MIRA INFORM REPORT

Report No. :	347018
Report Date :	28.10.2015

IDENTIFICATION DETAILS

Name :	SHEETAL MANUFACTURING COMPANY PRIVATE LIMITED
Registered Office :	104, Radhe Vallabh Co-Operative Housing Society Limited, French Bridge, Opera House, Mumbai – 400004, Maharashtra
Tel No.:	91-22-61815300/ 01/ 02/ 03
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	14.05.2008
Com. Reg. No.:	11-182179
Capital Investment / Paid-up Capital :	Rs. 442.800 Million
CIN No.: [Company Identification No.]	U51398MH2008PTC182179
IEC No.:	0388019123
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAMCS1948J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Diamonds and Diamond Jewellery.
No. of Employees :	200 (Approximately)

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

Maximum Credit Limit :	USD 22960000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was originally established in 1987 as a partnership firm with the name of Sheetal Manufacturing Co and later it got converted into private limited company during 2008. The company is a manufacturer, exporter, trader and importer of diamonds. For the financial year ended 2015, revenue of the company has marginally declined by 5.57% but company has able to maintained profitability margins and reported above average margins at 2.84% during the year under a review. Rating takes into account the above average operating performance of the company despite adverse and challenging market conditions with modest improvement in profitability margins and satisfactory debt servicing indicators. The rating also takes into account of vast experience of the promoters in the CPD (Cut and Polished diamonds) industry backed by company’s established market position in the diamond business. However, rating strength partially offset by company’s susceptibility of the margins to volatility in rough prices, intense competition in the gems and jewellery sector due to fragmented nature of the industry, and high working capital intensity of operations. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal 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	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits = A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	October, 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Ms. Nita Acharya
Designation :	Head of Finance
Contact No.:	91-9867026925
Date:	27.10.2015

LOCATIONS

Registered Office/ Factory 1 :	104, Radhe Vallabh Co-Operative Housing Society Limited, French Bridge, Opera House, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-61815300/ 01/ 02/ 03
Mobile No.:	91-9867026925 (Ms. Nita Acharya)
Fax No.:	Not Available
E-Mail :	shmfg@yahoo.com reception.mumbai@sheetal.net nita@sheetalgroup.com account@sheetalgroup.com
Website :	www.sheetalgroup.com
Location:	Owned
Locality:	Commercial cum Residential
Corporate Office / Sales Office :	CC-3100, C Wing, Bharat Diamond, Bandra-Kurla Complex, Bandra (East), Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-61815300
Fax No.:	91-22-61815353
Area:	6000 Sq. Ft.
Location:	Owned
Locality:	Commercial
Branch Office:	Plot No.13, Sheetal Avenue, Near Bhavani Circle, A K Road, Surat - 395008, Gujarat, India
Location:	Owned
Locality:	Commercial
Factory 2:	Plot No.13 -A, Sheetal Avenue, Near Bhavani Circle, A K Road, Surat - 395008, Gujarat, India
Factory 3:	Plot No. 255, Sheetal Near Railway Colony, Varachha Road, Surat – 395006, Gujarat, India
Factory 4:	Plot No. 127, L G House Vastadevi Rad, Katagram, Surat – 395006, Gujarat, India
Factory 5:	Siddhkutir, Kapodara Choryashi, Surat – 395006, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Govindbhai Laljibhai Kakadia

Designation :

Director

Address :

71, Menaka, Tahnee Heights CHS Limited, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

03.06.1958

Experience :

40 Years

Date of Appointment :

14.05.2008

DIN No.:

00252050

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	U36911MH1995PTC086133	KIAH LIFE STYLE PRIVATE LIMITED	Director	07/03/1995	07/03/1995	27/03/2009	Active	NO
2	U24139MH1994PTC084196	Jayprem Gems (India) Private Limited (cn)	Director	11/02/2004	11/02/2004	-	Active	NO
3	U91110GJ2000NPL039065	GUJARAT HIRA BOURSE	Director	09/03/2004	09/03/2004	28/09/2014	Active	NO
4	U36910MH2004PTC147793	SHEETAL GOLDEN WORKS (INDIA) PRIVATE LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
5	U45400MH2007PTC170365	Royal Rose Real Estate Private Limited	Director	01/04/2008	01/04/2008	15/10/2013	Converted to LLP	NO
6	U51398MH2008PTC182179	Sheetal Manufacturing Company Private Limited	Director	14/05/2008	14/05/2008	-	Active	NO
7	U70102MH2007PTC172559	RIVER ROSE VENTURE PRIVATE LIMITED	Director	10/07/2008	10/07/2008	-	Converted to LLP and dissolved	NO
8	U51398MH1984NPL033787	BHARAT DIAMOND BOURSE	Director	23/12/2010	23/12/2010	17/09/2013	Active	NO

Name :

Mr. Hirabhai Kanjibhai Kakadia

Designation :

Director

Address :

92/B, Diamond Court, 40, Nepen Sea Road,, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

24.08.1970

Experience :

21 Years

Date of Appointment :

14.05.2008

PAN No.:

AADPK6778L

DIN No.:

02017417

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	U71290WB1995PLC073048	FIDELITY INVESTMENTS LIMITED	Whole-time director	27/09/2004	27/09/2004	27/03/2009	Active	NO
2	U51398MH2008PTC182179	Sheetal Manufacturing Company Private Limited	Director	14/05/2008	14/05/2008	-	Active	NO

Name :

Mr. Vallabhbhai Laljibhai Kakadia

Designation :

Director

Address :

504, Indraprasth Apartment, Near Indoor Stadium, Ghod Dod Road, Surat – 395007, Gujarat, India

Date of Birth/Age :

01.06.1959

Experience :

38 Years

Date of Appointment :

14.05.2008

DIN No.:

00027462

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	U36911MH1995PTC086133	KIAH LIFE STYLE PRIVATE LIMITED	Director	07/03/1995	07/03/1995	27/03/2009	Active	NO
2	U24139MH1994PTC084196	Jayprem Gems (India) Private Limited (cn)	Director	11/02/2004	11/02/2004	-	Active	NO
3	U36910GJ2005PTC045812	BROWN DIAMONDS MANUFACTURING PRIVATE LIMITED	Managing director	15/10/2012	21/05/2005	09/03/2015	Active	NO
4	U51398MH2008PTC182179	Sheetal Manufacturing Company Private Limited	Director	14/05/2008	14/05/2008	-	Active	NO

Name :

Mr. Ravjibhai Laljibhai Kakadia

Designation :

Director

Address :

Plot No.10, Siddhnath Nagar Co-operative Housing Society, Behind, Affil Tower, Lambe Hanuman Road, Surat – 395006, Gujarat, India

Date of Birth/Age :

14.08.1964

Experience :

33 Years

Date of Appointment :

14.05.2008

DIN No.:

00037184

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	U36911MH1995PTC086133	KIAH LIFE STYLE PRIVATE LIMITED	Director	07/03/1995	07/03/1995	27/03/2009	Active	NO
2	U24139MH1994PTC084196	Jayprem Gems (India) Private Limited (cn)	Director	11/02/2004	11/02/2004	-	Active	NO
3	U36910MH2004PTC144661	STAR GOLD PRIVATE LIMITED	Director	23/02/2004	23/02/2004	27/03/2009	Active	NO
4	U36910GJ2005PTC045813	RADHIKA DIAMONDS MANUFACTURING PRIVATE LIMITED	Managing director	20/10/2012	21/05/2005	09/03/2015	Active	NO
5	U45201MH2007PTC169214	River Rose Developers Private Limited	Director	27/03/2007	27/03/2007	-	Converted to LLP and dissolved	NO
6	U45400MH2007PTC170365	Royal Rose Real Estate Private Limited	Director	27/04/2007	27/04/2007	-	Converted to LLP	NO
7	U70102MH2007PTC172559	RIVER ROSE VENTURE PRIVATE LIMITED	Director	23/07/2007	23/07/2007	-	Converted to LLP and dissolved	NO
8	U51398MH2008PTC182179	Sheetal Manufacturing Company Private Limited	Director	14/05/2008	14/05/2008	-	Active	NO
9	AAB-9677	RIVER ROSE HOLDINGS LLP	Designated Partner	30/12/2013	30/12/2013	-	Active	NO
10	AAC-3992	RIVER ROSE DEVELOPERS LLP	Designated Partner	24/06/2014	24/06/2014	-	Active	NO

Name :

Mr. Ajay Govindbhai Kakadia

Designation :

Director

Address :

71, Menaka, Tahnee Heights Co-operative Housing Society, Nepeansea Road, Malabar Hill, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

11.09.1979

Experience :

13 Years

Date of Appointment :

14.05.2008

PAN No.:

AGQPK1637F

DIN No.:

01168559

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	U36911MH1995PTC086133	KIAH LIFE STYLE PRIVATE LIMITED	Additional director	04/07/2014	01/04/2004	-	Active	NO
2	U45201MH2007PTC169214	River Rose Developers Private Limited	Director	27/03/2007	27/03/2007	-	Converted to LLP and dissolved	NO
3	U51909MH2007PTC170074	3B SEMICONDUCTORS PRIVATE LIMITED	Director	18/04/2007	18/04/2007	13/01/2010	Active	NO
4	U45400MH2007PTC170075	A. KHENI DEVELOPER PRIVATE LIMITED	Director	18/04/2007	18/04/2007	13/01/2010	Active	NO
5	U45400MH2007PTC170365	Royal Rose Real Estate Private Limited	Director	27/04/2007	27/04/2007	-	Converted to LLP	NO
6	U70102MH2007PTC172559	RIVER ROSE VENTURE PRIVATE LIMITED	Director	23/07/2007	23/07/2007	-	Converted to LLP and dissolved	NO
7	U51398MH2008PTC182179	Sheetal Manufacturing Company Private Limited	Director	14/05/2008	14/05/2008	-	Active	NO
8	U36910MH2004PTC147793	SHEETAL GOLDEN WORKS (INDIA) PRIVATE LIMITED	Whole-time director	27/03/2009	27/03/2009	-	Active	NO
9	AAB-9677	RIVER ROSE HOLDINGS LLP	Designated Partner	30/12/2013	30/12/2013	-	Active	NO
10	AAC-2806	ROYAL ROSE REAL ESTATE LLP	Body corporate as Designated Partner	29/04/2014	29/04/2014	-	Active	NO
11	AAC-3992	RIVER ROSE DEVELOPERS LLP	Designated Partner	24/06/2014	24/06/2014	-	Active	NO
12	AAD-5059	RIVER ROSE VENTURE LLP	Body corporate as Designated Partner	09/03/2015	09/03/2015	-	Active	NO

Name :

Mr. Chirag Ravjibhai Kakadia

Designation :

Director

Address :

10 Sidhdhrth Nagar Society, L.H. Road, Surat – 395006, Gujarat, India

Date of Birth/Age :

15.07.1990

Experience :

2 Years

Date of Appointment :

15.07.2008

PAN No.:

AGRPK2297A

DIN No.:

02749772

Name :

Mr. Bharatkumar Vallabhbhai Kakadia

Designation :

Director

Address :

504, Indralok Society, Ghod Dod Road,, Surat – 395007, Gujarat, India

Date of Birth/Age :

19.01.1985

Experience :

8 Years

Date of Appointment :

14.05.2008

PAN No.:

AGQPK1679K

DIN No.:

01177028

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	U45201MH2007PTC169214	River Rose Developers Private Limited	Director	27/03/2007	27/03/2007	-	Converted to LLP and dissolved	NO
2	U45400MH2007PTC170365	Royal Rose Real Estate Private Limited	Director	27/04/2007	27/04/2007	15/10/2013	Converted to LLP	NO
3	U70102MH2007PTC172559	RIVER ROSE VENTURE PRIVATE LIMITED	Director	23/07/2007	23/07/2007	-	Converted to LLP and dissolved	NO
4	U51398MH2008PTC182179	Sheetal Manufacturing Company Private Limited	Director	14/05/2008	14/05/2008	-	Active	NO
5	U36910MH2004PTC147793	SHEETAL GOLDEN WORKS (INDIA) PRIVATE LIMITED	Whole-time director	27/03/2009	27/03/2009	-	Active	NO
6	AAC-3992	RIVER ROSE DEVELOPERS LLP	Designated Partner	24/06/2014	24/06/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Nita Acharya
Designation :	Head of Finance

