MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	NIPPON EXPRESS (INDIA) PRIVATE LIMITED (w.e.f. 12.04.2007)
Formerly Known As :	J I LOGISTICS PRIVATE LIMITED
Registered Office :	“Logistics Park”, Plot No.7, Road No.10, Export Promotion Industrial Park, Whitefield, Bangalore – 560 066, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.09.2006
Com. Reg. No.:	08-040642
Capital Investment / Paid-up Capital :	Rs.35.000 Millions
CIN No.: [Company Identification No.]	U63031KA2006PTC040642
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AACCN5026E
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Logistics Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 2800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Nippon Express Company Limited’. It is a well – established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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

Management Non Co-Operative (Tel No. 91-80-49475600)

LOCATIONS

Registered Office :	“Logistics Park”, Plot No.7, Road No.10, Export Promotion Industrial Park, Whitefield, Bangalore – 560 066, Karnataka, India
Tel. No.:	91-80-41353500 (10 Lines)
Fax No.:	91-80-41353539/ 41353600
E-Mail :	krishnamurthy.p@nittsu.co.in
Website :	http://www.nipponexpress.com
Nhava Sheva Office :	No.705, 7^th Floor, Freight Forwarders, Premises Co-operative Soc. Ltd. Plot No. 5, Sector 1, Dronagiri, Uran, District Raigad – 400 707, Maharashtra, India
Tel. No.:	91-22-27472318/ 27472384
Fax No.:	91-22-27472640
Bangalore Branch Airport Terminal Office :	Room #11, 3^rd Floor, Menzies Bobba Cargo Terminal, Bangalore Airport Devanahalli, Bangalore – 560 300, Karnataka, India
Tel. No.:	91-80-27688233
Fax No.:	91-80-27688309
Branch Office 1 :	Plot No.442, Udyog Vihar Phase-III, Gurgaon – 122 016, Haryana, India
Tel. No.:	91-124-4994200/ 4216533-36/ 4001357
Fax No.:	91-124-4001359/ 4216532
Branch Office :	Also located at: · Ahmedabad · Chennai · Cochin · Coimbatore · Hyderabad · Kolkata · Mumbai · Pune · Trivandrum

DIRECTORS

Name :

Mr. Paradarami Krishna Murthy

Designation :

Managing Director

Address :

49, YS Palazzo, 6^th Main, 18^th Cross, Malleswaram, Bangalore – 560 003, Karnataka, India

Date of Birth/Age :

01.07.1963

Qualification :

B. Tech

Experience :

26 Years

Date of Appointment :

02.04.2007

DIN No.:

00144842

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	U63011KA1993PTC013980	JAYEM IMPEX PRIVATE LIMITED	Managing director	01/01/1996	01/01/1996	15/12/2007	Active	NO
2	U63090TN1997PTC037441	JAYEM WAREHOUSING PRIVATE LIMITED	Director	07/07/1997	07/07/1997	31/08/2007	Active	NO
3	U30009KA1988PTC009046	GOMAS SYSTEMS AND CONTROLS PRIVATE LIMITED	Director	29/09/1998	29/09/1998	25/04/2007	Active	NO
4	U72200KA2001PTC028627	INFOLOG SOLUTIONS PRIVATE LIMITED	Director	20/02/2001	20/02/2001	25/04/2007	Active	NO
5	U63023KA2001PTC028757	Repair & Return Technology (India) Private Limited	Director	19/03/2001	19/03/2001	26/04/2007	Active	NO
6	U72200KA2001PTC028753	AND DATA WAREHOUSING PRIVATE LIMITED	Director	19/03/2001	19/03/2001	26/04/2007	Active	NO
7	U74140TN2001PTC046612	SUPPLY CHAIN CONSULTANTS PRIVATE LIMITED	Director	05/10/2003	05/10/2003	26/04/2007	Active	NO
8	U63090KA2005PTC036385	JAYEM INLAND TRANSPORT PRIVATE LIMITED	Director	28/12/2005	28/12/2005	25/04/2007	Active	NO
9	U51909KA2005PTC036937	JAYEM TRADE PRIVATE LIMITED	Director	25/04/2006	25/04/2006	25/04/2007	Active	NO
10	U63031KA2006PTC040642	Nippon Express (India) Private Limited	Managing director	01/04/2014	02/04/2007	-	Active	NO
11	U63090KA2011PTC058308	Nittsu Logistics (India) Private Limited	Director	26/04/2011	26/04/2011	-	Active	NO

Name :

Mr. Rajam Jayakumar

Designation :

Director

Address :

34, Kirloskar Colony, 1^st Stage, Bangalore – 560 079, Karnataka, India

Date of Birth/Age :

01.09.1948

Qualification :

M. Sc Engineering

Date of Appointment :

27.09.2006

DIN No.:

00121817

PAN No.:

ABIPJ6417H

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	U30009KA1988PTC009046	GOMAS SYSTEMS AND CONTROLS PRIVATE LIMITED	Director	20/04/1988	20/04/1988	-	Active	NO
2	U63011KA1993PTC013980	JAYEM IMPEX PRIVATE LIMITED	Director	08/02/1993	08/02/1993	-	Active	NO
3	U85110KA1997PTC021699	THERMOGRAPHIC MEASUERMENTS PRIVATE LIMITED	Director	27/01/1997	27/01/1997	-	Strike off	NO
4	U63090TN1997PTC037441	JAYEM WAREHOUSING PRIVATE LIMITED	Director	08/05/2000	08/05/2000	-	Active	NO
5	U93090TN2001PTC046611	VAIDI FACILITY MANAGEMENT PRIVATE LIMITED	Director	12/02/2001	12/02/2001	-	Active	NO
6	U74140TN2001PTC046612	SUPPLY CHAIN CONSULTANTS PRIVATE LIMITED	Director	12/02/2001	12/02/2001	-	Active	NO
7	U67120TN2001PTC046636	MEDHU HOLDINGS PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
8	U72200KA2001PTC028627	INFOLOG SOLUTIONS PRIVATE LIMITED	Director	15/02/2001	15/02/2001	-	Active	NO
9	U63090KA2001PTC028756	ALPHA FREIGHT CHAIN PRIVATE LIMITED	Director	30/09/2009	14/03/2001	-	Active	NO
10	U72200KA2001PTC028753	AND DATA WAREHOUSING PRIVATE LIMITED	Director	14/03/2001	14/03/2001	-	Active	NO
11	U63023KA2001PTC028757	Repair & Return Technology (India) Private Limited	Director	14/03/2001	14/03/2001	-	Active	NO
12	U65100KA2002PTC030617	KOCHI HOLDINGS PRIVATE LIMITED	Director	12/06/2002	12/06/2002	-	Active	NO
13	U63090KA2005PTC036385	JAYEM INLAND TRANSPORT PRIVATE LIMITED	Director	25/05/2005	25/05/2005	-	Active	NO
14	U72400KA2005PTC036424	JAYEM RECORDS AND DATA PRIVATE LIMITED	Director	30/05/2005	30/05/2005	-	Active	NO
15	U63031KA2005PTC036493	JAYEM RELOCATION PRIVATE LIMITED	Director	07/06/2005	07/06/2005	-	Active	NO
16	U51909KA2005PTC036937	JAYEM TRADE PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
17	U60231KA2005PTC038053	JAYEM LOGISTICS PRIVATE LIMITED	Managing director	23/09/2013	26/12/2005	-	Active	NO
18	U63013TG2004PTC044217	C-NET EXPRESS PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
19	U63031KA2006PTC040642	Nippon Express (India) Private Limited	Director	27/09/2006	27/09/2006	-	Active	NO
20	U63090TN2001PTC047418	CONNECT CARGO PRIVATE LIMITED	Director	29/09/2009	25/04/2009	-	Active	NO
21	U63090KA2011PTC058308	Nittsu Logistics (India) Private Limited	Director	26/04/2011	26/04/2011	-	Active	NO

Name :

Mr. Akinori Maejima

Designation :

Whole Time Director

Address :

A2 252, Sobha Ivory II No 7/1, ST Johns Road, Bangalore - 560003, Karnataka, India

Date of Birth/Age :

50 years

Qualification :

B.Com

Date of Appointment :

26.03.2014

DIN No.:

06839249

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	U63031KA2006PTC040642	Nippon Express (India) Private Limited	Whole-time director	23/04/2014	26/03/2014	-	Active	NO
2	U63090KA2011PTC058308	Nittsu Logistics (India) Private Limited	Director	23/04/2014	23/04/2014	-	Active	NO

Name :

Mr. Yasunori Takahashi

Designation :

Director

Address :

40 Alps Avenue Nippon Express, Singapore Building, Bangalore - 498781, Singapore, India

Date of Appointment :

04.07.2013

DIN No.:

06617074

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	U63090KA2011PTC058308	Nittsu Logistics (India) Private Limited	Director	04/07/2013	04/07/2013	-	Active	NO
2	U63031KA2006PTC040642	Nippon Express (India) Private Limited	Director	04/07/2013	04/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Kazushige Hayashi *
Designation :	General Manager - Sales
Date of Birth/Age :	54 Years
Qualification :	B.L
Experience :	30 years
Name :	Naohisa Masuda
Designation :	Deputy General Manager - Sales
Date of Birth/Age :	50 years
Qualification :	B.A
Experience :	26 years
Name :	Katsuhiro Tsunoda *
Designation :	General Manager - Sales
Date of Birth/Age :	50
Qualification :	B.A
Experience :	27 Years
Name :	Ishiyama Tomohiro
Designation :	General Manager Sales
Date of Birth/Age :	45
Qualification :	B. Economics
Experience :	22 Years
Name :	Tanaka Hisao
Designation :	General Manager Sales
Date of Birth/Age :	48
Qualification :	B.A
Experience :	24 years
Name :	Asahi Masato
Designation :	General Manager Sales
Date of Birth/Age :	51
Qualification :	B.A.
Experience :	27 Years
Name :	Takashi Yamamoto
Designation :	General Manager Sales
Date of Birth/Age :	49
Qualification :	B.A.
Experience :	25 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.04.2014

Names of Shareholders	No. of Shares
Nippon Express Company Limited, Japan	35000
Nippon Express ( South asia and Oceania) Pte Limited	2800000
R. Jayakumar	140000
P. Krishna Murthy	525000
Total	3500000

Equity Share Break up (Percentage of Total Equity)

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	81.00
Directors or relatives of directors	19.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Logistics Services.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Not Divulged
	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers, End Users, OEM’s and Others

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560 025, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Holding Company :	Nippon Express Company Limited, Japan Nippon Express ( South asia and Oceania) Pte Limited
Collaborators :	--
Subsidiaries :	Nippon Express (H.K.) Company Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 millions

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	35.000	35.000	35.000
(b) Reserves & Surplus	964.823	893.498	719.961
(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)	999.823	928.498	754.961
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	8.137	7.049	3.792
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	8.137	7.049	3.792
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	527.625	407.663	505.424
(c) Other current liabilities	75.890	49.535	65.793
(d) Short-term provisions	36.853	90.034	115.047
Total Current Liabilities (4)	640.368	547.232	686.264
TOTAL	1648.328	1482.779	1445.017
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	270.551	260.005	276.283
(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	89.500	89.500	39.996
(c) Deferred tax assets (net)	11.405	6.555	2.058
(d) Long-term Loan and Advances	150.416	138.415	70.640
(e) Other Non-current assets	0.571	0.639	0.569
Total Non-Current Assets	522.443	495.114	389.546
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	917.263	641.413	731.060
(d) Cash and cash equivalents	87.153	288.452	297.514
(e) Short-term loans and advances	76.912	17.727	20.233
(f) Other current assets	44.557	40.073	6.664
Total Current Assets	1125.885	987.665	1055.471
TOTAL	1648.328	1482.779	1445.017

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2955.100	2449.708	2256.129
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES		2731.190	2006.871	1828.969
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		223.910	442.837	427.160
Less/ Add	DEPRECIATION/ AMORTISATION (F)		58.062	53.306	53.920
	PROFIT BEFORE TAX (E-F) (G)		165.848	389.531	373.240
Less	TAX (H)		57.075	126.503	127.628
	PROFIT AFTER TAX (G-H) (I)		108.773	263.028	245.612
	Earnings Per Share (Rs.)		3.10	7.51	7.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales		3.68	10.74	10.89
Return on Total Assets (PBT/Total Assets}	(%)	10.72	28.09	26.60
Return on Investment (ROI) (PBT/Networth)		0.17	0.42	0.49
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.76	1.80	1.54

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	35.000	35.000	35.000
Reserves & Surplus	719.961	893.498	964.823
Net worth	754.961	928.498	999.823
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Total Income	2256.129	2449.708	2955.100
		8.580	20.631

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	2256.129	2449.708	2955.100
Profit	245.612	263.028	108.773
	10.89%	10.74%	3.68%

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	No
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	No
24]	Banking facility details	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BUSINESS AND OPERATIONS OF THE COMPANY

The Directors are pleased to inform you the following highlights for the year under review.

The Company has achieved marginal improvement in turnover, however could able to make Rs. 165.848 Millions Profit before tax during the current year due to tough market conditions.

Company?s subsidiary Company, Nittsu Logistics (India) Private Limited (incorporated on 26th April 2011) mainly to focus on domestic trucking business is functional in full with the total capital investment of Rs. 89.5 Millions (including share premium amount of Rs. 16.5 Millions). Salient features and the audited statements of accounts of the new Company are provided separately.

As required under Section 212 of the Companies Act, 1956 a statement on the subsidiaries accounts is also annexed to the Company?s Accounts.

First phase of High-tech Logistics Center, at New Industrial Complex, Neemrana, in the State of Rajasthan (inaugurated on 29th November 2010) is functional in full strength. During the Year Company added around 1.67 lakhs Sq. ft., area (total 6.88 lakhs Sq.ft.) for its warehouse business.

FUTURE PLANS

The Company is planning to build and maintain a strong brand name in the field of Logistics in India & Overseas. The essential elements for this brand building & maintaining includes expansion, strengthening of network, high quality infrastructure set up, deploying cutting edge IT systems, qualified manpower and developing strong customer relationship.

With the help of empowered & dedicated employees and committed associates, the Company approaches the future with confidence to pursue Global Challenge.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Motor Vehicles

· Leasehold Improvements

· Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RSM
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
RBI	YES/NO	No
EPF	YES/NO	No
TOTAL		53

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

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.