MIRA INFORM REPORT

Report No. :	329934
Report Date :	06.07.2015

IDENTIFICATION DETAILS

Name :	MOHIT DIAMONDS PRIVATE LIMITED
Formerly Known As :	MOHIT DIAMOND IMPEX PRIVATE LIMITED
Registered Office :	BC - 7011, 7th Floor, Tower - B, Central Block, Bharat Diamond Bourse, G – Block, BKC, Bandra - East, Mumbai – 400051, Maharashtra
Tel. No.:	91-22-23827777 / 26725757
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.08.1991
Com. Reg. No.:	11-063011
Capital Investment / Paid-up Capital :	Rs. 40.140 Million
CIN No.: [Company Identification No.]	U36912MH1991PTC063011
IEC No.:	0391131699
TAN No.: [Tax Deduction & Collection Account No.]	MUMM07149C
PAN No.: [Permanent Account No.]	AAACM2843A
Legal Form :	Private Limited Liability Company
Line of Business :	The Company's main business consists of Import of Rough Diamonds, manufacturing and export of Polished Diamonds and Studded Jewellery.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 is a private limited company incorporated in the year 1991, having satisfactory track. Rating rakes into consideration company’s above average financial risk profile marked by its healthy net-worth and fair profit margin. Company has reported significant increase in its sales turnover and profit in FY14 over previous year. However, rating constraints on account of intense competition in Diamond Industry, and its large working capital intensive nature of business. However, trade relations are fair. Business is active. Payment terms reported to be slow but correct. The company can be considered for business dealings with usual trade terms and conditions.

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	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

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	28.01.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.01.2015

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Kaushik
Designation :	Vice President
Contact No.:	91-22-26755757
Date :	04.07.2015

LOCATIONS

Registered Office :	BC - 7011, 7th Floor, Tower-B, Central Block, Bharat Diamond Bourse, G – Block, BKC, Bandra - East, Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-23827777 / 26725757
Fax No.:	91-22-23809889 / 26756000
E-Mail :	secretarial_mohitgroup@yahoo.co.in
Website :	www.mohitdiamonds.com
Branch :	Jwellery Division, 301-304, 3rd Floor, Block II, Seepz ++, Seepz Sez, Andheri (East), Mumbai – 400096, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Anoop V Mehta

Designation :

Chairman and Managing Director

Address :

52- El- CID, 13A, Ridge Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

08.11.1956

Date of Appointment :

20.08.1991

PAN No.:

AACPM0814A

DIN No.:

00107044

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	U36912MH1986PTC040054	EMAAR DIAMONDS PRIVATE LIMITED	Director	10/06/1986	10/06/1986	-	Active	NO
2	U65990MH1991PTC060425	DIA AGRO AND INVESTMENT PRIVATE LIMITED	Director	22/02/1991	22/02/1991	-	Active	NO
3	U36912MH1991PTC062891	MOHANLAL RAICHAND DIAMONDS PVT LTD	Director	12/08/1991	12/08/1991	-	Active	NO
4	U36912MH1991PTC063011	MOHIT DIAMONDS PRIVATE LIMITED	Managing director	20/08/1991	20/08/1991	-	Active	NO
5	U51220MH1991PTC062379	DESAI AUTO CREDITS PRIVATE LIMITED	Director	01/07/1993	01/07/1993	-	Active	NO
6	U65944MH1991PTC062390	DESAI BUILT-IN FINANCE PRIVATE LIMITED	Director	01/07/1993	01/07/1993	-	Active	NO
7	U29290MH1991PTC062381	DESAI EQUIPMENT FINANCE PRIVATE LIMITED	Director	01/07/1993	01/07/1993	-	Active	NO
8	U65944MH1991PTC062389	DESAI HOME FINANCE PRIVATE LIMITED	Director	01/07/1993	01/07/1993	-	Active	NO
9	U51900MH1991PTC062392	DESAI TRADE CREDITS PRIVATE LIMITED	Director	01/07/1993	01/07/1993	-	Active	NO
10	U51900MH1993PTC075279	CLIO TRADING COMPANY P LTD	Director	30/12/1993	30/12/1993	-	Active	NO
11	U51900MH1993PTC075281	MORSE TRADING CO P LTD	Director	30/12/1993	30/12/1993	-	Active	NO
12	U33300MH1995PTC089831	DIA PRECIOUS JEWELLERY PRIVATE LIMITED	Director	22/06/1995	22/06/1995	-	Active	NO
13	U51398MH1984NPL033787	BHARAT DIAMOND BOURSE	Director	27/10/1995	27/10/1995	-	Active	NO
14	U65990MH1998PTC116003	KIRTI EQUITIES PRIVATE LIMITED	Director	09/09/1998	09/09/1998	07/03/2011	Active	NO
15	U51900MH1973NPL017093	DIAMOND EXPORTERS ASSOCIATION LIMITED	Director	20/07/2002	20/07/2002	30/09/2014	Active	NO
16	U33302MH2003PTC141202	LUXURY JEWELLERY PRIVATE LIMITED	Director	07/07/2003	07/07/2003	-	Active	NO
17	U01110MH2003PTC141503	EXOTIC PARKS PRIVATE LIMITED	Director	28/07/2003	28/07/2003	-	Active	NO
18	U36910MH2003PTC143687	MOHIT JEWELLERY PRIVATE LIMITED	Director	29/12/2003	29/12/2003	-	Amalgamated	NO
19	U51909MH1999PTC172155	LIFESTYLE TRADELINK (INDIA) PRIVATE LIMITED	Director	12/02/2004	12/02/2004	-	Active	NO
20	U36911MH2005PTC152239	MOHIRA JEWELLERY PRIVATE LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
21	U91120MH2005PLC157427	PALANPUR COMMUNITY FOUNDATION	Director	21/11/2005	21/11/2005	-	Active	NO
22	U01403MH2007PTC168618	LUXURY AGRO-DEVELOPMENT PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
23	U15412MH2008PTC180928	CHOCOCO CONFECTIONERIES PRIVATE LIMITED	Director	08/04/2008	08/04/2008	-	Active	NO
24	U70102PN2006PTC022184	LAKEWAY PROPERTIES PRIVATE LIMITED	Director	21/11/2008	21/11/2008	-	Active	NO
25	U55101MH2007PTC172235	NYATI RETREAT PRIVATE LIMITED	Director	21/09/2012	22/12/2011	-	Active	NO

