MIRA INFORM REPORT

Report Date :

31.08.2014

Note :

Correct name of the company is “SYNERGY PROPERTY DEVELOPMENT SERVICES PRIVATE LIMITED”.

IDENTIFICATION DETAILS

Name :	SYNERGY PROPERTY DEVELOPMENT SERVICES PRIVATE LIMITED
Registered Office :	I-Floor, Embassy Npoint, 150, Infantry Road, Bangalore - 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.01.2003
Com. Reg. No.:	08-031477
Capital Investment / Paid-up Capital :	Rs. 10.075 Millions
CIN No.: [Company Identification No.]	U74140KA2003PTC031477
TIN No.:	09650034719
PAN No.: [Permanent Account No.]	AAHCS1556K
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of project and construction management, turnkey contracts, architecture, and other related activities.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 3100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good for normal 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.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Manoj Singh
Designation :	Manager – Finance
Contact No.:	91-9873589838
Date :	26.08.2014

LOCATIONS

Registered Office / Branch 1 :	I-Floor, Embassy Npoint, 150, Infantry Road, Bangalore - 560001, Karnataka, India
Tel. No.:	91-80-42885000
Mobile No.:	91-9873589838 (Mr. Daljeet)
Fax No.:	Not Available
E-Mail :	synergy@synergyind.com gopal@embassyindia.com
Website :	http://www.synergyind.com
Interior work office :	Titanium Building, Gomti Nagar, Lucknow – 560071, Uttar Pradesh, India
Head Office / Branch 2 :	First Floor, "Pine Valley" Embassy Golf Links Business Park Off Intermediate Ring Road Bangalore - 560 071. India.
Tel. No.:	91-80-4288 6000
Fax No.:	91-80-4112 0425
E-Mail :	synergy@synergyind.com
Branches 3 :	Located At : · New Delhi · Kerala · Mumbai · Hyderabad
Overseas Office :	Located At : · Selangor · United Arab Emirates · Rwanda

DIRECTORS

AS ON 23.08.2013

Name :

Indranil Basu

Designation :

Director

Address :

Flat No. 101, 1st floor, Sri Sri Paradise Apt, No 97, 3rd Cross Road, New Thippasandra, Bangalore – 560075, Karnataka, India

Date of Birth/Age :

17.09.1972

Date of Appointment :

29.09.2003

DIN No. :

00234312

Name :

Sankey Prasad

Designation :

Managing Director

Address :

1468-B, Kammannahalli St. Thomas Town Post, Bangalore - 560084, Karnataka, India

Date of Birth/Age :

05.04.1962

PAN No. :

24.04.2008

DIN No. :

00234565

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	U74140KA2003PTC031477	SYNERGY PROPERTY DEVELOPMENT SERVICES PRIVATE LIMITED	Managing director	24/04/2008	26/02/2003	-	Active	NO
2	U74210KA2004PTC034725	SYMMETRICS DEVELOPMENT SERVICES PRIVATE LIMITED	Director	20/09/2004	20/09/2004	20/08/2007	Active	NO
3	U70101KA2008PTC045082	MAINLAND REALTIES PRIVATE LIMITED	Director	14/05/2008	14/05/2008	-	Active	NO
4	U45201KA2010PTC056117	CHERRY INFRA AND TECH SOLUTIONS PRIVATE LIMITED	Director	02/12/2010	02/12/2010	-	Active	NO
5	U72200KA2011PTC058220	ASPELEC TECHNOLOGIES PRIVATE LIMITED	Director	19/04/2011	19/04/2011	30/07/2011	Active	NO
6	U74999KA2011PTC058780	Thermo Control Facility Management Services Private Limited	Director	24/05/2011	24/05/2011	23/06/2011	Active	NO
7	U74200KA2011PTC061124	SEED Engineering Consultants Private Limited	Director	11/11/2011	11/11/2011	25/07/2013	Active	NO
8	U70100KA2014PTC073649	Supernus Property Development Services Private Limited	Director	14/02/2014	14/02/2014	-	Active	NO
9	AAB-2032	COGNIZE CONSULTING LLP	Designated Partner	05/11/2012	05/11/2012	-	Active	NO
10	AAA-7034	FORTIUS INFRADEVELOPERS LLP	Designated Partner	24/03/2014	24/03/2014	-	Active	NO

