MIRA INFORM REPORT

Report Date :

31.10.2014

IDENTIFICATION DETAILS

Name :	SENCO GOLD LIMITED (w.e.f.31.08.2007)
Formerly Known As :	SENCO GOLD PRIVATE LIMITED
Registered Office :	7 and 8 C.I.T. Road, Kolkata – 700014, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.08.1994
Com. Reg. No.:	21-064637
Capital Investment / Paid-up Capital :	Rs.177.286 Millions
CIN No.: [Company Identification No.]	U36911WB1994PLC064637
TIN No.:	19200946010
PAN No.: [Permanent Account No.]	AADCS6985J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Gold and Diamond Jewelry.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s above-average financial risk profile marked by sound liquidity positon and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Ratings “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	30.04.2014

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Surendra Gupta
Designation :	Secretary
Contact No.:	91-33-40215000
Date :	31.10.2014

LOCATIONS

Registered Office :	7 and 8 C.I.T. Road, Kolkata – 700014, West Bengal
Tel. No.:	91-33-40215000
Fax No.:	91-33-22849180
E-Mail :	contactus@sencogold.co.in sencogold40@rediffmail.com surendra@sencogold.co.in
Website :	www.sencogold.co.in
Corporate Office :	1001 Diamond Prestige, 10^th Floor, 41A, AJC Bose Road, Kolkata – 700017, West Bengal, India
Factory 1 :	Manikanchan, SEZ, Kolkata, West Bengal
Area :	3000 Sq. ft.
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :

Mr. Sankar P.C Sen

Designation :

Managing Director

Address :

11, Abdul Rasul Avenue, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

02.10.1957

Date of Appointment :

22.08.1994

PAN No.:

AKOPS6701Q

DIN No.:

01178744

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	U36911WB1994PLC064637	SENCO GOLD LIMITED	Managing director	01/02/2012	22/08/1994	-	Active	NO
2	U36911WB2005PTC102778	SENCO GOLD IMPEX PRIVATE LIMITED	Managing director	01/02/2007	20/04/2005	-	Amalgamated	NO
3	U45400WB2010PTC142658	SENCO INFRASTRUCTURE PRIVATE LIMITED	Director	24/02/2010	24/02/2010	-	Active	NO
4	U45400WB2007PTC116187	MANGOE CONSTRUCTION PRIVATE LIMITED	Director	28/09/2012	02/12/2011	-	Active	NO
5	U51109WB2007PTC118536	LOKENATH DEALER PRIVATE LIMITED.	Director	28/09/2012	27/02/2012	-	Active	NO
6	U45400WB2012PTC175497	ADDYASHAKTI PROPERTIES PRIVATE LIMITED	Director	12/03/2012	12/03/2012	-	Active	NO
7	U51909WB2010PTC147628	RANGOLI SHOPPERS PRIVATE LIMITED	Director	29/09/2012	26/07/2012	-	Active	NO
8	U51909WB1995PTC073600	RANGBARSHI TRADING PVT LTD	Director	29/09/2012	07/08/2012	-	Active	NO
9	U51101WB2010PTC147732	RACHNA VINTRADE PRIVATE LIMITED	Additional director	20/01/2014	20/01/2014	-	Active	NO
10	U51909WB2010PTC147634	ROOPMAHAL MERCANTILE PRIVATE LIMITED	Additional director	20/01/2014	20/01/2014	-	Active	NO

Name :

Mr. Suvankar Sankar Sen

Designation :

Whole Time Director

Address :

11, Abdul Rasul Avenue, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

11.10.1983

Date of Appointment :

17.02.2005

PAN No.:

AUMPS0844A

DIN No.:

01178803

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	U36911WB1994PLC064637	SENCO GOLD LIMITED	Director	17/02/2005	17/02/2005	-	Active	NO
2	U36911WB2005PTC102778	SENCO GOLD IMPEX PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Amalgamated	NO
3	U45400WB2010PTC142658	SENCO INFRASTRUCTURE PRIVATE LIMITED	Director	24/02/2010	24/02/2010	-	Active	NO
4	U51109WB2007PTC118536	LOKENATH DEALER PRIVATE LIMITED.	Director	28/09/2012	27/02/2012	-	Active	NO
5	U45400WB2012PTC175497	ADDYASHAKTI PROPERTIES PRIVATE LIMITED	Director	12/03/2012	12/03/2012	-	Active	NO
6	U51909WB2010PTC147634	ROOPMAHAL MERCANTILE PRIVATE LIMITED	Director	29/09/2012	27/07/2012	-	Active	NO
7	U51101WB2010PTC147732	RACHNA VINTRADE PRIVATE LIMITED	Director	29/09/2012	30/07/2012	-	Active	NO
8	U51909WB1995PTC073600	RANGBARSHI TRADING PVT LTD	Director	29/09/2012	09/08/2012	-	Active	NO
9	U51909WB2010PTC147628	RANGOLI SHOPPERS PRIVATE LIMITED	Additional director	20/01/2014	20/01/2014	-	Active	NO

