MIRA INFORM REPORT

Report No. :	347016
Report Date :	28.10.2015

IDENTIFICATION DETAILS

Name :	SHREE RAMKRISHNA EXPORTS PRIVATE LIMITED
Registered Office :	EE-6011, Bharat Diamond Bourse, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400005, Maharashtra
Tel. No.:	91-22-40405555
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.04.2012
Com. Reg. No.:	11-229115
Capital Investment / Paid-up Capital :	Rs. 1480.000 Million
CIN No.: [Company Identification No.]	U36912MH2012PTC229115
IEC No.:	0388016299
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AARCS2442Q
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject engaged in the business of import, export, trading, processing, and manufacturing of cut and polished diamonds and studded jewellery.
No. of Employees :	4000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was established as a sole proprietorship concern in 1964, it was converted to a partnership firm in 1976 The business was transferred to Shree Ramkrishna Exports Private Limited which was incorporated on April 2, 2012. The company possesses a favorable financial profile marked by adequate networth base, healthy operational efficiencies and its robust debt protection metrics. Management has witnessed a substantial improvement in its revenue and net profitability, including sustained profit margins during FY14. The ratings also take into consideration, the susceptibility of its profitability margins to volatility in diamond prices and to fluctuations in foreign exchange rates. However, trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of extensive experience of the promoters and established market position of the company, the company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	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 = A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	15.10.2015
Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	15.10.2015

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 :	Mr. Maulik Shah
Designation :	Accountant
Contact No.:	91-22-4040555
Date :	26.10.2015

LOCATIONS

Registered Office :	EE-6011, Bharat Diamond Bourse, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-40405555
Fax No.:	91-22-40405500
E-Mail :	account@srkexport.in law@lemonconsulting.net hitesh.italiya@srkexport.in info@srkexport.in vishal.jodhani@srkexport.in isha.dada@astuteconsulting.com legal@ndjco.net
Website :	http://www.srkexport.com http://www.srkexport.in
Location :	Owned
Locality:	Commercial
Diamond Factory :	'SRK Empire', 99, Vastadevdi Road, Opposite Gayatri Temple, Katargam, Surat - 395004, Gujarat, India
Tel. No.:	91-261-4040555
Fax No.:	91-261-4040550
E-Mail :	surat@srkexport.in
Jewellery Factory :	Plot No. 151, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India
Tel. No.:	91-261-6714444
Fax No.:	91-261-6714445

DIRECTORS

As on 01.09.2014

Name :

Mr. Govindbhai Laljibhai Dholakia

Designation :

Director

Address :

3, Vrundavandham Society, Katargam Road, Surat – 395004, Gujarat, India

Date of Birth/Age :

07.11.1947

Date of Appointment :

02.04.2012

DIN No.:

00524146

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	U91110GJ2000NPL039065	GUJARAT HIRA BOURSE	Director	09/03/2004	09/03/2004	-	Active	NO
2	U36910MH2004PTC148343	RAMKRISHNA GOLDI PRIVATE LIMITED	Managing director	01/09/2004	01/09/2004	-	Active	NO
3	U36910MH2004PTC148338	SHREE RAMKRISHNA GEMS PRIVATE LIMITED	Managing director	01/09/2004	01/09/2004	-	Active	NO
4	U36912GJ2010PLC062808	SURAT ROUGH DIAMOND SOURCING(INDIA) LIMITED	Director	03/11/2010	03/11/2010	26/09/2013	Active	NO
5	U36912MH2012PTC229115	SHREE RAMKRISHNA EXPORTS PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
6	U74140GJ2014NPL081370	SDB DIAMOND BOURSE	Director	28/11/2014	28/11/2014	-	Active	NO
7	U80212GJ2015NPL083560	SHREE RAMKRISHNA KNOWLEDGE FOUNDATION	Director	16/06/2015	16/06/2015	-	Active	NO

Name :

Mr. Shreyansh Govindbhai Dholakia

Designation :

Director

Address :

3, Vrundavandham Society, Katargam Road, Surat – 395004, Gujarat, India

Date of Birth/Age :

21.05.1987

Date of Appointment :

02.04.2012

DIN No.:

00523418

Name :

Mr. Jayantibhai Vashrambhai Narola

Designation :

Director

Address :

70, Kantareshwar Society, Katar Gam Road, Surat – 395004, Gujarat, India

Date of Birth/Age :

