MIRA INFORM REPORT

Report Date :

22.04.2013

IDENTIFICATION DETAILS

Name :	ALEX JEWELLERY PRIVATE LIMITED
Registered Office :	73D/74A, Government Industrial Estate, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.07.1996
Com. Reg. No.:	11-101085
Capital Investment / Paid-up Capital :	Rs.0.500 Millions
CIN No.: [Company Identification No.]	U99999MH1996PTC101085
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Guaranteed Micro Gold Plated Imitation Jewellery
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 109024
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has incurred a loss in the current year. However, net worth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Amitabh Shah
Designation :	Business Head
Contact No.:	91-9820371712
Date :	20.04.2013

LOCATIONS

Registered Office :	73D/74A, Government Industrial Estate, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-28442388
Mobile No.:	91-9820371712 (Mr. Amitabh Shah)
Fax No.:	91-22-28442385
E-Mail :	info@alexjewellery.in
Website :	http://www.alexjewellery.in
Location :	Owned
Head Office :	Ijmima Complex, 10^th Floor, Raheja Metroplex, Behind Goregaon – 400064, Mumbai, Maharashtra, India
Factory:	Located at Vasai

DIRECTORS

As on 29.09.2012

Name :

Mr. Joseph Jagannath Mudaliar

Designation :

Director

Address :

B-101,Shidham, Link Road, Evershine Nagar, Malad (E), Mumbai – 400064, Maharashtra, India

Date of Appointment :

16.07.1996

DIN No.:

00406335

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	U99999MH1996PTC101085	ALEX JEWELLERY PRIVATE LIMITED	Director	16-07-96	16-07-96	-	Active	NO
2	U36911MH1997PTC111366	JAYA JEWELLERY PRIVATE LIMITED	Director	17-10-97	17-10-97	-	Active	NO

Name :

Mr. Simon Jagannath Mudaliar

Designation :

Director

Address :

B-101,Shidham, Link Road, Evershine Nagar, Malad (E), Mumbai – 400064, Maharashtra, India

Date of Appointment :

15.11.2008

DIN No.:

01429207

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	U36911MH2004PTC145876	TRENDZ WEBINFOCOM PRIVATE LIMITED	Director	22-04-04	22-04-04	-	Active	NO
2	U45400DL2007PTC165769	SLJ PROMOTERS PRIVATE LIMITED	Director	12-07-07	12-07-07	-	Active	YES
3	U99999MH1996PTC101085	ALEX JEWELLERY PRIVATE LIMITED	Director	15-11-08	15-11-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Joseph Mudaliar	20000
Jaya Mudaliar	10000
Simon Mudaliar	5000
Alex Mudaliar	5000
Joseph Mudaliar (HUF)	10000
Total	50000

Equity Share Break up (Percentage of Total Equity) as on 30.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Guaranteed Micro Gold Plated Imitation Jewellery
Products :	· Antique Necklace Sets · Kundan Necklace Sets · American Diamonds Necklace · CZ Necklace Sets · Gold Forming Necklace Sets · Designer Necklace Sets · Victorian Sets · Antique Pandant Sets · American Diamond Pendant Sets · CZ Pendant Sets · Designer Pendant Sets · Gold Forming Pendant Sets · Antique Bangles · American Diamonds Bangles · Gold Forming Bangles · Kundan Bangles · Stone Bangles · Antique Earings · American Diamonds Earings, · Designer Earings · Victorian Earings · Kundan Earings · American Diamond Bracelets · American Diamond Mangalsutra Anklets · American Diamond Finger Rings, · Accessories, · Display Stands
Exports :
Products :	Finished Goods
Countries :	USA, UK and Middle East
Imports
Products :	Raw Materials
Countries :	China Korea
Terms :
Selling :	Cash / Credit (30-60 Days)
Purchasing :	Cash / Credit (30-60 Days)

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

300 (Approximately)

Bankers :

The Bassein Catholic Co-operative Bank, Gokhivare Branch, Near Gokhivare Talo, Vasai (East), Thane – 401208, Maharashtra, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2012	As on 31.03.2011
Bassein Catholic Co-Op. Bank SSLN 1156 (Secured against Shivalaya)	6.407	9.278
Bassein Catholic Co-Op. Bank CB 1507 (Secured against Machinery )	4.777	5.944
Bassein Catholic Co-Op. Bank HLN 1909 (Secured against Generator)	0.733	0.905
Bassein Catholic Co-Op. Bank HLN 1907 (Secured against Machinery )	1.208	1.365
HDFC Bank Loan – car (Captiva) (Secured against Captiva Car)	0.218	0.837
Bassein Catholic Co-Op. Bank SSLN 1980 (Secured against Gala at IJMIMA)	9.626	0.000
Loans Repayable on Demand
Bassein Catholic Co-Op. Bank CC 212 (Secured against Stock & Debtors )	30.740	36.409
HDFC Bank Loan – car (Captiva) (Secured against Captiva Car)	0.619	0.568
Total	54.328	55.306
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Loans and Advances from Related Parties
Joseph Mudaliar (Director)	13.721	27.811
Simon Mudaliar (Director)	0.580	0.035
Jasintha Mudalair	2.638	2.653
Jaya Mudaliar	0.020	0.050
Joseph Mudaliar (HUF)	0.135	0.063
Lognathan Lazar	0.044	0.062
Loans and Advances from Others
Metro Bangles	0.999	1.363
Gulshankumar Sapra	0.034	0.531
Shivalaya Enterprises	0.000	0.031
Total	18.171	32.599

