MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	BLUE STAR DIAMONDS PRIVATE LIMITED
Registered Office :	CE 9010, CC9013, CE9014, CE9016, 9^th Floor, Tower C, Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.12.2008
Com. Reg. No.:	11-188710
Capital Investment / Paid-up Capital :	Rs. 217.681 Millions
CIN No.: [Company Identification No.]	U36911MH2008PTC188710
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCB6475E
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing, Trading and Selling of Rough and Polished Diamonds.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 11000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	It is an established company having satisfactory track. Subject is a successor of M/S Blue Star, established in 1966 as a partnership concern. Subsequently it got converted into a private limited company under the current name in December 2008. The rating reflects vast experience of the promoters in the diamond business supported by established track record of operations and diversified clientele across geographies. Further, rating also takes into consideration company’s sound financial risk profile and fair liquidity position. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 31, 2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sameer Mehta
Designation :	Chartered Accountant
Contact No.:	91-22-40404444
Date :	05.12.2014

LOCATIONS

Registered Office :	CE 9010, CC9013, CE9014, CE9016, 9^th Floor, Tower C, Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-40404444
Fax No.:	91-22-23630202
E-Mail :	info@bluestardiamonds.com
Website :	http://www.bluestardiamonds.com
Corporate Office :	309-312, Prasad Chambers, 3rd Floor, Opera House, Mumbai – 400004, Maharashtra, India
Factory :	Auro Manufacturing Private Limited F P No.37 / F P No.65/ B/ 2, Umiya Chowk, Ashwinikumar Road, Varachha, Surat – 395008, Gujarat, India
Tel. No.:	91-261-2554567
Fax No.:	91-261-2563962
E-Mail :	bsfactory@bluestardiamonds.com
Overseas Offices :	Located at: · Antwerp, Belgium · Hong Kong · Dubai · Gaborone · Melbourne · New York

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Akshay Vasantlal Mehta
Designation :	Director
Address :	Flat No. 10, 5^th Floor, Kamal Mahal, 17 M.L. Dahanukar, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	12.10.1953
Date of Appointment :	05.12.2008
PAN No.:	AACPM1676N
DIN No.:	00059524
Name :	Mr. Anuj Vasantlal Mehta
Designation :	Director
Address :	Cliff, 14^th Floor, 259, B.G. Kher Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	03.10.1955
Date of Appointment :	05.12.2008
PAN No.:	AACPM1675R
DIN No.:	00059854
Name :	Mr. Arnav Akshay Mehta
Designation :	Director
Address :	10, Kamal Mahal, 17, M.L. Dahanukar Marg, 5^th Floor, Car Micheal Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	02.01.1983
Date of Appointment :	05.12.2008
PAN No.:	AADPM7053L
DIN No.:	00142488

KEY EXECUTIVES

Name :	Mr. Neha Shanker Bhatia
Designation :	Secretary
Address :	Building No. 133/3630, Pant Nagar, Ghatkopar (East), Mumbai – 400075, Maharashtra, India
Date of Birth/Age :	12.02.1988
Date of Appointment :	01.08.2013
PAN No.:	ALSPB8001F
Name :	Mr. Sameer Mehta
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Equity Shareholders	No. of Shares
Akshay Vasantlal Mehta	2134060
Anuj Vasantlal Mehta	2134060
Kokilaben Vasantlal Mehta	1500000
Smita Akshay Mehta	1500000
Rina Anuj Mehta	1500000
Arnav Akshay Mehta	1500000
Anshul Anuj Mehta	1500000
Total	11768120

Names of Preference Shareholders	No. of Shares
Smita Akshay Mehta	125000
Akshay Vasantlal Mehta	4062500
Arnav Akshay Mehta	312500
Anuj Vasantlal Mehta	4500000
Kokilaben Vasantlal Mehta	1000000
Total	10000000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Trading and Selling of Rough and Polished Diamonds.

Products :

ITC Code No.	Product Descriptions
71023910	Diamond Cut or otherwise worked but not mounted or set

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Polish Diamond

Countries :

• Hong-Kong
• Dubai

Imports :

Products :

Rough Diamond

Countries :

Belgium

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

80 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Opera House Branch, Hermes House, Mama Parmanand Marg, Opera House, Mumbai - 400004, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-24136246
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Constantly Ringing

· Standard Chartered Bank

Crescsnzo, Plot No C - 38 and 39, G Block, Bandra Kurla Complex,, Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand	6315.486	5257.941
Total	6315.486	5257.941

