MIRA INFORM REPORT

Report Date :

27.06.2014

IDENTIFICATION DETAILS

Name :	METRO CASH AND CARRY INDIA PRIVATE LIMITED
Registered Office :	#26/3, Industrial Suburbsward, #9, A Block, Subramanyanagar, Bangalore - 560055, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.01.2001
Com. Reg. No.:	08-028483
Capital Investment / Paid-up Capital :	Rs.10206.310 Millions
CIN No.: [Company Identification No.]	U51909KA2001PTC028483
TAN No.: [Tax Deduction & Collection Account No.]	BLRM05339F
PAN No.: [Permanent Account No.]	AACCM4684P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Wholesaler of Food Products and Non-Food Products.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There are accumulated losses recorded by the company. However, sales of the company has increased in the year 2013. Subject company continues to derive strong financial and operational support from its holding company i.e. Metro Cash and Carry International Gmbh. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of strong holding, company can be considered for business dealing at usual trade terms and conditions. Note: Company has changed its financial year from 12 months to 15 months.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	20.03.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1
Rating Explanation	Very strong degree and lowest credit risk
Date	20.03.2014

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 31-03-2012.

INFORMATION DENIED

Management Non-Cooperative (Tel No.: 91-80-22192306)

LOCATIONS

Registered Office :	#26/3, Industrial Suburbsward #9, A Block, Subramanyanagar, Bangalore- 560055, Karnataka, India
Tel. No.:	91-80-22192000/ 22192245 / 25353827/ 25092237/ 22192307 / 22192308
Fax No.:	91-80-22192200/ 25092236/ 22192199
E-Mail :	mukesh.dugur@metro.co.in mookambika@metro.co.in rahul.jha@metro.co.in
Website :	http://www.metro.co.in http://www.metro.de
Branch Office :	Kanakpura Road, Bangalore – 560062, Karnataka, India Also Located at : Hyderabad Kolkata Ludhiana Mumbai

DIRECTORS

As on 27.09.2013

Name :

Mr. Rajeev Bakshi

Designation :

Managing director

Address :

Banghi Residency, 12^th Floor, TTA Palki Lane, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

07.05.1957

Date of Appointment :

23.08.2010

PAN No.:

AGAPB6353R

DIN No.:

00044621

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	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Director	20/10/2000	20/10/2000	-	Active	NO
2	L15140MH1988PLC049208	MARICO LIMITED	Director	17/07/2003	17/07/2003	-	Active	NO
3	U72200MH1989PLC166901	ICICI VENTURE FUNDS MANAGEMENT COMPANY LIMITED	Managing director	29/09/2008	11/02/2008	01/12/2009	Active	NO
4	U24209HR1991PLC048501	AVANTOR PERFORMANCE MATERIALS INDIA LIMITED	Nominee director	30/06/2008	30/06/2008	29/04/2010	Active	NO
5	U85110KA2007PTC043424	I-VEN MEDI-CARE INDIA Private Limited	Director	18/12/2008	22/08/2008	29/04/2010	Active	NO
6	U52599TN1997PLC037948	SUBHIKSHA TRADING SERVICES LIMITED	Nominee director	19/11/2008	19/11/2008	-	Active	YES
7	U22120MH1959PLC011302	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED	Nominee director	30/09/2009	30/03/2009	29/04/2010	Active	NO
8	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS Private Limited	Director	18/11/2009	18/11/2009	07/04/2010	Active	NO
9	L26922HR1980PLC010901	JINDAL STAINLESS LIMITED	Director	27/09/2011	01/07/2010	20/02/2014	Active	NO
10	U51909KA2001PTC028483	METRO CASH AND CARRY INDIA PRIVATE LIMITED	Managing director	23/06/2011	23/08/2010	-	Active	NO
11	U74900PN2011PTC138620	METRO ACCOUNTING CENTER OF EXCELLENCE PRIVATE LIMITED	Director	21/02/2011	21/02/2011	14/07/2011	Active	NO
12	U93000KA2012NPL066853	SVP Philanthropy Foundation	Additional director	27/11/2012	27/11/2012	29/06/2013	Active	NO

