MIRA INFORM REPORT

Report Date :

27.06.2014

IDENTIFICATION DETAILS

Name :	SHREE RAJ MAHAL JEWELLERS LIMITED (w.e.f. 08.07.2011)
Formerly Known As :	SHREE RAJ MAHAL JEWELLERS PRIVATE LIMITED
Registered Office :	Shop No. 16,17,18, Diamond Mall, 2678/1, Gurudwara Road, Karol Bagh, Delhi - 110005
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.05.2009
Com. Reg. No.:	55-190236
Capital Investment / Paid-up Capital :	Rs. 13.936 Millions
CIN No.: [Company Identification No.]	U36103DL2009PLC190236
ITIN No.:	07300354842
TAN No.: [Tax Deduction & Collection Account No.]	DELS38969A
PAN No.: [Permanent Account No.]	AANCS0716P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and sale of gold and diamond Jewellery and also specializes in diamond – studded mobile phones, watches, pens and other accessories.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1210000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Have moderate risk of default.
Date	February 7, 2014

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. Anil Garg
Contact No.:	91-9899177056
Date :	24.06.2014

LOCATIONS

Registered Office :	Shop No. 16,17,18, Diamond Mall, 2678/1, Gurudwara Road, Karol Bagh, Delhi – 110005, India
Tel. No.:	91-11-45151414 / 45151415 / 45151416
Mobile No.:	91-9899177056 (Mr. Anil Garg)
Fax No.:	Not Available
E-Mail :	goelgroup@yahoo.in info@shreerajmahaljewellers.co.in
Website :	www.srmjewellers.com
	http://shreerajmahaljewellers.com
Branch Office 1 :	F-47, South Extension Part – 1, New Delhi – 110049, India
Tel. No.:	91-11-40354035
Branch Office 2 :	SRM House 2633 and 2634, Gurudwara - Karol Bagh, Bank Street, Gurudwara Road, Delhi – 110005, India
Tel. No.:	91-11-40254025 / 45578000

DIRECTORS

AS ON 25.09.2013

Name :

Mr. Parveen Gupta

Designation :

Director

Address :

E-270, Shastri Nagar, Delhi – 110052, India

Date of Birth/Age :

22.11.1979

Date of Appointment :

21.04.2010

PAN No.:

AEMPG0199J

DIN No. :

