MIRA INFORM REPORT

Report No. :	350171
Report Date :	10.12.2015

IDENTIFICATION DETAILS

Name :	I J JEWELLERS
Registered Office :	3, Surya Complex, Swastik Char Rasta, C. G. Road, Navrangpura, Ahmedabad - 380009, Gujarat
Tel. No.:	91-79-26431685
Country :	India
Financials (as on) :	30.09.2015 [Provisional]
Year of Establishment :	May 1994
Capital Investment :	Rs. 19.593 Million
IEC No.:	Not Divulged
PAN No.: [Permanent Account No.]	AAQPC9768D
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Gold Jewellery.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old proprietorship concern established in the year 1994. It is a trader of Gold Jewellery and has satisfactory track record. The rating takes into consideration sound improvement in the capital structure due to additional capital added in the business, which leads to improvement in the debt ratio in the year 2015. Further, the concern has reported decent increase in its sales turnover, however with the small profit margin in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the concern can be considered for business dealings with usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Indravadan Chokshi
Designation :	Chief Executive Officer
Contact No.:	91-9825244394
Date :	05.12.2015

LOCATIONS

Registered Office :	3, Surya Complex, Swastik Char Rasta, C. G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26431685
Mobile No.:	91-9825244394 [Mr. Indravadan Chokshi]
Fax No.:	Not Available
E-Mail :	ijarihany2000@yahoo.com
Area :	300 Sq. ft.
Location :	Owned

SOLE PROPRIETOR

Name :	Mrs. Rekha Indravadan Chokshi
Designation :	Proprietor
Address :	204, Anmol Apartment, Mahalaxmi Society, Paldi, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	05.09.1963
Qualification :	Graduate
PAN No.:	AAQPC9768D

KEY EXECUTIVES

Name :	Mr. Indravadan Chokshi
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :	Trader of Gold Jewellery.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash, Advance and Credit [30 Days]
Purchasing :	Advance and Credit [30 Days]

GENERAL INFORMATION

Suppliers :

Reference:	Zinzuvadia Jewellers
Name of the Person (Designation):	Mr. Ashwin S. Soni [Partner]
Contact Number:	91-9824016690
Since how long known:	10 Years
Maximum limit dealt:	As per requirement
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	Subject paying their installments on time, having satisfactory trade record in market also.

Reference:	Suvarna Ratnam
Name of the Person (Designation):	Mr. Deepakbhai Soni [Partner]
Contact Number:	91-9824054207
Since how long known:	7 Years
Maximum limit dealt:	As per requirement
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	Satisfactory trade record in business transaction, payment behaviour is also good.

· Jyoti Jewellers

1204/F/3, Chandidham, Dedkani Pole, Manek Chowk, Ahmedabad – 380001, Gujarat, India

Contact No.: 91-79-22145140

· R and Sons

A/57, Pariseema Complex, C.G. Road, Ahmedabad – 380008, Gujarat, India

Contact No.: 91-79-26403376

Customers :

Wholesalers, Retailers and End Users

Reference:	Radhika Jewels
Name of the Person (Designation):	Mr. Dev Soneji [Accountant]
Contact Number:	91-9722077289
Since how long known:	5 Years
Maximum limit dealt:	As per requirement
Experience:	Product Quality = Good Delivery Behaviour = Good Overall = Good
Remark	Product quality is good, delivered behaviour is also good.

Reference:	Sagar Jewellers
Name of the Person (Designation):	Mr. Bunty Mehta [Proprietor]
Contact Number:	91-9879511960
Since how long known:	10 Years
Maximum limit dealt:	As per requirement
Experience:	Product Quality = Good Delivery Behaviour = Good Overall = Good
Remark	The Product quality is good, they delivered their products on time, management is also good.

· Design Creation

Parvati Mohan, 2^nd Floor, Dhanlaxmi B/H Mangukiya Hospital, Laldarvaja, Surat, Gujarat, India

Contact No.: 91-261-2453442

· 24 Carat

101-102, Surbhi Complex, Opposite Municipal Market, C.G. Road, Navrangpura, Ahmedabad, Gujarat, India

Contact No.: 91-79-26464040

No. of Employees :

5 (Approximately)

Bankers :

Bank Name:	Dena Bank
Branch:	Navrangpura Branch, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. Keyur Shah [Manager]
Contact Number:	91-79-26431687/ 1390
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Denied to provide details.

