MIRA INFORM REPORT

Report Date :

03.11.2013

IDENTIFICATION DETAILS

Name :	AKSHAYA GOLD AND DIAMONDS INTERNATIONAL PRIVATE LIMITED (w.e.f 22.03.2011)
Formerly Known As :	PRINCE GOLD AND DIAMONDS INTERNATIONAL PRIVATE LIMITED
Registered Office :	7/116, Anappuramkadu, Kinassery Post, Palakkad – 678001, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.07.2010
Com. Reg. No.:	09-026440
Capital Investment / Paid-up Capital :	Rs.21.546 Millions
CIN No.: [Company Identification No.]	U36911KL2010PTC026440
TAN No.: [Tax Deduction & Collection Account No.]	CHNP036327B
PAN No.: [Permanent Account No.]	AAFCP5909H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, importer, exporter of gold, diamond, platinum, silver and other precious metals and stones and its varied forms.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge loss and external borrowings recorded by the company during 2013. Networth of the company also has been eroded. However, trade relations are improving. Business is active. Payment are reported to be slow. The company can be considered for business dealing on a secured 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 – March 31^st, 2013

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

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	7/116, Anappuramkadu, Kinassery Post, Palakkad – 678001, Kerala, India
Tel. No.:	91-491-2522399
Fax No.:	91-491-2520299
E-Mail :	ho@princegroup.in
Showroom:	39/1400, Robinson Road, Palakkad – 678014 Kerala, India

DIRECTORS

As on 28.09.2013

Name :

Mr. Abdulkarim Thooppely Kunju Mohamed

Designation :

Managing director

Address :

5/99, AL-Barakah, Padunagaram Post, Palakkad – 678503, Kerala, India

Date of Birth/Age :

19.07.1948

Date of Appointment :

27.07.2010

DIN No.:

00018304

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	U15311KL1989PTC005555	PRINCE ROLLER FLOUR MILLS PRIVATE LIMITED	Managing director	12/12/1989	12/12/1989	-	Active	NO
2	U27106KL1996PTC009909	PRINCE ALLOYS PRIVATE LIMITED	Managing director	11/01/1996	11/01/1996	-	Active	NO
3	U27105KL1996PTC010059	PRINCE ROLLING PRIVATE LIMITED	Managing director	20/02/1996	20/02/1996	-	Active	NO
4	U27104KL2005PTC017799	PRINCE T M T STEELS PRIVATE LIMITED	Managing director	14/01/2005	14/01/2005	-	Active	NO
5	U36911KL2010PTC026440	AKSHAYA GOLD AND DIAMONDS INTERNATIONAL PRIVATE LIMITED	Managing director	27/07/2010	27/07/2010	-	Active	NO

Name :

Mr. Abdul Karim Anub Sha

Designation :

Director

Address :

5/99, AL-Barakah, Padunagaram Post, Palakkad – 678503, Kerala, India

Date of Birth/Age :

06.04.1979

Date of Appointment :

27.07.2010

DIN No.:

00036472

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	U27104KL2005PTC017799	PRINCE T M T STEELS PRIVATE LIMITED	Director	14/01/2006	14/01/2006	-	Active	NO
2	U15311KL1989PTC005555	PRINCE ROLLER FLOUR MILLS PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
3	U27105KL1996PTC010059	PRINCE ROLLING PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
4	U27106KL1996PTC009909	PRINCE ALLOYS PRIVATE LIMITED	Managing director	20/03/2006	20/03/2006	-	Active	NO
5	U36911KL2010PTC026440	AKSHAYA GOLD AND DIAMONDS INTERNATIONAL PRIVATE LIMITED	Director	27/07/2010	27/07/2010	-	Active	NO

Name :

Mr. Abdul Karim Ahammed Faizal Sha

Designation :

Director

Address :

5/99, AL-Barakah, Padunagaram Post, Palakkad – 678503, Kerala, India

Date of Birth/Age :

25.01.1977

Date of Appointment :

27.07.2010

DIN No.:

00036540

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	U27104KL2005PTC017799	PRINCE T M T STEELS PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
2	U15311KL1989PTC005555	PRINCE ROLLER FLOUR MILLS PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
3	U27105KL1996PTC010059	PRINCE ROLLING PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
4	U27106KL1996PTC009909	PRINCE ALLOYS PRIVATE LIMITED	Managing director	20/03/2006	20/03/2006	-	Active	NO
5	U36911KL2010PTC026440	AKSHAYA GOLD AND DIAMONDS INTERNATIONAL PRIVATE LIMITED	Director	27/07/2010	27/07/2010	-	Active	NO

Name :

Mr. Abdul Karim Anish Sha Thooppely Kunju Mohammed

Designation :

Director

Address :

5/99, AL-Barakah, Padunagaram Post, Palakkad – 678503, Kerala, India

Date of Birth/Age :

19.04.1985

Date of Appointment :

27.07.2010

DIN No.:

03118549

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	U36911KL2010PTC026440	AKSHAYA GOLD AND DIAMONDS INTERNATIONAL PRIVATE LIMITED	Director	27/07/2010	27/07/2010	-	Active	NO
2	U15311KL1989PTC005555	PRINCE ROLLER FLOUR MILLS PRIVATE LIMITED	Director	02/06/2012	02/06/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Abdulkarim Thooppely Kunju Mohamed	114
Abdul Karim Ahammed Faizal Sha	114
Abdul Karim Anub Sha	114
Abdul Karim Anish Sha Thooppely Kunju Mohammed	114
Begum A Mehmooda	114
Faizal Ayisha	114
Usiff Khadeeja	114
Total	798

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, importer, exporter of gold, diamond, platinum, silver and other precious metals and stones and its varied forms.

