MIRA INFORM REPORT

Report No. :	302052
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	DHANISHTA GOLD
Registered Office :	102-103, Aurum Building, 1^st Floor, 18/22, Sheikh Menon Street, Zaveeri Bazar, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2012
Capital Investment :	Rs. 12.681 Millions
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	ADNPJ3663L
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturing and Trading of Gold/ Silver/ Ornaments and Signature Jewellery.
No. of Employees :	5 (Approximately) [In Office]

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having moderate track record. The rating is constrained on account of concerns short track record of business operations in the highly fragmented and competitive gold jewellery industry marked by moderate financial risk profile and huge external borrowing taken by the concern. However, trade relations are fair. Business is active. Payments are slow but correct. The concern can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Narendra Ji
Designation :	Chief Financial Officer
Contact No.:	91-9320035641
Date :	22.01.2015

LOCATIONS

Registered Office :	102-103, Aurum Building, 1^st Floor, 18/22, Sheikh Menon Street, Zaveeri Bazar, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-33525569
Mobile No.:	91-9320035641 (Mr. Narendra Ji)
Fax No.:	Not Available
E-Mail :	dhanistagold@gmail.com
Location :	Rented
Factory :	27/13, Khot Chawl, 1^st Floor, Sarveshwar Mandir Marg, Kurla (West), Mumbai – 400070, Maharashtra, India

SOLE PROPRIETOR

Name :	Mr. Nitinkumar Bherulal Jain
Designation :	Proprietor
Address :	27/13, Khot Chawl, Sarveshwar Mandir Marg, Kurla (West), Mumbai – 400070, Maharashtra, India
Date of Birth/Age :	29 Years
Qualification :	Graduate
Experience :	5 Years
Profile :	Mr. Nitin Bherulal Jain plans to establish himself in Gold related all fields starting from Signature Jewellery manufacturing to refining of Gold and export import of world class fashion Signature Jewellery to entertain class of customers. The proprietor of the firm is very well versed and has vast experience in the same line of activity. The firm has diversified the market into different categories of jewellery to capture a wide range of market and incorporate the use of modern technology to cater to expanding needs of market. Mr. Nitin B. Jain plans to establish himself in Gold related all fields starting from Signature Jewellery manufacturing to refining of Gold and export import of world class fashion Signature Jewellery to entertain class of customers. Products of firm include such items like chains, bracelets, bangles, rings, earrings, medallions and half sets including all its variants - both contemporary, light weight, hollow, multi-colored western as well as ethnic and traditional Indian. The Proprietor is into this line of business since many years and has established good relations with customers. The shop is located at jewellery hub of Mumbai has the steady retail client flow on daily basis.
PAN No.:	ADNPJ3663L
Passport No.:	K7536936

KEY EXECUTIVES

Name :	Mr. Narendra Ji
Designation :	Chief Financial Officer

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Gold/ Silver/ Ornaments and Signature Jewellery.
Products :	Gold/ Silver/ Ornaments and Signature Jewellery
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Others
Purchasing :	Others

GENERAL INFORMATION

Suppliers :

· Favour Jewels

Contact Person: Mr. Varghese

Contact No.: 971507987434

· Gold Point Jewellery

Contact Person: Mr. George

Contact No.: 971503453280

· Chittilapily Jewellers

Contact Person: Mr. Vimal

Contact No.: 91-971551173273

· Nimisha Jewellers

· Bafleh

· Shamra

Customers :

