MIRA INFORM REPORT

Report Date :

06.11.2013

IDENTIFICATION DETAILS

Name :	VAIBHAV EMPIRE PRIVATE LIMITED
Registered Office :	7A-9-21, Main Bazar, Eluru – 534001, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.03.1989
Com. Reg. No.:	01-009734
Capital Investment / Paid-up Capital :	Rs. 97.700 Millions
CIN No.: [Company Identification No.]	U55101AP1989PTC009734
TAN No.: [Tax Deduction & Collection Account No.]	VPNV00725E
PAN No.: [Permanent Account No.]	AABCV8928J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Jewellery.
No. of Employees :	100 (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 2900000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. 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 – 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits: (BBB -)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	March 2013

Rating Agency Name	ICRA
Rating	Short term non fund based limits: (A3)
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	March 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 PARTED BY

Name :	Mr. Satya Srinivas
Designation :	Accounts Executive
Contact No.:	91-8812-668664
Date :	31.10.2013

LOCATIONS

Registered Office :	7A-9-21, Main Bazar, Eluru – 534001, Andhra Pradesh, India
Tel. No.:	91-8812-668664
Fax No.:	91-8812-668668
E-Mail :	info@vaibhavempire.in irfan@vaibhavempire.in
Website :	http://www.vaibhavempire.in
Location :	Owned
Corporate Office :	D. No. 47-10-19, V Empire, 2^nd Floor, 2^nd Lane, Dwarka Nagar, Visakhapatnam – 530016, Andhra Pradesh, India
Tel. No.:	91-891-6634568
Fax No.:	91-891-6637777
E-Mail :	info@vaibhavempire.in
Factory :	Located at: · Visakhapatnam

DIRECTORS

As on: 29.09.2012

Name :	Mr. Bharata Mallika Ratna Kumari Grandhi
Designation :	Managing director
Address :	A-1, Pawan Palace, Dwarka Nagar, Visakhapatnam – 530016, Andhra Pradesh, India
Date of Birth/Age :	30.06.1969
Date of Appointment :	23.10.2001
PAN No.:	ABWPG7015J
DIN No.:	00492520
Name :	Mr. Sri Venkata Amarendra Grandhi
Designation :	Director
Address :	Vaibhav Jewelers, Main Bazar, Godavari District, Eluru – 534002, Andhra Pradesh, India
Date of Birth/Age :	27.03.1965
Date of Appointment :	14.02.2012
PAN No.:	ABIPA7175R
DIN No.:	01521848
Name :	Mr. Sinduri Grandhi
Designation :	Director
Address :	A-1, Pawan Palace, Dwarka Nagar, Visakhapatnam – 530016, Andhra Pradesh, India
Date of Birth/Age :	19.05.1991
Date of Appointment :	28.01.2012
PAN No.:	ATWPG4721D
DIN No.:	02795856
Name :	Mr. Sai Keerthana Grandhi
Designation :	Director
Address :	A-1, Pawan Palace, Dwarka Nagar, Visakhapatnam – 530016, Andhra Pradesh, India
Date of Birth/Age :	17.01.1993
Date of Appointment :	14.02.2012
PAN No.:	BCEPG7070F
DIN No.:	05211918

KEY EXECUTIVES

Name :	Mr. Md Irfan Ansari
Designation :	Secretary
Address :	Vsquare Building, Opposite TSR Complex, Dwarka Nagar, Visakhapatnam – 530016, Andhra Pradesh, India
Date of Birth/Age :	10.04.1985
Date of Appointment :	14.02.2012
PAN No.:	AKOPA0225F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
G. Manoj Kumar (Huf)	733760
Bharata Mallika Ratna Kumari Grandhi	136800
Rugbystar Suppliers Private Limited, India	106440
Total	977000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	10.90
Directors or relatives of directors	14.00
Other top fifty shareholders	75.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Jewellery.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, # 43-29-54, Balaji Metro Chambers, Dondaparthy, Visakhapatnam - 530016, Andhra Pradesh, India

· State Bank of Hyderabad Acting (Consortium), Dwarakanagar, Visakhapatnam - 530016, Andhra Pradesh, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

· Andhra Bank, Dwaraka Nagar Branch, Visakhapatnam - 530016, Andhra Pradesh, India

· ICICI Bank Limited, ICICI Bank Tower, 1-11-256, Begumpet, Level Iv, Hyderabad - 500016, Andhra Pradesh, India

· The Karur Vysya Bank Limited, Dabagardens, Visakhapatnam, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Term loans from banks	67.894	32.000
Other loans and advance	0.791	4.621
Short term borrowings
Loans repayable on demand	890.759	836.424
Loans and advance from related parties	17.052	61.919
Total	976.496	934.964

