MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	DIMEXON DIAMONDS LIMITED
Registered Office :	716, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	25.05.1995
Com. Reg. No.:	11-088786
Capital Investment / Paid-up Capital :	Rs.33.533 Millions
CIN No.: [Company Identification No.]	U36912MH1995PTC088786
TAN No.: [Tax Deduction & Collection Account No.]	MUMD04573C
PAN No.: [Permanent Account No.]	AAACD1877D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Diamonds and Jewelry Conglomerate.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 10000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	716, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-66367777
Fax No.:	91-22-66367776
E-Mail :	jayesh.chauhan@dimexon.com indiasales@dimexon.com infoindia@dimexon.com dimexon710@hathway.com digant.bhatt@dimexon.com
Website :	http://www.dimexon.com
Corporate Office :	1202 Prasad Chambers, Tata Road No. 2, Opera House, Mumbai – 400 004, Maharashtra , India
Tel. No.:	91-22-56357777 / 8
Fax No.:	91-22-56357799
Overseas Office:	Located At Antwerp Hong Kong Shanghai Dubai Shenzhen

DIRECTORS

As on 15.03.2011

Name :

Mr. Pankaj Kirtilal Mehta

Designation :

Director

Address :

9/B, Suneeta, Ridge Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

03.06.1947

Date of Appointment :

25.05.1995

DIN No.:

00009417

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1989PTC052496	PARESH K MEHTA INVESTMENT PRIVATE LIMITED	Director	7/7/1989	7/7/1989	-	Active	NO
2	U65990MH1989PTC052497	PANKAJ K MEHTA INVESTMENT PRIVATE LIMITED	Director	7/7/1989	7/7/1989	-	Active	NO
3	U27205TZ1991PTC003343	KIRTILAL KALIDAS JEWELLERY MANUFACTURERS PRIVATE LIMITED	Director	11/7/1991	11/7/1991	19/12/2008	Active	NO
4	U27205TZ1992PTC003655	KIRTILAL KALIDAS ORNAMENTS EXPORTS PRIVATE LIMITED	Director	21/02/1992	21/02/1992	-	Amalgamated	NO
5	U36912MH1995PLC088786	DIMEXON DIAMONDS LIMITED	Director	25/05/1995	25/05/1995	-	Active	NO
6	U36910MH2004PLC146406	BRIGHTEST CIRCLE JEWELLERY LIMITED	Director	1/4/2005	1/4/2005	31/08/2007	Active	NO
7	U70102MH2008PTC189137	DIMEXON REALTY PRIVATE LIMITED	Director	30/09/2010	18/08/2010	-	Active	NO

Name :

Mr, Paresh Kirtilal Mehta

Designation :

Whole Time Director

Address :

114, Tanhee Heights, Petit Hall Complex, Napeansea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

13.06.1951

Date of Appointment :

25.05.1995

DIN No.:

00004179

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36900MH1979PTC021537	DIMEXON EXPORTS PRIVATE LIMITED	Director	8/8/1979	8/8/1979	-	Amalgamated	NO
2	U65990MH1989PTC052497	PANKAJ K MEHTA INVESTMENT PRIVATE LIMITED	Director	14/11/1996	7/7/1989	-	Active	NO
3	U65990MH1989PTC052496	PARESH K MEHTA INVESTMENT PRIVATE LIMITED	Director	7/7/1989	7/7/1989	-	Active	NO
4	U36911MH1990PTC056781	KIRTI ORNAMENTS PRIVATE LIMITED	Director	1/2/1991	1/2/1991	-	Amalgamated	NO
5	U27205TZ1992PTC003655	KIRTILAL KALIDAS ORNAMENTS EXPORTS PRIVATE LIMITED	Director	21/02/1992	21/02/1992	-	Amalgamated	NO
6	U36912MH1995PLC088786	DIMEXON DIAMONDS LIMITED	Director	1/1/2009	25/05/1995	-	Active	NO
7	U52190MH1995PTC085868	GOODBUY TRADING PRIVATE LIMITED	Director	27/06/1998	27/06/1998	-	Strike off	NO
8	U05121TZ1993PTC004429	SURAJ AGRO INFRASTRUCTURE (INDIA) PRIVATE LIMITED	Director	27/09/1999	27/09/1999	-	Active	NO
9	U72200TZ2000PTC009248	VISPARK SOLUTIONS INDIA PRIVATE LIMITED	Director	20/03/2000	20/03/2000	-	Active	NO
10	U72300TN1994PTC026973	BENCHMARK SOFTEC PRIVATE LIMITED	Director	26/04/2004	26/04/2004	-	Active	NO
11	U36910MH2004PLC146406	BRIGHTEST CIRCLE JEWELLERY LIMITED	Director	14/02/2005	14/02/2005	31/08/2007	Active	NO
12	U27209MH2005PLC153033	BELCO DIA PRODUCTS (INDIA) LIMITED	Director	4/5/2005	4/5/2005	-	Under Process of Striking off	NO
13	U91120MH2005PLC157427	PALANPUR COMMUNITY FOUNDATION	Director	21/11/2005	21/11/2005	-	Active	NO
14	U27205TZ1992PTC003877	VISPARK JEWELLERY MANUFACTURERS PRIVATE LIMITED	Director	10/1/2006	10/1/2006	-	Active	NO
15	U65990MH2006PTC159957	DIMEXON INDIA HOLDING PRIVATE LIMITED	Director	23/02/2006	23/02/2006	11/4/2011	Active	NO
16	U51398TZ2007PTC013402	KIRTILAL KALIDAS DIAMOND EXPORTS PRIVATE LIMITED	Director	1/2/2007	1/2/2007	-	Amalgamated	NO
17	U52393MH2007PTC166865	SUNSHINE EXPORTS DIAMONDS PRIVATE LIMITED	Director	13/03/2009	2/2/2007	31/03/2008	Active	NO
18	U36911TZ2008PTC014127	KIRTILAL KALIDAS JEWELLERS PRIVATE LIMITED	Director	1/1/2008	1/1/2008	-	Active	NO
19	U27205TZ1991PTC003343	KIRTILAL KALIDAS JEWELLERY MANUFACTURERS PRIVATE LIMITED	Additional director	14/12/2008	14/12/2008	-	Active	NO
20	U63010TZ2010PTC016330	SURAJ AGRO LOGISTICS PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
21	U36911MH2009FTC192596	EUROSTAR DIAMONDS INDIA PRIVATE LIMITED	Director	20/11/2010	1/9/2010	-	Active	NO
22	U36911TZ2010PTC016534	MANIBEN KIRTILAL JEWELLERS PRIVATE LIMITED	Director	19/11/2010	19/11/2010	-	Active	NO
23	U36911TZ2010PTC016530	USHA KIRTILAL JEWELLERS PRIVATE LIMITED	Director	19/11/2010	19/11/2010	-	Active	NO
24	U52100DL2011PTC225574	DAMIANI INDIA PRIVATE LIMITED	Director	27/09/2011	27/09/2011	-	Active	NO
25	U51909MH2006PTC164058	ALBAN EXPORTS PRIVATE LIMITED	Additional director	8/2/2012	8/2/2012	-	Active	NO

Name :

Mr. Vishal Pankaj Mehta

Designation :

Director

Address :

9/B, Suneeta, Ridge Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

28.09.1979

Date of Appointment :

01.04.2004

DIN No.:

00009444

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36912MH1995PLC088786	DIMEXON DIAMONDS LIMITED	Director	1/7/2006	1/4/2004	-	Active	NO
2	U27209MH2005PLC153033	BELCO DIA PRODUCTS (INDIA) LIMITED	Director	4/5/2005	4/5/2005	-	Under Process of Striking off	NO
3	U65990MH2006PTC159957	DIMEXON INDIA HOLDING PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO
4	U52393MH2007PTC166865	SUNSHINE EXPORTS DIAMONDS PRIVATE LIMITED	Director	13/03/2009	2/2/2007	31/03/2008	Active	NO
5	U65990MH1989PTC052497	PANKAJ K MEHTA INVESTMENT PRIVATE LIMITED	Director	24/06/2011	18/08/2010	-	Active	NO
6	U70102MH2008PTC189137	DIMEXON REALTY PRIVATE LIMITED	Director	30/09/2010	18/08/2010	-	Active	NO
7	U74999TZ1991PTC003568	DIMEXON INTEGRATED BUSINESS SERVICES PRIVATE LIMITED	Additional director	19/12/2011	19/12/2011	-	Active	NO

