MIRA INFORM REPORT

Report No. :	319451
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	CHETTINAD LOGISTICS PRIVATE LIMITED

Registered Office :	Unit No. 306-A, “ The Capital”, 3^rd Floor, Plot C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel No.:	91-44-28295124/ 28295111

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.12.1999

Com. Reg. No.:	11-255669

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

CIN No.: [Company Identification No.]	U63012MH1999PTC255669

TIN No.:	Not Available

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	AABCC4551C

Legal Form :	Private Limited Liability Company

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

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 11600000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of South India – Based Chettinad Group. It is a well – established company having fine track record. For the financial year ended 2014, topline growth of the company has increased by 42% and profitability margins of the company stood at 5.86%. Further rating also takes into experience of the promoters in providing end-to-end logistics solutions supported by decent financial base and adequate liquidity profile of the company. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of decent operational track record, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	CARE
Rating	Long Term Bank Facilities = A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	17.04.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	17.04.2015

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.

LOCATIONS

Registered Office :	Unit No. 306-A, “ The Capital”, 3^rd Floor, Plot C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	anunair.csicpl@chettinad.com siclho@gmail.com chettinadgroupofcompanies@yahoo.ca
Website :	http://www.chettinad.com

Lorry Division :	6th Floor Rani Seethai Hall Building, 603, Anna Salai, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28295124/ 28295111
Fax No.:	91-44-28290228

DIRECTORS

As on 29.09.2014

Name :

Mr. R. M. Palaniappan

Designation :

Director

Address :

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

Date of Birth/Age :

16.06.1969

Date of Appointment :

29.09.2012

DIN No.:

00143198

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

Name :

Komatinathan Chidambaram

Designation :

Director

Address :

New No, 43/2, Old No. 19-A, 2^nd Street, Beach Home Avenue, Besant Nagar, Chennai - 600090, Tamilnadu, India

Date of Birth/Age :

15.03.1960

Date of Appointment :

30.09.2013

DIN No.:

00647132

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45209TN2006PTC058742	CHETTINAD PROJECTS DEVELOPMENT PRIVATE LIMITED	Director	03/02/2006	03/02/2006	06/08/2012	Active	NO
2	U70101TN2006PTC058739	CHETTINAD LAND AND BUILDING DEVELOPMENT PRIVATE LIMITED	Director	03/02/2006	03/02/2006	07/08/2012	Active	NO
3	U27209TN1966PLC005452	CHETTINAD STRUCTURAL & ENGINEERING LIMITED	Director	30/03/2006	30/03/2006	24/07/2012	Active	NO
4	U63040TN2006PTC060517	EAST COAST TRANSPORTS PRIVATE LIMITED	Director	12/07/2006	12/07/2006	22/06/2010	Active	NO
5	U26940TN2007PTC062913	METROPOLITAN CEMENTS & TILES COMPANY PRIVATE LIMITED	Director	30/03/2007	30/03/2007	18/08/2012	Active	NO
6	U72200TN2004PTC053431	CHETTINAD SOFTWARE SERVICES PRIVATE LIMITED	Director	26/09/2012	06/06/2012	-	Active	NO
7	U74140TN2012PTC083855	CHETTINAD HOLDINGS PRIVATE LIMITED	Director	30/09/2013	07/11/2012	-	Active	NO
8	U63012MH1999PTC255669	CHETTINAD LOGISTICS PRIVATE LIMITED	Director	30/09/2013	30/03/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2014

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

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

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

BUSINESS DETAILS

Line of Business :

Clearing and forwarding agent for Coal, Cement etc.

Products :

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

Brand Names :

Agencies Held :

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

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 Available
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

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

No. of Employees :

Not Available

Bankers :

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

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Working capital loans from banks	101.756	0.000
Total	101.756	0.000


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

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

Memberships :	--

Collaborators :	--

Holding Company :	Chettinad Holdings Private Limited CIN No.: U74140TN2012PTC083855

Subsidiaries :	Concept Logistics Private Limited CIN No.: U60200TN2011PTC083331 Chettinad Container Terminal Private Limited

Associates :	Chettinad Cement Corporation Limited CIN No.: U93090TN1962PLC004947 South India Corporation Private Limited Chettinad Structural & Engineering Limited Chettinad Financial Management Services Private Limited Chettinad Builders Private Limited Chettinad Earthmovers Private Limited Heng yip Trading FZC

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

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

FINANCIAL DATA

[all figures are in Rupees 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	376.810	376.810	86.810
(b) Reserves & Surplus	3,675.775	2,827.900	2,041.797
(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)	4,052.585	3,204.710	2,128.607

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

(4) Current Liabilities
(a) Short term borrowings	441.756	340.000	0.000
(b) Trade payables	1,495.594	1,264.039	628.065
(c) Other current liabilities	101.952	77.666	40.994
(d) Short-term provisions	146.940	236.479	140.959
Total Current Liabilities (4)	2,186.242	1,918.184	810.018

TOTAL	6,238.827	5,122.894	2,986.211

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.676	9.605	10.611
(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	1,701.338	1,701.338	1,701.334
(c) Deferred tax assets (net)	0.962	0.555	1.316
(d) Long-term Loan and Advances	257.577	1.379	1.347
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,968.553	1,712.877	1,714.608

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.467	0.272	0.583
(c) Trade receivables	1,960.041	2,156.452	827.873
(d) Cash and cash equivalents	1,996.147	298.530	24.621
(e) Short-term loans and advances	301.619	954.763	418.526
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4,270.274	3,410.017	1,271.603

TOTAL	6,238.827	5,122.894	2,986.211

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	13,158.158	8,930.803	6,021.895
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

	EXPENSES		NA	NA	NA

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1,286.921	1,172.176	651.335

Less	DEPRECIATION/ AMORTISATION		1.253	1.501	1.727

	PROFIT/(LOSS) BEFORE TAX		1,285.668	1,170.675	649.608

Less	TAX		437.793	384.572	204.458

	PROFIT/(LOSS) AFTER TAX		847.875	786.103	445.150

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2,823.063	2,036.960	1,591.810

	BALANCE CARRIED TO THE B/S		3,670.938	2,823.063	2,036.960

	Earnings / (Loss) Per Share (Rs.)		22.50	88.93	11.81

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.87	7.78	6.67

Return on Total Assets (PBT/Total Assets}	(%)	28.34	34.22	50.61

Return on Investment (ROI) (PBT/Networth)		0.32	0.37	0.31

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

Current Ratio (Current Asset/Current Liability)		1.95	1.78	1.57

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	86.810	376.810	376.810
Reserves & Surplus	2041.797	2827.900	3675.775
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2128.607	3204.710	4052.585

Long Term borrowings	47.586	0.000	0.000
Short Term borrowings	0.000	340.000	441.756
Total borrowings	47.586	340.000	441.756
Debt/Equity ratio	0.022	0.106	0.109

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	6,673.230	10,102.979	14,445.079
		51.396	42.978

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	6,673.230	10,102.979	14,445.079
Profit	445.150	786.103	847.875
	6.67%	7.78%	5.87%

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	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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Intercorporate deposits	340.000	340.000
Total	340.000	340.000

OPERATIONS

Lorry Division This Division operates vehicles all over Tamilnadu, Andhra Pradesh, Karnataka and Maharashtra carrying goods. This division operates vehicles for transport of raw materials, coal, gypsum, limestone, fly ash, slag and raw lignite.

Clearing and Forwarding Division This Division of your Company has supplied 1.07 million MT imported coal to cement companies. This division has successfully operated Inland Container Depot at Coimbatore. The response from the importers and exporters is encouraging and so far within a span of seven and half years of its commencement, has grabbed about 50% of total volume of Coimbatore city and is expected to do well in the coming years. This division of your company has successfully handled about 4.70 million MT of coal, gypsum, limestone, sulphur at Paradip, Chennai, Tuticorin and Kakinada. This division handles cargo for various companies in Tuticorin port. This division has successfully received the Customs House Agent License for operations in several ports of India.

INDEX OF CHARGE:

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

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.33
UK Pound	1	Rs.96.52
Euro	1	Rs.68.93

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		66

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

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