MIRA INFORM REPORT

Report No. :	337131
Report Date :	18.08.2015

IDENTIFICATION DETAILS

Name :	GLODBRICKS INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	Anandam World City, Khamardih, Kachna Main Road, Nera G A D Colony, Raipur – 492007, Chhattisgarh
Tel. No.:	91-771-3261240
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.05.2007
Com. Reg. No.:	10-020266
Capital Investment / Paid-up Capital :	Rs.893.350 Million
CIN No.: [Company Identification No.]	U70101CT2007PTC020266
TIN No.:	22931702063
CST No.:	22931702063
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCG8925B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into construction activity and developing multi storey building
No. of Employees :	200 (Approximately)

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

Maximum Credit Limit :	USD 3900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is established company having a satisfactory track record. The rating on Gold Brick Infrastructure Private Limited reflects the established track record into construction business, building multi storey building project and sound revenue visibility from debt protection metrics. Further, ratings also take into account company demonstrated executive capabilities marked by receiving Occupancy Certificates (OC) for the Nagpur projects for the Tower A, B and C as the possessions to be given to the customers for these towers. The ratings is constrained by its geographically concentrated operations and challenging business environment faced by the construction industry. Trade relations are fair. Business is active. Payment terms are reports to be usually correct. In view of experienced promoters, the company can be considered for business dealings with its usual 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Prabhat Agarwal
Designation :	Company Secretary
Contact No.:	91-9685048230
Date :	17.08.2015

LOCATIONS

Registered Office :	Anandam World City, Khamardih, Kachna Main Road, Nera G A D Colony, Raipur – 492007, Chhattisgarh, India
Tel. No.:	91-771-3261240
Mobile No.:	91-9685048230 (Mr. Prabhat)
Fax No.:	Not Available
E-Mail :	prabhat.agarwal@goldbricks.co.in
Website :	http://www.goldbricks.co.in
Location :	Owned
Locality :	Residential
Branch Office :	Model Mill Compound, Ray Road, Ganesh Peth, Nagpur – 440018, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Rakesh Saraog

Designation :

Director

Address :

Rakesh Saraogi, Subhash Road Raipur, Raipur, 492001, Chhattisgarh, India

Date of Birth/Age :

16.08.1964

Date of Appointment :

15.05.2007

Voter ID No / PAN No.:

AJJPS3803P

DIN No.:

01097074

Name :

Mr. Mitrajeet Dhaneshwar Maraye

Designation :

Director

Address :

237, Res St Jacques, Flic EN FLAC, NA, , Mauritius

Date of Birth/Age :

01.07.1949

Date of Appointment :

30.09.2008

DIN No.:

02308723

Name :

Mr. Amit Gupta

Designation :

Director

Address :

Flat - 303, Plot - 250-251-252,, Sector 21, Nerul, Navi Mumbai, 400706, Maharashtra, India

Date of Birth/Age :

15.05.1975

Date of Appointment :

30.09.2010

PAN No.:

AFFPG011F

DIN No.:

02804731

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	U45200MH1996PTC099201	SUN INFRASTRUCTURES Private LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO
2	U70101CT2007PTC020266	GOLDBRICKS INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2010	01/10/2009	-	Active	NO
3	U45202MH2006PTC163895	NEELKANTH URBAN DEVELOPERS PRIVATE LIMITED	Nominee director	08/11/2011	08/11/2011	-	Active	NO
4	U02001MH1988PTC045808	NEELKANTH RICE LANDS PRIVATE LIMITED	Nominee director	08/11/2011	08/11/2011	-	Active	NO
5	U45201MH2006PTC164488	NEELKANTH SOMNATH REALTORS PRIVATE LIMITED	Nominee director	08/11/2011	08/11/2011	-	Active	NO
6	U45200MH2007PTC168351	NILAYAMI REALTORS PRIVATE LIMITED	Nominee director	08/11/2011	08/11/2011	-	Active	NO

Name :

Mr. Rajesh Saraogi

Designation :

Director

Address :

952/8, Shankar Karoti, Shankar Nagar, Raipur, 492001, Chhattisgarh, India

Date of Birth/Age :

21.02.1959

Date of Appointment :

14.03.2011

PAN No.:

AJJPS9425P

DIN No.:

01567529

KEY EXECUTIVES

Name :	Mr. Prabhat Agarwal
Designation :	Company Secretary
Address :	Madan Mahal, 3rd Floor, Flat No.303, Shankar Nagar, Beside Guardian & Guide School,, Raipur, 492007, Chhattisgarh, India
Date of Appointment :	01.08.2011
PAN No.:	ACVPA3348J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Urban Infrastructure Real Estate Fund, Mauritius	20038003
Jal Corp. Limited, India	806700
Shinano Retail Private lImited, India	1210050
Urban Infrastructure Trustee Limited (For and on behalf of Urban Infrastructure Opportunities Fund. A scheme of Urban Infrastructure Venture Capital Fund), India	18280247
R.K. Structures Private Limited, Chhattisgarh	10998000
Rakesh Saragi	17323950
Rani Saragi	1304850
Babita Saragi	200000
Sunita Saragi	2515000
Raipur Resorts and Properties Private Limited, Chhattisgarh	16658200
Total	89335000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Venture Capital	20.46
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	22.43
Bodies corporate	33.22
Directors or relatives of Directors	23.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into construction activity and developing multi storey building

Products :

Item Code No.	Product Description
99531121	Builders and Developers

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash, Advance Payment and Cheque

Purchasing :

Cash, Advance Payment and Cheque

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 :

200 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Rajiv Nagar, Raipur, Chhattisgarh, 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
Bank Name	HDFC Bank
Branch	Alaska Tower, Raipur, Chhattisgarh, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans taken for fixed assets	0.000	0.401
Total	0.000	0.401
Note : The term loan from financial institution referred to above aggregating to Rs. Nil and Rs. 315.237 Million included in current maturity of long term debts in Note No. 9 is secured by way of Mortgage of undivided proportionate share of land along with present and future construction of Towers A, B,C, D and E at the Anandam project (Nagpur) and charge on the entire sale proceeds/ receivables accruing from sold and unsold area of phase I of the said project, Corporate Guarantee of R.K. Structures Private Limited. The loan carry a prevailing interest rate @ 15.85 % p.a. The management feels that entire loan will be repaid in the year 2014-15 out of the advances to be receive from customers. 4.02 Vehicle Loan referred to above aggregating to Rs. Nil and Rs. 0.401 Million included in current maturity of long term debts in Note No. 9 is secured by way of hypothecation of the specific vehicle financed. The loan is repayable in 10 monthly equal instalments (including interest) of Rs. 42,300. During the year 4,300,000 debentures have been converted into 43,000,000 Equity Shares at Rs. 10/- Per Share

Financial Institutions :	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Panduranga Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715 Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFC0662N
Memberships :	Not Available
Collaborators :	Not Available
Associate :	R.K.Structures Private Limited, India U27106CT1996PTC010876 Urban Infrastructure Real Estate Fund
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Nkp Exports Private Limited, India U51109WB2007PTC115871 Puspa Trading Private Limited, India U51909WB2007PTC117686 Raipur Resorts And Properties Private Limited, India U07010CT1995PTC010061 Sargam Vincom Private Limited, India U51109WB2008PTC125898 Silverbricks Infrastructure Private Limited, India U70101CT2007PTC020261 Silverleaf Infrastructure Private Limited, India U70101CT2007PTC020262 Urban Infrastructure Trustees Limited, India U65991MH2005PLC158050

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
98000000	Equity Shares	Rs.10/- each	Rs.980.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
98000000	Equity Shares	Rs.10/- each	Rs.980.000 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89335000	Equity Shares	Rs.10/- each	Rs.893.350 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	893.350	933.850	550.000
(b) Reserves & Surplus	486.619	709.420	949.071
(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)	1379.969	1643.270	1499.071
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.401	430.832
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	311.836	302.639	300.204
(d) long-term provisions	0.509	0.280	0.000
Total Non-current Liabilities (3)	312.345	303.320	731.036
(4) Current Liabilities
(a) Short term borrowings	1219.493	860.093	779.273
(b) Trade payables	108.117	93.848	66.771
(c) Other current liabilities	1301.598	1057.203	611.653
(d) Short-term provisions	1.739	1.754	1.903
Total Current Liabilities (4)	2630.947	2012.898	1459.600
TOTAL	4323.261	3959.488	3689.707
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.502	15.305	14.660
(ii) Intangible Assets	0.047	0.082	0.160
(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)	1.354	0.641	2.106
(d) Long-term Loan and Advances	5.333	8.437	10.728
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.236	24.465	27.654
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4099.071	3799.101	3523.539
(c) Trade receivables	0.000	1.180	0.000
(d) Cash and cash equivalents	82.971	53.603	55.010
(e) Short-term loans and advances	35.482	38.581	14.023
(f) Other current assets	81.501	42.558	69.481
Total Current Assets	4299.025	3935.023	3662.053
TOTAL	4323.261	3959.488	3689.707

