MIRA INFORM REPORT

Report Date :

31.07.2014

IDENTIFICATION DETAILS

Name :	BA CONTINUUM INDIA PRIVATE LIMITED (w.e.f. 15.09.2010)
Formerly Known As :	BA CONTINUUM SOLUTIONS PRIVATE LIMITED CONTINUUM SOLUTIONS PRIVATE LIMITED
Registered Office :	Building No.5, Mindspaceraheja IT Park, Hi-Tech City, Madhapur, Hyderabad – 500081, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.10.2003
Com. Reg. No.:	01-041835
Capital Investment / Paid-up Capital :	Rs. 727.575 Millions
CIN No.: [Company Identification No.]	U72200TG2003PTC041835
PAN No.: [Permanent Account No.]	AACCC2310C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing information technology enabled services to Bank of America National Association, the fellow subsidiary company and its affiliates.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 62370000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “BA Continuum Mauritius Holdings Limited, Mauritius”. It is an established company having fine track record. The company possesses a sound financial profile marked by healthy networth base and comfortable capital structure with zero debt. Moreover, the management enjoys a strong liquidity position as a result of huge portfolio of liquid assets and a favourable gap between trade receivalbes and payables. Management has reported a better growth in its netprofitability during FY 13. Trade relations are trustworthy. Business is active. Payment terms are reported as regular and as per commitments. In view of strong and reputed parentage, the subject can be considered good for business dealings at usual trade terms and coditions.

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-33844000)

LOCATIONS

Registered Office :	Building No.5, Mindspaceraheja IT Park, Hi-Tech City, Madhapur, Hyderabad – 500081, Telangana, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	radhika.tadigadapa@bankofamerica.com
Website :	careers.bankofamerica.com

DIRECTORS

As on 23.09.2013

Name :

Mr. Amit Chandra

Designation :

Director

Address :

K-1419, Palam Vihar, Gurgaon – 122017, Haryana, India

Date of Birth/Age :

30.08.1959

Date of Appointment :

22.09.2010

PAN No.:

AAFPC1996C

DIN No. :

01629775

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	U72900DL2007PTC167700	ORANGE SERVICES INDIA PRIVATE LIMITED	Managing director	23-10-2007	03-09-2007	17-07-2008	Active	NO
2	U72200TG2003PTC041835	BA CONTINUUM INDIA PRIVATE LIMITED	Director	22-09-2010	20-02-2010	-	Active	NO

Name :

Madhuri Aniruddha Deshpande

Designation :

Director

Address :

101, Kaveri, Bhardawadi Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

19.08.1958

Date of Appointment :

23.09.2013

DIN No. :

02254407

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	U27107MH1997PTC105207	WELDING ALLOYS (INDIA) PRIVATE LIMITED	Director	17-01-1997	17-01-1997	10-03-2013	Active	NO
2	U51900MH1989PTC051565	FILWEL PRODUCTS INDIA PRIVATE LIMITED	Director	20-02-2013	20-02-2013	-	Active	NO
3	U29220MH1990PTC059150	MAKVIN AUTOMATION PRIVATE LIMITED	Director	21-02-2013	21-02-2013	-	Active	NO
4	U72200TG2003PTC041835	BA CONTINUUM INDIA PRIVATE LIMITED	Director	23-09-2013	12-08-2013	-	Active	NO

Name :

Mr. Mohit Kapoor

Designation :

Director

Address :

601, Varuna My Home, Navadweepa, Madhapur, Hyderabad – 500081, Andhra Pradesh, India

Date of Birth/Age :

22.07.1968

Date of Appointment :

23.09.2013

DIN No. :

06653273

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	Company/ LLP Status	Defaulting status
1	U72200TG2003PTC041835	BA CONTINUUM INDIA PRIVATE LIMITED	Director	23-09-2013	12-08-2013	Active	NO

Name :

Mr. William Mc Lean Caywood

Designation :

Director

Address :

727, Mendenhall CT, Fort Mill, South Carolina, 297157852

Date of Birth/Age :

09.11.1962

Date of Appointment :

23.09.2013

DIN No. :

06654776

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	Company/ LLP Status	Defaulting status
1	U72200TG2003PTC041835	BA Continuum India Private Limited	Director	23-09-2013	12-08-2013	Active	NO

KEY EXECUTIVES

Name :	R K Mehta
Designation :	Secretary
Address :	Flat No. 39, Sector-4, Pushpanjali Appartment, Plot No. 10, Dwarka, New Delhi – 110075, India
Date of Birth/Age :	16.10.1961
Date of Appointment :	05.07.2011
PAN No.:	AAGPM0893B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2013

Names of Shareholders	No. of Shares
BA Continuum Mauritius Holdings Limited	72757498
BA Continuum Singapore International Holdings Private Limited	2
Total	72757500

As on 23.09.2013

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing information technology enabled services to Bank of America National Association, the fellow subsidiary company and its affiliates.

