MIRA INFORM REPORT

Report Date :

20.03.2014

IDENTIFICATION DETAILS

Name :	CHINTAMANI JEWELS
Registered Office :	Office No. 13, Mumbadevi Chambers, Zaveri Bazaar, Shaikh Memon Street, Mumbai-400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.01.2011
Capital Investment / Paid-up Capital :	Rs. 37.490 Millions
PAN No.: [Permanent Account No.]	AAHFC1825G
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer of Chains, Bracelets, Bangles, Rings, Earrings, Medallions and Half Sets Including All Its Variants – Both Contemporary, Light Weight, Hollow, Multi-Colored Western as well as Ethnic and Traditional Indian.
No. of Employees :	14 [In Office 4 and In Factory 10] Approximately

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having moderate track record. There is a drastic dip in profit of the concern in the year 2013. External borrowing of the concern has increased as compared to previous year. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The concern can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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 :	Ms. Sonica
Designation :	Account Department
Contact No.:	91-22-67085549
Date :	18.03.2014

LOCATIONS

Registered Office :	Office No. 13, Mumbadevi Chambers, Zaveri Bazaar, Shaikh Memon Street, Mumbai-400002, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bk.kadam@gmail.com
Branch / Administrative Office :	2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Location :	Owned

PARTNERS

Name :	Mr. Balasaheb Abasaheb Kadam
Designation :	Partner
Address :	2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Date of Birth/Age :	59 Years
Qualification :	MBA
Experience :	27 Years
Name :	Mrs. Sulbha Balasaheb Kadam
Designation :	Partner
Address :	2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Date of Birth/Age :	56 Years
Qualification :	M.A.
Experience :	25 Years

KEY EXECUTIVES

Name :	Ms. Sonica
Designation :	Account Department

BUSINESS DETAILS

Line of Business :	Manufacturer of Chains, Bracelets, Bangles, Rings, Earrings, Medallions and Half Sets Including All Its Variants – Both Contemporary, Light Weight, Hollow, Multi-Colored Western as well as Ethnic and Traditional Indian.
Terms :
Selling :	Credit [60 Days]
Purchasing :	Credit [60 Days]

GENERAL INFORMATION

Suppliers :	Raksha Bullion Chenaji Narsingji Marks Gold Jain Diamonds Private Limited Tirupati Jewellers Daksh Diamonds Private Limited
Customers :	Wholesalers and Retailers Riya Gold Atharv Sales and Services Private Limited D G Gold Centre Akansha Jewellers Shreeji Multitrade Private Limited Vaishnavi Jewels Vijayraj Jewellers
No. of Employees :	14 [In Office 4 and In Factory 10] Approximately
Bankers :	The Janata Sahakari Bank Limited, Mittal Industrial Estate, Andheri Kurla Road, Sakinaka, Andheri (East), Mumbai, Maharashtra, India
Facilities :	Credit Limit: Cash CreditRs.80.000 Millions and ILC/FLC as Sublimit of Cash Credit Rs.70.000 Millions

Banking Relations :	--
Auditors :
Name :	GSV and Company Chartered Accountants
Address :	110 and 1^st Floor, 21t Century Business Centre, Ring Road, Surat-395002, Gujarat, India
Tel. No.:	91-261-4003090
Sister Concern :	K & K Jewellers Address: 2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India Line of Business: Manufacturer, Exporter and Reseller of Gold/Silver/Ornaments Tejas Jewels Address: 2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India Line of Business: Manufacturing and Trading in Gold/Silver/Ornaments K & K Gold Private Limited Address: 2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India Line of Business: Manufacturer, Exporter and Reseller of Gold/Silver/Ornaments

