MIRA INFORM REPORT

Report No. :	319717
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	PRIDE GOLD
Registered Office :	49, Dagina Bazar, Mumbadevi Road, Tamba Kanta, Kalbadevi, Mumbai - 400002, Maharashtra
Tel. No.:	91-22-33524749
Country :	India
Financials (as on) :	28.02.2015 (Provisional)
Year of Establishment :	2010
Capital Investment :	Rs. 34.227 Million
IEC No.:	0312016352
PAN No.: [Permanent Account No.]	AGSPM9695B
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturing and Trading of Gold, Silver Ornaments and Signature Jewellery.
No. of Employees :	4 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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 a moderate track record. Profitability of the concern seems to be low during 2014. However, trade relations are reported as fair. Business is active. Payment terms 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

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 :	Ms. Sonika
Designation :	Accountant
Contact No.:	91-22-33524749
Date :	26.07.2014

Name :	Mr. Gaurav Palecha
Designation :	Project Manager
Contact No.:	91-9167627621
Date :	30.04.2015

LOCATIONS

Registered Office :	49, Dagina Bazar, Mumbadevi Road, Tamba Kanta, Kalbadevi, Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-33524749
Mobile No.:	91-9167627621 [Mr. Gaurav Palecha]
Fax No.:	Not Available
E-Mail :	gpalecha@yahoo.co.in
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Dharmendra Ratanraj Mehta
Designation :	Proprietor
Address :	F-3, Triveni Apartment, 66, Walkeshwar Road, Walkeshwar, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	27.04.1971
Qualification :	Graduate, C.A.
Experience :	More than 5 Years
PAN No.:	AGSPM9695B
Passport No.:	J9254090

KEY EXECUTIVES

Name :	Ms. Sonika
Designation :	Accountant
Name :	Mr. Gaurav Palecha
Designation :	Project Manager

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Gold, Silver Ornaments and Signature Jewellery.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Credit 90 Days
Purchasing :	Credit 30 Days and Others

GENERAL INFORMATION

Suppliers :

v Moks Jewellery

v Sanghavi Dhanrupji Devaji and Company

v S.S. Gems Jewellery

v Swarna Ganga Jewellers

v Bhajanlal Sureshchandra Saraff

Customers :

Wholesalers

v Kashish Metal Limited

v R.C. Bullion

v Chenaji Narsingji and Company

v Riddhi Siddhi Bullions Private Limited

v Penta Gold Private Limited

No. of Employees :

4 (Approximately)

Bankers :

v Axis Bank Limited

Zaveri Bazar, Menon Street, Mumbai, Maharashtra, India

v IndusInd Bank

Kalbadevi Road, Mumbai, Maharashtra, India

v ICICI Bank Limited

Zaveri Bazar, Menon Street, Mumbai, Maharashtra, India

v Kotak Mahindra Bank Limited

Crawford Market, Mumbai, Maharashtra, India

v Bank of Baroda

Facilities :

(RS. IN MILLION)

PARTICULARS	28.02.2015 [Provisional]	31.03.2014
Secured Loans	2.205	0.731
Total	2.205	0.731

Banking Relations :	--
Auditors :
Name :	D.R. Mehta and Company Chartered Accountants
Address :	3rd Floor, 45/49, Babu Genu Road, Kalbadevi, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22051620/ 64570080
Mobile No.:	91-9164570080
E-Mail :	drmehtaco@yahoo.co.in
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

CAPITAL ACCOUNT AS ON 28.02.2015 [PROVISIONAL]

Particulars	Amount in Million
Capital Account	34.897
Electricity Hone	(0.049)
Income Tax	(0.353)
LIC Premium	(0.055)
Maintenance Charges	(0.025)
Saving Bank Interest	0.004
School Fee	(0.028)
Withdrawals	(0.164)
Total	34.227

