MIRA INFORM REPORT

Report No. :	342659
Report Date :	25.09.2015

IDENTIFICATION DETAILS

Name :	FIRESTAR INTERNATIONAL PRIVATE LIMITED (w.e.f. 28.09.2011)

Formerly Known As :	FIRESTONE INTERNATIONAL PRIVATE LIMITED

Registered Office :	AE- 4050, 4th Floor, A Tower, East Wing, Bharat Diamond Bourse, G-Block, BKC, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-22-30010000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	01.04.2004

Com. Reg. No.:	11-145478

Capital Investment / Paid-up Capital :	Rs. 1098.467 Million

CIN No.: [Company Identification No.]	U51909MH2004PTC145478

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	AAACF7931L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and exporter of diamond and diamond Jewellery.

No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 33600000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 2004 and it is a manufacturer and exporter of diamond Jewellery. For the financial year ended 2014, company has reported growth of 9.96% in its revenue profile and maintained profit margins at 3.83 % during the year under a review. Rating derive strength from the vast experience of FIPL’s promoters in the Gems and Jewellery business and integrated operations with arrangements for sourcing rough diamonds from leading diamond mining companies. However, rating strength partially offset by working capital intense nature of business operations and its presence in a competitive Gems and Jewellery industry. Trade relations are reportd as fair. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long Term Bank Facilities = BBB+ (SO)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 24, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2 (SO)
Rating Explanation	Strong degree of safety and low credit risk.
Date	December 24, 2014

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. Shehjad
Designation :	Finance Department
Contact No.:	91-22-30010000
Date :	24.09.2015

LOCATIONS

Registered Office :	AE- 4050, 4th Floor, A Tower, East Wing, Bharat Diamond Bourse, G-Block, BKC, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-30010000
Fax No.:	Not Available
E-Mail :	info@firestardiamond.com
Website :	http://www.firestardiamond.com

Factory :	Located at : Special Economic Zone, Surat – 400051, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Nirav Deepak Modi

Designation :

Director

Address :

4, Grosnenor House, 2^nd Floor, Pedder Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

27.02.1971

Date of Appointment :

01.04.2004

PAN:

AABPM9885C

DIN No.:

00190509

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	U67120MH1989PTC054792	PATTON INVESTMENT PRIVATE LIMITED	Director	04-06-1993	04-06-1993	04-01-2005	Active	NO
2	U70100MH1998PTC116420	CAMELOT ENTERPRISES PRIVATE LIMITED	Director	04-09-1998	04-09-1998	29-03-2008	Active	NO
3	U51900MH1999PTC118442	FIRESTONE TRADING PRIVATE LIMITED	Director	19-02-1999	19-02-1999	-	Active	NO
4	U36910MH1999PTC122558	JEWELRY SOLUTIONS INTERNATIONAL PRIVATE LIMITED	Director	05-11-1999	05-11-1999	-	Amalgamated	NO
5	U51100MH2000PTC123986	NDM ENTERPRISES PRIVATE LIMITED	Director	01-02-2000	01-02-2000	29-03-2008	Active	NO
6	U51100MH2000PTC123988	ANM ENTERPRISES PRIVATE LIMITED	Director	01-02-2000	01-02-2000	29-03-2008	Active	NO
7	U51900MH2000PTC123989	NEESHAL TRADING PRIVATE LIMITED	Director	01-02-2000	01-02-2000	29-03-2008	Active	NO
8	U51110MH2000PTC123990	NEESHAL ENTERPRISES PRIVATE LIMITED	Director	01-02-2000	01-02-2000	29-03-2008	Converted to LLP and dissolved	NO
9	U51900MH2000PTC123987	CAMELOT TRADING PRIVATE LIMITED	Director	01-02-2000	01-02-2000	29-03-2008	Active	NO
10	U51900MH2000PTC124471	PARAGON MERCHANDISING PRIVATE LIMITED	Director	24-02-2000	24-02-2000	29-03-2008	Converted to LLP and dissolved	NO
11	U36911MH2000PTC124475	PARAGON JEWELLERY PRIVATE LIMITED	Director	24-02-2000	24-02-2000	29-03-2008	Converted to LLP and dissolved	NO
12	U36912MH2000PTC124499	Panchajanya Diamonds Private Limited	Director	25-02-2000	25-02-2000	29-03-2008	Converted to LLP and dissolved	NO
13	U51900MH2000PTC124496	Devdatta Enterprises Private Limited	Director	25-02-2000	25-02-2000	29-03-2008	Active	NO
14	U51909MH2004PTC145478	FIRESTAR INTERNATIONAL PRIVATE LIMITED	Director	01-04-2004	01-04-2004	-	Active	NO
15	U36910MH2004PTC146390	FIRESTAR DIAMOND PRIVATE LIMITED	Director	18-05-2004	18-05-2004	-	Active	NO
16	U70100MH2006PTC160509	BENTLEY REALTY PRIVATE LIMITED	Director	14-03-2006	14-03-2006	29-03-2008	Strike off	NO
17	U27205MH2006PTC161293	RADASHIR JEWELRY COMPANY PRIVATE LIMITED	Director	21-04-2006	21-04-2006	-	Active	NO
18	U70102MH2006PTC161360	BENTLEY PROPERTIES PRIVATE LIMITED	Director	25-04-2006	25-04-2006	29-03-2008	Active	NO
19	U51909MH2006PTC164429	FIRESTAR DIAMOND INTERNATIONAL PRIVATE LIMITED	Director	09-09-2006	09-09-2006	-	Active	NO
20	U52393MH2007PTC168745	MAK BUSINESS ENTERPRISE PRIVATE LIMITED	Additional director	03-12-2013	03-08-2007	03-12-2013	Active	NO
21	AAC-1885	NEESHAL ENTERPRISES LLP	Designated Partner	19-03-2014	19-03-2014	-	Active	NO
22	AAC-1886	PARAGON JEWELLERY LLP	Designated Partner	19-03-2014	19-03-2014	-	Active	NO
23	AAC-1887	PARAGON MERCHANDISING LLP	Designated Partner	19-03-2014	19-03-2014	-	Active	NO
24	AAC-2694	PANCHAJANYA DIAMONDS LLP	Designated Partner	22-04-2014	22-04-2014	-	Active	NO

