MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	20CUBE LOGISTICS PRIVATE LIMITED (w.e.f 28.05.2012)
Formerly Known As :	OMEGA GLOBAL LOGISTICS PRIVATE LIMITED
Registered Office :	Navins WSS Tower, 9^th Floor, 107-108 Harris Road, Pudupet, Chennai – 600002, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.12.1995
Com. Reg. No.:	18-033929
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U63013TN1995PTC033929
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Freight Forwarding Services
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 326000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit margin of the company is low. However, Reserves position of the company is decent. General financial position of the company is normal and acceptable for business dealing Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 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

EXTERNAL AGENCY RATING

Rating Agency Name	NSIC CRISIL
Rating	SE 1B
Rating Explanation	Highest performance capability and moderate financial strength
Date	30.07.2014

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. Hariharan
Designation :	Not Divulged
Contact No.:	91-44-43933000
Date :	20.12.2014

LOCATIONS

Registered Office :	Navins WSS Tower, 9^th Floor, 107-108 Harris Road, Pudupet, Chennai – 600002, Tamil Nadu, India
Tel. No.:	91-44-43933000
Fax No.:	91-44-43933096
E-Mail :	traja@20cube.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vilas Waman Katre

Designation :

Director

Address :

91 Sir Balachandra Road, Hindu Colony 3^rd Rane, Mumbai, Maharashtra, India

Date of Birth/Age :

13.05.1942

Date of Appointment :

21.12.1995

DIN No.:

00054460

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	U61100MH1980PTC022382	SEAHORSE INDIA PRIVATE LIMITED	Director	21-03-80	21-03-80	-	Active	NO
2	U67120MH1987PTC043102	PACIFIC HOLDING PVT LTD	Director	18-04-87	18-04-87	-	Amalgamated	NO
3	U65991TN1989PTC018457	SEAHORSE FINANCIAL SERVICES PRIVATE LIMITED	Director	27-12-90	27-12-90	-	Strike off	NO
4	U63032TN1989PTC016847	IMSA SHIPPING AGENCY PRIVATE LIMITED	Director	27-12-90	27-12-90	-	Active	NO
5	L85110TN1982PLC009781	KMC SPECIALITY HOSPITALS (INDIA) LIMITED	Director	21-03-94	21-03-94	14-07-08	Active	NO
6	U33110TN1970PLC005791	SIMCO ENGINEERING LIMITED	Whole-time director	30-06-94	30-06-94	05-06-07	Active	NO
7	U63013TN1995PTC033929	20CUBE LOGISTICS PRIVATE LIMITED	Whole-time director	21-12-95	21-12-95	-	Active	NO
8	U63090TN2006PTC058508	D V R FREIGHT FORWARDERS PRIVATE LIMITED	Director	05-01-06	05-01-06	21-01-08	Active	NO
9	L99999MH1964PLC013018	APLAB LIMITED	Director	27-06-06	30-01-06	10-06-08	Active	NO
10	U51219MH2006PTC163094	VASUNDHARA AGROTECH PRIVATE LIMITED	Director	14-07-06	14-07-06	-	Active	NO
11	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Director	04-09-06	04-09-06	16-09-09	Active	NO
12	L25200PN2007PLC131189	ELECTRONICA PLASTIC MACHINES LIMITED	Director	30-09-10	17-03-10	-	Active	NO
13	U51909PN2007PTC130696	EMST MARKETING PRIVATE LIMITED	Director	27-09-12	19-03-12	-	Active	NO

Name :

Mr. Vikaram Vilas Katre

Designation :

Director

Address :

91 Sir Balachandra Road, Hindu Colony 3^rd Rane, Mumbai, Maharashtra, India

Date of Birth/Age :

5.10.1974

Date of Appointment :

24.02.2003

DIN No.:

00054487

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	U63032TN1989PTC016847	IMSA SHIPPING AGENCY PRIVATE LIMITED	Director	24-02-03	24-02-03	-	Active	NO
2	U63013TN1995PTC033929	20CUBE LOGISTICS PRIVATE LIMITED	Whole-time director	24-02-03	24-02-03	-	Active	NO
3	U61100MH1980PTC022382	SEAHORSE INDIA PRIVATE LIMITED	Director	24-03-03	24-03-03	-	Active	NO
4	U51219MH2006PTC163094	VASUNDHARA AGROTECH PRIVATE LIMITED	Director	14-07-06	14-07-06	-	Active	NO
5	U74900MH2011PTC218222	20CUBE LOGISTICS SOLUTIONS PRIVATE LIMITED	Director	30-11-12	15-10-11	-	Active	NO
6	U63013TN2014PTC095910	20CUBE WAREHOUSING AND DISTRIBUTION PRIVATE LIMITED	Director	17-05-14	17-05-14	-	Active	NO