Name :

Mr. Paras Paresh Mehta

Designation :

Whole Time Director

Address :

114, Tanhee Heights, Petit Hall Complex, Napeansea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

09.08.1976

Date of Appointment :

23.07.1998

DIN No.:

00009470

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36912MH1995PLC088786	DIMEXON DIAMONDS LIMITED	Whole-time director	1/4/2009	23/07/1998	-	Active	NO
2	U36911MH1990PTC056781	KIRTI ORNAMENTS PRIVATE LIMITED	Director	10/5/2002	10/5/2002	-	Amalgamated	NO
3	U27209MH2005PLC153033	BELCO DIA PRODUCTS (INDIA) LIMITED	Director	4/5/2005	4/5/2005	-	Under Process of Striking off	NO
4	U65990MH2006PTC159957	DIMEXON INDIA HOLDING PRIVATE LIMITED	Director	18/08/2007	20/09/2006	11/4/2011	Active	NO
5	U51398TZ2007PTC013402	KIRTILAL KALIDAS DIAMOND EXPORTS PRIVATE LIMITED	Director	1/2/2007	1/2/2007	-	Amalgamated	NO
6	U52393MH2007PTC166865	SUNSHINE EXPORTS DIAMONDS PRIVATE LIMITED	Director	13/03/2009	2/2/2007	31/03/2008	Active	NO
7	U52190MH1995PTC085868	GOODBUY TRADING PRIVATE LIMITED	Director	13/08/2007	9/7/2007	-	Strike off	NO
8	U70102MH2008PTC189137	DIMEXON REALTY PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO
9	U36911MH2009FTC192596	Eurostar Diamonds India Private Limited	Director	22/05/2009	22/05/2009	-	Active	NO
10	U52100DL2011PTC225574	DAMIANI INDIA PRIVATE LIMITED	Director	27/09/2011	27/09/2011	-	Active	NO
11	U51909MH2006PTC164058	ALBAN EXPORTS PRIVATE LIMITED	Additional director	8/2/2012	8/2/2012	-	Active	NO

Name :

Mr. Ashok S. Agarlwal

Designation :

Director

Address :

10, Gul Marg, Napean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

12.03.1944

Date of Appointment :

04.03.2006

DIN No.:

00224203

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1989PTC052497	PANKAJ K MEHTA INVESTMENT PRIVATE LIMITED	Director	13/10/2005	13/10/2005	-	Active	NO
2	U65990MH1989PTC052496	PARESH K MEHTA INVESTMENT PRIVATE LIMITED	Director	13/10/2005	13/10/2005	-	Active	NO
3	U36912MH1995PLC088786	DIMEXON DIAMONDS LIMITED	Director	14/07/2006	4/3/2006	-	Active	NO
4	U85100MH1939NPL002962	THE HOSPITAL AND NURSING HOME BENEFITS ASSOCIATION	Director	18/02/2010	18/02/2010	-	Active	NO
5	U65990MH2006PTC159957	DIMEXON INDIA HOLDING PRIVATE LIMITED	Director	18/07/2011	18/08/2010	-	Active	NO

Name :

Mr. Rajiv Pankaj Mehta

Designation :

Whole Time Director

Address :

9/B, Suneeta, Ridge Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

09.02.1974

Date of Appointment :

01.04.2009

DIN No.:

02434597

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70102MH2008PTC189137	DIMEXON REALTY PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO
2	U36912MH1995PLC088786	DIMEXON DIAMONDS LIMITED	Whole-time director	1/4/2011	1/4/2009	-	Active	NO
3	U65990MH2006PTC159957	DIMEXON INDIA HOLDING PRIVATE LIMITED	Director	18/07/2011	18/08/2010	-	Active	NO
4	U65990MH1989PTC052497	PANKAJ K MEHTA INVESTMENT PRIVATE LIMITED	Director	24/06/2011	18/08/2010	-	Active	NO
5	U74900MH2011PTC216937	DIMEXON JEWELLERY CREATIONS PRIVATE LIMITED	Director	2/5/2011	2/5/2011	-	Active	NO

Name :

Mr. Sudhir k. Mehta

Designation :

Director

Address :

11/88, Rajhans, 3^rd Floor Queens Road, Marine Drive, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

10.10.1942

Date of Appointment :

