MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	ANTIQUE EXIM PRIVATE LIMITED
Registered Office :	A-104, Shilalekh Commercial Co-Operative Society Limited, Bhoja Bhai Ni Sheri, Mahidharpura, Surat – 395 003, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.11.2011
Com. Reg. No.:	04-067924
Capital Investment / Paid-up Capital :	Rs.0.500 million
CIN No.: [Company Identification No.]	U52393GJ2011PTC067924
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAJCA9815B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of trading in diamonds.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Unknown
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 networth and thin profitability margins of the company. As per status in the registrar of companies business appears to be active. Payments are reported to be unknown. The company can be considered for business dealing with great caution. Note: Site visit was conducted on address which you have provided. Our executive was not able to contact the subject company as door was found locked. After enquiring the security guard our executive came to know that even he is not aware about the subject company. Due to unavailability of alternate address and contact number our executive was unable to contact the subject company.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 DECLINED

Unable to contact

LOCATIONS

Registered Office :	A-104, Shilalekh Commercial Co-Operative Society Limited, Bhoja Bhai Ni Sheri, Mahidharpura, Surat – 395 003, Gujarat, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	antiqueexim@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Pankaj Kumar Sampat Lal Babel

Designation :

Director

Address :

A-104, 2^nd Floor, Shilalekh, Bhojabhai Ni Sheri, Mahidharpura, Surat – 395 003, Gujarat, India

Date of Birth/Age :

24.06.1987

Date of Appointment :

22.11.2011

DIN No. :

03645134

PAN No.:

AWSPB1336J

Name :

Mr. Shantilal Dhanraj Paldecha

Designation :

Director

Address :

104-A Shilalekh Building, Bhojabhai Ni Sheri, Mahidharpura, Surat – 395 003, Gujarat, India

Date of Birth/Age :

13.06.1970

Date of Appointment :

22.11.2011

DIN No. :

05118748

PAN No.:

AOOPP9497C

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	U52393GJ2011PTC067924	ANTIQUE EXIM PRIVATE LIMITED	Director	22-11-2011	22-11-2011	-	Active	NO
2	U36912GJ2013PTC076427	MAHIMA GEMS PRIVATE LIMITED	Director	14-08-2013	14-08-2013	-	Strike off	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Pankaj Kumar Babel	5000	10.00
Shantilal Paldecha	45000	90.00
Total	50000	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 engaged in the business of trading in diamonds.
Products :	Diamond
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name
Branch Address
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Banking Relations :	--
Auditors :
Name :	Rajendra Baser and Company Chartered Accountants
Address :	Office No.3010, World Trade Centre, Ring Road, Surat – 395 002, Gujarat, India
PAN No.:	AAGFR9975F
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
50000	Equity Shares	Rs.10/- each	Rs.0.500 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	0.500	0.500	0.100
(b) Reserves & Surplus	0.823	0.294	0.071
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.045	0.145
Total Shareholders’ Funds (1) + (2)	1.323	0.839	0.316
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.003	0.003	0.000
(c) Other long term liabilities	119.954	31.226	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	119.957	31.229	0.000
(4) Current Liabilities
(a) Short term borrowings	2.000	5.000	0.000
(b) Trade payables	1441.360	1391.531	397.588
(c) Other current liabilities	0.000	0.404	0.218
(d) Short-term provisions	0.016	0.021	0.018
Total Current Liabilities (4)	1443.376	1396.956	397.824
TOTAL	1564.656	1429.024	398.140
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.018	0.030	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	527.875	181.802	0.000
(e) Other Non-current assets	193.280	32.280	0.012
Total Non-Current Assets	721.173	214.112	0.012
(2) Current assets
(a) Current investments	0.000	2.957	0.015
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	615.210	550.507	68.797
(d) Cash and cash equivalents	22.353	21.548	7.675
(e) Short-term loans and advances	205.920	639.900	321.641
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	843.483	1214.912	398.128
TOTAL	1564.656	1429.024	398.140

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3566.314	2291.324	316.686
		Other Income	60.122	49.964	2.929
		TOTAL	3626.436	2341.288	319.615
Less	EXPENSES
		Office Expenses	3625.651	2340.959	319.512
		Administrative Expenses
		Advertising Expenses
		TOTAL	3625.651	2340.959	319.512
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.785	0.329	0.103
Less/ Add	DEPRECIATION/ AMORTISATION		0.012	0.006	0.000
	PROFIT/ (LOSS) BEFORE TAX		0.773	0.323	0.103
Less	TAX		0.244	0.100	0.032
	PROFIT/ (LOSS) AFTER TAX		0.529	0.223	0.071
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.294	0.071	0.000
	BALANCE CARRIED TO THE B/S		0.823	0.294	0.071
	Earnings / (Loss) Per Share (Rs.)		10.58	4.46	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.01	0.01	0.02
Return on Total Assets (PBT/Total Assets}	(%)	0.05	0.02	0.03
Return on Investment (ROI) (PBT/Networth)		0.58	0.38	0.33
Debt Equity Ratio (Total Debt/Networth)		1.51	5.96	0.00
Current Ratio (Current Asset/Current Liability)		0.58	0.87	1.00

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	0.100	0.500	0.500
Reserves & Surplus	0.071	0.294	0.823
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.145	0.045	0.000
Net worth	0.316	0.839	1.323
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	5.000	2.000
Total borrowings	0.000	5.000	2.000
Debt/Equity ratio	0.000	5.959	1.512

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	316.686	2,291.324	3,566.314
		623.532	55.644

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	316.686	2,291.324	3,566.314
Profit	0.071	0.223	0.529
	0.02%	0.01%	0.01%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last 2 years 4 months	Yes
12]	Profitability for last 2 years 4 months	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	No
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	Yes
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 A-104, Shilalekh Commercial Co-Operative Society Limited, Mahidharpura, Surat – 395 003, Gujarat to the present address w.e.f. 22.11.2011.

PERFORMANCE AND PROSPECTS:

During the year, there has been remarkable increased in the turnover of the company as compared to previous year. The company has achieved turnover of Rs.3566.314 millions and earned net profit of Rs.0.529 million. The Management has adopted effective business promotion and marketing tools according to the current market trend to boost up the margins of the company. Moreover, the 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.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances	2.000	5.000
Total	2.000	5.000

INDEX OF CHARGES

No Charges Exist for Company.

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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	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		27

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.