MIRA INFORM REPORT

Report Date :

05.11.2014

IDENTIFICATION DETAILS

Name :	GOLD STAR DIAMOND PRIVATE LIMITED (w.e.f. 17.07.2007)
Formerly Known As :	R. T. DIAMOND PRIVATE LIMITED (w.e.f. 06.03.1998) RATILAL TRIBHOVANDAS AND SONS PRIVATE LIMITED
Registered Office :	FE 4011, 4^th Floor, F Tower, Bharat Diamond Bourse, Bandra Kurla, Complex, Bandra (East) Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.09.1995
Com. Reg. No.:	11-092933
Capital Investment / Paid-up Capital :	Rs.320.000 Millions
CIN No.: [Company Identification No.]	U36910MH1995PTC092933
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14419G
PAN No.: [Permanent Account No.]	AAACR4157Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Diamond Cutting and Polishing Business.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1090000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Reserves of the company appears to be low. However, rating takes into consideration Gold Star Group’s established market position in the gems and jewellery business and healthy financial risk profile marked by improvement in performance of the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB
Rating Explanation	Moderate credit quality and moderate credit risk.
Date	20.10.2014

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 DENIED BY

Name :	Mr. Anand
Designation :	Accounts Head
Contact No.:	91-22-67300000
Date :	04.11.2014

LOCATIONS

Registered Office :	FE 4011, 4^th Floor, F Tower, Bharat Diamond Bourse, Bandra Kurla, Complex, Bandra (East) Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-67300000/ 23646171/ 72
Fax No.:	91-22-23634544
E-Mail :	shairul@goldstardiamond.com legal@goldstarjewellery.com
Website :	http://goldstardiamond.com
Diamond Assortment Department :	Located at Andheri MIDC, Mumbai, Maharashtra, India
Diamond Cutting and Polishing Unit :	Located at: Surat, Gujarat, India
Factory 1 :	Behind Roman Point, Plot No. 66, Near Vitthal Nagar Society, Hira Baug, Varachha Road, Surat – 395006, Gujarat, India
Factory 2 :	Located at Mumbai, Maharashtra, India
Electricity (Windmill) Project.	Located at: Sangali Dhule

DIRECTORS

As on 30.09.2013

Name :

Mr. Sanjay Satishchandra Shah

Designation :

Managing Director

Address :

13, Aryavarta, ND Road, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.09.1966

Date of Appointment :

01.04.2000

PAN No.:

AAHPS8415L

DIN No.:

00074272

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	U24299MH1980PTC022138	Diatrends Fine Jewellery Private Limited	Director	15/02/1999	15/02/1999	-	Active	NO
2	U36912MH1995PTC091310	GOLD STAR JEWELLERY INDIA PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
3	U51398MH1991PTC063336	ROYAL STAR JEWELLERY PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
4	U36910MH1995PTC092933	Gold Star Diamond Private Limited	Managing director	01/04/2000	01/04/2000	-	Active	NO
5	U36911MH2005PTC153513	IVY JEWELLERY PRIVATE LIMITED	Director	26/05/2005	26/05/2005	-	Active	NO
6	U72900MH2005PTC156594	Mindtech Solutions Private Limited	Director	29/09/2007	01/08/2007	-	Active	NO
7	U45300MH2008PTC177709	Gold Star Builders and Developers Private Limited	Director	15/08/2010	10/01/2008	-	Active	NO
8	U72900MH2008PTC177592	Paraphora Business Infrastructure Virtualization Private Limited	Director	18/03/2008	18/03/2008	06/10/2009	Active	NO
9	U27205MH2008PTC181759	Gold Star Centoquattro Jewellery Private Limited	Director	30/04/2008	30/04/2008	06/07/2009	Active	NO
10	U45400MH2008PTC186135	DIVYA HABITAT PRIVATE LIMITED	Director	25/08/2008	25/08/2008	-	Active	NO
11	U65910MH1995PTC087739	GOLD STAR CORPORATE SOLUTIONS PRIVATE LIMITED	Director	16/09/2008	16/09/2008	01/05/2010	Active	NO
12	U27205MH2006PTC165319	Jouel Sculpt Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO
13	U67120MH1995PTC092296	DRAVYA FINANCE PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Active	NO
14	U45208MH2008PTC184852	Eternity Habitat Private Limited	Director	01/05/2010	01/05/2010	-	Active	NO
15	U36912GJ2010PTC062363	GOLD STAR JEWELS PRIVATE LIMITED	Director	20/09/2010	20/09/2010	-	Active	NO
16	AAA-2642	GOLD STAR FINE JEWELLERY LLP	Designated Partner	28/10/2010	28/10/2010	-	Active	NO
17	AAA-9074	GOLD STAR DWELLERS LLP	Designated Partner	07/05/2012	07/05/2012	-	Active	NO

