MIRA INFORM REPORT

Report Date :

03.02.2014

IDENTIFICATION DETAILS

Name :	SIDDS JEWELS PRIVATE LIMITED
Registered Office :	301, 3^rd Floor, Multi Stories Building (Non A.C.), Seepz, Andheri (East), Mumbai - 400096, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.05.2003
Com. Reg. No.:	11-140382
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U36911MH2003PTC140382
PAN No.: [Permanent Account No.]	AAHCS1891H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Diamond Jewellery, Gold, Silver and Platinum Jewellery.
No. of Employees :	190 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 4300000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some continuous dip in the profitability of the company. However, net worth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus on providing payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term : “BBB-”
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	April, 2013

Rating Agency Name	ICRA
Rating	Short term: “A3”
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	April, 2013

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Manoj Modi
Designation :	Export and Import Department
Contact No.:	91-22-42200200
Date :	01.02.2014

LOCATIONS

Registered Office/ Factory :	301, 3^rd Floor, Multi Stories Building (Non A.C.), Seepz, Andheri (East), Mumbai - 400096, Maharashtra, India
Tel. No.:	91-22-42200200
Fax No.:	Not Available
E-Mail :	sk.pvtltd@yahoo.co.in manoj.modi@sidds_jewels.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Sunil Sudhir Kothari

Designation :

Director

Address :

11, Spring Field, 19, V. Gandhi Road, Gamdevi, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

30.05.1965

Date of Appointment :

09.05.2003

PAN No.:

AACPK3574H

DIN No.:

00396228

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	U36911MH2003PTC140382	SIDDS JEWELS PRIVATE LIMITED	Director	09/05/2003	09/05/2003	-	Active	NO
2	U45200MH2005PTC153304	SNEHA CONSTRUCTIONS PRIVATE LIMITED	Director	16/05/2005	16/05/2005	24/08/2007	Active	NO
3	U70100MH2005PTC153443	STK ESTATE PRIVATE LIMITED	Director	19/05/2005	19/05/2005	24/08/2007	Active	NO
4	U70100MH2005PTC153453	ARMAAN ESTATES PRIVATE LIMITED	Director	20/05/2005	20/05/2005	10/12/2007	Converted to LLP and dissolved	NO
5	U70100MH2005PTC153468	S KOTHARI REALITY DEVELOPERS PRIVATE LIMITED	Director	20/05/2005	20/05/2005	24/08/2007	Active	NO
6	U36910MH2005PTC154901	EVERSHINE GEMS PRIVATE LIMITED	Director	19/07/2005	19/07/2005	24/08/2007	Active	NO
7	U36910MH2005PTC154930	AURA REALFINVEST PRIVATE LIMITED	Director	20/07/2005	20/07/2005	24/08/2007	Active	NO
8	U70100MH2005PTC153268	BELLE-VUE ESTATES PRIVATE LIMITED	Director	02/08/2005	02/08/2005	24/08/2007	Converted to LLP and dissolved	NO
9	U70100MH2005PTC155837	PETRICIAN ESTATES PRIVATE LIMITED	Director	02/09/2005	02/09/2005	24/08/2007	Active	NO
10	U45200MH2005PTC157728	OCEAN VIEW DEVELOPERS PRIVATE LIMITED	Director	16/11/2005	16/11/2005	24/08/2007	Active	NO
11	U70100MH2005PTC157689	OCEAN VIEW ESTATES PRIVATE LIMITED	Director	30/11/2005	30/11/2005	24/08/2007	Converted to LLP and dissolved	NO
12	U01120MH1995PTC091765	SATYA HEALTH FARM PRIVATE LIMITED	Director	27/12/2005	27/12/2005	-	Active	NO
13	U70100MH2005PTC153297	SHANTI SNEHARI REALITIES PRIVATE LIMITED	Director	31/03/2006	31/03/2006	24/08/2007	Active	NO
14	U70100MH2005PTC153459	CORNETSTENE ESTATE DEVELOPMENT PRIVATE LIMITED	Director	14/07/2006	14/07/2006	24/08/2007	Active	NO
15	U45201MH2006PTC163541	PRESTIGE PROJECT AND REALTORS PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
16	U70100MH2005PTC155897	INFINITE REALITIES PRIVATE LIMITED	Director	08/09/2006	08/09/2006	01/01/2008	Converted to LLP and dissolved	NO
17	U70101MH2005PTC153497	AMI ESTATES PRIVATE LIMITED	Director	17/11/2006	17/11/2006	24/08/2007	Converted to LLP and dissolved	NO
18	U74999MH1996PTC099716	AIREFF DETOX PRIVATE LIMITED	Director	27/08/2007	27/08/2007	03/03/2008	Active	NO
19	AAA-4100	PLATINAIRE GEMSTONES INDIA LLP	Designated Partner	15/03/2011	15/03/2011	-	Active	NO
20	AAA-7534	OCEAN VIEW ESTATES LLP	Designated Partner	05/01/2012	05/01/2012	-	Active	NO
21	AAA-7598	BELLE-VUE ESTATES LLP	Designated Partner	11/01/2012	11/01/2012	-	Active	NO
22	AAA-7616	ARMAAN ESTATES LLP	Designated Partner	13/01/2012	13/01/2012	-	Active	NO
23	AAA-9440	AMI ESTATES LLP	Designated Partner	01/06/2012	01/06/2012	-	Active	NO
24	AAA-9509	INFINITE REALITIES LLP	Designated Partner	01/06/2012	01/06/2012	-	Active	NO

