MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	SWISS MERCHANDISE INFRASTRUCTURE LIMITED (w.e.f. 31.03.2011)
Formerly Known As :	SWISS MERCHANDISE INFRASTRUCTURE PRIVATE LIMITED (w.e.f. 24.02.2011) SWISS MERCHANDISE PRIVATE LIMITED
Registered Office :	37/2, Chinar Park, New Town, Rajarhat Main Road, P.O. Hatiara, Kolkata – 700157, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.11.2010
Com. Reg. No.:	21-154432
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U45400WB2010PLC154432
PAN No.: [Permanent Account No.]	AAPCS0194K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Construction Activity
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Not yet commenced its business operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company which has not yet started its commercial operations as per the annual report of FY 13. Management of the company remained to be non-cooperative in providing any information. The company is in the process of acquisition of land as a result of which no activity has been started yet whereas has reported huge gearing for satisfying its working capital needs as well as other hefty payable which may affect the liquidity. Management has reported a drastic dip in its income from other source which ended up as a loss as a result of huge pre operating expenses during FY 13. Business is active. Payment terms are unknown. In view of non-commencement of operations and huge liabilities, the company can be considered for business 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 slowly 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.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-22-22690506)

LOCATIONS

Registered Office :	37/2, Chinar Park, New Town, Rajarhat Main Road, P.O. Hatiara, Kolkata – 700157, West Bengal, India
Tel. No.:	91-33-23240063 / 25160069
Fax No.:	91-33-23240023
E-Mail :	sumedh.patil@binani.net

DIRECTORS

As on 28.09.2013

Name :

Mr. Venkatakrishnan Subramanian

Designation :

Director

Address :

GS Flats, 25/A-3, E Abiramapuram, 2nd Street,, Mylapore, Chennai - 600004, Tamilnadu, India

Date of Birth/Age :

25.11.1930

Date of Appointment :

27.01.2011

DIN No.:

00010994

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	U67120MH1983PTC029628	VIJAYSHREE HOLDINGS PRIVATE LIMITED	Director	23/06/1995	23/06/1995	-	Amalgamated	NO
2	U67120MH1983PTC029121	MANJUSHREE HOLDINGS PRIVATE LIMITED	Director	23/06/1995	23/06/1995	-	Amalgamated	NO
3	U65993WB1995PLC090090	WADA INDUSTRIAL ESTATE LIMITED	Director	17/08/1995	17/08/1995	-	Amalgamated	NO
4	U51109WB1995PLC091762	B T COMPOSITES LIMITED	Director	21/08/1998	21/08/1998	-	Active	NO
5	U51909WB1995PTC074957	SURYAMUKHI VINTRADE PRIVATE LIMITED	Director	19/02/1999	19/02/1999	-	Active	NO
6	U27204WB2000PLC091214	BINANI ZINC LIMITED	Director	25/02/2000	25/02/2000	-	Active	NO
7	U67120MH1983PLC029627	SAMBHAW HOLDINGS LIMITED	Director	16/07/2001	16/07/2001	-	Amalgamated	NO
8	U65921MH1995PTC085350	AMRIT KALASH FINANCE Private Limited	Director	21/04/2002	21/04/2002	-	Amalgamated	NO
9	U51909MH2003PTC251239	K.B. VYAPAR PRIVATE LIMITED	Director	23/05/2003	23/05/2003	-	Amalgamated	NO
10	U74999MH1926PTC001249	TRITON TRADING COMPANY PRIVATE LIMITED	Director	09/06/2003	09/06/2003	30/11/2009	Active	NO
11	U51909WB2004PTC097611	BM RETAILERS PRIVATE LIMITED	Director	09/01/2004	09/01/2004	-	Active	NO
12	U28113WB1995PTC103721	TOTAL COMPOSITES PRIVATE LIMITED	Director	06/04/2004	06/04/2004	-	Active	NO
13	U72200WB1996PTC171627	BINANI ENERGY PRIVATE LIMITED	Director	20/06/2008	12/09/2005	-	Active	NO
14	U26941WB1996PLC076612	BINANI CEMENT LIMITED	Director	27/02/2006	27/02/2006	-	Active	NO
15	U26102WB1996PLC080099	GOA GLASS FIBRE LIMITED	Director	23/06/2008	22/10/2007	-	Active	NO
16	U51909WB2008PTC127207	EVEREST GOODS PRIVATE LIMITED.	Director	21/08/2008	21/08/2008	26/07/2011	Active	NO
17	L22100WB1941PLC119187	BINANI METALS LIMITED	Director	26/06/2009	22/04/2009	30/06/2014	Active	NO
18	U74999MH2010PTC199089	Dhaneshwar Solution Private Limited	Director	22/06/2010	22/06/2010	28/03/2011	Amalgamated	NO
19	U70109WB2010PLC155943	MERIT PLAZA LIMITED	Director	20/01/2011	20/01/2011	-	Active	NO
20	U45400WB2010PLC154432	SWISS MERCHANDISE INFRASTRUCTURE LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO
21	L24117WB1962PLC025584	BINANI INDUSTRIES LIMITED	Director	04/08/2012	20/11/2011	30/06/2014	Active	NO