CAPITAL STRUCTURE

AS ON 31.03.2013

Capital Investment :
Owned :	Rs. 37.490 Millions
Borrowed :	--
Total :	Rs. 37.490 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partners Capital		37.490	34.093
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		37.490	34.093
LOAN FUNDS
1] Secured Loans		80.848	69.732
2] Unsecured Loans		14.549	13.825
TOTAL BORROWING		95.397	83.557
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		132.887	117.650
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		3.749	1.750
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.207	31.945
	Sundry Debtors	137.244	92.984
	Cash & Bank Balances	0.086	0.143
	Other Current Assets	2.243	2.534
	Loans & Advances	3.100	0.200
Total Current Assets		179.880	127.806
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.694	10.993
	Other Current Liabilities	0.409	0.913
	Provisions	1.639	0.000
Total Current Liabilities		50.742	11.906
Net Current Assets		129.138	115.900
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		132.887	117.650

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	763.025	476.478
		Other Income	4.604	4.611
		TOTAL	767.629	481.089
Less	EXPENSES
		Cost of Goods Sold	750.370	467.142
		Direct Expenses	0.280	0.597
		Audit Fees	0.050	0.100
		Bank Charges	0.007	0.085
		Custom Registration Charges	0.007	0.000
		Conveyance	0.000	0.031
		Franking Charges	0.000	0.321
		Insurance Charges	0.013	0.013
		Interest on CC	9.794	5.249
		Lease Rent	0.001	0.000
		Loan Processing Charges	0.865	0.540
		Misc. Expenses	0.000	0.010
		Membership Fees	0.000	0.002
		Office Expenses	0.000	0.012
		Postage and Telegram	0.003	0.002
		Printing and Stationery	0.005	0.015
		Professional Charges	0.800	0.015
		RCME Annual Charges	0.012	0.000
		Rent, Rate, Taxes	0.001	0.029
		Service Charges (SEZ)	0.259	0.000
		Staff Welfare	0.000	0.020
		Salary	0.108	0.279
		Telephone Charges	0.001	0.000
		Travelling Expenses	0.016	0.010
		Provision For Tax 2012-2013	1.640	0.000
		TOTAL	764.232	474.472
	NET PROFIT / (LOSS)		3.397	6.617

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	0.44	1.37
Net Profit Margin (PBT/Sales)	(%)	0.45	1.39
Return on Total Assets (PBT/Total Assets}	(%)	1.89	5.17
Return on Investment (ROI) (PBT/Networth)		0.09	0.19
Debt Equity Ratio (Total Debt/Networth)		2.54	2.45
Current Ratio (Current Asset/Current Liability)		3.54	10.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	34.093	37.490
Reserves & Surplus	0.000	0.000
Net worth	34.093	37.490
Secured Loan	69.732	80.848
Unsecured Loan	13.825	14.549
Total borrowings	83.557	95.397
Debt/Equity ratio	2.451	2.545

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	476.478	763.025
		60.139

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	476.478	763.025
Profit	6.617	3.397
	1.39%	0.45%

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 two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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NETWORTH CERTIFICATE OF MRS. SULBHA BALASAHEB KADAM AS ON 31.03.2013

Name

Mrs. Sulbha Balasaheb Kadam

Office/Place of Business Details

Postal Address	Office No. 13, 101, Mubadevi Chambers, Shaikh Memon Street, Zaveri Bazaar, Mumbai-400002, Maharashtra, India
Owned / Rented	Rent Free
Contact Details	Tel No.: 91-22-66344755 Fax No.: 91-22-66345449

Residential Address

Postal Address	2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Owned / Rented	Owned [Balasaheb Kadam HUF]
Contact Details	Tel No.: 91-22-25797449 Mobile No.: 91-9819112029

Banker Details

Name of Banker	ICICI Bank Limited
Banking Since	1997
Account Details	Type: Saving A/c. No.: 002001075014

STATEMENT OF ASSETS AND LIABILITIES

IMMOVABLE PROPERTIES

Rs. In Millions

			31.03.2012	31.03.2013
PROPERTY DETAILS	PROPERTY ADDRESS	SHARE	MARKET VALUE	MARKET VALUE
Land	Lonawala property at Lonawala , Near Mumbai Pune Express Highway [Balasaheb Kadam HUF]	25%	25.000	31.250
Residential Flat	Residential Flat, 2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India [Balasaheb Kadam HUF]	25%	16.250	18.125
Furniture and Fixture	House Hold Furniture	25%	0.225	0.225
Interior Decoration	Residential Flat, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India	25%	2.375	2.375
TOTAL IMMOVABLE PROPERTIES			43.850	51.975

Rs. In Millions

DETAILS OF MOVABLE PROPERTIES
Investment in Private Limited Companies / Firm	4.950	4.950
Gold Jewellery	0.850	0.850
Cash and Bank Balance	0.345	0.450
TOTAL MOVABLE PROPERTIES	6.145	6.250
TOTAL ASSETS [TOTAL IMMOVABLE PROPERTIES + TOTAL MOVABLE PROPERTIES] [A]	49.995	58.225

LIST OF LIABILITIES [B]
Unsecured Loans from Friends and Relatives	4.950	4.950
TOTAL LIABILITIES [B]	4.950	4.950
NETWORTH [A – B ]	45.045	53.275

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NETWORTH CERTIFICATE OF MR. BALASAHEB ABASAHEB KADAM AS ON 31.03.2013

Name

Mr. Balasaheb Abasaheb Kadam

Office/Place of Business Details

Postal Address	Office No. 13, 101, Mubadevi Chambers, Shaikh Memon Street, Zaveri Bazaar, Mumbai-400002, Maharashtra, India
Owned / Rented	Rent Free
Contact Details	Tel No.: 91-22-66344755 Fax No.: 91-22-66345449

Residential Address

Postal Address	2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Owned / Rented	Owned
Contact Details	Tel No.: 91-22-25797449 Mobile No.: 91-9819110722
E-Mail ID	bk.kadam@gmail.com

Banker Details

Name of Banker	ICICI Bank Limited
Banking Since	1998
Account Details	Type: Saving A/c. No.: 002001545972

STATEMENT OF ASSETS AND LIABILITIES

IMMOVABLE PROPERTIES

Rs. In Millions

			31.03.2012	31.03.2013
PROPERTY DETAILS	PROPERTY ADDRESS	SHARE	MARKET VALUE	MARKET VALUE
Land	Industrial Land at Osmanabad, District Osmanabad	100%	25.000	40.000
Land	Lonawala Property at Lonawala, Near Mumbai Pune Express Highway	100%	100.000	125.000
Residential Flat	Residential Flat, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India	100%	60.000	72.500
Residential Flat	Residential Flat, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India [HUF]	25%	0.000	18.125
Residential Flat	Residential Flat at Parel, Mumbai Flat No. A-201	100%	0.000	34.800
Residential Flat	Residential Flat at Parel, Mumbai Flat No. A-202	100%	0.000	32.605
Residential Flat	Residential Flat at Parel, Mumbai Flat No. A-302	100%	0.000	32.605
Residential Flat	Residential Flat at Jalvayu Vihar, Powai, Mumbai-400076, Maharashtra, India	100%	17.500	22.500
Office	Chintamani Jewellers (Thane) Private Limited, Talao Pali, Jambhali Naka, Thane (West) – 400601, Maharashtra, India	100%	39.000	50.000
Furniture and Fixture	House Hold Furniture		2.250	2.250
Interior Decoration	Residential Flat, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India		9.500	9.500
TOTAL IMMOVABLE PROPERTIES			253.250	439.885

Rs. In Millions

DETAILS OF MOVABLE PROPERTIES
Vehicle	2.764	3.575
Investment in Private Limited Companies / Firm	84.582	189.737
Other Investments [NSC / Bonds etc]	0.078	0.078
LIC	3.075	14.121
Jewellery (Gold)	3.850	3.490
Cash and Bank Balance	0.825	2.267
TOTAL MOVABLE PROPERTIES	95.174	213.268
TOTAL ASSETS [TOTAL IMMOVABLE PROPERTIES + TOTAL MOVABLE PROPERTIES] [A]	348.424	653.153

LIST OF LIABILITIES [B]
Secured Loans From Financial Institution	1.265	59.223
Unsecured Loans from Friends and Relatives	21.532	47.517
TOTAL LIABILITIES [B]	22.797	106.740
NETWORTH [A – B ]	325.627	546.413