Name :

Sneha Sanjay Kothari

Designation :

Director

Address :

21, Spring Field, 19, V. Gandhi Road, Gamdevi, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

18.10.1972

Date of Appointment :

22.03.2004

PAN No.:

AAYPK4476C

DIN No.:

00443220

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	U36911MH2003PTC140382	SIDDS JEWELS PRIVATE LIMITED	Director	22/03/2004	22/03/2004	-	Active	NO
2	U70100MH2005PTC153297	SHANTI SNEHARI REALITIES PRIVATE LIMITED	Director	16/05/2005	16/05/2005	24/08/2007	Active	NO
3	U45200MH2005PTC153304	SNEHA CONSTRUCTIONS PRIVATE LIMITED	Director	16/05/2005	16/05/2005	24/08/2007	Active	NO
4	U36910MH2005PTC154901	EVERSHINE GEMS PRIVATE LIMITED	Director	19/07/2005	19/07/2005	24/08/2007	Active	NO
5	U36910MH2005PTC154930	AURA REALFINVEST PRIVATE LIMITED	Director	20/07/2005	20/07/2005	24/08/2007	Active	NO
6	U70100MH2005PTC155837	PETRICIAN ESTATES PRIVATE LIMITED	Director	02/09/2005	02/09/2005	24/08/2007	Active	NO
7	U45200MH2005PTC157728	OCEAN VIEW DEVELOPERS PRIVATE LIMITED	Director	16/11/2005	16/11/2005	24/08/2007	Active	NO
8	U70100MH2005PTC157689	OCEAN VIEW ESTATES PRIVATE LIMITED	Director	30/11/2005	30/11/2005	24/08/2007	Converted to LLP and dissolved	NO
9	U70100MH2005PTC153443	STK ESTATE PRIVATE LIMITED	Director	26/06/2006	26/06/2006	24/08/2007	Active	NO
10	U70100MH2005PTC153299	SA REALTORS PRIVATE LIMITED	Director	14/07/2006	14/07/2006	24/08/2007	Active	NO
11	U01120MH1995PTC091765	SATYA HEALTH FARM PRIVATE LIMITED	Director	01/08/2006	01/08/2006	-	Active	NO
12	AAA-4100	PLATINAIRE GEMSTONES INDIA LLP	Designated Partner	15/03/2011	15/03/2011	-	Active	NO
13	AAA-7534	OCEAN VIEW ESTATES LLP	Designated Partner	05/01/2012	05/01/2012	-	Active	NO
14	AAA-7598	BELLE-VUE ESTATES LLP	Designated Partner	11/01/2012	11/01/2012	-	Active	NO
15	AAA-7616	ARMAAN ESTATES LLP	Designated Partner	13/01/2012	13/01/2012	-	Active	NO
16	AAA-9440	AMI ESTATES LLP	Designated Partner	01/06/2012	01/06/2012	-	Active	NO
17	AAA-9509	INFINITE REALITIES LLP	Designated Partner	01/06/2012	01/06/2012	-	Active	NO