Name :

Thenguvilakom Raghavan Pillai Chandramohanan Nair

Designation :

Director

Address :

Flat No.303, Block B, Runwal Heights, L.B.S.Marg, Mulund (West), Mumbai - 400080, Maharashtra, India

Date of Birth/Age :

18.10.1951

Date of Appointment :

27.06.2011

DIN No.:

00011079

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	U51109WB1995PLC091762	B T COMPOSITES LIMITED	Director	26/06/2000	26/06/2000	-	Active	NO
2	U27100WB1997PTC109653	ESS VEE ALLOYS PRIVATE LIMITED	Director	16/06/2004	16/06/2004	18/09/2012	Active	NO
3	U67120MH1983PTC029614	GALLANT HOLDINGS PRIVATE LIMITED	Director	25/01/2007	25/01/2007	03/09/2013	Active	NO
4	U27204WB2000PLC091214	BINANI ZINC LIMITED	Director	04/08/2012	27/07/2007	24/07/2014	Active	NO
5	U51909MH2009PTC251287	DHARMIK COMMODEAL PRIVATE LIMITED	Director	24/06/2010	30/03/2009	-	Amalgamated	NO
6	U51909WB2009PTC133565	YOGMAYA VINIMAY PRIVATE LIMITED	Director	30/03/2009	30/03/2009	-	Active	NO
7	U74999MH2010PTC199089	DHANESHWAR SOLUTION PRIVATE LIMITED	Director	22/06/2010	22/06/2010	-	Amalgamated	NO
8	U74999MH1926PTC001249	TRITON TRADING COMPANY PRIVATE LIMITED	Director	27/07/2010	27/07/2010	19/04/2012	Active	NO
9	U67120MH1981PTC025857	SAPAN HOLDINGS AND TRADING PRIVATE LIMITED	Director	06/08/2010	06/08/2010	-	Amalgamated	NO
10	U51909WB2008PTC130208	SHIVGANGA AGENCY PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
11	U45400WB2010PLC154432	SWISS MERCHANDISE INFRASTRUCTURE LIMITED	Director	27/06/2011	10/12/2010	-	Active	NO
12	U70109WB2010PLC155943	MERIT PLAZA LIMITED	Director	27/06/2011	20/12/2010	-	Active	NO
13	U26943RJ1991PTC006150	HADOTI CEMENT PRIVATE LIMITED	Director	30/09/2011	25/05/2011	-	Amalgamated	NO
14	U51909MH2010PTC207401	SHARVAH MULTITRADE COMPANY PRIVATE LIMITED	Director	22/09/2011	22/09/2011	-	Active	NO
15	U72200WB1996PTC171627	BINANI ENERGY PRIVATE LIMITED	Director	04/08/2012	21/10/2011	-	Active	NO
16	U26102WB1996PLC080099	GOA GLASS FIBRE LIMITED	Director	28/09/2013	21/04/2012	-	Active	NO
17	U26941WB1996PLC076612	BINANI CEMENT LIMITED	Director	04/08/2012	21/04/2012	24/07/2014	Active	NO
18	L22100WB1941PLC119187	BINANI METALS LIMITED	Director	04/08/2012	21/04/2012	24/07/2014	Active	NO
19	U27101RJ1997PLC014021	R.B.G. MINERALS INDUSTRIES LIMITED	Director	30/08/2013	14/12/2012	-	Active	NO
20	U45400WB2010PLC155265	BINANI READY MIX CONCRETE LIMITED	Director	28/09/2013	18/03/2013	-	Active	NO

