MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	PRANDA JEWELRY PRIVATE LIMITED
Registered Office :	512, Rewa Estate, M G Road, Mulund (West), Mumbai-400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.08.2007
Com. Reg. No.:	11-172947
Capital Investment / Paid-up Capital :	Rs. 1.000 million
CIN No.: [Company Identification No.]	U36911MH2007PTC172947
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Jewelry.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

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 :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Pranda Jewelry Public Company Limited’. It is a company having a moderate track record. The net worth of the company is fully eroded due to huge accumulated losses. The external borrowings of the company appear to be huge. However, business is active. Payment terms are slow. 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.

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 DECLINED BY

Name :	Mr. Vijay
Designation :	Finance Manager
Contact No.:	91-22-25682121
Date :	28.06.2013

LOCATIONS

Registered Office :	512, Rewa Estate, M G Road, Mulund (West), Mumbai-400080, Maharashtra, India
Tel. No.:	91-22-25682121
Fax No.:	Not Available
E-Mail :	naraen@pranda.co.in

DIRECTORS

As on 24.08.2012

Name :	Mr. Naraen Mohandas Tejwani
Designation :	Director
Address :	B-902, Bharma Niwas, Off Eastern Express Highway, Mulund (East), Mumbai-400081, Maharashtra, India
Date of Birth/Age :	31.12.1972
Date of Appointment :	08.08.2007
DIN No.:	01092873
Name :	Mr. Vinod Tejwani
Designation :	Director
Address :	B-902, Bharma Niwas, Off Eastern Express Highway, Mulund (East), Mumbai-400081, Maharashtra, India
Date of Birth/Age :	20.09.1967
Date of Appointment :	08.08.2007
DIN No.:	01174170
Name :	Mrs. Sunanta Tiasuwan
Designation :	Nominee Director
Address :	1092/154, Village No. 12, Bangna, Bangkok, Metropolis, Thialand
Date of Birth/Age :	15.07.1950
Date of Appointment :	08.08.2007
DIN No.:	01663069
Name :	Chanat Sorakraikitikul
Designation :	Nominee Director
Address :	745, Village No 15, Bangkaew, Bangplee, Samutprakarn, Thialand
Date of Birth/Age :	17.05.1979
Date of Appointment :	08.08.2007
DIN No.:	01663106
Name :	Mr. Prida Tiasuwan
Designation :	Nominee Director
Address :	1092/154, Village No. 12, Bangna, Bangkok, Metropolis, Thialand
Date of Birth/Age :	13.07.1949
Date of Appointment :	08.08.2007
DIN No.:	01663126

KEY EXECUTIVES

Name :	Mr. Vijay
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.08.2012

Names of Shareholders	No. of Shares
Pranda Jewelry Public Company Limited, Thailand	51000
Gunjan Jewels Private Limited, India	49000
Total	100000

As on 24.08.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Jewelry.

GENERAL INFORMATION

No. of Employees :	Information declined by management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Ghalla and Bhansali Chartered Accountants
Address :	Devansh, 133, D.S.P. Road, Near Ranjit Studios, Dadar (East), Mumbai-400014, Maharashtra, India
PAN No.:	AACFG6361J
Holding Company :	Pranda Jewelry Public Company Limited
Associates :	Gujana Jewels Private Limited
Fellow Subsidiary Companies :	Pranda and Kroll GmbH and Company KG, Germany
Enterprises over which key management personnel has significant control :	Gunjan Jewels Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000
(b) Reserves & Surplus	(2.209)	(2.972)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(1.209)	(1.972)
(3) Non-Current Liabilities
(a) long-term borrowings	69.000	69.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.078	0.088
(d) long-term provisions	0.000	1.034
Total Non-current Liabilities (3)	69.078	70.122
(4) Current Liabilities
(a) Short term borrowings	0.000	0.200
(b) Trade payables	95.165	21.067
(c) Other current liabilities	6.796	7.346
(d) Short-term provisions	11.411	6.936
Total Current Liabilities (4)	113.372	35.549
TOTAL	181.241	103.699
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.414	6.838
(ii) Intangible Assets	0.393	0.470
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.881	1.226
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	12.688	8.534
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	117.736	79.917
(c) Trade receivables	25.002	7.410
(d) Cash and cash equivalents	6.375	2.634
(e) Short-term loans and advances	1.439	0.246
(f) Other current assets	18.001	4.958
Total Current Assets	168.553	95.165
TOTAL	181.241	103.699

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(1.417)
NETWORTH		(0.417)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		69.000
TOTAL BORROWING		69.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		68.583
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.934
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.905
	Sundry Debtors	5.974
	Cash & Bank Balances	1.768
	Other Current Assets	0.000
	Loans & Advances	1.815
Total Current Assets		84.462
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.168
	Other Current Liabilities	1.743
	Provisions	4.902
Total Current Liabilities		21.813
Net Current Assets		62.649
MISCELLANEOUS EXPENSES		0.000
TOTAL		68.583

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	272.187	176.687	NA
		Other Income	0.108	3.573	NA
		TOTAL	272.295	180.260	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	4.708
Less	TAX		NA	NA	0.659
	PROFIT/ (LOSS) AFTER TAX		0.763	(1.554)	4.049
	EARNINGS IN FOREIGN CURRENCY
		Discount	0.000	0.072
		Exports	0.851	2.249
	TOTAL EARNINGS		0.851	2.321	0.381
	IMPORTS
		Capital Goods	1.524	0.000	0.000
		Finished Goods	0.000	0.000	2.225
	TOTAL IMPORTS		1.524	0.000	2.225
	Earnings / (Loss) Per Share (Rs.)		7.63	(15.54)	40.49

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.28	(0.86)	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	5.21
Return on Investment (ROI) (PBT/Networth)		NA	NA	(2.39)
Debt Equity Ratio (Total Debt/Networth)		(57.07)	(35.09)	(165.47)
Current Ratio (Current Asset/Current Liability)		1.49	2.68	3.87

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payable
MSME Vendors	0.000	0.000
Other Vendors	95.165	21.067
Total	95.165	21.067	15.168

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	Yes
10]	Designation of contact person	Yes
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 involved in	-----
23]	Banking Details	No
24]	Banking facility details	No
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	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 610, The Corporate Park, Nirmal Lifestyle, LBS Road, Mulud (West), Mumbai-400080, Maharashtra, India to the esent address w.e.f. 22.07.2009

UNSECURED LOANS

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
69000 (P.Y. 69000) 7.5% Fully Compulsorily Convertible Debenture	69.000	69.000
Loans and Advances from related parties -Vinod Tejwani	0.000	0.200
Total	69.000	69.200

Note:

The above 7.5% Fully Compulsorily Convertible Debentures are issued to Related Party – Holding Company

FIXED ASSETS

¯ Tangible Assets

· Computer

· Furniture and Fixtures

· Machinery

· Motor Car

· Godrej Safe

· Mobile Phone

· C.C.T.V.

· Digicam

· EPBX

· Electrical Installation

· Air Conditioner

· Office Equipments

· Display Counter

· Water Tank

¯ Intangible Assets

· Software

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.59.78
UK Pound	1	Rs.91.14
Euro	1	Rs.77.98

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		15

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

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.