MIRA INFORM REPORT

Report No. :	303849
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	BHARAT INFRASTRUCTURE AND ENGINEERING PRIVATE LIMITED (w.e.f.03.08.2012)
Formerly Known As :	BHARAT INFRASTRUCTURE AND ENGINEERING LIMITED (w.e.f.02.04.2007) BHARAT INFRASTRUCTURE AND ENGINEERING PRIVATE LIMITED
Registered Office :	601, Shree Amba Shanti Chamber, Off Church Road, Opposite Hotel Leela, Andheri Kurla Road, Andheri (West), Mumbai-400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.09.1998
Com. Reg. No.:	11-116452
Capital Investment / Paid-up Capital :	Rs. 170.000 Millions
CIN No.: [Company Identification No.]	U45200MH1998PTC116452
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in construction Activity.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 680000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by leverage capital structure and risk inherent in real estate business. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	ICRA
Rating	Fund based - Term Loan BB-
Rating Explanation	Inadequate degree of safety and high credit risk
Date	September, 2014

Rating Agency Name	ICRA
Rating	Non-fund based – Bank Guarantee A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September, 2014

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.

LOCATIONS

Registered Office :	601, Shree Amba Shanti Chamber, Off Church Road, Opposite Hotel Leela, Andheri Kurla Road, Andheri (W), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-29252986
Fax No.:	91-22-29253345
E-Mail :	info@bharatinfra.com
Website :	www.bharatinfra.com

DIRECTORS

As on 27.09.2014

Name :

Mr. Atul Barot

Designation :

Director

Address :

B-22, Venkunthal Mehta Road, Vile Parle (West), Mumbai-400049, Maharashtra, India

Date of Birth/Age :

06.10.1952

Date of Appointment :

27.07.1999

DIN No.:

00249833

PAN No.:

AERPB2439R

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	U45200MH1984PTC034231	ATUL RAJ BUILDERS PVT LTD	Director	10/10/1984	10/10/1984	-	Active	NO
2	U92199MH1946PTC004973	SHRIKANT STUDIOS PVT LTD	Director	17/04/1990	17/04/1990	-	Active	NO
3	U45200MH1994PTC081142	IDEAL TOLL ROAD INVESTMENTS AND OPERATIONS PRIVATE LIMITED	Director	20/04/1999	20/04/1999	-	Amalgamated	NO
4	U45200MH1998PTC116452	BHARAT INFRASTRUCTURE AND ENGINEERING Private Limited	Director	27/07/1999	27/07/1999	-	Active	NO
5	U45203GJ2004PTC045122	JMC-B AND INFRA- BHARAT DEESA TOLL ROAD PRIVATE LIMITED	Director	13/12/2004	13/12/2004	-	Active	NO
6	U70102MH2011PTC224633	BHARAT UNIVERSAL PRIVATE LIMITED	Director	05/12/2011	05/12/2011	-	Active	NO
7	AAB-0785	BHARAT CONDOS LLP	Designated Partner	16/07/2014	16/07/2014	-	Active	NO
8	AAB-0767	BHARAT APARTMENTS LLP	Designated Partner	16/07/2014	16/07/2014	-	Active	NO
9	AAB-0706	BHARAT LANDMARKS LLP	Designated Partner	16/07/2014	16/07/2014	-	Active	NO
10	AAB-0662	BHARAT HABITAT LLP	Body corporate as Designated Partner	28/05/2014	28/05/2014	-	Active	NO

Name :

Mrs. Dhaval Barot

Designation :

Director

Address :

B-22, Venkunthal Mehta Road, Vile Parle (West), Mumbai-400049, Maharashtra, India

Date of Birth/Age :

19.04.1979

Date of Appointment :

10.06.2004

DIN No.:

00690317

PAN No.:

