MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	SHAPOORJI PALLONJI AND COMPANY LIMITED
Registered Office :	70 Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.01.1943
Com. Reg. No.:	11-003812
Capital Investment / Paid-up Capital :	Rs. 2050.204 Millions
CIN No.: [Company Identification No.]	U45200MH1943PLC003812
TAN No.: [Tax Deduction & Collection Account No.]	MUMS39398C/ MUMS39389A
PAN No.: [Permanent Account No.]	AAACS6994C/ AAACS9383H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Civil Construction Activity
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 8200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s proven track record in the construction, infrastructure and real estate space support by its adequate liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA+ [Proposed Non-Convertible Debenture]
Rating Explanation	High degree of safety and very low credit risk.
Date	07.02.2014

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Parag
Contact No.:	91-22-66277058
Date :	21.08.2014

LOCATIONS

Registered Office :	70, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-22871040
Fax No.:	91-22-66338176
E-Mail :	kunal.antani@shapoorji.com prachi.kelkar@shpoorji.com ganesh.iyer@shapoorji.com
Website :	http://www.shapoorji.in
Head/ Administrative Office/ Construction Division/ EPC Division 2/ Real Estate Division :	Shapoorji Pallonji Centre, 41/44, MINOO Desai Marg, Colaba, Mumbai – 400 005, Maharashtra, India
Tel. No.:	91-22-22871040/ 41/ 22870197/ 67490000
Fax No.:	91-22-66338176
E-Mail :	rahul@bom2.vsnl.net.in kunal.antani@shapoorji.com roshen@shapoorji.com
Regional Office	Located At · Hyderabad · Kolkatta

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Shapoor Pallonji Mistry

Designation :

Managing Director

Address :

Sterling Bay, 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

16.09.1964

Qualification :

Bachelor in Business Administration

Date of Appointment :

21.03.2014

PAN No.:

AAEPM2061M

DIN No. :

00010114

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	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	16/03/1983	16/03/1983	10/11/2011	Active	NO
2	U01211MH1939PTC003017	THE MANJRI STUD FARM PRIVATE LIMITED	Director	21/07/1986	21/07/1986	11/03/2009	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	21/03/2014	22/04/1987	-	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	04/04/1994	04/04/1994	-	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
6	U65920MH1923PTC001053	CYRUS INVESTMENTS Private Limited	Director	17/11/1995	17/11/1995	-	Active	NO
7	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
8	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Amalgamated	NO
10	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	06/11/1997	06/11/1997	-	Active	NO
11	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	04/12/1999	04/12/1999	-	Active	NO
12	L17110MH1919PLC000628	FORBES & COMPANY LIMITED	Director	03/09/2001	03/09/2001	-	Active	NO
13	U27109WB1931PLC007010	EUREKA FORBES LTD	Director	15/03/2002	15/03/2002	-	Active	NO
14	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28/03/2003	28/03/2003	20/06/2011	Active	NO
15	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	17/04/2003	17/04/2003	-	Active	NO
16	U24232PN2003PTC017981	SOVEREIGN PHARMA PRIVATE LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
17	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
18	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	19/08/2006	19/08/2006	-	Active	NO
19	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	29/11/2006	-	Active	NO
20	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	23/03/2012	20/12/2006	-	Active	NO
21	U35100MH2006PLC159958	FORBES BUMI ARMADA LIMITED	Director	28/09/2007	28/09/2007	18/12/2008	Active	NO
22	U74120MH2010PTC205291	KAISHA LIFESCIENCES PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
23	U40103KA2012PLC062107	GOKAK POWER & ENERGY LIMITED	Director	17/01/2012	17/01/2012	24/06/2014	Active	NO

Name :

Mr. Khushroo Burjor Captain

Designation :

Director

Address :

D/4, Palm Springs, 157, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

24.04.1930

Qualification :

B.A. LLB

Date of Appointment :

18.07.1984

DIN No. :

