MIRA INFORM REPORT

Report Date :

21.03.2014

IDENTIFICATION DETAILS

Name :	K & K GOLD PRIVATE LIMITED
Registered Office :	2202, 22^nd Floor, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra
Country :	India
Date of Incorporation :	03.11.2012
Com. Reg. No.:	11-237480
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U28121MH2012PTC237480
PAN No.: [Permanent Account No.]	AAHCM8933E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Reseller of Gold/Silver/Ornaments.
No. of Employees :	7 [Approximately]

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 :	Yet to commence its business operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated during 3^rd November 2012. It is yet to commence its business operations. As claimed by Ms. Sonica, Accounts Department that company will start its business operation from April 2014. Further she also provided general information to us. As per the status in the registrar of companies business appears to be active. Payment terms are unknown. The company can be considered for business dealing on safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 :	2202, 22^nd Floor, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Tel. No.:	91-22-25701379
Fax No.:	Not Available
E-Mail :	bk.kadam@gmail.com
Location :	Owned
Godown :	AQ1/105, Shree Rajlaxmi Commercial Complex, Kalher, Bhiwandi, District Thane, Maharashtra, India

DIRECTORS

AS ON 09.10.2012

Name :

Mr. Balasaheb Abasaheb Kadam

Designation :

Director

Address :

2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

07.06.1954

Qualification :

MBA

Experience :

27 Years

Date of Appointment :

03.11.2012

Din No.:

00218592

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	U36900MH2000PTC128243	KADAM AND KADAM JEWELERS PRIVATE LIMITED	Director	08-02-2005	08-02-2005	07-11-2009	Active	NO
2	U64120MH2005PLC158191	WICE NET LIMITED	Director	20-12-2005	20-12-2005	01-10-2010	Active	NO
3	U64120PN2006PLC140891	MAHA NET INFRASTRUCTURE LIMITED	Director	06-01-2006	06-01-2006	-	Active	NO
4	U64202PN1999PLC013499	DIVINET ACCESS TECHNOLOGIES LIMITED	Director	04-08-2006	04-08-2006	18-12-2012	Active	NO
5	U36910MH1996PTC103313	CHINTAMANI JEWELLERS INDIA PRIVATE LIMITED	Director	14-08-2007	14-08-2007	07-11-2009	Active	NO
6	U31300MH2009PTC189319	VIRAAT HOSPITECH PRIVATE LIMITED	Director	10-08-2009	10-08-2009	16-08-2012	Active	NO
7	U74120MH2011PTC223113	TERRANOVA JEWELLERS PRIVATE LIMITED	Director	17-10-2011	17-10-2011	-	Active	NO
8	U13204MH2012PTC229291	CHINTAMANI GOLD REFINERY PRIVATE LIMITED	Director	09-04-2012	09-04-2012	-	Active	NO
9	U74120MH2012PTC229486	NOVAPLEX INFOTAINMENT PRIVATE LIMITED	Director	11-04-2012	11-04-2012	-	Active	NO
10	U74120MH2012PTC234106	CHINTAMANI EXPORTS PRIVATE LIMITED	Director	02-08-2012	02-08-2012	-	Active	NO
11	U92412MH2012PTC234133	KREANOVA ENTERTAINMENT PRIVATE LIMITED	Director	03-08-2012	03-08-2012	-	Active	NO
12	U45400MH2012PLC234427	CHINTAMANI HOUSING DEVELOPMENT CORPORATION LIMITED	Director	14-08-2012	14-08-2012	-	Active	NO
13	U52390MH2012PTC235382	CHINTAMANI GEMS & JEWELLERY PRIVATE LIMITED	Director	06-09-2012	06-09-2012	-	Active	NO
14	U13209MH2012PTC235744	KADAM & KADAM GOLD REFINERY PRIVATE LIMITED	Director	14-09-2012	14-09-2012	-	Active	NO
15	U45203MH2007PTC172639	APA INFRAVENTURE PRIVATE LIMITED	Director	10-10-2012	10-10-2012	-	Active	NO
16	U28121MH2012PTC237480	K & K GOLD PRIVATE LIMITED	Director	03-11-2012	03-11-2012	-	Active	NO
17	U45200MH2011PTC217303	SAIBHOOMI DEVELOPERS PRIVATE LIMITED	Additional director	15-01-2013	15-01-2013	30-09-2013	Active	NO
18	U01100MH2005PTC151944	CHINMAY AGRICULTURE AND HOUSING PRIVATE LIMITED	Additional director	02-04-2013	02-04-2013	-	Active	NO
19	U15132MH2010PTC198943	KAY NUTRITIONALS PRIVATE LIMITED	Director	30-09-2013	30-09-2013	-	Active	NO
20	U52300MH2013PTC250653	CHINTAMANI ORO PRIVATE LIMITED	Director	02-12-2013	02-12-2013	-	Active	NO
21	U92100MH2014PTC252407	FILM TENT PRIVATE LIMITED	Director	23-01-2014	23-01-2014	-	Active	NO

Name :

Mrs. Sulbha Balasaheb Kadam

Designation :

Director

Address :

2202, Sovereign, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

27.12.1957

Qualification :

M.A.

