MIRA INFORM REPORT

Report Date :

03.12.2014

IDENTIFICATION DETAILS

Name :	CHETTINAD LOGISTICS PRIVATE LIMITED

Registered Office :	Unit No. 306-A, “ The Capital” , 3^rd Floor, Plot C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	17.12.1999

Com. Reg. No.:	11-255669

Capital Investment / Paid-up Capital :	Rs.376.810 Million

CIN No.: [Company Identification No.]	U63012MH1999PTC255669

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CHEC02714F

PAN No.: [Permanent Account No.]	AABCC4551C

Legal Form :	Private Limited Liability Company.

Line of Business :	Clearing and forwarding agent for Coal, Cement etc.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 9000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well – established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	11 April, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A1
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	11 April, 2014

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. R.M. Palaniappan
Designation :	Director
Contact No.:	91-44-28295124
Date :	25.11.2014

LOCATIONS

Registered Office :	Unit No. 306-A, “ The Capital” , 3^rd Floor, Plot C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-44-28295124/ 28295111
Fax No.:	91-44-28290228
E-Mail :	anunair.csicpl@chettinad.com siclho@gmail.com chettinadgroupofcompanies@yahoo.ca
Website :	http://www.chettinad.com

DIRECTORS

Name :

Mr. R. M. Palaniappan

Designation :

Director

Address :

"Lovedale", T2, Plot No.322, W Block, C Sector II Avenue, Anna Nagar West Extension, Chennai 600101, Tamilnadu, India

Date of Birth/Age :

16.06.1969

Date of Appointment :

29.09.2012

DIN No.:

00143198

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	U30006TN1996PTC035289	INSYTE PRODUCTS MARKETING PRIVATE LIMITED	Director	02/06/2000	02/06/2000	29/11/2012	Active	NO
2	U67120TN1930PTC000476	CHETTINAD CORPORATION PRIVATE LIMITED	Director	01/06/2002	01/06/2002	26/03/2009	Active	NO
3	U63090TN2004PTC054537	ALLIED PORT SERVICES PRIVATE LIMITED	Director	25/10/2004	25/10/2004	07/12/2009	Amalgamated	NO
4	U24231TN2004PTC054938	CHETTINAD PHARMACEUTICALS PRIVATE LIMITED	Director	16/12/2004	16/12/2004	20/01/2014	Active	NO
5	U45201TN2004PTC052558	HAACIENDAA INFOTECH & REALTORS PRIVATE LIMITED	Director	06/07/2005	06/07/2005	18/07/2012	Active	NO
6	U01119TZ1983PTC001348	VALLIAMMAI LIMES PRIVATE LIMITED	Director	27/10/2005	27/10/2005	-	Dormant	NO
7	U14106TZ1983PTC001349	ALAGAPPA CEMENTS PRIVATE LIMITED	Director	27/10/2005	27/10/2005	-	Dormant	NO
8	U63090TZ2001PTC010817	CHETTINAD LIGNITE TRANSPORT SERVICES PRIVATE LIMITED	Additional director	30/09/2006	11/11/2005	07/12/2009	Active	NO
9	U13209TN1999PTC042884	CHETTINAD QUARTZ PRODUCTS PRIVATE LIMITED	Additional director	30/09/2006	25/11/2005	-	Amalgamated	NO
10	U72200TN2006PTC058590	ADVANCED SOFTWARE SERVICES (INDIA) PRIVATE LIMITED	Director	16/01/2006	16/01/2006	-	Active	NO
11	U70101TN2009PTC070637	CHETTINAD DEVELOPERS PRIVATE LIMITED	Director	02/02/2009	02/02/2009	20/06/2012	Active	NO
12	U51102TN1935PTC002652	SOUTH INDIA CORPN Private Limited	Director	30/09/2009	23/02/2009	18/07/2012	Active	NO
13	U74900TN2009PTC071083	CHETTINAD TV NETWORK PRIVATE LIMITED	Director	23/03/2009	23/03/2009	07/08/2012	Active	NO
14	U45203TN2009PTC072549	CHETTINAD CONTAINER TERMINAL PRIVATE LIMITED	Director	12/08/2009	12/08/2009	20/01/2014	Active	NO
15	U45220KA1987PTC008614	BELAIRE APARTMENTS PRIVATE LIMITED ,	Additional director	18/08/2011	18/08/2011	18/07/2012	Active	NO
16	U63012MH1999PTC255669	CHETTINAD LOGISTICS PRIVATE LIMITED	Director	29/09/2012	27/06/2012	-	Active	NO
17	U27209TN1966PLC005452	CHETTINAD STRUCTURAL & ENGINEERING LIMITED	Director	30/09/2013	19/11/2012	-	Active	NO

