MIRA INFORM REPORT

Report Date :

11.11.2014

IDENTIFICATION DETAILS

Name :	JAI MAHARASHTRA NAGAR DEVELOPMENT PRIVATE LIMITED
Registered Office :	312/313, B Wing Edge II, Off W. E. Highway, Borivali (East), Mumbai - 400066 Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.10.2010
Com. Reg. No.:	11-209117
Capital Investment / Paid-up Capital :	Rs. 399.781 Millions
CIN No.: [Company Identification No.]	U45202MH2010PTC209117
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AACCJ4893M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engage into Development of Lands.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1100000
Status :	Project Under Development
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a special; purpose vehicle jointly promoted by Mumbai based promoters group “Shubh Group” and private equity investor, “Signature Realty Advisory India Private Limited” for undertaking redevelopment of the Jai Maharashtra Nagar Co-operative Housing Federation Limited situated at Borivali (East) near Magathane bus depot on the land owned by MHADA in Mumbai. The management has not yet commenced any commercial activity as a result of time log in receipt of critical regulatory approvals which has impacted the project execution risks. Moreover, there are some disputes pertaining to co-development between the promoters and the third party, where the subject has also been made a party to the litigation which may impact the progress of the project. Moreover, trade relations may improve. Business is active. Payment terms are unknown. In view of the long standing experience and demonstrated track record of the promoters along with the attractive location of the project, the company can be considered for business dealings on a fully safe and secured 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Non-Convertible Debenture Programme “B”
Rating Explanation	High Risk of Default Regarding Timely Servicing of Financial Obligations.
Date	December 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

Management non co-operative (91-9833329090 / 9967340275)

LOCATIONS

Registered Office :	312/313, B Wing Edge II, Off W. E. Highway, Borivali (East), Mumbai - 400066 Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9833329090 / 9967340275
Fax No.:	Not Available
E-Mail :	rahoulteli@gmail.com nishant.gg@gmail.com laxmihsg@rwdiffmail.com

DIRECTORS

As on 31.07.2014

Name :

Mr. Nishant Prakash Gondhalekar

Designation :

Director

Address :

A-8, Ujwal Chs, Kandarpada, Dahisar (West), Mumbai - 400068, Maharashtra, India

Date of Birth/Age :

05.10.1987

Date of Appointment :

17.07.2013

DIN No.:

05184777

Name :

Mr. Uday S. Surve

Designation :

Director

Address :

502, 5^th Floor, Mitasu Appartment, Odhav Nagar, Borivali (East), Mumbai‐400066, Maharashtra, India

Date of Birth/Age :

05.07.1972

Date of Appointment :

18.10.2010

DIN No.:

02053869

PAN No.:

AOVPS1517B

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	U45201MH2006PTC166118	SHREE SHUBH BUILDERS PRIVATE LIMITED	Director	12/12/2006	12/12/2006	19/04/2012	Active	NO
2	U55101MH2006PTC166293	SHUBH HOTELS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	-	Active	NO
3	U45204MH2008PTC181435	SAAGA INFRA PROJECTS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active	NO
4	U55101MH2009PTC190056	SAAGA HOSPITALITY PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
5	U45206MH2009PLC198112	SHUBH EDIFICE LIMITED	Director	24/12/2009	24/12/2009	10/07/2012	Active	NO
6	U45201MH2001PTC132639	GLORIOUS CONSTURCTION COMPANY PRIVATE LIMITED	Director	16/06/2010	16/06/2010	29/02/2012	Active	NO
7	U45202MH2010PTC209117	JAI MAHARASHTRA NAGAR DEVELOPMENT PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
8	U74900MH2011PTC216025	ANNANYA RESORTS AND RESIDENCES PRIVATE LIMITED	Director	11/04/2011	11/04/2011	-	Active	NO
9	U45209MH2011PTC217533	DINDOSHI NAGAR DEVELOPMENT COMPANY PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
10	U74120MH2011PTC218532	ANNANYA KAVIR RESORTS AND RESIDENCES PRIVATE LIMITED	Director	10/06/2011	10/06/2011	-	Active	NO
11	U74300MH2011PTC221870	SAAGA INTERACTIVE PRIVATE LIMITED	Director	11/09/2011	11/09/2011	-	Active	NO
12	U70102MH2012PTC229126	BT REAL ESTATE PRIVATE LIMITED	Director	16/10/2012	16/10/2012	-	Active	NO

Name :