Name :

Asheesh Mohta

Designation :

Alternate director

Address :

22 Belvedere Road, Alipore, Kolkatta, West Bengal – 700027, Kolkata, India

Date of Birth/Age :

25.12.1977

Date of Appointment :

24.08.2012

DIN No. :

00358583

Name :

Tuhin Arvind Parikh

Designation :

Director

Address :

Flat No.1-C, Takshashila Apts, Tagaore RD, Santa Cruz, Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

22.03.1973

Date of Appointment :

04.09.2008

DIN No. :

00544890

Name :

Jayantilal Vaitha Amrutlal

Designation :

Whole-time director

Address :

197/1, 6th Main Road, Defence Colony, Indiranagar, Bangalore, Karnataka, India

Date of Birth/Age :

03.10.1965

Date of Appointment :

29.09.2003

DIN No. :

01824418

Name :	Arnab Ghosh
Designation :	Whole-time director
Address :	P-210 Lake Terrace, Kolkata - 700 029, West Bengal, India
Date of Birth/Age :	08.12.1969
Date of Appointment :	03.0.2008
DIN No. :	01964597

Name :	Stuart Morrison Grant
Designation :	Nominee Director
Address :	Flat 1 11/F, Tavistock, 10 Tregunter Path, Hong Kong
Date of Birth/Age :	08.6.1968
Date of Appointment :	24.08.2012
DIN No. :	03359627

KEY EXECUTIVES

Name :	Mr. Manoj Singh
Designation :	Manager – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.08.2013

Shareholders file details are attached.

AS ON 24.03.2014

Name of shareholders	No. of Shares
Amit Jaitly	150
Anil Dwivedi	300
Anil G Nair	300
Burli Srikanth Rao	375
C M Ramakumar	186
G Raja	105
Jatin Shah	375
K Gurumoorthy	105
Liju B Eapen	300
M Govindan Kutty	300
M V Bose	180
N Rajhashekar	225
P R Viswanathan	225
Revathi S T	105
Ryan C Mazumdar	375
S M Veeresh	338
Tanwir Akhter	338
Tarunankur Nag	375
Total	4657

AS ON 23.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	34.46
Directors or relatives of Directors	29.54
Other top fifty shareholders	36.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the business of project and construction management, turnkey contracts, architecture, and other related activities.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Retailers and Others

No. of Employees :

700 (Approximately)

Bankers :

Axis Bank Limited, "Nitesh Timesquare", I Floor, No.8, M G Road, Bangalore - 560001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans taken for vehicles	0.701	1.399
Total	0.701	1.399

Banking Relations :	--
Auditors :
Name :	Ajit and Vivek Chartered Accountants
Address :	# 7, 3rd Floor, North Park Road, Sheshadripuram
PAN No.:	AABFA3686M
Subsidiary :	Synergy Property Development Services SDN. BHD., Malaysia
Enterprises which are significantly influenced by the owners having significant voting powers in the company :	· DLF Southern Homes Private Limited [U45201DL2006PTC147276] · DLF Southern Towns Private Limited [U45201DL2006PTC148094] · Manyata Promoters Private Limited · Pune Embassy Projects Private Limited [U70102KA2007PTC041347] · Pune Dynasty Projects Private Limited · Seed Engineering Consultants Private Limited [U74200KA2011PTC061124]

CAPITAL STRUCTURE

AFTER 23.08.2013

Authorised Capital : Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.10.149 Millions

