MIRA INFORM REPORT

Report Date :

19.07.2012

IDENTIFICATION DETAILS

Name :	GAUTAM FREIGHT PRIVATE LIMITED
Registered Office :	Plot No. 24/10, Gautam House, Sector-10 C, Gandhidham-370201, Kutch, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.02.1995
Com. Reg. No.:	04-024605
Capital Investment / Paid-up Capital :	Rs.190.000 Millions
CIN No.: [Company Identification No.]	U63090GJ1995PTC024605
TAN No.: [Tax Deduction & Collection Account No.]	RKTG00037C
PAN No.: [Permanent Account No.]	AAACG7804M
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Handling Transportation, Warehousing Services and Power Generation.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 2400000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has failed to file its financial with the government departments after the year 2010. However, as per previous year records, the company is found to be performing well. Trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Plot No. 24/10, Gautam House, Sector-10 C, Gandhidham-370201, Kutch, Gujarat, India
Tel. No.:	91-2836-222999/232605
Fax No.:	91-2836-234930
E-Mail :	mitesh@friendsgroupindia.com gfl@friendsgroupindia.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Babulal Amarchand Singhvi

Designation :

Director

Address :

Plot No. 99, Sector 2, Gandhidham-370201, Kutch, Gujarat, India

Date of Birth/Age :

03.12.1952

Date of Appointment :

13.02.1995

Din No.:

00248153

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	U63090GJ1995PTC024605	GAUTAM FREIGHT PRIVATE LIMITED	Director	13/02/1995	13/02/1995	-	Active	NO
2	U15201GJ1997PLC032108	TERA PANTH FOODS LIMITED	Director	15/04/1997	15/04/1997	-	Active	NO
3	U32109GJ2000PLC037590	FRIENDS BULK HANDLERS LIMITED	Director	21/03/2000	21/03/2000	-	Active	NO
4	U24110GJ1995PTC024228	FRIENDS OIL AND CHEMICAL TERMINALS PRIVATE LIMITED	Director	01/05/2000	01/05/2000	-	Active	NO
5	U27209GJ2004PLC043927	SHAH FOILS LIMITED	Director	06/04/2004	06/04/2004	-	Active	NO
6	L24238MH1950PLC008313	THE KUTCH SALT AND ALLIED INDUSTRIES LIMITED	Director	03/12/2004	03/12/2004	-	Active	NO
7	U10102AP2004PTC044967	NIDHI MINING PRIVATE LIMITED	Additional director	12/07/2006	12/07/2006	-	Active	NO
8	U51100MH2004PTC146355	RSBL COMMODITIES PRIVATE LIMITED	Additional director	10/11/2006	10/11/2006	29/09/2007	Active	NO

Name :

Mr. Ramesh Amarchand Singhvi

Designation :

Director

Address :

Plot No. 102, Sector 2, Gandhidham-370201, Kutch, Gujarat, India

Date of Birth/Age :

13.02.1964

Date of Appointment :

13.02.1995

Din No.:

00248278

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	U63090GJ1995PTC024605	GAUTAM FREIGHT PRIVATE LIMITED	Director	13/02/1995	13/02/1995	Active	NO
2	U24110GJ1995PTC024228	FRIENDS OIL AND CHEMICAL TERMINALS PRIVATE LIMITED	Director	04/11/1995	04/11/1995	Active	NO
3	U15201GJ1997PLC032108	TERA PANTH FOODS LIMITED	Director	15/04/1997	15/04/1997	Active	NO
4	U10102AP2004PTC044967	NIDHI MINING PRIVATE LIMITED	Director	01/01/2008	01/01/2008	Active	NO
5	U63011GJ1995PTC025611	VIKING LIGHTERAGE AND CARGO HANDLERS PRIVATE LIMITED	Additional director	22/12/2009	22/12/2009	Active	NO
6	U51100GJ2005PTC046863	SHANTINATH MOTORS PRIVATE LIMITED	Director	15/02/2011	15/02/2011	Active	NO

Name :

Mr. Arvind Vithaldas Joshi

Designation :

Director

Address :

Kali Krupa, Plot No. 182, Sector 4, Gandhidham-370201, Kutch, Gujarat, India

Date of Birth/Age :

12.01.1946

Date of Appointment :

20.10.2003

Din No.:

00254213

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	U65910GJ1992PTC018693	FRIENDS MERCANTILE PRIVATE LIMITED	Director	15/12/1992	15/12/1992	Active	NO
2	U24110GJ1995PTC024228	FRIENDS OIL AND CHEMICAL TERMINALS PRIVATE LIMITED	Director	16/01/1995	16/01/1995	Active	NO
3	U63090GJ1995PTC024605	GAUTAM FREIGHT PVT LTD	Director	13/02/1995	13/02/1995	Active	NO
4	U15201GJ1997PLC032108	TERA PANTH FOODS LIMITED	Director	01/07/1998	01/07/1998	Active	NO
5	U91110GJ1967GAP001454	KANDLA STEVEDORES ASSOCIATION LIMITED	Director	13/08/2003	13/08/2003	Active	NO
6	U35110GJ1995PTC024196	FRIENDS AND FRIENDS SHIPPING PRIVATE LIMITED	Director	03/10/2003	03/10/2003	Active	NO

Name :

Mr. Praveen Sukhraj Singhvi

Designation :

Director

Address :

Plot No. 102, Sector 2, Gandhidham-370201, Kutch, Gujarat, India

Date of Birth/Age :

15.06.1976

Date of Appointment :

01.03.2008

Din No.:

00252605

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	U15201GJ1997PLC032108	TERA PANTH FOODS LIMITED	Director	08/02/1999	08/02/1999	Active	NO
2	U32109GJ2000PLC037590	FRIENDS BULK HANDLERS LIMITED	Director	01/10/2002	01/10/2002	Active	NO
3	U14220GJ1966PTC001383	SHREE KANDLA SALT INDUSTRIES PRIVATE LIMITED	Director	15/05/2004	15/05/2004	Active	NO
4	U45201GJ2007PTC049864	FLAMINGO BUILDERS PRIVATE LIMITED	Director	20/06/2007	20/06/2007	Active	YES
5	U63090GJ1995PTC024605	GAUTAM FREIGHT PRIVATE LIMITED	Director	01/03/2008	01/03/2008	Active	NO
6	U15142GJ2010PTC062814	KANDLA AGRO AND CHEMICALS PRIVATE LIMITED	Director	03/11/2010	03/11/2010	Active	NO
7	U51100GJ2005PTC046863	SHANTINATH MOTORS PRIVATE LIMITED	Director	15/02/2011	15/02/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Babulal Amarchand Singhvi	1240000
Ramesh Amarchand Singhvi	1400000
Arvind Vithaldas Joshi	1880000
Praveen Sukhraj Singhvi	500000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	20.00
Directors or relatives of directors	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Handling Transportation, Warehousing Services and Power Generation.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Bikaner and Jaipur, Gandhidham-370201, Gujarat, India

· Bank of India

· ICICI Bank Limited

· HDFC Bank Limited

Facilities :

