MIRA INFORM REPORT

Report No. :	335078
Report Date :	04.08.2015

IDENTIFICATION DETAILS

Name :	SUASHISH DIAMONDS LIMITED
Registered Office :	Mehta Mahal, 11th Floor, 15, Mathew Road, Opera House, Mumbai – 400004, Maharashtra
Tel. No.:	91-22-40401111 / 23633237
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.10.1988
Com. Reg. No.:	11-049085
Capital Investment / Paid-up Capital :	Rs. 208.121 Million
CIN No.: [Company Identification No.]	U36900MH1988PLC049085
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS38153D
PAN No.: [Permanent Account No.]	AAACS8246H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in business of export and processing of Diamonds, Manufacturing and Sale of Jewellery.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	16.09.2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Nandan Mehta
Designation :	Vice President in Finance
Contact No.:	91-22-40401111
Date :	04.08.2015

LOCATIONS

Registered Office :	Mehta Mahal, 11th Floor, 15 Mathew Road, Opera House, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-40401111 / 23633237
Fax No.:	91-22-23637153 / 23685231
E-Mail :	info@suashish.com vikas.mehta@suashish.com
Website :	http://www.suashish.com
Factory 1 :	Suashish Diamonds Industrial Estate, Dattapada Road, Borivali (East), Mumbai – 400066, Maharashtra, India
Factory 2 :	207/208, Multistoned Building, Seepz Sez, Andheri (East), Mumbai – 400096, Maharashtra, India
Overseas Branches:	Located At Hong Kong Botswana Texas
Branch Division :	Located At Gujarat New Delhi Maharashtra

DIRECTORS

As on 27.09.2014

Name :

Mr. Ashish R. Goenka

Designation :

Chairman and Managing Director

Address :

51-A, Embassy Apartments, 5" Floor, 46, Nepean Sea Road, Mumbai -400036, Maharashtra, India

Date of Birth/Age :

16.02.1970

Date of Appointment :

01.09.2012

DIN No.:

00022177

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	U36910MH1992PLC068618	SUASHISH DIAMDEAL (INDIA) LIMITED	Director	18/09/1992	18/09/1992	-	Active	NO
2	U17120MH1984PTC033223	ATUL TEXTILE MILLS PRIVATE LIMITED	Director	29/09/1992	29/09/1992	-	Active	NO
3	U65990MH1988PTC049630	RADIANT HOLDINGS PVT LTD	Director	04/12/1992	04/12/1992	-	Active	NO
4	U65990MH1988PTC049631	RAPID HOLDINGS PVT LTD	Director	04/12/1992	04/12/1992	-	Active	NO
5	U65990MH1988PTC049633	GOENKA HOLDINGS PRIVATE LIMITED	Director	04/12/1992	04/12/1992	-	Active	NO
6	U65990MH1988PTC049632	FABULOUS HOLDINGS PVT LTD	Director	04/12/1992	04/12/1992	-	Active	NO
7	U51900MH1992PTC068571	GOENKA LASER HOUSE PRIVATE LIMITED	Director	15/02/1993	15/02/1993	-	Active	NO
8	U65920MH1994PLC077473	SUASHISH FINANCE LIMITED	Director	31/03/1994	31/03/1994	-	Active	NO
9	U36900MH1988PLC049085	SUASHISH DIAMONDS LIMITED	Managing director	01/09/2012	01/09/1994	-	Active	NO
10	U65921MH1999PTC123207	SUASHISH REALTORS PRIVATE LIMITED	Director	21/12/1999	21/12/1999	-	Active	NO
11	U70101MH1999PTC123206	SUASHISH PROPERTIES PRIVATE LIMITED	Director	21/12/1999	21/12/1999	-	Active	NO
12	U52393MH2007PLC168477	SUASHISH JEWELRY INDIA LIMITED	Director	08/03/2007	08/03/2007	-	Amalgamated	NO
13	U70102MH2007PTC168535	SUASHISH REALTY PRIVATE LIMITED	Director	09/03/2007	09/03/2007	-	Converted to LLP and dissolved	NO
14	U36910MH1991PTC061145	HARI SMRITI PROPERTIES PRIVATE LIMITED	Director	26/09/2013	26/03/2008	-	Active	NO
15	U36912MH2007PTC174460	Athena Jewels Online Private Limited	Director	30/09/2009	29/12/2008	31/12/2014	Active	NO
16	U45201MH2007PTC174412	SMARTTECH REALTY PRIVATE LIMITED	Director	30/09/2009	29/12/2008	20/03/2010	Strike off	NO
17	U52399MH2006PTC164151	PRUDENCE TRADEPLACE PRIVATE LIMITED	Director	26/09/2012	06/01/2012	11/06/2015	Active	NO
18	U36910MH2004PTC144597	OPULENT GEMS PRIVATE LIMITED	Director	26/09/2012	06/01/2012	-	Active	NO
19	U51311MH2001PTC131312	REVIVAL TRADEPLACE PRIVATE LIMITED	Director	26/09/2013	01/10/2012	-	Active	NO
20	U85100MH2013NPL244947	Ramesh Goenka Foundation	Director	28/06/2013	28/06/2013	-	Active	NO
21	AAA-4451	SUASHISH REALTY LLP	Designated Partner	11/04/2011	11/04/2011	-	Active	NO