Name :

Saroj Sudhir Kothari

Designation :

Director

Address :

21, Spring Field, 19, V. Gandhi Road, Gamdevi, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

14.03.1943

Date of Appointment :

09.05.2003

PAN No.:

AACPK5534H

DIN No.:

00443544

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	U36911MH2003PTC140382	SIDDS JEWELS PRIVATE LIMITED	Director	09/05/2003	09/05/2003	-	Active	NO
2	U70100MH2005PTC153268	BELLE-VUE ESTATES PRIVATE LIMITED	Director	13/05/2005	13/05/2005	24/08/2007	Converted to LLP and dissolved	NO
3	U70100MH2005PTC153299	SA REALTORS PRIVATE LIMITED	Director	16/05/2005	16/05/2005	24/08/2007	Active	NO
4	U70100MH2005PTC153603	POSH ESTATES PRIVATE LIMITED	Director	30/05/2005	30/05/2005	24/08/2007	Active	NO
5	U36910MH2005PTC154901	EVERSHINE GEMS PRIVATE LIMITED	Director	19/07/2005	19/07/2005	24/08/2007	Active	NO
6	U36910MH2005PTC154930	AURA REALFINVEST PRIVATE LIMITED	Director	20/07/2005	20/07/2005	24/08/2007	Active	NO
7	U45200MH2005PTC157728	OCEAN VIEW DEVELOPERS PRIVATE LIMITED	Director	16/11/2005	16/11/2005	24/08/2007	Active	NO
8	U70100MH2005PTC157689	OCEAN VIEW ESTATES PRIVATE LIMITED	Director	30/11/2005	30/11/2005	24/08/2007	Converted to LLP and dissolved	NO
9	U45203MH2013PTC246000	RESPLENDENT ESTATES PRIVATE LIMITED	Director	22/07/2013	22/07/2013	-	Active	NO
10	U45400MH2013PTC245949	LIVING EDGE ESTATES PRIVATE LIMITED	Director	22/07/2013	22/07/2013	-	Active	NO
11	U45400MH2013PTC246569	RED ROCKS ESTATES PRIVATE LIMITED	Director	01/08/2013	01/08/2013	-	Active	NO
12	U45400MH2013PTC246564	CANTHUS ESTATES PRIVATE LIMITED	Director	01/08/2013	01/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Modi
Designation :	Export and Import Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Sunil Sudhir Kothari	200000
Saroj Sudhir Kothari	2200000
Sneha Sanjay Kothari	200000
Ami S. Kothari	200000
Sanju S. Kothari HUF	200000
Total	3000000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Diamond Jewellery, Gold, Silver and Platinum Jewellery.
Exports :
Products :	Diamond Jewellery, Gold, Silver and Platinum Jewellery
Countries :	v USA v Hong Kong v Dubai v Canada
Imports :
Products :	· Ruff Diamonds Raw Material
Countries :	v USA v Hong Kong v Thailand
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Zale Corporation

Customers :

Fairbian

No. of Employees :

190 (Approximately)

Bankers :

· Union Bank of India, Princess Street Branch, Devkaran Mansion, Shamaldas Gandhi Marg, Mumbai - 400002, Maharashtra, India

Syndicate Bank, IFB Fort, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans repayable on demand from banks	1.735	0.000
SHORT TERM BORROWINGS
Loans repayable on demand	1580.475	1426.332
Total	1582.210	1426.332

Banking Relations :	--
Auditors :
Name :	Lalit Mehta Associates Chartered Accountants
Address :	05, Bharat House 2^nd Floor, Bombay Samachar Marg, Fort, Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFL5763D
Associates :	· Pooja Exports STK Estate Private Limited CIN No.: U70100MH2005PTC153443