00007518

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	U65920MH1923PTC001053	CYRUS INVESTMENTS Private Limited	Director	20/12/1974	20/12/1974	28/04/2014	Active	NO
2	U51900MH1944PTC020365	SHAPOORJI PALLONJI (GWALIOR) PRIVATE LIMITED	Director	23/12/1974	23/12/1974	28/04/2014	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	18/07/1984	18/07/1984	28/04/2014	Active	NO
4	U65990MH1985PTC035404	BLUE ARROW FINANCE CO PRIVATE LIMITED	Director	03/03/1985	03/03/1985	21/05/2012	Active	NO
5	U24100MH1949PTC007765	THE SWADESHI CHEMICALS PRIVATE LIMITED	Director	24/08/1989	24/08/1989	-	Amalgamated	NO
6	U67120MH1979PTC021789	ANAND INVESTMENT PRIVATE LIMITED	Director	27/07/1990	27/07/1990	28/04/2014	Active	NO
7	U45201MH1984PTC034108	SHAPOORJI PALLONJI PROJECTS PRIVATE LIMITED	Director	01/10/1990	01/10/1990	28/07/2014	Active	NO
8	U51101MH1943PTC003837	SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	01/10/1990	01/10/1990	28/04/2014	Active	NO
9	U51909MH1962PTC012486	ANAND AGENCIES PRIVATE LIMITED	Director	01/10/1990	01/10/1990	24/04/2014	Active	NO
10	U65990MH1991PTC063703	DELNA FINANCE AND INVESTMENTS PVT LTD	Director	22/10/1991	22/10/1991	21/05/2012	Active	NO
11	U45402MH1980PTC022283	S P KAM SYNTHETICS PRIVATE LIMITED	Director	11/02/1992	11/02/1992	29/04/2014	Active	NO
12	U74999MH1985PTC037814	SHAPOORJI DATA PROCESSING PRIVATE LIMITED	Director	12/06/1992	12/06/1992	28/04/2014	Active	NO
13	U51900TG1979PTC081529	STERLING OVERSEAS IMPEX PRIVATE LIMITED	Director	09/11/1992	09/11/1992	11/04/2012	Active	NO
14	U65990MH1988PTC049620	ABHIPREET TRADING PRIVATE LIMITED	Director	16/04/1993	16/04/1993	29/12/2011	Active	NO
15	U55200MH1993PTC072856	SHAPOORJI HOTELS PRIVATE LIMITED	Director	14/07/1993	14/07/1993	28/04/2014	Active	NO
16	U67120MH1991PTC062660	KAVISHA HOLDINGS PRIVATE LIMITED	Director	19/08/1993	19/08/1993	28/04/2014	Active	NO
17	U45400MH1994PTC080361	Shapoorji -AECOS Construction Private Limited	Director	16/08/1994	16/08/1994	29/04/2014	Active	NO
18	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Director	21/12/1994	21/12/1994	14/05/2008	Active	NO
19	U65990MH1989PTC052411	BLUE RIBBON FINANCE AND INVESTMENT PVT LTD	Director	16/05/1995	16/05/1995	21/05/2012	Active	NO
20	U25209MH1992PTC069161	MACHINOGRAPH POLYCONTAINERS (INDIA) PVT LTD	Director	30/05/1995	30/05/1995	-	Active	NO
21	U67120MH1993PTC073102	S P ARCHITECTURAL COATINGS PRIVATE LIMITED	Director	02/05/1997	02/05/1997	-	Active	NO
22	U65993MH1998PTC113592	CAMA PROPERTIES PRIVATE LIMITED	Director	17/02/1998	17/02/1998	-	Amalgamated	NO
23	U70100MH1998PTC114759	MERILAND ESTATES PRIVATE LIMITED	Director	04/05/1998	04/05/1998	01/04/2011	Active	NO
24	U70100MH1998PTC114764	GRAND VIEW ESTATES PRIVATE LIMITED	Director	29/09/2009	04/05/1998	01/12/2009	Active	NO
25	U65990MH1979PTC021792	FINVESTCO INVESTMENTS PRIVATE LIMITED	Director	30/12/1998	30/12/1998	-	Amalgamated	NO
26	U67120MH1995PTC084748	ADARO SECURITIES PRIVATE LIMITED	Director	24/02/1999	24/02/1999	21/05/2012	Active	NO
27	U51900MH1998PTC116292	WALRUS TRADING COMPANY PRIVATE LIMITED	Director	25/02/1999	25/02/1999	28/04/2014	Active	NO
28	U70100MH1998PTC114760	FAYLAND ESTATES PRIVATE LIMITED	Director	15/06/1999	15/06/1999	28/04/2014	Active	NO
29	U51432MH1999PTC121951	SHARUS BUILDING SERVICES INDIA PRIVATE LIMITED	Director	27/09/1999	27/09/1999	-	Under liquidation	NO
30	U65970MH1989PTC050953	FLOTILLA FINANCE PRIVATE LIMITED	Director	05/09/2002	05/09/2002	21/05/2012	Active	NO
31	U71120MH2003PTC140411	SHAPOORJI PALLONJI PORTS PRIVATE LIMITED	Director	12/05/2003	12/05/2003	-	Active	NO
32	U70200MH1995PTC084876	SHACHIN REAL ESTATES PRIVATE LIMITED	Director	05/01/2007	05/01/2007	28/04/2014	Active	NO
33	U65990MH1989PTC050954	FLORAL FINANCE PRIVATE LIMITED	Director	30/09/2008	22/10/2007	21/05/2012	Active	NO
34	U65990MH2008PTC177365	Malabar Trustee Company Private Limited	Director	04/01/2008	04/01/2008	28/04/2014	Active	NO

