MIRA INFORM REPORT

Report No. :	498479
Report Date :	19.03.2018

IDENTIFICATION DETAILS

Name :	KALYAN JEWELLERS INDIA LIMITED (w.e.f.15.06.2016)
Formerly Known As :	KALYAN JEWELLERS INDIA PRIVATE LIMITED (w.e.f. 10.02.2009) KALYAN JEWELLERS TSK PRIVATE LIMITED
Registered Office :	TC/32/204/1, Sitaram Mill Road, Punkunnam, Thrissur - 680002, Kerala
Tel. No.:	91-487-2437100
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	29.01.2009
Com. Reg. No.:	09-024641
Capital Investment / Paid-up Capital :	INR 9042.600 Million
CIN No.: [Company Identification No.]	U36911KL2009PLC024641
IEC No.: [Import-Export Code No.]	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCK6079K
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Designing, Manufacturing, Marketing and Selling of Jewellery. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 43000000
Status :	Good
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Kalyan Jewellers India Limited (erstwhile Kalyan Jewellers India Private Limited) managed by Mr. T.S.Kalyanaraman and his sons, and it is based in Thrissur, Kerala. The business was set up in the year 1993 and it owns and operates jewellery retail chain. It offers gold, diamond, platinum, silver and other precious jewellery. The subject is an old and established company having satisfactory track record. Management has failed to file its financials for the year 2017 with the Registrar of Companies. However as per indirect source we could find that the subject has achieved net revenue of INR 74,953 million and has clocked a net profit of INR 788 million for the financial year 2017 As per available financials of March 2016, the company has achieved decent growth of 9.89% in its revenue as compared to its previous year but has reported thin profit margin during the year. Rating takes into consideration, the robust financial risk profile marked by healthy net worth base and strong debt protection metrics. Rating continue to derive strength from its long and established track record of its business operations aided by vast experience of the promoters, brand equity, and vast geographical reach in India. Further, the company also plans to issue fresh IPO of INR 2500 million and has appointed Axis Capital, ICICI Securities and UBS Bank as merchant banker to advice of its plans to list on the stock exchange. However, these rating strengths gets partially offset by non-availability of latest financials and its presence in highly competitive and fragmented industry along with risk associated with changes in government policies, forex fluctuations, limited pricing flexibility in jewellery retail industry. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA RATING
Rating	Long Term Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	09.10.2017

Rating Agency Name	ICRA RATING
Rating	Short Term Rating = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	09.10.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 28.02.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management Non-Cooperative [Tel. No.: 91-487-2437100]

LOCATIONS

Registered Office/ Corporate Office :	TC/32/204/1, Sitaram Mill Road, Punkunnam, Thrissur - 680002, Kerala, India
Tel. No.:	91-487-2437100
Mobile No.:	91-9496019065
Fax No.:	Not Available
E-Mail :	sreejith@kalyanjewellers.net
Website :	http://kalyanjewellers.net
Showroom:	S-4/5-8 Ground Floor, Aura Complex, S.V. Road, Borivali (West), Mumbai-400092, Maharashtra, India

DIRECTORS

As on 31.03.2017

Name :

Akshaykumar Narendrasinhji Chudasama

Designation :

Director

Address :

Shanti Cottage No.2, Narayan Dabholkar Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Appointment :

17.01.2018

DIN No.:

00010630

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L25111KL1959PLC009300	PTL ENTERPRISES LIMITED	10/08/2015	-
U85110DL2004PLC126414	ARTEMIS MEDICARE SERVICES LIMITED	05/08/2016	-
L19201WB1931PLC007261	BATA INDIA LTD	28/06/2011	-
U74999MH2007PTC169284	RAKSHA LOGISTICS AND WAREHOUSING PRIVATE LIMITED	28/03/2007	-
U74999MH2007PTC169283	SAVICHA LOGISTICS AND WAREHOUSING PRIVATE LIMITED	28/03/2007	-
L17117MH1925PLC001208	RAYMOND LIMITED	05/06/2017	-
L25111KL1972PLC002449	APOLLO TYRES LIMITED.	06/08/2014	-
L85191DL2011PLC216530	ARTEMIS GLOBAL LIFE SCIENCES LIMITED	27/09/2017	-
U70102MH2012PTC234771	WYOSHA REAL ESTATES PRIVATE LIMITED	22/08/2012	-
U52334MH2001PTC130424	CLEARGRIP REPRESENTATIONS INDIA PRIVATE LIMITED	11/01/2001	-

