MIRA INFORM REPORT

Report No. :	303369
Report Date :	15.01.2015

IDENTIFICATION DETAILS

Name :	RSBL SPOT TRADING PRIVATE LIMITED
Registered Office :	Bullion House, 115, Tambakatta, Mumbadevi Road, Opposite Dagina Bazar, Pydhonie, Mumbai – 400003, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.10.2012
Com. Reg. No.:	11-237346
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U74120MH2012PTC237346
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCR3007D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Bullions and Diamonds.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 25000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a relatively new company albeit, belong to a reputed parentage i.e. “RIDDISIDDHI BULLIONS LIMITED”, it is its first year of full fledge commercial operations having satisfactory track record. Trade relations are fair amid support and experience of its promoters. Business is active. Payment terms are reported as usually correct. In view of financial and technical support from its reputed group, the company could 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 – 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

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.

LOCATIONS

Registered/ Corporate Office/ RSBL Spot :	Bullion House, 115, Tambakatta, Mumbadevi Road, Opposite Dagina Bazar, Pydhonie, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-61245506/ 55/ 61245553/ 23418275/ 76
Fax No.:	91-22-61245572/ 61245567
E-Mail :	info@rsbl.co.in spot@rsblspot.co.in help@bullionindia.in
Website :	http://www.rsbl.co.in
RSBL Corporate Offices :	Located at: · Agra · Kanpur · Banaras

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Mukesh Manekchand Kothari

Designation :

Director

Address :

2005/2006, 25^th Floor, Shreepati Building, A.K. Marg, Nana Chowk, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

19.12.1973

Date of Appointment :

31.10.2012

DIN No.:

00230699

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	U36912MH1994PLC083644	RIDDISIDDHI BULLIONS LIMITED	Director	27/09/2003	27/09/2003	-	Active	NO
2	U51100MH2005PLC152050	SUPAMA COMMODITIES LIMITED	Director	18/03/2005	18/03/2005	12/05/2007	Active	NO
3	U74140MH2010PTC200702	TREELIFE CONSULTANCY SERVICES PRIVATE LIMITED	Director	18/05/2010	18/05/2010	-	Converted to LLP and dissolved	NO
4	U74120MH2012PTC237346	RSBL SPOT TRADING PRIVATE LIMITED	Director	31/10/2012	31/10/2012	-	Active	NO
5	U74900MH2013PTC240562	RSBL DIA JEWELS PRIVATE LIMITED	Director	18/02/2013	18/02/2013	-	Active	NO
6	U70109MH2012PTC229719	DISHEN REAL ESTATE PRIVATE LIMITED	Additional director	20/06/2014	20/06/2014	14/08/2014	Active	NO
7	U74999MH2014PTC257585	KOTHARI PAYMENT SOLUTIONS PRIVATE LIMITED	Director	26/08/2014	26/08/2014	-	Active	NO
8	AAB-5710	SUPAMA NICNISH REALTORS LLP	Designated Partner	06/06/2013	06/06/2013	13/05/2014	Active	NO
9	AAB-6735	MSK INFRA REALTORS LLP	Designated Partner	25/07/2013	25/07/2013	-	Active	NO
10	AAB-9258	BADAMI ENTERPRISES LLP	Designated Partner	12/12/2013	12/12/2013	-	Active	NO
11	AAC-7829	RSBL BUILDERS LLP	Designated Partner	07/10/2014	07/10/2014	-	Active	NO
12	AAB-9257	SUPAMA DEVELOPERS LLP	Body corporate as Designated Partner	13/10/2014	13/10/2014	-	Active	NO

Name :

Mr. Ketan Bhavarlal Kothari

Designation :

Director

Address :

Shree Radhye Krishna CHS, Flat 502, 5^th Floor, Sanidhya Building, A Wing, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

04.06.1981

Date of Appointment :

22.04.2013

DIN No.:

00230725

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	U36912MH1994PLC083644	RIDDISIDDHI BULLIONS LIMITED	Director	02/05/2004	02/05/2004	05/05/2007	Active	NO
2	U51100MH2005PLC152050	SUPAMA COMMODITIES LIMITED	Director	18/03/2005	18/03/2005	12/05/2007	Active	NO
3	U70100MH2005PLC152051	SUPAMA REALTORS LIMITED	Director	18/03/2005	18/03/2005	-	Converted to LLP and dissolved	NO
4	U67190MH2005PLC152067	SUPAMA FINANCIAL SERVICES LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
5	U52100MH2007PTC176795	STARSHOP MULTITRADE PRIVATE LIMITED	Director	26/12/2007	26/12/2007	-	Strike off	NO
6	U74900MH2008PTC181972	OSIYAN MOBILE PRIVATE LIMITED	Director	07/05/2008	07/05/2008	-	Strike off	NO
7	U33309MH2008PTC186942	HOUSE OF CLOCKS & WATCHES PRIVATE LIMITED	Additional director	21/07/2012	22/09/2008	-	Active	NO
8	U15134MH2009PTC190041	BUNTY JUICE & SNACKS STATION PRIVATE LIMITED	Director	02/02/2009	02/02/2009	-	Strike off	NO
9	U36911MH2009PTC190355	FINKURVE BULLION PRIVATE LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
10	U74140MH2010PTC200702	TREELIFE CONSULTANCY SERVICES PRIVATE LIMITED	Director	18/05/2010	18/05/2010	25/11/2011	Converted to LLP and dissolved	NO
11	L65990MH1984PLC032403	FINKURVE FINANCIAL SERVICES LIMITED	Director	30/09/2011	10/12/2010	-	Active	NO
12	U74900MH2011PTC214901	HRIDAY TECHNOLOGIES & SOLUTIONS PRIVATE LIMITED	Director	17/03/2011	17/03/2011	27/02/2012	Active	NO
13	U52100MH2011PTC222697	FETISE FASHION PRIVATE LIMITED	Additional director	09/11/2011	09/11/2011	15/10/2012	Active	NO
14	U51100MH2004PTC146355	RSBL COMMODITIES PRIVATE LIMITED	Director	13/09/2013	18/01/2013	-	Active	NO
15	U74120MH2012PTC237346	RSBL SPOT TRADING PRIVATE LIMITED	Director	22/04/2013	22/04/2013	-	Active	NO
16	U74140MH2013PLC250140	SUPAMA INFRA SERVICES LIMITED	Director	16/11/2013	16/11/2013	-	Active	NO
17	U70102MH2012PTC230200	AYUDH PROPERTIES PRIVATE LIMITED	Additional director	20/06/2014	20/06/2014	01/09/2014	Active	NO
18	U70109MH2012PTC229719	DISHEN REAL ESTATE PRIVATE LIMITED	Additional director	20/06/2014	20/06/2014	14/08/2014	Active	NO
19	U45200MH2011PTC216509	ABHAY INFRABUILD & CONSTRUCTIONS PRIVATE LIMITED	Additional director	25/06/2014	25/06/2014	-	Active	NO
20	U45209MH2011PTC216537	ARHAM HOUSECON PRIVATE LIMITED	Additional director	25/06/2014	25/06/2014	-	Active	NO
21	U45200MH2011PTC216515	ADARSH GRUHCON PRIVATE LIMITED	Additional director	25/06/2014	25/06/2014	-	Active	NO
22	U72900MH2014PTC256698	RAHA PAYMENT SOLUTIONS PRIVATE LIMITED	Director	28/07/2014	28/07/2014	-	Active	NO
23	U74999MH2014PTC257585	KOTHARI PAYMENT SOLUTIONS PRIVATE LIMITED	Director	26/08/2014	26/08/2014	-	Active	NO
24	AAB-3595	SUPAMA REALTORS LLP	Designated Partner	14/02/2013	14/02/2013	-	Active	NO
25	AAB-4834	BSK REALTORS LLP	Designated Partner	25/04/2013	25/04/2013	-	Active	NO
26	AAB-7362	TREELIFE CONSULTANCY SERVICES LLP	Designated Partner	30/08/2013	30/08/2013	-	Active	NO
27	AAB-9257	SUPAMA DEVELOPERS LLP	Designated Partner	12/12/2013	12/12/2013	-	Active	NO
28	AAB-5710	SUPAMA NICNISH REALTORS LLP	Body corporate as Designated Partner	13/05/2014	13/05/2014	-	Active	NO
29	AAC-7829	RSBL BUILDERS LLP	Designated Partner	07/10/2014	07/10/2014	-	Active	NO