Wholesalers

· Favour Jewels

Contact Person: Mr. Varghese

Contact No.: 971507987434

· Gold Point Jewellery

Contact Person: Mr. George

Contact No.: 971503453280

· Jamal Jewellery

Contact Person: Mr. Ramesh

Contact No.: 971567896029

· Delta Gold

Contact Person: Mr. Deepak

Contact No.: 971569207499

· Nimisha Jewellers

Contact Person: Mr. Mohammed

Contact No.: 971562408656

· Ram Enterprises

· Jorss Bullion Private Limited

· Pragati Gold

· Kanya jewels

· Arihant Jewellers Private Limited

· Manoj ornaments

· S. Kumar Jewellers

· Jewellery and Lifestyle Mart India Private Limited

· Mahek Gold

· Joy Alukkas India Private Limited

· Vardhaman Jewellers Private Limited

· Malabar Gold Ornaments Makers Private Limited

· Moti Gold

No. of Employees :

5 (Approximately) [In Office]

Bankers :

Bank Name:	Buldana Urban Co-Operative Bank
Branch:	Kalbadevi Branch, Mumbai, Maharashtra, India
Name of the Person (with Designation):	Mr. Deepak Bhatia (Branch Manager)
Contact Number:	91-9657714702
Name of Account Holder:	DHANISHTA GOLD
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Semptember 2012
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:	Satisfactory
Remarks: As claimed by Mr. Deepak Bhatia a Branch Manager subject having satisfactory banking transaction.

· KNS Bank, Kalbadevi, Mumbai, Maharashtra, India

· Bank of India, Kalbadevi, Mumbai, Maharashtra, India

Auditors :
Name :	K.S.Bapna and Company Chartered Accountants
Address :	304-B, Standard House, 83, Maharshi Karve Road, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22066301/ 22093177
Mobile No.:	91-9869083505
E-Mail :	ksbapna@hotmail.com
Memberships :	--
Collaborators :	--
Sister Concerns:	--

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs. 12.681 Millions
Borrowed :	--
Total :	Rs. 12.681 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] Proprietor Capital		12.681	(1.842)	1.462
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.681	(1.842)	1.462
LOAN FUNDS
1] Secured Loans		64.138	51.723	4.618
2] Unsecured Loans		1.271	6.878	2.757
TOTAL BORROWING		65.409	58.601	7.375
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		78.090	56.759	8.837
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.855	2.398	2.282
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.620	1.176	0.177
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.591	52.210	4.603
	Sundry Debtors	30.011	0.184	1.136
	Cash & Bank Balances	9.128	1.009	0.671
	Other Current Assets	4.873	3.084	0.134
	Loans & Advances	19.001	1.366	0.352
Total Current Assets		77.604	57.853	6.896
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.371	1.650	0.000
	Other Current Liabilities	0.000	3.000	0.500
	Provisions	0.618	0.018	0.018
Total Current Liabilities		1.989	4.668	0.518
Net Current Assets		75.615	53.185	6.378
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		78.090	56.759	8.837

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	174.251	10.563	1.298
		Other Income	1.327	2.883	0.480
		TOTAL	175.578	13.446	1.778
Less	EXPENSES
		Cost of Goods Sold	152.116	8.627	0.855
		Wages Paid (Stock)	1.466	1.192	0.024
		Import Clearing and Forwarding Expenses	5.559	0.000	0.000
		Accounting Charges	0.090	0.024	0.009
		Association and Membership Fees	0.012	0.031	0.000
		Audit Fees	0.028	0.017	0.000
		Bank Charges	0.076	0.002	0.001
		Conveyance	0.240	0.031	0.008
		Motor Car Expenses	0.328	0.197	0.206
		Business Promotion	1.147	0.000	0.000
		Interest Paid	7.644	1.652	0.365
		Printing and Stationery	0.017	0.007	0.000
		Salary	2.530	0.159	0.000
		Shop Insurance	0.210	0.108	0.000
		Shop Rent	0.360	0.180	0.000
		Electricity Charges	0.048	0.075	0.085
		General Expenses	0.249	0.113	0.011
		Foreign Travelling Charges	0.200	0.000	0.000
		Other Expenses	0.381	0.508	0.033
		TOTAL	172.701	12.923	1.597
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.877	0.523	0.181
Less/ Add	DEPRECIATION/ AMORTISATION		0.053	0.022	0.002
	NET PROFIT/ (LOSS)		2.824	0.501	0.179