01207389

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	U51909DL2004PTC127471	GOEL EXIM INDIA PRIVATE LIMITED	Director	09/07/2004	09/07/2004	-	Active	NO
2	U45200DL2008PTC178711	P.L.B. INFRASTRUCTURE PRIVATE LIMITED	Director	28/05/2008	28/05/2008	-	Active	NO
3	U28998DL2005PTC133974	A P METACIL PRIVATE LIMITED	Director	10/11/2008	10/11/2008	-	Active	NO
4	U51909DL2009PTC190199	GOEL IMPEX PRIVATE LIMITED	Director	12/05/2009	12/05/2009	-	Active	NO
5	U36103DL2009PLC190236	SHREE RAJ MAHAL JEWELLERS LIMITED	Director	21/04/2010	25/05/2009	-	Active	NO
6	U36912DL2010PTC198681	SHREE RAJ MAHAL GEMS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	01/04/2010	Active	NO
7	U36912DL2010PTC198676	SHREE RAJ MAHAL DIAMONDS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	01/04/2010	Active	NO
8	U32200DL2010PTC201567	SHREE RAJ MAHAL OVERSEAS PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
9	U36911DL2010PTC201565	SHREE RAJ MAHAL GOLD PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
10	U36912DL2010PTC202033	SOLITAIRE WORLD PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
11	U36103DL2010PTC202337	SHREE RAJ MAHAL EXPORTS PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
12	U67120DL2010PTC206143	SRM SECURITIES PRIVATE LIMITED	Director	21/07/2010	21/07/2010	-	Active	NO
13	U70101DL2010PTC206278	KOLUMBUS INFRATECH PRIVATE LIMITED	Additional director	05/02/2011	05/02/2011	01/09/2011	Active	NO
14	U70109DL2010PTC209555	DPAG DEVELOPERS PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO
15	U70200DL2010PTC209556	DPAG INFRAPROJECTS PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO
16	U70101DL2010PTC209554	AGDP DEVELOPERS PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO
17	U70101DL2010PTC209182	DPAG PROJECTS PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO
18	U70101DL2010PTC209190	AGDP PROJECTS PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO
19	U66000DL2011PTC222231	SRM INSURANCE BROKING PRIVATE LIMITED	Director	13/07/2011	13/07/2011	-	Active	NO
20	U70100DL2011PTC214311	AGDP BUILDERS PRIVATE LIMITED	Director	01/02/2012	01/02/2012	-	Active	NO
21	U55101DL2012PTC232567	TEA JUNCTION PRIVATE LIMITED	Director	09/03/2012	09/03/2012	-	Active	NO
22	U74120UP2012PTC050668	SRM GLOBAL SECURITIES PRIVATE LIMITED	Director	25/05/2012	25/05/2012	-	Active	NO
23	U65923DL1997PTC088630	BLISS EQUITY PRIVATE LIMITED	Director	29/09/2012	14/08/2012	-	Active	NO
24	U55101DL2012PTC243191	SRM RESIDENCY PRIVATE LIMITED	Director	04/10/2012	04/10/2012	05/10/2012	Active	NO
25	U22120DL2012PTC243671	SRM ADVERTISING PRIVATE LIMITED	Director	16/10/2012	16/10/2012	-	Active	NO
26	U74120DL2009PTC186485	L P GOLD & JEWELLERY PRIVATE LIMITED	Director	01/12/2012	01/12/2012	-	Active	NO
27	U36911DL2013PTC252071	ZELOS JEWELS PRIVATE LIMITED	Director	15/05/2013	15/05/2013	-	Active	NO
28	U36911DL2013PTC252435	ZELOS INDIA PRIVATE LIMITED	Director	21/05/2013	21/05/2013	-	Active	NO
29	U36912DL2013PTC252941	ZELOS OVERSEAS PRIVATE LIMITED	Director	28/05/2013	28/05/2013	-	Active	NO
30	U70101DL2010PTC210618	SRM BUILDMART PRIVATE LIMITED	Director	20/09/2013	20/09/2013	-	Active	NO
31	U70102DL2010PTC210619	SRM INFRACON PRIVATE LIMITED	Director	20/09/2013	20/09/2013	-	Active	NO
32	U55204DL1990PTC042287	MICRO ENTERPRISES PRIVATE LIMITED	Additional director	08/10/2013	08/10/2013	-	Active	NO
33	U92413DL2014PTC266507	SHREE RAJ MAHAL ENTERTAINMENT PRIVATE LIMITED	Director	19/03/2014	19/03/2014	-	Active	NO
34	U63000DL2014PTC266495	RAHI CAB PRIVATE LIMITED	Director	19/03/2014	19/03/2014	-	Active	NO
35	U63000DL2014PTC266598	SRM TOURISM SERVICES PRIVATE LIMITED	Director	20/03/2014	20/03/2014	-	Active	NO

Name :

Mr. Pradeep Goel

Designation :

Director

Address :

E-270, Shastri Nagar, Delhi – 110052, India

Date of Birth/Age :

28.04.1982

Date of Appointment :

12.05.2009

PAN No. :

AGTPG6068M

DIN No. :