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Govind Laljibhai Kakadia	7485630	16.91
Hirabhai Kanjibhai Kakadia	1771200	4.00
Vallabhbhai Laljibhbhai Kakadia	7485630	16.91
Ravjibhai Laljibhai Kakadia	7485630	16.91
Ajay Govindbhai Kakadia	5313600	12.00
Bharatkumar Vallabhbhai Kakadia	5313600	12.00
Chirag Ravjibhai Kakadia	5313600	12.00
Muktaben G. Kakadia	1370370	3.09
Shardaben V. Kakadia	1370370	3.09
Kantaben R. kakadia	1370370	3.09
Total	44280000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Diamonds and Diamond Jewellery.

Products :

Item Code No.	Product Description
71023910	Rough and Polished Diamonds

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Polished Diamonds

Countries :

· Hong Kong

Japan

China

United States of America

Australia

European Countries

Belgium

Imports :

Products :

Rough Diamonds

Countries :

· Russia

Belgium

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	DE Beers Global Sightholder Sales
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 :

Wholesalers, Retailers and Manufacturing

Reference :	Komal Gems, Hong Kong
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 :

200 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Overseas Branch, Union Bank Bhavan, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai - 400021, Maharashtra, India
Person Name (With Designation)	Mr. Yogesh Doshi (Technical Manager)
Contact Number	91-22-22892040
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

Banker Name	State Bank of India
Branch Address	D-3, Bharat Diamond Bourse, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India
Person Name (With Designation)	Mr. Donald Colaco (Relationship Manager)
Contact Number	91-9833877471
Name of Account Holder	Sheetal Manufacturing Company Private Limited
Account Number	30788656767
Account Since (Date/Year of Account Opening)	15 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Working Capital = Rs.10000.000 Million
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive feedback. As claimed by Mr. Donald Colaco (Relationship Manager) that subject having very good track record for banking transaction.

· Corporation Bank, Overseas Branch, Block C-1, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

· State Bank of India, Diamond Branch, 144, J.S.S. Road, Majestic Shopping Centre, Girgaum, Mumbai - 400004, Maharashtra, India

· Bank of India, D-2/D-4, Ground Floor, West Core 'G' Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· Andhra Bank, E-4, G Block, Bharat Diamond Bourse, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India

· State Bank of Bikaner and Jaipur, CNW Branch, 239 P.D. Mello Road, Opposite GPO, Fort, Mumbai - 400021, Maharashtra, India

· State Bank of Patiala, Commercial Branch-Ii, Equinox Business Park, Tower-3, 2nd Floor, Kurla (West), Mumbai – 400070, Maharashtra, India

· State Bank of Travancore, 112/115, Tulsiani Chambers, Nariman Point, Mumbai- 400021, Maharashtra, India

· IDBI Bank Limited, GR. Floor, C-7, G-Block, Opp. NSE Building, Bandra Kurla Compex, Bandra (East), Mumbai - 400051, Maharashtra, India

· HDFC Bank Limited, 4th Floor, Tower B, Peninsula Business Park, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Yes Bank Limited, Indiabulls Finance Centre, Tower 2, 25th Floor, Elphiston Road, Elphiston (West), Mumbai – 400013, Maharashtra, India

· State Bank of Hyderabad, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai – 400039, Maharashtra, India

· Standard Chartered Bank, CRESCENZO, 3A/F Plot No. C-38&39,G-Block, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India

· Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Financial Institution :	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	Pruthviraj Shah and Company Chartered Accountants
Address :	202 Radha Vallabh Co-operative Housing Society, French Bridge, Opera House, Mumbai – 400004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAJPS5797B
Membership No.:	11682
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies (AS ON 31.03.2014) :	· Sheetal Golden Works (India) Private Limited CIN No.: U36910MH2004PTC147793 Sheetal Middle East DMCC
Fellow Subsidiary Companies (AS ON 31.03.2014):	· Sheetal (Far East) Limited Sheetal Europe BVBA Address: Office 154, Hovenierstraat 30, Box No: 135, Antwerp, Belgium
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives(AS ON 31.03.2014):	· Brown Diamonds Manufacturing Private Limited CIN No.: U36910GJ2005PTC045812 Kiah Life Style Private Limited CIN No.: U36911MH1995PT C086133 Radhika Diamonds Manufacturing Private Limited CIN No.: U36910GJ2005PTC04581 L G Kakadia Charitable Trust Neelam Export SMC Employee GGCA Scheme

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital: Rs. 2000.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 442.800 Million

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.000 Million
100000000	Redeemable Preference Shares	Rs.10/- each	Rs. 1000.000 Million
	Total		Rs. 2000.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
43203704	Equity Shares	Rs.10/- each	Rs. 432.037 Million
1076296	Add : Premium issued during the year at premium of Rs. 130/-	Rs.10/- each	Rs. 10.763 Million
	Total		Rs. 442.800 Million

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	442.800	442.800	432.037
(b) Reserves & Surplus	7592.626	6467.572	5633.908
(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)	8035.426	6910.372	6065.945
(3) Non-Current Liabilities
(a) long-term borrowings	236.711	98.608	110.375
(b) Deferred tax liabilities (Net)	0.000	0.000	4.503
(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)	236.711	98.608	114.878
(4) Current Liabilities
(a) Short term borrowings	8928.432	7463.781	8266.183
(b) Trade payables	1689.830	1761.189	2965.099
(c) Other current liabilities	236.449	86.878	186.363
(d) Short-term provisions	2.531	(2.079)	1.275
Total Current Liabilities (4)	10857.242	9309.769	11418.920
TOTAL	19129.379	16318.749	17599.743
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1222.348	812.221	940.283
(ii) Intangible Assets	1883.074	1883.074	1883.074
(iii) Capital work-in-progress	261.535	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	66.007	66.007	66.007
(c) Deferred tax assets (net)	30.622	2.324	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3463.586	2763.626	2889.364
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6562.071	5078.986	5737.227
(c) Trade receivables	8515.619	7671.301	8364.396
(d) Cash and cash equivalents	166.731	221.355	132.094
(e) Short-term loans and advances	421.372	583.481	474.891
(f) Other current assets	0.000	0.000	1.771
Total Current Assets	15665.793	13555.123	14710.379
TOTAL	19129.379	16318.749	17599.743

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	28671.087	30363.082	25290.335
	Other Income	35.479	188.805	113.075
	TOTAL	28706.566	30551.887	25403.410
		(Due to market fluctuation)
Less	EXPENSES
	Cost of Materials Consumed	23857.528	18195.211	16872.897
	Purchases of Stock-in-Trade	4631.221	5899.309	6569.944
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3704.528)	2264.122	(1244.429)
	Manufacturing Expenses	1507.670	2149.396	1308.307
	Employees benefits expense	151.291	144.758	96.331
	Exceptional Items	6.311	1.771	1.772
	Other expenses	369.324	306.920	278.313
	TOTAL	26818.817	28961.487	23883.135
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1887.749	1590.400	1520.275
Less	FINANCIAL EXPENSES	426.356	400.750	401.599
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1461.393	1189.650	1118.676
Less/ Add	DEPRECIATION/ AMORTISATION	223.871	140.013	138.041
	PROFIT/ (LOSS) BEFORE TAX	1237.522	1049.637	980.635
Less	TAX	423.929	355.890	295.425
	PROFIT/ (LOSS) AFTER TAX	813.593	693.747	685.210
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	21182.655	17775.286
	TOTAL EARNINGS	NA	21182.655	17775.286
	IMPORTS
	Raw Materials	NA	19407.164	16190.25
	Polish Diamonds (Traded goods)	NA	43.877	54.617
	Capital Goods	NA	50.186	112.049
	TOTAL IMPORTS	NA	19501.227	16356.916
	Earnings / (Loss) Per Share (Rs.)	18.37	15.67	15.47

