MIRA INFORM REPORT

Report No. :	306458
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	SURYA DIAMOND PRIVATE LIMITED
Registered Office :	6/1833-34, Office No. 302, Param Bhavan Building, 3rd Floor, Bhojabhai No Tekro, Mahidharpura, Surat – 395003, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.01.2010
Com. Reg. No.:	04-059207
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U36912GJ2010PTC059207
TIN No.:	Not Available
IEC No.:	5210000346
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AANCS7379E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Diamonds.
No. of Employees :	16 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2500
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by small net worth and thin profitability margins of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Paras Mal Nahar
Designation :	Director
Contact No.:	91-9321360040
Date :	03.02.2015

LOCATIONS

Registered Office :	6/1833-34, Office No. 302, Param Bhavan Building, 3rd Floor, Bhojabhai No Tekro, Mahidharpura, Surat – 395003, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9321360040 (Mr. Paras Mal Nahar)
Fax No.:	Not Available
E-Mail :	suryadiamondpvtltd@gmail.com
Branch Office :	105, Shlok Chember, Behind Pancharatna Building, Opera House, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23664203

DIRECTORS

As on 29.09.2014

Name :

Mr. Paras Mal Nahar

Designation :

Director

Address :

B 304 Sealand Tower, Jesal Park Bhayendar (East), Mumbai, Thane - 401105, Maharashtra, India

Date of Birth/Age :

30.03.1983

Qualification :

B. Com

Date of Appointment :

12.01.2010

DIN No.:

02881169

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	U36912GJ2010PTC059207	SURYA DIAMOND PRIVATE LIMITED	Director	12/01/2010	12/01/2010	-	Active	NO
2	U36911GJ2011PTC065748	SHRI BRAHM SHAKTI GEMS PRIVATE LIMITED	Director	01/12/2012	01/12/2012	-	Active	NO
3	U36910GJ2011PTC065758	SHRI JAGDAMBA SHAKTI GEMS PRIVATE LIMITED	Director	01/12/2012	01/12/2012	-	Active	NO
4	U36911GJ2014PTC079718	GRANTH EXIM PRIVATE LIMITED	Director	09/06/2014	09/06/2014	25/11/2014	Active	NO

Name :

Mr. Sumerlal Ramgopal Kumhar

Designation :

Director

Address :

Room No. 32, 1st Floor, Plot No. 74, 2nd Pathan Street, 5th Kumbharwada Lane, Mumbai - 400004, Maharashtra, India

Date of Birth/Age :

05.02.1990

Qualification :

B. Com

Date of Appointment :

17.07.2012

DIN No.:

05159214

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	U36912GJ2012PTC068605	ABHINANDAN DIAMOND PRIVATE LIMITED	Director	13/01/2012	13/01/2012	-	Active	NO
2	U36912GJ2010PTC059207	SURYA DIAMOND PRIVATE LIMITED	Director	17/07/2012	17/07/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares	% of Holding
Paras Mal Nahar	5000	50.00
Sumerlal Ramgopal Kumhar	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 Diamonds.
Products :	Diamonds
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Credit (60 Days and 90 Days)
Purchasing :	Credit (60 Days and 90 Days)

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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

16 (Approximately)

Bankers :

IndusInd Bank Limited, IndusInd House, 425, Dadasaheb Bhadkamkar Marg, Opera House, Mumbai, Maharashtra, India

Facilities :

--

Auditors :
Name :	Rajendra Baser and Company Chartered Accountants
Address :	3010. World Trade Centre, Ring Road, Surat - 395002, Gujarat, India
Tel No.:	91-261-2302382
Fax No.:	91-261-2302380
PAN No.:	AAGFR9975F
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	0.772	0.553	0.300
(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)	0.872	0.653	0.400
(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	0.000	44.082	107.508
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	44.082	107.508
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	499.818	643.262	524.872
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.053	0.141	0.077
Total Current Liabilities (4)	499.871	643.403	524.949
TOTAL	500.743	688.138	632.857
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	347.482	398.857	190.548
(e) Other Non-current assets	44.240	11.010	0.009
Total Non-Current Assets	391.722	409.867	190.557
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	72.938	39.405	39.987
(d) Cash and cash equivalents	5.833	17.977	13.900
(e) Short-term loans and advances	30.250	220.889	388.413
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	109.021	278.271	442.300
TOTAL	500.743	688.138	632.857

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	752.489	1,609.543	1,918.693
		Other Income	31.022	35.289	18.515
		TOTAL	783.511	1,644.832	1,937.208
Less	EXPENSES		783.194	1,644.466	1,936.865
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.317	0.366	0.343
Less	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX		0.317	0.366	0.343
Less	TAX		0.098	0.113	0.106
	PROFIT/(LOSS) AFTER TAX		0.219	0.253	0.237
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.553	0.300	0.063
	BALANCE CARRIED TO THE B/S		0.772	0.553	0.300
	Earnings / (Loss) Per Share (Rs.)		21.90	25.30	23.70

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.03	0.02	0.01
Return on Total Assets (PBT/Total Assets}	(%)	0.06	0.05	0.05
Return on Investment (ROI) (PBT/Networth)		0.36	0.56	0.86
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.22	0.43	0.84

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.300	0.553	0.772
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.400	0.653	0.872
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	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,918.693	1,609.543	752.489
		(16.113)	(53.248)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,918.693	1,609.543	752.489
Profit	0.237	0.253	0.219
	0.01%	0.02%	0.03%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

THE YEAR IN RETROSPECT AND FUTURE OUTLOOK:

During the year, the turnover of the company has declined to Rs.752.489 Millions as compared to Rs.1609.543 Millions. The net profit of the company is Rs.0.219 Millions as compared to Rs.0.253 Millions. The reduction in the sales revenue is due to very tough Competition and sluggish demand prevailing in gems and Jewellery industry. Moreover, your directors are further planning for expansion of the company not only in the local markets but also in the global markets and are hopeful that the company will grow in manifolds in the coming years.

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.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.