Name :

Mrs. Devaunshi A Mehta

Designation :

Director

Address :

52- El- CID, 13A, Ridge Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

29.02.1960

Date of Appointment :

01.12.1994

DIN No.:

00107254

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	U65990MH1976PTC018974	PAURA INVESTMENTS PRIVATE LIMITED	Director	30/11/1979	30/11/1979	-	Active	NO
2	U65990MH1981PTC024552	MANUJ INVESTMENT PVT LTD	Director	16/12/1982	16/12/1982	-	Active	NO
3	U65990MH1991PTC060425	DIA AGRO AND INVESTMENT PRIVATE LIMITED	Director	15/03/1993	15/03/1993	-	Active	NO
4	U51900MH1993PTC075279	CLIO TRADING COMPANY P LTD	Director	30/12/1993	30/12/1993	-	Active	NO
5	U51900MH1993PTC075281	MORSE TRADING CO P LTD	Director	30/12/1993	30/12/1993	-	Active	NO
6	U36912MH1991PTC063011	MOHIT DIAMONDS PRIVATE LIMITED	Director	01/12/1994	01/12/1994	-	Active	NO
7	U33300MH1995PTC089831	DIA PRECIOUS JEWELLERY PRIVATE LIMITED	Director	22/06/1995	22/06/1995	-	Active	NO
8	U51220MH1991PTC062379	DESAI AUTO CREDITS PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
9	U65944MH1991PTC062390	DESAI BUILT-IN FINANCE PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
10	U29290MH1991PTC062381	DESAI EQUIPMENT FINANCE PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
11	U65944MH1991PTC062389	DESAI HOME FINANCE PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
12	U51900MH1991PTC062392	DESAI TRADE CREDITS PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
13	U36912MH1991PTC062891	MOHANLAL RAICHAND DIAMONDS PVT LTD	Director	09/07/1999	09/07/1999	-	Active	NO
14	U36912MH1986PTC040054	EMAAR DIAMONDS PRIVATE LIMITED	Whole-time director	01/03/2013	25/09/2001	-	Active	NO
15	U33302MH2003PTC141202	LUXURY JEWELLERY PRIVATE LIMITED	Director	07/07/2003	07/07/2003	-	Active	NO
16	U01110MH2003PTC141503	EXOTIC PARKS PRIVATE LIMITED	Director	28/07/2003	28/07/2003	-	Active	NO
17	U36910MH2003PTC143687	MOHIT JEWELLERY PRIVATE LIMITED	Director	29/12/2003	29/12/2003	-	Amalgamated	NO
18	U51909MH1999PTC172155	LIFESTYLE TRADELINK (INDIA) PRIVATE LIMITED	Director	12/02/2004	12/02/2004	-	Active	NO
19	U36911MH2005PTC152239	MOHIRA JEWELLERY PRIVATE LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
20	U74994MH2005PTC158019	BIRLA ART LIFESTYLEPVT LTD	Director	13/12/2005	13/12/2005	-	Active	NO
21	U01403MH2007PTC168618	LUXURY AGRO-DEVELOPMENT PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
22	U15412MH2008PTC180928	CHOCOCO CONFECTIONERIES PRIVATE LIMITED	Director	08/04/2008	08/04/2008	-	Active	NO

Name :

Mr. Darshil M. Mehta

Designation :

Executive Director

Address :

403, Swastik Sadan, B – wing, 4^th Floor, 8^th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

13.11.1986

Date of Appointment :

31.10.2013

DIN No.:

05283036

KEY EXECUTIVES

Name :	Mr. Uday M. Kothari
Designation :	Secretary
Address :	A – 302, Viraj CHSL, Goverdhan Nagar, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	21.11.1961
Date of Appointment :	01.11.1995
PAN No.:	AABPK4356J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders (Equity)	No. of Shares
Anoop Mehta Jointly with Devaunshi Mehta and Mohit Mehta	337400
Anoop Mehta	96400
Devaunshi Mehta Jointly with Anoop Mehta and Mohit Mehta	96400
Mohit Mehta Jointly with Anoop Mehta and Devaunshi Mehta	96400
Aopp V Mehta	337400
Total	964000

Names of Shareholders (Preference)	No. of Shares
Anoop Mehta Jointly with Devaunshi Mehta and Mohit Mehta	3049200
Bharat Jhaveri	50
Alias Hiral I Kothari Jointly with Hiral P Punmyap	50
Indrajit M Kothari	50
Jayshree Kothari	50
Hitendra K Bansali	50
Darshna Bansali	50
Raju M Shah	50
Avani R Jhaveri	50
Malati R Zaveri	50
Shreya S Mehta	50
Yatish Trading Company Private Limited, India	50
Bharat M Mehta	50
Arvind Parekh Jointly with Vasundhara A Parekh	50
Vasundhara A Parekh Jointly with Arvind Parekh	50
Anish N. Bhansal	50
Manish S. Mehta	50
Total	3050000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company's main business consists of Import of Rough Diamonds, manufacturing and export of Polished Diamonds and Studded Jewellery.
Products :	Diamonds
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 :

Not Divulged

Bankers :

• Punjab National Bank, Offshore Banking Division, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India
• Bank of Baroda, 10/12, Mumbai Main Office, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from Banks	3.125	9.992
SHORT TERM BORROWING
Loans repayable on demand	1130.004	1038.016
Total	1133.129	1048.008

Banking Relations :	--
Auditors :
Name 1 :	Chhotalal H Shah and Company Chartered Accountant
Address :	Damodar Mansion, 15, A K Naik Marg, Fort, Mumbai-400001, Maharashtra, India
Tel No.:	91-22-22011787/22019193
Fax No.:	91-22-22053529
Email :	chshah_co@vsnl.net
Name 2 :	Suresh Surana and Associates Chartered Accountant
Address :	Evershine Millenium Paradise, EMP 6, Flat No 402/3, A Wing Jupitor, 4th Floor, Thakur Village, Kandivali East, Mumbai 400101, Maharashtra, India
PAN No.:	AAQFS7647M
Memberships :	--
Collaborators :	--
Subsidiaries :	Emaar Diamonds Private Limited CIN No. U36912MH1986PTC040054 Luxury Jewellery Private Limited CIN No.: U33302MH2003PTC141202 Mohit Diamonds USA Inc Mohira Jewellery Private Limited CIN No.: U36911MH2005PTC152239 Blue Jays Private Limits
Entities controlled by Directors:	Mohanlal Raichand and Sons KMG Jewellery Select Jewellery BVBA ( Belgium) Dhruv Star BVBA

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2050000	Equity Shares	Rs.10/- each	Rs.20.500 Million
11950000	Preference Shares	Rs.10/- each	Rs.119.500 Million
	Total		Rs.140.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
964000	Equity Shares	Rs.10/- each	Rs.9.640 Million
3050000	Preference Shares	Rs.10/- each	Rs.30.500 Million
	Total		Rs.40.140 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	40.140	40.143	40.143
(b) Reserves & Surplus	893.319	841.972	819.237
(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)	933.459	882.115	859.380
(3) Non-Current Liabilities
(a) long-term borrowings	5.625	9.992	14.098
(b) Deferred tax liabilities (Net)	25.862	23.028	19.977
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.378	3.856	3.693
Total Non-current Liabilities (3)	34.865	36.876	37.768
(4) Current Liabilities
(a) Short term borrowings	1253.678	1166.089	1099.219
(b) Trade payables	164.613	72.123	111.266
(c) Other current liabilities	14.122	17.350	22.356
(d) Short-term provisions	2.739	2.625	2.419
Total Current Liabilities (4)	1435.152	1258.187	1235.260
TOTAL	2403.476	2177.178	2132.408
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	237.027	251.522	256.101
(ii) Intangible Assets	1.085	1.514	1.570
(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	29.112	29.113	29.113
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	50.370	47.121	43.612
(e) Other Non-current assets	0.054	1.954	3.114
Total Non-Current Assets	317.648	331.224	333.510
(2) Current assets
(a) Current investments	15.756	6.870	8.945
(b) Inventories	946.065	1032.030	949.142
(c) Trade receivables	957.596	759.354	802.820
(d) Cash and cash equivalents	139.120	27.858	19.211
(e) Short-term loans and advances	16.943	10.945	10.919
(f) Other current assets	10.348	8.897	7.861
Total Current Assets	2085.828	1845.954	1798.898
TOTAL	2403.476	2177.178	2132.408

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2424.274	2081.473	2563.447
	Other Income	42.111	27.871	26.448
	TOTAL (A)	2466.385	2109.344	2589.895
Less	EXPENSES
	TOTAL (B)	2266.862	1942.400	2395.275
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	199.523	166.944	194.620
Less	FINANCIAL EXPENSES (D)	109.206	119.668	124.493
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	90.317	47.276	70.127
Less/ Add	DEPRECIATION/ AMORTISATION (F)	13.637	13.490	12.403
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	76.680	33.786	57.724
Less	TAX (H)	25.334	11.050	12.149
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	51.346	22.736	45.575
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	808.472	785.736	740.161
	Balance Carried to the B/S (J+K+L-M)	859.818	808.472	785.736
	EARNINGS IN FOREIGN CURRENCY	2358.992	2030.638	2558.452
	IMPORTS (CIF Basis)	1577.449	1487.118	1841.809
	Earnings / (Loss) Per Share (Rs.)	54.16	23.58	45.25

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	6.866	6.956	6.349
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.12	1.09	1.78
Operating Profit Margin (PBIDT/Sales)	(%)	8.23	8.02	7.59
Return on Total Assets (PBT/Total Assets}	(%)	3.23	1.57	2.74
Return on Investment (ROI) (PBT/Networth)		0.08	0.04	0.07
Debt Equity Ratio (Total Debt /Networth)		1.35	1.33	1.30
Current Ratio (Current Asset/Current Liability)		1.45	1.47	1.46

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	40.143	40.143	40.140
Reserves & Surplus	819.237	841.972	893.319
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	859.380	882.115	933.459
long-term borrowings	14.098	9.992	5.625
Short term borrowings	1099.219	1166.089	1253.678
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	1113.317	1176.081	1259.303
Debt/Equity ratio	1.295	1.333	1.349

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)
Sales	2563.447	2081.473	2424.274
		(18.802)	16.469

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2563.447	2081.473	2424.274
Profit	45.575	22.736	51.346
	1.78%	1.09%	2.12%

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	Yes
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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Mehta Bhavan 5^th Floor, 311 New Charni Road, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 01.10.2011

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deposit from directors	2.500	0.000
SHORT TERM BORROWING
Loans and advances from reared parties	123.674	128.073
Total	126.174	128.073

COMPANY INFORMATION:

Subject was incorporated under the Companies Act, 1956 on 20th August, 1991. The Company has two Divisions

viz. Head Office/Diamond Division and Jewellery Division.

The Company's main business consists of Import of Rough Diamonds, manufacturing and export of Polished Diamonds and Studded Jewellery.

PERFORMANCE:

The Sales Revenue of the Company for the year under consideration was Rs.2424.274 Million (Previous Year Rs. 2081.473 Million) registered increase of 16.47%. The sales and other income of the Company were Rs. 2466.385 Million as against that of in Previous Year Rs. 2109.345 Million.

Your company has two Divisions viz. Diamonds Division and Jewellery Division. The Diamonds Division of the Company, the main driver of the Company’s growth has registered Sales of Rs. 2108.098 Million (Previous Year Rs. 1781.484 Million) registered increase of 18.33%. The Sales Revenue of Jewellery Division of the Company during the year under review was Rs. 316.177 Million (Previous Year Rs. 299.989 Million) registering decrease of 5.39%.

The overall performance of the Company was lower than expected on account of the decrease in Sales Revenue of the Diamond Division and Jewellery Division of the Company on account of recession in USA and European Market and account of change in trend, fashion.

The management is of the opinion that this trend is of temporary in nature and efforts are being made to explore the new markets for the Jewellery and other product besides existing markets.

INDEX OF CHARGES:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10261164	04/01/2011	25,000,000.00	BANK OF BARODA	Mumbai Main Office, 10/12, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400001, India	B03069267
2	10233507	21/07/2010	10,000,000.00	PUNJAB NATIONAL BANK	Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India	A91328773
3	10259069	19/11/2010 *	130,000,000.00	PUNJAB NATIONAL BANK	Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India	B03071651
4	10231774	19/11/2010 *	60,000,000.00	PUNJAB NATIONAL BANK	Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India	B00995571
5	10231776	19/11/2010 *	70,000,000.00	PUNJAB NATIONAL BANK	Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India	B00994046
6	90359853	20/11/2004 *	1,570,000.00	PUNJAB NATIONAL BANK	Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India	-
7	90350425	22/09/2008 *	122,000,000.00	PUNJAB NATIONAL BANK	Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India	A47809827
8	90187022	01/10/2003	10,000,000.00	BANK OF BARODA	Ovebombay Main Office, Bombay Smachar Marg; Fort, Bombay, Maharashtra - 400023, India	-
9	90188905	11/06/2003	50,000,000.00	STATE BANK OF TRAVANCORE	Corporate Finance Branch; 112/113, Tulsiam Chambers; West Wing; 1st Floor; Nariman Po, Mumbai, Maharashtra - 400021, India	-
10	90187920	30/10/2002	7,500,000.00	GLOBAL TRUST BANK LIMITED	Shreejee Chambers; Road No. 2, Opera House, Mumbai, Maharashtra - 400004, India	-
11	90188802	28/03/2000	100,000,000.00	THE VYSYA BANK LIMITED	Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India	-
12	90186707	31/08/1999	12,500,000.00	BANK OF BARODA	Mumbai Main Office, 10/12; Mumbai Samachar; Fort, Mumbai, Maharashtra - 400001, India	-
13	90187826	08/07/1999	19,000,000.00	GLOBAL TRUST BANK LIMITED	Shreejee Chambers; Tata Road No. 2, Opera House, Mumbai, Maharashtra - 400004, India	-
14	90187821	13/05/1999	5,000,000.00	UNION BANK OF INDIA	Mumbai Samachar Marg Branch, 66/80; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India	-
15	90186645	15/03/2013 *	1,056,000,000.00	BANK OF BARODA	10/12, Mumbai Main Office,, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, India	B73111692
16	90188738	07/08/1998	6,200,000.00	THE VYSYA BANK LIMITED	Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India	-
17	90187710	15/03/1996	37,500,000.00	GLOBAL TRUST BANK LIMITED	Shreejee Chambers; Tata Road No. 2, Opera House, Mumbai, Maharashtra - 400004, India	-
18	90186176	02/03/1995	115,000,000.00	BANK OF BARODA	Bombay Main Office, Bombay Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India	-
19	90188580	20/02/1995	13,500,000.00	STATE BANK OF TRAVANCORE	Bombay Main Branch; 111; Free Press House, 215; Nariman Point, Bombay, Maharashtra - 400021, India	-
20	90188527	03/03/1994	112,500,000.00	STATE BANK OF TRAVANCORE	Corporate Finance Branch, Nariman Point, Bombay, Maharashtra - 400021, India	-
21	90187594	24/01/1995 *	92,500,000.00	THE VYSYA BANK LIMITED	Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India	-
22	90188955	02/01/1997 *	92,500,000.00	THE VYSYA BANK LIMITED	Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India	-
23	90185945	17/06/1993	29,200,000.00	UNION BANK OF INDIA	60/80, B. S. Marg Branch, Bombay, Maharashtra - 400023, India	-
24	90187593	07/08/1995 *	92,500,000.00	THE VYSYA BANK LIMITED	Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India	-
25	90185927	27/03/1993	1,900,000.00	UNION BANK OF INDIA	Mumbai Samachar Marg Branch, 66/80; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India	-
26	90187582	25/02/1993	59,100,000.00	THE VYSYA BANK LIMITED	Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India	-
27	90185837	29/06/1992	16,700,000.00	UNION BANK OF INDIA	Mumbai Samachar Marg Branch, 10/12; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India	-
28	90185808	02/04/1992	49,000,000.00	UNION BANK OF INDIA	Mumbai Samachar Marg Branch, 10/12; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India	-
29	90185777	18/11/1991	58,000,000.00	UNION BANK OF INDIA	Mumbai Samachar Marg Branch, 10/12; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India	-

*Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.

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.63.40
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	KIN
Analysis Done by :	DIP
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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.