01.07.2010

DIN No.:

02270078

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1989PTC052496	PARESH K MEHTA INVESTMENT PRIVATE LIMITED	Director	30/09/2008	22/07/2008	1/1/2011	Active	NO
2	U65990MH1989PTC052497	PANKAJ K MEHTA INVESTMENT PRIVATE LIMITED	Director	30/09/2008	22/07/2008	-	Active	NO
3	U36912MH1995PLC088786	DIMEXON DIAMONDS LIMITED	Director	15/03/2011	1/7/2010	-	Active	NO
4	U65990MH2006PTC159957	DIMEXON INDIA HOLDING PRIVATE LIMITED	Director	18/07/2011	18/08/2010	-	Active	NO
5	U74999TZ1991PTC003568	DIMEXON INTEGRATED BUSINESS SERVICES PRIVATE LIMITED	Additional director	12/10/2011	12/10/2011	-	Active	NO
6	U74900MH2011PTC216937	DIMEXON JEWELLERY CREATIONS PRIVATE LIMITED	Additional director	19/12/2011	19/12/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.03.2011

Names of Shareholders	No. of Shares
Dimexon India Holding Private Limited, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	3352412
Dimexon India Holding Private Limited and Paras Paresh Mehta, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	100
Dimexon India Holding Private Limited and Flora P. Mehta, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	100
Dimexon India Holding Private Limited and Smita Paresh Mehta, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	100
Dimexon India Holding Private Limited and Paresh K Mehta, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	100
Dimexon India Holding Private Limited and Paresh K Mehta – HUF, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	100
Dimexon India Holding Private Limited and Pankaj Mehta – HUF, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	100
Dimexon India Holding Private Limited and Nina Pankaj Mehta, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	100
Dimexon India Holding Private Limited and Nina Pankaj Mehta, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	100
Dimexon India Holding Private Limited and Dimple Rajiv Mehta, 803/804, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India	100
Total	3353312

As on 15.03.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Diamonds and Jewelry Conglomerate.

Products :

• Round Brilliant Cut
• Heart and Arrow (AGS 000)
• Fancy Shapes
• Forever Mark
• Proprietory Cuts

Product Description	Item Code No. (ITC Code)
Cut and Polished Diamonds	710239.01
Rough Diamonds	710239.00

PRODUCTION STATUS (As On 31.12.2010)

Particulars	Unit	Actual Production
Polished Diamonds	Carats	571,593.03

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Mumbai Main Office, 10/12, Mumbai Samachar Marg, Fort – 400 023, Maharashtra, India
• State Bank of Indore, Commercial Branch, Mittal Court, "B" Wing, Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.12.2010	As on 31.12.2009
Working Capital Demand Loans (Including Foreign Currency Loans)	4880.946	4397.916
Cash Credit from Banks Working capital demand loans and cash credit from banks are secured by hypothecation of stock of raw materials, finished goods by way of equitable mortgage on office premises, leasehold rights in land and building, canteen blocks attached to the factories and other properties and undertakings given to create equitable mortgage on office premises to be acquired from Bharat Diamond Bourse and personal guarantees of directors.	343.961	10.656
Term Loans Secured by hypothecation of machinery and land acquired out of the loan and personal guarantee of directors. (Including interest accrued and due thereon Rs.158 Millions [Rs.489 Millions])	16.372	75.510
Car Loans Secured by hypothecation of motor vehicles.	5.217	3.272
Total	5246.496	4487.354
Unsecured Loan	As on 31.12.2010	As on 31.12.2009
Inter-corporate deposits (Including Interest Accrued and Due Rs.20.186 Millions [Rs.17.975 Millions])	1120.491	1124.678
Fixed deposits (Including Interest Accrued and Due Rs.2,225,415 IRs.24,052,974])	168.177	263.156
Total	1288.668	1387.834

