loss Account	246.630	187.258	18.834
TOTAL	2288.562	1885.335	1371.855

MUMBAI BRANCH (SCHEDULED COMMERCIAL BANK)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	INCOME
		Interest Earned	146.573	83.172	9.227
		Other Income	69.099	19.832	0.000
		TOTAL	215.672	103.004	9.227
Less	EXPENSES
		Interests Expended	4.778	0.216	0.000
		Operating Expenses	267.795	270.222	28.061
		Provisions and Contingencies	2.471	0.990	0.000
		TOTAL	275.044	271.428	28.061
	PROFIT /(LOSS) Net Profit/(loss) for the year/ period		(59.372)	(168.424)	(18.834)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(187.258)	(18.834)	0.000
	BALANCE CARRIED TO THE B/S		(246.630)	(187.258)	(18.834)

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	-----
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	Yes
30]	Major Shareholders, if available	No
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	Yes

BACKGROUND

The accompanying financial statements are for the year ended 31^st March 2012 comprising of the accounts of the Mumbai Branch (‘the Bank’) of Commonwealth Bank of Australia which is incorporated in Australia with Limited Labiality.

In June 2009, the Bank’s parent company, commonwealth Bank of Australia, received the approval of the Reserve Bank of India (RBI) for upgrading its representative office into a Bank Branch. The Indian Representative Office was upgraded into a Branch with effect from 02.02.2010. The assets and liabilities of the representative office were transferred to the Bank with effect from 02.02.2010.

The bank was included in the second schedule to the Reserve Bank of India Act,

MEDIA RELEASE

COMMONWEALTH BANK DONATES $100,000 TO RED CROSS TASMANIAN BUSHFIRES APPEAL

09 January 2013:

The Commonwealth Bank has today donated $100,000 to the Red Cross Tasmanian Bushfires Appeal to assist those affected by the devastating fires throughout Tasmania.

We understand the devastating effect these fires have had on Tasmanian communities, and we need to support the bushfire victims as much as possible during this time. In addition to activating our Emergency Assistance package we are supporting victims with a $100,000 donation to the Appeal,” Lyn McGrath, Commonwealth Bank Executive General Manager Retail Sales said.

“Our support provides broader community support through the Red Cross Appeal donation as well as delivering our Tasmanian customers with options to assist them during the crisis.”

The Bank activated its emergency assistance package for customers affected by the disaster over the weekend. Key features of the Bank’s special assistance package include:

For customers who have their home insured through CommInsure and their homes have been damaged by the fire, emergency accommodation assistance is available;

Providing tailored solutions and assistance to Commonwealth Bank home loan, credit card and personal loan customers who may experience difficulties because of the fires;

Loan restructuring for business customers with existing loans, without incurring the usual bank establishment fees;

Considering requests for additional loans (including emergency credit limit increases) where, based on our enquiries, the customer could meet the additional repayments without financial difficulty;

Expediting claims to CommInsure for customers seeking help through their home, contents and motor vehicle insurance;

Waiving prepayment charges over the next month for affected customers wishing to access term deposits, Commonwealth Investment Bonds and CBFC debentures ahead of the maturity date; and

Waiving branch service fees where the customer is looking to obtain a service from the Bank as a result of the disaster.

“On behalf of all staff at the Commonwealth Bank our thoughts and best wishes are with Tasmanian’s impacted by this natural disaster,” Ms McGrath said.

Customers seeking assistance should call 13 2221.

Donations to the Australian Red Cross Society Tasmanian Bushfires Appeal can be made at any Commonwealth Bank branch.

COMMONWEALTH BANK DONATES $500,000 TO QUEENSLAND FLOOD APPEAL 2013

Reaffirms Disaster Assistance Support for Customers and the Broader Community

Commonwealth Bank Chief Executive Officer Ian Narev today advised that in addition to specific measures already announced to assist customers in Queensland, the Group will donate $500,000 to support the Queensland Flood Appeal 2013.

Mr. Narev said, "Cyclone Oswald and weather events across Queensland have had a significant impact on many people and communities around the state.

We are already seeing Queenslanders once again uniting to clean up the damage caused by a natural disaster, and to rebuild. We want to support those efforts in a tangible way. Our donation of $500,000 will provide a direct boost for impacted communities."

Mr. Narev reaffirmed Commonwealth Bank’s commitment to assist customers impacted by the disaster with a range of support initiatives.

"The Group has invoked its Emergency Assistance Package, which offers personal and business customers of CBA and CommInsure a range of options to assist with their banking, insurance and general financial needs during these difficult times."

"Our team is on the ground and supporting our customers and we encourage those affected to discuss their individual circumstances with us."

For customer assistance or hardship enquiries call 1300 720 814 or for general banking enquiries ring 13 2221.

