MIRA INFORM REPORT

Report No. :	330824.2
Report Date :	07.07.2015

IDENTIFICATION DETAILS

Name :	UT WORLDWIDE (INDIA) PRIVATE LIMITED

Registered Office :	Unit Nos.621, 622, 631 and 632, 2^nd and 3^rd Floor, Building No.6, Solitaire Corporate Park, Chakala, Andheri (East), Mumbai – 400093, Maharashtra
Tel. No.:	91-22-28253201

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	15.11.1993

Com. Reg. No.:	11-129858

Capital Investment / Paid-up Capital :	Rs.37.978 Million

CIN No.: [Company Identification No.]	U63011MH1993PTC129858

IEC No.:	0303028882

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACU5306L

Legal Form :	Private Limited Liability Company

Line of Business :	Service provider of global supply chain management solutions for international industries.

No. of Employees :	500 (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 900000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of “UTi Netherlands Holdings B.V.” It is an old established company incorporated during 1993 having a satisfactory track record. The company has continuously incurred losses from its two years of operation However, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Further, the rating also takes into consideration strong operational and managerial support receives to the subject from its holding company. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. In view of strong holding support and acceptable financial base, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Adarsh Mundhra
Designation :	Director
Contact No.:	91-22-28253201
Date :	06.07.2015

LOCATIONS

Registered Office :	Unit Nos.621, 622, 631 and 632, 2^nd and 3^rd Floor, Building No.6, Solitaire Corporate Park, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28253201 / 28325454
Fax No.:	91-22-28253214 / 15
E-Mail :	ukumar@go2uti.com amundhra@go2uti.com
Website :	www.go2uti.com
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sameer Khatri

Designation :

Managing Director

Address :

Y-46/4, Shatoot Marg, DLF PH-I, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

08.12.1969

Date of Appointment :

01.06.2012

DIN No.:

02615343

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	U74899TG1984PLC089495	GATI KAUSAR INDIA LIMITED	Director	07/10/2009	30/04/2009	28/02/2012	Active	NO
2	U63011MH1993PTC129858	UT WORLDWIDE (INDIA) PRIVATE LIMITED	Managing director	01/06/2012	01/06/2012	-	Active	NO
3	U74899DL1987PTC027143	INDAIR CARRIERS PRIVATE LIMITED	Managing director	29/09/2012	01/06/2012	-	Active	NO

Name :

Mr. Adarsh Mundhra

Designation :

Whole-time Director

Address :

A-121 Ridgewood, DLF#4, Near Galleria, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

05.08.1975

Date of Appointment :

01.06.2012

DIN No.:

05344384

Other Directorship :

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

U74899DL1987PTC027143

INDAIR CARRIERS PRIVATE LIMITED

Director

29/09/2012

01/06/2012

Active

U63011MH1993PTC129858

UT WORLDWIDE (INDIA) PRIVATE LIMITED

Whole-time director

01/06/2012

Active

Name :

Mr. Warren Terence Elsworth

Designation :

Director

Address :

House A (G/F-1/F) Lot 1727, DD 221, Grand Chateaux, Tan Cheung, Sai Kung, New Territories, Hong Kong Sar, Na, Hong Kong

Date of Birth/Age :

05.01.1970

Date of Appointment :

30.09.2013

DIN No.:

06593712

Other Directorship :

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

U74899DL1987PTC027143

INDAIR CARRIERS PRIVATE LIMITED

Director

30/09/2013

29/05/2013

Active

U63011MH1993PTC129858

UT WORLDWIDE (INDIA) PRIVATE LIMITED

Director

30/09/2013

29/05/2013

Active

Name :

Mr. Ditlev Ingemann Blicher

Designation :

Additional Director

Address :

1701, No. 25, Lane 1518, Wang Ping Nan Lu, Shanghai, 200232, China

Date of Birth/Age :

15.04.1971

Date of Appointment :

26.12.2013

DIN No.:

06773056

Other Directorship :

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

U74899DL1987PTC027143

INDAIR CARRIERS PRIVATE LIMITED

Additional director

26/12/2013

Active

U63011MH1993PTC129858

UT WORLDWIDE (INDIA) PRIVATE LIMITED

Additional director

26/12/2013

Active

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
UTi (Netherlands) Hodings B.V., Netherlands	16356262

Total	16356262

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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]

100.00

BUSINESS DETAILS

Line of Business :

Service provider of global supply chain management solutions for international industries.

