MIRA INFORM REPORT

Report No. :	344624
Report Date :	10.10.2015

IDENTIFICATION DETAILS

Name :	SHRENUJ AND COMPANY LIMITED
Registered Office :	405, Dharam Palace, 100-103, N S Patkar Marg, Mumbai - 400007, Maharashtra
Tel. No.:	91-22-67897788
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	13.04.1982
Com. Reg. No.:	11-026903
Capital Investment / Paid-up Capital :	Rs. 385.820 Million
CIN No.: [Company Identification No.]	L99999MH1982PLC026903
IEC No.:	0388005505
TAN No.: [Tax Deduction & Collection Account No.]	MUMS38907B
PAN No.: [Permanent Account No.]	AAACS0690P
Legal Form :	A Public Limited Liability Company. Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and processing, Export, Import of cutting, polishing and selling of precious gemstones and metals such as diamonds, other precious stones, diamond studded gold, silver and platinum jewellery.
No. of Employees :	Above 3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is old established company incorporated in the year 1982 and is having satisfactory track record. From the financial 2015, company have achieved total income of Rs. 2711.8 crore and reported 7.33% topline growth. And company have reported fair profitability margin from its operations. Rating continues to derive strength from the experience, resourcefulness and track record of the promoters in the Gems and Jewellery (G & J) industry and well diversified presence across the globe. However, trade relations are fair. Business is active and payments are reported to be usually correct. In view of consistent growth in its operation, the company can be considered for business dealings with usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	17.10.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	17.10.2013

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 (GENERAL DETAILS)

Name :	Ms. Shruti Dharuka
Designation :	General Manager Finance
Contact No.:	91-22-67897788
Date :	08.10.2015

LOCATIONS

Registered Office :	405, Dharam Palace, 100-103, N S Patkar Marg, Mumbai - 400007, Maharashtra, India
Tel. No.:	91-22-67897788
Fax No.:	91-22-2363 2982
E-Mail :	diamonds@shrenuj.com sanjay.abhyankar@shrenuj.com pranava.bhargava@shrenuj.com investor@shrenuj.com shruti.dharuka@shrenuja.com
Website :	www.shrenuj.com
Factory :	G-21, Gem and Jewellery Complex IV, Speez, Andheri (East), Mumbai – 400098, Maharashtra, India
Corporate Office :	HW 7011-13, Bharat Diamond Bourse, Bandra Kurla Complex, Mumbai - 400 051, Maharashtra, India
Tel. No.:	91-22-6789 7788
Fax No.:	91-22-2675 5800
E-Mail :	pranava.bhargava@shrenuj.com
Factories :	Located at: · Opera House · Tardeo · Sona Udyog (Andheri) · MIDC (Andheri) · Seepz (Andheri - Mumbai) · Patna (Bihar) · South Africa & Botswana

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Nihar Nitin Parikh
Designation :	Executive Director
Address :	Flat No. B-33, Tahnee Heights,, Petit Hall, 66, Nepean Sea Road, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	46 Years
Qualification :	B. Com
Experience :	22 Years
Date of Appointment :	27.04.1999
DIN No.;	00001461
Name :	Ms. Minoo Rustomji Shroff
Designation :	Director
Address :	75, Ashoka Apartments, L. Jagmohandas Marg, Mumbai - 400006, Maharashtra, India
Date of Appointment :	19.12.1988
DIN No.;	00001472
Name :	Dr. Badrinarayan Ramulal Barwale
Designation :	Independent Director
Address :	72 B, Urvashi, Petit Hall, Nepean Sea Road, Mumbai - 400006, Maharashtra, India
Date of Appointment :	17.09.1987
DIN No.;	00001479
Name :	Dr. Surendra Ambalal Dave
Designation :	Independent Director
Address :	17/31, Mhb Colony, Bandra Reclamation, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Appointment :	06.09.2003
DIN No.;	00001480
Name :	Mr. Shobhasingh Rajaramsingh Thakur
Designation :	Independent Director
Address :	1161, Abdul Court, Flat No. 20, 7th Floor, Suryavanshi Marg, Off. Cadel Road, Dadar, Mumbai - 400028, Maharashtra, India
Date of Appointment :	29.11.1995
DIN No.;	00001466
Name :	Mr. Suresh Narsappa Talwar
Designation :	Independent Director
Address :	10, Shiv Shanti Bhuvan,, 146, Maharshi Karve Road, Churchgate Reclamation, Mumbai - 400020, Maharashtra, India
Date of Appointment :	30.12.1988
DIN No.;	00001456
Name :	Mr. Festus Gontebanye Mogae
Designation :	Independent Director
Address :	Office of The Former President (Festus G Mogae), Plot No. 64526, Phakalane Golf Estate, Phakalane, Gaborone, NA, Botswana
Date of Appointment :	28.05.2012
DIN No.;	05281530
Name :	Mr. Shreyas K. Doshi
Designation :	Chairman and Managing Director
Address :	161, Neelamber,, 37, Dr. Gopalrao Deshmukh Marg, Peddar Road, Mumbai- - 400026, Maharashtra, India
Date of Birth/Age :	63 Years
Qualification :	F. Y. Science
Experience :	44 Years
Date of Appointment :	13.04.1982
DIN No.:	00001464
Name :	Mr. Vishal S. Doshi
Designation :	Group Executive Director
Address :	161, Neelamber, 37, Dr. Gopalrao Deshmukh Marg, Peddar Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	35 Years
Qualification :	B. Com
Experience :	35 Years
Date of Appointment :	01.11.2007
DIN No.:	00001474
Name :	Ms. Geeta Shreyas Doshi
Designation :	Director
Address :	162, Neelamber, 37, Dr. Gopalrao Deshmukh Marg, Mumbai - 400026, Maharashtra, India
Date of Appointment :	12.09.2014
DIN No.;	02186436