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.62	4.74	13.79
Return on Total Assets (PBT/Total Assets}	(%)	3.60	0.83	1.95
Return on Investment (ROI) (PBT/Networth)		0.22	(0.27)	0.12
Debt Equity Ratio (Total Debt/Networth)		5.16	(31.81)	5.04
Current Ratio (Current Asset/Current Liability)		39.02	12.39	13.31

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)
Proprietor Capital	1.462	(1.842)	12.681
Profit and Loss Account	0.000	0.000	0.000
Net worth	1.462	(1.842)	12.681
Secured Loans	4.618	51.723	64.138
Unsecured Loans	2.757	6.878	1.271
Total borrowings	7.375	58.601	65.409
Debt/Equity ratio	5.044	(31.814)	5.158

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	1.298	10.563	174.251
		713.790	1,549.636

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	1.298	10.563	174.251
Profit	0.179	0.501	2.824
	13.79%	4.74%	1.62%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	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)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	Yes
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

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

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 and 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.

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

MR. NITINKUMAR BHERULAL JAIN (PROPRIETOR)

COMPUTATIN OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS	2014-2015
INCOME FROM HOUSE PROPERTY
Rent Received from Flat No. 101		0.300
Less: Standard Deduction @ 30%		0.090	0.210
		---------
PROFIT AND GAIN OF BUSINESS OR PROFESSION
Net Profit from Dhanishta Gold			2.824
			--------
Gross Total Income			3.034
ADMISSIABLE DEDUCTION UNDER CHAPTER VI A
U/S 80 C: L.I.C. Paid (Restricted to Max)	0.105 ---------	0.100
U/S 80 D: Mediclaim		0.011
U/S 80 G: Donation (Restricted to Max)	0.025 ---------	0.012 ---------	0.123
			---------
Total Income			2.911
			---------
STATUS: INDIVIDUAL/ RESIDENT/ CITIZEN OF INDIA
Self-Assessment
Tax on Total Income of 2.911			0.703
Add: Education Cess @ 3%			0.021
			---------
			0.724
Add: Interest u/s 234B		0.035
Interest u/s 234C		0.025
		----------	0.060
			----------
			0.784
Less: T.D.S.			0.020
			---------
SELF ASSESMENT TAX			0.764

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

MR. PRIYADARSHINI B. JAIN (GUARANTOR)

COMPUTATIN OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS	2013-2014
INCOME FROM SALARY
Salary Received from Bherulal D. Jain			0.180
INCOME FROM OTHER SOURCES
Interest Received as per Capital A/c	0.066
Less: Interest Paid Rs. 0.147 (Restricted to Max. Limit)	0.066	0.000
	--------
Tution Fees		0.156	0.156
		--------	---------
Total Income			0.336
STAUS: Individual Woman/ Resident/ Citizen of India
Self-Assessment
Tax on Total Income of	0.336		0.014
Add: Education Cess 3%			0.000
			---------
			0.014
Less: T.D.S.			0.006
			---------
			0.008
Add: Interest u/s 234A			0.000
Self-Assessment Tax			---------- 0.008 ----------

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

MR. NITINKUMAR BHERULAL JAIN (PROPRIETOR)

CAPITAL ACCOUNT FOR THE YEAR ENDED 31^ST MARCH 2014

(RS. IN MILLIONS)

Particulars	Rs. In Millions	Particulars	Rs. In Millions
To LIC	0.105	By Balance C/d	(1.842)
To Mediclaim	0.011	By Net profit from Shinistha Gold	2.825
To TDS (AY 2014-15)	0.020	By Flat rent received	0.300
To Motor Car Expenses	0.082	By Interest on IT Refund	0.001
To Donetion	0.025	By Income Tax Refund	0.008
To Withdrawals	0.240		3.134
To Balance B/d	0.809
Total	1.292	Total	1.292