Experience :

25 Years

Date of Appointment :

03.11.2012

Din No.:

00382757

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	U36900MH2000PTC128243	KADAM AND KADAM JEWELERS PRIVATE LIMITED	Director	14-08-2000	14-08-2000	08-06-2010	Active	NO
2	U13204MH2012PTC229291	CHINTAMANI GOLD REFINERY PRIVATE LIMITED	Director	09-04-2012	09-04-2012	-	Active	NO
3	U74120MH2012PTC234106	CHINTAMANI EXPORTS PRIVATE LIMITED	Director	02-08-2012	02-08-2012	-	Active	NO
4	U92412MH2012PTC234133	KREANOVA ENTERTAINMENT PRIVATE LIMITED	Director	03-08-2012	03-08-2012	-	Active	NO
5	U74120MH2011PTC223113	TERRANOVA JEWELLERS PRIVATE LIMITED	Director	06-08-2012	06-08-2012	-	Active	NO
6	U45400MH2012PLC234427	CHINTAMANI HOUSING DEVELOPMENT CORPORATION LIMITED	Director	14-08-2012	14-08-2012	-	Active	NO
7	U52390MH2012PTC235382	CHINTAMANI GEMS & JEWELLERY PRIVATE LIMITED	Director	06-09-2012	06-09-2012	-	Active	NO
8	U13209MH2012PTC235744	KADAM & KADAM GOLD REFINERY PRIVATE LIMITED	Director	14-09-2012	14-09-2012	-	Active	NO
9	U28121MH2012PTC237480	K & K GOLD PRIVATE LIMITED	Director	03-11-2012	03-11-2012	-	Active	NO
10	U52300MH2013PTC250653	CHINTAMANI ORO PRIVATE LIMITED	Director	02-12-2013	02-12-2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Sonica
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.10.2012

Names of Shareholders	No. of Shares	% of Holding
Balasaheb Abasaheb Kadam	5000	50.00
Sulbha Balasaheb Kadam	5000	50.00
TOTAL	10000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Reseller of Gold/Silver/Ornaments.
Products :	· Chains, Bracelets · Bangles · Rings · Earrings · Medallions and Half Sets Including All Its Variants – Both Contemporary · Light Weight · Hollow
Terms :
Selling :	Credit [60 Days]
Purchasing :	Credit

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	7 [Approximately]
Bankers :	· ICICI Bank Limited, Mumbai, Maharashtra, India · Bank of India

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 · Chintamani Jewels Address: Office No. 13, Mumbadevi Chambers, Zaveri Bazaar, Shaikh Memon Street, Mumbai-400002, Maharashtra, India Line of Business: Manufacturer, Exporter and Reseller of Gold/Silver/Ornaments

CAPITAL STRUCTURE

Authorised Capital : Rs.0.100 Million

Issued, Subscribed & Paid-up Capital : Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

NOT AVAILABLE

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
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	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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	No
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
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

NOTE:

The registered office of the company has been shifted from Chintamani Jewellers Building, Jambli Naka, Talav Pali, Chintamani Chowk, Thane (West) – 400 601, Maharashtra, India to the present address w.e.f.01.03.2013.

------------------------------------------------------------------------------------------------------------------------------

