MIRA INFORM REPORT

Report Date :

18.03.2013

IDENTIFICATION DETAILS

Name :	BSE LIMITED [w.e.f. 08.07.2011]
Formerly Known As :	BOMBAY STOCK EXCHANGE LIMITED
Registered Office :	25^th Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.08.2005
Com. Reg. No.:	11-155188
Capital Investment / Paid-up Capital :	Rs.103.500 Millions
CIN No.: [Company Identification No.]	U67120MH2005PLC155188
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	To carry on business as stock exchange and assist in buying, selling and dealing in share securities.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 82900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is the first ever stock and exchange in Asia and the first in the country to be granted permanent recognition under the Securities Contract Regulation Act 1956. It is the oldest and most trusted stock exchange for the investors. Around 5000 companies are listed on BSE making its world no. 1 exchange in terms of listed members. Subject provides an efficient and transparent market for trading in equity, debt instruments, derivatives and mutual fund. It is having an excellent track record. The liquidity position of the company appears to be tremendously healthy, marked by a robust networth. The creditworthiness of the company appears to be high. Trade relations are reported to be trustworthy. Business is active. Payments terms are reported to be regular and as per commitments. The company can be considered good 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.

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Vishwanath
Designation :	Accounts Department
Contact No.:	91-22-22721233
Date :	15.03.2013

LOCATIONS

Registered Office :	25^th Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22721233/4/22728756/66545695 [Hunting]
Fax No.:	91-22-22721919/22721003
E-Mail :	neena.jindal@bseindia.com
Regional Centres :	Located At: Ahmedabad Chennai New Delhi Hyderabad Kochi Kolkata Rajkot

DIRECTORS

AS ON 31.08.2012

Name :	Mr. Subramanian Ramadorai
Designation :	Chairman cum Director
Address :	Flat No. 1, First Floor, Wyoming, Little Gibbs Road, Malabar Hills, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	06.10.1944
Date of Appointment :	29.05.2010
Din No.:	00000002
Name :	Dr. Sanjiv Misra
Designation :	Director
Address :	Flat No. 1541, ATS Village, Sector 93-A, Noida-201304, Uttar Pradesh, India
Date of Birth/Age :	16.12.1947
Date of Appointment :	29.05.2010
Din No.:	03075797
Name :	Mr. Sudhakar Rao
Designation :	Director
Address :	Manipal Vista F 2 No. 1, Connaught Road, Queens Road Cross, Bangalore-560052, Karnataka, India
Date of Birth/Age :	03.09.1949
Date of Appointment :	29.06.2011
Din No.:	00267211
Name :	Mr. Keki Mistry
Designation :	Director
Address :	Vivarea, B Wing, Flat - 2603, 26^th Floor, Sane Guruji Marg, Mahalaxmi (East) Mumbai-400011, Maharashtra, India
Date of Birth/Age :	07.11.1954
Date of Appointment :	22.06.2010
Din No.:	00008886
Name :	Mr. Andress Preuss
Designation :	Director
Address :	1, One Tree Lane, Beaconsfield, HP9, 2BU, United Kingdom
Date of Birth/Age :	22.06.1956
Date of Appointment :	30.03.2010
Din No.:	02384202
Name :	Mr. Thomas Lars Bendixen
Designation :	Alternate Director (to Mr. Andreas Preuss)
Address :	Bockenheimer, Landstrasse, 108, Frankfurt am Main, Pin Code 60323, Germany
Date of Birth/Age :	16.06.1961
Date of Appointment :	08.06.2012
Din No.:	03595996

KEY EXECUTIVES

Name :	Ms. Neena Jindal
Designation :	Company Secretary
Address :	Flat No. GF-2, Brijkutir, Napeansea Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	11.06.1965
Date of Appointment :	17.09.2010
Pan No.:	ADBPJ4335R
Name :	Mr. Vishwanath
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.08.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 31.08.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	31.12
Public financials companies	4.84
Nationalized or other banks	6.89
Venture capital	0.51
Bodies corporate	37.20
Other top fifty shareholders	7.26
Others	12.18
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

To carry on business as stock exchange and assist in buying, selling and dealing in share securities.

GENERAL INFORMATION

No. of Employees :	Information denied by the management.
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India
PAN No:	AACFD4815A
Subsidiaries :	Indian Clearing Corporation Limited [U67120MH2007PLC170358] Marketplace Technologies Private Limited [U72200MH2005PTC152920] BSE Institute Limited (From 28th September, 2010) [U80903MH2010PLC208335] Central Depository Services (India) Limited (From 17th June, 2010) [U67120MH1997PLC112443]
Associates :	Institutional Investor Advisory Services India Limited [U74990MH2010PLC204788]
Joint Venture :	BOI Shareholding Limited [U65990MH1989GOI053462]
Other Related Parties :	The Stock Exchange Investors Protection Fund Seth K.R.P. Shroff Stock Exchange Sarvajanik Fund Shri Phiroze Jeejeebhoy Memorial Trust The Stock Exchange Foundation

CAPITAL STRUCTURE

AS ON 31.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Re.1/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103667772	Equity Shares	Re.1/- each	Rs.103.667 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Re.1/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103500000	Equity Shares	Re.1/- each	Rs.103.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		103.500	103.400	103.278
2] Share Application Money		0.100	0.100	0.080
3] Reserves & Surplus		20631.500	20188.100	18817.369
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20735.100	20291.600	18920.727
LOAN FUNDS
1] Secured Loans		0.000	0.000	9.070
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	9.070
DEFERRED TAX LIABILITIES		50.100	32.500	1.478
Other Liabilities		0.000	0.000	2782.000
TOTAL		20785.200	20324.100	21713.275
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		868.200	1004.200	720.018
Capital work-in-progress		202.700	12.100	134.353
INVESTMENT		11320.300	18301.700	19168.918
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	.000
	Sundry Debtors	332.500	231.700	176.052
	Cash & Bank Balances	14586.000	12999.900	10403.030
	Other Current Assets	348.500	274.600	213.957
	Loans & Advances	260.100	202.700	436.779
Total Current Assets		15527.100	13708.900	11229.818
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	516.200	693.500	371.867
	Other Current Liabilities	5816.000	11449.600	8568.940
	Provisions	800.900	559.700	599.025
Total Current Liabilities		7133.100	12702.800	9539.832
Net Current Assets		8394.000	1006.100	1689.986
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20785.200	20324.100	21713.275

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3772.200	4117.800	1537.582
		Other Income	253.400	289.700	3314.558
		TOTAL (A)	4025.600	4407.500	4852.140
Less	EXPENSES
		Employee benefit expense	483.900	498.500
		Other expenses	1105.400	1103.900
		Exceptional items	604.900	0.000
		TOTAL (B)	2194.200	1602.400	1620.842
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1831.400	2805.100	3231.298
Less	FINANCIAL EXPENSES (D)		10.300	7.600	0.357
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1821.100	2797.500	3230.941
Less/ Add	DEPRECIATION/ AMORTISATION (F)		296.800	366.500	348.902
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1524.300	2431.000	2882.039
Less	TAX (H)		351.400	568.600	752.605
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1172.900	1862.400	2129.434
	EARNINGS IN FOREIGN CURRENCY
		Training Institute Receipts	0.000	4.700	168.545
		Data feed	164.000	149.500
		Other	15.800	6.600
	TOTAL EARNINGS		179.800	160.800	168.545
	IMPORTS
		Equipments	2.700	1.600	NA
		Computer Software	0.000	1.300	NA
	TOTAL IMPORTS		2.700	2.900	NA
	Earnings / (Loss) Per Share (Rs.)		11.10	16.27	18.30

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	29.14	42.25	43.89
Net Profit Margin (PBT/Sales)	(%)	40.40	59.04	187.44
Return on Total Assets (PBT/Total Assets}	(%)	9.30	16.52	24.12
Return on Investment (ROI) (PBT/Networth)		0.07	0.12	0.15
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.18	1.07	1.17

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors	516.200	693.500	371.867

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	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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

GLOBAL OUTLOOK:

The global recovery, from the aftermath of the global financial crisis, in some way continues to get a firmer footing. But it also has experienced wrenching strains and uncertainty because of the crisis in the Euro area. Estimates of global output from the IMF forecast global growth in calendar 2012 at 3.5%. This is clearly a disappointing slowdown from the 5.2% growth rate achieved in 2010 and even the 3.8% growth rate recorded last year. While growth rates are less robust, there are some signs, at least in some of the developed economies, that economic growth is at least becoming sustainable. The developed economies, as a group, are expected to grow at an anemic 1.4% in 2012 in large part because of continued troubles in the Euro zone. The developing economies overall growing much faster at 5.6% are obviously now the main engine of growth. But even the traditional emerging market heavyweights. China and India have seen their growth rates decelerate in the last few years. China, for example, has declined from 10.4% in 2010 to 9.2% in 2011 to 8% in 2012

INDIA OUTLOOK:

For the full calendar year 2011, Indian economic growth also decelerated significantly from the year before to 7.4% from a strong 9.9% in 2010, according to IMF numbers. By the last quarter of the 2011-12 fiscal year, moreover, the economic growth rate had stalled to 5.3%. The slowdown in growth was due to a number of causes. The growth of private consumption moderated to 6.5%, from 8.1% in the previous fiscal year while government spending also slowed from 7.9% to 3.9%, and the most troubling factor because it underpins long term economic growth potential the investment growth was down from 7.5% to 5.6%. As a consequence, most analysts expect continued moderation of Indian economic growth, at least for the next year or two. The IMF?s current projection of Indian growth in 2012 is 6.1%.

