MIRA INFORM REPORT

Report No. :	347711
Report Date :	02.11.2015

IDENTIFICATION DETAILS

Name :	FLYJAC LOGISTICS PRIVATE LIMITED

Registered Office :	Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai – 400099, Maharashtra
Tel. No.:	91-22-30904800

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	27.03.2008

Com. Reg. No.:	11-180548

Capital Investment / Paid-up Capital :	Rs.600.000 Million

CIN No.: [Company Identification No.]	U63000MH2008PTC180548

IEC No.:	0303062258

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

PAN No.: [Permanent Account No.]	AABCF2133M

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is primarily engaged in international sea and air freight forwarding, custom clearance, supply chain logistics and warehousing.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 Limit :	USD 3810000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a wholly-owned subsidiary of the internationally renowned Hitachi Transports System Limited (HTSL). It is primarily engaged in international sea and air freight forwarding, custom clearance, supply chain logistics and warehousing, It was incorporated in 1991, and it was changed from a partnership concern to a private limited company. In April 2010, it was completely acquired by globally renowned, Hitachi Transport System Limited, known for its integrated international freight forwarding operations. Flyjac is present in more than 40 countries, and has a network of 26 offices and 32 warehouses spread across India. It has fine track record. The rating takes into consideration healthy financial risk profile marked by its adequate networth base, decent cash accruals, moderate gearing, fair liquidity position and good profitability levels of the company. The rating also takes into consideration strong parentage of company by virtue of being subsidiary of the Hitachi Transport System Limited (HTSL), which in turn is a subsidiary of Japan-based Hitachi Limited. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. In view of strong holding, the company can be considered normal 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

Rating Agency Name	ICRA
Rating	Long term fund based facility = A+
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	December, 2014

Rating Agency Name	ICRA
Rating	Short term fund based = A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	December, 2014

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 31-03-2015.

INFORMATION DENIED

Management non co-operative (91-22-30904800)

LOCATIONS

Registered Office :	Ashok Vatika, Vaibhav Apartments, First Floor, Shahar Pipe Line Road, Sahar, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-30904800
Fax No.:	91-22-28362563
E-Mail :	durga@flyjac.com
Website :	www.flyjaclogistics.com

Corporate Office 1 :	B1-205, 2^nd Floor, Boomerang, Chandivali Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-33595900
Fax No.:	Not Available

Corporate Office 2 :	No: 25-32, Readymade Garment Complex, SIDCO Industrial Estate, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-30974200
Fax No.:	91-44-22502005

Mumbai – Ocean Export Office :	Vaibhav Apartments, Sahar Pipe Line Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-30904800
Fax No.:	91-22-28362563
E-Mail :	fjlbom@flyjac.com

Mumbai Air/ Ocean Import, Air Export and Clearance :	Office 1021, Awas Apartments, Sahar Pipe Line Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-30904900
Fax No.:	91-22-28315512
E-Mail :	fjbom@flyjac.com

Branches Offices :	Located at : Delhi Chennai Kolkata Bangalore Baroda Tirupur Ahmedabad Tuticorin Pune Cochin Hyderabad Goa Aurangabad Coimbatore Jaipur Kandla / Mundra Indore Mangalore Nagpur Ludhiana Kolhapur Nashik (They have network of 26 offices and 32 warehouses)

DIRECTORS

As on 30.09.2014

Name :

Mr. Ravikumar Athrassery Varriath

Designation :

Managing Director

Address :

No. 556,14th Street, 4^th Sector, K. K. Nagar, Chennai - 600078, Tamilnadu, India

Date of Birth/Age :

31.05.1960

Qualification :

B. Sc.

Date of Appointment :

21.08.2014

DIN No.:

01119274

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	U63090MH2004PTC146624	JWC LOGISTICS PARK PRIVATE LIMITED	Director	31/05/2004	31/05/2004	-	Active	NO
2	U63000MH2008PTC180548	FLYJAC LOGISTICS PRIVATE LIMITED	Managing director	21/08/2014	27/03/2008	-	Active	NO
3	U74120MH2010PTC207371	JWR LOGISTICS PRIVATE LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO
4	U63090MH2012PTC231034	JWL COLD STORE PRIVATE LIMITED	Director	15/05/2012	15/05/2012	-	Active	NO

Name :

Hideo Niwa

Designation :

Director

Address :

Dai 2 Kikyou Building 202, 2-1-1 Kodai,, Miyamae-Ku, Kawasaki-City, Kawasaki, 2440004, Japan

Date of Birth/Age :

22.04.1967

Date of Appointment :

30.09.2014

DIN No.:

01549638

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	U34100TN2005PTC073897	NISSAN MOTOR INDIA PRIVATE LIMITED	Director	03/03/2005	03/03/2005	26/07/2013	Active	NO
2	U63010TN2008PTC068887	Vantec Logistics India Private Limited	Managing director	01/07/2013	22/06/2013	-	Active	NO
3	U63000MH2008PTC180548	FLYJAC LOGISTICS PRIVATE LIMITED	Director	30/09/2014	21/08/2014	-	Active	NO

Name :

Mr. Srinivasan Narayanswamy

Designation :

Director

Address :

301, Kashayap CHS, Plot No.36, Sector - 29, Vashi, Navi Mumbai - 400703, Maharashtra, India

Date of Birth/Age :

17.09.1957

Qualification :

B.E. MMS

Date of Appointment :

30.09.2014

DIN No.:

02307975

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	U63040MH1988PTC049942	UNITECH ENERGY & EQUIPMENT PRIVATE LIMITED	Director	07/12/1988	07/12/1988	06/10/2008	Active	NO
2	U63000MH2008PTC180548	FLYJAC LOGISTICS PRIVATE LIMITED	Director	30/09/2014	21/08/2014	-	Active	NO

Name :

Katsutoshi Kashimura

Designation :

Director

Address :

2-7-812, Izumi, Abiko-Shi, Chiba, Japan, 999999999999, Japan

Date of Birth/Age :

24.06.1960

Date of Appointment :

30.09.2014

DIN No.:

06948556

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	U63000MH2008PTC180548	FLYJAC LOGISTICS PRIVATE LIMITED	Director	30/09/2014	21/08/2014	-	Active	NO
2	U63010TN2008PTC068887	Vantec Logistics India Private Limited	Director	30/09/2015	15/05/2015	-	Active	NO

KEY EXECUTIVES

Name :	Durga Thota
Designation :	Company Secretary
Address :	Plot No. 5/1, 3^rd Main Road, Netaji Colony, Velachery, Chennai - 600042, Tamilnadu, INDIA
Date of Birth/Age :	18.04.1966
Date of Appointment :	16.04.2012
PAN No.:	AGLPJ4398M

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Hitachi Transport System Limited, Japan	59400000	99.00
Hitachi Transport System (Asia) Pte. Limited, Singapore	600000	1.00
Total	60000000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in international sea and air freight forwarding, custom clearance, supply chain logistics and warehousing.

Products :

Product Description	Item Code No. (ITC Code)
Cargo/Container Handling Services	99671100
Other Storage and Warehousing Services	99672900

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Indusind Bank Limited
Branch Address	CTS No. 32, Acme Plaza, Kurla Road, Andheri, Mumbai – 400059, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand	(4.795)	0.271
Other loans and advances	14.101	13.711
Total	9.306	13.982

Auditors :
Name :	Bharatkumar Chunilal Mehta Chartered Accountants
Address :	B/201, Aum Darshan, Shankar Lane, Kandivali (West), Mumbai – 400067, Maharashtra, India
PAN No.:	ABNPM9654L

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Hitachi Transport System Limited, Japan

Associates :	Vantec Logistics India Private Limited, India Vantec World Transport, China Dahang International Transport Co. Ltd., China Hitachi Chemical India Private Limited, India Hitachi Hi-Rel Power Electronics Private Limited, India Hitachi India Private Limited, India Hitachi Lift India Private Limited, India Hitachi Metals (India) Private Limited, India Hitachi Metglas (India) Private Limited, India Hitachi Nest Control Systems Private Limited, India Hitachi Transport System India Private Limited, India

Fellow Subsidiary :	Hitachi Home And Life Solutions (India ) Limited, India

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	JWC Logistics Park Private Limited, India JWL Cold Store Private Limited, India

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

60000000	Equity Shares	Rs.10/- each	Rs.600.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

60000000	Equity Shares	Rs.10/- each	Rs.600.000 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	600.000	600.000	262.000
(b) Reserves & Surplus	734.429	610.899	480.901
(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)	1334.429	1210.899	742.901

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.035
(b) Deferred tax liabilities (Net)	23.310	19.171	13.404
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	293.570	228.300	178.300
Total Non-current Liabilities (3)	316.880	247.471	191.739

(4) Current Liabilities
(a) Short term borrowings	9.306	13.982	162.821
(b) Trade payables	399.881	394.010	485.362
(c) Other current liabilities	173.191	103.552	31.074
(d) Short-term provisions	61.535	65.270	50.000
Total Current Liabilities (4)	643.913	576.814	729.257

