MIRA INFORM REPORT

Report Date :

26.06.2014

IDENTIFICATION DETAILS

Name :	SRS LIMITED SRS JEWELLS (A UNIT OF SRS LIMITED)
Registered Office :	SRS Tower, 305 and 307, 3^rd Floor, Near Metro Station Mewla Maharajpur, G.T. Road, Faridabad – 121003, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.08.2000
Com. Reg. No.:	55-040183
Capital Investment / Paid-up Capital :	Rs.1392.910 Millions
CIN No.: [Company Identification No.]	L74999HR2000PLC040183
TAN No.: [Tax Deduction & Collection Account No.]	07980328957
PAN No.: [Permanent Account No.]	AAGCS8846R
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged into diversified businesses comprising of Gold & Jewellery, Cinemas, Retail, Hotel & F&B, Financing Services, Real Estate and Health Care
No. of Employees :	1299 (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

Maximum Credit Limit :	USD 22000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during 2013 however net worth of the company is satisfactory. General financial position of the company is good Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	LONG TERM RATING (BBB)
Rating Explanation	Moderate degree of safety. If carry moderate credit risk.
Date	07.05.2014

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 31-03-2012.

INFORMATION DENIED BY

Management non – co-operative (011-45513209)

LOCATIONS

Registered Office :	SRS Multiplex, Top Floor, City Centre, Sector – 12, Faridabad (NCR Delhi) – 121007, Haryana, India
Tel. No.:	91-129-4282801-08
Fax No.:	91-129-4282809-10
E-Mail :	mamtarastogi@srsparivar.com info@srsparivar.com
Website :	www.srsparivar.com
Corporate Office:	SRS Tower, 3^rd Floor, Near Metro station Mewla Maharajpur, G.T.Road, Faridabad (NCR Delhi) – 121003, India
Tel No:	91-129-4323100
Fax No:	91-129-4323105
Branch Office:	202, 27 New Delhi House, Barakhamba Road, Connaught Place, New Delhi – 110001, India
Tel No:	91-11-41571258-60
Fax No:	91-11-41571269
Jewellery outlets details: (Exclusive Showrooms)	Delhi - F-140, Main Market, Rajouri Garden, New Delhi, India Noida - G-64, Main Market, Sector-18, Noida, Haryana, India Faridabad - SRS Mall, Ground Floor, City Center, Sec-12, Faridabad, Haryana, India Plot No. 6-A, Nehru Ground, NIT, Faridabad, Haryana, India Ghaziabad - Plot No.57, Main Market, Ambedkar Road, Ghaziabad, Haryana, India Palwal - Main Market, Palwal, Tamilnadu, India
Wholesale Showrooms:	Mumbai - Shop No. - 201, 2 Floor, Jewel World, Cotton Exchange World, 175, Kalba Devi Road, Zaveri Bazaar, Mumbai, Maharashtra, India Delhi - 1165, 2 Floor, Kucha Mahajani, Chandni Chowk, Delhi. S-4, 2 Floor, Building No. - 2609, Corner Building, Bank Street, Karol Bagh, New Delhi, India Ahmedabad - Shop No. GF - 10, Supper Mall, Near Lal Bungalow, CG Road, Navrangpura, Ahmedabad, Gujarat, India.
Multiplex Details :	Faridabad – SRS Mall, 2nd Floor, City Center, Sec-12, Faridabad, Haryana, India Eldeco Station 1 Mall, 3^rd Floor, Sec-12, Faridabad, Haryana, India Pristine Mall, 3 Floor, Sec-31, Faridabad, Haryana, India Shubham Tower, 4th Floor, NIT Neelam Bata Road, Faridabad, Haryana, India · Gurgaon - Omaxe Mall, 2 Floor, Sec 49, Sohna Road, Gurgaon, Haryana, India · Celebration Mall, 4 Floor, Sec 49, Sohna Road, Gurgaon, Haryana, India Ghaziabad – Aditya Mall, SRS Cinemas, Vaibhav Khand, Plot No.3, Indirapuram, Ghaziabad, Haryana, India Jaipuria Mall, SRS Cinemas, Ahinsha Khand, Plot No.12, Indirapuram, Ghaziabad, Haryana, India . Patiala - Omaxe Mall, 2 Floor, Opposite Kali Devi Mandir, Mall Road, Patiala, Punjab, India Ludhiana - Omaxe Mall, 4 Floor, Ferozepur Road, Ludhiana, Punjab, India Gorakhpur - City Mall, Park Road, Gorakhpur, Uttar Pradesh, India Bijnor - Shoppers Pride Mall, SRS Cinemas, 2 Floor, Shakti Chowk, Bijnor, Uttar Pradesh, India Bareilly - Phoenix United Mall, 2 Floor, Near Mahanagar Colony, Bareilly, Uttar Pradesh, India Shimla - C.K. Mall, SRS Cinemas, 2 floor, New ISBT, Tutikandi, Shimla, Himachal Pradesh, India
Outlets Details:	Faridabad - SRS Mall, City Center, Sec-12, Faridabad, Haryana, India SCF - 151/152, HUDA Market, Sec-9, Faridabad, Haryana, India Near Bishamber Vatika, Housing Board Colony, Sec-3, Ballabgarh SCO No. 1, HUDA Market, Opposite Kaniska Tower, Sec-34, Faridabad, Haryana, India SCO-150, HUDA Market, Sector-21C, Faridabad, Haryna, India SCO No. 67, 68 ,HUDA Market, Sec-46, Faridabad, Haryana, India SRS Residency, Sector - 88, Faridabad, Haryana, India SRS Fashion Wear, GF - 28-29, Crown Interiorz Mall, Sec - 35, Delhi, Mathura Road, NH – II, Delhi, India SRS Fashion Wear, Lower Ground Floor, Crown Plaza Mall, Delhi, India Mathura Road, Sector-15 A, Faridabad, Haryana, India · Delhi - D-78, Malviya Nagar, New Delhi, India Gurgaon - Lower Ground Floor, Raheja Mall, Sec-47, Sohna Road, Gurgaon, Haryana, India 765/11, Dayal Market, Shivpuri, Sec-7, Gurgaon, Haryana, India Omaxe Mall, Sec-49, Sohna Road, Gurgaon, Haryana, India Sushant Lok, 2-3 Main Gate, Bestech Mall, Sec-57, Gurgaon, Haryana, India Ground Floor, Shri Ram Complex, C Block, Sushant Lok-I, Near Maple Heights, Gurgaon, Haryana, India VPO - Silokhera, near Mayom Hospital, Opp. Mother Dairy, South City-1, Gurgaon, Haryana, India Noida - C-3, Opp. Kendriya Vihar, Gate No. 2, Sec - 51, Noida, U.P, India RN 4-6 Sec - 62 Noida, Gautam Budh Nagar, U.P, India Palwal - Agra Chowk, G. T. Road, Palwal, Haryana, India Sonepat - Unique Shopping Mall, Murthal Road, Sonepat, Haryana, India

DIRECTORS

As on: 31.03.2013

Name :

Dr. Anil Jindal

Designation :

Chairman (Executive)

Date of Birth:

20-04-1964

Qualification :

M. Com, MBA, CCA, Ph. D., D. Litt.

Experience :

27 Yrs.

Name :

Shri. Sunil Jindal

Designation :

Managing Director

Date of Appointment:

1.11.2009

DIN:

00013791

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	L74999HR2000PLC040183	SRS LIMITED	Managing Director	01/11/2009	01/12/2004	-	Active	NO
2	U74899DL1995PLC068803	BTL INVESTMENTS LIMITED	Managing Director	01/06/2008	20/12/2004	-	Amalgamated	NO
3	U72200HR2005PLC048412	SRS COMPUTECH LIMITED	Additional Director	23/10/2008	04/03/2005	07/03/2009	Active	NO
4	U45200DL2006PTC155534	MK REALTRADE PRIVATE LIMITED	Director	15/11/2006	15/11/2006	18/08/2009	Amalgamated	NO
5	U45200HR2006PTC042593	SKYHIGH COLONIZERS PRIVATE LIMITED	Director	30/04/2007	04/01/2007	05/11/2008	Amalgamated	NO
6	U55201DL2004PLC128509	SRS SEVEN-DAYZ RESTAURANTS LIMITED	Director	28/09/2007	08/01/2007	-	Amalgamated	NO
7	U70102HR2007PLC048290	SRS HITECH PROJECTS LIMITED	Director	15/03/2007	15/03/2007	07/03/2009	Active	NO
8	U51109HR2007PLC040823	SRS MODERN SALES LIMITED	Director	29/08/2009	23/04/2007	01/05/2014	Active	NO
9	U67120DL2008PLC186173	SRS HINDUSTAN HOLDINGS LIMITED	Director	29/12/2008	29/12/2008	16/03/2009	Amalgamated	NO
10	U52390HR2009PLC048386	SRS GEMS & JEWELLERY LIMITED	Director	19/03/2009	19/03/2009	31/03/2012	Active	NO
11	U74900HR2000PLC040855	SRS GLOBAL SECURITIES LIMITED	Director	12/08/2009	01/05/2009	11/04/2011	Active	NO
12	U45201HR2005PLC041051	SRS REAL ESTATE LIMITED	Director	23/08/2010	01/11/2009	01/03/2012	Active	NO
13	U52100DL2009PLC196143	SRS ENTERTAINMENT LIMITED.	Director	18/11/2009	18/11/2009	-	Strike off	NO
14	U52100DL2009PLC196141	SRS RETAIL LIMITED.	Director	18/11/2009	18/11/2009	-	Strike off	NO
15	U52100DL2009PLC196194	SRS VALUE BAZAAR LIMITED	Director	19/11/2009	19/11/2009	-	Strike off	NO
16	U92400HR2013PLC049219	SRS CINEMAS & ENTERTAINMENT LIMITED	Director	20/05/2013	20/05/2013	-	Under Process of Striking off	NO
17	U52609HR2013PLC049291	SRS MODERN RETAIL LIMITED	Director	24/05/2013	24/05/2013	-	Under Process of Striking off	NO
18	U15139HR2013PLC049518	SRS ROYAL BITES LIMITED	Additional director	31/07/2013	11/06/2013	-	Under Process of Striking off	NO

Name :

Shri. Raju Bansal

Designation :

Whole – Time Director

Date of Appointment :

01.02.2010

DIN:

00007344

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	L74999HR2000PLC040183	SRS LIMITED	Whole-Time Director	01/02/2010	21/01/2002	-	Active	NO
2	U45200HR2006PTC042593	SKYHIGH COLONIZERS PRIVATE LIMITED	Director	30/04/2007	04/01/2007	05/11/2008	Amalgamated	NO
3	U55201DL2004PLC128509	SRS SEVEN-DAYZ RESTAURANTS LIMITED	Director	28/09/2007	08/01/2007	-	Amalgamated	NO
4	U74140DL2007PLC160255	SRS INTERNATIONAL LIMITED	Director	21/05/2009	06/03/2009	-	Amalgamated	NO
5	U45201HR2005PLC041051	SRS REAL ESTATE LIMITED	Additional Director	01/11/2009	01/11/2009	09/02/2010	Active	NO
6	L74899HR1994PLC040440	SRS FINANCE LIMITED.	Whole-Time Director	01/11/2009	01/11/2009	09/02/2010	Active	NO
7	U52100DL2009PLC196141	SRS RETAIL LIMITED.	Director	18/11/2009	18/11/2009	-	Strike off	NO
8	U45201DL2005PTC133607	SRS BUILDCON PRIVATE LIMITED	Director	20/05/2010	05/12/2009	-	Amalgamated	NO
9	U14211DL2005PLC142701	SRS MINES & MINERALS LIMITED	Director	20/05/2010	07/12/2009	-	Amalgamated	NO
10	U15139HR2013PLC049518	SRS ROYAL BITES LIMITED	Director	11/06/2013	11/06/2013	-	Under Process of Striking off	NO
11	U85190HR2013PLC049113	SRS HEALTHCARE & RESEARCH CENTRE LIMITED	Additional Director	01/04/2014	01/04/2014	-	Active	NO

Name :

Shri. Vinod Kumar

Designation :

