MIRA INFORM REPORT

Report No. :	321246
Report Date :	12.05.2015

IDENTIFICATION DETAILS

Name :	P & S JEWELLERY LIMITED
Registered Office :	Sakina Manzil R. R. Marg, 4^th Floor, Opposite Charni Road, Station, Mumbai – 400004, Maharashtra
Tel No.:	91-22-23676337/30025566/61448989/61378888
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.02.1996
Com. Reg. No.:	11-096788
Capital Investment / Paid-up Capital :	Rs. 887.442 Million
CIN No.: [Company Identification No.]	U36912MH1996PLC096788
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and sale of diamond studded gold jewellery as well trading in loose diamonds.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 6000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has failed to file to file its financials with the government department for the FY 2014. However, as per the information provided by Mr. Jigar Shah (Key Executive), company has achieved some increase in its turnover during FY 2013-2014. General financial position seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be Slow but correct. The company can be considered for business dealings at usual business 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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. Jigar Shah
Designation :	Key Executive
Contact No.:	91-9820187733
Date :	07.05.2015

LOCATIONS

Registered Office/ Factory :	Sakina Manzil R. R. Marg, 4^th Floor, Opposite Charni Road, Station, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23676337/30025566/61448989/61378888
Mobile No.:	91-9820187733 (Mr. Jigar)
Fax No.:	91-22-23685646/61448979
E-Mail :	account@pandsjewellery.com
Website :	http://www.pandsjewellery.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Paresh Chhabildas Shah

Designation :

Director

Address :

52-A Sudha Kalash, J Mehta Road, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

11.02.1963

Date of Appointment :

01.04.2013

DIN No.:

00905535

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U36912MH1996PLC096788	P & S JEWELLERY LIMITED	Managing director	01-04-2013	01-02-1996	-	Active	NO
2	U91990MH2005NPL154999	ALL INDIA GEMS AND JEWELLERY TRADE FEDERATION	Director	22-07-2005	22-07-2005	-	Active	NO
3	U36911MH2005PTC157839	SHAH TIME AND JEWELS PRIVATE LIMITED	Director	24-11-2005	24-11-2005	-	Active	NO
4	U36912MH2007PTC176267	P AND S SHRINGAR PRIVATE LIMITED	Director	28-11-2007	28-11-2007	-	Amalgamated	NO
5	U45202MH2008PTC185087	P AND S NIRMAN PRIVATE LIMITED	Director	25-07-2008	25-07-2008	-	Active	NO
6	U01403GJ2008PTC054978	SCENIC AGRO PRIVATE LIMITED	Director	08-09-2008	08-09-2008	01-04-2010	Active	NO
7	U74990MH2008NPL188773	GJF EVENTS AND PROMOTIONS FEDERATION	Director	08-12-2008	08-12-2008	12-04-2009	Active	NO
8	U36911MH2009PTC190899	TAHIRA LIFESTYLE PRIVATE LIMITED	Director	13-03-2009	13-03-2009	14-06-2010	Active	NO
9	U01403GJ2006PTC048642	GREENHILL HORTICULTURE FARMS PRIVATE LIMITED	Director	29-12-2009	29-12-2009	-	Under Process of Striking off	NO
10	U36910MH2010PTC200023	TECHNO JEWELS PRIVATE LIMITED	Director	12-02-2010	12-02-2010	-	Active	NO
11	U45200MH2010PTC203034	JANAVAS INFRASTRUCTURE PRIVATE LIMITED	Director	12-05-2010	12-05-2010	12-02-2015	Active	NO
12	U45202MH2010PTC203048	JANAVAS DEVELOPERS PRIVATE LIMITED	Director	12-05-2010	12-05-2010	24-03-2011	Active	NO
13	U45400MH2010PTC204327	JANAVAS REALTY PROJECTS PRIVATE LIMITED	Director	16-06-2010	16-06-2010	-	Active	NO
14	U45201MH2010PTC205528	JANAVAS PROPERTIES PRIVATE LIMITED	Director	16-07-2010	16-07-2010	-	Active	NO
15	U70100MH2010PTC208141	JANAVAS HOMES PRIVATE LIMITED	Director	24-09-2010	24-09-2010	-	Active	NO
16	U70102MH2010PTC208143	JANAVAS REALSTRUCTURE PRIVATE LIMITED	Director	24-09-2010	24-09-2010	-	Active	NO
17	U01403MH2013PTC243685	JANAVAS AGRO PRIVATE LIMITED	Director	27-05-2013	27-05-2013	-	Active	NO
18	U10100MH2011PLC212559	P & S KOLAR JANAVAS MINING & INFRA COMPANY LIMITED	Director	30-09-2014	26-12-2013	-	Active	NO
19	AAB-8163	TAJ JEWELLERY LLP	Designated Partner	14-10-2013	14-10-2013	-	Active	NO