KEY EXECUTIVES

Name :	Mr. Kirtilal K. Doshi
Designation :	Chairman Emeritus
Name :	Mr. Vishal S. Doshi
Designation :	Group Executive Director
Name :	Mr. Hemanshu Kapadia and Associates
Designation :	Company Secretaries
Address :	OCE No. 12, 14th Floor, Navjivan Society, Building No.3 Lamington Road, Mumbai-400 008, Maharashtra, India
Tel No.:	91-11-66310888 / 66314830
Email id:	hemanshu@hkacs.com
Name :	Mr. Sanjay Madhav Abhyankar
Designation :	Chief Compliance Officer And Company Secretary
Address :	Abhyankar Wada, Near Bhaji Market, Vasai - 401201, Maharashtra, India
Date of Appointment :	09.03.2000
DIN No.;	Adepa1526c
Name :	Mr. Shridhar Jaggannath Sawant
Designation :	Group Chief Financial Officer
Address :	205, Dhruv Building, Hiranandani Complex,, Ashokvan, Borivali East, Mumbai - 400066, Aharashtra, India
Date of Appointment :	11.08.2014
PAN No.:	AGVPS7575B
Name :	Ms. Shruti Dharuka
Designation :	General Manager Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	72480234	37.57
Bodies Corporate	32112985	16.65
Sub Total	104593219	54.22
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	104593219	54.22
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13313	0.01
Financial Institutions / Banks	10254112	5.32
Foreign Institutional Investors	31392002	16.27
Any Others (Specify)	5910	0.00
Trusts	5910	0.00
Sub Total	41665337	21.60
(2) Non-Institutions
Bodies Corporate	23054274	11.95
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8098556	4.20
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	8272092	4.29
Any Others (Specify)	7223780	3.74
Overseas Corporate Bodies	3365412	1.74
Non Resident Indians	1174771	0.61
Others	39200	0.02
Directors & their Relatives & Friends	2639447	1.37
Foreign Individuals	4950	0.00
Sub Total	46648702	24.18
Total Public shareholding (B)	88314039	45.78
Total (A)+(B)	192907258	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	192907258	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

o.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Kirtilal Kalidas Doshi	71,51,528	3.71	950000	13.28	0.49	3.71
2	Shreyas Kirtilal Doshi	2,66,98,600	13.84	26655000	99.84	13.82	13.84
3	Geeta Shreyas Doshi	44,63,492	2.31	1850000	41.45	0.96	2.31
4	Suman Kirtilal Doshi	1,51,04,250	7.83	8900000	58.92	4.61	7.83
5	Vishal Shreyas Doshi	1,49,82,018	7.77	10900000	72.75	5.65	7.77
6	Vishal Shreyas Doshi	1,70,000	0.09	0	0.00	0.00	0.09
7	Anjali Pradeep Mehta	6,90,034	0.36	0	0.00	0.00	0.36
8	Pradeep Mehta	30,000	0.02	0	0.00	0.00	0.02
9	Kirtilal Kalidas Doshi (Anuj Doshi Trust)	5,63,886	0.29	0	0.00	0.00	0.29
10	Shrenuj Investments & Finance Pvt Ltd	2,54,65,142	13.20	24073966	94.54	12.48	13.20
11	Shrenuj Investments And Finance Private Limited	15,53,026	0.81	0	0.00	0.00	0.81
12	Shrenuj Investments And Finance Private Limited	25,00,000	1.30	0	0.00	0.00	1.30
13	Prest Impex Private Limited	25,94,817	1.35	0	0.00	0.00	1.35
14	Shreyas K Doshi (Huf)	4,30,000	0.22	0	0.00	0.00	0.22
15	Kirtilal K Doshi (Huf)	3,30,000	0.17	0	0.00	0.00	0.17
16	Aditi Shreyas Doshi	8,66,426	0.45	0	0.00	0.00	0.45
17	Geeta Shreyas Doshi (Aman Doshi Trust)	10,00,000	0.52	0	0.00	0.00	0.52
	Total	10,45,93,219	54.22	73328966	70.11	38.01	54.24