Name :

Mr. Firoze Kavshah Bhathena

Designation :

Whole-time Director

Address :

C/203, Shapoorji Pallonji Mistry Building, Dr. D.K. Shirodkar Road, Parel, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

18.07.1948

Qualification :

B. Com., M. Com

Date of Appointment :

01.01.2014

DIN No. :

00010075

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	U24110MH1978PTC020720	CYRUS CHEMICALS PRIVATE LIMITED	Director	01/07/1980	01/07/1980	-	Active	NO
2	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Whole-time director	01/01/2014	18/07/1984	-	Active	NO
3	U24100MH1949PTC007765	THE SWADESHI CHEMICALS PRIVATE LIMITED	Director	27/07/1984	27/07/1984	-	Amalgamated	NO
4	U65990MH1979PTC021791	CRYSTAL INVESTMENT COMPANY PRIVATE LIMITED	Director	30/07/1984	30/07/1984	-	Active	NO
5	U67120MH1979PTC021592	S C FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	06/08/1984	06/08/1984	-	Active	NO
6	U01211MH1939PTC003017	THE MANJRI STUD FARM PRIVATE LIMITED	Director	22/05/1986	22/05/1986	08/10/2008	Active	NO
7	U65990MH1989PTC050954	FLORAL FINANCE PRIVATE LIMITED	Director	15/03/1989	15/03/1989	-	Active	NO
8	U65990MH1989PTC050966	MAGPIE FINANCE PRIVATE LIMITED	Director	14/04/1989	14/04/1989	-	Active	NO
9	U65990MH1989PTC051347	DAY STAR TRADING PRIVATE LIMITED	Director	14/04/1989	14/04/1989	-	Active	NO
10	U65993MH1989PTC051774	GLITTERING GOLD FINANCE PRIVATE LIMITED	Director	17/05/1989	17/05/1989	-	Active	NO
11	U65990MH1979PTC021790	S P FINANCE PRIVATE LIMITED	Director	17/05/1989	17/05/1989	-	Active	NO
12	U67130MH1989PTC051192	HEMINISHI INVESTMENT PRIVATE LIMITED	Director	12/06/1989	12/06/1989	-	Amalgamated	NO
13	U65990MH1991PTC062933	GREEN LAWN FINANCE AND INVESTMENTS PVT LTD	Director	14/08/1991	14/08/1991	-	Active	NO
14	U67120MH1991PTC062660	KAVISHA HOLDINGS PRIVATE LIMITED	Director	19/08/1993	19/08/1993	-	Active	NO
15	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	03/01/1995	03/01/1995	30/11/2007	Active	NO
16	U70200MH1995PTC085932	CHINSHA PROPERTY PRIVATE LIMITED	Director	28/02/1995	28/02/1995	26/11/2007	Active	NO
17	U67120MH1995PTC084747	KHVAFAR INVESTMENTS PRIVATE LIMITED	Director	15/11/1999	15/11/1995	02/01/2012	Active	NO
18	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	09/06/1997	09/06/1997	06/04/2007	Active	NO
19	U74999MH1993PTC071499	ADVANCE TECH ENERGY ADDITIVES PRIVATE LIMITED	Director	30/09/1997	30/09/1997	-	Active	NO
20	U70100MH1998PTC114964	SUNNY VIEW ESTATES PRIVATE LIMITED	Director	18/05/1998	18/05/1998	30/11/2007	Active	NO
21	U27100MH1980PTC022396	SHREE PROFILES PRIVATE LIMITED	Director	03/02/1999	03/02/1999	-	Amalgamated	NO
22	U51900MH1998PTC116292	WALRUS TRADING COMPANY PRIVATE LIMITED	Director	25/02/1999	25/02/1999	-	Active	NO
23	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	15/11/1999	15/11/1999	-	Amalgamated	NO
24	U25200MH1999PTC122842	SP Advanced Engineering Materials Private Limited	Director	17/03/2000	17/03/2000	-	Active	NO
25	U74999MH1982PTC028701	HAZARAT AND COMPANY PRIVATE LIMITED	Director	20/06/2000	20/06/2000	-	Active	NO
26	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PVT LTD	Director	20/06/2000	20/06/2000	-	Active	NO
27	U45200MH1981PTC025100	AFCONS (OVERSEAS) CONSTRUCTIONS AND INVESTMENTS PRIVATE LIMITED	Director	20/06/2000	20/06/2000	30/11/2007	Active	NO
28	U65990MH1989PTC051355	HOSANNA INVESTMENTS PRIVATE LIMITED	Director	15/10/2001	15/10/2001	-	Active	NO
29	U70200MH1995PTC084751	PALCHIN REAL ESTATES PRIVATE LIMITED	Director	23/01/2003	23/01/2003	07/11/2007	Active	NO
30	U70100MH1995PTC092856	JOYOUS HOUSING Private Limited	Director	29/06/2004	29/06/2004	26/01/2009	Active	NO
31	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	03/08/2005	03/08/2005	-	Active	NO
32	U70100MH2005PTC157587	EAST VIEW ESTATES PRIVATE LIMITED	Director	25/11/2005	25/11/2005	19/03/2012	Active	NO
33	U45200MH2005PTC158083	HIGHSTREET DEVELOPERS PRIVATE LIMITED	Director	16/12/2005	16/12/2005	21/11/2007	Active	NO
34	U45200MH2006PTC158992	SKYSCAPE DEVELOPERS PRIVATE LIMITED	Director	18/01/2006	18/01/2006	11/12/2007	Active	NO
35	U45200MH2006PTC159612	SP INFOCITY DEVELOPERS PRIVATE LIMITED	Director	08/02/2006	08/02/2006	01/12/2011	Active	NO
36	U70100MH2006PTC161139	EXTRAORDINAIRE PROPERTIES PRIVATE LIMITED	Director	04/12/2006	04/12/2006	-	Amalgamated	NO
37	U65920MH1923PTC001053	CYRUS INVESTMENTS Private Limited	Director	01/01/2009	23/02/2007	-	Active	NO
38	U51900MH1942PTC019647	SHAPOORJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	26/02/2007	26/02/2007	-	Amalgamated	NO
39	U01210MH2007PTC174746	MANJRI HORSE BREEDERS' FARM PRIVATE LIMITED	Director	05/10/2007	05/10/2007	05/11/2008	Active	NO
40	U45400MH2007PTC170822	Phenomenon Developers Private Limited	Director	29/09/2008	11/10/2007	-	Active	NO
41	U70109MH2007PTC174275	FIRST FUTURE AIR SERVICES PRIVATE LIMITED	Director	23/06/2008	01/11/2007	16/05/2011	Amalgamated	NO
42	U70200MH2007PTC166952	Mayflower Developers Private Limited	Director	30/06/2008	20/11/2007	-	Active	NO
43	U70200MH2007PTC166953	Glittery Realty and Construction Private Limited	Director	30/06/2008	20/11/2007	-	Active	NO
44	U45201GJ2008PTC054063	SHAPOORJI PALLONJI INFRASTRUCTURE (GUJARAT) PRIVATE LIMITED	Director	28/05/2008	28/05/2008	31/10/2012	Active	NO
45	U40100GJ2008PTC054060	SHAPOORJI PALLONJI ENERGY (GUJARAT) PRIVATE LIMITED	Director	28/05/2008	28/05/2008	18/11/2009	Active	NO
46	U01403GJ2008PTC054483	Nursery Projects and Agri Development Private Limited	Director	15/07/2008	15/07/2008	31/10/2012	Active	NO
47	U45209GJ2008PTC054828	SHAPOORJI PALLONJI AND OEG SERVICES PRIVATE LIMITED	Director	21/08/2008	21/08/2008	31/10/2012	Active	NO
48	U40100GJ2008PTC054923	SIMAR ENERGY (GUJARAT) PRIVATE LIMITED	Director	01/09/2008	01/09/2008	31/10/2012	Active	NO
49	U74900MH2008PTC178074	SHAPOORJI PALLONJI INVESTMENT ADVISORS PRIVATE LIMITED	Director	30/09/2011	07/12/2010	25/10/2013	Active	NO
50	U65990MH1989PTC051373	WEST STAR FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	27/09/2011	13/06/2011	-	Active	NO
51	U74900MH2011PTC223065	SP Nano Products Private Limited	Director	15/10/2011	15/10/2011	25/03/2013	Active	NO
52	U70102MH2012PTC234507	Ophira Properties Private Limited	Director	14/08/2012	14/08/2012	-	Active	NO
53	U70102MH2012PTC234446	COSIMA PROPERTIES PRIVATE LIMITED	Director	14/08/2012	14/08/2012	-	Active	NO
54	U72300MH2012PTC237177	GRETEL SYSTEMS AND DEVELOPMENT PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
55	U45209DL2012PTC241323	GOSWAMI INFRATECH PRIVATE LIMITED	Additional director	27/10/2012	27/10/2012	12/12/2012	Active	NO
56	U93000MH2013PTC240663	Ostendo Consultancy Services Private Limited	Director	21/02/2013	21/02/2013	-	Active	NO
57	U93000MH2013PTC240808	ALKIMOS CONSULTANCY SERVICES PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO

Name :

Mr. Kekoo Homji Colah

Designation :

Whole-time Director

Address :

10, 2^nd Floor, Meher Building, Opposite Dady Seth Road, Chowpatty, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

03.10.1953

Qualification

B.Tech (Mechanical) M.S.C,

Date of Appointment :

12.07.2012

DIN No. :

00377478

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	U74140MH1995PTC093179	KNIGHT FRANK(INDIA) PRIVATE LIMITED	Director	05/04/2000	05/04/2000	31/03/2013	Active	NO
2	U45200MH2007PTC168993	RUTLEY REAL ESTATE INVESTMENT MANAGEMENT (INDIA) PRIVATE LIMITED	Director	29/08/2007	29/08/2007	01/10/2008	Under Process of Striking off	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Whole-time director	29/09/2012	12/07/2012	-	Active	NO
4	U93030MH2012PTC236764	GALINA CONSULTANCY SERVICES PRIVATE LIMITED	Director	27/09/2013	15/03/2013	-	Active	NO

Name :

Mr. Jai Laxmikant Mavani

Designation :

Whole-time Director

Address :

G-401, Royal Classic, Next to Fame Adlabs, New Link Road, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

04.09.1971

Date of Appointment :

29.09.2012

DIN No. :

05260191

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	U27109WB1931PLC007010	EUREKA FORBES LTD	Director	10/07/2012	14/05/2012	-	Active	NO
2	L17110MH1919PLC000628	FORBES & COMPANY LIMITED	Director	21/08/2012	22/05/2012	-	Active	NO
3	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	27/09/2012	20/06/2012	-	Active	NO
4	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Whole-time director	29/09/2012	12/07/2012	-	Active	NO
5	U45209DL2012PTC241323	GOSWAMI INFRATECH PRIVATE LIMITED	Director	30/09/2013	27/10/2012	-	Active	NO
6	U45400GJ2010PTC069101	SP PORTS PRIVATE LIMITED	Director	27/09/2013	01/07/2013	-	Active	NO
7	U40101GJ2013PLC077228	HPCL SHAPOORJI ENERGY LIMITED	Director	15/10/2013	15/10/2013	-	Active	NO
8	U73100MH2005PTC153327	KASIAK RESEARCH PRIVATE LIMITED CN	Additional director	18/11/2013	18/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Roshen Minocher Nentin
Designation :	Secretary
Address :	King’s Building, Dr. Ambedkar Road, Parel, Mumbai – 400 012, Maharashtra, India
Date of Birth/Age :	12.12.1952
Date of Appointment :	20.10.1978
PAN No.:	AAAPN6921F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Mistry Pallonji Shapoor	1081100
Misrty Pallonji Cyrus	1081100
Sterling Investment Corporation Private Limited, India	1346100
Cyrus Investment Limited, India	1346100
SC Finance and Investments Private Limited, India	50080900
SP Finance Private Limited	50080900
Blue Arrow Finance Company Private Limited	4000
Mistry Pallonji Shapoor	50000100
Mistry pallonji Cyrus	50000100
Total	205020400

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	97.94
Directors or relatives of Directors	2.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Civil Construction Activity

Products :

Item Code No. (ITC Code)	Product Description
99531211	Buildings used for production (This includes buildings used for assembly activities of industrial establishments).

