MIRA INFORM REPORT

Report No. :	356485
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	UNI DESIGN ELITE JEWELLERY PRIVATE LIMITED (w.e.f. 07.03.2005)

Formerly Known As :	KUDRAT JEWELS PRIVATE LIMITED (w.e.f. 24.08.2004) KUDRAT FINANCIALS PRIVATE LIMITED

Registered Office :	401 and 402, SEEPZ++, Building No. 2, Andheri (East), Mumbai 400096, Maharashtra
Tel. No.:	91-22-66681000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	31.05.1995

Com. Reg. No.:	11-088974

Capital Investment / Paid-up Capital :	Rs.46.030 Million

CIN No.: [Company Identification No.]	U67120MH1995PTC088974

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	MUMU04548F

PAN No.: [Permanent Account No.]	AAACK499E

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of Exporting of Diamond Studded Gold and Platinum Jewellery. (Registered activity)

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was established in the year 1995 and it is engaged in business of exporting of diamond studded gold and platinum jewellery. For the financial year ended 2015, company has reported 14.79% revenue growth as compared to previous year revenue and it has maintained average profitability margins at 3.39% during the year under review. Rating takes into consideration company’s established track record of business operations supported by its average financial profile along with favorable gap between trade payables to its receivables and moderate debt coverage indicators. However, rating strength is partially offset by volatile profitability margins arising out of volatility in the prices of diamonds/foreign exchange rates, working capital-intensive nature of operations leading to leveraged capital structure and highly competitive nature of the industry. Trade relations are reproved as fair. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. Note: As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the documents related to the financial for the year 31.03.2015 are not available from any source.

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

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 DENIED BY

Name :	Mr. Vipul
Designation :	Accountant
Contact No.:	91-22-66681000
Date :	24.12.2015

LOCATIONS

Registered Office :	401 and 402, SEEPZ++, Building No. 2, Andheri (East), Mumbai 400096, Maharashtra, India
Tel. No.:	91-22-28291757/ 67097555/ 66681000
Fax No.:	91-22-67097506
E-Mail :	naresh@unidesign-jewel.com info@unidesign-jewel.com
Website :	www.unidesign-jewel.com

DIRECTORS

As on 31.03.2015

Name :

Mr. Raj Hiten Parikh

Designation :

Director

Address :

41, Lami Vilas, 87, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

21.12.1981

Date of Appointment :

24.01.2005

PAN No.:

AGSPP6664E

DIN No.:

00921828

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	U36911MH1989PTC052544	UNI-DESIGN JEWELLERY PRIVATE LIMITED.	Director	08/11/2004	08/11/2004	-	Active	NO
2	U67120MH1995PTC088974	UNI DESIGN ELITE JEWELLERY PRIVATE LIMITED	Director	24/01/2005	24/01/2005	-	Active	NO
3	U51398MH2003PTC193243	RIJAY DIAMOND EXPORTS PRIVATE LIMITED	Director	31/01/2007	31/01/2007	14/09/2009	Amalgamated	NO
4	U51398MH2003PTC142596	MAHENDRA BROTHERS DIAMONDS PRIVATE LIMITED	Director	14/06/2007	31/01/2007	31/08/2009	Amalgamated	NO
5	U52393MH2007PTC169724	MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED	Whole-time director	05/04/2007	05/04/2007	-	Active	NO
6	U36911KL2008PTC022587	MBMG DIAMONDS PRIVATE LIMITED	Nominee director	02/09/2008	02/09/2008	-	Active	NO
7	U70101MH1993PTC071863	RIJAY PROPERTIES AND DEVELOPERS PVT LTD	Director	29/09/2010	31/08/2009	-	Amalgamated	NO
8	U70102MH1993PTC071937	SAUMIL PROPERTIES AND DEVELOPERS PVT.LTD.	Director	29/09/2010	31/08/2009	-	Amalgamated	NO
9	U65990MH1994PTC082315	ACCREDUT FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Active	NO
10	U70101MH1994PTC083129	PRICELESS PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Active	NO
11	U99999MH1999PTC120538	AASHI JEWELS PRIVATE LIMITED	Director	29/09/2010	31/08/2009	-	Amalgamated	NO
12	U36912MH2000PTC126428	UNI-DESIGN JEWELLERY (INDIA) PRIVATE LIMITED	Director	31/08/2009	31/08/2009	-	Active	NO
13	U67120MH1995PTC088975	VISUALISE FINANCIALS PRIVATE LIMITED	Director	29/09/2010	05/09/2009	-	Amalgamated	NO
14	AAA-0876	UNI-DESIGN JEWELLERY HOLDINGS LLP	Body corporate as Designated Partner	05/03/2010	05/03/2010	-	Active	NO
15	AAA-0876	UNI-DESIGN JEWELLERY HOLDINGS LLP	Body corporate as Designated Partner	12/03/2010	12/03/2010	-	Active	NO
16	AAA-1059	SMARAN RETAIL LLP	Body corporate as Designated Partner	01/04/2010	01/04/2010	-	Active	NO