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	India Max Investment Fund Ltd	12281470	6.37
2	HSBC Private Bank (Suisse) Sa	10177740	5.28
3	Bridge India Fund	9428822	4.89
4	Afrin Dia	9308822	4.83
5	Holiday Developers Private Limited	3513512	1.82
6	Aveton Investments Ltd	3322440	1.72
7	Fortune Gems Private Limited	2768663	1.44
8	Sancheti Trading Pvt Ltd	3025284	1.57
9	Shrenuj And Company Limited Unclaimed Suspense Account	2707850	1.40
10	Sankhala Trading Pvt Ltd	2466486	1.28
11	Charvi Share Trading Pvt Ltd	2516502	1.30
12	Vanita Share Trading Pvt. Ltd	2658834	1.38
13	Nihar Parikh	2210457	1.15
14	Happy Share Trading Pvt Ltd	2099872	1.09
	Total	68486754	35.50

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	India Max Investment Fund Ltd	12281470	6.37
2	HSBC Private Bank (Suisse) Sa	10177740	5.28
	Total	22459210	11.64

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Shreyas Kirtilal Doshi	29,41,176	1.52
2	Vishal Shreyas Doshi	44,91,176	2.33
3	Shrenuj Investments & Finance Pvt Ltd.	13,91,176	0.72
	Total	88,23,528	4.57

BUSINESS DETAILS

Line of Business :	Manufacturing and processing, Export, Import of cutting, polishing and selling of precious gemstones and metals such as diamonds, other precious stones, diamond studded gold, silver and platinum jewellery.
Brand Names :	· Arisia · Bhavya · Caro74 · Fiana · Hot diamonds · Lavanya · Lorenzo · Lumé · Mastercut · Sveni · Syntila88 · Trapz · Valina
Agencies Held :	--
Exports :
Product :	Finished Goods
Country :	Dubai South Africa USA Hong Kong Gulf Country
Imports :
Product :	Raw Material
Country :	Dubai Hong Kong
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

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 :

End Users and OEM’s

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 :

Above 3000 (Approximately)

Bankers :

Bank Name:	Andhra Bank
Branch:	Mumbai, 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 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

· Allahabad Bank

· Bank of India

· Bank of Baroda

· Central Bank of India

· Corporation Bank

· Export Import Bank of India

· ICICI Bank Limited

· IDBI Bank Limited.

· Karnataka Bank Limited

· Oriental Bank of Commerce

· Punjab National Bank

· Standard Chartered Bank

· State Bank of Hyderabad

· State Bank of India

· State Bank of Patiala

· Syndicate Bank

· Union Bank of India

· Vijaya Bank

Facilities :

SECURED LOANS	31.03.2015	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
From Bank
Term Loan from Banks	1131.570	1,153.080
From Others
Term Loan from a company	0.000	0.000
SHORT TERM BORROWINGS
From bank
Working Capital Loan from Banks	13258.320	13123.600
Short term loan from	14.800	13.130
Total	14404.690	14289.810
NOTE: LONG TERM BORROWINGS : Term Loan from Banks includes: · Rs. 1200.250 million (P.Y. Rs. 1198.400 million ) secured by way of first charge on immovable property of one of the director, situated at NCPA Nariman point , Mumbai and residual charge over the current assets of the Company. The loan is collaterally secured by pledge of Company’s shares held by the promoters and these are further guaranteed by some of the directors in their personal capacity. It carries interest @ Libor + 4.80% and is repayable over a period of 5 years. · Rs. 2.620 million (P.Y. Rs. 5.750 million) is secured by hypothecation of specific vehicles. · Term loan from a company was secured by hypothecation of a specific vehicles. SHORT TERM BORROWINGS · Working Capital loans from banks are secured as under: (i) Primarily by hypothecation of stock in trade and book debts. (ii) Collaterally by machinery, office equipment and furniture and fixtures present and future, and mortgage of premises situated at Mumbai. (iii) Further collaterally by pledge of fixed deposits and guarantee by some of the Directors in their Personal capacity. · Short term loan from banks are secured against Company’s Fixed Deposits.