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

MR. NITINKUMAR BHERULAL JAIN (PROPRIETOR)

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		0.809
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.809
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		10.981
TOTAL BORROWING		10.981
DEFERRED TAX LIABILITIES		0.000
TOTAL		11.790
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.436
Capital work-in-progress		0.000
INVESTMENT		13.114
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.240
	Other Current Assets	0.000
	Loans, Advances and Deposits	0.000
Total Current Assets		0.240
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	3.000
	Provisions	0.000
Total Current Liabilities		3.000
Net Current Assets		(2.760)
MISCELLANEOUS EXPENSES		0.000
TOTAL		11.790

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

PRIYADARSHANI B. JAIN (GUARANTOR)

CAPITAL ACCOUNT FOR THE YEAR ENDED 31^ST MARCH 2013

(RS. IN MILLIONS)

Particulars	Rs. In Millions	Particulars	Rs. In Millions
To Balance B/d	0.647	By Interest Revised	0.066
To TDS (AY 2012-2013)	0.006	By Salary recd from Bherulal D. Jain	0.180
To Int paid on loan	0.147	By Tution Fess	0.156
To Income tax (AY 2012-2013)	0.008
To Bank Charges	0.001
To Society Maintenance Charges	0.007
To Withdrawals (incl. credit card)	0.306	By Balance C/d	0.720
Total	1.122	Total	1.122

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

PRIYADARSHANI B. JAIN (GUARANTOR)

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Capital		(0.720)	(0.647)
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		(0.720)	(0.647)
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		(0.720)	(0.647)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.069	0.019
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.020	0.086
	Other Current Assets	0.000	0.000
	Loans, Advances and Deposits	1.328	1.097
Total Current Assets		1.348	1.183
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	2.137	1.849
	Provisions	0.000	0.000
Total Current Liabilities		2.137	1.849
Net Current Assets		(0.789)	(0.666)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		(0.720)	(0.647)

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

MR. PRIYADARSHINI B. JAIN (GUARANTOR)

CAPITAL ACCOUNT FOR THE YEAR ENDED ON 31^ST MARCH, 2013

(RS. IN MILLIONS)

PARTICULARS	AMOUNT	PARTICULARS	AMOUNT
To Balance B/d	0.647	By Interest Received from
		Bank
To TDS (AY 12 -13)		Naman Impex.
Naman Impex	0.006
To Int. Paid on Loan
Bherulal D. Jain 0.126
Bherulal D. Jain HUF 0.020
Seemadevi B. Jain 0.002 ----------	0.147
To Income Tax (AY 12-13)	0.008
To Bank Charges	0.001
To Society Maintenance Charges	0.006
To Withdrawals (Incl. Credit Card)	0.306

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

MRS. SEEMADEVI B. JAIN (GUARANTOR)

PROVISIONAL CAPITAL ACCOUNT FOR THE YEAR ENDED ON 31^ST MARCH, 2014

(RS. IN MILLIONS)

PARTICULARS	AMOUNT	PARTICULARS	AMOUNT
To Drawings	0.084	By Balance B/d	3.659
To Bank Charges	0.000	By Bank Interest Received	0.000
To Electricity Expenses	0.019	By Salary (B.D. Jain)	0.126
To Income Tax (AY 2013-14)	0.029	By Salary (Buldhana)	0.195
To Interest Paid on LIC Loan	0.001	By Flat Rent Recd. (No. 103)	0.180
To LIC	0.095	By Interest Received on Loan
		Bherulal Devilal Jain 0.266
To Property Tax	0.031	Kundanmal Kastur 0.033
		Nitin B. Jain 0.053
To T.D.S.	0.006	Priyadarshani B. Jain 0.003 ---------	0.355
To Balance c\f	4.251	By Dividend	0.001
	4.516		4.516

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

MRS. SEEMADEVI B. JAIN (GUARANTOR)

PROVISIONAL BALANCE SHEET AS ON 31^ST MARCH, 2014

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Capital		4.251
2] Share Application Money		0.000
3] Profit and Loss Account		0.000
4] (Accumulated Losses)		0.000
NETWORTH		4.251
LOAN FUNDS
1] Secured Loans		0.122
2] Unsecured Loans		0.440
TOTAL BORROWING		0.562
DEFERRED TAX LIABILITIES		0.000
TOTAL		4.813
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.992
Capital work-in-progress		0.000
INVESTMENT		0.370
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.010
	Other Current Assets	0.000
	Loans & Advances	3.444
Total Current Assets		3.454
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.003
	Provisions	0.000
Total Current Liabilities		0.003
Net Current Assets		3.451
MISCELLANEOUS EXPENSES		0.000
TOTAL		4.813

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	2014-15	2015-16	2016-17
			Estimated	Projection	Projection
1		GROSS SALES
	i)	Sales
		a) Domestic Revenue	550.000	632.500	727.375
		b) Export Revenue	--	--	--
		c) Sub-total [a+b]	550.000	632.500	727.375
		d) %age rise (+) or fall (-) in net sales as compared to previous year	215.64%	15.00%	15.00%
		Total	550.000	632.500	727.375
	ii)	Other income
		a)Duty drawback	--	--	--
		b)Other	1.200	1.250	1.300
		c)Commission/Brokerage/interest	0.200	0.250	0.300
		d) Sub-total [a+b+c]	1.400	1.500	1.600
		Total [i] + [ii]	551.400	634.000	728.975
2		COST OF SALES
	i)	Purchases	529.578	573.909	659.882
		Domestic	529.578	573.909	659.882
		Imported	--	--	--
	ii)	Other expenses [Process charges, carriage inward, comm, and brokerage on purchases, etc]	22.172	25.498	29.323
	iii)	Sub-total [i + ii]	551.750	599.407	689.205
	iv)	Add: Opening stock	14.591	47.195	53.884
	v)	Sub-total [iii + iv]	566.341	646.602	743.089
	vi)	Less: Closing Stock	47.195	53.884	61.924
	vii)	Sub-total [Total cost of sales] [v - vi]	519.146	592.719	681.165
3		Selling, General & Administrative Expenses (including bonus payments)	12.100	13.913	15.997
4		Operating Profit before interest & Depreciation [1(iii)-2(vii)-3]	20.154	27.369	31.814
5		Interest Exps.- Bank loan	11.129	15.660	15.660
		- Term loan	--	--	--
6		Depreciation	0.045	0.038	0.033
7		Operating profit after interest and depreciation [4-5-6]	8.980	11.670	16.121
8		(i) Add other non-operating income
		(a) Discount received	--	--	--
		(b) Other Income	--	--	--
		Subtotal (income)	--	--	--
		(ii) Deduct other non-operating expense
		(a) Partners Remuneration	--	--	--
		(b) Interest on Partners' capital	--	--	--
		Subtotal (expenses)	--	--	--
		(iii) Net of other non-operating incomes/expenses (net of 8(i) & 8(ii))	--	--	--
9		Profit before tax/loss (7+8(iii))	8.980	11.670	16.121
10		Provision for tax	--	--	--
11		Net profit / (loss) [9-10]	8.980	11.670	16.121
12		(i) Equity dividend paid/ Drawings	--	--	--
		(ii) Dividend Rate	--	--	--
13		Retained Profit[11-12]	8.980	11.670	16.121
14		Retained profit / Net Profit (%age)	100%	100%	100%

