MIRA INFORM REPORT

Report No. :	333777
Report Date :	27.07.2015

IDENTIFICATION DETAILS

Name :	ANTIQUE EXIM PRIVATE LIMITED
Registered Office :	A-104, Shilalekh Commercial Co-Operative Society Limited, Bhoja Bhai Ni Sheri, Mahidharpura, Surat-395003, Gujarat
Tel. No.:	91-261-2608814/ 30821322
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.:	5211029097
TAN No.: [Tax Deduction & Collection Account No.]	SRTA05586A
PAN No.: [Permanent Account No.]	AAJCA9815B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Diamonds.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating constrained on account of company’s moderate financial risk profile marked by thin profitability margins, modest net worth and leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of operational losses, the company can be considered for business dealing 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 – 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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Atul Jain
Designation :	Manager
Contact No.:	91-9321310469
Date :	25.07.2015

LOCATIONS

Registered Office/ Warehouse:	A-104, Shilalekh Commercial Co-Operative Society Limited, Bhoja Bhai Ni Sheri, Mahidharpura, Surat-395003, Gujarat, India
Tel. No.:	91-261-2608814/ 30821322
Mobile No.:	91-9930594262 (Mr. Shantilal Dhanraj Paldecha) 91-9321310469 (Mr. Atul Jain)
Fax No.:	91-261-2608814
E-Mail :	antiqueexim@gmail.com
Area :	250 Sq. Ft.
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Pankaj Kumar Babel

Designation :

Director

Address :

A-104, 2nd Floor, Shilalekh Bhojabhaini Sher, Mahidharpura, Surat-395003, Gujarat, India

Date of Birth/Age :

24.06.1987

Qualification :

B. Com

Date of Appointment :

22.11.2011

PAN No.:

AWSPB1336J

DIN No.:

03645134

Name :

Mr. Shantilal Dhanraj Paldecha

Designation :

Director

Address :

104-A Shilalekh Building, Bhojabhai Nishe, Mahidharpura, Surat-395003, Gujarat, India

Date of Birth/Age :

13.06.1970

Qualification :

B. Com

Date of Appointment :

22.11.2011

PAN No.:

AOOPP9497C

DIN No.:

05118748

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	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

KEY EXECUTIVES

Name :	Mr. Atul Jain
Designation :	Manager

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 Dhanraj Paldecha	45000	90.00
Total	50000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Diamonds.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Polished Diamonds
Countries :	· Hong Kong · Belgium · Dubai
Imports :
Products :	Rough Diamonds
Countries :	· Hong Kong · Belgium
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Samir Gems MV (Antwerpen)

· Glorious Gems BV BA (Antwerpen)

Customers :

Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Jainam Exports

· Manav Gems

No. of Employees :

35 (Approximately)

Bankers :

Bank Name:	Kotak Mahindra Bank Limited
Branch:	S. V. P. Road, Opera House, Mumbai, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

--

Auditors :
Name :	Rajendra Baser and Company Chartered Accountants
Address :	Office No. 3010, World Trade Centre, Ring Road, Surat-395002, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAGFR9975F
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

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 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	0.500	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	1441.359	1391.531	397.588
(c) Other current liabilities	0.000	0.403	0.218
(d) Short-term provisions	0.017	0.022	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
		TOTAL	3625.651	2340.959	319.512
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.785	0.329	0.103
Less/ Add	DEPRECIATION/ AMORTISATION		0.012	0.006	0.000
	PROFIT BEFORE TAX		0.773	0.323	0.103
Less	TAX		0.244	0.100	0.032
	PROFIT 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 Per Share (Rs.)		10.58	4.46	0.71

Expected Sales (2014-2015): Rs. Rs. 3250.000 Million

The above information has been parted by Mr. Atul Jain (Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	(58.985)	(38.315)	4.345

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 Liability/Networth)		1.51	5.96	0.00
Current Ratio (Current Asset/Current Liability)		0.58	0.87	1.00

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	0.500	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
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	316.686	2291.324	3566.314
		623.532	55.644

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	316.686	2291.324	3566.314
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	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
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	No
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

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

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

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

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

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 Million 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.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from A-104, Shilalekh Commercial Co-Operative Society Limited., Mahidharpura, Surat-395003, Gujarat, India to the present address w.e.f 22.11.2011

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

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. 63.89
UK Pound	1	Rs. 99.10
Euro	1	Rs. 70.12

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	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	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		30

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.