Name :

Mrs. Ranjana Sankar Sen

Designation :

Director

Address :

11, Abdul Rasul Avenue, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

23.05.1959

Date of Appointment :

22.08.1994

PAN No.:

AKOPS6726P

DIN No.:

01226337

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	U36911WB1994PLC064637	SENCO GOLD LIMITED	Director	22/08/1994	22/08/1994	-	Active	NO
2	U36911WB2005PTC102778	SENCO GOLD IMPEX PRIVATE LIMITED	Director	19/09/2008	14/09/2007	-	Amalgamated	NO
3	U45400WB2007PTC116187	MANGOE CONSTRUCTION PRIVATE LIMITED	Director	28/09/2012	03/12/2011	-	Active	NO

Name :

Mrs. Arpita Didyut Dey

Designation :

Director

Address :

7 Raj Kumar Basu Lane, Kolkata – 700003, West Bengal, India

Date of Appointment :

06.08.2013

PAN No.:

AQDPD0290N

DIN No.:

06652221

Name :

Ms. Tapashi Hirendra Mullick

Designation :

Director

Address :

46 Muktaram Babu Street, Kolkata – 700007, West Bengal, India

Date of Appointment :

06.08.2013

PAN No.:

ALCPM0662M

DIN No.:

06652225

KEY EXECUTIVES

Name :	Mr. Surendra Gupta
Designation :	Secretary
Address :	1/114A, Azadgarh Regent Park, Kolkata – 700040, West Bengal, India
Date of Birth/Age :	03.08.1976
Date of Appointment :	22.05.2013
PAN No.:	ADXPG4694E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Sankar P.C Sen	12654673
Ranjana Sankar Sen	2778281
Suvankar Sankar Sen	2294950
Anjana Sukhdeb Dutta	175
Tapasi Hirendra Mullick	175
Arpita Didyut Dey	175
Susmita Goutam Das	175
Total	17728604

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	99.99
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Gold and Diamond Jewelry.

Products :

Product Description	ITC Code
Gold Ornaments	7113

• Gold Diamond Bracelet
• Gold Diamond Rings
• Diamond Studded Rings
• Gold Diamond Earrings
• Gold Diamond Ear Rings
• Diamond Flower Pendant
• Gold Diamond Necklace
• Gold Diamond Necklace Set
• Gold Necklace
• Gold Bangles
• Designer Gold Bangles
• Stone Studded Gold Bangles

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Allahabad Bank (Lead Bank), Stephen House Branch, 4, B. B. D. Bag (East), Kolkata - 700001, West Bengal, India
• ING Vysya Bank Limited, City Centre, 19, Synagogue Street, Kolkata - 700001, West Bengal, India
• Axis Bank Limited, Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3rd Floor, Kolkata - 700071, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Rupee term loans from banks	97.686	108.611
Short Term Borrowings
Working capital loans from banks	507.871	296.736
Other loans and advances	500.324	259.191
Total	1105.881	664.538

Banking Relations :

--

Auditors :

Name :

BSSR and Company

Chartered Accountants

Address :

Building No.10, 8^th Floor, Tower No-B, DLF Cyber City, Phase-II, Gurgaon – 122002, Haryana, India

PAN No.:

AAKFB4430H

Subsidiaries Companies :

Senco Gold Impex Private Limited

CIN No.: U36911WB2005PTC102778

Addyashakti Properties Private Limited

PAN No.: AAKCA3397B

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :

Mangoe Construction Private Limited

CIN No.: U45400WB2007PTC116187

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital: Rs. 310.000 Millions

Issued, Subscribed & Paid-up Capital: Rs.177.286 Millions

As on: 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
21000000	Equity Shares	Rs.10/- each	Rs.210.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
17728604	Equity Shares	Rs.10/- each	Rs.177.286 Million

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	177.286	119.459	119.459
(b) Reserves & Surplus	749.635	432.014	224.779
(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)	926.921	551.473	344.238
(3) Non-Current Liabilities
(a) long-term borrowings	97.686	108.611	53.745
(b) Deferred tax liabilities (Net)	3.666	1.505	0.000
(c) Other long term liabilities	3.908	2.213	1.813
(d) long-term provisions	4.506	2.048	3.610
Total Non-current Liabilities (3)	109.766	114.377	59.168
(4) Current Liabilities
(a) Short term borrowings	1008.195	555.927	464.719
(b) Trade payables	298.288	209.878	77.744
(c) Other current liabilities	648.698	395.122	125.228
(d) Short-term provisions	107.251	53.540	59.609
Total Current Liabilities (4)	2062.432	1214.467	727.300
TOTAL	3099.119	1880.317	1130.706
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	293.749	96.531	50.920
(ii) Intangible Assets	9.067	7.926	0.000
(iii) Capital work-in-progress	10.208	185.529	106.870
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	102.000	102.000	10.000
(c) Deferred tax assets (net)	0.000	0.000	1.219
(d) Long-term Loan and Advances	113.893	20.470	5.978
(e) Other Non-current assets	0.000	0.000	15.000
Total Non-Current Assets	528.917	412.456	189.987
(2) Current assets
(a) Current investments	0.000	0.000	0.822
(b) Inventories	2290.911	1320.048	854.074
(c) Trade receivables	37.531	15.146	37.535
(d) Cash and cash equivalents	220.262	113.357	36.935
(e) Short-term loans and advances	17.866	18.181	6.920
(f) Other current assets	3.632	1.129	4.433
Total Current Assets	2570.202	1467.861	940.719
TOTAL	3099.119	1880.317	1130.706

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	9815.277	6779.713	5138.840
	Other Income	10.079	8.967	11.294
	TOTAL	9825.356	6788.680	5150.134
Less	EXPENSES
	Cost of Materials Consumed	8040.249	5395.520	3933.098
	Purchases of Stock-in-Trade	1507.285	1112.273	957.350
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(850.226)	(465.178)	(245.646)
	Employees benefits expense	55.324	31.086	27.123
	Prior Period Items	0.000	0.000	38.796
	Other expenses	367.311	249.525	162.833
	TOTAL	9119.943	6323.226	4873.554
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	705.413	465.454	276.580
Less	FINANCIAL EXPENSES	84.109	67.767	42.506
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	621.304	397.687	234.074
Less/ Add	DEPRECIATION/ AMORTISATION	22.828	8.884	5.722
	PROFIT/ (LOSS) BEFORE TAX	598.476	388.803	228.352
Less	TAX	198.865	132.974	98.495
	PROFIT/ (LOSS) AFTER TAX	399.611	255.829	129.857
	Earnings / (Loss) Per Share (Rs.)	22.54	14.43	7.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT/ Sales	(%)	4.07	3.77	2.52
PBIDT / Sales	(%)	7.19	6.87	5.38
Return on Total Assets (PBT/Total Assets}	(%)	20.04	24.41	22.55
Return on Investment (ROI) (PBT/Networth)		0.65	0.71	0.66
Debt Equity Ratio (Total Debt/Networth)		1.19	1.21	1.51
Current Ratio (Current Asset/Current Liability)		1.25	1.21	1.29

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	119.459	119.459	177.286
Reserves & Surplus	224.779	432.014	749.635
Net worth	344.238	551.473	926.921
long-term borrowings	53.745	108.611	97.686
Short term borrowings	464.719	555.927	1008.195
Total borrowings	518.464	664.538	1105.881
Debt/Equity ratio	1.506	1.205	1.193

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)
Sales	5138.840	6779.713	9815.277
		31.931	44.774

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5138.840	6779.713	9815.277
Profit	129.857	255.829	399.611
	2.53%	3.77%	4.07%

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	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	Yes
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

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 & 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.

OPERATIONS

During the year, the Company along with its subsidiary M/s Senco Gold Impex Private Limited has recorded turnover of Rs.12799.200 Millions as against Rs.9548.400 Millions in the previous year. The Company has achieved the 44.78% growth on its turnover from last year. The financial performance at the EBIDATA level has increased with EBIDTA by 52.31 % as compared to the previous year which shows that in spite of the sales being hit by the high and volatile prices, there are sales for the availability of good quality products and brand loyalty of their customers.

Stocking levels were increased marginally and Company adopted the strategy of focusing on Quality Sales. Investments were made in improving their market shares in more profitable market segments and product mix.

Major marketing and Brand initiatives are being implemented to aggressively consolidate these gains and place the Company on a growth trajectory in the high end of the market.

FUTURE OUTLOOK

The Company has a positive outlook towards the growth of the business. Gold has been giving a good return as commodity. This has created a bullish sentiment for the customers and the off take is expected to increase. Gold Bars have seen growth with an investment focus. However, the challenge to overcome the price volatility and continue to generate interest in the minds of the Customer in times, when prices remains high, light weight designs and exclusive craftsmanship will be the focus to create a competitive edge.

Diamonds will be the other focus area. The Company will increase its range and expenditure on the product range in terms of branding is expected to rise. When gold prices are rising, diamond jewellery will be a ready substitute.

Gossip Lifestyle and Silver jewellery will be the third core focus. Since, the price of gold is very inconsistent in its nature; Gossip jewellery will serve the needs of customers, in terms of gifting or dressing up for occasions, the Gossip Lifestyle jewellery has huge growth opportunities.

The product competence and design creation of their Company has to have other marketing avenues. Hence, Pan India growth is the next focus of the Board of Directors. Acquisition of new properties for bigger showrooms in the city of Kolkata for branding and better customer experience will be a key for growth in the city.

LITIGATION DETAILS

CALCUTTA HIGH COURT

CASE STATUS INFORMATION

Case Status : Pending

Status of CIVIL SUITS (CS) 154 of 2012

M/S. ANJALI JEWELLERS AND ANR Vs. SENCO GOLD LIMITED AND ORS.

Pet’s Adv. : VICTOR MOSES AND COMPANY

Res’s Adv. :

Court No. : 0 Last Listed On : --

Category : MONEY CLAIMS/COMPESATION/DAMAGES/MESNE PROFITS

CONNECTED APPLICATION (S) No Connected Application.

CONNECTED MATTER (S) No Connected Cases.

Case Update on : Friday, August 22, 2014

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10457713	09/10/2013	50,000,000.00	ALLAHABAD BANK	STEPHEN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOLKATA - 700001, WEST BENGAL, INDIA	B88585096
2	10450913	24/09/2013	240,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA - 700071, WEST BENGAL, INDIA	B85682797
3	10396352	17/10/2013 *	240,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA - 700071, WEST BENGAL, INDIA	B91083287
4	10367679	29/06/2012	250,000,000.00	ING VYSYA BANK LIMITED	CITY CENTRE, 19, SYNAGOGUE STREET, KOLKATA - 700001, WEST BENGAL, INDIA	B44479814
5	10358409	10/05/2012 *	176,000,000.00	ING VYSYA BANK LIMITED	CENTRE POING BUILDING, 21, HEMANTA BASU SARANI, KOLKATA - 700001, WEST BENGAL, INDIA	B41778564
6	10340238	10/05/2012 *	184,000,000.00	ING VYSYA BANK LIMITED	CENTRE POING BUILDING, 21, HEMANTA BASU SARANI, KOLKATA - 700001, WEST BENGAL, INDIA	B40722092
7	10308882	03/05/2012 *	400,000,000.00	ALLAHABAD BANK (LEAD BANK)	STEPHEN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOLKATA - 700001, WEST BENGAL, INDIA	B38560280
8	10291755	03/05/2012 *	400,000,000.00	ALLAHABAD BANK (LEAD BANK)	STEPHEN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOLKATA - 700001, WEST BENGAL, INDIA	B38560181
9	10291541	18/03/2014 *	1,800,000,000.00	ALLAHABAD BANK (LEAD BANK)	STEPHEN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOLKATA - 700001, WEST BENGAL, INDIA	C00258145
10	10068258	30/04/2010 *	628,100,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, SAMRIDDHI BHAWAN, BLOCK - A, 1, STRAND ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	A86228608

* Date of charge modification

FIXED ASSETS

• Plant and Equipment
• Furniture and fixtures
• Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration:

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime:

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws:

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards:

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report:

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.77.19

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	KVT

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	6
--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	YES
--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		47

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.