Whole – Time Director

Name :

Shri. Praveen Kumar Kapoor

Designation :

Non – Executive Director

Name :

Shri. Jitender Kumar Garg

Designation :

Non – Executive Director

Name :

Shri. Praveen Gupta

Designation :

Independent Director

Name :

Shri. Shiv Mohan Gupta

Designation :

Independent Director

Date of Birth:

02-07-1961

Qualification :

B. Com

Experience :

28 years

Name :

Shri. Nishant Goel

Designation :

Independent Director

Name :

Shri. Jogindar Lal Chhabra

Designation :

Independent Director

Name :

Shri. Kailash Tayal

Designation :

Independent Director

Date of Birth:

02-05-1975

Qualification :

M. Com

Experience :

10 Yrs.

Name :

Shri. Lalit Kumar

Designation :

Independent Director

Date of Birth:

10-06-1980

Qualification :

B. Com, M. A., LLB., MBA

Experience :

8 years

KEY EXECUTIVES

Name :	Dr. (Ms.) Navneet Kwatra
Designation :	Company Secretary
Name :	Shri. Bhagwan Dass
Designation :	CFO
Name :	Ms. Mamta Rastogi
Designation :	Deputy Company Secretary and Compliance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2014

Category of Shareholder	Total. Of shares	Total Shareholding as a % of Total No. of shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	796200	0.57
Bodies Corporate	92760930	66.60
Any Others (Specify)	9579000	6.88
Directors/Promoters & their Relatives & Friends	9579000	6.88
Sub Total	103136130	74.04
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	103136130	74.04
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	12252292	8.80
Foreign Institutional Investors	3699	0.00
Sub Total	12255991	8.80
(2) Non-Institutions
Bodies Corporate	19497771	14.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1589671	1.14
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	1817841	1.31
Any Others (Specify)	993609	0.71
Directors & their Relatives & Friends	127013	0.09
Non Resident Indians	9468	0.01
Clearing Members	277872	0.20
Hindu Undivided Families	579256	0.42
Sub Total	23898892	17.16
Total Public shareholding (B)	36154883	25.96
Total (A)+(B)	139291013	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	139291013	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into diversified businesses comprising of Gold & Jewellery, Cinemas, Retail, Hotel & F&B, Financing Services, Real Estate and Health Care

GENERAL INFORMATION

No. of Employees :

1299 (Approximately)

Bankers :

• State Bank of India
• State Bank of Patiala
• Union Bank of India
• Bank of India
• State Bank of Travancore
• State Bank of Bikaner And Jaipur
• Oriental Bank of Commerce
• Indian Overseas Bank
• Corporation Bank
• Central Bank of India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term loan
From banks	232.960	583.340
From other parties	1.129	0.000
SHORT TERM BORROWINGS:
Loan Repayable on Demand from Bank
Cash Credit	1500.849	1500.328
Gold Loan	4337.989	875.712
	5838.838	2376.040
Total	6072.927	2959.380

Banking Relations :	--
Financial Institutions:	Beetal Financial and Computer Services Private Limited
Address:	Beetal House, 3 Floor, 99, Madangir, Behind Local Shopping Centre, Near Dada Harsukh Dass Mandir, New Delhi–110062, India
Tel No:	011-29961281-283
Fax No:	011-29961284
Email Id:	beetalrta@gmail.com
Statutory Auditors :	M/s. S. S. Kothari Mehta and Company M/s. Rakesh Raj and Associates
Internal Auditors :	M/s. Naresh Jai and Associates M/s. Goel Mintri and Associates M/s. R G Sharma and Company M/s. Nitin Kanwar and Associates M/s. Love Mangla and Company M/s. Sumit Chhabra and Company
Cost Auditors:	M/s. Ashok Kumar and Associates
Holding Company:	SRS Holdings India Limited (Formerly known as BTL Industries Ltd) ( w.e.f. 16.03.2012)
Associates/Subsidiaries :	SRS Gems and Jewellery Limited (upto 31^st March, 2012)
Enterprises owned or significantly influenced by KMP and / or their Relatives	SRS Finance Limited SRS Real Infrastructure Limited SRS Real Estate Limited SRS Global Securities Limited SRS Portfolio Limited SRS Entertainment Limited (closed under exit scheme w.e.f.31.10.2011) SRS Retail Limited (closed under exit scheme w.e.f.31.10.2011) SRS Value Bazaar Limited (closed under exit scheme w.e.f.31.10.2011)