00942609

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	U51909DL2007PLC163364	GINNI GOLD LIMITED	Director	16/05/2007	16/05/2007	-	Active	NO
2	U45200DL2008PTC178711	P.L.B. INFRASTRUCTURE PRIVATE LIMITED	Director	28/05/2008	28/05/2008	-	Active	NO
3	U72200DL2008PTC181747	KARMA INFOSOFT PRIVATE LIMITED	Additional director	06/09/2008	06/09/2008	25/03/2009	Active	NO
4	U45400DL2008PTC183980	LAXMI BUILDMART PRIVATE LIMITED	Additional director	14/10/2008	14/10/2008	01/04/2014	Active	YES
5	U51909DL2008PTC185139	RAINBOW TRAXIM PRIVATE LIMITED	Director	21/11/2008	21/11/2008	02/04/2010	Active	NO
6	U51101DL2008PTC184865	MAHALAXMI TRAXIM PRIVATE LIMITED	Additional director	10/02/2009	10/02/2009	-	Strike off	NO
7	U72900DL2008PTC184861	STAR DEVSOFT PRIVATE LIMITED	Additional director	10/02/2009	10/02/2009	28/08/2010	Active	NO
8	U36103DL2009PLC190236	SHREE RAJ MAHAL JEWELLERS LIMITED	Director	12/05/2009	12/05/2009	-	Active	NO
9	U51909DL2009PTC190199	GOEL IMPEX PRIVATE LIMITED	Director	12/05/2009	12/05/2009	-	Active	NO
10	U28998DL2005PTC133974	A P METACIL PRIVATE LIMITED	Director	18/01/2010	18/01/2010	-	Active	NO
11	U36912DL2010PTC198676	SHREE RAJ MAHAL DIAMONDS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	-	Active	NO
12	U36912DL2010PTC198681	SHREE RAJ MAHAL GEMS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	-	Active	NO
13	U32200DL2010PTC201567	SHREE RAJ MAHAL OVERSEAS PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
14	U36911DL2010PTC201565	SHREE RAJ MAHAL GOLD PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
15	U36912DL2010PTC202033	SOLITAIRE WORLD PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
16	U36103DL2010PTC202337	SHREE RAJ MAHAL EXPORTS PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
17	U45400DL2008PTC184556	SHREE GANPATI GOLD PROJECTS PRIVATE LIMITED	Director	16/08/2010	16/08/2010	-	Active	NO
18	U27205DL2009PTC187976	BHAVYA GOLD PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
19	U70102DL2010PTC210619	SRM INFRACON PRIVATE LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
20	U70101DL2010PTC210618	SRM BUILDMART PRIVATE LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
21	U70101DL2011PTC214589	SHREE GANPATI GOLD DEVELOPERS PRIVATE LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO
22	U70109DL2011PTC215006	SHREE RAJ MAHAL CONSTRUCTIONS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
23	U70109DL2011PTC215001	SHREE RAJ MAHAL BUILDERS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
24	U70200DL2011PTC215000	SHREE RAJ MAHAL INFRASTRUCTURE PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
25	U36996DL2008PTC179220	SHREE GANPATI GOLD PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO
26	U70100DL2011PTC214262	DPAG BUILDMART PRIVATE LIMITED	Director	01/05/2011	01/05/2011	-	Active	NO
27	U70109DL2011PTC214259	DPAG BUILDCON PRIVATE LIMITED	Director	01/05/2011	01/05/2011	-	Active	NO
28	U45400DL2007PTC165970	EXCELLENT INFRATECH PRIVATE LIMITED	Director	25/05/2011	25/05/2011	01/08/2011	Active	NO
29	U70100DL2011PTC214251	AGDP BUILDMART PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
30	U70100DL2011PTC214248	AGDP BUILDCON PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
31	U70100DL2011PTC214311	AGDP BUILDERS PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
32	U36911DL2010PTC211535	PAM JEWELLERS PRIVATE LIMITED	Director	17/09/2011	17/09/2011	01/09/2012	Active	NO
33	U70100DL2010PTC203186	PAM CONSTRUCTIONS PRIVATE LIMITED	Director	17/09/2011	17/09/2011	01/09/2012	Active	NO
34	U70200DL2010PTC209557	AGDP INFRAPROJECTS PRIVATE LIMITED	Director	01/01/2012	01/01/2012	14/03/2013	Active	NO
35	U70200DL2010PTC209559	DPAG BUILDERS PRIVATE LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
36	U70101DL2010PTC209191	AGDP PROPERTIES PRIVATE LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
37	U74120DL2009PTC186480	SRM COMMODITIES PRIVATE LIMITED	Director	20/02/2012	20/02/2012	-	Active	NO
38	U51909DL2011PTC214206	COSMOS TRADEXIM PRIVATE LIMITED	Additional director	20/07/2012	20/07/2012	-	Active	NO
39	U22120DL2012PTC243671	SRM ADVERTISING PRIVATE LIMITED	Director	16/10/2012	16/10/2012	-	Active	NO
40	U74120DL2009PTC186485	L P GOLD & JEWELLERY PRIVATE LIMITED	Director	01/12/2012	01/12/2012	-	Active	NO
41	U20222DL2006PTC155526	SKG DOORS PRIVATE LIMITED	Director	15/12/2012	15/12/2012	-	Active	NO
42	U55101DL2012PTC243191	SRM RESIDENCY PRIVATE LIMITED	Director	01/01/2013	01/01/2013	-	Active	NO
43	U36911DL2013PTC252071	ZELOS JEWELS PRIVATE LIMITED	Director	15/05/2013	15/05/2013	-	Active	NO
44	U36911DL2013PTC252435	ZELOS INDIA PRIVATE LIMITED	Director	21/05/2013	21/05/2013	-	Active	NO
45	U36912DL2013PTC252941	ZELOS OVERSEAS PRIVATE LIMITED	Director	28/05/2013	28/05/2013	-	Active	NO
46	U36910DL2011PTC213874	COSMOS JEWELLERS PRIVATE LIMITED	Director	01/01/2014	01/01/2014	-	Active	NO
47	U92413DL2014PTC266507	SHREE RAJ MAHAL ENTERTAINMENT PRIVATE LIMITED	Director	19/03/2014	19/03/2014	-	Active	NO
48	U63000DL2014PTC266495	RAHI CAB PRIVATE LIMITED	Director	19/03/2014	19/03/2014	-	Active	NO
49	U63000DL2014PTC266598	SRM TOURISM SERVICES PRIVATE LIMITED	Director	20/03/2014	20/03/2014	-	Active	NO
50	U74899DL1969PTC005127	JASJEET FILMS PRIVATE LIMITED	Director	01/04/2014	01/04/2014	-	Active	NO

