In cases where any person, firm, company or organization makes an application pursuant to Rule 3, the Excise Duty  Officer specified by the Department may, upon examining the matters mentioned in the application, issue the license containing the terms and conditions, as well, in the format referred to in Schedule-3 to such a person, firm, company or organization to manufacture, import, sell or store a product subject to excise duty or deliver service subject to excise duty.