Auditors :
Name :	Rajendra and Company Chartered Accountants
Address:	1311, Dalamal Tower, 211, Nariman Point, Mumbai – 400021, Maharashtra, India
Solicitors :
	Talwar Thakore and Associates Advocates and Solicitors
Address :	3rd Floor, Kalpataru Heritage, 127, M. G. Road, Fort, Mumbai - 400 001, Maharashtra, India
Associates	· Kiara Jewellery Private Limited · Arisia Jewellery Private Limited · Jomard SAS · SWA Trading Limited · Copem and Shrenuj · Trapz, LLC · SHL Gems and Jewellery Limited · K. K. Doshi and Co. · Shrenuj Investments and Finance Private Limited · Prest Impex Private Limited
Subsidiaries	· Bernies International, LLC · Ithemba Diamonds (Pty) Limited · Uxolo Diamond Cutting Works (Pty) Limited
Wholly owned subsidiary	· Shrenuj Lifestyle Limited · Shrenuj Overseas Ltd · Shrenuj DMCC · Shrenuj Japan Corporation · Shrenuj (Mauritius) Private Limited · Shrenuj Jewellery (Far East) Limited · Shrenuj Botswana (Pty.) Limited · Shrenuj South Africa (Pty) Limited · Shrenuj N.V. · Shrenuj GmbH · Shrenuj Australia Pty. Limited · Lume Group AG · Astral USA, INC. · Shrenuj USA, LLC · Astral Jewels LLC · Astral Holding INC · Global Marine Diamonds Company · Simon Golub and Sons INC · Daily Jewellery Ltd.Hong Kong · Shrenuj (Far East) Limited. · Shrenuj Shanghai Diamonds Private Limited
Sister Concern :	· Kiara Jewellery Private Limited · SWA Trading Limited · K.K. Doshi and Company · SHL Gems and Jewellery

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
225,000,000	Equity shares	Rs. 2/- each	Rs. 450.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
192907258	Equity shares	Rs. 2/- each	Rs. 385.820 Million

Notes:

1 a) Of the above Equity shares:

i) 14,122,325 shares were issued pursuant to the scheme of amalgamation without payment being received in cash.

ii) 6,692,070 shares were issued pursuant to the exercise of option by the holders of Foreign Currency Convertible Bonds.

iii) 96,453,629 Shares were issued during the year, by way of Bonus Shares.

b) Details of shareholders holding more than 5% shares in the Company.

Particulars	31st March 2015
	No. of Shares	% holding in the sales
Equity shares of Rs. 2/- each fully paid
Shreyas K. Doshi	26.699	13.84%
Vishal S. Doshi	15.152	7.85%
Suman K. Doshi	15.104	7.83%
Shrenuj Investments & Finance Private Limited	29.716	15.40%
HSBC Private Bank (Suisse) SA	10.178	5.28%
India Max Investment Fund Limited	12.281	6.37%

c) The reconciliation of the number of share outstanding is set out below:

Particulars	31 March 2015
Equity shares at the beginning of the year	96.454
Add: Bonus Equity Shares issued during the year	96.454

d) The Company has reserved issuance of 96,45,362 ( P.Y.Nil) equity shares of Rs. 2/- each for offering to eligible employees of the company and its subsidiaries under Employee Stock Option.

e) The Company has only one class of shares referred to as Equity Shares having face value of Rs. 2/- each. Each holder of equity share is entitled to one vote per share. The final Dividend proposed by the Board of Directors is subject to the approval of shareholders at the Annual General Meeting and is paid in Indian Rupee.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	385.820	192.910	192.910
(b) Reserves & Surplus	6747.050	6766.710	6501.280
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7132.870	6959.620	6694.190
(3) Non-Current Liabilities
(a) long-term borrowings	2483.750	2197.950	2011.670
(b) Deferred tax liabilities (Net)	64.190	96.860	91.860
(c) Other long term liabilities	0.860	2.390	1.290
(d) long-term provisions	75.360	68.600	31.660
Total Non-current Liabilities (3)	2624.160	2365.800	2136.480
(4) Current Liabilities
(a) Short term borrowings	13274.620	13155.430	12389.560
(b) Trade payables	10285.530	13691.510	11122.890
(c) Other current liabilities	1199.220	597.530	372.820
(d) Short-term provisions	154.790	211.820	179.630
Total Current Liabilities (4)	24914.160	27656.290	24064.900
TOTAL	34671.190	36981.710	32895.570
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2307.450	2495.680	2510.020
(ii) Intangible Assets	6.400	9.870	15.720
(iii) Capital work-in-progress	13.040	2.570	13.570
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1163.090	1163.090	1163.090
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1775.030	1708.330	1632.100
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5265.010	5379.540	5334.500
(2) Current assets
(a) Current investments	0.030	0.030	0.150
(b) Inventories	16107.310	16429.360	13771.530
(c) Trade receivables	12166.750	13997.120	12516.580
(d) Cash and cash equivalents	472.620	600.530	758.460
(e) Short-term loans and advances	659.470	575.130	514.350
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	29406.180	31602.170	27561.070
TOTAL	34671.190	36981.710	32895.570

