MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	SUPERGEMS JEWELLERY MANUFACTURING PRIVATE LIMITED
Registered Office :	Gala No.703, Building No. II, SEEPZ++ Tower, SEZ SEEPZ, Andheri (East), Mumbai – 400096, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.01.1996
Com. Reg. No.:	11-096061
Capital Investment / Paid-up Capital :	Rs.156.051 Millions
CIN No.: [Company Identification No.]	U36911MH1996PTC096061
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS45598A
PAN No.: [Permanent Account No.]	AABCS9707L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Diamond Studded Jewellery.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its latest financial i.e. 2014 with the government department. As per available financial of 2013, reserves level of the company seems to be low. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	ICRA
Rating	Short Term = A4+
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	May 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 :	Ms. Pallavi More
Designation :	Accounts Executive
Contact No.:	91-22-28290638
Date :	13.12.2014

LOCATIONS

Registered Office/ Factory/ Godown :	Gala No.703, Building No. II, SEEPZ++ Tower, SEZ SEEPZ, Andheri (East), Mumbai – 400 096, Maharashtra, India
Tel. No.:	91-22-28290638 / 39554859 / 23638063
Fax No.:	91-22-28290466 / 23682752
E-Mail :	mumbai.accounts@supergemsgroup.com supergemsjewellery@rediffmail.com mumbai@supergemsgroup.com seepz@supergemsgroup.com
Website :	www.supergemsgroup.com
Location :	Owned
Locality :	Commercial
Branch Office :	Located at Virvani, Goregaon, Mumbai, Maharashtra, India

DIRECTORS

As on 26.09.2013

Name :

Mr. Nikhil Ambalal Shah

Designation :

Director

Address :

3^rd Floor, Shanti Niwas, 269, Deodhar Road, Matunga (CR), Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

15.02.1938

Date of Appointment :

05.02.1996

DIN No.:

00142223

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	U51400MH1994PTC077969	FABULA TRADING COMPANY PRIVATE LIMITED	Director	26/06/1995	26/06/1995	-	Active	NO
2	U36911MH1996PTC096061	SUPERGEMS JEWELLERY MANUFACTURING PRIVATE LIMITED	Director	05/02/1996	05/02/1996	-	Active	NO
3	U51398MH1996PTC096116	DIAM CIRCLE MANUFACTURING PRIVATE LIMITED	Director	05/02/1996	05/02/1996	-	Active	NO
4	U36910MH2000PTC127019	SUPERGEMS (INDIA) PRIVATE LIMITED	Director	06/06/2000	06/06/2000	-	Active	NO

Name :

Mr. Rahul Pradeep Pari

Designation :

Director

Address :

Flat No.103, Plot No.368, Karma Kshetra CH Marg, Sion (East), Mumbai – 400037, Maharashtra, India

Date of Birth/Age :

28.09.1973

Date of Appointment :

31.12.1999

DIN No.:

00142348

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	U36911MH1996PTC096061	SUPERGEMS JEWELLERY MANUFACTURING PRIVATE LIMITED	Director	31/12/1999	31/12/1999	-	Active	NO
2	U51400MH1994PTC077969	FABULA TRADING COMPANY PRIVATE LIMITED	Director	30/05/2000	30/05/2000	-	Active	NO
3	U36910MH2000PTC127019	SUPERGEMS (INDIA) PRIVATE LIMITED	Director	06/06/2000	06/06/2000	-	Active	NO
4	U51398MH1996PTC096116	DIAM CIRCLE MANUFACTURING PRIVATE LIMITED	Director	08/12/2003	08/12/2003	-	Active	NO

Name :

Mr. Anuj Prabhodh Shah

Designation :

Whole Time Director

Address :

10/IV, Beach View, Chowpaty Seaface, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

14.07.1974

Date of Appointment :

01.04.2005

PAN No.:

ALTPS3529E

DIN No. :

00152565

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	U32109MH2004PTC148226	SARTO ELECTRO EQUIPMENTS PRIVATE LIMITED	Director	26/08/2004	26/08/2004	-	Active	NO
2	U36911MH1996PTC096061	SUPERGEMS JEWELLERY MANUFACTURING PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO

Name :

Mr. Paresh Hiralal Shah

Designation :

Additional Director

Address :

Flat No.20, 5^th Floor, Akashdeep Doongershi Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.04.1966

Date of Appointment :

01.12.2012

DIN No. :

06430319

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	U36911MH1996PTC096061	SUPERGEMS JEWELLERY MANUFACTURING PRIVATE LIMITED	Additional director	01/12/2012	01/12/2012	-	Active	NO
2	U51400MH1994PTC077969	FABULA TRADING COMPANY PRIVATE LIMITED	Additional director	01/12/2012	01/12/2012	-	Active	NO
3	U36910MH2000PTC127019	SUPERGEMS (INDIA) PRIVATE LIMITED	Director	01/03/2014	01/03/2014	-	Active	NO

Name :

Mr. Ankur Ajit Kothari

Designation :

Additional Director

Address :

24-B, Anand Darshan, Peddar Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

26.02.1980

Date of Appointment :

01.12.2012

PAN No.:

AGPPK1755K

DIN No. :

06431388

KEY EXECUTIVES

Name :	Ms. Pallavi More
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

As on 26.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Rajesh Vrajlal Mehta	100
Fabula Holdings, Mauritius	10000
Supergems M.E. Limited, UAE	5298555
Nikhil Ambalal Shah	99
Rahul Pradeep Pari	1
Total	5308755

Names of Shareholders (Preference Shares)	No. of Shares
Supergems M.E. Limited, UAE	10296349
Total	10296349

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Diamond Studded Jewellery.

