MIRA INFORM REPORT

Report Date :

22.11.2011

IDENTIFICATION DETAILS

Name :	JEWELEX INTERNATIONAL PRIVATE LIMITED
Registered Office :	Plot No. 48/1, Central Road, Marol, MIDC, Andheri (East) Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.03. 2000
Com. Reg. No.:	11 - 124713
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U99999MH2000PTC124713
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ09158C
PAN No.: [Permanent Account No.]	AAACJ7630C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of diamond studded Jewellery to U.S.A., Europe and Far East.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2070000
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. The company can be considered normal for business dealings at usual trade terms and conditions.

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 :	Plot No. 48/1, Central Road, Marol, MIDC, Andheri (East) Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-24301076/24301068/28311251
Fax No.:	91-22-24365274/28311601
E-Mail :	jipl@jewelexint.com shabana@jewelexindia.com
Website :	http://www.jewelexint.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Narendrakumar Sardarsingh Karnavat

Designation :

Director

Date of Appointment :

10.03.2000

DIN No.:

00027130

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	U67120MH1980PTC023423	Sampoorna Investments Private Limited	Director	01-04-87	01-04-87	-	Active	NO
2	L14101RJ1945PLC000283	Associated Stone Industries (Kotah) Limited	Director	26-12-90	26-12-90	23-01-09	Active	NO
3	U74140MH1991PTC063539	Karnavat Creations Private Limited	Director	09-10-91	09-10-91	-	Strike off	NO
4	L99999MH1945PLC004581	Hardcastle and Waud Manufacturing Company Limited	Director	20-01-93	20-01-93	-	Active	NO
5	U51398MH1993PTC071581	Karnavat Commercials Private Limited	Director	13-04-93	13-04-93	-	Active	NO
6	U65990MH1994PTC081251	Galaxy Shareshoppe Private Limited	Director	01-01-96	01-01-96	-	Amalgamated	NO
7	U26100MH1996PTC104156	Electro Glass Industries Private Limited	Director	27-11-96	27-11-96	-	Active	NO
8	U74140AP1997PTC027064	Athena Consulting Private Limited	Director	09-05-97	09-05-97	-	Active	NO
9	L65920MH1994PLC081333	Glance Finance Limited	Director	17-06-97	17-06-97	-	Active	NO
10	U74994MH1994PTC081214	Chitrakut Ventures Private Limited	Director	04-07-97	04-07-97	-		NO
11	U74900MH1994PTC081189	Bhadrasila Ventures Private Limited	Director	04-07-97	04-07-97	-		NO
12	U67190MH1996PTC097558	Comet Portfolio Services Private Limited	Director	10-07-99	10-07-99	01-12-07	Active	NO
13	U99999MH2000PTC124713	Jewelex International Private Limited	Director	10-03-00	10-03-00	-	Active	NO
14	U17110MH1995PTC088017	Salasar Silk Mills Private Limited	Director	27-12-04	27-12-04	-	Active	NO
15	U51900MH1995PTC094182	Snowcem Trades Private Limited	Director	27-12-04	27-12-04	-	Active	NO
16	U17100RJ2001PLC017036	Vast Textiles Limited	Director	21-02-07	21-02-07	04-10-08	Active	NO
17	U70102MH2007PTC174574	Surya India Fingrowth Private Limited	Director	27-09-07	27-09-07	-	Active	NO
18	U51900MH1991PTC060186	Anurag Commercials Private Limited	Director	07-12-07	07-12-07	01-03-10	Active	NO
19	U36911MH2008PTC180990	Opulence Creations Private Limited	Director	09-04-08	09-04-08	01-07-10	Active	NO
20	U65990MH1995PTC095481	Nifty Portfolio Services Private Limited	Director	18-09-09	24-03-09	-	Active	NO

Name :

Mr. Vaibhav Narendra Karnavat

Designation :

Director

Date of Appointment :

01.04.2009

DIN No.:

01983232

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment		Company Status	Defaulting status
1	U36911MH2000PTC129663	Zenstar Jewellery Private Limited	Director	01-01-08	01-01-08	-	Converted to LLP and dissolved	NO
2	U99999MH2000PTC124713	Jewelex International Private Limited	Director	01-04-09	01-04-09	-	Active	NO
3	U74900MH1994PTC081189	Bhadrasila Ventures Private Limited	Director	27-09-10	01-03-10	-	Converted to LLP and dissolved	NO
4	U74994MH1994PTC081214	Chitrakut Ventures Private Limited	Director	27-09-10	01-03-10	-	Converted to LLP and dissolved	NO
5	U51398MH1993PTC071581	Karnavat Commercials Private Limited	Director	30-09-10	07-09-10	-	Active	NO
6	U67120MH1980PTC023423	Sampoorna Investments Private Limited	Director	30-09-10	07-09-10	-	Active	NO

Name :

Mr. Arvindkumar Ramanath Soni

Designation :

Director

Date of Appointment :

01.09.2009

DIN No.:

02775145

Name :

Mr. Anish Madhavlal Shah

Designation :

Director

Date of Appointment :

01.04.2009

DIN No.:

02784920

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders (Equity Share)	No. of Shares
Jewelex India Private Limited, India	105000
S.S. Karnavat	39000
Pushpa N. Karnavat	6000
TOTAL	150000

Names of Shareholders (5% Preferences Share)	No. of Shares
Premlata Lodha	50
Vaibhav Karnavat HUF	50
Piyush Kothari	50
Saryu Kothari	50
TOTAL	200

As on 13.05.2011

Names of Allottee (Redeemable Preferences Share)	No. of Shares
Premlata Lodha	50
Vaibhav Karnavat HUF	50
TOTAL	100

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	70.00
Directors or relatives of Directors	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture & Exporters of diamond studded Jewellery to U.S.A., Europe and far East.

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

• Union Bank of India, Overseas Branch, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

• Corporation Bank, Overseas Branch, Earnest House, Nariman point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Working Capital Facilities from Banks (Including loans in foreign currency Rs. 216.399 Millions Previous Year Rs. 86.211 Millions) Secured by hypothecation of stock and first charge on the entire fixed assets both present and future of the company and guaranteed by one director	259.020	245.782
Total	259.020	245.782
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Holding Company	0.000	25.548
Total	0.000	25.548

Banking Relations :	--
Auditors :
Name :	M.M. Nissim and Company Chartered Accountant
Address :	Barodwala Mansion, B Wing, 3^rd Floor, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24949991
Fax No.:	91-22-24949995
E-Mail :	mail@mmnissim.com
Websites:	www.mmnissim.com
PAN.:	AAAFM5103E
Holding Company :	Jewelex India Private Limited Part IX CIN No.: U36910MH2004PTC148938 (Jewellery Division) Address: Plot No.56B, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India Tel No.: 91-22-42441500 Fax No.: 91-22-42441549 Email : jewelry@jewelexgroup.com (Diamond Division) Address : 11, Jain Tower, 17 Mathew Road, Mumbai – 400006, Maharashtra, India Tel No.: 91-22-43511100 Fax No.: 91-22-43511199 Email : diamond@jewelexgroup.com

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs. 6.000 Millions
1900000	Cumulative Redeemable Preference Share	Rs.10/- each	Rs. 19.000 Millions
	TOTAL		Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions
200	Cumulative Redeemable Preference Share	Rs.10/- each	Rs. 0.002 Million
	TOTAL		Rs. 1.502 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs. 6.000 Millions
1900000	Cumulative Redeemable Preference Share	Rs.10/- each	Rs. 19.000 Millions
	TOTAL		Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		516.565	459.296	424.135
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		518.065	460.796	425.635
LOAN FUNDS
1] Secured Loans		259.020	245.782	236.410
2] Unsecured Loans		0.000	25.548	108.783
TOTAL BORROWING		259.020	271.330	345.193
DEFERRED TAX LIABILITIES		0.000	0.000	0.167
TOTAL		777.085	732.126	770.995
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.705	114.531	109.767
Capital work-in-progress		1.228	0.021	4.729
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	469.475	415.959	559.088
	Sundry Debtors	328.723	325.733	425.528
	Cash & Bank Balances	21.862	17.600	17.003
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.583	38.452	57.335
Total Current Assets		853.643	797.744	1058.954
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	159.865	153.748	388.965
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	31.626	26.422	13.490
Total Current Liabilities		191.491	180.170	402.455
Net Current Assets		662.152	617.574	656.499
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		777.085	732.126	770.995