Name :

Komatinathan Chidambaram

Designation :

Director

Address :

New No, 43/2, Old No. 19-A, 2^nd Street, Beach Home Avenue, Besant Nagar, Chennai

Date of Birth/Age :

15.03.1960

Date of Appointment :

30.09.2013

DIN No.:

00647132

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	U45209TN2006PTC058742	CHETTINAD PROJECTS DEVELOPMENT PRIVATE LIMITED	Director	03/02/2006	03/02/2006	06/08/2012	Active	NO
2	U70101TN2006PTC058739	CHETTINAD LAND AND BUILDING DEVELOPMENT PRIVATE LIMITED	Director	03/02/2006	03/02/2006	07/08/2012	Active	NO
3	U27209TN1966PLC005452	CHETTINAD STRUCTURAL & ENGINEERING LIMITED	Director	30/03/2006	30/03/2006	24/07/2012	Active	NO
4	U63040TN2006PTC060517	EAST COAST TRANSPORTS PRIVATE LIMITED	Director	12/07/2006	12/07/2006	22/06/2010	Active	NO
5	U26940TN2007PTC062913	METROPOLITAN CEMENTS & TILES COMPANY PRIVATE LIMITED	Director	30/03/2007	30/03/2007	18/08/2012	Active	NO
6	U72200TN2004PTC053431	CHETTINAD SOFTWARE SERVICES PRIVATE LIMITED	Director	26/09/2012	06/06/2012	-	Active	NO
7	U74140TN2012PTC083855	CHETTINAD HOLDINGS PRIVATE LIMITED	Director	30/09/2013	07/11/2012	-	Active	NO
8	U63012MH1999PTC255669	CHETTINAD LOGISTICS PRIVATE LIMITED	Director	30/09/2013	30/03/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Mrs. Geetha Muthiah	8680919
Chettinad Developers Private Limited	130
Chettinad Holdings Private Limited	29000000
Total	37681049

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	76.96
Other top fifty shareholders	23.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Clearing and forwarding agent for Coal, Cement etc.

Products :

Item Code No. (ITC Code)	Product Description
99651120	Clearing And Forwarding
27011920	Coal

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Divulged

Customers :	Not Divulged

No. of Employees :	Information declined by the management.

Bankers :	Indian Bank, Thousand Lights Branch, Kannammai Buildings, 611, Anna Salai, Chennai – 600006, Tamil Nadu, India HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400013, Maharashtra, India


Auditors 1 :
Name :	J.karthik Bharathi and Company Chartered Accountants
Address :	No.6 Seetha Reddy Street, Kumbakonam – 612001, Tamilnadu, India
PAN No.:	AAEFJ3214B

Auditors 2 :
Name :	C.Muthukumar and Company
Address :	New No. 31 (Old No. 11) Second Floor Rajaji STREET, Saidapet, Chennai 600015, India
PAN No.:	AKQPM4543G

Memberships :	---

Collaborators :	---

Holding Company :	Chettinad Holdings Private Limited

Subsidiaries :	Chettinad Container Terminal Private Limited Concept Logistics Private Limited

