1. Summary Information

		Country	India
Company Name	ADANI SHIPPING (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Pranav Sevanti Vora
Status	Moderate	Principal Name 2	Mr. Jatinkumar Rameshchandra Jalundhwala
		Registration #	11-207152
Street Address	601, 6th Floor, Hallmark Business Plaza, Opposite Guru Nanak Hospital, Bandra (East), Mumbai – 400051, Maharashtra
Established Date	27.08.2010	SIC Code	--
Telephone#	91-22-66881111	Business Style 1	Ship Management Services
Fax #	91-22-26561616	Business Style 2	Container Vessel Management
Homepage	Not Available	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 500,000/-	Product Name 3	--
Shareholders	Bodies corporate 100.00%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	3 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (33)
Related Company
Relation	Country	Company Name	CEO
Holding company	India	Adani Enterprises Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	165,000	Current Liabilities	2,637,000
Inventories	0,000	Long-term Liabilities	0,000
Fixed Assets	438,000	Other Liabilities	1,673,000
Deferred Assets	1,295,000	Total Liabilities	4,310,000
Invest& other Assets	0,000	Retained Earnings	(2,912,000)
		Net Worth	(2,412,000)
Total Assets	1,898,000	Total Liab. & Equity	1,898,000
Total Assets (Previous Year)	929,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales [Total Income]	14,782,000	Net Profit/ (Loss)	(2,602,000)
Sales (Previous yr)	8,101,000	Net Profit/ (Loss) (Prev.yr)	39,000

MIRA INFORM REPORT

Report Date :

10.09.2013

IDENTIFICATION DETAILS

Name :	ADANI SHIPPING (INDIA) PRIVATE LIMITED
Registered Office :	601, 6th Floor, Hallmark Business Plaza, Opposite Guru Nanak Hospital, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.08.2010
Com. Reg. No.:	11-207152
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U63090MH2010PTC207152
TAN No.: [Tax Deduction & Collection Account No.]	MUMA38065G
PAN No.: [Permanent Account No.]	AAICA8476F
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Services such as ship management, container vessel management, vessel management, bulk carrier and crew management services, crew support services, ship repair and ship inspections services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Adani Enterprises Limited’. It is an established company having a moderate track record. There appear huge accumulated losses reported by the company. There are no external borrowings recorded in the books during 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. In view of strong percentage, the company can be considered for business dealings with some caution.

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 31-03-2012.

LOCATIONS

Registered Office :	601, 6th Floor, Hallmark Business Plaza, Opposite Guru Nanak Hospital, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-66881111
Fax No.:	91-22-26561616
E-Mail :	hardik.sanghvi@adani.com info@adanigroup.com

DIRECTORS

AS ON 06.08.2013

Name :

Mr. Pranav Sevanti Vora

Designation :

Director

Address :

Flat No. 205, Andulus Plaza, Bur Dubai 17145

Date of Birth/Age :

21.10.1970

Date of Appointment :

27.08.2010

PAN No.:

ABJPV2936L

DIN No.:

02411233

Name :

Mr. Jatinkumar Rameshchandra Jalundhwala

Designation :

Director

Address :

602, Satkrut, Partha Sarthi Avenue, 132 Ring Road, Near Shyamal Raw House, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

29.10.1960

Date of Appointment :

27.08.2010

PAN No.:

ADIPJ3773C

DIN No.:

00137888

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	U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	Director	15/01/2002	15/01/2002	05/07/2008	Active	NO
2	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Director	31/03/2003	31/03/2003	10/11/2006	Active	NO
3	U74999GJ2000PTC038407	ADANI TRUSTEE COMPANY PRIVATE LIMITED	Director	28/08/2009	31/05/2009	-	Amalgamated	NO
4	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL PRIVATE LIMITED	Director	29/09/2009	31/05/2009	09/03/2011	Active	NO
5	U72900GJ2001PTC039192	ASCENDUM KPS PRIVATE LIMITED	Director	30/09/2009	31/05/2009	01/01/2011	Active	NO
6	U45204GJ2010PLC059226	ADANI INFRA (INDIA) LIMITED	Director	05/08/2010	08/03/2010	-	Active	NO
7	U15400MH2008PTC185729	JADE FOOD AND PROPERTIES PRIVATE LIMITED	Additional director	17/08/2010	17/08/2010	27/08/2010	Active	NO
8	U70102MH2008PTC185730	LUSHGREEN LANDSCAPES PRIVATE LIMITED	Director	05/08/2011	17/08/2010	16/10/2012	Active	NO
9	U01403MH2008PTC185743	JADE AGRI LAND PRIVATE LIMITED	Director	05/08/2011	17/08/2010	16/10/2012	Active	NO
10	U01403MH2008PTC185727	JADE AGRICULTURAL COMPANY PRIVATE LIMITED	Director	05/08/2011	17/08/2010	16/10/2012	Active	NO
11	U63090MH2010PTC207152	ADANI SHIPPING (INDIA) PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO
12	U11200GJ2010PLC062148	MUNDRA LNG LIMITED	Director	28/08/2010	28/08/2010	-	Active	NO
13	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	09/08/2011	13/09/2010	16/10/2012	Active	NO
14	U51219MH2006PTC163005	RAJENDRA AGRI- TRADE PRIVATE LIMITED	Director	09/08/2011	13/09/2010	16/10/2012	Active	NO
15	U45201GJ2007PTC051837	ADANI LANDSCAPES PRIVATE LIMITED	Director	09/08/2011	13/09/2010	16/10/2012	Active	NO
16	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	06/08/2011	13/09/2010	16/10/2012	Active	NO
17	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	06/08/2011	13/09/2010	16/10/2012	Active	NO
18	U92412GJ2008PTC055617	BELVEDERE GOLF AND COUNTRY CLUB PRIVATE LIMITED	Director	05/08/2011	13/09/2010	16/10/2012	Active	NO
19	U74999GJ2008PTC055618	SHANTIGRAM UTILITY SERVICES PRIVATE LIMITED	Director	05/08/2011	13/09/2010	16/10/2012	Active	NO
20	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	09/08/2011	13/09/2010	16/10/2012	Active	NO
21	U51219MH2006PTC163007	ROHIT AGRI-TRADE PRIVATE LIMITED	Director	08/08/2011	13/09/2010	16/10/2012	Active	NO
22	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	07/08/2013	24/08/2012	-	Active	NO

