MIRA INFORM REPORT

Report No. :	352225
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	JAIN DIAMONDS PRIVATE LIMITED
Registered Office :	H. No. 6/1365, L. B. Palace, Office No. 33, 3^rd Floor, Jadakhadi Road, Mahidharpura, Surat – 395003, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.10.2007
Com. Reg. No.:	04-051865
Capital Investment / Paid-up Capital :	Rs. 1.219 Million
CIN No.: [Company Identification No.]	U36912GJ2007PTC051865
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCJ8950C
Legal Form :	Private Limited Liability Company
Line of Business :	Processing and Manufacturing of Diamonds.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2007. It has moderate track. The company has registered minimal profit earnings in the FY-14. It has low net worth position and unfaourable gap between trade payable and receivables. However, the company has zero debt balance sheet profile. Rating is restricted due to risk associated the diamond sector. Business is active. Payments are slow but correct. The company can be considered for business dealings with some caution.

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

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 DECLINED

DUE TO UNAVAILABILITY OF CONTACT DETAILS

LOCATIONS

Registered Office :	H. No. 6/1365, L. B. Palace, Office No. 33, 3^rd Floor, Jadakhadi Road, Mahidharpura, Surat – 395003, Gujarat
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	jain_diamonds@yahoo.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Dharmesh Kumar Bothra

Designation :

Director

Address :

B/41, Sai Apartment, Seven Bungalows, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Appointment :

01.09.2014

PAN No.:

AEDPB6061M

DIN No.:

02244657

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	U51109WB1993PLC057763	VULCAN EXPORTS LIMITED	Director	29/09/1994	29/09/1994	-	Active	NO
2	U29290MH1988PTC045832	VULCAN HI-TECH PROJECTS PRIVATE LIMITED	Director	15/01/2009	15/01/2009	12/08/2011	Active	NO
3	U36912MH2007PTC174228	GRANDIOSE JEWELLERY PRIVATE LIMITED	Director	15/01/2009	15/01/2009	-	Active	NO
4	U74900GJ2007PTC051871	SANCHETI DIAMONDS PRIVATE LIMITED	Director	01/04/2009	01/04/2009	01/07/2010	Active	NO
5	U36912GJ2007PTC051865	JAIN DIAMONDS PRIVATE LIMITED	Director	01/09/2014	03/07/2009	-	Active	NO
6	U51398MH2004PTC144151	MONARCH DIAM PRIVATE LIMITED	Director	05/11/2010	05/11/2010	-	Active	YES
7	U51909WB2009PTC136164	PURPLE SUPPLIERS PRIVATE LIMITED	Director	26/11/2011	26/11/2011	-	Active	NO
8	U52190WB2010PTC142775	TARPAN VINCOM PRIVATE LIMITED	Director	14/02/2012	14/02/2012	06/08/2012	Active	NO

Name :

Mr. Giriraj Harikrishan Chandak

Designation :

Director

Address :

3/6, Shastri Nagar, B.M.C Colony, Santacruz (West), Mumbai -400054, Maharashtra, India

Date of Appointment :

01.08.2015

DIN No.:

07254549

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U36912GJ2007PTC051865	JAIN DIAMONDS PRIVATE LIMITED	Director	01/08/2015	01/08/2015	Active	NO
2	U51909WB2009PTC136164	PURPLE SUPPLIERS PRIVATE LIMITED	Director	03/08/2015	03/08/2015	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Names of Shareholders	No. of Shares
Dharmesh Kumar Bothra	12800
Jyoti Rajendra Modi	10000
Ruchika Bothra	51450
Deluxe Commotrade Private Limited	18200
Prabhat Chan Chaturvedi	16700
Harsh Bothra	12800
Total	121950

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	14.92
Directors or relatives of directors	63.18
Other top fifty shareholders	21.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Processing and Manufacturing of Diamonds.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Auditors :
Name :	D K Beriya and Comapny Chartered Accountants
Address :	187, Rabindra Sarani, 2^nd Floor, Room No.74,Kolkata, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AOJPB1925L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 10/- each	Rs. 1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
121,950	Equity Shares	Rs. 10/- each	Rs. 1.219 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	1.219	1.038	1.038
(b) Reserves & Surplus	1.772	1.323	1.264
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1.500	1.500
Total Shareholders’ Funds (1) + (2)	2.991	3.861	3.802
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1730.561	980.654	124.345
(c) Other current liabilities	3.438	0.596	0.023
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1733.999	981.250	124.368
TOTAL	1736.990	985.111	128.170
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.153	0.201	0.231
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.014	0.018	0.018
(d) Long-term Loan and Advances	0.051	0.024	0.024
(e) Other Non-current assets	0.000	0.000	0.004
Total Non-Current Assets	0.218	0.243	0.277
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	104.858	63.447	57.873
(c) Trade receivables	1571.874	854.030	60.648
(d) Cash and cash equivalents	0.297	0.097	4.997
(e) Short-term loans and advances	59.743	67.294	4.375
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1736.772	984.868	127.893
TOTAL	1736.990	985.111	128.170

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	0.090	0.112
Less	TAX		NA	0.030	0.035
	PROFIT/ (LOSS) AFTER TAX		0.449	0.060	0.077
	Earnings Per Share (Rs.)		3.68	0.58	0.74

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 Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.01	0.09
Return on Investment (ROI) (PBT/Networth)		NA	0.02	0.03
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.00	1.00	1.03

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	1.038	1.038	1.219
Reserves & Surplus	1.264	1.323	1.772
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	1.500	1.500	0.000
Net worth	3.802	3.861	2.991
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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

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: NO CHARGES EXIST FOR COMPANY

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from C/o. Kishorebhai, 7/3269, 2nd Floor Front Side, Dhobisheri, Sauyedpura, Surat – 395003, Gujarat, India to the present address w.e.f. 29.11.2007.

FIXED ASSETS:

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

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 :	KMN
Analysis Done by :	TRI
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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	--

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