Auditors :
Name :	J.J. Shah and Company Chartered Accountants
Address :	1st Floor, Room No. 13, Shree Ganesh Cooperative Housing Society Limited, Fazal Mansion, 8/14/A, Abdul Rehman Street, Pydhonie, Mumbai – 400003, Maharashtra, India
PAN No.:	AAEPM4732D
Memberships :	--
Collaborators :	--
Joint Venture :	Antwerp Star Diamonds NV
Subsidiary Company :	· Blue Star Diamonds Botswana (Pty) Limited · Blue Star Diamonds (HK) Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Arjav Diamonds NV · Arjav Associates NV · Amdiam NV · Arjav Diamonds (India) Private Limited [U36996MH2007PTC169725] · Aurostar Jewellery (India) Private Limited [U74900MH1995PTC086993] · R. J Diamonds · Arjav Diamonds (ME) LLC · ADMG Diamond Private Limited [U36912GJ2010PTC062006] · Kashikey Diamond India Private Limited [U36911MH2003PTC141589] · Auro Manufacturing Private Limited [U36912GJ2007PTC050022] · Arjav Manufacturing NV
Associate :	Surat Rough Diamond Sourcing (India) Limited [U36912GJ2010PLC062808]
Fellow Subsidiary Company :	Blue Star Diamonds NY Inc
Other Related Party :	Blue Star and Kiven Diamonds Pty. Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
120,000,00	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions
100,000,00	Preference Shares	Rs. 10/- each	Rs. 100.000 Millions
	Total		Rs. 220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
117,681,20	Equity Shares	Rs. 10/- each	Rs. 117.681 Millions
100,000,00	Preference Shares	Rs. 10/- each	Rs. 100.000 Millions
	Total		Rs. 217.681 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	217.681	217.681	205.000
(b) Reserves & Surplus	3724.932	3366.789	2803.480
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3942.613	3584.470	3008.480
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	3.714	5.168
(c) Other long term liabilities	30.018	30.017	0.000
(d) long-term provisions	1.789	2.907	0.000
Total Non-current Liabilities (3)	31.807	36.638	5.168
(4) Current Liabilities
(a) Short term borrowings	6736.045	5737.295	4648.010
(b) Trade payables	4906.840	3498.492	3052.973
(c) Other current liabilities	16.481	28.711	69.690
(d) Short-term provisions	3.414	19.928	0.334
Total Current Liabilities (4)	11662.780	9284.426	7771.007
TOTAL	15637.200	12905.534	10784.655
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1888.803	1861.479	1683.904
(ii) Intangible Assets	1.634	2.567	3.717
(iii) Capital work-in-progress	14.926	13.435	60.484
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	571.282	449.686	189.117
(c) Deferred tax assets (net)	0.830	0.000	0.000
(d) Long-term Loan and Advances	152.544	128.836	106.709
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2630.019	2456.003	2043.931
(2) Current assets
(a) Current investments	49.700	18.900	17.700
(b) Inventories	6502.635	5513.443	5360.182
(c) Trade receivables	6088.579	4352.105	2785.435
(d) Cash and cash equivalents	342.455	477.255	490.848
(e) Short-term loans and advances	23.092	87.577	47.888
(f) Other current assets	0.720	0.251	38.671
Total Current Assets	13007.181	10449.531	8740.724
TOTAL	15637.200	12905.534	10784.655

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES (Approximately)
		TOTAL	17620.000	13800.000	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		559.548	389.188	545.629
Less	TAX		170.222	127.545	174.951
	PROFIT AFTER TAX		389.326	261.643	370.678
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	14258.425	9126.391	9693.602
	Earnings Per Share (Rs.)		17.88	24.41	35.30

Expected Sales (2014-15): Rs. 19000.000 Millions

The above information has been parted by Mr. Sameer Mehta (Chartered Accountant).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.72	3.13	5.18
Return on Investment (ROI) (PBT/Networth)		0.14	0.11	0.18
Debt Equity Ratio (Total Liability/Networth)		1.71	1.60	1.54
Current Ratio (Current Asset/Current Liability)		1.12	1.13	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	205.000	217.681	217.681
Reserves & Surplus	2803.480	3366.789	3724.932
Net worth	3008.480	3584.470	3942.613
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	4648.010	5737.295	6736.045
Total borrowings	4648.010	5737.295	6736.045
Debt/Equity ratio	1.545	1.601	1.709

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 two 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

Note: The Registered Office of the Company has been shifted from CE 9010, 8013, 8014, 8016, 9th Floor, Tower "C", Bharat Diamonds Bourse, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India to the present address w.e.f.24.12.2013.

BACKGROUND

Subject was incorporated upon conversion of erstwhile firm Blue Star into a private limited company under provisions of the Part IX of the Companies Act, 1956 with effect from December 5, 2008 vide certificate of incorporation No U36911MH2008PTC188710 issued by the Registrar of Companies, Maharashtra, Mumbai. Upon conversion the company has taken over all the assets and liabilities of the erstwhile firm at its respective book value as on December 5, 2008 and issued Equity Shares to the Partners of the firm in lieu of their Fixed / Current capital in the firm.

The Company is predominantly engaged in manufacturing, trading and sales of rough and polished diamonds.

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	10472957	27/11/2013	6,600,000,000.00	Bank of India - Lead Bank	Opera House Mid Corporate Branch, Hermes House,,  Mama Parmanand Marg, Opera House,, Mumbai, Maharashtra - 400004, INDIA	B94512480
2	10400774	08/01/2013	481,250,000.00	Standard Chartered Bank	Crescsnzo, Plot No C - 38 & 39,, G Block, Bandra  Kurla Complex,, Mumbai, Maharashtra - 400051, INDIA	B67161778

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from directors	414.650	473.445
Loans and advances from others	5.909	5.909
Total	420.559	479.354

FIXED ASSETS

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Other equipments

· Computer software

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 records 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. 96.37
Euro	1	Rs. 76.10

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	JYO

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		48

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.