MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED
Registered Office :	G-1-15, Gem and Jewellery Zone, EPIP, Sitapura, Jaipur-302022, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.07.1995
Com. Reg. No.:	17-010388
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U36911RJ1995PTC010388
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Gold and Silver Jewellery.
No. of Employees :	200 [Approximately]

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

Maximum Credit Limit :	USD 270000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has recorded some growth in its sales turnover and profits during 2011. Trade relations are reported as decent. Business is active. Payments are reported to be slow but 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	LBB – [Long term bank facilities] [Suspended]
Rating Explanation	Moderate risk of default.
Date	August 2011

Reason for Suspension: Absence of the requisite information from the company.

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

Name :	Mr. Prateek
Designation :	Chief Finance Officer
Contact No.:	91-9828515847
Date :	22.11.2012

LOCATIONS

Registered Office / Factory :	G-1-15, Gem and Jewellery Zone, EPIP, Sitapura, Jaipur-302022, Rajasthan, India
Tel. No.:	91-141-2771772/2771773/2171057
Mobile No.:	91-9828515847 [Mr. Prateek]
Fax No.:	91-141-2771774/2578260
E-Mail :	info@valentinejewelleryindia.com
Website :	http://www.valentinejewelleryindia.com
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Alok Khandelwal

Designation :

Managing Director

Address :

Sonika Bhawan, SMS Highway, Jaipur-302001, Rajasthan, India

Date of Appointment :

14.07.1995

Din No.:

00273932

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	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Managing director	14/07/1995	14/07/1995	-	Active	NO
2	U36911RJ1985PTC003185	SHREE MAHA LAXMI (INDIA) PRIVATE LIMITED	Director	05/11/2003	05/11/2003	-	Active	NO
3	U45201RJ2005PTC021356	GREEN CITY PREMISES DEVELOPERS PRIVATE LIMITED	Director	23/09/2005	23/09/2005	21/03/2012	Active	NO
4	U45201RJ2008PTC026718	GREENGEMS BUILDERS PRIVATE LIMITED	Director	06/06/2008	06/06/2008	-	Active	NO

Name :

Mr. Laxman Das Sonkia

Designation :

Director

Address :

Sonika Bhawan, SMS Highway, Jaipur-302001, Rajasthan, India

Date of Appointment :

14.07.1995

Din No.:

00274050

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	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Director	14/07/1995	14/07/1995	-	Active	NO
2	U45201RJ2005PTC021356	GREEN CITY PREMISES DEVELOPERS PRIVATE LIMITED	Director	23/09/2005	23/09/2005	21/03/2012	Active	NO
3	U36911RJ1985PTC003185	SHREE MAHA LAXMI (INDIA) PRIVATE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
4	U45201RJ2008PTC026516	GEMS BUILDMART PRIVATE LIMITED	Director	08/05/2008	08/05/2008	-	Active	NO

Name :

Mr. Dinesh Khatoria

Designation :

Director

Address :

SB-40, Ganesh Marg, Rambagh Circle, Tonk Road, Jaipur, Rajasthan, India

Date of Birth/Age :

02.02.1960

Date of Appointment :

14.07.1995

Din No.:

00273899

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	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Director	14/07/1995	14/07/1995	-	Active	NO
2	U45201RJ2005PTC021356	GREEN CITY PREMISES DEVELOPERS PRIVATE LIMITED	Director	23/09/2005	23/09/2005	21/03/2012	Active	NO
3	U31102RJ1991PTC005949	PINKCITY MOULDINGS PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO

Name :

Mr. Vijay Chordia

Designation :

Director

Address :

2, Bhairav Path, M. D. Road, JLN Marg, Jaipur, Rajasthan, India

Date of Appointment :

14.07.1995

Din No.:

00273968

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	Company/ LLP Status	Defaulting status
1	U36911RJ1985PTC003185	SHREE MAHA LAXMI (INDIA) PRIVATE LIMITED	Director	20/02/1995	20/02/1995	Active	NO
2	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Director	14/07/1995	14/07/1995	Active	NO
3	U80302RJ2007NPL025326	INDIAN INSTITUTE OF GEMS AND JEWELLERY JAIPUR	Director	16/11/2007	16/11/2007	Active	NO

Name :

Mr. Bahadur Singh Choudhary

Designation :

Director

Address :

B-93 A, Surya Marg, Tilak Nagar, Jaipur, Rajasthan, India

Date of Appointment :

01.03.2005

Din No.:

00274096

Name :

Mr. Abhinav Khatoria

Designation :

Director

Address :

SB-40, Ganesh Marg, Rambagh Circle, Tonk Road, Jaipur, Rajasthan, India

Date of Birth/Age :

23.10.1984

Date of Appointment :

01.04.2010

Din No.:

01723071

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	Company/ LLP Status	Defaulting status
1	U36911RJ1985PTC003185	SHREE MAHA LAXMI (INDIA) PRIVATE LIMITED	Director	05/11/2003	05/11/2003	Active	NO
2	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Director	29/09/2010	01/04/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Prateek
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Vijay Chordia	99600
Laxman Das Sonkia	56150
Dinesh Khatoria	56150
Alok Khandelwal	37200
Pushpa Sonkia	100
Usha Khatoria	100
Sheeila Chordia	100
Priti Choudhary	100
Divya Khandelwal	100
Bahadur Singh Choudhary	100
Rajmal Chordia	100
Bhagwan Das Sonkia	100
Usha Sonkia	100
TOTAL	250000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Gold and Silver Jewellery.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Gold Jewellery	711319.04

Exports :

Products :

Jewellery

Countries :

· US

· Australia

Imports :

Products :

Raw Materials

Countries :

Africa

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

200 [Approximately]

Bankers :

