MIRA INFORM REPORT

Report Date :

18.11.2011

IDENTIFICATION DETAILS

Name :	RISHABH GOLD JEWELS (INDIA) PRIVATE LIMITED
Registered Office :	No. 1, A-75, Opposite H.M.S Building Lane, Siddanna Lane, Cubbonpet Cross, Bangalore-560002, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.2006
Com. Reg. No.:	08 - 038885
Capital Investment / Paid-up Capital :	Rs.32.420 Millions
CIN No.: [Company Identification No.]	U51398KA2006PTC038885
TAN No.: [Tax Deduction & Collection Account No.]	BLRR05309D
PAN No.: [Permanent Account No.]	AADCR2969P
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer in Gold Jewellery And Bullion.
No. of Employees :	19 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 475548
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge dip in the turnover of the company due to they had stopped the manufacturing of gold bullion. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 (30.06.2011)	Current Rating (30.09.2011)
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. Arun Kumar Jain
Designation :	Director
Date :	16.11.2011

LOCATIONS

Registered Office :	No. 1, A-75, Opposite H.M.S Building Lane, Siddanna Lane, Cubbonpet Cross, Bangalore-560002, Karnataka, India
Tel. No.:	91-80-32931991
Mobile No.:	91-9342457222 (Mr. Arun)
Fax No.:	91-80-22297821
E-Mail :	rishabh916k@hotmail.com
Website :	www.rishabhgd.india.com
Location :	Owned

DIRECTORS

As on 20.09.2011

Name :	Mr. Arun Kumar Jain
Designation :	Director
Address :	HIG 9/4, 9^th cross, KHB Colony, 2^nd Stage, Basaveshwarenagar, Bangalore-560079, Karnataka, India
Date of Birth/Age :	18.10.1973
Date of Appointment :	31.03.2006

Directorship in Other Companies :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51398KA2006PTC038885	RISHABH GOLD JEWELS (INDIA) PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
2	U74999KA2009PTC050276	RIDDHI SIDDHI EXPORTS PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Active	NO

Name :	Mrs. Priya Jain
Designation :	Director
Address :	HIG 9/4, 9^th cross, KHB Colony, 2^nd Stage, Basaveshwarenagar, Bangalore-560079, Karnataka, India
Date of Birth/Age :	15.04.1979
Date of Appointment :	31.03.2006

Directorship in Other Companies :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51398KA2006PTC038885	RISHABH GOLD JEWELS (INDIA) PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO

Name :	Mrs. Shakuntaka Jain
Designation :	Director
Address :	HIG 9/4, 9^th cross, KHB Colony, 2^nd Stage, Basaveshwarenagar, Bangalore-560079, Karnataka, India
Date of Birth/Age :	21.05.1951
Date of Appointment :	31.03.2006

Directorship in Other Companies :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51398KA2006PTC038885	RISHABH GOLD JEWELS (INDIA) PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO

Name :	Mr. Ajay kumar Jain
Designation :	Director
Address :	HIG 9/4, 9^th cross, KHB Colony, 2^nd Stage, Basaveshwarenagar, Bangalore-560079, Karnataka, India
Date of Birth/Age :	10.12.1971
Date of Appointment :	31.03.2006

Directorship in Other Companies :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51398KA2006PTC038885	RISHABH GOLD JEWELS (INDIA) PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
2	U74999KA2009PTC050276	RIDDHI SIDDHI EXPORTS PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Active	NO

Name :	Renu Nahar
Designation :	Director
Address :	HIG 9/4, 9^th cross, KHB Colony, 2^nd Stage, Basaveshwarenagar, Bangalore-560079, Karnataka, India
Date of Birth/Age :	30.11.1975
Date of Appointment :	31.03.2006

Directorship in Other Companies :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51398KA2006PTC038885	RISHABH GOLD JEWELS (INDIA) PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO

Name :	Mr. Anand Kumar Jain
Designation :	Director
Address :	No.23, 3^rd Cross, Central Excise Layout, Vijaya Nagar, Bangalore – 560040, Karnataka, india
Date of Birth/Age :	22.01.1948
Date of Appointment :	05.02.2009

Directorship in Other Companies :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51398KA2006PTC038885	RISHABH GOLD JEWELS (INDIA) PRIVATE LIMITED	Director	30/09/2009	05/02/2009	-	Active	NO
2	U74999KA2009PTC050276	RIDDHI SIDDHI EXPORTS PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders	No. of Shares
Arun Kumar Jain	596000
Ajay Kumar Jain	632000
Renu Jain	242000
Priya Jain	242000
Shakuntala Jain	135000
Anand Kumar Jain	570000
Ajay Kumar Jain (HUF)	125000
Arun Kumar Jain (HUF)	225000
Anand Kumar Jain (HUF)	225000
Riddhi Siddhi Exports Private Limited	250000
Total	3242000

Equity share Break up (Percentage of Total Equity)

As on 20.09.2011

Category	Percentage
Bodies corporate	7.71
Directors or relatives of Directors	92.29
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer in Gold Jewellery And Bullion.
Exports :
Products :	Gold
Countries :	Gulf Countries
Imports :
Products :	Raw Material
Countries :	Gulf Countries
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Pratham Jewels

· Ashok Gold Jewels Export Private Limited

· Ridhi Sidhi Billion Limited

No. of Employees :

19 – in Office (Approximately)

Bankers :

• Bank of India, Corporate Banking Branch, No.1, I Floor, BOI Building, No. 11, K G Road, Bangalore – 560009, Karnataka, India
• HDFC Bank