Product / Service :

Description of product or service category

ITC Code

Freight Related Services

9965

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash, Credit (30 / 60 / 90 Days)

Purchasing :

Cash, Credit (30 / 60 / 90 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

500 (Approximately)

Bankers :

Banker Name :	IDBI Bank
Branch :	Andheri (East), Mumbai, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Yes Bank Limited

Citi Bank N.A.

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Other loans and advances	3.192	0.987

Total	3.192	0.987

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Romm No. 13, 1^st Floor, Khatau Building, Alkesh Dinesh Modi Marg, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AADFD5357J

Memberships :	Not Divulged

Collaborators :	Not Divulged

Holding company :	UTi (Netherlands) Holdings B. V

Fellow subsidiary / associate companies with whom there have been transactions during the year :	PT Union Trans Internusa UTi Logistics (Argentina) S.A. UTiTasimacilik Limited UTI (Aust) Pty Limited UTi (CZ) s.r.o. UTi Logistics (Denmark) AS UTI Asia Pacific Limited UTi Belgium NV UTi do Brasil Ltda UTi Slovakia s.r.o. UTi Logistics Slovakia s.r.o. UTi Logistics Romania SRL UTi Chile S.A. UTi Canada Inc. UTi Canada Contract Logistics Inc. UTiLogistik GmbH UTi Deutschland GmbH UTi Logistics (Finland) Oy UTi (Hungary) Kft UTi Logistics Mex S.A. de C.V. UTi Jordan Limited Cargofortesp z o.o. UTi Pakistan (SMC-Private) Limited UTi Logistics (Switzerland) A.G. UTi Africa Services Limited (UTASL) UTi Worldwide (UK) Limited UTi France S.A.R.L. UTi Egypt Limited UTi Ireland Limited UTi Logistics AB UTi Nederland B.V. UTi Nederland B.V. - Dubai Branch UTi Logistics Israel Limited UTi Italy SRL UTi Networks Limited UTi Pership (PVT) Limited UTi United States Inc. UTi Transport Solutions Inc. UTi Integrated Logistics Inc. UTi Global Services BV UTiTransporteInternacional S.A. Colombia UTi (HK) Limited UTi Japan K.K. UTi Korea Co. Limited UTi Worldwide (M) Sdn Bhd UTi New Zealand Limited UTiDel Peru S.A. UTi Worldwide (Singapore) Pte Limited UTi Worldwide Co. Limited UTi Iberia S.A Servicios Logisticos Integrados SLI S.A. UTi Kazakhstan LLP UTi (Mtius) Limited UTi (Global Logistics) Inc. GSLI-Grupo De Servicos Logisticos Integrados LDA UTi Russia B.V. UTi (China) Limited UTi South Africa (Pty) Limited UTilogistik Deutschland GmbH UTi (Taiwan) Limited UTi (Zambia) Limited UTi Worldwide Vietnam Co. Limited UTi (Mozambique) Ltda Indair Carriers Private Limited

Other entity in which the company has control :	DBL India

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

26800000	Equity Shares	Rs.10/- each	Rs.268.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

16356262	Equity Shares	Rs.10/- each	Rs.163.563 Million

AS ON 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

4500000	Equity Shares	Rs.10/- each	Rs.45.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

3797824	Equity Shares	Rs.10/- each	Rs.37.978 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	37.978	37.978	37.978
(b) Reserves & Surplus	278.766	281.824	374.522
(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)	316.744	319.802	412.500

(3) Non-Current Liabilities
(a) long-term borrowings	3.192	0.987	0.000
(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)	3.192	0.987	0.000