Facilities :

SECURED LOANS	30.09.2015 (Rs. In Million)	31.03.2015 (Rs. In Million)
ICICI Bank Home Loan	4.555	4.653
Sarvoday Bank Loan A/c	0.000	0.042
Mehsana Urban Co-op Bank 98	0.000	4.036
SBI PP A/c No. 32890638927	0.000	2.011
Total	4.555	10.742

Auditors :
Name :	Monil R. Shah and Associates Chartered Accountants
Address :	208, Abhinav Arcade, Near Kothawala Flats, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26574033
Mob. No.:	91-9510327462
E-Mail :	monilshah.ca@gmail.com
Memberships :	--
Collaborators :	--
Sister Concerns :	· Arihant Designer Jewellers Private Limited 3 and 4, Surya Complex, C.G. Road, Navrangpura, Ahmedabad, Gujarat, India Activity: Jewellery Manufacturing · Arvi Jewels Private Limited 1C-1D, Surya Complex, C.G. Road, Navrangpura, Ahmedabad, Gujarat, India

CAPITAL STRUCTURE

AS ON 30.09.2015 [PROVISIONAL]

Capital Investment :
Owned :	Rs. 19.593 Million
Borrowed :	--
Total :	Rs. 19.593 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2015 [Provisional] [6 Months]	31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Proprietor Capital		19.593	18.771	3.725	2.343
2] Share Application Money		0.000	0.000	0.000	0.000
3] Profit & Loss Account		0.683	1.484	0.000	1.424
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		20.276	20.255	3.725	3.767
LOAN FUNDS
1] Secured Loans		4.555	10.742	2.991	5.304
2] Unsecured Loans		5.986	7.140	9.671	4.940
TOTAL BORROWING		10.541	17.882	12.662	10.244
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		30.817	38.137	16.387	14.011
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.120	10.337	10.530	10.565
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.533	1.189	0.441	0.341
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.962	49.193	20.006	38.230
	Sundry Debtors	4.640	3.826	1.530	1.765
	Cash & Bank Balances	7.130	22.340	1.904	(50.847)
	Other Current Assets	0.000	0.000	1.500	1.515
	Loans & Advances	16.447	10.225	50.309	32.670
Total Current Assets		37.179	85.584	75.249	23.333
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.226	58.882		20.228
	Other Current Liabilities	0.560	0.000		0.000
	Provisions	0.229	0.091		0.000
Total Current Liabilities		17.015	58.973	69.833	20.228
Net Current Assets		20.164	26.611	5.416	3.105
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		30.817	38.137	16.387	14.011

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2015 [Provisional] [6 Months]	31.03.2015	31.03.2014	31.03.2013
	SALES
		Sales	376.053	448.571	419.477	283.744
		Other Income	0.000	1.145	1.187	3.451
		TOTAL	376.053	449.716	420.664	287.195
Less	EXPENSES
		Cost of Goods sold	358.242	434.015	401.564	280.355
		Discount A/c.	0.000	0.078	0.000	0.000
		Interest Expenses	0.000	1.616	1.270	0.773
		Labour Charges	14.158	10.113	11.836	2.633
		Account Fee	0.063	0.108	0.090	0.015
		Bonus Expenses	0.000	0.181	0.279	0.071
		Donation	0.000	0.115	0.100	0.005
		Professional fee	0.000	0.120	0.000	0.000
		Processing fees	0.005	0.000	0.300	0.044
		Progressing fee	0.000	0.066	0.000	0.000
		Salary Expenses	0.854	1.086	1.652	0.846
		Travelling Expenses	1.096	0.139	0.099	0.028
		Vehicle Expenses	0.165	0.225	0.079	0.078
		Other Expenses	0.569	0.177	1.160	0.696
		TOTAL	375.152	448.039	418.429	285.544
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.901	1.677	2.235	1.651
Less/ Add	DEPRECIATION/ AMORTISATION		0.218	0.193	0.224	0.227
	NET PROFIT		0.683	1.484	2.011	1.424

KEY RATIOS

PARTICULARS		30.09.2015 [Provisional] [6 Months]	31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.18	0.33	0.48	0.50
Return on Total Assets (PBT/Total Assets}	(%)	1.44	1.55	2.34	4.20
Return on Investment (ROI) (PBT/Networth)		0.03	0.07	0.54	0.38
Debt Equity Ratio (Total Liability/Networth)		0.52	0.88	3.40	2.72
Current Ratio (Current Asset/Current Liability)		2.19	1.45	1.08	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Proprietor Capital	2.343	3.725	18.771
Profit and Loss	1.424	0.000	1.484
Net worth	3.767	3.725	20.255
Secured Loans	5.304	2.991	10.742
Unsecured Loans	4.940	9.671	7.140
Total borrowings	10.244	12.662	17.882
Debt/Equity ratio	2.719	3.399	0.883

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	283.744	419.477	448.571
		47.836	6.936

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	283.744	419.477	448.571
Profit	1.424	2.011	1.484
	0.50%	0.48%	0.33%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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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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UNSECURED LOANS

(RS. IN MILLION)

PARTICULARS	30.09.2015 [Provisional]	31.03.2015
Alkaben U. Shah	0.400	0.400
Arihant Designer Jew Private Limited	1.753	1.753
Arohi N. Shah	0.357	0.336
Silipbhai Trivedi	0.000	0.500
HDB Financial Services	0.000	0.581
Jarul Indravadan Chokshi	0.489	0.457
Magma Fincorp Limited	0.000	0.429
Parulben Rajeshkumar Deliwala	0.589	0.554
Rajeshkumar Manilal Shah	1.178	1.108
Tata Capital Finance Services Limited	0.326	1.022
Daxaben Ashokkumar Chokshi	0.214	0.000
Dilipbhai Trivedi	0.514	0.000
Jekin Corporation	0.166	0.000
Total	5.986	7.140

