MIRA INFORM REPORT

Report No. :	308409
Report Date :	19.02.2015

IDENTIFICATION DETAILS

Name :	AUROSTAR JEWELLERY (INDIA) PRIVATE LIMITED (w.e.f. 06.08.2001)

Formerly Known As :	AUROSTAR INVESTMENTS PRIVATE LIMITED

Registered Office :	CC-9015, 9^th Floor, Tower ‘C’, Bharat Diamonds Bourse, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	30.03.1995

Com. Reg. No.:	11-086993

Capital Investment / Paid-up Capital :	Rs.0.502 million

CIN No.: [Company Identification No.]	U74900MH1995PTC086993

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMA15006F

PAN No.: [Permanent Account No.]	AAACA7307D

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is predominantly engaged in manufacturing, trading and sales of rough diamonds, polished diamonds and Jewellery.

No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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 is an established company having moderate track. There appears a dip in the sales turnover of the company. However, the company has made profit during FY 2014 as compared to the loss during FY 2013. The rating also takes into consideration huge payable of the company which may get as a threat to company’s liquidity position. Trade relations are fair. Business is active. Payment terms 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

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. Samir H. Mehta
Designation :	Chartered Accountant
Contact No.:	91-9322297751
Date :	17.02.2015

LOCATIONS

Registered Office :	CC-9015, 9^th Floor, Tower ‘C’, Bharat Diamonds Bourse, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Tel. No. :	91-22-40404444
Mobile No. :	91-9322297751 (Mr. Samir Mehta)
Fax No. :	91-22-23630202
E-Mail :	jjshahca@hotmail.com

Branch and Sales Office 1 :	FW-9050, Central Wing, 9^th Floor, Bharat Diamond Bourse, Bandra (East), Mumbai – 400 051, Maharashtra, India

Branch and Sales Office 2 :	F.P. No.37, Sub P. No.2A + 2B + F.P. No.65/B/2, Umiya Chowk, A.K. Road, Navagam, Varchha, Surat – 395 008, Gujarat, India
Tel. No. :	91-261-3071000/ 2545767

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Akshay Vasantlal Mehta

Designation :

Director

Address :

Flat No.10, 5^th Floor, Kamal Mahal, 17, M.L. Dahanukar Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

12.10.1953

Date of Appointment :

30.03.1995

DIN No. :

00059524

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	U63030MH1994PTC076959	AURO TRAVELS (INDIA) PRIVATE LIMITED	Director	17/03/1994	17/03/1994	-	Strike off	NO
2	U36912MH1994PTC082435	GLOSSY DIAMONDS PRIVATE LIMITED	Director	21/01/1995	21/01/1995	-	Active	NO
3	U74900MH1995PTC086993	AUROSTAR JEWELLERY (INDIA) PRIVATE LIMITED	Director	30/03/1995	30/03/1995	-	Active	NO
4	U36911MH1995PTC090712	BESSAR DIAMONDS PRIVATE LIMITED	Director	29/06/1996	29/06/1996	-	Amalgamated	NO
5	U45203PY2006PTC002002	AURO DEVELOPERS PRIVATE LIMITED	Director	06/11/2006	06/11/2006	-	Active	NO
6	U65993MH2006PTC165505	BLUE STAR INVESTMENTS AND FINANCIAL SERVICE PRIVATE LIMITED	Director	13/11/2006	13/11/2006	01/10/2012	Active	NO
7	U36996MH2007PTC169725	ARJAV DIAMONDS (INDIA) PRIVATE LIMITED	Director	05/04/2007	05/04/2007	01/03/2010	Active	NO
8	U45201GJ2004PTC044084	AKSHAR INFRASTRUCTURE PRIVATE LIMITED	Director	31/12/2007	31/12/2007	-	Active	NO
9	U36911MH2008PTC188710	BLUE STAR DIAMONDS PRIVATE LIMITED	Director	01/04/2009	05/12/2008	-	Active	NO

Name :

Mr. Anuj Vasantlal Mehta

Designation :

Director

Address :

Cliff, 14^th Floor, 259, B.G. Kher Marg, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

03.10.1955

Date of Appointment :

30.03.1995

DIN No. :

00059854

PAN No.:

AACPM1675R

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	U63030MH1994PTC076959	AURO TRAVELS (INDIA) PRIVATE LIMITED	Director	17/03/1994	17/03/1994	-	Strike off	NO
2	U36912MH1994PTC082435	GLOSSY DIAMONDS PRIVATE LIMITED	Director	21/01/1995	21/01/1995	-	Active	NO
3	U74900MH1995PTC086993	AUROSTAR JEWELLERY (INDIA) PRIVATE LIMITED	Director	30/03/1995	30/03/1995	-	Active	NO
4	U36911MH1995PTC090712	BESSAR DIAMONDS PRIVATE LIMITED	Director	18/07/1995	18/07/1995	-	Amalgamated	NO
5	U65993MH2006PTC165505	BLUE STAR INVESTMENTS AND FINANCIAL SERVICE PRIVATE LIMITED	Director	13/11/2006	13/11/2006	-	Active	NO
6	U36996MH2007PTC169725	ARJAV DIAMONDS (INDIA) PRIVATE LIMITED	Director	05/04/2007	05/04/2007	-	Active	NO
7	U36912MH2007PTC172418	ARISIA JEWELLERY PRIVATE LIMITED	Director	17/07/2007	17/07/2007	-	Active	NO
8	U45201GJ2004PTC044084	AKSHAR INFRASTRUCTURE PRIVATE LIMITED	Director	31/12/2007	31/12/2007	-	Active	NO
9	U36911MH2008PTC188710	BLUE STAR DIAMONDS PRIVATE LIMITED	Director	01/04/2009	05/12/2008	-	Active	NO