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	2013-14	2014-15	2015-16	2016-17	2017-18
	Estimated	Projection	Projection	Projection	Projection
Gross Sales
Domestic Sales	25.000	104.167	114.583	126.042	138.646
Export Sales	0.000	0.000	0.000	0.000	0.000
Total	25.000	104.167	114.583	126.042	138.646
Less: Excise Duty/WCT	0.000	0.000	0.000	0.000	0.000
Net Sales	25.000	104.167	114.583	126.042	138.646
% age rise (+) or fall (-) in net sales compared to previous year (annualized)	0.00%	316.67%	10.00%	10.00%	10.00%
Cost of Sales
Raw Material Consumed
- Imported	0.000	0.000	0.000	0.000	0.000
- Domestic	30.050	97.683	104.992	115.491	127.030
Other trading expenses [Process charges, carriage inward, comm, and brokerage on purchases. etc.]	0.250	1.042	1.146	1.260	1.386
Sub-Total	30.300	98.725	106.138	116.751	128.416
Add: Opening Stock in process	0.000	7.070	10.145	11.150	12.265
Sub Total	30.300	105.795	116.282	127.902	140.681
Less: Closing stock in process	7.070	10.145	11.150	12.265	13.490
Sub-Total (Cost of Production)	23.230	95.650	105.132	115.637	127.191
Add: Opening Stock of Finished Goods	0.000	0.000	0.000	0.000	0.000
Subtotal	23.230	95.650	105.132	115.637	127.191
Less: Closing Stock of Finished Goods	0.000	0.000	0.000	0.000	0.000
Sub-Total (Cost of Sales)	23.230	95.650	105.132	115.637	127.191
Selling, general and administrative Expenses	1.000	4.167	4.783	5.392	5.996
Operating profit before interest	0.770	4.350	4.668	5.013	5.459
Interest	0.404	2.423	2.423	2.423	2.423
Depreciation	0.000	0.000	0.000	0.000	0.000
Operating profit after interest and depreciation	0.366	1.927	2.246	2.590	3.037
Add: other Non-Operating Income
- Foreign Exchange Diff.	0.000	0.000	0.000	0.000	0.000
- Dividend Received	0.000	0.000	0.000	0.000	0.000
Sub-Total (Income)	0.000	0.000	0.000	0.000	0.000
Net of Other Non-Operating Income/Expenses	0.000	0.000	0.000	0.000	0.000
Profit before tax/Loss	0.366	1.927	2.246	2.590	3.037
Less: Provision for taxes	0.113	0.596	0.694	0.800	0.938
Net Profit	0.253	1.332	1.552	1.790	2.098
Retained Profit	0.253	1.332	1.552	1.790	2.098
Retained Profit / Net Profit (% age)	100%	100%	100%	100%	100%

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	2013-14	2014-15	2015-16	2016-17	2017-18
	Estimated	Projection	Projection	Projection	Projection
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
From applicant Banks	20.000	20.000	20.000	20.000	20.000
From Other Banks	0.000	0.000	0.000	0.000	0.000
Sub Total (A)	20.000	20.000	20.000	20.000	20.000
Short Term Borrowings from others
Sundry creditors [Trade]	2.504	2.141	2.301	2.531	2.784
Sundry creditors [Expenses]	0.000	0.000	0.000	0.000	0.000
Advance payments from customers/ deposits from dealers	0.000	1.000	1.500	2.000	2.500
Provision of taxes	0.113	0.596	0.694	0.800	0.938
Dividend Payable	0.000	0.000	0.000	0.000	0.000
Other Statutory Liabilities (Due within one year)	0.000	0.000	0.000	0.000	0.000
Deposits/ Installments of Term/ loans/DPGs/Debentures etc. (Due within one year)	0.000	0.000	0.000	0.000	0.000
Other current liabilities and provision (Due within one year)	0.048	0.053	0.350	0.428	0.450
Sub – Total (B)	2.665	3.790	4.845	5.760	6.673
Total Current Liabilities	22.665	23.790	24.845	25.760	26.673
TERM LIABILITIES
Debentures (Not Maturing within one year)	0.000	0.000	0.000	0.000	0.000
Preferences Shares (Redeemable after one year)	0.000	0.000	0.000	0.000	0.000
Prop. Term Loan excluding installments < 1 year	0.000	0.000	0.000	0.000	0.000
Term Loans (Excluding Installment)	0.000	0.000	0.000	0.000	0.000
Deferred Installment (Due within one year)	0.000	0.000	0.000	0.000	0.000
Term deposit (repayable one year)	0.000	0.000	0.000	0.000	0.000
Other Term Liabilities	3.800	3.800	3.800	3.800	3.800
Total Term Liabilities	3.800	3.800	3.800	3.800	3.800
Total of Outside Liabilities	26.465	27.590	28.645	29.560	30.473
Net Worth
Share Capital Account	0.100	3.550	3.550	3.550	3.550
General Reserve	0.000	0.000	0.000	0.000	0.000
Shares Premium Account	3.450	0.000	0.000	0.000	0.000
Plus (+) or deficit (-) in Profit and Loss Account others (Specify)	0.253	1.585	3.137	4.927	7.025
Differed Tax Liability	0.000	0.000	0.000	0.000	0.000
Net Worth	3.803	5.135	6.687	8.477	10.575
TOTAL LIABILITIES	30.268	32.725	35.332	38.037	41.048
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.100	0.105	0.110	0.115	0.120
Fixed deposit with bank	0.000	0.000	0.000	0.000	0.000
Receivable Other than Exports	23.020	22.326	23.852	25.368	27.025
Installment of deferred receivable (due within one year)	0.000	0.000	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	0.0000	0.000	0.000
Indigenous	0.000	0.000	0.000	0.000	0.000
Stock – in – process	0.000	0.000	0.000	0.000	0.000
Finished Goods	0.000	0.000	0.000	0.000	0.000
Other Consumable Spares
Imported Consumables	0.000	0.000	0.000	0.000	0.000
Indigenous Consumables	0.000	0.000	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.000	0.000	0.000	0.000	0.000
Advances Payments Taxes	0.000	0.000	0.000	0.000	0.000
Other current assets (specify major items )	0.029	0.049	0.069	0.089	0.162
Finished Goods	0.000	0.000	0.000	0.000	0.000
TOTAL CURRENT ASSETS	30.269	32.724	35.331	38.036	41.047
FIXED ASSETS
Gross Block	0.000	0.000	0.000	0.000	0.000
Depreciation to date	0.000	0.000	0.000	0.000	0.000
NET BLOCK	0.000	0.000	0.000	0.000	0.000
Investment/ books debts/ advances/ exposits which are not current assets	0.000	0.000	0.000	0.000	0.000
Investment in subsidiary company	0.000	0.000	0.000	0.000	0.000
Others Investment	0.000	0.000	0.000	0.000	0.000
Others Debtors (6 month)
Security Deposits	0.000	0.000	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS	30.269	32.724	35.331	38.036	41.047
Tangible assets	0.000	0.000	0.000	0.000	0.000
TOTAL ASSETS	30.269	32.724	35.331	38.036	41.047
Tangible Net Worth	3.803	5.135	6.687	8.477	10.575
Net Working Capital	7.603	8.935	10.487	12.277	14.375
Current Ratio	1.34	1.38	1.42	1.48	1.54
Total Outside Liabilities/TNW	6.96	5.37	4.28	3.49	2.88
Quasi	2.98	2.66	2.37	2.10	1.86

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	2013-14	2014-15	2015-16	2016-17	2017-18
	Estimated	Projection	Projection	Projection	Projection
CURRENT ASSETS
Cash and Bank Balance	0.100	0.105	0.110	0.115	0.120
Fixed deposit with bank	0.000	0.000	0.000	0.000	0.000
Receivable Other than Exports	23.020	22.326	23.852	25.368	27.025
Installment of deferred receivable (due within one year)	0.000	0.000	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	0.000	0.000
Indigenous	0.000	0.000	0.000	0.000	0.000
Stock – in – process	0.000	0.000	0.000	0.000	0.000
Finished Goods	7.070	10.145	11.150	12.265	13.490
Other Consumable Spares
Imported Consumables	0.000	0.000	0.000	0.000	0.000
Indigenous Consumables	0.000	0.000	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.050	0.100	0.150	0.200	0.250
Advances Payments Taxes	0.000	0.000	0.000	0.000	0.000
Other current assets (specify major items )	0.029	0.049	0.069	0.089	0.162
TOTAL CURRENT ASSETS	30.269	32.724	35.331	38.036	41.047
CURRENT LIABILITIES (other than bank borrowings for working capital)
Short term borrowings from others	0.000	0.000	0.000	0.000	0.000
Sundry Creditors – Trade LC Creditors	2.504	2.141	2.301	2.531	2.784
Advance payments from customers/deposit from dealers	0.000	1.000	1.500	2.000	2.500
Provision for tax	0.113	0.596	0.694	0.800	0.938
Dividend payable	0.000	0.000	0.000	0.000	0.000
Other statutory liabilities (due within one year)	0.000	0.000	0.000	0.000	0.000
Deposits/Installments of term loan/DPGs/Debentures, etc. (due within one year)	0.000	0.000	0.000	0.000	0.000
Other current liabilities and provision (due within one year)	0.048	0.053	0.350	0.428	0.450
TOTAL CURRENT LIABILITIES	2.665	3.790	4.845	5.760	6.673

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

PARTICULARS	2013-14	2014-15	2015-16	2016-17	2017-18
	Estimated	Projection	Projection	Projection	Projection
Total Current Assets	30.269	32.724	35.331	38.036	41.047
Other Current Liabilities (Other than bank borrowings)	2.665	3.790	4.845	5.760	6.673
Working Capital Gap (WCG)	27.603	28.935	30.487	32.277	34.375
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)	7.567	8.181	8.833	9.509	10.262
Actual / projected net working capital (45 in form III)	7.603	8.935	10.487	12.277	14.375
Item 3 minus item 4	20.036	20.754	21.654	22.767	24.113
Item 3 minus item 5	20.000	20.000	20.000	20.000	20.000
Maximum permissible bank finance (Item 6 or 7 whichever is lower)	20.000	20.000	20.000	20.000	20.000
Excess Borrowing Representing Short falling NWC	--	--	--	--	--

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FUNDS FLOW STATEMENT

(RS IN MILLIONS)

PARTICULARS	2013-14	2014-15	2015-16	2016-17	2017-18
	Estimated	Projection	Projection	Projection	Projection
SOURCES OF FUNDS
Net Profit (after deferred tax)	0.253	1.332	1.552	1.790	2.098
Depreciation	0.000	0.000	0.000	0.000	0.000
Increase in share capital/appln./premium	0.000	0.000	0.000	0.000	0.000
Increase in term liabilities (including public deposits)	3.550	0.000	0.000	0.000	0.000
Increase in Unsecured Loans	0.000	0.000	0.000	0.000	0.000
Decrease in	0.000	0.000	0.000	0.000	0.000
Fixed assets and capital WIP	0.000	0.000	0.000	0.000	0.000
Other non-current assets	0.000	0.000	0.000	0.000	0.000
Inc./(dec.) in deferred tax liability / (asset)	0.000	0.000	0.000	0.000	0.000
Other	3.800	0.000	0.000	0.000	0.000
Current liabilities	0.000	0.000	0.000	0.000	0.000
TOTAL	7.603	1.332	1.552	1.790	2.098
USES
Net loss	0.000	0.000	0.000	0.000	0.000
Decrease in term liabilities (including public deposits)	0.000	0.000	0.000	0.000	0.000
Increase in	0.000	0.000	0.000	0.000	0.000
Fixed assets and capital WIP	0.000	0.000	0.000	0.000	0.000
Other non-current assets	0.000	0.000	0.000	0.000	0.000
Dividend payments	0.000	0.000	0.000	0.000	0.000
Inc./(Dec.) in deferred tax assets/(liability)	0.000	0.000	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000	0.000
Current Assets	0.000	0.000	0.000	0.000	0.000
Drawings	0.000	0.000	0.000	0.000	0.000
TOTAL	0.000	0.000	0.000	0.000	0.000
Long term surplus (+) / Deficit (-)	7.603	1.332	1.552	1.790	2.098
+ / (-) in current assets	30.269	2.456	2.607	2.705	3.011
+ (-) in current liabilities other than bank borrowings	2.665	1.124	1.055	0.915	0.913
+ / (-) in working capital gap	27.603	1.331	1.552	1.790	2.098
Net surplus (+) / deficit (-) (Differences of)	(20.000)	0.000	0.000	0.000	0.000
+ / (-) in bank borrowings	20.000	0.000	0.000	0.000	0.000
* Break Up of (4)
+ / (-) in finished goods	7.070	3.075	1.006	1.114	1.225
+ / (-) in Receivables
- Domestic	23.020	(0.694)	1.526	1.516	1.657
- Export	0.000	0.000	0.000	0.000	0.000
+ / (-) in stores and spares	0.000	0.000	0.000	0.000	0.000
+ / (-) in other current assets	0.179	0.075	0.075	0.075	0.128
TOTAL	30.269	2.456	2.607	2.705	3.011

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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	K & K Gold Private Limited
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 within 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	363	413.27	4446.79
2	364	278.35	2995.050
3	365	278.35	2995.050
4	366	278.35	2995.050
5	367	278.35	2995.050
6	386	278.35	2995.050
7	387	278.35	2995.050
8	388	278.35	2995.050
9	389	278.35	2995.050
10	391	529.54	5697.85
TOTAL		3169.61	34105.04

Therefore total area of the plot is works out to 34105 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,

34105 sq. fts. X Rs.600/- per sq. fts. = Rs.20.463 Millions

Say Rs.20.500 Millions

As on 18/12/2013 for bank purpose.

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.18.500 Millions and distress sale value of the aforesaid plot would be about Rs.17.400 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] 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.61.13
UK Pound	1	Rs.101.17
Euro	1	Rs.84.59

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	3
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--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		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
--	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.