MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	K. CHANDRAKANT AND COMPANY INTERNATIONAL PRIVATE LIMITED
Registered Office :	AE/6011, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra-East, Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.05.2011
Com. Reg. No.:	11-218034
Capital Investment / Paid-up Capital :	Rs.216.690 Millions
CIN No.: [Company Identification No.]	U28112MH2011PTC218034
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Diamond.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1900000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a successor of a partnership concern set up in the year 1966 as “K. Chandrakant and Company”. Later in May 2011 it got reconstituted as a Private Limited company. It is a well-established company having a satisfactory track record. The financial profile of the company seems to be improved marked by feasible capital structure supported by infusion of capital promoters. The ratings also take into consideration the modest profitability levels coupled with stretched receivables position leading to high working capital intensity. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limit: BB+
Rating Explanation	Moderate risk of default.
Date	October 2013

Rating Agency Name	ICRA
Rating	Short term fund based limit: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON – COOPERATIVE (91-22-43434242)

LOCATIONS

Registered Office :	AE/6011, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra-East, Mumbai – 400051, Maharashtra
Tel. No.:	91-22-43434242
Fax No.:	91-22-43434243 / 43434244
E-Mail :	manoj@kchandrakant.com info@kchandrakant.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Vipul Kantilal Shah

Designation :

Director

Address :

71, Purnima Apartment, 7^th Floor, Ridce Raod, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.10.1965

Date of Appointment :

30.05.2011

DIN No.:

02924434

PAN No.:

AAGPS2658N

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	U36912MH2010PTC208349	PRITI GEMS EXPORTS PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
2	U67120MH1992PTC069735	ACE REALTIES PRIVATE LIMITED	Director	30/09/2011	08/12/2010	-	Active	NO
3	U28112MH2011PTC218034	K. CHANDRAKANT AND COMPANY INTERNATIONAL PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO

Name :

Mr. Niren Kantilal Shah

Designation :

Director

Address :

2001/A, Chandambala, R R Thakkar Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

16.03.1970

Date of Appointment :

30.05.2011

DIN No.:

03454166

PAN No.:

AAPPS5124G

Name :

Mr. Jatin Chandrakant Doshi

Designation :

Director

Address :

198, Veena Apartments, 301 – 302, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

28.05.1967

Date of Appointment :

30.05.2011

DIN No.:

02924396

PAN No.:

AADPD1683R

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	U36912MH2010PTC208349	PRITI GEMS EXPORTS PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
2	U28112MH2011PTC218034	K. CHANDRAKANT AND COMPANY INTERNATIONAL PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO

Name :

Mr. Sanjivkumar Chhabildas Shah

Designation :

Director

Address :

Sudha Kailash, Flat No. 52/A, Harkness Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

17.11.1964

Date of Appointment :

30.05.2011

DIN No.:

01674478

PAN No.:

AAPPS5125H

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	U36912MH1996PLC096788	P AND S JEWELLERY LIMITED	Director	01/04/1999	01/04/1999	02/01/2012	Active	NO
2	U36912MH2010PTC208349	PRITI GEMS EXPORTS PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
3	U28112MH2011PTC218034	K. CHANDRAKANT AND COMPANY INTERNATIONAL PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO

Name :

Mr. Sachin Chandrakant Doshi

Designation :

Director

Address :

Flat No.: 301, Veena Apartents, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

21.09.1969

Date of Appointment :

30.05.2011

DIN No.:

03454152

PAN No.:

AACPD8992L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Kantilal Dolchand Shah	1650000
Chandrakant Surajmal Doshi	1650000
Chhabildas Amulakbbhai Shah	1650000
Sanjay Kumar Chhabildas Shah	1284800
Niren Kantilal Shah	1100000
Vipul Kantilal Shah	1282600
Jatin Chandrakant Doshi	1282600
Sachin Chandrakant Doshi	1100000
Taka JewelleryFZE	1669000
Total	12669000

Names of Shareholders (Preference Shares)	No. of Shares
Kantilal Dolchand Shah	1800000
Chandrakant Surajmal Doshi	1800000
Chhabildas Amulakbbhai Shah	1800000
Sanjay Kumar Chhabildas Shah	800000
Niren Kantilal Shah	800000
Vipul Kantilal Shah	800000
Jatin Chandrakant Doshi	600000
Sachin Chandrakant Doshi	600000
Total	9000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	13.17
Directors or relatives of Directors	86.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Diamond.