TOTAL	2295.222	2035.184	1663.897

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	210.056	203.033	187.240
(ii) Intangible Assets	65.004	66.355	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	7.600	9.024	4.882
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	532.992	410.738	315.373
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	815.652	689.150	507.495

(2) Current assets
(a) Current investments	127.890	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1057.885	1077.723	986.777
(d) Cash and cash equivalents	115.524	112.612	51.906
(e) Short-term loans and advances	178.271	155.699	117.335
(f) Other current assets	0.000	0.000	0.384
Total Current Assets	1479.570	1346.034	1156.402

TOTAL	2295.222	2035.184	1663.897

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Gross Total Income from operation including Reimbursement, Duties etc.	4633.145	4353.886	4159.791
Other(non-operating) Income	22.572	19.685	21.649
TOTAL	4655.717	4373.571	4181.440

EXPENSES	4425.097	4132.050	4011.486

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	230.620	241.521	169.954

FINANCIAL EXPENSES	1.737	11.372	18.971

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	228.883	230.149	150.983

DEPRECIATION/ AMORTISATION	39.439	29.014	16.902

PROFIT/ (LOSS) BEFORE TAX	189.444	201.135	189.441

TAX	65.674	71.037	53.299

PROFIT/ (LOSS) AFTER TAX	123.530	129.998	80.781

EARNINGS IN FOREIGN CURRENCY	352.876	295.681	339.470

Earnings / (Loss) Per Share (Rs.)	2.06	2.17	1.35

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	157.789	(32.700)	(29.038)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.67	2.99	1.94

Operating Profit Margin (PBDIT / Sales)	(%)	4.98	5.55	4.09

Return on Total Assets (PBT/Total Assets}	(%)	8.28	9.93	11.42

Return on Investment (ROI) (PBT/Networth)		0.14	0.17	0.26

Debt Equity Ratio (Total Debt/Networth)		0.01	0.01	0.22

Current Ratio (Current Asset/Current Liability)		2.30	2.33	1.59

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	262.000	600.000	600.000
Reserves & Surplus	480.901	610.899	734.429
Net worth	742.901	1210.899	1334.429

long-term borrowings	0.035	0.000	0.000
Short term borrowings	162.821	13.982	9.306
Total borrowings	162.856	13.982	9.306
Debt/Equity ratio	0.219	0.012	0.007

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)
Sales	4159.791	4353.886	4633.145
		4.666	6.414

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4159.791	4353.886	4633.145
Profit	80.781	129.998	123.530
	1.94%	2.99%	2.67%

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	No
8	Designation of contact person	No
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	No
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	Yes
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

RESULTS OF OPERATION

Following are the figures comparing the same items in respect of the previous year ended March 2014:-

The Gross Total Income for the year ended 31^st March 2013 increased to Rs. 4633.100 Million comparing to Rs. 4353.900 Million for previous Year. It shows an increase of business by 6.41%.

The Profits before Interest, Depreciation, Tax and social responsibility cost stood at Rs.230.600 Million as compared to previous Financial Year amount Rs.241.500 Million resulting a decrease by 4.51%. The company has contributed Rs.13.165 Million towards donations to mitigate its social responsibilities as compared to previous financial year amount Rs.13.386 Million.

Depreciation is charged to Profit and Loss Account as per rates specified under the Companies Act thereby Depreciation charges incurred to Rs.39.400 Million as compared to Rs.29.000 Million in the previous year.

The company has provided Rs.4.139 Million for the deferred tax provision.

The Provision for income tax is at Rs. 61.500 Million. (Previous year Rs.67.200 Million)

The Net Profit available for Appropriation is Rs.123.530 Million (Previous year Rs.129.998 Million) and no amount has been transferred to General Reserve (Previous year NIL).

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10112074	23/12/2011 *	128,200,000.00	INDUSIND BANK LIMITED	CTS NO.32, ACME PLAZA, KURLA ROAD, ANDHERI, MUMBAI - 400059, Maharashtra, INDIA	B44041879
2	10111586	21/04/2010 *	110,000,000.00	INDUSIND BANK LIMITED	CTS NO. 32, ACME PLAZA, ANDHERI-KURLA ROAD, MUMBAI - 400059, Maharashtra, INDIA	A86143864

* Date of charge modification

FIXED ASSETS

Land
Buildings
Office Building
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.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	RAS

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		60

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.

MIRA INFORM REPORT

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