MIRA INFORM REPORT

Report No. :	350416
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	PANSURIYA IMPEX
Registered Office :	GE-1050, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra [East], Mumbai - 400051, Maharashtra
Tel. No.:	91-22-40464444
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	30.05.2001
Capital Investment / Paid-up Capital :	Rs. 1054.120 Million
IEC No.:	0301036187
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AAIFP2670H
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Subject is engaged in the business as manufacturer, trader and exporter of diamonds.
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern started in the year 2001 having satisfactory track. Subject is engaged in the business as manufacturer, trader and exporter of diamonds. The concern is progressing well. General financial position of the concern is sound and healthy. Partner are reported to be well experienced and knowledgeable businessmen. Moreover, this rating strength is partially offset by subject exposure to intense completion from organized as well as unorganized players in the industry. Trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. The concern can considered normal for business dealings at usual trade terms and conditions. Note: the concern has been awarded with the following certificate.

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	ICRA
Rating	Long Term (BBB)
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	November 2014
Rating Agency Name	ICRA
Rating	short Term (A3+)
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	November 2014

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. Paresh Pansuriya
Designation :	Partner
Contact No.:	91-9820223624
Date :	23.11.2015

Name :	Ms. Amisha
Designation :	Office Executive
Contact No.:	91-22-40464444
Date :	23.11.2015

LOCATIONS

Registered Office :	GE-1050, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra [East], Mumbai - 400051, Maharashtra, India
Tel. No.:	91-22-40464444
Mobile No.:	91-9820223624 (Mr. Paresh)
Fax No.:	91-22-40464445
E-Mail :	account@pansuriyaimpex.com
Website :	http://www.pansuriyaimpex.com
Area :	3479.00 Sq. ft.
Location :	Rented
Locality :	Commercial
Factory :	Plot No. 11/12, Opposite Community Hall, Vastadevdi Road, Karatgam, Surat - 395004, Gujarat, India
Tel. No.:	91-261-2532512/ 2533512
Fax No.:	91-261-2530359
E-Mail :	surat@pansuriyaimpex.com
Location :	Owned
Locality :	Commercial

PARTNERS

Name :	Mr. Ravjibhai Valjibhai Pansuriya
Designation :	Partner
Address :	4-5, Gaurav Park Society, B/h. Gayatri Parivar, Katargam Road, Surat - 395004, Gujarat, India
Date of Birth/Age :	57 Years
Qualification :	Under Graduate
Experience :	43 Years
PAN No.:	ABLPP5804H
Name :	Mr. Paresh Vithalbhai Pansuriya
Designation :	Partner
Address :	3803, Imperial Tower, South Tower, B.B. Nakashe Marg, Tardeo, Mumbai - 400034, Maharashtra, India
Date of Birth/Age :	37 Years
Qualification :	Matric
Experience :	19 Years
PAN No.:	AFEPP6758F
Name :	Mr. Shantibhai Valjibhai Pansuriya
Designation :	Partner
Address :	Plot No. 1 ,Shreji Park Society, Laxmikant Ashram Road, Katargam, Surat -395004, Gujarat, India
Date of Birth/Age :	56 Years
Qualification :	Non Matric
Experience :	42 Years
PAN No.:	AAVPP6734B
Name :	Mr. Vithalbhai Valjibhai Pansuriya
Designation :	Partner
Address :	Plot No. 2, Shreji Park Society, Laxmikant Ashram Road, Katargam, Surat - 395004, Gujarat, India
Date of Birth/Age :	59 Years
Qualification :	Non Matric
Experience :	41 Years
PAN No.:	AAVPP5804H
Name :	Mr. Keshubhai Valjibhai Pansuriya
Designation :	Partner
Address :	Bungalow No. 22, Gaurav Park Society, B/h. Anath Ashram, Karatgam Road, Surat - 395004, Gujarat, India
Date of Birth/Age :	52 Years
Qualification :	Non Matric
Experience :	39 Years
PAN No.:	AAVPP6724D
Name :	Mr. Kiran Ravjibhai Pansuriya
Designation :	Partner
Address :	4-5, Gaurav Park Society, Katargam Road, Katargam, Surat - 395004 Gujarat, India
Date of Birth/Age :	35 Years
Qualification :	Under Graduate
Experience :	14 Years
PAN No.:	AHVPP9237C
Name :	Mr. Rakesh Shantibhai Pansuriya
Designation :	Partner
Address :	1, Shreeji Park Society, Laxmikant Ashram Road, Katargam, Surat - 395004, Gujarat, India
Date of Birth/Age :	30 Years
Qualification :	B. Com
Experience :	12 Years
PAN No.:	AMUPP8449C
Name :	Mr. Ankit Keshubhai Pansuriya
Designation :	Partner
Address :	Bungalow No. 22, Gaurav Park Society, B/h. Anath Ashram, Karatgam Road, Surat - 395004, Gujarat, India
Date of Birth/Age :	28 Years
Qualification :	Graduate
Experience :	10 Years
PAN No.:	AMUPP8448D
Name :	Mr. Ajay Ravjibhai Pansuriya
Designation :	Partner
Address :	3803, Imperial Tower, South Tower, B.B. Nakashe Marg, Tardeo, Mumbai - 400034, Maharashtra, India
Date of Birth/Age :	32 Years
Qualification :	Graduate
Experience :	12 Years
PAN No.:	AILPP0528K

KEY EXECUTIVES

Name :	Ms. Amisha
Designation :	Office Executive

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business as manufacturer, trader and exporter of diamonds.
Products :	Diamonds
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Diamonds
Countries :	Hong Kong Israel China UAE USA Germany Belgium Japan
Imports :
Products :	Rough Diamonds
Countries :	Belgium UAE Singapore Russia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Glorious Germs BVBA) Belgium
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and retailers

Reference :	Zenia (Hong Kong)
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1200 (Approximately)

Bankers :

• Union Bank of India, Lamington Road, Mumbai – 400004, Maharashtra, India
• State Bank of Travancore, Nariman Point, Mumbai – 400021, Maharashtra, India
• Andhra Bank, Bharat Diamond Bouese, BKC, Bandra (East), Mumbai – 400051, Maharashtra, India
• Karnataka Bank, Nariman Point, Mumbai-400021, Maharashtra, India

Banker Name	Central Bank of India
Branch Address	Bharat Diamond Bourse, Branch, BKC, Bandra [East], Mumbai – 400051, Maharashtra, India
Person Name (With Designation)	Mr. Bhushan Joseph (AGM)
Contact Number	91-9769290039
Name of Account Holder	Pansuriya Impex
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	10 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Credit Limit – Rs. 2000.000 Million
Account Operation	Satisfactory
Remarks (If any)	As claimed by Mr. Bhushan Joseph (AGM) that subject is having very good track record for banking transaction.

Auditors :
Name :	Ramesh Rajni and Company Chartered Accountants
Address :	7^th Floor, Laxmi Tower, BKC, Bandra [East], Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-43471629
E-Mail :	nikeshshah67@yahoo.co.in
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on: 31.03.2015

Capital Investment :
Owned :	Rs. 1054.120 Million
Borrowed :	--
Total :	Rs. 1054.120 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partners Capital		1054.120	911.993	612.661
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1054.120	911.993	612.661
LOAN FUNDS
1] Secured Loans
2] Unsecured Loans
TOTAL BORROWING		1970.067	1588.831	1344.097
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3024.187	2500.824	1956.758
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		166.509	149.537	139.736
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.025
DEFERRED TAX ASSETS		0.000	0.688	0.256
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1744.463	1456.164	994.710
	Sundry Debtors	2367.265	1877.487	1327.129
	Cash & Bank Balances	21.652	103.935	49.757
	Other Current Assets	14.547	18.279	19.891
	Loans & Advances	19.029	15.957	13.836
Total Current Assets		4166.956	3471.822	2405.323
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1292.240	1109.273	578.065
	Other Current Liabilities	0.434	0.000	0.000
	Provisions	16.629	11.975	10.517
Total Current Liabilities		1309.303	1121.248	588.582
Net Current Assets		2857.653	2350.574	1816.741
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3024.187	2500.824	1956.758

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Sales	6234.348	5332.708	4372.975
		Other Income	1.795	1.345	0.219
		TOTAL (A)	6236.143	5334.053	4373.194
Less	EXPENSES
		Cost of Goods sold	5579.791	4796.158	3937.842
		Manufacturing labor charges	159.160	123.921	120.346
		Sales and Administrative Expenses	195.197	133.717	93.949
		Salary to Partners	8.100	8.100	8.100
		TOTAL (B)	5942.248	5061.896	4160.237
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		293.885	272.157	212.957
Less	FINANCIAL EXPENSES (D)		91.665	84.097	49.437
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		202.230	188.060	163.520
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.185	24.704	23.999
	PROFIT BEFORE TAX (E-F) (G)		171.045	163.356	139.521
Less	TAX (H)		58.414	55.276	43.449
	PROFIT AFTER TAX (G-H) (I)		112.631	108.080	96.072

Expected Sales (2015-16): Rs. 6400.000 Million

The above information has been parted by Mr. Paresh Pansuriya (Partner).

Note: Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.81	2.03	2.20
Operating Profit Margin (PBIDT/Sales)	(%)	4.71	5.10	4.87
Return on Total Assets (PBT/Total Assets}	(%)	3.95	4.51	5.48
Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.23
Debt Equity Ratio (Total Debt /Networth)		1.87	1.74	2.19
Current Ratio (Current Asset/Current Liability)		3.18	3.10	4.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Partner’s Capital	612.661	911.993	1054.120
Reserves & Surplus	0.000	0.000	0.000
Net worth	612.661	911.993	1054.120
Secured Loans	1344.097	1588.831	1970.067
Unsecured Loans	0.000	0.000	0.000
Total borrowings	1344.097	1588.831	1970.067
Debt/Equity ratio	2.194	1.742	1.869

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4372.975	5332.708	6234.348
		21.947	16.908

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4372.975	5332.708	6234.348
Profit	96.072	108.080	112.631
	2.20%	2.03%	1.81%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
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 & 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	6
--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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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

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

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

RATING EXPLANATIONS

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

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

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