Name :

Mr. Milan Kavinchandra Parikh

Designation :

Director

Address :

15 A, Next to Khatau Condominium, J. Mehta Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

06.07.1963

Date of Appointment :

31.05.1995

PAN No.:

AADPP0814G

DIN No.:

00256411

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	U36912MH1987PTC044898	PARMES DIAMONDS EXPORTS PRIVATE LIMITED	Director	01/04/1994	01/04/1994	-	Active	NO
2	U70101MH1994PTC083129	PRICELESS PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	21/11/1994	21/11/1994	-	Active	NO
3	U36911MH1989PTC052544	UNI-DESIGN JEWELLERY PRIVATE LIMITED.	Director	30/11/1994	30/11/1994	-	Active	NO
4	U67120MH1995PTC088974	UNI DESIGN ELITE JEWELLERY PRIVATE LIMITED	Director	31/05/1995	31/05/1995	-	Active	NO
5	U45200MH1995PTC093046	ASMINA PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	25/09/1995	25/09/1995	-	Active	NO
6	U36912MH1994PLC083128	MULTIFACED IMPEX LIMITED	Director	05/02/1998	05/02/1998	18/08/2008	Active	NO
7	U91900MH1998PTC115374	SKYHIGH TRUSTEE SERVICES PRIVATE LIMITED	Director	17/06/1998	17/06/1998	27/07/2009	Active	NO
8	U99999MH1999PTC120538	AASHI JEWELS PRIVATE LIMITED	Director	25/06/1999	25/06/1999	-	Amalgamated	NO
9	U36912MH2000PTC126428	UNI-DESIGN JEWELLERY (INDIA) PRIVATE LIMITED	Director	11/05/2000	11/05/2000	-	Active	NO
10	U70101MH1993PTC071863	RIJAY PROPERTIES AND DEVELOPERS PVT LTD	Director	02/07/2001	02/07/2001	-	Amalgamated	NO
11	U70102MH1993PTC071937	SAUMIL PROPERTIES AND DEVELOPERS PVT.LTD.	Director	02/07/2001	02/07/2001	-	Amalgamated	NO
12	U55200MH1994PTC083135	PANVEL HOLIDAY RESORTS PRIVATE LIMITED	Director	02/07/2001	02/07/2001	31/08/2009	Active	NO
13	U67120MH1995PTC088975	VISUALISE FINANCIALS PRIVATE LIMITED	Director	02/07/2001	02/07/2001	-	Amalgamated	NO
14	U65990MH1994PTC082315	ACCREDUT FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	05/01/2004	05/01/2004	-	Active	NO
15	U51398MH2003PTC142596	MAHENDRA BROTHERS DIAMONDS PRIVATE LIMITED	Director	20/01/2004	20/01/2004	-	Amalgamated	NO
16	U51398MH2003PTC193243	RIJAY DIAMOND EXPORTS PRIVATE LIMITED	Director	19/11/2004	19/11/2004	-	Amalgamated	NO
17	U36910MH2004PLC146406	NAKSHATRA BRANDS LIMITED	Director	01/04/2005	01/04/2005	28/08/2007	Active	NO
18	U51398MH1984NPL033787	BHARAT DIAMOND BOURSE	Director	23/12/2010	28/09/2006	-	Active	NO
19	U52393MH2007PTC169724	MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED	Whole-time director	05/04/2007	05/04/2007	-	Active	NO
20	U36911KL2008PTC022587	MBMG DIAMONDS PRIVATE LIMITED	Nominee director	02/09/2008	02/09/2008	-	Active	NO
21	U74999MH2008NPL185159	International Wine and Food Society	Additional director	11/05/2009	11/05/2009	30/03/2010	Active	NO
22	AAA-0578	SMARAN ENTERPRISE LLP	Designated Partner	07/01/2010	07/01/2010	-	Active	NO
23	AAA-2802	MBD TRADING LLP	Designated Partner	15/11/2010	15/11/2010	-	Active	NO
24	AAA-0876	UNI-DESIGN JEWELLERY HOLDINGS LLP	Body corporate as Designated Partner	01/03/2015	01/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vipul
Designation :	Accountant

