MIRA INFORM REPORT

Report No. :	332137
Report Date :	21.07.2015

IDENTIFICATION DETAILS

Name :	TACHE JEWELRY PRIVATE LIMITED (w.e.f.27.12.2004)
Formerly Known As :	TACHE JEWELLERY PRIVATE LIMITED
Registered Office :	Plot No. GJ-02 Seepz Seepz Sez, Andheri (East), Mumbai-400096, Maharashtra
Tel. No.:	91-22-67779999
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.02.2003
Com. Reg. No.:	11-138986
Capital Investment / Paid-up Capital :	Rs. 39.018 Million
CIN No.: [Company Identification No.]	U36911MH2003PTC138986
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08622F
PAN No.: [Permanent Account No.]	AABCT7791D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Diamond Studded Gold Jewelry like rings, pendants, earrings, bracelets and necklaces.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 a subsidiary of “Tache Investment S.A. Luxembourg‘’. It is an established company incorporated during the year 2003 having a satisfactory track record. Available financial indicates company sound financial risk profile marked by healthy net worth position with low borrowings and favorable gap between trade payable and trade receivable. Further, the rating also takes into consideration good profitability margin of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of strong holding and acceptable financial base, the company can be considered normal 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DECLINED BY

Name :	Ms. Anjali
Designation :	Accountant
Contact No.:	91-22-67779999
Date :	20.07.2015
Name :	Mr. Girish Parekh
Designation :	Finance Head
Contact No.:	91-22-67779999
Date :	20.07.2015

LOCATIONS

Registered Office :	Plot No. GJ-02 Seepz Seepz Sez, Andheri (East), Mumbai-400096, Maharashtra, India
Tel. No.:	91-22-67779999
Fax No.:	91-22-67779950
E-Mail :	nikhil.khandwala@tachejewellery.com girish.parekh@tachejewellery.com
Website :	http://jewelry.tacheusa.com

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Amish Bipin Choksi

Designation :

Director

Address :

43, Himgiri, 6th Floor, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

26.03.1964

Date of Appointment :

01.04.2015

PAN No.:

AADPC2386A

DIN No.:

00043931

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	U67120MH1982PTC026805	VIOLET INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Whole-Time Director	20-09-1984	20-09-1984	-	Active	NO
2	U99999MH1996PTC097577	C G INTERNATIONAL PRIVATE LIMITED	Director	01-03-2011	23-02-1996	-	Active	NO
3	U27205MH2006PTC165627	C. G. CREATIONS PRIVATE LIMITED	Director	17-11-2006	17-11-2006	03-11-2010	Active	NO
4	U36911MH2003PTC138986	TACHE JEWELRY PRIVATE LIMITED	Managing Director	01-04-2015	24-04-2007	-	Active	NO
5	U36911GJ2010PTC061618	TCG JEWELRY PRIVATE LIMITED	Director	16-07-2010	16-07-2010	-	Active	NO

Name :

Mr. Aashay Amish Choksi

Designation :

Additional Director

Address :

43, Himgiri, 6th Floor, Opposite Jaslok Hospital, Pedder Road, Mumbai-400026, Maharashtra, India

Date of Appointment :

06.07.2015

DIN No.:

07223156

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	U36911GJ2010PTC061618	TCG JEWELRY PRIVATE LIMITED	Additional director	30-06-2015	30-06-2015	Active	NO
2	U36911MH2003PTC138986	TACHE JEWELRY PRIVATE LIMITED	Additional director	06-07-2015	06-07-2015	Active	NO

Name :

Mr. Victor Henry Weinman

Designation :

Director

Address :

7 Bretton Ridge Road, Mount Kisco, New York, 10549, , United States of America

Date of Birth/Age :

11.12.1946

Date of Appointment :

26.04.2003

DIN No.:

00558764

Name :

Mr. Ashish Anit Choksi

Designation :

Director

Address :

43, Himgiri, 6th Floor, Opposite Jaslok Hospital, Pedder Road, Mumbai- 400026, Maharashtra, India

Date of Birth/Age :

10.08.1967

Date of Appointment :

30.09.2008

DIN No.:

02117208

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	U99999MH1996PTC097577	C G INTERNATIONAL PRIVATE LIMITED	Director	01-04-1997	01-04-1997	Active	NO
2	U36911MH2003PTC138986	TACHE JEWELRY PRIVATE LIMITED	Director	30-09-2008	27-08-2007	Active	NO

Name :

Mr. Jacques Tache

Designation :

Director

Address :

34 Peter Benoitstraat 2018, Antwerpen, 0, Belgium

Date of Birth/Age :

16.06.1968

Date of Appointment :

30.09.2008

DIN No.:

02421425

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	U36911MH2003PTC138986	TACHE JEWELRY PRIVATE LIMITED	Director	30-09-2008	27-08-2007	Active	NO

Name :

Mr. Andre Christian Giloy

Designation :

Director

Address :

Fichtenhof, 55743, Idar Oberstein, 0, Germany

Date of Birth/Age :

26.04.1965

Date of Appointment :

30.09.2008

DIN No.:

02459957

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	U99999MH1996PTC097577	C G INTERNATIONAL PRIVATE LIMITED	Director	01-04-1997	01-04-1997	Active	NO
2	U36911MH2003PTC138986	TACHE JEWELRY PRIVATE LIMITED	Director	30-09-2008	27-08-2007	Active	NO

KEY EXECUTIVES

Name :	Ms. Anjali
Designation :	Accountant
Name :	Mr. Girish Parekh
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Tache Investment S.A., Luxembourg	1970300	50.50
C. G. International Private Limited, India	1580200	40.50
Meera Nikhil Khandwala	351250	9.00
Total	3901750	100.00

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.50
Bodies corporate	40.50
Directors or relatives of directors	9.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Diamond Studded Gold Jewelry like rings, pendants, earrings, bracelets and necklaces.

Products :

ITC Code No.	Product Descriptions
71131930	Gold and Cut Polished Diamonds

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· ABN Amro Bank N.V.

7TH Floor, Sakhar Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India

· Kotak Mahindra Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	1.400	2.440
Total	1.400	2.440

Banking Relations :	--
Auditors :
Name :	M.A. Parikh and Company Chartered Accountants
Address :	206, 2^nd Floor, Yusuf Building, 43, M G Road, Fort, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFM1433H
Memberships :	--
Collaborators :	--
Holding company:	Tache Investments S.A., Luxembourg
Associate:	C G International Private Limited, India (U99999MH1996PTC097577)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs. 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3901750	Equity Shares	Rs. 10/- each	Rs. 39.018 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	39.018	44.018	54.368
(b) Reserves & Surplus	276.193	232.685	208.530
(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)	315.211	276.703	262.898
(3) Non-Current Liabilities
(a) Long-term borrowings	1.400	2.440	3.374
(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)	1.400	2.440	3.374
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.750
(b) Trade payables	203.944	145.218	192.533
(c) Other current liabilities	2.404	2.206	2.198
(d) Short-term provisions	1.774	0.379	5.808
Total Current Liabilities (4)	208.122	147.803	201.289
TOTAL	524.733	426.946	467.561
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	122.625	122.080	121.284
(ii) Intangible Assets	0.710	0.892	0.494
(iii) Capital work-in-progress	0.052	0.080	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.066	4.310	8.271
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	127.453	127.362	130.049
(2) Current assets
(a) Current investments	0.000	12.643	0.000
(b) Inventories	95.230	84.528	75.970
(c) Trade receivables	241.927	134.502	160.450
(d) Cash and cash equivalents	46.880	58.388	97.836
(e) Short-term loans and advances	13.231	9.489	3.233
(f) Other current assets	0.012	0.034	0.023
Total Current Assets	397.280	299.584	337.512
TOTAL	524.733	426.946	467.561

