MIRA INFORM REPORT

Report Date :

20.09.2014

IDENTIFICATION DETAILS

Name :	P. MANISH EXPORTS
Registered Office :	DC-2090, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	09.12.2005
Capital Investment :	Rs. 115.225 Millions
IEC No.:	0305072765
PAN No.: [Permanent Account No.]	AAIFP4946N
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Importer, Manufacturer, Trader and Exporter of Cut and Polished Diamonds.
No. of Employees :	13 (12 in Office and 1 in Branch) (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Rating reflects sound financial risk profile marked by improvement in performance of the concern as compared to previous year. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern 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 willfully 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.

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 PARTED BY

Name :	Mr. Anik H Desai
Designation :	Chartered Accountant
Contact No.:	91-9969071475
Date :	18.09.2014

LOCATIONS

Registered Office :	DC-2090, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-26754885/ 86
Mobile No.:	91-9969071475 [Mr. Anik H Desai] 91-9821150600 [Mr. Manish M. Shah]
Fax No.:	91-22-26754888
E-Mail :	impex189@gmail.com
Area :	1480 (Built up) Sq. ft.
Location :	Owned
Branch Office :	701, Hira Panna Apartment, Moti Pole, Gopipura, Surat - 395001, Gujarat, India
Location :	Rented

PARTNERS

Name :	Mr. Manish M. Shah
Designation :	Partner
Address :	1201, Garden View, 8, J. Mehta Marg, Opposite Shripal Nagar, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	22.02.1970
Qualification :	B. Com
Experience :	24 Years
PAN No.:	AALPS0095E
Passport No.:	L5266551
Name :	Mrs. Sonal M. Shah
Designation :	Partner
Address :	1201, Garden View, 8, J. Mehta Marg, Opposite Shripal Nagar, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	18.10.1972
Qualification :	B. Com
PAN No.:	AALPS0097G
Name :	Ms. Ayushi M. Shah
Designation :	Partner
Address :	1201, Garden View, 8, J. Mehta Marg, Opposite Shripal Nagar, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	20.02.1993
Qualification :	B. Com
PAN No.:	DIMPS9195B

KEY EXECUTIVES

Name :	Mr. Anik H Desai
Designation :	Chartered Accountant

BUSINESS DETAILS

Line of Business :	Importer, Manufacturer, Trader and Exporter of Cut and Polished Diamonds.
Exports :
Products :	Cut and Polished Diamonds
Countries :	· Japan Hong Kong USA Australia
Imports :
Products :	Rough Diamonds
Countries :	· Belgium UAE Singapore
Terms :
Selling :	Credit [90 days]
Purchasing :	Credit [90 days]

GENERAL INFORMATION

Suppliers :	· Vikay Raysons Address: JE-2220, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India Contact No: 91-22-32929855 Contact Person: Kishor Jhaveri Mobile No.: 91-9820052183 · Shivam Jewels Address: EC-4030, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India Contact No: 91-22-33927575 Contact Person: Ashwin Shah Mobile No.: 91-9820521325
Customers :	Retailers and Others [Exporter] · Akshar Impex Private Limited Address: DE-9011, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India Contact No: 91-22-26755353 Contact Person: Raju Gaglani Mobile No.: 91-9869428897 · Ramsons Exports Address: FC-5011, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India Contact No: 91-22-42101111 Contact Person: Dhiren Shah Mobile No.: 91-9892305070
No. of Employees :	13 (12 in Office and 1 in Branch) (Approximately)
Bankers :	· Bank of India Bullion Exchange Branch, 185, Sheikh Memon Street, Mumbai – 400002, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Ramesh Rajni and Company Chartered Accountants
Address :	1^st Floor, Purshottam Building, 450, Lamington Road, Opera House, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23618386
Fax No.:	91-22-23631810
E-Mail :	ramrajco@vsnl.com

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs. 115.225 Millions
Borrowed :	--
Total :	Rs. 115.225 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partner’s Capital		115.225	(8.580)	57.197
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		115.225	(8.580)	57.197
LOAN FUNDS
1] Secured Loans
2] Unsecured Loans
TOTAL BORROWING		44.820	85.816	15.008
DEFERRED TAX LIABILITIES		0.000	0.006	0.000
TOTAL		160.045	77.242	72.205
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.532	1.760	2.348
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.012	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	339.906	150.576	86.163
	Sundry Debtors	141.029	84.445	259.432
	Cash & Bank Balances	53.498	39.385	39.322
	Other Current Assets	0.038	0.024	0.110
	Loans & Advances	11.476	38.980	13.062
Total Current Assets		545.947	313.410	398.089
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	384.744	237.862	328.146
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.702	0.066	0.086
Total Current Liabilities		387.446	237.928	328.232
Net Current Assets		158.501	75.482	69.857
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		160.045	77.242	72.205

