MIRA INFORM REPORT

Report Date :

04.10.2013

IDENTIFICATION DETAILS

Name :	DIAM STAR JEWELLERY (INDIA) PRIVATE LIMITED
Registered Office :	Unit G – 8 and G – 9, Gems and Jewellery Complex – II, Seepz Sez, Andheri (East), Mumbai – 400096, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.03.2002
Com. Reg. No.:	11-135049
Capital Investment / Paid-up Capital :	Rs.19.500 Millions
CIN No.: [Company Identification No.]	U36910MH2002PTC135049
TAN No.: [Tax Deduction & Collection Account No.]	MUMD07443C
PAN No.: [Permanent Account No.]	AABCD4778N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of studded Gold, Jewellery, Diamond etc.
No. of Employees :	200 (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 2946000
Status :	Satisfactory
Payment Behaviour :	Usually 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 usually correct and as per commitments. 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short term rating BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	September 19, 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. Shekhar
Designation :	Finance Department
Contact No.:	91-22-66947000
Date :	03.10.2013

LOCATIONS

Registered Office/ Factory :	Unit G – 8 and G – 9, Gems and Jewellery Complex – II, Seepz Sez, Andheri (East), Mumbai – 400096, Maharashtra, India
Tel. No.:	91-22-66947000
Fax No.:	91-22-28244212
E-Mail :	legal@goldstarjewellery.com gs@goldstarjewellery.com creditcollection@goldstarjewellery.com

DIRECTORS

As on: 26.09.2012

Name :

Mr. Alkesh Satish Shah

Designation :

Director

Address :

4, Aryavarta N D Road, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

06.02.1970

Date of Appointment :

30.07.2010

DIN No. :

00004149

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	U51398MH1991PTC063336	ROYAL STAR JEWELLERY PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
2	U51398MH2001PTC132396	GOLD STAR ORNAMENTS PRIVATE LIMITED	Director	19/06/2001	19/06/2001	-	Active	NO
3	U39611MH1990PTC056881	GOLD STAR JEWELLERY Private Limited	Director	29/09/2003	29/09/2003	-	Active	NO
4	U36910MH2004PTC146325	GOLD STAR JEWELLERY DESIGNS PRIVATE LIMITED	Director	09/09/2010	14/05/2004	-	Active	NO
5	U36910MH2004PTC147775	Directi Web Services Private Limited	Director	29/07/2004	29/07/2004	16/12/2009	Active	NO
6	U36911MH2005PTC153513	IVY JEWELLERY PRIVATE LIMITED	Director	26/05/2005	26/05/2005	15/11/2010	Active	NO
7	U36911MH2002PLC138275	DIAMOND INDIA LIMITED	Director	09/09/2006	09/09/2006	27/09/2008	Active	NO
8	U27205MH2006PTC165319	Jouel Sculpt Private Limited	Director	15/09/2008	01/11/2006	15/04/2009	Active	NO
9	U27205MH2006PTC165391	DIA VENTE JEWELLERY PVT. LTD.	Director	15/09/2008	07/11/2006	-	Active	NO
10	U72900MH2005PTC156594	Mindtech Solutions Private Limited	Director	29/09/2007	31/03/2007	01/05/2010	Active	NO
11	U36912MH1989GAP053844	SEEPZ GEMS AND JEWELLERY MANUFACTURERS ASSOCIATION	Director	23/11/2007	23/11/2007	24/09/2010	Active	NO
12	U45300MH2008PTC177709	Gold Star Builders and Developers Private Limited	Director	10/01/2008	10/01/2008	-	Active	NO
13	U27205MH2008PTC181759	Gold Star Centoquattro Jewellery Private Limited	Director	30/04/2008	30/04/2008	06/07/2009	Active	NO
14	U45208MH2008PTC184852	Eternity Habitat Private Limited	Director	21/07/2008	21/07/2008	-	Active	NO
15	U65910MH1995PTC087739	GOLD STAR CORPORATE SOLUTIONS PRIVATE LIMITED	Director	26/02/2009	26/02/2009	01/05/2010	Active	NO
16	U51398MH2008PTC185197	B S Designs Private Limited	Director	03/07/2009	03/07/2009	-	Strike off	NO
17	U45400MH2008PTC186135	DIVYA HABITAT PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Active	NO
18	U45200MH2004PTC145604	ETERNITY CONSTRUCTION PRIVATE LIMITED	Director	01/07/2010	01/07/2010	-	Active	NO
19	U67120MH1995PTC092296	DRAVYA FINANCE PRIVATE LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
20	U36910MH2002PTC135049	DIAM STAR JEWELLERY (INDIA) PRIVATE LIMITED	Director	30/07/2010	30/07/2010	-	Active	NO
21	U36912GJ2010PTC062363	GOLD STAR JEWELS PRIVATE LIMITED	Director	20/09/2010	20/09/2010	-	Active	NO
22	AAA-2642	GOLD STAR FINE JEWELLERY LLP	Designated Partner	28/10/2010	28/10/2010	-	Active	NO

Name :

Mr. Ashish Vinod Shah

Designation :

Director

Address :

19/2, Suvarna Nagar, Society, Soni House, N S Road, No. 4, J V P D Scheme , Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

04.05.1970

Date of Appointment :

01.06.2008

DIN No. :

00007729

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	U51398MH1991PTC063336	ROYAL STAR JEWELLERY PRIVATE LIMITED	Managing director	31/03/2005	31/03/2005	15/03/2010	Active	NO
2	U39611MH1990PTC056881	GOLD STAR JEWELLERY Private Limited	Managing director	01/05/2009	01/04/2005	-	Active	NO
3	U36910MH2004PTC146325	GOLD STAR JEWELLERY DESIGNS PRIVATE LIMITED	Whole-time director	30/09/2005	30/09/2005	-	Active	NO
4	U65910MH1995PTC087739	GOLD STAR CORPORATE SOLUTIONS PRIVATE LIMITED	Director	29/09/2007	31/03/2007	-	Active	NO
5	U36910MH2002PTC135049	DIAM STAR JEWELLERY (INDIA) PRIVATE LIMITED	Director	01/06/2008	01/06/2008	-	Active	NO
6	U51398MH2008PTC185197	B S Designs Private Limited	Director	29/07/2008	29/07/2008	-	Strike off	NO
7	U27205MH2008PTC181759	Gold Star Centoquattro Jewellery Private Limited	Director	06/07/2009	06/07/2009	-	Active	NO
8	U72900MH2005PTC156594	Mindtech Solutions Private Limited	Director	01/05/2010	01/05/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 26.09.2012

Names of Shareholders	No. of Shares
Alkesh Satish Shah	73280
Satish Ratilal Shah	10200
Shweta Sanjay Shah	710890
Hansaben Satish Shah	421800
Smita Alkesh Shah	633800
Ankur Satish Shah	100000
Sidd Shah	10
Aayush Shah	10
Sayam Shah	10
Total	1950000

As on: 26.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of studded Gold, Jewellery, Diamond etc.

Products :

ITC Code	Products / Services
71131930	Manufacturer of Jewellery

Exports :

Products :

Finished Goods

Countries :

• USA
• UK

Imports :

Products :

Raw Material

Countries :

USA

PRODUCTION STATUS (AS ON 31.03.2011)

FINISHED GOODS	Unit	31.03.2011
Licensed Capacity	In Pcs.	250000
Installed Capacity	In Pcs.	250000
Actual Production	In Pcs.	179685

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

œ State Bank of India, Seepz Branch, Andheri (East), Mumbai – 400096, Maharashtra, India

œ Bank of India, Seepz Mid Corporate Branch, Behind Seepz Service Centre, Marol Industrial Area, Seepz, Mumbai-400096, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Short Term Borrowing
Rupee term loans from banks	305.619	33.800
Foreign currency loan from bank	0.034	56.506
Term loan from others	35.233	0.000
Total	340.886	90.306

Banking Relations :	--
Auditors :
Name :	B J Shah and Associates Chartered Accountant
Address :	203-A/1, Modern Apartment, Sanghani Estate Garfen Lane, Ghatkopar (West), Mumbai-400086, Maharashtra, India
PAN No. :	AAHPS5959D
Associates/Subsidiaries :	œ Gold Star Jewellery Private Limited œ Royal Star Jewellery Private Limited œ Gold Star Corporate Solution Private Limited œ Mindtech Solution Private Limited œ Gold Star Jewellery Designs Private Limited œ Gold Star Centoquattro Jewellery Private Limited œ Gold Star Diamond Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 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	19.500	19.500
(b) Reserves & Surplus	717.125	678.113
(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)	736.625	697.613
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.307	0.393
(c) Other long term liabilities	14.614	4.212
(d) long-term provisions	0.377	0.237
Total Non-current Liabilities (3)	15.298	4.842
(4) Current Liabilities
(a) Short term borrowings	352.984	93.037
(b) Trade payables	300.087	101.793
(c) Other current liabilities	1.968	1.251
(d) Short-term provisions	6.936	8.269
Total Current Liabilities (4)	661.975	204.350
TOTAL	1413.898	906.805
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.647	33.328
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	1.920
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	87.515	87.515
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.677	2.329
(e) Other Non-current assets	5.882	10.004
Total Non-Current Assets	130.721	135.096
(2) Current assets
(a) Current investments	0.000	10.000
(b) Inventories	259.802	199.091
(c) Trade receivables	931.250	424.671
(d) Cash and cash equivalents	71.641	87.248
(e) Short-term loans and advances	18.710	48.142
(f) Other current assets	1.774	2.557
Total Current Assets	1283.177	771.709
TOTAL	1413.898	906.805