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17
		Estimated	Projection	Projection
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)
	(i) From applicant bank	50.000	50.000	50.000
	(ii) From other banks	58.000	58.000	58.000
	(iii) of which EP and BD	--	--	--
	Sub Total (A)	108.000	108.000	108.000
2	Short term borrowings from others	--	--	--
3	Sundry Creditors - Trade	1.451	6.289	12.655
4	Advance payments from customers/deposits from dealers	--	--	--
5	Provision for Taxation	--	--	--
6	Dividend Payable	--	--	--
7	Other statutory liabilities (due within one year)	--	--	--
8	Deposits/Instalments of term loan/DPGs/ Debentures etc.(due within one year)	--	--	--
9	Other current liabilities and Provisions (due within one year)	1.000	4.000	6.000
	Sub Total (B)	2.451	10.289	18.655
10	Total Current Liabilities [total of 1 to 9]	110.451	118.289	126.655
	TERM LIABILITIES
11	Debentures (not maturing within one year)	--	--	--
12	Preference Shares (redeemable after one year)	--	--	--
13	Term loans (excluding instalments payable within one year)	4.657	3.958	3.365
14	Deferred Payment Credits (excl. instalments due within one year)	--	--	--
15	Term deposits (Repayable after one year)	--	--	--
16	Other term liabilities
	(a) Unsecured loans	4.800	4.800	4.800
	(b) secured Loan	--	--	--
17	Total term liabilities (Total of 11 to 16)	9.457	8.758	8.165
18	Total Outside Liabilities [10+17]	119.908	127.048	134.820
	NET WORTH
19	Capital	12.681	30.186	39.056
20	Additions	11.300	--	--
21	Other Income	--	--	--
22	Withdrawal	2.775	2.800	2.825
23	Surplus (+) or deficit (-) in Profit & Loss Account	8.980	11.670	16.121
24	Net worth	30.186	39.056	52.352
25	TOTAL LIABILITIES [18+24]	150.094	166.104	187.172
	CURRENT ASSETS
26	Cash & Bank balances	3.714	3.850	3.875
27	Deposits	0.623	0.623	0.623
28	Receivables	94.932	103.973	116.978
30	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--	--
	(b) Indigenous	--	--	--
	(ii) Stock-in-process	--	--	--
	(iii) Other consumable stores
	(a) Imported	--	--	--
	(b) Indigenous	--	--	--
	(iv) Finished Goods	--	--	--
31	Advance to suppliers of Raw materials & stores/spares	--	--	--
32	Advance payment of taxes	--	--	--
33	Other current assets	1.200	1.383	1.413
34	Total Current asset [Total 26 to 33]	147.663	163.712	184.812
	FIXED ASSETS
35	Gross Block (land & building machinery vehicles work-in-progress)	1.015	1.015	1.015
36	Depreciation to date	0.204	0.243	0.275
37	NET BLOCK (35-36)	0.810	0.772	0.739
38	Investments/book debts /advances deposits which are not current assets
	i.(a) Investments in subsidiary companies/ affiliates	--	--	--
	(b) Others	1.620	1.620	1.620
	ii. Advances to suppliers of capital goods & contractors	--	--	--
	iii. Deferred receivables (maturity exceeding one year)	--	--	--
	iv. Others	--	--	--
39	Non consumables stores & spare	--	--	--
40	Other non-current assets (incl. Dues from director)	--	--	--
41	Total other non-current assets (Total of 38 to 40)	1.620	1.620	1.620
42	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	--	--	--
43	TOTAL ASSETS (Total of 34,37,41 & 42)	150.094	166.104	187.172
44	Tangible net worth (24-42)	30.186	39.056	52.352
45	Net working Capital [(17+24)-(37+41+42)] Totally with (34-10)	37.212	45.422	58.157
46	Current Ratio [34/10]	1.34	1.38	1.46
47	Total outside liabilities / Net worth (18/44)	3.97	3.25	2.58
	Quasi	3.29	2.79	2.27
	ADDITIONAL INFORMATION
	A. Arrears of depreciation	--	--	--
	B. Contingent Liabilities:
	(a)Arrears of cumulative dividends	--	--	--
	(b)Gratuity liability not provided for	--	--	--
	(c)Disputed excise/ customs/tax liabilities	--	--	--
	(d)Other liabilities not provided for	--	--	--