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	705.690	455.539	614.684
		Other Income	2.344	3.356	8.475
		TOTAL	708.034	458.895	623.159
Less	EXPENSES
		Cost of Goods sold	517.737	357.329	387.971
		Labour charges	5.654	8.247	13.822
		Finished Goods	158.681	83.385	210.179
		Sales and administrative Expense	15.698	7.731	7.268
		TOTAL	697.770	456.692	619.240
Less	PROFIT/ [LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.264	2.203	3.919
Less	FINANCIAL EXPENSES		0.000	1.120	1.120
	PROFIT/ [LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		10.264	1.083	2.799
Less/ Add	DEPRECIATION/ AMORTISATION		0.290	0.301	0.333
	PROFIT/ [LOSS] BEFORE TAX		9.974	0.782	2.466
Less	INTEREST / SALARY TO PARTNERS		0.000	0.000	2.150
Less	TAX		2.819	0.309	0.537
	PROFIT/ [LOSS] AFTER TAX		7.155	0.473	(0.221)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.01	0.10	(0.04)
Net Profit Margin (PBT/Sales)	(%)	1.41	0.17	0.40
Return on Total Assets (PBT/Total Assets}	(%)	1.82	0.25	0.62
Return on Investment (ROI) (PBT/Networth)		0.09	(0.09)	0.04
Debt Equity Ratio (Total Debt/Networth)		0.39	(10.00)	0.26
Current Ratio (Current Asset/Current Liability)		1.41	1.32	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Partner’s Capital	57.197	(8.580)	115.225
Reserves & Surplus	0.000	0.000	0.000
Net worth	57.197	(8.580)	115.225
Secured Loans
Unsecured Loans
Total borrowings	15.008	85.816	44.820
Debt/Equity ratio	0.262	(10.002)	0.389

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	614.684	455.539	705.690
		(25.891)	54.913

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	614.684	455.539	705.690
Profit/ (Loss)	(0.221)	0.473	7.155
	(0.04%)	0.10%	1.01%

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	Yes
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	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	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	No

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

MANISH EXPORTS

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS	31.03.2014
I. INCOME FROM PROFIT/ GAINS OF BUSINESS/ PROFESSION
Income from Business/ Profession
1. Net Profit as per P & L A/c		7.155
Net Profit (Loss)		0.000
Add: Interest Paid to Partners
Add: Disallowable and / Items Considered Separately
Income tax and deferred tax	2.819
Depreciation as per books	0.290
Penalty	0.010
Donations Considered Separately	0.050		3.169
Less: Allowable and / Items Considered Separately
Allowable depreciation			(0.304)	10.020
					10.020
GROSS TOTAL INCOME					10.020
DEDUCTION UNDER CHAPTER VIA
u/s 80G Deduction in respect of donation to certain funds, charitable institutes, etc. (50% qualifying donations) Rs. 0.050 Million				0.025	(0.025)
TOTAL INCOME					9.995
TAX ON TOTAL INCOME					2.998
Tax Payable					2.998
Education Cess @3%					0.090
TAX PAYABLE + EDUCATION CESS					3.088
Less : Tax Deducted at Source – u/s 192				0.234	(0.234)
					2.854
Add: Interest
u/s 234 B Rs. 2.854 Millions x 4%				0.114
u/s 234 C(I) Rs. 0.856 Million x 3 x 1%			0.026
u/s 234 C(II) Rs. 1.713 Millions x 3 x 1%			0.051
u/s 234 C(III) Rs. 2.854 Millions x 1 x 1%			0.029	0.106	0.220
					3.074
Less: Self-Assessment Tax – 25/07/2014					(3.074)
Refund					0.000

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

PROJECTION BALANCE SHEET STATEMENT

(RS. IN MILLIONS)

PARTICULARS	ESTIMATED	PROJECTION	PROJECTION
	31.03.2015	31.03.2016	31.03.2017
ASSETS
CURRENT ASSETS
Inventories
Raw Materials	105.000	153.333	173.333
Stock in Process	--	--	--
Finished Goods	159.758	198.704	237.043
Consumable Spares	--	--	--
Total	264.758	352.037	410.376
Trade Debtors
Domestic Debtors over six months	--	--	--
Domestic Debtors less than six months	20.000	15.000	10.000
Export Debtors over six months	--	--	--
Export Debtors less than six months	154.500	200.000	240.000
Total	174.500	215.000	250.000
Other Current Assets
Cash and Bank Balance	7.500	10.000	10.000
Short Term Investments	--	--	--
Prepaid Expenses	0.050	0.050	0.050
Advance Tax	--	--	--
Deposits with Excise and Sales Tax	--	--	--
Loans and Advances	15.786	16.092	17.314
Others	--	--	--
Total	23.336	26.142	27.364
Total Current Assets (a)	462.594	593.179	687.740
FIXED ASSETS
1 Land & Buildings	--	--	--
2 Machinery	3.774	4.274	4.774
3 Sundries	0.226	0.226	0.226
	4.000	4.500	5.000
Less : Depreciation to date	2.659	3.159	3.759
	1.341	1.341	1.241
Capital Work in Progress	--	--	--
Total Fixed Assets (b)	1.341	1.341	1.241
NON CURRENT ASSETS
1 Investments in / Loans to subsidiaries	--	--	--
2 Other Non-Current Assets
Investment in other companies	--	--	--
Loans & Advances	--	--	--
Overdue Debtors	--	--	--
Other Deposits	--	--	--
Non Moving Inventories	--	--	--
Others	--	--	--
Total Other Current Assets (c)	--	--	--
Deferred Tax Assets (d)	--	--	--
INTANGIBLE ASSETS / MISC. EXPENDITURE (e)	--	--	--
Accumulated Losses (+ve Value)	--	--	--
TOTAL ASSETS (a+b+c+d+e)	463.935	594.520	688.981
LIABILITIES
CURRENT LIABILITIES
Working Capital Borrowings
Borrowings from our Bank	100.000	120.000	150.000
Borrowings from other Banks	--	--	--
Commercial Paper	--	--	--
Total	100.000	120.000	150.000
Creditors for Purchases
Other Current Liabilities
Creditors for Expenses	--	--	--
Provision for Tax	--	--	--
Long Term Debt - Due within one year	--	--	--
Outstanding Expenses	--	--	--
Others (Current Liabilities / Provisions)	8.005	14.005	20.005
Total	8.005	14.005	20.005
Creditors on Capital Account
Total Current Liabilities (e)	296.505	414.005	490.005
LONG TERM LIABILITIES
Term Loan from Our Bank	--	--	--
Term Loan from Other Banks / Institutions	--	--	--
Secured Term Loans
From Our Bank	--	--	--
From Institutions / Banks	--	--	--
UNSECURED TERM LOANS
From Our Bank	--	--	--
From Institutions / Banks	--	--	--
OTHER LONG TERM LIABILITIES
Preference Shares (Repayment Due within 12 years / maturity of our facility)	--	--	--
Fixed Deposits	--	--	--
Foreign Currency Loans	--	--	--
Debentures	--	--	--
Others (Sales Tax Deferment Loan)	--	--	--
Long Term Liability to be taken as Quasi Equity	40.000	35.000	30.000
Total Long Term Debt (F)	40.000	35.000	30.000
CAPITAL AND SURPLUS
1 Paid Up Capital/Partners Capital	106.451	106.451	106.451
2 Preference Share Capital	--	--	--
3 General Reserves (including Credit Balance in P&L)	21.608	38.887	60.626
4 Share Premium Reserve	--	--	--
5 Other Reserves	--	--	--
6 Revaluation Reserves	--	--	--
7 Share Application Money	--	--	--
8 Share Warrant	--	--	--
Capital & Reserves (g)	128.059	145.338	167.077
Deferred Tax Liability (h)	--	--	--
TOTAL LIABILITIES (e+f+g+h)	464.564	594.343	687.082
	(6.29)	1.77	18.99

