MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	ADANI INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED
Registered Office :	Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.04.2011
Com. Reg. No.:	04-065095
Capital Investment / Paid-up Capital :	Rs.543.659 Millions
CIN No.: [Company Identification No.]	U61200GJ2011PTC065095
PAN No.: [Permanent Account No.]	AAJCA5406A
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of Port Services
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 10490000
Status :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a joint venture between Gujarat based Adani Group and Mediterranean Shipping Company (MSC) group based of Genera, Switzerland to construct a container terminal on build, operate and transfer basis. It is an established company whose project is still under implementation as per the filed documents at registrar of companies. Mr. Jaywant Patel, Accounts Executive provided general information and confirmed that the company has started its business activities from July 2013. As per available, the company possesses a moderate financial profile in its initial stage of operations marked by huge gearing and deteriorating cash reserve as a result of massive capital expenditure incurred during FY 14. The rating also take into consideration, the cognizance of favorable demand outlook for the traffic in India. Payment terms are unknown. In view of project being still under Implementation amid strong management and operational support from the joint venture partner, the subject can be considered for business dealings with 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	17.12.2013

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Jaywant Patel
Designation :	Accounts Executive
Contact No.:	91-79-25555801
Date :	10.07.2014

LOCATIONS

Registered Office :	Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-25555801 / 26565555
Fax No.:	91-79-25556490 / 26565608
E-Mail :	kamlesh.bhagia@adani.com
Website :	www.adani.com

DIRECTORS

As on 05.08.2013

Name :

Mr. Karan Gautambhai Adani

Designation :

Director

Address :

Shantivan Farm, House, Behind Karnabati Club, Gandhi Nagar, Sarkhej Highway, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

07.04.1987

Date of Appointment :

07.08.2012

DIN No.:

03088095

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	U45203GJ2010PTC061029	HAZIRA INFRASTRUCTURE PRIVATE LIMITED	Director	07/06/2010	07/06/2010	02/08/2010	Active	NO
2	U61200GJ2011PTC065095	ADANI INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	07/08/2012	22/04/2011	-	Active	NO
3	U63012GJ2003PTC041919	ADANI PETRONET (DAHEJ) PORT PRIVATE LIMITED	Director	19/07/2011	02/05/2011	-	Active	NO
4	U63090GJ2012PTC069305	ADANI KANDLA BULK TERMINAL PRIVATE LIMITED	Director	07/08/2012	07/03/2012	14/05/2014	Active	NO
5	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	30/09/2013	20/09/2013	-	Active	NO
6	U61200GJ2014PTC078795	ADANI ENNORE CONTAINER TERMINAL PRIVATE LIMITED	Director	18/02/2014	18/02/2014	14/05/2014	Active	NO
7	U45209GJ2009PTC058789	ADANI HAZIRA PORT PRIVATE LIMITED	Director	07/05/2014	07/05/2014	-	Active	NO
8	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Additional director	09/06/2014	09/06/2014	-	Active	NO
9	U45205OR1998PLC005448	THE DHAMRA PORT COMPANY LIMITED	Director	23/06/2014	23/06/2014	-	Active	NO

Name :

Mr. Vasant Ramachandra Murthy

Designation :

Additional Director

Address :

261 River Valley, #07-20, Singapore 238307

Date of Birth/Age :

28.12.1964

Date of Appointment :

01.07.2013

DIN No.:

06620480

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	U61200GJ2011PTC065095	ADANI INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Additional director	01/07/2013	01/07/2013	-	Active	NO
2	U61200GJ2014PTC078795	ADANI ENNORE CONTAINER TERMINAL PRIVATE LIMITED	Director	18/02/2014	18/02/2014	-	Active	NO

Name :

Mr. Vikram Mahesh Sharma

Designation :

Director

Address :

Oostmasln 550, Rotterdam, Netherlands 3063DH

Date of Birth/Age :

17.07.1954

Date of Appointment :

21.08.2013

Name :

Mr. Shaffers Christianus Hubertus Johannes

Designation :

Director

Address :

Amazonestraat 24, Spijkenisse, Netherlands 3207NB

Date of Birth/Age :