Name :

Mr. Janardan Jairam Sankhe

Designation :

Director

Name :

Mr. Komal Prasad Purshotamdas Agarwal

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Jigar Shah
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Paresh Chhabildas Shah	1870340	72.69
Chhabildas Amulakh Shah	100	0.00
Sachin Chandrakant Doshi	100	0.00
Sanjay Sumtilal Shah	100	0.00
Niren Kantilal Shah	100	0.00
Rajendra Mani Shah	100	0.00
Sanjeev Chhabildas Shah	100	0.00
Manoj Chhabildas Shah	175400	6.82
Swati Paresh Shah	50000	1.94
Janavas Infrastructure Private Limited	215575	8.38
Sahil Paresh Shah	100
Paresh Shah (Partner Of Taj Jewellery)	261000	10.14
Total	2573015	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.82
Bodies corporate	8.38
Directors or relatives of Directors	84.80
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and sale of diamond studded gold jewellery as well trading in loose diamonds.
Products :	Jewellery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30,60,90 Days)
Purchasing :	Cash and Credit (30,60,90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users and OEMs

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

Bank Name	Syndicate Bank
Branch	Nariman Point Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash\Credit – Rs. 450.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Intercorporate deposits	66.239	9.695
Deposits from others	175.066	115.445
Other loans and advances	4.864	0.000
Short-term borrowings
Loans repayable on demand from banks	2788.800	934.757
Total	3034.969	1059.897

Auditors :
Name :	Aniket Kulkarni And Associates Chartered Accountants
Address :	Unit 1 2 , Highway Commercial Centre, I.B. Patel Marg, Off Western express Highway, Goregaon East, Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AVHPK9849H
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Shah Time And Jewels Private Limited , India – (U36911mh2005ptc157839) Swahira Jewels Dmcc, United Arab Emirates

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88744215	Equity Shares	Rs.10/- each	Rs.887.442 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	887.442	25.730	13.840
(b) Reserves & Surplus	1304.113	917.202	407.600
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	356.604
Total Shareholders’ Funds (1) + (2)	2191.555	942.932	778.044
(3) Non-Current Liabilities
(a) long-term borrowings	246.169	125.139	9.374
(b) Deferred tax liabilities (Net)	0.239	2.039	14.500
(c) Other long term liabilities	244.150	0.000	0.000
(d) long-term provisions	2.988	1.579	0.000
Total Non-current Liabilities (3)	493.546	128.757	23.874
(4) Current Liabilities
(a) Short term borrowings	2822.650	951.185	939.020
(b) Trade payables	1704.091	1807.475	1326.660
(c) Other current liabilities	58.456	29.201	156.653
(d) Short-term provisions	114.300	35.718	0.000
Total Current Liabilities (4)	4699.497	2823.579	2422.333
TOTAL	7384.598	3895.268	3224.251
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	203.337	77.894	86.680
(ii) Intangible Assets	0.037	0.000	0.000
(iii) Capital work-in-progress	175.168	140.364	81.483
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	390.928	10.025	10.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	64.323	23.491	16.062
(e) Other Non-current assets	20.370	20.143	20.138
Total Non-Current Assets	854.163	271.917	214.388
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	875.512	364.679	877.849
(c) Trade receivables	4694.373	3009.957	1759.245
(d) Cash and cash equivalents	411.240	161.469	123.281
(e) Short-term loans and advances	535.409	83.478	245.757
(f) Other current assets	13.901	3.768	3.731
Total Current Assets	6530.435	3623.351	3009.863
TOTAL	7384.598	3895.268	3224.251