Banking Relations :	--
Auditors :
Name :	Chaitanya Dalal and Company Chartered Accountants
Address :	111, Maker Chambers-III, 11^th Floor, 223, Nariman Poin, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22873338/22040533
Fax No.:	91-22-22025167
E-Mail :	ccd2@rediffmail.com
PAN.:	AACFC7738F
Holding Company :	Dimexon India Holding Private Limited
Related Parties :	Kirtilal Kalidas Jewellers Private Limited (Earlier known as Kirtilal Kalidas and Company.) Pankaj K. Mehta Investments Private Limited Paresh K. Mehta Investments Private Limited Raghunath Polishers Rajiv Mehta Trust (Ceased to be operational w.e.f. 31-03-2009) S R Cleavers (Ceased to be operational w.e.f. 28-02-2009) Sameer Gems Bombay Sorters Suraj Agro Infrastructure Private Limited Vishal Mehta Trust (Ceased to be operational w.e.f. 31-03-2009) Vispark Jewellery Manufacturing Private Limited Zaheer Trust Dimexon Tools Private Limited (Formerly known as Coimbatore Polishing Works Private Limited) F. K. Rattonsey Investments Private Limited Rattonsey Group Vispark Solutions India Private Limited Dimexon (India) Holding Private Limited Eurostar Diamonds India Private Limited Dimexon Realty Private Limited Eurostar Clothing Private Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5950000	Equity Shares	Rs.10/- each	Rs.59.500 Millions
59050000	Preference Shares	Rs.10/- each	Rs.590.500 Millions
	Total		Rs.650.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3353312	Equity Shares	Rs.10/- each	Rs.33.533 Millions

1. Of the above shares 353,312 shares are allotted as fully paid up for consideration other than cash pursuant to scheme of amalgamation

2. Of which 3,353,312 [3,353,312] Equity Shares are held by Dimexon (India) Holding Private Limited, the Holding Company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		33.533	33.533	33.533
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2620.783	2299.427	2563.720
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2654.316	2332.960	2597.253
LOAN FUNDS
1] Secured Loans		5246.496	4487.354	6897.313
2] Unsecured Loans		1288.668	1387.834	1332.103
TOTAL BORROWING		6535.164	5875.188	8229.416
DEFERRED TAX LIABILITIES		48.615	0.000	58.852
TOTAL		9238.095	8208.148	10885.521
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1077.289	1152.638	845.932
Capital work-in-progress		218.178	211.441	536.051
INVESTMENT		0.054	0.114	0.126
DEFERREX TAX ASSETS		0.000	69.842	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4831.868	4364.456	6738.430
	Sundry Debtors	4055.762	3306.477	4241.341
	Cash & Bank Balances	108.270	175.396	75.580
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	255.336	159.457	229.174
Total Current Assets		9251.236	8005.786	11284.525
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1082.645	1005.780	1259.396
	Other Current Liabilities	167.632	180.997	479.495
	Provisions	58.385	44.896	42.349
Total Current Liabilities		1308.662	1231.673	1781.240
Net Current Assets		7942.574	6774.113	9503.285
MISCELLANEOUS EXPENSES		0.000	0.000	0.127
TOTAL		9238.095	8208.148	10885.521

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
SALES
	Income	16817.100	13955.600	16587.000
	Other Income	8.200	9.400	37.300
	TOTAL	16825.300	13965.000	16624.300
EXPENSES
	Cost of Goods Sold	15600.600	13194.800	15191.200
	Operating Costs	400.000	292.200	336.200
	TOTAL	16000.600	13487.000	15527.400
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		824.700	478.000	1096.900
FINANCIAL EXPENSES		285.300	784.300	740.800
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		539.400	(306.300)	356.100
DEPRECIATION/ AMORTISATION		70.300	70.200	70.300
PROFIT BEFORE TAX		469.100	(378.600)	285.800
TAX		143.700	127.700	99.000
PROFIT AFTER TAX		325.400	(250.900)	186.800
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1825.500	2089.800	1903.400
Income Tax of Previous Year		4.100	13.400	0.030
Proposed Dividend Of FY 2007 written back		0.000	0.000	3.000
Distribution Tax Thereon		0.000	0.000	0.400
APPROPRIATIONS
	Dividend	0.000	0.000	3.300
	Tax on Dividend	0.000	0.000	0.500
BALANCE CARRIED TO THE B/S		2146.800	1825.500	2089.700
TOTAL EARNINGS		12344.525	10610.512	12215.246
IMPORTS
	Raw Materials	10610.185	9091.528	11806.299
	Stores & Spares	20.718	9.881	32.361
	Capital Goods	3.896	3.128	75.056
TOTAL IMPORTS		10634.799	9104.537	11913.716
Earnings Per Share (Rs.)		95.83	(78.82)	55.72