Name :

Mr. Mahendrakumar Nemichand Bafna

Designation :

Director

Address :

31/B, Sidhachal Darshan, Sheth Motisha Lane, Byculla, Mumbai – 400027, Maharashtra, India

Date of Birth/Age :

25.07.1971

Date of Appointment :

31.10.2012

DIN No.:

00328300

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	Company/ LLP Status	Defaulting status
1	U17120MH1992PTC068520	NEM TEXTILES PRIVATE LIMITED	Director	14/09/1992	14/09/1992	Active	NO
2	U51100MH2005PLC152050	SUPAMA COMMODITIES LIMITED	Director	17/02/2006	17/02/2006	Active	NO
3	U70100MH1988PTC049456	BRIGHT ABODE ESTATES PRIVATE LIMITED	Director	28/04/2010	28/04/2010	Active	NO
4	U74120MH2012PTC237346	RSBL SPOT TRADING PRIVATE LIMITED	Director	31/10/2012	31/10/2012	Active	NO
5	U74900MH2013PTC240562	RSBL DIA JEWELS PRIVATE LIMITED	Director	18/02/2013	18/02/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Riddisiddhi Bullions Limited, India	99000	99.00
Prithviraj Saremal Kothari [Nominee of Riddisiddhi Bullions Limited, India]	1000	1.00
Total	100000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.00
Others	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Bullions and Diamonds.

Products/ Services :

ITC Code No.	Product Descriptions
71023910	Diamonds
71081200	Bullions
71131910	Jewellery without stone

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks: Not Available

Facilities :

--

Banking Relations :	--
Auditors :
Name :	K. M. Tulsian and Associates Chartered Accountants
Address :	A-703, Rajeshri Accord, Telly Cross Lane, Off S N Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-42466363
Fax No.:	91-22-42466300
E-Mail :	info@kmtulsian.co.in
Income-tax PAN of auditor or auditor's firm :	AAAFS7106D
Holding company :	Riddisiddhi Bullions Limited [U36912MH1994PLC083644]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Supama Realtors LLP

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,500,000	Equity Shares	Rs. 10/- each	Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000
(b) Reserves & Surplus	7.770	(0.041)
(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)	8.770	0.959
(3) Non-Current Liabilities
(a) Long-term borrowings	128.695	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	128.695	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	341.540	0.000
(c) Other current liabilities	294.218	0.011
(d) Short-term provisions	2.375	0.000
Total Current Liabilities (4)	638.133	0.011
TOTAL	775.598	0.970
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(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	0.000	0.000
(c) Deferred tax assets (net)	0.007	0.000
(d) Long-term Loan and Advances	5.745	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	5.752	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	328.346	0.000
(c) Trade receivables	118.434	0.000
(d) Cash and cash equivalents	319.236	0.970
(e) Short-term loans and advances	3.830	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	769.846	0.970
TOTAL	775.598	0.970

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	TOTAL REVENUE	13916.760	0.000
Less	EXPENSES	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	12.179	(0.041)
Less	TAX	4.368	0.000
	PROFIT/ (LOSS) AFTER TAX	7.811	(0.041)
	Earnings/ (Loss) Per Share (Rs.)	78.11	(0.41)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets}	(%)	1.57	(4.23)
Return on Investment (ROI) (PBT/Networth)		1.39	(0.04)
Debt Equity Ratio (Total Debt/Networth)		14.67	0.00
Current Ratio (Current Asset/Current Liability)		1.21	88.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.000	1.000
Reserves & Surplus	(0.041)	7.770
Net worth	0.959	8.770
Long-term borrowings	0.000	128.695
Short term borrowings	0.000	0.000
Total borrowings	0.000	128.695
Debt/Equity ratio	0.000	14.674

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	0.000	13916.760

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	0.000	13916.760
Profit/ (Loss)	(0.041)	7.811
		0.06%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate borrowings	128.695	0.000
Total	128.695	0.000

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.

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. 62.15
UK Pound	1	Rs. 94.24
Euro	1	Rs. 73.30

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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	--

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