MIRA INFORM REPORT

Report Date :

23.05.2012

IDENTIFICATION DETAILS

Name :	DIAM STAR JEWELLERY (INDIA) PRIVATE LIMITED
Registered Office :	Unit G – 8 and G – 9, Gems and Jewellery Complex – II, Seepz Sez, Andheri (East), Mumbai – 400096, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.03.2002
Com. Reg. No.:	11-135049
Capital Investment / Paid-up Capital :	Rs. 19.500 Millions
CIN No.: [Company Identification No.]	U36910MH2002PTC135049
TAN No.: [Tax Deduction & Collection Account No.]	MUMD07443C
PAN No.: [Permanent Account No.]	AABCD4778N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plain, Studded Gold, Silver, Platinum and Diamond Jewellery etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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/ Factory :	Unit G – 8 and G – 9, Gems and Jewellery Complex – II, Seepz Sez, Andheri (East), Mumbai – 400096, Maharashtra, India
Tel. No.:	91-22-66947000
Fax No.:	91-22-28244212
E-Mail :	legal@goldstarjewellery.com gs@goldstarjewellery.com

DIRECTORS

AS ON 15.09.2011

Name :	Mr. Ashish Vinod Shah
Designation :	Director
Address :	19/2, Suvarna Nagar, Society, Soni House, N S Road, No. 4, J V P D Scheme , Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	04.05.1970
Date of Appointment :	01.06.2008
DIN No.:	00007729

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	U51398MH1991PTC063336	ROYAL STAR JEWELLERY PRIVATE LIMITED	Managing director	31-03-05	31-03-05	15-03-10	Active	NO
2	U39611MH1990PTC056881	GOLD STAR JEWELLERY PRIVATE LIMITED	Managing director	01-05-09	01-04-05	-	Active	NO
3	U36910MH2004PTC146325	GOLD STAR JEWELLERY DESIGNS PRIVATE LIMITED	Whole-time director	30-09-05	30-09-05	-	Active	NO
4	U65910MH1995PTC087739	GOLD STAR CORPORATE SOLUTIONS PRIVATE LIMITED	Director	29-09-07	31-03-07	-	Active	NO
5	U36910MH2002PTC135049	DIAM STAR JEWELLERY (INDIA) PRIVATE LIMITED	Director	01-06-08	01-06-08	-	Active	NO
6	U51398MH2008PTC185197	B S DESIGNS PRIVATE LIMITED	Director	29-07-08	29-07-08	-	Strike off	NO
7	U27205MH2008PTC181759	GOLD STAR CENTOQUATTRO JEWELLERY PRIVATE LIMITED	Director	06-07-09	06-07-09	-	Active	NO
8	U72900MH2005PTC156594	MINDTECH SOLUTIONS PRIVATE LIMITED	Director	01-05-10	01-05-10	-	Active	NO

Name :	Mr. Ramesh Shanmugham
Designation :	Director
Address :	A-502, Dheeraj Garden, P M G P Colony, Mahakali Caves Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Date of Birth/Age :	01.06.1967
Date of Appointment :	01.01.2008
DIN No.:	00004149