Name :

Mr. Sandeep Mehta

Designation :

Director

Address :

C-601, Chaitanya Towers, Appasaheb Marathe Marg, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

11.10.1961

Date of Appointment :

11.07.2012

PAN No.:

AAIPM6848G

DIN No.:

00897409

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	U45202DL2004PLC124267	KUTCH RAILWAY COMPANY LIMITED	Director	28/09/2006	22/08/2006	22/10/2012	Active	NO
2	U63090GJ2005PLC046419	ADANI LOGISTICS LIMITED	Whole-time director	14/07/2010	18/07/2009	01/07/2012	Active	NO
3	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Director	02/06/2011	26/06/2010	01/04/2013	Active	NO
4	U45203GJ2010PTC061029	HAZIRA INFRASTRUCTURE PRIVATE LIMITED	Director	30/06/2011	09/08/2010	-	Active	NO
5	U61200GJ2011PTC065095	ADANI INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	07/08/2012	22/04/2011	02/07/2013	Active	NO
6	U63090MH2010PTC207152	ADANI SHIPPING (INDIA) PRIVATE LIMITED	Director	11/07/2012	01/02/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 06.08.2013

Names of Shareholders	No. of Shares
Adani Enterprises Limited, India	49994
Gautam Shantilal Adani Nominee of Adani Enterprises Limited, India	1
Rajesh Shantilal Adani Nominee of Adani Enterprises Limited, India	1
Vasant Shantilal Adani Nominee of Adani Enterprises Limited, India	1
Pranav Vinodbhai Adani Nominee of Adani Enterprises Limited, India	1
Devang Sanat Desai Nominee of Adani Enterprises Limited, India	1
Priti Gautam Adani Nominee of Adani Enterprises Limited, India	1
Total	50000

AS ON 06.08.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Services such as ship management, container vessel management, vessel management, bulk carrier and crew management services, crew support services, ship repair and ship inspections services.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Axis Bank Limited

Banking Relations :	--
Auditors :
Name :	Dharmesh Parikh and Company Chartered Accountants
Address :	303/ 304, Milestone, Near Drive-In-Cinema, Opposite T. V. Tower, Thaltej, Ahmedabad – 380054, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAGFD1279G
Holding company:	Adani Enterprises Limited [L51100GJ1993PLC019067]
Fellow Subsidiary company :	· Rahi Shipping Pte Limited · Vanshi Shipping Pte Limtied · Aanya Maritime Inc · Aashna Maritime Inc

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	(2.912)	(0.310)	(0.350)
(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)	(2.412)	0.190	0.150
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.673	0.000	0.000
Total Non-current Liabilities (3)	1.673	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.991	0.718	1.958
(c) Other current liabilities	0.646	0.003	0.053
(d) Short-term provisions	0.000	0.018	0.000
Total Current Liabilities (4)	2.637	0.739	2.011
TOTAL	1.898	0.929	2.161
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.349	0.074	0.088
(ii) Intangible Assets	0.089	0.110	0.131
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.295	0.107	0.156
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.733	0.291	0.375
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.049	0.622	1.786
(e) Short-term loans and advances	0.116	0.016	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.165	0.638	1.786
TOTAL	1.898	0.929	2.161

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	14.782	8.101	1.909
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	18.573	8.010	7.902
	PROFIT/ (LOSS) BEFORE TAX		(3.791)	0.091	(0.506)
Less	TAX		(1.189)	0.052	(0.156)
	PROFIT/ (LOSS) AFTER TAX		(2.602)	0.039	(0.350)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	14.733	7.993	1.909
	Earnings/ (Loss) Per Share (Rs.)		(52.04)	0.78	(7.00)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(25.65)	1.12	(26.51)
Return on Total Assets (PBT/Total Assets}	(%)	(628.69)	11.07	(25.24)
Return on Investment (ROI) (PBT/Networth)		1.57	0.48	(3.37)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.06	0.86	0.89

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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 involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

GENERAL INFORMATION

The Company is incorporated on 27/08/2010 vide registration no. U63090MH2010PTC207152.

The main objects of the company to be pursued on its incorporation are to carry on the business to provide services such as ship management services, container vessel management, vessel management, bulk carrier and crew management services, crew support services, ship repair and ship inspections services.

FIXED ASSETS:

· Furniture and fixtures

· Office equipment

· Computer equipments

· Other equipments

· Computer software

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. 65.96
UK Pound	1	Rs. 102.91
Euro	1	Rs. 86.58

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.