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		28.02.2015 [Provisional]	31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		34.227	34.897	3.018	2.116
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		3.258	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		37.485	34.897	3.018	2.116
LOAN FUNDS
1] Secured Loans		2.205	0.731	0.343	0.417
2] Unsecured Loans		16.991	3.324	4.002	6.656
TOTAL BORROWING		19.196	4.055	4.345	7.073
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		56.681	38.952	7.363	9.189
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.704	37.084	8.135	8.255
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		30.997	0.070	0.020	0.020
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.392	11.373	8.775	5.203
	Sundry Debtors	0.986	0.429	6.207	9.552
	Cash & Bank Balances	8.143	8.191	1.649	0.238
	Other Current Assets	0.300	0.425	0.000	0.000
	Loans & Advances	11.676	1.329	0.362	0.338
Total Current Assets		23.497	21.747	16.993	15.331
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.876	19.255	17.134	13.817
	Other Current Liabilities	0.298	0.000	0.059	0.453
	Provisions	0.343	0.694	0.592	0.147
Total Current Liabilities		37.517	19.949	17.785	14.417
Net Current Assets		(14.020)	1.798	(0.792)	0.914
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		56.681	38.952	7.363	9.189

PROFIT & LOSS ACCOUNT

	PARTICULARS		28.02.2015 [Provisional]	31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1218.918	774.779	295.677	81.790
		Other Income	0.003	0.467	0.000	0.006
		TOTAL	1218.921	775.246	295.677	81.796
Less	EXPENSES
		Cost of Goods Sold	1213.663	766.327	290.393	78.244
		Direct Expenses	0.000	1.792	1.524	0.033
		Audit Fee	0.000	0.034	0.034	0.028
		Bank Charges	0.002	0.120	0.024	0.004
		Conveyance	0.042	0.038	0.082	0.097
		Electricity Charges	0.236	0.237	0.209	0.140
		Interest on Car Loan	0.011	0.063	0.051	0.040
		Interest on Loan	0.000	0.334	0.334	0.000
		Internet charges	0.015	0.015	0.016	0.000
		Membership fee	0.036	0.026	0.164	0.000
		Processing fees	0.011	0.011	0.000	0.038
		Professional fees	0.005	0.017	0.018	0.035
		Salary	0.885	0.846	0.846	0.660
		Shop Expenses	0.139	0.073	0.184	0.157
		Society charges	0.009	0.000	0.005	0.000
		Staff welfare	0.013	0.017	0.032	0.023
		Telephone charges	0.018	0.021	0.017	0.045
		Travelling expense	0.465	0.027	0.054	0.040
		Vehicle expenses	0.023	0.022	0.062	0.095
		Other Expenses	0.090	0.028	0.044	0.930
		TOTAL	1215.663	770.048	294.093	80.609
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		3.258	5.198	1.584	1.187
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.248	0.141	0.166
	NET PROFIT		3.258	4.950	1.443	1.021

KEY RATIOS

PARTICULARS		28.02.2015 [Provisional]	31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.27	0.64	0.49	1.25
Return on Total Assets (PBT/Total Assets}	(%)	5.15	8.41	5.74	4.33
Return on Investment (ROI) (PBT/Networth)		0.09	0.14	0.48	0.48
Debt Equity Ratio (Total Debt/Networth)		0.51	0.12	1.44	3.34
Current Ratio (Current Asset/Current Liability)		0.63	1.09	0.96	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Proprietor Capital	2.116	3.018	34.897
Reserves & Surplus	0.000	0.000	0.000
Net worth	2.116	3.018	34.897
Secured Loans	0.417	0.343	0.731
Unsecured Loans	6.656	4.002	3.324
Total borrowings	7.073	4.345	4.055
Debt/Equity ratio	3.343	1.440	0.116

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	81.790	295.677	774.779
		261.508	162.036

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	81.790	295.677	774.779
Profit	1.021	1.443	4.950
	1.25%	0.49%	0.64%

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	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	Yes
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	Yes
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 & 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.

