MIRA INFORM REPORT

Report Date :

02.04.2013

IDENTIFICATION DETAILS

Name :	CONTINENTAL CARRIERS PRIVATE LIMITED

Registered Office :	H-37, Connaught Circus, New Delhi-110001

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	10.03.1971

Com. Reg. No.:	55-005559

Capital Investment / Paid-up Capital :	Rs.9.200 Millions

CIN No.: [Company Identification No.]	U63013DL1971PTC005559

TAN No.: [Tax Deduction & Collection Account No.]	DELC000331C DELC06244A DELC06454A DELC07522E

PAN No.: [Permanent Account No.]	AAACC0136E

Legal Form :	Private Limited Liability Company

Line of Business :	Providing Freight forwarders services, including air, ocean, and land transportation services, brokerage and customs consulting services, specialised logistics etc.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1200000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having a satisfactory track record. There appears sharp dip in sales turnover and profitability during 2011-2012. However, general financial position of the company is strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

LOCATIONS

Registered Office / Head Office :	H-37, Connaught Circus, New Delhi-110001, India
Tel. No.:	91-11-43394400
Fax No.:	91-11-43394499
E-Mail :	ho@continentalgroup.com
Website :	http://www.continentalgroup.com

Corporate Office :	RZ-293 A, Mahipalpur Extension, N.H. 8, New Delhi-110037, India
Tel. No.:	91-11-43392200
Fax No.:	91-11-43392298/43392299
E-Mail :	ao@continentalgroup.com

Branch Office :	Located At · Ahmedabad · Bangalore · Chennai · Hyderabad · Jaipur · Jalandhar · Kolkata · Mumbai · Moradabad · Pune · Panipat · Ludhiana · Tirupur

DIRECTORS

As on 29.09.2012

Name :

Mr. Vipin Vohra

Designation :

Managing Director

Address :

59 G F, Poorvi Marg, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

04.08.1955

Date of Appointment :

01.05.1989

DIN No.:

00045156

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	U74899DL1974PTC007320	KAY KAY PROPERTIES PRIVATE LIMITED	Managing director	11-10-07	29-06-74	-	Active	NO
2	U74899DL1974PTC007319	VIGNAIR PRIVATE LIMITED	Managing director	11-10-07	29-06-74	-	Active	NO
3	U74899DL1984PTC019193	DPD CONTINENTAL PRIVATE LIMITED	Director	15-05-09	12-10-84	-	Active	NO
4	U63013DL1971PTC005559	CONTINENTAL CARRIERS PRIVATE LIMITED	Managing director	01-05-89	01-05-89	-	Active	NO
5	U74899DL1991PTC044158	V AND B ASSOCIATES PRIVATE LIMITED	Managing director	11-10-07	26-02-94	-	Active	NO
6	U74899DL1994PTC063802	CONTINENTAL HOLDING PRIVATE LIMITED	Managing director	11-10-07	26-12-94	-	Active	NO
7	U63023DL1996PTC079933	CONTINENTAL LOGISTICS PRIVATE LIMITED	Managing director	12-10-07	27-06-96	-	Active	NO
8	U63040DL1997PTC087323	CONTINENTAL HOTELS PRIVATE LIMITED	Managing director	11-10-07	16-05-97	-	Active	NO
9	U63040DL2004PTC128093	VIVA FREIGHT PRIVATE LIMITED	Managing director	11-10-07	04-08-04	-	Active	NO
10	U63013MH1970GAP014685	THE AIR CARGO AGENTS ASSOCIATION OF INDIA	Director	29-09-05	29-09-05	-	Active	NO
11	U63000DL2012PTC246508	TNX CONTINENTAL PRIVATE LIMITED	Director	20-12-12	20-12-12	-	Active	NO

Name :

Mrs. Pushpa Vohra

Designation :

Director

Address :

59 G F, Poorvi Marg, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

24.10.1957

Date of Appointment :

01.11.2005

DIN No.:

00045164

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	U63040DL2004PTC128093	VIVA FREIGHT PRIVATE LIMITED	Director	04-08-04	04-08-04	-	Active	NO
2	U63023DL1996PTC079933	CONTINENTAL LOGISTICS PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
3	U74899DL1991PTC044158	V AND B ASSOCIATES PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
4	U74899DL1974PTC007320	KAY KAY PROPERTIES PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
5	U63040DL1997PTC087323	CONTINENTAL HOTELS PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
6	U74899DL1994PTC063802	CONTINENTAL HOLDING PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
7	U63013DL1971PTC005559	CONTINENTAL CARRIERS PRIVATE LIMITED	Director	01-11-05	01-11-05	-	Active	NO
8	U74899DL1984PTC019193	DPD CONTINENTAL PRIVATE LIMITED	Director	01-11-05	01-11-05	15-05-09	Active	NO
9	U74899DL1974PTC007319	VIGNAIR PRIVATE LIMITED	Director	03-01-06	03-01-06	-	Active	NO
10	U63000DL2012PTC246508	TNX CONTINENTAL PRIVATE LIMITED	Director	20-12-12	20-12-12	-	Active	NO

Name :

Mr. Vaibhav Vohra

Designation :

Director

Address :

59 G F, Poorvi Marg, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

04.12.1985

Date of Appointment :

01.11.2005

DIN No.:

00045175

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	U63040DL2004PTC128093	VIVA FREIGHT PRIVATE LIMITED	Director	04-08-04	04-08-04	-	Active	NO
2	U63023DL1996PTC079933	CONTINENTAL LOGISTICS PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
3	U74899DL1991PTC044158	V AND B ASSOCIATES PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
4	U74899DL1974PTC007320	KAY KAY PROPERTIES PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
5	U63040DL1997PTC087323	CONTINENTAL HOTELS PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
6	U74899DL1994PTC063802	CONTINENTAL HOLDING PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO
7	U74899DL1984PTC019193	DPD CONTINENTAL PRIVATE LIMITED	Director	01-11-05	01-11-05	-	Active	NO
8	U63013DL1971PTC005559	CONTINENTAL CARRIERS PRIVATE LIMITED	Director	01-11-05	01-11-05	-	Active	NO
9	U74899DL1974PTC007319	VIGNAIR PRIVATE LIMITED	Director	03-01-06	03-01-06	-	Active	NO
10	U63000DL2012PTC246508	TNX CONTINENTAL PRIVATE LIMITED	Director	20-12-12	20-12-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares
Vipin Vohra		27080
Pushpa Vohra		8520
Vaibhav Vohra		27500
Vipin Vohra (HUF)		1800
Viraj Vohra		27100

Total		92000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Freight forwarders services, including air, ocean, and land transportation
services, brokerage and customs consulting services, specialised logistics etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India,, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowing
Cash Credit from the Bank against fixed Deposit	86.421	54.512
Total	86.421	54.512


Banking Relations :	--

Auditors :
Name :	R.K. Relan and Company Chartered Accountants
Address :	B-45, 1^st Floor, Greater Kailash, Part-1, New Delhi-110048, India
Tel. No.:	91-11-29238055
Fax No.:	91-11-29238059
E-Mail :	rkrelan1962@yahoo.com
PAN.:	AAAFR5686H

Associates :	DPD Continental Private Limited Vignair Private Limited Continental Holding Private Limited Kay Kay Properties Private Limited Viva Freight Private Limited Vohra Charitable Trust Continental Carriers Continental Air Travels Viva Global

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

92000	Equity Shares	Rs.100/- each	Rs.9.200 Millions

Details of shareholders holding more than 5% shares in the No.

Particular	No. of Share	Rs. In Millions
Mr Vipin Vohra	27080	2.708
Mr Vaibhav Vohra	27500	2.750
Mr Vipin Vohra (HUF)	1800	0.180
Mrs Pushpa Vohra	8520	0.852
Mr Viraj Vohra	27100	2.710
Total of Share Capital	52060	9.200

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.200	9.200	9.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		309.445	300.964	276.718
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		318.645	310.164	285.918
LOAN FUNDS
1] Secured Loans		86.421	54.512	49.139
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		86.421	54.512	49.139
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		405.066	364.676	335.057

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		18.859	18.268	13.772
Capital work-in-progress		36.221	65.379	13.860

INVESTMENT		113.815	66.607	113.030
DEFERREX TAX ASSETS		2.466	2.638	1.378

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	168.581	182.466	198.272
	Cash & Bank Balances	105.657	95.367	97.791
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	42.803	36.695	88.540
Total Current Assets		317.041	314.528	384.603
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.387	93.738	92.190
	Other Current Liabilities	5.014	4.055	11.327
	Provisions	4.935	4.951	88.069
Total Current Liabilities		83.336	102.744	191.586
Net Current Assets		233.705	211.784	193.017

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		405.066	364.676	335.057

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	964.520	1136.230	1017.094
		Other Income
		TOTAL	964.520	1136.230	1017.094

