MIRA INFORM REPORT

Report No. :	339968
Report Date :	08.09.2015

IDENTIFICATION DETAILS

Name :	KAMARAJAR PORT LIMITED (w.e.f. 25.02.2014)
Formerly Known As :	ENNORE PORT LIMITED
Registered Office :	4^th Floor, Super Speciality Diabetic Centre, (erstwhile DLB building), Rajaji Salai, Chennai – 600001, Tamilnadu
Tel. No.:	91-44-25251667
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.10.1999
Com. Reg. No.:	18-043322
Capital Investment / Paid-up Capital :	Rs. 3000.000 Million
CIN No.: [Company Identification No.]	U45203TN1999GOI043322
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the development and operation of port and does not maintain any inventory.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 24000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject was incorporated on October 1999 and declared as a Major Port under the Indian Ports Act 1908 in March 1999. It derives strength from majority ownership of KPL by Government of India. It is an old and well established company having fine track record. The rating takes into consideration strong revenue, healthy financial risk profile characterized by high profit margin, healthy cash accruals and moderate leverage levels. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered 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

Rating Agency Name	CARE
Rating	Long Term Instruments = Tax Fire Bends = Aa
Rating Explanation	Have high degree of safety and carry very low credit risk
Date	April 21, 2015

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

Management non co-operative (Tel. No.: 91-44-25251667)

LOCATIONS

Registered Office :	4^th Floor, Super Speciality Diabetic Centre, (erstwhile DLB building), Rajaji Salai, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-25251667
Fax No.:	Not Available
E-Mail :	jayasrin@epl.gov.in

DIRECTORS

AS ON 29.09.2014

Name :

Sarva Daman Misra Atulya Misra

Designation :

Nominee Director

Address :

B-4/3 S A F Games Village, Koeyambedu, Chennai – 600107, Tamilnadu, India

Date of Appointment :

23.09.2010

DIN No.:

02210369

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	U15421TN1974SGC006753	TAMILNADU SUGAR CORPORATION LIMITED	Managing director	05/02/2008	05/02/2008	22/06/2009	Active	NO
2	U15520TN1976SGC007172	PERAMBALUR SUGAR MILLS LIMITED	Managing director	05/02/2008	05/02/2008	22/06/2009	Active	NO
3	L22121TN1979PLC007799	TAMILNADU NEWSPRINT & PAPERS LIMITED	Director	29/08/2008	25/03/2008	26/06/2009	Active	NO
4	U28991TN1965SGC005361	TAMILNADU SMALL INDUSTRIES CORPORATION LIMITED	Managing director	27/05/2009	27/05/2009	06/09/2010	Active	NO
5	U93090TN1971SGC006089	TAMIL NADU STATE TRANSPORT CORPORATION (MADURAI) LIMITED	Director	01/06/2009	01/06/2009	08/09/2010	Active	NO
6	U60231TZ1972SGC003001	TAMIL NADU STATE TRANSPORT CORPORATION COIMBATORE LIMITED	Director	01/06/2009	01/06/2009	08/09/2010	Active	NO
7	U63040TN1980SGC008080	STATE EXPRESS TRANSPORT CORPORATION TAMIL NADU LIMITED	Director	01/04/2010	15/06/2009	08/09/2010	Active	NO
8	U60220TN1975SGC006829	TAMIL NADU STATE TRANSPORT CORPORATION (VILLUPURAM) LIMITED	Director	15/06/2009	15/06/2009	13/09/2010	Active	NO
9	U65191TN1975SGC006887	TAMILNADU TRANSPORT DEVELOPMENT FINANCE CORPORATION LIMITED	Director	15/06/2009	15/06/2009	13/09/2010	Active	NO
10	U60220TN1972SGC006114	TAMILNADU STATE TRANSPORT CORPORATION (KUMBAKONAM) LIMITED	Nominee director	16/06/2009	16/06/2009	08/09/2010	Active	NO
11	U60210TZ1973SGC000656	TAMILNADU STATE TRANSPORT CORPORATION SALEM LIMITED	Director	17/06/2009	17/06/2009	08/09/2010	Active	NO
12	U93090TN1984PLC010658	PALLAVAN TRANSPORT CONSULTANCY SERVICES LTD	Director	19/06/2009	19/06/2009	14/09/2010	Active	NO
13	U60220TN1971SGC006088	METROPOLITAN TRANSPORT CORPORATION (CHENNAI) LIMITED	Director	26/06/2009	26/06/2009	08/09/2010	Active	NO
14	U63040TN1971SGC006006	TAMILNADU TOURISM DEVELOPMENT CORPORATION LIMITED	Director	14/07/2009	14/07/2009	21/10/2010	Active	NO
15	U45203TN1999GOI043322	Kamarajar Port Limited	Nominee director	23/09/2010	23/09/2010	-	Active	NO
16	U75111TN2004GOI054824	SETHUSAMUDRAM CORPORATION LIMITED	Managing director	30/04/2012	28/09/2010	-	Active	NO

