MIRA INFORM REPORT

Report No. :	349542
Report Date :	14.11.2015

IDENTIFICATION DETAILS

Name :	LAXMI DIAMOND PRIVATE LIMITED
Registered Office :	EW-2200, 2^nd Floor, E West Wing, Bharat Diamond Bourse, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-22-26755150 / 33927041 / 33927042/ 40502222
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.04.2006
Com. Reg. No.:	11-161091
Capital Investment / Paid-up Capital :	Rs. 473.367 Million
CIN No.: [Company Identification No.]	U36911MH2006PTC161091
IEC No.:	0388010151
TAN No.: [Tax Deduction & Collection Account No.]	MUML06215G
PAN No.: [Permanent Account No.]	AABCL1815G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of rough as well as cut and polished diamonds and also engaged in the business of Generation of Electricity by deploying Wind Mill.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established as partnership concern in the year 1972 and it was reconstructed as private limited company in the year 2006. Subject is engaged in the manufacturing and exporting of rough diamonds. For the financial year ended 2014, company has reported satisfactory operational performance and achieved 9.21% growth in its revenue profile along with above average profitability margins at 1.77%. Rating derives strength from established track record of business operational supported by extensive industry experience of promoters in gems and jewellery industry and sound financial base of the company. Rating strength partially offset by strong competition from the organized as well as unorganized players in the gems and jewellery industry marked by volatile diamond prices and susceptibility to foreign exchange risk. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for 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	CARE
Rating	Long term bank facilities : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October, 2015

Rating Agency Name	CARE
Rating	Short Term Rating: A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	October, 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. M K Rai
Designation :	Chief Executive Officer – Finance
Contact No.:	91-22-26755150

LOCATIONS

Registered / Corporate Head Office :	EW-2200, 2^nd Floor, E West Wing, Bharat Diamond Bourse, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India
Tel. No.:	91-22-26755150 / 33927041 / 33927042/ 40502222
Fax No.:	91-22-40502214
E-Mail :	laxmidia@bom3.vsnl.net.in contact_ops@yahoo.co.in sales@laxmidiamond.com john.m@laxmidiamond.com bhavinshah@icai.org info@laxmidiamond.com
Website:	http://www.laxmidiamond.com
Location:	Owned
Locality :	Commercial
Manufacturing Head Office:	S.Y. No. 554/1, FP-172, Bhagu Bhula Compound, Near Gajera Circle, Katargam Fulpada Road, Katargam,  Surat - 395004, Gujarat, India
Tel. No.:	91-261-3315555
Fax No.:	91-261-3315599
E-Mail :	surat@laxmidiamond.com
Factory 1:	New A K Road, Varachha, Surat – 395008, Gujarat, India
Tel. No.:	91-261-2542532
Fax No.:	91-261-2541623
E-Mail :	laxmisurat@hotmail.com
Location:	Owned
Factory 2 :	415/416, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23696643 / 23696645 / 23677007 / 40502222
Fax No.:	91-22-23670390
Factory 3 :	Babubula, Katargaon, Surat – 395004, Gujarat, India
Factory 4 :	GJ-06, SDF-7, Seepz Sez, Andheri (East) Mumbai-400096, Maharashtra, India
Manufacturing Unit :	SEZ, Andheri, Mumbai, Maharashtra, India

DIRECTORS

AS ON 09.08.2014

Name :

Mr. Vasantbhai Haribhai Gajera

Designation :

Managing Director

Address :

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

Date of Birth/Age :

01.06.1954

Qualification:

Graduate

Date of Appointment :

12.04.2006

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	Date of cessation	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 :

50, Vishnu Nagar Society, Ne A.K Road, Ankur Char Rasta, Varachha Road, Surat – 395008, Gujarat, India

Date of Birth/Age :

10.03.1982

Date of Appointment :

20.03.2008

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	Date of cessation	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	U36910MH1999PTC120648	LAXMI JEWEL PRIVATE LIMITED	Director	07/07/2007	07/07/2007	-	Amalgamated	NO
5	U72900MH2000PLC127850	SHREE LAXMI INFOSOLUTIONS AND JEWELLARY 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. Ashokbhai Haribhai Gajera

