MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	P AND S JEWELLERY LIMITED
Registered Office :	Sakina Manzil R. R. Marg, 4^th Floor, Opposite Charni Road, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.02.1996
Com. Reg. No.:	11-096788
Capital Investment / Paid-up Capital :	Rs. 25.730 Millions
CIN No.: [Company Identification No.]	U36912MH1996PLC096788
PAN No.: [Permanent Account No.]	AAACP3737A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and sale of diamond studded gold jewellery as well trading in losse diamonds.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 3700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established company having a good track record. The financial position of the company is sound and healthy. The performance capability is also high. Trade relations are decent. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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

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 :	Sakina Manzil R R Marg, 4^th Floor, Opposite Charni Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23676337/ 30025566
Fax No.:	91-22-23685646
E-Mail :	accounts@pandsjewellery.com spd@pandsjewellery.com dharmendram@pandsjewellery.com jigars@pandsjewellery.com
Website :	http://www.pandsjewellery.com
Factory :	Located at Surat, Gujarat, India

DIRECTORS

As on: 30.09.2012

Name :

Mr. Paresh Chhabildas Shah

Designation :

Director

Address :

52-A Sudha Kalash, J Mehta Road, Walkeshwar, Mumbai-400006 Maharashtra, India

Date of Birth/Age :

11.02.1963

Qualification :

B. Com

Date of Appointment :

01.02.1996

PAN No.:

AAOPS5416N

DIN No.:

00905535

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	01/02/1996	01/02/1996	-	Active	NO
2	U91990MH2005NPL154999	ALL INDIA GEMS AND JEWELLERY TRADE FEDERATION	Director	22/07/2005	22/07/2005	-	Active	NO
3	U36911MH2005PTC157839	SHAH TIME AND JEWELS PRIVATE LIMITED	Director	24/11/2005	24/11/2005	-	Active	NO
4	U36912MH2007PTC176267	P AND S SHRINGAR PRIVATE LIMITED	Director	28/11/2007	28/11/2007	-	Active	NO
5	U45202MH2008PTC185087	P AND S NIRMAN PRIVATE LIMITED	Director	25/07/2008	25/07/2008	-	Active	NO
6	U01403GJ2008PTC054978	SCENIC AGRO PRIVATE LIMITED	Director	08/09/2008	08/09/2008	-	Active	YES
7	U74990MH2008NPL188773	GJF EVENTS AND PROMOTIONS FEDERATION	Director	08/12/2008	08/12/2008	12/04/2009	Active	NO
8	U36911MH2009PTC190899	TAHIRA LIFESTYLE PRIVATE LIMITED	Director	13/03/2009	13/03/2009	14/06/2010	Active	NO
9	U01403GJ2006PTC048642	GREENHILL HORTICULTURE FARMS PRIVATE LIMITED	Director	29/12/2009	29/12/2009	-	Under Process of Striking off	NO
10	U36910MH2010PTC200023	TECHNO JEWELS PRIVATE LIMITED	Director	12/02/2010	12/02/2010	-	Active	NO
11	U45202MH2010PTC203048	JANAVAS DEVELOPERS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	24/03/2011	Active	NO
12	U45200MH2010PTC203034	JANAVAS INFRASTRUCTURE PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
13	U45400MH2010PTC204327	JANAVAS REALTY PROJECTS PRIVATE LIMITED	Director	16/06/2010	16/06/2010	-	Active	NO
14	U45201MH2010PTC205528	JANAVAS PROPERTIES PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Active	NO
15	U70102MH2010PTC208143	JANAVAS REALSTRUCTURE PRIVATE LIMITED	Director	24/09/2010	24/09/2010	-	Active	NO
16	U70100MH2010PTC208141	JANAVAS HOMES PRIVATE LIMITED	Director	24/09/2010	24/09/2010	-	Active	NO
17	U01403MH2013PTC243685	JANAVAS AGRO PRIVATE LIMITED	Director	27/05/2013	27/05/2013	-	Active	NO

Name :

Ms. Swati Paresh Shah

Designation :

Director

Address :

52-A Sudha Kalash, J Mehta Road, Walkeshwar, Mumbai-400006 Maharashtra, India

Date of Birth/Age :

15.07.1963

Qualification :

B. Com

Date of Appointment :

01.07.2009

PAN No.:

