MIRA INFORM REPORT

Report Date :

25.03.2014

IDENTIFICATION DETAILS

Name :	GOLDIAM JEWELS LIMITED (w.e.f. 21.12.2004)
Formerly Known As :	GOLDIAM JEWELS PRIVATE LIMITED
Registered Office :	Suite No.506/507, Hotel Imperial Palace, 45, Telly Park Road, Andheri (East), Mumbai – 400 069, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.09.2004
Com. Reg. No.:	11-148637
Capital Investment / Paid-up Capital :	Rs.30.000 millions
CIN No.: [Company Identification No.]	U36910MH2004PLC148637
TAN No.: [Tax Deduction & Collection Account No.]	MUMG10410B
PAN No.: [Permanent Account No.]	AACCG2748N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in jewellery manufacturing and is wholly engaged in export of goods manufactured.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Closing Down
Payment Behaviour :	--
Litigation :	--
Comments :	As confirmed by Ms. Darshana, Assistant Manager that the subject company “Goldiam Jewels Limited” is closing down its business activities due to continuous losses in the business. The subject company cannot be considered for business dealing.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Ms. Darshana
Designation :	Assistant Manager
Contact No.:	91-22-28290396
Date :	19.03.2014

LOCATIONS

Registered Office :	Suite No.506/507, Hotel Imperial Palace, 45, Telly Park Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-26839916/ 28521390/ 28521392
Fax No.:	91-22-26842860/ 28517101
E-Mail :	balucrank@gmail.com darshana@goldiam.com info@goldiamjewels.com
Website :	http://www.goldiamjewels.com

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Jaspalsingh Prehladsingh Chandock

Designation :

Director

Address :

Hari Nivas, Plot No.554, 33^rd Road, Khar (West), Mumbai – 400 052, Maharashtra, India

Date of Birth/Age :

02.06.1964

Date of Appointment :

28.09.2013

DIN No.:

00813218

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	U51900MH1994PLC076118	BALU INDUSTRIES LIMITED	Director	18-01-1994	18-01-1994	-	Active	NO
2	U36910MH2004PLC148637	GOLDIAM JEWELS LIMITED	Director	28-09-2013	03-10-2012	-	Active	NO

Name :

Mr. Rashesh Manhar Bhansali

Designation :

Director

Address :

5^th Floor, A-55, Nishika Tower, Khan Abdul, Gaffar Khan Road, Worli Sea Face, Worli, Mumbai – 400 018, Maharashtra, India

Date of Birth/Age :

06.07.1968

Qualification :

B.Com

Date of Appointment :

16.09.2004

DIN No.:

00057931

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	U36912MH1989GAP053844	SEEPZ GEMS AND JEWELLERY MANUFACTURERS ASSOCIATION	Director	27-09-1990	27-09-1990	-	Active	NO
2	L36912MH1986PLC041203	GOLDIAM INTERNATIONAL LIMITED	Managing director	01-02-2011	01-09-1998	-	Active	NO
3	U36900MH2000PLC129176	DIAGOLD DESIGNS LIMITED	Director	16-10-2000	16-10-2000	-	Active	NO
4	U36911MH2002PTC136419	CUPID DIAMONDS PRIVATE LIMITED	Director	04-07-2002	04-07-2002	31-03-2009	Active	NO
5	U36910MH2004PLC148637	GOLDIAM JEWELS LIMITED	Director	16-09-2004	16-09-2004	-	Active	NO
6	U36910MH2005PLC152383	GOLDIAM JEWELLERY LIMITED	Managing director	17-02-2012	04-04-2005	-	Active	NO
7	U45202PN2007PTC130008	SAMPADA REALITIES PRIVATE LIMITED	Director	15-06-2010	28-04-2010	-	Active	NO
8	AAA-0357	TEMPLE DESIGNS LLP	Designated Partner	01-05-2010	01-05-2010	-	Active	NO

Name :

Mr. Ashish Surendra Karnavat

Designation :

Whole-time Director

Address :

104-20, Queens Blvd Apartment, 17B, Forest Hills, New York-11375, USA

Date of Birth/Age :

24.07.1977

Qualification :

B.Com

Date of Appointment :

01.07.2010

DIN No.:

00846173

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	U51900MH1994PTC080354	ADMIRAL TRADING PRIVATE LIMITED	Director	14-02-2006	14-02-2006	-	Active	NO
2	U99999MH1982PTC026412	SABNANI INDUSTRIES (TEXTILES) PVT LTD	Director	14-02-2006	14-02-2006	-	Active	NO
3	U36910MH2004PLC148637	GOLDIAM JEWELS LIMITED	Whole-time director	01-07-2010	23-06-2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Jaspal Singh Chandock	2984500
Jaspal Singh Chandock jointly with Gurvinder Pal Kalra	100
Jaspal Singh Chandock jointly with Gangasagar Shukla	100
Jaspal Singh Chandock jointly with Kunal Vora	100
Jaspal Singh Chandock jointly with Bipin Patel	100
Jaspal Singh Chandock jointly with Amol Jain	100
Jaspal Singh Chandock jointly with Bhavesh Meghani	15000
Total	3000000

AS ON 28.09.2013

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

BUSINESS DETAILS

Line of Business :

Subject is engaged in jewellery manufacturing and is wholly engaged in export of goods manufactured.

Products :

Product Description	ITC Code
Gold Jewellery	71131910

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• The Hongkong and Shanghai Banking Corporation Limited
• Punjab National Bank

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Car Loan (Secured against the mortgage of car)	0.000	0.074
Total	0.000	0.074

Banking Relations :	--
Auditors :
Name :	Pulindra Patel and Company Chartered Accountants
Address :	307, Gold Mohur Co-Operative Society, 174, Princess Street, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-22056233
Mobile No.:	91-9322268243
E-Mail:	pulindra_patel@hotmail.com
PAN No.:	AACPP4475C
Holding Company:	Goldiam International Limited, India (upto 28.09.2012) Address: Gems and Jewellery Complex, M.I.D.C. SEEPZ, Andheri (East), Mumbai – 400 096, Maharashtra, India CIN No. L36912MH1986PLC041203
Fellow Subsidiaries :	· Goldiam Jewellery Limited · Diagold Designs Limited upto 28.09.2012 · Goldiam USA, Inc.
Associates :	· Goldiam HK Limited · Temple Designs LLP

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	(11.712)	(11.412)	11.500
(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)	18.288	18.588	41.500
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.073
(b) Deferred tax liabilities (Net)	0.000	0.000	0.101
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.174
(4) Current Liabilities
(a) Short term borrowings	0.000	0.074	0.104
(b) Trade payables	0.856	1.019	20.069
(c) Other current liabilities	0.178	0.287	2.066
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1.034	1.380	22.239
TOTAL	19.322	19.968	63.913
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.293	0.334	26.085
(ii) Intangible Assets	0.000	0.000	0.000
(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)	0.011	0.013	0.000
(d) Long-term Loan and Advances	0.126	0.121	0.343
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.430	0.468	26.428
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	17.980
(c) Trade receivables	13.500	13.507	12.187
(d) Cash and cash equivalents	3.015	2.016	3.045
(e) Short-term loans and advances	2.373	3.790	4.086
(f) Other current assets	0.004	0.187	0.187
Total Current Assets	18.892	19.500	37.485
TOTAL	19.322	19.968	63.913

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	0.217	55.128	115.197
		Other Income	0.032	0.088	0.018
		TOTAL (A)	0.249	55.216	115.215
Less	EXPENSES
		Cost of Materials Consumed	0.000	52.222	107.657
		Purchase of stock-in-trade	0.207	0.000	0.000
		Employee Benefits Expenses	0.000	2.383	5.370
		Other Expenses	0.112	5.420	13.648
		Exceptional Items	0.000	17.617	0.000
		TOTAL (B)	0.319	77.642	126.675
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.070)	(22.426)	(11.460)
Less	FINANCIAL EXPENSES (D)		0.003	0.014	0.005
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.073)	(22.440)	(11.465)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.041	0.586	1.466
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.114)	(23.026)	(12.931)
Less	TAX (H)		0.186	(0.114)	0.342
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.300)	(22.912)	(13.273)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(43.732)	(20.820)	(7.547)
	BALANCE CARRIED TO THE B/S		(44.032)	(43.732)	(20.820)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	0.000	54.413	111.304
	TOTAL EARNINGS		0.000	54.413	111.304
	IMPORTS
		Raw Materials	0.000	35.306	9.231
		Consumable Stores	0.000	0.245	0.118
	TOTAL IMPORTS		0.000	35.551	9.349
	Earnings/ (Loss) Per Share (Rs.)		(0.10)	(7.64)	(7.64)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(120.48)	(41.50)	(11.52)
Net Profit Margin (PBT/Sales)	(%)	(52.53)	(41.77)	(11.23)
Return on Total Assets (PBT/Total Assets}	(%)	(0.59)	(115.39)	(20.23)
Return on Investment (ROI) (PBT/Networth)		(0.01)	(1.24)	(0.31)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		18.27	14.13	1.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	11.500	(11.412)	(11.712)
Net worth	41.500	18.588	18.288
Long-term borrowings	0.073	0.000	0.000
Short term borrowings	0.104	0.074	0.000
Total borrowings	0.177	0.074	0.000
Debt/Equity ratio	0.004	0.004	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	115.197	55.128	0.217
		(52.145)	(99.606)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	115.197	55.128	0.217
Profit	(13.273)	(22.912)	(0.300)
	(11.52%)	(41.56%)	(138.25%)

LOCAL AGENCY FURTHER INFORMATION

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	No
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	No

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 and 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.

Notes:

· The Registered office of the company has been shifted from 1^st and 2^nd Floor, 5-C, Samhita Industrial Estate, Behind Sakinaka Telephone Exchange, Kurla (West), Mumbai – 400 072, Maharashtra to the present address.

· No Charges Exist for Company.

OPERATION:

The Company has achieved a turnover of Rs.0.217 million during the year as compared to a turnover of Rs.55.128 millions during the previous year 2011-2012, reflecting decrease of 99.61%, and incurred the loss of Rs.0.300 million in the current year as compared to Rs.22.912 millions in the previous year 2011-2012. The Company is in the process of closing down its business and due to which the sales has decreased by 99.61%.

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.60.49
UK Pound	1	Rs.99.77
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	SMN

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.