MIRA INFORM REPORT

Report No. :	334894
Report Date :	04.08.2015

IDENTIFICATION DETAILS

Name :	LODHA CROWN BUILDMART PRIVATE LIMITED
Registered Office :	216 , Shah and Nahar Industrial Estate 2^nd Floor, Dr. E. Mosses Road, Worli Naka, Mumbai – 400006, Maharashtra
Tel. No.:	Not Available
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.03.2007
Com. Reg. No.:	11-169025
Capital Investment / Paid-up Capital :	Rs. 0.900 Million
CIN No.: [Company Identification No.]	U45202MH2007PTC169025
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCL3059L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in development / construction of real estate in India and selling the immovable properties to various customers.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 :	Exist
Comments :	Subject is a subsidiary of “LODHA DEVELOPERS PRIVATE LIMITED”. It is an established company having satisfactory track record. For the financial year ended 2014, company possesses sound operational performance and achieved profit during a year a review. Rating also takes into consideration company’s sound financial risk profile marked by above average net worth base along with established brand name in the real estate industry in Mumbai and diverse product portfolio rendering to all segments of (residential) real estate segment. Trade relations are fair. Business is active. Payment terms are reported to slow but correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION DENIED BY

Management non-cooperative (91-22-23024400)

LOCATIONS

Registered Office :	216 , Shah and Nahar Industrial Estate 2nd Floor, Dr. E. Mosses Road, Worli Naka, Mumbai – 400006, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shares@lodhagroup.com

DIRECTORS

As on 31.03.2015

Name :	Mr. Deepak Narpatmal Lodha
Designation :	Additional Director
Address :	502, Soni Park Building No. 2, Chikuwadi, Shimpoli Road, Borivali West,, Mumbai-400092, Maharashtra, India
Date of Appointment :	17.07.2015
DIN No.:	02695776
Name :	Mr. Babusingh Bhoorsinghji Rajguru
Designation :	Additional Director
Address :	Flat No 702/B Wing, IRIS Building Majiwada,, Lodha Paradise, Thane West 400601, Maharashtra, India
Date of Appointment :	17.07.2015
DIN No.:	02696937

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Equity Shareholders	No. of Shares
Lodha Developers Private Limited	9999
Deepak Lodha Nominee of Lodha Developers Private Limited	1
Total	10000

Names of Preference Shareholders	No. of Shares
Lodha Developers Private Limited	80000
Total	80000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in development / construction of real estate in India and selling the immovable properties to various customers.

Products :

Item Code No.	Product Description
99531129	Multi-dwelling residential buildings

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Central Bank Of India
Branch	Corporate Finance Branch, 1st Floor, MMO Building, Fort, Mumbai - 400023, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· State Bank Of India, Commercial Branch Advances, N.G.N Vaidya Marg, Bank Street, Horniman Circle Postbox 10141, Mumbai – 400001, Maharashtra, India

· Standard Chartered Bank, 90 M G Road, Fort,, Mumbai – 400001, Maharashtra, India

· Housing Development Finance Corporation Limited, Ramon House 169backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Long-term Borrowings
Loans taken for fixed assets	1.446	3.189
Short-term borrowings
Rupee term loans from banks	8642.973	1499.982
Rupee term loans from others	3122.070	5321.747
Total	11766.489	6824.918

Financial institution :

· IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

· LIC Housing Finance Limited, Bombay Life Bldg., 2nd Floor, 45/47, Veer Nariman Road, Mumbai- 400 001. - 400001, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Shanker and Kapani Chartered Accountants
Address :	N.T.C. House, 2nd Floor, 15, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India
Tel No.:	91-22-22695719
Fax No.:	91-22-22695720
Email :	kapani@gmail.com Kapani@sify.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFS6521L
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	· Sambhavnath Infrabuild and Farms Private Limited (w.e.f. 17th July, 2013)
Holding company :	· LODHA DEVELOPERS Private Limited
Fellow Subsidiary company :	· Aasthavinayak Estate Company Private Limited · Aasthavinayak Real Estate Private Limited · Adinath Builders Private Limited · Ajitnath Hi – Tech Builders Private Limited · Anantnath Constructions and Farms Private Limited · Arihant Premises Private Limited · Cowtown Land Development Private Limited · Dalhousie Leasing and Financial Services Private Limited · Galaxy Premises Private Limited · Gandhar Builders Private Limited · Hi-class Buildcon Private Limited · Hotel Rahat Palace Private Limited · International Airport Builders and Management Services Private Limited · Jawala Real Estate Private Limited · Krona Realties Private Limited · Kidderpore Holdings Limited · Lodha Attentive Developers and Farms Private Limited · Lodha Buildcon Private Limited · Lodha Building and Construction Private Limited · Lodha Designer Construction Private Limited · Lodha Developers UK Limited · Lodha Elevation Buildcon Private Limited · Lodha Estate Private Limited · Lodha Glowing Construction Private Limited · Lodha Hi–Rise Builders Private Limited · Lodha Home Developers Private Limited · Lodha Home Styles Private Limited · Lodha Land Developers Private Limited · Lodha Pinnacle Buildtech and Farms Private Limited · Lodha Prime Buildfarms Private Limited · Macrotech Constructions Private Limited · Mahavir Build Estate Private Limited · Mahavir Premises Private Limited · Manan Finserve Private Limited · Microtec Constructions Private Limited · Nabhiraja Software Design Private Limited · Naminath Builders and Farms Private Limited · National Standard (India) Limited · Odeon Theatres and Properties Private Limited · Palava Dwellers Pvt. Ltd (Formerly known as Lodha Dwellers Private Limited) · Palava Utilities Private Limited · Proficient Buildwell Private Limited · Samvara Buildtech Private Limited · Sahajanand Hi-Tech Constructions Private Limited · Sai Ishwer Finvest Private Limited · Sanathnagar Enterprises Limited · Sarvavasa Buildtech and Farms Private Limited · Shantinath Designer Construction Private Limited · Shreeniwas Abode and House Private Limited · Shreeniwas Cotton Mills Limited · Shri Nakoda Bhirav Realtors Private Limited · Shri Vardhvinayak Builders Private Limited · Siddhnath Residential Paradise Private Limited · Simtools Private Limited · Sitaldas Estate Private Limited · Suryakrupa Constructions Private Limited(Formerly known as Suryakrupa Farms and Constructions Private Limited) · Kundan Realtors Private Limited(From 29th May, 2013) · Roselabs Finance Limited (From10th June, 2013) · Lodha Buildtech Private Limited(From 1st July, 2013) · Lodha Pranik Landmark Developers Private Limited(From 1st July, 2013) · Lodha Properties Development Private Limited(From 17th July, 2013) · Lodha Aviation Private Limited(From 21st August, 2013) · Palava City Management Association (Section 25 Company) (From 6th November, 2013) · Lodha Developers International (Mauritius) Limited (From 22nd November, 2013) · Shree Sainath Enterprises Construction and Developers Private Limited* ( From 28th November, 2013) · Lodha Developers International (Jersey) Limited (From 5th December, 2013) · Ishwer Realty and Technologies Private Limited(From 26th December, 2013) · Lodha Strategic Development Private Limited(From 31st December, 2013) · Sambhavnath Reality and Farms Private Limited(From 31st December, 2013) · Lodha Developers International (Jersey) II Limited (From 29th January, 2014) · Lodha Developers International (Netherlands) B. V. (From 3rd March, 2014) · Lodha Developers International (Jersey) I Holdings Limited (From 5th March, 2014)
Limited Liability Partnerships under control :	· Ajeethnath Hi – Tech Buildtech LLP · Lodha Dwellerz LLP · Lodha Fincorp Distribution Services LLP
Partnership Firms under control :	· Lodha Construction (Dombivli) · Lodha Palazzo · Mahavir Associates · Vivek Enterprises
Subsidiaries :	· Lodha Impression Real Estate Private Limited · Shri Kailash Properties and Agrofarms Private Limited
Others (Enterprises owned by controlling shareholder and his relatives with whom Company Had transactions):	· Lodha Healthy Constructions and Developers Private Limited · Lodha Facility Management Limited · Lodha Family Discretionary Trust · Lodha Charitable Trust · Lodha Pranik Landmark Developers Private Limited(Upto 30th June,2013)

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million
90,000	Preference Shares	Rs.10/- each	Rs. 0.900 Million
	Total		Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million
80,000	Preference Shares	Rs.10/- each	Rs. 0.800 Million
	Total		Rs. 0.900 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.900	0.900	0.900
(b) Reserves & Surplus	2561.352	901.442	1010.484
(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)	2562.252	902.342	1011.384
(3) Non-Current Liabilities
(a) long-term borrowings	1.446	3.189	974.742
(b) Deferred tax liabilities (Net)	738.278	0.000	0.000
(c) Other long term liabilities	27660.375	32609.821	39.191
(d) long-term provisions	30.010	28.624	16.746
Total Non-current Liabilities (3)	28430.109	32641.634	1030.679
(4) Current Liabilities
(a) Short term borrowings	19048.312	12512.088	1683.369
(b) Trade payables	779.421	405.623	276.817
(c) Other current liabilities	12903.768	15596.556	4031.661
(d) Short-term provisions	13.180	15.559	3.527
Total Current Liabilities (4)	32744.681	28529.826	5995.374
TOTAL	63737.042	62073.802	8037.437
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	504.984	515.263	36.934
(ii) Intangible Assets	999.553	0.964	1.205
(iii) Capital work-in-progress	0.000	0.000	289.559
(iv) Intangible assets under development	0.000	575.743	0.000
(b) Non-current Investments	252.012	467.477	467.842
(c) Deferred tax assets (net)	0.000	155.220	96.537
(d) Long-term Loan and Advances	138.814	38.136	44.960
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1895.363	1752.803	937.037
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	47023.044	50621.120	2318.772
(c) Trade receivables	496.663	9.091	67.979
(d) Cash and cash equivalents	253.242	184.088	88.710
(e) Short-term loans and advances	13374.244	9316.885	4606.278
(f) Other current assets	694.486	189.815	18.661
Total Current Assets	61841.679	60320.999	7100.400
TOTAL	63737.042	62073.802	8037.437

