1. Summary Information

		Country	India
Company Name	J. K. BULLIONS PRIVATE LIMITED	Principal Name 1	Mr. Pullin Jagatbhai Jhaveri
Status	Moderate	Principal Name 2	Mr. Jagatbhai Kalidas Jhaveri
		Registration #	04-056858
Street Address	1346, Piple Pole, Madangopal Haveli Road, Astodia, Ahmedabad – 380001, Gujarat, India
Established Date	07.05.2009	SIC Code	--
Telephone#	91-79-2211-1496	Business Style 1	Trader
Fax #	91-79-2211-1495	Business Style 2	--
Homepage	Not Available	Product Name 1	Bullions
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 140,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100 %	Banking	Not Available
Public Limited Corp.	No	Business Period	3 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	32,345,000	Current Liabilities	3,011,000
Inventories	1,229,000	Long-term Liabilities	32,226,000
Fixed Assets	1,331,000	Other Liabilities	144,000
Deferred Assets	0,000	Total Liabilities	35,381,000
Invest& other Assets	974,000	Retained Earnings	358,000
		Net Worth	498,000
Total Assets	35,879,000	Total Liab. & Equity	35,879,000
Total Assets (Previous Year)	30,954,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales / Gross Receipt	7,261,426,000	Net Profit	278,000
Sales / Gross Receipt (Previous yr)	3,642,234,000	Net Profit(Prev.yr)	80,000

MIRA INFORM REPORT

Report Date :

03.05.2012

IDENTIFICATION DETAILS

Name :	J. K. BULLIONS PRIVATE LIMITED
Registered Office :	1346, Piple Ni Pole, Madan Gopal Haveli Road, Astodia, Ahmedabad – 380001, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.05.2009
Com. Reg. No.:	04-056858
Capital Investment / Paid-up Capital :	Rs. 0.140 Million
CIN No.: [Company Identification No.]	U36910GJ2009PTC056858
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ03909D
PAN No.: [Permanent Account No.]	AACCJ1665K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Bullions (Gold and Silver).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – 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 :	1346, Piple Ni Pole, Madan Gopal Haveli Road, Astodia, Ahmedabad – 380001, Gujarat, India
Tel. No.:	91-79-2211-1496
Fax No.:	91-79-2211-1495
E-Mail :	chokshidipesh@yahoo.co.in jkcompany92@ymail.com

DIRECTORS

As on 08.08.2011

Name :

Mr. Pullin Jagatbhai Jhaveri

Designation :

Director

Address :

1, Mahavir banglow, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

24.07.1974

Date of Appointment :

07.05.2009

DIN No.:

02604827

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	U36910GJ2009PTC056858	J. K. BULLIONS PRIVATE LIMITED	Director	7/5/2009	7/5/2009	-	Active	NO
2	U36910GJ2009PTC056859	J.C.ORNAMENTS PRIVATE LIMITED	Director	7/5/2009	7/5/2009	-	Active	NO

Name :

Mr. Jagatbhai Kalidas Jhaveri

Designation :

Director

Address :

10/B, Chokshi Park, Jivrajpark, Vejalpur, Ahmedabad-380051, Gujarat, India

Date of Birth/Age :

05.03.1951

Date of Appointment :

07.05.2009

DIN No.:

02604818

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	U36910GJ2009PTC056858	J. K. BULLIONS PRIVATE LIMITED	Director	7/5/2009	7/5/2009	-	Active	NO
2	U36910GJ2009PTC056859	J.C.ORNAMENTS PRIVATE LIMITED	Director	7/5/2009	7/5/2009	-	Active	NO
3	U36910GJ2009PTC057049	VISHAL ORNAMENTS PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO

Name :

Mr. Pranav Jitendra Jhaveri

Designation :

Director

Address :

3., Chokshi Park, Jivrajpark, Vejalpur, Ahmedabad-380051, Gujarat, India

Date of Birth/Age :

07.09.1975

Date of Appointment :

07.05.2009

DIN No.:

02604795

Name :

Mr. Rajkumar Jagatkumar Jhaveri

Designation :

Director

Address :

10/B, Chokshi Park, Jivrajpark, Vejalpur, Ahmedabad-380051, Gujarat, India

Date of Birth/Age :

19.04.1973

Date of Appointment :

07.05.2009

DIN No.:

02605566

Name :

Mr. Dhrumil Mayurbhai Jhaveri

Designation :

Director

Address :