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	1.93	(1.80)	1.12
Net Profit Margin (PBT/Sales)	(%)	2.79	(2.71)	1.72
Return on Total Assets (PBT/Total Assets}	(%)	4.54	(4.13)	2.36
Return on Investment (ROI) (PBT/Networth)		0.18	(0.16)	0.11
Debt Equity Ratio (Total Liability/Networth)		2.96	3.05	3.86
Current Ratio (Current Asset/Current Liability)		7.07	6.50	6.34

LOCAL AGENCY FURTHER INFORMATION

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	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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	Yes
30) Major Shareholders, if available	Yes

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 8th Century B.C.  India, in fact, remained undisputed leader till 18th 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.

- The diamond jewellery industry in India today may be more than Rs.60000 mil and is rated amongst the fastest growing in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 30th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 20000.000 Millions lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FINANCIAL RESULTS AND OPERATIONS:

During the year, the Company earned total income of Rs.16817.100 Millions as against Rs.13955.600 Millions in previous year. During the financial year, the Company has earned Net Profit after Tax of Rs.325.400 Millions as against Net Loss after Tax incurred of Rs.250.900 Millions in previous year.

The Company continues to make investment in quality human resource, technology, plant & machinery to improve the manufacturing process.

CONTINGENT LIABILITIES:

i) Disputed Liability in respect of Income Tax Demand : For the erstwhile amalgamated company Dimexon Exports Private Limited the company has received Demand Notice from Income Tax Department from A.Y.2001-02 to A.Y.2007-08 amounting to Rs.38.803 Millions (Previous Year Rs.38.803 Millions) for which Appeal has been preferred by the Company as advised by Tax Consultant. For the Assessment year 2001-02 to 2005-06 the Income tax appellate authority has given relief on one of the major grounds of appeal and directed the assessing officer for fresh adjudication and therefore the company is hopeful that demand will reduced substantially.

ii) Service Tax Department, Mumbai has asked the company to submit the details of expenditure in Foreign Currency for period from 16.8.02 to 30.9.07 and thereafter till 30.092010 and the company has submitted the same. However issue on similar ground has been challenged by the company by filing the writ petition in Bombay High Court on 7th September 2006, which has been admitted on 29th March 2007.

Bankers Charges Report as per Registry

Corporate identity number of the company	U36912MH1995PTC088786
Name of the company	DIMEXON DIAMONDS LIMITED
Address of the registered office or of the principal place of business in India of the company	716, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India Digant.bhatt@dimexon.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80033088
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of Baroda – Consortium, Mumbai Main Office, 10/12, Mumbai Samachar Marg, Fort – 400023, Maharashtra, India credit.fortap@bankofbaroda.com
Nature of instrument creating charge	Fourth Supplemental Joint Hypothecation Agreement dated 6th March, 2012 constituting a single charge for Rs.9439.000 Millions.
Date of instrument Creating the charge	06.03.2012
Amount secured by the charge	Rs.9439.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Credit facilities : Interest / Commission: As agreed by and with each of the consortium Banks from time to time Terms of Repayment As agreed by and with each of the consortium Banks from time to time Margin As stipulated / charged as per each Bank's sanction terms or applicable from time to time Extent and Operation of the charge The consortium Banks are having pari-passu charges on the security given by the borrower.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of pari-passu first charge on all the current assets of the borrower including stock of raw materials, stock in process, semi-finished and finished goods, stores and spares not - relating to plant and machinery (consumables stores and spares) bills receivables, book-debts and all other movables, both present and future (as more described in schedule 2 of the enclosed Agreement).
Date of instrument modifying the charge	25.03.2011
Particulars of the present modification	By present modification, the existing charge of Rs.7574.000 Millions shall increased to Rs.9439.000 Millions against the security (pari-passu charge) as per Fourth Supplemental Joint Hypothecation Agreement dated 6th March, 2012 to be shared by Bank of Baroda Consortium as per sharing ratio of Consortium.

FIXED ASSETS:

• Freehold Land
• Buildings Factory
• Buildings Others
• Plant and Machinery
• Office Equipments
• Furniture and Fixture
• Vehicles
• Air Conditioners
• Data Processing Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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.51.20
UK Pound	1	Rs.81.50
Euro	1	Rs.67.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.