MIRA INFORM REPORT

Report No. :	334373
Report Date :	05.08.2015

IDENTIFICATION DETAILS

Name :	D. NITIN & COMPANY PRIVATE LIMITED
Registered Office :	EC-6090, G-Block, Bharat Diamond Bourse, B. K. C., Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-22 61143333
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.01.2014
Com. Reg. No.:	11-251562
Capital Investment / Paid-up Capital :	Rs. 41.000 Million
CIN No.: [Company Identification No.]	U36993MH2014PTC251562
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECD9038N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of cut and polished diamonds.
No. of Employees :	Information declined by the 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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established as partnership concern in the year 1991 later in the year January 2014 it has converted into private limited company. The company is doing well in its business operations. In the first year of company as private limited it has shown decent sales turnover along with profitability margin of 2.6%. Further company has good financial risk profile and good capital structure marked by decent reserves position along with favorable liquidity profile. Trade relations are reported as fair. Business is active. Payments terms are usually correct. The company can be considered for business dealing 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 DENIED BY

Name :	Mr. Mahendra
Designation :	Accountant
Contact No.:	91-22-61143333
Date :	03.08.2015

LOCATIONS

Registered Office :	EC-6090, G-Block, Bharat Diamond Bourse, B. K. C., Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22 61143333
Fax No.:	91-22-61143344
E-Mail :	dnitin@dnitin.com accounts@dnitin.com
Website :	http://www.dnitin.com
Factory :	78 Patel Nagar, A K Road, Surat -395006, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Sunil Damjibhai Kakadia
Designation :	Director
Address :	17/18 Vishnu Nagar Society I, Near Ram Nagar A K Road, Surat-395008, Gujarat, India
Date of Birth/Age :	04.05.1983
Date of Appointment :	01.01.2014
DIN No.:	02570236
Name :	Mr. Damjibhai Muljibhai Kakadia
Designation :	Director
Address :	17 Vishnu Nagar Society -1, A.K. Road, Surat-395006, Gujarat, India
Date of Birth/Age :	02.01.1959
Date of Appointment :	01.01.2014
DIN No.:	02573536
Name :	Mr. Devjibhai Muljibhai Kakadia
Designation :	Director
Address :	601- Govind Vihar, Plot No. 55, N.H. Road No. 07, JVPD Scheme, Mumbai- 400049, Maharashtra, India
Date of Appointment :	01.01.2014
DIN No.:	02586613
Name :	Mr. Nileshkumar Govindbhai Golakiya
Designation :	Director
Address :	186 Kamal Park Society, Near Spining Mill, Kapodra Charrasta, Surat-395006, Gujarat, India
Date of Birth/Age :	05.04.1980
Date of Appointment :	01.01.2014
DIN No.:	06543765
Name :	Mr. Purvishkumar Damjibhai Kakadia
Designation :	Director
Address :	17-18, Vishnu Nagar, Society -1, A. K. Road, Surat-395008, Gujarat, India
Date of Appointment :	01.01.2014
DIN No.:	06543780

KEY EXECUTIVES

Name :	Mr. Mahendra
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Sunil Damjibhai Kakadia	41000
Damjibhai Muljibhai Kakadia	1230000
Devjibhai Muljibhai Kakadia	1845000
Nileshkumar Govindbhai Golakiya	328000
Purvishkumar Damjibhai Kakadia	205000
Chandrikaben Damjibhai Kakadia	41000
Savitaben Devjibhai Kakadia	41000
Total	3731000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling of cut and polished diamonds.

Products :

Item Code No.	Product Description
71023910	Diamond and Precious Stones

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	State Bank of India
Branch	D-3, West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (east), Mumbai-400051, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)
Long-term Borrowings
Loans and advances from directors	222.797
Short-term borrowings
Loans repayable on demand	1068.534
Total	1291.331

Banking Relations :	--
Auditors :
Name :	Ramesh Rajni and Company Chartered Accountants
Address :	1st, Floor, Purshottam Building Lamington Road, Opera House, Mumbai – 400004, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFR7782K
Memberships :	--
Collaborators :	--
Enterprise over which person described in above is able to exercise significant influence :	D N Jewels

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,100,000	Equity Shares	Rs.10/- each	Rs. 41.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	41.000
(b) Reserves & Surplus	639.251
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	680.251
(3) Non-Current Liabilities
(a) long-term borrowings	222.797
(b) Deferred tax liabilities (Net)	0.614
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	223.411
(4) Current Liabilities
(a) Short term borrowings	1068.535
(b) Trade payables	554.240
(c) Other current liabilities	4.098
(d) Short-term provisions	12.525
Total Current Liabilities (4)	1639.398
TOTAL	2543.060
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	346.381
(ii) Intangible Assets	0.785
(iii) Capital work-in-progress	0.035
(iv) Intangible assets under development	0.000
(b) Non-current Investments	5.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	10.899
(e) Other Non-current assets	0.000
Total Non-Current Assets	363.100
(2) Current assets
(a) Current investments	0.000
(b) Inventories	974.550
(c) Trade receivables	1150.433
(d) Cash and cash equivalents	40.639
(e) Short-term loans and advances	6.417
(f) Other current assets	7.921
Total Current Assets	2179.960
TOTAL	2543.060

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	1912.082
		Other Income	50.638
		TOTAL (A)	1962.720
Less	EXPENSES
		TOTAL (B)	1869.217
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		93.503
Less	FINANCIAL EXPENSES (D)		3.780
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.723
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.336
	PROFIT BEFORE TAX (E-F) (G)		83.387
Less	TAX (H)		33.136
	PROFIT AFTER TAX (G-H) (I)		50.251
	Earnings Per Share (Rs.)		122.56

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014
Current Maturities of Long term debt	NA
Cash generated from operations	NA
Net cash flows from (used in) operation	(34.620)

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Sales)	(%)	2.63
Operating Profit Margin (PBIDT/Sales)	(%)	4.89
Return on Total Assets (PBT/Total Assets}	(%)	3.29
Return on Investment (ROI) (PBT/Networth)		0.12
Debt Equity Ratio (Total Debt /Networth)		1.90
Current Ratio (Current Asset/Current Liability)		1.33

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
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)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
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 one year	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last one year	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS/WORKING RESULTS

This is the first financial year of the Company and during the period the Company has recorded the sales of Rs.1912.081 Million and has earned Other Income of Rs.50.638 Million for the year.

During the year, the Company has earned a net profit to the tune of Rs.50.251Million after making deduction of Current Tax and Deferred Tax. Barring unforeseen circumstances, further improvement in sale and profitability is expected in the current year in view of continued efforts being made. Further your company is taking effective steps for expansion & diversification to strengthen the profitability and financial soundness of the Company.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10469430	30/10/2014 *	1,515,000,000.00	State Bank of India	D-3, West Core, Bharat Diamond Bourse,, Bandra K  urla Complex, Bandra (E),, Mumbai, Maharashtra - 4  00051, INDIA	C34150987
2	10469590	30/10/2014 *	1,515,000,000.00	State Bank of India	D-3, West Core, Bharat Diamond Bourse,, Bandra K  urla Complex, Bandra (E),, Mumbai, Maharashtra - 4  00051, INDIA	C34149864

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Computer

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.63.93
UK Pound	1	Rs.99.82
Euro	1	Rs.70.05

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	TRI
Report Prepared by :	JYTK

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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.