MIRA INFORM REPORT

Report No. :	321719
Report Date :	12.05.2015

IDENTIFICATION DETAILS

Name :	N D R WARE HOUSING PRIVATE LIMITED

Registered Office :	No. 5/9, 4^th Floor, Eraballu Chetty Street, Parrys, Chennai – 600001, Tamilnadu
Tel. No.:	91-44-25351353

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	13.08.1986

Com. Reg. No.:	18-013278

Capital Investment / Paid-up Capital :	Rs. 70.010 Million

CIN No.: [Company Identification No.]	U63023TN1986PTC013278

TAN No.: [Tax Deduction & Collection Account No.]	CHEN00156C

PAN No.: [Permanent Account No.]	AAACN2816J

Legal Form :	Private Limited Liability Company

Line of Business :	Services Providing of renting immovable property.

No. of Employees :	17 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1400000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of strong parentage, 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 :	Mr. Yugandhar
Designation :	Accounts Executive
Contact No.:	91-44-25351353
Date :	08.05.2015

LOCATIONS

Registered Office :	No. 5/9, 4^th Floor, Eraballu Chetty Street, Parrys, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-25351353
Fax No.:	Not Available
E-Mail :	peekaymgt@gmail.com
Location:	Owned
Locality:	Commercial

Warehouse :	Village Kalambasure, Chirner, District Raigad, Navi Mumbai – 410206, Maharashtra, India

NOTE: As confirmed by Mr. Yugandhar correct registered office of the company No. 5/9, 4^th Floor, Eraballu Chetty Street, Parrys, Chennai – 600001, Tamilnadu, India but the same has not been updated in the government registry.

DIRECTORS

As on 30.09.2014

Name :

Mr. Amrutesh Naidu

Designation :

Managing director

Address :

No.13/A, 7th Street, Asthalakshmi Nagar, Valasaravakkam, Chennai, 600087, Tamil Nadu, India

Date of Appointment :

15.06.1998

DIN No.:

00898556

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	U63023TN1986PTC013278	N D R WARE HOUSING PRIVATE LIMITED	Managing director	15-06-98	15-06-98	-	Active	NO
2	U63022TN1999PTC042695	KAVERI WAREHOUSING PRIVATE LIMITED	Managing director	22-06-99	22-06-99	-	Amalgamated	NO
3	U01133TN1989PTC017914	N D R PLANTATIONS PRIVATE LIMITED	Director	01-04-00	01-04-00	-	Active	NO
4	U63022TG2002PTC038316	SREE AMRUTHALINGAESWARA COLD STORAGE PRIVATE LIMITED	Director	04-01-02	04-01-02	-	Strike off	NO
5	U63000MH2008PTC181437	KAVERI WAREHOUSE MANAGEMENT SERVICES PRIVATE LIMITED	Director	23-04-08	23-04-08	-	Active	NO
6	U74900TN2009PTC071996	DELEX CARGO INDIA PRIVATE LIMITED	Director	18-06-09	18-06-09	-	Active	NO
7	U63090MH1997PLC108197	CONTINENTAL WAREHOUSING CORPORATION (NHAVA SEVA) LIMITED	Director	23-09-09	30-07-09	-	Active	NO
8	U63022TG2002PLC038315	CONTINENTAL MULTIMODAL TERMINALS LIMITED	Director	20-12-10	20-12-10	-	Active	NO
9	U70200TN2012PTC086079	Svahgraha Constructions and Holdings Private Limited	Director	29-05-12	29-05-12	12-06-13	Active	NO
10	U63090MH2012PTC232519	Forefront Logistics Private Limited	Director	22-06-12	22-06-12	-	Active	NO
11	U45200TN2011PTC081737	Avigna Properties Private Limited	Director	14-01-13	14-01-13	-	Active	NO

Name :

Mr. Kamakshamma Naidu

Designation :

Director

Address :

No.13/A, 7th Street, Asthalakshmi Nagar, Valasaravakkam, Chennai, 600087, Tamil Nadu, India

Date of Birth/Age :

Date of Appointment :

23.02.2003

DIN No.:

01847127

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	U63022TN1999PTC042695	KAVERI WAREHOUSING PRIVATE LIMITED	Director	22-06-99	22-06-99	-	Amalgamated	NO
2	U01133TN1989PTC017914	N D R PLANTATIONS PRIVATE LIMITED	Director	01-04-00	01-04-00	-	Active	NO
3	U63022TG2002PLC038315	CONTINENTAL MULTIMODAL TERMINALS LIMITED	Director	04-01-02	04-01-02	-	Active	NO
4	U63023TN1986PTC013278	N D R WARE HOUSING PRIVATE LIMITED	Director	23-02-03	23-02-03	-	Active	NO
5	U45209KA2007PLC044263	MAGNUS INFRASTRUCTURE LIMITED	Director	31-10-07	31-10-07	-	Active	NO
6	U74900KA2008PLC045740	VOLUNTAS FOOD PARKS (INDIA) LIMITED	Director	25-03-08	25-03-08	-	Active	NO
7	U63000MH2008PTC181437	KAVERI WAREHOUSE MANAGEMENT SERVICES PRIVATE LIMITED	Director	23-04-08	23-04-08	-	Active	NO
8	U74900TN2009PTC071996	DELEX CARGO INDIA PRIVATE LIMITED	Director	18-06-09	18-06-09	25-09-09	Active	NO
9	U51101AP2009PTC064247	KESAVA SEEDS PRIVATE LIMITED	Director	06-07-09	06-07-09	-	Active	NO
10	U45209AP2009PTC064293	N.D.R. INFRASTRUCTURE PRIVATE LIMITED	Director	09-07-09	09-07-09	-	Active	NO
11	U17120TN2012PTC084906	MAA NELLORE PARANDAALAMMA INDUSTRIAL PARK PRIVATE LIMITED	Director	14-03-12	14-03-12	-	Active	NO
12	U70200TN2012PTC086079	SVAHGRAHA CONSTRUCTIONS AND HOLDINGS PRIVATE LIMITED	Director	29-05-12	29-05-12	12-06-13	Active	NO
13	U74900TG2013PTC087060	CONTINENTAL INFRA & TEXTILE PARK PRIVATE LIMITED	Director	18-04-13	18-04-13	-	Active	NO
14	U80301TN2013NPL092652	NDR INTERNATIONAL SCHOOL	Director	22-08-13	22-08-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yugandhar
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Amrutesh Reddy	568640	81.22
N Adikesavulu Reddy	27900	3.99
N Kamakshamma Reddy	43560	6.22
Saastha Ware Housing Limited, India	60000	8.57
Total	700100	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	8.58
Directors or relatives of Directors	91.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Services Providing of renting immovable property.

Products :

Item Code No.	Product Description
99721121	Renting immovable property

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cheque

Purchasing :

Cheque

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 :

17 (Approximately)

Bankers :

Andhra Bank, 48/39 Wavoo Mansion, Rajaji Salai, Chennai - 600001, Tamil Nadu, India
Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India
Axis Bank Limited, Cmc, 1st Floor, Karumuthu Nilayam, No.192, Anna Salai, Chennai - 600002, Tamil Nadu, India
HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
The Vysya Bank Limited, Anna Nagar Branch, Chennai, Chennai - 600040, Tamil Nadu, India
State Bank of India, Commercial Branch 65 A Gst Road Guindy, Chennai - 600032, Tamil Nadu, India

Bank Name	ICICI Bank Limited
Branch	Landmark Race Cource Circle,, Alkapuri, Baroda - 390015, Gujarat, 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

Auditors :
Name :	Joseph and Rajaram Chartered Accountants
Address :	No.21, Mahatma Gandhi Road, Nungambakkam, Chennai - 600 034, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFJ6144M

Memberships :	--

Collaborators :	--

Associates:	Forefront Logistics Private Limited Mookambica Enterprises Amrutesh Warehousing Company Kaveri Warehousing Private Limited Continental Warehousing Corporation Limited Sree Mookambika Enterprises Avanti Agencies Kaveri Management Services (Private) Limited Saastha Warehousing Limited Mookambica Logistics

Subsidiary company:	N D R Plantations Private Limited, India [U01133TN1989PTC017914] Svahgraha Constructions and Holdings Private Limited, India [U70200TN2012PTC086079]

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.100/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

700100	Equity Shares	Rs.100/- each	Rs. 70.010 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	70.010	70.010	70.010
(b) Reserves & Surplus	418.627	247.395	153.518
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.100	0.000
Total Shareholders’ Funds (1) + (2)	488.637	317.505	223.528

(3) Non-Current Liabilities
(a) long-term borrowings	992.088	1080.707	1474.902
(b) Deferred tax liabilities (Net)	63.424	65.481	3.717
(c) Other long term liabilities	189.283	174.452	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1244.795	1320.640	1478.619

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	239.511	407.525	198.891
(c) Other current liabilities	227.878	462.403	377.964
(d) Short-term provisions	0.000	0.000	21.632
Total Current Liabilities (4)	467.389	869.928	598.487

