MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED

Registered Office :	611, Panchatratna, Mama Parmanad Marg, Opera House, Mumbai – 400 004, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	05.04.2007

Com. Reg. No.:	11-169724

Capital Investment / Paid-up Capital :	Rs.1183.551 Millions

CIN No.: [Company Identification No.]	U52393MH2007PTC169724

TAN No.: [Tax Deduction & Collection Account No.]	MUMM31691C

PAN No.: [Permanent Account No.]	AAFCM0246E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Cut and Polished Diamonds.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 9900000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	611, Panchatratna, Mama Parmanad Marg, Opera House, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23634565 / 23634566
Fax No.:	91-22-23632061
E-Mail :	account@mahendrabrother.com info@mahendrabrother.com mahebros@giasbm01.vsnl.net.in mgassociates@vsnl.com
Website :	www.mahendrabrothers.com
Area :	1500 sq. ft
Location :	Owned

Corporate Office 1:	Band Box House, 3^rd Floor, 254-D, Dr. Annie Besant Road, Worli, Mumbai – 400 030, Maharashtra
Tel. No.:	91-22-56615600
Fax No.:	91-22-56615661
E-Mail :	info@mahendrabrothers.com

Factory :	Located at Navsari, Gujarat, India
Location :	Owned

Corporate Office 2:	Tower C, Central Wing, CE 7011-15, (8^th fl) G Block, Bharat Diamond Bourse, BKC, Bandra (E), Mumbai 400051, Maharashtra, India
Tel No.:	91-22-66156000
Fax No.:	91-22-66615633

DIRECTORS

As on 12.09.2011

Name :

Ms. Milan Kavin Parikh

Designation :

Whole Time Director

Address :

15-A, Next to Khatau Condominium, J. Mehta Marg, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

06.07.1963

Qualification :

B.Com

Experience :

25 Years

Date of Appointment :

05.04.2007

DIN No.:

00256411

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	U36912MH1987PTC044898	PARMES DIAMONDS EXPORTS PRIVATE LIMITED	Director	1/4/1994	1/4/1994	-	Active	NO
2	U70101MH1994PTC083129	PRICELESS PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	21/11/1994	21/11/1994	-	Active	NO
3	U36911MH1989PTC052544	UNI-DESIGN JEWELLERY PRIVATE LIMITED.	Director	30/11/1994	30/11/1994	-	Active	NO
4	U67120MH1995PTC088974	UNI DESIGN ELITE JEWELLERY PRIVATE LIMITED	Director	31/05/1995	31/05/1995	-	Active	NO
5	U45200MH1995PTC093046	ASMINA PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	25/09/1995	25/09/1995	-	Active	NO
6	U36912MH1994PLC083128	MULTIFACED IMPEX LIMITED	Director	5/2/1998	5/2/1998	18/08/2008	Active	NO
7	U91900MH1998PTC115374	SKYHIGH TRUSTEE SERVICES PRIVATE LIMITED	Director	17/06/1998	17/06/1998	27/07/2009	Active	NO
8	U99999MH1999PTC120538	AASHI JEWELS PRIVATE LIMITED	Director	25/06/1999	25/06/1999	-	Amalgamated	NO
9	U36912MH2000PTC126428	UNI-DESIGN JEWELLERY (INDIA) PRIVATE LIMITED	Director	11/5/2000	11/5/2000	-	Active	NO
10	U55200MH1994PTC083135	PANVEL HOLIDAY RESORTS PRIVATE LIMITED	Director	2/7/2001	2/7/2001	31/08/2009	Active	NO
11	U67120MH1995PTC088975	VISUALISE FINANCIALS PRIVATE LIMITED	Director	2/7/2001	2/7/2001	-	Amalgamated	NO
12	U70102MH1993PTC071937	SAUMIL PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	2/7/2001	2/7/2001	-	Amalgamated	NO
13	U70101MH1993PTC071863	RIJAY PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	2/7/2001	2/7/2001	-	Amalgamated	NO
14	U65990MH1994PTC082315	ACCREDUT FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	5/1/2004	5/1/2004	-	Active	NO
15	U51398MH2003PTC142596	MAHENDRA BROTHERS DIAMONDS PRIVATE LIMITED	Director	20/01/2004	20/01/2004	-	Amalgamated	NO
16	U51398MH2003PTC193243	RIJAY DIAMOND EXPORTS PRIVATE LIMITED	Director	19/11/2004	19/11/2004	-	Amalgamated	NO
17	U36910MH2004PLC146406	BRIGHTEST CIRCLE JEWELLERY LIMITED	Director	1/4/2005	1/4/2005	28/08/2007	Active	NO
18	U51398MH1984NPL033787	BHARAT DIAMOND BOURSE	Director	23/12/2010	28/09/2006	-	Active	NO
19	U52393MH2007PTC169724	MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED	Whole-time director	5/4/2007	5/4/2007	-	Active	NO
20	U36911KL2008PTC022587	MBMG DIAMONDS PRIVATE LIMITED	Nominee director	2/9/2008	2/9/2008	-	Active	NO
21	U74999MH2008NPL185159	INTERNATIONAL WINE AND FOOD SOCIETY	Additional director	11/5/2009	11/5/2009	30/03/2010	Active	NO