AAOPS5362D

DIN No.:

01925109

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	U36912MH2007PTC176267	P AND S SHRINGAR PRIVATE LIMITED	Director	01/01/2008	01/01/2008	-	Active	NO
2	U45202MH2008PTC185087	P AND S NIRMAN PRIVATE LIMITED	Director	25/07/2008	25/07/2008	-	Active	NO
3	U36912MH1996PLC096788	P AND S JEWELLERY LIMITED	Director	01/07/2009	01/07/2009	22/03/2013	Active	NO
4	U36911MH2009PTC190899	TAHIRA LIFESTYLE PRIVATE LIMITED	Director	01/01/2010	01/01/2010	26/04/2012	Active	NO

Name :

Mr. Sahil Paresh Shah

Designation :

Director

Address :

52-A Sudha Kalash, J Mehta Road, Walkeshwar, Mumbai-400006 Maharashtra, India

Date of Birth/Age :

16.10.1986

Qualification :

M. s. Finance

Date of Appointment :

01.03.2010

PAN No.:

BQYPS4678F

DIN No.:

01972557

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	U36912MH2007PTC176267	P AND S SHRINGAR PRIVATE LIMITED	Director	01/10/2009	01/01/2008	-	Active	NO
2	U45202MH2008PTC185087	P AND S NIRMAN PRIVATE LIMITED	Director	01/02/2010	01/02/2010	-	Active	NO
3	U36912MH1996PLC096788	P AND S JEWELLERY LIMITED	Director	01/03/2010	01/03/2010	-	Active	NO
4	U45202MH2010PTC203048	JANAVAS DEVELOPERS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	24/03/2011	Active	NO
5	U45200MH2010PTC203034	JANAVAS INFRASTRUCTURE PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
6	U45400MH2010PTC204327	JANAVAS REALTY PROJECTS PRIVATE LIMITED	Director	16/06/2010	16/06/2010	-	Active	NO
7	U45201MH2010PTC205528	JANAVAS PROPERTIES PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Active	NO
8	U29253MH2011PTC212184	RUBICON INDIA ENTERPRISES PRIVATE LIMITED	Director	11/01/2011	11/01/2011	-	Active	NO
9	U01403MH2013PTC243685	JANAVAS AGRO PRIVATE LIMITED	Director	27/05/2013	27/05/2013	-	Active	NO

Name :

Mr. Viraj Chetan Shah

Designation :

Director

Address :

33/B, Rekha Bldg, Ridge Road, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

14.09.1987

Date of Appointment :

02.01.2012

DIN No.:

02954305

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	U36911MH2009PTC190899	TAHIRA LIFESTYLE PRIVATE LIMITED	Director	01/02/2010	01/02/2010	26/04/2012	Active	NO
2	U29253MH2011PTC212184	RUBICON INDIA ENTERPRISES PRIVATE LIMITED	Director	11/01/2011	11/01/2011	-	Active	NO
3	U36900MH2011PLC212559	TIRU GOLD LIMITED	Director	20/01/2011	20/01/2011	-	Active	NO
4	U36912MH1996PLC096788	P AND S JEWELLERY LIMITED	Director	22/08/2012	02/01/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Paresh Chhabildas Shah	1870340
Chhabildas Amulakh Shah	100
Sachin Chandrakant Doshi	100
Sanjay Sumtilal Shah	100
Niren Kantilal Shah	100
Rajendra Mani Shah	100
Sanjeev Chhabildas Shah	100
Manoj Chhabildas Shah	175400
Swati Paresh Shah	50000
Janavas Infrastructure Private Limited, India	215575
Sahil Paresh Shaah	100
Paresh Shah (Partner of Taj jewellery)	261000
Total	2573015

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.82
Bodies corporate	8.38
Directors or relatives of directors	84.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and sale of diamond studded gold jewellery as well trading in losse diamonds.

Products :

Item Code No.	Product Description
71023910	22 k Gold
71023910	24 k Gold
71023910	Colour Stone-1
71023910	Colour Stone-2
71023910	Loose Diamond
71023910	Rough Diamond - Hv
71023910	Silver
71023910	Ok gold jewellery 18 kt

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Union Bank Of India - Lead Bank Of Union Bank Consortium, Princess Street Branch, Devkaran Mansion, Shamaldas Gandhi Marg,, Mumbai - 400002, Maharashtra, India
• Vijaya Bank Limited, Maker Chamber IV (Rear Portion), 222, Nariman Point, Mumbai - 400021, Maharashtra, India
• The Saraswat Co-Op Bank Ltd, Overseas Branch, Marine Lines, Mumbai - 400002, Maharashtra, India
• State Bank of India, Eastern Express Highway, Gala No. 9 and 10, Sun, Magnetic, Near LIC Office, Louis Wadi Service Road, Thane – 400604, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans repayable on demand	934.757	930.500
Total	934.757	930.500

Banking Relations :	--
Auditors :
Name :	Bharat Desai and Company Chartered Accountants
Address :	Pitru Chaya Swastick Society, N. S. Road no. 2, Juhu Scheme, Vileparle (West), Mumbai – 400049, Maharashtra, India
PAN No.:	AAEFB2439E
Subsidiaries :	Shah Time And Jewels Private Limited CIN No. U36911MH2005PTC157839 P and S Nirman Private Limited CIN No. U45202MH2008PTC185087 Tahira Lifestyle Private Limited CIN No. U36911MH2009PTC190899 Rubicon India Enterprises Private Limited CIN No. U29253MH2011PTC212184 Janavas Developers Private Limited CIN No. U45202MH2010PTC203048 P and S Shringar Private Limited CIN No. U36912MH2007PTC176267 Scenic Agro Private Limited CIN No. U01403GJ2008PTC054978 TAJ JEWELLERY

CAPITAL STRUCTURE

As on 30.09.2012

Authorised Capital : Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.876.904 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2573015	Equity Shares	Rs.10/- each	Rs. 25.730 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.730	13.840	13.840
2] Share Application Money		0.000	356.603	0.000
3] Reserves & Surplus		917.202	407.600	264.795
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		942.932	778.043	278.635
LOAN FUNDS
1] Secured Loans		934.757	930.500	528.535
2] Unsecured Loans		26.121	17.894	150.351
TOTAL BORROWING		960.878	948.394	678.886
DEFERRED TAX LIABILITIES		2.039	14.500	2.263
TOTAL		1905.849	1740.937	659.784
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.894	86.680	136.083
Capital work-in-progress		140.364	81.483	0.000
INVESTMENT		10.025	10.025	10.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	364.679	877.849	451.765
	Trade receivable	3009.957	1759.245	838.287
	Cash & Bank Balances	161.469	123.281	57.903
	Other Current Assets	23.910	23.868	0.000
	Loans & Advances	106.968	261.817	188.034
Total Current Assets		3666.983	3046.060	1535.989
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1807.474	1326.660
	Other Current Liabilities	144.646	156.651	720.244
	Provisions	37.297	0.000	2.069
Total Current Liabilities		1989.417	1483.311	722.313
Net Current Assets		1677.566	1562.749	813.676
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1905.849	1740.937	959.784

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4967.967	4075.424	2656.552
		Other Income	187.090	62.385	19.416
		TOTAL (A)	5155.057	4137.809	2675.968
Less	EXPENSES
		Cost of materials consumed	3791.844	3649.147
		Purchases of stock-in-trade	871.329	390.694
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	146.587	(203.884)
		Employee benefit expenses	4.319	2.462
		Other expenses	45.218	48.030
		TOTAL (B)	4859.297	3886.449	2548.060
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		295.760	251.360	127.908
Less	FINANCIAL EXPENSES (D)		125.692	83.834	48.221
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		170.068	167.526	79.687
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.785	9.864	0.805
	PROFIT BEFORE TAX (E-F) (G)		161.283	157.662	78.882
Less	TAX (H)		5.738	2.620	0.000
	PROFIT AFTER TAX (G-H) (I)		155.545	155.042	78.882
	EARNINGS IN FOREIGN CURRENCY		4404.291	3836.736	0.000
	TOTAL EARNINGS		4404.291	3836.736	0.000
	IMPORTS
		Raw Materials	3081.811	3478.633	0.000
	TOTAL IMPORTS		3081.811	3478.633	0.000
	Earnings Per Share (Rs.)		72.54	112.02	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.01	19.92	28.31
Net Profit Margin (PBT/Sales)	(%)	3.24	1139.18	569.96
Return on Total Assets (PBT/Total Assets}	(%)	4.31	5.03	4.71
Return on Investment (ROI) (PBT/Networth)		0.17	0.20	0.28
Debt Equity Ratio (Total Debt/Networth)		1.01	1.21	2.43
Current Ratio (Current Asset/Current Liability)		1.84	2.05	2.12