Name :

Mr. Satish Ratilal Shah

Designation :

Director

Address :

13, Aryavarta, ND Road, Nepeansea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

03.08.1942

Date of Appointment :

28.07.2010

PAN No.:

AAIPS1002L

DIN No.:

00004112

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	U36910MH1995PTC092933	Gold Star Diamond Private Limited	Director	28/07/2010	20/09/1995	-	Active	NO
2	U24299MH1980PTC022138	Diatrends Fine Jewellery Private Limited	Director	15/02/1999	15/02/1999	01/08/2011	Active	NO
3	U51390MH2000PTC127337	ALARAMA DIAMOND EXPORTS PRIVATE LIMITED	Director	22/06/2000	22/06/2000	-	Strike off	NO
4	U51398MH1991PTC063336	ROYAL STAR JEWELLERY PRIVATE LIMITED	Director	25/09/2000	25/09/2000	01/05/2010	Active	NO
5	U39611MH1990PTC056881	GOLD STAR JEWELLERY Private Limited	Director	28/09/2002	28/09/2002	01/05/2010	Active	NO
6	U67200MH2002PTC135431	INSURE POLICY PLUS SERVICES (INDIA ) PRIVATE LIMITED	Director	03/06/2003	03/06/2003	-	Active	NO
7	U91110GJ2000NPL039065	GUJARAT HIRA BOURSE	Director	09/03/2004	09/03/2004	-	Active	NO
8	U45200MH2004PTC145604	ETERNITY CONSTRUCTION PRIVATE LIMITED	Director	08/04/2004	08/04/2004	28/07/2010	Active	NO
9	U67120MH1995PTC092296	DRAVYA FINANCE PRIVATE LIMITED	Director	12/04/2004	12/04/2004	01/05/2010	Active	NO
10	U36910MH2004PTC146325	GOLD STAR JEWELLERY DESIGNS PRIVATE LIMITED	Director	14/05/2004	14/05/2004	01/05/2010	Active	NO
11	U36910MH2004PTC147775	Directi Web Services Private Limited	Director	29/07/2004	29/07/2004	16/12/2009	Active	NO
12	U51398MH1984NPL033787	BHARAT DIAMOND BOURSE	Director	28/09/2006	28/09/2006	23/12/2010	Active	NO
13	U27205MH2006PTC165391	DIA VENTE JEWELLERY PRIVATE LIMITED	Director	01/12/2007	01/12/2007	24/03/2011	Active	NO
14	U27205MH2006PTC165319	Jouel Sculpt Private Limited	Director	01/12/2007	01/12/2007	28/07/2010	Active	NO
15	U45400MH2008PTC186135	DIVYA HABITAT PRIVATE LIMITED	Director	25/08/2008	25/08/2008	-	Active	NO
16	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	25/09/2012	25/09/2012	-	Active	NO
17	AAA-9074	GOLD STAR DWELLERS LLP	Designated Partner	07/05/2012	07/05/2012	-	Active	NO

Name :

Mrs. Minal Natwarlal Modi

Designation :

Whole-Time Director

Address :

12/D, Shivkrupa, Old Nagardas Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

25.10.1970

Date of Appointment :

01.04.2000

PAN No.:

AFPPM6767C

DIN No.:

00012167

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	U36910MH1995PTC092933	Gold Star Diamond Private Limited	Whole-time director	01/04/2000	01/04/2000	-	Active	NO
2	U36910MH2002PTC135049	DIAM STAR JEWELLERY (INDIA) PRIVATE LIMITED	Whole-time director	30/09/2005	30/09/2005	01/09/2008	Active	NO

Name :

Mr. Ankur Satish Shah

Designation :

Director

Address :

104-40, Queens BLVD Apartments, 5B, Forest Hill, New York, United States of America 11375

Date of Birth/Age :

27.09.1973

Date of Appointment :

23.01.2009

PAN No.:

AAHPS1763K

DIN No.:

02539667

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Satish Ratilal Shah	295000
Sanjay Satish Shah	280000
Smita Alkesh Shah	2000
Shweta Sanjay Shah	51999
Alkesh Satish Shah	42500
Hansaben Satish Shah	570000
Nemish Shah	1

Names of Shareholders (Preference Shares)	No. of Shares
Hansaben Satish Shah	700000
Satish Ratilal Sha	1000000
Total	1700000

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 :

Subject is engaged in Diamond Cutting and Polishing Business.

Products :

Product Description	Item Code No
Diamond	Diamond

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• Bank of India, Opera House Branch, Hermes House, Mama Parmanand Marg, Opera House, Mumbai – 400004, Maharashtra, India
• ABN Amro Bank N.V., Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
• Corporation Bank, Overseas Branch, Nariman Point, Mumbai – 400021, Maharashtra, India
• The Royal Bank of Scotland N.V. (Lead Bank), 4, North Avenue, Leel 3, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	56.043
Other loans and advances	2.875	2.875
SHORT TERM BORROWINGS
Loans repayable on demand from banks	509.755	545.910
Total	512.630	604.828

Banking Relations :	--
Auditors :
Name :	B.J. Shah and Associates Chartered Accountants
Address :	203/A/1, Modern Apartment, Garden Lane, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
PAN No.:	AAHPS5959D
Associates :	Diam Star Jewellery India Private Limited Gold Star Jewellery Private Limited, India CIN No.: U39611MH1990PTC056881 IVY Jewellery Private Limited, India CIN No.: U36911MH2005PTC153513 Royal Star Jewellery Private Limited, India CIN No.: U51398MH1991PTC063336 Gold Star Independent LLC, United States Gold Star Jewellery LLC, United States

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.100/- each	Rs.200.000 Millions
1700000	Preference Shares	Rs.100/- each	Rs.170.000 Millions
	Total		Rs.370.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Millions
1700000	Preference Shares	Rs.100/- each	Rs.170.000 Millions
	Total		Rs.320.000 Millions

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	320.000	320.000	320.000
(b) Reserves & Surplus	62.606	36.395	15.914
(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)	382.606	356.395	335.914
(3) Non-Current Liabilities
(a) long-term borrowings	509.766	410.107	310.571
(b) Deferred tax liabilities (Net)	0.000	1.690	4.859
(c) Other long term liabilities	0.555	0.577	26.062
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	510.321	412.374	341.492
(4) Current Liabilities
(a) Short term borrowings	509.755	545.910	521.024
(b) Trade payables	1133.524	472.789	430.281
(c) Other current liabilities	12.499	5.945	8.481
(d) Short-term provisions	6.289	4.155	5.981
Total Current Liabilities (4)	1662.067	1028.799	965.767
TOTAL	2554.994	1797.568	1643.173
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	148.511	174.669	162.337
(ii) Intangible Assets	1.623	2.300	1.564
(iii) Capital work-in-progress	0.434	0.000	21.838
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.703	7.703	7.703
(c) Deferred tax assets (net)	1.995	0.000	0.000
(d) Long-term Loan and Advances	21.215	19.170	17.788
(e) Other Non-current assets	28.965	19.669	21.190
Total Non-Current Assets	210.446	223.511	232.420
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	936.030	757.747	870.954
(c) Trade receivables	1322.888	758.411	484.269
(d) Cash and cash equivalents	68.092	44.224	42.589
(e) Short-term loans and advances	17.378	13.243	12.521
(f) Other current assets	0.160	0.432	0.420
Total Current Assets	2344.548	1574.057	1410.753
TOTAL	2554.994	1797.568	1643.173