Name :

Mr. Saunak Jitendra Parikh

Designation :

Whole Time Director

Address :

161-D, Tahnee Heights, 66, Nepeansea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

22.08.1971

Qualification :

B.Com

Experience :

22 Years

Date of Appointment :

05.04.2007

DIN No.:

00256316

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	U36912MH1994PLC083128	MULTIFACED IMPEX LIMITED	Director	21/11/1994	21/11/1994	18/08/2008	Active	NO
2	U70101MH1994PTC083129	PRICELESS PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	21/11/1994	21/11/1994	-	Active	NO
3	U36911MH1989PTC052544	UNI-DESIGN JEWELLERY PRIVATE LIMITED.	Director	27/01/1995	27/01/1995	-	Active	NO
4	U67120MH1995PTC088975	VISUALISE FINANCIALS PRIVATE LIMITED	Director	31/05/1995	31/05/1995	-	Amalgamated	NO
5	U99999MH1999PTC120538	AASHI JEWELS PRIVATE LIMITED	Director	25/06/1999	25/06/1999	-	Amalgamated	NO
6	U36912MH2000PTC126428	UNI-DESIGN JEWELLERY (INDIA) PRIVATE LIMITED	Director	26/06/2000	26/06/2000	-	Active	NO
7	U55200MH1994PTC083135	PANVEL HOLIDAY RESORTS PRIVATE LIMITED	Director	2/9/2000	2/9/2000	-	Active	NO
8	U67120MH1995PTC088974	UNI DESIGN ELITE JEWELLERY PRIVATE LIMITED	Director	2/7/2001	2/7/2001	-	Active	NO
9	U70101MH1993PTC071863	RIJAY PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	2/7/2001	2/7/2001	-	Amalgamated	NO
10	U91900MH1998PTC115374	SKYHIGH TRUSTEE SERVICES PRIVATE LIMITED	Director	8/7/2001	8/7/2001	27/07/2009	Active	NO
11	U65990MH1994PTC082315	ACCREDUT FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	5/1/2004	5/1/2004	-	Active	NO
12	U51398MH2003PTC193243	RIJAY DIAMOND EXPORTS PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Amalgamated	NO
13	U51398MH2003PTC142596	MAHENDRA BROTHERS DIAMONDS PRIVATE LIMITED	Director	14/06/2007	31/01/2007	-	Amalgamated	NO
14	U52393MH2007PTC169724	MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED	Whole-time director	5/4/2007	5/4/2007	-	Active	NO
15	U36911KL2008PTC022587	MBMG DIAMONDS PRIVATE LIMITED	Nominee director	2/9/2008	11/6/2008	-	Active	NO
16	U70102MH1993PTC071937	SAUMIL PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Amalgamated	NO
17	U36912MH1987PTC044898	PARMES DIAMONDS EXPORTS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Active	NO

Name :

Mr. Hiten Bagmal Parikh

Designation :

Whole Time Director

Address :

41, Laxmi Vilas, 8 Nepean Sea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

03.09.1956

Qualification :

S.S.C.