Less	EXPENSES
		Office Expenses
		Administrative Expenses	954.567	1105.113	959.319
		Advertising Expenses
		TOTAL	954.567	1105.113	959.319

	PROFIT BEFORE TAX		9.953	31.117	57.775

Less	TAX		NA	NA	14.575

	PROFIT AFTER TAX		NA	NA	43.200

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	238.614	233.300	198.890
	TOTAL EARNINGS		238.614	233.300	198.890

	Earnings Per Share (Rs.)		NA	NA	469.00

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	4.25

Return on Total Assets (PBT/Total Assets}	(%)	2.96	9.35	14.50

Return on Investment (ROI) (PBT/Networth)		0.03	0.10	0.20

Debt Equity Ratio (Total Debt /Networth)		0.27	0.18	0.17

Current Ratio (Current Asset/Current Liability)		3.80	3.06	2.00

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The registered office of the company has been shifted from RZ-293 A- Block, Mahipalpur Extension, New Delhi-110037, India to the present address w.e.f. 11.10.2007.

OPERATION

During the year under consideration, the company has carried on the business successfully and during the year the total income of the company is Rs.964.520 Millions against Rs.1136.230 Millions of last year. The net profit of the Company before tax during the year is Rs.9.953 Millions as against Rs.31.117 Millions of last year.

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2012	31.03.2011
Contingent liabilities on account of bank guarantees and letters	0.200	0.200
Matters pending in court	2.197	2.197

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U63013DL1971PTC005559
Name of the company	CONTINENTAL CARRIERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	H-37, Connaught Circus, New Delhi-110001, India ho@continentalgroup.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others (Whole CA and MFA (Both present and future))
Particular of charge holder	Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India,, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India dlbbcaddel@yesbank.in
Nature of instrument creating charge	Deed of Hypothecation Dated 09.04.2012
Date of instrument Creating the charge	09.04.2012
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC - For 1st Six month Fixed EROI 12.50% p.a, After six month Floating: YBLBR + 2% p.a, Current YBLBR is 10.50%p.a, EROI 12.50% p.a. BG (F G) (Sub limit of CC) - Comm. 0.75% p.a. (Payable upfront). Terms of Repayment CC - Repayable on Demand. BG (F G) (Sub limit of CC) - 36 months including claim period. Margin CC -25% of (Debtors upto 90 days + Stock - Creditors). BG (F G) (Sub limit of CC) - 10% in the form of Fixed Deposit to be kept under lien with YBL. Extent and Operation of the charge Exclusive charge on Current Assets and movable Fixed Assets of the Borrower (both present and future).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge on Current Assets and movable fixed Assets of the Borrower (both present and future).

FIXED ASSETS:

Furniture and Fixtures
Electrical Equipments
Office Equipments
Computer
Cycle
Air Conditioner
Scooter Motor Cycle
Motor Cars
Trucks
Type Writers
Fax Machine
Pagers
Weighting Scale
Television Set
Pump Set

AS PER WEBSITE DETAILS:

PROFILE:

The dream and far sighted vision of late Mr. T.N. Vohra to bring the business, and trade, in India, at par with the latest developments in the world in the field of logistics management led to the setting up 'Continental Carriers' in 1957. Today them look back upon their half-a-century-old heritage with a sense of pride and reconfirm their resolve to continue to strive for excellence.

The baton passed on, upon the sad and sudden demise of Mr. T.N. Vohra in December 2005, to a very competent and worthy successor in Mr. Vipin Vohra, who had already spent 30 years with the Continental Group under the able guidance of his illlustrious father.

Continental Carriers Group has always endeavored to be ahead of the competition in meeting the ever-growing challenges and responding to the ever changing dynamics in the logistics arena.

Continental Carriers Group has sustained its philosophy of 'Customer Oriented Thinking and Solution Oriented Working' by adherence to the work ethics.

They enjoy ISO-9001 certification since 1999.

A wide network of branches all over India, massive support infrastructure and facilities, and use of advanced technological tools enable us to be the leader in delivering innovative logistics solutions. Updation to 'the state-of-the-art' has become a habit with us.

They derive their strength from their valued patrons, associates across the globe, major carriers and a team of dedicated, highly motivated and qualified personnel.

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 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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	8
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		48

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

0.000

0.000

168.581

198.272

105.657

97.791

0.000

0.000

42.803

88.540

317.041

73.387

92.190

5.014

11.327

4.935

88.069

83.336

233.705

193.017

NA

4.25

2.96

14.50

0.03

0.20

0.27

0.17

3.80

2.00

Unit