Banking Relations :	--
Finance Institutions:	The Andhra Pradesh State Financial Co-Operative, Chirag Ali Lane Abids, Hyderabad, Andhra Pradesh, India
Auditors :
Name :	D.V. Ramana Rao and Company Chartered Accountants
Address :	22B-6-8, Korrapati Street, Powerpet
PAN No.:	AABFD5454L
Associates:	· Vaibhav Jewellers, Visakhapatnam · Vaibhav Jewellers, Eluru · Rugby Star Supplies Private Limited · Vaibhav Sky Scapes Limited · Vaibhav Signtowers Private Limited · Vaibhav Gold Coast Private Limited · Vaibhav Hotels and liesures (Visakhapatnam) Private Limited · Vaibhav Jewellers Private Limited · Vaibhav Hospitalities Private Limited · Vaibhav Goldfin Services Private Limited · Vaibhav Green Energy Private Limited
Subsidiary:	· Vaibhav Sky Scapes Limited CIN No.:U45400AP2007PLC053922

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
977000	Equity Shares	Rs.100/- each	Rs. 97.700 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	97.700	95.106
(b) Reserves & Surplus	643.453	568.111
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.275
Total Shareholders’ Funds (1) + (2)	741.153	663.492
(3) Non-Current Liabilities
(a) long-term borrowings	68.685	36.621
(b) Deferred tax liabilities (Net)	55.865	42.506
(c) Other long term liabilities	7.500	7.500
(d) long-term provisions	3.838	2.332
Total Non-current Liabilities (3)	135.888	88.959
(4) Current Liabilities
(a) Short term borrowings	907.811	898.343
(b) Trade payables	630.718	691.152
(c) Other current liabilities	172.528	121.822
(d) Short-term provisions	32.945	40.945
Total Current Liabilities (4)	1744.002	1752.262
TOTAL	2621.043	2504.713
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	355.447	433.381
(ii) Intangible Assets	6.924	5.144
(iii) Capital work-in-progress	19.939	10.949
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	125.437	125.437
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	16.132	13.255
(e) Other Non-current assets	14.120	19.283
Total Non-Current Assets	537.999	607.449
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1696.956	1715.737
(c) Trade receivables	47.596	39.826
(d) Cash and cash equivalents	142.725	87.775
(e) Short-term loans and advances	109.376	53.889
(f) Other current assets	86.391	0.037
Total Current Assets	2083.044	1897.264
TOTAL	2621.043	2504.713

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		78.600
2] Share Application Money		0.000
3] Reserves & Surplus		378.117
4] (Accumulated Losses)		0.000
NETWORTH		456.717
LOAN FUNDS
1] Secured Loans		718.522
2] Unsecured Loans		256.274
TOTAL BORROWING		974.796
DEFERRED TAX LIABILITIES		38.458
TOTAL		1469.971
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		428.038
Capital work-in-progress		0.000
INVESTMENT		125.437
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1329.814
	Sundry Debtors	36.370
	Cash & Bank Balances	8.599
	Other Current Assets	0.000
	Loans & Advances	130.611
Total Current Assets		1505.394
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	475.823
	Other Current Liabilities	55.562
	Provisions	57.513
Total Current Liabilities		588.898
Net Current Assets		916.496
MISCELLANEOUS EXPENSES		0.000
TOTAL		1469.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	11503.327	3649.265	2732.481
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	11095.591	3403.471	2509.553
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		407.736	245.794	222.928
Less	FINANCIAL EXPENSES (D)		210.594	126.940	115.690
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		197.142	118.854	107.238
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.365	21.781	20.689
	PROFIT BEFORE TAX (E-F) (G)		172.777	97.073	86.549
Less	TAX (H)		116.890	30.875	45.004
	PROFIT AFTER TAX (G-H) (I)		55.887	66.198	41.545
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		307.315	241.117	199.572
	BALANCE CARRIED TO THE B/S		363.202	307.315	241.117
	Earnings Per Share (Rs.)		57.20	67.76	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.49	1.81	1.52
Return on Total Assets (PBT/Total Assets}	(%)	6.98	4.10	4.48
Return on Investment (ROI) (PBT/Networth)		0.23	0.15	0.19
Debt Equity Ratio (Total Debt/Networth)		1.31	1.41	2.13
Current Ratio (Current Asset/Current Liability)		1.20	1.08	2.56

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%	--
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	Yes
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	Yes

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 & 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.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10445908	08/08/2013	30,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, # 43-29-54, BALAJI METRO CHAMBERS, DONDAPARTHY, VISAKHAPATNAM, ANDHRA PRADESH - 530016, INDIA	B83495309
2	10361178	30/05/2012	50,000,000.00	ANDHRA BANK	DWARKANAGAR, VISAKHAPATNAM, ANDHRA PRADESH, VISAKHAPATNAM, ANDHRA PRADESH - 530016, INDIA	B41851262
3	10183846	27/03/2013 *	1,770,200,000.00	STATE BANK OF HYDERABAD ACTING (CONSORTIUM)	DWARAKANAGAR, VISAKHAPATNAM, ANDHRA PRADESH - 530016, INDIA	B73720369

* Date of charge modification

FIXED ASSETS

· Land and Building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

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. 61.79
UK Pound	1	Rs. 98.66
Euro	1	Rs. 83.41

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.