Name :

Mr. Rajeshkumar R. Kedia

Designation :

Whole time Director

Address :

80, Neelam Building, 5th Floor, Block No.17, Marine Drive, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

27.12.1955

Date of Appointment :

11.02.2015

DIN No.:

00037159

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	U65910MH1987PTC043081	TARUVARSH TRADEPLACE PRIVATE LIMITED	Director	01/07/1998	01/07/1998	-	Active	NO
2	U36900MH1988PLC049085	SUASHISH DIAMONDS LIMITED	Whole-time director	11/02/2015	11/02/1999	-	Active	NO
3	U65920MH1994PLC077473	SUASHISH FINANCE LIMITED	Director	03/11/2000	03/11/2000	-	Active	NO
4	U51900MH1992PTC068571	GOENKA LASER HOUSE PRIVATE LIMITED	Director	03/11/2000	03/11/2000	-	Active	NO
5	U36910MH1992PLC068618	SUASHISH DIAMDEAL (INDIA) LIMITED	Director	03/11/2000	03/11/2000	-	Active	NO
6	U65921MH1999PTC123207	SUASHISH REALTORS PRIVATE LIMITED	Director	03/11/2000	03/11/2000	-	Active	NO
7	U70101MH1999PTC123206	SUASHISH PROPERTIES PRIVATE LIMITED	Director	03/11/2000	03/11/2000	-	Active	NO
8	U70102MH2007PTC168535	SUASHISH REALTY PRIVATE LIMITED	Director	09/03/2007	09/03/2007	-	Converted to LLP and dissolved	NO
9	U45201MH2007PTC174412	SMARTTECH REALTY PRIVATE LIMITED	Director	24/09/2007	24/09/2007	17/06/2010	Strike off	NO
10	U36912MH2007PTC174460	Athena Jewels Online Private Limited	Director	25/09/2007	25/09/2007	-	Active	NO
11	U51311MH2001PTC131312	REVIVAL TRADEPLACE PRIVATE LIMITED	Director	30/09/2008	03/12/2007	-	Active	NO
12	U36910MH1991PTC061145	HARI SMRITI PROPERTIES PRIVATE LIMITED	Director	17/01/2008	17/01/2008	-	Active	NO
13	U65990MH1988PTC049630	RADIANT HOLDINGS PVT LTD	Director	30/09/2008	21/01/2008	-	Active	NO
14	U52393MH2007PLC168477	SUASHISH JEWELRY INDIA LIMITED	Director	30/09/2008	21/01/2008	-	Amalgamated	NO
15	U65990MH1988PTC049631	RAPID HOLDINGS PVT LTD	Director	30/09/2008	21/01/2008	-	Active	NO
16	U65990MH1988PTC049633	GOENKA HOLDINGS PRIVATE LIMITED	Director	30/09/2008	21/01/2008	-	Active	NO
17	U65990MH1988PTC049632	FABULOUS HOLDINGS PVT LTD	Director	30/09/2008	21/01/2008	-	Active	NO
18	U17120MH1984PTC033223	ATUL TEXTILE MILLS PRIVATE LIMITED	Director	30/09/2008	21/01/2008	-	Active	NO
19	U52399MH2006PTC164151	PRUDENCE TRADEPLACE PRIVATE LIMITED	Director	26/09/2012	06/01/2012	11/06/2015	Active	NO
20	U36910MH2004PTC144597	OPULENT GEMS PRIVATE LIMITED	Director	26/09/2012	06/01/2012	-	Active	NO
21	AAE-0996	SKG AGRO INTERNATIONAL LLP	Designated Partner	05/06/2015	05/06/2015	-	Active	NO

