MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	ADANI GLOBAL PTE LTD

Registered Office :	10 Anson Road #34-16 International Plaza Singapore 079903

Country :	Singapore

Financials (as on) :	31.03.2011

Date of Incorporation :	08.04.2000

Com. Reg. No.:	200003047n

Legal Form :	Limited Private Company

Line of Business :	General Wholesale Trade (including general importers and exporters)

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

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^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

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

Executive Summary

Company Name	:	ADANI GLOBAL PTE LTD
Registration No	:	200003047N
Date of Registration	:	08/04/2000
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	10 ANSON ROAD #34-16 INTERNATIONAL PLAZA SINGAPORE 079903
Date of Change of Address	:	03/10/2008
Contact No.	:	6225 2070
Fax No.	:	6225 2537
Website	:	www.adanigroup.com
Registered Activities	:	1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) 2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)
Issued Ordinary Capital*	:	$43,117,530.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 43,117,530
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$43,117,530.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	1
Auditor	:	PRUDENTIAL PUBLIC ACCOUNTING CORPORATION
Bankers / Financiers	:	CIM TRUSTEES (MAURITIUS) LIMITED SOCIETE GENERALE THE BANK OF NEW YORK MELLON INDIAN OVERSEAS BANK STATE BANK OF INDIA AXIS BANK LIMITED, DIFC BRANCH MORGAN WALKER SOLICITORS LIMITED UCO BANK ICICI BANK LIMITED OVERSEA-CHINESE BANKING CORPORATION LIMITED COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND") STANDARD CHARTERED BANK WESTLB AG MIZUHO CORPORATE BANK,LTD AXIS BANK LIMITED SINGAPORE BRANCH MALAYAN BANKING BERHAD THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH NATIXIS KBC BANK N.V. RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT BANK OF INDIA
Turnover	:	SGD - SIN 2,588,757,113.00 (FY2011)
Net Worth	:	SGD - SIN 283,165,314.00 (FY2011)
No. of Bank Charges	:	39
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	143 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008) 162 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007) 171 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2005/2006) 996 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2005/2006) 243 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2004/2005)
Compounded Annual Growth Rate (CAGR)	:	6.97% (4 years)

SHAREHOLDER DETAILS

NAME	:	ADANI GLOBAL LIMITED
SHAREHOLDER ID	:	T07UF0079D
NATIONALITY	:	MAURITIUS
ADDRESS	:	SUITE 501, ST JAMES COURT ST. DENIS STREET, PORT-LOUIS, MAURITIUS
NO. OF ORD SHARES	:	43,117,530
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	CLIFFORD EMMANUEL GERMAIN ABAYASEKARA
ADDRESS	:	33A SURIN AVENUE CHARLTON COURT SINGAPORE 535617
POSITION	:	SECRETARY
DATE OF APPT	:	21/03/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2191478I

NAME	:	BASHEER AHMED SAYEED
ADDRESS	:	10 BODMIN DRIVE SERANGOON GARDEN ESTATE SINGAPORE 559610
POSITION	:	DIRECTOR
DATE OF APPT	:	30/08/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2705335A

NAME	:	SUNIL PATWARI
ADDRESS	:	66 MARINE PARADE ROAD #07-10 COTE D'AZUR SINGAPORE 449300
POSITION	:	DIRECTOR
DATE OF APPT	:	30/08/2010
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7078293F

NAME	:	DESAI NILESHKUMAR ASHOKKUMAR
ADDRESS	:	1 SIGLAP ROAD #05-13 MANDARIN GARDENS SINGAPORE 448906

POSITION	:	DIRECTOR
DATE OF APPT	:	27/09/2010
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7368870A

KEY PERSONNEL PROFILE

Name:	BASHEER AHMED SAYEED
NRIC Number:	S2705335A
Available Address:	10 BODMIN DRIVE SERANGOON GARDEN ESTATE SINGAPORE 559610

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	ADANI GLOBAL PTE LTD	DIRECTOR	30/08/2010	-	-
2	PEARL MINERAL PRIVATE LIMITED (SINGAPORE BRANCH)	AGENT	27/02/2003	-	-

Previous Business

No.