Name :

Mr. Anand Seetharaman

Designation :

Director

Address :

Flat No. 302 Glen Croft, Hiranandani Gardens, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

30.10.1965

Date of Appointment :

11.10.2011

DIN No.:

02538402

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	U60230MH1998PTC112960	AGILITY LOGISTICS PRIVATE LIMITED	Director	30-09-09	02-03-09	08-03-11	Active	NO
2	U74999MH2011PTC218120	GrEn Technology & Services Private Limited	Director	31-05-11	31-05-11	-	Active	NO
3	U74900MH2011PTC218222	20CUBE LOGISTICS SOLUTIONS PRIVATE LIMITED	Director	02-06-11	02-06-11	-	Active	NO
4	U63013TN1995PTC033929	20CUBE LOGISTICS PRIVATE LIMITED	Nominee director	11-10-11	11-10-11	-	Active	NO
5	U63013TN2014PTC095910	20CUBE WAREHOUSING AND DISTRIBUTION PRIVATE LIMITED	Director	17-05-14	17-05-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Thangamani Raja
Designation :	Company Secretary
Address :	3-FC, Jains Nakshatra, 62, Union Road, Chinna Nolambur, Maduravoyal Post, Chennai -600095, Tamil Nadu, India
Date of Birth/Age :	08.04.1972
Date of Appointment :	09.03.2007
PAN No.:	ADIPR6800Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Mr. Anand Seetharaman (Nominee of CLSPL)	1
20 Cube Logistics Solutions Private Limited	499999
Total	500000

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 Forwarding Services

Products :

Item Code No. (ITC Code)	Product Description
9967	Supporting Transport Service
99679100	Freight Transport Agency Services and Other Freight Transport Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

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 :

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	Small Industries Development Bank of India (SIDBI)
Branch Address	HO SIDBI Tower, 15 Ashok Marg, Luchnow Branch At 11-13, Atlanta Building, 1^st Floor, V. K Shah Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
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

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from banks	50.000	0.000
SHORT TERM BORROWINGS
Rupee term loans from banks	35.405	44.561
Total	85.405	44.561

Auditors :
Name :	B S R and Company Chartered Accountant
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai - 400 011, Maharashtra, India
PAN No.:	AAIFB7357B
Control through substantial interest in voting power and power to direct through agreement :	v 20Cube Investments Private Limited, Singapore v 20Cube Logistics Private Limited, Singapore v 20Cube Consortium Private Limited, Singapore
Holding Company :	v 20 Cube Logistics Solutions Private Limited, India
Fellow subsidiaries :	v 20Cube Australia Holdings Private Limited, India v 20Cube Logistics Private Limited, Australia v 20Cube Logistics Sdn Bhd, Malaysia v 20Cube Logistics Ltd, Hong Kong v 20Cube Logistics Shanghai (Company) Limited, India v 20Cube Logistics Uganda Ltd v 20Cube Logistics Ltd Bangladesh v 20Cube Logistics (Singapore) Private Limited v 20Cube Logistics LLC, Dubai v 20Cube Do Brasil Logistica Ltda v 20Cube Logistics Worldwide LLC, US
Enterprises owned or significantly influenced by KMP?s or their relatives :	v Seahorse India Private Limited, India v 20Cube Logistics (Private) Limited, Sri Lanka

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	109.100	107.019	112.115
(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)	114.100	112.019	117.115
(3) Non-Current Liabilities
(a) long-term borrowings	50.500	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	1.475
(d) long-term provisions	4.128	0.895	0.000
Total Non-current Liabilities (3)	54.628	0.895	1.475
(4) Current Liabilities
(a) Short term borrowings	35.405	44.561	20.291
(b) Trade payables	200.268	122.930	37.188
(c) Other current liabilities	32.971	50.273	31.139
(d) Short-term provisions	0.000	0.000	0.917
Total Current Liabilities (4)	268.644	217.764	89.535
TOTAL	437.372	330.678	208.125
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.245	21.514	16.140
(ii) Intangible Assets	1.611	1.915	0.256
(iii) Capital work-in-progress	0.000	0.000	2.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.846	0.000
(d) Long-term Loan and Advances	65.769	59.199	40.248
(e) Other Non-current assets	1.715	1.679	1.946
Total Non-Current Assets	92.340	85.153	60.590
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	273.371	199.891	134.865
(d) Cash and cash equivalents	1.142	1.819	1.786
(e) Short-term loans and advances	23.732	30.006	6.190
(f) Other current assets	46.787	13.809	4.694
Total Current Assets	345.032	245.525	147.535
TOTAL	437.372	330.678	208.125