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL		2,473.530	1,758.938	2,047.493
Less	EXPENSES			2,445.136	1,741.191	2,016.278
	PROFIT/(LOSS) BEFORE TAX			28.394	17.747	31.215
Less	TAX			2.183	(2.735)	(2.781)
	PROFIT/(LOSS) AFTER TAX			26.211	20.482	33.996
	EARNINGS IN FOREIGN CURRENCY
			Exports of goods (FOB basis)	568.552	854.235	1549.423
	TOTAL EARNINGS			568.552	854.235	1549.423
	IMPORTS
			Raw Materials	1244.039	76.814	1046.489
			Stores & Spares	0.000	4.346	0.000
			Capital Goods	0.000	0.234	0.548
	TOTAL IMPORTS			1244.039	81.394	1047.037
	Earnings / (Loss) Per Share (Rs.)			8.19	6.40	10.62

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.03	1.14	2.11
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.10
Debt Equity Ratio (Total Debt /Networth)		2.66	2.68	2.48
Current Ratio (Current Asset/Current Liability)		1.41	1.53	1.46

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	320.000	320.000	320.000
Reserves & Surplus	15.914	36.395	62.606
Share Application money pending allotment	0.000	0.000	0.000
Net worth	335.914	356.395	382.606
Long Term borrowings	310.571	410.107	509.766
Short Term borrowings	521.024	545.910	509.755
Total borrowings	831.595	956.017	1019.521
Debt/Equity ratio	2.476	2.682	2.665

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	2,047.493	1,758.938	2,473.530
		(14.093)	40.626

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	2,047.493	1,758.938	2,473.530
Profit	33.996	20.482	26.211
	1.66%	1.16%	1.06%

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	Yes
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	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 & 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.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	503.891	351.189
Other loans and advances	3.000	0.000
Total	506.891	351.189

CORPORATE INFORMATION

Subject is a Diamond cutting and polishing Business. The company imports rough from legitimate source and export cut, Polished Diamonds and Electricity (Windmill) manufacturing business. The company is having following place of Business.

PERFORMANCE

During the year the total income of the company has increased significantly from Rs.1758.938 Millions to Rs.2473.530 Millions. Profit after tax of the company has also increased from Rs.20.482 Millions to Rs.26.211 Millions.

OUTLOOK

The directors anticipate that the business of the company will continue its growth in the near future. The Board of Directors is trying its best in increasing the Turnover and Profitability of the company.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10509115	19/06/2014	60,000,000.00	The Royal Bank of Scotland N. V.	4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India	C11377280
2	10409532	18/06/2013 *	50,000,000.00	The Royal Bank of Scotland N. V.	4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India	B79667945
3	10347875	15/03/2012	120,000,000.00	Bank of India	Opera House Branch, Hermes House,, Mama Parmanand Marg,Opera House,, Mumbai, Maharashtra - 400004, India	B37050929
4	10097803	24/03/2008	21,600,000.00	ABN Amro Bank N. V.	74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai, Maharashtra - 400021, India	A36418002
5	10024340	23/09/2006	89,000,000.00	New India Co-Operative Bank Limited	241/243, P. D'mello Road, Adjacent To G.P.O., Fort, Mumbai, Maharashtra - 400001, India	A06060677
6	80013393	06/10/2006 *	54,320,000.00	ABN Amro Bank N. V.	Sakhar Bhavan, Nariman Point, Mumbai, Maharashtra - 400021, India	-
7	80005836	18/03/2014 *	650,000,000.00	The Royal Bank of Scotland N. V.	4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India	C00600429
8	90159544	18/07/1996	25,000,000.00	ABN Amro Bank N. V.	14; Veer Nariman Road, Bombay, Maharashtra - 400023, India	-
9	90159511	07/03/1996	23,500,000.00	ABN Amro Bank N. V	14; Veer Nariman Road, Bombay, Maharashtra - 400023, India	-
10	90158738	19/02/1996 *	50,000,000.00	STATE BANK OF INDIA	Diamond Branch, Bombay, Maharashtra - 400007, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	VNT

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	6
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.