Name

Status

Position

Appt Date

Last Known Inactive Date

HAMSAB PTE. LTD.

LIVE COMPANY

DIRECTOR/SHR

08/07/2004

16/07/2010

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court

Case No.

Year

Date of Filing

Amount

Cause Category

21453

2003

20/06/2003

SGD 2,152.00

SGD 582.75

Negligence Related

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)

ADANI WILMAR PTE. LTD.	50

bANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 39 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201115931
	Date of Registration	:	20/12/2011
	Chargee	:	CIM TRUSTEES (MAURITIUS) LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

2)	Charge No.	:	C201112300
	Date of Registration	:	03/10/2011
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898

3)	Charge No.	:	C201112299
	Date of Registration	:	03/10/2011
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898

4)	Charge No.	:	C201110580
	Date of Registration	:	24/08/2011
	Chargee	:	CIM TRUSTEES (MAURITIUS) LIMITED
	Amount Secured and Currency	:	300,000,000.00 U.S. DOLLAR
	Address	:	---

5)	Charge No.	:	C201110549
	Date of Registration	:	23/08/2011
	Chargee	:	THE BANK OF NEW YORK MELLON
	Amount Secured and Currency	:	All Monies
	Address	:	1 TEMASEK AVENUE #02-01 MILLENIA TOWER SINGAPORE 039192

6)	Charge No.	:	C201110544
	Date of Registration	:	23/08/2011
	Chargee	:	THE BANK OF NEW YORK MELLON
	Amount Secured and Currency	:	All Monies
	Address	:	1 TEMASEK AVENUE #02-01 MILLENIA TOWER SINGAPORE 039192

7)	Charge No.	:	C201108751
	Date of Registration	:	19/07/2011
	Chargee	:	INDIAN OVERSEAS BANK
	Amount Secured and Currency	:	All Monies
	Address	:	64 CECIL STREET IOB BUILDING SINGAPORE 049711

8)	Charge No.	:	C201108747
	Date of Registration	:	19/07/2011
	Chargee	:	INDIAN OVERSEAS BANK
	Amount Secured and Currency	:	All Monies
	Address	:	64 CECIL STREET IOB BUILDING SINGAPORE 049711

9)	Charge No.	:	C201103334
	Date of Registration	:	17/03/2011
	Chargee	:	STATE BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	135 CECIL STREET #01-00 SINGAPORE 069536

10)	Charge No.	:	C201102341
	Date of Registration	:	23/02/2011
	Chargee	:	AXIS BANK LIMITED, DIFC BRANCH
	Amount Secured and Currency	:	All Monies
	Address	:	---

11)	Charge No.	:	C201102159
	Date of Registration	:	18/02/2011
	Chargee	:	MORGAN WALKER SOLICITORS LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

12)	Charge No.	:	C201012141
	Date of Registration	:	14/12/2010
	Chargee	:	UCO BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE #01-01 BHARAT BUILDING SINGAPORE 048617

13)	Charge No.	:	C201011786
	Date of Registration	:	06/12/2010
	Chargee	:	MORGAN WALKER SOLICITORS LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

14)	Charge No.	:	C201010226
	Date of Registration	:	29/10/2010
	Chargee	:	ICICI BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	9 RAFFLES PLACE #50-01 REPUBLIC PLAZA SINGAPORE 048619

15)	Charge No.	:	C201010095
	Date of Registration	:	26/10/2010
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

16)	Charge No.	:	C201009664
	Date of Registration	:	18/10/2010
	Chargee	:	STATE BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	135 CECIL STREET #01-00 SINGAPORE 069536

17)	Charge No.	:	C201007653
	Date of Registration	:	30/08/2010
	Chargee	:	MORGAN WALKER SOLICITORS LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

18)	Charge No.	:	C201004337
	Date of Registration	:	25/05/2010
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")
	Amount Secured and Currency	:	All Monies
	Address	:	---