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 [Estimate]	2016-17 [Projection]	2017-18 [Projection]	2018-19 [Projection]
1	Gross Sales
	1. Domestic Sales	483.395	513.386	554.456	593.268
	2. Export Sales	0.000	0.000	0.000	0.000
	3. Other Operating Income	1.210	1.267	1.298	1.307
	Total	484.605	514.653	555.754	594.575
2	Less: Excise Duty	0.000	0.000	0.000	0.000
3	Net Sales	484.605	514.653	555.754	594.575
4	%age rise (+) or fall (-) in net sales as compared to previous year	7.76%	6.20%	7.99%	6.99%
5	Cost of Sales
	1. Raw Material [Including stores and other items used in the process of manufacture]	471.643	496.123	539.134	576.034
	- Imported	0.000	0.000	0.000	0.000
	- Indigenous	471.643	496.123	539.134	576.034
	2. Other Spares
	- Imported	0.000	0.000	0.000	0.000
	- Indigenous	0.000	0.000	0.000	0.000
	3. Power and Fuel	--	--	--	--
	4. Direct Labour [Factory wages and salaries]	--	--	--	--
	5. Salary, Bonus	1.998	2.003	2.023	2.042
	6. Depreciation	0.193	0.193	0.193	0.193
	Other costs/ job charges	10.823	11.580	12.508	13.382
	Sub-total [1 + 6]	484.657	509.899	553.858	591.651
	7. Add: Opening stock in process	49.888	54.230	54.398	57.521
	Sub-total	534.545	564.129	608.256	649.172
	8. Less: Closing Stock in process	54.230	54.398	57.521	59.712
	Cost of Production	480.315	509.731	550.735	589.460
	9. Add: Opening stock of finished goods	0.000	0.000	0.000	0.000
	Sub-total	480.315	509.731	550.735	589.460
	10. Less: Closing Stock of finished goods	0.000	0.000	0.000	0.000
	Cost of Sales	480.315	509.731	550.735	589.460
	Gross Profit	4.290	4.922	5.019	5.115
6	Selling, General & Administrative Expenses	0.851	0.875	0.901	0.916
7	Sub-total	481.166	510.606	551.636	590.376
8	Operating Profit before Interest	3.439	4.047	4.118	4.199
9	Interest	1.358	1.806	1.776	1.746
10	Operating Profit after Interest	2.081	2.241	2.342	2.453
11	1. Add: Other Non-Operating Income
	Interest / Misc. Income	0.020	0.020	0.020	0.020
	Rent Income	--	--	--	--
	Sub-total [Income]	0.020	0.020	0.020	0.020
	2. Deduct: Other Non-Operating Expenses
	Discount allowed	0.088	0.098	0.102	0.112
	Rent paid	0.036	0.036	0.036	0.036
	Sub-total [Expenses]	0.124	0.134	0.138	0.148
	3. Net off Other Non-Operating Income/ Expenses [Net off]	(0.104)	(0.114)	(0.118)	(0.128)
12	Profit before Tax/ (Loss)	1.977	2.127	2.224	2.325
13	Provision for Taxes	0.320	0.350	0.370	0.420
14	Net Profit [12-13]	1.657	1.777	1.854	1.905
15	Equity Dividend Paid	0.500	0.500	0.500	0.500
	Dividend Rate	--	--	--	--
16	Retained Profit [14-15]	1.157	1.277	1.354	1.405
17	Retained Profit / Net Profit (%age)	69.82%	71.86%	73.03%	73.75%

