MIRA INFORM REPORT

Report No. :	329647
Report Date :	01.07.2015

IDENTIFICATION DETAILS

Name :	NIPPON EXPRESS (INDIA) PRIVATE LIMITED (w.e.f. 12.04.2007)
Formerly Known As :	J I LOGISTICS PRIVATE LIMITED
Registered Office :	“Logistics Park”, Plot No.7, Road No.10, Export Promotion Industrial Park, Whitefield, Bangalore – 560066, Karnataka
Tel. No.:	91-80-41353500 (10 Lines)
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	27.09.2006
Com. Reg. No.:	08-040642
Capital Investment / Paid-up Capital :	Rs.35.000 Million
CIN No.: [Company Identification No.]	U63031KA2006PTC040642
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of provide a wide range of logistics services comprising of international air and ocean freight forwarding services, customs clearance, warehousing and distribution services, Just-in-time logistics, removals-international relocations services, etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 Limis :	USD 2920000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is subsidiary of “NIPPON EXPRESS (SOUTH ASIA AND OCEANIA) PTE LIMITED”. It is well established company having track. For the financial year ended 2014, company possesses healthy operational risk profile and it has achieved sales turnover growth of 30.62% along with profitability margins at 0.86%. Rating also takes into consideration company’s healthy financial risk profile supported by healthy networth base and strong financial as well as managerial support that company receives from its holding company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of healthy operational base along with adequate financial profile, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Umesh
Designation :	Assistant Manager
Contact No.:	91-80-49475610
Date :	29.06.2015

LOCATIONS

Registered Office :	“Logistics Park”, Plot No.7, Road No.10, Export Promotion Industrial Park, Whitefield, Bangalore – 560066, Karnataka, India
Tel. No.:	91-80-41353500 (10 Lines)
Fax No.:	91-80-41353539/ 41353600
E-Mail :	krishnamurthy.p@nittsu.co.in
Website :	http://www.nipponexpress.com
Nhava Sheva Office :	No.705, 7^th Floor, Freight Forwarders, Premises Co-operative Soc. Ltd. Plot No. 5, Sector 1, Dronagiri, Uran, District Raigad – 400 707, Maharashtra, India
Tel. No.:	91-22-27472318/ 27472384
Fax No.:	91-22-27472640
Bangalore Branch Airport Terminal Office :	Room #11, 3^rd Floor, Menzies Bobba Cargo Terminal, Bangalore Airport Devanahalli, Bangalore – 560 300, Karnataka, India
Tel. No.:	91-80-27688233
Fax No.:	91-80-27688309
Branch Office 1 :	Plot No.442, Udyog Vihar Phase-III, Gurgaon – 122 016, Haryana, India
Tel. No.:	91-124-4994200/ 4216533-36/ 4001357
Fax No.:	91-124-4001359/ 4216532
Branch Office :	Also located at: · Ahmedabad · Chennai · Cochin · Coimbatore · Hyderabad · Kolkata · Mumbai · Pune · Trivandrum

DIRECTORS

AS ON 23.04.2014

Name :	Mr. Paradarami Krishna Murthy
Designation :	Managing Director
Address :	49, YS Palazzo, 6^th Main, 18^th Cross, Malleswaram, Bangalore – 560 003, Karnataka, India
Date of Birth/Age :	01.07.1963
Qualification :	B. Tech
Experience :	26 Years
Date of Appointment :	02.04.2007
DIN No.:	00144842
Name :	Mr. Rajam Jayakumar
Designation :	Director
Address :	34, Kirloskar Colony, 1^st Stage, Bangalore – 560 079, Karnataka, India
Date of Birth/Age :	01.09.1948
Qualification :	M. Sc Engineering
Date of Appointment :	27.09.2006
DIN No.:	00121817
PAN No.:	ABIPJ6417H
Name :	Mr. Akinori Maejima
Designation :	Whole Time Director
Address :	A2 252, Sobha Ivory II No 7/1, ST Johns Road, Bangalore - 560003, Karnataka, India
Date of Birth/Age :	50 years
Qualification :	B.Com
Date of Appointment :	26.03.2014
DIN No.:	06839249
Name :	Mr. Yasunori Takahashi
Designation :	Director
Address :	40 Alps Avenue Nippon Express, Singapore Building, Bangalore - 498781, Singapore, India
Date of Appointment :	04.07.2013
DIN No.:	06617074

Name :	Tatsuro Akiyama
Designation :	Whole Time Director
Address :	K-221,22nd Floor, Park Towers, Park Place DLF-V, Gurgaon - 122009, Haryana, India
Date of Appointment :	30.07.2014
DIN No.:	06914181