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

UNSECURED LOANS

(RS. IN MILLION)

PARTICULARS	28.02.2015 [Provisional]	31.03.2014
Unsecured Loans	16.991	3.324
Total	16.991	3.324

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR. NO		PARTICULARS	ESTIMATE 2015	PROJECTION 2016	PROJECTION 2017
1		GROSS SALES
	i)	Sales
		a) Domestic Sales	852.692	937.962	1031.758
		b) Sub-total [a]	852.692	937.962	1031.758
		c) %age rise (+) or fall (-) in net sales as compared to previous year	10.00%	10.00%	10.00%
		Total	852.692	937.962	1031.758
	ii)	Other income
		a)Duty drawback	--	--	--
		b)Cash assistance	--	--	--
		c)Commission/Brokerage/interest	--	--	--
		d) Sub-total [a+b+c]	--	--	--
		Total [i] + [ii]	852.692	937.962	1031.758
2		COST OF SALES
	i)	Purchases	855.520	925.072	1016.579
		Imported	--	--	--
		Domestic	855.520	925.072	1016.579
	ii)	Other expenses	1.719	1.891	2.080
	iii)	Sub-total [i + ii]	857.239	926.963	1018.660
	iv)	Add: Opening stock	8.189	23.710	26.046
	v)	Sub-total [iii + iv]	865.429	950.674	1044.705
	vi)	Less: Closing Stock	23.710	26.046	28.622
	vii)	Sub-total [Total cost of sales] [v - vi]	841.718	924.628	1016.083
3		Selling, General & Administrative Expenses (including bonus payments)	1.812	2.914	4.125
4		Operating Profit before interest & Depreciation [1(iii)-2(vii)-3]	9.162	10.420	11.549
5		INTEREST Exps.- Interest	2.917	3.500	3.500
		-Other Loans	0.350	0.365	0.380
6		DEPRECIATION	0.213	0.181	0.154
7		Operating profit after interest and depreciation [4-5-6]	5.682	6.374	7.515
8		(i) Add other non-operating income
		(a) Labour Charges received	--	--	--
		(b) Misc. income	--	--	--
		Subtotal (income)	--	--	--
		(ii) Deduct other non-operating expense
		(a) Directors 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))	5.682	6.374	7.515
10		Provision for tax	--	--	--
11		Net profit / (loss)[9-10]	5.682	6.374	7.515
12		(i) Equity dividend paid/ Drawings	--	--	--
		(ii) Dividend Rate	--	--	--
13		Retained Profit[11-12]	5.682	6.374	7.515
14		Retained profit / Net Profit (%age)	100%	100%	100%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO	PARTICULARS	ESTIMATE 2015	PROJECTION 2016	PROJECTION 2017
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted & excess borrowings placed on repayment basis)
	(i) From applicant bank	25.000	25.000	25.000
	(ii) From other banks	--	--	--
	(iii) of which EP & BD	--	--	--
	Sub Total (A)	25.000	25.000	25.000
2	Short term borrowings from others	--	--	--
3	Sundry Creditors - Trade	16.407	17.741	19.496
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 & Provisions (due within one year)	3.000	3.500	4.000
	Sub Total (B)	19.407	21.241	23.496
10	Total Current Liabilities [total of 1 to 9]	44.407	46.241	48.496
	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)	0.619	0.526	0.447
14	Differed Payment Credits (excl. instalments due within one year)	--	--	--
15	Term deposits (repayable after one year)	--	--	--
16	Other term liabilities
	(a) Unsecured loans	7.667	7.667	7.667
17	Total term liabilities (Total of 11 to 16)	8.286	8.193	8.114
18	Total Outside Liabilities [10+17]	52.693	54.434	56.610
	NET WORTH
19	Capital	13.265	17.191	21.595
20	General Reserve	--	--	--
21	Capital Addition	--	--	--
22	Withdrawals	1.756	1.970	2.322
23	Surplus (+) or deficit (-) in Profit & Loss Account	5.682	6.374	7.515
24	Net worth	17.191	21.595	26.789
25	TOTAL LIABILITIES [18+24]	69.884	76.029	83.398
	CURRENT ASSETS
26	Cash & Bank balances	8.600	9.783	11.641
	Fixed Deposits	--	--	--
28	Receivables(Domestic)	28.034	30.837	33.921
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	23.710	26.046	28.622
31	Advance to suppliers of Raw materials & stores/spares
32	Advance payment of taxes	--	--	--
33	Other current assets	0.150	0.155	0.160
34	Total Current asset [Total 26 to 33]	60.494	66.821	74.344
	FIXED ASSETS
35	Gross Block (land & building machinery vehicles work-in-progress)	9.532	9.319	9.138
36	Depreciation to date	0.213	0.181	0.154
37	NET BLOCK (35-36)	9.319	9.138	8.984
38	Investments/book debts /advances deposits which are not current assets	--	--	--
	i.(a)Investments in subsidiary companies/ affiliates	--	--	--
	(b)Others	0.070	0.070	0.070
	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)	0.070	0.070	0.070
42	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	--	--	--
43	TOTAL ASSETS (Total of 34,37,41 & 42)	69.883	76.029	83.398
44	Tangible net worth (24-42)	17.191	21.595	26.789
45	Net working Capital [(17+24)-(37+41+42)] Totally with (34-10)	16.087	20.580	25.848
46	Current Ratio [34/10]	1.36	1.45	1.53
47	Total outside liabilities / Net worth (18/44)	3.07	2.52	2.11
	Quasi	1.81	1.60	1.42
	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	--	--	--