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 [Estimate]	2016-17 [Projection]	2017-18 [Projection]	2018-19 [Projection]
	CURRENT LIABILITIES
1	Short term borrowings from banks
	From Applicant Bank	7.500	7.500	7.500	7.500
	From Other Bank	6.321	4.521	2.721	0.921
2	Short term borrowings from others	--	--	--	--
3	Deposits [maturing within 1 year]	--	--	--	--
4	Sundry Creditors [Trade]	46.020	45.623	45.021	44.565
5	Unsecured Loans	--	--	--	--
6	Advance/ Progress payments from customers/ deposits from dealers	0.130	0.132	0.135	0.141
7	Interest and other charges accrued but not due for payment	--	--	--	--
8	Provision for Taxation	0.061	0.063	0.065	0.067
9	Dividend Payable	--	--	--	--
10	Other Statutory Liabilities [due within one year]	--	--	--	--
11	Instalments of term loan/ Deferred Payment Credits/ Pref. Shares/ Debentures etc. (due within one year)	0.000	0.000	0.000	0.000
12	Other Current Liabilities & Provisions	0.130	0.090	0.070	0.050
13	TOTAL CURRENT LIABILITIES	60.162	57.929	55.512	53.244
	TERM LIABILITIES
14	Debentures	--	--	--	--
15	Redeemable preference shares [not maturing within 1 year but of maturity not exceeding 12 year]	--	--	--	--
16	Term loans [Excluding Inst. Payable within 1 year]	0.000	0.000	0.000	0.000
17	Deferred Payment Credits (excl. instalments due within one year)	0.000	0.000	0.000	0.000
18	Term Deposits (repayable after one year)	--	--	--	--
19	Other Term Liabilities [Unsecured Loans]	4.899	4.899	4.899	4.899
20	Housing Loan - ICICI	4.353	4.053	3.753	3.453
21	TOTAL TERM LIABILITIES	9.252	8.952	8.652	8.352
22	TOTAL OUTSIDE LIABILITIES	69.414	66.881	64.164	61.596
	NET WORTH
23	Ordinary Share Capital	18.766	18.766	18.766	18.766
24	Share Premium	--	--	--	--
25	General Reserve	--	--	--	--
26	Other Reserves (excluding provisions) [subsidy]	--	--	--	--
27	Profit & Loss Account	6.954	5.231	6.585	7.990
28	NETWORTH	25.720	23.997	25.351	26.756
29	TOTAL LIABILITIES	95.134	90.878	89.515	88.352
	CURRENT ASSETS
30	Cash & Bank balances	14.680	11.870	6.874	3.133
31	Investments [other than long term investments eg. Sinking fund etc.]
	- Govt. and other trustee securities	--	--	--	--
	- Fixed Deposits with banks	0.018	0.018	0.018	0.018
32	Receivables other than Deferred and Export
	Domestic Receivables	3.720	3.923	4.120	4.321
	Export Receivables	--	--	--	--
33	Installments of deferred receivables [due within 1 year]	--	--	--	--
34	Inventory	54.230	54.398	57.521	59.712
35	Advance to suppliers of Raw materials	0.530	0.590	0.620	0.650
36	Advance payment of taxes	0.370	0.387	0.399	0.412
37	Other current assets	0.000	0.000	0.000	0.000
38	TOTAL CURRENT ASSETS	73.548	71.186	69.552	68.246
	FIXED ASSETS
39	Gross Block	10.798	10.798	10.798	10.798
40	Depreciation to date	0.610	0.803	0.996	1.189
41	Net Block (35-36)	10.188	9.995	9.802	9.609
	OTHER NON-CURRENT ASSETS
42	Investments in subsidiary companies	--	--	--	--
	Investments in Other companies	1.263	1.263	1.263	1.263
	Loans and advances	5.760	5.932	6.123	6.324
	Deferred receivables over six months	4.375	4.502	4.775	4.910
43	Non-Consumable Stores/ Spares	0.000	0.000	0.000	0.000
44	Other Miscellaneous Assets including dues from directors	--	--	--	--
45	Total Other Non-Current Assets	11.398	11.697	12.161	12.497
46	Intangible assets	--	--	--	--
47	TOTAL ASSETS	95.134	92.878	91.515	90.352
	Tangible Net worth	25.720	23.997	25.351	26.756
	Unsecured loans considered as equity	0.000	0.000	0.000	0.000
	Adjusted TNW	25.720	23.997	25.351	26.756
	Net Working Capital	13.386	13.257	14.040	15.002
	Current Ratio	1.22	1.23	1.25	1.28
	Debt-Equity Ratio	2.70	2.79	2.53	2.30
	ISCR	2.36	2.09	2.15	2.20
	Profitability	0.34	0.35	0.33	0.32

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

PERFORMANCE AND FINANCIAL INDICATORS

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 [Estimate]	2016-17 [Projection]	2017-18 [Projection]	2018-19 [Projection]
1	Net Sales	484.605	514.653	555.754	594.575
2	Operating Profit [after Interest]	2.081	2.241	2.342	2.453
3	PBT	1.977	2.127	2.224	2.325
4	PBT / Sales %	0.41	0.41	0.40	0.39
5	PAT	1.657	1.777	1.854	1.905
6	Cash Accruals	1.850	1.970	2.047	2.098
7	PBDIT	3.520	4.126	4.193	4.264
8	Paid up capital	18.766	18.766	18.766	18.766
9	TNW	25.720	23.997	25.351	26.756
	Adjusted TNW	25.720	23.997	25.351	26.756
10	TOL/ TNW	2.70	2.79	2.53	2.30
	TOL/ Adjusted TNW	2.70	2.79	2.53	2.30
11	Current Ratio	1.32	1.33	1.36	1.40
	Current Ratio [Excl. TL Instalments]	1.32	1.33	1.36	1.40
	EFFICIENCY RATIOS
12	Net Sales / Total Tangible Assets	5.09	5.66	6.21	6.73
13	Return on Assets [PBT/ TTA] %	2.08	2.34	2.48	2.63
14	Operating Costs/ Sales %	0.59	0.56	0.53	0.50
15	Bank Finance/ Current Assets %	17.43	15.59	13.51	11.29
16	Inventory and Rec./ Net Sales [Days]	47	43	42	41
1	Total Current Assets [TCA]	79.308	77.118	75.675	74.570
2	Other Current Liabilities [OCL]	46.341	45.908	45.291	44.823
3	Working Capital Gap	32.967	31.210	30.384	29.747
4	Net Working Cap. [NWC]	19.146	19.189	20.163	21.326
5	Assess. Bk. Finance [ABF]	13.821	12.021	10.221	8.421
6	NWC to TCA %	24.14	24.88	26.64	28.60
7	Bk. Finance to TCA%	17.43	15.59	13.51	11.29
8	Sundry Cred. to TCA%	58.03	59.16	59.49	59.76
9	Other CL [exc. Sundry cred.] to TCA %	0.40	0.37	0.36	0.35
10	Inventories to Net Sales [days]	41	39	38	37
11	Receivables to Gross Sales [days]	6	5	5	4
12	Sundry Cred. To Purchases [days]	36	34	30	28

