MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	EXPRESS TRANSPORT PRIVATE LIMITED
Registered Office :	17, Western India House, 2^nd Floor, Sir P M Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.01.1946
Com. Reg. No.:	11-004733
Capital Investment / Paid-up Capital :	Rs.0.190 Million
CIN No.: [Company Identification No.]	U63090MH1946PTC004733
TAN No.: [Tax Deduction & Collection Account No.]	MUME04807F
PAN No.: [Permanent Account No.]	AAACE2632F
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Integrated Logistics Service.
No. of Employees :	95 ( In Office) Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 512000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal 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.

INFORMATION DECLINED BY

Name :	Mr. Pranav
Designation :	Accounts Manager
Date :	21.10.2011

LOCATIONS

Registered Office :	17, Western India House, 2^nd Floor, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66339898
Fax No.:	91-22-66339833
E-Mail :	express@expressworld.com pranav@expressworld.com sucheta@expressworld.com
Website :	http://www.expressworld.com
Head Office :	Kulkarni Patil Bhavan, 14 Murzban Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66339898
Fax No.:	91-22-66339833
E-Mail :	express@expressworld.com
Website :	http://www.expressworld.com
Branch Office :	Located at: - Baroda - Delhi - Kandla - Mundra - Bangalore - Goa - Hyderabad - Indore - Chennai - Kolkatta - Pune - Ahmedabad - Ankleshwar

DIRECTORS

As on 29.09.2010

Name :

Mr. Nailesh Vinod Gandhi

Designation :

Whole-time Director

Address :

28, Shankar Sagar, Sophia Collage Lane, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

29.09.1965

Date of Appointment :

29.09.1988

DIN :

00059459

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63090MH1946PTC004733	EXPRESS TRANSPORT PRIVATE LIMITED	Whole-time director	29/09/1988	29/09/1988	-	Active	NO
2	U72900MH2000PTC126143	NASTECH INFOSYSTEMS PRIVATE LIMITED	Director	26/04/2000	26/04/2000	-	Active	NO
3	U63090MH2001PTC132470	CEL LOGISTICS PRIVATE LIMITED	Director	25/06/2001	25/06/2001	-	Active	YES
4	U63000MH2004PTC147576	COMBI LOGISTICS PRIVATE LIMITED	Whole-time director	19/07/2004	19/07/2004	-	Active	YES
5	U63090MH2005PTC152812	TEAM GLOBAL LOGISTICS PRIVATE LIMITED	Director	21/07/2005	21/07/2005	4/3/2008	Active	NO
6	U29300MH1979PTC156399	EXPRESS ENGINEERING CONSTRUCTION PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
7	U63090MH1984NPL034904	THE BOMBAY CUSTOM HOUSE AGENTS ASSOCIATION	Director	6/9/2007	6/9/2007	-	Active	NO
8	U74210MH2008PTC182450	BASIEX ENGINEERING PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO
9	U63011MH2007PTC174073	EXPRESS EQUIPMENT RENTAL AND LOGISTICS PRIVATE LIMITED	Director	30/05/2008	30/05/2008	-	Active	NO
10	U51900MH2008PTC185654	CELSTAR EXIM PRIVATE LIMITED	Director	11/8/2008	11/8/2008	-	Active	NO
11	U63090MH2009PTC192892	CELWARE LOGISTICS PRIVATE LIMITED	Director	1/6/2009	1/6/2009	-	Active	NO

Name :

Mr. Keyur Vinod Gandhi

Designation :

Whole-time Director

Address :

28, Shankar Sagar, Sophia Collage Lane, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

30.05.1976

Date of Appointment :

01.06.2001

DIN :

00059575

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72900MH2000PTC126143	NASTECH INFOSYSTEMS PRIVATE LIMITED	Director	1/2/2001	1/2/2001	Active	NO
2	U63090MH1946PTC004733	EXPRESS TRANSPORT PRIVATE LIMITED	Whole-time director	1/6/2001	1/6/2001	Active	NO

Name :

Mr. Vinod Ramanlal Gandhi

Designation :

Whole-time Director

Address :

28, Shankar Sagar, Sophia Collage Lane, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

09.08.1939

Date of Appointment :

20.06.1972

DIN :

