MIRA INFORM REPORT

Report Date :

16.12.2008

IDENTIFICATION DETAILS

Name :	YASH JEWELLERY PRIVATE LIMITED
Registered Office :	Unit No. 603/ 604, Block No.1, Seepz ++, Sez, MIDC, Andheri (East), Mumbai – 400 096, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	13.11.2006
Com. Reg. No.:	11-165520
CIN No.: [Company Identification No.]	U27205MH2006PTC165520
TAN No.: [Tax Deduction & Collection Account No.]	MUMY01855A
PAN No.: [Permanent Account No.]	AAACY2834R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Studded 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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a 2 years old company and has shown satisfactory progress in the very first year of its operations. Trade relations are fair. Business is active. General financial position is good. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings.

LOCATIONS

Registered Office/ Factory :	Unit No. 603/ 604, Block No.1, Seepz ++, Sez, MIDC, Andheri (East), Mumbai – 400 096, Maharashtra, India
Tel. No.:	91-22-28402304
Mobile No.:	91-9324673582
Fax No.:	91-22-28402322
E-Mail :	rachana@sayindia.com comsect@dynamixgroup.co.in

DIRECTORS

Name :	Mr. Pramod K. Goenka
Designation :	Director
Address :	6, Vaibhav Society, Janki Kutir, Juhu Church Road, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	31.12.1961
Date of Appointment :	13.11.2006
DIN or Income-tax PAN :	00029243
Name :	Mr. Nayan Pansare
Designation :	Director
Address :	602, Rajnigandha Gokuldham, Gen. A.K. Vaidya Marg, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Date of Birth/Age :	17.03.1952
Date of Appointment :	13.11.2006
Other Directorship :	Name of the company: Say India Jewellers Private Limited CIN: U36910MH1995PTC088038 Name of the company: Lily Jewellery Private Limited CIN: U36911MH200PTC144344 Name of the Company: Rolly Jewellery Private Limited CIN: U36910MH2005PTC150740
DIN or Income-tax PAN :	00010003
Name :	Mr. Umesh P. Joshi
Designation :	Additional Director
DIN or Income-tax PAN :	01743139

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2007

Names of Shareholders	No. of Shares
Pramod K. Goenka	59440
Nayan Pansare	500
Andin International Inc.	39960
Total	99900

As on 28.09.2007

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]	40.00
Directors or relatives of directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Studded Jewellery
Products :	© Rings © Ear-rings © Pendants

PRODUCTION STATUS As on 31.03.2008

Particulars	Unit	Licensed Capacity	Actual Production
Rings	Pieces	Not Applicable	207106
Ear-rings	Pieces	Not Applicable	82214
Pendants	Pieces	Not Applicable	196734
Bracelets	Pieces	Not Applicable	56305
Necklaces	Pieces	Not Applicable	2033

GENERAL INFORMATION

Bankers :

State Bank of Patiala, Block No.1, Gala 2, Seepz++, Andheri East, Mumbai – 400 096, Maharashtra, India

Facilities :

Secured Loans :

	As on 31.03.2008 Rs. in Millions
State Bank of Patiala Working Capital Facilities: Foreign Currency tied-up	167.530
Rupee tied-up (secured by hypothecation of current assets, both present and future of the company and guaranteed by the directors and further secured by the extension of equitable mortgage of Company’s Factory Building)	499.798
Term Loan (secured by Hypothecation of Plant and Machinery and other Assets, both present and future, of the company and guaranteed by the Directors and further secured by the extension of equitable mortgage of Company’s Factory Building)	101.744
Total	769.072

Unsecured Loans :

	As on 31.03.2008 Rs. in Millions
From a Director	61.984
Total	61.984

Banking Relations :	Satisfactory
Auditors :
Name :	M.A. Parikh and Company Chartered Accountants
Address :	Yusuf Building, 2^nd Floor, 43, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra
Group of Companies :	© Say India Jewellers Private Limited © Lily Jewellery Private Limited © Rolly Jewellery Private Limited © Jewel America Inc., USA © Ansari (HK) Company Limited, Honk Kong © Absari Company Limited, Thailand © Schriber Dynamix Dairies Limited © Dynamix Chains Manufacturing Private Limited © Dania Oro Jewellery Private Limited CIN No: U36100MH2005PTC156430 Address: Unit No.601 and 602, Block No.1, Seepz ++, Sez, MIDC, Andheri (East), Mumbai – 400 096, Maharashtra, India Directors: Mr. Pramod K. Goenka Mr. Ariez R. Tata Mr. Sanjoy Ghosh Mr. Nayan R. Pansare