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	27118.830	25265.820	22392.980
	Other Income	3.000	10.820	8.620
	TOTAL (A)	27121.830	25276.640	22401.600
Less	EXPENSES
	Cost of Materials Consumed	21472.440	16706.840	13864.880
	Purchases of Stock-in-Trade	2624.180	9050.940	8013.350
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	165.070	(3351.480)	(2286.460)
	Employees benefits expense	402.110	408.600	378.060
	Other expenses	977.430	947.880	966.090
	TOTAL (B)	25641.230	23762.780	20935.920
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1480.600	1513.860	1465.680
Less	FINANCIAL EXPENSES (D)	1033.630	954.030	1005.190
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	446.970	559.830	460.490
Less/ Add	DEPRECIATION/ AMORTISATION (F)	132.460	66.720	63.010
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	314.510	493.110	397.480
Less	TAX (H)	109.030	141.720	92.500
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	205.480	351.390	304.980
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	1538.730	1291.050	1085.780
Less	APPROPRIATIONS
	Transfer to General Reserve	20.000	36.000	32.000
	Adjustment Relating to fixed Assets	42.520	0.000	0.000
	Proposed Dividend	38.580	57.870	57.870
	Tax on Proposed Dividend	7.850	9.840	9.840
	Total (M)	108.950	103.710	99.710
	Balance Carried to the B/S (J+K+L-M)	1635.260	1538.730	1291.050
	EARNINGS IN FOREIGN CURRENCY
	Interest on Loan	34.020	28.950	7.470
	Other Income	0.330	6.840	0.000
	Insurance	0.000	0.000	0.000
	TOTAL EARNINGS	34.350	35.790	7.470
	Earnings / (Loss) Per Share (Rs.)	1.07	1.82	3.97

Particulars	31.03.2015
Sales Turnover	27118.830

The above information has been parted by Ms. Shruti Dharuka (General Manager Finance)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
Term Loan from Banks	71.300	51.070	3.800
Term Loan from a company	0.000	0.860	0.930
Total	71.300	51.930	4.730
Cash generated from operations	929.220	414.950	(1549.380)
Net Cash Flow from operating activities	737.120	286.810	(1675.200)

QUARTERLY RESULTS

Particulars	June 2015
Audited / Unaudited	Unaudited
Net Sales	5367.390
Total Expenditure	5049.680
PBIDT (Excl OI)	317.710
Other Income	0.430
Operating Profit	318.140
Interest	259.240
Exceptional Items	NA
PBDT	58.900
Depreciation	27.020
Profit Before Tax	31.880
Tax	11.000
Provisions and contingencies	NA
Profit After Tax	20.880
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	20.880

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
PAT / Total Income	(%)	0.76	1.39	1.36
Net Profit Margin (PBT/Sales)	(%)	5.46	5.99	6.55
Return on Total Assets (PBT/Total Assets}	(%)	0.94	1.38	1.25
Return on Investment (ROI) (PBT/Networth)		0.04	0.07	0.06
Debt Equity Ratio (Total Liability/Networth)		2.22	2.21	2.15
Current Ratio (Current Asset/Current Liability)		1.18	1.14	1.15

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.34.00/-

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	192.910	192.910	385.820
Reserves & Surplus	6501.280	6766.710	6747.050
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6694.190	6959.620	7132.870
long-term borrowings	2011.670	2197.950	2483.750
Short term borrowings	12389.560	13155.430	13274.620
Current Maturities Of Long-Term Debts	4.730	51.930	71.300
Total borrowings	14405.960	15405.310	15829.670
Debt/Equity ratio	2.152	2.214	2.219

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	22392.980	25265.820	27118.830
		12.829	7.334

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	22392.980	25265.820	27118.830
Profit	304.980	351.390	205.480
	1.36%	1.39%	0.76%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last 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	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10574833	28/05/2015	1,841,636.00	SARASWAT CO-OPERATIVE BANK LIMITED	LAXMAN ZULLA, 1ST FLOOR,, 50, RANADE ROAD, DADAR,  MUMBAI, Maharashtra - 400028, INDIA	C56394588
2	10558306	30/03/2015	937,950,000.00	EXPORT- IMPORT BANK OF INDIA	Centre One Building, Floor 21, World Trade Centre,  Cuffe Parade,, Mumbai, Maharashtra - 400005, INDIA	C48506109
3	10544498	01/01/2015	100,000,000.00	PUNJAB NATIONAL BANK	SEEPZ BRANCH, ANDHERI - EAST, MUMBAI, Maharashtra  - 400096, INDIA	C41169939
4	10534875	17/11/2014	72,000,000.00	Vijaya Bank	OVERSEAS BRANCH,, MAKER CHAMBER IV, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	C35943422
5	10515061	19/07/2014	50,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACH  AR MARG, FORT,, MUMBAI, Maharashtra - 400023, INDIA	C16497604
6	10488984	12/04/2014	300,000,000.00	BANK OF BARODA	BANK OF BARODA, 122, Sheikh Memon Street, Trishla  Building, Mumbai, Maharashtra - 400002, INDIA	C03051158
7	10480636	17/02/2014	870,215.00	SARASWAT CO-OPERATIVE BANK LIMITED	LAXMAN ZULLA, 1ST FLOOR,, 50, RANADE ROAD, DADAR,  MUMBAI, Maharashtra - 400028, INDIA	B97607543
8	10475847	27/01/2014	1,616,699.00	SARASWAT CO-OPERATIVE BANK LIMITED	LAXMAN ZULLA, 1ST FLOOR,, 50, RANADE ROAD, DADAR,  MUMBAI, Maharashtra - 400028, INDIA	B95591012
9	10467801	21/12/2013	170,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACH  AR MARG, FORT,, MUMBAI, Maharashtra - 400023, INDIA	B92598143
10	10459206	21/10/2013	200,000,000.00	BANK OF INDIA	BHARAT DIAMOND BOURSE BRANCH, Bandra Kurla Complex, Bandra - East, Mumbai, Maharashtra - 400051, INDIA	B89143853