Name :

Mr. Agnihotra Dakshina Murthy Chavali

Designation :

Director

Address :

Flat# 1708, Pegasus 'B' Wing, Meenakshi Sky Lounge Hitex Road, Kondapur, Serilingampally, Rangareddy, Hyderabad – 500084, Telangana, India

Date of Appointment :

28.03.2016

DIN No.:

00374673

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	02/09/2015	-

Name :

Mr. Seetharam Kalyanaraman Trikkur

Designation :

Wholetime Director

Address :

31/294, Kalyan Extension, Pushpagiri, Punkunnam, Trichur-680002, Kerala, India

Date of Birth/Age :

20.10.1975

Qualification :

MBA

Date of Appointment :

29.01.2009

DIN No.:

01021898

PAN No.:

AIWPS8575J

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U36911KL2008PTC022470	KALYAN JEWELLERS SALEM PRIVATE LIMITED	22/05/2008	-
U52100KL2014PTC036721	KALYAN JEWELLERS MINI STORES PRIVATE LIMITED	12/06/2014	-
U74999KL2018PTC051739	TKS MERCHANDISE PRIVATE LIMITED	12/01/2018	-

Name :

Mr. Trikkur Sitarama Iyer Kalyanaraman

Designation :

Managing Director

Address :

TC/I/196, Kalyan Extension, Poonkunnam, Thrissur-680002, Kerala, India

Date of Birth/Age :

23.05.1947

Qualification :

B.Com

Date of Appointment :

29.01.2009

DIN No.:

01021928

PAN No.:

AESPK2395E

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U36911KL2008PTC022470	KALYAN JEWELLERS SALEM PRIVATE LIMITED	22/05/2008	-
U52100KL2014PTC036721	KALYAN JEWELLERS MINI STORES PRIVATE LIMITED	12/06/2014	-
U74999KL2018PTC051739	TKS MERCHANDISE PRIVATE LIMITED	12/01/2018	-

Name :

Mr. Trikkur Kalyanaraman Ramesh

Designation :

Wholetime Director

Address :

31/294, Kalyan Extension, Pushpagiri, Punkunnam, Thrissur-680002, Kerala, India

Date of Birth/Age :

16.07.1978

Qualification :

M.Com

Date of Appointment :

29.01.2009

DIN No.:

01021868

PAN No.:

ACFPR9289K

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U36911KL2008PTC022470	KALYAN JEWELLERS SALEM PRIVATE LIMITED	22/05/2008	-
U52100KL2014PTC036721	KALYAN JEWELLERS MINI STORES PRIVATE LIMITED	12/06/2014	-
U74999KL2018PTC051739	TKS MERCHANDISE PRIVATE LIMITED	12/01/2018	-

Name :

Mr. Vishal Kashyap Mahadevia

Designation :

Director

Address :

81, Landmark Carmichael Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

19.12.1972

Qualification :

B S IN Economics and B S In Electrical Engineering

Date of Appointment :

17.10.2014

DIN No.:

01035771

PAN No.:

AADPM9486F

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15428WB1935PLC008245	IMC LIMITED	11/10/2010	-
L74899DL1995PLC067827	PVR LIMITED	24/07/2017	-
U63000DL2012PTC241107	ECOM EXPRESS PRIVATE LIMITED	03/06/2015	-
U18100MH2002PTC136468	BIBA APPARELS PRIVATE LIMITED	20/09/2013	-
U45209TG2001PLC037861	GANGAVARAM PORT LIMITED	08/09/2014	-
U74140MH2004PTC145467	WARBURG PINCUS INDIA PRIVATE LIMITED	01/08/2017	-
L29120MH2005PLC156795	CAPITAL FIRST LIMITED	22/08/2013	-
U74999MH2016PTC283520	STELLAR VALUE CHAIN SOLUTIONS PRIVATE LIMITED	05/08/2016	-

Name :

Kishori Jayendra Udeshi

Designation :

Director

Address :

15, Sumit Apartments M.L.Dahanukar Marg, Mumbai – 400026, Maharashtra, India

Date of Appointment :

17.01.2018

DIN No.:

01344073

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U63040MH2001PLC131691	SOTC TRAVEL LIMITED	16/06/2017	-
U50100TN2010PLC074572	SHRIRAM AUTOMALL INDIA LIMITED	31/07/2015	-
L65191TN1979PLC007874	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED	05/07/2013	-
U74140MH2001PTC134220	HSBC ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	03/09/2009	-
U63090MH1992PTC070074	SOTC TRAVEL SERVICES PRIVATE LIMITED	18/07/2016	-
L63040MH1978PLC020717	THOMAS COOK (INDIA) LIMITED	06/06/2013	-
L74999MH1964PLC014258	ION EXCHANGE (INDIA) LIMITED	27/05/2011	-
L24222PN1956PLC134746	ELANTAS BECK INDIA LIMITED	06/05/2015	-
L51909GJ1991PLC015522	HALDYN GLASS LIMITED	25/09/2009	-

Name :

Mahalingam Ramaswamy

Designation :

Director

Address :

No.32/1, Anugraha Apartments Unnamalai Ammal St T Nagar, Chennai – 600017, Tamilnadu, India

Date of Appointment :

28.03.2016

DIN No.:

07479866

KEY EXECUTIVES

Name :	Swaminathan Viswanathan
Designation :	Chief Financial Officer (KMP)
Address :	Flat 1b, Anushka Apartments, Ashok Nagar, Pune – 411007, Maharashtra, India
Date of Appointment :	15.09.2016
PAN No.:	ARIPS0208H
Name :	Sreejithraj P
Designation :	Company Secretary
Address :	"Sreeranjini" Thamarassery (PO) Kozhikode – 673573, Kerala, India
Date of Appointment :	17.06.2013
PAN No.:	BSLPS4456C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

Names of Equity Shareholders	No. of Shares
T. S. Kalyanaraman	260752148
T K Seetharam	138323492
T K Ramesh	95659824
T K Radhika	35772038
N V Ramadevi	35772038
Maya Ramakrishnan	35772038
Deepa Harikrishnan	35772038
Highdell Investment Limited	66436354
Total	704259970

Names of Preference Shareholders	No. of Shares
Highdell Investment Limited	200000000
Total	200000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	90.57
Public - Bodies corporate	9.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Designing, Manufacturing, Marketing and Selling of Jewellery. (Registered Activity)

Products :

Item Code No.	Product Description
71131930	Manufacture of gold jewellery : gold, silver and other precious metal

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Bank of India
Branch	Mid-Corporate Branch, Ernakulam – 682019, Kerala, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Term loans from banks	1699.842	714.334
Short-term borrowings
Rupee term loans from banks	25763.107	20761.155
Total	27462.949	21475.489

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	ASV N Ramana Tower 52, Venkatnarayana Road, T.Nagar, Chennai-600017, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Kalyan Jewellers Mini Stores Private Limited U52100KL2014PTC036721
Others :	Kalyan Textile Kalyan Jewellers LLC, United Arab Emirates Kalyan Jewellers FZE, United Arab Emirates Kalyan Exporters and Importers

CAPITAL STRUCTURE

AFTER 31.03.2016

Authorised Capital : INR 10000.000 Million

Issued, Subscribed & Paid-up Capital : INR 9582.892 Million

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
800000000	Equity Shares	INR 10/- each	INR 8000.000 Million
200000000	Preference Shares	INR 10/- each	INR 2000.000 Million
	Total		INR 10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
704259970	Equity Shares	INR 10/- each	INR 7042.600 Million
200000000	Preference Shares	INR 10/- each	INR 2000.000 Million
	Total		INR 9042.600 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9042.600	9042.600	704.260
(b) Reserves & Surplus	6032.630	5796.151	6887.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	15075.230	14838.751	7591.260
(3) Non-Current Liabilities
(a) long-term borrowings	1699.842	714.334	0.000
(b) Deferred tax liabilities (Net)	148.768	322.692	0.000
(c) Other long term liabilities	82.425	80.103	96.488
(d) long-term provisions	57.970	47.174	28.386
Total Non-current Liabilities (3)	1989.005	1164.303	124.874
(4) Current Liabilities
(a) Short term borrowings	25763.107	20761.155	19525.720
(b) Trade payables	2123.145	2626.996	4101.798
(c) Other current liabilities	8510.878	6946.608	8505.566
(d) Short-term provisions	100.145	194.419	1074.428
Total Current Liabilities (4)	36497.275	30529.178	33207.512
TOTAL	53561.510	46532.232	40923.646
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8080.470	5317.273	3177.897
(ii) Intangible Assets	43.312	64.006	0.000
(iii) Capital work-in-progress	142.210	2018.512	52.796
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2515.933	219.580	120.260
(c) Deferred tax assets (net)	0.000	0.000	23.698
(d) Long-term Loan and Advances	1915.438	1372.121	621.511
(e) Other Non-current assets	829.088	6.347	0.000
Total Non-Current Assets	13526.451	8997.839	3996.162
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	31697.191	29593.253	31562.246
(c) Trade receivables	291.944	77.929	327.136
(d) Cash and cash equivalents	4834.026	3317.837	1946.707
(e) Short-term loans and advances	2151.902	3417.013	2942.929
(f) Other current assets	1059.996	1128.361	148.466
Total Current Assets	40035.059	37534.393	36927.484
TOTAL	53561.510	46532.232	40923.646