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PROJECTION PROFIT AND LOSS ACCOUNT

(RS. IN MILLIONS)

PARTICULARS	ESTIMATED	PROJECTION	PROJECTION
	31.03.2015	31.03.2016	31.03.2017
Gross Sales (Manufacturing)	1000.000	1250.000	1500.000
Less : Excise Duty	--	--	--
Net Sales (Manufacturing Sales)	1000.000	1250.000	1500.000
Gross Sales (Trading)	--	--	--
Less : Other Duties	--	--	--
Net Sales (Trading)	--	--	--
Other Operating Income (e.g. Processing Charges)	2.000	3.000	4.000
Total Operating Income	1002.000	1253.000	1504.000
Other Income (Excluding Interest Income)	--	--	--
Total Income	1002.000	1253.000	1504.000
Purchases (Finished Goods)	245.000	350.000	430.000
Raw Material Consumed	770.693	871.667	1020.000
Power Costs (if related to manufacturing)	--	--	--
Direct Labour Cost	8.000	9.000	10.000
Any other Direct Costs (e.g. Other Mfg. Expenses)	--	--	--
(Increase)/Decrease in Inventory (Finished Goods/WIP)	(65.545)	(38.946)	(38.339)
Cost of Goods Sold	958.148	1191.721	1421.661
Gross Profit (Excluding Depreciation/Other Income)
Employees Employments (To the extent not included in direct costs)	--	--	--
Operational Lease Payments	--	--	--
Selling and Distribution Expenses	20.100	24.000	35.000
Other Operating Expenses	--	--	--
Expenses Payable	--	--	--
Total Administration Expenses	20.100	24.000	35.000
Total Operating Expenses	978.248	1215.721	1456.661
EBITDA (Without Other Income)	23.752	37.279	47.339
Depreciations (D)	0.400	0.500	0.600
Amortization (A)	--	--	--
Total (D)+(A)	0.400	0.500	0.600
EBIT (Without Other Income)	23.352	36.779	46.739
Interest Income Received	--	--	--
Interest Paid	5.000	12.000	15.000
Interest Expenses Net	5.000	12.000	15.000
EBT (Before exceptional)	18.352	24.779	31.739
Exceptional Income - Cash	--	--	--
Exceptional Expenses - Non Cash	--	--	--
Exceptional Income - Non Cash	--	--	--
Exceptional Expenses - Cash	--	--	--
EBT	18.352	24.779	31.739
Current Tax	5.500	7.500	10.000
Deferred Tax	--	--	--
EAT	12.852	17.279	21.739
Interest Paid on Partner's Capital/Quasi Capital	--	--	--
Preference Dividend	--	--	--
Dividend Tax	--	--	--
Prior Period Adj.	--	--	--
Retained Profit	12.852	17.279	21.739