19)	Charge No.	:	C200907995
	Date of Registration	:	04/12/2009
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

20)	Charge No.	:	C200907993
	Date of Registration	:	04/12/2009
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

21)	Charge No.	:	C200809312
	Date of Registration	:	09/10/2008
	Chargee	:	WESTLB AG
	Amount Secured and Currency	:	All Monies
	Address	:	3 TEMASEK AVENUE #23-02A CENTENNIAL TOWER SINGAPORE 039190

22)	Charge No.	:	C200808441
	Date of Registration	:	10/09/2008
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

23)	Charge No.	:	C200807372
	Date of Registration	:	07/08/2008
	Chargee	:	MIZUHO CORPORATE BANK,LTD
	Amount Secured and Currency	:	All Monies
	Address	:	---

24)	Charge No.	:	C200806728
	Date of Registration	:	21/07/2008
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

25)	Charge No.	:	C200806123
	Date of Registration	:	07/07/2008
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

26)	Charge No.	:	C200804646
	Date of Registration	:	22/05/2008
	Chargee	:	STATE BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	135 CECIL STREET #01-00 SINGAPORE 069536

27)	Charge No.	:	C200703399
	Date of Registration	:	08/05/2007
	Chargee	:	UCO BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE #01-01 BHARAT BUILDING SINGAPORE 048617

28)	Charge No.	:	C200701802
	Date of Registration	:	07/03/2007
	Chargee	:	MIZUHO CORPORATE BANK,LTD
	Amount Secured and Currency	:	All Monies
	Address	:	---

29)	Charge No.	:	C200701800
	Date of Registration	:	07/03/2007
	Chargee	:	MIZUHO CORPORATE BANK,LTD
	Amount Secured and Currency	:	All Monies
	Address	:	---

30)	Charge No.	:	C200701001
	Date of Registration	:	02/02/2007
	Chargee	:	AXIS BANK LIMITED SINGAPORE BRANCH
	Amount Secured and Currency	:	All Monies
	Address	:	---

31)	Charge No.	:	C200507749
	Date of Registration	:	15/12/2005
	Chargee	:	MALAYAN BANKING BERHAD
	Amount Secured and Currency	:	All Monies
	Address	:	2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

32)	Charge No.	:	C200507645
	Date of Registration	:	12/12/2005
	Chargee	:	MALAYAN BANKING BERHAD
	Amount Secured and Currency	:	All Monies
	Address	:	2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

33)	Charge No.	:	C200406727
	Date of Registration	:	30/12/2004
	Chargee	:	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH
	Amount Secured and Currency	:	All Monies
	Address	:	---

34)	Charge No.	:	C200405202
	Date of Registration	:	20/10/2004
	Chargee	:	NATIXIS
	Amount Secured and Currency	:	All Monies
	Address	:	50 RAFFLES PLACE #41-01 SINGAPORE LAND TOWER SINGAPORE 048623

35)	Charge No.	:	C200405199
	Date of Registration	:	20/10/2004
	Chargee	:	NATIXIS
	Amount Secured and Currency	:	All Monies
	Address	:	50 RAFFLES PLACE #41-01 SINGAPORE LAND TOWER SINGAPORE 048623

36)	Charge No.	:	C200402570
	Date of Registration	:	28/05/2004
	Chargee	:	KBC BANK N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	30 CECIL STREET #12-01 PRUDENTIAL TOWER SINGAPORE 049712

37)	Charge No.	:	C200400567
	Date of Registration	:	30/01/2004
	Chargee	:	RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
	Amount Secured and Currency	:	All Monies
	Address	:	1 RAFFLES QUAY #38-01 ONE RAFFLES QUAY, NORTH TOWER SINGAPORE 048583

38)	Charge No.	:	200103311
	Date of Registration	:	18/07/2001
	Chargee	:	BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	138 ROBINSON ROAD #01-01/02-01/03-01 THE CORPORATE OFFICE SINGAPORE 068906