Mr. Sanjay Darolia

Designation :

Nominee Director

Address :

133, N.S.C. Bose Road, Sumangal Appartment., Flat No. 111, Kolkata 700040, West Bengal, India

Date of Birth/Age :

16.03.1970

Date of Appointment :

08.08.2012

DIN No.:

00843229

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	U73100WB2006PTC110866	TCG LIVINGSPACES PRIVATE LIMITED	Additional director	01/03/2007	01/03/2007	-	Active	NO
2	U74210WB1998PTC087711	BOULEVARD SERVICES PRIVATE LIMITED	Director	26/03/2007	26/03/2007	01/08/2014	Active	NO
3	U72200WB1997PTC084182	TECHNA INFRASTRUCTURE PRIVATE LIMITED	Director	22/09/2008	01/10/2007	01/08/2014	Active	NO
4	U70101WB2007PTC118509	EARNEST TOWERS PRIVATE LIMITED	Director	18/01/2008	18/01/2008	26/06/2008	Active	NO
5	U70101DL1996PTC078754	DEEP-MALA BUILDERS PRIVATE LIMITED	Director	20/08/2008	21/06/2008	01/08/2014	Active	NO
6	U70101DL1996PTC078897	ATTRACTIVE CONSTRUCTION PVT LTD	Director	20/08/2008	21/06/2008	01/08/2014	Active	NO
7	U70101DL1996PTC078918	NEEL-KAMAL BUILD INVEST PRIVATE LIMITED	Director	20/08/2008	21/06/2008	01/08/2014	Active	NO
8	U70101DL1996PTC078917	GLORIOUS CONSTRACT INVEST PRIVATE LIMITED	Director	20/08/2008	21/06/2008	01/08/2014	Active	NO
9	U70101DL1996PTC078753	ENERGETIC CONSTRUCTION PRIVATE LIMITED	Director	20/08/2008	21/06/2008	-	Active	NO
10	U29211WB1995PTC076155	TCG REAL ESTATE INVESTMENT MANAGEMENT CO PRIVATE LIMITED	Director	27/09/2011	01/11/2010	-	Active	NO
11	U70101WB1993PTC057523	TCG SOFTWARE PARKS PRIVATE LIMITED	Director	27/09/2011	01/11/2010	-	Active	NO
12	U70100DL2010PTC203718	BLUE BELL PROPTECH PRIVATE LIMITED	Nominee director	05/07/2011	05/07/2011	-	Active	NO
13	U67190MH2008PTC186410	ALTERNATIVE CAPITAL SERVICES TRUSTEE COMPANY PRIVATE LIMITED	Director	07/08/2012	01/06/2012	-	Active	NO
14	U45202MH2010PTC209117	JAI MAHARASHTRA NAGAR DEVELOPMENT PRIVATE LIMITED	Nominee director	08/08/2012	08/08/2012	-	Active	NO
15	U45400MH2007PTC171668	VORNADO HINJEWADI TOWNSHIP PRIVATE LIMITED	Director	25/09/2012	18/09/2012	-	Active	NO
16	U70101WB1995PTC071971	COPPOLA HOLDINGS PVT LTD	Additional director	21/09/2012	21/09/2012	-	Active	NO
17	U70101WB1995PTC072131	ECLIPSE TRADES PVT.LTD.	Director	15/11/2012	15/11/2012	-	Active	NO
18	U70101WB1995PTC072132	DANKE DEALERS PVT.LTD.	Director	15/11/2012	15/11/2012	-	Active	NO
19	U65999WB1995PTC071970	INDIAVANTAGE FINCORP PRIVATE LIMITED	Director	15/11/2012	15/11/2012	-	Active	NO

Name :

Mr. Vijay Krishna Chaudhry

Designation :

Nominee Director

Address :

6126 ‐ A, Ramshorn Dr. Mclean, Va, 22101, United States Of America

Date of Birth/Age :

19.01.1945

Date of Appointment :

08.08.2012

DIN No.:

02761079

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	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	31/07/2012	22/08/2009	-	Active	NO
2	U70100DL2010PTC203718	BLUE BELL PROPTECH PRIVATE LIMITED	Nominee director	05/07/2011	05/07/2011	-	Active	NO
3	U45202MH2010PTC209117	JAI MAHARASHTRA NAGAR DEVELOPMENT PRIVATE LIMITED	Nominee director	08/08/2012	08/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Pooja Gandhi
Designation :	Secretary
Address :	A‐501, Hiren Chsl, Gokhale Road, Dahanukarwadi, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	09.11.1985
Date of Appointment :	19.03.2014
PAN No.:	BAEPP2103C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.07.2014

