MIRA INFORM REPORT

Report No. :	343155
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	BHAWANI ENCLAVES PRIVATE LIMITED

Registered Office :	C-2/1,Gillander House, 8,Netaji Subhash Road, Kolkata – 700001, West Bengal
Mobile No.:	91-9831807677 (Mr. Pawan Kardoi)

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.10.2007

Com. Reg. No.:	21-119416

Capital Investment / Paid-up Capital :	Rs.11.833 Million

CIN No.: [Company Identification No.]	U72900WB2007PTC119416

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 :	Manufacturer, Supplier and exporter of a diverse range of galvanized steel structures.

No. of Employees :	Information declined by the management

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

Status :	Moderate

Payment Behaviour :	Slow and not met on commitment

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 2007 having moderate track. The company has average operational activity along with losses incurred in the FY – 15. The company has moderate financial base and stretched liquidity profile. Trade relations are fair. Business is active. Payments are slow and met on commitments. 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 – 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

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Pawan Kardoi
Designation :	Accounts Manager
Contact No.:	91-9831807677
Date :	05.10.2015

LOCATIONS

Registered Office/ Corporate Office :	C-2/1,Gillander House, 8,Netaji Subhash Road, Kolkata – 700001, West Bengal, India
Tel No.:	91-33-2262-1703/ 2262-1735
Mobile No.:	91-9831807677 (Mr. Pawan Kardoi)
Fax No.:	Not Available
E-Mail :	lmc980@gmail.com bharatlakhotia@gmail.com bhawaninfra@gamil.com
Website:	http://www.bhawaniinfra.in

DIRECTORS

AS ON 30.09.2014

Name :

Aditya Vikram Lakhotia

Designation :

Director

Address :

241/16,G.T.Road, Liluah, Howrah - 711204, West Bengal, India

Date of Birth/Age :

07.02.1979

Date of Appointment :

10.10.2007

DIN No.:

00002071

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	U70109WB1986PTC039987	BHAWANI CONSTRUCTION PRIVATE LIMITED	Director	1/9/2000	1/9/2000	20/05/2015	Active	NO
2	U72900WB2007PTC119416	BHAWANI ENCLAVES PRIVATE LIMITED	Director	10/10/2007	10/10/2007	-	Active	NO
3	U45208WB2009PTC136664	BHUBANESHWARI DEVELOPERS PRIVATE LIMITED	Director	9/7/2009	9/7/2009	-	Active	NO
4	U45400WB2009PTC136668	DHANLAXMI CONCLAVE PRIVATE LIMITED	Director	9/7/2009	9/7/2009	-	Active	NO
5	U45400WB2009PTC136674	BHAGYALAXMI CONCLAVE PRIVATE LIMITED	Director	9/7/2009	9/7/2009	-	Active	NO
6	U45400WB2009PTC136687	BINDHYAWASNI DEVELOPERS PRIVATE LIMITED	Director	10/7/2009	10/7/2009	-	Active	NO
7	U67120HR1996PTC037898	ASIAN THAI FOODS AND INVESTMENT PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Active	NO
8	U25200WB2011PTC156666	BHAWANI PLAST-O- PACK PRIVATE LIMITED	Director	4/1/2011	4/1/2011	-	Active	NO
9	U70109WB2011PTC160314	BHAWANI APARTMENT PRIVATE LIMITED	Director	7/3/2011	7/3/2011	-	Active	NO
10	U25209WB2011PTC166158	BALAJI POLYTEX INDUSTRY PRIVATE LIMITED	Director	8/8/2011	8/8/2011	-	Active	NO
11	U51909WB2009PTC133444	IMPRESSION VINCOM PRIVATE LIMITED	Director	7/9/2011	7/9/2011	19/09/2011	Active	NO
12	U51909WB2008PTC129367	RAKSHA AGENCY PRIVATE LIMITED	Director	7/9/2011	7/9/2011	8/9/2011	Active	NO
13	U74900WB1994PTC064935	LAKHOTIA DIAGNOSTIC SERVICE PRIVATE LIMITED	Director	22/09/2011	22/09/2011	-	Active	NO
14	U25209WB2011PTC169373	SUPREME POLY UDYOG PRIVATE LIMITED	Director	14/11/2011	14/11/2011	11/12/2014	Active	NO
15	U70102WB2012PTC180165	BHAWANI PLASTOCHEM PRIVATE LIMITED	Director	12/4/2012	12/4/2012	6/4/2013	Active	NO
16	U74999WB2012PTC179230	ARROWSPACE DEVELOPERS PRIVATE LIMITED	Director	1/6/2012	1/6/2012	27/01/2015	Active	NO
17	U70100WB2010PTC151474	ACKRUTI ENCLAVES PRIVATE LIMITED	Additional director	25/07/2015	10/9/2012	-	Active	NO
18	U74900WB2014PTC200212	MIOT ASHOK HOSPITALS PRIVATE LIMITED	Director	13/02/2014	13/02/2014	-	Active	NO
19	U70102WB2013PTC196714	NIRGUNA DEVELOPERS PRIVATE LIMITED	Director	16/09/2014	16/09/2014	-	Active	NO