KEY EXECUTIVES

Name :	Mr. Umesh
Designation :	Assistant Manager
Name :	Katsuhiro Tsunoda
Designation :	General Manager - Sales and Marketing
Name :	Kazushige Hayashi
Designation :	General Manager - Sales and Marketing
Name :	Tomohiro Ishiyama
Designation :	General Manager - Sales and Marketing
Name :	Hisao Tanaka
Designation :	General Manager - Sales and Marketing
Name :	Masato Asahi
Designation :	General Manager - Sales and Marketing
Name :	Naohisa Masuda
Designation :	General Manager - Sales and Marketing
Name :	Kazuya Yamauchi
Designation :	General Manager - Sales and Marketing
Name :	Ken Ota
Designation :	General Manager - Sales and Marketing
Name :	Masahiko Tanaka
Designation :	General Manager - Sales and Marketing
Name :	Keigo Junicho
Designation :	Manager - Sales and Marketing
Name :	Tatsuro Akiyama
Designation :	Sr. Vice President - Sales and Marketing
Name :	Yoichi Nakayama
Designation :	Vice President - Sales and Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.04.2014

Names of Shareholders	No. of Shares	%age holding
Nippon Express Company Limited, Japan	35000	1.00
Nippon Express (South Asia and Oceania) Pte. Limited, Singapore	2800000	80.00
Rajam Jayakumar	140000	4.00
Paradarami Krishnamurthy	525000	15.00
Total	3500000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 23.04.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	81.00
Directors or relatives of Directors	19.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of provide a wide range of logistics services comprising of international air and ocean freight forwarding services, customs clearance, warehousing and distribution services, Just-in-time logistics, removals-international relocations services, etc.

Services :

Service Code No.	Product Description
99831162	Logistics Services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	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

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre 100/2 Richmond Road, Bangalore – 560025
PAN No.:	AACFD3771D
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	Nippon Express Company Limited (Japan), from December 26, 2013
Holding Company :	Nippon Express Company Limited (Japan), upto December 25, 2013 Nippon Express (South Asia and Oceania) Pte Limited from December 26, 2013
Subsidiary Company :	Nittsu Logistics (India) Private Limited
Fellow subsidiaries with whom the Company had transactions in the year :	Hi-Tech Nittsu (Thailand) Company Limited Nippon Express (Italia) S.R.L. Nippon Express (Taiwan) Company Limited Nippon Express (Australia) Pty. Limited Nippon Express Korea Company Limited Nippon Express (Thailand) Company Limited Nippon Express (Bangladesh) Limited Nippon Express (Malaysia) SDN BHD. Nippon Express (U.K.) Limited Nippon Express (Belgium) N.V./S.A. Nippon Express (Middle East) L.L.C. Nippon Express U.S.A., Inc. Nippon Express Canada Limited Nippon Express (Nederland) B.V. Nippon Express (Vietnam) Company Limited Nippon Express (China) Company Limited Nippon Express (Philippines) Corporation Nittsu Shoji Company Limited Nippon Express (Deutschland) GMBH Nippon Express Portugal S.A. Nittsu Shoji (India) Company Limited Nippon Express Do Brasil Ltda Nippon Express (Russia) L.L.C. Nittsu Sinotrans Logistic Dalian Limited Nippon Express De Mexico. S.A. DE C.V. Nippon Express (Schweiz) AG Nittsu Research Institute & Consulting, Inc. Nippon Express De Espana, S.A. Nippon Express (Shanghai) Company Limited PT. Nippon Express Indonesia Nippon Express France, S.A.S. Nippon Express (Singapore) Pte. Limited P.T. Nittsu Lemo Indonesia Logistik Nippon Express (H.K.) Company Limited Nippon Express (South Asia & Oceania) Pte Limited, upto December 25, 2013 Nippon Express (Ireland) Limited Nippon Express (South China) Intl Company Limited Nippon Express (Istanbul) Global Logistics A.S. Nippon Express (Suzhou) Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,500,000	Equity Shares	Rs.10/- each	Rs.35.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.000	35.000	35.000
(b) Reserves & Surplus	986.185	964.823	893.498
(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)	1021.185	999.823	928.498
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.533	8.137	7.049
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	6.533	8.137	7.049
(4) Current Liabilities
(a) Short term borrowings	100.000	0.000	0.000
(b) Trade payables	974.413	540.473	407.663
(c) Other current liabilities	66.250	62.994	49.534
(d) Short-term provisions	18.015	36.901	90.035
Total Current Liabilities (4)	1158.678	640.368	547.232
TOTAL	2186.396	1648.328	1482.779
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	235.872	270.551	260.005
(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	89.500	89.500	89.500
(c) Deferred tax assets (net)	15.040	11.405	6.555
(d) Long-term Loan and Advances	221.673	150.416	138.415
(e) Other Non-current assets	1.907	0.571	0.639
Total Non-Current Assets	563.992	522.443	495.114
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1456.246	917.263	641.413
(d) Cash and cash equivalents	24.061	87.153	288.452
(e) Short-term loans and advances	89.443	76.912	17.727
(f) Other current assets	52.654	44.557	40.073
Total Current Assets	1622.404	1125.885	987.665
TOTAL	2186.396	1648.328	1482.779

