MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	ICETRAIL LOGISTICS PRIVATE LIMITED (w.e.f. 11.09.2012)
Formerly Known As :	BONHOMIE HOSPITALITY PRIVATE LIMITED
Registered Office :	103, Rectangle 1, D-4, District Centre, Saket, New Delhi – 110 017
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.10.2010
Com. Reg. No.:	55-209445
Capital Investment / Paid-up Capital :	Rs.14.300 millions
CIN No.: [Company Identification No.]	U60200DL2010PTC209445
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 acts as a Custom House Agent and also engaged in providing logistic services.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 168300
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has processed above average financial performance which has resulted into profit achieved from its operational activities during 2014. Further rating also takes into consideration company’s improved financial risk profile and sound liquidity base of the company. 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 condition.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

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

Name :	Ms. Manjuly
Designation :	Accounts Head
Contact No.:	91-124-4479400
Date :	02.01.2015

LOCATIONS

Registered Office :	103, Rectangle 1, D-4, District Centre, Saket, New Delhi – 110 017, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	info@icetrail.co.in office@icetrail.co.in
Website :	http://www.icetrail.co.in
Corporate Office :	Plot No:80, III Floor, Phase - IV, Udyog Vihar, Gurgaon – 122 015, Haryana, India
Tel. No. :	91-124-4479400/ 01
Branch Office :	Located at: 14 Existing offices: · Delhi · Ludhiana · Jaipur · Jodhpur · Kolkata · Mumbai · Ahmadabad · Mundhra · Chennai · Tuticorin · Tiruppur · Cochin · Bangalore · Hyderabad 06 New offices in pipeline 2014 onwards: · Goa · Nagpur · Pune · Visakhapatnam · Indore · Moradabad

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rakesh Satinder Nath Wadhwa

Designation :

Director

Address :

C-144, Summit DLF, Phase-5, Gurgaon – 122 022, Haryana, India

Date of Birth/Age :

02.03.1957

Date of Appointment :

21.09.2012

DIN No. :

00238262

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	U51109DL1997PTC088178	GREAT SAVERS MARKETING PRIVATE LIMITED	Managing director	01-12-2012	26-06-1997	-	Active	NO
2	U74899DL1998PTC091740	UPDATE RECREATION AND GAMING PRIVATE LIMITED	Director	16-01-1998	16-01-1998	-	Active	NO
3	U70101DL1998PTC092729	WADS ESTATES PRIVATE LIMITED	Director	16-03-1998	16-03-1998	-	Active	NO
4	U74899DL1998PTC097531	GREAT SAVERS DISTRIBUTION AND MARKETING PRIVATE LIMITED	Director	09-01-1999	09-01-1999	-	Active	NO
5	U74899DL1989PTC038648	EXPLORERS TRAVELS AND TOURS PRIVATE LIMITED	Director	11-11-2003	11-11-2003	19-04-2011	Active	NO
6	U74899DL2005PTC139136	EMERALD FOREST HOTELS PRIVATE LIMITED	Director	15-12-2005	15-12-2005	30-03-2011	Active	NO
7	U74899DL1975PTC010061	AMITA INDICATORS PRIVATE LIMITED	Director	22-06-2007	22-06-2007	-	Active	NO
8	U72300DL2007PTC161359	RW GAMING INNOVATIONS PRIVATE LIMITED	Director	21-09-2008	01-07-2007	15-04-2011	Active	NO
9	U60200DL2010PTC209445	ICETRAIL LOGISTICS PRIVATE LIMITED	Director	21-09-2012	21-09-2012	-	Active	NO
10	U55101DL2006PTC146545	SERENDIP LEISURE AND RECREATION PRIVATE LIMITED	Director	01-06-2013	01-06-2013	19-04-2014	Active	NO

Name :

Mr. Arjun Prakash Chand Mehta

Designation :

Director

Address :

A-3/1003, Sahara Grace Apartments, MG Road, Behind Sahara Mall, Sec-28, Chakkarpur (78), Gurgaon – 122 022, Haryana, India