Experience :

37 Years

Date of Appointment :

05.04.2007

DIN No.:

00292585

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	U70101MH1993PTC071863	RIJAY PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	7/5/1993	7/5/1993	-	Amalgamated	NO
2	U36912MH1987PTC044898	PARMES DIAMONDS EXPORTS PRIVATE LIMITED	Director	1/4/1994	1/4/1994	-	Active	NO
3	U51398MH2003PTC142596	MAHENDRA BROTHERS DIAMONDS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	-	Amalgamated	NO
4	U51398MH2003PTC193243	RIJAY DIAMOND EXPORTS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	-	Amalgamated	NO
5	U52393MH2007PTC169724	MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED	Whole-time director	5/4/2007	5/4/2007	-	Active	NO
6	U65990MH1994PTC082315	ACCREDUT FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Active	NO
7	U70101MH1994PTC083129	PRICELESS PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Active	NO
8	U70102MH1993PTC071937	SAUMIL PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Amalgamated	NO
9	U99999MH1999PTC120538	AASHI JEWELS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Amalgamated	NO
10	U67120MH1995PTC088975	VISUALISE FINANCIALS PRIVATE LIMITED	Director	29/09/2010	5/9/2009	-	Amalgamated	NO

Name :

Mr. Jitendra Chimanlal Parikh

Designation :

Whole Time Director

Address :

171 Meneka, 16^th Floor, Nheansea Road, Malbar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

02.03.1940

Date of Appointment :

05.04.2007

DIN No.:

00256452

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	U36912MH1987PTC044898	PARMES DIAMONDS EXPORTS PRIVATE LIMITED	Director	6/10/1987	6/10/1987	31/08/2009	Active	NO
2	U70101MH1993PTC071863	RIJAY PROPERTIES AND DEVELOPERS PVT LTD	Director	7/5/1993	7/5/1993	31/08/2009	Amalgamated	NO
3	U55200MH1994PTC083135	PANVEL HOLIDAY RESORTS PRIVATE LIMITED	Director	21/11/1994	21/11/1994	-	Active	NO
4	U36912MH1994PLC083128	MULTIFACED IMPEX LIMITED	Director	21/11/1994	21/11/1994	30/06/2008	Active	NO
5	U70101MH1994PTC083129	PRICELESS PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	21/11/1994	21/11/1994	31/08/2009	Active	NO
6	U67120MH1995PTC088974	UNI DESIGN ELITE JEWELLERY PRIVATE LIMITED	Director	31/05/1995	31/05/1995	31/08/2009	Active	NO
7	U67120MH1995PTC088975	VISUALISE FINANCIALS PRIVATE LIMITED	Director	31/05/1995	31/05/1995	5/9/2009	Amalgamated	NO
8	U91900MH1998PTC115374	SKYHIGH TRUSTEE SERVICES PRIVATE LIMITED	Director	17/06/1998	17/06/1998	27/07/2009	Active	NO
9	U36911MH1989PTC052544	UNI-DESIGN JEWELLERY PRIVATE LIMITED.	Director	6/3/2000	6/3/2000	31/08/2009	Active	NO
10	U70102MH1993PTC071937	SAUMIL PROPERTIES AND DEVELOPERS PVT.LTD.	Director	19/11/2004	19/11/2004	31/08/2009	Amalgamated	NO
11	U51398MH2003PTC193243	RIJAY DIAMOND EXPORTS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	14/09/2009	Amalgamated	NO
12	U51398MH2003PTC142596	MAHENDRA BROTHERS DIAMONDS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	31/08/2009	Amalgamated	NO
13	U52393MH2007PTC169724	MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED	Whole-time director	5/4/2007	5/4/2007	30/11/2011	Active	NO
14	U36912MH2000PTC126428	UNI-DESIGN JEWELLERY (INDIA) PRIVATE LIMITED	Director	26/06/2007	26/06/2007	31/08/2009	Active	NO

Name :

Mr. Raj Hiten Parikh

Designation :

Whole Time Director

Address :

41-Laxmi Vilas, 87 Nepeansea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

21.12.1981

Date of Appointment :

05.04.2007

DIN No.:

00921828

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	U36911MH1989PTC052544	UNI-DESIGN JEWELLERY PRIVATE LIMITED.	Director	8/11/2004	8/11/2004	-	Active	NO
2	U67120MH1995PTC088974	UNI DESIGN ELITE JEWELLERY PRIVATE LIMITED	Director	24/01/2005	24/01/2005	-	Active	NO
3	U51398MH2003PTC193243	RIJAY DIAMOND EXPORTS PRIVATE LIMITED	Director	31/01/2007	31/01/2007	14/09/2009	Amalgamated	NO
4	U51398MH2003PTC142596	MAHENDRA BROTHERS DIAMONDS PRIVATE LIMITED	Director	14/06/2007	31/01/2007	31/08/2009	Amalgamated	NO
5	U52393MH2007PTC169724	MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED	Whole-time director	5/4/2007	5/4/2007	-	Active	NO
6	U36911KL2008PTC022587	MBMG DIAMONDS PRIVATE LIMITED	Nominee director	2/9/2008	2/9/2008	-	Active	NO
7	U65990MH1994PTC082315	ACCREDUT FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Active	NO
8	U70101MH1994PTC083129	PRICELESS PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Active	NO
9	U70101MH1993PTC071863	RIJAY PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Amalgamated	NO
10	U70102MH1993PTC071937	SAUMIL PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Amalgamated	NO
11	U99999MH1999PTC120538	AASHI JEWELS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Amalgamated	NO
12	U36912MH2000PTC126428	UNI-DESIGN JEWELLERY (INDIA) PRIVATE LIMITED	Director	31/08/2009	31/08/2009	-	Active	NO
13	U67120MH1995PTC088975	VISUALISE FINANCIALS PRIVATE LIMITED	Director	29/09/2010	5/9/2009	-	Amalgamated	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2011

Equity Shareholders

Names of Shareholders		No. of Shares
Jitendra Chimanlal Parikh		14040000
Hiten Bagmal Parikh		10514725
Milan Kavin Parikh		10320585
Saunak Jitendra Parikh		7116440
Jitendra Chimanlal Parikh, Trustee of J.C. Family Trust, India		2020000
Hiten Bagmal Parikh, Trustee of Hiten Paikh Family Trust, India		2020000
Raj Hiten Parikh		2651250
Jitendra Chimanlal Parikh, Trustee of Saunak Family Trust, India		3383500
Ketan Bagmal Parikh, Trustee of Milan Family Trust, India		2247250
Hiten Bagmal Parikh, Trustee of Raj Family Trust, India		1767500
Hiten Bagmal Parikh, Trustee of Rishi Family Trust, India		1767500
Rishi Hiten Parikh		2651250
Ignazia Pte Limited, Singapore		2857071
Total		63357071

1% Non-Cumulative Redemption Preference Shares

Names of Shareholders		No. of Shares
Accredut Finance and Investments Private Limited, India		1662530
Saunak J. Parikh – holding as Trustee of Suna Trust, India		13333970
Total		14996500

5% Non-Cumulative Redemption Preference Shares

Names of Shareholders		No. of Shares
Abhay V Mehta HUF Jt. Ashay Anand Mehta Jt. Ashna Mehta Jt. Rhea Mehta		100
Abhay V Mehta Jt. Anand V. Mehta Jt. Ashumi Abhay Mehta Jt. Vikram M. Mehta HUF		100
Amrish A Dalal Jt. Kunal N. Mehta Jt. Nilesh T. Mehta HUF Jt. Ruma N. Mehta		100
Apurva A. Kothari Jt. Jay K. Parikh Jt. Ketan B. Parikh HUF		100
Bipinchandra G. Shah Jt. Samir B. Shah Jt. Nehal Mehta Jt. Rajesh N. Parikh		100
Charvi A Mehta Jt. Bhavika D. Shah Jt. Chetna S. Mehta Jt. Rekha K. Mehta		100
Dineshchandra C. Mehta Jt. Dineshchandra C. Mehta HUF Jt. Sudha D. Mehta Jt. Shital D. Mehta		100
Indiraben R. Mehta Jt. Vaishali S. Bhansali		100
Indu Suresh Mehta Jt. Rinku S. Mehta Jt. Ruchi J. Parikh Jt. Swati Nipun Mehta		100
Jayantilal S. Shah Jt. Sachin Shah Jt. Samir Kothari HUF Jt. Suresh Kothari HUF		100
Manibhai P. Mehta HUF Jt. Suresh M Mehta Jt. Suresh M Mehta HUF		100
Navinchandra A. Shah Jt. Subhadra N. Shah		100
Nipaben Sureshbhai Mehta Jt. Devila V. Mehta Jt. Vinodchandra H. Mehta Jt. Vinod H. Mehta HUF		100
Parag N. Shah		100
Purvi A. Mehta Jt. Ayush Ajesh Mehta		100
Ramniklal Bhogilal and Company, India		100
Samrat D. Mehta Jt. Namrita S. Mehta Jt. Nija S. Mehta Jt. Usha M. Zaveri		100
Smita H. Mehta		100
Subhadra J. Chodhary Jt. Milan K. Parikh holding in the capacity of Trustee of Aalalay Trust Jt. Milan K. Parikh holding in the capacity of Trustee of KM Family Trust Jt. Milan K. Parikh HUF		100
Vasundhara A Parikh Jt. Chaitali S. Saraiya Jt. Chhayaben B. Saraiya Jt. Shail S. Saraiya		100
Vinod M. Mehta HUF Jt. Jitendra C. Parikh HUF Jt. Milan K. Parikh holding in the capacity of Trustee of Yati Trust Jt. Hiten B. Parikh HUF		100
Mahendra K. Mehta HUF - repesented by Mr. Mahendra Merchant – Karta Jt. Kunjalata J. Bhansali Jt. Nalini Bhansali Jt. Neha A. Bhansali		100
Vasanti M. Mehta Jt. Aashumi Asit Mehta Jt. Ashit Mahendra Mehta Jt. Bipin J. Mehta		100
Alka Bharat Mehta Jt. Bharat J. Mehta Jt. Bharat J. Mehta HUF Jt. Parag B. Mehta		25
Hiral Patel Jt. Prerana R. Pathak Jt. Ramesh Pathak Jt. Usha P. Pathak		25
Neha Suraj Shah Jt. Priyanki Mody Jt. Snehalata Bhansali Jt. Sonal Bhansali		25
Neeta A. Mehta Jt. Payal B. Bhansali Jt. Pooja A. Bhansali Jt. Shital A. Bhansali		25
Vikram M. Mehta		25
Niyati Mehta Jt. Aayushi K. Mehta Jt. Kirankumar S. Mehta Jt. Krina K. Mehta		25
Pravina S. Mehta Jt. Niki Viral Mehta Jt. Nita K. Mehta Jt. Milan S. Mehta		25
Shruti M. Mehta Jt. Rashi M. Mehta Jt. Ridhi M. Mehta Jt. Sevantilal Mehta HUF		25
Jitendra C Parikh – Trustee holding on behalf Smaran Trust.		100
Ajay Chaudhari Jt. Angana Chaudhari Jt. Darshan A. Chaudhari Jt. Krishna A. Chaudhari		100
Bagmal K. Mehta HUF Jt. Manoj B. Mehta Jt. Bhadresh B. Mehta Jt. Surekha S. Mehta		100
Total		2800

2% Convertible Preference Shares

Names of Shareholders		No. of Shares
Ignazia Pte Limited, Singapore		39998800
Total		39998800

As on 12.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	4.50
Bodies corporate	74.66
Directors or relatives of Directors	20.84
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cut and Polished Diamonds.

Products :

Product Description	Item Code
Diamonds	7102.39

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ABN Amro Bank, N V Veer Nariman Point Road, Mumbai, Maharashtra, India
The Royal Bank of Scotland N.V (Acting as lead bank), 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working Capital Loans Banks Secured	4939.077	3593.637
Total	4939.077	3593.637
Includes Pre-shipment credit form Bank Rs.2275.627 Millions (previous year Rs.1667.937 Millions); Post –shipment credit form Bank Rs.2663.450 Millions (pervious year Rs.1925.699 Millions); Total 4939.077 Millions (previous year Rs.3593.637 Millions)
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	686.131	808.435
Other debt unsecured	(A)2014.123	1911.855
Total	2700.254	2720.290
(A) includes: from shareholders Rs.1138.945 Millions (previous year 934.987); from relatives of directors Rs.875.175 Millions (previous year Rs.976.868 millions)


Banking Relations :	--

Auditors :
Name :	Sampat Mehta and Associates Chartered Accountant Chartered Accountant
Address :	3, Kapur Mansion, 47, Huges Road, Mumbai-400067, Maharashtra, India
Tel. No.:	91-22-61411200
Mobile No.:	91-22-61411212
Fax No.:	info@sampatmehata.com
E-Mail :	http://www.sampatmehta.com
PAN.:	AAAFS1266J