Name :

Sanjay Kumar

Designation :

Whole-Time Director

Address :

Flat No.1,Ist Floor, Grace Apartments, Cresentavenue, Kesava Perumalpuram, Raja Annamalaipuram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

15.07.1963

Date of Appointment :

08.06.2011

DIN No.:

03554919

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	U45203TN1999GOI043322	Kamarajar Port Limited	Whole-time director	08/06/2011	08/06/2011	-	Active	NO
2	U74899DL2000PLC109018	CHENNAI-ENNORE PORT ROAD COMPANY LIMITED.	Director	22/09/2011	22/09/2011	-	Active	NO

Name :

Muduvathi Ananthachar Bhaskar Achar

Designation :

Managing Director

Address :

No.8, 9th Avenue, NMPT Colony, Panambur, Mangalopre – 575010, Karnataka, India

Date of Appointment :

21.12.2012

DIN No.:

02250459

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	U45203KA2003PLC032183	HASSAN MANGALORE RAIL DEVELOPMENT COMPANY LIMITED	Nominee director	18/09/2007	18/09/2007	09/03/2009	Active	NO
2	U45202DL2004PLC124267	KUTCH RAILWAY COMPANY LIMITED	Director	25/09/2009	24/02/2009	31/01/2013	Active	NO
3	U45203TN1999GOI043322	Kamarajar Port Limited	Managing director	21/12/2012	21/12/2012	-	Active	NO
4	U75111TN2004GOI054824	SETHUSAMUDRAM CORPORATION LIMITED	Nominee director	21/12/2012	21/12/2012	-	Active	NO

Name :

Muruganandam Narayanaswamy

Designation :

Nominee Director

Address :

D-II, 305, Vinay Marg, Chanakya Puri, New Delhi – 110021, India

Date of Appointment :

13.07.2012

DIN No.:

00540135

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	U70200TN1974SGC006543	TAMILNADU ADIDRAVIDAR HOUSING AND DEVELOPMENT CORPORATION LIMITED	Director	13/07/2004	13/07/2004	22/12/2008	Active	NO
2	U93090TN1983SGC010512	TAMILNADU CORPORATION FOR DEVELOPMENT OF WOMEN LIMITED	Director	30/09/2008	25/05/2006	23/10/2009	Active	NO
3	U75111TN2004GOI054824	SETHUSAMUDRAM CORPORATION LIMITED	Nominee director	03/07/2012	03/07/2012	-	Active	NO
4	U45203TN1999GOI043322	Kamarajar Port Limited	Nominee director	13/07/2012	13/07/2012	-	Active	NO
5	U60300DL2015GOI282703	Indian Port Rail Corporation Limited	Nominee director	10/07/2015	10/07/2015	-	Active	NO

KEY EXECUTIVES

Name :	Gunasekaran Murugan
Designation :	Cfo
Address :	E-20, Golden Jubilee Apartments, Anna Main Road, K.K. Nagar, Chennai – 600078, Tamilnadu, India
Date of Appointment :	23.05.2014
PAN No.:	AEVPG0934Q
Name :	Jayalakshmi Srinivasan
Designation :	Secretary
Address :	Flat 3, Parsn Aditya Apartments, 294, Lloyds Road, Gopalapuram, Chennai – 600086, Tamil Nadu, India
Date of Appointment :	29.05.2015
PAN No.:	ADMPJ3141L

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders	No. of Shares
The President of India, India	199999995
Board of Trustees of Chennai Port Trust, India	100000000
M Gunasekaran	1
T Kumar	1
M A Bhaskarachar	1
Sanjay Kumar	1
V G Shravan Kumar	1
Total	300000000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Government	67.00
Bodies corporate	33.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the development and operation of port and does not maintain any inventory.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

• Canara Bank, Corporate Service Branch, Spencer Tower II, # 770-A, Anna Salai, Chennai – 600002, Tamilnadu, India
• Union Bank of India, Industrial Finance Branch, Riaz Garde, 12, Kodambakkam High Road, Nungambakkam, Chennai – 600034, Tamilnadu, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and advances	4601.213	946.490
Total	4601.216	946.490

Auditors :
Name :	Sankaran and Krishnan Chartered Accountant
Address :	"Rosewood Offices", 130, Mahathma Gandhi Road, Nungambakkam, Chennai – 600034, Tamilnadu, India
PAN No.:	AABFS8856K
Memberships :	--
Collaborators :	--
Joint venture :	Sethusamudram Corporation Limited Chennai-Ennore Port Road Company Limited.

