MIRA INFORM REPORT

Report Date :

16.04.2012

IDENTIFICATION DETAILS

Name :	CREATIONS JEWELLERY MANUFACTURING PRIVATE LIMITED
Registered Office :	G – 26, Complex No. 3, Seepz, Andheri (East), Mumbai – 400096, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.01.2001
Com. Reg. No.:	11-130387
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U52393MH2001PTC130387
TAN No.: [Tax Deduction & Collection Account No.]	MUMC08009B
PAN No.: [Permanent Account No.]	AABCC4835B
Legal Form :	Private limited liability company
Line of Business :	The company is engaged in the business of Manufacturer and Exporter of Studded Jewellery.
No. of Employees :	Not divulged by the management

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 3000000
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 dealing 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.

INFORMATION DECLINED BY

Name :	Mr. Cyrus Kotwal
Designation :	General Manager
Contact No.:	91-9820954807 91-22-67029990-94
Date :	14.04.2012

LOCATIONS

Registered Office :	G – 26, Complex 3, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India
Tel. No.:	91-22-67029990-94
Fax No.:	91-22-26729995
E-Mail :	accounts@creationjewel.co.in aabidcs@rediffmail.com
Branch Office :	503, Majestic Shopping Centre, JSS Road, Girgaon, Mumbai 400004, Maharashtra, India
Tel. No.:	91-22-23810527/ 66355925
Fax No.:	91-22-23810529
E-Mail :	creation@vsnl.in

DIRECTORS

(AS ON 25.09.2010)

Name :	Mr. Adil Kaikhusru Kotwal
Designation :	Director
Address :	D- 4, Imperial Mahal, Khodadad Circle, Dadar, Mumbai – 400014, Maharashtra
Date of Birth/Age :	01.10.1958
Date of Appointment :	10.01.2001
DIN No.:	00777224
Name :	Mr. Cyrus Keki Kotwal
Designation :	Additional Director
Address :	66-D, Soonaiji Terrace, 4^th Floor, Gowalia Tank, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	04.01.1960
Date of Appointment :	19.01.2010
DIN No.:	02894833

KEY EXECUTIVES

Name :	Mr. Cyrus Kotwal
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 25.09.2010)

Names of Shareholders	No. of Shares
Adil Kaikhusru Kotwal	4995000
Khurshid Adil Kotwal	5000
Total	5000000

(AS ON 30.09.2010)

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

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Manufacturer and Exporter of Studded Jewellery.

GENERAL INFORMATION

No. of Employees :

Not divulged by the management

Bankers :

· State Bank of Patiala,

Block 1/ 002, Seepz ++, Andheri (East), Mumbai – 400096, Maharashtra, India

· Punjab National Bank

· ICICI Bank

· ING Vysya Bank Limited

Patel Chambers, Opera House, Mumbai-400 007, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Secured	0.000	0.500
Other Debt Secured	22.375	60.795
Total	22.375	61.295

Banking Relations :
Auditors :
Name :	M. A. Parikh and Company Chartered Accountant
Address :	Yusuf Building, 2^nd Floor, 43, Mahatma Gandhi Road, Fort, Mumbai – 400023, Maharashtra
Tel. No.:	91-22-22041018/ 22043850
Fax No.:	91-22-22874524
E-Mail :	mrparikh@eth.net maparikh@vsnl.net
Income-tax PAN of auditor or auditor's firm :	AAAFM1433H

CAPITAL STRUCTURE

(AS ON 31.03.2011)

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
5000000	Equity Shares	Rs.10/- Each	Rs.50.000 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		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		637.262	554.194	456.593
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		687.262	604.194	506.593
LOAN FUNDS
1] Secured Loans		22.375	61.295	64.505
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		22.375	61.295	64.505
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		709.637	665.489	571.098
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.941	16.072	20.651
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.900	4.900	1.472
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	291.112	203.313	97.131
	Sundry Debtors	363.817	432.628	555.962
	Cash & Bank Balances	97.565	106.493	70.733
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	44.263	39.606	21.439
Total Current Assets		796.757	782.040	745.265
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.035	129.754	191.348
	Other Current Liabilities	0.630	0.162	0.288
	Provisions	14.296	7.607	4.654
Total Current Liabilities		104.961	137.523	196.290
Net Current Assets		691.796	644.517	548.975
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		709.637	665.489	571.098

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1430.702	2180.029	1669.951
		Other Income	NA	NA
		TOTAL	NA	NA	1669.951
Less	EXPENSES
		TOTAL	NA	NA	1510.549
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	110.198	159.402
Less/ Add	DEPRECIATION/ AMORTISATION		NA	10.498	11.922
	PROFIT BEFORE TAX		NA	99.700	147.480
Less	TAX		NA	2.100	7.520
	PROFIT AFTER TAX		83.069	97.600	139.960
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		536.633	439.033	299.073
	BALANCE CARRIED TO THE B/S		619.702	536.633	439.033
	EARNINGS IN FOREIGN CURRENCY		NA	2189.315	1656.182
	IMPORTS
		Raw Materials	NA	1167.705	795.019
		Consumables	NA	6.710	3.198
		Capital Goods	NA	3.071	3.277
	TOTAL IMPORTS		NA	1177.486	801.494
	Earnings Per Share (Rs.)		16.61	19.52	27.99

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	8.38
Net Profit Margin (PBT/Sales)	(%)	NA	4.57	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	12.49	19.26
Return on Investment (ROI) (PBT/Networth)		NA	0.17	0.29
Debt Equity Ratio (Total Liability/Networth)		0.19	0.33	0.51
Current Ratio (Current Asset/Current Liability)		7.59	5.69	3.80

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Creditors Due Small Micro Enterprises	90.035	129.754	191.348
- Creditors Due Others	0.000	0.000	0.000
Total	90.035	129.754	191.348

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
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	Yes
13) Reasons for variation <> 20%	------
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	------
22) Litigations that the firm / promoter involved in	------
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	------
26) Buyer visit details	------
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONS

The turnover of the company during the current year is Rs.1430.702 Millions as business operation was carried during the year.

Bankers Charges Report as per Registry

This form is for

Modification of charge

Charge identification number of the modified

10011576

Corporate identity number of the company

U52393MH2001PTC130387

Name of the company

CREATION JEWELLERY MANUFACTURING PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

G – 26, Complex 3, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India

Type of charge

Immovable Property

Particular of charge holder

Name :	State Bank of Patiala
Address :	Block 1/ 002, Seepz ++, Andheri (East), Mumbai – 400096, Maharashtra, India
Email :	jjkandco@gmail.com

Nature of description of the instrument creating or modifying the charge

Consortium finance agreement already filed

Inter- se agreement already field

Deed of guarantee

Date of instrument Creating the charge

11.06.2008

Amount secured by the charge

Rs.300.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Interest shall be charged on the outstanding in the said accountant at such rate or rate as may be determined by the said banks from time to time and if such rate or rates is or are linked to the commercial banks advanced rate. Then the effective rate of interest on such account shall correspondingly change.

Terms of Repayment

Working capital to be reviewed every year

Margin

10% of raw material work in process and finish goods. 15% of receivable

Extent and Operation of the charge

On all present and future current assets and movable and immovable assets of the company

Short particulars of the property charged

Immovable property situated at Unit No.25, 26, Gems Jewellery Complex 3, Seepz++, Plot No.F1, MIDC, Andheri (W), Mumbai - 400096

Particulars of the present modification

The amount secured on creation of charge shall remain same but the loan is now secured with deed of guarantee

FIXED ASSETS

Tangible Assets

Ø Factory Building

Ø Plant and Machinery

Ø Computers

Ø Furniture and Fitting

Ø Motor Car

Intangible Assets

Ø Computer Software

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.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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	NO
--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.