00051657

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U55101GJ1971PTC001900	EXPRESS HOTELS PRIVATE LIMITED	Director	20/05/1971	20/05/1971	Active	NO
2	U63090MH1946PTC004733	EXPRESS TRANSPORT PRIVATE LIMITED	Whole-time director	20/06/1972	20/06/1972	Active	NO
3	U63010MH1977PTC019922	EXPRESS KARGO FORWARDERS PRIVATE LIMITED	Director	18/10/1977	18/10/1977	Active	NO
4	U63030MH1983PTC029297	TRANSCARGO INDIA PRIVATE LIMITED	Director	11/2/1983	11/2/1983	Active	NO
5	U29300MH1979PTC156399	EXPRESS ENGINEERING CONSTRUCTION PRIVATE LIMITED	Director	20/06/1983	20/06/1983	Active	NO
6	U55101GJ1996PLC028851	EXPRESS RESORTS AND HOTELS LIMITED	Managing director	16/10/2007	17/02/1996	Active	NO
7	U63011MH2007PTC174073	EXPRESS EQUIPMENT RENTAL AND LOGISTICS PRIVATE LIMITED	Director	13/09/2007	13/09/2007	Active	NO

Name :

Mr. Kirit Ramanlal Gandhi

Designation :

Director

Address :

32-A, Shree Nagar Society, Bhumi Society, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

15.09.1941

Date of Appointment :

20.06.1972

DIN :

01219268

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U63090MH1946PTC004733	EXPRESS TRANSPORT PRIVATE LIMITED	Director	20/06/1972	20/06/1972	Active	NO
2	U29300MH1979PTC156399	EXPRESS ENGINEERING CONSTRUCTION PRIVATE LIMITED	Director	20/06/1983	20/06/1983	Active	NO
3	U63011MH2007PTC174073	EXPRESS EQUIPMENT RENTAL AND LOGISTICS PRIVATE LIMITED	Director	13/09/2007	13/09/2007	Active	NO

Name :

Mr. Ashwin Ramanlal Gandhi

Designation :

Director

Address :

Nilkamal, Race Course CIRCLE< Opposite Gautam Nagar Society, Baroda – 390007, Gujarat, India

Date of Birth/Age :

11.05.1945

Date of Appointment :

20.06.1972

DIN :

00977474

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U55101GJ1971PTC001900	EXPRESS HOTELS PRIVATE LIMITED	Whole-time director	20/05/1971	20/05/1971	Active	NO
2	U63090MH1946PTC004733	EXPRESS TRANSPORT PRIVATE LIMITED	Director	20/06/1972	20/06/1972	Active	NO
3	U29300MH1979PTC156399	EXPRESS ENGINEERING CONSTRUCTION PRIVATE LIMITED	Director	20/06/1983	20/06/1983	Active	NO
4	U55101GJ1996PLC028851	EXPRESS RESORTS AND HOTELS LIMITED	Whole-time director	17/02/1996	17/02/1996	Active	NO
5	U63011MH2007PTC174073	EXPRESS EQUIPMENT RENTAL AND LOGISTICS PRIVATE LIMITED	Director	13/09/2007	13/09/2007	Active	NO
6	U74210MH2008PTC182450	BASIEX ENGINEERING PRIVATE LIMITED	Director	19/05/2008	19/05/2008	Active	NO
7	U63090MH2011NPL222689	CRANE OWNERS ASSOCIATION OF INDIA	Director	4/10/2011	4/10/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Pranav
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Nailesh Vinod Gandhi	140
Keyur Vinod Gandhi	170
Vinod Ramanlal Gandhi	90
Kirit Ramanlal Gandhi	320
Ashwin Ramanlal Gandhi	320
Nirav Vinod Gandhi	130
Hetal Kirit Gandhi	115
Hiren Ashwin Gandhi	165
Rakesh Kirit Gandhi and Manjari Vinod Gandhi	85
Nailesh V Gandhi [HUF]	40
NIrav V Gandhi [HUF]	40
Rakesh Kirit Gandhi [HUF]	40
Hetal Kirit Gandhi [HUF]	39
Binita K Gandhi	30
Ashwin Ramanlal Gandhi [HUF]	120
Keyur Vinod Gandhi [HUF]	39
Smita R. Gandhi	1
T.K. Gandhi	1
K.R. Gandhi [HUF]	1
Neha H Gandhi	1
Satyen A Gandhi	1
Manjari Gandhi	1
Vinod R Gandhi [HUF]	1
Sonal N Gandhi	1
Aarush N Gandhi	1
Tarini Gandhi	1
Aditi Gandhi	1
Sahnay N Gandhi	1
Karan Gandhi	1
Ami Keyur Gandhi	1
Keyur Gandhi	1
Meenakshi I Pandya	1
Kalpana Suresh Desai	1
Total	1900

As on 29.09.2010

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	99.90
Other top fifty shareholders	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Integrated Logistics Service.
Products / Services :	Custom House Agents International Freight Forwarding Freight Forwarding Project Handling Equipment Rentals Customs Brokerage Logistics Management NVOCC Trucking Door to Door Warehousing and 3PL

GENERAL INFORMATION

No. of Employees :

95 ( In Office) Approximately

Bankers :

• Standard Chartered Bank, SME Credit, 23-25 M G Road, Fort, Mumbai – 400001, Maharashtra, India
• Deutsche Bank AG, Kodak House, 222, Dr. D N Road, Fort, Mumbai - 400001, Maharashtra, India
• HDFC Bank
• ABN Amro Bank

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
Car loan from Kotak Mahindra Prime Limited [due within one year Rs.0.213 million; previous year Rs.0.337 million]	0.213	0.549
Car loan from ABN Amro Bank [due within one year Rs. Nil ; previous year Rs.0.125 million]	0.000	0.125
Car loan from HDFC Bank [due within one year Rs.1.240 millions; previous year Rs.1.100 millions] (All above car loans are secured by hypothecation of the respective cars.)	2.392	3.493
Total	2.605	4.167
Unsecured Loan [Rs. in million]	31.03.2010	31.03.2009
From Directors - Other Loans	19.119	8.224
From Shareholders – Other Loans	40.005	27.340
Total	59.124	35.564

Banking Relations :	--
Auditors :
Name :	Rashmi Zaveri and Company Chartered Accountants
Address :	Arham, Ground Floor, Suite No.2 and 3, Plot No.266, Near Gandhi Market, Sion (East), Mumbai – 400022, Maharashtra, India
Tel No.:	91-22-24042032 / 24042033
Fax No.:	91-22-24078656
Email:	nikhilzaveri@mtnl.net.in
PAN :	AADFR9589G
Membership :	FIATA, MTO, IATA, AMTOI

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.100/- each	Rs.0.200 Million
500	6% Cumulative Preference Shares	Rs.100/- each	Rs.0.050 Million
	Total		Rs.0.250 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50	Equity Shares [issued to vendors as fully paid up]	Rs.100/- each	Rs.0.005 Million
1850	Equity Shares	Rs.100/- each	Rs.0.185 Million
	Total		Rs.0.190 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.190	0.190	0.190
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		127.932	121.048	123.098
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		128.122	121.238	123.288
LOAN FUNDS
1] Secured Loans		2.605	4.167	1.261
2] Unsecured Loans		59.124	35.564	65.145
TOTAL BORROWING		61.729	39.731	66.406
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		189.851	160.969	189.694
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.852	32.572	25.306
Capital work-in-progress		0.364	0.000	2.594
INVESTMENT		4.897	3.932	52.881
DEFERREX TAX ASSETS		3.224	1.818	2.124
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	176.440	142.825	150.889
	Cash & Bank Balances	10.912	15.281	3.846
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	85.626	78.206	57.577
Total Current Assets		272.978	236.312	212.312
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.691	47.612	51.617
	Other Current Liabilities	5.711	6.991	7.644
	Provisions	69.062	59.062	46.262
Total Current Liabilities		121.464	113.665	105.523
Net Current Assets		151.514	122.647	106.789
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		189.851	160.969	189.694

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
	Income
	Other Income
	TOTAL		207.769	194.412	167.991
Less	EXPENSES
	Office Expenses
	Administrative Expenses
	TOTAL		176.635	165.254	111.826
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		31.134	29.158	56.165
Less/ Add	DEPRECIATION/ AMORTISATION		6.765	6.974	4.115
	PROFIT / [LOSS] BEFORE TAX		24.369	22.184	52.050
Less	TAX		8.594	13.120	14.642
	PROFIT / [LOSS] AFTER TAX		15.775	9.064	37.408
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		115.930	118.887	81.479
Less	APPROPRIATIONS
		Transfer to General Reserve	1.600	0.906	0.000
		Dividend	7.600	9.500	0.000
		Tax on Dividend	1.291	1.615	0.000
	BALANCE CARRIED TO THE B/S		121.214	115.930	118.887
	EARNINGS IN FOREIGN CURRENCY		110.512	100.440	102.485
	Earnings/[Loss] Per Share (Rs.)		8303.00	4771.00	19688.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.59	4.66	22.27
Return on Total Assets (PBT/Total Assets}	(%)	8.05	8.25	21.90
Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.42
Debt Equity Ratio (Total Liability/Networth)		1.43	1.26	1.39
Current Ratio (Current Asset/Current Liability)		2.25	2.08	2.01

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors :

Rs. In millions

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	46.691	47.612	51.617

Operations : the profit of the company has increased by 76%. However, the current year outlook does not seems very encouraging in view of cutthroat competition and also their big clients are willing to raise the company’s service charges which may lead to pressure on the margins in the next year.

Contingent Liabilities :

Rs. In millions

PARTICULARS	31.03.2010
Bank Guarantee of Standard Chartered Bank	0.208
Bank Guarantee of Indian Overseas Bank	0.200
On account of cases pending with OTAT and CIT Appeals	4.669

Form 8:

Corporate identity number of the company	U63090MH1946PTC004733
Name of the company	EXPRESS TRANSPORT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17 Western India House, 2^nd Floor, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts
Particular of charge holder	Deutsche Bank AG, Kodak House, 222, Dr. D N Road, Fort, Mumbai - 400001, Maharashtra, India Email : Pbc.loanops@db.com
Nature of instrument creating charge	Deed of Hypothecation of Stocks and Book Debts
Date of instrument Creating the charge	19.04.2010
Amount secured by the charge	Rs.60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Borrowing Cost of Deutsche Bank+3% Terms of Repayment: OD : Repayable on Demand STL : Maximum 12 Months Available for Rollover Margin: Primary Colateral:20% Secondary Collateral : at discretion of bank Extent and Operation of the charge: full and exclusively in favour of Deutsche Bank
Short particulars of the property charged (including location of the property)	Primary Collateral : hypothecation charge on unencumbered performing trade receivables Secondary Collateral : third party pledge of cem approved equity stocks held in name of Mr. Ashwin Ramanlal Gandhi jointly with Mrs. Ina Dani and Mr. Ashwin Gandhi Personal guarantee from Mr. Aswin Ramanlal Gandhi

Form 8:

Corporate identity number of the company	U63090MH1946PTC004733
Name of the company	EXPRESS TRANSPORT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17 Western India House, 2^nd Floor, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	- Standard Chartered Bank AME Credit, 23-25 M G Road, Fort, Mumbai – 400001, Maharashtra, India reenabang@rediffmail.com
Nature of instrument creating charge	Hypothecation Agreement (Supplemental)
Date of instrument Creating the charge	21.04.2008
Amount secured by the charge	Rs.45.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Overdraft Facility. Interests / Commission – As agreed by and with the Bank Terms of Repayment: As Agreed by and with the Bank from time to time Margin: As applicable, if any Extent and Operation of the charge: The Bank is having first charge on the security offered by the Borrower.
Short particulars of the property charged (including location of the property)	Hypothecation on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) all the present and future book debts, outstanding money receivable, claims and bills c) all the movable fixed assets now or at any time hereafter belonging to the borrower at the borrower's factory or at any other premises or place.
Particulars of the present modification	By present modification, the charge amount enhanced from Rs.35.000 millions to Rs.45.000 millions.

Fixed Assets:

• Land
• Furniture
• Vehicles
• Motor Cars
• Cycle
• Fork Lifts
• Aqua Systems
• Portable Power Generator
• Coles Cranes
• Computers
• Sony Video Camera
• Vacuum Cleaner
• Pagers
• Mobile Phones
• Office Equipment
• Air Conditioners
• Air Coolers
• Coles Cranes
• Aqua Systems

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 records 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.49.87
UK Pound	1	Rs.79.72
Euro	1	Rs.69.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
TOTAL		54

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.