Name :

Mrs. Ginni Devi

Designation :

Director

Address :

E-270, Shastri Nagar, Delhi – 110052, India

Date of Birth/Age :

12.11.1956

Date of Appointment :

12.05.2009

PAN No. :

ACCPD2043E

DIN No. :

00942555

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	U51909DL2007PLC163364	GINNI GOLD LIMITED	Director	16/05/2007	16/05/2007	-	Active	NO
2	U65923DL2008PLC184602	GINNI CAPITAL LIMITED	Director	03/11/2008	03/11/2008	-	Active	NO
3	U36103DL2009PLC190236	SHREE RAJ MAHAL JEWELLERS LIMITED	Director	12/05/2009	12/05/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2013

DETAILS OF SHAREHOLDERS FILE ARE ATTACHED

AS ON 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	25.50
Directors or relatives of Directors	74.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and sale of gold and diamond Jewellery and also specializes in diamond – studded mobile phones, watches, pens and other accessories.
Brand Name :	“SAVRA”

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Bank of India, New Delhi Mid Corporate Branch, 37, Shaheed Bhagat Singh Marg, New Delhi - 110001, India

· Federal Bank Limited, 1001, Faiz Road, Karol Bagh, New Delhi - 110005, India

· Central Bank of India, Ajmal Khan Road, Karol Bagh, New Delhi, Delhi - 110005, India

· Corporation Bank, M-41, Connaught Circus, New Delhi - 110001, India

· Bank of India (Lead Bank), New Delhi Mid Corporate Branch, 37, Saheed Bhagat Singh Marg, Connaught Place, New Delhi - 110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from others	106.027	0.000
SHORT TERM BORROWINGS
Rupee term loans from others	3.056	0.000
Working capital loans from banks	803.529	433.238
Total	912.612	433.238

Banking Relations :	--
Financial Institution:	Reliance Capital Limited, "H" Block , 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India
Auditors :
Name :	A P R A and Associates Chartered Accountantss
Address :	294, Rajdhani Enclavepitam Pura
PAN No.:	AANFA4907F
Associate :	· P. L. B. Infrastructure Private Limited [U45200DL2008PTC178711] · Cosmos Tradexim Private Limited [U51909DL2011PTC214206]

