MIRA INFORM REPORT

Report Date :

08.11.2013

IDENTIFICATION DETAILS

Name :	LAGU BANDHU MOTIWALE PRIVATE LIMITED
Registered Office :	382, N. C. Kelkar Road, Dadar, Mumbai – 400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.02.1989
Com. Reg. No.:	11-050723
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U36912MH1989PTC050723
TAN No.: [Tax Deduction & Collection Account No.]	MUML05148D/ MUML04660F
PAN No.: [Permanent Account No.]	AAACL0079M
Legal Form :	Private Limited Liability Company.
Line of Business :	Trading of Precious Stones and Gold Ornaments Embedded with Precious and Imitation Stones.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1790000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Profit and sales turnover of the company appears to be decent. Net worth of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are regular. The company can be considered for business dealing 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

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	CRISIL
Rating	SE1A
Rating Explanation	Highest performance capability and high financial strength.
Date	July, 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.

LOCATIONS

Registered Office/ Showroom :	382, N. C. Kelkar Road, Dadar, Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-24227726
Fax No.:	91-22-24378513
E-Mail :	dilip@lagubandhu.com prj@lagubandhu.com
Website :	http://www.lagubandhu.com
Corporate Office :	206/207, Shilpin Centre, G D Ambekar Marg, Near Wadala Tel Exchange, Dadar (East), Mumbai – 400031, Maharashtra, India
Tel. No.:	91-22-24150211/ 24150221
E-Mail :	prj@lagubandhu.com
Area :	1000 sq. ft.
Location :	Owned
Showroom :	Located at: · Dadar · Thane · Dombivali · Borivali · Pune · Goa · Oklahoma · USA

DIRECTORS

As on 24.09.2012

Name :

Mr. Dilip Madhav Lagu

Designation :

Managing Director

Address :

501-A, Pooja Apartments, V R Bhide Road, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

15.12.1961

Qualification :

B. Com, D G FFIG

Date of Appointment :

01.04.2010

PAN No. :

AABPL2306F

DIN No. :

01161579

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	U36912MH1989PTC050723	LAGU BANDHU MOTIWALE PRIVATE LIMITED	Managing director	01/04/2010	20/02/1989	-	Active	NO
2	U36910MH2004PTC145759	NAVRATNA JEWELLERS PRIVATE LIMITED	Director	19/04/2004	19/04/2004	-	Active	NO
3	U36911MH2004PTC145956	NAKSHATRA JEWELLERS PRIVATE LIMITED	Director	28/04/2004	28/04/2004	-	Active	NO
4	U51109MH1935PTC002389	G S MHASKAR PRIVATE LIMITED	Whole-time director	08/04/2010	08/04/2010	-	Active	NO

Name :

Mrs. Anjali Prakash Lagu

Designation :

Director

Address :

Mouktik, 7/22, Erandawane, Pune – 411004, Maharashtra, India

Date of Birth/Age :

12.03.1947

Date of Appointment :

20.02.1989

PAN No. :

AAVPL0472G

DIN No. :

01042996

Name :

Mr. Sarang Prakash Lagu

Designation :

Director

Address :

7/22, Mouktik, Anil Park, Erandawane, Pune – 411004, Maharashtra, India

Date of Birth/Age :

22.06.1977

Date of Appointment :

01.04.2004

PAN No. :

AAHPLS820G

DIN No. :

01043072

Name :

Mrs. Asavari Dilip Lagu

Designation :

Director

Address :

501-A, Pooja Apartments, V R Bhide Road, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

19.06.1966

Date of Appointment :

01.11.1997

PAN No. :

AAAPL5886B

DIN No. :

01161707

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	U36912MH1989PTC050723	LAGU BANDHU MOTIWALE PRIVATE LIMITED	Director	01/11/1997	01/11/1997	-	Active	NO
2	U36910MH2004PTC145759	NAVRATNA JEWELLERS PRIVATE LIMITED	Director	23/04/2004	23/04/2004	-	Active	NO
3	U36911MH2004PTC145956	NAKSHATRA JEWELLERS PRIVATE LIMITED	Director	28/04/2004	28/04/2004	-	Active	NO
4	U51109MH1935PTC002389	G S MHASKAR PRIVATE LIMITED	Whole-time director	08/04/2010	08/04/2010	-	Active	NO

Name :

Mrs. Vinata Lagu

Designation :

Director

Address :

A-13, Kamdar Park, N M Kale Marg, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

23.03.1944

Date of Appointment :

01.11.1997

PAN No. :

AABPL1723A

DIN No. :

01176414

Name :

Mrs. Neha Sarang Lagu

Designation :

Additional Director

Address :

7/22, Mouktik, Anil Park, Erandawane, Pune – 411004, Maharashtra, India

Date of Birth/Age :

12.10.1981

Date of Appointment :

20.06.2009

DIN No. :

ACDPL7927Q

DIN No. :

02665345

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders	No. of Shares
Shrikant Sitaram Lagu	1000
Dilip Madhav Lagu	1500
Anjali Prakash Lagu	750
Vinata Lagu	500
Asavari Dilip Lagu	500
Sarang Prakash Lagu	250
Swati Prabhu	500
Total	5000

As on 24.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Precious Stones and Gold Ornaments Embedded with Precious and Imitation Stones.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from directors	114.285	82.564
SHORT TERM BORROWINGS
Other loans and advances, others	68.919	42.659
Total	183.204	125.223

Banking Relations :	--
Auditors :
Name :	GPS and Associates Chartered Accountants
Address :	A/1, Sindhi Niwas, Sitladevi Temple Road, Mahim, Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFG4422H
Related Party :	· Nakshatra Jewellers Private Limited CIN No.: U36911MH2004PTC145956 · Navratna Jewellers Private Limited CIN No.: U36910MH2004PTC145759 · G S Mhaskar Private Limited CIN No.: U51109MH1935PTC002389

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Share	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Share	Rs.100/- each	Rs.0.500 Million

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	0.500	0.500
(b) Reserves & Surplus	0.000	0.000
(c) Money received against share warrants	446.928	325.349
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	447.428	325.849
(3) Non-Current Liabilities
(a) long-term borrowings	114.285	82.564
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	10.000	20.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	124.285	102.564
(4) Current Liabilities
(a) Short term borrowings	68.919	42.659
(b) Trade payables	65.137	91.397
(c) Other current liabilities	53.464	51.263
(d) Short-term provisions	195.088	135.029
Total Current Liabilities (4)	382.608	320.348
TOTAL	954.321	748.761
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.127	12.402
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	1.055	0.877
(d) Long-term Loan and Advances	7.748	5.723
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	25.930	19.002
(2) Current assets
(a) Current investments	16.000	10.580
(b) Inventories	679.401	534.898
(c) Trade receivables	7.778	8.741
(d) Cash and cash equivalents	25.571	22.482
(e) Short-term loans and advances	199.641	153.058
(f) Other current assets	0.000	0.000
Total Current Assets	928.391	729.759
TOTAL	954.321	748.761

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		252.990
4] (Accumulated Losses)		0.000
NETWORTH		253.490
LOAN FUNDS
1] Secured Loans		4.912
2] Unsecured Loans		60.071
TOTAL BORROWING		64.983
DEFERRED TAX LIABILITIES		0.000
TOTAL		318.473
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.716
Capital work-in-progress		0.000
INVESTMENT		6.792
DEFERRED TAX ASSETS		0.643
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	391.140
	Sundry Debtors	2.521
	Cash & Bank Balances	12.036
	Other Current Assets	0.000
	Loans & Advances	5.891
Total Current Assets		411.588
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	72.683
	Other Current Liabilities	29.292
	Provisions	8.291
Total Current Liabilities		110.266
Net Current Assets		301.322
MISCELLANEOUS EXPENSES		0.000
TOTAL		318.473

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		905.278	552.722
		Other Income		0.873	1.122
		TOTAL	1061.565	906.151	553.844
Less	EXPENSES
		Manufacturing Expenses		691.445	394.755
		Administrative, Sellin and Distribution Expenses		92.682	60.934
		TOTAL	861.414	784.127	455.775
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		200.151	122.024	98.069
Less	FINANCIAL EXPENSES		19.357	10.254	7.400
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	111.770	90.669
Less/ Add	DEPRECIATION/ AMORTISATION		NA	2.281	2.043
	PROFIT/ (LOSS) BEFORE TAX		182.522	109.489	88.712
Less	Prior Period Expenses		0.000	0.000	0.086
Less	TAX		60.944	37.132	30.158
	PROFIT/ (LOSS) AFTER TAX		121.578	72.357	58.468
	Earnings / (Loss) Per Share (Rs.)		24315.60	14471.40	11693.60

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.45	7.99	10.56
Net Profit Margin (PBT/Sales)	(%)	NA	12.09	16.05
Return on Total Assets (PBT/Total Assets}	(%)	19.15	14.64	21.06
Return on Investment (ROI) (PBT/Networth)		0.41	0.34	0.35
Debt Equity Ratio (Total Debt/Networth)		0.41	0.38	0.26
Current Ratio (Current Asset/Current Liability)		2.43	2.28	3.73

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	Yes
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10360967	20/06/2012	10,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B41775594
2	10113743	18/07/2013 *	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B80304272

* Date of charge modification

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.

BACKGROUND

Subject incorporated on 24 th August, 1995 . The company is engaged in trading of precious stones and gold ornaments embedded with precious and imitation stones.

FIXED ASSETS

· Buildings

· 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.62.57
UK Pound	1	Rs.100.63
Euro	1	Rs.84.62

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		51

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.