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

FUND FLOW STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	ESTIMATE 2015	PROJECTION 2016	PROJECTION 2017
1	Sources
	[a] Net profit (after tax)	5.682	6.374	7.515
	[b] Depreciation	0.213	0.181	0.154
	Partners' Salary & interest	--	--	--
	[c] Increase in Capital	5.700	--	--
	[d] Increased in Term Liab. (including Public deposits)	(0.109)	(0.093)	(0.079)
	[e] Decrease in
	[i] Fixed Assets	--	--	--
	[ii] Other non-current Assets	--	--	--
	[f] Others (Unsecured Loans)	--	--	--
	[g] Total	11.486	6.462	7.590
2	Application
	[a] Net Loss	--	--	--
	[b] Decrease in Term Liab. (Incl. Public deposits)	--	--	--
	[c] Increase in
	[i] Fixed Assets	--	--	--
	[ii] Other non-current Assets	--	--	--
	[d] Withdrawals	1.756	1.970	2.322
	[e] Others (Unsecured loans)
	[f] Total	1.756	1.970	2.322
3	Long Term Surplus (+) / Deficit (-) (1 minus 2)	9.730	4.493	5.268
4	+ / (-) in current assets	35.733	6.327	7.523
5	+ / (-) in current Liabilities other than bank borrowings	1.003	1.834	2.255
6	+ / (-) in working capital Gap	34.730	4.493	5.268
7	Net Surplus (+) / deficit (-) (Difference of 3 & 6)	(25.000)	--	--
8	+ / (-) in Bank Borrowings	25.000	--	--
	* Break up of (4)
	[i] + / (-) in Raw material	--	--	--
	[ii] + / (-) in Stock in process	--	--	--
	[iii] + / (-) in finished goods	15.521	2.335	2.576
	[iv] + / (-) in Receivables
	[a] Domestic	20.019	2.803	3.084
	[b] Export	--	--	--
	[iii] + / (-) in stores & spares
	[iii] + / (-) in other Current Assets	0.193	1.188	1.863
	Total	35.733	6.327	7.523

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLION)