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
HDFC Bank Car Loan	0.079	0.430
Bank of India – O D A/C	69.721	0.000
Total	69.800	0.430
Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Ajay Kumar (HUF)	3.002	2.781
Ajay Kumar Jain	0.657	1.547
Anand Kumar Jain (HUF)	2.392	2.305
Anand Kumar Jain	0.401	3.322
Arun Kumar (HUF)	2.534	2.352
Arun Kumar Jain	0.596	1.069
Priya Jain	2.847	3.514
Renu Jain	2.796	3.467
Shakuntala Jain	2.073	2.129
Total	17.298	22.486

Banking Relations :	--
Auditors :
Name :	H.M. Giriya Chartered Accountant
Address :	2^nd floor, Keerthi Plaza, Nagarathpet, Bangalore-560009, Karnataka, India
Tel. No.:	91-80-22236942
Mobile No.:	91-9341214233
E-Mail :	hmgiriyaco@gmail.com
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3242000	Equity Shares	Rs.10/- each	Rs.32.420 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		32.420	29.820	29.820
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		86.467	57.396	45.634
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		118.887	87.216	75.454
LOAN FUNDS
1] Secured Loans		69.800	0.430	0.744
2] Unsecured Loans		17.300	22.486	19.926
TOTAL BORROWING		87.100	22.916	20.670
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		205.987	110.132	96.124
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.966	34.900	21.359
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		9.847	1.041	0.367
DEFERREX TAX ASSETS		0.083	0.013	0.025
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.286
	Cash & Bank Balances	5.546	1.039	3.340
	Other Current Assets	3.353	9.640	1.290
	Loans & Advances	0.000	0.000	0.000
	Stocks in Trade	160.447	115.009	73.845
Total Current Assets		169.346	125.688	78.761
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.484	42.527	3.890
	Other Current Liabilities	0.183	3.092	0.057
	Provisions	2.588	5.940	0.540
Total Current Liabilities		10.255	51.559	4.487
Net Current Assets		159.091	74.129	74.274
MISCELLANEOUS EXPENSES		0.000	0.049	0.099
TOTAL		205.987	110.132	96.124

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	599.336	3347.471	281.883
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	591.147	3329.756	280.404
	PROFIT BEFORE TAX		8.189	17.715	1.479
Less	TAX		2.518	5.952	0.513
	PROFIT AFTER TAX		5.671	11.763	0.966
	Earnings Per Share (Rs.)		1.75	3.94	0.32

Expected Sales (2011-2012) : Rs.700.000 Millions

The above information has been parted by Mr. Arun (Director).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.95	0.35	0.34
Return on Total Assets (PBT/Total Assets}	(%)	3.97	11.03	1.48
Return on Investment (ROI) (PBT/Networth)		0.06	0.20	0.02
Debt Equity Ratio (Total Liability/Networth)		0.81	0.85	0.33
Current Ratio (Current Asset/Current Liability)		16.51	2.44	17.55

LOCAL AGENCY FURTHER INFORMATION

Change of Registered Office:

Registered Office of the company has been shifted from, No. 591/592, Avenue Road, Bangalore – 560002, Karnataka, India to the present Address. W.e.f. 13.10.2007

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	--
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	--
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Form 8

Corporate identity number of the company	U51398KA2006PTC038885
Name of the company	RISHABH GOLD JEWELS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 1, A-75, Opposite H.M.S Building Lane, Siddanna Lane, Cubbonpet Cross, Bangalore-560002, Karnataka, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Bank of India, Corporate Banking Branch, No.1, I Floor, BOI Building, No. 11, K G Road, Bangalore – 560009, Karnataka, India
Nature of instrument creating charge	Agreement of Hypothecation cum Loan Agreement (Plant and Machinery, Stocks and Book debts) Memorandum Evidencing Creation of Equitable Mortgage (both the above pertain to the same charge)
Date of instrument Creating the charge	31.08.2010
Amount secured by the charge	Rs. 70.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate Of Interest: 3% above Base Rate effective 11% p.a. Terms of repayment: Running account repayable on demand Margin: As per bank norms Extent and operation of the charge: The charge shall operate to the extent of the loan amount plus interest commission costs expenses and other charges thereon Others: Cash Credit Rs.70.000 Million
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of (a) hypothecation of all stocks of rawmaterials such as gold biscuits and finished goods, gold jewellary and semifinished goods, spares parts, components (including spare parts and stores relating to plant and machinery), bookdebts, outstandings, money receivables, claims, bills, all tangible movable machineries and plants and other movables both present and future stored/ installed at company premises godows at Shop No.1, Door No.A-75, Siddanna Lane, Cubbonpet, Bangalore 560009 or at any other place and (b) equitable mortgage of immovable properties omprising of land and buildings (present and future) situated at (a) Residential No.23, 3rd cross, Central Excise House building Co-op Building Socieity Limited., Vijaya Nagar, Bangalore site admeasuring 2800 sq.ft. and (b) Commercial No.49, Sri Dhararaya swamy temple road, Nagarth Pet, Bangalore site measuring 1140 sq.ft. morefully described in Schedules to the Memorandum of entry

Fixed Assets:

• Furniture and Fixture
• Plant and Machinery
• Computer
• Vehicles
• Building (Residential)
• Land (Residential)
• Building (Commercial)
• Land (Commercial)
• Land (KIADB)
• Indl Building (Under Construction)

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.50.72
UK Pound	1	Rs.79.88
Euro	1	Rs.68.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		31

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.