05.06.1964

Date of Appointment :

02.04.2012

DIN No.:

00587167

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	U36910MH2004PTC148343	RAMKRISHNA GOLDI PRIVATE LIMITED	Director	01/09/2004	01/09/2004	-	Active	NO
2	U36910MH2004PTC148338	SHREE RAMKRISHNA GEMS PRIVATE LIMITED	Director	01/09/2004	01/09/2004	-	Active	NO
3	U36912MH2012PTC229115	SHREE RAMKRISHNA EXPORTS PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
4	U80212GJ2015NPL083560	SHREE RAMKRISHNA KNOWLEDGE FOUNDATION	Director	16/06/2015	16/06/2015	-	Active	NO

Name :

Mrs. Champaben Govindbhai Dholakia

Designation :

Director

Address :

3, Vrundavandham Society, Katargam Road, Surat – 395004, Gujarat, India

Date of Birth/Age :

23.09.1954

Date of Appointment :

02.04.2012

DIN No.:

00524249

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	U36100GJ2008PTC053168	SHREE RAM DIAMEX PRIVATE LIMITED	Director	07/03/2008	07/03/2008	01/07/2014	Active	NO
2	U36912MH2012PTC229115	SHREE RAMKRISHNA EXPORTS PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Rahul Nagjibhai Dholakia

Designation :

Director

Address :

5, Gayatri Nagar Society, 5, Katargam Road, Surat – 395004, Gujarat, India

Date of Birth/Age :

12.12.1971

Date of Appointment :

02.04.2012

DIN No.:

00524017

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	U36910MH2004PTC148343	RAMKRISHNA GOLDI PRIVATE LIMITED	Director	01/09/2004	01/09/2004	-	Active	NO
2	U36910MH2004PTC148338	SHREE RAMKRISHNA GEMS PRIVATE LIMITED	Director	01/09/2004	01/09/2004	-	Active	NO
3	U36912MH2012PTC229115	SHREE RAMKRISHNA EXPORTS PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
4	U80212GJ2015NPL083560	SHREE RAMKRISHNA KNOWLEDGE FOUNDATION	Director	16/06/2015	16/06/2015	-	Active	NO

Name :

Mr. Vashrambhai Bhurabhai Narola

Designation :

Director

Address :

70, Kantareshwar Society, Katar Gam Road, Surat – 395004, Gujarat, India

Date of Birth/Age :

21.03.1942

Date of Appointment :

02.04.2012

DIN No.:

00523329

Name :

Mr. Arjan Lalji Dholakiya

Designation :

Director

Address :

8/B, Vallabh Nagar Society ,Varachha Road, Surat – 395006, Gujarat, India

Date of Birth/Age :

01.06.1956

Date of Appointment :

02.04.2012

DIN No.:

00523491

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	U36100GJ2008PTC053168	SHREE RAM DIAMEX PRIVATE LIMITED	Director	01/04/2010	01/04/2010	01/07/2014	Active	NO
2	U36912MH2012PTC229115	SHREE RAMKRISHNA EXPORTS PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
3	U80212GJ2015NPL083560	SHREE RAMKRISHNA KNOWLEDGE FOUNDATION	Director	16/06/2015	16/06/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Maulik Shah
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 01.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Vashrambhai Bhurabhai Narola	1800000
Shreyansh Govindbhai Dholakia	1800000
Arjanbhai Lalji Dholakiya	2700000
Rahulbhai Nagjibhai Dholakia	1800000
Govindbhai Laljibhai Dholakia	5400000
Champaben Govindbhai Dholakia	1800000
Jayantibhai Vashrambhai Narola	2700000
Total	18000000

Names of Shareholders (Preference Share)	No. of Shares
Vashrambhai Bhurabhai Narola	2129900
Shreyansh Govindbhai Dholakia	6445600
Arjanbhai Lalji Dholakiya	16679800
Rahulbhai Nagjibhai Dholakia	18120900
Govindbhai Laljibhai Dholakia	51895800
Champaben Govindbhai Dholakia	13966900
Vashrambhai Bhurabhai Narola	2129900
Jayantibhai Vashrambhai Narola	20761100
Total	130000000

Equity Share Break up (Percentage of Total Equity)

As on: 01.09.2014

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject engaged in the business of import, export, trading, processing, and manufacturing of cut and polished diamonds and studded jewellery.