SR. NO.	PARTICULARS	ESTIMATE 2015	PROJECTION 2016	PROJECTION 2017
	A. CURRENT ASSETS:
1	Cash & Bank Balances	8.600	9.783	11.641
	Fix Deposit	--	--	--
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)	28.034	30.837	33.921
	(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	23.710	26.046	28.622
6	Advance to suppliers of Raw materials & stores/spares	--	--	--
7	Advance payment of taxes	--	--	--
8	Other current assets	0.150	0.155	0.160
9	Total Current Assets [1 to 8]	60.494	66.821	74.344
	(To agree with item 34 in Form III)	60.494	66.821	74.344
	B. CURRENT LAIBILITES
	(Other than bank borrowings for working capital)
10	Short term borrowings from others	--	--	--
11	Sundry Creditors - Trade	16.407	17.741	19.496
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)	3.000	3.500	4.00
18	Total Current Liabilities [10 to 17]	19.407	21.241	23.496
	(To agree with sub-total B-Form III)	19.407	21.241	23.496

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLION)

SR. NO	PARTICULARS	ESTIMATE 2015	PROJECTION 2016	PROJECTION 2017
1	Total Current Assets (Form IV)	60.494	66.821	74.344
2	Other Current Liabilities (other than bank borrowings) (14 of Form IV)	19.407	21.241	23.496
3	Working Capital Gap (WCP) (1-2)	41.087	45.580	50.848
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III)	15.124	16.705	18.586
5	Actual/projected net working capital (45 in form III)	16.087	20.580	25.848
6	Item 3 minus item 4	25.963	28.875	32.262
7	Item 3 minus item 5	25.000	25.000	25.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	25.000	25.000	25.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	--	--	--

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FINANCIAL DETAILS

(RS. IN MILLION)

SR. NO	PARTICULARS	PROJECTED 31.03.2015	PROJECTED 31.03.2016	PROJECTED 31.03.2017
a	Paid up Capital	13.265	17.191	21.595
b	Tangible Networth	17.191	21.595	26.789
c	Investment in Co’s [Of which in group Co]
d	Adjusted TNW	17.191	21.595	26.789
e	Net Block	9.319	9.138	8.984
f	Net Sales :	852.692	937.962	1031.758
g	Other Income
h	EBIDTA	9.162	10.420	11.549
i	Interest	0.350	0.365	0.380
j	Gross Profit/Loss	--	--	--
k	Taxes	--	--	--
l	Cash Accruals	5.895	6.555	7.669
m	Depreciation	0.213	0.181	0.154
n	Net Profit/ [Loss]	5.682	6.374	7.515
o	Current Assets	60.494	66.821	74.344
p	Current Liabilities	44.407	46.241	48.496
q	RATIOS :
r	Current ratio	1.36	1.45	1.53
	Debt/Equity :
s	Term liab./Adjusted TNW	0.48	0.38	0.30
t	TOL/ Adjusted TNW	3.07	2.52	2.11
	TOL/ Quasi Equity	1.81	1.60	1.42
	Profitability%: PAT/ Net Sales	0.67%	0.68%	0.73%
	Interest Coverage	2.804579	2.696027796	2.97663663
u	Inventory+ Receivables/ Sales (%)	--	--	--

SR. NO	PARTICULARS	Next Year 2015
a	Gross Sales	852.692
b	25% of Gross Sales	213.173
c	5% of Gross Sales	42.635
d	Limit Applied	25.00
e	(b-c)	170.538
f	(b-d)	188.173
g	Permissible Bank Finance [Lower of e & f]	170.538

PARTICULARS	Next Year 2015	Next Year 2016
Total Current Assets	60.494	66.821
Other Current	16.584	25.233
Working Capital Gap [a-b]	43.910	41.588
Minimum stipulated Net Working Capital [25% of “a”]	15.124	16.705
Actual / Projected Net Working Capital	(0.792)	6.357
(c-d)	28.787	24.883
(c-e)	44.702	35.231
MPBF [Lower of “f” and “g”]	50.000	50.000
Excess Borrowings, if	--	--

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NETWORTH STATEMENT

MR. DHARMENDRA RATANRAJ MEHTA

(RS. IN MILLION)

