MIRA INFORM REPORT

Report Date :

09.03.2011

IDENTIFICATION DETAILS

Name :	C I 2 JEWELLERY PRIVATE LIMITED
Registered Office :	Plot No.GJ-05, SEEPZ++, SEEPZ-SEZ, Andheri (East), Mumbai – 400 096, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.08.2006
Com. Reg. No.:	11-163558
CIN No.: [Company Identification No.]	U27205MH2006PTC163558
TAN No.: [Tax Deduction & Collection Account No.]	MUMC14545G
PAN No.: [Permanent Account No.]	AACCC8614P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Diamond Studded Gold Jewellery.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 485000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Daya
Designation :	Accounts Department
Date :	08.03.2011

LOCATIONS

Registered Office/ Factory :	Plot No.GJ-05, SEEPZ++, SEEPZ-SEZ, Andheri (East), Mumbai – 400 096, Maharashtra, India
Tel. No.:	91-22-40677777/ 28290055/ 28290056
Fax No.:	91-22-40677798/ 28290317
E-Mail :	ci2jewellery@gmail.com ci2jewels@yahoo.co.in ashishamehta@yahoo.com
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Ashwinkumar Sumanlal Mehta
Designation :	Director
Address :	2, Aryavarta, 351, Naryan Dabholkar Marg, Near Government Guest House, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	10.09.1946
Date of Appointment :	08.04.2006
DIN No.:	00410492
Name :	Mr. Shaileshkumar Sumanlal Mehta
Designation :	Director
Address :	A – 72, Maker Tower, Cuff Parade, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	14.09.1949
Date of Appointment :	08.04.2006
DIN No.:	00410580
Name :	Mr. Ashish Ashwinkumar Mehta
Designation :	Director
Address :	2, Aryavarta, 351, Naryan Dabholkar Marg, Near Government Guest House, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	14.01.1972
Date of Appointment :	08.04.2006
DIN No.:	00410546
Name :	Mr. Minesh Arjunbhai Shah
Designation :	Director
Address :	B-56, Nalanda, 62, Peddar Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	23.09.1965
Date of Appointment :	08.04.2006
DIN No.:	00515568
Name :	Mr. Himanshu Kailas Shah
Designation :	Whole Time Director
Address :	301, Dhavalgiri, Gowalia Tank, Nana Chowk, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	09.07.1969
Date of Appointment :	08.04.2006
DIN No.:	00410645
Name :	Mr. Shanay Shailesh Mehta
Designation :	Director
Address :	61-A, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	14.03.1987
Date of Appointment :	30.09.2009
DIN No.:	00531904

KEY EXECUTIVES

Name :	Mr. Daya
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ashwinkumar S. Mehta	400000
Shaileshkumar S. Mehta	400000
Shobhana A. Mehta	125000
Nita S. Mehta	125000
Ashish As Mehta	100000
Shanay S. Mehta	100000
Total	1250000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Diamond Studded Gold Jewellery.

Products :

Item Code No. (ITC Code)	711319.03
Product Description	Diamond Studded Gold Jewellery

Exports :

Products :

Gold Diamond Studded Jewellery

Countries :

USA

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	2009-10
Actual Production	75055 Pcs

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

280 (In office – 30, In factory – 250) (Approximately)

Bankers :

Bank of India, SEEPZ Branch, SEEPZ-MIDC, Andheri (East), Mumbai – 400 096, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loans from Bank (Gold Loan) (Hypothecated against stocks and receivable)	7.976	10.598
Bank of India (EPC) 007182610000012 (Hypothecated against stocks and receivable)	5.500	0.000
Total	13.476	10.598

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Shaileshkumar S. Mehta	59.010	59.010
Ashwinkumar S. Mehta	64.000	64.000
Ashsih A. Mehta	57.500	57.500
Shanay S. Mehta	6.500	6.500
Total	187.010	187.010

Banking Relations :	--
Auditors :
Name :	G.N. Joshi and Associates Chartered Accountants
Address :	K.K. Chambers, 3^rd Floor, Sir P.T. Marg, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22071551/ 22077200/ 22071417
Fax No.:	91-22-22077592
E-Mail :	gnjasso@vsnl.com
Group Companies :	A.S. Exports Exquisite Jewellery