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/- each	Rs. 5000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs. 3000.000 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	3000.000	3000.000	3000.000
(b) Reserves & Surplus	5452.189	3412.221	2380.475
(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)	8452.189	6412.221	5380.475
(3) Non-Current Liabilities
(a) long-term borrowings	7362.713	3938.115	3700.429
(b) Deferred tax liabilities (Net)	25.865	24.488	71.533
(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)	7388.578	3962.603	3771.962
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	161.171	50.788	41.879
(c) Other current liabilities	1754.216	1938.205	1751.180
(d) Short-term provisions	2997.737	1691.415	772.506
Total Current Liabilities (4)	4913.124	3680.408	2565.565
TOTAL	20753.891	14055.232	11718.002
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13886.041	8662.353	8827.647
(ii) Intangible Assets	1.526	2.577	3.627
(iii) Capital work-in-progress	1514.755	1285.273	700.303
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	640.350	600.350	475.250
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	738.866	514.183	500.810
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16781.538	11064.736	10507.637
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	366.273	222.827	209.141
(d) Cash and cash equivalents	1889.968	1803.814	504.698
(e) Short-term loans and advances	1706.581	948.171	489.419
(f) Other current assets	9.531	15.684	7.107
Total Current Assets	3972.353	2990.496	1210.365
TOTAL	20753.891	14055.232	11718.002

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5019.336	3202.121	2486.434
	Other Income	187.250	54.970	16.138
	TOTAL	5206.586	3257.091	2502.572
Less	EXPENSES
	Employees benefits expense	96.488	88.227	76.486
	Other expenses	474.477	361.359	365.768
	Exceptional Items	24.486	59.270	56.590
	Extraordinary Items	0.000	0.000	1.752
	TOTAL	595.451	508.856	500.596
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4611.135	2748.235	2001.976
Less	FINANCIAL EXPENSES	466.309	443.212	661.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	4144.826	2305.023	1340.376
Less/ Add	DEPRECIATION/ AMORTISATION	142.907	137.607	132.545
	PROFIT BEFORE TAX	4001.919	2167.416	1207.831
Less	TAX	838.800	433.700	240.623
	PROFIT AFTER TAX	3163.119	1733.716	967.208
	Earnings Per Share (Rs.)	10.54	5.78	3.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	230.125	230.125	230.125
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	2579.611	2778.235

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	63.02	54.14	38.90
Operating Profit Margin (PBIDT/Sales)	(%)	91.87	85.83	80.52
Return on Total Assets (PBT/Total Assets}	(%)	21.52	17.81	11.46
Return on Investment (ROI) (PBT/Networth)		0.47	0.34	0.22
Debt Equity Ratio (Total Debt /Networth)		0.90	0.65	0.73
Current Ratio (Current Asset/Current Liability)		0.81	0.81	0.47

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	3000.000	3000.000	3000.000
Reserves & Surplus	2380.475	3412.221	5452.189
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5380.475	6412.221	8452.189
long-term borrowings	3700.429	3938.115	7362.713
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long Term Debt	230.125	230.125	230.125
Total borrowings	3930.554	4168.240	7592.838
Debt/Equity ratio	0.731	0.650	0.898

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	2486.434	3202.121	5019.336
		28.784	56.750

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	2486.434	3202.121	5019.336
Profit	967.208	1733.716	3163.119
	38.90%	54.14%	63.02%

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	Yes
33	Market information	----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

MADRAS HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status : Pending

Status ORIGINAL Of : APPLICATION 172 OF 2015

Litigants : ENNORE TANK TERMINALS PRIVATE LIMITED Vs. KAMARAJAR PORT LIMITED

Pet’s Adv.: V.P. RAMAN

Res’s Adv: VINOD KUMAR

Last Date of Hearing -----

Next / Final Date of Hearing : Wednesday, March 18, 2015

Case Updated on Category : ----

CORPORATE INFORMATION

Kamarajar Port Limited, formerly known as Ennore Port Limited (the Company) is a public Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is operating mostly on landlord port model limiting its functions to overall planning, development, mobilization of investments for the development of port and common infrastructure facilities. The development and operations of the terminals are mostly entrusted to private opeartors / captive users.

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loan from others	2761.500	2991.625
Total	2761.500	2991.625

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10489059	19/03/2014	3,654,723,000.00	GDA TRUSTEESHIP LIMITED	GDA House, First Floor, Plot No. 85, S. No. 94 &  95, Bhusari Colony (Right), Kothrud, Pune, Maharashtra - 411038, INDIA	C03087087
2	10418519	25/03/2013	946,490,000.00	SBICAP TRUSTEE COMPANY LIMITED	8, Khetan Bhawan, 5th Floor,198 J.T Road, Charchgate, Mumbai, Maharashtra - 400020, INDIA	B72680424
3	10093080	25/11/2014 *	3,451,874,941.00	Chennai Port Trust	1, RAJAJI SALAI, Chennai, Tamil Nadu - 600001, INDIA	C36634913

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• 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. 66.74
UK Pound	1	Rs. 101.36
Euro	1	Rs. 74.27

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		66

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.