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	ESTIMATED	PROJECTION	PROJECTION
		31.03.2015	31.03.2016	31.03.2017
1	Gross Sales
	a. Domestic Sales	250.000	200.000	150.000
	b. Export/Deemed Exports Sales	750.000	1050.000	1350.000
	c. Other Operating Income	2.000	3.000	4.000
	Total	1002.000	1253.000	1504.000
2	Less : Excise Duty	--	--	--
3	Net Sales (Item 1 - Item 2)	1002.000	1253.000	1504.000
4	% rise (+) or fall (-) in sales as compared to previous year	42%	25%	20%
5	COST OF SALES
	i. Raw Materials (including stores and other items used in the process of manufacture)
	(a) Imported	480.000	780.000	900.000
	(b) Indigenous	150.000	140.000	140.000
	ii. Other Spares
	(a) Imported	--	--	--
	(b) Indigenous	--	--	--
	iii. Power and Fuel	--	--	--
	iv. Direct Labour	8.000	9.000	10.000
	(factory wages and Salaries)
	v. Other Mfg. expenses	--	--	--
	vi. Depreciation	0.400	0.500	0.600
	vii. Sub-total (item i to vi)	638.400	929.500	1050.600
	viii. Add: Opening Stock	245.693	105.000	153.333
	Sub Total	884.093	1034.500	1203.933
	ix. Deduct Closing stock	105.000	153.333	173.333
	x. Sub Total (Total cost of production)	779.093	881.167	1030.600
	xi. Opening Stock of finished goods	94.213	159.758	198.704
	xii. Purchase of finished goods	245.000	350.000	430.000
	Sub Total	1118.306	1390.925	1659.304
	xiii. Deduct closing stock of finished goods	159.758	198.704	237.043
	xiv. SUB TOTAL (Total cost of sales)	958.548	1192.221	1422.261
6	Selling general and administrative expenses	20.100	24.000	35.000
7	SUB TOTAL (5+6)	978.648	1216.221	1457.261
8	Operating Profit before interest (3-7)	23.352	36.779	46.739
9	Interest/Bank facility interest	5.000	12.000	15.000
10	Operating Profit after interest (8-9)	18.352	24.779	31.739
11	i. Add other Non-operating Income
	(a) Foreign Branch Profit	--	--	--
	(b) Other Income	--	--	--
	Sub Total (Income)	--	--	--
	ii. Less: Other Non-operating expenses
	(a) 100% EOU Net Loss	--	--	--
	(b) Other Expenses	--	--	--
	Sub Total (Expenses)	--	--	--
	iii.Net of other non-operating income / expenses {net of 11 (i) and 11 (ii)}	--	--	--
12	Profit before tax / loss {10+11 (iii)}	18.352	24.779	31.739
13	Provisions for Taxes	5.500	7.500	10.000
14	Net Profit/Loss (12-13)	12.852	17.279	21.739
15	a. Int. on Partners Capital/Quasi Cap	--	--	--
	b. Transfer to General Reserve	--	--	--
	c. Proposed Dividends and Tax on Same	--	--	--
	d. Modvat Credit Reserve	--	--	--
	e. Balance Brought Forwards	8.756	21.608	38.887
13	Retained Profit (14-15)	21.608	38.887	60.626
14	Retained Profit/Net Profit %	100.00%	100.00%	100.00%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	ESTIMATED	PROJECTION	PROJECTION
	L I A B I L I T I E S	31.03.2015	31.03.2016	31.03.2017
1	Short term borrowings from banks (including bills purchased discounted and excess borrowings placed on repayment basis)
	i. From Applicant Bank	100.000	120.000	150.000
	ii. From Other Bank	--	--	--
	iii. (of which BP and BD)	--	--	--
2	Short term borrowing from others	--	--	--
3	Sundry Creditors (Trade)	188.500	280.000	320.000
4	Advance payments from customers deposit from dealers	--	--	--
5	Provision for Taxation	--	--	--
6	Dividend payable	--	--	--
7	Other Statutory liabilities (due within one year)	--	--	--
8	Deposits/ Debentures/ Installments under term loans/ DPGs, etc. (due within one year)	--	--	--
9	Other Current Liabilities and provisions (due within one year) (Specify major items) (a) Labour (b) Others	8.000	14.000	20.000
	Sub-total [B]	196.500	294.000	340.000
10	TOTAL CURRENT LIABILITIES (Total of 1 to 9)	296.500	414.000	490.000
	TERM LIABILITIES :
11	Debentures (not maturing within one year)	--	--	--
12	Preference Shares (Redeemable after one year)	--	--	--
13	Term Loans (excluding installments payable within one year)	--	--	--
14	Deferred Payments Credits (excluding installments due within one year)	0.005	0.005	0.005
15	Term Deposits (repayable after one year)	--	--	--
16	Other Term Liabilities	--	--	--
17	TOTAL TERM LIABILITIES (Total of 11 to 16)	0.005	0.005	0.005
18	TOTAL OUTSIDE LIABILITIES (10+17)	296.505	414.005	490.005
	NET WORTH
19	Ordinary share capital	106.451	106.451	106.451
20	Export Profit Reserve	--	--	--
21	Revaluation Reserve	--	--	--
22	Other reserves	--	--	--
23	Partner and Their Relatives Loans	40.000	35.000	30.000
23	Surplus(+) or Deficit(-) in Profit and Loss account	21.608	38.887	60.626
24	NET WORTH (Total of 19 to 23)	168.059	180.338	197.077
25	TOTAL LIABILITIES (18+24)	464.564	594.343	687.082
	A S S E T S
	CURRENT ASSETS
26	Cash and Bank balances	7.500	10.000	10.000
27	Investments (other than long term investments)
	i. Government and Other Trustee Securities	--	--	--
	ii. Fixed deposits with banks	--	--	--
28	i. Receivable other than deferred and exports (including bills purchased and discounted by bankers)	20.000	15.000	10.000
	ii. Export Receivables (including bills purchased/ discounted by bankers)	154.500	200.000	240.000
29	Installments under deferred receivables (due within one year)	--	--	--
30	Inventory
	i. Raw Materials (including stores and other items used in the process of mfg.
	a). Imported	105.000	153.333	173.333
		(2.00)	(2.00)	(2.00)
	b). Indigenous	--	--	--
	ii. Stock in Process	--	--	--
	iii. Finished Goods	159.758	198.704	237.043
		(2.00)	(2.00)	(2.00)
	iv. Other consumables Stores
	a). Imported	--	--	--
	b). Indigenous	--	--	--
31	Advances to suppliers of Raw Material and Stores / Spares	--	--	--
32	Advance payment of taxes	--	--	--
33	Other Current Assets (Specify Major Items)	16.465	15.965	15.465
	(a)
	(b)
34	Total Current Assets (Total of 26 to 33)	463.223	593.002	685.841
	FIXED ASSETS
35	Gross Block (Land and Building, Machinery, Furniture and fittings, vehicles)	4.000	4.500	5.000
36	Less: Depreciation to date	2.659	3.159	3.759
37	NET BLOCK (35-36)	1.341	1.341	1.241
	OTHER NON-CURRENT ASSETS
38	Investments/book debts/ advances/deposits which are not current assets
	i. a) Investment in subsidiary companies/ affiliates	--	--	--
	b) DBD	--	--	--
	ii. Advance to suppliers of capital goods and contractors	--	--	--
	iii. Deferred Receivables (Maturity exceeding one year)	--	--	--
	iv. Others/Deposit	--	--	--
39	Non Consumable stores and spares	--	--	--
40	Other Non-Current assets (including dues from Directors)	--	--	--
41	TOTAL OTHER NON-CURRENT ASSETS (38 to 40)	--	--	--
42	Intangible assets (patents, goodwill, prelim. Expenses, bad and doubtful debts not provided for etc.)	--	--	--
43	TOTAL ASSETS (34+37+41+42)	464.564	594.343	687.082
44	TANGIBLE NET WORTH (24-42)	168.059	180.338	197.077
45	NET WORKING CAPITAL {(17+24)-(37+41+42)} to tally with (34-10)	166.723	179.002	195.841
46	CURRENT RATIO (34/10)	1.56	1.43	1.40
47	TOTAL OUTSIDE LIABILITIES/ TANGIBLE NETWORTH {18/44}	1.76	2.30	2.49
48	DEBT / EQUITY RATIO	0.00	0.00	0.00
50	TOTAL INVENTORY / NET SALES RATIO (MONTHS)	3.17	3.37	3.27
51	RECEIVABLES / NET SALES RATIO	2.09	2.06	1.99
52	PAT/NET SALES (%)	1.28	1.38	1.45
53	PAT/NW (%)	7.65	9.58	11.03
	ADDITIONAL INFORMATION
	A. Arrears of Depreciation	Nil	Nil	Nil
	B. Contingent Liabilities :
	a. Arrears of Cumulative Dividend	Nil	Nil	Nil
	b. Gratuity Liability not provided for	Nil	Nil	Nil
	c. Disputed Excise / Customs / Tax Liabilities	Nil	Nil	Nil
	d. Other Liabilities not provided for	Nil	Nil	Nil