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		108.775	89.584	26.664
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		121.275	102.084	39.164
LOAN FUNDS
1] Secured Loans		13.476	10.598	58.000
2] Unsecured Loans		187.010	187.010	194.510
TOTAL BORROWING		200.486	197.608	252.510
DEFERRED TAX LIABILITIES		8.924	6.337	3.033
TOTAL		330.685	306.029	294.707
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		153.821	155.647	129.587
Capital work-in-progress		0.000	0.000	3.917
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.274	56.902	66.773
	Sundry Debtors	140.350	100.733	169.791
	Cash & Bank Balances	14.089	24.123	3.459
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.832	8.986	16.307
Total Current Assets		235.545	190.744	256.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	60.142	42.554	97.976
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.073
Total Current Liabilities		60.142	42.554	98.049
Net Current Assets		175.403	148.190	158.281
MISCELLANEOUS EXPENSES		1.461	2.192	2.922
TOTAL		330.685	306.029	294.707

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	393.200 (Approximately)	459.326	213.992
		Other Income	NA
		TOTAL	NA	459.326	213.992
Less	EXPENSES
		Office Expenses	NA	387.249	181.671
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	387.249	181.671
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		27.985	72.077	32.321
Less/ Add	DEPRECIATION/ AMORTISATION		6.118	5.743	2.665
	PROFIT BEFORE TAX		21.867	66.334	29.656
Less	TAX		2.676	3.413	3.068
	PROFIT AFTER TAX		19.191	62.921	26.588
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		89.584	26.664	0.076
	BALANCE CARRIED TO THE B/S		108.775	89.584	26.664
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Export	392.582	420.912	211.970
	TOTAL EARNINGS		392.582	420.912	211.970
	IMPORTS
		Raw Materials	38.979	40.385	21.743
		Stores & Spares	0.288	5.585	2.562
		Capital Goods	0.020	0.820	8.770
		Traveling Expenses	0.000	0.635	0.000
	TOTAL IMPORTS		39.287	47.425	33.075
	Earnings Per Share (Rs.)		12.21	50.34	212.70

Expected Sales (2010-2011): Rs.650.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	13.70	12.42
Return on Total Assets (PBT/Total Assets}	(%)	5.62	19.15	7.68
Return on Investment (ROI) (PBT/Networth)		0.18	0.65	0.76
Debt Equity Ratio (Total Liability/Networth)		2.15	2.35	8.95
Current Ratio (Current Asset/Current Liability)		3.92	4.48	2.61

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors for Goods	57.189	37.049	93.724
Sundry Creditors for Fixed Assets	0.815	1.829	1.821
Other Creditors
Others (SSI and SMSE are NIL)	2.138	3.676	2.431
	60.142	42.554	97.976

Note:

The registered office of the company has been shifted from 615-624, Parekh Market, 39, Kennedy Bridge, Opera House, Mumbai – 400 004, Maharashtra to the present address w.e.f. 20.03.2007.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U27205MH2006PTC163558
Name of the company	C I 2 JEWELLERY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.GJ-05, SEEPZ++, SEEPZ-SEZ, Andheri (East), Mumbai – 400 096, Maharashtra, India
Type of charge	Immovable Property Other (Fixed Assets)
Particular of charge holder	Bank of India, SEEPZ Branch, SEEPZ-MIDC, Andheri (East), Mumbai – 400 096, Maharashtra, India E-Mail: adlalwani@rediffmail.com
Nature of description of the instrument creating or modifying the charge	1. Mortgage has been created by way of deposit of title deeds in favour of Bank of India SEEPZ Branch and memorandum of entry / oral assents dated 25.06.08.
Date of instrument Creating the charge	25/06/2008
Amount secured by the charge	Rs.240.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As stipulated by bank from time to time Terms of Repayment: On demand and/or as stipulated by bank from time to time Margin: As stipulated by bank from time to time Extent and Operation of the charge: First Charge (Present and Future) Total Limit of Rs.240.000 millions 1) Export Packing Credit - Rs.50.000 millions 2) Gold Loan - Rs.50.000 millions Max. (1 + 2) - Rs.50.000 millions 3) FBP/FBD/FBN/ODFOBC (DP/DA 120 Days) - Rs.50.000 millions 4) Term Loan - Rs.140.000 millions As stipulated by bank from time to time. Others: As stipulated by bank from time to time and as per agreement, and as per sanction letter of the bank
Short particulars of the property charged	First Charge (Present and Future) - (1)EMG of Factory Land and Building Located on Plot No GJ-05, Seepz++ In Seepz-Sez, Andheri-East, Mumbai - 400 096 together with all the immovable plant and machinery constructed/erected or installed thereon

TRADE REFERENCES:

· Goldium Jewellery

FIXED ASSETS:

· Land

· Buildings

· Machineries

· Computer

· Furniture and Fixtures

· 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 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.45.03
UK Pound	1	Rs.72.97
Euro	1	Rs.62.94

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	YES
--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	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.