Inflation rate continued to be a major concern of policy makers in 2011. The Wholesale Price Index remained consistently above 9% throughout 2011 touching a high of 9.7% in August 2011. To counter rising inflation, the Reserve Bank of India (RBI) raised interest rates six times during the year. The repo rate on March 31, 2012 stood at 8.5% and base rates for the largest private and government-owned banks are close to 10%.

Rising interest rates contributed to the slowdown in 2011-12, as did the declining foreign investment flows and policy gridlock on certain key issues. While the Indian Government budget deficit also continues to be a concern, 2011-12 saw significant improvement in the situation from the previous year. The 2011-12 deficits is expected to come in around 5.7% of GDP, down from 6.9% the previous year and recent government projections put the target number for the 2012-13 fiscal year at 5.1%. Current account deficit has also improved in 2011, narrowing to 2.7% of GDP from 3.2% the previous calendar year.

OVERVIEW:

2011 was a difficult year for investors in the Indian stock market. The Sensex fell by a total 5,054.17 points (24.6%) in the calendar year 2011, compared to a gain of 3,044 points (17%) in the previous year 2010 and 7,817 points (81%) in 2009. The weak performance in 2011 was partly offset by a very strong performance in the first quarter of 2012, with the Sensex gaining 12.3%.

Negative net FII flows in the equity market for the calendar year 2011 (Rs. 28120.000 Millions or -$454 million) were clearly a large part of this story in 2011; linked to difficult global market conditions and the continued uncertainty about the domestic economic situation. FII flows into Indian equities in calendar year 2010, by way of comparison, were Rs. 1332660.000 Millions ($29.3 billion). The early months of 2012 have seen a positive shift in sentiment of the foreign investors and net flows into equity for the first quarter of 2012 have been Rs. 364962.000 Millions (or $7,353.94 million). As a result, the net FII equity flows for the 2011-12 fiscal years were Rs. 437376.000 Millions compared to Rs. 1101208.000 Millions for 2010-11.

MEDIA RELEASE:

BSE LIMITED JOINS THE SUSTAINABLE STOCK EXCHANGES INITIATIVE

Mumbai, October 19, 2012: BSE Limited has been the first amongst global peers to join five other leading exchanges that have publicly committed to promoting sustainable investment practices. The other exchanges such as the Brazilian stock exchange BM and FBOVESPA, Egyptian Exchange (EGX), Istanbul Stock Exchange (ISE), Johannesburg Stock Exchange (JSE) and NASDAQ OMX made a commitment towards improving sustainability at the SSE, Sustainable Stock Exchanges 2012 global dialogue in Rio de Janeiro earlier this year.

BSE Ltd is credited with launching Asia’s first corporate sustainability index with the introduction of the BSE-GREENEX Index in 2012. The index measures the performances of companies in terms of carbon emissions.

Talking about the development, Mr. Ashishkumar Chauhan, Interim CEO BSE Limited said, “BSE Limited is committed to working with investors, companies and regulators in playing a transformative role towards enhancing sustainability in Indian capital markets. We are hopeful that this initiative would help us in further introducing a culture of sustainable business practices amongst BSE’s listed companies.”

The SSE initiative was launched by UN Secretary-General Ban Ki-moon and UNCTAD Secretary-General Supachai Panitchpakdi in 2009 at UN Headquarters in New York City. The SSE aims at exploring how exchanges can work together with investors, regulators, and companies to enhance corporate transparency, and ultimately performance, on ESG (environmental, social and corporate governance) issues and encourage responsible long-term approaches to investment.

ABOUT BSE:

BSE (FORMERLY BOMBAY STOCK EXCHANGE LIMITED) –

Established in 1875, BSE Limited (formerly known as Bombay Stock Exchange Limited), is Asia’s first Stock Exchange and one of India’s leading exchange groups and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder-base which includes two leading global exchanges, Deutsche Bourse and Singapore Exchange as strategic partners. BSE provides an efficient and transparent market for trading in equity, debt instruments, derivatives, mutual funds. It also has a platform for trading in equities of small-and-medium enterprises (SME). BSE also provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments. It operates one of the most respected capital market educational institutes in the country (the BSE Institute Limited). BSE also provides depository services through its Central Depository Services Limited (CDSL) arm.

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

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		81

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.