Name :	Manish Gohia and Associates
Designation :	Secretary
Address 1:	4, Chandan Niwas (Old), M V Road, Off. Andheri Kurla Road, Opposite Vishal Hall, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel No.:	91-22-26826286 / 26815400
Email:	info@mgconsulting.in
Website :	www.mgconsulting.in

Address 2:	H. No. 8-3-898/16/4, 2^nd Floor, Nagarjuna Nagar Colony, Road No. 2, Ameerpet Hyderabad – 500073, Telangana State.
Address: 3	A-73, First Floor, Sector – 5, Noida – 201301, Uttar Pradesh, India
Tel No.:	91-120-4216677

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Equity Shareholders		No. of Shares
Jitendra C Parikh		3332
Milan K Parikh		1667
Saunak K Parikh		1667
Smaran Enterprises LLP, India		1667
Hiten B. Parikh		1667
Uni-Design Jewellery Holding LLP, India		980000
Total		990000

As on 31.03.2015

Names of 5% Non-Cumulative Redeemable Preference Shareholders		No. of Shares
Uni-Design Jewellery Holding LLP, India		2500
Raj Hiten Parikh		500
Total		3000

As on 31.03.2015

Names of 4% Non-Cumulative Redeemable Preference Shareholders		No. of Shares
Diarough N V, Belgium		3610000
Total		3610000

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2014

Category	Percentage
Bodies corporate	99.16
Directors or relatives of Directors	0.84
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Exporting of Diamond Studded Gold and Platinum Jewellery. (Registered activity)

Products :	Studded Jewellery Diamond Studded Gold Platinum Jewellery

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	The Royal Bank of Scotland N V
Branch	4, North Avenue, Level 3, Maker Maxity, 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)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working Capital loan from banks	141.509	301.868

Total	141.509	301.868

Auditors :
Name :	Sampat Mehta and Associates Chartered Accountant
Address :	3, Kapur Mansion, 47, Huged Road, Mumbai – 400007, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACGPB1116Q

Memberships :	Not Available

Collaborators :	Not Available

Holding Company : (As on 31.03.2014)	Uni - Design Jewellery Holdings LLP, India

Enterprises under significant influence / control of the holding entity: (As on 31.03.2015)	Mahendra Brothers Exports Private Limited, India (U52393MH2007PTC169724) Uni-Design Jewellery Private Limited, India (U36911MH1989PTC052544) Uni-Design Jewellery (India) Private Limited, India (U36912MH2000PTC126428)

Enterprises owned or significantly influenced / controlled by key management personnel where there are transactions :	Mahendra Brothers Export Private Limited.

CAPITAL STRUCTURE

As on 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million
3990000	Preference Shares	Rs.10/- each	Rs.39.900 Million
	Total		Rs.49.900 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

990000	Equity Shares	Rs.10/- each	Rs.9.900 Million
3613000	Preference Shares	Rs.10/- each	Rs.36.130 Million
	Total		Rs.46.030 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	46.030	46.030	46.030
(b) Reserves & Surplus	371.404	329.332	276.036
(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)	417.434	375.362	322.066

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	12.669	14.630
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.985	2.485	1.840
Total Non-current Liabilities (3)	3.985	15.154	16.470

