MIRA INFORM REPORT

Report No. :	330195
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	SHAPOORJI PALLONJI INFRASTRUCTURE (GUJARAT) PRIVATE LIMITED
Registered Office :	Gokak Mill Compound, Opposite Roshni Hotel, Jetalpur Road, Vadodara – 390007, Gujarat
Tel. No.:	91-22-67490000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.05.2008
Com. Reg. No.:	04-054063
Capital Investment / Paid-up Capital :	Rs. 240.010 Million
CIN No.: [Company Identification No.]	U45201GJ2008PTC054063
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 into Infrastructure and to Deal in all Sorts of Lands and Buildings.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a fully owned subsidiary of Shapoorji Pallonji Infrastructure Capital Company Limited. Ms. Smita Meher (Accounts Department) claimed that Even though, the company was incorporated in the year 2008, it is yet to commence its business operations further she denied to provide any information about the subject to us. However, Business is active as status shown in registrar of the company. Payment terms are unknown. The company can be considered for business dealings with fully safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

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 DECLINED BY

Name :	Ms. Smita Meher
Designation :	Accounts Executive
Contact No.:	91-22-6749000
Date :	01.07.2015

LOCATIONS

Registered Office :	Gokak Mill Compound, Opposite Roshni Hotel, Jetalpur Road, Vadodara – 390007, Gujarat, India
Tel. No.:	91-22-6749000
Fax No.:	Not Available
E-Mail :	smita.meher@shapoorji.com secretarial.infra@shapoorji.com

DIRECTORS

AS ON 12.09.2014

Name :

Mr. Vinay Purushottam Karve

Designation :

Director

Address :

19 Prafulla, G. Pasta Road, Opposite Hotel Red Rose, Dadar (East), Mumbai - 400014, Maharashtra, India

Date of Birth/Age :

02.08.1959

Date of Appointment :

28.05.2008

DIN No.:

01891873

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	U45201MH2007PTC174881	BENGAL SHAPOORJI INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	30/09/2008	11/10/2007	-	Active	NO
2	U70100MH1998PTC114964	SUNNY VIEW ESTATES PRIVATE LIMITED	Director	28/08/2008	30/11/2007	15/05/2012	Active	NO
3	U65993MH1998PTC113592	CAMA PROPERTIES PRIVATE LIMITED	Director	26/07/2008	10/12/2007	-	Amalgamated	NO
4	U28920MH1979PTC021425	CYRUS ENGINEERS PRIVATE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
5	U45200MH2006PTC158992	SKYSCAPE DEVELOPERS PRIVATE LIMITED	Director	30/09/2008	11/12/2007	-	Active	NO
6	U70100MH1996PTC098263	MAZSON BUILDERS AND DEVELOPERS PRIVATE LIMITED.	Director	17/12/2007	17/12/2007	08/09/2014	Active	NO
7	U70102MH2007PTC174361	GOSSIP PROPERTIES PRIVATE LIMITED	Director	30/09/2008	14/01/2008	-	Active	NO
8	U70102MH2008PTC177983	BLUE RIBAND PROPERTIES PRIVATE LIMITED	Director	31/07/2008	05/03/2008	-	Active	NO
9	U70102MH2008PTC180789	DELPHI PROPERTIES PRIVATE LIMITED	Director	03/04/2008	03/04/2008	-	Active	NO
10	U65990MH1996PTC102459	BENGAL SHAPOORJI DEVELOPERS PRIVATE LIMITED	Director	30/09/2008	30/04/2008	-	Active	NO
11	U70100MH2005PTC158264	WINDWARD BUILDERS PRIVATE LIMITED	Director	30/09/2008	30/04/2008	-	Active	NO
12	U45200MH2005PTC158270	KOLLAND DEVELOPERS PRIVATE LIMITED	Director	30/09/2008	30/04/2008	-	Active	NO
13	U65990MH1988PTC049619	BENGAL SHAPOORJI HOUSING DEVELOPMENT PRIVATE LIMITED	Director	30/09/2008	30/04/2008	-	Active	NO
14	U45201GJ2008PTC054063	SHAPOORJI PALLONJI INFRASTRUCTURE (GUJARAT) PRIVATE LIMITED	Director	28/05/2008	28/05/2008	-	Active	NO
15	U70101MH1998FTC114830	FAERY ESTATES PRIVATE LIMITED	Director	30/09/2008	11/06/2008	19/06/2015	Active	NO
16	U45200MH2005PTC158340	FLOORAISE DEVELOPERS PRIVATE LIMITED	Director	30/09/2008	25/08/2008	20/03/2014	Active	NO
17	U45400MH2007PTC170820	MAKE HOME REALTY AND CONSTRUCTION PRIVATE LIMITED	Director	27/07/2009	01/10/2008	20/03/2014	Active	NO
18	U70102MH2008PTC177792	LUCRATIVE PROPERTIES PRIVATE LIMITED	Director	27/07/2009	13/10/2008	20/03/2014	Active	NO
19	U70100MH1995PLC092856	JOYOUS HOUSING Limited	Director	07/08/2009	26/01/2009	-	Active	NO
20	U01211MH1939PTC003017	THE MANJRI STUD FARM PRIVATE LIMITED	Director	25/09/2009	24/04/2009	-	Active	NO
21	U45200MH2005PTC158083	HIGHSTREET DEVELOPERS PRIVATE LIMITED	Director	25/09/2009	31/08/2009	-	Active	NO
22	U45201MH2006PTC166246	MYDREAM PROPERTIES PRIVATE LIMITED	Director	27/09/2010	01/09/2009	-	Active	NO
23	U67120MH2004PTC144039	VARUN TRAFIN PRIVATE LIMITED	Director	29/09/2010	30/09/2009	-	Active	NO
24	U70200MH1995PTC085932	CHINSHA PROPERTY PRIVATE LIMITED	Director	25/08/2010	25/08/2010	-	Active	NO
25	U70100MH1998PTC114759	MERILAND ESTATES PRIVATE LIMITED	Director	26/09/2012	05/12/2011	08/09/2014	Active	NO
26	U70102MH2007PTC174823	PRECAUTION PROPERTIES PRIVATE LIMITED	Director	22/09/2014	01/03/2014	-	Active	NO
27	U70102MH2014PTC259555	SAGAR PREMI BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	20/11/2014	20/11/2014	-	Active	NO