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OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	ESTIMATE	PROJECTION	PROJECTION
Gross Sales
Domestic Sales	839.328	923.261	1015.587
Export Sales	0.000	0.000	0.000
Total	839.328	923.261	1015.587
Less: Excise Duty/WCT	0.000	0.000	0.000
Net Sales	839.328	923.261	1015.587
% age rise (+) or fall (-) in net sales compared to previous year (annualized)	10.00%	10.00%	10.00%
Cost of Sales
Raw Material Consumed
- Imported	828.496	906.346	997.081
- Domestic	0.000	0.000	0.000
Other trading expenses [Process charges, carriage inward, comm, and brokerage on purchases. etc.]	0.307	0.336	0.370
Sub-Total	828.803	906.682	997.451
Add: Opening Stock in process	37.208	42.707	46.819
Sub Total	866.011	949.389	1044.269
Less: Closing stock in process	42.707	46.819	51.498
Sub-Total (Cost of Production)	823.304	902.570	992.771
Add: Opening Stock of Finished Goods	0.000	0.000	0.000
Subtotal	823.304	902.570	992.771
Less: Closing Stock of Finished Goods	0.000	0.000	0.000
Sub-Total (Cost of Sales)	823.304	902.570	992.771
Selling, general and administrative Expenses	2.662	2.929	3.971
Operating profit before interest	13.362	17.762	18.844
Interest	10.016	12.495	12.495
Depreciation	0.000	0.000	0.000
Operating profit after interest and depreciation	3.346	5.267	6.349
Add: other Non-Operating Income
- Foreign Exchange Diff.	4.600	4.700	4.800
- Dividend Received	0.000	0.000	0.000
Sub-Total (Income)	4.600	4.700	4.800
Net of Other Non-Operating Income/Expenses	4.650	4.675	4.700
Profit before tax/Loss	7.996	9.942	11.049
Less: Provision for taxes	2.471	3.072	3.414
Net Profit	5.525	6.870	7.635
Retained Profit	5.525	6.870	7.635
Retained Profit / Net Profit (% age)	100.00 %	100.00 %	100.00 %

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	ESTIMATE	PROJECTION	PROJECTION
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
From applicant Banks	25.000	25.000	25.000
From Other Banks	80.000	80.000	80.000
Sub Total (A)	105.000	105.000	105.000
Short Term Borrowings from others	0.000	0.000	0.000
Sundry creditors [Trade]	52.746	68.820	86.339
Sundry creditors [Expenses]	0.000	0.000	0.000
Advance payments from customers/ deposits from dealers	1.200	1.400	1.600
Provision of taxes	0.000	0.000	0.000
Dividend Payable	2.471	3.072	3.414
Other Statutory Liabilities (Due within one year)	0.015	0.020	0.025
Deposits/ Installments of Term/ loans/DPGs/Debentures etc. (Due within one year)	0.000	0.000	0.000
Other current liabilities and provision (Due within one year)	0.500	0.505	0.510
Sub – Total (B)	56.932	73.817	91.888
Total Current Liabilities	161.932	178.817	196.888
TERM LIABILITIES	161.932	178.817	196.888
Debentures (Not Maturing within one year)	0.000	0.000	0.000
Preferences Shares (Redeemable after one year)	0.000	0.000	0.000
Prop. Term Loan excluding installments < 1 year	0.000	0.000	0.000
Term Loans (Excluding Installment)	0.000	0.000	0.000
Deferred Installment (Due within one year)	0.000	0.000	0.000
Term deposit (repayable one year)	0.000	0.000	0.000
Other Term Liabilities	16.200	16.200	16.200
Total Term Liabilities	16.200	16.200	16.200
Total of Outside Liabilities	178.132	195.017	213.088
Net Worth
Share Capital Account	37.490	43.515	50.385
General Reserve	0.000	0.000	0.000
Shares Premium Account	0.000	0.000	0.000
Plus (+) or deficit (-) in Profit and Loss Account others (Specify)	5.525	6.870	7.635
Differed Tax Liability	0.000	0.000	0.000
Net Worth	43.015	50.385	58.020
TOTAL LIABILITIES	221.147	245.402	271.108
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.090	0.100	0.110
Fixed deposit with bank	0.000	0.000	0.000
Receivable Other than Exports	138.500	156.984	175.991
Installment of deferred receivable (due within one year)	0.000	0.000	0.000
INVENTORY:
Raw materials (including stores and other item used in the process of manufacturing)
Imported	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000
Stock – in – process	33.855	35.000	37.000
Finished Goods	0.000	0.000	0.000
Other Consumable Spares
Imported Consumables	0.000	0.000	0.000
Indigenous Consumables	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.000	0.000	0.000
Advances Payments Taxes	0.000	0.000	0.000
Other current assets (specify major items )	2.245	2.750	2.760
Finished Goods	42.701	46.819	51.498
TOTAL CURRENT ASSETS	217.397	241.653	267.359
FIXED ASSETS
Gross Block	0.000	0.000	0.000
Depreciation to date	0.000	0.000	0.000
NET BLOCK	0.000	0.000	0.000
Investment/ books debts/ advances/ exposits which are not current assets	0.000	0.000	0.000
Investment in subsidiary company	0.000	0.000	0.000
Others Investment	0.500	0.500	0.500
Others Debtors (6 month)
Security Deposits	0.000	0.000	0.000
Others	3.249	3.249	3.249
TOTAL OTHER NON – CURRENT ASSETS	221.147	245.403	271.109
Intangible assets	0.000	0.000	0.000
TOTAL ASSETS	221.147	245.403	271.109
Tangible Net Worth	43.015	50.385	58.020
Net Working Capital	55.466	62.836	70.471
Current Ratio	1.34	1.35	1.36
Total Outside Liabilities/TNW	4.14	3.87	3.67
Quasi	2.73	2.69	2.65

