MIRA INFORM REPORT

Report No. :	309609
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	MFC TRANSPORT PRIVATE LIMITED

Registered Office :	M/2, Doshi Chambers, Mezzanine Floor, Poona Street, Masjid, Mumbai – 400 009, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	28.12.2001

Com. Reg. No.:	11-134354

Capital Investment / Paid-up Capital :	Rs.29.990 million

CIN No.: [Company Identification No.]	U63090MH2001PTC134354

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMM25256A

PAN No.: [Permanent Account No.]	AADCM1748H

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is mainly engaged in transportation of odd dimension carriers i.e. transportation of heavy equipments with extra/large height, width and length.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 595000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. The company has reported dip in profitability during financial year 2013-14. However, company seems to be in sound financial position. Trade relations 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.

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

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.

LOCATIONS

Registered Office :	M/2, Doshi Chambers, Mezzanine Floor, Poona Street, Masjid, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-28795577/ 23717856
Fax No.:	91-22-28795509/ 23717856
E-Mail :	mukesh@mfctransport.com rahul.sharma@mfctransport.com
Website :	http://www.mfctransport.com
Location :	Owned

Corporate Office :	1201, 12^th Floor, DLH Corporate Park, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Tel. No.:	91-22-28795577
Fax No.:	91-22-28795509
E-Mail :	mfc@mfctransport.com

Shipping and Logistics Branch Office :	Located at: · Mumbai · Delhi · Ahmedabad

Branch Office :	Located at: · Ahmedabad · Bangalore · Vadodara · Bhopal · Barmer · Bokaro · Bhubneshwar · Gurgaon · Cochin · Coimbatore · Delhi · Hyderabad · Guwahati · Gandhidham · Haridwar · Kalamboli · Indore · Jaipur · Jhansi · Mangalore · Kakinada · Kandla · Kolkata · Nasik · Masjid Bunder · Mumbai · Mysore · Raigarh · Nagpur · Pune · Raipur · Surat · Ranchi · Ranipet · Rudrapur · Vizag · Tuticorin · Trichy · Vapi

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rajesh Suresh Agarwal

Designation :

Director

Address :

1501-1502, Swapnalok CHS, Marve Road, Mumbai – 400 064, Maharashtra, India

Date of Birth/Age :

23.09.1972

Date of Appointment :

28.12.2001

PAN No.:

ACUPA5776H

DIN No.:

00212106

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	Company/ LLP Status	Defaulting status
1	U63090MH2001PTC134354	MFC TRANSPORT PRIVATE LIMITED	Director	28/12/2001	28/12/2001	Active	NO
2	U63000MH2009PTC194525	CENTRANS LOGISTICS PRIVATE LIMITED	Director	01/08/2009	01/08/2009	Active	NO
3	U01500MH2011PTC225235	SRA FARMS PRIVATE LIMITED	Director	21/12/2011	21/12/2011	Active	NO

Name :

Mr. Mukesh Suresh Agarwal

Designation :

Director

Address :

1501-1502, Swapnalok CHS, Marve Road, Mumbai – 400 064, Maharashtra, India

Date of Birth/Age :

01.01.1974

Date of Appointment :

28.12.2001

PAN No.:

AEPPM9949D

DIN No.:

00211703

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	Company/ LLP Status	Defaulting status
1	U63090MH2001PTC134354	MFC TRANSPORT PRIVATE LIMITED	Director	28/12/2001	28/12/2001	Active	NO
2	U63000MH2009PTC194525	CENTRANS LOGISTICS PRIVATE LIMITED	Director	01/08/2009	01/08/2009	Active	NO
3	U01500MH2011PTC225235	SRA FARMS PRIVATE LIMITED	Director	21/12/2011	21/12/2011	Active	NO

Name :

Mr. Pawan Suresh Agarwal

Designation :

Director

Address :

1501-1502, Swapnalok CHS, Marve Road, Mumbai – 400 064, Maharashtra, India

Date of Birth/Age :

25.11.1976

Date of Appointment :

28.12.2001

PAN No.:

ACWPA2112K

DIN No.:

00212033

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	Company/ LLP Status	Defaulting status
1	U63090MH2001PTC134354	MFC TRANSPORT PRIVATE LIMITED	Director	28/12/2001	28/12/2001	Active	NO
2	U63000MH2009PTC194525	CENTRANS LOGISTICS PRIVATE LIMITED	Director	01/08/2009	01/08/2009	Active	NO
3	U01500MH2011PTC225235	SRA FARMS PRIVATE LIMITED	Director	21/12/2011	21/12/2011	Active	NO

Name :

Mr. Yogesh Sushil Lohia

Designation :

Additional director

Address :

2b/33, Manali Evershine Nagar, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

18.08.1978

Date of Appointment :

09.02.2012

DIN No.:

02010829

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	Company/ LLP Status	Defaulting status
1	U63010MH2004PTC148796	ANIKET CLEARING AND FORWARDING PRIVATE LIMITED	Additional director	25/01/2008	25/01/2008	Active	NO
2	U63090MH2001PTC134354	MFC TRANSPORT PRIVATE LIMITED	Additional director	09/02/2012	09/02/2012	Active	NO

Name :

Mrs. Chandrakala Sureshchandra Agarwal

Designation :

Director

Address :

1502 Swapnalok CHS Limited, 70 Marve Road, Malad [West], Mumbai -400064, Maharashtra, India

Date of Birth/Age :

01.04.1951

Date of Appointment :

20.08.2012

PAN No.:

ACVPA2751M

DIN No.:

05348363

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	Company/ LLP Status	Defaulting status
1	U63090MH2001PTC134354	MFC TRANSPORT PRIVATE LIMITED	Director	20/08/2012	06/08/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Anju Rajesh Agarwal		155000
Chandrakala Sureshchandra Agarwal		380000
Ekta Pawan Agarwal		149000
Manvi Mukesh Agarwal		155000
Mukesh Sureshchandra Agarwal		478000
Mukesh Agarwal HUF		167500
Pawan Sureshchandra Agarwal		478000
Pawan Agarwal HUF		167500
Rajesh Sureshchandra Agarwal		478000
Rajesh Agarwal HUF		167500
Suresh Agarwal HUF		223500
Total		2999000

AS ON 30.09.2014

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :

Subject is mainly engaged in transportation of odd dimension carriers i.e. transportation of heavy equipments with extra/large height, width and length.

Products/ Services :

Item Code No. (ITC Code)

Product/ Service Description

Transportation and Logistics Services

· Surface Transportation

· Project Integrated Logistics

· Freight Forwarding

· Custom Clearance

· Port Handling

· Warehousing

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

· Thermax

· HAL

· L & T

· Tata

· Transformers and Electricals Kerala Limited

· Vijai Electricals Limited

· Gammon

· ABB

· ABG

· Siemens

· Punj Lloyd

No. of Employees :

Not Available

Bankers :

Banker Name	Yes Bank Limited
Branch Address	9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· Union Bank of India, Sant Tukaram Road Branch, Apeejay Surendra, 24, Kranti Singh Nana Patil Marg, Baroda Street, Mumbai – 400 009, Maharashtra, India

· ING Vysya Bank Limited, 382/384, Narasinatha Street, Katha Bazar, Mandvi (West), Mumbai – 400 009, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks (Security by Hypothecation of Heavy Vehicles and cars equitable mortgage)	41.793	65.740
Rupee term loans from others (Secured by heavy vehicles)	14.973	23.947
SHORT TERM BORROWINGS
Working capital loans from banks (Secured by hypothecation of book debts)	250.475	252.051
Total	307.241	341.738

Banking Relations :	--

Auditors :
Name :	R.S. Sharma and Company Chartered Accountants
Address :	103/107, Apollo Arcade, R.K. Singh Marg, Andheri (East) Mumbai – 400 069, Maharashtra, India
Tel. No. :	91-22-28240947/ 28240468/ 42117000/ 42117900
Fax No. :	91-22-66990031
E-Mail :	sharmaca34@yahoo.com
PAN No.:	AAPFR2735Q

Memberships :	Not Available

Collaborators :	Not Available

Subsidiary Companies :	Centrans Logistics Private Limited, India (CIN No.: U63000MH2009PTC194525) SRA Farms Private Limited, India (CIN No.: U01500MH2011PTC225235)

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Madras Freight Carrier, India

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2999000	Equity Shares	Rs.10/- each	Rs.29.990 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	29.990	29.990	12.395
(b) Reserves & Surplus	178.194	170.113	158.619
(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)	208.184	200.103	171.014