Equity Shareholder

Names of Shareholders	No. of Shares
Volsacom Services Limited, Cyprus	1000
Volsacom Services Limited, Cyprus	7500
Signature Realty Advisors India Private Limited, India	54000
Mr. Uday S. Surve	21600
Mr. Govind Trikamdas Samani	21600
Shubh Edifice Limited, India	22800
Signature Realty Advisors India Private Limited, India	10000
Total	138500

Preference Shareholder

Names of Shareholders	No. of Shares
Shubh Edifice Limited, India	9922800
Signature Realty Advisors India Private Limited, India	29916800
Total	39839600

Equity Share Break up (Percentage of Total Equity)

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	6.14
Bodies corporate	62.67
Directors or relatives of Directors	31.19
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engage into Development of Lands.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Non-convertible debentures intercorporate	350.000	1000.000
Total	350.000	1000.000

Banking Relations :	---
Auditors :
Name :	Deloitte Haskins Chartered Accountant
Address :	B EngalIntelligent Park Building, Alpha 1^st Floor, Plot No A2 M2 and N2, Block EP and GP Sec V Salt Lake, Electronics Complex, Kolkata – 700091, West Bengal, India
PAN No.:	AADFD5357J
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates :	Signature Realty Advisors India Private Limited, India CIN No. U74140DL2009PTC187473

CAPITAL STRUCTURE

As on 31.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
40000000	Preference Shares	Rs.10/- each	Rs. 400.000 Millions
	Total		Rs. 410.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
138500	Equity Shares	Rs.10/- each	Rs. 1.385 Millions
39839600	Preference Shares	Rs.10/- each	Rs. 398.396 Millions
	Total		Rs. 399.781 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	399.781	399.781	0.660
(b) Reserves & Surplus	(10.958)	(14.732)	0.070
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	227.300
Total Shareholders’ Funds (1) + (2)	388.823	385.049	228.030
(3) Non-Current Liabilities
(a) long-term borrowings	902.409	1402.409	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	499.841	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1402.250	1402.409	0.000
(4) Current Liabilities
(a) Short term borrowings	2.575	2.575	5.090
(b) Trade payables	14.878	25.879	7.147
(c) Other current liabilities	909.227	464.854	0.483
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	926.680	493.308	12.720
TOTAL	2717.753	2280.766	240.750
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.047	0.051	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.695	3.564	0.000
(e) Other Non-current assets	2.610	20.639	0.010
Total Non-Current Assets	16.352	24.254	0.010
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1598.315	1286.256	240.088
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	509.466	727.243	0.487
(e) Short-term loans and advances	570.521	230.247	0.155
(f) Other current assets	23.099	12.766	0.010
Total Current Assets	2701.401	2256.512	240.740
TOTAL	2717.753	2280.766	240.750

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013
PROFIT AFTER TAX	3.774	(15.020)
Earnings Per Share (Rs.)	0.09	(0.37)

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	2.33	3.65	0.02
Current Ratio (Current Asset/Current Liability)	2.92	4.57	18.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.660	399.781	399.781
Reserves & Surplus	0.070	(14.732)	(10.958)
Share Application money pending allotment	227.300	0.000	0.000
Net worth	228.030	385.049	388.823
long-term borrowings	0.000	1402.409	902.409
Short term borrowings	5.090	2.575	2.575
Total borrowings	5.090	1404.984	904.984
Debt/Equity ratio	0.022	3.649	2.327

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	No
12]	Profitability for last two 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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE: The register address of the company has been shifted from 406, Western Edge I, Western Express Highway, Borivali (East), Mumbai - 400066 Maharashtra, India to the present address w.e.f 01.09.2014

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Fully convertible debentures intercorporate	399.889	399.889
Loans and advances from related parties	152.520	2.520
Short Term Borrowing
Loans repayable on demand	2.575	2.575
Total	554.984	404.984

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FINANCIAL RESULT

During the year, the company has registered profit for the year of Rs 3.774 Millions against loss of Rs 15.020 Millions in Financial Year 2012/13. Currently project is under development / approval stage.

FIXED ASSETS

• Office Equipment
• Computer Equipments
• Other Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.45
UK Pound	1	Rs.97.75
Euro	1	Rs.76.67

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.