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

NETWORTH STATEMENT

MR. SUNIL NALINKUMAR PARIKH [GUARANTOR]

(RS. IN MILLION)

BANK A/C

BANK NAME	BRANCH	S/B, C/D A/C. NO.
Central Bank of India	Harijan Ashram, Ahmedabad, Gujarat, India	3289911558
HDFC Bank Limited	Navrangpura, Ahmedabad, Gujarat, India	00061050067333
Bank of India	Ashram Road, Ahmedabad, Gujarat, India	200220110000498

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Area	Freehold or Leasehold	Location	Purchase Cost	Present Value	Whether encumbered
Flat / House	Own	180 Sq. yd.	Freehold	B/203, Tirupati Apartment, Near Simandhar Triangle, Ghatlodia, Ahmedabad	1.700	5.500	No
Flat / House	Own	200 Sq. yd.	Freehold	D-804, Abhilash, Village Tragad, Ta. Ahmedabad	3.000	6.500	No
Bungalow	Own	375 Sq. yd.	Freehold	30, Golden Lotus, Science City Road, Science City, Ahmedabad	5.689	25.000	No
House	Own	115 Sq. yd.	Freehold	Vaniyavad, Halvad, District Surendranagar - 363330	0.050	1.000	No
Res. Land	Joint	670 Sq. yd.	Freehold	Naklank Dham Township, SH 17, Halvad – 363330, Gujarat	0.060	3.000	No
GRAND TOTAL					10.499	41.000

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company/ Branch	Policy No.	Date of Issue	Sum Assured	Surrender Value	Amount Premium
Life Insurance Corporation of India	819426905	23.12.2008	0.100	0.084	0.012
Life Insurance Corporation of India	819399295	20.03.2006	0.100	0.090	0.010

VEHICLES

Type of Vehicle	Registration No.	Model	Year to make	Cost at the time of purchase	Present value
Car – XUV	GJ01KQ5404	2012	2012	1.600	1.100
Car – Range Rover	GJ01KS7869	2012	2012	4.500	4.200

JEWELLERY

Particulars	Quantity	Valuation [Approx.]
Gold	1000 Gm	3.200
Silver	5 KG	0.250

CAPITAL INVESTED IN BUSINESS

Name of Firm/ Company	Amount in Million
Sunil Parikh	8.000

OTHER INVESTMENTS

Particular	Amount in Million
Home Appliances	5.500

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Jalpa S. Parikh	Housewife	Wife	34	Married	203-B, Tirupati Apartment, Near Jantanagar, Ghatlodia, Ahmedabad
Parshwa S. Parikh	Student	Son	11	Unmarried

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

NETWORTH STATEMENT

MRS. REKHABEN INDRAVADAN CHOKSHI

(RS. IN MILLION)

BANK A/C

BANK NAME	BRANCH	S/B, C/D A/C. NO.
Central Bank of India	Lal Darwaja, Ahmedabad, Gujarat, India	Current A/c 3406638816
Dena Bank	Navrangpura, Ahmedabad, Gujarat, India	Current A/c. 015111001206
State Bank of India	Bhadra, Ahmedabad, Gujarat, India	Current A/c. 32890638927

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Location	Purchase Cost	Present Value
House / Godown	Joint [50% Share]	Karmabhumi Vasajda, Tal. Kalol, Gandhinagar	0.344	7.500
Others
	Own	Shop No. FF-3, Surya Complex, Near Swastik Cross Road, Navrangpura, Ahmedabad – 380009	0.270	4.945
	Joint [50% Share]	Shop No. G-2, Surya Complex, Near Swastik Cross Road, Navrangpura, Ahmedabad – 380009	1.494	6.705
	Joint [50% Share]	Shop No. C-1, Surya Complex, Near Swastik Cross Road, Navrangpura, Ahmedabad – 380009	0.613	3.775
	Joint [50% Share]	Shop No. D-1, Surya Complex, Near Swastik Cross Road, Navrangpura, Ahmedabad – 380009	0.613	3.750
	Joint [50% Share]	Amrakunj Safal Amrukunj Bunglow – 8, Moje, Santhar, Taluka, Sanand	4.000	12.500
		Shop No. GF-3, Surya Complex, C G Road, Ahmedabad - 380009	--	5.000
GRAND TOTAL			7.334	44.175

