MIRA INFORM REPORT

Report No. :	309720
Report Date :	28.02.2015

IDENTIFICATION DETAILS

Name :	MANMOHAN EXPORTS PRIVATE LIMITED
Registered Office :	228, Panchratna Building, Opera House, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.05.2009
Com. Reg. No.:	11-192200
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U51109MH2009PTC192200
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM36543D
PAN No.: [Permanent Account No.]	AAGCM0220R
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of diamond (They do also processing of diamond)
No. of Employees :	3 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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 record. Profitability of the company seems to be low during 2014 However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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

Name :	Mr. Abhishek Bandhari
Designation :	Account Manager
Contact No.:	91-9920822632
Date :	25.02.2015

LOCATIONS

Registered Office :	228, Panchratna Building, Opera House, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23690281
Mobile No.:	91-9820223495 (Mr. Deepak Banwarilal Agrawal)
Fax No.:	Not Available
E-Mail :	manmohanexp@gmail.com mah_anita2004@yahoo.co.in sbazari2003@yahoo.co.in
Area :	400 Sq. Ft
Location :	Rented
Locality :	Commercial
Branch Office :	219, World Diamond Center, Hath Falia, Mahidarpura, Surat, Gujarat, India
Area :	450 Sq. Ft
Location :	Rented

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Deepak Banwarilal Agrawal

Designation :

Director

Address :

B-206, Ostwal Oynex, Jesal Park, Bhayander, Thane – 401105, Maharashtra, India

Date of Birth/Age :

22.07.1981

Qualification :

B.Com

Date of Appointment :

05.05.2009

PAN No.:

AFPPA6178M

DIN No.:

02615398

Name :

Mr. Rajesh Mulchand Ranka

Designation :

Director

Address :

B-704, Veena Sargam Building, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

01.05.1975

Date of Appointment :

05.05.2009

PAN No.:

AGXPR5614A

DIN No.:

02613105

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	U51109MH2009PTC192200	MANMOHAN EXPORTS PRIVATE LIMITED	Director	05/05/2009	05/05/2009	-	Active	NO
2	U36911GJ2013PTC074396	UTTAM GEMS PRIVATE LIMITED	Director	08/04/2013	08/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhishek Bandhari
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Deepak Agarwal	5000	50.00
Rajesh Ranka	5000	50.00
Total	10000	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
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Exporter and Importer of diamond (They do also processing of diamond)

Products :

Item Code No. (ITC Code)	Product Description
71022990	Diamonds

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Polish Diamond

Countries :

• Israel
• HongKong
• Belgium

Imports :

Products :

Rough Diamond

Countries :

• Dubai
• Belgium

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Jayvidiam, Israel
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 :

Reference :	G S Diamond BVBA, Belgium
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 :

3 (Approximately)

Bankers :

Banker Name	ING Vysya Bank
Branch Address	Opera House, Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Ajit Yadav – Relationship Manager
Contact Number	91-9820908554
Name of Account Holder	Manmohan Exports Private Limited
Account Number	550011033010
Account Since (Date/Year of Account Opening)	22.01.2010
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	No
Account Operation	Satisfactory
Remarks (If any)	Constantly Ringing mail Sent on “ahit.yadav@ingvysyabank.com”

• Axis Bank Limited
• ICICI Bank

Auditors :
Name :	B. Kabra and Jagetia Chartered Accountants
Address :	2020, World Trade Center, Near Udhana Dharwaj, Ring Road, Surat – 395002, Gujarat, India
PAN No.:	ACQPJ6105R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 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 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	0.100	0.100	0.100
(b) Reserves & Surplus	2.958	1.818	1.235
(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)	3.058	1.918	1.335
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.001	0.004	0.000
(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)	0.001	0.004	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2349.492	2896.661	2601.257
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.742	0.666	1.273
Total Current Liabilities (4)	2350.234	2897.327	2602.530
TOTAL	2353.293	2899.249	2603.865
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.058	0.080	0.068
(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	355.299	379.103	308.304
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	355.357	379.183	308.372
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.809	10.182	0.025
(c) Trade receivables	1956.736	2480.656	2275.067
(d) Cash and cash equivalents	22.014	27.035	19.451
(e) Short-term loans and advances	2.377	2.188	0.939
(f) Other current assets	0.000	0.005	0.011
Total Current Assets	1997.936	2520.066	2295.493
TOTAL	2353.293	2899.249	2603.865

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4102.986	6524.160
	Other Income	25.200	24.054
	TOTAL (A)	4128.186	6548.214
Less	EXPENSES
	Purchases of Stock-in-Trade	4091.933	6492.708
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.627)	(10.157)	NA
	Employees benefits expense	1.621	1.538
	Other expenses	38.755	61.773
	TOTAL (B)	4125.682	6545.862
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2.504	2.352
Less	FINANCIAL EXPENSES (D)	0.835	1.397
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1.669	0.955	0.794
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.022	0.019	0.010
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.647	0.936	0.784
Less	TAX (I)	0.511	0.359	0.230
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	1.136	0.557	0.554
	Earnings / (Loss) Per Share (Rs.)	113.60	55.70	55.40

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2013
Net Profit Margin (PAT/ Sales)	(%)	0.03	0.01	NA
Operating Profit Margin (PBDIT/Sales)	(%)	0.06	0.04	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.07	0.03	0.03
Return on Investment (ROI) (PBT/Networth)		0.54	0.49	0.59
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.85	0.87	0.88

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	0.100	0.100	0.100
Reserves & Surplus	1.235	1.818	2.958
Net worth	1.335	1.918	3.058
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
	(Rs. In Million)	(Rs. In Million)
Sales	6524.160	4102.986
		-37.111

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	6524.160	4102.986
Profit	0.557	1.136
	0.01%	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	Yes
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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

VIEW INDEX OF CHARGES: No Charges Exist for Company

FIXED ASSETS

• Office equipment
• Computer equipments

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 8th Century B.C.  India, in fact, remained undisputed leader till 18th 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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 30th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

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. 61.79
UK Pound	1	Rs. 95.42
Euro	1	Rs. 69.29

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.