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Incorporate deposit	9.694	9.374
Loans repayable on demand from banks	5.822	0.404
Loans and advance from related parties	10.605	8.116
Total	26.121	17.894

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U36912MH1996PLC096788
Name of the company	P AND S JEWELLERY LIMITED
Address of the registered office or of the principal place of business in India of the company	Sakina Manzil, R. R. Marg, 4^th floor Opposite Charni Road, Mumbai – 400004, Maharashtra, India Email-id:- accounts@pandsjewellery.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others (Stocks, Current assets, Fixed Assets.)
Particular of charge holder	State Bank of India, Eastern Express Highway, Gala No. 9 and 10, Sun, Magnetic, Near LIC Office, Louis Wadi Service Road, Thane – 400604, Maharashtra, India Email-id:- sbi.14177@sbi.co.in
Nature of instrument creating charge	Agreement of loan cum hypothecation.
Date of instrument Creating the charge	12.11.2012
Amount secured by the charge	Rs. 700.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at above / below BR (BR = 9.75% w.e.f. 20.09.12) Present effective rate 11.25% p.a. (For EPC) Terms of Repayment Repayable on demand. Margin Raw Materials Imported - 25%, Raw Materials Indigenous - 25%, Domestic Receivables/ Export Receivables - 25%, EPC - 10%, LC - 15%, BG - 15%. Extent and Operation of the charge Security to cover principal amount together with interest, costs, charges and expenses etc. Others EPC (Pre and Post Shipment/ EBD/ PCFC/ PSCFC) limit under SBI Exporters Gold Card Scheme under consortium finance - Rs. 500.000 millions, LC (Import/ Inland) / Buyers Credit Limit/ BG/ Metal Gold Loan - Rs. 200.000 millions, Total Limits - Rs. 700.000 millions. All other terms and conditions as per the sanctioned letter and loan agreement.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(i) Hypothecation of Company's entire present and future current assets including stock of Gold Jewellery and Bars lying at Company's Store and at factory premises as well as with job workers and at such (ii) Other places with the permission of the Bank and receivables. (iii) The current assets procured under the NFB Limits.

BUSINESS REVIEW

The Company continues to participate in recognized jewellery exhibitions. The Company had already established fully functional jewellery manufacturing unit in Surat, Gujarat, situated in a special economic zone to cater to increased demand from customers. The Company also has state of art manufacturing facilities of Jewellery catering to its domestic as well as International distribution.

The Company is making conscientious efforts in addressing the large market opportunities that exist in the Gold and Precious Ornaments Segment both in India and abroad. Exports of gems and jewellery are also on the upswing. The Company is concentrating on finalizing various designs for export market. The Company has substantial order on hand and hopes to achieve turnover from manufactured jewelleries in excess of Rs. 12.000 millions in the coming year. Recently, the Company has also received samples for development and approval from foreign clients.

The Jewellery business will continue its growth path through various initiatives. Overall, the year 2012-13 will be a year where the Company would drive for strong and profitable growth in all its Indian consumer businesses, retain focus on elimination of wasteful costs, and skillfully navigate the international businesses which will continue to pose challenges due to sluggish demand in some of the geographies.

To take full advantage of the international trading of gold ornaments and jewellery, the Company has taken a conscious decision to establish a wholly owned subsidiary in key trading market of gold jewellery. As a first step, the Company has already commenced the procedure to incorporate a Subsidiary Company in Dubai Metal and Commodity Centre (DMCC), a prestigious market segment in Dubai. The Company further hopes to consolidate its position by moving into backward integration of importing gold dorebar from the African Continent, refining and converting into bullion, which is the principle raw material. This exercise is expected to have a substantial cost reduction for the Company, and improve its profitability. The Director’s are hopeful of bright prospects.

FIXED ASSETS

• Furniture and fixtures
• Vehicles
• Land and Building
• Plant and Machinery

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. 56.24
UK Pound	1	Rs. 84.53
Euro	1	Rs. 72.32

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		53

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.