Standard Chartered Bank, H-8, Showroom No. 1, Bhagat Bhawan, M.I. Road, Jaipur-302001, Rajasthan, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Union Bank of India CC Account (Secured against hypothecation of goods Book Debts, and Equitable mortgage of property and personal guarantee of the Directors)	0.000	68.571
Standard Chartered Bank CC Account (Secured against hypothecation of goods Book Debts, and Equitable mortgage of property and personal guarantee of the Directors)	59.419	0.000
ICICI Bank Car Loan (Secured against hypothecation of Specified Vehicle)	0.000	0.257
TOTAL	59.419	68.828
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Directors	60.168	56.613
From Others	9.957	10.341
TOTAL	70.125	66.954

Banking Relations :	--
Auditors :
Name :	B. Khosla and Company Chartered Accountants
Address :	206, Anukampa-II, M.I. Road, Jaipur-302001, Rajasthan, India
PAN No:	AADFB1338D
Related Parties :	· Valentine Jewellery International · Valentine Silver, · Jewls Info Systems · Green Gems · International Gems

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		65.435	31.190	28.642
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		67.935	33.690	31.142
LOAN FUNDS
1] Secured Loans		59.419	68.828	73.969
2] Unsecured Loans		70.125	66.954	58.215
TOTAL BORROWING		129.544	135.782	132.184
DEFERRED TAX LIABILITIES		0.164	0.224	0.309
TOTAL		197.643	169.696	163.635
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.176	20.562	22.074
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	0.003	0.003
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	148.338	142.989	102.480
	Sundry Debtors	117.048	90.640	116.762
	Cash & Bank Balances	1.312	1.067	1.271
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.684	2.563	4.365
Total Current Assets		268.382	237.259	224.878
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	88.225	86.684	81.450
	Other Current Liabilities	1.693	1.332	1.863
	Provisions	0.000	0.112	0.007
Total Current Liabilities		89.918	88.128	83.320
Net Current Assets		178.464	149.131	141.558
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		197.643	169.696	163.635

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	405.066	278.920	235.571
Less	EXPENSES
		TOTAL	350.615	272.819	230.342
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		54.451	6.101	5.229
Less/ Add	DEPRECIATION/ AMORTISATION		2.316	2.376	2.732
	PROFIT / (LOSS) BEFORE TAX		52.135	3.725	2.497
Less	TAX		17.889	1.177	0.988
	PROFIT / (LOSS) AFTER TAX		34.246	2.548	1.509
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.190	28.642	27.133
	BALANCE CARRIED TO THE B/S		63.436	31.190	28.642
	Earnings / (Loss) Per Share (Rs.)		136.98	10.19	6.03

Particulars	31.03.2012
Sales Turnover [Approximately]	350.000 [Due to construction and market fluctuation]

Expected Sales (2012-13): Rs.420.000 Millions.

The above information has been parted by Mr. Prateek.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.45	0.91	0.64
Return on Total Assets (PBT/Total Assets}	(%)	18.13	1.44	1.01
Return on Investment (ROI) (PBT/Networth)		0.77	0.11	0.08
Debt Equity Ratio (Total Liability/Networth)		3.23	6.65	6.92
Current Ratio (Current Asset/Current Liability)		2.98	2.69	2.70

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10274190
Corporate identity number of the company	U36911RJ1995PTC010388
Name of the company	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G-1-15, Gem and Jewellery Zone, EPIP, Sitapura, Jaipur-302022, Rajasthan, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	Standard Chartered Bank, H-8, Showroom No. 1, Bhagat Bhawan, M.I. Road, Jaipur-302001, Rajasthan, India
Email	swati.arora@sc.com
Nature of description of the instrument creating or modifying the charge	Hypothecation agreement(supplemental)
Date of instrument Creating the charge	07.03.2012
Amount secured by the charge	Rs.96.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate+2.75% p.a.(variable), (current base rate is 9.75%) to be applied on daily balances on the OD facility, subject to change from time to time. Terms of Repayment Repayable On Demand Margin 1. 75% of the stock and book debts (upto 90 days) less sundry creditors. 2. sanctioned limit. Whichever is less Extent and Operation of the charge This charge will be treated as 1st modified charge of the original charge which was created on 22-02-2011 to secure the enhanced overall limit of Rs.96.400 Millions for the company.
Short particulars of the property charged	EM is extended on all immovable assets of the company including factory L and B constructed or to be constructed, fixed P and M situated at Plot No. G-1-30, G 1-15 and G 1-16, Industrial Area, EPIP, Sitapura Jaipur in the name of the Company to secured the enhanced overall limit of Rs.96.400 Millions for the Company. EM is also extended on residential property situated at Plot No. C-84-A,Ram Das Marg, Moti Dungri Scheme, Tilak Nagar, Jaipur in the name of the Company 1st charge by way of hypothecation of all stock of raw material, stock in process ,semi finished and finished goods ,all present and future book debts, outstanding monies, receivables, claims and all other current assets of Company.
Particulars of the present modification	1. By this modification the overall existing limit has been increased from Rs. 76.400 Millions to Rs.96.400 Millions and EM is also extended on the properties. 2. Other terms and conditions remain unchanged.

TRADE REFERENCES:

· P C Chandra Jewellers, Kolkata [Mr. Chandra]

· A.K. Mehra and Company, Delhi [Mr. Navin]

FIXED ASSETS:

· Land

· Lease Hold Land

· Air Conditioner

· Boaring

· CC TV

· Compressor

· Computer

· Cooling Plant

· D.G. Set

· Fax Machine

· Furniture and Fixtures

· Mattler Lamp

· Motor Cycle

· Music System

· Office Equipment

· TVS Moped and Luna

· Water Cooler

· 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 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.55.20
UK Pound	1	Rs.87.79
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	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.