13.01.1961

Date of Appointment :

21.08.2013

Name :

Mr. Gommeren Jan Bert Alice

Designation :

Director

Address :

Schaapsbaan 18, Essen, Belgium, 2910NA

Date of Birth/Age :

11.07.1963

Date of Appointment :

21.08.2013

KEY EXECUTIVES

Name :	Mr. Jaywant Patel
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

As on 05.08.2013

Names of Shareholders	No. of Shares
Adani Ports and Special Economic Zone Limited, India	303921400
Bhamidipaty Ravi (Nominee of Adani Ports and Special Economic Zone Limited, India)	100
Mundi Limited, Cyprus	297843070
Adani Enterprises Limited, India	6078430
Total	607843000

As on 24.03.2014

Names of Shareholders	No. of Shares
Adani Ports and Special Economic Zone Limited, India	210110
Total	210110

Equity Share Break up (Percentage of Total Equity)

As on 05.08.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Provider of Port Services
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

Information denied by management

Bankers :

Axis Bank Limited, Corporate Banking Branch, 2nd Floor, 3rd Eye One Building, Near Panchvati Circle, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Foreign currency Term Loans from Banks	6704.198	0.000
Total	6704.198	0.000

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates LLP Chartered Accountants
Address :	Shivalik Ishan, 2^nd Floor, Near C. N. Vidhyalaya, Ambawadi, Ahmedabad, Gujarat, India
PAN No.:	ACHFS9181P
Fellow Subsidiary Company:	· MPSEZ Utilities Private Limited, India
Joint Ventures :	· Adani Ports and Special Economic Zone Limited (APSEZL) · Global Terminal Limited (GTL)
Other Related Parties :	· Adani Ports and Special Economic Zone Limited, India · Global Terminal Limited, Guernsey

CAPITAL STRUCTURE

After 05.08.2013

Authorised Capital : Rs.6210.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.6204.021 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
270000000	Equity Shares	Rs.10/- each	Rs.2700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54365850	Equity Shares	Rs.10/- each	Rs.543.659 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	543.659	5.000
(b) Reserves & Surplus	(25.621)	(0.174)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	2103.259	0.000
Total Shareholders’ Funds (1) + (2)	2621.297	4.826
(3) Non-Current Liabilities
(a) long-term borrowings	6704.198	55.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	430.971	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7135.169	55.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.110	0.025
(c) Other current liabilities	7093.711	800.418
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	7093.821	800.443
TOTAL	16850.287	860.269
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	2515.914	0.000
(iii) Capital work-in-progress	975.166	14.090
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6805.539	781.726
(e) Other Non-current assets	212.635	0.000
Total Non-Current Assets	10509.254	795.816
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	19.978	62.840
(e) Short-term loans and advances	384.502	1.613
(f) Other current assets	5936.553	0.000
Total Current Assets	6341.033	64.453
TOTAL	16850.287	860.269

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2011
	SALES
		TOTAL	203.970	NA
Less	EXPENSES
		TOTAL	201.384	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.586	NA
Less/ Add	DEPRECIATION/ AMORTISATION		28.033	NA
	PROFIT/(LOSS) BEFORE TAX		(25.447)	NA
Less	TAX		0.000	NA
	PROFIT/(LOSS) AFTER TAX		(25.447)	(0.174)
	Earnings Per Share (Rs.)		(1.74)	(0.37)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	(12.48)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(0.16)	NA
Return on Investment (ROI) (PBT/Networth)		(0.01)	NA
Debt Equity Ratio (Total Debt /Networth)		2.56	11.40
Current Ratio (Current Asset/Current Liability)		0.89	0.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Share Capital	5.000	543.659
Reserves & Surplus	(0.174)	(25.621)
Share Application money pending allotment	0.000	2103.259
Net worth	4.826	2621.297
long-term borrowings	55.000	6704.198
Short term borrowings	0.000	0.000
Total borrowings	55.000	6704.198
Debt/Equity ratio	11.397	2.558

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Inter-corporate Deposits	0.000	55.000
Total	0.000	55.000