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
139291013	Equity Shares	Rs.10/- each	Rs.1392.910 Millions

The rights, preference and restrictions attached to each class of shares including restrictions on the distribution of

Dividends and the repayment of capital are as under:

EQUITY SHARES:

The equity shares have a par value of `10 per share. Each shareholder is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

During the year ended 31 March 2013, the amount of dividend per share recognized as distribution to equity holders was `1.00 (PY `1.00). The total dividend appropriation for the year ended 31 March 2013 amounts to `1,392.91 lacs (PY `1,392.91 lacs) excluding Dividend Distribution Tax of `236.73 lacs (PY `225.96 lacs)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

Name of Shareholder	As at 31 March 2013
	No. of Shares held	% of Holding
SRS HOLDINGS INDIA LTD. (FORMERLY KNOWN AS BTL INDUSTRIES LIMITED)	76,485,905	54.91

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1392.910	1392.910
(b) Reserves & Surplus	4110.069	3946.335
(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)	5502.979	5339.245
(3) Non-Current Liabilities
(a) long-term borrowings	281.572	662.105
(b) Deferred tax liabilities (Net)	157.895	142.018
(c) Other long term liabilities	11.553	9.468
(d) long-term provisions	9.036	7.841
Total Non-current Liabilities (3)	460.056	821.432
(4) Current Liabilities
(a) Short term borrowings	5838.838	2376.040
(b) Trade payables	147.249	76.370
(c) Other current liabilities	645.075	895.379
(d) Short-term provisions	204.914	293.576
Total Current Liabilities (4)	6836.076	3641.365
TOTAL	12799.111	9802.042
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(I) Tangible assets	2190.404	2272.334
(ii) Intangible Assets	8.341	11.869
(iii) Capital work-in-progress	221.914	84.960
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.020	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	172.895	265.750
(e) Other Non-current assets	54.298	2.804
Total Non-Current Assets	2647.872	2637.717
(2) Current assets
(a) Current investments	15.000	0.000
(b) Inventories	2973.653	1699.733
(c) Trade receivables	5840.135	4602.709
(d) Cash and cash equivalents	1054.977	580.600
(e) Short-term loans and advances	238.904	276.013
(f) Other current assets	28.570	5.270
Total Current Assets	10151.239	7164.325
TOTAL	12799.111	9802.042

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		1042.910
2] Share Application Money		0.000
3] Reserves & Surplus		2100.243
4] (Accumulated Losses)		0.000
NETWORTH		3143.153
LOAN FUNDS
1] Secured Loans		2735.218
2] Unsecured Loans		2.500
TOTAL BORROWING		2737.718
DEFERRED TAX LIABILITIES		137.556
TOTAL		6018.427
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2298.611
Capital work-in-progress		18.894
INVESTMENT		3.875
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1023.552
	Sundry Debtors	2709.462
	Cash & Bank Balances	303.902
	Other Current Assets	3.553
	Loans & Advances	239.284
Total Current Assets		4279.753
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	499.723
	Other Current Liabilities	95.606
	Provisions	0.000
Total Current Liabilities		595.329
Net Current Assets		3684.424
MISCELLANEOUS EXPENSES		12.623
TOTAL		6018.427

