MIRA INFORM REPORT

Report Date :

21.02.2012

IDENTIFICATION DETAILS

Name :	GOSIL EXPORTS PRIVATE LIMITED
Registered Office :	E-70, EPIP, Sitapura Industrial Area, Jaipur-302022, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.01.1996
Com. Reg. No.:	17-011440
Capital Investment / Paid-up Capital :	Rs.19.786 Millions
CIN No.: [Company Identification No.]	U36911RJ1996PTC011440
TAN No.: [Tax Deduction & Collection Account No.]	JPRG01851D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Gold Silver Jewellery Studded with stone and Stone Beads.
No. of Employees :	Not Available

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 1000000
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 – September 30, 2011

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

LOCATIONS

Registered Office :	E-70, EPIP, Sitapura Industrial Area, Jaipur-302022, Rajasthan, India
Tel. No.:	91-141-3102077/2575565
Fax No.:	91-141-2771064/2771064
E-Mail :	director@gosilexports.com accounts@gosilexports.com gupasl@hotmail.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Kailash Chandra Agarwal

Designation :

Director

Address :

A-1, Gangwal Park, Jaipur-302004, Rajasthan, India

Date of Birth/Age :

18.08.1946

Date of Appointment :

19.01.1996

Din No.:

01982929

Other Directorship:

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	U36911RJ1996PTC011440	GOSIL EXPORTS PRIVATE LIMITED	Director	19-01-96	19-01-96	-	Active	NO
2	U64203RJ2000PTC016252	COSMIC NETWORKS PRIVATE LIMITED	Director	05-09-06	05-09-06	25-10-08	Strike off	NO
3	U36911RJ2008PTC025653	GOSIL EXPORTS SEZ PRIVATE LIMITED	Director	10-01-08	10-01-08	-	Active	NO

Name :

Mr. Neel Kamal Agarwal

Designation :

Director

Address :

A-1, Gangwal Park, Jaipur-302004, Rajasthan, India

Date of Birth/Age :

27.03.1961

Date of Appointment :

19.01.1996

Din No.:

02444713

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U36911RJ1996PTC011440	GOSIL EXPORTS PRIVATE LIMITED	Director	19-01-96	19-01-96	Active	NO
2	U36911RJ2008PTC025653	GOSIL EXPORTS SEZ PRIVATE LIMITED	Director	20-01-12	20-01-12	Active	NO

Name :

Mr. Nitesh Kailash Agarwal

Designation :

Director

Address :

A-1, Gangwal Park, Jaipur-302004, Rajasthan, India

Date of Birth/Age :

24.06.1978

Date of Appointment :

26.11.2002

Din No.:

01029550

Other Directorship:

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	U36911RJ1996PTC011440	GOSIL EXPORTS PRIVATE LIMITED	Director	26-11-02	26-11-02	-	Active	NO
2	U64203RJ2000PTC016252	COSMIC NETWORKS PRIVATE LIMITED	Director	05-09-06	05-09-06	25-10-08	Strike off	NO
3	U36911RJ2008PTC025653	GOSIL EXPORTS SEZ PRIVATE LIMITED	Director	10-01-08	10-01-08	-	Active	NO

Name :

Manju Goyal

Designation :

Director

Address :

A-1, Gangwal Park, Jaipur-302004, Rajasthan, India

Date of Birth/Age :

05.05.1954

Date of Appointment :

10.11.1997

Din No.:

01857223

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kailash Chandra Agarwal	588100
Neel Kamal Agarwal	1086600
Nitesh Kailash Agarwal	303912
Total	1978612

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Gold Silver Jewellery Studded with stone and Stone Beads.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Studded with stones	GMS	880000	880000	369346 [Excluding re-processing of returned goods]
Stone beads [In precious and semi precious]	GMS	--	--	1893310

GENERAL INFORMATION

Bankers :

Canara Bank, Overseas Branch, 8, Bhagat Bhawan, M.I. Road, Jaipur-302001, Rajasthan, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working Capital Facility From Post Shipment Credit (PSDL)	5.065	22.231
Pacing Credit Canra [Secured by way of hypothecation of first charge basis whole of the stock of raw material, consumables spares goods in process, finished goods, including goods in transit and book debts and also secured by equitable mortgage of factory land and building at E-70, EPIP, Sitapura, Jaipur on first charge basis.]	17.951	18.826
Total	23.016	41.057
Unsecured Loan
From Directors and Relatives	1.900	0.000
Total	1.900	0.000