CORPORATE INFORMATION

Company was incorporated to develop and operate Container Port Terminal at Mundra in terms of the sub-concession agreement dated October 17, 2011 signed with Adani Ports and Special Economic Zone Limited (APSEZL), which has been granted the development rights, by Gujarat Maritime Board (GMB) and Government of Gujarat (GoG), under a 30 year Concession Agreement dated February 17, 2001 for developing and operating port at Mundra, Distt Kutchh, Gujarat. GMB gave in principle approval for the sub-concession to APSEZL vide its letter dated August 30, 2012. Further, the Company also entered into Co-Developer agreement with APSEZL on October 12, 2011 to undertake development of Container facilities at Multi-Product Special Economic Zone (SEZ), Mundra and sought Co-developer approval from Ministry of Commerce and Industry, Government of India. The Co-developer approval was received by the Company subsequent to the year-end on April 8, 2013.

The Company is a Joint Venture (JV), in terms agreement dated October 31, 2011, between APSEZL and Mundi Limited, Wholly Owned Subsidiary of Global Terminal Limited, Guernsey for undertaking the development and operation of Container Terminal (CT-3). As at March 31, 2013, the Container Terminal and related infrastructure facilities are pending to be transferred to the Company from APSEZL pending regulatory approvals. The 'Closing' in terms of the conditions of the joint venture agreement is proposed to be concluded on transfer of Container

Terminal facilities to the Company and receipt of all government approvals However, as at March 31, 2013 Mundi and APSEZL is holding the Company as a joint venture entity.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10504963	06/06/2014	8,013,925,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate, Mumbai, Maharashtra - 400001, India	C08120156
2	10428942	25/04/2013	5,000,000,000.00	Axis Bank Limited	Corporate Banking Branch, 2nd Floor, 3rd Eye One Building, Nr. Panchvati Circle, Ahmedabad, Gujarat - 380006, India	B76212539
3	10421846	28/03/2013	2,708,325,000.00	Axis Bank Limited	Axis Bank Ltd, DIFC Branch, Dubai, 701, 7th Floor, DIFC Al Fattan Currency House Office Building, Difc, Dubai, - 506593, United Arab Emirates	B73778060
4	10390319	09/12/2012	7,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B63434138

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

NEWS:

ADANI PORTS, FRENCH SHIPPING COMPANY IN JV TO BUILD CONTAINER TERMINAL IN MUNDRA

MUMBAI: Adani Ports and SEZ Limited formed an equal joint venture (JV) with French shipping company CMA CGM to build a container terminal at Mundra in Gujarat, the company said in a statement. This will be the fourth container terminal at Mundra, with a capacity to handle 1.3 million twenty foot equivalent containers annually. The construction phase will start immediately and will be completed in a 24 months, the statement said.

This will be the fourth container terminal at Mundra, with a capacity to handle 1.3 million twenty foot equivalent containers annually. The construction phase will start immediately and will be completed in a 24 months, the statement said.

CMA CGM, the third-largest container shipping line in the world, has 24 offices and 8 direct shipping services in the country. "We are very pleased with this JV partnership that will help put our continued expansion at the Mundra port on an even steeper trajectory.

The strategic value of such a partnership with a major global player like CMA CGM is hugely significant and opens up a whole set of additional opportunities and synergies for both the companies," said Gautam Adani, chairman, Adani Group.

The company said the JV is another major step by APSEZ to continue to rapidly expand its container terminals footprint across India's coastline.

"Apart from receiving regular calls from CMA CGM shipping lines, CMA CGM would bring whole lots of global operational expertise of construction and management of terminal. It may also capitalized on its JV business with Ameya logistics who has Container Freight Station in Mundra," said Abhishek Dhanesha, vice-president at Systematix Capital Services.

The new terminal adds to the company's existing two container handling locations at Mundra and Hazira along with its already announced two container terminals to be constructed at Ennore in Chennai and Dhamra in Odisha.

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 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.59.73
UK Pound	1	Rs.102.36
Euro	1	Rs.81.36

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	NIT / VNT
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10
--RESERVES	1~10	3
--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	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		34

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.