MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	VARADA MARINE PTE. LTD.
Formerly Known As :	PACIFIC FIRST SHIPPING PTE. LTD
Registered Office :	371 Beach Road #22-01/05 Keypoint Singapore 199597
Country :	Singapore
Financials (as on) :	Dec 2009
Date of Incorporation :	07.09.2005
Com. Reg. No.:	200512440R
Legal Form :	Limited Private Company
Line of Business :	Chartering of Ships, Barges and Boats With Crew (Freight)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

Company Name:	Registered Number:
VARADA MARINE PTE. LTD.	200512440R

Date Incorporated:	Registered Office:	Telephone Number:
07/09/2005	371 BEACH ROAD #22-01/05 KEYPOINT SINGAPORE 199597	62994452
Age of Company:	Website:	Industry Type:
7	NA	TRANSPORT/STORAGE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
NA
The entity is paying current to the creditors		No. of Charges(s): 17
Industry DTC
30

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	PFS SHIPPING (INDIA) LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	3

EXECUTIVE SUMMARY

Company Name	:	VARADA MARINE PTE. LTD.
Registration No	:	200512440R
Date of Registration	:	07/09/2005
Former Name	:	1.PACIFIC FIRST SHIPPING PTE. LTD. Eff. date : 07/09/2005 Eff. date : 07/09/2005 2.PFS SHIPPING (SINGAPORE) PTE. LTD. Eff. date : 21/03/2008 Eff. date : 21/03/2008
Date of Change of Name	:	17/09/2010
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	371 BEACH ROAD #22-01/05 KEYPOINT SINGAPORE 199597
Date of Change of Address	:	02/12/2010
Contact No.	:	62994452
Fax No.	:	NA
Website	:	NA
Registered Activities	:	CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW (FREIGHT)
Issued Ordinary Capital*	:	$96,585,380.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 96,585,380
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$96,585,380.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	1
No. of Local Associates	:	2
Auditor	:	SEET YONG & ASSOCIATES
Bankers / Financiers	:	BRITISH AND MALAYAN TRUSTEES LIMITED STATE BANK OF INDIA DVB GROUP MERCHANT BANK (ASIA) LTD
Turnover	:	SGD - SIN 3,504,196.00 (FY2009)
Net Worth	:	SGD - SIN 97,290,380.00 (FY2009)
No. of Bank Charges	:	17
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	NA

SHAREHOLDER DETAILS

NAME	:	PFS SHIPPING (INDIA) LIMITED
SHAREHOLDER ID	:	T05UF1997K
NATIONALITY	:	INDIA
ADDRESS	:	5TH FLOOR, BHUPATHI CHAMBERS, 13, MATHEW ROAD, MUMBAI 400004
NO. OF ORD SHARES	:	96,585,380
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	SANATHKUMAR RAJAPPA NOTT
ADDRESS	:	7/262, PARADISE BUILDING, NO. 2 FLANK ROAD SION (E), MUMBAI 400022
POSITION	:	DIRECTOR
DATE OF APPT	:	10/09/2005
NATIONALITY	:	INDIAN
I/C PASSPORT	:	E5322940
NAME	:	BALAJI GOPAL
ADDRESS	:	15A CHAPEL CLOSE SINGAPORE 429570
POSITION	:	DIRECTOR
DATE OF APPT	:	23/03/2012
NATIONALITY	:	INDIAN
I/C PASSPORT	:	G5046544L
NAME	:	WONG POON KAY
ADDRESS	:	112 RIVERVALE WALK #17-59 SINGAPORE 540112
POSITION	:	DIRECTOR
DATE OF APPT	:	07/09/2005
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1411552H
NAME	:	CHEW GEOK HOON LENA
ADDRESS	:	838 SIMS AVENUE #02-830 EUNOS ESTATE HUDC SINGAPORE 400838
POSITION	:	SECRETARY
DATE OF APPT	:	31/08/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1659669H

KEY PERSONNEL PROFILE

Name:	WONG POON KAY
NRIC Number:	S1411552H
Available Address:	112 RIVERVALE WALK #17-59 SINGAPORE 540112