(4) Current Liabilities
(a) Short term borrowings	156.070	301.868	161.572
(b) Trade payables	238.011	197.616	136.440
(c) Other current liabilities	2.737	9.023	7.676
(d) Short-term provisions	1.286	2.459	2.158
Total Current Liabilities (4)	398.104	510.966	307.846

TOTAL	819.523	901.482	646.382

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	39.650	43.557	50.496
(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	255.651	255.651	137.784
(c) Deferred tax assets (net)	1.823	1.387	1.040
(d) Long-term Loan and Advances	0.572	2.417	1.680
(e) Other Non-current assets	20.454	20.216	9.087
Total Non-Current Assets	318.150	323.228	200.087

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	167.059	274.029	224.523
(c) Trade receivables	329.242	301.873	209.320
(d) Cash and cash equivalents	0.447	0.089	9.793
(e) Short-term loans and advances	3.798	2.263	2.659
(f) Other current assets	0.827	0.000	0.000
Total Current Assets	501.373	578.254	446.295

TOTAL	819.523	901.482	646.382

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		1077.596	1128.737
	Other Income		0.198	0.164
	TOTAL	1237.139	1077.794	1128.901

Less	TOTAL EXPENSES	1180.178	1009.004	1015.169

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	56.961	68.790	113.732

Less/ Add	DEPRECIATION/ AMORTISATION	5.643	6.326	6.912

	PROFIT/ (LOSS) BEFORE TAX	51.318	62.464	106.820

Less	TAX	9.247	7.488	18.720

	PROFIT/ (LOSS) AFTER TAX	42.071	54.976	88.100

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1225.192	1061.583	1124.900
	TOTAL EARNINGS	1225.192	1061.583	1124.900

	IMPORTS
	Raw Materials	44.843	97.425	131.927
	Components and Stores parts	0.012	0.805	3.154
	Capital Goods	0.000	0.353	0.304
	TOTAL IMPORTS	44.855	98.583	135.385

	Earnings / (Loss) Per Share (Rs.)	9.14	11.94	19.14

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	191.419	3.842	94.088
Net cash flow from operating activity	180.458	(8.376)	72.951

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.40	5.10	7.81

Return on Total Assets (PBT/Total Assets}	(%)	9.13	9.69	21.05

Return on Investment (ROI) (PBT/Networth)		0.12	0.17	0.33

Debt Equity Ratio (Total Debt /Networth)		0.37	0.84	0.55

Current Ratio (Current Asset/Current Liability)		1.26	1.13	1.45

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	46.030	46.030	46.030
Reserves & Surplus	276.036	329.332	371.404
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	322.066	375.362	417.434

long-term borrowings	14.630	12.669	0.000
Short term borrowings	161.572	301.868	156.070
Total borrowings	176.202	314.537	156.070
Debt/Equity ratio	0.547	0.838	0.374

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)
Total Income	1128.901	1077.794	1237.139
		(4.527)	14.784

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1128.901	1077.794	1237.139
Profit	88.100	54.976	42.071
	7.80%	5.10%	3.40%

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	Yes
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	No
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	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

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.

NATURE OF OPERATIONS: (As on 31.03.2014)

The Company was incorporated on 31st May 1995. The Company obtained permission from the SEEPZ Special Economic Zone, to establish Jewellery Manufacturing undertaking. The Company is in business of exporting of Diamond Studded Gold and Platinum Jewellery.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances	0.000	12.669

Short-term borrowings
Loans from Others	14.561	0.000

Total	14.561	12.669

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10213164	24/07/2015 *	350,000,000.00	INDUSIND BANK Limited	ONE INDIABULLS CENTRE, 8TH FLOOR, TOWER 1, 841, SENAPATI BAPAT MARG, ELPHINSTONE ROAD (W), MUMBAI, Maharashtra - 400013, INDIA	C64381759

FIXED ASSETS

· Factory Building

· Plant and Machinery, Equipment

· Furniture and Fixtures

· Computers

· Software

· Vehicles

· Capital Work in Progress

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.66.13
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55

INFORMATION DETAILS

Information Gathered by :	SPR

Analysis Done by :	KAR

Report Prepared by :	SUD

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit