MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	CRESCENT DIAMONDS EXIM PRIVATE LIMITED

Registered Office :	401, Sant Krupa Apartment, Havada Sheri, Mahidharpura, Surat-395003, Gujarat

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	28.07.2011

Com. Reg. No.:	04-066559

Capital Investment / Paid-up Capital :	Rs. 0.100 Million

CIN No.: [Company Identification No.]	U26960GJ2011PTC066559

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAECC4886B

Legal Form :	Private Limited Liability Company

Line of Business :	Traders of Polish and Rough Diamond.

No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by small net worth and low profitability margins of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

Name :	Mr. Sanjay
Designation :	Director
Contact No.:	91-9920657333
Date :	23.12.2014

LOCATIONS

Registered Office :	401, Sant Krupa Apartment, Havada Sheri, Mahidharpura, Surat-395003, Gujarat
Tel. No.:	Not Available
Mobile No.:	91-9920657333 (Mr. Sanjay Jain)
Fax No.:	Not Available
E-Mail :	jsomanica2001@gmail.com
Area :	210 Sq. Ft.
Location :	Owned

Branch :	28 A, Pratik Arcade, Opera House, Tata Road No. 1 and 2, Opera House, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-33943050
Area :	110 Sq. Ft.
Location :	Rented

DIRECTORS

As on 30.09.2013

Name :

Mr. Sanjaykumar Hastimal Khicha

Designation :

Director

Address :

A-17, 2^nd Floor Anand Vihar, Delhi-110092, India

Date of Birth/Age :

06.05.1976

Date of Appointment :

28.07.2011

DIN No.:

01402258

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC064829	GAITY HOLDINGS PRIVATE LIMITED	Director	30-01-95	30-01-95	-	Active	NO
2	U74900GJ2007PTC051487	SANKALP EXIM PRIVATE LIMITED	Director	10-08-07	10-08-07	08-10-08	Active	NO
3	U36912GJ2010PTC059628	ALANKRIT EXIM PRIVATE LIMITED	Director	18-02-10	18-02-10	15-04-11	Active	NO
4	U26960GJ2011PTC066559	CRESCENT DIAMONDS EXIM PRIVATE LIMITED	Director	28-07-11	28-07-11	-	Active	NO
5	U72200MH2014PTC254168	SANJAY COMPSOLUTION PRIVATE LIMITED	Director	12-03-14	12-03-14	-	Active	NO
6	U74999MH2014PTC256807	SIMANDHAR MULTI TRADE PRIVATE LIMITED	Director	01-08-14	01-08-14	-	Active	NO

Name :

Mr. Abhishek Mitthulala Ranka

Designation :

Director

Address :

Prem Bhawan, Near Pragya Public School, Beawer Road, Bijai Nagar, Ajmer-305624, Rajasthan, India

Date of Birth/Age :

06.11.1990

Date of Appointment :

28.07.2011

DIN No.:

02779977

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC064829	GAITY HOLDINGS PRIVATE LIMITED	Director	30-01-95	30-01-95	-	Active	NO
2	U74900GJ2007PTC051487	SANKALP EXIM PRIVATE LIMITED	Director	10-08-07	10-08-07	08-10-08	Active	NO
3	U36912GJ2010PTC059628	ALANKRIT EXIM PRIVATE LIMITED	Director	18-02-10	18-02-10	15-04-11	Active	NO
4	U26960GJ2011PTC066559	CRESCENT DIAMONDS EXIM PRIVATE LIMITED	Director	28-07-11	28-07-11	-	Active	NO
5	U72200MH2014PTC254168	SANJAY COMPSOLUTION PRIVATE LIMITED	Director	12-03-14	12-03-14	-	Active	NO
6	U74999MH2014PTC256807	SIMANDHAR MULTI TRADE PRIVATE LIMITED	Director	01-08-14	01-08-14	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Sanjaykumar Hastimal Khicha	5000
Abhishek Mitthulala Ranka	5000
TOTAL	10000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Traders of Polish and Rough Diamond.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Polish and Rough Diamonds
Countries :	Antwerp (Belgium) Hong Kong USA