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	ESTIMATE	PROJECTION	PROJECTION
CURRENT ASSETS
Cash and Bank Balance	0.090	0.100	0.110
Fixed deposit with bank	0.000	0.000	0.000
Receivable Other than Exports	138.500	156.984	175.991
Installment of deferred receivable (due within one year)	0.000	0.000	0.000
INVENTORY:
Raw materials (including stores and other item used in the process of manufacturing)
Imported	0.000	0.000	0.000
Indigenous	33.855	35.000	37.000
Stock – in – process	0.000	0.000	0.000
Finished Goods	42.707	46.819	51.498
Other Consumable Spares
Imported Consumables	0.000	0.000	0.000
Indigenous Consumables	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.000	0.000	0.000
Advances Payments Taxes	0.000	0.000	0.000
Other current assets (specify major items )	2.245	2.750	2.760
TOTAL CURRENT ASSETS	217.397	241.653	267.359
CURRENT LIABILITIES (other than bank borrowings for working capital)
Short term borrowings from others	0.000	0.000	0.000
Sundry Creditors – Trade LC Creditors	52.746	68.820	86.339
Advance payments from customers/deposit from dealers	1.200	1.400	1.600
Provision for tax	2.471	3.072	3.414
Dividend payable	0.000	0.000	0.000
Other statutory liabilities (due within one year)	0.015	0.020	0.025
Deposits/Installments of term loan/DPGs/Debentures, etc. (due within one year)	0.000	0.000	0.000
Other current liabilities and provision (due within one year)	0.500	0505	0.510
TOTAL CURRENT LIABILITIES	56.932	73.817	91.888

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	ESTIMATE	PROJECTION	PROJECTION
Total Current Assets	217.397	241.653	267.359
Other Current Liabilities (Other than bank borrowings)	56.932	73.817	91.888
Working Capital Gap (WCG)	160.466	167.836	175.471
Minimum stipulated net working capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both methods)	54.349	60.413	66.840
Actual / projected net working capital (45 in form III)	55.466	62.836	70.471
Item 3 minus item 4	106.116	107.423	108.631
Item 3 minus item 5	105.000	105.000	105.000
Maximum permissible bank finance (Item 6 or 7 whichever is lower)	105.000	105.000	105.000
Excess Borrowing Representing Short falling NWC	--	--	--