MOVABLE PROPERTY

INSURANCE POLICIES

Policy No.	Date of Insurance of Policy	Sum Assured	Branch Name	Annual Premium	Premium paid upto what per
837612016	28.04.2011	0.800	Ahmedabad	0.085	0.338
837612017	28.05.2011	0.800	Ahmedabad	0.085	0.338
837612018	28.06.2011	0.800	Ahmedabad	0.085	0.338
837612014	28.07.2011	1.000	Ahmedabad	0.106	0.423
837612015	28.08.2011	1.000	Ahmedabad	0.106	0.423
837612019	28.09.2011	0.800	Ahmedabad	0.085	0.338
837612020	28.10.2011	0.800	Ahmedabad	0.084	0.335
Total					2.533

VEHICLES

Type of Vehicle	Registration No.	Present value
Car	GJ-2-BD-10	0.500
Car	GJ-2-AC-5963	0.300

JEWELLERY

Particulars	Quantity	Valuation [Approx.]
Gold	--	1.160
Silver	--	31.348

CAPITAL INVESTED IN BUSINESS

Name of Firm/ Company	Amount in Million
I.J. Jewellers	18.765

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of Loan	Outstanding Balance
Tata Capital Finance Services Limited	Business	2.000
Magma Fincorp Limited	Business	3.500
Total			1.955

AS GUARANTOR

Name of the person to whom Guaranteed	Name of the Bank/ Financial Institution	Guarantee Amount	Security	Repayment Terms
Arihant Designer Jewellers Private Limited	Standard Chartered Bank Kotak Mahindra Bank Limited Punjab National Bank	C.C. Limit Rs. 310.000 Million	Mortgage Personal Guarantee	On demand

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Indravadan Chokshi	Business	Husband	55	Married	204, Anmol Apartment, Ahmedabad, Gujarat, India
Dennis Chokshi	Student	Son	20	Unmarried

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

NETWORTH STATEMENT

MRS. INDRAVADAN J. CHOKSHI [GUARANTOR]

(RS. IN MILLION)

BANK A/C

BANK NAME	BRANCH	S/B, C/D A/C. NO.
Standard Chartered Bank	Ahmedabad, Gujarat, India	23310150064

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Location	Purchase Cost	Present Value
House / Godown	Own	204, Anmol Apartment, Mahalxmi Society, Paldi, Ahmedabad – 380007	0.920	8.000
Others
	Joint [50% Share]	Shop No. G-3, Surya Complex, Near Swastik Cross Road, Navrangpura, Ahmedabad – 380009	0.361	8.750
	Joint [50% Share]	Shop No. G-4, Surya Complex, Near Swastik Cross Road, Navrangpura, Ahmedabad – 380009	0.258	7.725
	Joint [50% Share]	Amrakunj Safal Amrukunj Bunglow – 17, Moje, Santhar, Taluka, Sanand	4.000	12.500
	Joint [50% Share]	Akhiyana Muje: Akhiyana Block Survey No. 324/ Paiki 1/ Paiki 2 District Dasada, Tal. Dasada	1.400	9.800
	Own	Sokhda Sq. Mt. 12848 Survey No. ½, Moje Sokhda Tal. Dhangadra Surendranagar	3.100	44.955
	Own	Sokhda Sq. Mt. 10650 Moje Sokhda, Block / Survey No. 1/1/P-1 Dhangadra Surendranagar	2.546	37.264
	Joint [50% Share]	Survey No. 11 paiki 2 Paiki 1, SH-7, Ahmedabad – Kandla Four Lane Road, Mouje Kacholiya, Tal Dasada, District Surendranagar, Gujarat		30.654
	Joint [50% Share]	Survey No. 203 Paiki 1, SH-7, Ahmedabad – Kandla Four Lane Road, Mouje Kacholiya, Tal Dasada, District Surendranagar, Gujarat		34.905
	Joint [50% Share]	Survey No. 181 SH-7, Ahmedabad – Kandla Four Lane Road, Mouje Kacholiya, Tal Dasada, District Surendranagar, Gujarat		43.100
	Joint [50% Share]	Cygnet Ville-Country Home, Survey No.36, Opposite Royal Safari Camp, SH-19, Surendranagar-Becharaji Road, Mouje Bajana, Tal. Dasada, District Surendranagar, Gujarat		30.944
GRAND TOTAL				268.597

MOVABLE PROPERTY

INSURANCE POLICIES

Policy No.	Date of Insurance of Policy	Sum Assured	Branch Name	Annual Premium	Premium paid upto what per
833314285	28.12.1998	0.300	Ahmedabad	0.013	0.220
833314286	28.12.1998	0.200	Ahmedabad	0.005	0.082
833013389	15.07.2002	1.000	Ahmedabad	0.052	0.678
833872134	15.09.2002	0.500	Ahmedabad	0.035	0.452
835174525	09.03.2006	0.300	Ahmedabad	0.029	0.274
834783138	28.02.2007	0.500	Ahmedabad	0.041	0.327
834783139	28.02.2007	0.500	Ahmedabad	0.030	0.252
834783140	28.02.2007	0.500	Ahmedabad	0.043	0.372
Total					2.657