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	ESTIMATED	PROJECTION	PROJECTION
		31.03.2015	31.03.2016	31.03.2017
1	SOURCES
	a) Net Profit (after tax)	12.852	17.279	21.739
	b) Depreciation	0.400	0.500	0.600
	c) Increase in capital	(4.820)	(5.000)	(5.000)
	d) Increase in Term Liabilities	--	--	--
	e) Decrease in
	i) Fixed Assets	--	--	--
	ii) Other Non-current Assets	--	--	--
	f) Others	--	--	--
	g) TOTAL	8.432	12.779	17.339
2	USES
	a) Net loss	--	--	--
	b) Decrease in Term Liabilities	--	--	--
	c) Increase in:
	i) Fixed Assets	0.209	0.500	0.500
	ii) Investment in ass/sub.	--	--	--
	iii) Other Non-current Assets	--	--	--
	d) Dividend payments	--	--	--
	e) Others	--	--	--
	f) TOTAL	0.209	0.500	0.500
3	Long term Surplus(+)/ Deficit(-) (1-2)	8.223	12.279	16.839
4	Increase/Decrease in current assets* (as per details given below)	(82.723)	129.779	92.839
5	Increase/Decrease in current liabilities other than bank borrowings	(190.946)	97.500	46.000
6	Increase/Decrease in working capital gap	108.223	32.279	46.839
7	Net Surplus(+)/deficit(-) (Difference of 3 and 6)	(100.000)	(20.000)	(30.000)
8	Increase/Decrease in bank borrowings	100.000	20.000	30.000
9	Increase/Decrease in net sales	293.966	251.000	251.000
	*Break-up of (4)
	i) Increase/Decrease in Raw Material	(140.693)	48.333	20.000
	ii) Increase/Decrease in Stock in Consumables and Stores	--	--	--
	iii) Increase/Decrease in Finished goods	65.545	38.946	38.339
	iv) Increase/Decrease in Receivables
	a) Domestic	(72.333)	(5.000)	(5.000)
	b) Exports	105.804	45.500	40.000
	v) Increase/Decrease in Other Current assets	(41.046)	2.000	(0.500)
		(82.723)	129.779	92.839

