MIRA INFORM REPORT

Report No. :	354416
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	ANSHUL GEMS PRIVATE LIMITED
Registered Office :	Office No. 113, 15A/15B, Supariwala Estate, Tata Road No. 2, Roxy Cinema, Opera House, Girgaon, Mumbai – 400004, Maharashtra
Mobile No.:	91-7498201179 (Mr. Anil Surana)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	13.04.2009
Com. Reg. No.:	11-191663
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U51398MH2009PTC191663
IEC No.:	0309009936
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCA6495P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Rough and Polished Diamonds. (Confirmed by management)
No. of Employees :	4 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the 2009 and it is a trader, exporter and importer of rough and polished diamonds. The company possesses a moderate financial profile marked by small net worth base, low gearing along with very high total liabilities to tangible networth ratio and stretched liquidity position. Management has witnessed a significant increase in its sales revenue, whereas reported minimal profitability affecting margins, mainly as result of lack of effective expenses and cash management during financial year 2015. The rating also take into consideration the susceptibility of profitability to volatility in diamond price and foreign exchange fluctuation risks. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing with some 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 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Anilkumar Sajjansingh Jain
Designation :	Director
Contact No.:	91-9322221415
Date :	12.12.2015

LOCATIONS

Registered Office / Warehouse :	Office No. 113, 15A/15B, Supariwala Estate, Tata Road No. 2, Roxy Cinema, Opera House, Girgaon, Mumbai – 400004, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-7208442599 (Mr. Abhijit Nahar) 91-7498201179 (Mr. Anil Surana) 91-9322221415 (Mr. Anil Jain)
Fax No.:	Not Available
E-Mail :	anshulgemspl@yahoo.in
Area :	150 sq. ft.
Location :	Rented
Locality :	Commercial
Branch Office :	6/1335, Office No. 303, 3^rd Floor, Adinath Apartment, Jadakhadi, Mahidharpura, Surat – 395003, Gujarat, India
Area :	250 sq. ft.
Location :	Rented

DIRECTORS

As on 31.03.2015

Name :

Mr. Anilkumar Sajjansingh Jain

Designation :

Director

Address :

Sokaliya, Nasirabad, Ajmer – 305601, Rajasthan, India

Date of Birth/Age :

20.06.1976

Date of Appointment :

13.04.2009

DIN No. :

00350185

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	U51900MH1998PTC115082	POKHRANA IMPEX PRIVATE LIMITED	Director	01/07/2002	01/07/2002	-	Active	NO
2	U51109MH2009PTC191664	MANHAR IMPEX PRIVATE LIMITED	Director	13/04/2009	13/04/2009	09/01/2015	Active	NO
3	U51398MH2009PTC191663	ANSHUL GEMS PRIVATE LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO
4	U51398MH2009PTC191665	SUPARSHVA GEMS PRIVATE LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO

Name :

Mr. Anilkumar Shantilal Surana

Designation :

Director

Address :

No. 414/Center Point HSG Co-operative Socitey, Balli Sheri Mahidharpura, Surat – 395003, Gujarat, India

Date of Birth/Age :

30.07.1984

Date of Appointment :

18.08.2012

DIN No. :

03179268

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	U52393GJ2011PTC064770	PIYUSH GEMS PRIVATE LIMITED	Director	04/04/2011	04/04/2011	-	Active	NO
2	U51398MH2009PTC191663	ANSHUL GEMS PRIVATE LIMITED	Director	18/08/2012	18/08/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares	%age holding
Anilkumar Sajjansingh Jain	5000	50.00
Anilkumar Shantilal Surana	5000	50.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Rough and Polished Diamonds. (Confirmed by management)
Products :	Rough Diamonds Polished Diamonds
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Hong Kong Israel
Imports :
Products :	Finished Goods
Countries :	Hong Kong Israel Belgium
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Wholesaler, Retailer and Manufacturer

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

4 (Approximately)

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	Nariman Point, Mumbai, 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

Auditors :
Name :	Rajendra Baser and Company Chartered Accountants
Address :	3010, World Trade Centre, Ring Road, Surat – 395002, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFR9975F
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	1.285	0.823	0.377
(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)	1.385	0.923	0.477
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1713.916	773.733	239.983
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1713.916	773.733	239.983
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	360.684	1089.948	1889.999
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.085	0.020	0.475
Total Current Liabilities (4)	360.769	1089.968	1890.474
TOTAL	2076.070	1864.624	2130.934
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	262.864	457.544	0.405
(e) Other Non-current assets	559.325	376.624	104.343
Total Non-Current Assets	822.189	834.168	104.748
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	67.243	33.913	119.168
(c) Trade receivables	1112.762	990.757	1539.377
(d) Cash and cash equivalents	7.102	5.786	4.766
(e) Short-term loans and advances	66.774	0.000	362.875
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1253.881	1030.456	2026.186
TOTAL	2076.070	1864.624	2130.934

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	2337.707	2154.235	3305.081
		Other Income	35.960	34.038	6.859
		TOTAL (A)	2373.667	2188.273	3311.940
Less	EXPENSES
		Purchases of Stock-in-Trade	2372.161	1973.635
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(33.331)	85.256
		Employees benefits expense	0.762	0.203
		Other expenses	2.924	3.992
		TOTAL (B)	2342.516	2063.086	3311.639 (Including Financial Expenses)
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		31.151	125.187
Less	FINANCIAL EXPENSES (D)		30.483	124.536
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.668	0.651	0.301
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.004	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.668	0.647	0.301
Less	TAX (H)		0.206	0.201	0.094
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.462	0.446	0.207
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.823	0.377	0.170
	Balance Carried to the B/S		NA	0.823	0.377
	Earnings / (Loss) Per Share (Rs.)		46.18	44.60	20.70

Expected Sales (2015-2016) : Rs.2450.000 Million

The above information has been parted by Mr. Anilkumar Jain (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	(32.816)	(1.891)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.02	0.02	0.01
Operating Profit Margin (PBIDT/Sales)	(%)	1.33	5.81	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.03	0.03	0.01
Return on Investment (ROI) (PBT/Networth)		0.48	0.70	0.63
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.48	0.95	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.377	0.823	1.285
Net worth	0.477	0.923	1.385
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3305.081	2154.235	2337.707
		(34.821)	8.517

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3305.081	2154.235	2337.707
Profit	0.207	0.446	0.462
	0.01%	0.02%	0.02%

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	Yes
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	No
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
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	Yes
29]	Profitability for last three years	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	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

Note:

The Registered office of the company has been shifted 320, Panchratna M.P. Road, Opera House, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 12.08.2013

INDEX OF CHARGES: No Charges Exist for Company

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.

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.66.78
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	JYTK

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
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	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		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.