Products :

Item Code No.	Product Description
71023910	Cut and Polished Diamonds

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Polished Diamond

Countries :

· Hong Kong

· USA

· Africa

Imports :

Products :

Rough Diamond

Countries :

· Belgium

· Dubai

· Israel

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Alrosa, Russia

Reference :	DPC Site Holder, London
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 :

S Goldi Asia Limited

Reference :	CH Halkimi, USA
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 :

4000 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	BKC, Bandra Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Shree Krishna Exports Private Limited
Account Number	016720110000025
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Working Capital Rs.15650.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· State Bank of India, Diamond Branch, Bharat Diamond Bourse, Tower No. D-3, Ground Floor, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India

· IndusInd Bank Limited, Indusind House, 425, Dadasaheb Bhadkamkararg, Mumbai – 400004, Maharashtra, India

· The Saraswat Co-operative Bank Limited, BKC Branch, Ground Floor, Madhava Commercial Premises Co-operative Society Plot, No.C-4, E Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
From Bank
Working Capital loans from Banks	8203.102	6007.488
Total	8203.102	6007.488

Working capital loans are secured against

PRIMARY

First ranking pari passu charge over the entire current assets of the borrower, both present and future, including the stocks of raw materials, semi-finished and finished goods, stores and spares lot relating to plant and machinery (Consumables stores and spares), bills receivable and book debts, excluding such as sets as may be permitted by the said Banks from time to time.

Collateral

a. Immovable properties of the Company situated at Mumbai and Surat

b. immovable properties of the Directors of the company situated at Mumbai and Surat

c. Cash Collateral with State Bank of India and Bank of India d} Investment in SBI Mutual Fund

d. Investment in SBI Mutual Fund Guarantee

Guarantee

a. Personal Guarantee of all the Directors of the Company

b. Personal Guarantee of Mrs. Jinal Dholakia

c. Corporate Guarantee of Shree Ram Diamex Private Limited

Foreign currency loans carry interest rate ranging from Libor plus 2 % to 4.5% per annum and Rupee loans carry interest rate @ @ 11% to 14% per annum.

The aforesaid loans are repayable within the range of 30 days to 180 days.

Auditors :
Name :	Suresh Surana and Associates Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN No.:	AAPFS9735B
Memberships :	Not Available
Collaborators :	Not Available
Enterprises In which Key management personnel or their relatives have significant influence :	· The Jewelry Company, India · Atushri Santokben Laljibhai Dholakia Charitable Trust, India · Sahajanand Diamonds, India · Shree Ram Diamex Private limited, India · Goldi Green Technologies Private limited, India · Jewel Goldi (India) , India · Shree Ramkrishna Charitable Trust, India · Dholakia Charitable Trust, India · Shree Ramkrishna Welfare Trust · Swa. Fulima Nathubhai Naroia Charitabie Trust, India · Traffic Education Trust, India · Lokseva Trust, India
Subsidiaries:	· Ramkrishna Goldi Private Limited, India CIN No.:U36910MH2004PTC148343 · Shree Ramkrishna Gems Private Limited, India CIN No.:U36910MH2004PTC148338

CAPITAL STRUCTURE

As on: 01.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs.200.000 Million
130,000,000	Preference shares	Rs.10/- each	Rs.1300.000 Million
	Total		Rs.1500.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
18,000,000	Equity Shares	Rs.10/- each	Rs.180.000 Million
130,000,000	Preference shares	Rs.10/- each	Rs.1300.000 Million
	Total		Rs.1480.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1480.000	1480.000
(b) Reserves & Surplus	2663.563	1462.473
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4143.563	2942.473
(3) Non-Current Liabilities
(a) long-term borrowings	861.224	832.424
(b) Deferred tax liabilities (Net)	11.674	4.479
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.870	0.000
Total Non-current Liabilities (3)	875.768	836.903
(4) Current Liabilities
(a) Short term borrowings	8203.102	6007.488
(b) Trade payables	6107.320	3123.211
(c) Other current liabilities	101.640	35.571
(d) Short-term provisions	0.319	0.000
Total Current Liabilities (4)	14412.381	9166.270
TOTAL	19431.712	12945.646
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1470.579	1201.996
(ii) Intangible Assets	0.167	0.000
(iii) Capital work-in-progress	41.621	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	45.901	59.461
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	239.217	613.240
(e) Other Non-current assets	41.647	13.343
Total Non-Current Assets	1839.132	1888.040
(2) Current assets
(a) Current investments	124.236	107.695
(b) Inventories	12286.064	6761.151
(c) Trade receivables	4523.913	3606.327
(d) Cash and cash equivalents	434.243	294.542
(e) Short-term loans and advances	206.811	283.638
(f) Other current assets	17.313	4.253
Total Current Assets	17592.580	11057.606
TOTAL	19431.712	12945.646

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income
		Other Income
		TOTAL	46797.400	30777.800
Less	TOTAL EXPENSES		44809.400	29446.200
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1988.000	1331.600
Less/ Add	DEPRECIATION/ AMORTISATION		158.600	136.200
	PROFIT/(LOSS) BEFORE TAX		1829.400	1195.400
Less	Prior Period Item		1.100	0.000
Less	TAX		575.100	398.900
	PROFIT/(LOSS) AFTER TAX		1254.300	796.500
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of export	44939.600	29638.000
	TOTAL EARNINGS		44939.600	29638.000
	IMPORTS
		Raw Materials	45583.100	29311.000
	TOTAL IMPORTS		45583.100	29311.000
	Earnings Per Share (Rs.)		69.68	44.25

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flow from operating activity	(1716.229)	(2086.744)

Particulars	31.03.2015
Sales Turnover (Approximately)	6000.000

Expected Sales (2015-2016): Rs. 60000.000 Million

The above information has been parted by Mr. Maulik Shah

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.68	2.59
Return on Total Assets (PBT/Total Assets}	(%)	9.46	9.28
Return on Investment (ROI) (PBT/Networth)		0.44	0.41
Debt Equity Ratio (Total Debt /Networth)		2.19	2.32
Current Ratio (Current Asset/Current Liability)		1.22	1.21

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	1480.000	1480.000
Reserves & Surplus	1462.473	2663.563
Net worth	2942.473	4143.563
long-term borrowings	832.424	861.224
Short term borrowings	6007.488	8203.102
Total borrowings	6839.912	9064.326
Debt/Equity ratio	2.325	2.188

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	30777.800	46797.400
		52.049

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	30777.800	46797.400
Profit	796.500	1254.300
	2.59%	2.68%

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	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	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	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 two 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 8th Century B.C.  India, in fact, remained undisputed leader till 18th 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 30th 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.

CORPORATE INFORMATION:

The Company is a Private Limited Company incorporated in India under the provisions of the Companies Act, 1956 on 2 April 2012 by conversion of Partnership firm (Shree Ramkrishna Export), having its registered office at EE-6011, Bharat Diamond Bourse, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051. The Company is engaged in the business of import, export and manufacturing of cut and polished diamonds and studded jewellery.

UNSECURED LOANS:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Long Term Borrowings
Loans and advances from related parties
loans from directors	861.224	832.424
Total	861.224	832.424
Note: The loans from directors and/or their relatives are either fully subordinated to the creditors of the Company and non-repayable (except with the prior approval of the creditors to the extent of Rs.825.000 Million) or the Company has the right to convert the outstanding loan into share capital The conversion is subject to compliance with applicable regulatory provisions by giving appropriate notice to the concerned directors, and/or their relatives, and fulfillment it specified conditions In view of the aforesaid commitment made by the directors, the Company confirms that the said loans can be treated as equivalent to capital.

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10538524	15/12/2014	280,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED BKC BRANCH	GROUND FLOOR, MADHAVA COMMERCIAL PREMISES COOPERATIVE SOCIETY PLOT,  NO.C-4, E BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	C37878071
2	10521158	30/08/2014	840,000,000.00	BANK OF INDIA	BHARAT DIAMOND BOURSE BRANCH, D-2/D-4, GROUND FLOOR, WEST CORE, G BLOCK, BKC, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	C21704721
3	10353037	23/03/2015 *	15,694,800,000.00	BANK OF INDIA	BHARAT DIAMOND BOURSE, MID CORPORATE BRANCH, D2/D4, GROUND FLOOR, WEST CORE G BLOCK, B.K.C. BANDRA  (E), MUMBAI - 400051, MAHARASHTRA, INDIA	C50859081

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipment

· Computer software

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 :	GYA
Analysis Done by :	KSH
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		60

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.