MIRA INFORM REPORT

Report Date :

18.11.2014

IDENTIFICATION DETAILS

Name :	HERALD MARITIME SERVICES PRIVATE LIMITED
Registered Office :	Office No. 317-318, Dalamal Tower, Plot No. 211, Nariman Point Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.05.1991
Com. Reg. No.:	11-061725
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U11100MH1991PTC061725
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 :	Subject is engaged into shipping Industry
No. of Employees :	35 (Approximately)

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 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

Not Available

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. R. Y. Burvey
Designation :	Director
Contact No.:	91-22-40294300
Date :	14.11.2014

LOCATIONS

Registered Office :	Office No. 317-318, Dalamal Tower, Plot No. 211, Nariman Point Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22810730
Fax No.:	Not Available
E-Mail :	hema@herald_maritime.com
Website :	http://wwwherald_maritime.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rajendra Yeshwant Barve

Designation :

Director

Address :

Utkarsh – 17 Plot No. 1035, JIVBA ‘A’ Rawool Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

03.02.1955

Date of Appointment :

16.05.1991

DIN No. :

00274869

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	U91120MH1989GAP054147	FOREIGN OWNERS REPRESENTATIVES AND SHIP MANAGERS ASSOCIATION	Director	22/11/1989	22/11/1989	-	Active	NO
2	U11100MH1991PTC061725	HERALD MARITIME SERVICES PRIVATE LIMITED	Director	16/05/1991	16/05/1991	-	Active	NO
3	U74999MH1994GAP084133	FOSMA MARITIME INSTITUTE AND RESEARCH ORGANISATION	Director	29/12/1994	29/12/1994	-	Active	NO
4	U35110MH1996PTC098873	SAKSHI MARINE (INDIA) PRIVATE LIMITED	Director	16/04/1996	16/04/1996	-	Active	NO
5	U21020MH1996PTC102110	HERAMB PACKAGINGS PRIVATE LIMITED	Director	23/08/1996	23/08/1996	-	Active	NO
6	U33112MH1997PTC107669	EQUIP ORTHO SURG (INDIA) PRIVATE LIMITED	Director	30/04/1997	30/04/1997	-	Active	NO
7	U74140MH1997PTC108388	PLANMAIN QUALITY CONSULTANTS (INDIA) PRIVATE LIMITED	Director	30/05/1997	30/05/1997	-	Active	NO
8	U63040MH1993PTC074329	HERALD TRAVELS PRIVATE LIMITED	Director	05/09/1997	05/09/1997	-	Active	NO
9	U80300MH1999PTC119127	OCEAN EDUCATION AND RESEARCH CENTRE PRIVATE LIMITED	Director	25/03/1999	25/03/1999	24/03/2010	Active	NO
10	U15200MH1999PLC119942	FUN CREAM FOODS (INDIA) LIMITED	Director	19/05/1999	19/05/1999	-	Active	NO
11	U63012MH2001PTC132179	MAARKUEST SHIPPING SERVICES PRIVATE LIMITED	Director	31/05/2001	31/05/2001	-	Strike off	NO
12	U15500MH2004PTC143969	HEPLEQ AQUIFERS PRIVATE LIMITED	Director	19/01/2004	19/01/2004	-	Active	NO
13	U91990MH2004NPL145290	OERC ACADEMY	Director	24/03/2004	24/03/2004	24/03/2010	Active	NO
14	U72100MH1999PTC122111	PARCO INFOTECH PRIVATE LIMITED	Director	15/10/2007	15/10/2007	-	Strike off	NO
15	AAA-7077	MIRALI E-SOLUTIONS LLP	Designated Partner	29/11/2011	29/11/2011	-	Active	NO

Name :

Mr. Jamshed Jimmy Appoo

Designation :

Director

Address :

5-B Mariya Apartment Nargis Dutt Road, Pali Hill Bandra (W), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

20.02.1955

Date of Appointment :

18.05.1991

DIN No. :