Name :

Haresh Vrajlal Shah

Designation :

Director

Address :

Flat 42, 6th Floor, Sunbeam Building, 3A, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

01.04.2015

DIN No.:

02760534

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	U74999MH2007PTC167152	NEESHAL MERCHANDISING PRIVATE LIMITED	Additional director	27/03/2009	27/03/2009	31/03/2009	Active	NO
2	U74990MH2009PTC195900	ADESHWAR DIA-JEWELS PRIVATE LIMITED	Director	18/09/2009	18/09/2009	-	Strike off	NO
3	U51909MH2004PTC145478	FIRESTAR INTERNATIONAL PRIVATE LIMITED	Director	01/04/2015	01/04/2015	-	Active	NO
4	U51909MH2006PTC164429	FIRESTAR DIAMOND INTERNATIONAL PRIVATE LIMITED	Director	01/04/2015	01/04/2015	-	Active	NO

Name :

Suresh Chandra Senapaty

Designation :

Additional Director

Address :

301, Brigade Lavelle I, Lavelle Road, Bangalore – 560001, Karnataka, India

Date of Appointment :

29.07.2015

DIN No.:

00018711

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	U24246KA1982PLC021796	WIPRO CHANDRIKA LIMITED.	Nominee director	02/01/1995	02/01/1995	02/07/2012	Active	NO
2	U93090KA1982PLC021795	WIPRO TRADEMARKS HOLDING LIMITED	Director	02/01/1995	02/01/1995	02/07/2012	Active	NO
3	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Director	25/01/1995	25/01/1995	-	Active	NO
4	U91200KA1996PLC020622	WIPRO TRAVEL SERVICES LIMITED	Nominee director	10/06/1996	10/06/1996	02/07/2012	Active	NO
5	U72200KA2000PLC027405	WEP PERIPHERALS LIMITED	Director	25/07/2000	25/07/2000	05/01/2007	Active	NO
6	U64202KA2000PLC034668	WIPRO BPO SOLUTIONS LIMITED	Director	29/10/2001	29/10/2001	-	Amalgamated	NO
7	U72900KA2000PLC027551	WIPRO INFRASTRUCTURE ENGINEERING LIMITED	Nominee director	15/04/2002	15/04/2002	-	Amalgamated	NO
8	U85199KA2000PLC027715	WIPRO HEALTHCARE IT LIMITED	Nominee director	31/08/2002	31/08/2002	-	Amalgamated	NO
9	U02424KA2003PLC032810	WIPRO CONSUMER CARE LIMITED	Nominee director	03/11/2003	03/11/2003	02/07/2012	Active	NO
10	U45990MH1981PTC025536	CYGNUS NEGRI INVESTMENTS PRIVATE LIMITED	Nominee director	01/04/2004	01/04/2004	02/07/2012	Active	NO
11	U72200KA2003PTC040724	MPACT TECHNOLOGY SERVICES PRIVATE LIMITED	Director	24/07/2006	29/12/2005	-	Amalgamated	NO
12	U74140KA2003PTC040723	MPOWER SOFTWARE SERVICES (INDIA) PRIVATE LIMITED	Director	25/07/2006	29/12/2005	-	Amalgamated	NO
13	U72200MH2000PTC129630	CMANGO INDIA PRIVATE LIMITED	Director	04/04/2006	04/04/2006	-	Amalgamated	NO
14	U72200TG2001PLC036915	QUANTECH GLOBAL SERVICES LIMITED	Director	01/01/2007	01/01/2007	-	Amalgamated	NO
15	L32102KA1945PLC020800	WIPRO LIMITED	Whole-time director	18/04/2013	18/04/2008	01/04/2015	Active	NO
16	U72200KA2004PLC072927	WIPRO TECHNOLOGY SERVICES LIMITED	Nominee director	20/01/2009	20/01/2009	02/07/2012	Amalgamated	NO
17	U72200KA2009PLC051272	WIPRO AIRPORT IT SERVICES LIMITED	Director	22/10/2009	22/10/2009	29/01/2010	Active	NO
18	U15141KA2010PTC054808	WIPRO ENTERPRISES Private Limited	Director	19/08/2014	01/04/2013	-	Active	NO
19	U74140KA2015NPL079198	International Tax Research and Analysis Foundation	Director	12/04/2015	12/04/2015	-	Active	NO