Banking Relations :	--
Auditors :
Name :	Prajapati and Associates Chartered Accountant
Address :	103, 1^st Floor, Sakhi Apartment, MG Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
PAN.:	AAEFP5836B

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.756	28.665	21.415
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.256	29.165	21.915
LOAN FUNDS
1] Secured Loans		54.328	55.306	53.175
2] Unsecured Loans		18.171	32.599	22.341
TOTAL BORROWING		72.499	87.905	75.516
DEFERRED TAX LIABILITIES		1.148	1.149	0.198
TOTAL		100.903	118.219	97.629
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.025	54.802	54.881
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.530	0.530	0.530
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.151	12.552	8.441
	Sundry Debtors	50.836	63.183	75.751
	Cash & Bank Balances	1.817	7.105	0.465
	Loans & Advances	3.220	2.237	9.217
	Other Current Assets	18.788	7.246	0.000
Total Current Assets		129.812	92.323	93.874
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.316	26.111	43.297
	Other Current Liabilities	21.699	1.840	4.665
	Provisions	1.449	1.485	3.694
Total Current Liabilities		80.464	29.436	51.656
Net Current Assets		49.348	62.887	42.218
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		100.903	118.219	97.629

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Business Receipts	124.337	150.015	139.859
		Other Receipts	1.080	4.345	0.237
		TOTAL (A)	125.417	154.360	140.096
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	122.407	139.980	124.691
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.010	14.380	15.405
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.492	4.858	5.665
	PROFIT BEFORE TAX (E-F) (G)		(1.482)	9.522	9.740
Less	TAX (I)		0.427	2.300	2.794
	PROFIT AFTER TAX (G-I) (J)		(1.909)	7.222	6.946

Expected Sales (2012-2013) : Rs. Above 160.000 Millions

The above information has been parted by (Mr. Amitabh Shah)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(1.52)	4.67	4.95
Net Profit Margin (PBT/Sales)	(%)	(1.19)	6.34	6.96
Return on Total Assets (PBT/Total Assets}	(%)	(0.81)	6.47	6.54
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.32	0.44
Debt Equity Ratio (Total Debt/Networth)		2.65	3.01	3.44
Current Ratio (Current Asset/Current Liability)		1.61	3.13	1.81

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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	No
34]	External Agency Rating, if available	No

Note: Registered office of the company has been shifted from 6,Ganga Niwas, Next to Blue diamond Chincholi Bunder Link Road, Malad West, Mumbai, Maharashtra, India to the present address w.e.f 04.07.2008

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1996PTC101085
Name of the company	ALEX JEWELLWEY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ijmima Complex, 10^th Floor, Raheja Metroplex, Behind Goregaon – 400064, Mumbai, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Immovable property
Particular of charge holder	The Bassein Catholic Co-operative Bank Limited, Gokhivare Branch, Near Gokhivare Talo, Vasai (East), Thane – 401208, Maharashtra, India
Nature of instrument creating charge	Deed of Equitable Mortgage
Date of instrument Creating the charge	10.05.2011
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the sanction terms and condition of Bassein Catholic Co-operative Bank Limited Terms of Repayment As per the sanction terms and condition of Bassein Catholic Co-operative Bank Limited Margin As per the sanction terms and condition of Bassein Catholic Co-operative Bank Limited Extent and Operation of the charge As per the sanction terms and condition of Bassein Catholic Co-operative Bank Limited
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Industrial galas bearing No 8,9,11,13 & 14 on the ground floor 102,104,105,106,108,110,112,114 & 116 on the first floor total admeasuring 25427 sq ft. built up area of the building No.3 Known as · Shivalay industrial estate situate at village waliv tal vasai and dist thane with proportionate share of common area and facilities appurtenance of the land bearing survey No 44, hissa no 2(p), 8/1 (pt · And 13 (pt) CTS No – admeasuring aggregating 9542.30 sq mtrs within the limits of vasai virar shahr mahanagarpalika and within registration district and sub district of vasai of · registration district of thane

FIXED ASSETS

· Plant and Machinery

· Plant and Machinery (Vasai plant)

· Furniture and fixtures

· Computer

· Motor Car

· Office Equipments

· Electrical Equipments

· Delivery Van

· Motor Bike

· Flat at Charkop

· Air Conditioner

· Gala at IJMA

· Water Pump

· Weighing Scale

· Gala at Vasai (Shivalay)

· Printer

· Motor Car (Shivalay)

· Printer

· Motor Car (Tata Innova)

· Xerox Machine

· Open Land at Valnai

· Fire Protection Equipment

· Digital Camera Gas Equipment

· Tools and Equipment

· Flat at Vasai

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 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.54.16
UK Pound	1	Rs.82.45
Euro	1	Rs.70.70

INFORMATION DETAILS

Information Gathered by :	PAK
Report Prepared by :	NLM

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.