00280026

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	U11100MH1991PTC061725	HERALD MARITIME SERVICES PRIVATE LIMITED	Director	18/05/1991	18/05/1991	-	Active	NO
2	U35110MH1996PTC098873	SAKSHI MARINE (INDIA) PRIVATE LIMITED	Director	16/04/1996	16/04/1996	-	Active	NO
3	U63090MH1997PTC111067	DAVIC SHIP MANAGEMENT (INDIA) PRIVATE LIMITED	Director	03/10/1997	03/10/1997	-	Active	NO
4	U67120MH1997PTC111938	DAVIC HOLDINGS PRIVATE LIMITED	Director	18/11/1997	18/11/1997	22/02/2014	Active	NO
5	U63040MH1993PTC074329	HERALD TRAVELS PRIVATE LIMITED	Director	09/10/1998	09/10/1998	-	Active	NO
6	U80300MH1999PTC119127	OCEAN EDUCATION AND RESEARCH CENTRE PRIVATE LIMITED	Director	16/04/1999	16/04/1999	24/03/2010	Active	NO
7	U15200MH1999PLC119942	FUN CREAM FOODS (INDIA) LIMITED	Director	19/05/1999	19/05/1999	-	Active	NO
8	U63012MH2001PTC132179	MAARKUEST SHIPPING SERVICES PRIVATE LIMITED	Director	31/05/2001	31/05/2001	21/08/2010	Strike off	NO
9	U91990MH2004NPL145290	OERC ACADEMY	Director	24/03/2004	24/03/2004	24/03/2010	Active	NO
10	U91990MH1925PLC001182	ROYAL WESTERN INDIA TURF CLUB LIMITED	Director	20/12/2007	20/12/2007	18/12/2008	Active	NO

Name :

Mrs. Rasika Rajendra Barve

Designation :

Director

Address :

Utkarsh – 17 Plot No. 1035, JIVBA ‘A’ Rawool Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

23.06.1958

Date of Appointment :

16.05.1991

DIN No. :

00408405

Name :

Mr. Villoo Jamshed Appoo

Designation :

Director

Address :

5-B Mariya Apartment Nargis Dutt Road, Pali Hill Bandra (W), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

28.06.1954

Date of Appointment :

18.05.1991

DIN No. :

00279855

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	U11100MH1991PTC061725	HERALD MARITIME SERVICES PRIVATE LIMITED	Director	18/05/1991	18/05/1991	-	Active	NO
2	U63090MH1997PTC111067	DAVIC SHIP MANAGEMENT (INDIA) PRIVATE LIMITED	Director	03/10/1997	03/10/1997	-	Active	NO
3	U67120MH1997PTC111938	DAVIC HOLDINGS PRIVATE LIMITED	Director	18/11/1997	18/11/1997	22/02/2014	Active	NO

KEY EXECUTIVES

Not Available

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Rajendra Yeshwant Barve	1250	25.00
Jamshed Jimmy Appoo	1250	25.00
Rasika Rajendra Barve	1250	25.00
Villoo Jamshed Appoo	1250	25.00
Total	5000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into shipping Industry
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Best Marine Private Limited – Fort
Name of the Person :	Mr. Alim – (Sales Department)
Contact No.:	91-22-22692103
Since How Long Known :	20 Years
Experience :	They had a good experience with subject company as claimed by Mr. Alim (Sales Department) Payment Behavior is on time and they are very much satisfied
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	S. R. Shipping
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 :

35 (Approximately)

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	Fort, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-67355687 / 67355447
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)	Both Number are Continuously ringing

Facilities :