Name :

Mr. Pawankumar Bagla

Designation :

Whole time Director

Address :

1B11602 Whispering Palms, Lokhandwala Township, Akurli Road, Kandivli (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

31.08.1958

Date of Appointment :

03.11.2013

DIN No.:

00049169

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	U36900MH1988PLC049085	SUASHISH DIAMONDS LIMITED	Whole-time director	03/11/2013	25/08/2003	-	Active	NO
2	U45201MH2007PTC174412	SMARTTECH REALTY PRIVATE LIMITED	Director	24/09/2007	24/09/2007	29/12/2008	Strike off	NO
3	U36912MH2007PTC174460	Athena Jewels Online Private Limited	Additional director	31/12/2014	25/09/2007	-	Active	NO
4	U36910MH1992PLC068618	SUASHISH DIAMDEAL (INDIA) LIMITED	Director	07/06/2011	07/06/2011	-	Active	NO
5	U01403MH2011PTC224435	ANANTSHREE ECO ORGANIC PRIVATE LIMITED	Director	28/11/2011	28/11/2011	14/03/2013	Active	NO
6	U25100MH1981PLC023895	PODDAR TYRES LIMITED	Director	25/09/2012	21/08/2012	-	Active	NO

Name :

Mr. Kamal R. Gupta

Designation :

Director

Address :

33, Sahakar Building, 'B' Road, Marine Drive, Mumbai -400020, Maharashtra, India

Date of Birth/Age :

22.12.1941

Date of Appointment :

31.01.2002

DIN No.:

00037264

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	U27108MH1961PTC012118	BOMBAY ALLOY STEEL INDUSTRIES PRIVATE LIMITED	Director	12/01/1970	12/01/1970	-	Active	NO
2	U36900MH1988PLC049085	SUASHISH DIAMONDS LIMITED	Director	31/01/2002	31/01/2002	-	Active	NO

Name :

Mr. Nilesh Mehta

Designation :

Non-Executive Director

Address :

203, Tulsi Villa, Poddar Road, Santacruz West, Mumbai - 400 054, Maharashtra, India

Date of Birth/Age :

24.04.1962

Date of Appointment :

01.07.2010

DIN No.:

00199071

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	U65910GJ1993PTC019193	VIKALPA FINANCIAL AND MANAGEMENT SERVICES PVT LTD	Director	24/03/1993	24/03/1993	-	Active	NO
2	L27104GJ1972PLC002153	PANCHMAHAL STEEL LTD	Director	30/09/2014	26/12/1997	-	Active	NO
3	U74140MH1998PTC117518	VENTURE INDIA ADVISORS PRIVATE LIMITED	Director	21/03/2000	21/03/2000	10/01/2011	Active	NO
4	U74140MH2000PTC128587	INFINITYY INDIA ADVISORS PRIVATE LIMITED	Director	07/09/2000	07/09/2000	10/01/2011	Active	NO
5	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	07/12/2002	07/12/2002	15/05/2010	Active	NO
6	L24240MH1992PLC128651	JYOTHY LABORATORIES LIMITED	Director	13/08/2014	07/02/2003	-	Active	NO
7	U65999MH2005PTC154367	AUREOS INDIA TRUSTEES PRIVATE LIMITED	Director	30/06/2005	30/06/2005	13/08/2010	Active	NO
8	U67190MH2006PTC159133	AUREOS INDIA ADVISERS PRIVATE LIMITED	Whole-time director	20/01/2006	20/01/2006	30/07/2010	Active	NO
9	U24239MH2001PTC131153	ACCUTEST RESEARCH LABORATORIES INDIA PRIVATE LIMITED	Director	20/06/2007	20/06/2007	23/09/2010	Active	NO
10	U74900MH2007PTC173381	Aavishkaar Venture Trustees Private Limited	Director	30/09/2009	17/11/2008	-	Active	NO
11	U93090MH2009NPL194057	Bhavitha Foundation	Director	14/07/2009	14/07/2009	08/10/2014	Active	NO
12	U36900MH1988PLC049085	SUASHISH DIAMONDS LIMITED	Director	01/07/2010	01/07/2010	-	Active	NO
13	U67120GJ2010PTC062604	ACCESS ASSET MANAGERS PRIVATE LIMITED	Director	13/10/2010	13/10/2010	-	Active	NO
14	U67100GJ2010PTC062626	ACCESS TRUSTEESHIP COMPANY PRIVATE LIMITED	Director	15/10/2010	15/10/2010	-	Active	NO
15	L24129MH2003PLC235007	JYOTHY CONSUMER PRODUCTS LIMITED	Director	14/09/2011	31/05/2011	-	Amalgamated	NO
16	U80902MH2011PTC225438	Sarvottam Education Services Private Limited	Director	26/12/2011	26/12/2011	-	Strike off	NO
17	U80301MH2008PTC179166	J. K. Shah Education Private Limited	Director	07/08/2012	07/08/2012	-	Active	NO
18	U24239GA2001PTC003048	NOBEL HYGIENE Private Limited	Director	30/09/2013	14/02/2013	-	Active	NO
19	U85110GJ2000PTC039121	Sterling Addlife India Private Limited	Director	30/08/2014	14/02/2014	-	Active	NO
20	U99999MH1974PLC242045	Jyothy Consumer Products Marketing Limited	Director	15/09/2014	27/03/2014	-	Active	NO
21	AAB-9217	AURIN TRADING LLP	Designated Partner	11/12/2013	11/12/2013	-	Active	NO
22	AAD-5715	ARGENT TRADING LLP	Designated Partner	19/03/2015	19/03/2015	-	Active	NO

Name :

Mr. Pradeep O. Chirania

Designation :

Director

Address :

602, "Karuna", Ravi Shankar Sankul, Bhatar Road, Surat-395001, Gujarat, India

Date of Birth/Age :

02.11.1972

Date of Appointment :

27.09.2013

DIN No.:

06422592

Name :

Mr. Adhrash Hiraram Shamdasani

Designation :

Whole-Time Director

Address :

68/B, Sukhmani Building, Bombanji Petit Road, Mumbai - 400036, Maharashtra, India

Date of Appointment :

01.04.2015

DIN No.:

02409437

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	U36900MH1999PLC120837	INDO AMERICAN JEWELLERY LIMITED	Whole-time director	25/11/2011	25/11/2008	01/02/2012	Active	NO
2	U36900MH1988PLC049085	SUASHISH DIAMONDS LIMITED	Whole-time director	01/04/2015	25/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kushal V. Gala
Designation :	Company Secretary
Address :	418, 1st Floor, Nalanda Niketan, Datta Mandir Road, Malad (East), Mumbai - 400 097, Maharashtra, India
Date of Birth/Age :	17.09.1987
Date of Appointment :	01.09.2013
PAN No.:	AKBPG9948G
Name :	Prashant Kumar De
Designation :	Chief Finance Officer
Address :	206, Embassy, Shastri Nagar, Near Lokhandwala Circle, Andheri West, Mumbai - 400053, Maharashtra, India
Date of Appointment :	20.11.2014
PAN No.:	AAEPD8097L
Name :	Mr. Nandan Mehta
Designation :	Vice President in Finance