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	ABG BUSINESS VENTURES PTE. LTD.	DIRECTOR	12/03/2008	-	-
2	GULF CIRCLE INTERNATIONAL HOLDINGS PTE. LTD.	DIRECTOR	24/05/2010	100	100.00
3	POSITIVE REACH TECHNOLOGIES PTE. LTD.	SECRETARY	13/02/2009	-	-
4	VARADA MARINE PTE. LTD.	DIRECTOR	07/09/2005	-	-
5	WENZEL MARINE TRADING & CONSULTANTS (ASIA PACIFIC) PTE. LTD.	DIRECTOR	15/07/2010	50000	100.00

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	ABG BUSINESS VENTURES PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	25/06/2012
2	ALLSTATE ENGINEERING SERVICES PTE. LTD.	LIVE COMPANY	DIRECTOR	26/11/2005	17/12/2009
3	AREBA PTE. LTD.	STRUCK OFF	DIRECTOR	01/12/2008	04/03/2010
4	ASIA PACIFIC CONSULTING ENGINEERS PTE. LTD.	LIVE COMPANY	DIRECTOR	07/11/2005	01/08/2006
5	BEST UNIVERSAL PTE. LTD.	STRUCK OFF	DIRECTOR	17/12/2009	06/07/2011
6	BEYOND PAPER HOLDINGS (SINGAPORE) PTE. LTD.	LIVE COMPANY	DIRECTOR	05/12/2005	09/03/2006
7	CENTURE SMITH PTE. LTD.	STRUCK OFF	DIRECTOR	17/12/2009	06/07/2011
8	ELORFAS INVESTMENT PTE. LTD.	STRUCK OFF	DIRECTOR	25/02/2009	02/02/2010
9	FABULOUS FAME INTERNATIONAL PTE. LTD.	STRUCK OFF	DIRECTOR	30/06/2009	06/07/2011
10	FAREAST BUSINESS VENTURES PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	20/01/2006	01/09/2012
11	FIRST PACIFIC PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	02/08/2012
12	FMC MANAGEMENT PTE. LTD.	LIVE COMPANY	DIRECTOR	23/04/2010	31/01/2011
13	FONDA GLOBAL ENGINEERING PTE. LTD.	LIVE COMPANY	SECRETARY	24/02/2010	14/09/2012
14	GLOBE ONE INTERNATIONAL PTE. LTD.	LIVE COMPANY	DIRECTOR	21/12/2005	21/12/2005
15	GONG XI TRADING PTE. LTD.	GAZETTED TO BE STRUCK OFF	SECRETARY	09/05/2008	-
16	INTELLECT ENGINEERING PTE LTD	LIVE COMPANY	SECRETARY	24/02/2010	20/09/2012
17	INTERACTIVE PRINT (S) PTE. LTD.	STRUCK OFF	DIRECTOR	03/05/2006	01/08/2007
18	INTERACTIVE PRINT (S) PTE. LTD.	STRUCK OFF	SECRETARY	03/05/2006	01/08/2007
19	JONOBISON ELECTRICAL PTE. LTD.	LIVE COMPANY	DIRECTOR	02/02/2009	01/04/2009
20	KVH (SINGAPORE) PTE. LTD.	LIVE COMPANY	DIRECTOR	10/02/2010	06/12/2010
21	LIFESTYLE PROJECTS PTE. LTD.	LIVE COMPANY	DIRECTOR	10/02/2006	08/10/2007
22	MANFORD PTE. LTD.	STRUCK OFF	DIRECTOR	17/12/2009	06/07/2011
23	MONTREAL ELEGANCE PTE. LTD.	STRUCK OFF	DIRECTOR	30/06/2009	06/07/2011
24	RUSSNEFT PTE. LTD.	STRUCK OFF	DIRECTOR	01/12/2008	04/03/2010
25	SHENDI INTERNATIONAL PTE. LTD.	STRUCK OFF	DIRECTOR	21/02/2007	06/08/2008
26	SOLTIUS SINGAPORE PTE. LTD.	STRUCK OFF	DIRECTOR	07/04/2010	-
27	STRATEGIC CONSULTANCY PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	16/10/2006	30/03/2012
28	TECHNICOM CONSULTING PTE. LTD.	STRUCK OFF	DIRECTOR	08/09/2008	03/05/2011
29	TRANSASIA FINE PAPERS PTE. LTD.	LIVE COMPANY	DIRECTOR	03/05/2006	05/01/2009
30	TRANSASIA FINE PAPERS PTE. LTD.	LIVE COMPANY	SECRETARY	03/05/2006	05/01/2009
31	UDS INTERNATIONAL PTE. LTD.	LIVE COMPANY	DIRECTOR	14/05/2007	25/01/2008
32	VARADA MARINE PTE. LTD.	LIVE COMPANY	SECRETARY	10/12/2007	01/09/2009
33	VIVACHE PTE. LTD.	STRUCK OFF	DIRECTOR	17/12/2009	06/07/2011

