MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	AGARWAL DIAM EXPO PRIVATE LIMITED
Registered Office :	EC3060, Bharat Diamond Bourse, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.02.2011
Com. Reg. No.:	55-213181
Capital Investment / Paid-up Capital :	Rs.2.620 Millions
CIN No.: [Company Identification No.]	U51909MH2011PTC213181
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Diamond.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 19000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. As per registrar of companies the date of balance sheet i.e, financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, external borrowings of the company seems to be huge. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BB-
Rating Explanation	Have moderate risk of default.
Date	25.07.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED BY

Name :	Ms. Seema
Designation :	Account
Contact No.:	91-22-33924795
Date :	10.12.2014

LOCATIONS

Registered Office :	EC3060, Bharat Diamond Bourse, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-33924795
Fax No.:	Not Available
E-Mail :	bansalgoldy@gmail.com
Branch Office:	101-105, 1st Floor, H No 6/2163, Dev Building, Piplasherinaka, Mahidharpura, Surat – 395003, Gujarat, India

DIRECTORS

As on 01.07.2014

Name :	Mr. Vatan Bansal
Designation :	Director
Address :	H No. 221/2, Katar Mal, PS Chandpur, Bijnor – 246725, Uttar Pradesh, India
Date of Birth/Age :	27.07.1977
Date of Appointment :	08.02.2011
DIN No.:	03379708
Name :	Mr. Sanyog Kumar Bansal
Designation :	Director
Address :	H No. 221, Katar Mal, PS Chandpur, Bijnor – 246725, Uttar Pradesh, India
Date of Birth/Age :	09.01.1975
Date of Appointment :	08.02.2011
DIN No.:	03379721
Name :	Mr. Anil Kumar Bansal
Designation :	Director
Address :	Mohlla Katarmal Street, PS Chandpur, Bijnor – 246725, Uttar Pradesh, India
Date of Birth/Age :	26.07.1956
Date of Appointment :	01.04.2011
DIN No.:	03387919
Name :	Mr. Gunjan Anil Bansal
Designation :	Director
Address :	G 616, Aashirwad Park, Parle Point Light Road, Surat – 395007, Gujarat, India
Date of Birth/Age :	10.07.1984
Date of Appointment :	16.04.2012
DIN No.:	05267814
Name :	Mr. Rakesh Kumar Bansal
Designation :	Director
Address :	Mohlla Katarmal Street, PO PS Chandpur, Bijnor – 243725, Uttar Pradesh, India
Date of Birth/Age :	02.12.1954
Date of Appointment :	06.11.2012
DIN No.:	06421492

KEY EXECUTIVES

Name :	Ms. Seema
Designation :	Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.07.2014

Names of Shareholders	No. of Shares
Rakesh Kumar Anil Kumar Bansal HUF	6000
Nitin Bansal HUF	6000
Vatan Bansal HUF	6000
Anil Kumar Bansal	27000
Vijay Rani Bansal	6000
Ragini Bansal	6000
Ankur Bansal HUF	6000
Sikha Bansal	6000
Rupa Bansal	6000
Sanyog Bansal	60500
Vatan Bansal	50000
Anil Kumar Bansal HUF	6000
Nirmala Rani Bansal	6500
Rakesh Kumar Bansal	26000
Sanyog Bansal HUF	6000
Gunjan Bansal	21000
Rakesh Kumar Bansal HUf	11000
Total	262000

Equity Share Break up (Percentage of Total Equity)

As on 01.07.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Diamond.
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 :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
--	---	--
--	---	--

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
--	---	--
--	---	--

Remark:

Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Punjab National Bank
Branch	Opera House, 1-1a Ladhabhai Mansion, Mumbai, Maharashtra - 400004, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

---

Banking Relations :	--
Auditors :
Name :	Girish P. Jain and Company Chartered Accountants
Address :	101-102, Peace Haven, N.M. Kale Marg, Off. Gokhale Road (South),Dadar (West), Mumbai – 400028, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABPJ9868J
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
262000	Equity Shares	Rs.10/- each	Rs. 2.620 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.620	0.500	0.200
(b) Reserves & Surplus	3.880	1.037	-0.103
(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)	6.500	1.537	0.097
(3) Non-Current Liabilities
(a) long-term borrowings	55.839	20.690	0.720
(b) Deferred tax liabilities (Net)	0.271	0.002	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	56.110	20.692	0.720
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	85.987	56.724	0.024
(c) Other current liabilities	1.005	1.166	0.000
(d) Short-term provisions	0.019	0.023	0.000
Total Current Liabilities (4)	87.011	57.913	0.024
TOTAL	149.621	80.142	0.841
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.920	0.025	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.175	0.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.131	0.160	0.200
Total Non-Current Assets	19.226	0.685	0.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	76.844	40.563	0.000
(c) Trade receivables	37.348	31.921	0.000
(d) Cash and cash equivalents	15.145	1.813	0.241
(e) Short-term loans and advances	0.983	5.133	0.400
(f) Other current assets	0.075	0.027	0.000
Total Current Assets	130.395	79.457	0.641
TOTAL	149.621	80.142	0.841

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	498.944	204.118	0.000
	Other Income
	TOTAL	498.944	204.118	0.000
Less	EXPENSES	494.813	202.453	0.103
	PROFIT/ (LOSS) BEFORE TAX	4.131	1.665	(0.103)
Less	TAX	1.288	0.525	0.000
	PROFIT/ (LOSS) AFTER TAX	2.843	1.140	(0.103)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1.037	(0.103)	0.000
	Balance Carried to the B/S	3.880	1.037	(0.103)
	Earnings / (Loss) Per Share (Rs.)	10.85	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	2.76	2.09	(12.25)
Return on Investment (ROI) (PBT/Networth)		0.64	1.08	(1.06)
Debt Equity Ratio (Total Debt /Networth)		8.59	13.46	7.42
Current Ratio (Current Asset/Current Liability)		1.50	1.37	26.71

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.200	0.500	2.620
Reserves & Surplus	-0.103	1.037	3.880
Net worth	0.097	1.537	6.500
long-term borrowings	0.720	20.690	55.839
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.720	20.690	55.839
Debt/Equity ratio	7.423	13.461	8.591

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	0.000	204.118	498.944
			144.439

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	0.000	204.118	498.944
Profit	(0.103)	1.140	2.843
		0.56%	0.57%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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 involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

DIAMOND INDUSTRY – INDIA

From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

Excerpts from Times of India dated 30^th October 2010 is as under –

Gem and Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10409747	04/08/2014 *	35,000,000.00	PUNJAB NATIONAL BANK	OPERA HOUSE,, 1-1A LADHABHAI MANSION, MUMBAI, MAH ARASHTRA - 400004, INDIA	C18791343

* Date of charge modification

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.21
UK Pound	1	Rs.97.80
Euro	1	Rs.77.48

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.