Associates :	Chettinad Cement Corporation Limited South India Corpn Private Limited Chettinad Structural & Engineering Limited Chettinad Financial Management Services Private Limited Chettinad Builders Private Limited Chettinad Earth Movers Private Limited Hengyip Trading Fzc

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

40000000	Equity Shares	Rs.10/-each	Rs.400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

37681049	Equity Shares	Rs.10/-each	Rs.376.810 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	376.810	86.810	86.810
(b) Reserves & Surplus	2827.900	2041.797	1596.313
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3204.710	2128.607	1683.123

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	47.586	200.832
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	47.586	200.832

(4) Current Liabilities
(a) Short term borrowings	340.000	0.000	0.000
(b) Trade payables	1264.039	628.065	95.677
(c) Other current liabilities	77.666	40.994	15.584
(d) Short-term provisions	236.479	140.959	13.365
Total Current Liabilities (4)	1918.184	810.018	124.626

TOTAL	5122.894	2986.211	2008.581

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.605	10.611	13.162
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1701.338	1701.334	1733.093
(c) Deferred tax assets (net)	0.555	1.316	1.644
(d) Long-term Loan and Advances	1.379	1.347	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1712.877	1714.608	1747.899

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.272	0.583	0.359
(c) Trade receivables	2156.452	827.873	150.998
(d) Cash and cash equivalents	298.530	24.621	23.833
(e) Short-term loans and advances	954.763	418.526	85.492
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3410.017	1271.603	260.682

TOTAL	5122.894	2986.211	2008.581

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	10102.979	6673.230	513.311
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1172.122	651.335	170.125

Less/ Add	DEPRECIATION/ AMORTISATION	1.501	1.727	2.240

	PROFIT/ (LOSS) BEFORE TAX	1170.675	649.608	167.885

Less	TAX	384.572	204.458	58.308

	PROFIT/ (LOSS) AFTER TAX	786.103	445.150	109.577

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	2036.960	1591.810	1482.233

	Balance Carried to the B/S	2823.063	2036.960	1591.810

	Earnings / (Loss) Per Share (Rs.)	20.86	11.81	2.91

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011

Net Profit Margin PAT / Sales	(%)	7.78	6.67	21.35

Return on Total Assets (PBT/Total Assets}	(%)	34.22	50.61	61.31

Return on Investment (ROI) (PBT/Networth)		0.37	0.31	0.10

Debt Equity Ratio (Total Liability/Networth)		0.11	0.02	0.12

Current Ratio (Current Asset/Current Liability)		1.78	1.57	2.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	86.810	86.810	376.810
Reserves & Surplus	1596.313	2041.797	2827.900
Net worth	1683.123	2128.607	3204.710

long-term borrowings	200.832	47.586	0.000
Short term borrowings	0.000	0.000	340.000
Total borrowings	200.832	47.586	340.000
Debt/Equity ratio	0.119	0.022	0.106

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	513.311	6673.230	10102.979
		1,200.036	51.396

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	513.311	6673.230	10102.979
Profit	109.577	445.150	786.103
	21.35%	6.67%	7.78%

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	Yes
10]	Designation of contact person	Yes
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	Yes

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10508922	23/06/2014	500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C11222940
2	10435759	31/05/2013	500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B79163432
3	10305320	26/08/2011	1,000,000,000.00	ICICI BANK LIMITED	Prakash Presidium,, Nungambakkam High Road, Chennai, Tamil Nadu - 600034, INDIA	B20098521
4	10304398	07/11/2012 *	475,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA	B62898705
5	90285753	28/03/2014 *	2,000,000,000.00	Indian Bank	THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, 611, ANNA SALAI,, CHENNAI, Tamil Nadu - 600006, INDIA	C02793297

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Intercorporate borrowings	0.000	47.586
SHORT TERM BORROWINGS
Intercorporate deposits	340.000	0.000
Total	340.000	47.586

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.61.92
UK Pound	1	Rs.97.39
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	KAR

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		64

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

Unit