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	11989.251	5144.629	4075.424
	Other Income	27.508	10.428	62.385
	TOTAL (A)	12016.759	5155.057	4137.809
Less	EXPENSES
	Cost of Materials Consumed	11208.798	4663.173	3649.147
	Purchases of Stock-in-Trade	0.000	0.000	390.694
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(54.767)	146.587	(203.884)
	Employees benefits expense	22.331	3.239	2.462
	Other expenses	152.084	46.298	48.030
	TOTAL (B)	11328.446	4859.297	3886.449
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	688.313	295.760	251.360
Less	FINANCIAL EXPENSES (D)	261.084	125.692	83.834
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	427.229	170.068	167.526
Less/ Add	DEPRECIATION/ AMORTISATION (F)	22.672	8.785	9.864
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	404.557	161.283	157.662
Less	TAX (H)	19.185	5.738	2.620
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	385.372	155.545	155.042
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	6078.275	4404.291	3836.736
	TOTAL EARNINGS	6078.275	4404.291	3836.736
	IMPORTS
	Raw Materials	6957.315	3440.506	3478.634
	TOTAL IMPORTS	6957.315	3440.506	3478.634
	Earnings / (Loss) Per Share (Rs.)	107.79	75.54	112.02

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	13000.000	12010.000

Expected Sales (2014-2015): Rs.15000.000 Million

The above information has been parted by Mr. Jigar Shah (Key Executive).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.21	3.02	3.80
Operating Profit Margin (PBIDT/Sales)	(%)	5.74	5.75	6.17
Return on Total Assets (PBT/Total Assets}	(%)	5.93	4.31	5.03
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.20
Debt Equity Ratio (Total Debt /Networth)		1.40	1.14	1.22
Current Ratio (Current Asset/Current Liability)		1.39	1.28	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	13.840	25.730	887.442
Reserves & Surplus	407.600	917.202	1304.113
Share Application money pending allotment	356.604	0.000	0.000
Net worth	421.440	942.932	2191.555
long-term borrowings	9.374	125.139	246.169
Short term borrowings	939.020	951.185	2822.650
Total borrowings	948.394	1076.324	3068.819
Debt/Equity ratio	2.250	1.141	1.400

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4075.424	5144.629	11989.251
		26.235	133.044

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	4075.424	5144.629	11989.251
Profit	155.042	155.545	385.372
	3.80%	3.02%	3.21%

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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
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	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
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.

UNSECURED LOAN

Unsecured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Short-term borrowings
Borrowings	33.850	16.427
Total	33.850	16.427