Products :

Product Description	Item Code No. (ITC Code)
Polished Diamonds	710239.01
Studded Jewellery	711319.03

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Diamond Studded Jewellery

Countries :

• Europe
• US
• UK
• Malaysia
• Israel
• Middle East

Imports :

Products :

Raw Material

Countries :

• Dubai
• US

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

PRODUCTION STATUS (As on 31.03.2011):

Particulars	Unit	Actual Production
Studded Jewellery	Nos.	28701

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Union Bank of India, Overseas SEEPZ Branch, # 007, Block II, SEEPZ ++, Jogeshwari-Vikhroli Link Road, Andheri (East), Mumbai – 400096, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Working capital loans from banks	77.470	62.493
Total	77.470	62.493

Banking Relations :	--
Auditors :
Name :	Chhotalal H. Shah and Company Chartered Accountants
Address :	Damodar Mansion, 1^st Floor, 15, A.K. Naik Marg, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22011787/ 22019193
Fax No.:	91-22-22053529
E-Mail :	chshah_co@vsnl.net
PAN No.:	AAAFC1492J
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	Supergems USA Inc. Supergems Far East Limited Supergems India Private Limited Sarto Electro Equipment Private Limited
Other Related Parties :	Superjewels LLC

CAPITAL STRUCTURE

As on 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6540000	Equity Shares	Rs.10/- each	Rs.65.400 Millions
12460000	Preference Shares	Rs.10/- each	Rs.124.600 Millions
	Total		Rs.190.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5308755	Equity Shares	Rs.10/- each	Rs.53.088 Millions
10296349	Preference Shares	Rs.10/- each	Rs.102.963 Millions
	Total		Rs.156.051 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	156.051	156.051	156.051
(b) Reserves & Surplus	34.371	5.688	-25.499
(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)	190.422	161.739	130.552
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	2.520
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.162	3.163	0.888
Total Non-current Liabilities (3)	3.162	3.163	3.408
(4) Current Liabilities
(a) Short term borrowings	77.470	62.493	45.554
(b) Trade payables	137.319	60.643	101.284
(c) Other current liabilities	2.707	2.856	3.684
(d) Short-term provisions	0.064	0.047	0.220
Total Current Liabilities (4)	217.560	126.039	150.742
TOTAL	411.144	290.941	284.702
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.430	31.591	43.958
(ii) Intangible Assets	0.837	0.907	0.374
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.459	0.428	0.000
(d) Long-term Loan and Advances	12.121	7.809	1.112
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	47.847	40.735	45.444
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	164.352	104.484	118.315
(c) Trade receivables	193.076	139.319	111.699
(d) Cash and cash equivalents	2.146	3.477	0.827
(e) Short-term loans and advances	3.723	2.926	8.417
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	363.297	250.206	239.258
TOTAL	411.144	290.941	284.702

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES	NA	NA	NA
EXPENSES	NA	NA	NA
PROFIT/(LOSS) BEFORE TAX	NA	NA	NA
TAX	NA	NA	NA
PROFIT/(LOSS) AFTER TAX	28.657	31.083	17.506
Earnings / (Loss) Per Share (Rs.)	1.84	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	633.900

Expected Sales (2014-2015): Rs.156.500 Millions

The above information has been parted by Mr. Pallavi More s

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.41	0.39	0.35
Current Ratio (Current Asset/Current Liability)	1.67	1.99	1.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	156.051	156.051	156.051
Reserves & Surplus	(25.499)	5.688	34.371
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	130.552	161.739	190.422
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	45.554	62.493	77.470
Total borrowings	45.554	62.493	77.470
Debt/Equity ratio	0.349	0.386	0.407

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 one year	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10194856	21/05/2013 *	120,000,000.00	Union Bank of India	Overseas SEEPZ Branch, #007 Block II, SEEPZ ++, Complex, Jogeshwari Vikhroli Link Road, Andheri (East), Mumbai, Maharashtra - 400096, India	B77057222
2	10194854	23/01/2012 *	80,000,000.00	Union Bank of India	Overseas SEEPZ Branch, #007 Block II, SEEPZ ++, Complex, Jogeshwari Vikhroli Link Road, Andheri (East), Mumbai, Maharashtra - 400096, India	B32518185
3	10194853	21/05/2013 *	120,000,000.00	Union Bank of India	Overseas SEEPZ Branch, #007 Block II, SEEPZ ++, Complex, Jogeshwari Vikhroli Link Road, Andheri (East), Mumbai, Maharashtra - 400096, India	B77057750

*Date of modification Charges

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.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
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	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		31

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.