MIRA INFORM REPORT

Report Date :

06.11.2014

IDENTIFICATION DETAILS

Name :	SUTARIYA GEMS PRIVATE LIMITED
Registered Office :	EW 8011, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.02.2009
Com. Reg. No.:	11-190053
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U36911MH2009PTC190053
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and selling loose diamonds and also engaged in the business of generation and distribution of power by using renewable energy saving devises i.e. wind mill.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile supported by extensive of promoters in the diamond industry and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB-
Rating Explanation	Inadequate credit quality and very high credit risk
Date	03.09.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Jignesh
Designation :	Sales Manager
Contact No.:	91-9820223652
Date :	05.11.2014

LOCATIONS

Registered Office :	EW 8011, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-23683588 / 23681605
Mobile No.:	91-9820223652 (Mr. Jignesh)
Fax No.:	91-22-23690883
E-Mail :	cancerian22515@gmail.com
Factory :	15, Kohinoor Society, Varcha Road, Surat – 395006, Gujarat, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Rakesh Ravjibhai Patel

Designation :

Director

Address :

Rubi, A-Wing, Flat No. 303,304, 7th Road, Juhu Scheme, Mumbai, 400049 - Maharashtra, India

Date of Appointment :

03.02.2009

DIN No.:

02335189

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	U36911MH2009PTC190053	SUTARIYA GEMS PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
2	U55101MH2009PTC192869	UMBRELLA HOSPITALITY PRIVATE LIMITED	Director	01/06/2009	01/06/2009	-	Active	NO
3	U55204MH2003PTC142518	UMBRELLA HOTDOGS PRIVATE LIMITED	Director	12/02/2014	15/01/2014	-	Active	NO

Name :

Mr. Ravjibhai Dharamshibhai Patel

Designation :

Director

Address :

303.304 Ruby Apartment, 7th North Road, Jvpd Scheme, Vile Parle East, Mumbai - 400049, Maharashtra, India

Date of Appointment :

03.02.2009

DIN No.:

02335191

Name :

Mr. Premjibhai Dharamshibhai Beladiya

Designation :

Director

Address :

237 Vikram Nagar Society, Near Darpan Cinema, L.H. Road, Surat - 395006, Gujarat, India

Date of Appointment :

03.02.2009

DIN No.:

02378001

Name :

Mr. Vinodbhai Premjibhai Beladiya

Designation :

Director

Address :

237 Vikram Nagar Society, Near Darpan Cinema, L.H. Road, Surat - 395006, Gujarat, India

Date of Appointment :

03.02.2009

DIN No.:

02378047

Name :

Mr. Hareshbhai Premjibhai Beladia

Designation :

Director

Address :

237 Vikram Nagar Society, Near Darpan Cinema, L.H. Road, Surat - 395006, Gujarat, India

Date of Appointment :

03.02.2009

DIN No.:

02378155

KEY EXECUTIVES

Name :	Mr. Jignesh
Designation :	Sales Manager

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders (Equity Shareholders)	No. of Shares
Ravjibhai Dharamshibhai Patel	90000
Rasilaben B Patel	221250
Rakesh Ravjibhai Patel	30000
Premjibhai Dharamshibhai Beladiya	116250
Arvindbhai L Beladiya	93750
Manjibhai L Beladiya	93750
Vinodbhai Premjibhai Beladiya	52500
Hareshbhai Premjibhai Beladia	52500
Total	750000

Names of Shareholders (Preference Shareholders)	No. of Shares
Ravjibhai Dharamshibhai Patel	300000
Premjibhai Dharamshibhai Beladiya	200000
Manjibhai L Beladiya	50000
Rasilaben B Patel	700000
Total	1250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and selling loose diamonds and also engaged in the business of generation and distribution of power by using renewable energy saving devises i.e. wind mill.
Exports :
Products :	Polish Diamond
Countries :	Hong Kong Bangkok
Imports :
Products :	Rough Diamond
Countries :	Belgium
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Suppliers :

• C. Dinesh
• Rosy Blue India Private Limited

Customers :

IDC International

No. of Employees :

1000 (Approximately)

Bankers :

• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
• Indusind Bank, Bandra, Mumbai, Maharashtra, India
• State Bank of India, BKC Branch, Bandra, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on demand from banks
In Foreign Currency	82.130	119.351
Rupees Loan	121.016	126.500
Total	203.146	245.851

Notes:

1. Above loan for working facilities is secured by collatral security by Deposits of Title Deeds or Registered mortgage of premises belonging to the company (MV Rs.Nil PY Rs.30.800 Millions), Properties of Directors & their relatives of Rs.85.400 Millions (PY Rs.99.000 Millions) and hypothecation of stock, Book Debts, Moveable and Other assets, both present and future.