Products :

Item Code No. (ITC Code)	Product Description
99831595	Software

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Divulged

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans taken for vehicles (Loan taken from Financial Institution against hypothecation of vehicles)	0.023	1.361
Total	0.023	1.361

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park (West), Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Holding Company :	BA Continuum Mauritius Holdings Limited, Mauritius
Ultimate Holding Company :	Bank of America Corporation, United States
Fellow Subsidiary Company :	· Merrill Lynch International Inc. USA Bank of America N.A, USA Bank of America N.A, India Branches Merrill Lynch, Pierce Fenner and Smith Inc. Merrill Lynch Holdings (Mauritius) CWTech Solutions Limited BA Continuum Singapore International Holdings Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
92,750,000	Equity Shares	Rs.10/- each	Rs. 927.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72,757,500	Equity Shares	Rs.10/- each	Rs. 727.575 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	727.575	727.575	670.149
(b) Reserves & Surplus	14865.289	11541.413	9511.260
(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)	15592.864	12268.988	10181.409
(3) Non-Current Liabilities
(a) long-term borrowings	0.023	1.361	6.684
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	688.255	525.461	349.232
Total Non-current Liabilities (3)	688.278	526.822	355.916
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	374.995	269.390	212.525
(c) Other current liabilities	874.442	3044.040	2636.538
(d) Short-term provisions	178.604	157.985	87.972
Total Current Liabilities (4)	1428.041	3471.415	2937.035
TOTAL	17709.183	16267.225	13474.360
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1396.110	1768.035	1754.519
(ii) Intangible Assets	62.056	97.153	76.819
(iii) Capital work-in-progress	227.274	22.100	15.767
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	907.369	723.698	442.094
(d) Long-term Loan and Advances	1220.369	1173.416	1205.705
(e) Other Non-current assets	12.692	13.089	9.875
Total Non-Current Assets	3825.870	3797.491	3504.779
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	11.722
(d) Cash and cash equivalents	13165.453	11402.028	9276.922
(e) Short-term loans and advances	684.301	1003.553	660.541
(f) Other current assets	33.559	64.153	20.396
Total Current Assets	13883.313	12469.734	9969.581
TOTAL	17709.183	16267.225	13474.360

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	23024.369	22537.059
		Other Income	821.874	740.591
		TOTAL (A)	23846.243	23277.650	18814.130
Less	EXPENSES
		Employees benefits expense	13339.659	12676.005
		Other expenses	5218.195	5039.245
		TOTAL (B)	18557.854	17715.250
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5288.389	5562.400
Less	FINANCIAL EXPENSES (D)		2.594	3.125
					NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5285.795	5559.275
Less/ Add	DEPRECIATION/ AMORTISATION (F)		973.052	1247.810
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		4312.743	4311.465
Less	TAX (H)		988.867	1187.431
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3323.876	3124.034	3576.722
	EARNINGS IN FOREIGN CURRENCY		23024.369	22537.059	18333.345
	Earnings / (Loss) Per Share (Rs.)		45.68	42.94	53.37

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	13.94	13.42	19.01
Net Profit Margin (PBT/Sales)	(%)	18.73	19.13	NA
Return on Total Assets (PBT/Total Assets}	(%)	26.02	27.78	NA
Return on Investment (ROI) (PBT/Networth)		0.28	0.35	NA
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		9.72	3.59	3.39

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	670.149	727.575	727.575
Reserves & Surplus	9511.260	11541.413	14865.289
Net worth	10181.409	12268.988	15592.864
long-term borrowings	6.684	1.361	0.023
Short term borrowings	0.000	0.000	0.000
Total borrowings	6.684	1.361	0.023
Debt/Equity ratio	0.001	0.000	0.000

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)
Total Income	18814.130	23277.650	23846.243
		23.724	2.443

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	18814.130	23277.650	23846.243
Profit	3576.722	3124.034	3323.876
	19.01%	13.42%	13.94%

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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN 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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

BACKGROUND

The Company was incorporated in India on 10^th October 2003. The company is registered with the Software Technology Park and Special Economic Zone in India and is engaged in providing information technology enabled services to Bank of America National Association, the fellow subsidiary company and its affiliates.

