MIRA INFORM REPORT

Report No. :	350410
Report Date :	21.11.2015

IDENTIFICATION DETAILS

Name :	NIRALI CREATIONS PRIVATE LIMITED

Registered Office :	4^Th Floor, Office-C/401, Diamond World Tower – C, Mini Bazar, Varachha Road, Surat – 395006, Gujarat
Tel. No.:	91-261-2550032/ 2508090

Country :	India

Financials (as on) :	Not Available

Date of Incorporation :	04-080519

Com. Reg. No.:	04-080519

Capital Investment / Paid-up Capital :	Rs.0.100 Million

CIN No.: [Company Identification No.]	U36941GJ2014PTC080519

IEC No.:	Not Applicable (Note:- As claimed by company management chat company does not export and import)

TAN No.: [Tax Deduction & Collection Account No.]	SRTN03705C

PAN No.: [Permanent Account No.]	AAECN7177N

Legal Form :	Private Limited Liability Company

Line of Business :	Process of Rough Diamond to Polish Diamond.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

New Business

Status :	New Business

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a new company incorporated as on 19.08.2014 and establishing itself gradually. Management of the company denied providing information on the subject company. As per our source and database record, Mr. Arnav Mehta Director provided general information and also confirmed that the company has commenced its operation since its incorporation. As per status in registrar of companies is active. Payment terms are unknown. In view of infancy, the company can be considered for business dealings on a fully safe and secured trade terms and condition.

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

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION PARTED BY

MANAGEMENT NON-CO-OPERATIVE

(91-261-2550032/ 2508090)

(91-22-40404444)

LOCATIONS

Registered Office :	4^Th Floor, Office-C/401, Diamond World Tower – C, Mini Bazar, Varachha Road, Surat – 395006, Gujarat, India
Tel. No.:	91-261-2550032/ 2508090
Fax No.:	Not Available
E-Mail :	nirav.fca@gmail.com

Factory :	Auro Manufacturing AK Road, Varachha Road, Surat - 395006, Gujarat, India

DIRECTORS

Name :

Arnav Akshay Mehta

Designation :

Director

Address :

10, Kamal Mahal, 17 M.L. Dahanukar Marg. 5^th Floor, Car Micheal Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

02.01.1983

Date of Appointment :

19.08.2014

DIN No. :

00142488

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	U36911MH1995PTC090712	BESSAR DIAMONDS PRIVATE LIMITED	Director	10/04/2006	10/04/2006	-	Amalgamated	NO
2	U74900MH1995PTC086993	AUROSTAR JEWELLERY (INDIA) PRIVATE LIMITED	Director	15/06/2006	15/06/2006	-	Active	NO
3	U45203PY2006PTC002002	AURO DEVELOPERS PRIVATE LIMITED	Director	06/11/2006	06/11/2006	-	Converted to LLP and dissolved	NO
4	U65993MH2006PTC165505	Blue Star Investments And Financial Service Private Limited	Director	13/11/2006	13/11/2006	-	Active	NO
5	U36996MH2007PTC169725	ARJAV DIAMONDS (INDIA) PRIVATE LIMITED	Director	05/04/2007	05/04/2007	-	Active	NO
6	U36912MH2007PTC172418	ARISIA JEWELLERY PRIVATE LIMITED	Director	17/07/2007	17/07/2007	-	Active	NO
7	U45201GJ2004PTC044084	AKSHAR INFRASTRUCTURE PRIVATE LIMITED	Director	31/12/2007	31/12/2007	-	Active	NO
8	U36911MH2008PTC188710	BLUE STAR DIAMONDS PRIVATE LIMITED	Director	01/04/2009	05/12/2008	-	Active	NO
9	U36912GJ2010PTC062006	ADMG DIAMOND PRIVATE LIMITED	Director	17/08/2010	17/08/2010	-	Active	NO
10	U36912GJ2010PTC062686	PADMAVATI DIAM PRIVATE LIMITED	Director	04/12/2010	04/12/2010	02/05/2012	Active	NO
11	U36912GJ2010PLC062808	SURAT ROUGH DIAMOND SOURCING (INDIA) LIMITED	Director	31/03/2015	26/09/2013	-	Active	NO
12	U36941GJ2014PTC080519	NIRALI CREATIONS PRIVATE LIMITED	Director	19/08/2014	19/08/2014	-	Active	NO
13	AAA-2285	BLACK BRYONT REALTORS LLP	Designated Partner	21/03/2012	21/03/2012	16/05/2015	Active	NO

Name :

Niraliben Chandreshbhai Gandhi

Designation :

Director

Address :

Su-Ashish Bunglow B/S. Lal Bunglow, Athwalines Surat – 395001, Gujarat, India

Date of Birth/Age :

12.10.1983

Date of Appointment :

19.08.2014

DIN No. :

06870437

Name :

Ashit Vasantlal Mehta

Designation :

Director

Address :

Della Faillelaan 19 Antwerpen 2020

Date of Birth/Age :

29.04.1957

Date of Appointment :

19.08.2014

DIN No. :

01785632

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	U36996MH2007PTC169725	ARJAV DIAMONDS (INDIA) PRIVATE LIMITED	Director	30/09/2008	21/11/2007	-	Active	NO
2	U45201GJ2004PTC044084	AKSHAR INFRASTRUCTURE PRIVATE LIMITED	Director	31/12/2007	31/12/2007	-	Active	NO
3	U36912GJ2010PLC062808	SURAT ROUGH DIAMOND SOURCING (INDIA) LIMITED	Managing director	02/04/2011	03/11/2010	-	Active	NO
4	U36941GJ2014PTC080519	NIRALI CREATIONS PRIVATE LIMITED	Director	19/08/2014	19/08/2014	-	Active	NO
5	U36911GJ2014PTC080909	SASHME DIAMONDS PRIVATE LIMITED	Director	25/09/2014	25/09/2014	-	Active	NO
6	U70101GJ2014PTC080929	SASHME REALITIES PRIVATE LIMITED	Director	26/09/2014	26/09/2014	-	Active	NO
7	U74140GJ2014NPL081370	SDB DIAMOND BOURSE	Director	28/11/2014	28/11/2014	-	Active	NO
8	AAA-4607	VEDARYA TOWNSHIP LLP	Body corporate as Designated Partner	20/11/2014	20/11/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.08.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Ashit Vasantlal Mehta	2500	25.00
Niraliben Chandreshbhai Gandhi	5000	50.00
Arnav Akshay Mehta	2500	25.00

Total	10000	100.00

BUSINESS DETAILS

Line of Business :	Process of Rough Diamond to Polish Diamond.

Products :	Diamond

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

HDFC Bank Limited

Bank Name	Not Divulged
Branch	Not Divulged
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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged


Auditors :	Not Divulged

Memberships :	-

Collaborators :	-

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

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

10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

NEW BUSINESS

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	No
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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 8th Century B.C. India, in fact, remained undisputed leader till 18th 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 30th October 2010 is as under –

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

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

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration:

No 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.66.09
UK Pound	1	Rs.101.84
Euro	1	Rs.70.86

INFORMATION DETAILS

Information Gathered by :	KSP

Analysis Done by :	PRT

Report Prepared by :	MTN

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.

MIRA INFORM REPORT

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