Bankruptcy Record

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Note: Please purchase case details to know the latest status.

Litigation Search – Writ of Summons

Court	Case No.	Transfer	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
VARADA ONE PTE. LTD.	100
OCEAN POWER INTERNATIONAL PTE. LTD.	50
ASSOCIATED BULK CARRIERS PTE. LTD.	50

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 17 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201108071
	Date of Registration	:	04/07/2011
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
2)	Charge No.	:	C201108069
	Date of Registration	:	04/07/2011
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
3)	Charge No.	:	C201108067
	Date of Registration	:	04/07/2011
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
4)	Charge No.	:	C201108064
	Date of Registration	:	04/07/2011
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
5)	Charge No.	:	C201107163
	Date of Registration	:	14/06/2011
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
6)	Charge No.	:	C201103960
	Date of Registration	:	30/03/2011
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
7)	Charge No.	:	C201103959
	Date of Registration	:	30/03/2011
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
8)	Charge No.	:	C201103958
	Date of Registration	:	30/03/2011
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
9)	Charge No.	:	C201008176
	Date of Registration	:	14/09/2010
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
10)	Charge No.	:	C201008175
	Date of Registration	:	14/09/2010
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
11)	Charge No.	:	C201008174
	Date of Registration	:	14/09/2010
	Chargee	:	BRITISH AND MALAYAN TRUSTEES LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
12)	Charge No.	:	C201001269
	Date of Registration	:	09/02/2010
	Chargee	:	STATE BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	135 CECIL STREET #01-00 SINGAPORE 069536
13)	Charge No.	:	C201001267
	Date of Registration	:	09/02/2010
	Chargee	:	STATE BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	135 CECIL STREET #01-00 SINGAPORE 069536
14)	Charge No.	:	C201001265
	Date of Registration	:	09/02/2010
	Chargee	:	STATE BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	135 CECIL STREET #01-00 SINGAPORE 069536
15)	Charge No.	:	C200901104
	Date of Registration	:	17/02/2009
	Chargee	:	DVB GROUP MERCHANT BANK (ASIA) LTD
	Amount Secured and Currency	:	All Monies
	Address	:	77 ROBINSON ROAD #30-02 ROBINSON 77 SINGAPORE 068896
16)	Charge No.	:	C200901102
	Date of Registration	:	17/02/2009
	Chargee	:	DVB GROUP MERCHANT BANK (ASIA) LTD
	Amount Secured and Currency	:	All Monies
	Address	:	77 ROBINSON ROAD #30-02 ROBINSON 77 SINGAPORE 068896
17)	Charge No.	:	C200803295
	Date of Registration	:	09/04/2008
	Chargee	:	DVB GROUP MERCHANT BANK (ASIA) LTD
	Amount Secured and Currency	:	All Monies
	Address	:	77 ROBINSON ROAD #30-02 ROBINSON 77 SINGAPORE 068896

COMPLIANCE RECORDS

Date of Last AGM	:	04/01/2011
Date of Last AR	:	20/09/2011
Date of A/C Laid At Last AGM	:	31/12/2009