20	U74900KA2014PTC076173	Cimplyfive Corporate Secretarial Services Private Limited	Director	20/06/2015	11/05/2015	-	Active	NO
21	U15200KA1998PLC023489	HEALTHCARE GLOBAL ENTERPRISES LIMITED	Director	15/06/2015	29/05/2015	-	Active	NO
22	U51909MH2004PTC145478	FIRESTAR INTERNATIONAL PRIVATE LIMITED	Additional director	29/07/2015	29/07/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shyamsunder V. Wadhwa
Designation :	Company Secretaries
Address :	Bunglow No. 5, Vaikunth Society Sindhi Colony, Chambur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	04.03.1964
Date of Appointment :	17.02.2009
PAN No.:	AAAPW0822G

Name :	Mr. Shridhar
Designation :	Finance Department

MAJOR SHAREHOLDERS

AS ON: 30.09.2014

Names of Shareholders (Equity Share)		No. of Shares
Nirav Modi		56941131
Firestone Trading Private Limited		3405977
Neeshal Trading Private Limited		533891
Devdatta enterprises Private Limited (Formerly Known as Paragon Enterprises Private Limited)		100286
Panchaganya Diamonds LLP(Formerly Known as Paragon Diamonds Private Limited)		100286
NDM Enterprises Private Limited		100286
ANM Enterprises Private Limited		29933619
Paragon Merchandising LLP (Formerly known as Paragon Merchandising Private Limited)		595000
Paragon Jewellery LLP(Formerly known as Paragon Jewelry Private Limited)		130000
Firestone Diamond FZE		176667
Jade Bridge Holdings Limited		4171166
Neeshal Enterprises LLP(Formerly known as Neeshal Enterprises Private Limited)		840000
Nirav modi on behalf of Nirav family trust		4615914
Nirav Modi on behalf of Nirav Modi Family Trust		4615913
Forcom Worldwide Investment Limited		2669670
Total		108929806

Names of Shareholders (Preference Share)		No. of Shares
Firestone Trading Private Limited		916873
Total		916873

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.44
Bodies corporate	32.81
Directors or relatives of Directors	52.27
Other top fifty shareholders	8.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of diamond and diamond Jewellery.

Products :

Item Code No.	Product Description
71023910	Cut and polished diamonds
71131930	Studded Gold Jewellery

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Diamond Jewellery

Countries :

USA
Hong Kong
Dubai
Belgium

Imports :

Products :

Ruff Diamond

Countries :

Belgium

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

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

Customers :

Wholesaler, End Users and OEM’s

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

No. of Employees :

500 (Approximately)

Bankers :

Union Bank of India, Overseas Branch,Union Bank Bhavan,Ground Floor, 239,Vidhan Bhavan Marg, Nariman Point, Mumnbai - 400021, Maharashtra, India

Corporation Bank, Overseas Branch, C1, West Centre, Bharat Diamond Bourse, Bandra East,, Mumbai - 400051, Maharashtra, India

Development Credit Bank Limited, 601 and 602, Peninsula Business Park, 6th Floor, Tower A, Senapati Bapat Marg, Lower Parel,, Mumbai - 400013, Maharashtra, India

Bank Of Maharashtra, Nariman Point, Overseas Branch,, Mumbai – 400021, Maharashtra, India

IDBI Bank Limited, IDBI Tower, World Trade Complex, Cuffe Parade Mumbai 400005, Maharashtra India

Bank Name	Punjab National Bank
Branch	MID Corporate Branch, Fort, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of 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 :

(Rs. In Million)

Secured Loan	31.03.2014 (Rs. in Million)	31.03.20131651 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	16513.538	15248.442

Total	16513.538	15248.442

Finance Institute:	PNB Investment Services Limited, 10, Rakesh Deep Building, New Delhi - 110049, India

Auditors :
Name :	Sampat Mehta and Associates Chartered Accountants
Address :	B-501/502, 11 Sarvoday, Western Express Highway, Bandra (East), Mumbai-400051, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS1266J

Memberships :	--

Collaborators :	--

Subsidiaries :	Firestar Diamond International Private Limited Firestar Group Inc, USA Firestar Holding Limited, HK Firestar Diamond Private Limited Radashir jewelry Company Private Limited Firestar Diamond Private Limited Radashir Jewelry Company Private Limited. Firestar Diamond International Private Limited

Others:	Firestar Diamond Inc. USA Firestar Diamond International Inc. USA Firestar Diamond Limited, Hong Kong Firestar Diamond FZE, UAE Firestar Diamond BVBA, Belgium Fantasy INC, USA Firestar Diamond LLC, Armenia

Enterprises which are Owned, or have significant influence of or are partners with Key management personnel and their relatives:	A Jaffe Inc., USA Firestar Diamond Limited, Hong Kong Fine Classic FZE, United Arab Emirates Nirav Family Trust Diamonds "R" US Solar Exports Stellar Diamond Camelot Enterprises Private Limited Rohin Trust Ni rav Modi Foundation Nirav Modi Family Trust

CAPITAL STRUCTURE

As on 30.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount

123000000	Equity Shares	Rs.10/- each	Rs. 1230.000Million
3000000	Preference Share	Rs.10/- each	Rs. 30.000Million
	Total		Rs. 1260.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

108929806	Equity Shares	Rs.10/- each	Rs.1089.298 Million
916873	Preference Share	Rs.10/- each	Rs. 9.169 Million
	Total		Rs. 1098.467 Million

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount

123000000	Equity Shares	Rs.10/- each	Rs. 1230.000 Million
3000000	Preference Share	Rs.10/- each	Rs. 30.000 Million
	Total		Rs. 1260.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

108863993	Equity Shares	Rs.10/- each	Rs.1088.639 Million
916873	Preference Share	Rs.10/- each	Rs. 9.169 Million
	Total		Rs. 1097.808 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1097.809	1064.813	1021.073
(b) Reserves & Surplus	10656.539	8338.761	5905.568
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	29.945	0.000	0.000
Total Shareholders’ Funds (1) + (2)	11784.293	9403.574	6926.641

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.942	9.550	6.319
Total Non-current Liabilities (3)	7.942	9.550	6.319

(4) Current Liabilities
(a) Short term borrowings	16621.358	15421.474	10522.050
(b) Trade payables	1493.014	2147.673	2852.334
(c) Other current liabilities	37.572	38.854	75.112
(d) Short-term provisions	0.330	0.351	0.262
Total Current Liabilities (4)	18152.274	17608.352	13449.758

TOTAL	29944.509	27021.476	20382.718

ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	189.037	199.678	204.511
(ii) Intangible Assets	1.819	2.527	1.214
(iii) Capital work-in-progress	0.300	10.889	28.376
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	360.051	429.474	429.474
(c) Deferred tax assets (net)	12.341	12.401	10.383
(d) Long-term Loan and Advances	31.394	28.136	28.027
(e) Other Non-current assets	342.668	314.009	197.234
Total Non-Current Assets	937.610	997.114	899.219

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8475.444	8065.427	5154.815
(c) Trade receivables	15973.418	13688.233	12039.070
(d) Cash and cash equivalents	3882.239	3767.769	1690.749
(e) Short-term loans and advances	583.740	436.997	442.424
(f) Other current assets	92.058	65.936	156.441
Total Current Assets	29006.899	26024.362	19483.499

TOTAL	29944.509	27021.476	20382.718

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL INCOME	38455.358	34970.378	25596.406

Less	EXPENSES
		Operating and Administrative Expenses	37322.552	34008.710	24933.539
		TOTAL	37322.552	34008.710	24933.539

	PROFIT BEFORE TAX		1132.806	961.668	662.867

Less	TAX		238.110	190.577	125.791

	PROFIT AFTER TAX		894.696	771.091	537.076

	EARNINGS IN FOREIGN CURRENCY		37344.823	34220.336	NA

	Earnings Per Share (Rs.)		8.22	7.30	5.31

Particulars

31.03.2015

Sales Turnover (Approximately)

40708.500

Expected Sales (2015-16): Rs. 47500.000 Million

The above information has been parted by Mr. Shehjad (Finance Department)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Return on Total Assets (PBT/Total Assets}	(%)	3.83	3.62	3.33

Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.10

Debt Equity Ratio (Total Debt /Networth)		1.41	1.64	1.52

Current Ratio (Current Asset/Current Liability)		1.60	1.48	1.45

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	1021.073	1064.813	1097.809
Share Application money pending allotment	0.000	0.000	29.945
Reserves & Surplus	5905.568	8338.761	10656.539
Net worth	6926.641	9403.574	11784.293

long-term borrowings	0.000	0.000	0.000
Short term borrowings	10522.050	15421.474	16621.358
Total borrowings	10522.050	15421.474	16621.358
Debt/Equity ratio	1.519	1.640	1.410

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	25596.406	34970.378	38455.358
		36.622	9.966

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	25596.406	34970.378	38455.358
Profit	537.076	771.091	894.696
	2.10%	2.20%	2.33%

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	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	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	---
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	---
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

During the financial year ended 31st March, 2014, company has generated gross revenue of Rs. 38455.358 Million against Rs.34970.378 Million in preceding financial year. After providing for operating and administrative expenses of Rs.37322.552 Million (Rs.34008.710 Million in FY 2012-13), the Net Profit (Before Tax) was arrived at Rs.1132.806 Million (Rs.961.668 Million in FY 2012-13). Further, after deducting the Provision for Taxation amounting to Rs. 238.110 Million (Rs.190.577 Million in FY 2012-13) the Net Profit (After Tax) was arrived at Rs.894.696 Million as against Rs.771.091 Million in FY 2012-13.

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 LOAN

Particular	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Short-term borrowings
Loans and advances from related parties	102.650	165.862
Intercorporate borrowings	5.170	7.170
Total	107.820	173.032

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10550038	04/02/2015	8,460,000,000.00	PNB INVESTMENT SERVICES LIMITED	10, RAKESH DEEP BUILDING, YUSUF SARAI COMMERCIAL COMPLEX, GULMOHAR ENCLAVE, NEW DELHI - 110049, INDIA	C44030914
2	10514121	19/07/2014	1,000,000,000.00	ALLAHABAD BANK	OFFICE NO.4,MITTHAL CHAMBERS, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C15641855
3	10428869	02/05/2013	400,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, UCO BANK BUILDING,DR. D N ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B75820050
4	10413245	27/09/2014 *	1,517,500,000.00	VIJAYA BANK	OVERSEAS BRANCH, MAKER CHAMBER NO. - IV, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C27208354
5	10372605	07/11/2014 *	24,800,000,000.00	PNB INVESTMENT SERVICES LIMITED	10, RAKESH DEEP BUILDING,, YUSUF SARAI COMMERCIAL COMPLEX, GULMOHAR ENCLAVE, NEW DELHI - 110049, INDIA	C32834533
6	10354904	11/11/2011	1,105,500,000.00	VIJAYA BANK	OVERSEAS BRANCH, MAKER CHAMBER NO. -IV, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B34137174
7	10249635	28/10/2010	690,000,000.00	STATE BANK OF INDIA	DIAMOND BRANCH, MAJESTIC SHOPPING CENTRE, 144, J.S.S ROAD, MUMBAI - 400004, MAHARASHTRA, INDIA	A97908917
8	90148931	21/08/2007 *	128,000,000.00	STATE BANK OF INDIA	DIAMOND BRANCH, 144, J.S.S. ROAD, MAJESTIC SHOPPING CENTRE, GIRGAUM, MUMBAI - 400004 , MAHARASHTRA, INDIA	A22996920
9	90145103	16/12/2010 *	9,394,000,000.00	CANARA BANK (LEAD BANK) AND 10 OTHERS	PRIME CORPORATE BRANCH,20 TH FLOOR, MAKER TOWER "F", CUFFE PARADE,, MUMBAI - 400005, MAHARASHTRA, INDIA	B03644747

* Date of charge modification

FIXED ASSETS:

Land
Building
Plant and Equipment
Factory Equipment
Furniture and Fixture
Vehicle
Office equipment
Leasehold improvements

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. 66.09
UK Pound	1	Rs. 100.89
Euro	1	Rs. 73.96

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

Report Prepared by :	JYO

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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

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