MIRA INFORM REPORT

Report Date :

03.05.2013

IDENTIFICATION DETAILS

Name :	EDELWEISS COMMODITIES SERVICES LIMITED (w.e.f.17.08.2012)
Formerly Known As :	COMFORT PROJECTS LIMITED (w.e.f.13.01.2011) COMFORT PROJECTS PRIVATE LIMITED (w.e.f.07.05.2009) SKY HEIGHTS DEVELOPERS PRIVATE LIMITED
Registered Office :	2^nd Floor, MB Towers, Plot No. 5, Road No. 2, Banjara Hills, Hyderabad – 500034, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.10.2006
Com. Reg. No.:	11-078157
Capital Investment / Paid-up Capital :	Rs. 317.754 Millions
CIN No.: [Company Identification No.]	U45201AP2006PLC078157
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Traders of Agro Commodity
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 15000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a Edelweiss group company. The group has a diversified business profile within financial services, particularly the capital markets segment. It is a well establish reputed company having fine track record. The company has recorded a healthy growth in the turnover and profitability during 2012. As a result of the merger of the holding company with the subject company. Financial position of the company is good. Directors are reported to be well experienced and respectable business. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal and 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating (AA - )
Rating Explanation	High degree of safety it carry very low credit risk
Date	15 March 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating (A 1 +)
Rating Explanation	High degree of safety it carry lowest credit risk
Date	15 March 2013

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 :	2^nd Floor, MB Towers, Plot No. 5, Road No. 2, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Tel. No.:	91-22-40885898//40316900
Fax No.:	91-22-40040793/40316905
E-Mail :	cs@edelcap.com

DIRECTORS

As on 24.09.2012

Name :

Mr. Prasad Appsaheb Baji

Designation :

Director

Address :

Planet Godrej, Tower – I, Flat No. 301, Simplex Mills Compound, Keshavrao Khadye Marg, Near Jacob Circle, Mahalaxmi (East), Mumbai – 400011, Maharashtra, India

Date of Birth/Age :

14.03.1971

Date of Appointment :

24.09.2012

DIN No.:

00065911

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	U51100AP2004PLC052387	EDELWEISS TRADING AND HOLDINGS LIMITED	Director	05/10/2004	05/10/2004	-	Amalgamated	NO
2	U45201AP2006PLC078157	EDELWEISS COMMODITIES SERVICES LIMITED	Director	24/09/2012	12/03/2012	-	Active	NO

Name :

Mr. Deepak Gopal Maheshwari

Designation :

Director

Address :

B 603, 10^th Floor, OM Residency, J.B Wadia Road, Bhoiwad Parel, Mumbai -400012, Maharashtra, India

Date of Birth/Age :

22.10.1976

Date of Appointment :

24.09.2012

DIN No.:

02601708

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	U65990MH2005PLC154276	EDELWEISS WEB SERVICES LIMITED	Director	30/07/2009	02/04/2009	22/09/2010	Active	NO
2	U51900AP2008PLC065549	EDEL COMMODITIES LIMITED	Director	30/07/2009	11/05/2009	26/02/2010	Active	NO
3	U51100AP2004PLC052387	EDELWEISS TRADING and HOLDINGS LIMITED	Director	26/07/2010	01/02/2010	-	Amalgamated	NO
4	U70200MH2005PTC155545	EDELWEISS FUND ADVISORS PRIVATE LIMITED	Director	06/09/2011	04/07/2011	-	Active	NO
5	U45201AP2006PLC078157	EDELWEISS COMMODITIES SERVICES LIMITED	Director	24/09/2012	12/03/2012	-	Active	NO

Name :

Mr. Riyaz Mushtaqueali Ladiwala

Designation :

Additional Director

Address :

B/5, Peace Heaven Society, 2^nd Floor, St. Andrews Road, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

17.02.1974

Date of Appointment :

26.11.2012

DIN No.:

00209264

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	U67120MH1997PLC112349	EQUITYMASTER INDIA LIMITED	Director	11/09/2000	11/09/2000	12/07/2008	Active	NO
2	U65990MH1989PTC054667	QUANTUM INFORMATION SERVICES PRIVATE LIMITED	Director	01/02/2003	01/02/2003	14/08/2008	Active	NO
3	U74999MH2007PTC175407	EQUITYMASTER AGORA RESEARCH PRIVATE LIMITED	Director	25/10/2007	25/10/2007	06/06/2008	Active	NO
4	U45201AP2006PLC078157	EDELWEISS COMMODITIES SERVICES LIMITED	Additional director	26/11/2012	16/09/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Nidhi Nayan Parekh
Designation :	Manager
Address :	A 2/004 Sector – 6, I Deal Shantinagar Society, Opposite Canara Bank, Mira Road (East), Mumbai – 401107, Maharashtra, India
Date of Birth/Age :	15.07.1989
Date of Appointment :	01.06.2012
PAN No.:	AWZPP2172R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Edelweiss Financial Services Limited, India	29775362
Tarun Khurana	1
Sitesh Josh	1
Preeti Chhabria	1
Meghani jinesh	1
Vinit Agarwal	1
B Renganathan	1
Total	29775368