39)	Charge No.	:	200103310
	Date of Registration	:	18/07/2001
	Chargee	:	BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	138 ROBINSON ROAD #01-01/02-01/03-01 THE CORPORATE OFFICE SINGAPORE 068906

LITIGATION

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

To date, there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2012	Past Years Wef 01 Jan 2012

Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	1

Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	908
	Date of Filing	:	17/11/2004
	Amount	:	500,000.00
	Cause	:	Contract - Sale of goods
	Case Status	:	CONCLUDED
	Plaintiff	:	SEA-SHORE TRANSPORTATION PTE LTD

COMPLIANCE

Date of Last AGM	:	29/07/2011
Date of Last AR	:	05/08/2011
Date of A/C Laid At Last AGM	:	31/03/2011

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2011	% Change	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	2,588,757,113	6.73	2,425,571,017	3,228,720,990	2,192,448,266	1,977,199,230
Profit/(Loss) Before Tax	164,867,274	176.50	59,627,445	36,996,781	5,536,932	2,101,273
Profit After Tax attributable to Shareholders	154,206,187	176.63	55,743,933	34,234,681	4,559,067	1,680,321

Balance Sheet Key Figures
Total Assets	1,599,727,837	123.67	715,205,697	771,690,931	411,378,586	415,197,587
Current Assets	1,556,129,815	131.26	672,903,528	730,865,122	397,207,064	414,134,682
Non Current Assets	43,598,022	3.06	42,302,169	40,825,809	14,171,522	1,062,905

Total Liabilities	1,316,562,524	128.25	576,813,327	688,044,549	361,003,384	401,737,073
Current Liabilities	944,574,672	91.16	494,131,069	588,538,366	271,625,242	186,989,080
Non Current Liabilities	371,987,852	349.90	82,682,258	99,506,183	89,378,142	214,747,993

Shareholders' Funds	283,165,314	104.61	138,392,370	83,646,382	50,375,202	13,460,514
Share Capital	36,652,800	-6.82	39,333,919	39,808,860	40,585,110	7,864,865
Total Reserves	246,512,514	148.86	99,058,451	43,837,522	9,790,092	5,595,649

FINANCIAL RATIOS

	Company
	MAR 2011	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Growth %
Year-on-Year Growth	6.73	-24.88	47.27	10.89	NA

Profitability
Profit Margin (%)	5.96	2.30	1.06	0.21	0.08
Return on Equity (%)	54.46	40.28	40.93	9.05	12.48
Return on Assets (%)	9.64	7.79	4.44	1.11	0.40

Leverage
Total Debt/Equity (Times)	4.65	4.17	8.23	7.17	29.85
Current Debt/Equity (Times)	3.34	3.57	7.04	5.39	13.89
Long Term Debt To Equity (Times)	1.31	0.60	1.19	1.77	15.95
Total Asset To Total Equity (Times)	5.65	5.17	9.23	8.17	30.85

Asset Management
Total Assets Turnover (Times)	1.62	3.39	4.18	5.33	4.76
Fixed Assets Turnover (Times)	59.38	57.34	79.09	154.71	1,860.18

Liquidity
Current Ratio (Times)	1.65	1.36	1.24	1.46	2.21

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 6.97% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The company yielded a rate of net profit on sales of 5.96 per cent in FY11 (FY10: 2.30 per cent). The company is now able to book in SGD - SIN 0.06 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.02 a year ago.

Liquidity

Current ratio stood at 1.65 times in FY11 (FY10: 1.36 times). This means that the company has SGD - SIN 1.65 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 4.65 times in FY11, compared with 4.17 times in FY10. This means that the company requires additional external financing of SGD - SIN 4.65 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 54.46 per cent for Subject in the current financial period, as compared to 40.28 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 9.64 per cent (FY10: 7.79 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 1.62 times in FY11 (FY10: 3.39 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.88
UK Pound	1	Rs.86.46
Euro	1	Rs.69.49

INFORMATION DETAILS

Report Prepared by :

MNL

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	----

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%)

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.