MIRA INFORM REPORT

Report No. :	322052
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	VENSA INFRASTRUCTURE LIMITED
Formally Known as:	CMR PROJECTS LIMITED
Registered Office :	H.No.6-3-252/2/6, 1^st and 2^nd Floor, Erramanzil, Hyderabad - 500082 Telangana
Tel. No.:	91-40-23333255
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.04.2012
Com. Reg. No.:	01-080170
Capital Investment / Paid-up Capital :	Rs. 115.000 Million
CIN No.: [Company Identification No.]	U45209TG2012PLC080170
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDC05432A
PAN No.: [Permanent Account No.]	AAECC7856K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Construction Activity
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has reported a better increase in its turnover and profit margin of the company is fair during FY2014, Reserves of the company are low. However, the company has good management team having extensive industry experience. Trade relations reported to be fair. Business is active. Payments are reported to be slow but correct. Subject can be considered for business dealings at 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	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 31-03-2014.

INFORMATION DECLINED

Management non co-operative: 91-44-23333255

LOCATIONS

Registered Office :	H.No.6-3-252/2/6, 1^st and 2^nd Floor, Erramanzil, , Hyderabad - 500082 Telangana, India
Tel. No.:	91-40-23333255
Fax No.:	Not Available
E-Mail :	cmrprojectslimited@gmail.com
Branch office :	8-2-310/a/4, M.C. No. Chirla House, Road No 14, Banjara Hills, Hyderabad - 500034, Telangana, India
Tel. No.:	91-44-23333255
Fax No.:	91-4023541831
E-Mail :	info@cmrprojects.com

DIRECTORS

As on 31.03.2014

Name :

Mr. Krishna Rao Velchala

Designation :

Director

Address :

Flat No.11,H No. 8-2-686/C/D/I Road No 12, Banjara Hills, Hyderabad - 500034, Telangana, India

Date of Appointment :

04.04.2012

DIN No.:

00584536

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	U70102TG2006PTC049260	DISHA AVENUES PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO
2	U45209TG2012PLC080170	VENSA INFRASTRUCTURE LIMITED	Director	13/10/2013	04/04/2012	-	Active	NO

Name :

Mr. Ravinder Rao Joginapally

Designation :

Director

Address :

Flat No.11,H No. 8-2-686/C/D/I Road No 12, Banjara Hills, Hyderabad - 500034, Telangana, India

Date of Appointment :

04.04.2012

DIN No.:

00584594

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	U70102TG2006PTC049260	DISHA AVENUES PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO
2	U45209TG2012PLC080170	VENSA INFRASTRUCTURE LIMITED	Director	04/04/2012	04/04/2012	-	Active	NO

Name :

Mr Polkampalli Ramdev

Designation :

Managing Director

Address :

Plot No 332/A, Road No. 12, MLA Colony, Banjara Hills, Hyderabad - 500034, Telangana, India

Date of Appointment :

01.04.2014

DIN No.:

00678733

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	U72200TG2004PTC042363	CATURA SOLUTIONS PRIVATE LIMITED	Director	06/01/2004	06/01/2004	-	Active	NO
2	U45200TG2007PTC052968	NAVTEJ INFRASTRUCTURE PRIVATE LIMITED	Director	26/02/2007	26/02/2007	15/04/2015	Active	NO
3	U01403TG2008PTC061778	REVENTA CROP SCIENCE PRIVATE LIMITED	Director	14/09/2009	09/06/2009	14/12/2012	Active	NO
4	U01400TG2009PTC064025	SUVIRA AGROTECH PRIVATE LIMITED	Director	17/06/2009	17/06/2009	-	Active	NO
5	U45200TG2003PTC040302	POULOMI CONSTRUCTIONS PRIVATE LIMITED	Director	09/10/2009	09/10/2009	05/12/2014	Active	NO
6	U01220TG2012PTC081033	DIVIJA FARMS PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO
7	U45209TG2012PLC080170	VENSA INFRASTRUCTURE LIMITED	Managing director	01/04/2014	20/02/2013	-	Active	NO
8	U72200TG2008PTC057502	INNOCORE SOLUTIONS PRIVATE LIMITED	Director	14/03/2013	14/03/2013	27/03/2014	Active	NO