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	28883.417	22673.793	20408.008
		Other Income	119.811	33.738	18.417
		TOTAL (A)	29003.228	22707.531	20426.425
Less	EXPENSES
		Cost of Materials Consumed	16521.825	13421.083
		Purchases of Stock-in-Trade	11366.569	7983.108
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1181.103)	(869.055)
		Employees benefits expense	265.002	209.861
		Other expenses	980.847	851.259
		TOTAL (B)	27953.140	21596.256	19493.430
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1050.088	1111.275	932.995
Less	FINANCIAL EXPENSES (D)		496.458	395.338	245.270
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		553.630	715.937	687.725
Less/ Add	DEPRECIATION/ AMORTISATION (F)		130.408	130.963	119.969
	PROFIT BEFORE TAX (E-F) (G)		423.222	584.974	567.756
Less	TAX (H)		96.524	139.854	196.435
	PROFIT AFTER TAX (G-H) (I)		326.698	445.120	371.321
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1447.509	1002.389	631.068
	BALANCE CARRIED TO THE B/S		1774.207	1447.509	1002.389
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2239.146	2974.009	0.184
	TOTAL EARNINGS		2239.146	2974.009	0.184
	IMPORTS
	Materials		2112.419	2782.980	NA
	TOTAL IMPORTS		2112.419	2782.980	NA
	Earnings Per Share (Rs.)		2.35	3.60	3.56

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	Jun 2013	Sep 2013	Dec 2013	Mar 2014
	1^ST Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	9854.900	6017.600	8247.300	1,0274.000
Total Expenditure	9646.500	5694.500	8079.800	9878.200
PBIDT (Excl OI)	208.400	323.100	167.500	395.800
Other Income	25.500	17.500	15.900	25.700
Operating Profit	233.900	340.600	183.400	421.500
Interest	128.700	124.500	116.700	161.500
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	105.100	216.100	66.700	260.000
Depreciation	33.400	35.600	36.400	36.700
Profit Before Tax	71.700	180.500	30.400	223.300
Tax	29.300	61.700	(14.300)	1.700
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	42.500	118.800	44.600	221.600
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	42.500	118.800	44.600	221.600

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.13	1.96	1.82
Net Profit Margin (PBT/Sales)	(%)	1.47	2.58	2.78
Return on Total Assets (PBT/Total Assets}	(%)	3.36	6.02	8.63
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.18
Debt Equity Ratio (Total Debt/Networth)		1.11	0.57	2.09
Current Ratio (Current Asset/Current Liability)		1.48	1.97	7.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1392.910	1392.910
Reserves & Surplus	3946.335	4110.069
Net worth	5339.245	5502.979
long-term borrowings	662.105	281.572
Short term borrowings	2376.040	5838.838
Total borrowings	3038.145	6120.410
Debt/Equity ratio	0.569	1.112

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	20408.008	22673.793	28883.417
		11.102	27.387

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	20408.008	22673.793	28883.417
Profit	371.321	445.120	326.698
	1.82%	1.96%	1.13%

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	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%	--
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

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.

FINANCIAL RESULTS

Focus on existing operations, well-thought out expansions, sound management and good financial prudence has enabled the Company to record a healthy growth rate in revenues, and continue its track record of sound growth.

THE INDIAN ECONOMY

The Indian Economy has been extremely promising over the last several years. It has been called the Asian Tiger, is a member of the elite BRIC groups of nations and is set to be one of the largest and fastest growing economies. But promising is what it has all been, as the events of the last year or two have proven – the huge potential their economy remains elusive. The world's 10 largest economy by nominal GDP, the 19th largest exporter and the 10 largest importer does not seem to be leveraging its scale and potential to create a high single-digit growth that is so necessary to create millions of new jobs for its young population or pull out lakhs of people from the traps of poverty.

A lot of this rather dismal performance can be attributed to environmental factors, such as the EU crisis, Cyprus bail-out, US weakness and others. But it will be correct to admit that most of it is our doing, as a nation. For one, the current political instability is something that takes away the mind of the government from catalyzing growth and investments. The upcoming general elections of 2014 to make it difficult for the government to take tough decisions – decision that may hurt or be unfavourable in the short-term, but hugely benefit growth. Add to this the fact that inflation has become a resident evil of our economy – while WPI inflation hovers around 6-8%, the inflation on the street is definitely much higher. This of course, puts a braking effect on consumer spending, more so on discretionary spending. And overall, this works to increase friction on the highway to growth. Rising subsides; increasing scams and instances of misgovernance are causing concern, and exerting a pull-back effect on growth.

Largely to a mix of such pressures, the Indian economy's growth rate in 2012-13 came tumbling down to just 5.2%, doing justice to neither her scale, nor potential or to her description of an Asian Tiger. This becomes all the more stark when you consider that in 2010-11, we grew by 9.2%. So effectively, in a span of just 2 short years, the country's GDP growth has screeched to just one-third of its growth rate. Incidentally, this 5% growth is the lowest in a decade, and includes just 1.9% growth in manufacturing as well as agriculture and agri-activities. The service sector including finance, insurance, real estate etc. decelerated to 8.6% from 11.7% last fiscal. This effect is broad based across all sectors of the economy.

A stubbornly high inflation rate that hovers between 6-8% in recent times is creating havoc, more so considering that the real, grass-root level inflation levels may be higher than a notch or two. Consumer confidence is hitting lower levels each day, and naturally, consumer demand is following suit by getting weaker. This has the likeliness of a downward spiral cycle, and hence calls for some real and effective measures to be taken.

The government has been talking about taking charge and coming up with reform measures, but it is to be seen when this talk translates into actual action. There is an need to boost growth, and at the same time, conflicting pressures are at work. For instance, to lower the fiscal deficit the government is trying to cut down on the governmental spending on welfare, defense and road projects and that has a diminishing effect of growth. But this must be managed, just as the structural bottlenecks need to be taken care of. Several important infrastructural projects worth crores of rupees have been held back for years because of delays in getting regulatory clearances. This clearly is a moment to prove leadership. The situation is tough and the times are trying, but surely, not everything is lost. The government has everything it needs to make India shine once again, if it really sets its mind to it.

OPERATIONAL OVERVIEW

Led by several factors, the last 12 months were a period of wait and watch for the company. First there was a slowdown in consumer spending, to which the management responded by being more focused on expertly fulfilling consumer needs and aspirations, bringing down the pace of fresh rollouts.

2012-13 also saw a lot of policy changes and revisions in terms of governmental policies on FDI in retail, which merited a careful appreciation of the impact and opportunities of the sector. As a result, the year gone by was dedicated to consolidating the Company's retail operations with a view to convert them into points of excellence. Store profitability was focused upon strongly, and a few stores and locations that didn't fit the bill were taken off. Emphasis was laid on improving internal management systems and control processes to bring each store to top shape in terms of range of offerings, deals, shelf fill-rates, ambience and service.

UNSECURED LOAN:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Deferred Credit Payment	47.483	78.765
Total	47.483	78.765

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST MARCH 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.03.2014	31.12.2013	31.03.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	10271.736	8244.984	34385.486
b) Other operating income	2.257	2.327	8.299
Total income from Operations(net)	10273.993	8247.311	34393.785
2.Expenditure
a) Cost of material consumed	3980.528	1211.455	10319.684
b) Purchases of stock in trade	5999.666	6444.883	21058.439
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(440.647)	134.581	594.639
d) Employees benefit expenses	82.570	69.598	293.092
e) Depreciation and amortization expenses	36.672	36.354	142.030
f) Other expenditure	256.068	219.312	1033.166
Total expenses	9914.857	8116.183	33441.050
3. Profit from operations before other income and financial costs	359.136	131.128	952.735
4. Other income	25.662	15.900	84.503
5. Profit from ordinary activities before finance costs	384.798	147.028	1037.238
6. Finance costs	161.451	116.660	531.346
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	223.347	30.368	505.892
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	223.347	30.368	505.892
10.Tax expenses	1.714	(14.256)	78.391
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	221.633	44.624	427.501
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	221.633	44.624	427.501
14.Paid-up equity share capital (Nominal value Re. 10/- per share)	1392.910	1392.910	1392.910
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	0.000	0.000	4537.570
16.i) Earnings per share (before extraordinary items) of Re. 1/- each) (not annualised):	0.000	0.000	0.000
(a) Basic and diluted	1.59	0.32	3.07
ii) Earnings per share (after extraordinary items)
(a) Basic and diluted	1.59	0.32	3.07

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.03.2014	31.12.2013	31.03.2014

A. Particulars of shareholding
1. Public Shareholding
- Number of shares	36154883	36154883	36154883
- Percentage of shareholding	25.96%	25.96%	25.96%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	NIL	NIL	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	0.00	0.00	0.00
Percentage of shares (as a % of total share capital of the company)	0.00	0.00	0.00
b) Non Encumbered
Number of shares	103136130	103136130	103136130
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	74.04%	74.04%	74.04%

B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	NIL
Disposed of during the quarter	NIL
Remaining unreserved at the end of the quarter	NIL

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

Primary Segment Information:

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.03.2014	31.12.2013	31.03.2014
1. Segment Revenue
a. Cinemas	169.634	198.386	833.387
b. Retail	486.068	497.380	1826.745
c. Gold and Jewellery	9592.063	7512.442	31587.166
d. Corporate and Others	26.228	39.103	146.487
Total	10273.993	8247.311	34393.785
Less : Inter Segment Revenue	0.000	0.000	0.000
Net Sales	10273.993	8247.311	34393.785
2. Segment Result (Profit before Interest and Tax)
a. Cinemas	(11.728)	(11.169)	78.855
b. Retail	(17.090)	0.689	(7.643)
c. Gold and Jewellery	455.903	144.381	1154.657
d. Corporate and Others	(42.287)	(9.211)	(188.631)
Total	384.798	147.028	1037.238
Less : (i) Interest	161.451	116.660	531.346
(ii) Other un-allocable expenditure net off un-allocable income.	0.000	0.000	0.000
Profit before Tax	223.347	30.368	505.892
3. Capital Employed
a. Cinemas	939.588	939.658	939.588
b. Retail	371.689	367.551	371.689
c. Gold and Jewellery	4539.723	4068.409	4539.723
d. Corporate and Others	79.480	333.228	79.480
Total	5930.480	5708.846	5930.480

Secondary Segment Information:

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.03.2014	31.12.2013	31.03.2014
Segment Revenue
Net Sales / Income
- Within India	7079.303	7516.107	30467.891
- Outside India	3194.690	731.204	3925.894
Total Revenue	10273.993	8247.311	34393.785
Segment Assets
- Within India	13205.051	13607.220	13205.051
- Outside India	2485.505	652.896	2485.505
Total Assets	15690.556	14260.116	15690.556
Segment Liability
- Within India	9760.076	8551.270	7296.132
- Outside India	0.000	0.000	0.000
Total Liability	9760.076	8551.270	7296.132

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

SOURCES OF FUNDS	31.03.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1392.910
(b) Reserves & Surplus	4537.570
Total Shareholders’ Funds	5930.480
(2) Non-Current Liabilities
(a) long-term borrowings	192.569
(b) Deferred tax liabilities (Net)	179.981
(c) Other long term liabilities	3.550
(d) long-term provisions	14.742
Total Non-current Liabilities (3)	390.842
(3) Current Liabilities
(a) Short term borrowings	4707.050
(b) Trade payables	4395.483
(c) Other current liabilities	214.456
(d) Short-term provisions	52.245
Total Current Liabilities (4)	9369.234
TOTAL	15690.556
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	2514.281
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	121.838
(e) Other Non-current assets	7.050
Total Non-Current Assets	2643.169
(2) Current assets
(a) Current investments	15.500
(b) Inventories	2675.818
(c) Trade receivables	8612.789
(d) Cash and cash equivalents	1374.368
(e) Short-term loans and advances	275.455
(f) Other current assets	93.457
Total Current Assets	13047.387
TOTAL	15690.556

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10070181	04/02/2014 *	100,000,000.00	State Bank of India	COMMERCIAL BRANCH, N-3, SOUTH EXTENSION PART-I, NEW DELHI - 110049, DELHI, INDIA	C00630020
2	10070155	04/02/2014 *	8,250,000,000.00	State Bank of India ( Lead Bank )	COMMERCIAL BRANCH, N-3, SOUTH EXTENSION PART-I, NEW DELHI - 110049, DELHI, INDIA	B96869466

FIXED ASSETS:

• Land
• Buildings
• Leasehold Improvements
• Office Equipments
• Furniture and Fittings
• Computers
• Vehicles
• Plant and Machinery

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.60.28
UK Pound	1	Rs.102.28
Euro	1	Rs.82.05

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	JAY

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	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--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.