MAJOR SHAREHOLDERS

As on 24.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.07
Bodies corporate	72.18
Directors or relatives of Directors	23.59
Other top fifty shareholders	2.68
Others	1.48
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in business of export and processing of Diamonds, Manufacturing and Sale of Jewellery.
Products :	Rough Diamonds Jewellery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	UAE Belgium Hong Kong UK USA Canada Dubai
Imports :
Products :	Raw Material
Countries :	Botswana Belgium USA Hong Kong Dubai
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	De Beers, Botswana
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, Retailers and End Users

Reference :	Zales Inc., USA
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 :

3000 (Approximately)

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Corporate Banking Branch, Axis House, Bombay Dyeing Mill Compound, Worli, Mumbai-400025, Maharashtra, India
Person Name (With Designation)	Mr. Manoj
Contact Number	91-9619658799
Email ID	Manoj.a@axisbank.com
Name of Account Holder	Not Divulged
Account Number	004010200010261
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Total Facilities = Rs.4250.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Standard Chartered Bank, Fort Branch, Mumbai, Maharashtra, India
• Central Bank Financial Services Limited, Central Bank MMO Building, 6th Floor 55 Mahatma, Gandhi Road Fort, Mumbai - 400023, Maharashtra, India
• Axis Bank Limited, Universal Insurance Building, Sir. P. M. Road, Fort, Mumbai - 400001, Maharashtra, India
• Bank of Baroda

• Corporation Bank
• Indian Overseas Bank
• Union Bank of India
• Andhra Bank, Opera House, Mumbai, Maharashtra, India

Facilities :

SECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working Capital Loan from Bank	531.161	2167.379
Total	531.161	2167.379

Auditors :
Name :	Suresh Surana and Associates LLP Chartered Accountants
Address :	13th Floor, Bakhtawar, 229, Nariman Point, Mumbai -400 021, Maharashtra, India
Tel. No.:	91-22-61214444
Fax No.:	91-22-22875771
E-Mail :	emails@ss-associates.com
Website:	http://www.ss-associates.com
PAN No.:	AAQFS7647M
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Suashish Diamond Hong Kong Limited Suashish Jewels Inc. USA Suashish Jewels Canada Inc.

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Million
2000000	Preference Share	Rs. 100/-each	Rs. 200.000 Million
	TOTAL		Rs. 450.000 Million

Issued and Subscribed:

No. of Shares	Type	Value	Amount
20860800	Equity Shares	Rs.10/- each	Rs. 208.608 Million

Paid-up Capital:

No. of Shares	Type	Value	Amount
20763300	Equity Shares	Rs.10/- each	Rs. 207.633 Million

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Million
2000000	Preference Share	Rs. 100/-each	Rs. 200.000 Million
	TOTAL		Rs. 450.000 Million

Issued and Subscribed:

No. of Shares	Type	Value	Amount
20860800	Equity Shares	Rs.10/- each	Rs. 208.608 Million

Paid-up Capital:

No. of Shares	Type	Value	Amount
20763300	Equity Shares	Rs.10/- each	Rs. 207.633 Million
97500	Add: Forfeited shares	Rs. 05/- each	Rs. 0.488 Million
	TOTAL		Rs. 208.121 Million

FINANCIAL DATA

[All figures are in Rupees Million]

