MIRA INFORM REPORT

Report No. :	346850
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	ANKIT GEMS PRIVATE LIMITED

Registered Office :	DW 6251/6252, D Tower, G Block, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-22-43548800 to 43548898

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	27.04.2011

Com. Reg. No.:	11-216778

Capital Investment / Paid-up Capital :	Rs.373.538 Million

CIN No.: [Company Identification No.]	U36912MH2011PTC216778

IEC No.:	0388042664

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

PAN No.: [Permanent Account No.]	AAJCA4305Q

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of polished diamonds from rough diamonds, importer, exporter and trader of rough and polished, as well as a manufacturer of diamond studded jewellery.

No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 5200000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject was erstwhile named as Ankit Gems and had commenced its operation as a partnership concern in 1985 and was later converted to a private limited company during FY 2011. The company is engaged in cutting and polishing of diamonds. The company is headquartered in Mumbai (Maharashtra), and its processing facilities are located in Surat (Gujarat). It has satisfactory track record. The company possesses an average financial profile marked by adequate networth base along with moderate capital structure and debt coverage indicators owing to working capital intensive nature of the business. Management has witnessed a heathy growth in its operations during FY 2014. Trade relations is fair. Business is active. Payments are reported as usually correct. In view of experienced promoters, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating : BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	25.05.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating : A2
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	25.05.2015

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. Rajesh
Designation :	Finance Department
Contact No.:	91-22-43548800

LOCATIONS

Registered Office / Head Office :	D Tower, DW 6251/6252, D Tower, G Block, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-43548800 to 43548898
Fax No.:	91-22-43548899
E-Mail :	accounts@ankitgems.com info@ankitgems.com rajesh.kanadia@ankitgems.com
Website :	http://www.ankitgems.com
Location :	Owned

Factory 1 :	Plot No.315, Behind Patel Faliya, Gotalawadi, Katargam, Surat – 395004, Gujarat, India
Tel. No.:	91-261-2532858 / 2533193
Fax No.:	91-261-2530876
E-Mail :	suratdept@ankitgems.com

Factory 2 :	115-116, Diamond House, Kesarba Market, Katargam, Gotalawadi, Surat – 395004, Gujarat, India
Tel. No.:	91- 261-2532577 / 2532858 / 2537919

Overseas Office 1 :	Hong Kong - Marketing Associate Rm. 403 4/FL., Chevalier House, 45 - 51 Chatham Road South, Tsimshatsui. Kln. H.K.
Tel. No.:	+852-27214642 / 27212642
Fax No.:	+852-27213642
E-Mail :	hk@ankitgems.com

Overseas Office 2 :	Antwerpen - Marketing Associate Hoveniers Straat 30, Box 210, Room No. 422 - 425, 2018, Antwerpen, Belgium
Tel. No.:	+323-2329484
Fax No.:	+323-2329481
E-Mail :	a.c.diam@gmail.com

Overseas Office 3 :	Located At : Australia Namibia

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Parvakumar Vasantlal Shah

Designation :

Director

Address :

402, Anganvishala Apartment, Athwalines Surat – 395007, Gujarat, India

Date of Appointment :

27.04.2011

DIN No.:

00774167

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	U36910GJ2005PTC046413	SHASHWAT STONE PRIVATE LIMITED	Director	13/07/2005	13/07/2005	-	Active	NO
2	U67120MH2008PTC177587	ANKIT HOLDINGS PRIVATE LIMITED	Director	08/01/2008	08/01/2008	-	Active	NO
3	U36912MH2011PTC216778	ANKIT GEMS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO

Name :

Mr. Pravin Pannalal Shah

Designation :

Director

Address :

201 Abhishek Park – A Apartment, Behind Pooja Abhishek, Near Lal Banglow, Athwalines, Surat – 395007, Gujarat, India

Date of Appointment :

28.09.2012

DIN No.:

00798301

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	U36910GJ2005PTC046413	SHASHWAT STONE PRIVATE LIMITED	Director	13/07/2005	13/07/2005	-	Active	NO
2	U36912MH2011PTC216778	ANKIT GEMS PRIVATE LIMITED	Director	28/09/2012	15/06/2011	-	Active	NO

Name :

Mr. Vasantlal Chandulal Shah

Designation :

Director

Address :

F No. 402, Angan Vishala, Opposite Indoor Stadium, Athwalines Surat – 395007, Gujarat, India

Date of Appointment :

28.09.2012

DIN No.:

00798334

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	U36910GJ2005PTC046413	SHASHWAT STONE PRIVATE LIMITED	Director	13/07/2005	13/07/2005	-	Active	NO
2	U36912MH2011PTC216778	ANKIT GEMS PRIVATE LIMITED	Director	28/09/2012	15/06/2011	-	Active	NO

Name :

Mr. Dilipbhai Amrutlal Soni

Designation :

Director

Address :

6 Pooja Row House, Near Jay Ambe Society, Adajan Patia, Surat – 395009, Gujarat, India

Date of Appointment :

28.09.2012

DIN No.:

00798359

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	U36910GJ2005PTC046413	SHASHWAT STONE PRIVATE LIMITED	Director	13/07/2005	13/07/2005	-	Active	NO
2	U36912MH2011PTC216778	ANKIT GEMS PRIVATE LIMITED	Director	28/09/2012	15/06/2011	-	Active	NO

Name :

Mr. Ankit Arun Shah

Designation :

Director

Address :

92, Urvashi Building, Napeansea Road, Mumbai – 400006, Maharashtra, India

Date of Appointment :

27.04.2011

DIN No.:

01872781

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	U67120MH2008PTC177587	ANKIT HOLDINGS PRIVATE LIMITED	Director	08/01/2008	08/01/2008	-	Active	NO
2	U36912MH2011PTC216778	ANKIT GEMS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO

Name :

Mr. Arunbhai Chimanlal Shah

Designation :

Director

Address :

Flat No: 92, 9th Floor, Urvashi Building, 66-L, Jagmohandas Road, Mumbai – 400006, Maharashtra, India

Date of Appointment :

28.09.2012

DIN No.:

01979698

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	U67120MH2008PTC177587	ANKIT HOLDINGS PRIVATE LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
2	U51398MH1984NPL033787	BHARAT DIAMOND BOURSE	Director	29/09/2008	29/09/2008	-	Active	NO
3	U45400MH2011PTC212277	PUNARVASAN BUILDCON PRIVATE LIMITED	Director	13/01/2011	13/01/2011	01/03/2014	Active	NO
4	U45400MH2011PTC213279	RUSHANKIT DEVELOPERS PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO
5	U36912MH2011PTC216778	ANKIT GEMS PRIVATE LIMITED	Director	28/09/2012	15/06/2011	-	Active	NO

Name :

Mr. Dilip Shah

Designation :

Director

Address :

302, Abhishek Park – A Apartment, Behind Pooja Abhishek, Near Lal Banglow, Athwalines, Surat – 395007, Gujarat, India

Date of Appointment :

28.09.2012

DIN No.:

02196230

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	U45201GJ2007PTC052430	SHIVALIK REALTY ESTATE PRIVATE LIMITED	Director	28/09/2012	09/06/2008	-	Active	NO
2	U67120MH2008PTC177587	ANKIT HOLDINGS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
3	U36912MH2011PTC216778	ANKIT GEMS PRIVATE LIMITED	Director	28/09/2012	15/06/2011	-	Active	NO

Name :

Mr. Jenish Dilipkumar Shah

Designation :

Director

Address :

302, Abhishek Park – A, Apartment, Behind Pooja Abhishek, Near Lal Banglow, Athwalines, Surat – 395007, Gujarat, India

Date of Appointment :

28.09.2012

DIN No.:

03547958

Name :

Mr. Shreyans Arvindkumar Shah

Designation :

Director

Address :

Flat No.7, C, Waterlook Apartment, Behind Anjansalaka, Athwalines, Surat – 395007, Gujarat, India

Date of Appointment :

28.09.2012

DIN No.:

03548010

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders (Equity Shares)		No. of Shares
Arun Chimanlal Shah		5192825
Dilip Chimanlal Shah		4012638
Ankit Arun Shah		2360375
Vasant Chandulal Shah		1888300
Parva Vasantbhai Shah		944150
Pravin Pannalal Shah		2053526
Dilip Amrutlal Soni		1817489
Mukund Dilip Soni		472075
Shreyans Arvind Shah		2313168
Priyansh Pravinbhai Shah		236036
Jainish Dilipbhai Shah		2313168

Total		23603750

Names of Shareholders (Preference shares)		No. of Shares
Arun Chimanlal Shah		3025000
Dilip Chimanlal Shah		2337500
Ankit Arun Shah		1375000
Vasant Chandulal Shah		1100000
Parva Vasantbhai Shah		550000
Pravin Pannalal Shah		1196250
Dilip Amrutlal Soni		1058750
Mukund Dilip Soni		275000
Shreyans Arvind Shah		1347500
Priyansh Pravinbhai Shah		137500
Jainish Dilipbhai Shah		1347500

Total		13750000

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of polished diamonds from rough diamonds, importer, exporter and trader of rough and polished, as well as a manufacturer of diamond studded jewellery.