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	1258.640	1339.705	1537.068
		Remark charges	1.781	0.370	0.400
		Exchange Rate Differences (net)	13.816	(40.954)	16.157
		Other Income	1.076	1.759	3.015
		TOTAL (A)	1275.313	1300.880	1556.640
Less	EXPENSES
		Raw Material Consumed	1056.924	886.416	1427.415
		Purchase of Jewellery	2.822	54.424	0.000
		Salaries and Allowances	55.169	50.188	41.743
		Manufacturing and Other Expenses	52.716	64.687	69.450
		Increase/ Decrease Stock	(16.566)	137.830	(126.966)
		TOTAL (B)	1151.065	1193.545	1411.642
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		124.248	107.335	144.998
Less	FINANCIAL EXPENSES (D)		19.996	30.210	23.180
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		104.252	77.125	121.818
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.375	17.222	16.452
	PROFIT BEFORE TAX (E-F) (G)		85.877	59.903	105.366
Less	TAX (H)		14.615	7.192	11.273
	PROFIT AFTER TAX (G-H) (I)		71.262	52.711	94.093
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		387.396	358.234	273.541
Less	APPROPRIATIONS
		Proposed Dividend	12.000	15.000	0.000
		Corporate Dividend Tax	1.993	2.549	0.000
		Transfer to General Reserve	8.000	6.000	9.400
	BALANCE CARRIED TO THE B/S		436.665	387.396	358.234
	Basic and Diluted Earnings Per Share (Rs.)		475.08	351.41	783.58

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.59	4.05	6.04
Net Profit Margin (PBT/Sales)	(%)	6.82	4.47	6.85
Return on Total Assets (PBT/Total Assets}	(%)	8.88	6.57	9.02
Return on Investment (ROI) (PBT/Networth)		0.17	0.13	0.25
Debt Equity Ratio (Total Liability/Networth)		0.87	0.98	1.76
Current Ratio (Current Asset/Current Liability)		4.46	4.43	2.63

LOCAL AGENCY FURTHER INFORMATION

OPERATION

During the year the company did well, but in comparision with Previous Year, performance was not well. The total income was at Rs. 1275.314 millions as against Rs. 1300.880 millions. The after tax profit was Rs. 7.190 million during the last year.

CONTINGENT LIABILITY

1) Estimated value of contracts on capital account not provided for (net of advances) Rs. 0.499 millions (Previous Year (Rs. 0.444 millions)

2) Claims not acknowledge as debts –

a) Estimated Liability pursuant to wage revision order under the minimum wages act, 1948 writ petition challenging the applicability/ validity of order pending before high court of Mumbai Rs. 12.470 Millions (Previous Year 9.978 Millions)

b) Disputed amount of penalty levied under MVAT Act, 2002 – Company has field an appeal Rs. 1.440 Millions (Previous Year Rs. NIL)

FORM 8

Corporate identity number of the company	U99999MH2000PTC124713
Name of the company	JEWELEX INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 48/1, Central Road, Marol, MIDC, Andheri (East) Mumbai – 400093, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80018883
Type of charge	Immovable Property
Particular of charge holder	Corporation Bank, Overseas Branch, Earnest House, Nariman point, Mumbai – 400021, Maharashtra, India Email : vlaxman@vsnl.com
Nature of instrument creating charge	Supplemental Memorandum of Entry to record equitable mortgage by Constructive Delivery.
Date of instrument Creating the charge	15.03.2007
Amount secured by the charge	Rs. 395.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As may be stipulated by Bank from time to time. Terms of Repayment: On Demand Margin: As may be stipulated by Bank/s from time to time. Extent and operation of the charge: The Company has confirmed that Corporation Bank may hold and continue to hold the title deeds for itself and also as agent of Union Bank of India and Canara Bank in respect of the property as specified in Item No 14 as security for the repayment of all the monies or any money that is already due to the Bank/s or that may become due to Bank/s hereafter on any account
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that Piece and Parcel of Land known as Plot No. 48/1 in the Marol Induatrial Area, within the Village limits of Malgaon and within the limits of Brahan Mumbai Municipal Corporation Taluka Andheri and Registration Sub-District Bandra District and Registration District Brahan Mumbai Suburban District Containing by admeasurement 1250 Square Meters or thereabout and Building thereon.
Date of instrument modifying the charge	30.10.2006
Particulars of the present modification	The Equitable Mortgage charge shall now extend to cover the credit facilities aggregating Rs. 365.000 millions(comprising Rs.190.000 millions, Rs.105.000 millions and Rs.70.000 millions in favour of Corporation Bank, Union Bank of India and Canara Bank respectively).

DIAMOND INDUSTRY – INDIA

From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

The diamond jewellery industry in India today may be more than Rs 60000.000 millions and is rated amongst the fastest growing in the world. India ranks third in the world in domestic diamond consumption.

Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 20000.000 millions lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FIXED ASSETS

• Building
• Plant and Machinery
• Office Equipment
• Electrical Fitting
• Furniture and Fixture
• Computer
• Vehicles

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.51.72
UK Pound	1	Rs.81.42
Euro	1	Rs.69.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.