MIRA INFORM REPORT

Report No. :	340015
Report Date :	10.09.2015

IDENTIFICATION DETAILS

Name :	UNI-GEM INDIA PRIVATE LIMITED
Registered Office :	HW 6010, Tower "H" 6th Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra
Tel. No.:	91-22-42135000/41893999
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.05.1973
Com. Reg. No.:	11-016542
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U36900MH1973PTC016542
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACU0081C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Diamonds.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating takes into consideration company’s healthy operational risk profile marked by sound net worth base and fair profitability margins of the company. Rating also takes into consideration company’s established presence in the gems and jewellery industry backed by its promoter’s extensive industry experience. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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	CRISIL
Rating	Long term rating A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	23.03.2015

Rating Agency Name	CRISIL
Rating	Short term rating A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	23.03.2015

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. Jigar Shah
Designation :	Manager
Tel. No.:	91-22-42135000
Date :	08.09.2015

LOCATIONS

Registered Office :	HW 6010, Tower "H" 6th Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra, India
Tel. No.:	91-22-42135000/41893999
Fax No.:	Not Available
E-Mail :	accounts@jasanigroup.com jigar.shah@jasanigroup.com
Website :	www.jasanigroup.com
Location :	Owned
Locality :	Commercial
Factory 1 :	Dahisar (East), Mumbai, Maharashtra, India
Location :	Owned
Factory 2 :	Located at Hyderabad
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Abhay Ratilal Jasani

Designation :

Director

Address :

1400 Shanudeep, 10, Altamount Road, Mumbai, 400026, Maharashtra, India

Date of Birth/Age :

22.101945

Date of Appointment :

11.05.1973

DIN No.:

00083721

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	U36900MH1973PTC016542	UNI-GEM INDIA PRIVATE LIMITED	Director	11/05/1973	11/05/1973	-	Active	NO
2	U74140MH1980PTC022915	Systsoft Systems & Software Private Limited	Director	30/07/1980	30/07/1980	12/09/2008	Active	NO
3	U51900MH1980PTC023502	DIA MAN EXPORTS PRIVATE LIMITED	Director	01/12/1980	01/12/1980	-	Active	NO
4	U14101MH1986PTC040402	RATILAL BECHARLAL DIAMONDS PVT LTD	Director	15/07/1986	15/07/1986	-	Active	NO
5	U65990MH1989PTC051204	JASANI DIAMONDS PRIVATE LIMITED	Director	29/05/1989	29/05/1989	-	Active	NO
6	U67120MH1989PTC051203	JASANI JEWELLERY PRIVATE LIMITED	Director	29/05/1989	29/05/1989	-	Active	NO

Name :

Mr. Shyam Abhay Jasani

Designation :

Director

Address :

1400 Shanudeep, 10, Altamount Road, Mumbai, 400026, Maharashtra, India

Date of Birth/Age :

22.03.1971

Date of Appointment :

16.11.1995

DIN No.:

00083679

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	U65990MH1989PTC051204	JASANI DIAMONDS PRIVATE LIMITED	Director	01/07/1995	01/07/1995	-	Active	NO
2	U67120MH1989PTC051203	JASANI JEWELLERY PRIVATE LIMITED	Director	01/07/1995	01/07/1995	-	Active	NO
3	U36900MH1973PTC016542	UNI-GEM INDIA PRIVATE LIMITED	Director	16/11/1995	16/11/1995	-	Active	NO
4	U14101MH1986PTC040402	RATILAL BECHARLAL DIAMONDS PVT LTD	Director	09/05/1996	09/05/1996	-	Active	NO
5	U51900MH1980PTC023502	DIA MAN EXPORTS PRIVATE LIMITED	Director	07/06/1996	07/06/1996	-	Active	NO

Name :

Mr. Mukesh Kanayalal Shah

Designation :

Director

Address :

9, Sonmarg, 5th Floor, 67b, Neapensea Road,, Mumbai, 400006, Maharashtra, India

Date of Birth/Age :

10.12.1949

Date of Appointment :

07.01.2014

DIN No.:

00085057

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	U36912MH1989PTC051827	SUPREME GEMS PRIVATE LIMITED	Director	22/05/1989	22/05/1989	-	Active	NO
2	U36911MH2002PLC138275	DIAMOND INDIA LIMITED	Director	09/09/2006	09/09/2006	31/12/2010	Active	NO
3	U36900MH1973PTC016542	UNI-GEM INDIA PRIVATE LIMITED	Director	30/09/2014	07/01/2014	-	Active	NO
4	U51900MH1980PTC023502	DIA MAN EXPORTS PRIVATE LIMITED	Director	30/09/2014	07/01/2014	-	Active	NO

Name :

Mr. Ameet Mugatlal Shah

Designation :

Director

Address :

Rajni Villa, Jame Jamshed Road,Central Railway, Matunga, Mumbai, 400019, Maharashtra, India

Date of Birth/Age :

26.03.1974

Date of Appointment :

07.01.2014

DIN No.:

01711893

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	U36900MH1989PTC122077	ORNATE GEMS PRIVATE LIMITED	Director	29/03/2006	29/03/2006	-	Active	NO
2	U36900MH1973PTC016542	UNI-GEM INDIA PRIVATE LIMITED	Director	30/09/2014	07/01/2014	-	Active	NO
3	U51900MH1980PTC023502	DIA MAN EXPORTS PRIVATE LIMITED	Director	30/09/2014	07/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jigar Shah
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Abhay R Jasani	3500
Shyam Abhay Jasani	600
Mridula Abhay Jasani	400
Abhay R Jasani	50
Dia Man Exports Private Limited	2450
Abhay Ratilal Jasani	1150
Mridula Abhay Jasani	495
Mukesh K Shah	200
Abhay R. Jasani Partner of M/S. Jasani	1155
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on

