MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	ANAND INTERNATIONAL
Registered Office :	CE – 5052 Bharat Diamond Bourse G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of establishment :	2004
Capital Investment / Paid-up Capital :	Rs. 225.886 Millions
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the partners.
Line of Business :	Processor of rough diamond to polish diamond.
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are fair. Business is active. Payment terms reported to be usually correct. The concern can be considered for business dealing 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, 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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Alpesh
Designation :	Accounts Manager
Contact No.:	91-22-23628508
Date :	10.12.2014

LOCATIONS

Registered Office :	CE – 5052 Bharat Diamond Bourse G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-23628508
Fax No.:	91-22-23628508
E-Mail :	anandintlgroup@gmail.com
Area :	2379 sq. ft.
Location :	Rented
Factory :	18 Rang Nagar Matu Wadi, LH Road, Surat – 395006, Gujarat, India
Location :	Rented

PARTNERS

Name :	Arvind Bhai Jivani
Designation :	Partner
Date of Birth/Age :	43 Years
Name :	Manish Jivani
Designation :	Partner
Date of Birth/Age :	38 Years

KEY EXECUTIVES

Name :	Mr. Alpesh
Designation :	Account Manager

BUSINESS DETAILS

Line of Business :	Processor of rough diamond to polish diamond.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Polish Diamond
Countries :	Hong Kong USA
Imports :
Products :	Rough Diamond
Countries :	Antwerp Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Kushal Gems – Mumbai , Maharashtra, India

Customers :

Prism Dia Limited – Hong Kong

No. of Employees :

18 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Nariman Point, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs. 200.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

--

Auditors :
Name :	Ramesh Rajni and Company Chartered Accountant
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Leora Jewellery, Surat

CAPITAL STRUCTURE

As On 31.03.2014

Capital Investment :
Owned :	Rs. 225.886 Millions
Borrowed :	--
Total :	Rs. 225.886 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partner’s Capital		322.795	225.886
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		322.795	225.886
LOAN FUNDS
1] Secured Loans		77.597	119.525
2] Unsecured Loans		15.850	15.850
TOTAL BORROWING		93.447	135.375
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		416.242	361.261
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.213	6.653
Capital work-in-progress
			0.025
INVESTMENT		0.025
DEFERRED TAX ASSETS
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	269.774	127.684
	Sundry Debtors	281.264	344.802
	Cash & Bank Balances	13.050	6.445
	Other Current Assets	1.146	1.074
	Loans & Advances	42.979	29.003
Total Current Assets		608.213	509.008
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	216.813	153.544
	Other Current Liabilities	0.000	0.000
	Provisions	0.396	0.881
Total Current Liabilities		217.209	154.425
Net Current Assets		391.004	354.583
MISCELLANEOUS EXPENSES
TOTAL		416.242	361.261

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	947.148	750.196
	Other Income	(1.617)	(1.730)
	TOTAL	945.531	748.466
Less	EXPENSES
	Cost of goods sold	874.924	695.263
	Labour Charges	6.959	0.000
	Irridation and Processing Charges	5.499	4.409
	Foreign travelling expenses	1.262	0.863
	Bank Charges	1.141	0.959
	Salary and Bonus	5.010	3.405
	Bank Interest	2.986	3.157
	Office Expenese	0.631	0.454
	Assortment Charges	1.254	1.188
	Bank Facility	0.043	1.237
	Accounting Charges	0.060	0.048
	Advertisment Expenses	0.020	0.000
	Membership Fess	0.041	0.001
	Printing and Stationery	0.054	0.037
	Professional Fees	0.595	0.267
	Clearing and Forwarding Expenses	0.986	0.759
	Brokerage and Reassortment Charges	1.249	0.590
	Rent	4.712	0.890
	Rent Processing Charges	0.058	0.000
	Interest to Partner	2.000	2.400
	Car Loan Interest	0.269	0.103
	Export Inspection Charges	0.003	0.005
	Electricity Charges	0.330	0.356
	Courier Charges	0.003	0.015
	Jewellery Block Policy	0.360	0.374
	Telephone Expenses	0.280	0.311
	Interest on Loan	1.428	1.482
	Local Travelling Expenses	0.138	0.111
	Motor Car Expenses	0.284	0.188
	Motor Car Insurance	0.239	0.115
	Professional Tax	0.045	0.039
	Audit Fees	0.058	0.054
	Registration and Licence Fees	0.000	0.009
	TDS Late Payment Interest	0.000	0.000
	TDS Late Payment Penalty	0.001	0.000
	Donation	2.350	0.126
	Salary to Partner	0.961	0.961
	TOTAL	916.233	720.176
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	29.298	28.290
Less/ Add	DEPRECIATION/ AMORTISATION	1.340	0.739
	PROFIT/ (LOSS) BEFORE TAX	27.958	27.551
Less	TAX (I)	9.905	8.582
	PROFIT/ (LOSS) AFTER TAX	18.053	18.969

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	1.91	2.53
Operating Profit Margin (PBDIT/Sales)	(%)	3.09	3.77
Return on Total Assets (PBT/Total Assets}	(%)	4.41	5.34
Return on Investment (ROI) (PBT/Networth)		0.08	0.12
Debt Equity Ratio (Total Liability/Networth)		0.67	0.68
Current Ratio (Current Asset/Current Liability)		2.80	3.30

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	225.886	322.795
Reserves & Surplus	0.000	0.000
Net worth	225.886	322.795
Secured Loan	119.525	77.597
Unsecured Laon	15.850	15.850
Total borrowings	135.375	93.447
Debt/Equity ratio	0.599	0.289

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	750.196	947.148
		26.253

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	750.196	947.148
Profit	(1.730)	(1.617)
	(0.23%)	(0.17%)

)

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--------------------
22]	Litigations that the firm / promoter involved in	--------------------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	------------------
26]	Buyer visit details	------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

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 :	HNA
Analysis Done by :	SUM
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.