MIRA INFORM REPORT

Report Date :

16.04.2012

IDENTIFICATION DETAILS

Name :	INTER GOLD INDIA PRIVATE LIMITED

Registered Office :	Plot no.34, Seepz, Andheri (East), Mumbai – 400096, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	20.05.1985

Com. Reg. No.:	11-036278

Capital Investment / Paid-up Capital :	Rs.100.000 Millions

CIN No.: [Company Identification No.]	U99999MH1985PTC036278

PAN No.: [Permanent Account No.]	AAACI2677Q

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Trader of Diamoand and jewellery,

No. of Employees :	Information Denied by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 5000000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. General financial position of the company is satisfactory. 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.

INFORMATION DENIED BY

Name :	Mr. Bhushan Raul
Designation :	Account
Contact No.:	91-22-67565656
Date :	14.04.2012

LOCATIONS

Registered Office :	Plot no.34, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India
Tel. No.:	91-22-67565656
Fax No.:	91-22-67565429
E-Mail :	sun.nith@intergold.net sundaram@intergold.net
Website :	www.intergold.co.in

DIRECTORS

As on 20.09.2011

Name :	Mr. Harshad Ramniklala Mehta
Designation :	Director
Address :	91/19, Vijyadeep, 31, Ridge Road, Mumbai -400 006 Maharashtra, India
Date of Birth/Age :	15.08.1947
Qualification :	Under Graduate
Date of Appointment :	04.09.1996
DIN No.:	00050006

Name :	Mr. Arunkumar Ramniklal Mehta
Designation :	Director
Address :	Cliff, 25-B, B. G. ,Kher Marg, Ridge Road, Malabar Hill, Mumbai - 400 006Maharashtra, India
Date of Birth/Age :	09.01.1940
Qualification :	Under Graduate
Date of Appointment :	02.06.1987
DIN No.:	00049700

Name :	Mr. Russell Arunkumar Mehta
Designation :	Director
Address :	Cliff, 25-B, B. G. ,Kher Marg, Ridge Road, Malabar Hill, Mumbai - 400 006Maharashtra, India
Date of Birth/Age :	06.12.1961
Qualification :	Graduate
Date of Appointment :	06.09.1990
DIN No.:	00049766

Name :	Mr. Amar Kishorchandra Kothari
Designation :	Whole-Time Director
Address :	B/8, Rockside Building, 2nd Floor, 116, Walkeshwar Road, Mumbai - 400 006. Maharashtra, India
Date of Birth/Age :	08.06.1979
Qualification :	B.Com
Date of Appointment :	14.12.2000
DIN No.:	00011569

Name :	Mr. Murli Amritlal Mehta
Designation :	Whole – Time Director
Address :	Orchid 'G' Wing, Flat No. 204, Valley of flowers, Behind Evershine Millennium Park, Next to Gondecha Academy School, Thakur village, Kandivali (East), Mumbai - 400 101, Maharashtra, India
Date of Birth/Age :	15.06.1945
Qualification :	B.A, B.Com, M.A., B.Ed, DMS, Kovid
Date of Appointment :	03.04.2006
DIN No.:	00009688

Name :	Mr. Swaminathan Sundaram
Designation :	Whole-Time Director
Address :	D/ 605, Lake Pleasant, Phase 2, Nr. Gopal Sharma school, off Adishankara Charya Marg, Powai, Mumbai - 400 076, Maharashtra, India
Date of Birth/Age :	10.09.1950
Qualification :	M.Com, CAIIB
Date of Appointment :	30.01.2009
DIN No.:	00013129

KEY EXECUTIVES

Name :	Mr. Bhushan Raul
Designation :	Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders		No. of Shares
Arunkumar R. Mehta		540
Rajnika A. Mehta		560
Arunkumar R. Mehta		500
Russell A. Mehta		910
Harshad R. Mehta		640
Bhanuchandra Bhansali		640
Veena Bhansali		710
Arunkumar R. Mehta		510
Bhanuchandra Bhansali		510
Priti Mehta		500
Rosy Blue (India) Private Limited, India		564862
Soignee R. Kothari		500
Arunkumar R. Mehta		500
Amita S. Mehta		500
Shah Mehta Holding Private Limited, India		570
Amit B. Bhansali		600
Rosy Blue Enterprises S.A., Luxembourg		85948
Diagold Mauritius Limited, Mauritius		240000
Vitraag Mauritius Limited, Mauritius		80000
Amar Kothari		20000
Saryu Pravin Kothari		500
Total		1000000