Name :

Manoj Kumar Anchalia

Designation :

Director

Address :

Block- Bd, Sector-I, 23, Salt Lake, Bidhannagar(North), North 24 Parganas, Kolkata - 700064, West Bengal, India

Date of Birth/Age :

01.01.1955

Date of Appointment :

17.08.2015

DIN No.:

03450987

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	U70109WB2011PTC161677	VAIBHAV TOWERS PRIVATE LIMITED	Director	11/4/2011	11/4/2011	27/01/2015	Active	NO
2	U15500WB2011PTC162066	ADDA FOOD PRODUCTS PRIVATE LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO
3	U51109WB1995PTC070322	SUBHAM COLD STORAGE PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
4	U45400WB2009PTC136674	BHAGYALAXMI CONCLAVE PRIVATE LIMITED	Director	20/02/2012	20/02/2012	-	Active	NO
5	U45208WB2009PTC136664	BHUBANESHWARI DEVELOPERS PRIVATE LIMITED	Director	20/02/2012	20/02/2012	-	Active	NO
6	U45400WB2009PTC136687	BINDHYAWASNI DEVELOPERS PRIVATE LIMITED	Director	20/02/2012	20/02/2012	-	Active	NO
7	U45400WB2009PTC136668	DHANLAXMI CONCLAVE PRIVATE LIMITED	Director	20/02/2012	20/02/2012	-	Active	NO
8	U25209WB2007PTC118724	ARYAMAN PLASTIC PRIVATE LIMITED	Director	1/3/2012	1/3/2012	25/10/2014	Active	NO
9	U74900WB1994PTC064935	LAKHOTIA DIAGNOSTIC SERVICE PRIVATE LIMITED	Director	12/3/2012	12/3/2012	10/7/2012	Active	NO
10	U70102WB2012PTC180165	BHAWANI PLASTOCHEM PRIVATE LIMITED	Director	12/4/2012	12/4/2012	6/4/2013	Active	NO
11	U51909WB2010PTC155448	RESOLUTE TRADECOM PRIVATE LIMITED	Director	15/09/2012	15/09/2012	-	Active	NO
12	U74900WB2013PTC193261	NRSKL HEALTHCARE PRIVATE LIMITED	Director	14/05/2013	14/05/2013	10/12/2014	Active	NO
13	U70102WB2013PTC196714	NIRGUNA DEVELOPERS PRIVATE LIMITED	Director	23/08/2013	23/08/2013	-	Active	NO
14	U70102WB2013PTC196715	DEVESH ENCLAVES PRIVATE LIMITED	Director	23/08/2013	23/08/2013	-	Active	NO
15	U72900WB2007PTC119416	BHAWANI ENCLAVES PRIVATE LIMITED	Director	17/08/2015	17/08/2015	-	Active	NO
16	U25200WB2011PTC156666	BHAWANI PLAST-O- PACK PRIVATE LIMITED	Director	17/08/2015	17/08/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pawan Kardoi
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Note: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	83.40
Directors or relatives of Directors	16.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier and exporter of a diverse range of galvanized steel structures.