SECURED LOAN	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Cash Credit From State Bank of Bikaner and Jaipur (Secured By Way of Hypothecation Of Book Debts And Further Secured By Equitable Mortgage of Land And Building of Directors And Associates And By Personal Guarantee of Directors)	24.549	35.057
Overdraft Account From Bank of India (Secured By Way of Pledge of Fixed Deposit Receipts)	0.173	0.630
Overdraft Account With State Bank of Bikaner and Jaipur (Secured By Way of Pledge of Fixed Deposit Receipts)	26.265	0.000
Overdraft Account With State Bank of Bikaner and Jaipur (Secured By Way of Pledge of Fixed Deposit Receipts)	5.228	10.646
Overdraft Account With State Bank of Bikaner and Jaipur (Secured By Way of Pledge of Fixed Deposit Receipts)	62.131	38.686
Term Loan Account With ICICI Bank Limited (Secured Against Hypothecation of Liebherer Crane - 02 Nos.)	39.175	93.106
Deferred Payment Credit From HDFC Bank Limited (Secured Against Hypothecation of Truck Tata Lpk-2516 -TC - 4 Nos)	3.098	6.091
Deferred Payment Credit From HDFC Bank Limited (Secured Against Hypothecation of Truck Tata Lpk-2516 -TC- 3 Nos.)	2.179	4.508
Deferred Payment Credit From G.E. Capital Limited (Secured Against Hypothecation of Loaders 2 Nos.)	1.697	4.347
Deferred Payment Credit From Sundaram Finance Limited (Secured Against Hypothecation of Equipments (Old)	0.000	25.060
Deferred Payment Credit From Magma Fincorp Limited (Secured Against Hypothecation of Wind Mill 1 Nos.)	59.183	70.000
Deferred Payment Credit From Magma Fincorp Limited (Secured Against Hypothecation of Barge 1 Nos.)	19.917	29.043
Deferred Payment Credit From Magma Fincorp Limited (Secured Against Hypothecation of Hydraulic Excavator Cat 4 Nos.)	1.980	9.380
Deferred Payment Credit From Kotak Mahindra Bank Limited (Secured Against Hypothecation of Windmill 2.1 Mw 1 Nos.)	74.000	0.000
Deferred Payment Credit From Tata Motor Finance Limited (Secured Against Hypothecation of Truck – 1 Nos.)	0.000	0.598
Deferred Payment Credit From Tata Motor Finance Limited (Secured Against Hypothecation of 3 Trucks)	0.002	2.143
Deferred Payment Credit From Tata Motor Finance Limited (Secured Against Hypothecation of 3 Trucks)	0.001	1.989
Deferred Payment Credit From Tata Motor Finance Limited (Secured Against Hypothecation of 4 Trucks)	0.002	2.856
Deferred Payment Credit From Srei Equipment Finance Limited (Secured Against Hypothecation Of 2 Loaders)	0.002	3.014
Deferred Payment Credit From ICICI Bank Limited (Secured Against Hypothecation of 2 Kalmar Cranes)	4.699	17.877
Deferred Payment Credit From ICICI Bank Limited (Secured Against Hypothecation of Toyota Car )	0.000	0.067
Deferred Payment Credit From ICICI Bank Limited (Secured Against Hypothecation of 20 Truck Trailors (Flat Bed) )	2.382	9.331
Deferred Payment Credit From ICICI Bank Limited (Secured Against Hypothecation of 20 Truck Trailors (Horses))	4.095	13.553
Deferred Payment Credit From HDFC Bank Limited (Secured Against Hypothecation of Honda City Car No. Gj12-Ar-981 )	0.295	0.540
Deferred Payment Credit From Srei Equipment Finance Limited (Secured Against Hypothecation of LHM Handler Machine)	8.570	24.020
Total	339.623	402.542
UNSECURED LOAN
From Bank	0.000	0.105
From Companies	162.533	318.612
From Directors	180.222	0.000
From Shareholders	136.823	25.649
Total	479.578	344.366

Banking Relations :	--
Financial Institution :	· Sundaram Finance Limited, 21, Patullos Road, Chennai-600002, Tamilnadu, India · Srei Equipment Finance Limited · Magma Fincorp Limited
Auditors :
Name :	Dilip Shrimal and Associates Chartered Accountants
Address :	BBZ-N-57, First Floor, Zanda Chowk, Gandhidham-370201, Gujarat, India
Pan No.:	AVLPS4924K
Associates :	· Friends and Friends Shipping Private Limited · Friends Oil and Chemical Terminals Private Limited · Terapanth Foods Limited · Friends Salt Works and Allied Industries · Arvind V. Joshi and Company · The Kutch Salt and Allied Industries Limited · Kandla Export Corporation · Viking Lighterage and Cargo Handlers Private Limited · Bharat Salt and Chemical Industries (MK) Limited · New Kandla Salt and Chemical Private Limited · Shree Kandla Salt Industries Private Limited · Nidhi Mining Private Limited · Shree Jyoti Salt Industries

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs.190.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs.190.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		190.000	190.000	190.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		428.809	292.881	189.698
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		618.809	482.881	379.698
LOAN FUNDS
1] Secured Loans		339.623	402.542	494.830
2] Unsecured Loans		479.578	344.366	309.883
TOTAL BORROWING		819.201	746.908	804.713
DEFERRED TAX LIABILITIES		53.710	32.913	25.454
TOTAL		1491.720	1262.702	1209.865
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		830.262	829.246	738.660
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.100	12.679	0.004
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.141	18.911	16.537
	Sundry Debtors	243.715	170.751	265.220
	Cash & Bank Balances	363.157	340.680	280.052
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	187.128	111.666	112.578
Total Current Assets		831.141	642.008	674.387
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.444	73.928	65.953
	Other Current Liabilities	83.345	100.234	109.601
	Provisions	53.800	48.104	28.371
Total Current Liabilities		181.589	222.266	203.925
Net Current Assets		649.552	419.742	470.462
MISCELLANEOUS EXPENSES		1.806	1.035	0.739
TOTAL		1491.720	1262.702	1209.865