(4) Current Liabilities
(a) Short term borrowings	914.931	641.185	411.715
(b) Trade payables	689.679	658.884	432.416
(c) Other current liabilities	65.907	43.129	40.062
(d) Short-term provisions	14.764	11.367	4.003
Total Current Liabilities (4)	1685.281	1354.565	888.196

TOTAL	2005.217	1675.354	1300.696

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.243	51.854	53.624
(ii) Intangible Assets	0.077	0.164	0.170
(iii) Capital work-in-progress	12.126	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	19.045
(d) Long-term Loan and Advances	506.591	477.849	373.985
(e) Other Non-current assets	0.000	0.000	1.140
Total Non-Current Assets	583.037	529.867	447.964

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1071.225	1014.649	726.497
(d) Cash and cash equivalents	57.685	4.552	28.263
(e) Short-term loans and advances	181.720	58.381	60.445
(f) Other current assets	111.550	67.905	37.527
Total Current Assets	1422.180	1145.487	852.732

TOTAL	2005.217	1675.354	1300.696

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TURNOVER	6269.470	5322.940	5627.950

Less	EXPENSES	NA	NA	NA

	PROFIT/(LOSS) BEFORE TAX	8.290	(76.420)	34.580

Less	TAX	11.347	16.279	9.530

	PROFIT/(LOSS) AFTER TAX	(3.057)	(92.699)	25.050

	Earnings / (Loss) Per Share (Rs.)	(0.81)	(24.41)	6.60

Particulars

31.03.2015

Sales Turnover (Approximately)

7000.000

The above information has been parted by Mr. Adarsh (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	2.143	0.195	0.000
Cash generated from operations	(19.366)	(95.417)	47.018
Net cash flows from (used in) operations	(10.514)	(93.885)	47.071

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(0.05)	(1.74)	0.45
Return on Total Assets (PBT/Total Assets)	(%)	0.42	(4.56)	2.70

Return on Investment (ROI) (PBT/Networth)		0.03	(0.24)	0.08

Debt Equity Ratio (Total Debt /Networth)		2.91	2.01	1.00

Current Ratio (Current Asset/Current Liability)		0.84	0.85	0.96

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	37.978	37.978	37.978
Reserves & Surplus	374.522	281.824	278.766
Net worth	412.500	319.802	316.744

long-term borrowings	0.000	0.987	3.192
Short term borrowings	411.715	641.185	914.931
Current Maturities of Long term debt	0.000	0.195	2.143
Total borrowings	411.715	642.367	920.266
Debt/Equity ratio	0.998	2.009	2.905

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
Turnover	5627.950	5322.940	6269.470
		(5.420)	17.782

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Turnover	5627.950	5322.940	6269.470
Profit	25.050	(92.699)	(3.057)
	0.45%	(1.74%)	(0.05%)

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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office address of the company has been shifted from Solidair Corporate Park, 6^th and 7^th Floor, Solidair IV, Off Andheri-Ghatkopar Link Road, Guru Hargobind Singh Marg, Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f. 03.02.2010

FINANCIAL RESULTS:

Despite there was tough economic and market conditions, the Company succeeded in posting reasonable profit in financial year 2013-14 when compared to previous year. Company has won some major business in Contract Logistics business segment as well as in Freight Forwarding business segment which helped the Company in turning around. The better negotiations with vendors also had a favourable impact on the profit.

The Company continues to maintain its lead in IATA ranking in Indian operations by steadily improving its market share.

OUTLOOK:

The Logistics Industry has a promising future particularly in terms of Export and Import Trade. The Company is establishing warehousing facilities across the country thus providing comprehensive logistics solution to both domestic and overseas clients.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Working capital loans from banks	810.000	550.000
Loans repayable on demand	104.931	91.185

Total	914.931	641.185

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10577231	19/05/2015	20,000,000.00	Yes Bank Limited	9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	C57609166
2	10576363	19/05/2015	240,000,000.00	Yes Bank Limited	9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	C57159980

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.63.58
UK Pound	1	Rs.99.11
Euro	1	Rs.70.29

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	DIV

Report Prepared by :	NKT

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	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		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

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

Unit