Name :

Mr. Arnav Akshay Mehta

Designation :

Director

Address :

10, Kamal Mahal, 17, M.L. Dahanukar Marg, 5^th Floor, Car Micheal Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

02.01.1983

Date of Appointment :

15.06.2006

DIN No. :

00142488

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	U36911MH1995PTC090712	BESSAR DIAMONDS PRIVATE LIMITED	Director	10/04/2006	10/04/2006	-	Amalgamated	NO
2	U74900MH1995PTC086993	AUROSTAR JEWELLERY (INDIA) PRIVATE LIMITED	Director	15/06/2006	15/06/2006	-	Active	NO
3	U45203PY2006PTC002002	AURO DEVELOPERS PRIVATE LIMITED	Director	06/11/2006	06/11/2006	-	Active	NO
4	U65993MH2006PTC165505	BLUE STAR INVESTMENTS AND FINANCIAL SERVICE PRIVATE LIMITED	Director	13/11/2006	13/11/2006	-	Active	NO
5	U36996MH2007PTC169725	ARJAV DIAMONDS (INDIA) PRIVATE LIMITED	Director	05/04/2007	05/04/2007	-	Active	NO
6	U36912MH2007PTC172418	ARISIA JEWELLERY PRIVATE LIMITED	Director	17/07/2007	17/07/2007	-	Active	NO
7	U45201GJ2004PTC044084	AKSHAR INFRASTRUCTURE PRIVATE LIMITED	Director	31/12/2007	31/12/2007	-	Active	NO
8	U36911MH2008PTC188710	BLUE STAR DIAMONDS PRIVATE LIMITED	Director	01/04/2009	05/12/2008	-	Active	NO
9	U36912GJ2010PTC062006	ADMG DIAMOND PRIVATE LIMITED	Director	17/08/2010	17/08/2010	-	Active	NO
10	U36912GJ2010PTC062686	PADMAVATI DIAM PRIVATE LIMITED	Director	04/12/2010	04/12/2010	02/05/2012	Active	NO
11	U36912GJ2010PLC062808	SURAT ROUGH DIAMOND SOURCING (INDIA) LIMITED.	Director	26/09/2013	26/09/2013	-	Active	NO
12	U36941GJ2014PTC080519	NIRALI CREATIONS PRIVATE LIMITED	Director	19/08/2014	19/08/2014	-	Active	NO
13	AAA-2285	BLACK BRYONT REALTORS LLP	Designated Partner	21/03/2012	21/03/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Anuj Vasantlal Mehta	50100	99.80
Akshay Vasantlal Mehta	100	0.20
Total	50200	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is predominantly engaged in manufacturing, trading and sales of rough diamonds, polished diamonds and Jewellery.

Products :

Item Code No. (ITC Code)	71023910
Product Description	Diamond (cut or otherwise worked but not mounted or set)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Diamond

Countries :

USA
UAE
Hong Kong
Israel
Canada

Imports :

Countries :

Belgium
Hong Kong

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

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

Customers :

Wholesalers, Retailers and Manufacturer

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

No. of Employees :

15 (Approximately)

Bankers :

Banker Name	Corporation Bank
Branch Address	Overseas Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-26754425 (Ringing)
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

· Bank of Baroda, Bharat Diamond Bourse, Mumbai, Maharashtra, India

· The Saraswat Co-Operative Bank Limited, Surat, Gujarat, India

· ABN Amro Bank N.V., 7^th Floor; Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

· ICICI Bank Limited

Banking Relations :	--

Auditors :
Name :	J.J. Shah and Company (Proprietor: Mr. Samir H. Mehta) Chartered Accountants
Address :	1^st Floor, Room No.13, Shree Ganesh Co-Operative Housing Society Limited, Fazal Mansion, 8/14/A, Abdul Rehman Street, Pydhonie
PAN No.:	AAEPM4732D

Memberships :	Not Available

Collaborators :	Not Available

Entities under Common Control of Key Management Personnel and their relatives :	Arjav Diamonds (India) Private Limited Surat Rough Diamonds Sourcing (India) Ltd Blue Star Diamonds Private Limited Akshar Infrastructure Private Limited Auro Developers Private Limited Glossy Financial Services Consultancy Private Limited Arisia Jewellery Private Limited Black Bryont Realtor LLP Auro Manufacturing Private Limited Bluestar Investments and Financial Services Private Limited ADMG Diamonds Private Limited Aurosons Akshay Diamond R.J. Diamonds Mark Diamonds Kashikey Diamond India Private Limited Arjav Manufacturing NV – Foreign Company Arjav Traders PLC – Foreign Company Arjav Diamonds NV – Foreign Company Arjav Associates NV – Foreign Company Arjav Diamonds (ME) LLC – Foreign Company Amdiam NV – Foreign Company Suashish Diamonds Botswana Pty Limited – Foreign Company Blue Star Diamonds NY INC. – Foreign Company Antwerp Star Diamonds NV – Foreign Company Blue Star Diamonds (HK) Limited – Foreign Company

