MIRA INFORM REPORT

Report Date :

19.03.2012

IDENTIFICATION DETAILS

Name :	GATEWAY TERMINALS INDIA PRIVATE LIMITED
Registered Office :	GTI House, Jawaharlal Nehru Port, Sheva, Taluka Uran, Navi Mumbai – 400707, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	30.07.2004
Com. Reg. No.:	11-147791
Capital Investment / Paid-up Capital :	Rs.4530.000 Millions
CIN No.: [Company Identification No.]	U45203MH2004PTC147791
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09875F
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Post Services.
No. of Employees :	540 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 16000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a joint venture company of APM Terminals and Container Corporation of India Limited. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – 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 :	GTI House, Jawaharlal Nehru Port, Sheva, Taluka Uran, Navi Mumbai – 400707, Maharashtra, India.
Tel. No.:	91-22-66811000
Fax No.:	91-22-66811110/ 66811130
E-Mail :	projects@gatewayterminal.com compliance@getwayterminals.com info@apmterminals.com michael.lund.hansen@maersk.com choo.beng.ng@apmterminals.com
Website :	www.gatewayterminals.com
Area :	4500 sq.fts
Location :	Owned
Corporate Office :	11th Floor, C. G. House, Dr. Annie Besant Road, Worli Colony, Mumbai - 400 030, Maharashtra, India.

DIRECTORS

(AS ON 09.06.2011)

Name :

Mr. Michael Lund Gunner Hansen

Designation :

Director

Address :

House 64-B, Palm Drive, The Hill Peninsula, 18 Pak Pan Shan Road, Tai Tam

Date of Birth/Age :

30.04.1964

Date of Appointment :

24.02.2011

DIN No.:

03073491

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	U74999MH2009PTC192194	BRIGANTINE ADMEC CONTAINER SERVICES (INDIA) PRIVATE LIMITED	Director	25-10-10	04-03-10	Active	NO
2	U63033UP2003PTC042031	STAR TRACK TERMINALS PRIVATE LIMITED	Nominee director	17-06-10	17-06-10	Active	NO
3	U45203MH2004PTC147791	GATEWAY TERMINALS INDIA PRIVATE LIMITED	Director	09-06-11	24-02-11	Active	NO
4	U63090MH1989PTC083789	APM TERMINALS INDIA PRIVATE LIMITED	Director	29-06-11	01-06-11	Active	NO

Name :

Mr. Dinesh Kumar Lal

Designation :

Nominee Director

Address :

34, Lotus Court, J. Tata Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

15.01.1952

Date of Appointment :

10.08.2004

DIN No.:

00037142

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	U65990MH1995PTC089013	SANTUSHT CREDIT CAPITAL AND FINANCE PRIVATE LIMITED	Director	31-05-95	31-05-95	-	Active	NO
2	U52392MH1995PTC090377	MILLENARY IMPEX PRIVATE LIMITED	Director	07-07-95	07-07-95	-	Strike off	NO
3	U35110MH1996PTC101037	EXMAR SHIPMANAGEMENT INDIA PRIVATE LIMITED	Director	15-07-96	15-07-96	17-01-08	Active	YES
4	U01100MH1996PTC101038	SHEFALI FARMS PRIVATE LIMITED	Director	15-07-96	15-07-96	-	Active	NO
5	U70100MH1996PTC101036	LOTUS REAL ESTATE PRIVATE LIMITED	Director	15-07-96	15-07-96	-	Under liquidation	NO
6	U01100MH1997PTC108946	SHIBANI AGRO PRODUCTS PRIVATE LIMITED	Director	23-06-97	23-06-97	-	Amalgamated	NO
7	U01120MH1997PTC108945	SWEET VALLEY AGRO PRODUCTS PRIVATE LIMITED	Director	23-06-97	23-06-97	-	Amalgamated	NO
8	U01100MH1997PTC109756	SHEFALI GREENS PRIVATE LIMITED	Director	31-07-97	31-07-97	-	Amalgamated	NO
9	U01100MH1997PTC109757	SHIBANI GREENS PRIVATE LIMITED	Director	31-07-97	31-07-97	-	Amalgamated	NO
10	U01100MH1997PTC110087	SHEFALI HORTICULTURE PRIVATE LIMITED	Director	14-08-97	14-08-97	-	Amalgamated	NO
11	U01100MH1997PTC110088	SHIBANI PLANTATIONS PRIVATE LIMITED	Director	14-08-97	14-08-97	-	Amalgamated	NO
12	U63090MH1997PTC110179	EXMAR SHIPPING (INDIA) PRIVATE LIMITED	Director	19-08-97	19-08-97	-	Strike off	NO
13	U01100MH1997PTC110188	SHEFALI AGRO PRODUCTS PRIVATE LIMITED	Director	19-08-97	19-08-97	-	Amalgamated	NO
14	U91120MH2001NPL132596	INDO-BELGIAN LUXEMBOURG CHAMBER OF COMMERCE AND INDUSTRY	Director	27-10-10	03-07-01	-	Active	NO
15	U63000MH1995PTC087831	AMI INDIA LOGISTICS PRIVATE LIMITED	Director	16-01-03	16-01-03	-	Active	NO
16	U63033UP2003PTC042031	STAR TRACK TERMINALS PRIVATE LIMITED	Nominee director	11-08-03	11-08-03	12-06-08	Active	NO
17	U65990MH1973PTC017062	ALERT AGENCIES AND INVESTMENTS PRIVATE LIMITED	Director	04-05-04	04-05-04	-	Active	NO
18	L63010GJ1992PLC018106	GUJARAT PIPAVAV PORT LIMITED	Director	01-06-04	01-06-04	-	Active	NO
19	U74999MH1992GAP066130	THE COUNCIL OF EU CHAMBERS OF COMMERCE IN INDIA	Managing director	21-07-04	21-07-04	-	Active	NO
20	U45203MH2004PTC147791	GATEWAY TERMINALS INDIA PRIVATE LIMITED	Nominee director	10-08-04	10-08-04	-	Active	NO
21	U63090MH1989PTC083789	APM Terminals India Private Limited	Director	10-06-05	10-06-05	14-01-10	Active	NO
22	U45200DL2000PLC151199	PIPAVAV RAILWAY CORPORATION LIMITED	Nominee director	30-07-05	30-07-05	-	Active	NO
23	U70109MH1956PLC009777	LOTUS COURT LIMITED	Director	08-10-05	08-10-05	-	Active	NO
24	U63090MH1998PTC115591	HI-TOS LINER AGENCY PRIVATE LIMITED	Director	31-08-10	26-03-09	-	Active	NO

Name :

Mr. Anil Kumar Gupta

Designation :

Nominee Director

Address :

129-A, DDA (MIG), Flat, Rajouri Garden, Delhi – 110027, Delhi, India

Date of Birth/Age :

24.09.1956

Date of Appointment :

12.12.2006

DIN No.:

00066328

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	L63011DL1988GOI030915	CONTAINER CORPORATION OF INDIA LIMITED	Managing director	30-12-09	16-02-06	-	Active	NO
2	U51909DL2006PLC145734	FRESH AND HEALTHY ENTERPRISES LIMITED	Director	01-11-09	28-02-06	-	Active	NO
3	U45203MH2004PTC147791	GATEWAY TERMINALS INDIA PRIVATE LIMITED	Nominee director	13-06-07	12-12-06	-	Active	NO
4	U70102DL2007PTC160387	INTEGRATED INFRA LOG PRIVATE LIMITED	Nominee director	09-03-07	09-03-07	-	Strike off	NO
5	U60231DL2007PTC216625	INFINITE LOGISTICS SOLUTIONS PRIVATE LIMITED	Director	05-06-07	05-06-07	05-05-10	Active	NO
6	U63030HR2007PLC036995	CONTAINER GATEWAY LIMITED	Director	29-06-07	29-06-07	21-11-07	Active	NO
7	U63000DL2009PTC193798	CONYK CARTRAC PRIVATE LIMITED	Director	02-09-09	02-09-09	-	Active	NO

Name :

Mr. Chco Beng NG

Designation :

Director

Address :

555, Hong XU Luno, 106 Shanghai PRC, Shanghai

Date of Birth/Age :

24.06.1959

Date of Appointment :

24.02.2011

DIN No.:

03440592

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	U45203MH2004PTC147791	GATEWAY TERMINALS INDIA PRIVATE LIMITED	Director	09-06-11	24-02-11	Active	NO
2	U63090MH1989PTC083789	APM TERMINALS INDIA PRIVATE LIMITED	Additional director	03-08-11	03-08-11	Active	NO

Name :