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99900	Equity Shares	Rs.100/- each	Rs.9.990 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		9.990	9.124
2] Share Application Money		0.237	0.238
3] Reserves & Surplus		128.802	52.428
4] (Accumulated Losses)		0.000	0.000
NETWORTH		139.029	61.790
LOAN FUNDS
1] Secured Loans		769.072	107.646
2] Unsecured Loans		61.984	0.000
TOTAL BORROWING		831.056	107.646
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		970.085	169.436
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		157.587	0.000
Capital work-in-progress		0.000	157.050
INVESTMENT		1.247	1.247
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	185.095	0.000
	Sundry Debtors	716.326	0.000
	Cash & Bank Balances	102.575	1.078
	Other Current Assets	0.000	0.000
	Loans & Advances	118.180	21.811
Total Current Assets		1122.176	22.889
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	311.195	12.075
	Provisions	0.000	0.000
Total Current Liabilities		311.195	12.075
Net Current Assets		810.981	10.814
MISCELLANEOUS EXPENSES		0.270	0.325
TOTAL		970.085	169.436

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008
Sales Turnover		1528.440
Other Income		2.838
Total Income		1531.278
Profit/(Loss) Before Tax		79.696
Provision for Taxation		8.355
Profit/(Loss) After Tax		71.341
Earnings in Foreign Currency :
	Export Earnings	1445.214
Total Earnings		1445.214
Imports :
	Raw Materials	488.272
	Stores & Spares	1.247
	Capital Goods	26.373
Total Imports		515.892
Expenditures :
	Raw Material Consumed	1371.011
	Employees remuneration and other benefits	19.271
	Increase/(Decrease) in Finished Goods	(28.851)
	Financial Charges	33.432
	Operating and Administrative Expenses	49.075
	Depreciation & Amortization	7.644
Total Expenditure		1451.582

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007
PAT / Total Income	(%)	4.66	NA
Net Profit Margin (PBT/Sales)	(%)	5.21	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.22	NA
Return on Investment (ROI) (PBT/Networth)		0.57	NA
Debt Equity Ratio (Total Liability/Networth)		8.22	1.94
Current Ratio (Current Asset/Current Liability)		3.61	1.90

LOCAL AGENCY FURTHER INFORMATION

This form is for	Creation of charge
Corporate identity number of the company	U27205MH2006PTC165520
Name of the company	YASH JEWELLERY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 603/ 604, Block No.1, Seepz ++, Sez, MIDC, Andheri (East), Mumbai – 400 096, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of Patiala, Block No.1, Gala 2, Seepz++, Andheri East, Mumbai – 400 096, Maharashtra, India E-Mail: jjkandco@gmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of Mortgage
Date of instrument Creating the charge	24.12.2007
Amount secured by the charge	Rs.1077.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 6 months LIBOR + 1% Terms of Repayment: The Borrower shall be liable to pay the entire amount including the interest, costs, charges and expenses due or becoming due and payable to the Bank as agreed upon from time to time between the borrower and the Bank. Margin: 10% in current stock and 15% in receivables Extent and Operation of the charge: All present and future immovable property of the company.
Short particulars of the property charged	All piece and parcel of Gala admeasuring 13277 sq ft of Unit No. 603/ 604, Tower - 1, Seepz ++, Sez MIDC, Andheri (East), Mumbai – 400 096 together with buildings and plant and machinery constructed or to be constructed thereon.

Corporate identity number (CIN) Foreign company registration number	U27205MH2006PTC165520
Name of the Company	YASH JEWELLERY PRIVATE LIMITED
Address	Unit No. 603/ 604, Block No.1, Seepz ++, Sez, MIDC, Andheri (East), Mumbai – 400 096, Maharashtra, India
This form is for	Creation of charge
Type of Charge	Book Debts and Movable property (not being pledge)
Particulars of the charge holder	State Bank of Patiala Seepz++, Andheri (East), Mumbai – 400096, Maharashtra E-Mail: sbpseepz@rediffmail.com
Amount secured by the charge	Rs.120.000 millions
Brief of the principal terms and conditions	Rate of interest: as per extent of bank instructions, applicable to export finance, subject to change from time to time
Description of the property charged indicating	Agreement of hypothecation of goods and assets, agreement of pledge of goods and assets
Brif description of the instrument Creating the charge under section	1^st charge on fixed assets worth 158.700 millions personal guarantee of director. Lien on fdr of Rs.2.000 millions and hypothecation and pledge on goods and book debts.
Date of Instrument creating charge	10.08.2007

FIXED ASSETS:

• Factory Building
• Plant and Machinery
• Other Equipments
• Furniture and Fittings
• Computers
• Vehicles

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 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.47.94
UK Pound	1	Rs.72.07
Euro	1	Rs.64.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--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
TOTAL		54

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.	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