Products :	Bridge Structures Associated Erection Balance Green Leaf Shifter Crash Barriers Tea Dyer Machine

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

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 :

Information declined by the management

Bankers :

Banker Name	IDBI Bank Limited
Branch Address	SME Group, IDBI House, 44 Shakespeare Sarani, Kolkata - 700017, West Bengal, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
From Bank
IDBI Bank – Term Loan	6.644	5.604
From Others Parties	0.000	9.924
SHORT TERM BORROWINGS
Working Capital Loans from Banks	49.456	50.687
Total	56.100	66.215

Financial Institute:	L and T Finance Limited, Land T House, Ballard Estate, Mumbai - 400001, Maharashtra, India

Auditors :
Name :	J.JAIN and Company Chartered Accountants
Address :	23A, Netaji Subhas Road, 11^th Floor, Room No. 44, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22302243/ 22420308
Fax No.:	91-33-40015422
E-Mail :	ho@jjainco.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFJ8069K

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Bhawani Construction Private Limited Bindhyawasni Developers Private Limited Dhanlaxmi Conclave Private Limited Bhagyalaxmi Conclave Private Limited Bhubaneshwari Developers Private Limited Lakhotia diagnostic Services Private Limited Bhawani Apartment Private Limited Bhawani Plasto Pack Private Limited Supreme Polyudyog Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1084550	Equity Shares	Rs.10/- each	Rs.10.845 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1084550	Equity Shares	Rs.10/- each	Rs.10.845 Million
98750	Equity Shares	Rs.10/- each	Rs.0.988 Million
	Total		Rs.11.833 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	11.833	10.845	10.845
(b) Reserves & Surplus	73.054	75.211	74.408
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	10.000
Total Shareholders’ Funds (1) + (2)	84.887	86.056	95.253

(3) Non-Current Liabilities
(a) long-term borrowings	37.869	52.355	20.346
(b) Deferred tax liabilities (Net)	1.300	1.452	1.551
(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)	39.169	53.807	21.897

(4) Current Liabilities
(a) Short term borrowings	49.456	50.687	50.014
(b) Trade payables	597.733	79.561	46.615
(c) Other current liabilities	7.455	12.601	12.731
(d) Short-term provisions	0.000	0.245	0.825
Total Current Liabilities (4)	654.644	143.094	110.185

TOTAL	778.700	282.957	227.335

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.141	64.072	70.862
(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	3.461	3.601	3.229
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	62.602	67.673	74.091

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.422	39.054	31.704
(c) Trade receivables	698.990	163.394	110.556
(d) Cash and cash equivalents	7.901	6.060	5.532
(e) Short-term loans and advances	0.801	2.658	0.231
(f) Other current assets	0.984	4.118	5.221
Total Current Assets	716.098	215.284	153.244

TOTAL	778.700	282.957	227.335

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	377.965	362.269
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	9.944	13.399

Less/ Add	DEPRECIATION/ AMORTISATION	NA	8.660	9.066

	PROFIT/ (LOSS) BEFORE TAX	NA	1.284	4.333

Less	TAX	NA	0.482	0.983

	PROFIT/ (LOSS) AFTER TAX	(9.069)	0.802	3.350

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	5.156	4.354	1.003

	Balance Carried to the B/S	(3.913)	5.156	4.353

	Earnings / (Loss) Per Share (Rs.)	(8.36)	0.74	2.83

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.291	8.384	7.987
Cash generated from operations	NA	NA	NA
cash flows from operating activities	22.300	(8.133)	(22.143)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	0.21	0.92

Return on Total Assets (PBT/Total Assets}	(%)	NA	0.45	1.91

Return on Investment (ROI) (PBT/Networth)		NA	0.01	0.05

Debt Equity Ratio (Total Debt /Networth)		1.03	1.29	0.82

Current Ratio (Current Asset/Current Liability)		1.09	1.50	1.39

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	10.845	10.845	11.833
Reserves & Surplus	74.408	75.211	73.054
Share Application money pending allotment	10.000	0.000	0.000
Net worth	95.253	86.056	84.887

long-term borrowings	20.346	52.355	37.869
Short term borrowings	50.014	50.687	49.456
Current maturities of long-term debts	7.987	8.384	0.291
Total borrowings	78.347	111.426	87.616
Debt/Equity ratio	0.823	1.295	1.032

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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from Body Corporate	31.225	36.827
Total	31.225	36.827

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10395725	09/11/2012	616,250.00	L AND T FINANCE LIMITED	L AND T HOUSE,, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B65413551
2	10196868	02/12/2009	80,000,000.00	IDBI BANK LIMITED	SME GROUP, IDBI HOUSE, 44 SHAKESPEARE SARANI, KOLKATA- 700017,, WEST BENGAL INDIA	A77519965

FIXED ASSETS

Land
Furniture
Plant and Equipment

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.65.29
UK Pound	1	Rs.99.31
Euro	1	Rs.73.39

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	TRI

Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--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

INDEX OF CHARGES

Unit