As on 20.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.59
Bodies corporate	56.54
Directors or relatives of Directors	2.87
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Trader of Diamoand and jewellery,

Products :

Description of product or services	ITC Code
Studded Gold Jewellery	71131903
Cut and Polished Diamonds	71023909
Platinum Jewellery	71131905

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Actual Production
Platt and Studded Gold, Platinum and Silver Jewellery	Pieces	328,098

GENERAL INFORMATION

No. of Employees :

Information Denied by Management

Bankers :

State Bank of India, Seepz Branch, Andheri (East), Mumbai - 400096, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans secured	66.285	142.114
Loans taken for fixed assets secured	0.489	0.801
Total	66.774	142.915


Banking Relations :	--

Auditors :
Name :	M M Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B Wing, 3^rd Floor, Worli, Mumbai - 400 018, Maharashtra, India
PAN.:	AAAFM5103E

Holding Company :	Rosy Blue (India) Private Limited (CIN No. U36911MH1998PTC114312)

Fellow Subsidiaries :	Sitara Diamonds Private Limited Inter Gold (Diamonds) Private Limited Rosy Blue Jewellery Inc Inter Gold Europe Conwood Apartment and Resorts Private Limited Inter Gold Gems Private Limited Josh Jewels ( India) Private Limited International Gold Company. Limited Devmiti Finvestrade Private Limited Krishanu Finlease Private Limited Tinsel Properties Private Limited Rosy Blue Properties Private Limited Interlink Acquisition Inc Diva Cosmocare (India) Private Limited Tai Shan Gems Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.100/- each	Rs.100.000 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		100.000	100.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1160.505	1115.239	1105.647
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1260.505	1215.239	1205.647
LOAN FUNDS
1] Secured Loans		66.774	142.915	188.801
2] Unsecured Loans		0.000	0.0000	16.200
TOTAL BORROWING		66.774	142.915	205.001
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		1327.279	1358.154	1410.648

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		48.258	50.902	59.139
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		656.076	656.576	657.146
DEFERREX TAX ASSETS		14.548	21.946	27.347

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	339.725	198.983	150.742
	Sundry Debtors	540.297	649.838	696.550
	Cash & Bank Balances	35.734	7.098	12.892
	Other Current Assets	0.000	0.000	3.241
	Loans & Advances	74.279	121.054	85.640
Total Current Assets		990.035	976.973	949.065
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	331.262	295.747	260.193
	Other Current Liabilities	43.176	41.143	12.656
	Provisions	6.824	11.368	9.218
Total Current Liabilities		381.651	348.258	282.067
Net Current Assets		608.385	628.715	666.998

MISCELLANEOUS EXPENSES		0.012	0.015	0.018

TOTAL		1327.279	1358.154	1410.648

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	2015.455	2102.952
		Other Income	NA	38.802	14.750
		TOTAL	NA	2054.257	2117.702

Less	EXPENSES
		Stock Differential		(25.826)	18.237
		Raw Materials Consumed		1739.881	1583.170
		Purchase – Traded Goods	NA	17.009	11.730
		Salaries, Wages and Other Benefits Employees		62.195	124.018
		Other Expenses		213.864	313.749
		TOTAL	NA	2007.123	2050.904

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		88.776	47.134	66.798

Less	FINANCIAL EXPENSES		16.152	12.627	35.042

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		72.624	34.507	31.756

Less/ Add	DEPRECIATION/ AMORTISATION		7.465	8.594	12.973

	PROFIT / (LOSS) BEFORE TAX & EXTRA ORDINARY ITEMS		6.519	25.913	18.783

Less/ Add	Extraordinary items		1.913	7.826	60.427

	PROFIT BEFORE TAX		63.966	18.807	(41.644)