CAPITAL STRUCTURE

After 25.09.2013

Authorised Capital : Rs. 360.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 359.945 Millions

AS ON 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.2/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9288000	Equity Shares	Rs.2/- each	Rs.18.576 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.2/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6968000	Equity Shares	Rs.2/- each	Rs.13.936 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.936	13.936	13.936
(b) Reserves & Surplus	287.456	231.533	189.577
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	301.392	245.469	203.513
(3) Non-Current Liabilities
(a) long-term borrowings	113.027	23.500	25.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.093
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	113.027	23.500	25.093
(4) Current Liabilities
(a) Short term borrowings	806.586	433.238	451.145
(b) Trade payables	183.211	138.374	181.403
(c) Other current liabilities	4.670	4.919	6.545
(d) Short-term provisions	34.599	21.533	11.087
Total Current Liabilities (4)	1,029.066	598.064	650.180
TOTAL	1,443.485	867.033	878.786
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.987	10.051	10.651
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.239	0.118	0.000
(d) Long-term Loan and Advances	11.047	0.247	0.247
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	25.273	10.416	10.898
(2) Current assets
(a) Current investments	0.000	0.000	2.543
(b) Inventories	1,266.755	805.714	679.151
(c) Trade receivables	94.439	37.373	137.544
(d) Cash and cash equivalents	47.470	6.153	39.501
(e) Short-term loans and advances	9.548	7.377	9.149
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1,418.212	856.617	867.888
TOTAL	1,443.485	867.033	878.786

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	5,136.161	4,307.620	3,085.609
	Other Income	0.019	0.003	0.042
	TOTAL (A)	5,136.180	4,307.623	3,085.651
Less	EXPENSES
	Cost of Materials Consumed	785.652	838.940	3,271.408
	Purchases of Stock-in-Trade	4,298.713	3,460.516	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(195.126)	(166.189)	(347.331)
	Employees benefits expense	15.653	12.972	8.533
	Other expenses	62.414	26.397	37.880
	TOTAL (B)	4,967.306	4,172.636	2,970.490
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	168.874	134.987	115.161
Less	FINANCIAL EXPENSES (D)	82.267	67.780	49.855
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	86.607	67.207	65.306
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.844	2.307	1.518
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	84.763	64.900	63.788
Less	TAX (H)	27.507	23.444	22.819
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	57.256	41.456	40.969
	Earnings / (Loss) Per Share (Rs.)	8.22	5.95	6.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.11	0.96	1.33
Net Profit Margin (PBT/Sales)	(%)	1.65	1.51	2.07
Return on Total Assets (PBT/Total Assets}	(%)	5.87	7.49	7.26
Return on Investment (ROI) (PBT/Networth)		0.28	0.26	0.31
Debt Equity Ratio (Total Debt /Networth)		3.05	1.86	2.34
Current Ratio (Current Asset/Current Liability)		1.38	1.43	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.936	13.936	13.936
Reserves & Surplus	189.577	231.533	287.456
Net worth	203.513	245.469	301.392
long-term borrowings	25.000	23.500	113.027
Short term borrowings	451.145	433.238	806.586
Total borrowings	476.145	456.738	919.613
Debt/Equity ratio	2.340	1.861	3.051

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	3,085.609	4,307.620	5,136.161
		39.604	19.234

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	3,085.609	4,307.620	5,136.161
Profit/(Loss) After Tax	40.969	41.456	57.256
	1.33%	0.96%	1.11%

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	Yes
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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from others	0.000	13.500
Other loans and advances, others	7.000	10.000
Total	7.000	23.500

BUSINESS OVERVIEW

The Company’s operations include manufacturing through the well reputed artisans ( karigars) and wholesale and retail trading of jewellery. It offers a wide range of exclusively designed 100% Hallmarked Gold jewellery, Diamond Studded jewellery and other jewellery including Silver articles, with a focus on jewellery for weddings and also has exclusive collections of Diamond studded Mobile Phones, Watches, Pens, Cufflinks, Belt, Buckles, etc.