Products/ Services :

Products / Services Description	ITC Code
Polished Diamonds, Rough Diamonds and Jewellery	99999999

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Diamonds

Countries :

Hong Kong
USA
Israel
Belgium

Imports :

Products :

Rough Diamonds

Countries :

Israel
Belgium
Botswana

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturers

Reference :	Leo Schachter Diamond
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 :

75 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Bharat Diamond Bourse, B.K.C. Bandra(East), Mumbai, Maharashtra - 400051, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans repayable on demand	NA	1568.817
Total	NA	1568.817

NOTE :

AS ON 31.03.2013

The Borrowings from bank above are against:

Collateral equitable mortgage of :

a. Offices at Bharat Diamond Bourse, Bandra

b. Factory Premises at Surat

c. Residential flats no. 702,703 owned by Arun C Shah and Meena A Shah

d. 18 Galas owned by Shashwat Stones Private Limited and 2-6 Galas owned by Pravin P. Shah

The personal Grantee of, Directors of the company:

a) Shri Arun C Shah

b) Dilip C Shah

c) Ankit A Shah

d) Vasantlal C Shah

e) Parva V. Shah

f) Pravin P Shah

g) Dilip A Shah

h) Mukund D.Shah

i) Shreyansh A. Shah

j) Jainish D. Shah

k) Priyansh P Shah

Third party guarantee of

a) Smt. Meena A Shah,

b) Shri Amit A Shah,

c) M/s Aryan Diamonds and

Corporate guarantee of:

a) Shashwat Stones Private Limited

Primary Security

a) Current and future stock of Rough and Polished Diamonds

b) Exports Receivables of the company, both present and future, ranking pari-passu with other banks

c) Cover under ECIB of ECGC Limited

d) Lien on Fixed Deposits with SBI.

For the packing credit availed from Allahabad bank, other current assets of the company are also given as additional primary security

Auditors :
Name :	Babu U. Chokshi and Company Chartered Accountants
Address :	Navjivan, Commercial Premises Chs, Building No-3, Office No-31, Lamington Road, Mumbai – 400008, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFB6520F

Memberships :	--

Collaborators :	--

Sister Concern [Confirmed by management]:	Aryan Diamond

Subsidiary Company [AS ON 31.03.2013] :	Shashwat Stone Private Limited CIN No.: U36910GJ2005PTC046413

Related Parties [AS ON 31.03.2013] :	A. C. Diam Belgium (Company of Director's brother) Ankit Gems HK Limited (Common Directors and shareholders) Saphire Exports Private Limited (Common Directors) Shah Chimanlal Popatlal Parivar Trust (Directors are trustees) Ankit Gems Namibia (Pty) Limited (Earlier known as Crystal Diamond Namibia (Pty) Limited) (Common Directors)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

23,610,000	Equity Shares	Rs.10/- each	Rs.236.100 Million
16,390,000	Preference Shares	Rs.10/- each	Rs.163.900 Million
	Total		Rs.400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

23,603,750	Equity Shares	Rs.10/- each	Rs.236.038 Million
13,750,000	Preference Shares	Rs.10/- each	Rs.137.500 Million
	Total		Rs.373.538 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	373.538	362.600	337.500
(b) Reserves & Surplus	1433.014	1027.817	651.743
(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)	1806.552	1390.417	989.243

(3) Non-Current Liabilities
(a) long-term borrowings	55.179	0.000	0.000
(b) Deferred tax liabilities (Net)	28.894	0.643	1.995
(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)	84.073	0.643	1.995

(4) Current Liabilities
(a) Short term borrowings	2095.622	1697.969	1519.450
(b) Trade payables	3040.724	2715.914	2340.973
(c) Other current liabilities	166.247	62.447	39.921
(d) Short-term provisions	1.619	5.099	21.289
Total Current Liabilities (4)	5304.212	4481.429	3921.633

TOTAL	7194.837	5872.489	4912.871

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	349.886	173.867	178.779
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.128	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	172.000	92.181	49.779
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.653	3.101	2.912
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	526.667	269.149	231.470

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5251.099	4193.246	3325.067
(c) Trade receivables	1291.308	1321.500	1287.364
(d) Cash and cash equivalents	30.370	17.014	34.334
(e) Short-term loans and advances	9.294	17.296	13.942
(f) Other current assets	86.099	54.284	20.694
Total Current Assets	6668.170	5603.340	4681.401