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	80126.836	72892.870	73426.517
	Other Income	1416.277	1372.289	105.084
	TOTAL	81543.113	74265.159	73531.601
Less	EXPENSES
	Cost of Materials Consumed	70560.519	60516.273	39299.173
	Purchases of Stock-in-Trade	8.802	6432.485	22551.361
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(597.987)	(3302.364)	773.730
	Employees benefits expense	2606.581	2049.272	1432.887
	CSR Expenditure	30.686	13.975	0.000
	Other expenses	5510.762	4783.686	4027.997
	Exceptional Items	0.000	(54.222)	0.000
	Total	78119.363	70439.105	68085.148
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3423.750	3826.054	5446.453
Less	FINANCIAL EXPENSES	2767.991	2587.903	2185.120
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	655.759	1238.151	3261.333
Less	DEPRECIATION/ AMORTISATION	593.180	363.455	336.083
	PROFIT/ (LOSS) BEFORE TAX	62.579	874.696	2925.250
Less	TAX	(173.924)	356.311	1205.961
	PROFIT/ (LOSS) AFTER TAX	236.503	518.385	1719.289
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	184.310	174.768	462.126
	TOTAL EARNINGS	184.310	174.768	462.126
	IMPORTS
	Raw Materials	315.454	94.801	66.695
	Capital Goods	0.000	1924.440	462.708
	TOTAL IMPORTS	315.454	2019.241	529.403
	Earnings / (Loss) Per Share (INR)	0.34	0.74	2.44

Particulars	31.03.2017
Sales Turnover (Approximately)	74953.000
Profit/Loss for the year	788.000

The above information has been gathered from indirect sources.

ADVERTISING PROMOTIONAL EXPENSES

YEARS	INR In Million
2015-2016	1843.960
2014-2015	1657.049
2013-2014	1738.182

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	264.493	254.076	0.164
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	358.849	373.180	802.312

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	1.33	0.39	1.63
Account Receivables Turnover (Income / Sundry Debtors)	274.46	935.38	224.45
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	10.98	14.32	24.21
Inventory Turnover (Operating Income / Inventories)	0.11	0.13	0.17
Asset Turnover (Operating Income / Net Fixed Assets)	0.41	0.52	1.69

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.71	0.67	0.81
Debt Equity Ratio (Total Liability / Networth)	1.82	1.45	2.57
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.42	2.06	4.37
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.55	0.50	0.43
Interest Coverage Ratio (PBIT / Financial Charges)	1.24	1.48	2.49

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	0.30	0.71	2.34
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.44	1.11	4.20
Return on Investment (ROI) ((PAT / Networth) * 100)	%	1.57	3.49	22.65

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.10	1.23	1.11
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.23	0.26	0.16
G-Score Ratio Financial (Networth / Total Assets)	0.28	0.32	0.19
G-Score Ratio Debt (Debts / Equity Capital)	3.04	2.37	27.73
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.10	1.23	1.11

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	704.260	9042.600	9042.600
Reserves & Surplus	6887.000	5796.151	6032.630
Net worth	7591.260	14838.751	15075.230
long-term borrowings	0.000	714.334	1699.842
Short term borrowings	19525.720	20761.155	25763.107
Current Maturities of Long term debt	0.164	254.076	264.493
Total borrowings	19525.884	21729.565	27727.442
Debt/Equity ratio	2.572	1.464	1.839

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	73426.517	72892.870	80126.836
		(0.727)	9.924

