MIRA INFORM REPORT

Report No. :	354783
Report Date :	25.12.2015

IDENTIFICATION DETAILS

Name :	SNOWWHITE INFRASTRUCTURE PRIVATE LIMITED (w.e.f.26.06.2008)

Formerly Known As :	KNOWLEDGE INFRASTRUCTURE PRIVATE LIMITED

Registered Office :	Infinity, Plot A - 3 Block- GP, Sector V, Salt Lake Electronics Complex, Kolkata - 700091, West Bengal
Tel. No.:	91-33-23573686

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	26.03.2007

Com. Reg. No.:	21-114626

Capital Investment / Paid-up Capital :	Rs. 10.000 Million

CIN No.: [Company Identification No.]	U45400WB2007PTC114626

IEC No.:	Not Available

TIN No.:	09427110445

TAN No.: [Tax Deduction & Collection Account No.]	CALK05441C

PAN No.: [Permanent Account No.]	AADCK0343C

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is developing a Real Estate Project and Commercial Activities. (Registered Activity)

No. of Employees :	30 and Job Workers (Approximately)

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 503600

Status :	Project under Implementation

Payment Behaviour :	Unknown

Litigation :	Clear

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

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

EXTERNAL AGENCY RATING

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Virender Singh
Designation :	Manager
Contact No.:	91-9690109444
Date :	22.12.2015

LOCATIONS

Registered Office :	Infinity, Plot A - 3 Block- GP, Sector V, Salt Lake Electronics Complex, Kolkata - 700091, West Bengal, India
Tel. No.:	91-33-23573686
Mobile No.:	91-9690109444/ 9690909444 [Mr. Virender Singh]
Fax No.:	91-33-23573687
E-Mail :	sales@krishnabhumi.in mkedia@infinityitpark.com
Website :	http://www.krishnabhumi.in

Krishna Bhumi Office:	Adjacent to Vrindavan Chandrodaya Mandir Chhatikara Road, Vrindavan – 281121, Uttar Pradesh, India
Tel. No.:	91-33-40204020

Other Krishna Bhumi Offices:	Located at: · Agra · Kanpur · G.B Nagar · Kolkata

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Piyush Bajoria

Designation :

Director

Address :

17/1C, Alipore Road, Niharika Building, Kolkata - 700027, West Bengal, India

Date of Appointment :

30.03.2012

DIN No.:

00330248

Other Directorship :

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
U32109WB1982PTC034491	WEIGHMATIC INDIA PRIVATE LIMITED	Director	07-02-2005	07-02-2005	07-10-2009	Active	NO
U51109WB1989PTC046993	JANPAD TEXTILES PRIVATE LIMITED	Director	25-05-2006	25-05-2006	-	Active	NO
U30009WB1990PTC048106	P S DIGITAL ELECTRONICS PRIVATE LIMITED	Director	26-05-2006	26-05-2006	31-12-2013	Active	NO
U70101WB2007PTC118113	INFINITY DIAMOND HARBOUR PROJECTS PRIVATE LIMITED	Director	27-08-2007	27-08-2007	-	Active	NO
U51109WB1996PTC077837	DEWAN EXPORTERS PRIVATE LIMITED	Director	20-06-2008	31-08-2007	04-06-2014	Active	NO
U72900WB1995PTC074209	OPTIMAL COMPUTING PRIVATE LIMITED	Director	20-08-2008	20-08-2008	-	Active	NO
U45201WB2004PTC099130	INFINITY TOWNSHIPS PRIVATE LIMITED	Director	20-08-2009	03-02-2009	-	Active	NO
U65990WB2008PTC121371	FORUM VINIYOG PRIVATE LIMITED	Director	26-08-2009	29-04-2009	-	Active	NO
U72200WB2006PTC110488	INFINITY BNKE INFOCITY PRIVATE LIMITED	Director	19-08-2010	31-12-2009	09-12-2013	Active	NO
U45209WB2007PTC119489	MAGNITUDE INFRASTRUCTURE PRIVATE LIMITED	Director	20-05-2010	20-05-2010	-	Active	NO
U45200WB2007PTC112700	WISLEY REAL ESTATE PRIVATE LIMITED	Director	21-01-2011	21-01-2011	-	Active	NO
U70200WB2011PTC158812	INFINITY GRIHA NIRMAAN PRIVATE LIMITED	Director	30-08-2011	02-05-2011	-	Active	NO
U70101WB2006PTC128353	CAPSTONE DEVELOPER PRIVATE LIMITED	Director	03-08-2012	04-05-2011	-	Active	NO
U70100WB2007PTC120840	INFINITY HOUSING PROJECTS PRIVATE LIMITED	Director	23-08-2012	30-03-2012	-	Active	NO
U45400WB2007PTC114626	SNOWWHITE INFRASTRUCTURE PRIVATE LIMITED	Director	23-08-2012	30-03-2012	-	Active	NO
U45400WB2013PTC196578	CONSYNC REALTY PRIVATE LIMITED	Director	19-08-2013	19-08-2013	-	Active	NO
U70101WB1993PTC059233	GANESHBARI PROPERTIES PRIVATE LIMITED	Director	27-09-2014	22-01-2014	-	Active	NO

Name :

Mr. Piyush Chandra Goenka

Designation :

Additional director

Address :

Flat- 5C, Ghanti Kunj, 52/2B Hazra Kunj, 52/2B Hazra Road, Kolkata - 700019, West Bengal, India

Date of Appointment :

04.11.2015

DIN No.:

03223081

Other Directorship :

CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
U70101WB2007PTC119373	BAYWATCH REAL ESTATES PRIVATE LIMITED	Director	30-09-2010	20-08-2010	Active	NO
U45400WB2007PTC116133	STARPOINT HOUSING PRIVATE LIMITED	Director	21-01-2011	21-01-2011	Active	NO
U45201WB1991NPL051518	SHANTIKUNJ APARTMENTS LTD	Director	11-07-2011	11-07-2011	Active	NO
U80221WB2009PTC139957	INFINITY KNOWLEDGE CITY PRIVATE LIMITED	Director	29-09-2014	20-12-2013	Active	NO
U70109WB2011PTC158908	INFINITY RESIDENCES PRIVATE LIMITED	Director	27-09-2014	30-12-2013	Active	NO
U70100WB2007PTC120840	INFINITY HOUSING PROJECTS PRIVATE LIMITED	Additional director	02-11-2015	02-11-2015	Active	NO
U45400WB2007PTC114626	SNOWWHITE INFRASTRUCTURE PRIVATE LIMITED	Additional director	04-11-2015	04-11-2015	Active	NO

Name :

Mr. Rakesh Kumar Bhawsinghka

Designation :

Director

Address :

51B, Sarat Bose Road, Kolkata - 700025, West Bengal, India

Date of Appointment :

19.12.2013

DIN No.:

05281787

Other Directorship :

CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
U70109WB2011PTC160541	INFINITY BUILD HOMES PRIVATE LIMITED	Director	05-09-2012	18-05-2012	Active	NO
U45400WB2007PTC114626	SNOWWHITE INFRASTRUCTURE PRIVATE LIMITED	Director	27-09-2014	19-12-2013	Active	NO
U51109WB1989PTC046993	JANPAD TEXTILES PRIVATE LIMITED	Director	30-09-2014	30-12-2013	Active	NO
U80220WB2009PTC139201	INFINITY JODHPUR KNOWLEDGE CITY PRIVATE LIMITED	Director	30-09-2014	30-12-2013	Active	NO
U45400WB2008PTC123982	KALYANI INFRADEV PRIVATE LIMITED	Director	04-08-2014	18-03-2014	Active	NO
U45201WB2001PTC093620	KERF CONSTRUCTION PRIVATE LIMITED	Director	30-09-2014	18-03-2014	Active	NO
U70102WB2010PTC153466	RAIGARH INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	27-09-2014	20-03-2014	Active	NO
U70101WB2007PTC117560	GATEWAY IT INFRASTRUCTURE PRIVATE LIMITED	Director	30-09-2014	20-03-2014	Active	NO
U70101WB2006PTC109712	FORUM RETAIL VENTURES PRIVATE LIMITED	Director	30-09-2014	20-03-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Virender Singh
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares	Percentage of Holding
Infinity BNKE Infocity Private Limited	999940	99.99
Rishi Jalan jointly with IBIPL	10	0.00
Piyush Kedia jointly with IBIPL	10	0.00
Piyush Bajoria jointly with IBIPL	10	0.00
Satish Kalbalia jointly with IBIPL	10	0.00
Madhu Sudan Chokhani jointly with IBIPL	10	0.00
Goud Shankar Bajoria jointly with IBIPL	10	0.00

Total	1000000	100.00

BUSINESS DETAILS

Line of Business :	Subject is developing a Real Estate Project and Commercial Activities. (Registered Activity)

Brand Names :	--

Agencies Held :	--

Exports :	--

Imports :	--

Terms :
Selling :	Cash and Credit (30 Days)

Purchasing :	Cash and Credit (30 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers and Others

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

30 and Job Workers (Approximately)

Bankers :

· State Bank of India

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
From Other Parties (Secured by mortgage of land situated at Vrindavan, District Mathura)	120.000	120.000

Total	120.000	120.000

Banking Relations :	--

Financial Institution :	· IFCI Limited Chatterjee International Centre, 3rd Floor, 33-A, Jawaharlal Nehru Road, Kolkata - 700071, West Bengal, India

Auditors :
Name :	R Kothari and Company Chartered Accountants
Address :	16A Shakespeare Sarani, Kolkata – 700071, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAFFR7366B

Memberships :	--

Collaborators :	--

Holding Company :	· Infinity Infotech Parks Limited (Holding 100% equity in the Holding company) · Infinity BNKE Infocity Private Limited (U72200WB2006PTC110488) (Holding 100% equity in the Company)

Subsidiary of Holding Company :	· Infinity Asihana Private Limited · Infinity Residences Private Limited · Infinity Knowledge City Projects Private Limited · Magnitude Infrastructure Private Limited

Enterprises over which Key Management Personnel have significant Influence :	· Profile Infinity Infrastructures Private Limited · Bhubaneshwar IT Park Projects Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	166.250	166.250	166.250
(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)	176.250	176.250	176.250

(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	0.144	0.029	0.012
Total Non-current Liabilities (3)	0.144	0.029	0.012

(4) Current Liabilities
(a) Short term borrowings	130.000	162.500	162.500
(b) Trade payables	4.139	0.278	1.103
(c) Other current liabilities	665.702	157.967	167.927
(d) Short-term provisions	0.099	0.029	0.013
Total Current Liabilities (4)	799.940	320.774	331.543

TOTAL	976.334	497.053	507.805

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.975	225.310	225.386
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.173	0.173	0.173
Total Non-Current Assets	5.148	225.483	225.559

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	570.524	59.647	32.201
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	15.679	0.550	0.787
(e) Short-term loans and advances	384.838	211.360	249.245
(f) Other current assets	0.145	0.013	0.013
Total Current Assets	971.186	271.570	282.246

TOTAL	976.334	497.053	507.805

PROFIT & LOSS ACCOUNT

NOT AVAILABLE

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA

Cash generated from operations	NA	NA	NA

Net Cash used in Operating Activities	(172.209)	(0.236)	(87.247)

KEY RATIOS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013

Debt Equity Ratio (Total Liability/Networth)	0.74	0.92	0.92

Current Ratio (Current Asset/Current Liability)	1.21	0.85	0.85

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	166.250	166.250	166.250
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	176.250	176.250	176.250

Long-term borrowings	0.000	0.000	0.000
Short term borrowings	162.500	162.500	130.000
Total borrowings	162.500	162.500	130.000
Debt/Equity ratio	0.922	0.922	0.738

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	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	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	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10577041	22/06/2015 *	750,000,000.00	IFCI LIMITED	CHATTERJEE INTERNATIONAL CENTRE, 3RD FLOOR, 33-A, JAWAHARLAL NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	C58071184

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans from Bodies Corporate	10.000	42.500

Total	10.000	42.500

FINANCIAL RESULTS

During the year the Company is yet to undertake any commercial activities and therefore no Statement of Profit and Loss has been prepared for the year ended on March 3 I, 2015, All expenditure incurred upto March 31, 2015 has been transferred to Work-In-Progress pending allocation amounting to Rupees Rs. 213.135 Million (Previous Year Rupees Rs. 59.647 Million) in respect of the ongoing project, including pre-operative expenses of Rupees 187.411 Million (Previous Year Rupees 49.427 Million),

STATE OF COMPANY’S AFFAIRS AND GENERAL REVIEW

During the year, the Company has received necessary sanction for the 1st phase of its residential township project "Krishna Bhumi" at Vrindavan and construction activities has also been started, The project is progressing well and the Company has got good initial response,

CONTINGENT LIABILITIES (AS ON 31.03.2015):

1) The estimated amount of contracts, net of advances remaining to be executed on capital account as on 31.03.2015 Rs.18.312 Million (Previous Year Rs.21.537 Million).

2) Corporate guarantee given to the bankers of Infinity Infotech Parks Limited the ultimate holding company for Overdraft facility availed by them amounting to Rs.100.000 Million (Previous Year Rs.100.000 Million).

FIXED ASSETS:

· Land – Freehold

· Vehicle

· Furniture and Fixture

· Fittings and 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. 66.20
UK Pound	1	Rs. 98.30
Euro	1	Rs. 72.41

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--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.

MIRA INFORM REPORT

Krishna Bhumi Office:

Unit