1. Summary Information

		Country	India
Company Name	LIPIN EXPORTS PRIVATE LIMITED	Principal Name 1	Mr. Noranglal S Podar
Status	Moderate	Principal Name 2	Mr. Kamal N Podar
		Registration #
Street Address	2/303, Ram Ashirwad Industrial Estate, Ram Mandir Road, Goregaon (West), Mumbai-400104, Maharashtra, India
Established Date	01.05.1995	SIC Code	--
Telephone#	91-22-66942354	Business Style 1	Dealer
Fax #	91-22-28744500	Business Style 2	Supplier
Homepage	www.lipinexports.com	Product Name 1	Diamond
# of employees	Not Available	Product Name 2	Saw Diamond
Paid up capital	Rs.100,000/-	Product Name 3	Coated Diamond
Shareholders	Directors and relatives of directors – 100%	Banking	--
Public Limited Corp.	No	Business Period	18 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (26)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	13,404,000	Current Liabilities	10,725,000
Inventories	6,448,000	Long-term Liabilities	328,000
Fixed Assets	766,000	Other Liabilities	0.000
Deferred Assets	0.000	Total Liabilities	11,053,000
Invest& other Assets	27,987,000	Retained Earnings	37,452,000
		Net Worth	37,552,000
Total Assets	48,605,000	Total Liab. & Equity	48,605,000
Total Assets (Previous Year)	47,040,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	36,915,000	Net Profit	8,160,000
Sales(Previous yr)	27,188,000	Net Profit(Prev.yr)	3,952,000

MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	LIPIN EXPORTS PRIVATE LIMITED
Registered Office :	2/303, Ram Ashirwad Industrial Estate, Ram Mandir Road, Goregaon (West), Mumbai - 400104, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.05.1995
Com. Reg. No.:	11.087892
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U52322MH1995PTC087892
TAN No.: [Tax Deduction & Collection Account No.]	MUML02231F
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Supplier of Diamond, Saw Diamond, Coated Diamond, Metal Bond Diamond, Cubic Boron Nitride etc.
No. of Employees :	Not Available

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 150000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financial after the year 2010 with government department. Mr. Kamal Podar (Director) has denied to disclose any information about the company. As per 2010 financial, the company is performing well. As per Registrar of Companies the status of the company is shown as active. Payment terms are unknown. The company can be considered for business dealings with great 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 ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 DENIED

Name :	Mr. Kamal N Podar
Designation :	Director
Contact No.:	91-9820084398
Date :	11.01.2014

LOCATIONS

Registered Office :	2/303, Ram Ashirwad Industrial Estate, Ram Mandir Road, Goregaon (West), Mumbai - 400104, Maharashtra, India
Tel. No.:	91-22-66942354 / 66942355
Mobile No.:	91-9820084398 (Mr. Kamal Poddar)
Fax No.:	91-22-28744500 / 67253339
E-Mail :	lipin@vsnl.com info@lipinexports.com
Website :	www.lipinexports.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Noranglal S Podar

Designation :

Director

Address :

3-A, Devshanti Apartment, Marve Road, Malad (West), Mumbai-400064, Maharashtra, India

Date of Birth/Age :

24.08.1937

Date of Appointment :

01.09.1995

DIN No :

00486561

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	U52322MH1995PTC087892	LIPIN EXPORTS PRIVATE LIMITED	Director	01/05/1995	01/05/1995	-	Active	NO
2	U70101MH1995PTC070211	CHOUDHARY INTERNATIONAL PRIVATE LIMITED	Director	04/08/1995	04/08/1995	11/01/2010	Active	NO
3	U72200MH2001PLC131385	CIL TECHNOSOFT LIMITED	Director	27/03/2001	27/03/2001	28/03/2010	Strike off	NO

Name :

Mr. Kamal N Podar

Designation :

Director

Address :

3-A, Devshanti Apartment, Marve Road, Malad (West), Mumbai-400064, Maharashtra, India

Date of Birth/Age :

16.03.1961

Date of Appointment :

01.05.1995

DIN No :

00626811

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	U52322MH1995PTC087892	LIPIN EXPORTS PRIVATE LIMITED	Director	01/05/1995	01/05/1995	-	Active	NO
2	U51909MH2004PTC144471	LIPIN TRADELINKS PRIVATE LIMITED	Director	11/02/2004	11/02/2004	-	Strike off	NO