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50200	Equity Shares	Rs.10/- each	Rs.0.502 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	0.502	0.502	0.502
(b) Reserves & Surplus	94.211	67.395	93.165
(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)	94.713	67.897	93.667

(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.111	0.705	1.041
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.111	0.705	1.041

(4) Current Liabilities
(a) Short term borrowings	40.589	16.870	108.747
(b) Trade payables	1472.373	1721.436	3157.237
(c) Other current liabilities	6.331	1.587	21.467
(d) Short-term provisions	0.430	0.000	0.000
Total Current Liabilities (4)	1519.723	1739.893	3287.451

TOTAL	1615.547	1808.495	3382.159

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.640	34.077	40.224
(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	363.104	161.000	3.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	64.251	60.713	16.796
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	477.995	255.790	60.520

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	949.232	999.805	1,665.282
(c) Trade receivables	182.237	545.852	1,640.735
(d) Cash and cash equivalents	5.495	6.906	15.055
(e) Short-term loans and advances	0.588	0.142	0.567
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1137.552	1552.705	3321.639

TOTAL	1615.547	1808.495	3382.159

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations (Net)	1226.307	2022.650	NA
		Other Income	1.557	3.252	NA
		TOTAL	1227.864	2025.902	NA

Less	EXPENSES
		Cost of materials consumed	867.724	1135.817	NA
		Purchases of stock-in-trade	320.999	196.037	NA
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(64.426)	457.381	NA
		Employee benefit expense	4.158	3.617	NA
		Other expenses	62.714	245.990	NA
		TOTAL	1191.169	2038.842	NA

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		36.695	(12.940)	NA

Less	FINANCIAL EXPENSES		2.897	5.374	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		33.798	(18.314)	NA

Less/ Add	DEPRECIATION/ AMORTISATION		6.516	7.791	NA

	PROFIT/ (LOSS) BEFORE TAX		27.282	(26.105)	44.892

Less	TAX		0.466	(0.335)	16.090

	PROFIT/ (LOSS) AFTER TAX		26.816	(25.770)	28.802

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.395	93.165	64.363

	BALANCE CARRIED TO THE B/S		94.211	67.395	93.165

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	711.633	1397.710	NA
	TOTAL EARNINGS		711.633	1397.710	NA

	IMPORTS
		Raw Materials	451.453	790.274	NA
		Finished Goods	322.234	144.252	NA
		Consumables (Consumables, Stores and Tools)	0.160	0.074	NA
		Capital Goods	2.086	0.561	NA
	TOTAL IMPORTS		775.933	935.161	NA

	Earnings / (Loss) Per Share (Rs.)		534.17	(513.34)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.19	(1.27)	NA

Operating Profit Margin (PBDIT/ Sales)	(%)	2.99	(0.64)	NA

Return on Total Assets (PBT/Total Assets}	(%)	2.18	(1.58)	1.33

Return on Investment (ROI) (PBT/Networth)		0.29	(0.38)	0.48

Debt Equity Ratio (Total Debt/Networth)		0.43	0.25	1.16

Current Ratio (Current Asset/Current Liability)		0.75	0.89	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.502	0.502	0.502
Reserves & Surplus	93.165	67.395	94.211
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	93.667	67.897	94.713

Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	108.747	16.870	40.589
Total borrowings	108.747	16.870	40.589
Debt/Equity ratio	1.161	0.248	0.429

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)
Revenue from Operations (Net)	2,022.650	1,226.307
		(39.371)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)
Revenue from Operations (Net)	2,022.650	1,226.307
Profit	(25.770)	26.816
	(1.27%)	2.19%

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 two 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	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 and Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28% in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28%. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

NOTE:

The registered address of the company has been shifted from 64, Mittal Court, C Wing, 226, Nariman Point, Bombay – 400 021, Maharashtra to the present address w.e.f. 26.08.2013.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
From Other than banks
From Promoters (Shareholders) Loans repayable on demand	40.589	13.702
Loans and advances from Others
Loan from Others Loans repayable on demand	0.000	3.168
Total	40.589	16.870

INDEX OF CHARGES

No Charges Exist for Company.

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Claims against the company/ disputed Liabilities not acknowledged as debt.
Income Tax (AY 2006-07)	0.674	0.863
Income Tax (AY 2007-08)	--	--
Income Tax (AY 2008-09)	--	78.584
Income Tax (AY 2010-11)	0.154	--
Total	0.828	79.447

FIXED ASSETS

· Plant and Equipment

· Vehicles

· Office Equipment (Includes Computer and Electrification)

· Office Buildings

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 records 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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	SUM

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		32

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

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