Names of Shareholders (Preference Shares)	No. of Shares
Edelweiss Securities Limited, India	1000000
ECL Finance Limited, India	1000000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Traders of Agro Commodity

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited, Capital Market Division, 30 Mumbai Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India
• Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
• Bank of Maharashtra, Oshiwara Branch, Sab TV Bldg, Adhikari Chambers, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loans from banks	2021.625	0.000
Term loans from others	250.000	0.000
Working capital loans from banks	995.727	0.000
Loans repayable on demand from banks	17205.400	0.000
Total	20472.752	0.000

Banking Relations :
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	Lodha Excelus, 1^st Floor Apollo Mills Compound, N.M.Joshi Marg, Mahalaxmi, Mumbai- 400011, Maharashtra, India
PAN No.:	AADFB6889R
Fellow Subsidiary company	EC Commodity Limited (from 1 May 2010) Edelweiss Securities Limited Edelweiss Finance and Investments Limited ECL Finance Limited Edelweiss Web Services Limited (formerly Edelweiss Capital Services Limited) Edelweiss Custodial Services Limited Edelweiss Trustee Services Limited Edelweiss Asset Management Limited Edelcap Securities Limited Ecap Equities Limited EC Commodity Limited Edel Commodities Limited Edelweiss Broking Limited Edelweiss Investment Advisors Limited (formerly Edelweiss Property Advisors Limited) Arum Investments Private Limited (up to 28 March 2011) Edel Land Limited Edelweiss Housing Finance Limited (up to 14 November 2010) Edelweiss Global Wealth Management Limited Edelweiss Comtrade Limited Edelweiss Alternate Asset Advisors Limited Edelweiss Tokio Life Insurance Limited Edelweiss Financial Advisors Limited Aster Commodities DMCC, United Arab Emirates ECL Finance Limited
Holding company:	Edelweiss Financial Services Limited, India Edelweiss Trading and Holdings Limited, India (CIN: U51100AP2004PLC052387)
Subsidiary Company:	Edelweiss Capital Markets Limited, India Edelweiss Financial Advisors Limited (from 30 March 2012) (formerly Anagram Capital Limited, India (CIN: U65910GJ1993PLC020228) Allium Finance Private Limited, India (CIN:U67120MH2008PTC180229) Edelweiss Capital Markets Limited, India (CIN:U65999MH2010PLC208738) Edelweiss Housing Finance Limited, India (CIN: U65922MH2008PLC182906) Edelweiss Stock Broking Limited, India (CIN: U67120GJ1994PLC022633)
Associate:	Rake Real Estate Private Limited, India Edelweiss Precious Metals Private Limited, India
Enterprise/Individuals exercising significant influence over Company:	Aakash Value Realty Private Limited (from 1April 2010 to 30 April 2010)
Enterprise in which Holding Company exercises significant influence and with whom transactions have taken place:	Edelweiss Asset Reconstruction Company Limited
Enterprises in which Fellow Subsidiary Companies exercises significant influence and with whom transactions have taken place:	Dahlia Financial Services Private Limited Magnolia Financial Services Private Limited Arum Investments Private Limited (from 29 March 2011) Edel Commodities Trading Limited (from 26 December 2011) EFSL Comtrade Limited (from 16 February 2012) EFSL Commodities Limited (from 07 December 2011)

CAPITAL STRUCTURE

As on 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions
2000000	Preference Shares	Rs.10/- each	Rs. 20.000 Millions
	Total		Rs. 320.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29775368	Equity Shares	Rs.10/- each	Rs. 297.754 Millions
2000000	Preference Shares	Rs.10/- each	Rs. 20.000 Millions
	Total		Rs.317.754 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
28550000	Equity Shares	Rs.10/- each	Rs. 285.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 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		10.000	3.250	0.100
2] Share Application Money		2310.116	0.000	0.000
3] Reserves & Surplus		1498.810	9.687	0.000
4] (Accumulated Losses)		0.000	0.000	(21.896)
NETWORTH		3818.926	12.937	(21.796)
LOAN FUNDS
1] Secured Loans		20472.752	0.000	394.725
2] Unsecured Loans		11630.515	4110.504	692.418
TOTAL BORROWING		32103.267	4110.504	1087.143
DEFERRED TAX LIABILITIES		40.356	0.000	0.000
TOTAL		35962.549	4123.441	1065.347
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3266.086	189.170	0.054
Capital work-in-progress		900.030	3912.727	3422.131
INVESTMENT		4034.437	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.043	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11318.068	0.000	0.000
	Sundry Debtors	2837.510	0.000	0.000
	Cash & Bank Balances	18392.747	1.960	1.765
	Other Current Assets	2211.381	74.490	0.000
	Loans & Advances	2824.156	1.960	2.706
Total Current Assets		37583.862	78.410	4.471
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7977.321	33.315	817.004
	Other Current Liabilities	1834.156	22.042	1544.305
	Provisions	10.389	1.552	0.000
Total Current Liabilities		9821.866	56.909	2361.309
Net Current Assets		27761.996	21.501	(2356.838)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		35962.549	4123.441	1065.347