(3) Non-Current Liabilities
(a) Long-term borrowings	71.766	94.436	87.063
(b) Deferred tax liabilities (Net)	18.163	18.149	14.970
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	1.724	1.635	1.220
Total Non-current Liabilities (3)	91.653	114.220	103.253

(4) Current Liabilities
(a) Short term borrowings	264.051	267.208	279.728
(b) Trade payables	34.229	58.077	45.511
(c) Other current liabilities	76.964	73.629	62.648
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	375.244	398.914	387.887

TOTAL	675.081	713.237	662.154

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.463	205.291	221.599
(ii) Intangible Assets	0.200	0.200	0.200
(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	6.310	5.945	5.894
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.674	14.346	12.662
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	221.647	225.782	240.355

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.532	0.532	0.532
(c) Trade receivables	408.044	440.489	376.370
(d) Cash and cash equivalents	22.216	15.757	18.818
(e) Short-term loans and advances	11.470	30.677	26.079
(f) Other current assets	11.172	0.000	0.000
Total Current Assets	453.434	487.455	421.799

TOTAL	675.081	713.237	662.154

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Service revenue	1059.284	1221.881	1129.059
		Other Income			3.279
		TOTAL	1059.284	1221.881	1132.338

Less	EXPENSES
		TOTAL	1047.586 (including interest and depreciation)	1205.987 (including interest and depreciation)	1013.496

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				118.842

Less	INTEREST				57.178

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION				61.664

Less/ Add	DEPRECIATION/ AMORTISATION				22.987

	PROFIT/ (LOSS) BEFORE TAX		11.698	15.894	38.677

Less	TAX		3.618	4.398	12.312

	PROFIT/ (LOSS) AFTER TAX		8.080	11.496	26.365

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	158.619	132.254

	BALANCE CARRIED TO THE B/S		NA	NA	158.619

	Earnings / (Loss) Per Share (Rs.)		2.69	3.83	21.27

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	2.34

Operating Profit Margin (PBDIT/ Sales)	(%)	NA	NA	10.53

Return on Total Assets (PBT/Total Assets}	(%)	1.75	2.25	5.89

Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.23

Debt Equity Ratio (Total Debt/Networth)		1.61	1.81	2.14

Current Ratio (Current Asset/Current Liability)		1.21	1.22	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	12.395	29.990	29.990
Reserves & Surplus	158.619	170.113	178.194
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	171.014	200.103	208.184

Long Term borrowings	87.063	94.436	71.766
Short Term borrowings	279.728	267.208	264.051
Total borrowings	366.791	361.644	335.817
Debt/Equity ratio	2.145	1.807	1.613

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	1132.338	1,221.881	1,059.284
		7.908	(13.307)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	1132.338	1,221.881	1,059.284
Profit	26.365	11.496	8.080
	2.33%	0.94%	0.76%

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

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans and advances from directors	15.000	4.749
SHORT TERM BORROWINGS
Loans and advances from directors	13.576	15.157
Total	28.576	19.906

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10446596	24/07/2013	374,727,000.00	ING VYSYA BANK LIMITED	382/384, NARASINATHA STREET, KATHA BAZAR, MANDVI (WEST), MUMBAI, MAHARASHTRA - 400009, INDIA	B83797142
2	10423128	23/03/2013	10,027,000.00	ING VYSYA BANK LIMITED	382/384, NARASINATHA STREET, KATHA BAZAR, MANDVI (WEST), MUMBAI, MAHARASHTRA - 400009, INDIA	B74203035
3	10423087	23/03/2013	30,000,000.00	ING VYSYA BANK LIMITED	382/384, NARASINATHA STREET, KATHA BAZAR, MANDVI (WEST), MUMBAI, MAHARASHTRA - 400009, INDIA	B74183971
4	10423129	23/03/2013	30,000,000.00	ING VYSYA BANK LIMITED	382/384, NARASINATHA STREET, KATHA BAZAR, MANDVI (WEST), MUMBAI, MAHARASHTRA - 400009, INDIA	B74203415
5	10423109	23/03/2013	280,000,000.00	ING VYSYA BANK LIMITED	382/384, NARASINATHA STREET, KATHA BAZAR, MANDVI (WEST), MUMBAI, MAHARASHTRA - 400009, INDIA	B74193574
6	10076058	03/11/2007	6,605,000.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	A27243302

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Office Equipments

· Computer Equipments

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Goodwill

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records o 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.62.05
UK Pound	1	Rs.96.03
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	SUC

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		42

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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