MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	CORE JEWELLERY PRIVATE LIMITED
Registered Office :	Unit Gj-4, SDF VII, Building Seepz, SEZ, Andheri (E), Mumbai-400096, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.11.1999
Com. Reg. No.:	11-122665
Capital Investment / Paid-up Capital :	Rs.42.500 Millions
CIN No.: [Company Identification No.]	U36911MH1999PTC122665
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10175E
PAN No.: [Permanent Account No.]	AABCC1946P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Jewellery.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes into consideration highly fragmented and competitive gems and jewellery industry coupled with susceptibility of profitability margins to foreign exchange fluctuations and volatile raw material prices. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB
Rating Explanation	Have moderate risk of default
Date	21.10.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Have Minimal degree of safety and carry very high credit risk.
Date	21.10.2014

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 DENIED BY

Name :	Mr. Dhvani Oza
Designation :	Account Manager
Contact No.:	91-22- 40771000
Date :	18.12.2014

LOCATIONS

Registered Office :	Unit Gj-4, SDF VII, Seepz, Andheri (E), Mumbai-400096, Maharashtra, India
Tel. No.:	91-22- 40771000
Mobile No.:	91-9819427042 (Mr. Kamal Bhansali)
Fax No.:	91-22- 40771012
E-Mail :	accounts@corejewellery.com core@corejewellery.com sales@corejewellery.com
Website :	www.corejewellery.com

DIRECTORS

As on 28.08.2014

Name :

Mr. Kamalkumar Ratilal Bhansali

Designation :

Director

Address :

Prabha Rati Bunglow 1-A, Sett Minar Society Compound, 36 Peddar Road, Mumbai-400026, Maharashtra, India.

Date of Birth/Age :

31.03.1955

Date of Appointment :

16.11.1999

DIN No.:

00731925

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	U36911MH1999PTC122665	CORE JEWELLERY PRIVATE LIMITED	Director	16/11/1999	16/11/1999	-	Active	NO
2	U45200MH2006PTC165018	ZILLION INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
3	U74900MH2010PTC210604	NOESIS KNOWLEDGE SOLUTIONS PRIVATE LIMITED	Director	03/12/2010	03/12/2010	-	Active	NO
4	AAA-8121	KPH JEWELS LLP	Designated Partner	27/02/2012	27/02/2012	-	Active	NO

Name :

Mrs. Anita Kamal Bhansali

Designation :

Director

Address :

Prabha Rati Bunglow 1-A, Sett Minar Society Compound, 36 Peddar Road, Mumbai-400026, Maharashtra, India.

Date of Birth/Age :

16.11.1957

Date of Appointment :

16.11.1999

DIN No.:

00736245

Name :

Mr. Vivek Shankar Jadhav

Designation :

Director

Address :

B/2, Kamdar Park, Gokhale Road, Dadar (West), Mumbai-400028, Maharashtra, India.

Date of Birth/Age :

29.09.1963

Date of Appointment :

07.04.2000

DIN No.:

00760284

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	U70100MH1981PTC025735	GEETA ESTATE AND HOLDING PRIVATE LIMITED	Director	30/11/1981	30/11/1981	-	Active	NO
2	U61200MH1999PLC119233	INDO ENERGY INTERNATIONAL LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
3	U36911MH1999PTC122665	CORE JEWELLERY PRIVATE LIMITED	Director	07/04/2000	07/04/2000	-	Active	NO
4	U30007MH2002PTC134986	ZEBRA NETWORKS PRIVATE LIMITED	Director	22/02/2002	22/02/2002	25/07/2011	Active	NO
5	U15130MH2003PTC143765	INDO-ALLIED PROTEIN FOODS PRIVATE LIMITED	Director	31/12/2003	31/12/2003	01/01/2013	Active	NO
6	U45200MH2006PTC165018	ZILLION INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
7	U45200MH2005PTC157377	FLAGSHIP INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2007	29/09/2007	10/09/2013	Active	NO
8	U15520MH2006PTC162542	Indo Spirits Private Limited	Director	16/11/2007	16/11/2007	-	Active	NO
9	U45400DL2007PTC170872	League Properties Private Limited	Director	29/11/2007	29/11/2007	-	Strike off	NO
10	U15530MH2008PTC179416	Iris Wineries Private Limited	Director	25/02/2008	25/02/2008	-	Active	NO
11	U45202MH2008PTC180356	SHIVALIK VENTURES PRIVATE LIMITED	Director	30/05/2008	30/05/2008	-	Active	NO
12	U15421PN2007PLC130272	DAUND SUGAR LIMITED	Director	04/11/2008	16/10/2008	-	Active	NO
13	U74999MH2008PTC187876	RIDHI SIDHI SHETKARI PRIVATE LIMITED	Director	31/10/2008	31/10/2008	-	Active	NO
14	U45400MH2010PTC211530	RICHA INDIA INFRA DEVELOPMENT PRIVATE LIMITED	Director	16/05/2011	28/12/2010	-	Active	NO
15	U70100MH1999PTC118129	FINETONE REALTORS PRIVATE LIMITED	Director	27/09/2012	06/06/2011	16/10/2014	Active	NO
16	U45201PN2005PTC020888	FLAGSHIP DEVELOPERS PRIVATE LIMITED	Director	28/12/2011	23/12/2011	-	Active	NO
17	U72200PN1999PTC144498	NEOPRO TECHNOLOGIES PRIVATE LIMITED	Director	27/12/2011	23/12/2011	30/03/2013	Active	NO
18	U45400MH2012PTC229205	Peer Realty Private Limited	Director	28/09/2013	09/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhvani Oza
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 28.08.2014

Names of Shareholders	No. of Shares
Kamalkumar Ratilal Bhansali	2481333
Anita Kamal Bhansali	142918
Vivek Shankar Jadhav	425000
Kamalkumar Ratilal Bhansali Jointly With Kamal Ratilal Bhansali	653750
Anita Kamal Bhansali Jointly With Kamal Ratilal Bhansali	508750
Karishma Niral Mehta	38249
Total	4250000

As on 28.08.2014

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 Jewellery.
Products :	Jewellery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :	Not Divulged
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 :

Information declined by the management.

Bankers :

Banker Name	State bank of India
Branch Address	Diamond Branch, Majestic Centre, Girgaum, Mumbai – 400004, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	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
SHORT TERM BORROWING
Loans repayable on demand
Foreign currency loan
Postshipment Credit Finance	0.000	18.236
Preshipment Credit Finance	0.000	2.973
Repee Loan		0.000
Postshipment Credit Finance	128.274	47.795
Preshipment Credit Finance	116.625	159.490
Term loan from Vehicle	0.682	2.637
	245.581	231.432
Total

Auditors :
Name :	B. N. Vaidya and Associates Chartered Accountants
Address :	Ground/ 4^th Floor, Vaidya Bhavan, 92, Atmaram Merchant Road 2, Anant Wadi, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22087849
E-Mail :	bnv1964@yahoo.co.in
PAN No.:	AABPV1159N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 28.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4250000	Equity Shares	Rs.10/- each	Rs. 42.500 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	42.500	42.500	42.500
(b) Reserves & Surplus	252.010	242.705	234.712
(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)	294.510	285.205	277.212
(3) Non-Current Liabilities
(a) long-term borrowings	9.463	9.463	12.826
(b) Deferred tax liabilities (Net)	2.198	2.254	2.452
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	23.311	19.342	0.000
Total Non-current Liabilities (3)	34.972	31.059	15.278
(4) Current Liabilities
(a) Short term borrowings	276.143	231.689	214.725
(b) Trade payables	200.878	74.422	87.667
(c) Other current liabilities	22.856	9.802	26.409
(d) Short-term provisions	1.121	0.003	0.020
Total Current Liabilities (4)	500.998	315.916	328.821
TOTAL	830.480	632.180	621.311
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.997	46.759	50.719
(ii) Intangible Assets	0.030	0.060	0.041
(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	0.500	0.500	0.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.507	2.425	0.635
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	54.034	49.744	51.895
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	283.751	221.436	239.262
(c) Trade receivables	417.464	296.096	269.559
(d) Cash and cash equivalents	5.541	2.825	10.267
(e) Short-term loans and advances	69.690	62.079	50.328
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	776.446	582.436	569.416
TOTAL	830.480	632.180	621.311

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	721.109	540.548	589.675
	Other Income	0.237	0.623	2.131
	TOTAL (A)	721.346	541.171	591.806
Less	EXPENSES
	Cost of Materials Consumed	572.627	388.592	514.906
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.919)	32.576	(33.321)
	Employees benefits expense	14.669	12.482	9.881
	Other expenses	78.627	56.048	54.215
	TOTAL (B)	656.004	489.698	545.681
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	65.342	51.473	46.125
Less	FINANCIAL EXPENSES (D)	43.933	32.771	19.586
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	21.409	18.702	26.539
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.345	6.787	6.484
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	15.064	11.915	20.055
Less	TAX (I)	5.760	3.923	6.926
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	9.304	7.992	13.129
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	717.095	537.554	589.675
	TOTAL EARNINGS	717.095	537.554	589.675
	IMPORTS
	Raw Materials	450.514	230.769	366.858
	Components and Stores parts	1.450	0.000	7.482
	Capital Goods	1.052	1.063	0.000
	TOTAL IMPORTS	453.016	231.832	374.340
	Earnings / (Loss) Per Share (Rs.)	2.19	NA	3.09

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.29	1.48	2.23
Operating Profit Margin (PBDIT / Sales)	(%)	9.06	9.52	7.82
Return on Total Assets (PBT/Total Assets}	(%)	1.81	1.89	3.23
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.07
Debt Equity Ratio (Total Debt /Networth)		0.97	0.85	0.82
Current Ratio (Current Asset/Current Liability)		1.55	1.84	1.73

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	42.500	42.500	42.500
Reserves & Surplus	234.712	242.705	252.010
Net worth	277.212	285.205	294.510
long-term borrowings	12.826	9.463	9.463
Short term borrowings	214.725	231.689	276.143
Total borrowings	227.551	241.152	285.606
Debt/Equity ratio	0.821	0.846	0.970

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	589.675	540.548	721.109
		(8.331)	33.403

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	589.675	540.548	721.109
Profit	13.129	7.992	9.304
	2.23%	1.48%	1.29%

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	No
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and Advances from related parties
Loans from Director	9.463	9.463
SHORT TERM BORROWING
Loans repayable on demand
From Banks
Bank Overdraft	30.561	0.257
Total	40.024	9.720

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10470929	16/12/2013	15,000,000.00	Bank of India	Seepz Mid Corporate Br,Behind Seepz Service Centre , Marol Industrial Area, Seepz,, Mumbai, Maharashtra - 400096, INDIA	B93791903
2	90146146	08/05/2014 *	334,000,000.00	State Bank of India	Seepz Branch, Andheri (East),, Mumbai, Maharashtra - 400096, INDIA	C05259940

* Date of charge modification

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Factory Buildings
• Plant and Machinery
• Air Conditioners
• Weighing Scale
• Computers
• Electrical Fittings
• Equipments
• Furniture and Fixtures
• Tele Systems
• 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 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.63.28
UK Pound	1	Rs.98.38
Euro	1	Rs.76.30

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.