Expected Sales (2015-16): Rs.30000.000 Million

The above information has been parted by Ms. Nita Acharya (Head of Finance).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.84	2.28	2.71
Operating Profit Margin (PBIDT/Sales)	(%)	6.58	5.24	6.01
Return on Total Assets (PBT/Total Assets}	(%)	6.59	6.46	5.59
Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.16
Debt Equity Ratio (Total Debt /Networth)		1.14	1.09	1.38
Current Ratio (Current Asset/Current Liability)		1.44	1.46	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	432.037	442.800	442.800
Reserves & Surplus	5633.908	6467.572	7592.626
Net worth	6065.945	6910.372	8035.426
long-term borrowings	110.375	98.608	236.711
Short term borrowings	8266.183	7463.781	8928.432
Total borrowings	8376.558	7562.389	9165.143
Debt/Equity ratio	1.381	1.094	1.141

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	25290.335	30363.082	28671.087
		20.058	(5.573)

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	25290.335	30363.082	28671.087
Profit	685.210	693.747	813.593
	2.71%	2.28%	2.84%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	----------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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%	Yes
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	No
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 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.

NOTE:

The Registered office of the company has been shifted from 1001, Prasad Chambers, opera House, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 01.10.2012

OPERATIONS/WORKING RESULTS (AS ON 31.03.2014)

During the year, the Company has recorded Gross operating income of Rs. 30551.900 Million compared to previous year of Rs. 25403.400 Million showing an increase of 20.27%.

The Company has earned net profit Before Tax to the tune of Rs. 1049.700 Million compared to previous year of Rs. 980.600 Million showing an increase of 7.05%.

The above performance is achieved in spite of following adverse factors during the year i.e.

1. Overall slow growth in Industry.

2. Continued High volatility in $ rate ranging from high of Rs. 68.36 to the low of Rs. 53.74 with yearend sharp variance of more than 2-3 rupee upward.

3. Effect of international crisis of European countries etc. on consumers’ confidence.

4. Negative impact of Leading Gold Dealers failure to meet Financial Commitment of Gold trade to Bankers, on Bankers support to Diamond Industry as a whole.

5. Entry of Synthetic Diamond in the trade.

All the above factors are continued till date and subject to that management is hopeful of maintaining level of operations and profitability during the year.

GLOBALISATION and RESTRUCTURING:-

1. Continuing last year’s restricting plan, for International restructuring of the companies operation and organization by Committee of Directors, in first phase direct subsidiary in Dubai and Sheetal Manufacturing Company Private Limited shall be Holding Company for the same was formed and operation commenced.

2. The Company has taken during the year following further steps to achieve above objectives and to strengthen the profitability, Marketing base and Financial soundness of the Company:-

A) In addition to Direct Investment of $ 10lacs in our foreign fellow Subsidiary at Europe during last year additional Investment of $ 3.000 Million through our Indian subsidiary to take advantage of procurement of Rough Diamonds from prime source with availment of Bank fiancé at Competitive Rate.

B) Last year made direct investment $ 0.214 Million in their Foreign Subsidiary at Dubai to enlarge market and customer base in that Territory.

C) Guarantee support of $ 20 million to fellow subsidiary at Europe for making available Rough Diamond with lower cost of banking fund resulting into cheap supply compared to Direct DTC Import in India.

CONTINGENT LIABILITIES

(Rs. In Million)

Particulars	31.03.2014
Corporate Guarantee	1609.900
Income Tax demand	0.000
Service Tax Demand	**64.941
Total	1674.841

** From year 2006 to 2013

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10504311	06/06/2014	195,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, INDIA	C07411028
2	10370835	03/07/2015 *	10,625,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA, MUMBAI - 400005, Maharashtra, INDIA	C59813097

* Date of charge modification

FIXED ASSETS

Tangible assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

Intangible assets

· Brands and trade marks

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.64.95
UK Pound	1	Rs.99.73
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--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	YES
--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.