AFAPB3797E

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	U45200MH1998PTC116452	BHARAT INFRASTRUCTURE AND ENGINEERING Private Limited	Director	10/06/2004	10/06/2004	-	Active	NO
2	U45200MH1994PTC076050	CORE CONTRACTING PRIVATE LIMITED	Director	21/10/2004	21/10/2004	31/03/2008	Converted to LLP and dissolved	NO
3	U45203GJ2004PTC045122	JMC-B AND INFRA- BHARAT DEESA TOLL ROAD PRIVATE LIMITED	Director	13/12/2004	13/12/2004	-	Active	NO
4	U74140MH2008PTC183045	WHITE FACILITIES MANAGEMENT PRIVATE LIMITED	Director	02/06/2008	02/06/2008	-	Active	NO
5	U70102MH2009PTC194634	TAKSHA SPACES PRIVATE LIMITED	Director	04/08/2009	04/08/2009	06/11/2014	Active	NO
6	U29268MH2010PTC199243	HINDUSTAN INDUSTRIAL SERVICES PRIVATE LIMITED	Director	22/01/2010	22/01/2010	29/03/2011	Active	NO
7	U70102MH2011PTC224633	BHARAT UNIVERSAL PRIVATE LIMITED	Director	05/12/2011	05/12/2011	-	Active	NO
8	U70101MH2012PTC234742	TAKSHA UNIVERSAL PRIVATE LIMITED	Director	21/08/2012	21/08/2012	-	Active	NO
9	AAB-0640	BHARAT SUPERSTRUCTURES LLP	Designated Partner	13/08/2012	13/08/2012	-	Active	NO
10	AAB-0662	BHARAT HABITAT LLP	Designated Partner	14/08/2012	14/08/2012	-	Active	NO
11	AAB-0673	BHARAT HOUSING LLP	Designated Partner	14/08/2012	14/08/2012	-	Active	NO
12	AAB-0696	BHARAT SPACES LLP	Designated Partner	16/08/2012	16/08/2012	-	Active	NO
13	AAB-0706	BHARAT LANDMARKS LLP	Designated Partner	17/08/2012	17/08/2012	-	Active	NO
14	AAB-0747	BHARAT REALTY LLP	Designated Partner	21/08/2012	21/08/2012	-	Active	NO
15	AAB-0765	BHARAT LIFESTYLES LLP	Designated Partner	21/08/2012	21/08/2012	-	Active	NO
16	AAB-0766	BHARAT VISTAS LLP	Designated Partner	21/08/2012	21/08/2012	-	Active	NO
17	AAB-0767	BHARAT APARTMENTS LLP	Designated Partner	21/08/2012	21/08/2012	-	Active	NO
18	AAB-0785	BHARAT CONDOS LLP	Designated Partner	23/08/2012	23/08/2012	-	Active	NO
19	AAB-0786	BHARAT RESIDENCE LLP	Designated Partner	23/08/2012	23/08/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Equity Shareholders	No. of Shares
Mrs. Rekha Atul Barot	6086000
Mr. Atul Barot	3440000
Mr. Dhaval Barot	4057000
Mr. Atul Barot HUF	884000
Chaitali D. Barot	33000
Total	14500000

Names of Preference Shareholders	No. of Shares
Atul Raj Builders Private Limited, India	2500000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in construction Activity.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS= NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, India
• State Bank of India, Sakinaka Branch, 1st Floor, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai - 400072, Maharashtra, INDIA

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loans from banks	613.719	155.077
Rupee term loans from others	19.858	26.501
Short Term Borrowing
Working capital loans from banks	0.000	19.818
Total	633.577	201.396

Auditors :
Name :	Suresh C Maniar and Company Chartered Accountants
Address :	87 Arcadia Behind, Hoechst House, 195 Nariman, Point Mumbai, 400021 India
PAN No.:	AAIFS5389M
Memberships :	Not Available
Collaborators :	Not Available
Joint venture :	Brite Bharat HG JV
Associates :	ABT Developers Atul Raj Builders Private Limited CIN No.: U45200MH1984PTC034231 Bharat Universal Private Limited CIN No.: U70102MH2011PTC224633 Ideal Toll Road Investments And Operations Private Limited CIN No.: U45200MH1994PTC081142 Mayfair Housing Private Limited CIN No.: U70100MH1986PTC041829 Shrikant Studios Private Limited CIN No.: U92199MH1946PTC004973

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
22500000	Equity Shares	Rs.10/- each	Rs.225.000 millions
2500000	Preference Shares	Rs.10/- each	Rs.25.000 millions
	Total		Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14500000	Equity Shares	Rs.10/- each	Rs.145.000 millions
2500000	Preference Shares	Rs.10/- each	Rs.25.000 millions
	Total		Rs.170.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	170.000	170.000	170.000
(b) Reserves & Surplus	68.304	64.865	63.091
(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)	238.304	234.865	233.091
(3) Non-Current Liabilities
(a) long-term borrowings	633.577	231.578	209.751
(b) Deferred tax liabilities (Net)	2.851	2.527	2.708
(c) Other long term liabilities	11.590	7.435	2.398
(d) long-term provisions	1.454	0.945	7.445
Total Non-current Liabilities (3)	649.472	242.485	222.302
(4) Current Liabilities
(a) Short term borrowings	121.684	61.597	168.311
(b) Trade payables	88.189	45.365	19.067
(c) Other current liabilities	1186.769	768.643	138.856
(d) Short-term provisions	6.687	11.821	6.939
Total Current Liabilities (4)	1403.329	887.426	333.173
TOTAL	2291.105	1364.776	788.566
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42.929	30.083	17.324
(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	0.338	0.338	0.338
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	29.744	7.867	11.621
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	73.011	38.288	29.283
(2) Current assets
(a) Current investments	18.795	26.637	29.961
(b) Inventories	2089.734	1253.361	714.638
(c) Trade receivables	19.411	14.332	1.966
(d) Cash and cash equivalents	72.861	19.690	11.332
(e) Short-term loans and advances	13.800	9.575	1.320
(f) Other current assets	3.493	2.893	0.066
Total Current Assets	2218.094	1326.488	759.283
TOTAL	2291.105	1364.776	788.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	79.662	7.940	27.556
		Other Income	5.337	9.391	0.000
		TOTAL	84.999	17.331	27.556
Less	EXPENSES
		Cost of Operations/Services	63.993	0.000
		Other Expenses	0.428	1.356
		TOTAL	64.421	1.356	13.977
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		20.578	15.975
Less/ Add	DEPRECIATION/ AMORTISATION		4.632	2.604	N.A
	PROFIT BEFORE TAX		15.946	13.371
Less	TAX		5.194	4.284
	PROFIT AFTER TAX		10.752	9.087	9.813
	Earnings Per Share (Rs.)		0.63	0.53	0.58

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	13.50	114.45	35.61
Return on Total Assets (PBT/Total Assets}	(%)	0.70	0.98	N.A
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	N.A
Debt Equity Ratio (Total Debt /Networth)		3.17	1.25	1.62
Current Ratio (Current Asset/Current Liability)		1.58	1.49	2.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	170.000	170.000	170.000
Reserves & Surplus	63.091	64.865	68.304
Net worth	233.091	234.865	238.304
long-term borrowings	209.751	231.578	633.577
Short term borrowings	168.311	61.597	121.684
Total borrowings	378.062	293.175	755.261
Debt/Equity ratio	1.622	1.248	3.169

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	27.556	7.940	79.662
		(71.186)	903.300

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	27.556	7.940	79.662
Profit	9.813	9.087	10.752
	35.61%	114.45%	13.50%

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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advances from related parties	0.000	50.000
Short Term Borrowing
Rupee term loans from others	121.684	41.779
Total	121.684	91.779

LITIGATION DETAILS

CASE DETAILS
Bench:- Bombay
Presentation Date:-21.08.2013
Lodging No.:-	ITXAL/1316/2013	Filling Date :-	21.08.2013		Reg No.:-	ITXA/1911/2013	Reg Date:-	09.01.2013
Petitioner:-	THE COMMISSIONER OF INCOME TAX-8		Respondent:-		M/S BHARAT INFRASTRUCTURE AND ENGINEERING PRIVATE LIMITED
Petn Adv:-	ARVIND PINTO (I1892)		Resp. Adv.:		ATUL KARASANDAS JASANI (33)
District :-	Mumbai
Bench :-	Division
Status :-	Pre-Admission		Category:-		TAX APPEALS
Next date :-	28.01.2015		Stage :-		FOR ADMISSION
Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMDHIKARI HON’BLE SHRI JUSTICE A.A. SAYED
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	10518738	05/09/2014	26,400,000.00	RELIANCE CAPITAL LIMITED	"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 4007  10, INDIA	C19711258
2	10503651	16/06/2014	750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C06992994
3	10458433	01/11/2013	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B88850631
4	10449873	19/09/2013	750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B85326403
5	10406041	13/02/2013	250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B68417997
6	10397817	09/01/2013	500,000,000.00	CENTRAL BANK OF INDIA LIMITED	Kasturi Building, Opposite Petroleum House,, J Tata Road, Churchgate,, mumbai, Maharashtra - 400020 , INDIA	B66171679
7	10377727	14/09/2012	225,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B58535592
8	10224825	06/05/2010	40,000,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, INDIA	A87328324

* Date of charge modification

FIXED ASSETS

• Buildings
• Plant and equipment
• Factory equipments
• Other plant and equipment
• Furniture and fixtures
• 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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.00

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--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	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		32

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.