Name :

Mr. Sushant Chennadi

Designation :

Director

Address :

Plot No. 316/A. MLA Colony, Banjara Hills, Hyderabad - 500034, Telangana, India

Date of Appointment :

21.01.2014

DIN No.:

03645034

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	U70102TG2006PTC049260	DISHA AVENUES PRIVATE LIMITED	Additional director	30/12/2011	30/12/2011	-	Active	NO
2	U40107TG2012PTC078940	CHENNADI ECO POWER PRIVATE LIMITED	Director	03/02/2012	03/02/2012	-	Active	NO
3	U40300TG2012PTC079290	CHENNADI POWER PROJECTS PRIVATE LIMITED	Director	22/02/2012	22/02/2012	-	Active	NO
4	U45209TG2012PLC080170	VENSA INFRASTRUCTURE LIMITED	Director	21/01/2014	20/02/2013	-	Active	NO
5	U45203TG2013PTC086891	C5 INFRA PRIVATE LIMITED	Director	09/04/2013	09/04/2013	14/01/2015	Active	NO

Name :

Mr. Laxman Kumar Polkampally

Designation :

Director

Address :

H. No: 8-2-293/82/L/332/A, MLA’ S Colony, Road No. 12, Banjara Hills, Hyderabad - 500034, Telangana, India

Date of Appointment :

21.01.2014

DIN No.:

02316127

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	U45209TG2012PLC080170	VENSA INFRASTRUCTURE LIMITED	Director	21/01/2014	05/03/2013	-	Active	NO
2	U72900TG2013PTC088666	INVILOGIC SOFTWARE PRIVATE LIMITED	Director	28/06/2013	28/06/2013	-	Active	NO
3	U72200TG2008PTC057502	INNOCORE SOLUTIONS PRIVATE LIMITED	Managing director	20/01/2014	30/12/2013	27/03/2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Krishna Rao Velchala	12,76,259
Ravinder Rao Joginapally	11,50,000
Veena Chennadi	21,31,212
Ramu Chennadi	44,814
Sushant Chennadi	3,96,074
Nishant Chennadi	4,17,900
Vikram Rao Velchala	7,41,991
Polkampalli Ramdev	32,51,000
Laxman Kumar Polkampally	20,90,750
Total	1,15,00,000

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 :

Construction Activity

Products :

Product Description	Item Code No. (ITC Code)
9953	Construction

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information denied by management

Bankers :

Banker Name
Branch Address
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

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term Loan	74.628	69.771
Short Term Borrowing
Other loans and advance, others	105.125	111.573
Total	179.753	181.344

Auditors :
Name :	B. Narasinga Rao and Company Chartered Accountant
Address :	610, VI floor, Babukhan Estate, Basheerbagh, Hyderabad - 500001, Hyderabad, India
PAN No.:	AACFB1524C
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 29.09. 2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs.10/- each	Rs. 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,500,000	Equity Shares	Rs.10/- each	Rs. 115.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	115.000	115.000
(b) Reserves & Surplus	102.290	60.436
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	217.290	175.436
(3) Non-Current Liabilities
(a) long-term borrowings	108.757	143.016
(b) Deferred tax liabilities (Net)	8.130	3.618
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	116.887	146.634
(4) Current Liabilities
(a) Short term borrowings	105.125	111.573
(b) Trade payables	144.981	53.835
(c) Other current liabilities	263.016	176.869
(d) Short-term provisions	3.821	0.334
Total Current Liabilities (4)	516.943	342.611
TOTAL	851.120	664.681
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	171.415	129.573
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	18.189	12.389
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	145.002	101.521
(e) Other Non-current assets	91.243	59.133
Total Non-Current Assets	425.849	302.616
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	254.201	153.734
(c) Trade receivables	65.974	72.251
(d) Cash and cash equivalents	63.582	77.592
(e) Short-term loans and advances	41.514	58.488
(f) Other current assets	0.000	0.000
Total Current Assets	425.271	362.065
TOTAL	851.120	664.681