Donations for the Queensland Flood Appeal 2013 can be made through any Commonwealth Bank branch, by calling 1800 811 700 or visiting www.redcross.org.au

MID-MARKET COMPANIES ARE CONFIDENT AND STAYING STEADY COMMONWEALTH BANK FUTURE BUSINESS INDEX REVEALS

· Mid-market confidence back to highest levels recorded

· Retail continues to surge through Christmas and beyond

· Mining sector sentiment has declined significantly

· Victoria and Tasmania are most confident states in Australia

17 December 2012: Commonwealth Bank’s Future Business Index Quarterly Update today announces a return in business confidence to the highest levels recorded by the Index.

The latest figures have seen the Index rise from 4.3 to 9.3, returning to levels last seen in March of this year when the Index recorded its highest ever score.

The Index is an analysis of the views of financial decision makers in companies with a turnover of $10m – $100m, measuring their outlook on business conditions, investment plans, business challenges, projected revenue and how prepared they are to navigate volatile conditions for the six months ahead.

Beyond the positive results from the overall Index, results from an industry perspective provide greater cause for optimism.

Heading into Christmas and beyond, the retail sector continues to surge to highest levels recorded (17.8 up from 10.2).

Transport and Logistics recorded an all-time high of 36.2 and have claimed to be the most prepared for future business conditions.

Other sectors including Business Services (22.3), Information, Media and Telecommunication (-21.7) and Finance and Insurance (12.4) have seen steady increases in optimism as costs have fallen.

Symon Brewis-Weston, Commonwealth Bank’s Executive General Manager of Corporate Financial Services said that while the trend has been towards an optimistic outlook, most mid-market firms are adopting a restrained approach.

“Despite rising confidence, we’re finding that it’s something of a ‘wait-and-see’ period for the mid-market. The feeling is that while companies expect a moderate decline in costs and they’re feeling more prepared for the future, there is little appetite for investment and major changes.

“The focus of this Index has been the common theme of cost management heading into 2013. Companies are placing less emphasis on growth at the moment and ensuring they have the financial support required for any unforeseen challenges in the future.    

“Business confidence continues to fluctuate across a number of industries including transport and logistics. The levels of these fluctuations highlight how much can change in a quarter. That said, retail is one sector that continues to rise in confidence and the results from Christmas trading may improve sentiment even further,” said Mr. Brewis-Weston.

While confidence in retail has remained strong, mining has seen a significant decline from 17.7 to -7.2 on the Index as a result of concern about increased international competition and a potential economic slowdown in China.

“The drop in confidence within the mining sector appears to be somewhat delayed, with the current challenges facing the industry expected to affect the previous Index when it actually rose seven points,” said Mr. Brewis-Weston.

At a state level, the picture is positive overall.

Six states and territories have seen boost in optimism, with Victoria and Tasmania remaining as the only states to experience a consistent rise in confidence, scoring 14 on the Index (up from 6.2).

South Australia and Northern Territory continue to fluctuate with a huge jump in confidence scoring 10.9 up from the previous Index score of -10.1.

New South Wales and Australian Capital Territory are the only regions to see a decline on the Index, seeing a decrease from 10.4 earlier this year to six.

Looking ahead to the next six months, almost half of companies claim to be well prepared for future business conditions, with Victoria, Tasmania and Western Australia being most likely to be well prepared. The majority of mid-market companies also report to have well controlled cost management and business strategies for the year ahead.

“Despite the positives that can be taken from the Index, the mid-market is playing it safe and avoiding any major changes or risks for the first half of 2013. Increases in domestic demand and consumer confidence are the biggest drivers for growth in the mid-market and as these factors continue to play a part, we will continue to see improvement across the sectors,” added Mr. Brewis-Weston.

KEY FINDINGS FROM THE INDEX

Almost half (45 per cent) of organisations claim to be well prepared for continuing fluctuations in business conditions, the highest level recorded since September 2011.

31 per cent of companies expect conditions to improve over the next six months.

Rising energy costs is considered the biggest domestic factor affecting future conditions.

Economic slowdown in Asia is the biggest international factor of concern to the mid-market.

Transport and Logistics, Business Services and Information, Media and Technology are the most confident sectors.

Mining, Manufacturing and Wholesale trade are the least confident sectors, with appetite for risk within the mining sector at an all-time low of 6 per cent.

Retail has continued to grow in confidence, up 25 points from September 2011.

International competition is of greater concern for those mid-market organisations with an annual turnover of $50 to $99 million.

Businesses in Transport and Logistics and Agriculture are the most likely to be well prepared.

Companies in Victoria and Tasmania are the most confident, continuing to rise on the Index for a third consecutive occasion.

Mid-market organisations based in New South Wales are the least prepared, declining to the lowest level seen in 2012.

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 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] 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.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.