MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	ULYSSES JEWELLERY PRIVATE LIMITED
Registered Office :	Unit No. 002, Multistoried Building In Seepz-Sez, Between SDF-I and SDF-II, Seepz-Sez,Andheri (East), Mumbai – 400096, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.01.2006
Com. Reg. No.:	11-158608
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U36911MH2006PTC158608
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Silver Jewelry, Gold Jewelry etc
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence commercial activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the subject was incorporated during 2006, it is yet to commence its commercial activity. There appears some pre-operative expenses incurred by the company which exceeds the networth. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Unit No. 002, Multistoried Building In Seepz-Sez, Between SDF-I and SDF-II, Seepz-Sez,Andheri (East), Mumbai – 400096, Maharashtra, India
Tel. No.:	91-22-61273400 / 61423412
Fax No.:	91-22-61423413
E-Mail :	ajay@ulysses.co.in
Website :	http://www.ulysses.co.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Deepakkumar Bhogilal Shah

Designation :

Director

Address :

61-A, 6^th Floor, Laxmi Vilas, 87 Nepean Sea Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

14.10.1956

Date of Appointment :

25.09.2010

DIN No.:

01599526

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27205MH2006PTC165627	C. G. CREATIONS PRIVATE LIMITED	Director	15-05-07	15-05-07	01-07-10	Active	NO
2	U36910MH2007PTC173289	KBS DESIGNS PRIVATE LIMITED	Director	20-08-07	20-08-07	01-07-10	Active	NO
3	U27205MH2008PTC181527	MISHTI JEWELS PRIVATE LIMITED	Director	24-04-08	24-04-08	01-07-10	Active	NO
4	U36911MH2006PTC158608	ULYSSES JEWELLERY PRIVATE LIMITED	Director	25-09-10	01-07-10	-	Active	NO

Name :

Mr. Saurabh Ranjit Parikh

Designation :

Director

Address :

34/35 Tejkiran Apartment, 2^nd Floor, Chowpatty, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

27.10.1979

Date of Appointment :

25.09.2010

DIN No.:

03147719

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kunal Nikunj Shah	1000
Deepak Bhogilal Shah	48000
Sanjay Kanaiyalal Shah	1000
Total	50000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	96.00
Other top fifty shareholders	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Silver Jewelry, Gold Jewelry etc

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India

· Ing Vysya Bank Limited

· Punjab National Bank

· Bank of Baroda

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Form Director / Shareholders	41.925	27.850
Total	41.925	27.850

Banking Relations :	--
Auditors :
Name :	J.P. Wankadia and Company Chartered Accountants
Address :	32C, Mulla Manzil, Balaram Street, Grant Road, Mumbai – 400007, Maharashtra, India
PAN.:	AAIPW5872E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

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		0.500	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1.610)	(1.046)	0.000
NETWORTH		(1.110)	(0.946)	0.100
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		41.925	27.850	26.250
TOTAL BORROWING		41.925	27.850	26.250
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		40.815	26.904	26.350
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.358	0.000	0.000
Capital work-in-progress		0.000	0.000	0.115
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.361	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2.247	0.060	0.069
	Other Current Assets	0.178	26.850	0.000
	Loans & Advances	2.366	0.000	26.171
Total Current Assets		5.152	26.910	26.240
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.626	0.006	0.005
	Other Current Liabilities	0.069	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		2.695	0.006	0.005
Net Current Assets		2.457	26.904	26.235
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		40.815	26.904	26.350

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	0.564	1.046	0.000
		Advertising Expenses
		TOTAL	0.564	1.046	0.000
	PROFIT / (LOSS) BEFORE TAX		(0.564)	(1.046)	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(0.564)	(1.046)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.046)	0.000	Nil
	BALANCE / (LOSS) CARRIED TO THE B/S		(1.610)	(1.046)	0.000
	Earnings / (Loss) Per Share (Rs.)		(32.20)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.30)	(3.89)	0.00
Return on Investment (ROI) (PBT/Networth)		0.51	1.11	0.00
Debt Equity Ratio (Total Liability/Networth)		(40.20)	(29.45)	262.55
Current Ratio (Current Asset/Current Liability)		1.91	4485.00	5248.00

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from 1803, Panchratnaopera House, Mumbai – 400004, Maharashtra, India to present address w.e.f.01.04.2011

YEAR IN RETROSPECT:

The Company did not carry any activity during the year, and therefore there was no income. However, Company incurred various expenses amounting to Rs.0.564 Million during the current year (Previous Year Rs.1.046 Millions) due to which there was loss of Rs.0.564 Million (Previous year Rs.1.046 Millions). There was no provision for taxation during the year and after adding debit balance brought forward from previous year Rs. 1.046 Millions (previous year NIL), the debit balance of Rs.1.610 Millions (Rs.1.046 Million in the previous year) is carried forward to balance sheet.

FIXED ASSETS

· Plant and Machinery

· Factory Civil Works

· Factory Premises

· Furniture and Fixtures

· Electrical Installations

· Air conditioner

· Computer

· Office and Other Equipments

· Camera and Access Controls

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 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 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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		12

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.