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	1210.630	866.636
		Other Income	11.104	6.164
		TOTAL	1221.734	872.800
Less	EXPENSES
		Cost of Materials Consumed	342.205	196.681
		Purchases of Stock-in-Trade	617.240	527.726
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(82.784)	(6.783)
		Employees benefits expense	202.114	55.856
		Exceptional Item	0.000	0.045
		Other expenses	35.917	15.477
		TOTAL	1114.692	789.002
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		107.042	83.798
Less	FINANCIAL EXPENSES		35.326	20.833
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		71.716	62.965
Less/ Add	DEPRECIATION/ AMORTISATION		8.804	5.146
	PROFIT BEFORE TAX		62.912	57.819
Less	TAX		21.059	18.194
	PROFIT AFTER TAX		41.853	39.625
	Earnings Per Share (Rs.)		3.64	3.45

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	3.46	4.57
Operating Profit Margin (PBDIT/Sales)	(%)	8.84	9.67
Return on Total Assets (PBT/Total Assets}	(%)	7.55	8.86
Return on Investment (ROI) (PBT/Networth)		0.29	0.33
Debt Equity Ratio (Total Debt /Networth)		0.98	1.45
Current Ratio (Current Asset/Current Liability)		0.82	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	115.000	115.000
Reserves & Surplus	60.436	102.290
Net worth	175.436	217.290
long-term borrowings	143.016	108.757
Short term borrowings	111.573	105.125
Total borrowings	254.589	213.882
Debt/Equity ratio	1.451	0.984

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	866.636	1210.630
		39.693

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	866.636	1210.630
Profit	39.625	41.853
	4.57%	3.46%

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 two years	Yes
12]	Profitability for last two 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
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	No
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	No

Note: The Company has been shifted H. No. to 8-2-293/82/L/96- A MLA Colony , Road No 12, Banjara Hills, Hyderabad - 500034, Telangana, India to present address 13.10.2013

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Other loans and advances	34.129	73.246
Total	34.129	73.246

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10517755	17/07/2014	20,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	H.NO.3-5-798, PRATHIMA SCHALASS, KOTI ROAD, HYDER ABAD, Telangana - 500029, INDIA	C19002104
2	10477751	18/01/2014	19,368,000.00	TATA MOTORS FINANCELIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR,, NANAVATI MA HALAYA, 18, HOMI MODY STREET, MUMBAI, Maharashtra - 400001, INDIA	B96434337
3	10480679	14/01/2014	9,480,570.00	MAGMA FINCORP LIMITED	MAGMA HOUSE,, 24 PARK STREET,, KOLKATA, West Beng al - 700016, INDIA	B97627897
4	10462891	21/11/2013	20,000,000.00	THE COSMOS CO-OPERATIVE BANK LTD	H.NO. 3-5-798, PRATHIMA SCHALASS, KOTI ROAD,, HYD ERABAD, Andhra Pradesh - 500029, INDIA	B90628371
5	10408512	01/02/2013	4,588,299.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Be ngal - 700046, INDIA	B69782936
6	10397889	30/11/2012	15,056,697.00	SHRIRAM EQUIPMENT FINANCE COMPANY LIMITED	MOOKAMBIKA COMPLEX, 3RD FLOOR,, NO.4. LADY DESIKA ROAD, MYLAPORE,, CHENNAI, Tamil Nadu - 600004, IN DIA	B66197716
7	10386911	15/11/2012	6,545,000.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Be ngal - 700046, INDIA	B62198296
8	10379197	22/09/2012	15,228,576.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Be ngal - 700046, INDIA	B59168864
9	10375156	22/08/2012	8,409,900.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Be ngal - 700046, INDIA	B57544223
10	10359590	20/03/2015 *	668,500,000.00	THE COSMOS CO-OPERATIVE BANK LTD	H.NO. 3-5-798, PRATHIMA SCHALASS, KOTI ROAD, HYDE RABAD, Telangana - 500029, INDIA	C51266393

* Date of charge modification

FIXED ASSETS

• Furniture and fixture
• Plant and Machinery
• Land
• Office Equipment
• Motor vehicles
• 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 records 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.63.57
UK Pound	1	Rs.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	SUM
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.