Imports :
Products :	Polish and Rough Diamonds
Countries :	Antwerp (Belgium) Japan USA

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Sushang Exports, Buba
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers

Reference :	Inter Jewel, Antwerp, Belgium
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

6 (Approximately)

Bankers :

Banker Name	Ratnakar Bank Limited
Branch Address	Kalbadevi Branch, Mumbai-400002, Maharashtra, India
Person Name (With Designation)	Madam Prajakta
Contact Number	91-9769121165
Name of Account Holder	Crescent Diamonds Exim Private Limited
Account Number	409000189636
Account Since (Date/Year of Account Opening)	2 Months
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Current account
Account Operation	Good
Remarks (If any)	It’s a new account, operations are good

Banker Name	Kotak Mahindra Bank
Branch Address	Opera House, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	J. Somani and Company Chartered Accountant
Address :	117, Shree Hari Park, Behind Centre Point Building, Ring Road, Surat, Gujarat, India
PAN No.:	AACFJ0138N

Memberships :	Not Available

Collaborators :	Not Available

Sister Concern :	Karvi Gems, Surat, Gujarat, India

CAPITAL STRUCTURE

31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	0.932	0.351	0.135
(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)	1.032	0.451	0.235

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.003	0.003	0.004
(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)	0.003	0.003	0.004

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.125
(b) Trade payables	637.645	461.501	160.049
(c) Other current liabilities	0.236	0.084	0.128
(d) Short-term provisions	0.261	0.098	0.056
Total Current Liabilities (4)	638.142	461.683	160.358

TOTAL	639.177	462.137	160.597

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.056	0.044	0.040
(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	0.020	0.020	0.020
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.012	0.018	0.024
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.088	0.082	0.084

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	64.865	49.270	25.309
(c) Trade receivables	519.355	374.969	117.533
(d) Cash and cash equivalents	7.201	10.772	1.911
(e) Short-term loans and advances	47.668	27.044	15.760
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	639.089	462.055	160.513

TOTAL	639.177	462.137	160.597

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1592.558	1264.770
		Other Income	3.088	2.482
		TOTAL	1595.646	1267.252	209.716

Less	EXPENSES
		Purchases of Stock-in-Trade	1589.479	1280.780
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(15.595)	(23.962)
		Employees benefits expense	0.406	0.809
		Other expenses	20.501	9.298
		TOTAL	1594.791	1266.925	209.513

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.855	0.327	0.203

Less/ Add	DEPRECIATION/ AMORTISATION		0.015	0.014	0.008

	PROFIT BEFORE TAX		0.840	0.313	0.195

Less	TAX		0.259	0.097	0.060

	PROFIT AFTER TAX		0.581	0.216	0.135

	Earnings Per Share (Rs.)		58.10	21.60	13.50

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.04	0.02	0.06

Operating Profit Margin (PBIDT/Sales)	(%)	0.05	0.03	0.10

Return on Total Assets (PBT/Total Assets}	(%)	0.13	0.07	0.12

Return on Investment (ROI) (PBT/Networth)		0.81	0.69	0.83

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.53

Current Ratio (Current Asset/Current Liability)		1.00	1.00	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.135	0.351	0.932
Net worth	0.235	0.451	1.032

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.125	0.000	0.000
Total borrowings	0.125	0.000	0.000
Debt/Equity ratio	0.532	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	1264.770	1592.558
		25.917

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	1264.770	1592.558
Profit	0.216	0.581
	0.02%	0.04%

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	Yes
8]	No. of employees	Yes
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	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	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 & 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: NO CHARGES EXIST FOR THE COMPANY

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. 63.63
UK Pound	1	Rs. 98.97
Euro	1	Rs. 77.74

INFORMATION DETAILS

Information Gathered by :	HEN

Analysis Done by :	KAR

Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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

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