JEWELLERY

Particulars	Quantity	Valuation [Approx.]
Gold	--	0.725

CAPITAL INVESTED IN BUSINESS

Name of Firm/ Company	Amount in Million
Arihant Jewellers [Equity Shares 01.04.2015]	27.500
Arvi Jewels	6.250
Arihant Jewe Deposit	7.997
Total	41.747

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of Loan
ICICI Bank Limited	--	4.000
ICICI Bank Limited	--	9.710
Total		13.710

AS GUARANTOR

Name of the person to whom Guaranteed	Name of the Bank/ Financial Institution	Guarantee Amount	Security	Repayment Terms
Arihant Designer Jewellers Private Limited	Standard Chartered Bank Kotak Mahindra Bank Limited Punjab National Bank	C.C. Limit Rs. 310.000 Million	Mortgage Personal Guarantee	On demand

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Rekhaben Chokshi	Business	Wife	51	Married	Anmol Apartment
Dennis Chokshi	Student	Son	18	Unmarried

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

To ascertain Fair Market Value of the property for loan purpose

Date of Inspection

As on 23.09.2015

Date as on which valuation is made

As on 24.09.2015

Name of the owners/ owner

MR. INDRAVADAN J. CHOKSHI

If the property is under joint ownership/ co-ownership, share of each such owner. Are the shares undivided?

Joint ownership

Brief description of the property

Non-Agriculture open land for residential purpose, mouje-Bajana, Ta. Dasada, District Surendranagar, 47 Km from Surendranagar, 30 Kms from Dhrangadhra City, 45 Kms from Viramgam, 85-90 Kms from Ahmedabad City, where so many residential plot schemes are there.

Location, street, ward No.

Cygnet Ville, Country Homes, Survey No. 29/P1/P2, Plot No.1 to 18, Opposite Royal Safari Camp, SH 19, Malvan-Bajana Road, Bajana-Bajana – 382745, District Surendranagar, Gujarat

Survey / Plot No. of Land

Survey No. 29/P1/P2, Bajana – 382745, Ta-Dasada, District Surendranagar, Gujarat

Is the property situated in residential/ commercial/ mixed area/ industrial area?

Highway area

Classification of locality-high class, middle class/ poor class

Middle class locality nearby

Proximity to civic amenities, like schools, hospitals, offices, markets, cinema etc.

Nearby distance

Means and proximity to surface communication by the locality is served

By Buses, Auto rickshaw, Cars etc.

LAND

Area of land supported by documentary proof, shape, dimensions and physical features

Total of plots – 5952.00 Sq. yds.

Roads, street or lanes on which land is abutting

On Internal Road

Is it freehold or leasehold land?

Freehold Land

If lease hold, the name of lessor/ lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease

· Initial Premium

· Ground rent payable per annum

· Unearn increase payable to the lessor in the event of the convenient

Not Applicable

Is there any restrictive convents in regard to use of land? If so

--

Are there any agreements of easements of? If so

No

Does the land fall in an area included in any town planning plan of Govt. or any statutory body? If so

Not Applicable

Has any contribution been made towards developments or any demand for such contribution still outstanding?

Not Applicable

Has the whole or part of the land been notified for acquisition by Govt. or statutory body? Give date of notification

No

Furnish technical details of the building on a separate sheet.

NA as open land

Is the building owner-occupied tenanted/ both?

Not Applicable

If partly owner-occupied, specify Portion and extent of area under Owner-occupation

Not Applicable

What is the floor space index permissible percentage actually utilized?

Not Applicable

RENTS

Name of tenants/ lessees/ lionesses etc.

Portions in their occupation

Monthly of annual rent compensation/ license fee, etc. paid by each

Gross amount received for the whole property

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Are any of the occupants related to or close business associates of the owner?

Not Applicable

Is separate amount being recovered for the use of fixtures like fans, geysers, refrigerator, cooling ranges, built-in wardrobes, etc. or for service charges? If so

Not Applicable

Give details of water and electricity charges? If any to be borne by the owner

Not Applicable

Has the tenant to bear the whole of part of cost of repairs and maintenance? Give particulars

Not Applicable

If lift is installed, who has to bear the cost of maintenance and operation owner or tenant?

Not Applicable

If a pump is installed, who has to bear the cost of maintenance and operation-owner or tenant?

Not Applicable

Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound etc.

Not Applicable

What is the amount of property tax? Who is to bear it? Give details with documentary proof

Not Applicable

Is the building insured? If so give the policy no. amount for which it is insured and annual premium

Not Applicable

Is any dispute between landlord and tenant regarding rent pending in a court of law?

Not Applicable

Has any standard rent been fixed for the premises under any law relating to the Control of Rent?

Not Applicable

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property, Regis no. sale price and area of land sold.

As per the survey of the prevailing market rate of the surrounding area [As sale instances / jantry are not reflecting correct deals as everybody knows this thing, so I rely on local inquiry of nearby premises by authentic Broker/ person]

Land rate adopted in this valuation

Rs. 2500/- per sq. yds.