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

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17
		Estimated	Projection	Projection
	A. CURRENT ASSETS:
1	Cash & Bank Balances	3.714	3.850	3.875
	Fix Deposits	0.623	0.623	0.623
2	Investments (other than long term investments)
	(i) Government & other Trustee securities	--	--	--
	(ii) Fixed deposits with banks	--	--	--
3	(i) Receivables other than deferred & exports (incl. Bills purchased & discounted by banks)	94.932	103.973	116.978
	(ii) Export receivable (incl. Bills purchased & discounted by banks)	--	--	--
4	Instalments of deferred receivable (due within one year)	--	--	--
5	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--	--
	(b) Indigenous	--	--	--
	(ii) Stock-in-process	--	--	--
	(iii) Other consumable stores
	(a) Imported	--	--	--
	(b) Indigenous	--	--	--
	(iv) Finished Goods	--	--	--
6	Advance to suppliers of Raw materials & stores/spares	--	--	--
7	Advance payment of taxes	--	--	--
8	Other current assets	1.200	1.383	1.413
9	Total Current Assets [1 to 8]	147.663	163.712	184.812
	B. CURRENT LAIBILITES (Other than bank borrowings for working capital)
10	Short term borrowings from others	--	--	--
11	Sundry Creditors - Trade	1.451	6.289	12.655
	LC Creditors	--	--	--
12	Advance payments from customers/deposits from dealers	--	--	--
13	Provision for Tax	--	--	--
14	Dividend Payable	--	--	--
15	Other statutory liabilities (due within one year)	--	--	--
16	Deposits/Instalments of term loan/DPGs/ Debentures, etc.(due within one year)	--	--	--
17	Other current liabilities & Provisions (due within one year)	1.000	4.000	6.000
18	Total Current Liabilities [10 to 17]	2.451	0.000	18.655

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17
		Estimated	Projection	Projection
1	Total Current Assets	147.663	163.712	184.812
2	Other Current Liabilities (other than bank borrowings)	2.451	10.289	18.655
3	Working Capital Gap (WCP) (1-2)	145.212	153.422	166.157
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables	36.916	40.928	46.203
5	Actual/projected net working capital (45 in form III)	37.212	45.422	58.157
6	Item 3 minus item 4	108.296	112.494	119.954
7	Item 3 minus item 5	108.000	108.000	108.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	108.000	108.000	108.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	--	--	--