Subsidiaries :	Mahendra Brother Diamonds Private Limited (MBDPL) Rijay Diamond Exports Private Limited (RDEPL) Aashi Jewels Private Limited (AJPL) Rijay Properties and Developers Private Limited(RPDPL) Saumil Properties and Developers Private Limited (Saumil) Visualise Financial Private Limited (Visualise) MBMG Diamonds Private Limited Diarough South Africa (Pty) Limited
Related Party	Parmes Diamonds Exports Private Limited Priceless Properties and Developers Private Limited Uni-Design (Elite) Jewellery Private Limited Uni-Design Jewellery Private Limited Uni-Design Jewellery Private Limited MB Investments Accredut Finance and Investments Private Limited Asmina properties and Developers Private Limited Excellent Make Diamond Ketan Brothers Exports Panvel Holiday Resorts Private Limited Skyhigh Trustee Services Private Limited Universal Diamonds

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

70000000	Equity Shares	Rs.10/- each	(A)Rs.700.000 Millions
80000000	Preference Shares	Rs.10/- each	(B)Rs.800.000 Millions
	Total		Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

6335071	Equity Shares	Rs.10/- each	(C)Rs.633.570 Millions
54998100	Preference Shares	Rs.10/- each	(D)Rs.549.981 Millions
	Total		Rs.1183.551 Millions

Note

(A) 70,000,000 (70,000,000) Equity Shares of Rs.10 each

(B) 1% 14,996,800 (14,996,800) Non-Cummulative Redeemable Preference Shares of Rs.10/- Rs.149.968 Millions (Previous year Rs.149.968 Millions); 5% 3,200 (3,200) Non-Cummulative Preference Shares of Rs.10/- Rs.0.032 Million (previous year 0.032 Millions); 65,000,000 (65,000,000) Preference Shares of Rs.10/-Rs.650.000 Millions (Previous year Rs.650.000 Millions)

(C) 63,357,071 (63,357,071) Equity Shares of Rs.10 each; (of the above 50,000,000 Shares are issued upon conversion of the erstwhile Firm into the Company)

(D) 14,996,500 (14,996,500) 1% Redeemable Preference Shares of Rs.10/-each (Due for redemption on or before 5 April 2027 at par); 2800 (2800) 5% Redeemable Preference Shares of Rs.10/-each (Due for redemption on or before 5 April 2027 at par); 39,998,800 (39,998,800) 2% Compulsorily Convertible Preference Shares of Rs.10/-each.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1183.551	1183.551	1183.551
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1300.902	1088.746	843.306
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2484.453	2272.297	2026.857
LOAN FUNDS
1] Secured Loans		4939.077	3593.637	5582.717
2] Unsecured Loans		2700.254	2720.290	2247.008
TOTAL BORROWING		7639.331	6313.927	7829.725
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		10123.784	8586.224	9856.582

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1439.432	1094.895	2281.739
Capital work-in-progress		846.178	1114.838	0.000

INVESTMENT		145.019	252.196	91.488
DEFERREX TAX ASSETS		351.443	482.868	540.254

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3856.115	3236.455	3569.753
	Sundry Debtors	4644.804	3232.052	3731.671
	Cash & Bank Balances	489.204	394.573	395.524
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	865.865	528.220	469.844
Total Current Assets		9855.988	7391.300	8166.792
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2493.641	1729.019	1203.883
	Other Current Liabilities	20.618	20.837	19.791
	Provisions	0.017	0.017	0.017
Total Current Liabilities		2514.276	1749.873	1223.691
Net Current Assets		7341.712	5641.427	6943.101

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		10132.784	8586.224	9856.582

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	15250.508	10440.772	14103.333
		Other Income
		TOTAL	15250.508	10440.772	14103.333

Less	EXPENSES
		Office Expenses	14873.610	10073.281	15785.223
		Administrative Expenses
		Advertising Expenses
		TOTAL	14873.610	10073.281	15785.223

	PROFIT BEFORE TAX		346.898	367.491	(1681.890)

Less	TAX		59.069	100.141	(570.353)

	PROFIT AFTER TAX		287.829	267.350	(1111.537)