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1333.400	1193.000
		Other Income	44.710	32.892
		TOTAL	1378.110	1225.892	1062.737
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1031.342	926.326	842.831
		Advertising Expenses
		Financial Expenses
		TOTAL	1031.342	926.326	842.831
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		346.768	299.566	219.906
Less/ Add	DEPRECIATION/ AMORTISATION		139.620	144.049	126.783
	PROFIT / (LOSS) BEFORE TAX		207.148	155.517	93.123
Less	TAX		72.297	53.409	32.659
	PROFIT / (LOSS) AFTER TAX		134.851	102.108	60.464
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		292.880	189.698	131.289
Add	INCOME TAX OF PREVIOUS YEAR		1.069	1.074	(2.055)
	BALANCE CARRIED TO THE B/S		428.800	292.880	189.698
	EARNINGS IN FOREIGN CURRENCY
		Clearing and Handling Receipts	245.580	201.406	199.082
	Earnings / (Loss) Per Share (Rs.)		7.10	5.37	3.18

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.79	8.33	5.69
Net Profit Margin (PBT/Sales)	(%)	15.54	13.04	NA
Return on Total Assets (PBT/Total Assets}	(%)	12.47	10.57	6.59
Return on Investment (ROI) (PBT/Networth)		0.33	0.32	0.25
Debt Equity Ratio (Total Liability/Networth)		1.62	2.00	2.66
Current Ratio (Current Asset/Current Liability)		4.57	2.89	3.30

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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

OPERATIONS:

The Company is caring out Handling, Warehousing and Transportation services in one segment and Wind Mill Power generation in another segment. During the year under review, there were huge import of Timber and Scrap at the Kandla Port which essentially reuires its handling and transportation from port to its respective destination. The composition of handling Turnover of scrap and timber is 35.24 % in the current year out of total turnover which was only 18.43% in the preceding year. Because of this, the company has achieved total turnover of Rs.1333.400 Millions in comparison to Rs. 1193.000 Millions in the preceding year.

In Addition during the year, Second wind mill at Manaba site Commissioned on 27th March, 2009 came in full operation. Therefore, receipts from Power generation segment also increased from Rs.10.164 Millions to Rs.20.329 Millions

Because of above referred reasons, the overall profit after tax has also increased to Rs.134.850 Millions in comparison to Rs.102.108 Millions in the preceding year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U63090GJ1995PTC024605
Name of the company	GAUTAM FREIGHT PVT LTD
Address of the registered office or of the principal place of business in India of the company	Plot No. 24/10, Gautam House, Sector-10 C, Gandhidham-370201, Kutch, Gujarat, India
Type of charge	Others
Particular of charge holder	Sundaram Finance Limited, 21, Patullos Road, Chennai-600002, Tamilnadu, India Email: pv@sundaramfinance.in
Nature of description of the instrument creating or modifying the charge	Loan agreement dated 30-03-2012 bearing contract no. Gz384178
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs.81.883 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.25%P.A Terms of Repayment Total amount of Rs.81.883 Millions (finance amount rs.75000000/- + interest Rs. 6.883 Millions) is repayable in 17 installment. First installment date is 22-04-2012 Margin Rs. 27.340 Millions. Extent and Operation of the charge Total amount of Rs.81.883 Millions (finance amount Rs.75.000 Millions + interest Rs. 6.883 Millions) is repayable in 17 installment. First installment date is 22-04-2012
Short particulars of the property charged	1 Unit of Suzlon wind turbine generator model s95 bearing identity no. SXM/0046/11-12, unique location No. Bsr12, located at Village: Khirja Fatehsingh, Tehsil: Shergarg, District: Jodhpur in state of

FIXED ASSETS:

· Building

· Machinery and Equipments

· Furniture, Fixtures and Office Equipments

· Tugs and Barges

· Vehicles

· Windmill

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.55.34
UK Pound	1	Rs.86.55
Euro	1	Rs.67.95

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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
TOTAL		32

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

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

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

RATING EXPLANATIONS

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

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.