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	73426.517	72892.870	80126.836
Profit	1719.289	518.385	236.503
	2.34%	0.71%	0.30%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9042.600
(b) Reserves & Surplus	5451.613
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	14494.213
(3) Non-Current Liabilities
(a) long-term borrowings	1963.988
(b) Deferred tax liabilities (Net)	148.767
(c) Other long term liabilities	82.425
(d) long-term provisions	57.970
Total Non-current Liabilities (3)	2253.150
(4) Current Liabilities
(a) Short term borrowings	30362.211
(b) Trade payables	4604.850
(c) Other current liabilities	8739.821
(d) Short-term provisions	135.437
Total Current Liabilities (4)	43842.319
TOTAL	60589.682
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8789.147
(ii) Intangible Assets	1174.539
(iii) Capital work-in-progress	147.892
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.050
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	1918.799
(e) Other Non-current assets	829.087
Total Non-Current Assets	12859.514
(2) Current assets
(a) Current investments	0.000
(b) Inventories	39022.003
(c) Trade receivables	266.992
(d) Cash and cash equivalents	5911.102
(e) Short-term loans and advances	2232.568
(f) Other current assets	297.503
Total Current Assets	47730.168
TOTAL	60589.682

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2016
	SALES
	Income	98343.212
	Other Income	1107.950
	TOTAL	99451.162
Less	EXPENSES
	Cost of Materials Consumed	88553.515
	Purchases of Stock-in-Trade	8.802
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3495.711)
	Employees benefits expense	3035.679
	CSR Expenditure	30.686
	Other expenses	7354.835
	TOTAL	95487.806
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3963.356
Less	FINANCIAL EXPENSES	2916.188
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1047.168
Less	DEPRECIATION/ AMORTISATION	787.449
	PROFIT/ (LOSS) BEFORE TAX	259.719
Less	TAX	(174.270)
	PROFIT/ (LOSS) AFTER TAX	433.989
	Earnings / (Loss) Per Share (INR)	0.62

LOCAL AGENCY FURTHER INFORMATION

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

OPERATION [AS ON 2016]

During the Financial Year 2015-16, the Company has registered net revenue from operations of INR 80126.800 Million, as compared to INR 72892.900 Million in the previous year, an increase of 9% year-on-year. Profit before Tax for the year was INR 62.579 Million. Profit after tax for the year was INR 236.503 Million. It is pertinent to note that, the unexpected industry strike in the last quarter of the financial year has affected the business of the company as some of the showrooms remained completely closed for few weeks.

INDEX OF CHARGES:

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G68312263	100136868	Bank of India	03/11/2017	-	-	1000000000.0	Mid-corporate BranchErnakulamErnnakulamKL682019IN
2	G69026508	100137921	State Bank of India	20/03/2017	-	-	5100000000.0	Coimbatore Main BranchKurinji Complex, State Bank RoadCoimbatoreTN641018IN
3	G37231594	100079667	SBICAP TRUSTEE COMPANY LIMITED	11/02/2017	17/02/2017	-	23100000000.0	202, MAKER TOWER, 'E', CUFFE PARADEMUMBAIMH400005IN
4	G03154523	100025475	Syndicate Bank	19/04/2016	-	-	500000000.0	Palace RoadThrissurKL680020IN
5	G04850087	100030315	State Bank of India	19/03/2016	-	-	2000000000.0	Commercial Branch1443, Trichy Road, P.B. No. 3902CoimbatoreTN641018IN
6	G04829487	100030248	State Bank of India	19/03/2016	-	-	500000000.0	Commercial Branch1443, Trichy Road, P.B. No. 3902CoimbatoreTN641018IN
7	G10005759	100046041	State Bank Of Travancore	11/02/2016	-	-	1000000000.0	Commercial Branch1st Floor EEJEE Chambers, ValanjambalamErnakulamKL682016IN
8	G01481670	100019625	THE SOUTH INDIAN BANK LIMITED	08/02/2016	-	-	1500000000.0	THRISSUR NORTH BRANCHALKA BUILDING, ROUND NORTHTHRISSURKL680001IN
9	G08403420	100041410	HDFC BANK LIMITED	03/02/2016	-	-	250000000.0	HDFC Bank HouseSenapati Bapat Marg, Lower Parel WestMumbaiMH400013IN
10	G03153624	10585868	Syndicate Bank	21/07/2015	19/04/2016	-	1000000000.0	Palace RoadThrissurKL680020IN

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixture
• Vehicle
• Motor Vehicle
• Office Equipment
• Computer Equipment

PRESS RELEASE

KALYAN JEWELLERS ACQUIRES ONLINE JEWELLERY FIRM CANDERE

Kalyan Jewellers has announced the acquisition of online jewellery firm Candere.

The acquisition will augment Kalyan Jewellers' presence in the country's growing online jewellery segment. Kalyan Jewellers will acquire the equity held by Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor.