UNSECURED LOANS

PARTICULARS	31.03.2015	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
From Directors	358.690	241.170
Inter Corporate Deposits (from Companies under same management)	921.030	770.200
Loans and Advances from Share Holders	72.460	33.500
SHORT TERM BORROWINGS
From Related parties
Shareholders	1.500	1.700
Inter Corporate Deposits	0.000	0.000
Fixed Deposits	0.000	17.000
Total	1353.680	1063.570

OPERATIONS:

With the recessionary trends setting in the global markets from the first half of the year, the management has adopted a cautious approach for marketing its products. Sales have been slightly higher than last year. The Company is vertically integrated and its customer base is well spread across different geographical zones, thus minimizing risk.

In spite of economic stagnation in gems and jewellery industry, jo losses and reduction in disposable incomes which has resulted in lower spend on diamonds and jewellery, the Company's sales revenue increased by 7% to Rs. 27118.830 Million (Rs. 25265.820 Million) and consolidated sales revenue was higher by 18% to Rs. 54,851.10 Million (Rs. 46431.800 Million).

The consolidated results for this year are not comparable with last year as a large number of overseas subsidiaries of the Company have opted to report audited financial results for the nine months ending 31st December, 2014 by changing their accounting period to calendar year.

The rise in input prices and consolidation in retail space in US had led to margin pressures in jewellery segment. This impact was somewhat negated by improving the operational efficiencies and offering differential product mix. The fall in gold prices and marginal improvement in the prices of the polished diamonds helped in reducing the pressure on margins.

The Company experienced decline in standalone results. Demand for diamond and jewellery has remained subdued for the year, however there was some improvement in consumer sentiment in US and Europe. The prices of rough diamonds were stable but somewhat higher than the last year. On the consumer side, new price points have been accepted with some resistance.

The entire concept of charging depreciation to fixed assets has been evolved as per new Companies Act, 2013. Under Scheduled II of the said Act systematic allocation of the depreciable amount of an asset over its useful life is required and accordingly the Company has reassessed the remaining useful life of fixed assets and additional depreciation of Rs. 132.46 million was charged for the FY 2014-15.

ECONOMIC SCENARIO AND OUTLOOK

The overall demand for diamond and jewellery has remained subdued during the year under review. Signs of improvement in consumer sentiment in US and Europe became visible. The prices for rough diamonds were significantly higher than last year. On the consumer side, new price points have been accepted with some resistance.

The global economic uncertainty has directly and indirectly impacted consumer preference for luxury and lifestyle products. This has resulted in negative growth in some of the key markets. The Company is therefore exercising caution in marketing by limiting its exposure to specific customers and regions. The new focused strategy in the short term is to approach customers directly through trade fairs and mailers rather than through advertising. The Company also uses the services of in-house designers and free lancers in developing product designs as per emerging market trends.

The demand for the private labels and Forevermark diamonds remained strong. These product categories command premium and have shown sustained double digit growth despite the somber market scenario. The outlook for the current year is promising, especially with steady rise in demand from China, CIS and India and stable demand from US and Euro Zone.

The Company has been allotted a new sightholder status in South Africa by De Beers, in addition to its existing sight with De Beers International and De Beers Botswana. This arrangement will add further stability to the Company's sourcing activities.

MANAGEMENT DISCUSSION & ANALYSIS

THE BIG PICTURE FOR 2015&16: AN OUTLOOK

The general consensus on global economic growth in the year 2015 remains moderate, with varying prospects across the main markets for gems and jewellery. Overall global economic growth is estimated to be around 3.5 percent in 2015, which is in line with the previous forecasts. Relative to last year, the outlook for advanced economies is improving, while growth in emerging markets and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and OPEC region.

Global economic growth in the year 2014 was recorded at 3.4 percent, reflecting a revival in growth in advanced economies relative to 2013 while recording stagnation in emerging market and developing economies. Multiple and complex forces that affected global activity in 2014 are still shaping the outlook: medium and long-term trends, global shocks, and many country or region-speci9c factors. Growth is projected to be somewhat stronger in 2015 relative to 2014 in advanced economies, but weaker in emerging markets, reflecting more subdued prospects for some large emerging market economies and OPEC region.

Global economic growth is expected to be around 3.5 percent in 2015 rising to 3.8 percent in 2016, with uneven prospects across the developed countries and regions of the world. The distribution of risks to near-term global growth has become more balanced relative to the outlook but is still tilted downside. The decline in oil prices could boost activity more than expected, especially in China and India. The risks of disruptive shifts and the resultant volatility in asset prices remain relevant. In some advanced economies, protracted low inflation or deflation also pose risks to activity.

The potential output growth across advanced and emerging market economies has declined in recent years. In advanced economies, this decline started as far back as the early 2000s and worsened with the global 9nancial crisis. In emerging market economies, in contrast, it began only after the crisis. Economists and analysts suggest that potential output growth in advanced economies is likely to increase slightly from current rates as some crisis-related effects wear off, but to remain below pre-crisis rates in the medium term. The main reasons are aging populations and the gradual increase in capital growth from current rates as output and investment recover from the crisis. In contrast, in emerging market economies, potential output growth is expected to decline further, owing to aging populations, weaker investment, and lower total factor productivity growth as these economies catch up to the technological frontier.

Private 9xed investment in advanced economies contracted sharply during the global 9nancial crisis, and there has been little recovery since. Investment has generally slowed more gradually in the rest of the world. Although housing investment fell especially sharply during the crisis, business investment accounts for the bulk of the slump, and the overriding factor holding it back has been the overall weakness of economic activity. In some countries, other contributing factors include 9nancial constraints and policy uncertainty. It is generally believed that the general improvement in economic activity is crucial for restoring growth in private investment.

OPERATIONAL PERFORMANCE:

The Company recorded total operating income of the 54851.100 Million for the year ending 31st March 2015 as compared to revenue of Rs. 46431.800 Million in the corresponding last period. The net pro9t for the period was Rs. 732.800 Million (Rs. 897.100 Million). The EPS (diluted) slid to Rs. 3.80 from Rs. 4.65 (FV: Rs. 2). The EPS has been adjusted for the impact of bonus shares issued during the year. The result for this year is not comparable to that of the last year as a large number of overseas subsidiaries of the Company have opted to report audited 9nancial results for the nine months ending 31st December 2014, and migrating their accounting period to calendar year basis. ?e Board of Directors has proposed a dividend of 10%, with an intention to announce an interim dividend at a future date, as the pro9t margins improve.

In Q4-FY’15, consolidated revenue of Rs. 9967.300 Million (down 17.38%) was recorded against Rs.12064.100 Million in Q4-FY’14. the PAT 9gure for the quarter also dipped signi9cantly as compared to the corresponding period last year at Rs. 44.600 Million (Rs. 267.700 Million). The market conditions during the period were very challenging coupled with high input costs and decline in demand.

The Company has been allotted a new sightholder status in South Africa by De Beers, in addition to its existing sight with De Beers International and De Beers Botswana. This arrangement will add further stability to the company’s sourcing activities. The prices of rough diamonds witnessed some correction during Q4 but the demand for polished diamonds during the peak season remained subdued. The key markets of US, China and India were stable in terms of demand but the polished diamond prices continued to remain soft. Japan and EU zone are still dormant in terms of demand. The outlook for the second half of FY 2015-16 seems optimistic for the industry as it is going through destocking and a phase of consolidation.

Bridal segment for jewellery products remained strong through the year gone by. The consumer focus was on light weight jewellery. The demand for jewellery during the wedding season in India was better as compared to last year but fell below expectations. The outlook for the jewellery demand for FY 2015-16 is very optimistic, with a strong revival of demand in the branded segment and private labels.

The year gone by has been a very challenging one. The Company has witnessed high margin pressures and volatility in prices. With the current trend, the management believes that the portability in manufacturing margins is set to return, even as the large players continue to reduce their inventory levels. They have received good support from their customers who have allowed us to sustain volumes, even at a lower pro9tability. They have also received encouraging support from their bankers and suppliers and they believe the worst is behind us now.

Going forward, the management expects a revival in manufacturing activity and the optimal usage of operational capacities. The management also expects a surge in demand in India and China while US will continue to perform well. The year has started with some positive indicators and they believe that the trend will gain momentum in the days to come.

FINANCIAL PERFORMANCE:

Overview

The financial statements have been prepared in compliance with the requirements of the Companies Act, 2013 and Generally Accepted Accounting Principles (GAAP) in India. The management accepts responsibility for the integrity and objectivity of these 9nancial statements, as well as for various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the 9nancial statements reflect in a true and fair manner the form and substance of the transactions, and reasonably present the Company’s state of affairs, pro9ts and cash flows.

Outlook

The outlook for the diamond industry is expected to brighten in the second half of FY 2015-16. While the demand for bridal jewellery and lower price diamonds remains strong, the volume growth in fashion segment is expected to bene9t from the surge in demand in US, India and Middle East. China is also expected to sustain a good rate of demand growth during the year.