Designation :

Whole Time Director

Address :

31, Kalpavrukh Apartment, 27, B.G. Kher Marg, Walkeshwar, Mumbai - 395001, Maharashtra, India

Date of Birth/Age :

01.06.1965

Qualification:

Graduate

Date of Appointment :

12.04.2006

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 :

Whole Time Director

Address :

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

Date of Birth/Age :

05.07.1960

Qualification:

Graduate

Date of Appointment :

12.04.2006

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. Lalitkumar Dhirajlal Gajera

Designation :

Director

Address :

43-44, Kantareshwar Society, Behind Ananbd Ashram, Katargam, Surat - 395004, Gujarat, India

Date of Birth/Age :

03.05.1972

Date of Appointment :

04.07.2007

DIN No.:

01624264

Name :

Mr. Samrat Ajay Chokshi

Designation :

Director

Address :

204, Virat Apartments, Dwalibag, Athwagate, Surat - 395001, Gujarat, India

Date of Birth/Age :

18.01.1978

Date of Appointment :

04.07.2007

DIN No.:

01627380

Name :

Mr. Bakulbhai Haribhai Gajera

Designation :

Director

Address :

B-26, Kanteshwar Society, Katargan Road, Surat - 395004, Gujarat, India

Date of Birth/Age :

16.12.1968

Date of Appointment :

05.08.2013

DIN No.:

06536819

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	23/09/2013	27/03/2013	-	Active	NO
2	U36911MH2006PTC161091	LAXMI DIAMOND PRIVATE LIMITED	Director	05/08/2013	16/07/2013	-	Active	NO
3	U92410GJ1994PTC022092	SARJAN SPORTS CLUB PVT LTD	Director	01/03/2014	01/03/2014	-	Active	NO
4	U36912MH1992PTC068743	LAXMI DIA JEWEL PRIVATE LIMITED	Director	30/09/2014	01/03/2014	-	Active	NO
5	U45209GJ2002PTC040903	SHANTI INTEGRATED TEXTILE PARK PRIVATE LIMITED	Additional director	27/06/2014	27/06/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. M K Rai
Designation :	Chief Executive Officer – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.08.2014

Names of Shareholders (Equity Shares)	No. of Shares
Vasantbhai Haribhai Gajera	4500000
Ashokbhai Haribhai Gajera	4900000
Chunibhai Haribhai Gajera	3660000
Nitinbhai Chunibhai Gajera	700000
Bhavnaben Vasantbhai Gajera	350000
Sarojben Ashokbhai Gajera	750000
Sunitaben Chunibhai Gajera	140000
Girdharbhai G Gajera (Repatriable), Belgium	2336740
Total	17336740

AS ON 09.08.2014

Names of Shareholders (Preference Shares)	No. of Shares
Vasantbhai Haribhai Gajera	10000000
Ashokbhai Haribhai Gajera	15000000
Chunibhai Haribhai Gajera	5000000
Total	30000000

AS ON 18.03.2015

Names of Allottee (Equity Shares)	No. of Shares
Ashokbhai Haribhai Gajera	769250
Total	769250

AS ON 26.03.2015

Names of Allottee (Equity Shares)	No. of Shares
Ashokbhai Haribhai Gajera	769250
Total	769250

Equity Share Break up (Percentage of Total Equity)

AS ON 09.08.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	13.48
Directors or relatives of Directors	86.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling of rough as well as cut and polished diamonds and also engaged in the business of Generation of Electricity by deploying Wind Mill.

Products :

Item Code No. (ITC Code)	Product Description
71023990	Rough Diamonds, Cut and Polished, Gold Mounting Prcs Excl Diamonds

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

· Hong Kong

· Dubai

· Belgium

· China

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit (30 days / 60 days / 90 days)

Purchasing :

Cash and Credit (30 days / 60 days / 90 days)

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 :

500 (Approximately)

Bankers :

Bank Name	Andhra Bank
Branch	Queen’s Road, Mumbai – 400004, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit : Rs.91.200 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• IDBI Bank Limited, Specialised Corporate Branch, 5th Floor, Plot No.C7, G-Block, BKC, Opposite NSE Building, Bandra (East), Mumbai, Maharashtra - 400051, India

• State Bank of Saurashtra, Overseas Branch, 1st Floor, Diamond Queen, 198, Rajaram Mohan Roy Marg, Girgaon, Mumbai - 400004, Maharashtra, India

• State Bank of India, Diamond Branch, Premises No.D/3, West Core, Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra East,, Mumabi - 400051, Maharashtra, India

• Bank of India -Lead Bank, Seepz Mid Corporate Branch, Behind Seepz Service, Centre Building, Marol Industrial Area, Seepz, Mumbai - 400096, Maharashtra, India

• Bank of India, Seepz Branch, MIDC Seepz, Andheri (East), Mumbai - 400096, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand	0.000	4219.999
Rupee term loans from banks [loan were drawn from time to time under a sanction letter which is renewable after one year against documents in the nature of bills for raw material labour charges and export sales]	3516.969	0.000
Foreign currency term loans from banks [loan were drawn from time to time under a sanction letter which is renewable after one year against documents in the nature of bills for raw material labour charges and export sales.]	1546.464	0.000
Total	5063.433	4219.999

Auditors :
Name :	Ramesh Rajni and Company Chartered Accountants
Address :	1^st Floor, Purshottam Building, 450, Lamington Road, Mumbai - 400004, Maharashtra, India
Tel. No.:	91-22-23669708/ 23669709/ 23618386
Fax No.:	91-22-23631810
E-Mail :	ramrajco@vsnl.com
Income-tax PAN of auditor or auditor's firm :	AAFFR7782R
Memberships :	Not Available
Collaborators :	Not Available
Enterprises that are directly or indirectly, through one or more intermediaries controlled by company :	Laxmi Jewel Inc. USA Suberi Bros. LLC, USA Dahanamal Silk Mills Limited, India Laxmi Dia Jewel Private Limited - India
Associates :	Laxmi Jewel BVBA, Belgium (Association ceases during the year) Laxmi Diamond (HK) Limited, Hong Kong (Association ceases during the year)
Other related parties :	Komal Gems NV Shraddha Jewels Private Limited Laxmi Techno Vision Private Limited Lorenzo Vitrified Tiles Private Limited Shanti Enterprises Shantaben Haribhai Gajera Charitable Trust Shree Laxmi Jewellery LLC Komal Gems-HK Kinjal Exports Balmukund Diamond Private Limited Laxmi Enclave
Subsidiary :	Dhanamall Silk Mills Private Limited [U99999MH1971PTC015201]

CAPITAL STRUCTURE

AFTER 09.08.2014

Authorised Capital : Rs.480.000 Million

Issued, Subscribed & Paid-up Capital : Rs.200.291 Million

AS ON 09.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
18,000,000	Equity Shares	Rs.10/- each	Rs.180.000 Million
30,000,000	Preference Shares	Rs.10/- each	Rs.300.000 Million
	Total		Rs.480.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17,336,740	Equity Shares	Rs.10/- each	Rs.173.367 Million
30,000,000	Preference Shares	Rs.10/- each	Rs.300.000 Million
	Total		Rs.473.367 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	473.367	173.367	173.367
(b) Reserves & Surplus	3856.188	3378.387	2947.704
(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)	4329.555	3551.754	3121.071
(3) Non-Current Liabilities
(a) long-term borrowings	360.266	148.997	334.399
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.154	0.000	0.000
(d) long-term provisions	13.108	13.239	10.870
Total Non-current Liabilities (3)	378.528	162.236	345.269
(4) Current Liabilities
(a) Short term borrowings	5063.433	4219.999	4614.610
(b) Trade payables	4488.345	4539.199	2932.825
(c) Other current liabilities	110.103	20.648	34.877
(d) Short-term provisions	76.102	112.951	91.801
Total Current Liabilities (4)	9737.983	8892.797	7674.113
TOTAL	14446.066	12606.787	11140.453
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1263.031	862.298	858.534
(ii) Intangible Assets	1.802	0.538	0.558
(iii) Capital work-in-progress	7.117	118.958	66.489
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	297.982	303.924	211.972
(c) Deferred tax assets (net)	3.501	11.142	14.146
(d) Long-term Loan and Advances	139.799	152.438	167.512
(e) Other Non-current assets	56.805	20.195	37.883
Total Non-Current Assets	1770.037	1469.493	1357.094
(2) Current assets
(a) Current investments	5.459	5.345	0.000
(b) Inventories	6496.729	4651.319	3847.301
(c) Trade receivables	5346.499	6219.333	5824.418
(d) Cash and cash equivalents	194.224	161.037	59.059
(e) Short-term loans and advances	90.836	51.555	43.362
(f) Other current assets	542.282	48.705	9.219
Total Current Assets	12676.029	11137.294	9783.359
TOTAL	14446.066	12606.787	11140.453

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	26869.575	24603.514	21336.903
		Other Income	31.192	469.581
		TOTAL	26900.767	25073.095	21336.903
Less	EXPENSES
		Cost of Materials Consumed	20242.103	18535.431	20651.383
		Purchase of Stock-in-trade	4198.899	3661.991
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(1258.962)	(237.905)
		Employee Benefits Expenses	1029.311	589.737
		Other Expenses	1275.645	1097.427
		TOTAL	25486.996	23646.681	20651.383
	PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS, INTEREST, TAX, DEPRECIATION AND AMORTISATION		1413.771	1426.414
Less	FINANCIAL EXPENSES		541.865	624.141
	PROFIT / (LOSS) BEFORE EXCEPTIONAL ITEMS, TAX, DEPRECIATION AND AMORTISATION		871.906	802.273	685.520
Less	DEPRECIATION/ AMORTISATION		119.865	93.831	79.965
	PROFIT / (LOSS) BEFORE EXCEPTIONAL ITEMS		752.041	708.442	605.555
Less	EXCEPTIONAL ITEMS		16.869	65.230	22.836
	PROFIT/ (LOSS) BEFORE TAX		735.172	643.212	582.719
Less	TAX		257.371	212.530	187.021
	PROFIT/ (LOSS) AFTER TAX		477.801	430.682	395.698
	EARNINGS IN FOREIGN CURRENCY
		FOB value of goods exported	25762.455	19948.749	16186.486
		Interest and Dividend		0.000	0.084
		Other Income ;Sale in Local Market in Foreign Currency		3841.344	4300.440
	TOTAL EARNINGS		25762.455	23790.093	20487.010
	IMPORTS
		Raw Materials	22524.728	19439.584	10128.406
		Finished Goods		1048.496	6105.353
		Stores & Spares		27.379	4.020
		Capital Goods		71.348	0.000
	TOTAL IMPORTS		22524.728	20586.807	16237.779
	Earnings / (Loss) Per Share (Rs.)		27.56	24.84	22.82

Particulars	31.03.2015
Sales Turnover (Approximately)	30000.000

The above information has been parted by Mr. M K Rai (Chief Executive Officer-Finanace)

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	(165.252)	1718.539	NA
Net cash from operating activity	(445.351)	1563.763	NA
Net cash flows from (used in) operations	(165.252)	1718.539	256.892
Net cash flows from (used in) operating activities	(445.351)	1563.763	107.373

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.78	1.72	NA
Operating Profit Margin (PBIDT/Sales)	(%)	5.26	5.80	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.26	5.69	5.37
Return on Investment (ROI) (PBT/Networth)		5.20	5.28	0.19
Debt Equity Ratio (Total Debt /Networth)		0.17	0.18	1.59
Current Ratio (Current Asset/Current Liability)		1.25	1.23	1.27

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	173.367	173.367	473.367
Reserves & Surplus	2947.704	3378.387	3856.188
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3121.071	3551.754	4329.555
long-term borrowings	334.399	148.997	360.266
Short term borrowings	4614.610	4219.999	5063.433
Current maturities of long term debt	0.000	0.000	0.000
Total borrowings	4949.009	4368.996	5423.699
Debt/Equity ratio	1.586	1.230	1.253

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)
Total Income	21336.903	25073.095	26900.767
		17.510	7.289

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	21336.903	25073.095	26900.767
Profit	395.698	430.682	477.801
	1.85%	1.72%	1.78%

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 four 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 :

The registered office of the company has been shifted from 416, Prasad Chambers, Opera House, Mumbai - 400004, Maharashtra, India to the present address w.e.f. 05.12.2012.

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.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	360.266	148.997
Total	360.266	148.997

OPERATION

The company has earned gross revenue of Rs. 26869.500 Million during the year. After providing an expenditure of Rs. 26391.700 Million, the company has earned net profit after providing depreciation and tax Rs. 477.800 Million.

CORPORATE INFORMATION

Subject is a private company limited by shares, domiciled in India and registered as such in April, 2006 under Part IX of The Companies Act, 1956. The Company is engaged in the manufacturing and selling of rough as well as cut and polished diamonds. The Company caters to both, domestic and international markets. It also has a Jewellery Manufacturing Unit at SEZ; Andheri.This Unit manufactures Studded jewellery for sale and also does manufacturing for its customer on Job work basis. It is also engaged in the business of Generation of Electricity by deploying Wind Mill.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10565349	23/04/2015	250,000,000.00	IDBI BANK LIMITED	SPECIALISED CORPORATE BRANCH,5TH FLOOR ,PLOT NO C7  , G-BLOCK, BKC, OPPOSITE NSE BUILDING, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	C51626836
2	10526720	30/09/2014	350,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN,GROUND FLOOR,  239,VIDHAN BHAVAN MARG,NARIMAN POINT, MUMBAI - - 400021, MAHARASHTRA, INDIA	C30339972
3	10520607	01/09/2014	300,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA 390015, GUJARAT, INDIA	C21167945
4	10493441	14/10/2014 *	1,200,000,000.00	BANK OF INDIA	SEEPZ MID CORPORATE BR.BEHIND SEEPZ SERVICE CENTRE  , MIDC AREA , ANDHERI (EAST), MUMBAI 400096, MAHARASHTRA, INDIA	C33651852
5	10174152	28/05/2011 *	300,000,000.00	BANK OF INDIA -LEAD BANK & 3 OTHERS	SEEPZ MID CORPORATE BRANCH, BEHIND SEEPZ SERVICE,  CENTRE BUILDING, MAROL INDUSTRIAL AREA, SEEPZ, MUMBAI 400096, MAHARASHTRA, INDIA	B14972095
6	10015617	02/08/2006 *	142,000,000.00	STATE BANK OF SAURASHTRA	OVERSEAS BRANCH, 1ST FLOOR, 198, RAJA RAM MOHAN  ROY ROAD, GIRGAUM, MUMBAI - 400004, MAHARASHTRA, INDIA	A03503182
7	10015571	17/08/2015 *	7,708,900,000.00	STATE BANK OF INDIA. LEAD BANK	DIAMOND BRANCH, D/3, WEST CORE, BHARAT DIAMOND BOURSE, BANDRA KURLA COMPLEX, MUMBAI 400051, MAHARASHTRA, INDIA	C63398630
8	10484227	12/04/2006	142,000,000.00	STATE BANK OF SAURASHTRA	OVERSEAS BRANCH, 1ST FLOOR, DIAMOND QUEEN, 198,  RAJARAM MOHAN ROY MARG, GIRGAON, MUMBAI - 400004, MAHARASHTRA, INDIA	A05560669
9	10484226	12/04/2006	4,920,000,000.00	STATE BANK OF SAURASHTRA	OVERSEAS BRANCH, 1ST FLOOR, DIAMOND QUEEN, 198,  RAJARAM MOHAN ROY MARG, GIRGAON, MUMBAI - 400004, MAHARASHTRA, INDIA	A05561014

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

Intangible Assets

• Computer software

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.66.13
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	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		48

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.