Date of Birth/Age :

07.04.1949

Date of Appointment :

01.04.2013

DIN No. :

00528316

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	U72300DL2007PTC161359	RW GAMING INNOVATIONS PRIVATE LIMITED	Director	29-03-2007	29-03-2007	08-08-2007	Active	NO
2	U51311DL2000PTC105864	RW GAMING AND RECREATIONS PRIVATE LIMITED	Director	12-03-2008	12-03-2008	-	Active	NO
3	U74899DL1998PTC091740	UPDATE RECREATION AND GAMING PRIVATE LIMITED	Director	01-10-2012	01-10-2012	-	Active	NO
4	U60200DL2010PTC209445	ICETRAIL LOGISTICS PRIVATE LIMITED	Director	01-04-2013	01-04-2013	-	Active	NO

Name :

Mr. Sharad Veludhyam Nair

Designation :

Director

Address :

24, Nirman Society, Alkapuri, Vadodara – 390 005, Gujarat, India

Date of Birth/Age :

14.12.1973

Date of Appointment :

09.10.2012

DIN No. :

06398966

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	U60200DL2010PTC209445	ICETRAIL LOGISTICS PRIVATE LIMITED	Director	09-10-2012	09-10-2012	-	Active	NO
2	U55101DL2014PTC264216	DAILY RESTUARANTS PRIVATE LIMITED	Director	30-01-2014	30-01-2014	-	Active	NO

Name :

Mr. Sanjiv Sushil Kumar Keshava

Designation :

Director

Address :

C-34, Belvedere Towers, DLF Phase-2, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

28.12.1958

Date of Appointment :

01.11.2013

DIN No. :

06733690

E-Mail :

sanjivk58@gmail.com

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	U60200DL2010PTC209445	ICETRAIL LOGISTICS PRIVATE LIMITED	Director	01-11-2013	01-11-2013	-	Active	NO
2	U93000HR2014PTC051457	SANJANA HERBALS PRIVATE LIMITED	Director	01-01-2014	01-01-2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Manjuly
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Wads Estates Private Limited	9999	0.64
Rakesh Wadhwa	740948	47.78
Hinkam Corporation Limited, Cyprus	759929	49.00
Shalini Wadhwa	40000	2.58
Total	1550876	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.00
Directors or relatives of Directors	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject acts as a Custom House Agent and also engaged in providing logistic services.
Products/ Services :	Customs Brokerage Agent In Land PAN India Transportation Refrigerated Transportation Project Handling Logistics Service
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

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 :	Nestle India Limited Jubilant FoodWorks Limited
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 :

200 (Approximately)

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Not Divulged
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

Banker Name	Kotak Mahindra Bank Limited
Branch Address	36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks	8.044	3.146
SHORT TERM BORROWINGS
Working Capital Loan from banks	10.328	0.000
Total	18.372	3.146

Note:

Long-term Borrowings

There is no continuing default as on the balance sheet date in repayment of loans and interest thereon.

Banking Relations :	--
Auditors :
Name :	I.M. Puri and Company Chartered Accountants
Address :	C-30, Chirag Enclave, New Delhi – 110 048, India
PAN No.:	AAAFI1077K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1550876	Equity Shares	Rs.10/- each	Rs.15.509 millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each *	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1430038	Equity Shares	Rs.10/- each *	Rs.14.300 millions

* The Company has one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share with a right to receive per share dividend declared by the Company. In the event of liquidation, the equity shareholders are entitled to receive remaining assets of the Company (after distribution of all preferential amounts) in the proportion of equity shares held by the shareholders.

Shareholders holding more than 5% shares of the Company:

Particulars	As at 31^st March, 2014
	No. of Shares	% holding in the shares
Equity shares of Rs.10 each, fully paid up
Rakesh Wadhwa	740948	51.81%
Hinkam Corporation Limited	639091	44.69%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	14.300	8.500	0.100
(b) Reserves & Surplus	34.145	16.495	(0.017)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	10.465	0.158	0.000
Total Shareholders’ Funds (1) + (2)	58.910	25.153	0.083
(3) Non-Current Liabilities
(a) Long-term borrowings	8.044	3.146	0.000
(b) Deferred tax liabilities (Net)	2.764	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	1.665	0.148	0.000
Total Non-current Liabilities (3)	12.473	3.294	0.000
(4) Current Liabilities
(a) Short term borrowings	15.328	0.000	0.000
(b) Trade payables	17.708	11.678	0.017
(c) Other current liabilities	29.363	3.518	0.000
(d) Short-term provisions	0.022	0.000	0.000
Total Current Liabilities (4)	62.421	15.196	0.017
TOTAL	133.804	43.643	0.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45.988	7.006	0.000
(ii) Intangible Assets	2.311	0.050	0.000
(iii) Capital work-in-progress	0.000	14.404	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	0.154	0.000
(d) Long-term Loan and Advances	5.374	0.626	0.000
(e) Other Non-current assets	0.075	0.075	0.000
Total Non-Current Assets	53.748	22.315	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	55.132	16.607	0.000
(d) Cash and cash equivalents	10.065	3.921	0.100
(e) Short-term loans and advances	14.859	0.800	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	80.056	21.328	0.100
TOTAL	133.804	43.643	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Freight Income	121.784	42.270	0.000
		Service Charges	142.675	0.000	0.000
		Other Income	1.383	0.046	0.000
		TOTAL	265.842	42.316	0.000
Less	EXPENSES
		Direct cost	149.210	34.932	0.000
		Employee cost	63.990	4.214	0.000
		Administrative and Other Expenses	28.039	3.027	0.017
		TOTAL	241.239	42.173	0.017
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		24.603	0.143	(0.017)
Less	FINANCIAL EXPENSES		4.946	0.086	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		19.657	0.057	(0.017)
Less/ Add	DEPRECIATION/ AMORTISATION		6.815	0.697	0.000
	PROFIT/ (LOSS) BEFORE TAX		12.842	(0.640)	(0.017)
Less	TAX		4.278	(0.152)	0.000
	PROFIT/ (LOSS) AFTER TAX		8.564	(0.488)	(0.017)
	Earnings / (Loss) Per Share (Rs.)
	- Basic		8.16	(2.95)	(1.69)
	- Diluted		1.77	(2.69)	(1.69)

Expected Sales (2014-2015): Rs.300.000 millions

The above information has been parted by Ms. Manjuly (Accounts Head).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.24	(1.15)	0.00
Operating Profit Margin (PBDIT/ Sales)	(%)	9.30	0.34	0.00
Return on Total Assets (PBT/Total Assets}	(%)	9.60	(2.20)	(17.00)
Return on Investment (ROI) (PBT/Networth)		0.22	(0.03)	(0.20)
Debt Equity Ratio (Total Debt/Networth)		0.40	0.13	0.00
Current Ratio (Current Asset/Current Liability)		1.28	1.40	5.88

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.100	8.500	14.300
Reserves & Surplus	-0.017	16.495	34.145
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.158	10.465
Net worth	0.083	25.153	58.910
Long Term borrowings	0.000	3.146	8.044
Short Term borrowings	0.000	0.000	15.328
Total borrowings	0.000	3.146	23.372
Debt/Equity ratio	0.000	0.125	0.397

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	0.000	42.270	264.459
			525.642

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	0.000	42.270	264.459
Profit	(0.017)	(0.488)	8.564
		(1.15%)	3.24%

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	No
17]	Major suppliers	No
18]	Major customers	Yes
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	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	No

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
From Director	5.000	0.000
Total	5.000	0.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10425006	17/04/2013	15,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B74897745

FIXED ASSETS:

Tangible Assets

· Computers and Laptops

· Furniture and Fixture

· Plant and Machinery

· Commercial Vehicles

· Vehicles

Intangible Assets

· Software

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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.