MIRA INFORM REPORT

Report No. :	328528
Report Date :	25.06.2015

IDENTIFICATION DETAILS

Name :	SIM DIAM PRIVATE LIMITED
Registered Office :	FE 8010, Bharat Diamond Bourse, F Tower, Centre Core, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra
Tel. No.:	91-22-40042222
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.02.2006
Com. Reg. No.:	11-159718
Capital Investment / Paid-up Capital :	Rs.23.059 million
CIN No.: [Company Identification No.]	U36911MH2006PTC159718
IEC No.:	0306003481
TAN No.: [Tax Deduction & Collection Account No.]	MUMS51722G
PAN No.: [Permanent Account No.]	AAJCS7664L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the import of rough diamonds and export of cut and polished diamonds.
No. of Employees :	25 (Approximately)

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 an established company having satisfactory track record. General financial position of the company seems to be fair. However rating also takes into consideration intense competition from organized and unorganized players in the Gems and Jewellery Industry. Rating derives from extensive experience of the promoters in Gems and Jewellery Industry. Trade relations are fair. Business is active. Payment terms are reported to be usually 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 – 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

Rating Agency Name	CARE
Rating	Long-Term Rating: BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	10.10.2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Vikas Sethia
Designation :	Finance Manager
Contact No.:	91-9892867000
Date :	24.06.2015

LOCATIONS

Registered Office :	FE 8010, Bharat Diamond Bourse, F Tower, Centre Core, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Tel. No.:	91-22-40042222
Mobile No.:	91-9892867000 (Mr. Vikas Shethia)
Fax No. :	91-22-40042223
E-Mail :	mumbai@simdiam.com vikas@simdiam.com
Website :	http://www.simdiam.com
Area :	2502 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Fatehchand Sethia

Designation :

Director

Address :

51, Miami Co-operative Housing Society, 70-A, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

12.08.1940

Qualification :

HSC

Date of Appointment :

14.02.2006

DIN No.:

01482289

PAN No.:

ALTPS2684N

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	U36911MH2006PTC159718	SIM DIAM PRIVATE LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
2	U36911MH2008PTC185455	SIM DIAM ASTRA DIAMONDS PRIVATE LIMITED	Director	05/08/2008	05/08/2008	-	Strike off	NO

Name :

Mr. Roshan Sethia

Designation :

Director

Address :

601, Madhu Kunj, Sayan Road, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

24.01.1974

Qualification :

B. Com

Date of Appointment :

14.02.2006

DIN No.:

00660156

PAN No.:

AHBPS1231K

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	U36911MH2006PTC159718	SIM DIAM PRIVATE LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
2	U74999WB2006PTC111357	GLOW DIAM DESIGNS PRIVATE LIMITED	Director	19/09/2006	19/09/2006	05/07/2012	Active	NO
3	U36911MH2008PTC185455	SIM DIAM ASTRA DIAMONDS PRIVATE LIMITED	Director	05/08/2008	05/08/2008	-	Strike off	NO
4	U80301MH2013PTC250773	THE BIG UMBRELLA PRESCHOOLS PRIVATE LIMITED	Director	27/01/2014	27/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikas Sethia
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Roshan Sethia	1177250
Fatehchand Sethia	103850
Rajendra Sethia	40000
Sohini Devi Sethia	49850
Purvi Sethia	6000
Simran Sethia	144000
Ami Sethia	360000
Roshan Sethia (HUF)	126500
Alkadevi Rakhecha	100
Anju Sethia	100
Bhartidevi Chopra	100
Gunsunari Rakhecha	100
Motilal Sethia	100
Navratan Rakhecha HUF	100
Nirmala Maroti	100
Paras Sethia	100
Premsukh Chopra	100
Rajesh Bhugari	100
Santosh Jain	100
Shardadevi Sethia	100
Sunita Jain	100
Sanjana Nahata	100
Vijayadevi Nahata	100
Yogesh Bhugari	100
Kamal Parekh	250
Mafatlal Patel HUF	50
Maganbhai Patel	50
Aman Sethia	296500
Total	2305900

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.92
Other top fifty shareholders	0.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the import of rough diamonds and export of cut and polished diamonds.

Products :

Item Code No.	Product Description
71023910	Cut and Polished Diamonds
71023990	Rough Diamonds

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Cut and Polished Diamonds

Countries :

• United States
• Israel
• Hong Kong
• United Arab Emirates

Imports :

Products :

• Rough Diamond

Countries :

• Belgium
• Israel
• Hong Kong

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Wholesalers

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

25 (Approximately)

Bankers :

Banker Name	Bank of India - Lead Bank of BOI Consortium
Branch Address	Bharat Diamond Bourse Mid Corporate Branch, D-2/D4, West Core, G Block, Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India
Person Name (With Designation)	Mr. Deepak Niranjan
Contact Number	91-22-61870706
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)	Credit Facilities: Rs.1300.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Corporation Bank, Overseas Branch, Block C-1, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

· Bank of India, Bullion Exchange Branch, 185, Sheikh Memon Street, Bullion Exchange, Mumbai – 400 002, Maharashtra, India