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

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	ESTIMATED	PROJECTION	PROJECTION
		31.03.2015	31.03.2016	31.03.2017
A.	CURRENT ASSETS
1	Raw Materials (including stores and other items used in the process of mfg.)
	a). Imported	105.000	153.333	173.333
	Months consumption	(2.00)	(2.00)	(2.00)
2	Other consumables Spares excluding those incl. in 1 above
	a). Imported	--	--	--
	Months consumption	--	--	--
	b). Indigenous	--	--	--
	Months consumption	--	--	--
3	Stock in Process	--	--	--
	Months cost of production	--	--	--
4	Finished Goods	159.758	198.704	237.043
	Months cost of sales	(2.00)	(2.00)	(2.00)
5	Receivables other than export and deferred receivables (including Bills purchased and discounted by bankers)	--	--	--
	(Month's Domestic Sales) excluding deferred payment sales	(0.96)	(0.90)	(0.80)
6	Export Receivables (Including bills purchased and discounted)	154.500	200.000	240.000
	(Month's Export Sales)	(2.47)	(2.29)	(2.13)
7	Advances to suppliers of raw materials % stores/spares, consumables	--	--	--
8	Other current Assets (Including cash and bank balance deferred receivables due within one year (specify major items)	23.965	25.965	25.465
9	TOTAL CURRENT ASSETS	463.223	593.002	685.841
	(To agree with item 34 in form III)
	CURRENT LIABILITIES
	(Other than bank borrowings for working capital)
10	Creditors for Purchase of raw materials, stores and consumable spares	188.500	280.000	320.000
	(Month's Purchase)	(2.59)	(2.65)	(2.61)
11	Advance payments from customers	--	--	--
12	Statutory Liabilities	--	--	--
13	Other Current Liabilities (specify major items) Short term borrowings, unsecured loans, dividend payable, inst. of LT, DPG, public deposits, debentures, etc.	8.000	14.000	20.000
14	TOTAL	196.500	294.000	340.000
	(To agree with sub-total)

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	ESTIMATED	PROJECTION	PROJECTION
		31.03.2015	31.03.2016	31.03.2017
1	Total current assets (9 in form IV)	463.223	593.002	685.841
2	Current Liabilities	196.500	294.000	340.000
	(Other than bank borrowings) (14 of form IV)
3	Working Capital Gap (WCG) (1-2)	266.723	299.002	345.841
4	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 method) Method of lending (I or II)	66.681	74.751	86.460
5	Actual /Projected net working Capital (45 in form III)	166.723	179.002	195.841
6	Item 3 minus item 4	200.042	224.251	259.381
7	Item 3 minus item 5	100.000	120.000	150.000
8	Maximum Permissible Bank Finance (item 6 or 7, whichever is lower)	100.000	120.000	150.000
9	Excess Borrowings, if any, representing shortfall in NWC (4-5)	--	--	--

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

STATEMENT OF ASSETS AND LIABILITIES

MS. AYUSHI MANISH SHAH

(RS. IN MILLIONS)

DETAILS OF ASSETS

BANK ACCOUNT

AS ON 31.07.2014

Bank	Branch	S/B / C/D A/C No.	Present Balance	Last 6 months Avg. Bal.
Axis Bank	Nariman Point	911010033533623	0.021	0.021
State Bank of India	Opera House	11107539213	3.002	0.743

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company and Branch	Policy No.	Date of Issue	Sum assured	Surrender Value	Premium paid upto what period
LIC “Jeevan Bal Vidhya”	904762829	08.11.2002	0.500	0.990	--
LIC “Money Back”	901582151	19.02.2002	0.750	1.462	0.526

TERM DEPOSITS

Term Deposit Receipt No.	Bank/ Branch Name	Type	Amount and Date of Receipt	Maturity Date	Maturity Amount
32049494202	State Bank of India, OH	FDR	1.500	22.11.2016	2.370

INVESTMENT IN GOVERNMENT SECURITIES LIKE BONDS/ PPF/ NSC/ KVP/ IVP ETC

Bond / Certificate No.	Maturity Amount
PPF	0.436
HDFC Bond	1.403

JEWELLERY

Particulars	Valuation [Approx.]
Gold	0.300

CAPITAL INVESTED IN BUSINESS

Name of Firm	Amount in Millions
P. Manish Exports	0.491

LEGAL HEIRS

Name	Occupation	Relation	Age	Marital Status
Kokila M. Shah	House Wife	Grand Heirs	66	Married
Manish M. Shah	Business	Father	44	Married
Sonal M. Shah	Business	Mother	42	Married
Diya M. Shah	Study	Sister	7	Single

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

STATEMENT OF ASSETS AND LIABILITIES

MR. MANISH MAHENDRA SHAH

(RS. IN MILLIONS)

DETAILS OF ASSETS

BANK ACCOUNT

AS ON 31.07.2014

Bank	Branch	S/B / C/D A/C No.	Present Balance	Last 6 months Avg. Bal.
Axis Bank	Nariman Point	173010100083553	0.008	0.008
State Bank of India	Diamond Branch	1040648380	0.001	0.251

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Area	Location / Address	Purchase Cost	Present Value
Non Agri. Land	Joint	1975 Sq. Mt.	Lonawala	0.117	100.000
Commercial	Joint	28 Sq. Mt.	Parekh Market, Opera House, Mumbai – 400004	2.986	12.500