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VALUATION REPORT

PART I

Purpose of Valuation	For assessment of fair market value of the property for bank purpose
Date of Visit	18/12/2013
Name of the Purchaser	Chintamani Jewels
If the property is under joint ownership / co-ownership, share of each such owner are the shares undivided?	Company Ownership
Brief description of property	Plot of land bearing various Survey Nos in Carino Casa Project, Near Tokawala Naka, Khapri Village Hill Top, Post Tokawade, Malshet Murbad Road, Taluka Murbad, District Thane 412402, Maharashtra
Boundaries	North: Hill View South: Malshet View East: Kalu Dam West: Khopari Village
Location, Street, Ward No.	Village Khapari, Taluka Murbad, District Thane – 412 402, Maharashtra
Survey/Ploy No.	--
Is the property situated in residential / commercial mixed area / industrial area?	Residential Area (Bungalow Plot Scheme)
Classification of locality – high class / middle class / poor class	Middle Class
Proximity to civic amenities, like schools, hospitals, office, markets, cinemas etc.	Available within 5 – 6 Kms.
Means and proximity to surface communication by which the locality is served	Nearest railway station is Kalyan Railway Station. ST Buses and Auto are easily available from the station near to / up to the particular locality. The site is well connected by roads.
Area of land supported by documentary proof, shape, dimensions and physical feature	Total Area = 3208.59 sq. mtr. Or thereabout
It is leasehold, the name of lessor / lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease:
Initial Premium	Freehold
Ground Rent Payable Per Annum
Unearned Increase Payable to the Lessor in the Event or Sale of Transfer
Does the land fall in an area included in any town planning scheme or any development plant of government or any statutory body? It so, give particulars	Within Limit of Village Khapari
What is the Floor Space Index Permissible and percentage Actually Utilized?	As Permissible
Give instance of sales of immovable property in the locality on the separated sheet, indication the name and address of the Property, Registration No., Sale Price and Area of Land Sold	Adopting the ‘Comparable Sale Method’ of valuation and based on information gathered and survey done, the fair market rates are found to be varying anything around Rs.600/- per sq. ft. Non Agricultural Bungalow Plot of Land

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VALUATION REPORT

PART II

LOCALITY:

The subject property is located in a developing middle class locality of Malshet Murbad Road, Murbad. Nearest communication centre is Kalyan about 55 Kms from the subject plot. Autorikshas, Taxi and ST buses are available from the railway station and other points, upto the particular locality. Civic amenities such as banks, markets, schools, etc. are with in a radius of 5-6 Kms from the locality.

PLOT:

The plot of land viz. various Survey No Falls under within the limits of Village Khapri, Murbad. The plots are bounded as,

Towards North = Hill View

Towards South = Malshet view

Towards East = Kalu Dam

Towards North = Khopari Village

The plots are subplots of bigger plot and as verified from document provided, each plot admeasures,

SR. NO.	PLOTS NO.	AREA IN SQ. MTR.	AREA IN SQ. FTS.
1	283	755	8124
2	284	783.49	8430
3	285	278.35	2995
4	286	278.35	2995
5	287	278.35	2995
6	307	278.35	2995
7	308	278.35	2995
8	309	278.35	2995
TOTAL		3208.59	34524

Therefore total area of the plot is works out to 34524 sq. fts. or thereabout

VALUATION MOTIVATION:

Market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgably, prudently and without compulsions.

Based on their research and information collected, the fair market rates for similar type of Non Agricultural Plot having proper access are varying anything around Rs.600/- per sq. fts.

VALUATION:

Taking cognizance of the facts as stated above, real estate market condition, marketability, location of the plot, levels of the plot and various other information gathered in this regard, they ascertain the fair market value of the said subject plot of land as,

34524 sq. fts. X Rs.600/- per sq. fts. = Rs.20.714 Millions

Say Rs.20.700 Millions

REALIZABLE/ DISTRESS SALE VALUE:

Considering the factors as stated above, they are of the opinion that the realizable value of the aforesaid plot would be Rs.18.600 Millions and distress sale value of the aforesaid plot would be about Rs.16.500 Millions.

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.61.10
UK Pound	1	Rs.101.41
Euro	1	Rs.85.07

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	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		33

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.