Mr. Yash Vardhan Arya Mitra Gupta

Designation :

Director

Address :

Flat No.823, ATS Village, Sector 93, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

24.08.1956

Date of Appointment :

30.10.2009

DIN No.:

01842119

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	L63011DL1988GOI030915	CONTAINER CORPORATION OF INDIA LIMITED	Whole-time director	28-09-07	28-09-07	-	Active	NO
2	U63030HR2007PLC036995	CONTAINER GATEWAY LIMITED	Director	25-09-10	21-11-07	-	Active	NO
3	U63012MH2007PTC176436	HIND CONCOR TERMINALS (DADRI) PRIVATE LIMITED	Director	04-12-07	04-12-07	-	Active	NO
4	U63023MH2008PTC183494	ALLCARGO LOGISTICS PARK PRIVATE LIMITED	Nominee director	27-11-09	13-06-08	07-04-11	Active	NO
5	U45203MH2004PTC147791	GATEWAY TERMINALS INDIA PRIVATE LIMITED	Director	12-05-10	30-10-09	-	Active	NO
6	U74999KL2004PTC017443	INDIA GATEWAY TERMINAL PRIVATE LIMITED	Director	29-09-10	14-12-09	-	Active	NO
7	U51909DL2006PLC145734	FRESH AND HEALTHY ENTERPRISES LIMITED	Nominee director	06-01-10	06-01-10	-	Active	NO
8	U63000DL2009PTC193798	CONYK CARTRAC PRIVATE LIMITED	Director	12-03-10	12-03-10	-	Active	NO
9	U60231DL2007PTC216625	INFINITE LOGISTICS SOLUTIONS PRIVATE LIMITED	Alternate director	12-05-10	12-05-10	07-04-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Murugesh Rajan Iyer
Designation :	Company Secretary
Address :	Radha Nagar, Building No.12, Flat no.8, Barave Road, Kalyan (West), Mumbai – 421301, Maharashtra, India
Date of Birth/Age :	30.01.1963
Date of Appointment :	19.04.2010
PAN No.:	AADPI1487N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 09.06.2011)

Names of Shareholders	No. of Shares
APM Terminals Mauritius Limited, India	335220000
Container Corporation of India Limited, India	117780000
Total	453000000

(AS ON 30.06.2011)

Equity Shares Break – up

Category	Percentage
Government Companies	26.00
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Post Services.

GENERAL INFORMATION

No. of Employees :

540 (Approximately)

Bankers :

· ABN Ambro Bank, Fort Branch

Indian Oil Corporation Limited, Indian Oil Bhavan, G-9, All Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India

Facilities :

Unsecured Loans	31.12.2010	31.12.2009
	(Rs. In Millions)
Term Loan From Banks (US Dollar 111421194; Previous Year USD Dollar 144740046) (Due within one year US Dollar 20037547; Previous Year US Dollar 17774812) (Guaranteed by A P Moller Maersk A/s)	5045.152	6314.334
Total	5045.152	6314.334

Banking Relations :	--
Financial Institution :	· Indian Oil Corporation Limited Indian Oil Bhavan, G -9, All Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India
Auditors :
Name :	B S R and Company Chartered Accountant
Address :	Lodha Excelus , 1^st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India
Tel No.:	91-22-39896000
Fax No.:	91-22-39836000
PAN No.:	AAIFB7357B
Ultimate Holding Company (As on 31.12.2009):	A P Moller Maersk A/s
Holding Company:	APM Terminal Mauritius Limited, Mauritius (74% of the equity share capital) Line of Business: Investment Company
Investing Company in respect of which the company is joint venture (As on 31.12.2009):	Container Corporation of India Limited
Fellow Subsidiary Companies (As on 31.12.2009):	· APM Terminals International B.V. · Maersk India Private Limited · APM Terminals Crane and Engineering Services (Shanghai) Company Limited · Gujarat Pipavav Port Limited · Aqaba Container Terminal Private Limited · Maersk West and Central Asia Limited · Maersk Training Centre A/S · APMT Apapa Limited · APMT Morrocco Limited · APM Terminals Rotterdam B.V. · Port of Mombasa · Damco India Private Limited · Maersk Global Service Centres (India) Private Limited

CAPITAL STRUCTURE

(AS ON 31.12.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity	Rs.10/- each	Rs.5000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
453000000	Equity	Rs.10/- each	Rs.4530.000 millions