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT-TERM BORROWINGS
Rupee term loans from banks (Working capital Loan and packing credit are secured by hypothecation of inventories and book debts and is also secured by charge on fixed assets of the company and guarantee of two directors Foreign Bill Purchase and Foreign Bill Negotiation Facility by various banks are secured against Foreign Documentary demand/Bills.)	965.770	491.547
Total	965.770	491.547

Banking Relations :	--
Auditors :
Name :	R. Lodha and Associates Chartered Accountants
Address :	75/79, Old Hanuman Lane, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABPL2344R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries (As confirmed by the Management) :	Sim Manufacturing Company Address: Gala No.116 to 122, 1^st Floor, Ketki Pada, Diamond industrial Estate, Dahisar (East), Mumbai – 400 068, Maharashtra, India Line of business: Manufacturer of Rough Diamond. Sim Gems Manufacturers LLP Address: Banaskantha District, Gujarat, India Line of business: Manufacturer of Rough Diamond.
Enterprises in which key management personnel have significant influence	Roshan Sethia HUF

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs.30.000 million

Issued, Subscribed & Paid-up Capital : Rs.28.624 million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2305900	Equity Shares	Rs.10/- each	Rs.23.059 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	23.059	15.597	15.597
(b) Reserves & Surplus	447.510	261.325	216.594
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	80.380	0.000
Total Shareholders’ Funds (1) + (2)	470.569	357.302	232.191
(3) Non-Current Liabilities
(a) Long-term borrowings	101.244	138.779	139.818
(b) Deferred tax liabilities (Net)	4.237	2.187	0.889
(c) Other long term liabilities	119.830	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	225.311	140.966	140.707
(4) Current Liabilities
(a) Short term borrowings	965.770	491.547	233.282
(b) Trade payables	754.096	505.271	406.629
(c) Other current liabilities	9.775	8.313	7.897
(d) Short-term provisions	0.075	2.644	0.193
Total Current Liabilities (4)	1729.716	1007.775	648.001
TOTAL	2425.596	1506.043	1020.899
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	187.079	158.712	26.502
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	117.807
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	187.079	158.712	144.309
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1240.347	764.533	445.730
(c) Trade receivables	800.141	551.290	359.931
(d) Cash and cash equivalents	176.191	21.787	57.886
(e) Short-term loans and advances	21.838	9.721	13.043
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2238.517	1347.331	876.590
TOTAL	2425.596	1506.043	1020.899

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3328.201	2573.165	1839.096
		Other Income
		TOTAL	3328.201	2573.165	1839.096
Less	EXPENSES
		TOTAL	3239.507	2506.031	1799.099
	PROFIT/ (LOSS) BEFORE TAX		88.694	67.134	39.997
Less	TAX		29.385	22.381	13.308
	PROFIT/ (LOSS) AFTER TAX		59.309	44.753	26.689
	EARNING (AT CIF VALUE )		2874.721	1752.770	1482.513
	Earnings/ (Loss) Per Share (Rs.)		25.72	28.69	NA

Particulars	31.03.2015
Sales Turnover (Approximately)	3400.000

The above information has been parted by Mr. Vikas Sethia (Finance Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	1.78	1.74	1.45
Return on Total Assets (PBT/Total Assets}	(%)	3.66	4.46	4.43
Return on Investment (ROI) (PBT/Networth)		0.19	0.19	0.17
Debt Equity Ratio (Total Debt /Networth)		2.27	1.76	1.61
Current Ratio (Current Asset/Current Liability)		1.29	1.34	1.35

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	15.597	15.597	23.059
Reserves & Surplus	216.594	261.325	447.510
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	80.380	0.000
Net worth	232.191	357.302	470.569
Long-term borrowings	139.818	138.779	101.244
Short term borrowings	233.282	491.547	965.770
Total borrowings	373.100	630.326	1067.014
Debt/Equity ratio	1.607	1.764	2.267

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	1839.096	2573.165	3328.201
		39.915	29.343

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	1839.096	2573.165	3328.201
Profit	26.689	44.753	59.309
	1.45%	1.74%	1.78%

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	Yes
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)	Yes
16	No. of employees	Yes
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 four 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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
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 and 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.

NOTE:

The registered Address of the company has been shifted from 608, Prasad Chambers, Swadeshi Mills Compound, Opera House, Mumbai – 400 004, Maharashtra to the present address w.e.f. 01.08.2012.

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Other loans and advances	101.244	138.779
Total	101.244	138.779

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10167417	30/11/2013 *	1,300,000,000.00	BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM	BHARAT DIAMOND BOURSE MID CORPORATE BRANCH, D-2/D4, WEST CORE, G BLOCK, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA	B93335305
2	10008572	09/09/2006 *	71,500,000.00	BANK OF INDIA	BULLION EXCHANGE BRANCH, 185, SHEIKH MEMON STREET, BULLION EXCHANGE, MUMBAI, MAHARASHTRA - 400002, INDIA	A12290672

* Date of charge modification

FIXED ASSETS:

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Computer Equipments

· Office Equipments

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.63.66
UK Pound	1	Rs.100.50
Euro	1	Rs.71.31

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SAN
Report Prepared by :	SMN

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	5
--PROFITABILITY	1~10	5
--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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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	--

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.