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company and Branch	Policy No.	Date of Issue	Sum assured	Surrender Value	Annual Premium	Premium paid upto what period
LIC “Jeevan Asha”	904922479	01.10.2003	0.500	1.375	0.024	0.230
LIC “Jeevan Dhara”	9018992951296..	14.06.2000	--	42.500	--	5.201
LIC “Jeevan Shree”	901565767…	28.02.2009	2.600	5.863	1.896	1.896

SHARES / DEBENTURE / MUTUAL FUND ETC

Name of Company	No. of Shares	Whether fully paid [Yes/ No]	Current Market Value [Rs.]
City Corporation Limited	154000	Yes	1.540
Akshar Impex Private Limited	30365	--	35.072
Akshar Impex Private Limited	10000	--	10.000

INVESTMENT IN GOVERNMENT SECURITIES LIKE BONDS/ PPF/ NSC/ KVP/ IVP ETC

Bond / Certificate No.	Maturity Amount
PPF	1.492
Post Office	0.030

JEWELLERY

Particulars	Valuation [Approx.]
Gold	0.573

CAPITAL INVESTED IN BUSINESS

Name of Firm	Amount in Millions
P. Manish Exports	(11.419)

LIABILITIES

AS ON 31.03.2013

Borrowed from	Purpose of Loan	Amount of Loan	Outstanding Balance
Mona Shah	Business	18.350	18.350
Divyesh Shah	Business	7.500	7.500

LEGAL HEIRS

Name	Occupation	Relation	Age	Marital Status
Kokila M. Shah	House Wife	Mother	66	Married
Sonal M. Shah	Business	Wife	42	Married
Ayushi M. Shah	Study	Daughter	21	Single
Diya M. Shah	Study	Daughter	7	Single

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

STATEMENT OF ASSETS AND LIABILITIES

MRS. SONAL MANISH SHAH

(RS. IN MILLIONS)

DETAILS OF ASSETS

BANK ACCOUNT

AS ON 31.07.2014

Bank	Branch	S/B / C/D A/C No.	Present Balance	Last 6 months Avg. Bal.
Axis Bank	Nariman Point	173010100072797	0.001	0.001
State Bank of India	Nepeansea Road Branch	31540352616	0.001	0.001

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Area	Location / Address	Purchase Cost	Present Value
Non Agri. Land	Joint	1975 Sq. Mt.	Lonawala	5.139	100.000
Others	Own	--	Mumbai	2.392	--

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company and Branch	Policy No.	Date of Issue	Sum assured	Surrender Value	Annual Premium	Premium paid upto what period
LIC “Jeevan Asha”	904922535	01.10.2003	0.500	1.375	0.024	0.325
LIC “Jeevan Dhara”	901843502	22.09.1999	--	42.500	--	4.185
LIC “Jeevan Shree”	901565813	28.02.2001	0.800	1.880	0.450	0.450

SHARES / DEBENTURE / MUTUAL FUND ETC

Name of Company	No. of Shares	Whether fully paid [Yes/ No]	Current Market Value [Rs.]
Areva Prop Private Limited	3000	Yes	30.000
Unimax Prop Private Limited	3000	Yes	30.000

INVESTMENT IN GOVERNMENT SECURITIES LIKE BONDS/ PPF/ NSC/ KVP/ IVP ETC

Bond / Certificate No.	Maturity Amount
PPF	0.292

JEWELLERY

Particulars	Valuation [Approx.]
Gold	1.060

CAPITAL INVESTED IN BUSINESS

Name of Firm	Amount in Millions
P. Manish Exports	2.350

LEGAL HEIRS

Name	Occupation	Relation	Age	Marital Status
Kokila M. Shah	House Wife	Mother in Law	66	Married
Manish M. Shah	Business	Husband	44	Married
Ayushi M. Shah	Study	Daughter	21	Single
Diya M. Shah	Study	Daughter	7	Single

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

VALUATION REPORT

(GENERAL DETAILS)

PART A

Purpose of Valuation

To determine the Fair Market Value

Date of valuation

25.08.2014

Name of the Owner with address

Mrs. Sonal M. Shah and Mr. Manish M. Shah

Aavkar CHS Limited, Bungalow/ Plot No. 12, Gut No. 242, Lonavala – 410405, Maharashtra, India

Documents produced for perusal

1) Copy of Share Certificate

2) Copy of Maintenance Bill dated 05.01.2013

3) Copy of Electricity Bill

4) Copy of Plot Layout

Brief description of the property

All Piece and Parcel of Non-Agricultural Land known as Bungalow / Plot No. 12, Gut No. 242 situated, lying and being in Village Waksai, Taluka Maval and District Pune.

The said Plot is about 1 Km inside from Mumbai-Pune Highway. The above site is well connected by Road as Buses and other mode of transport is readily available, Nearest Railway Station is LONAVALA.

Scope of Valuation

To inspect the Secured Assets to determine the Fair Market Value and to verify the documents produced.

If this Report is to be used for any Bank purpose, state the name of Bank and Branch is known

Bank of India

Bullion Exchange Branch, Mumbai, Maharashtra, India

(DESCRIPTION OF THE PROPERTY)

Postal address of the Property

Aavkar CHS Limited, Bungalow / Plot No. 12, Gut No. 242, Lonavala - 410405

Location of the Property

Gut No.

Village / Taluka

District/ Pin Code

242

Village Waksai, Taluka Maval

Pune

Boundaries of the Property

On or towards North

On or towards South

On or towards West

On or towards East

By Plot No. 13

By Plot No. 11

By G. No. 242

By Road

Property Tax Receipt referred Assessment No./ Tax amount [Rs.]