8-A, Morarji park, Jivrajpark, Vejalpur, Ahmedabad-380051, Gujarat, India

Date of Birth/Age :

18.05.1984

Date of Appointment :

07.05.2009

DIN No.:

02604995

Name :

Mr. Hitesh Bhupendra Jhaveri

Designation :

Director

Address :

2, Chokshi Park, Jivrajpark, Vejalpur, Ahmedabad-380051, Gujarat, India

Date of Birth/Age :

04.05.1968

Date of Appointment :

20.08.2009

DIN No.:

02731457

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	U36910GJ2009PTC056858	J. K. BULLIONS PRIVATE LIMITED	Additional director	20/08/2009	20/08/2009	-	Active	NO

Name :

Mr. Birav Indravadan Sheth

Designation :

Director

Address :

2, Chokshi Park, Jivrajpark, Vejalpur, Ahmedabad-380051, Gujarat, India

Date of Birth/Age :

22.08.1973

Date of Appointment :

16.07.2009

DIN No.:

02604783

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	U36910GJ2009PTC056859	J.C.ORNAMENTS PRIVATE LIMITED	Additional director	16/07/2009	16/07/2009	-	Active	NO
2	U36910GJ2009PTC056858	J. K. BULLIONS PRIVATE LIMITED	Additional director	16/07/2009	16/07/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.08.2011

Names of Shareholders	No. of Shares
Bhupendrabhai Kalidas Jhaveri	100
Samir Bhupendrabhai Jhaveri	100
Jitendrabhai Kalidas Jhaveri	100
Bhavik Jitendrabhai Jhaveri	100
Mayur Pravinbhai Jhaveri	100
Birav Indravadan Sheth	100
Ketul Pankajbhai Shah	100
Jagatbhai Kalidas Jhaveri Huf	100
Raj Jagatbhai Jhaveri Huf	100
Rajkumar Jagatbhai Jhaveri	2000
Pranav Jitendrabhai Jhaveri	2000
Dhrumil Mayurbhai Jhaveri	2000
Pullin JagatbhaiJhaveri	2000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Bullions (Gold and Silver).

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

(Rs. In Millions)

Facilities :

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	1.874	3.768
Share unsecured loans joint ventures	30.352	18.801
Total	32.226	22.569

Banking Relations :	--
Auditors :
Name :	Dipesh Chokshi and Company Chartered Accountant
Address :	912, Atma House, Near Slaes Tax Bhavan, Ashram Road, Ahmedabad – 380009, Gujarat, India
PAN.:	AAPPC4435J

CAPITAL STRUCTURE

As on 08.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1550000	Equity Shares	Rs.10/- each	Rs. 15.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14100	Equity Shares	Rs.10/- each	Rs. 0.141 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1550000	Equity Shares	Rs.10/- each	Rs. 15.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14000	Equity Shares	Rs.10/- each	Rs. 0.140 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.140	0.138
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.358	0.080
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.498	0.218
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		32.226	22.569
TOTAL BORROWING		32.226	22.569
DEFERRED TAX LIABILITIES		0.049	0.024
TOTAL		32.773	22.811
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.331	1.024
Capital work-in-progress		0.000	0.000
INVESTMENT		0.764	0.764
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.229	0.834
	Sundry Debtors	0.426	1.329
	Cash & Bank Balances	30.970	26.099
	Other Current Assets	0.863	0.865
	Loans & Advances	0.086	0.017
Total Current Assets		33.574	29.144
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.942	7.150
	Other Current Liabilities	1.069	0.993
	Provisions	0.095	0.000
Total Current Liabilities		3.106	8.143
Net Current Assets		30.468	21.001
MISCELLANEOUS EXPENSES		0.210	0.022
TOTAL		32.773	22.811

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010
	SALES / GROSS RECEIPT	7261.426	3642.234
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	0.538	0.186
Less/ Add	DEPRECIATION/ AMORTISATION	0.136	0.082
	PROFIT BEFORE TAX	0.402	0.104
Less	TAX	0.124	0.024
	PROFIT AFTER TAX	0.278	0.080
	Earnings Per Share (Rs.)	19.72	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.19	0.35
Return on Investment (ROI) (PBT/Networth)		0.80	0.47
Debt Equity Ratio (Total Liability/Networth)		6.23	37.35
Current Ratio (Current Asset/Current Liability)		10.80	3.57

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 two 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	--
23) Banking Details	No
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

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.52.93
UK Pound	1	Rs.85.85
Euro	1	Rs.69.94

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS		NO
--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		27

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.