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	U51398MH1991PTC063336	ROYAL STAR JEWELLERY PRIVATE LIMITED	Director	01-04-00	01-04-00	-	Active	NO
2	U51398MH2001PTC132396	GOLD STAR ORNAMENTS PRIVATE LIMITED	Director	19-06-01	19-06-01	-	Active	NO
3	U39611MH1990PTC056881	GOLD STAR JEWELLERY PRIVATE LIMITED	Director	29-09-03	29-09-03	-	Active	NO
4	U36910MH2004PTC146325	GOLD STAR JEWELLERY DESIGNS PRIVATE LIMITED	Director	09-09-10	14-05-04	-	Active	NO
5	U36910MH2004PTC147775	DIRECTI WEB SERVICES PRIVATE LIMITED	Director	29-07-04	29-07-04	16-12-09	Active	NO
6	U36911MH2005PTC153513	IVY JEWELLERY PRIVATE LIMITED	Director	26-05-05	26-05-05	15-11-10	Active	NO
7	U36911MH2002PLC138275	DIAMOND INDIA LIMITED	Director	09-09-06	09-09-06	27-09-08	Active	NO
8	U27205MH2006PTC165319	JOUEL SCULPT PRIVATE LIMITED	Director	15-09-08	01-11-06	15-04-09	Active	NO
9	U27205MH2006PTC165391	DIA VENTE JEWELLERY PRIVATE LIMITED	Director	15-09-08	07-11-06	-	Active	NO
10	U72900MH2005PTC156594	MINDTECH SOLUTIONS PRIVATE LIMITED	Director	29-09-07	31-03-07	01-05-10	Active	NO
11	U36912MH1989GAP053844	SEEPZ GEMS AND JEWELLERY MANUFACTURERS ASSOCIATION	Director	23-11-07	23-11-07	24-09-10	Active	NO
12	U45300MH2008PTC177709	GOLD STAR BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	10-01-08	10-01-08	-	Active	NO
13	U27205MH2008PTC181759	GOLD STAR CENTOQUATTRO JEWELLERY PRIVATE LIMITED	Director	30-04-08	30-04-08	06-07-09	Active	NO
14	U45208MH2008PTC184852	ETERNITY HABITAT PRIVATE LIMITED	Director	21-07-08	21-07-08	-	Active	NO
15	U65910MH1995PTC087739	GOLD STAR CORPORATE SOLUTIONS PRIVATE LIMITED	Director	26-02-09	26-02-09	01-05-10	Active	NO
16	U51398MH2008PTC185197	B S DESIGNS PRIVATE LIMITED	Director	03-07-09	03-07-09	-	Strike off	NO
17	U45400MH2008PTC186135	DIVYA HABITAT PRIVATE LIMITED	Director	01-05-10	01-05-10	-	Active	NO
18	U45200MH2004PTC145604	ETERNITY CONSTRUCTION PRIVATE LIMITED	Director	01-07-10	01-07-10	-	Active	NO
19	U67120MH1995PTC092296	DRAVYA FINANCE PRIVATE LIMITED	Director	07-07-10	07-07-10	-	Active	NO
20	U36910MH2002PTC135049	DIAM STAR JEWELLERY (INDIA) PRIVATE LIMITED	Director	30-07-10	30-07-10	-	Active	NO
21	U36912GJ2010PTC062363	GOLD STAR JEWELS PRIVATE LIMITED	Director	20-09-10	20-09-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2011

Names of Shareholders	No. of Shares
Alkesh Satish Shah	73280
Satish Ratilal Shah	10200
Shweta Sanjay Shah	710890
Hansaben Satish Shah	421800
Smita Alkesh Shah	633800
Ankur Satish Shah	100000
Sidd Shah	10
Aayush Shah	10
Sayam Shah	10
Total	1950000

AS ON 15.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plain, Studded Gold, Silver, Platinum and Diamond Jewellery etc.

PRODUCTION STATUS (AS ON 31.03.2011)

FINISHED GOODS	Unit	31.03.2011
Licensed Capacity	In Pcs.	250000
Installed Capacity	In Pcs.	250000
Actual Production	In Pcs.	179685

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India

Seepz Branch, Andheri (East), Mumbai – 400096, Maharashtra, India

• Bank of India

Seepz Mid Corporate Branch, Behind Seepz Service Centre, Marol Industrial Area, Seepz, Mumbai-400096, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Foreign currency loans secured
Foreign currency loans banks secured	90.307	388.518
Total	90.307	388.518
Note: Export Packing Credit and Post Shipment credit form banks are secured against following: (a) Hypothecation of plant and machinery, inventory, receivables (b) Lien over company fixed deposit of Rs. 79.700 Millions and personal guarantee of promoters

Banking Relations :
Auditors :
Name :	B J Shah and Associates Chartered Accountant
Address :	203-A/1, Modern Apartment, Sanghani Estate Garfen Lane, Ghatkopar (West), Mumbai-400086, Maharashtra, India
Pan No.:	AAHPS5959D
Associates :	Gold Star Jewellery Private Limited Royal Star Jewellery Private Limited Gold Star Corporate Solution Private Limited Mindtech Solution Private Limited Gold Star Jewellery Designs Private Limited Gold Star Centoquattro Jewellery Private Limited Gold Star Diamond Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs. 19.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		19.500	19.500	19.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		678.113	663.268	658.216
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		697.613	682.768	677.716
LOAN FUNDS
1] Secured Loans		90.307	388.518	207.659
2] Unsecured Loans		0.000	0.000	28.629
TOTAL BORROWING		90.307	388.518	236.288
DEFERRED TAX LIABILITIES		0.393	0.271	0.000
TOTAL		788.313	1071.557	914.004
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.328	37.115	43.557
Capital work-in-progress		1.920	1.920	1.920
INVESTMENT		97.515	87.515	87.515
DEFERREX TAX ASSETS		0.000	0.000	0.144
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	199.091	187.299	98.598
	Sundry Debtors	433.735	764.480	646.032
	Cash & Bank Balances	83.210	56.935	56.313
	Other Current Assets	16.339	13.076	6.391
	Loans & Advances	49.704	16.678	85.603
Total Current Assets		782.079	1038.468	892.937
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	104.399	78.724	102.862
	Other Current Liabilities	6.675	7.478	3.231
	Provisions	15.455	7.259	5.976
Total Current Liabilities		126.529	93.461	112.069
Net Current Assets		655.550	945.007	780.868
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		788.313	1071.557	914.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	956.238	1013.570	991.545
		Other Income	0.420
		TOTAL	956.658	1013.570	991.545
Less	EXPENSES
		Office Expenses	927.860	999.206	969.095
		Administrative Expenses
		Advertising Expenses
		TOTAL	927.860	999.206	969.095
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		28.798	14.364	22.450
Less/ Add	DEPRECIATION/ AMORTISATION		5.634	6.279	6.932
	PROFIT BEFORE TAX		23.164	8.085	15.518
Less	TAX		8.319	3.032	3.218
	PROFIT AFTER TAX		14.845	5.053	12.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		600.205	NA	NA
	BALANCE CARRIED TO THE B/S		615.050	NA	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	849.240	952.737	949.122
	TOTAL EARNINGS		849.240	952.737	949.122
	IMPORTS
		Raw Materials	425.052	461.847	354.592
		Stores & Spares	1.634	0.000	0.172
	TOTAL IMPORTS		426.686	461.847	354.764
	Earnings Per Share (Rs.)		7.61	2.59	6.31

