MIRA INFORM REPORT

Report No. :	352229
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	GILI INDIA LIMITED [w.e.f.29.03.2001]

Formerly Known As :	GITANJALI JEWELS LIMITED

Registered Office :	Laxmi Tower, Office No. 6, 'B' Wing, 1st Floor, 'G' Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-22-40102000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.03.2001

Com. Reg. No.:	11-131428

Capital Investment / Paid-up Capital :	Rs.66.000 Million

CIN No.: [Company Identification No.]	U52393MH2001PLC131428

IEC No.:	0393074382

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCG4027B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is a manufacturer of diamond-studded jewellery

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of Gitanjali Brands Limited incorporated in the year 2001 having fine track. The company possesses impressive revenue base, however, reported drastic dip in its profitability margin which is very low. Rating takes into consideration company’s healthy financial profile, strong networth base, decent cash accruals and good liquidity position. Trade relations are fair. Business is active. Payments are slow but correct. In view of good brand name, 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

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 DENIED

MANAGEMENT NON COOPERATIVE [Tel No.91-22-40102000]

LOCATIONS

Registered Office :	Laxmi Tower, Office No. 6, 'B' Wing, 1st Floor, 'G' Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-40102000
Fax No.:	Not Available
E-Mail :	saurabhd@gitanjaligroup.com
Website :	www.gili.com

Manufacturing Set Up:	Mumbai Surat SEZ Hyderabad SEZ.

DIRECTORS

AS ON 25.09.2014

Name :

Dhanesh Vrajlal Sheth

Designation :

Managing Director

Address :

5 Ganpat Bhuvan 1st Floor, Morvi Lane Chowpatty, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

11.07.1957

Date of Appointment :

26.09.2013

DIN No.:

00120257

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	L36911MH1986PLC040689	GITANJALI GEMS LIMITED	Director	01/08/1990	01/08/1990	-	Active	NO
2	U36912MH1991PTC063291	PRIYANKA GEMS PRIVATE LIMITED	Director	14/03/1997	14/03/1997	-	Active	NO
3	U45208MH2007PLC176916	RAIGAD GEMS SEZ LIMITED	Director	30/08/2010	29/10/2009	-	Strike off	NO
4	U52100MH2008PLC180727	WEST BENGAL SEZ LIMITED	Director	11/09/2010	29/10/2009	-	Strike off	NO
5	U36910MH1997PLC111237	GITANJALI GOLD AND PRECIOUS LIMITED	Director	30/09/2010	13/11/2009	-	Converted to LLP and dissolved	NO
6	U65910MH2006PTC160539	DECENT SECURITIES AND FINANCE PRIVATE LIMITED	Director	23/08/2010	13/11/2009	09/05/2014	Active	NO
7	U36910MH2004PLC146406	NAKSHATRA BRANDS LIMITED	Director	09/09/2010	11/01/2010	-	Active	NO
8	U51398MH2005PTC157561	MODALI GEMS PRIVATE LIMITED	Director	24/08/2010	11/01/2010	-	Strike off	NO
9	U51398MH2008PLC186036	GITANJALI RETAIL VENTURES LIMITED	Director	21/08/2010	11/01/2010	-	Strike off	NO
10	U36912MH1991PTC063290	PARTHA GEMS PRIVATE LIMITED	Director	30/09/2010	10/03/2010	-	Converted to LLP and dissolved	NO
11	U36912MH1991PTC063293	ROHAN DIAMONDS PRIVATE LIMITED	Director	30/09/2010	10/03/2010	-	Active	NO
12	U65990MH1988PTC045911	AUDARYA INVESTMENTS PRIVATE LIMITED	Director	28/09/2010	13/03/2010	-	Active	NO
13	U70100MH1989PTC053723	NAVIRAJ ESTATES PRIVATE LIMITED	Director	27/09/2010	13/03/2010	30/08/2012	Active	NO
14	U52100MH1989PTC054790	MOZART TRADING PRIVATE LIMITED	Director	30/09/2010	13/03/2010	-	Active	NO
15	U51398MH1998PTC115917	DIMINCO DIAMONDS INDIA PRIVATE LIMITED	Director	29/09/2010	13/03/2010	12/04/2012	Strike off	NO
16	U52393MH2002PTC135231	CRIA JEWELLERY PRIVATE LIMITED	Director	07/09/2010	13/03/2010	-	Strike off	NO
17	U52393MH2001PLC131428	GILI INDIA LIMITED	Managing director	26/09/2013	13/03/2010	-	Active	NO
18	U67120MH2006PTC159738	EUREKA FINSTOCK PRIVATE LIMITED	Director	23/08/2010	13/03/2010	12/05/2014	Active	NO
19	U65993MH2006PTC159754	N AND J FINSTOCKS PRIVATE LIMITED	Director	26/09/2013	13/03/2010	10/05/2014	Active	NO
20	U51900MH2006PTC159756	SNEAKING MERCANTILE PRIVATE LIMITED	Additional director	13/03/2010	13/03/2010	-	Strike off	NO
21	U36911MH2007PLC170596	GITANJALI LIFESTYLE LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
22	U36911MH2007PLC170596	GITANJALI LIFESTYLE LIMITED	Managing director	01/11/2013	05/01/2011	01/09/2014	Active	NO
23	U01100MH1995PLC095425	GITANJALI BRANDS LIMITED	Director	24/09/2011	13/01/2011	-	Active	NO
24	U74999MH2008PLC187891	MMTC GITANJALI LIMITED	Director	26/09/2013	21/12/2012	-	Active	NO
25	U27205TG2004PLC044751	HYDERABAD GEMS SEZ LIMITED	Director	27/09/2013	16/07/2013	-	Active	NO
26	U65993MH2005PTC154132	DECENT INVESTMENT AND FINANCE PRIVATE LIMITED	Director	27/09/2013	16/07/2013	17/12/2013	Active	NO
27	U45208MH2007PLC176918	NASHIK MULTI SERVICES SEZ LIMITED	Director	27/09/2013	16/07/2013	10/05/2014	Active	NO
28	U51990MH2000PLC128664	GITANJALI EXPORTS CORPORATION LIMITED	Director	25/09/2014	10/05/2014	-	Active	NO
29	U36910MH2004PLC148983	SPECTRUM JEWELLERY LIMITED	Director	26/09/2014	10/05/2014	-	Active	NO
30	U99999MH2001PLC231441	MAYA RETAIL LIMITED	Director	26/09/2014	19/08/2014	-	Active	NO
31	U36911KA2005PTC036413	MAST JEWELLERY DISTRIBUTIONS PRIVATE LIMITED	Director	29/09/2015	24/12/2014	-	Active	NO
32	AAD-8242	GITANJALI GOLD AND PRECIOUS LLP	Designated Partner	24/04/2015	24/04/2015	-	Active	NO
33	AAE-9212	GITANJALI REALTORS LLP	Designated Partner	14/10/2015	14/10/2015	-	Active	NO

Name :

Aniyath Shivraman Nair

Designation :

Director

Address :

Room No.7, Chawl No.2, Sanju Colony, Laxmi Bagh, Katemanivali, Kalyan (East), Mumbai - 421306, Maharashtra, India

Date of Birth/Age :

28.12.1966

Date of Appointment :

26.09.2013

DIN No.:

03344204

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	U74120MH1989PLC054232	JEWELSOUK MARKETPLACE LIMITED	Director	24/09/2011	10/12/2010	-	Active	NO
2	U52393MH2002PTC135231	CRIA JEWELLERY PRIVATE LIMITED	Director	22/09/2011	10/12/2010	-	Strike off	NO
3	U74900MH2004PTC145922	TRINITY EXPOSITIONS PRIVATE LIMITED	Additional director	10/12/2010	10/12/2010	-	Amalgamated	NO
4	U45208MH2007PLC176915	AURANGABAD SEZ LIMITED	Additional director	10/12/2010	10/12/2010	-	Strike off	NO
5	U45208MH2007PLC176917	NANDED SEZ LIMITED	Additional director	10/12/2010	10/12/2010	-	Strike off	NO
6	U03691TZ2004PTC011442	SHUBALAVANYAA JEWEL CRAFTS PRIVATE LIMITED	Director	29/06/2011	05/01/2011	-	Active	NO
7	U65191MH2008PTC182145	GITANJALI CAPITAL PRIVATE LIMITED	Director	22/09/2011	23/02/2011	-	Active	NO
8	U70102MH2009FTC195549	DYNAMIC MULTITRADING PRIVATE LIMITED	Director	22/09/2011	01/03/2011	24/03/2015	Active	NO
9	U65993MH2006PTC159754	N & J FINSTOCKS PRIVATE LIMITED	Director	24/09/2011	20/06/2011	-	Active	NO
10	U45201MH2006PLC165939	GITANJALI INFRATECH LIMITED	Director	06/09/2011	10/08/2011	-	Active	NO
11	U36911MH2005PLC156266	GITANJALI JEWELLERY RETAIL LIMITED	Director	27/09/2012	25/02/2012	-	Active	NO
12	U74999MH2008PLC187891	MMTC GITANJALI LIMITED	Director	21/09/2012	31/03/2012	-	Active	NO
13	U52393MH2001PLC131428	GILI INDIA LIMITED	Director	26/09/2013	10/12/2012	-	Active	NO
14	U64202KA2006PTC038459	MOBILENXT TELESERVICES PRIVATE LIMITED	Director	26/09/2013	26/12/2012	09/05/2014	Active	NO
15	U65993MH2005PTC154132	DECENT INVESTMENT AND FINANCE PRIVATE LIMITED	Director	27/09/2013	02/02/2013	18/12/2014	Active	NO
16	U36912MH1992PTC065113	GITANJALI LASER HOUSE PRIVATE LIMITED	Additional director	06/03/2013	06/03/2013	-	Active	NO
17	U70100MH1989PTC053723	NAVIRAJ ESTATES PRIVATE LIMITED	Director	29/09/2014	15/03/2014	-	Active	NO
18	U67120MH2006PTC159738	EUREKA FINSTOCK PVT LTD	Director	27/09/2014	08/05/2014	-	Active	NO
19	U65910MH2006PTC160539	DECENT SECURITIES AND FINANCE PRIVATE LIMITED	Director	27/09/2014	08/05/2014	-	Active	NO
20	U65900MH1992PTC065159	ROHAN MERCANTILE PRIVATE LIMITED	Director	29/09/2014	10/05/2014	-	Active	NO
21	U01100MH1995PLC095425	GITANJALI BRANDS LIMITED	Director	27/09/2014	22/05/2014	29/10/2014	Active	NO
22	U36910MH2004PLC146406	NAKSHATRA BRANDS LIMITED	Director	25/09/2014	22/05/2014	29/10/2014	Active	NO
23	U74120MH2015PLC261453	VIDARBHA MULTI PRODUCTS SEZ LIMITED	Director	29/01/2015	29/01/2015	-	Active	NO

Name :

Sudhirbhai Ambalal Mehta

Designation :

Director

Address :

232, Rushabh Apartments, Parekh Street, Mumbai - 400004, Maharashtra, India

Date of Birth/Age :

21.06.1962

Date of Appointment :

27.09.2012

DIN No.:

00128599

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	U36912MH1991PTC063291	PRIYANKA GEMS PRIVATE LIMITED	Director	14/03/1997	14/03/1997	-	Active	NO
2	U65990MH1988PTC045911	AUDARYA INVESTMENTS PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Active	NO
3	U52100MH1989PTC054790	MOZART TRADING PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Active	NO
4	U36912MH1991PTC063290	PARTHA GEMS PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Converted to LLP and dissolved	NO
5	U36910GJ1991PTC016127	LUSTRE INDUSTRIES PRIVATE LIMITED	Director	29/08/1998	29/08/1998	-	Active	NO
6	U70100MH1989PTC053723	NAVIRAJ ESTATES PRIVATE LIMITED	Director	26/08/1999	26/08/1999	30/08/2012	Active	NO
7	U74120MH1989PLC054232	JEWELSOUK MARKETPLACE LIMITED	Director	26/08/1999	26/08/1999	-	Active	NO
8	U36912MH1991PTC063293	ROHAN DIAMONDS PRIVATE LIMITED	Director	26/08/1999	26/08/1999	-	Active	NO
9	U70100MH1995PTC090508	GITANJALI REALTORS PRIVATE LIMITED	Director	26/08/1999	26/08/1999	-	Converted to LLP	NO
10	U36910MH1997PLC111237	GITANJALI GOLD AND PRECIOUS LIMITED	Director	26/08/1999	26/08/1999	-	Converted to LLP and dissolved	NO
11	U51398MH1999PTC121895	CORONET GEMS PRIVATE LIMITED	Director	22/09/1999	22/09/1999	-	Active	NO
12	U36912MH1992PTC065113	GITANJALI LASER HOUSE PRIVATE LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO
13	U51398MH1998PTC115917	DIMINCO DIAMONDS INDIA PRIVATE LIMITED	Director	31/08/2001	31/08/2001	12/04/2012	Strike off	NO
14	U51398MH2002PTC136871	LEGACY GOLD PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Strike off	NO
15	U67120MH2006PTC159738	EUREKA FINSTOCK PRIVATE LIMITED	Director	28/02/2006	28/02/2006	12/05/2014	Active	NO
16	U65993MH2006PTC159754	N & J FINSTOCKS PRIVATE LIMITED	Director	28/02/2006	28/02/2006	-	Active	NO
17	U51900MH2006PTC159756	SNEAKING MERCANTILE PRIVATE LIMITED	Director	28/02/2006	28/02/2006	-	Strike off	NO
18	U74994MH2005PLC157741	ASMI JEWELLERY INDIA LIMITED	Director	15/12/2006	15/12/2006	-	Active	NO
19	U36911MH2008PLC179818	MOHAR JEWELS LIMITED	Director	07/03/2008	07/03/2008	-	Strike off	NO
20	U92413MH2008PLC182263	KOLKATA AXIS MALL LIMITED	Director	16/05/2008	16/05/2008	-	Strike off	NO
21	U74999MH2003PTC140131	SANRISHADEL MERCANTILE PRIVATE LIMITED	Director	30/09/2010	13/11/2009	-	Strike off	NO
22	U45208MH2007PLC176915	AURANGABAD SEZ LIMITED	Additional director	13/11/2009	13/11/2009	-	Strike off	NO
23	U51900MH2007PLC176914	NAGPUR MULTI-PRODUCT SEZ LIMITED	Additional director	13/11/2009	13/11/2009	-	Strike off	NO
24	U45208MH2007PLC176917	NANDED SEZ LIMITED	Director	20/08/2010	13/11/2009	-	Strike off	NO
25	U45208MH2007PLC176918	NASHIK MULTI SERVICES SEZ LIMITED	Director	20/08/2010	13/11/2009	-	Active	NO
26	U45208MH2007PLC176916	RAIGAD GEMS SEZ LIMITED	Director	30/08/2010	13/11/2009	-	Strike off	NO
27	U52100MH2008PLC180727	WEST BENGAL SEZ LIMITED	Director	11/09/2010	13/11/2009	-	Strike off	NO
28	U51398MH2005PTC157561	MODALI GEMS PRIVATE LIMITED	Director	24/08/2010	14/11/2009	-	Strike off	NO
29	U51990MH2000PLC128664	GITANJALI EXPORTS CORPORATION LIMITED	Director	10/09/2010	25/01/2010	-	Active	NO
30	U52393MH2001PLC131428	GILI INDIA LIMITED	Director	27/09/2012	01/09/2012	-	Active	NO
31	U27205TG2004PLC044751	HYDERABAD GEMS SEZ LIMITED	Director	27/09/2013	26/12/2012	-	Active	NO
32	U65993MH2005PTC154132	DECENT INVESTMENT AND FINANCE PRIVATE LIMITED	Director	27/09/2013	02/02/2013	-	Active	NO