Less	TAX		18.701	8.495	(11.026)

	PROFIT AFTER TAX		45.265	9.592	(30.618)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		291.421	209.829	240.447

	BALANCE CARRIED TO THE B/S		264.686	219.421	209.829

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2373.897	2075.207	1943.398
	TOTAL EARNINGS		2373.897	2075.207	1943.398

	Earnings Per Share (Rs.)		45.27	9.59	(30.62)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.47	(1.45)

Net Profit Margin (PBT/Sales)	(%)	NA	0.93	(1.98)

Return on Total Assets (PBT/Total Assets}	(%)	6.16	1.83	(4.13)

Return on Investment (ROI) (PBT/Networth)		0.05	0.02	(0.03)

Debt Equity Ratio (Total Liability/Networth)		0.36	0.40	0.40

Current Ratio (Current Asset/Current Liability)		2.59	2.81	3.36

LOCAL AGENCY FURTHER INFORMATION

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	No
10) Designation of contact person	No
11) Turnover of firm for last two 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	Yes
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	--
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

DETAILS OF SUNDRY CREDITORS

Rs. In millions

Particular	31.03.2011	31.03.2010	31.03.2009
Creditors due small micro enterprises	0.722	0.750	260.193
Creditors due others	330.540	294.997
Total	331.262	295.747	260.193

PERFORMANCE IN RETROSPECTIVE AND FUTURE PROSPECTS:-

For F.Y. 2010-11, India’s export of Jewellery were $12.89 billion. Out of this, exports made by EPZ units were $ 10.74 billion (Previous Year $ 7.49 billion). Your company which is a SEZ unit consciously pursued a policy of low growth anticipating a difficult market situation ahead.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

(a) Guarantees, Bonds and Counter Guarantees given to the Banks and others Rs.278.238 Millions (Previous year Rs.384.345 Millions).

(b) Disputed Income Tax demand inclusive of interest Rs27.742 Millions (Previous year Rs.37.465 Millions)

[

Bankers Charges Report as per Registry

Corporate identity number of the company	U99999MH1985PTC036278
Name of the company	INTER GOLD INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot no.34, Seepz, Andheri (East), Mumbai – 400096, Maharashtra Sun.nith@intergold.net
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80041631
Type of charge	Immovable property
Particular of charge holder	The Royal Bank of Scotland N.V., 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India reenabahg@rediffmail.com
Nature of instrument creating charge	Letter Date 02.09.2011
Date of instrument Creating the charge	02.09.2011
Amount secured by the charge	Rs.550.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with Bank form time to time. Terms of Repayment As agreed by and with Bank form time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having pari passu charge on the security given by the company, as described in Sr, no. 15
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Pari passu charge on a) Immovable properties consisting of land and building situated at plot no. 34, Seepz Andheri East, Mumbai 400 096, comprising of land admeasuring 2960 sq mtrs or thereabout and building thereon admeasuring 22800 sq feets built up area. b) land and building situated at plot no. 35(part) and plot no. 36(part) Seepz, Andheri East, Mumbai 400096 admeasuring 2360 sq. mtrs.
Date of instrument modifying the charge	14.01.2008
Particulars of the present modification	A) The existing charge amount of Rs.854 Mn now stand at Rs.550 Mn with secuirty of pari passu charge on Immovable properties consisting of a) land and building situated at plot no. 34, Seepz Andheri East, Mumbai 400 096 b) land and building situated at plot no. 35(part) and plot no. 36(part) Seepz, Andheri East, Mumbai 400096. B) The Bank already released two immovable properties at plot no. 52, Goa and office premises 318E, Floral Deck Plaza, Andheri E, Mumbai. (as more described in letter)

Fixed Assets

Lease Hold Land
Building
Plant and Machinery
Office Equipments
Computer Equipment
Furniture and Fixtures
Vehicles

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	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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		47

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.

MIRA INFORM REPORT

339.725

540.297

35.734

0.000

74.279

990.035

43.176

6.824

381.651

608.385

NA

NA

6.16

0.05

0.36

2.59

Unit