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.55	0.50	1.24
Net Profit Margin (PBT/Sales)	(%)	2.42	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.84	0.75	1.66
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.02
Debt Equity Ratio (Total Liability/Networth)		0.31	0.71	0.51
Current Ratio (Current Asset/Current Liability)		6.18	11.11	7.97

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

NOTE:

The Registered office of the company has been shifted from 3^rd Floor, Kothare House, 269 Raja Ram Mohan Roy Road, Opera House, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 22.10.2008.

PERFORMANCE

The turnover during the period from 1^st April 2010 to 31^st March 2011 is R.s 956.238 Millions. The net profit after tax is Rs. 14.845 millions.

CONTINGENT LIABILITY (AS ON 31.03.2011)

Contingent liability on account of Bank Guarantees of Rs. 80.000 Millions issued to Niova Scotia Bank for gold procurement on loan basis on behalf of the Company is no accounted for.

FORM 8

Corporate identity number of the company	U36910MH2002PTC135049
Name of the company	DIAM STAR JEWELLERY (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit G – 8 and G – 9, Gems and Jewellery Complex – II, Seepz Sez, Andheri (East), Mumbai – 400096, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India, Seepz Mid Corporate Branch, Behind Seepz Service Centre, Marol Industrial Area, Seepz, Mumbai-400096, Maharashtra, India
Nature of instrument creating charge	Agreement of hypothecation of plant and machinery, stocks and book debts
Date of instrument Creating the charge	16.01.2012
Amount secured by the charge	Rs. 20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Adhoc EPC/PCFC: As per extant guidelines with monthly reset or at such other rate/s of interest as may be notified by the bank from time to time. Terms of repayment On demand Margin 25% against raw materials, finished goods in process; 10% against export receivables up to 180 days in cash credit and no lending against book debts outstanding for more than 180 days or as required by the bank from time to time. Extent and operation of the charge Security and charge hereby created shall be way of 1^st charge on all the said hypothecated assets for due payment as provided in the deed of all monies including the principal sums, interest / commission costs charges and expenses and all other monies what so ever due owing and payable by the Borrower to the Bank under or in respect of or in connection with or in any wise concerning or relating to the said facility agreed to be granted and / or granted by the Bank to the borrower and also others. Other Or due repayment of all present and future indebtedness and liabilities of the borrower to the bank of any kind in any manner whether solely or jointly primary or collateral accrued or accruing with all relative interest / commission, charges, costs and expenses. Facility and limit : Adhoc EPC/PCFC Rs. 20.000 Millions
Short particulars of the property charged (Including location of the property)	a) All tangible movable machineries and plant, both present and future situate at Seepz, Andheri (East), Mumbai-400096 or wherever else b) All tangible movable properties and assets and stocks of what so ever nature of the Borrower both present and future where so ever situate at Seepz, Andheri (East), Mumbai-400096 or wherever else c) All present and future book debts, outstanding, money receivables. Claims, bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the Borrower.

FIXED ASSETS

• Plant and Machinery
• Building
• Computer

WEB SITE DETAILS

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 mil and is rated amongst the fastest growing in the world. Indi 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.

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] 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. 54.88
UK Pound	1	Rs. 86.84
Euro	1	Rs. 70.20

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

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	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.