Product:

Item Code No.:	Product Description
71080000	Gold Jewells

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Main Branch, English Church Road, Palakkad - 678001,

Kerala, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand from State Bank of India, English Church Road, Palakkad (CC A/c # 32171745418) (Cash Credit and other facilities from State Bank of India, Palakkad have been Secured by Hypothecation of entire stock comprising of gold/diamond ornaments, precious stones etc. and collateral security in the form of charge on Fixed Assets and further by personal guarantees of Directors and corporate guarantees by entities controlled by directors)	388.148	14.875
Total	388.148	14.875

Banking Relations :	--
Auditors :
Name :	C K Nair and Company Chartered Accountants
Address :	Parijatham Apartments, D P O Road, West Yakkara, Palakkad – 678014, Kerala, India
Tel. No.:	91-491-2529267
Fax No.:	91-491-2521582
PAN N Income-tax PAN of auditor or auditor's firm :	ACKPR1041A
Entities controlled by Directors:	· Prince Alloys Private Limited · Prince Rotting Private Limited · Prince T M T Steels Private Limited · Prince Rotter Flour Mitts Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2590	Equity Shares	Rs.27000/- each	Rs. 69.930 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
798	Equity Shares	Rs.27000/- each	Rs. 21.546 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	21.546	21.546	8.618
(b) Reserves & Surplus	(43.122)	(1.188)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(21.576)	20.358	8.618
(3) Non-Current Liabilities
(a) long-term borrowings	264.228	23.228	0.396
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	264.228	23.228	0.396
(4) Current Liabilities
(a) Short term borrowings	388.148	20.625	0.000
(b) Trade payables	39.323	0.248	0.000
(c) Other current liabilities	3.861	2.672	0.229
(d) Short-term provisions	0.511	0.011	0.000
Total Current Liabilities (4)	431.843	23.556	0.229
TOTAL	674.495	67.142	9.243
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.232	10.101	0.000
(ii) Intangible Assets	1.035	1.552	0.000
(iii) Capital work-in-progress	0.000	26.971	0.290
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.036	3.469	3.360
(e) Other Non-current assets	13.212	2.143	2.245
Total Non-Current Assets	91.515	44.236	5.895
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	577.850	4.674	0.000
(c) Trade receivables	0.032	0.000	0.000
(d) Cash and cash equivalents	4.582	0.445	0.567
(e) Short-term loans and advances	0.247	17.698	2.781
(f) Other current assets	0.269	0.089	0.000
Total Current Assets	582.980	22.906	3.348
TOTAL	674.495	67.142	9.243

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	234.161	0.112	0.000
Less	EXPENSES
		Purchase	783.147	4.776	0.000
		Changes in inventories	(573.176)	(4.674)	0.000
		Employee benefit Expenses	2.521	0.024	0.000
		Other Expenses	26.366	0.371	0.000
		TOTAL (B)	238.858	0.497	0.000
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(4.697)	(0.385)	0.000
Less	FINANCIAL EXPENSES (D)		34.383	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(39.080)	(0.385)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.854	0.803	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(41.934)	(1.188)	0.000
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		(41.934)	(1.188)	0.000
	Earnings / (Loss) Per Share (Rs.)		(52,549.08)	(1,488,72)	0.000

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(17.91)	(1060.71)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(6.22)	(2.96)	0.00
Return on Investment (ROI) (PBT/Networth)		(1.94)	(0.06)	0.00
Debt Equity Ratio (Total Debt /Networth)		(29.31)	(2.15)	0.05
Current Ratio (Current Asset/Current Liability)		1.35	0.97	14.62

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	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
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	No

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.

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 –

Gem and Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loan from director
T K Abdual Karim	122.022	9.972
A Ahmed Faizal Sha	28.816	1.466
A Anub Sha	33.166	4.466
A Anish Sha	16.061	1.361
Loan from Shareholder
A Mehmooda Begum	20.691	1.591
Aisha Faizal	20.066	2.566
Kadeej Usiff	23.406	1.806
Short-term borrowings
T K Abdual Karim	0.000	2.000
A Ahmed Faizal Sha	0.000	1.250
Aisha Faizal	0.000	2.500
Total	264.228	28.978

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10336270	02/02/2012	400,000,000.00	STATE BANK OF INDIA	MAIN BRANCH, ENGLISH CHURCH ROAD, PALAKKAD, KERAL A - 678001, INDIA	B32410508

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.34
UK Pound	1	Rs.102.06
Euro	1	Rs.84.46

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.