1. Summary Information

		Country	India
Company Name	INDIA SHOES EXPORTS PRIVATE LIMITED	Principal Name 1	Mrs. Israr Ahmed Mecca
Status	Satisfactory	Principal Name 2	Mr. Rafeeque Ahmed Mecca
		Registration #	18-040339
Street Address	151/4, Mount Poonamallee High Road, Chennai – 600089, Tamilnadu, India
Established Date	17.04.1998	SIC Code	--
Telephone#	91-44-22520710/22521515/22521946/22521654	Business Style 1	Manufacturer
Fax #	91-44-22520358	Business Style 2	Exporters
Homepage	Not Available	Product Name 1	Shoe Uppers
# of employees	Not Available	Product Name 2	Footwear
Paid up capital	Rs. 88,177,200/-	Product Name 3	--
Shareholders	Bodies corporate - 98.68 Directors or relatives of Directors - 1.32	Banking	State Bank of India
Public Limited Corp.	No	Business Period	13 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Holding Company :		Farida Holdings Private Limited	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	385,835,000	Current Liabilities	240,159,000
Inventories	436,112,000	Long-term Liabilities	476,250,000
Fixed Assets	129,007,000	Other Liabilities	8,140,000
Deferred Assets	000	Total Liabilities	724,549,000
Invest& other Assets	13,666,000	Retained Earnings	151,894,000
		Net Worth	240,071,000
Total Assets	964,620,000	Total Liab. & Equity	964,620,000
Total Assets (Previous Year)	724,816,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	NA	Net Profit	NA
Sales(Previous yr)	1,262,404,000	Net Profit(Prev.yr)	1,1955,000

MIRA INFORM REPORT

Report Date :

21.04.2012

IDENTIFICATION DETAILS

Name :	INDIA SHOES EXPORTS PRIVATE LIMITED
Registered Office :	151/4, Mount Poonamallee High Road, Chennai – 600089, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.04.1998
Com. Reg. No.:	18-040339
Capital Investment / Paid-up Capital :	Rs.88.177 Millions
CIN No.: [Company Identification No.]	U19201TN1998PTC040339
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of Shoe Uppers and Footwear
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 960000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Note: Latest Profit and Loss not Available

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	151/4, Mount Poonamallee High Road, Chennai – 600089, Tamilnadu, India
Tel. No.:	91-44-22520710/22521515/22521946/22521654/22522610
Fax No.:	91-44-22520358
E-Mail :	holding@farida.co.in office@indiashoesexports.in hrd@forida.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Rafeeque Ahmed Mecca

Designation :

Managing Director

Address :

10 Kothari Road, Nungambakkam, Chennai – 600034, Tamilnadu, India

Date of Birth/Age :

17.09.1947

Date of Appointment :

17.04.1998

DIN No.:

00013749

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	29/12/1979	29/12/1979	-	Active	NO
2	U18209TN1981PTC008805	FARIDA CLASSIC SHOES PRIVATE LIMITED	Managing director	9/6/1981	9/6/1981	-	Active	NO
3	U65993TN1985PTC011781	FARIDA HOLDINGS PRIVATE LIMITED	Director	19/04/1985	19/04/1985	-	Active	NO
4	U18209TN1987PTC014919	DELTA SHOES PRIVATE LIMITED	Managing director	29/09/1987	29/09/1987	-	Active	NO
5	U73100TN1992NPL022530	INDIAN INSTITUTE OF LEATHER PRODUCTS	Director	23/04/1992	23/04/1992	-	Active	NO
6	U19201TN1995PTC030691	BAER SHOES (INDIA) PRIVATE LIMITED	Director	28/03/1995	28/03/1995	25/06/2008	Active	NO
7	U19201TN1998PTC040339	INDIA SHOES EXPORTS PRIVATE LIMITED	Managing director	17/04/1998	17/04/1998	-	Active	NO
8	U19119TN1976PTC007207	FARIDA SHOES PRIVATE LIMITED	Managing director	1/1/2000	1/1/2000	-	Active	NO
9	U19201KA2001PTC029147	KENMORE SHOES PRIVATE LIMITED	Director	19/06/2001	19/06/2001	-	Active	NO
10	U45203TN2001NPL047485	AMBUR ECONOMIC DEVELOPMENT ORGANISATION	Director	23/07/2001	23/07/2001	-	Active	NO
11	U19129TN2004PTC053326	MADISON EXPORTS PRIVATE LIMITED	Director	26/05/2004	26/05/2004	-	Active	NO
12	U19201TN2004PTC053703	ASTON SHOES PRIVATE LIMITED	Managing director	12/7/2004	12/7/2004	-	Active	NO
13	U19112TN2005PTC055152	ARCOT SOLES PRIVATE LIMITED	Director	13/01/2005	13/01/2005	-	Active	NO
14	U74140TN2005PTC055310	FARIDA MANAGEMENT SERVICES PRIVATE LIMITED	Managing director	7/2/2005	7/2/2005	-	Strike off	NO
15	U74210TN2005PTC055311	FARIDA ENGINEERING SERVICES PRIVATE LIMITED	Managing director	7/2/2005	7/2/2005	-	Amalgamated	NO
16	U19116TN2005PTC055503	FARIDA XIEZHAN MOULDS PRIVATE LIMITED	Director	28/02/2005	28/02/2005	-	Amalgamated	NO
17	U19201TN2005PTC055925	FARIDA PRIME TANNERY PRIVATE LIMITED	Director	11/4/2005	11/4/2005	-	Active	NO
18	U19116TN2005PTC056220	AADIL ASHFAQUE & CO.PRIVATE LIMITED	Director	10/5/2005	10/5/2005	-	Active	NO
19	U19112TN2006PTC058989	JAFRA INSOLES INDIA PRIVATE LIMITED	Director	24/02/2006	24/02/2006	-	Active	NO
20	U93090TN1996NPL035469	INDIAN LEATHER INDUSTRY FOUNDATION	Director	5/8/2006	5/8/2006	-	Active	NO
21	U19201TN2004PTC053247	TOP FONDI SOLES (INDIA) PRIVATE LIMITED	Director	21/08/2007	18/06/2007	-	Amalgamated	NO
22	U19119TN1989PLC016997	AMBUR TANNERY EFFLUENT TREATMENT COMPANY LIMITED	Director	20/06/2007	20/06/2007	-	Active	NO
23	U93000TN2008NPL068574	CHENNAI ENVIRONMENTAL MANAGEMENT COMPANY OF TANNERS	Director	15/07/2008	15/07/2008	-	Active	NO
24	U63090TN2011PTC080447	WESTERN GATEWAY CARGO SERVICES PRIVATE LIMITED	Director	4/5/2011	4/5/2011	-	Active	NO

