MIRA INFORM REPORT

Report Date :

26.05.2008

IDENTIFICATION DETAILS

Name :	PADMAVATI GOLD PRIVATE LIMITED
Registered Office :	Shop No. 3, S. No. 29/2, Parvati Apartments, Dhankawadi, Pune 411043, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	25.08.2004
Com. Reg. No.:	019675
CIN No.: [Company Identification No.]	U27205PN2004PTC019675
TAN No.: [Tax Deduction & Collection Account No.]	PNEP10131C
PAN No.: [Permanent Account No.]	AAKFM9079R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Silver and Gold Items

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively small company having moderate track records. It has some accumulated losses. Payments are reported as slow but correct. The Company can be considered for small to mediocre business dealings with slight caution, initially.

INFORMATION PARTED BY

Name :	Mr. Prasad Manohar Hatwalne
Designation :	Director
Contact No.:	91-9423003166
Date :	17.05.2008

LOCATIONS

Registered Office/ Factory :	Shop No. 3, S. No. 29/2, Parvati Apartments, Dhankawadi, Pune – 411043, Maharashtra, India
Tel. No.:	91-20-24367880
Mobile No.:	91-9423003166
Fax No.:	91-20-24367880
E-Mail :	padmavatigold@yahoo.co.in
Area :	410 Sq. ft.
Location :	Owned

DIRECTORS

Name :	Mr. Bharat Jethmal Gandhi
Designation :	Director
Address :	5, Yogeshwar Apartments, Ekbote Colony, Ghorpade Peth, Pune 411042, Maharashtra, India
Date of Birth/Age :	05.05.1969
Qualification :	H.S.C.
Date of Appointment :	25.08.2004
Name :	Mrs. Bharati Bharat Gandhi
Designation :	Director
Address :	5, Yogeshwar Apartments, Ekbote Colony, Ghorpade Peth, Pune 411042, Maharashtra, India
Date of Birth/Age :	12.02.1969
Qualification :	H.S.C.
Date of Appointment :	5.08.2004
Name :	Mr. Prasad Manohar Hatwalne
Designation :	Director
Address :	3, Guruprasad Apartments, Plot No. 23, Anand Niketan Society, Kothrud, Pune 411029, Maharashtra, India
Date of Birth/Age :	12.07.1974
Qualification :	B.Com.
Date of Appointment :	25.08.2004
Name :	Mrs. Swapnali Prasad Hatwalne
Designation :	Director
Address :	3, Guruprasad Apartments, Plot No. 23, Anand Niketan Society, Kothrud, Pune 411029, Maharashtra, India
Date of Birth/Age :	02.05.1975
Qualification :	B.Com. , DTL [Diploma]
Date of Appointment :	25.08.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

[As on 21.10.2005]

Names of Shareholders	No. of Shares
Bharat J. Gandhi	300
Bharati Gandhi	200
Prasad Hatwalne	200
Swapnali Hatwalne	300
Total	1000

[As on 31.03.2007]

Category	Percentage
Directors or relatives of the Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Silver and Gold Items
Products :	Silver and Gold Items
Terms :
Selling :	L/C, Cash
Purchasing :	L/C

GENERAL INFORMATION

Customers :	· DS Kulkarni and Company Limited · Customer Relationship Center · Airtel Customer Care and various individuals
No. of Employees :	5
Bankers :	· ICICI Bank Satara Road, Pune Branch

Banking Relations :	--
Auditors :
Name :	Amit S. Gandhi Chartered Accountants
Address :	Saraswati Oil and Dal Mills, Opposite Railway Station, Ahmednagar 414001, Maharashtra, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs. 100/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[0.237]	[0.304]	[0.178]
NETWORTH		[0.137]	[0.204]	[0.078]
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.550	0.364	0.164
TOTAL BORROWING		0.550	0.364	0.164
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.413	0.160	0.086
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.309	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.950	1.256	0.134
	Sundry Debtors	0.000	0.290	0.063
	Cash & Bank Balances	0.099	0.074	0.093
	Other Current Assets	0.000	0.005	0.005
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		1.049	1.625	0.295
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.889	1.460	0.216
	Provisions	0.066	0.022	0.015
Total Current Liabilities		0.955	1.482	0.231
Net Current Assets		0.094	0.143	0.064
MISCELLANEOUS EXPENSES		0.010	0.017	0.022
TOTAL		0.413	0.160	0.086

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		3.825	1.810
Total Income		3.825	1.810
Profit/(Loss) Before Tax		0.078	(0.123)
Provision for Taxation		0.011	0.003
Profit/(Loss) After Tax		0.067	(0.126)
Expenditures :
	Cost of Goods Sold	2.520	1.202
	Direct Expenses	0.037	0.000
	Administrative Expenses	1.145	0.732
	Depreciation & Amortization	0.045	0.000
	Other Expenditure	0.000	0.000
Total Expenditure		3.747	1.934

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	1.75	(6.96)	NA
Net Profit Margin (PBT/Sales)	(%)	2.04	(6.80)	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.74	7.57	NA
Return on Investment (ROI) (PBT/Networth)		(0.57)	0.60	NA
Debt Equity Ratio (Total Liability/Networth)		10.98	9.04	5.06
Current Ratio (Current Asset/Current Liability)		1.09	1.09	1.27

LOCAL AGENCY FURTHER INFORMATION

Trade References:

• Ina Bearings India Limited, Pune
• D. S. Kulkarni Developers Limited, Pune
• D. S. K. Toyata, Pune

OTHER INFORMATION:

PARAMETER	DETAIL
Statutory Approval
Income Tax Registration	AAKFM9079R
VAT / TIN Registration	27980307578V
Name of Bank	ICICI Bank
Current Account Number	033705003420
Account Since	2-5 Years
Credibility Factors
India Mart Client Since	1 Year
Trade Affiliations
SSI Registration	NO
Export Promotion Council	NO
Chambers of commerce Membership	NO
Standard and certifications
Quality Management Systems	NO
Environment Management Systems	NO
Other Certificates	Quality Certificates

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. 42.84
UK Pound	1	Rs. 84.78
Euro	1	Rs. 67.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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