MIRA INFORM REPORT

Report No. :	306256
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	VALENTINE JEWELLERY INDIA PRIVATE LIMITED

Registered Office :	G-1-15, Gem and Jewellery Zone, EPIP, Sitapura, Jaipur-302022, Rajasthan

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	14.07.1995

Com. Reg. No.:	17-010388

Capital Investment / Paid-up Capital :	Rs. 2.500 Millions

CIN No.: [Company Identification No.]	U36911RJ1995PTC010388

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of studded jewellery.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 210000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Profitability of the company is low. However, 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 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Trilok Jain
Designation :	Chief Accountant
Contact No.:	91-141-2771772
Date :	09.02.2015

LOCATIONS

Registered Office/ Factory :	G-1-15, Gem and Jewellery Zone, EPIP, Sitapura, Jaipur-302022, Rajasthan
Tel. No.:	91-141-2771772/2771773
Fax No.:	91-141-2771774/2578260
E-Mail :	vjjaipur@gmail.com trilok9322@gmail.com
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 30.09.2014

Name :

Mr. Laxman Das Sonkia

Designation :

Director

Address :

Sonkia Bhawan, SMS Highway, Jaipur, Rajasthan, India

Date of Birth/Age :

30.12.1957

Date of Appointment :

14.07.1995

DIN No.:

00274050

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	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Director	14/07/1995	14/07/1995	-	Active	NO
2	U45201RJ2005PTC021356	GREEN CITY PREMISES DEVELOPERS PRIVATE LIMITED	Director	23/09/2005	23/09/2005	21/03/2012	Active	NO
3	U36911RJ1985PTC003185	SHREE MAHA LAXMI (INDIA) PRIVATE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
4	U45201RJ2008PTC026516	Gems Buildmart Private Limited	Director	08/05/2008	08/05/2008	-	Active	NO

Name :

Mr. Dinesh Khatoria

Designation :

Director

Address :

Sb-40, Ganesh Marg, Jaipur, Rajasthan, India

Date of Birth/Age :

02.02.1960

Date of Appointment :

14.07.1995

DIN No.:

00273899

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	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Director	14/07/1995	14/07/1995	-	Active	NO
2	U45201RJ2005PTC021356	GREEN CITY PREMISES DEVELOPERS PRIVATE LIMITED	Director	23/09/2005	23/09/2005	21/03/2012	Active	NO
3	U31102RJ1991PTC005949	PINKCITY MOULDINGS PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO

Name :

Mr. Alok Khandelwal

Designation :

Managing Director

Address :

Sonkia Bhawan, SMS Highway, Jaipur, Rajasthan, India

Date of Appointment :

14.07.1995

DIN No.:

00273932

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	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Managing director	14/07/1995	14/07/1995	-	Active	NO
2	U36911RJ1985PTC003185	SHREE MAHA LAXMI (INDIA) PRIVATE LIMITED	Director	05/11/2003	05/11/2003	-	Active	NO
3	U45201RJ2005PTC021356	GREEN CITY PREMISES DEVELOPERS PRIVATE LIMITED	Director	23/09/2005	23/09/2005	21/03/2012	Active	NO
4	U45201RJ2008PTC026718	GREENGEMS BUILDERS PRIVATE LIMITED	Director	06/06/2008	06/06/2008	-	Active	NO

Name :

Mr. Vijay Chordia

Designation :

Director

Address :

2, Bhairav Path, M. D. Road, JLN Marg, Jaipur, Rajasthan, India

Date of Appointment :

14.07.1995

DIN No.:

00273968

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	U36911RJ1985PTC003185	SHREE MAHA LAXMI (INDIA) PRIVATE LIMITED	Director	20/02/1995	20/02/1995	-	Active	NO
2	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Director	14/07/1995	14/07/1995	-	Active	NO
3	U80302RJ2007NPL025326	INDIAN INSTITUTE OF GEMS AND JEWELLERY JAIPUR	Director	16/11/2007	16/11/2007	-	Active	NO

Name :

Mr. Bahadur Singh Choudhary

Designation :

Director

Address :

B-93A, Surya Marg, Tilak Nagar, Jaipur, Rajasthan, India

Date of Appointment :

01.03.2005

DIN No.:

00274096

Name :

Mr. Abhinav Khatoria

Designation :

Director

Address :

Sb-40, Ganesh Marg, Rambagh Circle ,Tonk Road, Jaipur, Rajasthan, India

Date of Birth/Age :

23.10.1984

Date of Appointment :

29.09.2010

DIN No.:

01723071

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	U36911RJ1985PTC003185	SHREE MAHA LAXMI (INDIA) PRIVATE LIMITED	Director	05/11/2003	05/11/2003	-	Active	NO
2	U36911RJ1995PTC010388	VALENTINE JEWELLERY (INDIA) PRIVATE LIMITED	Director	29/09/2010	01/04/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Trilok Jain
Designation :	Chief Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Mr. Vijay Chordia		99600
Mr. Laxman Das Sonkia		56150
Mr. Dinesh Khatoria		56150
Mr. Alok Khandelwal		37200
Mrs. Pushpa Sonkia		100
Mrs. Usha Khatoria		100
Mrs. Sheeila Chordia		100
Mrs. Priti Choudhary		100
Mrs. Divya Khandelwal		100
Mr. Bahadur Singh Choudhary		100
Mr. Rajmal Chordia		100
Mr. Ram Das Sonkia		100
Mrs. Usha Sonkia		100
Total		250000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Studded Jewellery.

Products :	Glod jewllery Silver jewllery Earning’s Braclets Necklaces Diamonds jewllery Stone earrings Antique engagement crystal

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Studded Jewellery
Countries :	USA Thailand Dubai UAE

Imports :
Products :	Studded Jewellery
Countries :	Thailand Hong Kong

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Shrinath enterprises, Jaipur
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	PC Chandra Group, Kolkata
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

Banker Name :	Union Bank of India
Branch Address :	SSI Branch Jaipur, Rajasthan, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name :	Standard Chartered Bank
Branch Address :	H-8, Showroom No. 1, Bhagat Bhawan, M.I. Road, Jaipur - 302001, Rajasthan, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
From Banks:
ICICI Bank (Car Loan)	0.168	0.335
ICICI Bank (Audi Car Loan)	1.849	0.000
From Non Banking Financial Companies
BMW Financial Services Private Limited	2.675	0.000
Short Term Borrowing
From Standard Chartered Bank (cash credit facility)	93.283	85.562

Total	97.975	85.897

Auditors :
Name :	B. Khosla and Company Chartered Accountants
Address :	206, Anukampa II, M I Road, Jaipur-302001, Rajasthan, India
PAN No.:	AADFB1338D

Memberships :	Not Available

Collaborators :	Not Available

Entity where key management personnel or relatives of key management personnel have significant influence :	Valentine Jewellery International Valentine Silver Jewls Info System Green Gems International Gems

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

250,000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

250,000	Equity Shares	Rs.10/- each	Rs.2.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.500	2.500	2.500
(b) Reserves & Surplus	71.603	69.620	67.184
(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)	74.103	72.120	69.684

(3) Non-Current Liabilities
(a) long-term borrowings	64.512	76.963	70.786
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	64.512	76.963	70.786

(4) Current Liabilities
(a) Short term borrowings	93.283	85.562	62.566
(b) Trade payables	122.729	141.508	135.765
(c) Other current liabilities	11.774	2.101	1.716
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	227.786	229.171	200.047

TOTAL	366.401	378.254	340.517

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.561	18.102	17.405
(ii) Intangible Assets	0.052	0.078	0.117
(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)	0.375	0.334	0.215
(d) Long-term Loan and Advances	0.176	0.131	0.130
(e) Other Non-current assets	0.395	1.341	0.913
Total Non-Current Assets	25.559	19.986	18.780

(2) Current assets
(a) Current investments	0.003	0.003	0.003
(b) Inventories	193.108	218.753	197.714
(c) Trade receivables	144.497	137.441	120.577
(d) Cash and cash equivalents	1.257	0.603	0.931
(e) Short-term loans and advances	1.938	1.447	2.369
(f) Other current assets	0.039	0.021	0.143
Total Current Assets	340.842	358.268	321.737

TOTAL	366.401	378.254	340.517

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	444.331	461.472	411.654
		Other Income	1.301	0.496	0.259
		TOTAL	445.632	461.968	411.913

Less	EXPENSES
		TOTAL	439.384	456.316	407.231

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.248	5.652	4.682

Less/ Add	DEPRECIATION/ AMORTISATION		3.209	2.022	2.144

	PROFIT BEFORE TAX		3.039	3.630	2.538

Less	TAX		1.057	1.194	0.789

	PROFIT AFTER TAX		1.982	2.436	1.749

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		69.620	67.184	65.435

	BALANCE CARRIED TO THE B/S		71.602	69.620	67.184

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.283	15.639	7.977
	TOTAL EARNINGS		3.283	15.639	7.977

	Earnings Per Share (Rs.)		7.93	9.74	7.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.45	0.53	0.42

Return on Total Assets (PBT/Total Assets}	(%)	0.83	0.96	0.75

Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.04

Debt Equity Ratio (Total Debt /Networth)		2.13	2.25	1.91

Current Ratio (Current Asset/Current Liability)		1.50	1.56	1.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.500	2.500	2.500
Reserves & Surplus	67.184	69.620	71.603
Net worth	69.684	72.120	74.103

long-term borrowings	70.786	76.963	64.512
Short term borrowings	62.566	85.562	93.283
Total borrowings	133.352	162.525	157.795
Debt/Equity ratio	1.914	2.254	2.129

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	411.654	461.472	444.331
		12.102	(3.714)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	411.654	461.472	444.331
Profit	1.749	2.436	1.982
	0.42%	0.53%	0.45%

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 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
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

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
From related parties	59.820	76.628
Total	59.820	76.628

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10274190	05/03/2014 *	105,000,000.00	Standard Chartered Bank	H-8, SHOWROOM NO. 1, BHAGAT BHAWAN, M.I. ROAD, JAIPUR, Rajasthan - 302001, INDIA	C00816025

* Date of charge modification

FIXED ASSETS

Land
Building
Plant and machinery
Furniture and fixture
Office equipments
Computer
Mobiles
Vehicles

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.62.13
UK Pound	1	Rs.95.77
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	SUM

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		41

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.

MIRA INFORM REPORT

Unit