BANK

BANK	BRANCH	S/B C/D A/C NO.
Axis Bank	Zaveri Bazar, Menon Street	912020059990659
ICICI Bank	Zaveri Bazar	026105007397
IndusInd Bank	Kalbadevi Road	200998929936
Kotak Mahindra Bank	Crawford Market	0511211131

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DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Free hold or Lease hold	Location/ address	Present Value
Non Agri. Land
Commercial	Own	Freehold	Shop No. 49, Fround + 1^st Floor, Abhushan Premises Cooperative Society Limited	0.418
Residential	Own	Freehold	F-33, 2^nd Floor, Triveni, 66 Walkeshwar Road, Mumbai - 400006	6.900
Office	--	--	--	--
Household Furniture	--	--	--	--

MOVABLE PROPERTY

INVESTMENT IN GOVT. SECURITIES LIKE BONDS / PPF/ NSC / KVP / IVP ETC.

Nature of Securities	Face value
IDBI Infra Bonds	0.020

VEHICLES

Type of Vehicle	Present value
Acitva	0.032
Car	0.327
Car – Fabia Skoda	0.378

CAPITAL INVESTED IN BUSINESS – NAME OF FIRM/ COMPANY

OTHER INVESTMENTS/ASSETS

Investments in Private Limited Companies / firm: Rs.

[Including Subsidiaries, Sister, Associate concerns. If Trust/Society, give full details]

Cash and Bank = Rs. 1.649 Million

DETAILS OF LIABILITIES

Borrowed from	Outstanding Balance
Secured Loan	0.343
Unsecured Loan	4.002
Total	4.345

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VALUATION REPORT FOR IMMOVABLE PROPERTY

(GENERAL DETAILS)