Name :

Mrs. Israr Ahmed Mecca

Designation :

Director

Address :

10 Kothari Road, Nungambakkam, Chennai – 600034, Tamilnadu, India

Date of Birth/Age :

25.01.1972

Date of Appointment :

17.04.1998

DIN No.:

0013799

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U19201TN1998PTC040339	INDIA SHOES EXPORTS PRIVATE LIMITED	Director	17/04/1998	17/04/1998	-	Active	NO
2	U65993TN1985PTC011781	FARIDA HOLDINGS PRIVATE LIMITED	Director	1/1/2000	1/1/2000	-	Active	NO
3	U18209TN1995PTC032647	EXETER SHOES PRIVATE LIMITED	Managing director	1/1/2000	1/1/2000	-	Amalgamated	NO
4	U19201TN2001PTC046498	CHENNAI FOOTWEAR PRIVATE LIMITED	Director	25/01/2001	25/01/2001	-	Amalgamated	NO
5	U19201TN2005PTC055925	FARIDA PRIME TANNERY PRIVATE LIMITED	Director	11/4/2005	11/4/2005	-	Active	NO
6	U19201TN2003PTC050177	STANFORD SHOES PRIVATE LIMITED	Director	13/01/2007	13/01/2007	-	Amalgamated	NO
7	U19200TN2008PTC067408	PAALAR SHOES PRIVATE LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
M Rafeeque Ahmed Mecca	116281
Farida Holdings Private Limited, India	6661199
Farida Classic Shoes Private Limited, India	1109613
Delta Shoes Private Limited, India	232947
Farida Shoes Private Limited, India	232560
Farida Leatherwear Private Limited, India	116280
Aston Shoes Private Limited, India	116280
Farida Prime Tannery Private Limited, India	116280
Kenmore Shoes Private Limited, India	116280
Total	8817720

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	98.68
Directors or relatives of Directors	1.32
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporters of Shoe Uppers and Footwear

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Actual Production
Arrival Full Shoes (JW)		20561
Arrival of Uppers (JW)		647363

Licensed Capacity (Per Annum): 1080000

Installed Capacity (Per Annum): 1080000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Leather and International Branch, MVJ Towers, 177/1, Poonamallee High Road, Kilpauk, Chennai – 600010, Tamilnadu, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans secured	473.036	411.762
Total	473.036	411.762
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loan	3.214	3.214
Total	3.214	3.214

Banking Relations :	--
Auditors :
Name :	Kalyanasundaram and Company Chartered Accountant
Address :	18 (Old No 22) Second Cross Street Lake Area Nungambakkam, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-28172873
Fax No.:	91-44-28175393
E-Mail :	bks_chennai@dataone.in
PAN.:	AAAFK0600Q
Holding Company :	Farida Holdings Private Limited CIN: U65993TN1985PTC011781
Associates :	Farida Shoes Private Limited Farida Classic Shoes Private Limited Farida Leatherware Private Limited Farida Prime Tannery Private Limited Kenmore Shoes Private Limited Farida Holding Private Limited Arcot Soles Private Limited Jafra Insoles Private Limited Exeter Shoes Private Limited Delta Shoes Private Limited Mercury Shoes Paalar Shoes Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9200000	Equity Shares	Rs.10/- each	Rs. 92.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8817720	Equity Shares	Rs.10/- each	Rs. 88.177 Millions

FINANCIAL DATA

[all figures are in Rupees Millions].

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		88.177	77.100	69.333
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		151.894	111.659	84.171
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		240.071	188.759	153.504
LOAN FUNDS
1] Secured Loans		473.036	411.762	603.684
2] Unsecured Loans		3.214	3.214	3.199
TOTAL BORROWING		476.250	414.976	606.883
DEFERRED TAX LIABILITIES		3.603	3.320	2.977
TOTAL		719.924	607.055	763.364
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		129.007	89.741	109.639
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		13.666	0.161	0.016
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	436.112	373.640	396.631
	Sundry Debtors	135.895	66.079	139.002
	Cash & Bank Balances	16.181	19.596	65.358
	Other Current Assets	7.278	3.320	10.464
	Loans & Advances	226.481	172.279	224.528
Total Current Assets		821.947	634.914	835.983
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	240.159	81.868	157.120
	Provisions	4.537	35.893	25.154
Total Current Liabilities		244.696	117.761	182.274
Net Current Assets		577.251	517.153	653.709
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		719.924	607.055	763.364

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1262.404	1597.395
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1248.409	1592.107
	PROFIT BEFORE TAX		13.995	5.288
Less	TAX		2.040	1.774
	PROFIT AFTER TAX		11.955	3.514
	IMPORTS
		Consumables stores	0.170	2.122
		Capital goods	4.452	0.000
	TOTAL IMPORTS		4.622	2.122
	Earnings Per Share (Rs.)		1.55	0.51

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.95	0.22
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.93	0.56
Return on Investment (ROI) (PBT/Networth)		NA	0.07	0.03
Debt Equity Ratio (Total Liability/Networth)		1.01	2.82	5.14
Current Ratio (Current Asset/Current Liability)		3.35	5.39	4.59

LOCAL AGENCY FURTHER INFORMATION

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	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	No
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U19201TN1998PTC040339
Name of the company	INDIA SHOES EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	151/4, Mount Poonamallee High Road, Chennai – 600089, Tamilnadu, India Email: holding@farida.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90285137
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Leather and International Branch, MVJ Towers, 177/1, Poonamallee High Road, Kilpauk, Chennai – 600010, Tamilnadu, India Email: namachi.c.n@sbi.co.in
Nature of instrument creating charge	Supplemental Agreement of Loan For increase in the Overall Limit. Supplemental Agreement of Hypothecation of Goods and Assets for increase in the Overall Limit Letter regarding the grant of Individual Limits within the overall limit. Extension of Equitable Mortgage. Hypothecation Letter in Respect of Machines accepted Collateral Security for advances.
Date of instrument Creating the charge	06.07.2009
Amount secured by the charge	Rs. 1717.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Agreement Terms of Repayment As Per Agreement Margin Raw Material : 25% Stock in Process : 25% Finished Goods : 25% LC / BG : 15% Extent and Operation of the charge As Per Agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks of raw materials, stock in process, finished goods, consumable stores, spares, etc., and Receivables. Extension of Equitable Mortgage All that piece of Agricultural dry land measuring 44.28 cents in Old S.No.51/1A and Part in Re-Survey No.51/1A2 of No.81, Porur Village Saidapet Taluk, Sub-Registration District of Kundrathur; and 2.69 cents comprised in Old S.No.51/1 and being part of Re-Survey No.51/1A2 of No.81, Porur Village, Saidapet Taluk belonging to Company. Factory Land measuring 3.55 acres(1.55 acres in S No.151/4 and 2.00 acres in Survey Nos.153/3 & 4) in ramapuram Village and factory building with builtup area of 136942 sq ft bearing door No.77, Mount Poonamallee Road, Ramapuram, and Chennai standing in the name of M/s. India Shoes Export Private Limited. The above property has secured the present limit of Rs.637.200 Millions sanctioned to the company and Rs.1079.900 Millions sanctioned to M/s.Farida Shoes Private Limited. together with interest cost, charges and all other expenses which may be debited to the account from time to time - Total limit Rs. 1717.100 Millions
Particulars of the present modification	(i) Hypothecation of stocks of raw materials, stock in process, finished goods, Consumables, Stores, Spares and other Current Assets and etc. (ii) Extension of EM over Company's immovable Property (Details of Property as per Colum No.15) (iii) Extension of hypothecation charge over Company's P & M to cover the revised limit sanctioned to M/s. India Shoes Exp. P Ltd (viz. Rs.637.200 Millions.) and M/s. Farida Shoes P Ltd (viz. Rs.1079.900 Millions.) Total limits covered is Rs. 1717.100 Millions

FIXED ASSETS:

• Land
• Building
• Machinery
• Furniture and fixtures
• Electrical and fittings
• Tools and equipment

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 records 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 records 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.51.99
UK Pound	1	Rs.83.53
Euro	1	Rs.68.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.