AMALGAMATION OF THE COMPANY WITH BA CONTINUUM PRIVATE LIMITED THE "TRANSFEROR COMPANY"

Effective April 1, 2009 BA Continuum Private Limited (Transferor Company) is amalgamated with the Transferee Company vide Mumbai and Andhra Pradesh High Court Orders dated October 14, 2011 and August 20, 2011 respectively and filing of Amalgamation Scheme with Mumbai and Hyderabad Registrar of Companies dated November 16, 2011 and December 9, 2011 respectively.

The Transferor company and Transferee company are engaged in the business of providing information technology and information technology enabled services to its affiliate Companies.

The Amalgamation has been accounted for under the ‘pooling of interests’ method as prescribed by Accounting Standard – 14, ‘Accounting for Amalgamation’, issued by the Institute of Chartered Accountants of India. Accordingly, the Assets, Liabilities and Reserves of Transferor Company as at April 1, 2009 have been taken over at their book values. The significant accounting policies of the two companies are consistent except depreciation accounting. The impact of the same has been calculated and adjusted in the financial statements.

Pursuant to the scheme of amalgamation, any differences in accounting policy between Transferor Company and Transferee Company, the impact of the same till appointed date should be directly adjusted in the General Reserve transferred from Transferor Company to Transferee Company.

However since there is a nil balance in the General Reserve of the Transferor Company, the difference amounting to Rs. 48.498 Millions is adjusted against the surplus in Statement of Profit and Loss of Transferor Company, pursuant to the scheme of amalgamation.

Post appointed date, the difference amounting to Rs. 111.250 Millions on account of change in accounting policy has been adjusted with surplus of Statement of Profit and Loss of the transferee company.

Pursuant to the said scheme of Amalgamation, the Authorised Share Capital of the Transferee Company has been increased from Rs. 827.500 Millions divided into 82,750,000 Equity Shares of Rs.10 each to Rs. 927.500 Millions divided into 92,750,000 Equity Shares of Rs.10 each.

Pursuant to the said Scheme of Amalgamation, the company has issued 9,442,623 Equity Shares of Rs. 10 each

aggregating to Rs. 94.426 Millions as fully paid up to the shareholders of Transferor Company in exchange of fully paid up equity shares held by them in the share exchange ratio of 100 fully paid equity shares of the Transferee Company for 61 fully paid up equity share held in Transferor Company. These shares are allotted to the shareholders of Transferor Company on February 9, 2012.

FIXED ASSETS

Tangible ASSETS

· Plant and equipment

Furniture and Fixtures

Vehicles

Office Equipment

Other Equipments

Computer Equipments

Leasehold Improvements

Intangible Assets

· Computer Software

PRESS RELEASE

BANK OF AMERICA TO CUT 3,000 SUPPORT JOBS ACROSS LATIN AMERICA, ASIA

Apr 9, 2014

(Reuters) - Bank of America Corp (BAC.N) said on Wednesday that it will close three foreign offices and eliminate about 3,000 jobs over the next nine to 12 months in an effort to simplify its global operations.

Offices that provide technological and operational support in San Jose, Costa Rica; Guadalajara, Mexico, and Taguig City, Philippines, will be shut down, a Bank of America spokesman said in an emailed statement.

All three centers were part of a nonbank subsidiary called BA Continuum that provided back-office, customer and technological support to divisions such as mortgage banking and insurance. BA Continuum maintains another location in India that will remain open.

The Bank of America spokesman said the company wanted to give the affected employees as much advance notice of the layoffs as possible to enable them to look for new jobs.

Some of the duties performed by these workers will eventually be moved to other locations, the spokesman said.

The closures should not have any impact on Bank of America's capital markets businesses in Latin America, the spokesman added.

Wednesday's job cuts are the latest in a series at the Charlotte, North Carolina-based company. Bank of America employed 242,117 full-time workers at the end of 2013, down 9 percent from the 267,190 full-time staffers it had on its payroll at the end of 2012.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.60.15
UK Pound	1	Rs.101.92
Euro	1	Rs.80.64

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.