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1409.132	975.248	NA
		Other Income
		TOTAL	1409.132	975.248	NA
Less	EXPENSES
		TOTAL	1401.331	974.580	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.801	0.668	12.436
Less/ Add	DEPRECIATION/ AMORTISATION		4.919	7.520	2.843
	PROFIT BEFORE TAX		2.882	(6.852)	9.593
Less	TAX		0.801	(1.756)	2.801
	PROFIT AFTER TAX		2.081	(5.096)	6.792
	EARNINGS IN FOREIGN CURRENCY
	Foreign exchange earning		308.327	122.600	63.221
	Earnings Per Share (Rs.)		4.16	(10.19)	13.58

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.15	(522.67)	NA
Operating Profit Margin (PBITD/Sales)	(%)	0.55	68.51	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.66	(2.08)	4.65
Return on Investment (ROI) (PBT/Networth)		0.03	(0.06)	0.08
Debt Equity Ratio (Total Debt /Networth)		0.75	0.40	0.17
Current Ratio (Current Asset/Current Liability)		1.28	1.13	1.65

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	112.115	107.019	109.100
Net worth	117.115	112.019	114.100
long-term borrowings	0.000	0.000	50.500
Short term borrowings	20.291	44.561	35.405
Total borrowings	20.291	44.561	85.905
Debt/Equity ratio	0.173	0.398	0.753

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	975.248	1409.132
		44.490

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	975.248	1409.132
Profit	(5.096)	2.081
	(0.52%)	0.15%

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	No
11]	Turnover of firm for last two 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

NOTE:

UNSECURED LOAN

(Rs. In Million)

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Deposits	0.500	0.000
Total	0.500	0.000

OPERATIONS:

The year under consideration has been positive from several aspects. Turnover of the company has increased compared to previous period in spite of freight rates remaining under pressure through much of the year leaving limited scope to increase margins. The focus of 20Cube group is to create Developing Market centric capabilities, in which the Indian operation is expected to play a prominent role. 20Cube presence includes China, Hong Kong, India, Malaysia, Singapore, Australia, Bangladesh, Sri Lanka, UAE, Uganda, Kenya, Tanzania, Brazil and USA.

The company had taken strategic decisions to invest in strengthening branch level execution capability and adding sales resources. These initiatives were taken over the last 18 months. Though it adversely affected profitability during these periods by way of higher SG&A expenditure, it was necessary to create a solid foundation for the company’s growth. These initiatives have started yielding results in the form of sustainable business which is reflecting on the GP and EBITDA of freight forwarding business segment. The company believes it can take an additional 40% throughput in job count and turnover, without significantly adding to its cost base.

The company had strengthened its East Africa trade lane given synergy with 20Cube presence in Kenya, Uganda and Tanzania, and the company is now a industry player with reputation on this trade lane.

During the year the management has taken a decision to expand and sustainably build the warehousing and distribution segment of business, and is considering various restructuring options to move in this direction

The Directors present below segmented reporting of Freight Forwarding and Warehousing/Distribution businesses. Growth of Freight Forwarding segment is evident and is being built to sustainably contribute to the company’s profits in years to come.

COMPANY OVERVIEW

The Company was established on 21 December 1995 under the Companies Act, 1956 the Act as a private limited company to provide freight forwarding services. The name of the Company was changed on 28 May 2012 from Omega Global Logistics Private Limited to 20Cube Logistics Private Limited pursuant to issuance of fresh certificate of incorporation by Registrar of Companies consequent upon change in name. The Company is a subsidiary of 20Cube Logistics Solutions Private Limited.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10465767	27/11/2013	50,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	HO SIDBI TOWER,15 ASHOK MARG, LUCKNOW BR.AT 11-13, ATLANTA BLDG.1ST FLR V.K.SHAH MARG,NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B91795955
2	10341135	27/11/2012 *	48,000,000.00	CITIBANK N. A.	Second Floor,163, Anna Salai, Chennai, Tamil Nadu - 600002, INDIA	B65099111

* Date of charge modification

FIXED ASSETS

v Building

v Leasehold Improvements

v Temporary Partition

v Plant and Machinery

v Furniture and Fittings

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.63.17
UK Pound	1	Rs.98.85
Euro	1	Rs.77.41

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.