NOTES:

1) Of the above 335,220,000 (Previous year - 335,220,000) Equity Shares of Rs.10 each are held by APM Terminals Mauritius Limited, the holding company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		4530.000	4530.000	4530.000
2] Share Application Money		0.00	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(642.515)	(650.660)	(725.493)
NETWORTH		3887.485	3879.340	3804.507
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		5045.152	6314.334	7977.044
TOTAL BORROWING		5045.152	6314.334	7977.044
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8932.637	10193.674	11781.551
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8694.069	9309.229	8307.039
Capital work-in-progress		68.351	117.222	883.478
Incidental Expenditure Pending Capitalisation		0.000	20.476	101.589
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.095	90.679	66.495
	Sundry Debtors	81.370	114.994	93.565
	Cash & Bank Balances	200.021	1058.159	2048.282
	Other Current Assets	12.471	7.301	37.498
	Loans & Advances	763.296	831.931	1224.405
Total Current Assets		1147.253	2103.064	3470.245
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	899.811	1127.508	769.738
	Other Current Liabilities		164.121	151.848
	Provisions	178.641	64.688	59.214
Total Current Liabilities		1078.452	1356.317	980.800
Net Current Assets		68.801	746.747	2489.445
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Cash Flow hedge Reserve		101.416	0.000	0.000
TOTAL		8932.637	10193.674	11781.551

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		TOTAL	4184.292	3602.604	3768.966
Less	EXPENSES
		TOTAL	3798.318	3525.973	3428.965
	PROFIT BEFORE TAX		385.974	76.631	340.001
Less	TAX		61.235	1.799	10.746
	PROFIT AFTER TAX		324.739	74.832	329.255
	IMPORTS
		Capital Goods	NA	367.337	818.765
		Inventory	NA	17.338	31.986
	TOTAL IMPORTS		NA	384.675	850.751
	Earnings Per Share (Rs.)		0.27	0.17	0.83

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	7.76	2.08	8.73
Return on Total Assets (PBT/Total Assets}	(%)	3.92	0.67	2.88
Return on Investment (ROI) (PBT/Networth)		0.10	0.01	0.08
Debt Equity Ratio (Total Liability/Networth)		1.58	1.97	2.35
Current Ratio (Current Asset/Current Liability)		1.06	1.55	3.53

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered office address of the company has been shifted from 11th Floor, C. G. House, Dr. Annie Besant Road, Worli Colony, Mumbai - 400 030, Maharashtra, India to present w.e.f. 19.03.2008

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U45203MH2004PTC147791
Name of the company	GATEWAY TERMINALS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C G House, 11th Floor, Dr. Annie Besant Road, Worli Colony, Mumbai – 400030, Maharashtra, India
Type of charge	Movable Property
Particular of charge holder	· Indian Oil Corporation Limited Indian Oil Bhavan, G -9, All Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India CIN No.: L23201MH1959GOI011388 Email : rajurang@indianoil.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation, for creation of charge on mobile dispenser
Date of instrument Creating the charge	30/10/2007
Amount secured by the charge	Rs.1.334 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Others Explanation: Gateway Terminals India Private Limited (GTI) and Indian Oil Corporation (IOCL) have executed Fuel Supply Agreement on 18 October 2007 for fuel supply and IOCL has agreed to transfer ownership of one Mobile Dispenser to GTI. GTI and IOCL have executed a Deed of Hypothecation on 30 October 2007 for creation of hypothecation on Mobile Dispenser. The charge created on mobile dispenser will be valid till the validity of the Fuel Supply Agreement i.e. 17 October 2017.
Short particulars of the property charged	Mobile Fuel Dispenser at Gateway Terminals India Private Limited (GTI), Jawaharlal Nehru Port, Sheva, Navi Mumbai 400 707, Maharashtra, India

FIXED ASSETS:

· Terminal Rights

· Improvements to Leasehold

· Office Equipment

· Data Processing Equipment

· Furniture and Fixtures

· Motor Vehicle

· Electrical Installations

· Building Pavement and Gate Complex

· Terminal Infrastructure

· Machinery and Equipments

· Cranes Reach Stockers Empty Handlers

· Spreaders

· Seed Boat

· Computer Software

· Genset

· Trailors

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.50.31
UK Pound	1	Rs.79.05
Euro	1	Rs.65.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	--
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.