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10545977	08/01/2015	295,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH,, DEVKARAN MANSION, SHAMAL  DAS GANDHI MARG,, MUMBAI, Maharashtra - 400002, INDIA	C41867946
2	10481768	13/02/2014	50,000,000.00	ANDHRA BANK	9/15 MAMA PARAMANAND MARG,, QUEEN'S ROAD, OPERA HOUSE, MUMBAI, Maharashtra - 400004, INDIA	B98174014
3	10482561	01/02/2014	450,000,000.00	Syndicate Bank	546 GROUND FLOOR, 209 ATLANTA BUILDING,, NARIMAN  POINT,, MUMBAI, Maharashtra - 400021, INDIA	B98474703
4	10395587	12/11/2012	700,000,000.00	State Bank of India	Eastern Express Highway, Gala No 9 &10, Sun, Magnetic, Near LIC Off, Louis Wadi Service Road,, Thane, Maharashtra - 400604, INDIA	B65355083
5	10377451	06/08/2012	150,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH,, DEVKARAN MANSION, SHAMAL  DAS GANDHI MARG,, MUMBAI, Maharashtra - 400002, INDIA	B58457771
6	10377453	06/08/2012	500,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH,, DEVKARAN MANSION, SHAMAL  DAS GANDHI MARG,, MUMBAI, Maharashtra - 400002, INDIA	B58458043
7	10356133	21/05/2012	500,000,000.00	State Bank of India	Eastern Express Highway, Gala No 9 &10, Sun, Magnetic, Near LIC Off, Louis Wadi Service Road,, Thane, Maharashtra - 400604, INDIA	B39763156
8	10337055	16/01/2012	350,000,000.00	VIJAYA BANK	MAKER CHAMBER IV (REAR PORTION), 222, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B32743650
9	10320741	09/01/2015 *	460,000,000.00	ANDHRA BANK	OPERA HOUSE BRANCH,9/18,MAMA PARAMANAND MARG, QUEENS ROAD,OPERA HOUSE, MUMBAI, Maharashtra – 400004 , INDIA	C40427494
10	10282604	22/03/2013 *	1,250,000,000.00	UNION BANK OF INDIA - LEAD BANK OF UNION BANK CONS  ORTIUM	PRINCESS STREET BRANCH,, DEVKARAN MANSION, SHAMAL  DAS GANDHI MARG,, MUMBAI, Maharashtra - 400002, INDIA	B75100057

* Date of charge modification

BUSINESS REVIEW:

The Company continues to participate in recognized jewellery exhibitions. The Company had already established fully functional jewellery manufacturing unit in Surat – Gujarat, situated in a special economic zone to cater to increased demand from customers. The Company also has state of art manufacturing facilities of Jewellery catering to its domestic as well as International distribution.

The Company is making conscientious efforts in addressing the large market opportunities that exist in the Gold and Precious Ornaments Segment both in India and abroad. Exports of gems and jewellery are also on the upswing. The Company is concentrating on finalizing various designs for export market. The Company has substantial order on hand and hopes to achieve turnover from manufactured jewelleries in excess ofRs. 1200.000 Million in the coming year. Recently, the Company has also received samples for development and approval from foreign clients.

The Jewellery business will continue its growth path through various initiatives. Overall, the year 2013-14 will be a year where the Company would drive for strong and profitable growth in all its Indian consumer businesses, retain focus on elimination of wasteful costs, and skilfully navigate the international businesses which will continue to pose challenges due to sluggish demand in some of the geographies.

To take full advantage of the international trading of gold ornaments and jewellery, the Company has established a wholly owned subsidiary in key trading market of gold jewellery. As a first step, the Company has incorporated a Subsidiary Company in Dubai Metal and Commodity Centre (“DMCC”), a prestigious market segment in Dubai. The Company further hopes to consolidate its position by moving into backward integration of importing gold dorebar from the African Continent, refining and converting into bullion, which is the principle raw material. This exercise is expected to have a substantial cost reduction for the Company, and improve its profitability. The Directors are hopeful of bright prospects.

During the year, P & S Shringar Private Limited, has been merged with P & S Jewellery Limited effective 1 st April, 2012 on the merger being approved by Honourable Bombay High Court. This has resulted in synergies of operations as P & S Shringar Private Limited was carrying on similar activity as P & S Jewellery Limited.

FIXED ASSETS

Tangible assets

• Buildings
• Furniture and fixtures
• Office equipment
• Vehicles

Intangible assets

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.85
UK Pound	1	Rs.98.47
Euro	1	Rs.71.51

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SAN
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	4
--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		45

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.