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	7688.889	29.550	371.531
Less	EXPENSES
		TOTAL	5135.479	184.165	727.810
	PROFIT/ (LOSS) BEFORE TAX		2553.410	(154.615)	(356.279)
Less	TAX (H)		893.499	(45.626)	(112.923)
	PROFIT/ (LOSS) AFTER TAX		1659.911	(108.989)	(243.356)
	Earnings Per Share (Rs.)		18443.45	(1210.99)	(2703.96)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	4975.280	2950.090	1.384
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	(5991.790)	(963.177)	1541.925

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	21.59	(368.83)	(65.50)
Operating Profit Margin (PBIDT/Sales)	(%)	33.21	(523.23)	(95.89)
Return on Total Assets (PBT/Total Assets}	(%)	4.02	(0.25)	(4.96)
Return on Investment (ROI) (PBT/Networth)		1.00	(0.17)	(0.35)
Debt Equity Ratio (Total Debt /Networth)		9.38	17.14	2.63
Current Ratio (Current Asset/Current Liability)		1.89	2.11	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.900	0.900	0.900
Reserves & Surplus	1010.484	901.442	2561.352
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1011.384	902.342	2562.252
long-term borrowings	974.742	3.189	1.446
Short term borrowings	1683.369	12512.088	19048.312
Current maturities of long-term debts	1.384	2950.090	4975.280
Total borrowings	2659.495	15465.367	24025.038
Debt/Equity ratio	2.630	17.139	9.377

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	371.531	29.550	7688.889
		(92.046)	25,919.929

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	371.531	29.550	7688.889
Profit	(243.356)	(108.989)	1659.911
	(65.50%)	(368.83%)	21.59%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity (Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	No
8]	Designation of contact person	No
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	No
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	Yes
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Short-term borrowings
Loans and advances from others	7283.269	5690.359
Total	7283.269	5690.359

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:- 08/10/2014
Lodging No. :	ITXAL/1789/2014	Failing Date:-	08/10/2014	Reg. No.:-		ITXA/202/2015
Reg. Date:-	30/01/2014
Petitioner:-	THE COMMISSIONER OF INCOME TAX –(CENTRAL)-IV-	Respondent:-	M/S.LODHA CROWN BUILDMART PRIVATE LIMITED
Petn.Adv:-	NIRMAL CHANDRA MOHANTY (I10407)
District:-	MUMBAI
Bench:-	DIVISION	Category:-	TAX APPEALS
Status:-	Pre-Admission	Stage:-	--
Next Date:-	20/08/2015	Stage:-	--
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Act. :	Income Tax Act, 1961		Under Section:		260A

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484007	24/06/2015 *	16,750,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA	C57163040

* Date of charge modification

FINANCIAL OVERVIEW

The Company recorded total income of Rs. 7688.889 Million in the financial year 2013-14 as compared to Rs. 29.550 Million in the financial year 2012-13. Total expenditure of Rs. 5135.479 Million was incurred in the financial year 2013-14 as compared to Rs. 184.165 Million in the financial year 2012-13. The reason for the increase was primarily due to recognition of revenue on 2 residential towers as per Revised Guidance on Real Estate Transactions issued by Institute of Chartered Accountants of India (ICAI). The Profit for the financial year 2013-14 stood at Rs. 1659.911 Million as compared to loss of Rs. 108.989 Million in the financial year 2012-13.

BUSINESS OVERVIEW

The Company has undertaken one of the largest real estate development project under the name of New Cuffe Parade (NCP) in Wadala. Originating from Mumbai’s biggest land transaction and set to be Mumbai’s largest residential development with proximity to commercial offices in south Mumbai and a major transportation hub with metro and monorail connectivity and free Expressway.

FIXED ASSETS

Tangible assets

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer

Intangible assets

· Computer Software

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.63.96
UK Pound	1	Rs.99.93
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	JYTK

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		43

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.