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Gross Receipts	582.044	604.049	235.629
	TOTAL	582.044	604.049	235.629
Less	TOTAL EXPENSES	546.584	586.146	235.514
	PROFIT/ (LOSS) BEFORE TAX	35.460	17.903	0.115
Less	TAX	11.210	3.729	-2.106
	PROFIT/ (LOSS) AFTER TAX	24.250	14.174	2.221
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	7.953	-6.221	-8.442
	Balance Carried to the B/S	32.203	7.953	-6.221
	Earnings / (Loss) Per Share (Rs.)	0.27	0.15	0.02

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	315.637	359.492	209.225
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	61.939	174.080	38.791

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.17	2.35	0.94
Return on Total Assets (PBT/Total Assets}	(%)	0.82	0.45	0.00
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.00
Debt Equity Ratio (Total Debt /Networth)		1.11	0.74	0.95
Current Ratio (Current Asset/Current Liability)		1.63	1.95	2.51

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	550.000	933.850	893.350
Reserves & Surplus	949.071	709.420	486.619
Net worth	1499.071	1643.270	1379.969
long-term borrowings	430.832	0.401	0.000
Short term borrowings	779.273	860.093	1219.493
Current Maturities of Long-Term Debts	209.225	359.492	315.637
Total borrowings	1419.330	1219.986	1535.130
Debt/Equity ratio	0.947	0.742	1.112

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	235.629	604.049	582.044
		156.356	(3.643)

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	235.629	604.049	582.044
Profit	2.221	14.174	24.250
	0.94%	2.35%	4.17%

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Madan Mahal, Behind Gaurdian and Guide School, Shankar Nagar Road, Raipur – 492001, Chhattisgarh, India to the present address w.e.f. 02.12.2013

PERFORMANCE:

NAGPUR PROJECT :

In Nagpur Project Occupancy Certificate (OC) received from Local Authorities for Tower A, B and C which is one of the great achievement as this facilitates the possessions to be given to customers of these towers. Progress of Phase II of Nagpur Project is going on at a great pace and development of green area and the infrastructure are near completion. The bookings of Flats in both phase I and II are satisfactory.

RAIPUR PROJECT :

In Raipur Project Construction of Multistoried Buildings namely M2 and M3 in Phase I already started and construction work is going on at great pace and the same is expected to be completed by March, 2016.

Record number of bookings were received for Multistoried Buildings namely M7 in Phase II. The launching of multistoried M7 is under consideration and overwhelming response is expected on the launching of M7. Major Part of Infrastructure development in Phase I already completed. Construction of villas, club house are in advanced stage.

PROSPECTS :

Considering the developments in both Nagpur and Raipur Project, the Board of Directors are quite confident for good future prospects of your Company.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans and advances from directors	111.795	6.794
Loans and advances from others	1107.698	853.298
Total	1219.493	860.092

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10581537	17/06/2015	1,750,000,000.00	PNB HOUSING FINANCE LIMITED	9TH FLOORANTRIKSH BHAWAN, 22 K G MARG, NEW DELHI,  Delhi - 110001, INDIA	C59612812
2	10522456	28/07/2014	470,000,000.00	Housing Development Finance Corporation Limited	Ramon House, H.T. Parekh Marg,, 169, Backbay reclamation, Churchgate, MUMBAI, Maharashtra - 400020,  INDIA	C22928311

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees	35.000	34.500

FIXED ASSETS

• Buildings
• Office building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer 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.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--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		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.