PRODUCT WISE REVENUE:

As you already know that the company mainly deals in Gold Jewellery and Diamond Studded Jewellery of different percentage of purities, the total sales comprises of the three parts, i.e. Gold, Diamond and other jewellery, as shown below. Gold has always been a connection between human relations and their sentiments. Thus, a major part of the revenue of the company comes from gold jewellery and less from diamond and other jewellery.

AWARDS AND RECOGNITIONS

During the year, the company has won the National Jewellery Award 2013 in the category - BEST GOLD JEWELLERY OF THE YEAR – BRIDAL- by setting the standard for innovation and creativity in the jewellery sector.

The award not only represents the innovative designs but its also a testament to the skill, ingenuity, and vision of Shree Raj Mahal Jewellers Limited.

Shree Raj Mahal Jewellers was also nominated in another three categories and these were:

Ø Best Paramparik Jewellery of The Year

Ø Best Single Store of The Year- North,

Ø Best Advertising Campaign of The Year-Print

The directors’ endeavor for achieving a better market position has given fruitful results. They promise to hold this strut position achieved and strive for top position in future, by knocking down the competitors.

PRODUCT SEGMENTS

The company has entered into two product segments of Jewellery. One is – Svara-, a new brand name given to the latest range of gold Jewellery for wedding and all other cultural occasions. And the other is Sondaraya which is the brand name given to the range of designer diamond jewellery for all occasions. The two product segments express the thought that gold symbolizes with tradition and emotions, whereas diamond makes a women shine brighter.

They are further delighted to enlighten you that, during the year, your company has also became the authorized FOREVERMARK Jeweller. FOREVERMARK is a part of the De Beers group of companies, UK based brand, famous for its genuine, untreated and natural diamonds, which are inscribed with the Forevermark icon not visible to the naked eyes.

INDIAN GEMS AND JEWELLERY INDUSTRY

INDUSTRY TRENDS

The gold and jewellery industry has seen many ups and downs in the financial year 2012-13. Despite continuous efforts of the government to curb gold imports, there was not much decline in Gold imports during the fiscal year 2012-2013.

Indian gems and jewellery sector grew at a Compounded Annual Growth Rate (CAGR) of around 13% during 2011-2013, as per a RNCOS report. The net exports of gems and jewellery from India during April 2012-December 2012 stood at US$ 27,638.39 million, including that of cut and polished diamonds at US$ 11,501.45 million, gold at US$ 14,224.67 million, colored gemstones at US$ 225.49 million and silver jewellery at US$ 578.65 million, besides others, according to Gem and Jewellery Export Promotion Council of India (GJEPC).

Gold covers about 80 per cent of the Indian jewellery market and the rest of the part is covered by the fabricated studded jewellery consisting diamond and gemstone studded jewellery.

GLOBAL ANNUAL MARKET TRENDS

The jewellery market worldwide has grown steadily over the last few years and it slowed down during the global economic recession but is likely to grow at a faster rate compared to the growth rate of past three years. The value of world's jewellery market is expected to grow at the CAGR of over 5% over the next five years. The global market for jewellery is expected to surpass USD 257 billion in 2017. The market is predominantly driven by the Asia Pacific and the Middle Eastern markets, but U.S. continues to remain the dominant player in the industry.

India had a strong influence on global gold consumer demand during the financial year 2012-2013. India alongwith China, continued to dominate global consumer demand to a near average of 30-40% global share of consumer markets of gold jewellery, bar and coin. However the global sector remained under pressure, due to higher prices of gold and weaker consumer sentiment. Decline in the sector was due to sharp fall in Indian jewellery demand, as gold prices reached record levels in excess of ` 30,000/ 10g due to depreciated Rupee against US Dollar. Thus, the gold demand declined in first quarter of the financial year 2012-2013. In local currency terms, the value of Indian jewellery demand was 10% down. A number of factors created an unsupportive environment for gold jewellery demand in India. Slow GDP growth, record high local gold prices caused by currency fluctuations, stubborn domestic inflation, high interest rates, and fears of a poor monsoon season, all contributed to the year-on-year fall in demand. The price impact was the most prominent of these. The fluctuations in the exchange rates added to consumers reluctance to buy jewellery as this fed through to gold price volatility. However, the prices stabilized after a few months as the rupee recovered its value. In fact, there was a highest increase in year-on-year consumer demand of gold in India amongst all nations of the world.

The financial year began amid a nationwide strike among gold jewelers in protest at the government?s plan to impose an excise duty on all gold jewellery. The swift removal of these plans restored relative stability in market in the opening week of the quarter and thus strong buying was seen on Akshay Tritiya festival on 24 th April, 2012. But demand quickly lost momentum in the aftermath of the festival as the local currency gold prices rose to record level of around ` 30,000/ 10g in June and with fewer auspicious days of marriages, demand lost its usual impetus during the traditional May wedding season.

In the second quarter the Indian market saw a 12% growth in bar and coin segment demand. India became the strongest performer in the market with growth in jewellery demand. Improving sentiments among domestic consumers, led to a growth in bar and coin demand.

The year was a mix of fortunes for gold’s largest market. Following a first half in which consumers faced headwinds in the form of higher import duties, market turmoil over proposed measures to curb gold imports and a sharp rise in the local price of gold, Indian demand staged a strong revival in the second half of the year. The market continued to thrive during the wedding season and festive period, the highlight being Diwali, when the gold demand was particularly buoyant. Due to expectations of hike in import duty on gold in December, there was stock building by bullion dealers.

India propelled growth of 20% in both jewellery and bar and coin demand once again. India saw a highest year-on-year rise in total consumer demand. Indian jewellery market benefited from a supportive environment created by a good spring harvest and impact on incomes among the all important rural population. There was a dip in the rural price of gold during February, as rupee recovered.

Thus the consumer demand for gold was down in first half and highest in second half. Indian customers gained the sentiments for gold and gave importance to gold as an investment and metal. India accounted for much of 11% year on year improvement in jewellery demand, festival and wedding related purchases.

ROAD AHEAD

In spite of the fact that jewellery market in India is under pressure because of depreciating Rupee, the Indian gems and jewellery market is slated to achieve strong growth ahead, owing to the huge market potential and the extensive consumer base. Currently, the industry is covered by the unorganized players who operate on small margins. It is expected that the organized jewellery retail market in India is expected to grow more than 30% in the next couple of years given the changing lifestyle and urbanization.

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem and Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28% in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28%. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10477825	31/01/2014	150,000,000.00	CENTRAL BANK OF INDIA	AJMAL KHAN ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	B96461520
2	10464719	13/11/2013	100,000,000.00	CORPORATION BANK	M-41, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001  , INDIA	B91350504
3	10453283	19/05/2014 *	1,250,000,000.00	BANK OF INDIA (LEAD BANK)	NEW DELHI MID CORPORATE BRANCH, 37, SAHEED BHAGAT  SINGH MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	C06560908
4	10427214	25/04/2013	150,000,000.00	FEDERAL BANK LIMITED	1001, FAIZ ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	B75651836
5	10416842	28/03/2013	250,000,000.00	STATE BANK OF PATIALA	MID CORPORATE BRANCH, AMBADEEP BUILDING (GROUND F  LOOR), 14, K.G. MARG, NEW DELHI, DELHI - 110001, INDIA	B72305311
6	10407115	07/02/2013	150,000,000.00	STATE BANK OF TRAVANCORE	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B69228344
7	10383891	31/10/2012	220,000,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	B61076923
8	10219844	01/05/2010	450,000,000.00	BANK OF INDIA	NEW DELHI CORPORATE BANKING BRANCH, 37, SHAHEED BHAGAT SINGH MARG, NEW DELHI, DELHI - 110001, INDIA	A85535961

* Date of charge modification

FIXED ASSETS

· Buildings

· Office building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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.60.16
UK Pound	1	Rs.102.23
Euro	1	Rs.82.04

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	SNT

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	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.