Name :

Lata Kishor Saraiya

Designation :

Director

Address :

C-1804, Building. No. 8, Neelyog Towers, Khot Kuwa Road, Rani Sati Marg, Dhanjiwadi, Mumbai - 400097, Maharashtra, India

Date of Appointment :

26.09.2015

DIN No.:

06942982

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	U01100MH1995PLC095425	GITANJALI BRANDS LIMITED	Director	29/09/2015	30/06/2015	-	Active	NO
2	U51990MH2000PLC128664	GITANJALI EXPORTS CORPORATION LIMITED	Director	28/09/2015	30/06/2015	-	Active	NO
3	U52393MH2001PLC131428	GILI INDIA LIMITED	Director	26/09/2015	30/06/2015	-	Active	NO
4	U27205TG2004PLC044751	HYDERABAD GEMS SEZ LIMITED	Director	28/09/2015	04/07/2015	-	Active	NO
5	U36910MH2004PLC146406	NAKSHATRA BRANDS LIMITED	Director	26/09/2015	25/07/2015	-	Active	NO
6	U36911MH2005PLC156266	GITANJALI JEWELLERY RETAIL LIMITED	Director	28/09/2015	25/07/2015	-	Active	NO
7	U74994MH2005PLC157741	ASMI JEWELLERY INDIA LIMITED	Director	26/09/2015	25/07/2015	-	Active	NO

Name :

Dinesh Gopaldas Bhatia

Designation :

Director

Address :

Morwadi, 3rd Floor,Room No 3, Bhatia Niwas,, 50, Babu Genu Road, Mumbai - 400002, Maharashtra, INDIA

Date of Appointment :

26.09.2015

DIN No.:

07202390

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	U01100MH1995PLC095425	GITANJALI BRANDS LIMITED	Director	29/09/2015	30/06/2015	-	Active	NO
2	U51398MH2003PTC142351	D'DAMAS JEWELLERY (INDIA) PRIVATE LIMITED	Director	26/09/2015	30/06/2015	-	Active	NO
3	U52393MH2001PLC131428	GILI INDIA LIMITED	Director	26/09/2015	30/06/2015	-	Active	NO
4	U45201MH2006PLC165939	GITANJALI INFRATECH LIMITED	Director	26/09/2015	30/06/2015	-	Active	NO
5	U51990MH2000PLC128664	GITANJALI EXPORTS CORPORATION LIMITED	Director	28/09/2015	25/07/2015	-	Active	NO
6	U36910MH2004PLC146406	NAKSHATRA BRANDS LIMITED	Director	26/09/2015	25/07/2015	-	Active	NO
7	U36911MH2005PLC156266	GITANJALI JEWELLERY RETAIL LIMITED	Director	28/09/2015	25/07/2015	-	Active	NO
8	U74994MH2005PLC157741	ASMI JEWELLERY INDIA LIMITED	Director	26/09/2015	25/07/2015	-	Active	NO

KEY EXECUTIVES

Name :	Saurabh Chandrashekhar Deshpande
Designation :	Secretary
Address :	5, Meena Niwas, Sangita Wadi, Nerurkar Road, Dombivali - 421201, Maharashtra, India
Date of Appointment :	18.05.2015
PAN No:	AIHPD0132B

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Names of Shareholders		No. of Shares
Gitanjali Brands Limited		6599994
Mehul C. Choksi (Nominee of Gitanjali Brancds Limited)		1
Nishit Mehta (Nominee of Gitanjali Brancds Limited)		1
Amrish Masalia (Nominee of Gitanjali Brancds Limited)		1
Sudhir A. Mehta (Nominee of Gitanjali Brancds Limited)		1
Priti M. Chiksi (Nominee of Gitanjali Brancds Limited)		1
Shivaraman Nair (Nominee of Gitanjali Brancds Limited)		1

Total		6600000

Equity Share Break up (Percentage of Total Equity)

AS ON

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a manufacturer of diamond-studded jewellery

Products :

Item Code No.	Product Description
71131910	Gold and diamond studded jewellery

Brand Names :

GILI

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Information declined by the management

Bankers :

UTI Bank Limited, Universal Insurance Building, Sir P. M. Road, Mumbai - 400001, Maharashtra, India

Canara Bank Limited, Girgaon Branch, Prathana Samaj Building, 160, Rajaram Mohan Roy Rd, Mumbai - 400004, Maharashtra, India

The United Western Bank Limited, Overseas Branch, Mumbai, Maharashtra, India

Punjab National Bank, Brady House, V. N. Road, Fort, Mumbai - 400023, Maharashtra, India

Banker Name	Axis Bank Limited
Branch Address	Fort Branch, Jeevan Prakash Building, Sir P.M. Road, Fort, Mumbai - 400001, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
Working capital loans from banks	3770.671	2417.117
Total	3770.671	2417.117

Financial Institution :	Allbank Finance Limited, 14, India Exchange Place, 1st Floor, Kolkata- 700001, West Bengal, India

Auditors :
Name :	Ford, Rhodes, Parks and Company Chartered Accountants
Address :	Sai Commercial Building, 312/313, 3rd Floor, Bksdevshi Marg, Govandi (East), Mumbai – 400088, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFF1843L

Memberships :	Not Available

Collaborators :	Not Available

Fellow Subsidiary company:	Asmi Jewellery India Limited, India [U74994MH2005PLC157741] Nakshatra Brands Limited, INDIA[U36910MH2004PLC146406] D'damas Jewellery (India) Private Limited, India [U51398MH2003PTC142351] EGitanjali Limited, INDIA[U74120MH1989PLC054232] Gitanjali Exports Corporation Limited, India [U51990MH2000PLC128664] Spectrum Jewellery Limited, India [U36910MH2004PLC148983] Gitanjali Jewellery Retail Limited, India [U36911MH2005PLC156266] Gitanjali Lifestyle Limited, India [U36911MH2007PLC170596] Alfred Terry Limited, United Kingdom Crown Aim Limited, China Diamlink Jewellery Inc., United States Gitanjali Ventures DMCC, United Arab Emirates Leading Jewels of Japan K.K, Japan Maya Retail Limited, India [U99999MH2001PLC231441] MMTC Gitanjali Limited, India [U74999MH2008PLC187891] Samuels Jewellers, Inc., United States Hyderabad Gems Sez Limited, [U27205TG2004PLC044751]
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives:	Touchstone

Holding company:	Gitanjali Brands Limited, India [U01100MH1995PLC095425]

Ultimate Holding company:	Gitanjali Gems Limited, India [L36911MH1986PLC040689]

CAPITAL STRUCTURE

AS ON 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

6600000	Equity Shares	Rs.10/- each	Rs.66.000 Million
900000	preference shares	Rs.10/- each	Rs.9.000 Million
	Total		Rs.75.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

6600000	Equity Shares	Rs.10/- each	Rs.66.000 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	66.000	66.000	66.000
(b) Reserves & Surplus	1894.684	1882.618	1516.015
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	250.000	0.000
Total Shareholders’ Funds (1) + (2)	1960.684	2198.618	1582.015

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.457	4.393	4.492
Total Non-current Liabilities (3)	3.457	4.393	4.492

(4) Current Liabilities
(a) Short term borrowings	3770.671	2417.116	885.569
(b) Trade payables	2855.590	3726.048	3055.139
(c) Other current liabilities	104.190	86.644	98.189
(d) Short-term provisions	83.823	97.849	24.871
Total Current Liabilities (4)	6814.274	6327.657	4063.768

TOTAL	8778.415	8530.668	5650.275

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	79.248	91.804	97.299
(ii) Intangible Assets	1.824	2.736	2.264
(iii) Capital work-in-progress	5.467	5.891	6.361
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.035	0.035	0.035
(c) Deferred tax assets (net)	4.069	7.627	8.873
(d) Long-term Loan and Advances	36.574	38.291	24.102
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	127.217	146.384	138.934

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3384.315	1637.651	1500.749
(c) Trade receivables	4907.506	6119.153	3175.517
(d) Cash and cash equivalents	344.993	526.714	513.616
(e) Short-term loans and advances	14.384	100.766	321.459
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	8651.198	8384.284	5511.341

TOTAL	8778.415	8530.668	5650.275

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	12600.218	13775.525	9548.072
	Other Income	61.742	79.316	65.209
	TOTAL (A)	12661.960	13854.841	9613.281

Less	EXPENSES
	Cost of Materials Consumed	11920.460	12420.004	8693.035
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(442.531)	(27.081)	(229.774)
	Employees benefits expense	210.166	202.896	198.164
			3.571
	Other expenses	427.050	412.379	414.362
	TOTAL (B)	12115.145	13011.769	9075.787

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	546.815	843.072	537.494

Less	FINANCIAL EXPENSES (D)	511.049	347.907	175.571

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	35.766	495.165	361.923

Less/ Add	DEPRECIATION/ AMORTISATION (F)	20.143	15.316	18.079

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	15.623	479.849	343.844

Less	TAX (H)	3.558	113.246	67.330

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	12.065	366.603	276.514

	Earnings / (Loss) Per Share (Rs.)	1.83	55.55	41.90

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
Net cash flows from (used in) operations	798.997	1382.993	626.206

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.10	2.66	2.90

Operating Profit Margin (PBIDT/Sales)	(%)	4.34	6.12	5.63

Return on Total Assets (PBT/Total Assets}	(%)	0.18	5.63	6.10

Return on Investment (ROI) (PBT/Networth)		0.01	0.22	0.22

Debt Equity Ratio (Total Debt /Networth)		1.92	1.10	0.56

Current Ratio (Current Asset/Current Liability)		1.27	1.33	1.36

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	66.000	66.000	66.000
Reserves & Surplus	1516.015	1882.618	1894.684
Share Application money pending allotment	0.000	250.000	0.000
Net worth	1582.015	2198.618	1960.684

Long-term borrowings	0.000	0.000	0.000
Short term borrowings	885.569	2417.116	3770.671
Total borrowings	885.569	2417.116	3770.671
Debt/Equity ratio	0.560	1.099	1.923

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	9548.072	13775.525	12600.218
		44.275	(8.532)

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	9548.072	13775.525	12600.218
Profit	276.514	366.603	12.065
	2.90%	2.66%	0.10%

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	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	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

NOTE: Registered office of the company has been shifted from A1 /148 Shah and Nahar Industrial Estate Dhanraj Mills, Compound, Lower Parel, Mumbai – 400013, Maharashtra, India to the present address w.e.f. 25.03.2008

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	10435554	03/07/2013	3,005,025,000.00		ASIAN BUILDING, 17, R. KAMANI MARG,, BALLARD ESTA TE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B79065199
2	10428305	30/03/2013	3,750,000,000.00	ALLBANK FINANCE LIMITED	14, INDIA EXCHANGE PLACE,, 1ST FLOOR, KOLKATA, WE ST BENGAL - 700001, INDIA	B75950550
3	10397573	12/12/2012	750,000,000.00	PUNJAB NATIONAL BANK	BRADY HOUSE, V. N. ROAD, FORT,, MUMBAI, MAHARASHT RA - 400023, INDIA	B66093634
4	10365041	05/07/2012	375,000,000.00	AXIS BANK LIMITED	AXIS HOUSE, GROUND FLOOR,, CORPORATE BANKING BRAN CH, P.B. MARG, WORLI,, MUMBAI, MAHARASHTRA - 40002 5, INDIA	B43430131
5	10221249	31/05/2011 *	2,250,000,000.00	PUNJAB NATIONAL BANK ( AND MEMBERS OF PNB CONSORTIUM )	MIDCORPORATE BRANCH, BRADY HOUSE, V.N.ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B13851423

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	13.282	0.000
Guarantees	0.000	1336.000
Other money for which company is contingently liable	67.924	59.760

FIXED ASSETS

Tangible assets

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipment’s
Leasehold improvements

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	AMR

Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit