MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	EKTA GEMS PRIVATE LIMITED
Registered Office :	107, Shreeji Chambers, Opera House, Tata Road No.2, Girgaon, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.07.2007
Com. Reg. No.:	11-170217
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U36912MH2007PTC170217
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Diamonds.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by decent liquidity position. Trade relations are reported to be fair. Business is active. Payments 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

NOT AVAILABLE

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. Chirag Barot
Designation :	Finance Manager
Contact No.:	91-9819800201
Date :	09.12.2014

LOCATIONS

Registered Office/ Factory :	107, Shreeji Chambers, Opera House, Tata Road No.2, Girgaon, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23632458
Mobile No.:	91-9819800201 (Mr. Chirag Barot)
Fax No.:	91-22-23632458
E-Mail :	contact@kiranmehtaca.com
Area :	400 Sq. Ft
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2014

Name :

Mr. Hasmukh Shantilal Shah

Designation :

Director

Address :

10, Ratnapuri Building, Daftari Road, Gaushala Lane,Malad East, Mumbai - 400092, Maharashtra, India

Date of Birth/Age :

29.06.1957

Date of Appointment :

23.04.2007

DIN No.:

01245302

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	U74100MH2004PTC149199	JMD SERVICES AND CONSULTANCY PRIVATE LIMITED	Director	21/10/2004	21/10/2004	-	Active	NO
2	U36912MH2007PTC170217	EKTA GEMS PRIVATE LIMITED	Director	23/04/2007	23/04/2007	-	Active	NO

Name :

Mr. Ankit Hasmukh Shah

Designation :

Director

Address :

10, Ratnapuri Building, Daftari Road, Gaushala Lane, Malad East, Mumbai - 400092, Maharashtra, India

Date of Birth/Age :

08.03.1982

Date of Appointment :

23.04.2007

DIN No.:

01245346

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	U74100MH2004PTC149199	JMD SERVICES AND CONSULTANCY PRIVATE LIMITED	Director	21/10/2004	21/10/2004	-	Active	NO
2	U36912MH2007PTC170217	EKTA GEMS PRIVATE LIMITED	Director	23/04/2007	23/04/2007	-	Active	NO

Name :

Mr. Shrina Ankit Shah

Designation :

Director

Address :

101-A, Ratnapuri, Gaushala Lane, Malad East, Mumbai - 400097, Maharashtra, India

Date of Birth/Age :

29.01.1986

Date of Appointment :

23.04.2007

DIN No.:

01438372

KEY EXECUTIVES

Name :	Mr. Chirag Barot
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Hasmukhbhai S Shah Huf	414500
Bhanuben Hasmukhbhai Shah	4860
Ankit H Shah Huf	39120
Shrina Ankit Shah	25920
Chirlesh Patel	200
Ankit H Shah	10400
Hasmukhbhai S Shah	5000
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Diamonds.
Products :	Diamonds
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Diamonds
Countries :	· Belgium · Hong Kong
Imports :
Products :	Raw Material
Countries :	Belgium
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Afrin Diam Fze

· Ajay S. Shah

· Arjav Diamonds

· Dali Diamonds Co

· Diabex Nv -

· Dianco Bvba

· Dianco Dmcc

· Dratna Exports

· Imports Credit Control

· Gemasia Bvba

· Munic Gems

· Rosy Blue N V.

· S.V.Gems N.V

· Trau Bros N V

· Venus Jewels

· Bk Freight Forwarding Private Limited

· Goldstar Diamond Private Limited

· Kumar Shah

· Sandeep S Shah

Customers :

Reference :	Mahendra Brothers
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

15 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Opera House, Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Ravish Prakash (Officer)
Contact Number	91-22-23889693
Name of Account Holder	Ekta Gems Private Limited
Account Number	04090200001998
Account Since (Date/Year of Account Opening)	03.07.2007
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Good
Remarks (If any)	As claimed by Mr. Ravish Prakash (Officer) subject having good track record for banking Transaction.

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Praful Doshi Chartered Accountants
Address :	C/102, Pancham Building No. 1, Iraniwadi No. 2, Kandivali (West), Mumbai – 400067, Maharashtra, India
PAN No.:	AABPD7820N
Memberships :	--
Collaborators :	--
Sister Concern :

CAPITAL STRUCTURE

As on 30.09.2014

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
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000
(b) Reserves & Surplus	102.112	99.424
(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)	107.112	104.424
(3) Non-Current Liabilities
(a) long-term borrowings	31.736	9.070
(b) Deferred tax liabilities (Net)	0.299	0.183
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	32.035	9.253
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	85.873	75.643
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.936	3.826
Total Current Liabilities (4)	86.809	79.469
TOTAL	225.956	193.146
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.253	8.665
(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	13.041	6.232
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	21.294	14.897
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	127.519	51.357
(c) Trade receivables	71.215	124.238
(d) Cash and cash equivalents	4.585	0.944
(e) Short-term loans and advances	1.343	1.710
(f) Other current assets	0.000	0.000
Total Current Assets	204.662	178.249
TOTAL	225.956	193.146

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		0.000
3] Reserves & Surplus		96.545
4] (Accumulated Losses)		0.000
NETWORTH		101.545
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		9.700
TOTAL BORROWING		9.700
DEFERRED TAX LIABILITIES		0.000
TOTAL		111.245
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.263
	Sundry Debtors	83.481
	Cash & Bank Balances	1.999
	Other Current Assets	0.000
	Loans & Advances	1.447
Total Current Assets		165.190
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.746
	Other Current Liabilities	2.199
	Provisions	0.000
Total Current Liabilities		53.945
Net Current Assets		111.245
MISCELLANEOUS EXPENSES		0.000
TOTAL		111.245

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	233.820	555.599
		Other Income	0.390	3.671
		TOTAL	234.210	559.270
Less	EXPENSES
		Cost of goods sold	209.999	519.077
		Direct Expense	6.544	21.039
		Agency Commission Charge	0.056	0.127
		Assortment Charges	0.307	0.000
		Bank Charge	0.182	0.212
		Brokerage & Commission	1.520	4.269
		Deferred Tax	0.115	0.183
		Electric Expenses	0.200	0.060
		Freight Charge	0.129	0.199
		Interest on Loan	2.074	0.966
		Jeweler Block Policy	0.205	0.230
		LIC Premium	0.274	0.250
		Office Expense	0.129	0.096
		Remuneration to Directors	1.700	2.000
		Rent Expenses	2.400	1.266
		Salary Expenses	3.151	2.784
		Society Maintenance	0.204	0.009
		Traveling Expense	1.091	0.337
		Other Expenses	0.810	2.982
		TOTAL	231.090	556.086
	PROFIT/(LOSS) BEFORE DEPRECIATION AND AMORTISATION		3.120	3.184
Less	DEPRECIATION/ AMORTISATION		0.433	0.305
	PROFIT/(LOSS) FOR THE YEAR		2.687	2.879
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.584	2.705
	BALANCE CARRIED TO THE B/S		8.271	5.584
	Earnings / (Loss) Per Share (Rs.)		11.17	5.76

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	412.044
		Other Income	0.431
		TOTAL (A)	412.475
Less	EXPENSES
		Cost of material	399.262
		Administrative Expenses	4.985
		Staff Cost	4.068
		TOTAL (B)	408.315
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.160
Less	FINANCIAL EXPENSES (D)		0.313
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.847
Less	DEPRECIATION/ AMORTISATION (F)		0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		3.847
Less	TAX (H)		1.250
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		2.597
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.108
	BALANCE CARRIED TO THE B/S		2.705
	Earnings / (Loss) Per Share (Rs.)		5.19

Expected Sales (2014-2015): Rs.156.500 Millions (Due to market fluctuation)

The above information has been parted by Mr. Chirag Barot

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.15	0.52	0.63
Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	1.01
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	2.33
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.04
Debt Equity Ratio (Total Debt /Networth)		0.30	0.09	0.10
Current Ratio (Current Asset/Current Liability)		2.36	2.24	3.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	5.000	5.000	5.000
Reserves & Surplus	96.545	99.424	102.112
Share Application money pending allotment	0.000	0.000	0.000
Net worth	101.545	104.424	107.112
Secured Loans	0.000	0.000	0.000
Unsecured Loans	9.700	9.070	31.736
Total borrowings	9.700	9.070	31.736
Debt/Equity ratio	0.096	0.087	0.296

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	412.044	555.599	233.820
		34.840	(57.916)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	412.044	555.599	233.820
Profit	2.597	2.879	2.687
	0.63%	0.52%	1.15%

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	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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
25]	Conduct of the banking account	Yes
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	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Ankit H Shah HUF	6.840	4.432
Hasmukh S Shah HUF	5.440	0.000
Manisha S Shah	4.770	0.000
Ruchita N. Shah	1.573	0.000
Sandeep HUF	5.985	3.596
Shrina A. Shah	5.466	0.000
Ekta Gandhi	1.662	1.042
Total	31.736	9.070

CORPORATE INFORMATION:

Subject is engaged in the business of manufacturing, Import and Export of Diamonds.

Subject was incorporated on 23/04/2007 and has its registered office in Mumbai.

NO CHARGES EXIST FOR COMPANY

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:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.92
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	VNT

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.