MIRA INFORM REPORT

Report No. :	316505
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	SEVEN ISLANDS SHIPPING LIMITED (w.e.f 26.06.2003)
Formerly Known As :	SEVEN ISLANDS SHIPPING PRIVATE LIMITED
Registered Office :	Suite 4, Level 8, B Wing, Times Square, Andheri-Kurla Road, Andheri (E), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.05.2002
Com. Reg. No.:	11-135732
Capital Investment / Paid-up Capital :	Rs. 54.685 Million
CIN No.: [Company Identification No.]	U61100MH2002PLC135732
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCS4195R
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Subject is Engaged in Oil Tanker Owning, Management and Chartering.
No. of Employees :	Information declined by the management.

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 2300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management has reported increase in net profitability of the company for the financial year 2013-14. Further, it possesses sound financial position marked by adequate debt-coverage measures and healthy networth. Trade rations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	ICRA
Rating	Long Term Loan facilities : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	October 2014

Rating Agency Name	ICRA
Rating	Long Term Fund Based Facilities : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	October 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. Ashwin
Designation :	Accounts Department
Contact No.:	91-22-42254225
Date :	07.04.2015

LOCATIONS

Registered Office :	Suite 4, Level 8, B Wing, Times Square, Andheri-Kurla Road, Andheri (E), Mumbai – 400059, Maharashtra , India
Tel. No.:	91-22-42254225
Fax No.:	91-22-42254226
E-Mail :	sevenislands@vsnl.net

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Thomas Wilfred Pinto

Designation :

Managing Director

Address :

5/B/10, Blossom Chs. Military Road, Marol Village, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

22.09.1959

Date of Appointment :

01.04.2012

DIN No. :

00053721

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	U61100MH2002PLC135732	SEVEN ISLANDS SHIPPING LIMITED	Managing director	01/04/2012	02/05/2002	-	Active	NO
2	U74999MH2013PTC250264	SEVEN ISLANDS LOGISTICS PRIVATE LIMITED	Director	21/11/2013	21/11/2013	-	Active	NO

Name :

Mrs. Leena Metylda Pinto

Designation :

Whole-time Director

Address :

5/B/10, Blossom Chs. Military Road, Marol Village, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

15.04.1960

Date of Appointment :

01.04.2012

DIN No. :

00041043

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	U61100MH2002PLC135732	SEVEN ISLANDS SHIPPING LIMITED	Whole-time director	01/04/2012	02/05/2002	-	Active	NO
2	U74999MH2013PTC250264	SEVEN ISLANDS LOGISTICS PRIVATE LIMITED	Director	21/11/2013	21/11/2013	-	Active	NO

Name :

Mr. Tony Arthur Vaz

Designation :

Director

Address :

B-704, Remison Apartments, Kondivita Road, Opposite Maheshwari Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

12.11.1949

Date of Appointment :

07.02.2007

DIN No. :

00040941

Name :

Mrs. Rita Felicia Vaz

Designation :

Director

Address :

C-704, Remison Apartments, Kondivita Road, Opposite Maheshwari Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

17.10.1952

Date of Appointment :

01.04.2006

DIN No. :

00979214

Name :

Mr. Sujit Govindrao Parsatwar

Designation :

Director

Address :

301 B, Everest Cleo. Patra Park Road, Vile Parle, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

30.10.1963

Date of Appointment :

30.09.2014

DIN No. :

01174288

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	U85110KA1995PTC016925	PRATEEK APPARELS PRIVATE LIMITED	Director	30/09/2007	28/02/2007	-	Active	NO
2	U61100MH2002PLC135732	SEVEN ISLANDS SHIPPING LIMITED	Director	30/09/2014	29/07/2010	-	Active	NO
3	U93000MH2007PTC173879	PRASAR VISIONS PRIVATE LIMITED	Director	26/10/2010	26/10/2010	20/03/2012	Active	NO
4	U05190KA2004PTC034048	MUNCH DESIGN WORKSHOP PRIVATE LIMITED	Director	24/09/2011	15/08/2011	-	Active	NO

Name :

Kin David Rodrigues

Designation :

Director

Address :

442, Pascol Baug, New Mill Road, Near ST. Joseph’s Church, Kurla Market, Kurla (West), Mumbai – 400070, Maharashtra, India

Date of Birth/Age :

31.10.1960

Date of Appointment :

30.09.2014

DIN No. :