Rs. 0.010 Million for 2014/2015

Electricity Service Connection No./ Meter Card in the name of

181361953864 Mrs. Sonal M. Shah

Property presently occupied by

The Owner

PART B – LAND

Dimension of the Site

Odd Size

Extent of site

1975 Sq. Meters equivalent to 21251 Sq. feet [Approx.]

[As per Copy of Plot Layout]

Characteristics of the locality

What is the character of the Locality

What is the classification of Locality

Road facilities available

What is the width of the Road?

Any factors which affect the Marketability of the Land

Residential

Residential

Yes

30 feet

No

Tenure of the land

Freehold

Value of adopting PMR

The prevailing market rate for the said Plot in the present condition would be Rs. 3500/- to Rs. 4500/- per sq. feet. However, they have adopted the rate of Rs. 4400/- per sq. feet.

[Unit rate adopted in this valuation after considering the characteristics of the subject plot]

Year of Purchase

2003 or thereabout

VALUE OF THE LAND

21251 Sq. feet @ Rs. 4400/- per Sq. feet

Rs. 93.504 Millions

APARTMENT/ BUNGALOW

Nature of the Bungalow

Row House-Luxurious Villa

Name of the Bungalow

No Name

Postal Address

Aavkar CHS Limited, Bungalow / Plot No. 12, Gut No. 242, Lonavala – 410405

Description of Locality

Residential

Year of Construction

2005 or thereabout

Age of Building

9 Years

Further Life estimated

41 Years [Subject to regular maintenance]

Number of floors

Ground + 1 Floor [2^nd Floor Terrace]

Type of structure

R.C.C.

Quality of Construction

Good

Appearance of the Bungalow

Good

Maintenance of the Building

Good

Facilities available

Lift

Protected Water Supply

Underground Sewerage

Car Parking

All round Compound Wall

No

Yes

Yes

Open

No

BUNGALOW UNDER VALUATION

Specification of the Bungalow

Roof

Flooring

Doors/ Window

Electric Fitting

Floor Finishing

R.C.C.

Marble

Wooden / Aluminum Grilled

Concealed

Good

House Tax Assessment No. Tax in the name of

Rs. 0.010 Million for 2014/2015

Electricity Service Connection No./ Meter Card in the name of

181361953864

Mrs. Sonal M. Shah

How is the Maintenance?

Good

What is the undivided area of Land as per Deed

--

Carpet Area of the Bungalow

PARTICULARS	Area [in Sq. feet]
Ground Floor	2800
1^st Floor	2000
2^nd Floor [Terrace]	400
Total	5200

What is the Super Built-Up Area?

7020 Sq. feet [35% of Loading on Carpet Area]

Is it Posh/ I Class/ Medium/ Ordinary

Medium

Is it used for Residential/ Commercial?

Residential

Owner Occupied / Tenanted

Owner Occupied

If Tenanted, what is the monthly rent

N.A.

Rate

Rs. 2200/- per Sq. feet

Value

7020 Sq. feet @ Rs. 2200/- per Sq. feet

Rs. 15.444 Millions

PLOT DEVELOPMENT

The owners are maintaining Private Lawn and Exclusive Sitting Area within the Plot. They have also planted trees all along the plot.

The front pathway and a limited portion of the plot has been paved to make a proper sitting area and a car park.

The development of Land is valued at Rs. 450/- per Sq. feet

21251 Sq. feet @ Rs. 450/- per Sq. feet

Rs. 9.563 Millions

ABSTRACT VALUE

PARTICULARS	Value in Millions
Land	93.504
Building	15.444
Plot Development	9.563
Furniture, Fixtures, Electricals etc.	7.500
Total	126.011

VALUATION

Fair Market Value	--	Rs. 126.011 Millions
Distress Sale Value	80% of Fair Market Value	Rs. 100.809 Millions
Reconstruction Value	7020 Sq. feet @ Rs. 3500/- per Sq. feet	Rs. 24.570 Millions

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

PROFILE

They would like to introduce ourselves as a “Diamond Merchant Manufacture – Exporter and Importer”, having in trade for more than since 1965.

Originally, they are having business in the name of “P. Manish and Company” a registered partnership firm, established in 1976, with turnover of Rs. 250.000 Millions.

The firm has the partner of “Shah Family” namely Late Mahendra V. Shah, Manish M. Shah, Sonal Manish Shah, Kumari Ayushi Manish Shah and Mahendra V. Shah (HUF).

Their firm, M/s. P. Manish and Company was also enjoying the facilities with “SBI, Diamond Branch, Mumbai - 400007”.

After mutual agreement firm was dissolved in March 2001, and working partner merged with the firm “M. Suresh and Company”, a leading DTC sight holder, having large business activities.

Again mutually separated from “M. Suresh and Company”, and a newly established partnership firm formed in the name of “M/s. P. Manish Exports” on 9^th December, 2005 with the partner of “Shah Family” namely Manish M. Shah, Sonal Manish Shah and Ayushi Manish Shah.

M/s. P. Manish Exports mainly concentrates on export of polished diamonds of high value to clients in Japan, Europe, USA and Far East. Besides the firm import roughs for manufacturing and sell in local market wherein also good margin is earned.

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

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.

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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. 60.81
UK Pound	1	Rs. 100.06
Euro	1	Rs. 78.47

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.