MIRA INFORM REPORT

Report Date :

08.08.2007

IDENTIFICATION DETAILS

Name :	CREAM JEWELLERY (PRIVATE) LIMITED
Registered Office :	404, Tower No. 1, Seepz, Andheri (East), Mumbai 400 096, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	09.09.2002
Com. Reg. No.:	137137
CIN No.: [Company Identification No.]	U36911MH2002PTC137137
TAN No.: [Tax Deduction & Collection Account No.]	MUMC11593B
PAN No.: [Permanent Account No.]	AABCC8938M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plain and Studded Gold, Platinum and Silver Jewellery.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 199596
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is well established company having satisfactory track. The company operates from medium sized leased premises situated export Processing zone. General financial position is satisfactory. Payment are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	404, Tower No. 1, Seepz, Andheri (East), Mumbai 400 096, Maharashtra, India
Tel. No.:	91-22-28291125 / 28291126
Fax No.:	91-22-28291215
E-Mail :	creamjewels@hotmail.com

DIRECTORS

Name :	Mr. Rohan Amratlal Shah
Designation :	Director
Address :	1601 – 2, Chandanbala, Walkeshwar, Mumbai 400 006, Maharashtra, India
Date of Appointment :	09.09.2002
Name :	Mr. Kamlesh Chhanalal Shah
Designation :	Director
Address :	B / 206, Chandanbala, Walkeshwar, Mumbai 400 006, Maharashtra, India
Date of Birth/Age :	18.10.1973
Date of Appointment :	09.09.2002
Name :	Mr. Yogesh Mafatlal Shah
Designation :	Director
Address :	Nepeansea Road, Mumbai 400 006, Maharashtra, India
Date of Birth/Age :	19.06.1959
Date of Appointment :	01.01.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Rohan Amaratlal Shah	5000
Mr. Kamlesh Chhanalal Shah	5000
Mr. Yogesh Mafatlal Shah	5000

Equity share breakup (percentage of total equity)

S. No.	Category	Percentage
1	Directors or relatives of director	100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plain and Studded Gold, Platinum and Silver Jewellery.

GENERAL INFORMATION

No. of Employees :	150
Bankers :	State Bank of India Seepz Branch, Block – 01, Gala 02, Seepz, Andheri (East), Mumbai 400 096, Maharashtra, India

Banking Relations :	Satisfactory
Auditors :
Name :	B J Shah and Associates Chartered Accountants
Address :	7, Someshwar Building, Sanghani Estate, Garden Lane, Ghatkopar (West), Mumbai 400 086, Maharashtra, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity shares	Rs. 10/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity shares	Rs. 10/- each	Rs. 3.000 millions.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		46.899	0.000
4] (Accumulated Losses)		0.000	(1.107)
NETWORTH		49.899	1.893
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		27.594	33.007
TOTAL BORROWING		27.594	33.007
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		77.493	34.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.980	34.014
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.326	1.884
	Sundry Debtors	133.051	5.390
	Cash & Bank Balances	0.841	0.009
	Other Current Assets	0.000	0.000
	Loans & Advances	3.631	0.608
Total Current Assets		156.849	7.891
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	111.258	6.538
	Provisions	0.078	0.584
Total Current Liabilities		111.336	7.122
Net Current Assets		45.513	0.769
MISCELLANEOUS EXPENSES		0.000	0.117
TOTAL		77.493	34.900

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005
Sales Turnover (Estimated)	100.000	40.000
Total Income	100.000	40.000

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005
Debt Equity Ratio (Total Liability/Networth)	2.78	21.19
Current Ratio (Current Asset/Current Liability)	1.40	1.10

LOCAL AGENCY FURTHER INFORMATION

Corporation identity number or foreign company registrations number of the company	U36911MH2002PTC137137
Name of the company	CREAM JEWELLERY (PRIVATE) LIMITED
Address	404, Tower No. 1, Seepz, Andheri (East), Mumbai 400 096, Maharashtra, India
This Form is for	Creation of charge
Type of Charges	Hypothecation
Particular of the charge holder	State Bank of India Seepz Branch, Block – 01, Gala 02, Seepz, Andheri (East), Mumbai 400 096, Maharashtra, India sbpseepz@rediffmail.com
Nature or description of the instrument creating charge	Agreement of Hypothecation of good and assets.
Date of the instrument creating charge	20.06.2006
Amount Secure by the charge	Rs. 35.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest: LIBOR + 1% presently LIBOR = 5.56% Margin: 10%, Against stock, book debts, fixed deposits.
Description of the property charge whether it is a charge on	Stock in trade, Book debts, Fixed assets
Modification charge Charge identification number of the charge to be modified	NA
Date of instrument modifying the charge	NA
Particulars of the Property charged	Moveable assets

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 records 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 records 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.40.40
UK Pound	1	Rs.82.32
Euro	1	Rs.55.77

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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