AS ON 23.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,100,000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,009,516	Equity Shares	Rs.10/- each	Rs. 10.095 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,100,000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,07,516	Equity Shares	Rs.10/- each	Rs. 10.075 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	10.075	9.940	9.940
(b) Reserves & Surplus	742.364	550.790	441.767
(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)	752.439	560.730	451.707
(3) Non-Current Liabilities
(a) long-term borrowings	0.701	1.399	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.919	1.996	4.874
(d) long-term provisions	2.001	0.000	0.000
Total Non-current Liabilities (3)	7.621	3.395	4.874
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1,898.915	1,225.727	936.145
(c) Other current liabilities	78.940	81.841	65.504
(d) Short-term provisions	323.460	242.800	142.175
Total Current Liabilities (4)	2,301.315	1,550.368	1,143.824
TOTAL	3,061.375	2,114.493	1,600.405
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.831	22.097	16.032
(ii) Intangible Assets	5.854	7.464	2.947
(iii) Capital work-in-progress	4.424	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.882	6.882	6.882
(c) Deferred tax assets (net)	5.721	4.904	2.114
(d) Long-term Loan and Advances	6.419	11.441	6.914
(e) Other Non-current assets	770.239	895.428	904.863
Total Non-Current Assets	824.370	948.216	939.752
(2) Current assets
(a) Current investments	745.569	171.160	24.130
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1,089.944	674.549	590.672
(d) Cash and cash equivalents	327.038	297.594	24.854
(e) Short-term loans and advances	74.454	22.974	20.997
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2,237.005	1,166.277	660.653
TOTAL	3,061.375	2,114.493	1,600.405

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	4,019.500	2,692.600	1,891.200
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	494.400	348.000	237.600
Less/ Add	DEPRECIATION/ AMORTISATION	10.400	7.000	5.700
	PROFIT/ (LOSS) BEFORE TAX	484.000	341.000	231.900
Less	TAX	156.200	107.000	77.300
	PROFIT/ (LOSS) AFTER TAX	327.800	234.000	154.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	NA	NA
Less	APPROPRIATIONS
	Transfer to General Reserve	32.700	23.400	15.500
	Dividend	170.900	107.600	51.600
	Tax on Dividend	23.800	17.400	8.400
	Balance Carried to the B/S	NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	18.678	13.040	18.256
	TOTAL EARNINGS	18.678	13.040	18.256
	IMPORTS
	Turnkey Project Material	56.504	6.701	42.104
	TOTAL IMPORTS	56.504	6.701	42.104
	Earnings / (Loss) Per Share (Rs.)	32.53	23.54	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	12.04	12.66	12.26
Return on Total Assets (PBT/Total Assets}	(%)	15.90	16.22	14.57
Return on Investment (ROI) (PBT/Networth)		0.64	0.60	0.51
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.97	0.75	0.58

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	9.940	9.940	10.075
Reserves & Surplus	441.767	550.790	742.364
Net worth	451.707	560.730	752.439
long-term borrowings	0.000	1.399	0.701
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	1.399	0.701
Debt/Equity ratio	0.000	0.002	0.001

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)
Revenue from operations	1,891.200	2,692.600	4,019.500
		42.375	49.280

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1,891.200	2,692.600	4,019.500
Profit/(Loss) After Tax	154.600	234.000	327.800
	8.17%	8.69%	8.16%

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	Yes
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	Yes
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	No

SEGMENTAL INFORMATION :

Primary Segments :

The primary reporting of the company has been performed on the basis of business segment. The Company is organized into two business segments, Construction Engineering services and Turnkey construction contracts. Segments have been identified and reported based on the nature of services, risks and returns and internal reporting systems .

BACKGROUND

Synergy Property Development Services Private Limited was incorporated under Companies Act, 1956 on January 16, 2003. Company is engaged in the business of project and construction management, turnkey contracts, architecture, and other related activities.

FINANCIAL RESULTS

There are no significant material changes in the financial commitments of the Company since the date of Balance Sheet to the date of this report.

The year resulted in an increase of 49 % in turnover and 42% in profit before tax. This achievement is in spite of a bleak scene in realty sector.

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10126499	12/06/2014 *	150,000,000.00	Axis Bank Limited	CORPORATE BANKING BRANCH, EXPRESS BUILDING, SECOND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE, KARNATAKA - 560001, INDIA	C06534762

* Date of charge modification

FIXED ASSETS

· Building

· 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 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] 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.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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

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