Products :

Item Code No.	Product Description
71021000	Diamonds

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Corporation Bank, Bharat Diamond Bourse, C - 1, West Core, G Block, Bandra Kurla Complex, Bandra - East, Mumbai - 400051, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand (Hypothecation of Enitire current Assets of the company on Pari Passu basis, Personal Guarantee of Directors)	555.349	538.961
Total	555.349	538.961

Banking Relations :	--
Auditors :
Name :	Sampat Mehta and Associates Chartered Accountants
Address :	C/O Bhansali and Jhaveri 11-A,Silk House 630, J S Seth Road, Near Metro, Mumbai - 400002, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS1266J
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Swadip Gems B.V.B.A, Belgium · Saral Diamond INC, United States · Bellstar Jewellry LLC, United Arab Emirates · Prit Gems Private Limited, India · K. Chandrakant and Sons · K.Chandrakant Exports

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions
9000000	Preference Shares	Rs.10/- each	Rs.90.000 Millions
	Total		Rs.230.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12669000	Equity Shares	Rs.10/- each	Rs. 126.690 Millions
9000000	Preference Shares	Rs.10/- each	Rs.90.000 Millions
	Total		Rs.216.690 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	216.690	110.000
(b) Reserves & Surplus	254.237	165.434
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	470.927	275.434
(3) Non-Current Liabilities
(a) long-term borrowings	30.000	189.050
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.542	1.763
Total Non-current Liabilities (3)	32.542	190.813
(4) Current Liabilities
(a) Short term borrowings	698.075	603.782
(b) Trade payables	714.406	587.537
(c) Other current liabilities	60.254	4.932
(d) Short-term provisions	30.000	14.000
Total Current Liabilities (4)	1502.735	1210.251
TOTAL	2006.204	1676.498
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	166.555	149.544
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	35.722
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	2.093	0.000
(d) Long-term Loan and Advances	29.619	12.300
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	198.267	197.566
(2) Current assets
(a) Current investments	34.187	26.096
(b) Inventories	271.632	76.829
(c) Trade receivables	1377.425	1222.068
(d) Cash and cash equivalents	112.735	68.855
(e) Short-term loans and advances	11.958	85.084
(f) Other current assets	0.000	0.000
Total Current Assets	1807.937	1478.932
TOTAL	2006.204	1676.498

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	NA	NA
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA
		Administrative Expenses	NA	NA
		Advertising Expenses	NA	NA
		TOTAL	NA	NA
	PROFIT BEFORE TAX		30.028	39.434
Less	TAX		7.907	14.00
	PROFIT AFTER TAX		22.121	25.434
	Earnings Per Share (Rs.)		1.75	2.31

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.50	2.40
Return on Investment (ROI) (PBT/Networth)		0.06	0.14
Debt Equity Ratio (Total Debt /Networth)		1.55	2.88
Current Ratio (Current Asset/Current Liability)		1.20	1.22

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	No
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	Yes

NOTE: Registered office of the company has been shifted from 307, Mehta Bhavan, 311, Charni Road, Mumbai – 400004, Maharashtra, India to the present address w.e.f 23.03.2012

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.

FINANCIAL RESULTS:

During the year the company earned a net profit before tax of Rs. 36.028 Millions

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	30.000	189.050
Short-term borrowings
Loans and advances from related parties	142.726	64.820
Total	172.726	253.870

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10311978	11/07/2013 *	1,000,000,000.00	CORPORATION BANK	BHARAT DIAMOND BOURSE, C - 1, WEST CORE, G BLOCK, BANDRA KURLA COMPLEX, BANDRA - EAST, MUMBAI, MAH ARASHTRA - 400051, INDIA	B80231020
2	10354581	30/05/2011	92,500,000.00	STANDARD CHARTERED BANK	SME CREDIT, CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	B31607369

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Other building

· Plant and equipment

· Factory equipment’s

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Other equipment’s

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.61.96
UK Pound	1	Rs.101.14
Euro	1	Rs.86.33

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		47

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.