Name :

Mr. Rajesh Nandkumar Bathija

Designation :

Director

Address :

503,Shreyas Apartments, Poddar Road, Off S.V. Road, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

22.01.1968

Date of Appointment :

27.09.2013

DIN No.:

06687649

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	Company/ LLP Status	Defaulting status
1	U01403GJ2008PTC054483	NURSERY PROJECTS AND AGRI DEVELOPMENT PRIVATE LIMITED	Director	27/09/2013	13/09/2013	Active	NO
2	U40300MH2010PTC202812	SHAPOORJI PALLONJI SOLAR PV PRIVATE LIMITED	Director	30/09/2013	13/09/2013	Active	NO
3	U45201GJ2008PTC054063	SHAPOORJI PALLONJI INFRASTRUCTURE (GUJARAT) PRIVATE LIMITED	Director	27/09/2013	13/09/2013	Active	NO
4	U10100MH2008PTC184554	UNIVERSAL MINE DEVELOPERS AND SERVICE PROVIDERS PRIVATE LIMITED	Director	30/09/2013	13/09/2013	Active	NO
5	U45203MH2010PTC202625	SHAPOORJI PALLONJI ROADS PRIVATE LIMITED	Director	30/09/2013	13/09/2013	Active	NO
6	U74900TN2011PTC083446	PRADDIN ENERGY PRIVATE LIMITED	Director	21/08/2014	27/12/2013	Active	NO
7	U26941GJ2008PTC054061	SHAPOORJI PALLONJI CEMENT (GUJARAT) PRIVATE LIMITED	Director	31/07/2014	22/05/2014	Active	NO
8	U35117GJ2005PTC047168	LEADER SHIP YARD PRIVATE LIMITED	Additional director	23/07/2014	23/07/2014	Active	NO
9	U40103TN2013PTC093340	TN SOLAR POWER ENERGY PRIVATE LIMITED	Additional director	10/04/2015	10/04/2015	Active	NO

Name :

Prasanna Rao

Designation :

Director

Address :

A-1203, Casuarina Evershine, Green New Link Road, Andheri (West), Mumbai - 400102, Maharashtra, India

Date of Birth/Age :

06.10.1957

Date of Appointment :

27.09.2013

DIN No.:

05313505

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	Company/ LLP Status	Defaulting status
1	U40100GJ2008PTC054060	SHAPOORJI PALLONJI ENERGY (GUJARAT) PRIVATE LIMITED	Director	24/09/2012	26/06/2012	Active	NO
2	U45201GJ2008PTC054063	SHAPOORJI PALLONJI INFRASTRUCTURE (GUJARAT) PRIVATE LIMITED	Director	27/09/2013	31/10/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Smita Meher
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.09.2014

Names of Shareholders	No. of Shares
Shapoorji Pallonji Infrastructure Capital Company Limited, India	23995
Mahesh Tahilyani Jointly with Shapoorji Pallonji Infrastructure Capital Company Limited, India	1
Mukundan Srinivasan Jointly with Shapoorji Pallonji Infrastructure Capital Company Limited, India	1
Shankar Krishnan Subramaian jointly with Shapoorji Pallonji Infrastructure Capital Company Limited, India	1
Vasant Sanzgiri Jointly with Shapoorji Pallonji Infrastructure Capital Company Limited, India	1
F.K Bhathena Jointly with Shapoorji Pallonji Infrastructure Capital Company Limited, India	1
Suresh Dhawan Jointly with Shapoorji Pallonji Infrastructure Capital Company Limited, India	1
Total	24001

AS ON 12.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into Infrastructure and to Deal in all Sorts of Lands and Buildings.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

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 :

Information declined by management

Bankers :

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

Banking Relations :	--
Auditors :
Name :	Harshad Doshi and Company Chartered Accountants
Address :	Kutch Castle, 3^rd Floor, S. V. P. Road, Opera House, Mumbai- 400004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAGFH8346A
Holding Company :	Shapoorji Pallonji Infrastructure Capital Company Limited
Ultimate Holding Company and Others :	Shapoorji Pallonji and Company Limited
Subsidiary Company :	Universal Mine Developers and Service Providers Private Limited (w.e.f. March 31, 2014)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24001	Equity Shares	Rs. 10/- each	Rs. 0.240 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	0.240	0.170	0.100
(b) Reserves & Surplus	0.469	0.124	(0.275)
(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)	0.709	0.294	(0.175)
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	3.360	3.360	3.110
(b) Trade payables	0.018	0.020	0.022
(c) Other current liabilities	4.745	5.220	5.214
(d) Short-term provisions	0.315	0.145	0.026
Total Current Liabilities (4)	8.438	8.745	8.372
TOTAL	9.147	9.039	8.197
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	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	0.000	0.000	0.000
Total Non-Current Assets	0.010	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.259	0.020	0.012
(e) Short-term loans and advances	7.878	7.966	8.044
(f) Other current assets	1.000	1.053	0.141
Total Current Assets	9.137	9.039	8.197
TOTAL	9.147	9.039	8.197

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.973	1.030	2.499
		TOTAL	0.973	1.030	2.499
Less	EXPENSES
		Other expenses	0.030	0.035	0.047
		TOTAL	0.030	0.035	0.047
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.943	0.995	2.452
Less	FINANCIAL EXPENSES		0.428	0.450	2.468
	PROFIT / (LOSS) BEFORE TAX		0.515	0.545	(0.016)
Less	TAX		0.170	0.145	0.000
	PROFIT / (LOSS) AFTER TAX		0.345	0.400	(0.016)
	Earnings Per Share (Rs.)		17.90	34.51	(1.65)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(0.248)	(0.908)	(2.758)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	5.64	6.03	(0.20)
Return on Investment (ROI) (PBT/Networth)		0.73	1.85	0.09
Debt Equity Ratio (Total Liability/Networth)		4.74	11.43	(17.77)
Current Ratio (Current Asset/Current Liability)		1.08	1.03	0.98

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	0.100	0.170	0.240
Reserves & Surplus	(0.275)	0.124	0.469
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(0.175)	0.294	0.709
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	3.110	3.360	3.360
Total borrowings	3.110	3.360	3.360
Debt/Equity ratio	(17.771)	11.429	4.739

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	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	No
21	Banking facility details	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Shapoorji Pallonji and Company Limited	3.100	3.100
Shapoorji Pallonji Infrastructure Capital Company Limited	0.260	0.260
Total	3.360	3.360

CORPORATE INFORMATION

The company is an unlisted private limited company domiciled India, Incorporate under the companies act, 1956. The company is engaged into infrastructure and to deal in all sorts and buildings.

OPERATIONAL AND FINANCIAL REVIEW

No manufacturing or trading activities or major operation were carried out during the year.

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.63.40
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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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.