06967243

KEY EXECUTIVES

Name :	Mr. Jayantilal Jharna Dhoka
Designation :	Secretary
Address :	A-204, Shri Raghu Krupa Oppsite Kamala Nagar, M.G. Road, Kandivli (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	20.07.1989
Date of Appointment :	20.06.2014
PAN No.:	AMXPD9541Q
Name :	Mr. Ashwin
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Capt. Thomas W Pinto	2894000
Dr, Leena Pinto	718500
Capt. Vasant Shah	11500
Indu Shah	1000
Rita Vaz	376000
Capt. Tony Vaz	534600
Godfrey Vaz	1000
Smitha Peter	980
Christine Pinto	125000
Saritha Peter	10000
Sunny Pinto	155000
Jacintha Pinto	200000
Networth Trading Pte., Singapore	440850
Sujit Parsatwar	20
Total	5468450

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	8.06
Directors or relatives of Directors	87.85
Other top fifty shareholders	4.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is Engaged in Oil Tanker Owning, Management and Chartering.

Products :

Item Code No. (ITC Code)	Product Description
87163100	Oil, Tanker Owning and Chartering

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: Not Available

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 :

Information declined by the management.

Bankers :

Banker Name	Canara Bank
Branch Address	Fort (Main Branch, Warden House, Sir P.M. Road, Fort, Mumbai – 400001, 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 Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	1202.566	568.475
SHORT TERM BORROWINGS
Loans repayable on demand from banks	47.466	0.000
Loans repayable on demand from Others	40.000	0.000
Total	1290.032	568.475

Auditors :
Name :	V G Kamat and Associates Chartered Accountants
Address :	Commercial Block – 1, Shree Sai Samarth Apartment, Gogte Wadi, Goregaon (East), Mumbai – 400063, Maharashtra, India
PAN No. :	AADPK3175D
Memberships :	Not Available
Collaborators :	Not Available
Enterprises where Key Management Personnel/ Directors have significant influence :	Dr. Pinto's Pathological Laboratory (Prop. Mrs. Leena Pinto) Seven Islands Logistics Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5468450	Equity Shares	Rs.10/- each	Rs. 54.685 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	54.685	54.685	54.685
(b) Reserves & Surplus	781.916	601.905	496.234
(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)	836.601	656.590	550.919
(3) Non-Current Liabilities
(a) long-term borrowings	1202.566	568.475	890.899
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	31.403
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1202.566	568.475	922.302
(4) Current Liabilities
(a) Short term borrowings	87.466	0.000	53.355
(b) Trade payables	112.806	36.756	21.086
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	45.323	14.976	23.145
Total Current Liabilities (4)	245.595	51.732	97.586
TOTAL	2284.762	1276.797	1570.807
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2100.891	1065.696	1423.942
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	64.975	34.718	30.657
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2165.866	1100.414	1454.599
(2) Current assets
(a) Current investments	3.200	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	51.105	57.599	71.245
(d) Cash and cash equivalents	19.660	91.010	9.319
(e) Short-term loans and advances	44.931	27.774	35.644
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	118.896	176.383	116.208
TOTAL	2284.762	1276.797	1570.807

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2089.358	1007.993	789.133
	Other Income	24.860	4.472	1.852
	TOTAL (A)	2114.218	1012.465	790.985
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	1036.373	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	20.092	17.528	14.421
	Other expenses	548.996	578.919	402.551
	TOTAL (B)	1605.461	596.447	416.972
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	508.757	416.018	374.013
Less	FINANCIAL EXPENSES (D)	129.211	118.432	118.467
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	379.546	297.586	255.546
Less/ Add	DEPRECIATION/ AMORTISATION (F)	194.246	190.080	181.354
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	185.300	107.506	74.192
Less	TAX (H)	5.289	1.836	1.155
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	180.011	105.670	73.037
Less	APPROPRIATIONS
	Ship Acquisition Reserve	NA	26.877	18.548
	Total (J)	NA	26.877	18.548
	Balance Carried to the B/S (I-J)	180.011	78.793	54.489
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	15.561	0.000	44.675
	TOTAL EARNINGS	15.561	0.000	44.675
	CIF Value of Imports	1289.998	(51.821)	NA
	Earnings / (Loss) Per Share (Rs.)	32.92	19.32	13.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.62	10.48	9.26
Operating Profit Margin (PBDIT/Sales)	(%)	24.35	41.27	47.40
Return on Total Assets (PBT/Total Assets}	(%)	8.11	8.42	4.72
Return on Investment (ROI) (PBT/Networth)		0.22	0.16	0.13
Debt Equity Ratio (Total Debt/Networth)		1.54	0.87	1.71
Current Ratio (Current Asset/Current Liability)		0.48	3.41	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	54.685	54.685	54.685
Reserves & Surplus	496.234	601.905	781.916
Net worth	550.919	656.590	836.601
long-term borrowings	890.899	568.475	1202.566
Short term borrowings	53.355	0.000	87.466
Total borrowings	944.254	568.475	1290.032
Debt/Equity ratio	1.714	0.866	1.542

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	789.133	1007.993	2089.358
		27.734	107.279

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	789.133	1007.993	2089.358
Profit	73.037	105.670	180.011
	9.26%	10.48%	8.62%

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

FINANCIAL HIGHLIGHTS

The Company has sustained the momentum of growth achieved in 2012-13 and the total revenue of the Company for the financial year 2013-14 at Rs. 2114.200 Million recorded an increase of nearly 108% compared to the previous year. The revenue from operations has registered a growth of 4% over the previous year. The revenue from other sources has increased to Rs. 24.900 Million during the financial year 2013-14 as compared to Rs. 4.500 Million during the financial year 2012-13. This year the Company earned additional revenue of Rs. 1036.500 Million on sale of future and options held in the name of the Company. Simultaneously, the expenditure incurred on operation of shipping activities has decreased from Rs. 547.700 Million in financial year 2011-12 to Rs. 480.000 Million in financial year 2013-14. The net profit made during financial year 2013-14 has been reported at Rs. 180.000 Million as against Rs. 105.800 Million in corresponding previous financial year, increase of 70%.

OPERATIONAL HIGHLIGHTS

During the financial year 2013-14, the Company acquired its first chemical tanker vessel named M. T. Delight of dead weight 8,614 M.T. bearing cargo capacity of 8,942.83 cbm. The Company also acquired two more oil tanker vessels named , M. T. Oaktree and M. T. Victory of dead weight 46,878 M.T. and 29,997 M.T. bearing cargo capacity of 50,765.9 cbm and 31,873.22 cbm, respectively. The Company sold an oil tanker vessel named M. T. Blossom in financial year 2013-14. Thus, as at end of financial year 2013-14, the Company owned (in total) 7 vessels (6 oil tankers and 1 chemical tanker) as against 5 vessels (all being oil tankers) in financial year 2012-13, thereby increasing its total cargo capacity by 85,109.79 cbm.

For financial year 2013-14, SIS employed all its tankers with PSUs on time charter hire. M. T. Delight was taken over by the Company on February 26, 2014, and was put to employment for voyage charter hireon March 26, 2014, for discharging cargo of M/s. Nova Charter, Singapore. Whereas, in previous few financial years, the Company employed its vessels only on time charter hire.

For the FY 13-14, the networth of the Company increased to Rs. 836.600 Million as against Rs. 656.600 Million in previous financial year, vis-a-vis growth by 27%. Further, the basic earning per equity share in current financial year has increased to Rs. 32.92 from Rs. 19.32 of corresponding previous financial year.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10543179	22/12/2014	580,000,000.00	CANARA BANK	FORT (MAIN) BRANCH, WARDEN HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C40520496
2	10480492	22/12/2014 *	500,000,000.00	CANARA BANK	FORT (MAIN) BRANCH, WARDEN HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C40521692
3	10432191	22/12/2014 *	320,000,000.00	CANARA BANK	FORT (MAIN) BRANCH, WARDEN HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C40522609
4	10341868	22/12/2014 *	340,000,000.00	CANARA BANK	FORT (MAIN) BRANCH, WARDEN HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C40524043
5	10259058	22/12/2014 *	350,000,000.00	CANARA BANK	FORT (MAIN) BRANCH, WARDEN HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C40526188
6	10197914	10/01/2014 *	100,000,000.00	CANARA BANK	FORT (MAIN) BRANCH, WARDEN HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B97563696
7	10058179	20/06/2007	18,000,000.00	CANARA BANK	FORT MAIN BRANCH, WARDEN HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A17789777
8	90148132	22/12/2014 *	45,000,000.00	CANARA BANK	FORT (MAIN) BRANCH, WARDEN HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C40521106

* Date of charge modification

FIXED ASSETS

• Furniture and fixtures
• Vehicles
• Ships vessels
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

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. 62.33
UK Pound	1	Rs. 92.83
Euro	1	Rs. 68.08

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUC
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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