Purpose for which Valuation is made	For assessment of fair market value of the property for bank purpose.
Date as on which valuation is made	19.05.2014
Name of the Owner	Mr. Dharmendra Ratanraj Mehta
It the property is under Joint Ownership/ Co Ownership Share of each such owner. Are the shares undivided?	Sole Ownership
Brief description of the property	Shop No.49 at Ground and First Floor, Abhushan Premises Cooperative Society Limited, Near Mumbadevi Temple, 33, Mumbadevi Road, Dagina Bazar, Mumbai – 400002, Maharashtra
Boundaries	North	Gold Market
	South	Road
	East	Road
	West	Gold Market
	Latitude: 18^057’11.38”N. Longitude: 72^049’ 51.36”E.
Location, Street, Ward No.	C.S. No. 1636, Bhuleshwar Division, Mumbai.
Survey/Plot No.
Is the property situated in the Residential/ Commercial/ Mixed Area/ Industrial Area?	Commercial Area [Main Gold Market]
Classification of Locality – High class/ Middle Class/ Poor class	High Class
Proximity to civic amenities like School, Hospitals, Office, Markets, Cinema etc.	Available within 1 – 2 kms.
Means and Proximity to surface communication by which the locality is served	Nearest Railway Stations are Grant Road (W. Rly) and Masjid Bunder (C. Rly). Buses and taxis are easily available from the station near to/ up to the particular locality. The site is well connected by roads.
Area of land supported by documentary proof, shape, dimensions and physical feature	Valuation for Shop (G + 1 Floor) Carpet Area = 260 Sqfts Saleable Area = 390 Sqfts or thereabout
Does the land fall in an area included in any Town Planning Scheme or any Development Plan of Government or any statutory body? If so, give Particulars	Within the Jurisdiction of MCGM.
Attach a dimensioned site plan	Owner may attach on demand if required.
Attach Plans and elevations of all structures standing on the land and a lay-out plan	Owner may attach on demand if required.
Is the building owner Occupied / tenanted / both?	Owner occupied.
If Party owner-occupied, specify portion and extent of area under owner-occupation	Full.
What is the Floor Space Index Permissible and percentage actually utilized?	As permissible by MCGM rules and regulation.
Give details of water and electricity charges, if any, to be borne by the owner	These charges are to be borne by the owner.
If a pump is installed, who has to bear the cost of maintenance and operation owner or tenant?	These charges are to be borne by the owner through society.
Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passage, compound, etc. owner or tenant?	These charges are to be borne by the owner through society.
What is the amount of property tax? Who is the bear it? Give details with documentary proof
Is the building insured? If so, give the policy No. amount for which it is insured and the annual premium
Give instance of sales of immovable property in the locality on the separated sheet, indicating the name and address of the property, registration No., sale price and area of land sold	Adopting the ‘Comparable Sale Method’ of valuation and based on Information gathered and survey done, the fair market rates are found to be varying anything around Rs. 85000/- per sq ft on saleable area basis because of main gold and jewelry market.
Year of commencement of construction and year of completion	Prior to 1961 – 62.
What was the method of construction……..by contract/by employing labour directly/both?	Details not available being old.
For items of work done on contract, produce copies of agreements
For items of work done by engaging labour directly, give basic rtes of materials and labour supported documentary proof
PART II – VALUATION After having considered all the aforesaid factors, marketability, real estate market conditions, locality, developed locality, proximity to civic amenities, year of construction of the building, location of the building, physical condition / life of the building, technical details of the building / premises under consideration for valuation, ground and first floor, saleable area of the premises, main gold market area, scarcity/ demand for shops and various other information gathered in this regard, ascertain the fair market rate for the aforesaid premises as Rs.85000/- per sqfts, resulting into a fair market value of 390 sqfts x Rs. 85000/- per sqfts = Rs. 33.150 Million [Rupees Thirty Three Million One Lakhs Fifty Thousand only] as on 19.05.2014 for Bank purpose. Considering the factors as stated above I am of the opinion that the distress sale value of the aforesaid premises would be 15% less than the fair market value of the property viz. Rs. 28.000 Million.
TECHNICAL DETAILS
No of floors and height of each floor	G + 1 storied building.
Plinth area floor wise. [As per IS : 3861 - 1966]	Valuation for Shop Carpet area = 260 sqfts Saleable area = 390 sqfts or thereabout
Year of Construction	Prior to 1961 – 62 or thereabout.
Estimated future life	20 years or thereabout [with proper maintenance and care]
Type of construction [Load - bearing walls/ R.C.C. frame/ steel frame structure]	Load bearing structure
Type of foundations	Open Foundation.
Walls
a) Basement and Plinth	230 mm thick burnt brick masonry walls in
b) Ground Floor	Cement mortar
c) Superstructure above ground floor
Partitions	115 mm thick burnt brick masonry walls in cement mortar
Doors and Windows etc. (Floor-Wise)	MS rolling shutter / Glass doors
Flooring (Floor-wise)
a) Ground Floor	Marble tiles flooring
b) First Floor	--
Finishing (Floor Wise)
c) Ground Floor	Plastered and distempered
d) First Floor	--
Roofing and Terracing	AC sheet roofing
Internal Wiring – Surface conduit	Concealed wiring
Class of fitting Superior / Ordinary / Poor	Medium
Sanitary Installations
No. of water closets	Community type of sanitary system
No. of lavatory basins
No. of urinals
No. of sinks
No. of bath tubs
No. of bidets
No. of geysers
Class of fittings	Ordinary
Superior colored
Superior white / ordinary
Compound Wall
a) Height and length	Shop directly facing main road
b) Type of construction	--
Roads and Paving with in the compound, approximate area and type of paving	Directly facing main road
Sewage disposal, whether connected to public sewers	Connected to septic tank and soakage pit

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FIXED ASSETS

v Furniture and Fittings

v Machinery and Plant

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 records 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. 63.58
UK Pound	1	Rs. 97.99
Euro	1	Rs. 70.53

INFORMATION DETAILS

Information Gathered by :	SVA / PPT
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.