Category	Percentage
Bodies corporate	24.50
Directors or relatives of Directors	75.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Diamonds.
Products :	Diamond
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Diamond
Countries :	USA China Hong Kong Belgium
Imports :
Products :	Rough Diamond
Countries :	Russia Botswana
Terms :
Selling :	Cash / L/C / Credit
Purchasing :	Cash / L/C / Credit

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 :	Not Divulged
Remark:	Not Divulged

Customers :

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	Standard Chartered Bank
Branch	Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, 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

ABN Amro Bank N. V., 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Other loans and advances	1064.133	966.847
Total	1064.133	966.847

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountants
Address :	1311 Dalamal Tower Address 211 Nariman Point Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFR1878D
Memberships :	--
Collaborators :	--
Enterprises over which exercise significant influence :	· Jasani Designs USA · Supreme Gems Private Limited · Ratilal Becharlal Diamonds Private Limited · Ornate Gems Private Limited · Diaman Exports Private Limited · Jasani

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs.100/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.100/- each	Rs. 1.000 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	1.000	1.000	1.000
(b) Reserves & Surplus	814.081	750.868	725.386
(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)	815.081	751.868	726.386
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	9.812	10.454	5.131
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	38.083	25.890	39.103
Total Non-current Liabilities (3)	47.895	36.344	44.234
(4) Current Liabilities
(a) Short term borrowings	1064.133	966.847	1206.818
(b) Trade payables	283.451	161.786	200.141
(c) Other current liabilities	22.021	5.780	6.183
(d) Short-term provisions	1.154	36.243	36.703
Total Current Liabilities (4)	1370.759	1170.656	1449.845
TOTAL	2233.735	1958.868	2220.465
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	81.368	87.974	70.277
(ii) Intangible Assets	0.008	0.013	0.021
(iii) Capital work-in-progress	37.667	40.083	62.933
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.435	10.435	10.530
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	35.243	28.527	44.397
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	164.721	167.032	188.158
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1094.576	1151.383	1195.799
(c) Trade receivables	787.233	592.428	710.140
(d) Cash and cash equivalents	181.982	46.453	121.492
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	5.223	1.572	4.876
Total Current Assets	2069.014	1791.836	2032.307
TOTAL	2233.735	1958.868	2220.465

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4450.000 (Approximately)	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX		100.654	92.014	112.236
Less	TAX		37.442	31.433	39.778
	PROFIT AFTER TAX		63.212	60.581	72.458
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		330.708	311.326	281.035
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	6.100	7.300
		Dividend	0.000	30.000	30.000
		Tax on Dividend	0.000	5.099	4.867
	BALANCE CARRIED TO THE B/S		393.920	330.708	311.326
	Earnings Per Share (Rs.)		6321.20	6058.10	7245.80

Particulars	31.03.2015
Sales Turnover (Approximately)	5000.000

Expected Sales 2015-2016 : Rs. 5500.000 million

The above information has been parted by Mr. Jigar Shah (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
Net cash flows from (used in) operation	129.670	279.914	(396.786)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.61	4.82	5.23
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.15
Debt Equity Ratio (Total Debt /Networth)		1.31	1.29	1.66
Current Ratio (Current Asset/Current Liability)		1.51	1.53	1.40

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	1.000	1.000	1.000
Reserves & Surplus	725.386	750.868	814.081
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	726.386	751.868	815.081
long-term borrowings	0.000	0.000	0.000
Short term borrowings	1206.818	966.847	1064.133
Total borrowings	1206.818	966.847	1064.133
Debt/Equity ratio	1.661	1.286	1.306

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	No
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 two years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	Yes
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	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 & 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	10581381	28/04/2015	350,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA	C59552075
2	10559454	13/03/2015	85,040,000.00	The Royal Bank of Scotland N. V.	4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 40  0051, INDIA	C49234396
3	10554373	24/02/2015	38,000,000.00	Standard Chartered Bank	Crescenzo, 3A/F, Plot no. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA	C46294815
4	10537502	30/10/2014	500,000,000.00	INDUSIND BANK LTD.	INDUSIND HOUSE, 425,, DADASAHEB BHADKAMKAR MARG,,  MUMBAI, Maharashtra - 400004, INDIA	C37451747
5	10447409	07/10/2013 *	102,200,000.00	State Bank of India	Diamond Branch, D/3, West Core, 'G' Block,, Bharat Diamond Bourse, B.K.C. Bandra (East), Mumbai, Maharashtra - 400051, INDIA	B89349187
6	10316356	29/09/2011	370,000,000.00	ANTWERP DIAMOND BANK N.V	ANTWERP DIAMOND BANK N.V, OPERA HOUSE, MUMBAI, Maharashtra - 400007, INDIA	B24821241
7	10288658	02/05/2012 *	380,000,000.00	Standard Chartered Bank	Crescenzo, 3A/F, Plot no. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA	B40648677
8	10097268	13/03/2015 *	800,000,000.00	The Royal Bank of Scotland N. V.	4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA	C49432800

* Date of charge modification

FIXED ASSETS

• Buildings
• Plant and equipment
• Furniture and fixture
• Computer
• Office equipment
• Vehicle

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.66.29
UK Pound	1	Rs.101.88
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		60

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.