[as per the inquiry in this area the land value varies from Rs. 2000/- to Rs. 3000/- Sq. yd. as per location, locality, development etc., I recommended Rs. 2500/- per Sq. yd. with amenities and as per telephonic talk with Concern person of Suddep Infrastructure, the plot is sell in the range of Rs. 3000/- per sq. yds. etc.]

Is sale instances are not available or not relied upon, the basis of arriving at the land rate

By Market survey of similar properties in the surrounding area

COST OF CONSTRUCTION

Year of commencement of construction and year of completion

Not Applicable

What was the method of construction by contract/ by employing labour directly/ both?

Not Applicable

For items of work done on contract, produce copies of agreement

Not Applicable

For items of work done by engaging labour directly, Give basic rates of material and labour supported by documentary proof.

Not Applicable

PART II – VALUATION

The property under consideration is an open land situated at Cygnet Ville, Country Homes, Survey No. 29/P1/P2, Plot No. 1 to 18, Opposite Royal Safari Camp, SH 19, Malvan-Bajana Road, Bajana-382745, District Surendranagar, Gujarat.

The plot area of the property is Total 5952.00 Sq. yds. on Cygnet Ville, Country Homes, Survey No. 29/P1/P2, Plot No. 1 to 18, Opposite Royal Safari Camp, SH 19, Malvan-Bajana Road, Bajana-382745, District Surendranagar, Gujarat.

They have personally visited this property on 23.09.2015 for the purpose of fair market value for loan purpose from Bank of India, Ashram Road Branch. At the time of visit owner was present and furnishes the relevant data. The observation and scrutinizes made are as under.

The property is situated in Becharaji-Surendranagar Highway, State highway No. -19, 85.00 Kms away from Ahmedabad, 3 kms away from Malvan, 33 kms away from Viramgam, Mouje-Bajana, Ta-Dasada, District Surendranagar, Gujarat.

Land Value:

The Total Land area as per the given record is Total – 5952.00 Sq. yds. for which the valuation is required.

Considering the situation and locality of property, shape and size of plot, development of surrounding area and prevailing market value of land in vicinity, they estimate the land cost of property with all civic amenities available nearby area etc.

Plot No.	Area of Land [Sq. yds]	Assessed Rate [per Sq. yds]	Value of land
1 to 18	Total – 5952.00	Rs. 2500/-	Rs. 14.880 Million

SUMMARY OF PLOTS

Sr. no.	Plot No.	Sba in sq. yds.	Boundary
			East	West	North	South
1	1	249.00	Plot no. 2	Akyana-Bajana Road	9.00 Mts wide road	RS no. 36
2	2	488.00	9.00 Mts wide road	Plot no. 1	9.00 Mts wide road	RS No. 36
3	3	288.00	9.00 Mts wide road	Common plot	Plot no. 4	9.00 Mts wide road
4	4	237.00	9.00 Mts wide road	Common plot	Plot no. 5	Plot no.3
5	5	237.00	9.00 Mts wide road	Common plot	Plot no. 6	Plot no. 4
6	6	317.00	9.00 Mts wide road	Common plot	RS no.29/p	Plot no. 5
7	7	346.00	Plot no. 18	9.00 Mts wide road	RS no.29/p	Plot no. 8
8	8	253.00	Plot no. 18	9.00 Mts wide road	Plot no. 7	Plot no. 9
9	9	307.00	Plot no. 17	9.00 Mts wide road	Plot no. 8	9.00 Mts wide road
10	10	307.00	Plot no. 16	9.00 Mts wide road	9.00 Mts wide road	Plot no. 11
11	11	284.00	Plot no. 15	9.00 Mts wide road	Plot no. 10	Plot no. 12
12	12	487.00	Plot no. 13, 14	9.00 Mts wide road	Plot no. 11	RS no. 36
13	13	501.00	7.50 mts wide road	Plot no. 12	Plot no. 14	RS no. 36
14	14	316.00	7.50 mts wide road	Plot no. 12	Plot no. 15	Plot no. 13
15	15	284.00	7.50 mts wide road	Plot no. 11	Plot no. 16	Plot no. 14
16	16	307.00	7.50 mts wide road	Plot no. 10	9.00 Mts wide road	Plot no. 15
17	17	307.00	7.50 mts wide road	Plot no. 9	Plot no. 18	9.00 Mts wide road
18	18	435.00	7.50 mts wide road	Plot no. 7, 8	RS no. 36	Plot no. 17
	Total	5952.00

Fair market value of the property	Rs. 14.880 Million
Realizable value of the property is 10% less than Fair market value	Rs. 13.392 Million
Distress sale value of the property is 20% less than Fair market value	Rs. 11.904 Million

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

FIXED ASSETS

· Vehicles

· Computer

· Furniture

· Shop

· Other Equipments

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. 66.75
UK Pound	1	Rs. 100.29
Euro	1	Rs. 72.89

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KIN
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.