2. Above loan for working capital is guaranteed by Directors, relatives of Directors and M/s M. Vinodkumar Export.

3. Above loans were drawn from time to time under a sanction letter which is renewable after one year against documents in the nature of Bills for raw materials and export sales.

4. Interest is payable as per RBI/SBI Guidelines and linked to base Rate.

5. Tenure of Each Individual PC loan is 90 days and that of Loan Against bill is up to due date of Respective Bill.

6. Amount Of Continuing Default as at balance sheet date- After considering

Normal Extension of 30 Days from Due Date – Nil

In Repayment of Principal – Nil

Banking Relations :	--
Auditors :
Name :	Ramesh Rajni and Company Chartered Accountants
Address :	1st Floor, Purshottam Building, 450, Off Lamington Road, Opera House, Mumbai – 400004, Maharashtra, India
PAN No.:	AAFFR7782K
Related Party :	M. Vinodkumar Exports

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions
1250000	Preference Shares	Rs.10/- each	Rs.12.500 Millions
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions
1250000	Preference Shares	Rs.10/- each	Rs.12.500 Millions
2000000	Total		Rs.20.000 Millions

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	20.000	20.000
(b) Reserves & Surplus	189.597	176.444
(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)	209.597	196.444
(3) Non-Current Liabilities
(a) long-term borrowings	9.991	66.502
(b) Deferred tax liabilities (Net)	1.024	0.859
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	11.015	67.361
(4) Current Liabilities
(a) Short term borrowings	203.146	245.851
(b) Trade payables	231.825	232.205
(c) Other current liabilities	0.073	0.354
(d) Short-term provisions	0.477	0.388
Total Current Liabilities (4)	435.521	478.798
TOTAL	656.133	742.603
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48.487	56.256
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.025	1.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.787	8.470
(e) Other Non-current assets	11.045	0.000
Total Non-Current Assets	69.344	65.751
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	336.875	376.946
(c) Trade receivables	237.097	290.109
(d) Cash and cash equivalents	5.897	5.024
(e) Short-term loans and advances	3.560	3.333
(f) Other current assets	3.360	1.440
Total Current Assets	586.789	676.852
TOTAL	656.133	742.603

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012
	SALES
		Income		861.208	830.775
		Other Income		0.280	12.386
		TOTAL		861.488	843.161
	EXPENSES			NA	NA
	PROFIT/(LOSS) BEFORE TAX			NA	NA
	TAX			NA	NA
	PROFIT/(LOSS) AFTER TAX			13.153	7.571
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			18.944	11.373
	BALANCE CARRIED TO THE B/S			32.097	18.944
	EARNINGS IN FOREIGN CURRENCY
			FOB value of goods exported	774.178	704.316
	TOTAL EARNINGS			774.178	704.316
	IMPORTS
			Raw Materials	464.360	566.391
			Stores & Spares	0.000	2.226
	TOTAL IMPORTS			464.360	568.617
	Earnings / (Loss) Per Share (Rs.)			6.58	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	700.000

Expected Sales (2014-2015): Rs.900.000 Millions

The above information has been parted by Mr. Jignesh

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	1.02	1.59
Current Ratio (Current Asset/Current Liability)	1.35	1.41

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	20.000	20.000
Reserves & Surplus	176.444	189.597
Share Application money pending allotment	0.000	0.000
Net worth	196.444	209.597
Long Term borrowings	66.502	9.991
Short Term borrowings	245.851	203.146
Total borrowings	312.353	213.137
Debt/Equity ratio	1.590	1.017

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	830.775	861.208
		3.663

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	830.775	861.208
Profit	7.571	13.153
	0.91%	1.53%

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 three years	Yes
12]	Profitability for last two 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	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.

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	9.991	66.502
Total	9.991	66.502

Notes:

1. There are no Formal Terms of Repayment Agreed for Loans and Advances from Related parties. However as Company has unconditional Informal Right to deferred its Repayment till subsistence of Bank Loan, same are classified as Non-Current.

2. No Interest is payable in Respect of Loan from related parties.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10477195	28/03/2014 *	120,000,000.00	Aditya Birla Finance Limited	Indian Rayon Compound,, Veraval, Gujarat - 362266, India	C14526727
2	10159987	01/07/2010 *	150,000,000.00	State Bank Of India	Diamond Branch, Majestic Shopping Centre, 144, Jss Marg, Girgaon, Mumbai, Maharashtra - 400004, India	A89272504

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.