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. In Million)

		Particulars	Quarter ended 30.06.2015
1		Income from Operations
		Sales/Income from Operations (Gross)	5367.390
		b) Other Operating Income	0.000
	Total Income from Operations (Net)		5367.390
2	Expenses
	a)	Cost of Materials consumed	3635.850
	b)	Purchase of Stock in trade	692.010
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	438.120
	d)	Employee benefit expenses	104.750
	e)	Depreciation and amortization expense	27.020
	f)	Other expenses	178.950
	Total Expenses		5076.700
3		Profit /(Loss) from operations before other income, finance costs and exceptional items	290.690
4	Other Income		0.430
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		291.120
6	Finance Costs		259.240
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		31.880
8	Exceptional Items		0.000
9	Profit /(Loss) from ordinary activities before tax		31.880
10	Tax Expense		11.000
11	Net Profit /(Loss) from ordinary activities after tax		20.880
12	Paid up equity share capital (Eq. shares of Rs.10/- each)		385.820
13	Reserve excluding revaluation reserves
14		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	0.11
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	88116205
		- Percentage of Shareholding	45.68
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	73526800
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	70.17
		- Percentage of shares (as a % of the total share capital of the Company)	38.11
		b) Non- encumbered
		- Number of shares	31264253
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	29.83
		- Percentage of shares (as a % of the total share capital of the Company)	16.21

Particulars	3 Months Ended Ended 30.06.2015
Pending at the beginning of the quarter	3
Received during the quarter	5
Disposed of during the quarter	8
Remaining unresolved at the end of the quarter	Nil

SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED

(Rs. In Million)

Sr. No.	Particular	Quarter ended
		30.06.2015
		(Unaudited)
1.	Segment Revenue
	Diamond	3990.820
	b. Studded Jewellery	1414.070
	Total	5404.890
	Less: Inter Segment Revenue	37.500
	Net Sales / Income from Operations	5367.390
2.	Segment Result
	Profit/(Loss) before tax and Interest from each segment
	Diamond	195.980
	b. Studded Jewellery	95.140
	Total	291.120
	Less : i. Interest	259.240
	ii. Other Un-allocable expenditure net off un-allocable income	0.000
	Total Profit/(Loss) before tax	31.880
3.	Segment Capital Employed
	(Segment Assets – Segment Liabilities)
	Diamond	4291.930
	b. Studded Jewellery	2999.900
	Total capital employed in Segment	7291.830
	Add : Un-allocable corporate assets Net of Liabilities	(139.040)
	Total Capital employed in the Company	7152.790

Note :

1. The above unaudited standalone financial results for the current quarter ended 30th June, 2015 were subjected to a limited review by the Auditors of the Company and reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 12th August, 2015.

2. The Company has applied hedge accounting principles in respect of forward exchange contracts as set out in Accounting Standard AS 30 - Financial Instruments : Recognition and Measurement, issued by the Institute of Chartered Accountants of India. Accordingly, contracts as on 30th June, 2015 are Marked to Market and a notional gain aggregating to Rs. 2.93 Million (Loss of Rs. 9.48 Million as at 30th June, 2014) arising on contracts that were designated as effective hedges of future cash flows, has been directly reflected in the reserves.

3. Figure for the quarter ended 31st March, 2015 is the balancing figure between audited figures in respect of full financial year and the reviewed year to date figures upto 31st December. 2014.

4. In terms of the resolution passed by the shareholders by way of Postal Ballot on 7th July, 2014, the Company has allotted 9,64,53,629 bonus equity shares on 18th July, 2014 in the ratio of 1 equity share of Rs. 2/- each fully paid up for every equity share of Rs. 2/- each held. Consequently, the Earnings Per Share of Rs 2/- each have been restated for the quarter ended 30th June, 2014 based on the number of equity shares post bonus issue, i.e. 19,29,07,258 equity shares, in accordance with Accounting Standard (AS-20) on 'Earnings Per Share' as notified under the Companies (Accounting Standards) Rules, 2006.

5. Previous year's / quarter's figures are re-grouped wherever necessary.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Guarantees given by the Company on behalf of Subsidiaries and Associates In respect of Advances granted by Banks	17,633.010	16,523.760
Disputed Income Tax Liabilities not provided for	221.950	185.310
Disputed Sales Tax Liabilities not provided for	0.000	0.380
Bank Guarantee executed in favor of third Party	5.100	5.100
Bond executed for import of Capital goods	30.720	24.790
Letter of Credit against import/local purchase of goods	1,192.190	1,361.980
Letter of Credit discounted	0.000	28.950

FIXED ASSETS:

Tangible Assets

• Freehold Land
• Leasehold Land
• Building*
• Leasehold improvements
• Plant & Equipment
• Electrical Installations
• Office Equipment’s
• Furniture and Fixtures
• Vehicles
• Yacht

Intangible Assets

• Computer Software
• Trademarks
• Technical Knowhow

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.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.