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2014	31.12.2013	31.12.2012
	SALES
	Income	3860.000	2955.000	2449.700
	Other Income	NA	NA	NA
	TOTAL (A)	NA	NA	NA
Less	EXPENSES
	TOTAL (B)	3751.680	2730.560	2006.863
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	108.320	224.440	[Including Financial Expenses]
Less	FINANCIAL EXPENSES (D)	3.620	0.530
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	104.700	223.910	442.837
Less/ Add	DEPRECIATION/ AMORTISATION (F)	51.210	58.060	53.306
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	53.490	165.850	389.531
Less	TAX (H)	20.370	57.070	126.503
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	33.120	108.780	263.028
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	478.800	418.417	271.434
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	11.000	26.500
	Dividend	9.800	31.500	77.000
	Tax on Dividend	1.960	5.950	12.491
	Total	11.760	48.450	115.991
	Balance Carried to the B/S	500.160	478.800	418.471
	EARNINGS IN FOREIGN CURRENCY
	Freight Charges	932.420	697.160	748.182
	Other Charges	37.370	29.220	29.434
	TOTAL EARNINGS	969.790	726.380	777.616
	Earnings / (Loss) Per Share (Rs.)	9.46	31.08	7.51

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	0.86	3.68	10.74
Operating Profit Margin (PBIDT/Sales)	(%)	2.81	7.60	18.08
Return on Total Assets (PBT/Total Assets}	(%)	2.57	10.72	28.09
Return on Investment (ROI) (PBT/Networth)		0.05	0.17	0.42
Debt Equity Ratio (Total Debt /Networth)		0.10	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.40	1.76	1.80

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	35.000	35.000	35.000
Reserves & Surplus	893.498	964.823	986.185
Share Application money pending allotment	0.000	0.000	0.000
Net worth	928.498	999.823	1021.185
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	100.000
Total borrowings	0.000	0.000	100.000
Debt/Equity ratio	0.000	0.000	0.098

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2449.700	2955.000	3860.000
		20.627	30.626

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2449.700	2955.000	3860.000
Profit	263.028	108.780	33.120
	10.74%	3.68%	0.86%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.12.2014 (Rs. in Million)	31.12.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from banks [Repayable on demand with interest ranging from 9.5% to 10%]	100.000	0.000
Total	100.000	0.000

CONTINGENT LIABILITIES

PARTICULARS	31.12.2014 (Rs. in Million)	31.12.2013 (Rs. in Million)
Service Tax Appeal	1.044	1.044
Estimated amount of contracts remaining to be executed on capital account and not proved for (Net of Advance)	4.759	0.290
Total	100.000	0.000

CORPORATE INFORMATION

Nippon Express (India) Private Limited provides a wide range of logistics services comprising of international air and ocean freight forwarding services, customs clearance, warehousing and distribution services, Just-in-time logistics, removals-international relocations services, etc.

FINANCIAL RESULTS

The Company continued to show strong revenue growth in the financial year 2014. The will be happy to note from the statement of accounts attached to this report that the Company’s net revenue is Rs. 3,860 Million. (Previous year - Rs. 2,955 Million.). The Profit before Tax is Rs. 53 Million. (Previous year - Rs. 166 Million.).

BUSINESS AND OPERATIONS OF THE COMPANY

The Directors are pleased to inform you the following highlights for the year.

The Company has achieved good improvement in turnover, however due to the competition and our drive to achieve the revenue, the margins were comparatively lower. They could achieve Rs. 53 Million as Profit before tax during the current year.

Company’s fully owned subsidiary Nittsu Logistics (India) Private Limited (incorporated on 26th April 2011) to focus on domestic trucking business is functional in full and there has been no material change in the nature of business of the subsidiary. There has been no change in the total capital investment of Rs. 89.50 Million (including share premium amount of Rs. 16.50 Million). Salient features and the audited statements of accounts of the new Company are provided separately.

Statement on the subsidiary’s accounts is also annexed to the Company’s Accounts.

FUTURE PLANS

The Company is planning to build and maintain a strong brand name in the field of Logistics in India and Overseas. The essential elements for this brand building & maintaining includes expansion, strengthening of network, high quality infrastructure set up, deploying cutting edge IT systems, qualified manpower and developing strong customer relationship.

With the help of empowered and dedicated employees and committed associates, the Company approaches the future with confidence to pursue Global Challenge.

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

NOTE :

The registered office of the company has been shifted from No. 1014, 10th Floor B Wing, Mittal Towers, 6/47, M G Road, Bangalore - 560001, Karnataka, India to the present address w.e.f. 29.07.2010.

FIXED ASSETS

• Land
• Buildings
• Office building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer 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 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 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.63.75
UK Pound	1	Rs.100.12
Euro	1	Rs.71.20

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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		62

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.