TOTAL	7194.837	5872.489	4912.871

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	12895.744	9964.763	7857.288
	Other Income	20.667	4.440
	TOTAL	12916.411	9969.203	7857.288

Less	EXPENSES
	Cost of Materials Consumed	12054.181	8700.739	7403.356
	Purchases of Stock-in-Trade	352.712	731.512
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(954.787)	(479.101)
	Employees benefits expense	62.396	60.261
	Exchange Difference	77.968	(31.989)
	Other expenses	355.004	253.385
	Extraordinary Items	0.234	0.000
	Labour Charges	211.704	140.019
	TOTAL	12159.412	9374.826	7403.356

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	756.999	594.377	453.932

Less	FINANCIAL EXPENSES	192.761	166.914

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	564.238	427.463	97.385 [Including Finance and Depreciation]

Less/ Add	DEPRECIATION/ AMORTISATION	36.159	38.071

	PROFIT/ (LOSS) BEFORE TAX	528.079	389.392	356.547

Less	TAX	180.336	127.029	115.886

	PROFIT/ (LOSS) AFTER TAX	347.743	262.363	240.661

	EARNINGS IN FOREIGN CURRENCY	NA	170.356	NA

	Earnings / (Loss) Per Share (Rs.)	15.45	11.66	NA

Particulars

31.03.2015

Sales turnover (Approximately)

15000.000

The above information has been parted by Mr. Rajesh.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	(0.782)	356.546
Net cash flows from (used in) operating activities	NA	(145.665)	356.546

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.69	2.63	3.06

Operating Profit Margin (PBIDT/Sales)	(%)	5.86	5.96	5.78

Return on Total Assets (PBT/Total Assets}	(%)	7.52	6.74	7.33

Return on Investment (ROI) (PBT/Networth)		0.29	0.28	0.36

Debt Equity Ratio (Total Debt /Networth)		1.19	1.22	1.54

Current Ratio (Current Asset/Current Liability)		1.26	1.25	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	337.500	362.600	373.538
Reserves & Surplus	651.743	1027.817	1433.014
Share Application money pending allotment	0.000	0.000	0.000
Net worth	989.243	1390.417	1806.552

long-term borrowings	0.000	0.000	55.179
Short term borrowings	1519.450	1697.969	2095.622
Total borrowings	1519.450	1697.969	2150.801
Debt/Equity ratio	1.536	1.221	1.191

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	7857.288	9969.203	12916.411
		26.878	29.563

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	7857.288	9969.203	12916.411
Profit	240.661	262.363	347.743
	3.06%	2.63%	2.69%

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	No
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	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	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.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans repayable on demand from others	NA	129.152
Total	NA	129.152

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10489292	28/03/2014	110,000,000.00	STATE BANK OF INDIA	STATE BANK OF INDIA, BHARAT DIAMOND BOURSE, B.K.C . BANDRA(EAST), MUMBAI, MAHARASHTRA - 400051, INDI A	C03160124
2	10478787	13/03/2015 *	65,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH-II, EQUINOX BUSINESS PARK,, TOW ER-3,2ND FLOOR,OFF BKC,L.B.S MARG,KURLA (WEST),, M UMBAI, MAHARASHTRA - 400070, INDIA	C53643359
3	10419446	23/03/2013	125,000,000.00	STATE BANK OF INDIA	DIAMOND BRANCH, D/3, WEST CORE, G BLOCK,, BHARAT DIAMOND BOURSE, BKC, BANDRA EAST,, MUMBAI, MAHARAS HTRA - 400051, INDIA	B73089310
4	10315972	15/09/2011	1,145,600,000.00	STATE BANK OF INIDA	DIAMOND BRANCH,1ST FLOOR,MAJESTIC SHOPPING CENTRE, , 144, JAGANNATH SHANKAR SHETH MARG, GIRGAUM,, MU MBAI, MAHARASHTRA - 400004, INDIA	B24670374
5	10286963	22/05/2015 *	2,851,500,000.00	STATE BANK OF INDIA	DIAMOND BRANCH, WEST CORE BHARAT DIAMOND BOURSE, D-3 TOWER, BANDRA KURLA COMPLEX, BANDRA (E), MUMBA I, MAHARASHTRA - 400051, INDIA	C56409931

* Date of charge modification

NOTE: Registered office of the company has been shifted from 706-709, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 31.10.2011.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.64.96
UK Pound	1	Rs.99.54
Euro	1	Rs.72.64

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	RAS

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

INDEX OF CHARGES

Unit