TOTAL	2200.821	2508.073	2300.634

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1582.824	1758.598	1839.690
(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	19.400	2.733	0.488
(b) Non-current Investments	261.264	299.860	100.776
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	112.894	208.251	242.387
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1976.382	2269.442	2183.341

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	73.720	64.993	70.738
(d) Cash and cash equivalents	96.046	117.790	46.074
(e) Short-term loans and advances	54.673	55.848	0.481
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	224.439	238.631	117.293

TOTAL	2200.821	2508.073	2300.634

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	499.808	433.931	345.990
	Other Income	20.120	27.702
	TOTAL	519.928	461.633	345.990

Less	EXPENSES	305.253	266.992	NA

	PROFIT/ (LOSS) BEFORE TAX	214.675	194.641	NA

Less	TAX	43.443	100.765	NA

	PROFIT/ (LOSS) AFTER TAX	171.232	93.876	2.629

	Earnings / (Loss) Per Share (Rs.)	244.58	NA	NA

Expected Sales (2014-2015) : Rs.550.000 Million

The above information has been parted by Mr. Yugandhar

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	34.26	21.63	0.76

Return on Total Assets (PBT/Total Assets}	(%)	11.18	8.83	NA

Return on Investment (ROI) (PBT/Networth)		0.44	0.61	NA

Debt Equity Ratio (Total Debt /Networth)		2.03	3.40	6.60

Current Ratio (Current Asset/Current Liability)		0.48	0.27	0.20

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	70.010	70.010	70.010
Reserves & Surplus	153.518	247.395	418.627
Share Application money pending allotment	0.000	0.100	0.000
Net worth	223.528	317.505	488.637

long-term borrowings	1474.902	1080.707	992.088
Short term borrowings	0.000	0.000	0.000
Total borrowings	1474.902	1080.707	992.088
Debt/Equity ratio	6.598	3.404	2.030

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)
Total Income	345.990	519.928	461.633
		50.273	(11.212)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	345.990	519.928	461.633
Profit	2.629	93.876	171.232
	0.76%	18.06%	37.09%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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

BUSINESS OPERATIONS/ACTIVITIES:

The company continues in the business of warehousing and related services. The revenue from operations i.e., rental income and support services income had gone up from Rs.461.600 Million in the previous year to Rs.519.900 Million in the current year. The major customers availing the warehousing facility continued during the year. The company proposes to enhance the business activity in the ensuing financial year and hopes to present an income of Rs.600.000 Million.

The company secured a profit on sale of land and building amounting to Rs.252.500 Million which is presented as exceptional item in the statement of Profit and Loss Account. The company has availed various term loans for construction of warehouse at various locations mainly from AXIS Bank in different centres. The other bankers are ICICI Bank and Indusind Bank.

There is quantum jump in the Net Profit of the company on account of enhanced business operations.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10545492	05/01/2015	240,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, KARUMUTHU NILAYAM, NO.1 92 ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	C41628959
2	10540374	23/03/2015 *	575,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, KARUMUTHU NILAYAM, NO.1 92 ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	C49138159
3	10523434	22/03/2014	240,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, KARUMUTHU NILAYAM, NO.1 92 ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	C24924623
4	10369459	16/07/2012	108,800,000.00	ANDHRA BANK	48/39 WAVOO MANSION, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA	B45271483
5	10335861	24/01/2012	10,466,500.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	B32259699
6	10315727	13/09/2011	175,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARA SHTRA - 411001, INDIA	B24579906
7	10259062	07/03/2012 *	544,711,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARA SHTRA - 411001, INDIA	B37184678
8	10157722	19/03/2009	150,000,000.00	CANARA BANK	ANNA NAGAR EAST, A12/13, ANNA NAGAR, CHENNAI, TAM IL NADU - 600102, INDIA	A61920914
9	10124015	27/03/2008	300,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA LLARD ESTATE,, MUMBAI- 400 001., MAHARASHTRA - 400 001, INDIA	A43485408
10	90286958	14/11/2009 *	25,000,000.00	ANDHRA BANK	ANDHRA BANK CHENNAI MAIN BRANCH, 48/39, WAVOO MAN SION, RAJAJI SALAI CHENNAI, TAMIL NADU - 600001, I NDIA	A74451303

* Date of charge modification

FIXED ASSETS

Tangible assets

Land
Buildings
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 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.63.85
UK Pound	1	Rs.98.47
Euro	1	Rs.71.51

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	SUB

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--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		44

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

INDEX OF CHARGES

Unit