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2009	% Change	DEC 2008	SEP 2007	SEP 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	U.S. DOLLAR
Profit and Loss Key Figures
Turnover	3,504,196	NA	0	0	0
Profit/(Loss) Before Tax	(2,285,362)	NA	(601,072)	183,682	0
Profit After Tax attributable to Shareholders	(2,291,736)	NA	(607,178)	182,454	0
Balance Sheet Key Figures
Total Assets	128,805,428	-8.91	141,408,128	31,850,142	0
Current Assets	62,575,483	-27.19	85,944,394	20,135,517	0
Non Current Assets	66,229,945	19.41	55,463,734	11,714,625	0
Total Liabilities	31,515,048	-35.62	48,948,805	4,547,377	0
Current Liabilities	4,894,106	9.43	4,472,365	4,547,377	0
Non Current Liabilities	26,620,942	-40.15	44,476,440	0	0
Shareholders' Funds	97,290,380	5.23	92,459,322	27,302,765	0
Share Capital	99,317,900	180.07	35,462,000	2	0
Total Reserves	(2,027,520)	NA	56,997,322	27,302,763	0

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	SEP 2007	SEP 2006
Growth %
Year-on-Year Growth	NA	NA	NA	NA
Profitability
Profit Margin (%)	NA	NA	NA	NA
Return on Equity (%)	NA	NA	0.67	NA
Return on Assets (%)	NA	NA	0.57	NA
Leverage
Total Debt/Equity (Times)	0.32	0.53	0.17	NA
Current Debt/Equity (Times)	0.05	0.05	0.17	NA
Long Term Debt To Equity (Times)	0.27	0.48	NA	NA
Total Asset To Total Equity (Times)	1.32	1.53	1.17	NA
Asset Management
Total Assets Turnover (Times)	0.03	NA	NA	NA
Fixed Assets Turnover (Times)	0.05	NA	NA	NA
Liquidity
Current Ratio (Times)	12.79	19.22	4.43	NA

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	% Change	DEC 2008	SEP 2007	SEP 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	U.S. DOLLAR
Profit and Loss Key Figures
Turnover	0	NA	0	0	17,452,661
Profit/(Loss) Before Tax	(291,300)	NA	(60,334)	226,821	(136,972)
Profit After Tax attributable to Shareholders	(291,300)	NA	(60,334)	225,593	(136,972)
Balance Sheet Key Figures
Total Assets	115,722,123	-12.51	132,272,302	28,919,888	20,670,562
Current Assets	91,606,831	-18.44	112,317,722	17,936,974	20,670,562
Non Current Assets	24,115,292	20.85	19,954,580	10,982,914	0
Total Liabilities	16,741,796	-58.59	40,427,583	2,337,635	11,873,453
Current Liabilities	700,398	-60.36	1,766,911	2,337,635	11,873,453
Non Current Liabilities	16,041,398	-58.51	38,660,672	0	0
Shareholders' Funds	98,980,328	7.77	91,844,718	26,582,253	8,797,109
Share Capital	99,317,900	180.07	35,462,000	2	1
Total Reserves	(337,572)	NA	56,382,718	26,582,251	8,797,108

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008	SEP 2007	SEP 2006
Growth %
Year-on-Year Growth	NA	NA	-100.00	NA
Profitability
Profit Margin (%)	0.00	0.00	0.00	-0.78
Return on Equity (%)	-0.29	-0.07	0.85	-1.56
Return on Assets (%)	-0.25	-0.05	0.78	-0.66
Leverage
Total Debt/Equity (Times)	0.17	0.44	0.09	1.35
Current Debt/Equity (Times)	0.01	0.02	0.09	1.35
Long Term Debt To Equity (Times)	0.16	0.42	0.00	0.00
Total Asset To Total Equity (Times)	1.17	1.44	1.09	2.35
Asset Management
Total Assets Turnover (Times)	0.00	0.00	0.00	0.84
Fixed Assets Turnover (Times)	0.00	0.00	0.00	0.00
Liquidity
Current Ratio (Times)	130.79	63.57	7.67	1.74

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 12.79 times in FY09 (FY08: 19.22 times). This means that the group has SGD - SIN 12.79 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 0.32 times in FY09, compared with 0.53 times in FY08. This means that the group requires additional external financing of SGD - SIN 0.32 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

We are unable to comment on Subject's return on equity.

We are unable to comment on Subject's return on assets.

Total assets turnover ratio logged at 0.03 times in FY09. This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.53
UK Pound	1	Rs.86.82
Euro	1	Rs.69.02

INFORMATION DETAILS

Report Prepared by :

PDT

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	--

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%)

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.