Name :

Nophel Nazim Kazi

Designation :

Director

Address :

Flat No. 1202, 12th Floor, Fortune Tower, Sir J J Road, Byculla, Mumbai - 400008, Maharashtra, India

Date of Birth/Age :

31.08.1986

Date of Appointment :

10.12.2010

DIN No.:

03258532

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
b	U51909WB2008PTC130208	SHIVGANGA AGENCY PRIVATE LIMITED	Director	27/09/2010	27/09/2010	20/08/2012	Active	NO
2	U45400WB2010PLC154432	SWISS MERCHANDISE INFRASTRUCTURE LIMITED	Director	10/12/2010	10/12/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 28.09.2013

Names of Shareholders	No. of Shares
Binani Cement Limited, India	49994
Sridhar S.N.	1
Bhatter Sushil	1
Pugalia Indrakumar	1
Chatterdhyaya K.M.	1
Kavalath Gangadhran	1
Mundhra Sushil	1
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction Activity

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Udeshi Shukla and Associates Chartered Accountants
Address :	A103/ PNG CHS, Near Customs Colony, Opposite Powai Lake, Powai, Mumbai – 400076, Maharashtra, India
PAN No.:	AAAFU3304K
Holding Company :	Binani Cement Limited CIN No.: U26941WB1996PLC076612

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

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	0.500	0.500	0.500
(b) Reserves & Surplus	0.185	0.293	-0.045
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	134.600
Total Shareholders’ Funds (1) + (2)	0.685	0.793	135.055
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	542.100	524.600	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.017	0.017	0.007
(d) Short-term provisions	0.000	0.107	0.000
Total Current Liabilities (4)	542.117	524.724	0.007
TOTAL	542.802	525.517	135.062
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	520.000	520.000	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	19.935	0.100	120.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	539.935	520.100	120.000
(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	0.000
(d) Cash and cash equivalents	2.688	5.404	15.062
(e) Short-term loans and advances	0.000	0.003	0.000
(f) Other current assets	0.179	0.010	0.000
Total Current Assets	2.867	5.417	15.062
TOTAL	542.802	525.517	135.062

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.096	0.561	0.000
		TOTAL (A)	0.096	0.561	0.000
Less	EXPENSES
		Other Expenses	0.204	0.057	0.046
		TOTAL (B)	0.204	0.057	0.046
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.108)	0.504	(0.046)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.108)	0.504	(0.046)
Less	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.108)	0.504	(0.046)
Less	TAX (H)		0.000	0.165	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.108)	0.339	(0.046)
	Earnings / (Loss) Per Share (Rs.)		(2.16)	6.78	(3.46)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(112.50)	89.84	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.02)	0.10	(0.03)
Return on Investment (ROI) (PBT/Networth)		(0.16)	0.64	0.00
Debt Equity Ratio (Total Debt /Networth)		791.39	661.54	0.00
Current Ratio (Current Asset/Current Liability)		0.01	0.01	2151.71

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	0.500	0.500	0.500
Reserves & Surplus	(0.045)	0.293	0.185
Share Application money pending allotment	134.600	0.000	0.000
Net worth	135.055	0.793	0.685
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	524.600	542.100
Total borrowings	0.000	524.600	542.100
Debt/Equity ratio	0.000	661.538	791.387

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	0.000	0.561	0.096
			(82.888)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	0.000	0.561	0.096
Profit	(0.046)	0.504	(0.108)
	0.00	89.84%	(112.50%)

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loans and advances from related parties	542.100	524.600
Total	542.100	524.600

REVIEW OF OPERATIONS:

The Company is in the process of acquisition of land in Maharashtra and has not started any infrastructure development work. During the year, the Income earned by the Company by way of interest on Bank Deposits was lower at Rs.0.096 Million as against Rs.0.561 Million earned in the previous year. During the year the Company has incurred a loss of Rs.0.108 Million compared to profit after tax of Rs.0.339 Million earned in the previous year.

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.61.43
UK Pound	1	Rs.99.72
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.