Name :

Ms. Vandana K Podar

Designation :

Director

Address :

3-A, Devshanti Apartment, Marve Road, Malad (West), Mumbai-400064, Maharashtra, India

Date of Birth/Age :

06.03.1964

Date of Appointment :

04.10.1999

DIN No :

00626819

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	U52322MH1995PTC087892	LIPIN EXPORTS PRIVATE LIMITED	Director	04/10/1999	04/10/1999	-	Active	NO
2	U51909MH2004PTC144471	LIPIN TRADELINKS PRIVATE LIMITED	Director	11/02/2004	11/02/2004	-	Strike off	NO

Name :

Mr. Manan Kamal Podar

Designation :

Director

Address :

3-A, Devshanti Apartment, Marve Road, Malad (West), Mumbai-400064, Maharashtra, India

Date of Appointment :

11.08.2008

DIN No :

02240515

Voter ID No. :

NLF1501139

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Noranglal S Podar	10
Kamal N Podar	750
Vandana K Podar	240
Total	1000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer and Supplier of Diamond, Saw Diamond, Coated Diamond, Metal Bond Diamond, Cubic Boron Nitride etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2010	As on 31.03.2009
From Others	0.328	0.328
Total	0.328	0.328

Banking Relations :	--
Auditors :
Name :	Vinod Kumar Jain and Company Chartered Accountants
Address :	205, Apollo Arcade, R. K. Singh Marg, Off Old Nagardas Road, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-28215171 / 7999
Fax No.:	91-22-28221010
E-Mail :	info@cavinodjain.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.452	29.292	25.340
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.552	29.392	25.440
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.328	0.328	0.328
TOTAL BORROWING		0.328	0.328	0.328
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.880	29.720	25.768
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.766	0.412	0.578
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		27.987	18.773	17.603
DEFERREX TAX ASSETS		0.000	0.0003	0.004
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.448	6.706	4.531
	Sundry Debtors	5.897	4.932	5.875
	Cash & Bank Balances	4.938	5.522	0.967
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.569	2.032	8.151
Total Current Assets		19.852	19.192	19.524
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.372	7.089	3.572
	Other Current Liabilities	0.346	0.111	0.219
	Provisions	3.007	1.460	8.150
Total Current Liabilities		10.725	8.660	11.941
Net Current Assets		9.127	10.532	7.583
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.880	29.720	25.768

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	36.915	27.188	28.916
		Other Income	2.151	1.018	1.257
		TOTAL	39.066	28.206	30.173
Less	EXPENSES
		Office Expenses
		Administrative Expenses	27.838	22.798	23.386
		Advertising Expenses
		TOTAL	27.838	22.798	23.386
	PROFIT BEFORE TAX		11.228	5.408	6.787
Less	TAX		3.068	1.456	2.084
	PROFIT AFTER TAX		8.160	3.952	4.703
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.927	24.975	20.272
	BALANCE CARRIED TO THE B/S		37.087	28.927	24.975
	EARNINGS IN FOREIGN CURRENCY		1.236	1.569	NA
	Earnings Per Share (Rs.)		8160	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	20.89	14.01	15.59
Net Profit Margin (PBT/Sales)	(%)	30.42	19.89	23.47
Return on Total Assets (PBT/Total Assets}	(%)	54.46	27.58	33.76
Return on Investment (ROI) (PBT/Networth)		0.30	0.18	0.27
Debt Equity Ratio (Total Liability/Networth)		0.29	0.31	0.48
Current Ratio (Current Asset/Current Liability)		1.85	2.22	1.63

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	(No)
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	(No)
30]	Major Shareholders, if available	(Yes)
31]	PAN of Proprietor/Partner/Director, if available	(No)
32]	Passport No of Proprietor/Partner/Director, if available	(No)
33]	Voter ID No of Proprietor/Partner/Director, if available	(Yes)
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.

FIXED ASSETS

· Computer

· Electric Fitting

· Furniture

· Motor Car

· 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.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	NKT

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
--PROFITABILIRY	1~10	2
--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	NO
--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.