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	1047.143	947.346	808.909
(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)	1077.143	977.346	838.909
(3) Non-Current Liabilities
(a) long-term borrowings	1.735	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	1.735	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	1580.775	1426.332	2433.309
(b) Trade payables	176.018	113.203	103.039
(c) Other current liabilities	8.298	36.320	45.479
(d) Short-term provisions	21.335	28.599	1.985
Total Current Liabilities (4)	1786.426	1604.454	2583.812
TOTAL	2865.304	2581.800	3422.721
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.389	31.348	34.341
(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	10.000	10.000	0.000
(c) Deferred tax assets (net)	0.255	0.000	0.000
(d) Long-term Loan and Advances	70.582	22.463	22.372
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	117.226	63.811	56.713
(2) Current assets
(a) Current investments	411.435	397.579	513.000
(b) Inventories	301.968	242.831	134.230
(c) Trade receivables	1724.411	1636.183	1098.345
(d) Cash and cash equivalents	165.728	151.243	1487.996
(e) Short-term loans and advances	73.680	78.866	99.793
(f) Other current assets	70.856	11.287	32.644
Total Current Assets	2748.078	2517.989	3366.008
TOTAL	2865.304	2581.800	3422.721

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	4272.697	3740.594	2842.750
Less	EXPENSES
		TOTAL	4170.793	3602.079	2511.979
	PROFIT/ (LOSS) BEFORE TAX		101.904	138.515	330.771
Less	TAX		2.107	1.078	0.000
	PROFIT/ (LOSS) AFTER TAX		99.797	138.437	330.771
	EARNINGS IN FOREIGN CURRENCY		4275.223	2752.033	2752.033
	Earnings / (Loss) Per Share (Rs.)		33.27	46.15	110.26

Expected Sales (2013-2014) : Rs. 5000.000 Millions

The above information has been parted by Mr. Manoj Modi (Export and Import Department)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.34	3.70	11.64
Return on Total Assets (PBT/Total Assets}	(%)	3.57	5.38	9.66
Return on Investment (ROI) (PBT/Networth)		0.09	0.14	0.39
Debt Equity Ratio (Total Debt/Networth)		1.47	1.46	2.90
Current Ratio (Current Asset/Current Liability)		1.54	1.57	1.30

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	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	Yes
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 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	10445826	05/08/2013	100,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMAL DAS GANDHI MARG, MUMBAI - 400002, MAHARASHTRA, INDIA	B83464800
2	10433445	15/05/2013	172,500,000.00	STATE BANK OF INDIA	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH WTC, THE ARCADE 2ND FLOOR CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B78135993
3	10434229	09/05/2013	172,500,000.00	STATE BANK OF INDIA	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH WTC, THE ARCADE 2ND FLOOR CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B78464294
4	10402458	22/12/2012	50,000,000.00	STATE BANK OF TRAVANCORE	112-115, TULSIANI CHAMBERS, 215, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B67902833
5	10396152	03/12/2012	3,050,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH,, DEVKARAN MANSION, SHAMAL DAS GANDHI MARG, MUMBAI - 400002, MAHARASHTRA, INDIA	B65583148
6	10124504	01/10/2008	20,000,000.00	AXIS BANK	ATLANTA, GROUND FLOOR, 209, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A47111844
7	10124218	21/08/2008	30,000,000.00	AXIS BANK	ATLANTA, GROUND FLOOR, 209, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A47048293
8	10024714	21/09/2006	200,000,000.00	SYNDICATE BANK	INTERNATIONAL BRANCH, HOMJI STREET, MUMBAI - 400023, MAHARASHTRA, INDIA	A06061444
9	10066118	08/06/2013 *	2,400,000,000.00	SYNDICATE BANK	INTERNATIONAL BUSINESS BRANCH, 10, HOMJI STREET, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B78970324
10	10009657	13/06/2006	100,000,000.00	SYNDICATE BANK	INTERNATIONAL BUSINESS BRANCH, 10, HOMJI STREET, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	A02169860

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	0.300	0.000
Total	0.300	0.000

FIXED ASSETS

v Tangible Assets

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

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.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		43

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.