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· The Central Bank of India Limited, M.G. Road, Mumbai-400001, Maharashtra, India

· The Zoroastrian Co-Operative Bank Limited, Mumbai Main Branch, Yusuf Building, Ground Floor, V.N. Road, Fort, Mumbai – 400 001, Maharashtra, India

· ICICI Limited, C-15, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

· Deutsche Bank AG, 222, Kodak House, D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India

· Kotak Mahindra Bank Limited 36-38A, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans From Banks	78.427	161.045
Term Loans From Others	8500.000	623.691
SHORT TERM BORROWINGS
Loans Repayable on demand from banks	173.775	0.000
Total	8752.202	784.736

Banking Relations :	--
Financial Institution :	Housing Development Finance Corporation Limited Ramon House 169 Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27^th – 32^nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Eliphinstone (W). Mumbai – 400013, India
PAN No.:	AACFD4815A

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
105050000	Equity Shares	Rs.10/- each	Rs.1050.500 Millions
100000200	Preference shares	Rs.10/- each	Rs.1000.002 Millions
	Total		Rs. 2050.502 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
105020200	Equity Shares	Rs.10/- each	Rs.1050.202 Millions
100000200	Preference shares	Rs.10/- each	Rs.1000.002 Millions
	Total		Rs. 2050.204 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	2050.204	2050.204	2040.204
(b) Reserves & Surplus	13805.227	13274.160	8678.955
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	15855.431	15324.364	10719.159
(3) Non-Current Liabilities
(a) long-term borrowings	11578.427	5284.736	8815.699
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4056.785	3546.147	5730.086
(d) long-term provisions	659.354	529.732	413.866
Total Non-current Liabilities (3)	16294.566	9360.615	14959.651
(4) Current Liabilities
(a) Short term borrowings	20829.161	13375.182	8931.234
(b) Trade payables	10508.377	8822.921	6539.299
(c) Other current liabilities	16294.603	19808.352	14199.293
(d) Short-term provisions	600.250	629.710	288.989
Total Current Liabilities (4)	48232.391	42636.165	29958.815
TOTAL	80382.388	67321.144	55637.625
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2511.749	2420.555	2225.801
(ii) Intangible Assets	1.287	2.574	1.707
(iii) Capital work-in-progress	2.584	2.584	13.741
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15017.811	14424.269	11044.989
(c) Deferred tax assets (net)	568.876	541.726	334.542
(d) Long-term Loan and Advances	9979.409	8474.004	7396.866
(e) Other Non-current assets	2741.336	2636.599	1454.183
Total Non-Current Assets	30823.052	28502.311	22471.829
(2) Current assets
(a) Current investments	0.005	0.005	0.000
(b) Inventories	10066.696	9685.215	8993.442
(c) Trade receivables	19650.825	14673.832	10346.918
(d) Cash and cash equivalents	1883.804	1800.282	2316.940
(e) Short-term loans and advances	13080.462	10301.561	10230.158
(f) Other current assets	4877.544	2357.938	1278.338
Total Current Assets	49559.336	38818.833	33165.796
TOTAL	80382.388	67321.144	55637.625

