MIRA INFORM REPORT

Report No. :	327557
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	LAXMI DIA JEWEL PRIVATE LIMITED
Registered Office :	Plot N. 4, BMC Industrial Area, Sai Nagar, Kandiwali (West), Mumbai-400067, Maharashtra, India
Tel. No.:	91-22-61503330
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.09.1992
Com. Reg. No.:	11-068743
Capital Investment / Paid-up Capital :	Rs. 96.856 Million
CIN No.: [Company Identification No.]	U36912MH1992PTC068743
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Importer of Diamond, Gold Jeweller, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3240000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is engaged in cutting and polishing of diamonds. It is a well-established company having fine track record. For the financial year ended 2014, company has possesses healthy operational performance backed by its decent profitability margin maintained during a year under a review. Rating also reflects company’s established presence in the gems and jewellery business supported by its promoters’ extensive experience and adequate financial profile of the company. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitment. In view of healthy operating efficiencies along with adequate financial base, the company can be considered good for normal business dealings at 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=BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	12.02.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating=A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	12.02.2015

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Tulshi
Designation :	Account Executive
Contact No.:	91-22-61503333
Date :	15.06.2015

LOCATIONS

Registered Office :	Plot N. 4, BMC Industrial Area, Sai Nagar, Kandiwali (West), Mumbai-400067, Maharashtra, India
Tel. No.:	91-22-61503330/ 61503302
Fax No.:	91-22-61503330
E-Mail :	bhavin@icai.org info.cy@cygnusjewellery.com accounts@cygnusjewellery.com
Website :	www.cygnusjewellery.com
Factory :	Unit No-20/24, SDFI, SEEPZ, Andheri East, Mumbai, Maharashtra, India

NOTE:

Branch Office: Subject have 14 Branch Offices in India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ashokkumar Haribhai Gajera

Designation :

Director

Address :

31, Kalpavruksh Apartment, 27, B. G. Kher Marg, Walkeshwar, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

01.06.1965

Date of Appointment :

26.09.1994

PAN No.:

ABTPG2048J

DIN No.:

00147819

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	U45400GJ1991PTC015655	LAXMI BLOCKS BUILDING PRIVATE LIMITED	Director	05-08-1991	05-08-1991	27-03-2013	Active	NO
2	U36912MH1992PTC068743	LAXMI DIA JEWEL PRIVATE LIMITED	Director	26-09-1994	26-09-1994	-	Active	NO
3	U36910MH1999PTC120648	LAXMI JEWEL PRIVATE LIMITED	Director	02-07-1999	02-07-1999	-	Amalgamated	NO
4	U24110GJ1994PLC023372	LAXMI INFRA-STONE LIMITED	Director	22-10-1999	22-10-1999	-	Active	NO
5	U45201GJ1990PTC014201	ALEKHAN CONSTRUCTION PRIVATE LIMITED	Director	03-04-2002	03-04-2002	01-08-2007	Active	NO
6	U45209GJ2002PTC040903	SHANTI INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	24-03-2003	24-03-2003	-	Active	NO
7	U72900MH2000PLC127850	SHREE LAXMI INFOSOLUTIONS AND JEWELLARY LIMITED	Director	20-05-2004	20-05-2004	-	Amalgamated	NO
8	U99999MH1971PTC015201	DHANAMALL SILK MILLS PRIVATE LIMITED	Director	10-01-2005	10-01-2005	-	Active	NO
9	U36911MH2005PTC153249	GL DIAMOND SOURCING PRIVATE LIMITED	Director	12-05-2005	12-05-2005	06-02-2009	Active	NO
10	U65923MH1993PTC072964	CATURA LEASING AND FINANCE PRIVATE LIMITED	Director	01-11-2005	01-11-2005	-	Amalgamated	NO
11	U36911MH2006PTC161091	LAXMI DIAMOND PRIVATE LIMITED	Whole-time director	12-04-2006	12-04-2006	-	Active	NO
12	U45202GJ2001PLC039548	LAXMI SHOPS AND WAREHOUSES LIMITED	Director	01-11-2006	01-11-2006	-	Active	NO
13	U45201GJ1989PLC012793	LAXMI INFRA DEVELOPERS LIMITED	Director	07-05-2007	07-05-2007	-	Active	NO
14	U45201GJ2007PTC051596	LAX INFRA BUILDCON PRIVATE LIMITED	Director	24-08-2007	24-08-2007	-	Active	NO
15	U45203MH2010PTC204858	MBA HEIGHTS AND PROPERTIES PRIVATE LIMITED	Director	25-06-2010	25-06-2010	-	Active	NO
16	U45201GJ2007PTC051275	SHANTI RESIDENCES PRIVATE LIMITED	Director	30-09-2011	03-10-2010	-	Active	NO
17	U24134GJ2010PLC063117	CREATIVE POLYFILMS LIMITED	Director	02-12-2010	02-12-2010	-	Active	NO
18	U45200GJ2012PTC069232	SHANTI LIFE SPACE PRIVATE LIMITED	Director	29-02-2012	29-02-2012	-	Active	NO

Name :

Mr. Chunibhai Haribhai Gajera

Designation :

Director

Address :

67, Adarsh Society, Athwalines, Surat - 395001, Gujarat, India

Date of Birth/Age :

05.07.1960

Date of Appointment :

26.09.1994

PAN No.:

AAWPG3525A

DIN No.:

00147830

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	U17119GJ1992PTC017302	SHRI LAXMI NARAYAN POLYFIBRE PRIVATE LIMITED	Director	13-03-1992	13-03-1992	-	Active	NO
2	U36912MH1992PTC068743	LAXMI DIA JEWEL PRIVATE LIMITED	Director	26-09-1994	26-09-1994	-	Active	NO
3	U36910MH1999PTC120648	LAXMI JEWEL PRIVATE LIMITED	Director	02-07-1999	02-07-1999	-	Amalgamated	NO
4	U45202GJ2001PLC039548	LAXMI SHOPS AND WAREHOUSES LIMITED	Director	16-05-2001	16-05-2001	-	Active	NO
5	U24110GJ1994PLC023372	LAXMI INFRA-STONE LIMITED	Director	06-05-2002	06-05-2002	-	Active	NO
6	U36912GJ2003PTC042258	EXCLUSIVE GEMS PRIVATE LIMITED	Director	21-04-2003	21-04-2003	-	Active	NO
7	U36910MH2004PTC145377	LJ CREATIONS PRIVATE LIMITED	Director	29-03-2004	29-03-2004	15-04-2008	Amalgamated	NO
8	U72900MH2000PLC127850	SHREE LAXMI INFOSOLUTIONS AND JEWELLARY LIMITED	Director	20-05-2004	20-05-2004	-	Amalgamated	NO
9	U92411GJ1975GAP002711	WEST END SPORTS CLUB LIMITED	Director	29-09-2009	15-10-2005	-	Active	NO
10	U36911MH2006PTC161091	LAXMI DIAMOND PRIVATE LIMITED	Whole-time director	12-04-2006	12-04-2006	-	Active	NO
11	U45201GJ1989PLC012793	LAXMI INFRA DEVELOPERS LIMITED	Director	07-05-2007	07-05-2007	-	Active	NO
12	U45201GJ2007PTC051275	SHANTI RESIDENCES PRIVATE LIMITED	Director	05-07-2007	05-07-2007	-	Active	NO
13	U45201GJ2007PTC051596	LAX INFRA BUILDCON PRIVATE LIMITED	Director	24-08-2007	24-08-2007	-	Active	NO
14	U17110GJ1991PTC015656	BALMUKUND DIAMONDS PRIVATE LIMITED	Director	15-10-2007	15-10-2007	31-07-2008	Active	NO
15	U52390MH2007PTC172584	AMBITION RETAIL PRIVATE LIMITED	Director	30-09-2010	04-11-2009	-	Active	NO
16	U45201GJ2010PTC059623	SPRING VALLEY REALTY PRIVATE LIMITED	Director	02-03-2010	02-03-2010	-	Active	NO
17	U45200GJ2012PTC069232	SHANTI LIFE SPACE PRIVATE LIMITED	Director	29-02-2012	29-02-2012	-	Active	NO
18	U45400GJ1991PTC015655	LAXMI BLOCKS BUILDING PRIVATE LIMITED	Director	23-09-2013	27-03-2013	-	Active	NO
19	U45209GJ2002PTC040903	SHANTI INTEGRATED TEXTILE PARK PRIVATE LIMITED	Additional director	27-06-2014	27-06-2014	-	Active	NO

Name :

Mr. Vasantbhai Haribhai Gajera

Designation :

Director

Address :

1, Vrushal Nagar, Society, Near Katargam, Police Station, Katargam, Surat - 395004, Gujarat, India

Date of Birth/Age :

01.06.1954

Date of Appointment :

25.09.1992

PAN No.:

ABTPG2033P

DIN No.:

00147855

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	U17119GJ1991PTC015657	BALMUKUND TEXOFAB PRIVATE LIMITED	Director	16-05-1991	16-05-1991	Active	NO
2	U36912MH1992PTC068743	LAXMI DIA JEWEL PRIVATE LIMITED	Director	25-09-1992	25-09-1992	Active	NO
3	U36910MH1999PTC120648	LAXMI JEWEL PRIVATE LIMITED	Director	02-07-1999	02-07-1999	Amalgamated	NO
4	U24110GJ1994PLC023372	LAXMI INFRA-STONE LIMITED	Director	06-05-2002	06-05-2002	Active	NO
5	U45209GJ2002PTC040903	SHANTI INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	24-03-2003	24-03-2003	Active	NO
6	U45209GJ2003PTC042256	EUROCRETE BLOCKS PRIVATE LIMITED	Director	21-04-2003	21-04-2003	Active	NO
7	U72900MH2000PLC127850	SHREE LAXMI INFOSOLUTIONS AND JEWELLARY LIMITED	Director	20-05-2004	20-05-2004	Amalgamated	NO
8	U99999MH1971PTC015201	DHANAMALL SILK MILLS PRIVATE LIMITED	Director	10-01-2005	10-01-2005	Active	NO
9	U92411GJ1975GAP002711	WEST END SPORTS CLUB LIMITED	Director	29-09-2009	15-10-2005	Active	NO
10	U65923MH1993PTC072964	CATURA LEASING AND FINANCE PRIVATE LIMITED	Director	01-11-2005	01-11-2005	Amalgamated	NO
11	U36911MH2006PTC161091	LAXMI DIAMOND PRIVATE LIMITED	Managing director	12-04-2006	12-04-2006	Active	NO
12	U45201GJ1989PLC012793	LAXMI INFRA DEVELOPERS LIMITED	Director	05-01-2007	05-01-2007	Active	NO
13	U51909GJ2007PTC051274	MILI IRON AND METAL COMPANY PRIVATE LIMITED	Director	05-07-2007	05-07-2007	Active	NO
14	U45201GJ2007PTC051392	SOOREE INFRASYSTEMS PRIVATE LIMITED	Director	25-07-2007	25-07-2007	Under Process of Striking off	NO
15	U45201GJ2007PTC051596	LAX INFRA BUILDCON PRIVATE LIMITED	Director	24-08-2007	24-08-2007	Active	NO
16	U52390MH2007PTC172584	AMBITION RETAIL PRIVATE LIMITED	Director	30-09-2010	04-11-2009	Active	NO
17	U45201GJ2007PTC051275	SHANTI RESIDENCES PRIVATE LIMITED	Director	29-09-2010	09-11-2009	Active	NO
18	U24134GJ2010PLC063117	CREATIVE POLYFILMS LIMITED	Director	02-12-2010	02-12-2010	Active	NO
19	U45200GJ2012PTC069232	SHANTI LIFE SPACE PRIVATE LIMITED	Director	29-02-2012	29-02-2012	Active	NO

Name :

Mr. Mitesh Chunilal Gajera

Designation :

Director

Address :

21/22, Suraj Cooperative, Housing.Society, 71, Bhulabhai Desai Road, C/O. Ajay M.T. School, Mumbai - 400006, Maharashtra, INDIA

Date of Birth/Age :

10.03.1982

Date of Appointment :

01.11.2006

PAN No.:

AGIPG4691B

DIN No.:

01011862

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	U36910GJ1999PTC035847	SHRADDHA JEWELS PRIVATE LIMITED	Director	01-11-2006	01-11-2006	Active	NO
2	U36912MH1992PTC068743	LAXMI DIA JEWEL PRIVATE LIMITED	Director	01-11-2006	01-11-2006	Active	NO
3	U45201GJ1989PLC012793	LAXMI INFRA DEVELOPERS LIMITED	Director	07-05-2007	07-05-2007	Active	NO
4	U72900MH2000PLC127850	SHREE LAXMI INFOSOLUTIONS AND JEWELLARY LIMITED	Director	07-07-2007	07-07-2007	Amalgamated	NO
5	U36910MH1999PTC120648	LAXMI JEWEL PRIVATE LIMITED	Director	07-07-2007	07-07-2007	Amalgamated	NO
6	U52390MH2007PTC172584	AMBITION RETAIL PRIVATE LIMITED	Director	24-07-2007	24-07-2007	Active	NO
7	U36911MH2006PTC161091	LAXMI DIAMOND PRIVATE LIMITED	Director	20-03-2008	20-03-2008	Active	NO

Name :

Mr. Bakulbhai Haribhai Gajera

Designation :

Director

Address :

B26, Kanteshwar Society, Katargam Road, Surat - 395004, Gujarat, india

Date of Birth/Age :

16.12.1968

Date of Appointment :

01.03.2014

DIN No.:

06536819

KEY EXECUTIVES

Name :	Mr. Tulshi
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Vasantbhai Haribhai Gajera	778100	8.03
Ashokkumar Haribhai Gajera	413300	4.27
Chunibhai Haribhai Gajera	373100	3.85
Laxmi Diamond Private Limited, India	4250000	43.88
Nitinbhai Chunibhai Gajera	360500	3.72
Sarojben Ashokbhai Gajera	90000	0.93
Sunitaben Chunibhai Gajera	90000	0.93
Rakesh Girdharlal Gajera 9Non Repartiable)	3285615	33.92
Samrat Chokshi	15000	0.15
Shailesh Gajera	15000	0.15
Babubhai Patel	15000	0.15
Total	9685615	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	43.88
Directors or relatives of directors	56.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Importer of Diamond, Gold Jewellery, etc.

Products :

ITC Code No.	Product Descriptions
71131120	Diamond Jewellary Cut and Polish

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Dubai

· USA

· Hong Kong

Imports :

Products :

Machinery

Countries :

Japan

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

Customers :

Wholesalers, Retailers and Manufacturer

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

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Bank of India
Branch:	Seepz Mid Corporate Branch, Behind Seepz Service Centre, Marol Industrial Area, Seepz, Mumbai-400096, 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:

· Axis Bank Limited

Ground Floor, Axis House, Bombay Dyeing Mills Compound, P B Marg, Worli, Mumbai-400025, Maharashtra, India

· Indusind Bank Limited

2401 Gen Thimmayya Road Cantonment, Pune-411001, Maharashtra, India

· State Bank of Saurashtra

First Floor, Diamond Queen, 198, Rajaram Mohan Roy Marg, Girgaon, Mumbai-400004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and Advances from Directors	208.194	274.070
SHORT TERM BORROWINGS
Rupee term loans from Banks	660.879	433.867
Foreign Currency Term Loans from Banks	239.095	234.523
Working Capital Loans from Banks	111.262	277.128
Total	1219.430	1219.588
NOTE : SHORT TERM BORROWINGS (1) All working capital loan is in the nature of cash credit and gold loan (overdraft facility) and are secured against following assets given as collateral or mortgage or hyporhicated: premises at laxmi tower, bandra, premises owned by Laxmi Diamondl Private Limited premises owned by company, fdowned by company. (2) Above loan is also guaranted by directors and relatives of directors. (3) Above loan is also secured by hypothication of inventory and receivables. (4) Above loans were drawn from time to time under a sanction letter which is renewable after one year against. (5) (a) Interest is payable as per RBI/SBI and respective banks guidelines and linked ti respective banks base rate. (For PC and PSC IN Indian Rupee and Foreign Currency) (b) Interest is payable @ Base rate + 6% for CC Loan and 3% (For Gold Loan). (6) Amount of Continuing Default as at balance sheet date

Banking Relations :	--
Auditors :
Name :	Ramesh Rajini and Company Chartered Accountants
Address :	Purshottam Building, First Floor, 450 Lamington Road, Opera House, Mumbai-400004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAFFR7782K
Associates:	· Laxmi Diamond HK Limited, Hong Kong · International Jewellery Manufacturing Company Limited, Thailand · Laxmi Jewel BVBA, Belgium
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	· Laxmi Diamod, India · Suberi Brothers, United States · Komal Gems, Hong Kong · Laxmi Jewel INC, USA · Shree Laxmi Jewellery INC, USA · Shraddha Jewels Private Limited, India (U36910GJ1999PTC035847) · Ambition RETAIL Private Limited, India (U52390MH2007PTC172584) · Laxmi Diamond Private Limited, India (U36911MH2006PTC161091) · R. Mites Kumar and Company · Dahanamal Silk Mills Limited, India

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11750000	Equity Shares	Rs. 10/- each	Rs. 117.500 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
9685615	Equity Shares	Rs. 10/- each	Rs. 96.856 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	96.856	96.856	66.856
(b) Reserves and Surplus	1038.085	955.910	451.041
(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)	1134.941	1052.766	517.897
(3) Non-Current Liabilities
(a) Long-term borrowings	208.194	274.070	199.070
(b) Deferred tax liabilities (Net)	0.000	0.000	0.137
(c) Other long term liabilities	1.890	0.690	0.690
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	210.084	274.760	199.897
(4) Current Liabilities
(a) Short term borrowings	1011.236	945.518	510.298
(b) Trade payables	574.348	976.187	605.496
(c) Other current liabilities	13.237	9.278	9.075
(d) Short-term provisions	23.069	15.364	13.984
Total Current Liabilities (4)	1621.890	1946.347	1138.853
TOTAL	2966.915	3273.873	1856.647
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	88.092	98.195	83.083
(ii) Intangible Assets	21.517	25.423	0.729
(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	0.004	0.004	0.004
(c) Deferred tax assets (net)	0.298	0.732	0.000
(d) Long-term Loan and Advances	48.168	45.087	17.649
(e) Other Non-current assets	15.018	16.427	9.131
Total Non-Current Assets	173.097	185.868	110.596
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1170.027	1526.015	1028.295
(c) Trade receivables	1448.541	1388.770	574.437
(d) Cash and cash equivalents	71.527	88.985	81.795
(e) Short-term loans and advances	89.059	69.531	57.531
(f) Other current assets	14.664	14.704	3.993
Total Current Assets	2793.818	3088.005	1746.051
TOTAL	2966.915	3273.873	1856.647

PROFIT and LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3545.960	3290.152	2445.870
		Other Income	11.387	38.662	30.829
		TOTAL	3557.347	3328.814	2476.699
Less	EXPENSES
		TOTAL	3422.142	3198.723	2415.641
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		135.205	130.091	61.058
Less/ Add	DEPRECIATION/ AMORTISATION		21.541	14.994	6.571
	PROFIT/ (LOSS) BEFORE EXCEPTIONAL AND TAX		113.664	115.097	54.487
Less	EXCEPTIONAL ITEMS		1.583	1.086	9.756
	PROFIT/ (LOSS) BEFORE TAX		112.081	114.011	44.731
Less	TAX		29.906	26.549	14.977
	PROFIT/ (LOSS) AFTER TAX		82.175	87.462	29.754
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exported	1604.410	1410.423	394.025
		Interest and Dividend	0.257	0.235	0.000
		Other Income : Sale in Local Market in Foreign Currency	6.405	1.697	0.000
	TOTAL EARNINGS		1611.072	1412.355	394.025
	IMPORTS
		Raw Materials	239.761	404.902	14.796
		Alloy ,Stores and Spares	2.546	4.483	0.000
		Capital Goods	1.463	0.000	5.834
	TOTAL IMPORTS		243.770	409.385	20.630
	Earnings Per Share (Rs.)		8.48	9.03	4.45

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.32	2.66	1.22
Return on Total Assets (PBT/Total Assets}	(%)	3.78	3.48	2.41
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.09
Debt Equity Ratio (Total Liability/Networth)		1.07	1.16	1.37
Current Ratio (Current Asset/Current Liability)		1.72	1.59	1.53

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	66.856	96.856	96.856
Reserves and Surplus	451.041	955.910	1038.085
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	517.897	1052.766	1134.941
Long-term borrowings	199.070	274.070	208.194
Short term borrowings	510.298	945.518	1011.236
Total borrowings	709.368	1219.588	1219.430
Debt/Equity ratio	1.370	1.158	1.074

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	2445.870	3290.152	3545.960
		34.519	7.775

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	2445.870	3290.152	3545.960
Profit	29.754	87.462	82.175
	1.22%	2.66%	2.32%

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)	Yes
16	No. of employees	Yes
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

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.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10496130	11/03/2014	1,050,000,000.00	BANK OF INDIA	SEEPZ MID CORPORATE BR.BEHIND SEEPZ SERVICE CENTRE, MIDC AREA , ANDHERI (EAST), MUMBAI- 400096, MAHARASHTRA , INDIA	C04884037
2	10462183	26/10/2013	37,500,000.00	BANK OF INDIA	SEEPZ MID CORPORATE BR,BEHIND SEEPZ SERVICE CENTRE, MAROL INDUSTRIAL AREA, SEEPZ, MUMBAI-400096, MAHARASHTRA, INDIA	B90312745
3	10423401	26/03/2013	120,000,000.00	AXIS BANK LIMITED	GROUND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P B MARG, WORLI, MUMBAI-400025, MAHARASHTRA, INDIA	B74287434
4	10427264	26/03/2013	100,000,000.00	STATE BANK OF PATIALA	BLOCK NO.1,GALA NO.2, SEEPZ-SEZ, SEEPZ, ANDHERI EAST, MUMBAI-400096, MAHARASHTRA , INDIA	B75669408
5	10406661	14/01/2013	80,000,000.00	CENTRAL BANK OF INDIA	CHANDER MUKHI, GROUND FLOOR, NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA	B69049377
6	10380549	27/09/2012	20,000,000.00	BANK OF INDIA	SEEPZ MID CORPORATE BR,BEHIND SEEPZ SERVICE CENTRE, MAROL INDUSTRIAL AREA, SEEPZ, ANDHERI (EAST), MUMBAI- 400096, MAHARASHTRA, INDIA	B59691543
7	10357820	07/04/2012	30,000,000.00	DENA BANK	17, HORNIMAN CIRCLE, FORT,, MUMBAI- 400023, MAHARASHTRA, INDIA	B40490419
8	10257498	10/11/2010	4,000,000.00	PUNJAB NATIONAL BANK	OFFSHORE BANKING UNIT, SEEPZ, ANDHERI (EAST), MUMBAI- 400096, MAHARASHTRA, INDIA	B00136952
9	10096228	14/03/2014 *	250,000,000.00	BANK OF INDIA	SEEPZ MID CORPORATE BR. SEEPZ SERVICE CENTRE BLDG, MAROL INDUSTRIAL AREA, ANDHERI (EAST), MUMBAI- 400096, MAHARASHTRA, INDIA	C04888194
10	10071146	28/09/2007	150,000,000.00	BANK OF INDIA	SEEPZ BRANCH, ANDHERI -EAST, MUMBAI- 400096, MAHARASHTRA, INDIA	A24918914

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Plot No.55, Road no.15, Near MIDC Police Station MIDC, Andheri (East), Mumbai-400093, Maharashtra, India to the present address w.e.f 30.10.2009.

CORPORATE INFORMATION:

The Company is a private company limited by shares, domiciled in India and registered as such under The Companies Act, 1956. The Company is engaged in the manufacturing and wholesale cum retail selling of Gold and studded jewellery in Domestic and International markets. In domestic market it has Regional offices in all four regions of India. It has manufacturing arrangement in Mumbai where from supply is made to all regions. In all this regions it has presence through own show room and franchise arrangements with jewelers and malls. For catering to International markets, it has manufacturing unit at SEZ, Andheri, Mumbai which was earlier under Shree Laxmi Infosolution and Jewellery Limited but on merger of said company with it got amalgamated in to it.

OPERATIONS:

During the year, the Company continued trading and manufacturing activities. The revenue of the company from its operations was Rs. 3545.960 Million and from others was Rs.11.387 Million. The Company has earned Net Profit of Rs. 82.175 Million after providing for Depreciation, Exceptional Items and Taxation.

PROSPECTS:

As the Government has announced the liberalized policies to accelerate industrial growth, the prospects of the company are bright.

FIXED ASSETS:

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipment

Intangible Asset

· Goodwill

· Computer Software

CMT REPORT (Corruption, Money Laundering and 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. 64.09
UK Pound	1	Rs. 99.57
Euro	1	Rs. 71.84

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	IND / ARC

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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 and 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.