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
			TOTAL (A)	835.236	648.495	814.567
Less	EXPENSES
			TOTAL (B)	751.482	588.852	730.885
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			83.754	59.643	83.682
Less	FINANCIAL EXPENSES (D)			0.323	0.415	0.801
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			83.431	59.228	82.881
Less/ Add	DEPRECIATION/ AMORTISATION (F)			5.266	4.948	4.477
	PROFIT BEFORE TAX (E-F) (G)			78.165	54.280	78.404
Less	TAX (H)			14.845	1.994	13.258
	PROFIT AFTER TAX (G-H) (I)			63.320	52.286	65.146
Add	Transferred to Special Economic Zone Re-investment Allowance Reserve Account			14.910	15.000	38.000
Add	Additional amount transferred to Special Economic Zone Re-investment Allowance Reserve Account			3.745	10.000	0.000
Add	Additional provision for Current Tax			2.650	0.000	0.000
Add	Reversal of MAT Credit Entitlement
	Current Year			1.001	3.425	0.000
	Previous Year			0.000	2.845	0.000
	PROFIT FOR THE YEAR			41.014	21.016	27.146
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			13.793	12.777	12.731
Less	APPROPRIATIONS
		Transfer to General Reserve		0.000	20.000	27.100
	BALANCE CARRIED TO THE B/S			54.807	13.793	12.777
	EARNINGS IN FOREIGN CURRENCY
		Exports at F.O.B value		823.766	621.692
		Repairs		0.189	0.109
		Job Work Production for Units in Special Economic Zone		1.041	12.571
	TOTAL EARNINGS			824.996	634.372	802.560
	IMPORTS
		Raw Materials including components		684.429	530.549	NA
		Consumables and Stores		4.753	3.546	NA
		Capital Goods		5.245	6.463	NA
	TOTAL IMPORTS			694.427	1174.93	NA
	Earnings Per Share (Rs.)			15.94	10.93	11.21

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.040	0.934	0.838
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	16.275	24.109	102.658

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	14.90	12.72	16.77
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.30
Debt Equity Ratio (Total Liability/Networth)		0.01	0.01	0.02
Current Ratio (Current Asset/Current Liability)		1.91	2.03	1.68

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	54.368	44.018	39.018
Reserves & Surplus	208.530	232.685	276.193
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	262.898	276.703	315.211
Long-term borrowings	3.374	2.440	1.400
Short term borrowings	0.750	0.000	0.000
CURRENT MATURITIES OF LONG-TERM DEBTS	0.838	0.934	1.040
Total borrowings	4.962	3.374	2.440
Debt/Equity ratio	0.019	0.012	0.008

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	814.567	648.495	835.236
		(20.388)	28.796

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	814.567	648.495	835.236
Profit	65.146	52.286	63.320
	8.00%	8.06%	7.58%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & 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.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10011468	20/07/2006	228,000,000.00	ABN AMRO BANK N.V.	7TH FLOOR, SAKHAR BHAVAN, NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA	A02833952
2	90148958	18/11/2004	15,500,000.00	ABN AMRO BANK N.V.	7TH FLOOR; SAKHAR BHAVAN, NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA	-

CORPORATE INFORMATION:

The Company, during the year ended 31st March, 2005, had set-up an industrial undertaking at Special Economic

Zone, Mumbai for manufacture and export of studded jewellery. The profits derived from the said industrial undertaking are entitled for admissible deduction as per the applicable provisions of the Income Tax Act, 1961 (the Act).

OPERATIONS:

The Company made Revenue from operations of Rs. 827.098 Million during the year as compared to previous year revenue of Rs. 636.011 Million. The Company has continued turnaround and achieved Net Profit after tax of Rs. 63.320 Million as compared to Rs. 52.286 Million made in the previous year

As a statutory condition, the Company has debited an amount of Rs. 18.655 Million to the Profit & Loss account and credited the corresponding amount to Special Economic Zone Re-investment Allowance Reserve Account, which has to be utilized for specific purposes during the specified period. During the year company has utilised Rs. 6.7,88 Million towards purchase of new plant and machinery and accordingly, an equivalent amount has been transferred to Special Economic Zone Re-investment Allowance Utilised Reserve Account.

During the year, the management had taken various steps including reduction in expenses, streamlining production and improving on productivity in achieving the better results.

BUY BACK OF SHARES:

During the year Company made a buyback of 5,00,000 equity shares @ Rs. 40/- per share. After buy back of shares, paid-up share capital reduced to 3.902 Million equity shares of Rs. 10/- each aggregating Rs. 39.018 Million. The Company has transferred Rs. 5.000 Million to Capital Redemption Reserve from General Reserve on buy back of equity shares.

FIXED ASSETS:

Tangible Assets

· Leasehold Land

· Factory Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

Intangible Assets

· Computer software

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. 63.55
UK Pound	1	Rs. 99.10
Euro	1	Rs. 68.83

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	IND

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	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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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