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	107108.857	8.451	0.034
		Other Income	50.737	0.000	0.950
		TOTAL (A)	107159.594	8.451	0.984
Less	EXPENSES
		Purchases of stock-in-trade	106580.028	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4002.931)	0.000
		Employee benefit expense	168.002	0.000
		Other expenses	478.849	0.078
		TOTAL (B)	103223.948	0.078	8.790
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3935.646	8.373	(7.086)
Less	FINANCIAL EXPENSES (D)		3099.232	2.147	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		836.414	6.226	(7.806)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		266.928	0.035	1.375
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		569.486	6.191	(9.181)
Less	TAX (H)		70.363	2.108	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		499.123	4.083	(9.181)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(17.813)	(21.896)	(12.715)
	BALANCE CARRIED TO THE B/S		481.310	(17.813)	(21.896)
	Earnings Per Share (Rs.)		16.76	73.97	(918.08)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.47	48.31	(933.03)
Net Profit Margin (PBT/Sales)	(%)	0.53	73.26	(933.03)
Return on Total Assets (PBT/Total Assets}	(%)	1.52	7.90	(205.35)
Return on Investment (ROI) (PBT/Networth)		0.15	0.73	(2.05)
Debt Equity Ratio (Total Debt /Networth)		8.41	317.73	(49.88)
Current Ratio (Current Asset/Current Liability)		3.83	1.38	0.00

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	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

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans and advances from related parties	700.000	0.000
Other loans and advances	2500.000	0.000
Intercorporate deposits	2744.500	300.000
Deposits from others	50.686	0.000
Loans and advances from related parties	5635.329	3810.504
Total	11630.515	4110.504

Note: Registered office of the company has been shifted from Edelweiss House, Off C.S.T Road, Kalina, Mumbai – 400098, Maharashtra, India to the present address w.e.f 15.12.2011

SCHEME OF ARRANGEMENT

Pursuant to the approval of the High Court of Andhra Pradesh at Hyderabad to the Composite Scheme of Arrangement, Edelweiss Trading and Holdings Limited (ETHL), the holding company merged with the Company from the appointed date of April 1, 2011. The Scheme has come into effect from May 12, 2012 and therefore, ETHL stands dissolved effective May 12, 2012.

Accordingly, the financials of the Company for the financial year ended March 31, 2012 have been prepared taking into account the effect of the merger of ETHL with the Company. Hence, the figures of the current year are not comparable to that of the previous year.

The Company continues to be a wholly owned subsidiary of Edelweiss Financial Services Limited.

FINANCIAL PERFORMANCE

During the year ended March 31, 2012, the Company earned revenue of Rs. 107159.590 Millions and the profit after tax for the year ended March 31, 2012 was Rs. 499.120 Millions

CONTINGENT LIABILITIES

Taxation matters in respect of which appeal is pending before Commissioner of Income tax Appeals (CIT) - A for the assessment year 2009-10 Rs.0.667 Million (Previous year: Rs. Nil).

The Company has provided stand-by letter of credit aggregating to Rs. 6350.000 Millions (Previous year: Rs. Nil) as on 31 March 2012 to The State Trading Corporation of India Limited for meeting margin requirements for buying bullion.

The Company has provided stand-by letter of credit aggregating to Rs. 250.000 Millions (Previous year: Rs. Nil) as on 31 March 2012 to The Bank of Nova Scotia for meeting margin requirements for buying bullion.

The Company has pledged fixed deposit with banks amounting to Rs. 1600.000 Millions (Previous year: Rs. Nil) for obtaining the above stand-by letter of credit

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45201AP2006PLC078157
Name of the company	EDELWEISS COMMODITIES SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, MB Towers, Plot No. 5, Road No. 2, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
This form is for	Creation of charge
Type of charge	Book debts Floating charge All current assets
CIN	L65190MH2003PLC143249
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation dated February 19, 2013
Date of instrument Creating the charge	19.02.2013
Amount secured by the charge	Rs.2750.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Fund based 13.50%.non fund based 0.90% p.a. to be charged upfront. Terms of Repayment On demand Extent and Operation of the charge First Pari Passu Charge on current assets of the Company with 1x cover at all times Others 2THS
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Current Assets of the Company referred to in the Deed of Hypothecation viz., Stock of raw materials, goods in process, semi-finished and finished goods etc.

FIXED ASSEST

• Land
• Buildings
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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.53.73
UK Pound	1	Rs.83.54
Euro	1	Rs.70.71

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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.