Add	PRIOR PERIOD INCOME / EXPENSES		0.000	1.861	0.000

	BALANCE CARRIED TO THE B/S		287.829	269.211	(1111.537)

	TOTAL EARNINGS		NA	10411.622	12407.273

	IMPORTS
		Raw Materials	6929.139	5742.517	6777.572
		Finished Goods	3382.302	2439.402	4630.107
		Consumable, Stores and Tools	3.650	3.311	1.575
		Capital Goods	12.083	11.529	3.168
	TOTAL IMPORTS		10327.174	8196.759	11412.422

	Earnings Per Share (Rs.)		4.54	4.25	(17.67)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.89	2.56	(7.88)

Return on Total Assets (PBT/Total Assets}	(%)	3.07	3.83	(16.10)

Return on Investment (ROI) (PBT/Networth)		0.14	0.16	(0.83)

Debt Equity Ratio (Total Liability/Networth)		4.09	3.55	4.47

Current Ratio (Current Asset/Current Liability)		3.92	4.22	6.67

LOCAL AGENCY FURTHER INFORMATION

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 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.

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

BACKGROUND

Subject was incorporated upon conversion of erstwhile firm Messrs Mahendra Brother into a private limited company under provision of Part IX of the companies Act,1956 with effect from April 5,2007 vide certificate of incorporation No U52393MH2007PTC169724 issued by the Registrar of Company, Maharashtra, Mumbai. Upon conversion, the company has taken over all the assets and liabilities of the erstwhile firm at its respective book value as on April 4, 2007 and issued Equity Shares to the Partners of the firm against their fixed / current capital in the firm.

The company is predominantly engaged in manufacturing and sales of polished diamonds.

AMALGAMATION OF COMPANY:

Hon;ble High court of Mumbai vide its order dated 29^th October, has approved the Scheme of Amalgamation of its 100% subsidiary company companies Mahendra Brother Diamonds Private Limited, Rijay Diamonds Exports Private Limited, Rijay Properties and Developers Private Limited, Saumil Properties and Developers Private Limited, Ashi Jewels Private Limited, and Visualise Financials private limited with company. Pursuant to the said Scheme and in accordance with the said orders of the concerned Hogh Courts, the entire business and undertakings including all the assets and liabilities of transferor companies stand transferred to and vested with the company form April 1, 2010. The scheme has accordingly been given effect to in the current financial statements, AUDITORS: M/s Sampat Mehta and Associates, Chartered Accountants, Mumbai, [Firm Registration No.109038W] the statutory auditors of the company will retire at the conclusion of the ensuing Annual General Meeting, and being eling eligible, offers themselves for re-appointment. The company has received a certificate from the auditors u/s. 224(1B) of the companies Act, 1956 to the effect that their re-appointment if made, will be within the limit prescribed. PUBLIC APPRECIATION: the Directors place on record their deep appreciation and sincere gratitude to the Bankers of the company and to various Department of central and State Government(s) and the employee of the company for their valuble assistance and support.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52393MH2007PTC169724
Name of the company	MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	611, Panchatratna, Mama Parmanad Marg, Opera House, Mumbai – 400 004, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10062592
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	ABN Amro Bank, N V Veer Nariman Point Road, Mumbai, Maharashtra, India reenabang@rediffmaol.com
Nature of instrument creating charge	Fourth Supplemental Joint Deed of Hypothecation
Date of instrument Creating the charge	26.05.2008
Amount secured by the charge	Rs.7000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest / Commission - As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The banks are having pari passu charge 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 namely stock of raw materials, stock in process, semi finished and finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivables, book debts and all other movable, both present and future.
Particulars of the present modification	By present modification, the existing charge of amount Rs.5500.000 Millions enhanced to Rs.7000.000 Millions.

Fixed Assets:

Building
Plant and Machinery
Equipment
Furniture and Fixtures
Computer
Vehicles

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.49.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.

MIRA INFORM REPORT

3856.115

3236.455

4644.804

3232.052

489.204

394.573

0.000

0.000

865.865

528.220

9855.988

2493.641

1729.019

20.618

20.837

0.017

0.017

2514.276

7341.712

5641.427

1.89

2.56

3.07

3.83

0.14

0.16

4.09

3.55

3.92

4.22

Unit