As part of the transaction Kalyan Jewellers will complete a phase-wise acquisition of the equity held by founder-promoter Rupesh Jain, apart from making a significant investment in the company to drive its next phase of business. This is Kalyan Jewellers' first strategic move as it continues to pursue aggressive growth plans, both organically and inorganically.

Established in 2013, Candere sells jewellery online in India, the US and UK. It has a portfolio of over 4,000 designs, including a strong offering in the high growth diamond jewellery segment. This transaction will help Kalyan establish a strong presence in the e-commerce segment to complement its vast physical retail presence.

Kalyan Jewellers will leverage its vast network of 105 showrooms and distributed supply chain across India and West Asia to enhance Candere's fulfillment layer and work towards creating a robust online-offline hybrid customer experience. Kalyan had recently raised growth capital of Rs 500 crore from global private equity major Warburg Pincus, taking the latter’s total investment to Rs 1,700 crore in the company.

Commenting on the acquisition, Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers said, “Candere has built a loyal online customer base in India with one of the best repeat rates in the business. Candere’s recent foray into the UK and US markets also helps Kalyan augment its ambition of becoming a global Indian brand.”

KALYAN JEWELLERS LOOKS TO FILE IPO PAPERS IN A MONTH

Kalyan Jewellers is looking to raise around INR 25000.000 Million from the IPO

Mumbai: Kalyan Jewellers India Limited, the Warburg Pincus-backed chain of jewellery stores, is planning to file draft papers for an initial public offering within a month with the markets regulator, three people aware of the development said.

“They are looking to file the draft document sometime next month,” said one of the three people cited above, requesting anonymity, as he is not authorized to speak to reporters.

According to the second person cited above, the company is looking to raise around INR 25000.000 Million.

“The IPO is a mix of primary fundraise that the company will use to fund expansion of its domestic and new overseas markets and a secondary share sale, primarily by private equity investor Warburg Pincus, which will be selling part of its stake in the company,” he said. He too requested anonymity.

Investment banks Axis Capital, UBS and ICICI Securities are managing the initial share sale, he added.

Kalyan Jewellers opened its first store at Thrissur in Kerala in 1993. The company founded by T.S. Kalyanaraman counts Bollywood actor Amitabh Bachchan as its brand ambassador.

In April 2017, Warburg invested Rs500 crore in Kalyan Jewellers, adding to the INR 12000.000 Million it invested in 2014, to help the jeweller enter new markets Saudi Arabia, Bahrain, Oman, Singapore and Malaysia.

Emails sent to Axis Capital and ICICI Securities did not elicit any response. Warburg Pincus, Kalyan Jewellers and UBS declined to comment.

The move comes at a time when the jewellery industry is facing negative sentiment following the fraud at Punjab National Bank (PNB) involving Nirav Modi and Gitanjali Gems Limited, impacting the stock price of a majority of gems and jewellery companies.

On 14 February, state-run PNB told stock exchanges that said it has unearthed fraudulent transactions of around INR 114000.000 Milion at one of its branches in Mumbai. The bank said it has filed a complaint with the Central Bureau of Investigation (CBI) on the fraud. The case involves fraudulent transaction by Modi and Mehul Choksi, who are being investigated by multiple probe agencies. It is alleged that Modi and others conspired with several PNB employees to fraudulently obtain loan guarantees.

On Friday, Mint reported that of the 46 listed jewellery stocks on the BSE, only 11 have logged gains since the close of 13 February, while 26 have shed value since the fraud surfaced.

“While there is a near-term sentiment impact for the sector because of the PNB issue, one cannot paint the whole industry with the same brush. Kalyan is a pure B2C, retail jewellery company with over 130 stores and a topline of around INR 100000.000 Million and is not involved in the same business lines as the companies at the centre of the current controversy,” said the third person cited above. He too requested anonymity.

According to media reports, other jewellery companies such as Joyalukkas India Private Limited and Senco Gold Ltd are also planning to go public. However, the IPO plans of these companies are currently at an early stage and they have not filed draft documents with the regulator.

In 2017, 36 companies raised INR 671470.000 Million through the IPO route, while 26 companies raised INR 264938.000 Million in 2016, data from primary market tracker Prime Database shows.

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	INR
US Dollar	1	INR 64.85
UK Pound	1	INR 90.58
Euro	1	INR 79.97

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	NIS
Report Prepared by :	JYO

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.