MIRA INFORM REPORT

Report Date :

17.03.2011

IDENTIFICATION DETAILS

Name :	PEACE IMPEX PRIVATE LIMITED
Registered Office :	402-A, Ambica Darshan Apartment, Moti Khadia Sheri, Sayedpura, Surat-395003, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.03.2007
Com. Reg. No.:	11-050309
CIN No.: [Company Identification No.]	U36912GJ2007PTC050309
Legal Form :	Private Limited Liability Company.
Line of Business :	Indian Supplier of Diamonds Jewellery (Ornaments).

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability position of the company appears to be low. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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

LOCATIONS

Registered Office :	402-A, Ambica Darshan Apartment, Moti Khadia Sheri, Sayedpura, Surat-395003, Gujarat
Tel. No.:	91-261-3248149
Fax No.:	91-261-3017755
E-Mail :	manoj2061@indiatimes.com sbazari2003@yahoo.co.in

DIRECTORS

As On 30.09.2010

Name :	Mr. Deepak Kailashji Babel
Designation :	Director
Address :	302, Kohinoor Complex, Chowki Sheri, Rampura, Surat-395003, Gujarat, India
Date of Appointment :	21.03.2007
Date of Resignation :	07.04.2010
DIN No :	1302721
Name :	Mr. Mukesh Kumar Paras Kothari
Designation :	Director
Address :	402, Gopinath Apartment, Jadda Khadi, Mahindra Pura, Surat-395003, Gujarat, India
Date of Appointment :	21.03.2007
DIN No :	1346881
Name :	Mr. Ashokkumar Mangilal Bapna
Designation :	Director
Address :	203, Aadinath Apartment, Mahidhar Pura, Surat-395006, Gujarat, India
Date of Appointment :	07.04.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mr. Deepak Kailashji Babel	5000
Mr. Mukesh Kumar Paras Kothari	5000
Total	10000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Indian Supplier of Diamonds Jewellery (Ornaments).

GENERAL INFORMATION

Suppliers:

Ø C. Mahendra Exports Limited

Ø Ciemme Jewells Limited

Ø Kediam Gem Private Limited

Ø Kipra Jewellery

Ø Mangalam Gem Private Limited

Ø Rishabh Diamond Private Limited, Mumbai

Ø S. Vinod Kumar Diamonds Private Limited

Ø Shrenuj And Company Limited

Ø Shri Sai Jewells

Ø Supriyam Diamond

Ø Varun Jewells Private Limited

Ø V. A. Diamonds

Ø V. Gunvant and Company

Ø Varun Industries Limited

Customers :

v Althamen Trading

v Al Rose Trading

v Alsarah Diamonds

v Combine Jewellery

v Diarough N. V.

v Gem – Blue BVBA

v Mantra Jewels

v Ronak Gems

v Randiam BVBA

v Simplex Diam N. V.

v Super Collection

v Sanskar Gem Private Limited

v Shrenuj and Company Limited, Surat

Bankers :

· United Bank of India, Mumbai, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
United Bank of India, Mumbai	9.559	0.000
Total	9.559	0.000
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Mukesh Kumar P. Kothari	0.150	0.080
Deepak Kumar K. Babel	0.631	0.350
Total	0.781	0.430

Banking Relations :	--
Auditors :
Name :	N A M S and Company Chartered Accountant
Address :	5025, World Trade Centre, Raing Road, Surat-395002, Gujarat, India
Tel. No.:	91-261-2302205 / 06/ 3912205
Fax No.:	91-261-398265
E-Mail :	namsindia@ymail.com

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.521	0.233	0.128
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.621	0.333	0.228
LOAN FUNDS
1] Secured Loans		9.559	0.000	0.000
2] Unsecured Loans		0.781	0.430	0.080
TOTAL BORROWING		10.340	0.430	0.080
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		10.961	0.763	0.308
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	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	545.408	589.888	0.000
	Sundry Debtors	777.581	1000.638	247.828
	Cash & Bank Balances	1.063	26.479	54.140
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.128	0.119	10.895
Total Current Assets		1324.180	1617.124	312.863
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1313.134	1616.232	312.476
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.098	0.144	0.096
Total Current Liabilities		1313.232	1616.376	312.572
Net Current Assets		10.948	0.748	0.290
MISCELLANEOUS EXPENSES		0.013	0.015	0.017
TOTAL		10.961	0.763	0.308

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES		4511.441	2381.161	1414.782
Less	EXPENSES
		Cost of Materials	4432.809	2348.614	1400.672
		Payment and Benefit to Employees	5.315	0.000	0.212
		Fringe Benefit Tax	0.000	0.044	0.027
		Preliminary Expenses Written Off	0.002	0.002	0.002
		Administrative, Selling and Other Expenses	72.809	32.237	13.633
		TOTAL	4510.935	2380.897	1414.546
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.506	0.264	0.236
Less	FINANCIAL EXPENSES		0.120	0.059	0.039
	PROFIT BEFORE TAX		0.386	0.205	0.197
Less	TAX		(0.098)	(0.100)	(0.069)
	PROFIT AFTER TAX		0.288	0.105	0.128
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.233	0.128	0.000
	BALANCE CARRIED TO THE B/S		0.521	0.233	0.128
	Earnings Per Share (Rs.)		52.12	23.28	12.80

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	0.001	0.01	0.01
Return on Total Assets (PBT/Total Assets}	(%)	0.03	0.01	0.06
Return on Investment (ROI) (PBT/Networth)		0.62	0.61	0.86
Debt Equity Ratio (Total Liability/Networth)		2131.35	4855.27	1371.28
Current Ratio (Current Asset/Current Liability)		1.01	1.00	1.00

LOCAL AGENCY FURTHER INFORMATION

Nil

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.45.18
UK Pound	1	Rs.72.59
Euro	1	Rs.63.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.