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	45158.826	41181.935	32206.823
	Other Income	3440.669	3295.973	2944.885
	TOTAL (A)	48599.495	44477.908	35151.708
Less	EXPENSES
	Cost of Materials Consumed	37099.371	35341.210	26870.858
	Purchases of Stock-in-Trade	5.543	7.136	41.383
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1142.670	401.545	407.473
	Employees benefits expense	4159.621	3529.304	2717.854
	Other expenses	997.464	917.805	1063.600
	TOTAL (B)	43404.669	40598.545	31101.168
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	5194.826	3879.363	4050.540
Less	FINANCIAL EXPENSES (D)	4255.595	3330.334	2176.105
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	939.231	549.029	1874.435
Less/ Add	DEPRECIATION/ AMORTISATION (F)	422.589	426.741	347.068
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	516.642	122.288	1527.367
Less	TAX (H)	(14.424)	(197.572)	40.186
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	531.066	319.860	1487.181
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS	1990.778	464.580	106.735
	Earnings / (Loss) Per Share (Rs.)
	Basic	5.06	6.93	14.40
	Diluted	5.06	6.87	14.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.09	0.72	4.23
Net Profit Margin (PBT/Sales)	(%)	1.14	0.30	4.74
Return on Total Assets (PBT/Total Assets}	(%)	0.80	0.23	3.45
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.14
Debt Equity Ratio (Total Debt /Networth)		2.04	1.22	1.66
Current Ratio (Current Asset/Current Liability)		1.03	0.91	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2040.204	2050.204	2050.204
Reserves & Surplus	8678.955	13274.160	13805.227
Net worth	10719.159	15324.364	15855.431
long-term borrowings	8815.699	5284.736	11578.427
Short term borrowings	8931.234	13375.182	20829.161
Total borrowings	17746.933	18659.918	32407.588
Debt/Equity ratio	1.656	1.218	2.044

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	32206.823	41181.935	45158.826
		27.867	9.657

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	32206.823	41181.935	45158.826
Profit	1487.181	319.860	531.066
	4.62%	0.78%	1.18%

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	Yes
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	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

LITIGATION DETAILS:

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE: 25.06.2014

LODGING NO.: ARBAPL/997/2014 FILING DATE: 25/06/2014

REG. NO.: ARBAP/213/2014 REG. DATE: 04.08.2014

PETITIONER : BRIANNA INFRASTRUCUTRE PRIVATE LIMITED	RESPONDENT : SHAPOORJI PALLONJI AND COMPANY LIMITED
PENT. ADV.: BHARAT ANANDA PUNEKAR (1722)	RESP. ADV.: DESAI AND DIWANJI (814)
DISTRICT: MUMBAI
BENCH: SINGLE
STATUS: PRE-ADMISSION	CATEGORY: ARBITRATION APPLICATIONS
LAST DATE : 11/08/2014	STAGE: ARBAP FOR HEARING AND FINAL DISPOSAL U/S 11 OF ARB. ACT
LAST CORAM: PROVISIONAL BOARD
ACT: COMPANIES ACT AND RULES 1956	UNDER SECTION: 11 (6)

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10491467	09/05/2014	3,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	J-1, VIRJANAND MARG, VIKAS PURI, NEW DELHI, Delhi - 110018, INDIA	C04087839
2	10475684	28/01/2014	50,000,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	FORT BRANCH, YUSUF BUILDING, GROUND FLOOR, V.N.  ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B95531729
3	10434046	03/06/2013	250,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B78383668
4	10417385	25/02/2013	75,000,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	FORT BRANCH, YUSUF BUILDING, GROUND FLOOR, V.N.  ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B72470800
5	10366529	28/03/2014 *	12,000,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE, H T PAREKH MARG, 169, BACKBAY RECLA  MATION, CHURCHGATE, MUMBAI, Maharashtra - 400020,  INDIA	C04809323
6	10330131	25/11/2011	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B30008064
7	10314329	06/09/2011	44,000,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	FORT BRANCH, YUSUF BUILDING, GROUND FLOOR, V.N.  ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B23990948
8	10267033	21/01/2011	250,000,000.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	B05577572
9	10267034	21/01/2011	250,000,000.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	B05577606
10	10267035	21/01/2011	250,000,000.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	B05577689

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans From Banks	3000.000	4500.000
SHORT TERM BORROWINGS
Term Loans from Banks	4276.923	6487.387
Term Loans from Others	800.000	300.000
Loans Repayable on demand from banks	18.052	0.000
Commercial Paper	14994.918	6247.795
Loans and advances from others	565.493	340.000
Total	23655.386	17875.182

FIXED ASSETS

· Land and Land Improvements

· Building and Building Improvements

· Plant and Machinery

· Office Equipments

· Computer Equipments

· Furniture and Fixtures

· Vehicles

· Computer Software

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. 60.43
UK Pound	1	Rs. 100.23
Euro	1	Rs. 80.35

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		66

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.