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VALUATION REPORT

GENERAL DETAILS
Regarding	Valuation of Residential Flat for Bank Loan Purpose
Name of the Applicant	Mr. Nitinkumar Bhairulal Jain
Address of the Property	Flat No. 4 on 3^rd Floor, Building Known as “Trimurti Buidling”, Situated at Ganesh Baug Lane, 187-188, Belgrami Road, Nearby Shradha Building, Kurla (West), Mumbai – 400070, Maharashtra, India
Name of the Owner	Mrs. Seemadevi Bherulal Jain
Current Possession with	Owner Occupied Flat
Latitude and Longitude	Latitude: 19’ 03’ 55.27” N Longitude: 72’ 52’ 31.98” E
Type of the Property	Residential Flat with 3 Bedrooms, Hall and Kitchen. (3 BKH)
Requested by – Financier	Bank of India, Churchgate Brach, Mumbai, Maharashtra, India
Dateo of Inspection	04/12/2014
Survey in Presence of	Mr. Bhairvlal D. Jain (Contact No.: 91-9320035641)
Purpose of Valuation	Fair Market Value of Bank Loan Purpose
Location	C.T.S. No. 294, 294/1, 2, Village Kurla, Part IV Kurla (West), Mumbai – 400070, Maharashtra, India
Type of Locality	Residential Locality
Class	Middle Class
Nearest Station	Kurla Railway Station
Distance from Station	Approximately 1 Km. from West of Kurla Railway Station
Civic Amenities	Available Nearby
Landmark	Near Shradha Building, Kurla (West), Mumbai, Maharashtra, India
Building Details	Building is with Ground + 3^rd Upper Floors without Lift and 1 Flat on Typical floors
Type of Land	Irregular Shape of N.A. Land
Plot Boundaries	East – PNB Bank West – Ganesh Building North – Shardha Building South – Slum Area
Type of Construction – Ownership/ Tenanted	Owner Occupied Flat
Type of Strcture	R.C.C. Framed Strcuture
No. of Floors	Building is with Ground + 3^rd Upper Floors
No. of Lifts	No Lift
Flat Details
Floor	3^rd Floor
Type of Flat	Flat with 3 Bedroom, Hall and Kitchen. (3 BHK)
Built Area	Saleable Built up area is about 1062 Sq. Ft.
Saleable Built up Area	Built up area is about 1062 Sq. Ft. (98.66 Sq. Mts.) is Considered for Valuation
Carpet Area	Carpet area is about 748.00 Sq. Ft. (69.49 Sa. Mts.) as per Agreement Dated: 17/06/1987
Completeness of Project	Completed
Exterior	Distemper
Interior	Flooring - Marble Flooring Kitchen - Black Granite Kitchen Platform Window - Aluminium Sliding Windows Door - Teak Wood Doors W.C. – Indian/ Western
Quality of Construction	Satisfactory. (Building Need to be maintained properly and regularly)
Under Construction	No
Complete	Yes
Age of the Property	29 Years
Residual (Future) Life	21 Years (If repaired and maintained properly and regularly)
Ind. Bldg./ Complex Of	Individual Building
Separate Compound Wall	Provided
Garden	Yes
Paving around the Building/ Chequered tiles	Concrete Paving
Car Parking	Common Parking Spaces Provided
Maintenance/ First impression	Satisfactory
Plans Approved By	Municipal Corporation of Greater Mumbai
Society Registration No.	Details not available
Property Tax	Details not available
Water Availability	Municipal Water
Compliance to sanctioned Plans	Approved Plant no Available for inspection
Valuation Method	Composite Rate
Valuation	Valuation as on 11/12/2014
Current Fair Market Rate	Rs. 17,000/- per Sq. Ft. on Saleable Built up area
Current Fair Market Value	Saleable Built up area is 1062 Sq. Ft. x Rs. 17,000/- = Rs. 18.054 Millions
Distress Sale Value	80% x Rs. 18054000/- = Rs. 14.443 Millions
Basis for Recommended Rate	Market Enquiry, Location and Type of Construction, etc.
Suggested sum assured for Fire Insurance cover	Rs. 2.124 Millions
Government Value	Saleable Built up Area 1062 Sq. Ft. x 7878/- = Rs. 8.366 Millions
Reason for Deviations if any	Registrar’s rates are normal properties and they do not consider amenities
Special Features that add to Value	Nil
Agreement	1. Sale Agreement Dates: 27/06/1987 2. Deed of Confirmation Dated: 10/09/2014
Remarks	Complete Building
Documents seen	Deed of Confirmation
Village	Village Kurla
Agreement Between	a. Sale Agreement Dated 27/06/1987 Mr. Prakash Jatindranath Karamkar (Vendor) b. Mr. Nitinkumar Bhairulal Jain (Applicant) Mrs. Seemadevi Bhairulal Jain (Owner) As per Deed of Confirmation Dated 10/09/1996
Any Negative Features	Recent ownership Document not available for inspection. Tiles and Legality shall be checked and Verified through legal due diligence.
Value of the property is considered at, Rs. 18.054 Millions (For Bank Loan Purpose)

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

FIXED ASSETS

· CCTV

· Furniture

· Motor Car

· Tarpatta Machine

· Computer

· Printer

· Weighting Scale

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.93.33
Euro	1	Rs.71.49

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.