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		19.500
2] Share Application Money		0.000
3] Reserves & Surplus		663.268
4] (Accumulated Losses)		0.000
NETWORTH		682.768
LOAN FUNDS
1] Secured Loans		388.518
2] Unsecured Loans		0.000
TOTAL BORROWING		388.518
DEFERRED TAX LIABILITIES		0.271
TOTAL		1071.557
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.115
Capital work-in-progress		1.920
INVESTMENT		87.515
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	187.299
	Sundry Debtors	764.480
	Cash & Bank Balances	56.935
	Other Current Assets	13.076
	Loans & Advances	16.678
Total Current Assets		1038.468
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	78.723
	Other Current Liabilities	7.479
	Provisions	7.259
Total Current Liabilities		93.461
Net Current Assets		945.007
MISCELLANEOUS EXPENSES		0.000
TOTAL		1071.557

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03..2012	31.03.2011	31.03.2010
	SALES
		Income		956.238	1013.570
		Other Income		0.420
		TOTAL	1386.901	956.658	1013.570
Less	EXPENSES
		Office Expenses		927.860	999.206
		Administrative Expenses
		Advertising Expenses
		TOTAL	1329.098	927.860	999.206
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(Including Depreciation)	28.798	14.364
Less/ Add	DEPRECIATION/ AMORTISATION			5.634	6.279
	PROFIT BEFORE TAX		57.803	23.164	8.085
Less	TAX		18.791	8.319	3.032
	PROFIT AFTER TAX		39.012	14.845	5.053
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		615.050	600.205	582.853
	BALANCE CARRIED TO THE B/S		NA	615.050	600.205
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1209.981	849.240	952.737
	TOTAL EARNINGS		1209.981	849.240	952.737
	IMPORTS
		Raw Materials	370.897	425.052	461.847
		Stores & Spares	0.057	1.634	0.000
		Capital Goods	0.660	0.000	0.000
	TOTAL IMPORTS		371.614	426.686	461.847
	Earnings Per Share (Rs.)		20.01	7.61	2.59

Particulars	31.03.2013
Sales Turnover (Approximately)	1700.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.81	1.55	0.50
Net Profit Margin (PBT/Sales)	(%)	NA	2.42	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.36	2.83	0.75
Return on Investment (ROI) (PBT/Networth)		0.08	0.03	0.01
Debt Equity Ratio (Total Debt /Networth)		0.48	0.13	0.57
Current Ratio (Current Asset/Current Liability)		1.94	3.77	11.11

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 four 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)	Yes
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:

The Registered office of the company has been shifted from 3^rd Floor, Kothare House, 269 Raja Ram Mohan Roy Road, Opera House, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 22.10.2008.

UNSECURED LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Short Term Borrowing
Unsecured Borrowing	12.098	2.731
Total	12.098	2.731

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10372693	31/07/2012	20,000,000.00	Bank of India	Seepz Mid Corporate Br,Behind Seepz Service Centre, Marol Industrial Area, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, INDIA	B56427016
2	10334123	16/01/2012	20,000,000.00	Bank of India	Seepz Mid Corporate Br,Behind Seepz Service Centre, Marol Industrial Area, Seepz,, Mumbai, Maharashtra - 400096, INDIA	B31503055
3	10235151	28/07/2010	15,000,000.00	BANK OF INDIA	SEEPZ BRANCH, MIDC-SEEPZ,ANDHERI-EAST, MUMBAI, Maharashtra - 400096, INDIA	A92260017
4	10061439	29/10/2012 *	538,900,000.00	State Bank of India	SEEPZ, ANDHERI (EAST), Mumbai, Maharashtra - 400096, INDIA	B61644811
5	10005811	28/04/2006	520,000,000.00	STATE BANK OF INDIA	SEEPZ BRANCH, ANDHERI (EAST), MUMBAI, Maharashtra - 400096, INDIA	A01308295
6	90145383	03/09/2004	7,500,000.00	BANK OF INDIA	SEEPZ BRANCH, ANDHERI, MUMBAI, Maharashtra - 400096, INDIA	-
7	90144559	01/07/2003	30,000,000.00	STATE BANK OF INDIA	SEEPZ BRANCH, ANDHERI, MUMBAI, Maharashtra - 400096, INDIA	-

* 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 & 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.

FIXED ASSETS:

œ Plant and Machinery

œ Building

œ Computer

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.61.93
UK Pound	1	Rs.100.44
Euro	1	Rs.84.24

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.