Not Available

Auditors :
Name :	Anil Mahasukhlal Shah Chartered Accountants
Address :	477-479 Maulana Azad Road, 2^nd Floor, Room – 2, Mumbai – 400004, Maharashtra, India
PAN No.:	ACAPS6304F
Subsidiary Company :	Planmain Quality Consultants (India) Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs. 0.500 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	0.500	0.500	0.500
(b) Reserves & Surplus	56.308	52.675	52.030
(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)	56.808	53.175	52.530
(3) Non-Current Liabilities
(a) long-term borrowings	1.158	1.466	1.000
(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)	1.158	1.466	1.000
(4) Current Liabilities
(a) Short term borrowings	7.645	8.305	0.000
(b) Trade payables	2.917	0.006	0.006
(c) Other current liabilities	22.489	29.042	32.309
(d) Short-term provisions	3.091	0.974	2.730
Total Current Liabilities (4)	36.142	38.327	35.045
TOTAL	94.108	92.968	88.575
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.335	45.391	44.378
(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	3.447	3.447	3.447
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.737	15.547	11.973
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61.519	64.385	59.798
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	5.842	3.623	5.529
(d) Cash and cash equivalents	22.046	21.371	14.583
(e) Short-term loans and advances	3.076	1.797	4.107
(f) Other current assets	1.625	1.792	4.558
Total Current Assets	32.589	28.583	28.777
TOTAL	94.108	92.968	88.575

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Gross Receipts / Income	44.520	32.260	30.459
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8.260	3.598	2.970
Less/ Add	DEPRECIATION/ AMORTISATION	2.356	2.429	2.340
	PROFIT/ (LOSS) BEFORE TAX	5.904	1.169	0.630
Less	TAX	2.271	0.624	0.155
	PROFIT/ (LOSS) AFTER TAX	3.633	0.545	0.475
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	10.723	10.078	9.611
Less	APPROPRIATIONS
	Other Appropriations	0.000	(0.100)	0.008
	Total (M)	0.000	(0.100)	0.008
	Balance Carried to the B/S	14.356	10.723	10.078
	EARNINGS IN FOREIGN CURRENCY	113.485	96.149	0.000
	Earnings / (Loss) Per Share (Rs.)	726.60	109.00	95.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	8.16	1.69	1.56
Return on Total Assets (PBT/Total Assets}	(%)	6.51	1.31	0.74
Return on Investment (ROI) (PBT/Networth)		0.10	0.02	0.01
Debt Equity Ratio (Total Debt /Networth)		0.15	0.18	0.02
Current Ratio (Current Asset/Current Liability)		0.90	0.75	0.82

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	0.500	0.500	0.500
Reserves & Surplus	52.030	52.675	56.308
Net worth	52.530	53.175	56.808
long-term borrowings	1.000	1.466	1.158
Short term borrowings	0.000	8.305	7.645
Total borrowings	1.000	9.771	8.803
Debt/Equity ratio	0.019	0.184	0.155

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	30.459	32.260	44.520
		5.913	38.004

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	30.459	32.260	44.520
Profit	0.475	0.545	3.633
	1.56%	1.69%	8.16%

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	Yes
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	Yes
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	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	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 206-Dalamal Towers Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f. 26.11.2011

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483931	27/09/2013	8,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B92944222
2	90241233	22/11/2004	3,000,000.00	THE ZOROASTRIAN CO-OP. BANK LTD.	BANDRA BRANCH; 9 PLUTO CO-OP. HSG. SOC., MASTER V  INAYAK ROAD; BANDRA WEST, MUMBAI, Maharashtra - 400050, INDIA	-
3	80003037	17/08/1999	17,850,000.00	THE ZOROASTRIAN CO OPERATIVE BANK LIMITED	BANDRA W, MUMBAI, Maharashtra - 400050, INDIA	-
4	90238339	30/07/2002 *	17,850,000.00	THE ZOROASTRIAN CO-OP. BANK LTD.	BANDRA BRANCH; 9 PLUTO CO-OP. HSG. SOC., MASTER VINAYAK ROAD; BANDRA WEST, MUMBAI, Maharashtra - 400050, INDIA	-
5	90239673	16/10/1991	500,000.00	BANK OF MAHARASHTRA	MITTAL CHAMBERS, NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA	-

* Date of charge modification

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. 61.67
UK Pound	1	Rs. 96.93
Euro	1	Rs. 77.35

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	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	--

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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.