Banking Relations :	--
Auditors :
Name :	Shambhu Gupta and Company Chartered Accountants
Address :	D-25, Indrapuri Colony, Lalkothi Tonk Road, Jaipur, Rajasthan, India
Tel. No.:	91-141-2744344

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1978612	Equity Shares	Rs.10/- each	Rs.19.786 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		19.786	19.786	19.781
2] Share Application Money		0.000	0.000	0.064
3] Reserves & Surplus		232.366	231.595	234.877
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		252.152	251.381	254.722
LOAN FUNDS
1] Secured Loans		23.016	42.057	45.639
2] Unsecured Loans		1.900	0.000	1.000
TOTAL BORROWING		24.916	42.057	46.639
DEFERRED TAX LIABILITIES		3.527	3.530	0.000
TOTAL		280.595	296.968	301.361
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.139	33.147	35.112
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.612	7.071	0.173
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.106	73.708	57.181
	Sundry Debtors	173.394	207.166	231.822
	Cash & Bank Balances	0.838	3.156	6.864
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.368	12.945	9.743
Total Current Assets		260.706	296.975	305.610
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.734	31.538	34.618
	Other Current Liabilities	9.990	8.558	4.256
	Provisions	0.138	0.129	0.660
Total Current Liabilities		18.862	40.225	39.534
Net Current Assets		241.844	256.750	266.076
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		280.595	296.968	301.361

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		146.840	265.915	383.099
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6.637	6.620	98.704
Less	FINANCIAL EXPENSES		2.916	2.966	3.670
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.721	3.654	95.034
Less/ Add	DEPRECIATION/ AMORTISATION		2.748	2.700	2.596
	PROFIT BEFORE TAX		0.973	0.954	92.438
Less	TAX		0.191	0.556	0.663
	PROFIT AFTER TAX		0.782	0.398	91.775
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	146.840	265.915	383.099
	Earnings Per Share (Rs.)		0.40	0.20	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	0.66	0.36	24.13
Return on Total Assets (PBT/Total Assets}	(%)	0.33	0.29	27.13
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.36
Debt Equity Ratio (Total Liability/Networth)		0.17	0.33	0.34
Current Ratio (Current Asset/Current Liability)		13.82	7.38	7.73

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been shifted from 725, Gopal Ji Ka Rasta, Johari Bazar, Jaipur-302003, Rajasthan, India to the present address w.e.f. 01.02.2010.

PERFORMANCE:

As because of some unavoidable situation company is not able to perform better in current financial year. The company is expected to do better in coming year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10096387
Corporate identity number of the company	U36911RJ1996PTC011440
Name of the company	GOSIL EXPORTS PVT LTD
Address of the registered office or of the principal place of business in India of the company	725, Gopal Ji Ka Rasta, Johari Bazar, Jaipur-302003, Rajasthan, India
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	Canara Bank, Overseas Branch, 8, Bhagat Bhawan, M.I. Road, Jaipur-302001, Rajasthan, India
Email	del2459@canbank.co.in
Nature of description of the instrument creating or modifying the charge	1. Supplemental agreement. 2. Letter of renewal. 3. Take delivery letter to DPN. 3. Pronote. 4. Link letter in respect of enhancement of credit facilities. 5. Letter of undertaking. 6. Letter for loans/advances. 7. Link letter from mortgagor.
Date of instrument Creating the charge	20.04.2009
Amount secured by the charge	Rs.50.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest 2.50% below ongoing benchmark PLR with a minimum of 10% p.a. With monthly rests, subject to change from time to time. Terms of Repayment Repayable on demand. Margin Margin 25% On Packing Credit. Extent and Operation of the charge The charge will operate as first charge to the extent of revised credit facilities of Rs. 50.000 millions.
Short particulars of the property charged	Hypothecation of all stock in trade, semi finished and finished goods, stock in transit, packing material, consumable stores and spares, all present and future book debts, outstanding monies, receivables, claims, bills, all present and future plant, machinery, vehicles and all other current assets of the company. Equitable mortgage by way of first charge extended on immovable properties of the company comprising industrial Plot no. E-70, at EPIP, Sitapura Industrial Area, Jaipur.
Date of latest modification prior to the present modification	03.10.2008
Particulars of the present modification	The existing limits have been revised to Rs. 50.000 millions as under: A. Packing credit Rs. 20.000 millions B. FDB/FBE Rs. 30.000 millions --------------------------- Total Rs. 50.000 millions ---------------------------- Interest 2.50% below ongoing benchmark PLR with a minimum of 10% p.a. With monthly rests, subject to change from time to time. Other terms and conditions remain unchanged.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electric Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computer

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--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.