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	208.121	208.121	208.121
(b) Reserves & Surplus	8419.316	7727.307	7106.434
(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)	8627.437	7935.428	7314.555
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	21.694	19.739	21.844
(c) Other long term liabilities	4.666	2.351	0.000
(d) long-term provisions	5.037	5.344	4.003
Total Non-current Liabilities (3)	31.397	27.434	25.847
(4) Current Liabilities
(a) Short term borrowings	531.161	2167.379	3475.237
(b) Trade payables	644.871	565.377	289.271
(c) Other current liabilities	56.760	126.634	550.990
(d) Short-term provisions	21.565	3.409	1.318
Total Current Liabilities (4)	1254.357	2862.799	4316.816
TOTAL	9913.191	10825.661	11657.218
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	304.782	291.867	381.923
(ii) Intangible Assets	8.835	9.345	4.518
(iii) Capital work-in-progress	10.483	22.963	17.334
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5793.892	4778.854	0.000
(c) Deferred tax assets (net)	0.000	0.000	3945.791
(d) Long-term Loan and Advances	83.059	295.564	73.979
(e) Other Non-current assets	0.000	0.000	2.714
Total Non-Current Assets	6201.051	5398.593	4426.259
(2) Current assets
(a) Current investments	0.000	0.000	1.526
(b) Inventories	377.477	1158.281	1439.808
(c) Trade receivables	2009.241	2652.438	2274.470
(d) Cash and cash equivalents	1013.068	1119.008	2788.534
(e) Short-term loans and advances	120.229	245.242	367.123
(f) Other current assets	192.125	252.099	359.498
Total Current Assets	3712.140	5427.068	7230.959
TOTAL	9913.191	10825.661	11657.218

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	7132.780	9761.005	11568.988
	Other Income	299.004	334.456	260.837
	TOTAL	7431.784	10095.461	11829.825
Less	EXPENSES
	Cost of Materials Consumed	5359.996	8432.216	10507.033
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	595.228	30.430	(218.439)
	Employees benefits expense	131.855	98.606	92.549
	Other expenses	550.035	517.700	675.745
	Exceptional Items	(139.769)	0.000	0.000
	TOTAL	6497.345	9078.952	11056.888
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	934.439	1016.509	772.937
Less	FINANCIAL EXPENSES	17.708	217.523	298.503
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	916.731	798.986	474.434
Less/ Add	DEPRECIATION/ AMORTISATION	40.319	37.487	37.907
	PROFIT BEFORE TAX	876.412	761.499	436.527
Less	TAX	184.403	140.626	61.449
	PROFIT AFTER TAX	692.009	620.873	375.078
	EARNINGS IN FOREIGN CURRENCY	0.000	5123.530	7611.350
	TOTAL EARNINGS
	Earnings Per Share (Rs.)	33.33	29.90	18.06

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.70	6.36	3.24
Operating Profit Margin (PBDIT/Sales)	(%)	13.10	10.41	6.68
Return on Total Assets (PBT/Total Assets}	(%)	21.33	12.64	5.67
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.06
Debt Equity Ratio (Total Debt /Networth)		0.06	0.27	0.48
Current Ratio (Current Asset/Current Liability)		2.96	1.90	1.68

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	208.121	208.121	208.121
Reserves & Surplus	7106.434	7727.307	8419.316
Net worth	7314.555	7935.428	8627.437
long-term borrowings	0.000	0.000	0.000
Short term borrowings	3475.237	2167.379	531.161
Total borrowings	3475.237	2167.379	531.161
Debt/Equity ratio	0.475	0.273	0.062

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11568.988	9761.005	7132.780
		(15.628)	(26.926)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11568.988	9761.005	7132.780
Profit	375.078	620.873	692.009
	3.24%	6.36%	9.70%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

Subject was incorporated on 05 October 1988 under the Companies Act, 1956 (the Act) and has its registered office at Mehta Mahal, 11th Floor, 15 Mathew Road, Opera House, Mumbai- 400 004, Maharashtra, India. The Company is engaged in business of export and processing of diamonds, manufacturing and sale of jewellery, sale of power generated and sale of commodity/ bullion.

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	90229357	05/01/2015 *	4,250,000,000.00	CENTBANK FINANCIAL SERVICES LIMITED	CENTRAL BANK OF INDIA-MMO BLDG, 3RD FLOOR (EAST), 55 MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA , INDIA	C41322918
2	90226899	08/01/2015 *	4,250,000,000.00	CENTBANK FINANCIAL SERVICES LIMITED	CENTRAL BANK OF INDIA-MMO BLDG, 3RD FLOOR (EAST), 55 MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA , INDIA	C41321894

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Computer Equipments

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.63.96
UK Pound	1	Rs.99.93
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	TRI
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.