Name :

Mr. Alec John Booth

Designation :

Whole-time director

Address :

170, 1^st Block, 2^nd Mani, RMV 2^nd Stage, Dollars Colony, Bangalore-560094, Karnataka, India

Date of Birth/Age :

30.09.1964

Date of Appointment :

09.06.2008

PAN No.:

APIPB0137J

DIN No.:

02115722

Name :

Mr. Mukesh Dugar

Designation :

Director

Address :

A3/ 402, White House, Apartment 6, Main 15 Cross, RT Nagar, Bangalore-560032, Karnataka, India

Date of Birth/Age :

28.04.1968

Date of Appointment :

29.06.2012

DIN No.:

03542956

Name :

Mr. Venkatesh Lakshminarayanan Tarakkad

Designation :

Director

Address :

CE/ DAR A902, Godrej Wood, Sman Estate, Hebbal Circle, Bellary Road, Bangalore-560024, Karnataka, India

Date of Birth/Age :

09.01.1972

Date of Appointment :

29.06.2012

DIN No.:

03617181

Name :

Mr. Saagarika Ghoshal

Designation :

Director

Address :

EL/7 A Abhithveela 39A, 1^st Cross, 3^rd B Block, Kolkata – 560024, West Bengal, India

Date of Birth/Age :

07.02.1969

Date of Appointment :

11.02.2013

DIN No.:

06510559

KEY EXECUTIVES

Name :	Moolakambika R.
Designation :	Secretary
Address :	No. 4, That, 14^th B Cross, Agrahaka, Dasarahalli, Bangalore – 680079, Karnataka, India
Date of Appointment :	28.11.2012
PAN No.:	AXKPM7413L

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
Metro Cash and Carry International GmbH, Germany	1145631384
Metro International Beteiligungs GmbH, Germany	1
Total	1145631385

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
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 :

Trader and Wholesaler of Food Products and Non-Food Products.

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	The Royal Bank of Scotland N.V., Netherlands B N P Paribas, France Credit Agricole Corporate and Investment Bank, France Citibank N.A., United States Deutsche Bank, Germany HSBC Limited, Hong Kong Standard Chartered Bank

Banking Relations :	--
Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560 071, Karnataka, India
PAN No.:	AAIFB7355D
Holding Company :	METRO Cash and Carry International GmbH
Ultimate holding Company :	METRO AG
Partnership firm in which control exists :	METRO Cash and Carry Wines
Employees' Benefit Plans where there is significant influence	MCC India Employees' Provident Fund Trust MCC India Employees' Superannuation Fund Trust
Entities under common control with whom transactions have taken place :	METRO Group Buying GmbH METRO Group Buying International GmbH METRO Group Buying HK Limited METRO Group Information Technology GmbH METRO Jin Jiang Cash and Carry MAKRO Cash and Carry Polska S.A METRO Accounting Centre for Excellence Private Limited RAW Real Estate Asia Pte Limited MCCI Asia Pte Limited METRO Cash and Carry Vietnam Limited METRO Group asset management services GmbH METRO Cash and Carry Pakistan

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs.10/- each	Rs.15000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1145631385	Equity Shares	Rs.10/- each	Rs.11456.314 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs.10/- each	Rs.15000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1020631385	Equity Shares	Rs.10/- each	Rs.10206.310 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10,206.310
(b) Reserves & Surplus	(5,158.700)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	2,500.000
Total Shareholders’ Funds (1) + (2)	7,547.610
(3) Non-Current Liabilities
(a) long-term borrowings	2,826.010
(b) Deferred tax liabilities (Net)	199.380
(c) Other long term liabilities	93.400
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	3,118.790
(4) Current Liabilities
(a) Short term borrowings	950.000
(b) Trade payables	2,176.850
(c) Other current liabilities	1,221.180
(d) Short-term provisions	29.800
Total Current Liabilities (4)	4,377.830
TOTAL	15,044.230
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9,491.780
(ii) Intangible Assets	6.790
(iii) Capital work-in-progress	93.250
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	560.890
(e) Other Non-current assets	6.280
Total Non-Current Assets	10,158.990
(2) Current assets
(a) Current investments	0.000
(b) Inventories	2,308.870
(c) Trade receivables	129.900
(d) Cash and cash equivalents	1,979.550
(e) Short-term loans and advances	466.810
(f) Other current assets	0.110
Total Current Assets	4,885.240
TOTAL	15,044.230

SOURCES OF FUNDS		31.12.2011	31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		8206.310	8206.310
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		4720.510	4720.510
4] (Accumulated Losses)		(8672.460)	(7783.920)
NETWORTH		4254.360	5142.900
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		4824.290	2499.390
TOTAL BORROWING		4824.290	2499.390
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		9078.650	7642.290
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8440.160	6561.340
Capital work-in-progress		264.550	1293.800
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1083.070	554.490
	Sundry Debtors	80.500	48.150
	Cash & Bank Balances	1123.060	360.700
	Other Current Assets	0.000	0.000
	Loans & Advances	405.810	275.590
Total Current Assets		2692.440	1238.930
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1535.420	916.890
	Other Current Liabilities	699.550	475.670
	Provisions	83.530	59.220
Total Current Liabilities		2318.500	1451.780
Net Current Assets		373.940	(212.850)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		9078.650	7642.290

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.12.2011	31.12.2010
	SALES
		Income	31514.420	16248.150	12196.370
		Other Income	140.580	527.990	28.900
		TOTAL	31655.000	16776.140	12225.270
Less	EXPENSES		34407.310	17427.020	13818.450
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(2752.310)	(650.880)	(1593.180)
Less	DEPRECIATION/ AMORTISATION		451.890	237.660	210.750
	PROFIT/(LOSS) BEFORE TAX		(3204.200)	(888.540)	(1803.930)
Less	TAX		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX		(3204.200)	(888.540)	(1803.930)
	EARNINGS IN FOREIGN CURRENCY		712.360	7.060	3.010
	Earnings/ (Loss) Per Share (Rs.)		(2.80)	(1.08)	(2.20)

KEY RATIOS

PARTICULARS		31.03.2013	31.12.2011	31.12.2010
PAT / Total Income	(%)	(10.12)	(5.30)	(14.76)
Net Profit Margin (PBT/Sales)	(%)	(10.17)	(5.47)	(14.79)
Return on Total Assets (PBT/Total Assets}	(%)	(21.43)	(7.98)	(23.13)
Return on Investment (ROI) (PBT/Networth)		(0.42)	(0.21)	(0.35)
Debt Equity Ratio (Total Debt /Networth)		0.50	1.13	0.49
Current Ratio (Current Asset/Current Liability)		1.12	1.16	0.85

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2010	31.12.2011	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	8206.310	8206.310	10206.310
Reserves & Surplus	(7783.920)	(8672.460)	(5158.700)
Share Application money pending allotment	0.000	0.000	2500.000
Net worth	422.390	(466.150)	7547.610
Secured Loans	0.000	0.000	0.000
Unsecured Loans	2499.390	4824.290	3776.010
Total borrowings	2499.390	4824.290	3776.010
Debt/Equity ratio	5.917	(10.349)	0.500

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	12,196.370	16,248.150	31,514.420
		33.221	93.957

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	12,196.370	16,248.150	31,514.420
Profit	(1,803.930))	(888.540)	(3,204.200)
	(14.79%)	(5.47%)	(10.17%)

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions
Long Term Borrowings
Term loans banks unsecured	2826.010
Short Term Borrowings
Rupee term loans banks unsecured	950.000
Total	3776.010

Particulars	31.12.2011 Rs. In Millions
Rupee term loans banks unsecured	4824.290
Total	4824.290

OPERATIONAL PERFORMANCE AND FUTURE OUTLOOK

During the year, the performance of the Company has shown considerable improvement. During the year the Company did not face any new challenges to the Company’s business model / operations. The year ahead promises an improved performance especially with the healthy sales pipeline. The company is confident of increasing the turnover in the coming years.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.28
UK Pound	1	Rs.102.28
Euro	1	Rs.80.05

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		42

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.