MIRA INFORM REPORT

Report No. :	511613
Report Date :	01.06.2018

IDENTIFICATION DETAILS

Name :	STAR LIGHT JEWELLERY (L.L.C)
Registered Office :	Al Daghaya Bldg, Office 101, 1^st Floor, Deira, PO Box 43955 Dubai
Country :	United Arab Emirates
Date of Incorporation :	13.11.2001
Com. Reg. No.:	530343
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of watches and jewellery
No. of Employees :	3 (administrative staff, when in operations) [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

D

Credit Rating	Explanation	Rating Comments
D	High Risk	Business dealing not recommended or on secured terms only

Status :	Ceased trading
Payment Behaviour :	--
Litigation :	--

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
United Arab Emirates	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

UNITED ARAB EMIRATES - ECONOMIC OVERVIEW

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP from the oil and gas sector to 30%.

Since the discovery of oil in the UAE nearly 60 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.

The global financial crisis of 2008-09, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.

The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY
COMPANY NAME	STAR LIGHT JEWELLERY (L.L.C)
ADDRESS	Building	Street			Area			PO Box
	Al Daghaya Bldg, Office 101, 1^st Floor	8/1, Sikka 28			Al Shamak, Gold Souq, Deira			43955 Dubai
TEL/FAX	Verified Phones: (+971 4) 226 2252 (continuously unattended) / (+91 22) 2829 3455 (subject’s parent) / Fax: (+971 4) 226 7662
EMAIL/WEBSITE	Email: info@patdiam.com / Website: www.patdiam.com (subject’s parent)
ACTIVITY	NACE 4648 - Wholesale of watches and jewellery;
PRINCIPAL	Atulkumar Kanjibhai Lathiya					Workforce
	Managing Director					3 (when in operations)
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	13/11/2001		530343	LLC			Ceased Trading

IDENTIFICATION
CO. NAME	STAR LIGHT JEWELLERY (L.L.C)
BUILDING	Al Daghaya Bldg, Office 101, 1^st Floor
STREET	8/1, Sikka 28
AREA	Al Shamak, Gold Souq, Deira
POSTAL ADDRESS	43955 Dubai
CITY	Dubai
COUNTRY	United Arab Emirates
TELEPHONE	(+971 4) 226 2252 (continuously unattended) / (+91 22) 2829 3455 (subject’s parent) / (+971 55) 559 5484 (continuously unattended)
FAX	(+971 4) 226 7662
VERIFIED EMAIL	info@patdiam.com / hiten-p@eim.ae
WEBSITE	www.patdiam.com (subject’s parent)
REGISTERED ADDRESS	Al Daghaya Bldg, Office 101, 1^st Floor, Deira, PO Box 43955 Dubai, United Arab Emirates

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Atulkumar Kanjibhai Lathiya (currently on business trip in USA)	Managing Director
	Harsh Badola (Based in India)	Business Development Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	3 (administrative staff, when in operations)	03.2018

FINANCIAL SUMMARY
NOTES	As the Company has ceased trading, relevant financial information is not available. The following balance sheets as at 31/03/2017 applies to subject’s parent company, Patdiam Jewellery Limited: 31/03/2017 31/03/2016 (in INR) Equity & Liabilities : Shareholders Funds Share Capital 43,170,000 43,170,000 Reserves And Surplus 281,073,410 270,929,620 Money Received Against Share Warrents - - 324,243,410 314,099,620 Non-Current Liabilities Long - Term Borrowings - - Deferred Tax Liability (Net) 1,979,690 2,403,091 Other Long Term Liabilities - - Long - Term Provisions - - 1,979,690 2,403,091 Current Liabilities Short Term Borrowings 157,896,066 197,980,581 Trade Payables 101,831,561 23,203,961 Other Current Liabilities 17,171,010 9,715,569 Short - Term Provisions 5,518,822 4,762,781 282,417,459 235,662,892 Total ` 608,640,558 552,165,603 Assets: Non - Current Assets Fixed Assets Tangible Assets 23,611,952 26,458,325 Intangible Assets - - Non - Current Investment 9,280,666 9,280,666 Deferred Tax Assets (Net) - - Long - Term Loans & Advances 11,278,763 10,667,770 Other Non-Current Assets - - 44,171,381 46,406,761 Current Assets Current Investment - - Inventories 207,733,417 162,755,083 Trade Receivables 351,140,030 336,305,255 Cash & Bank Balance 1,011,123 2,236,121 Short - Term Loans & Advances 4,584,606 4,462,383 Other Current Assets - - 564,469,177 505,758,843 TOTAL ` 608,640,558 552,165,603 STATEMENT OF PROFIT AND LOSS ACCOUNT 31/03/2017 31/03/2016 (in INR) Revenue From Operations 447,890,156 458,975,543 Other Income 263,409 11,650,940 Total Revenue 448,153,565 470,626,483 Expenditure : Cost Of Materials Consumed 340,866,292 348,839,021 Purchase Of Stock In Trade 5,476,411 9,851,862 Changes In Inventories Of Finished Goods Work-In-Progress And Stock-In-Trade (9,108,115) (23,871) Employee Benefits Expenses 11,889,868 14,523,528 Finance Costs 15,787,395 15,391,794 Depreciation, Amortisation And Impairment 3,535,403 3,662,254 Other Expenses 64,676,272 62,164,329 Total Expenses 433,123,526 454,408,917 Profit Before Tax 15,030,038 16,217,566 Tax Expenses : - Current Tax 4,280,000 3,310,000 - Short/Excess Provision For Tax 207,264 20,460 - Mat Credit 822,386 4,276,821 - Deferred Tax 423,401 789,702 Vii Profit/(Loss) For The Period 10,143,789 9,399,987
FISCAL YEAR-END	31 March.

LEGAL STATUS
INCORPORATION	13/11/2001
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trade License No.: 530343 (expiry date: 12/11/2018)	Dubai Department of Economic Development
OTHER REGISTRATION NO.	Federal Reservation No.: 10807513 / Registration No.: 57904
CAPITAL	Not given
BUSINESS HISTORY	The Company was incorporated in Dubai on 13 November 2001 and subject ceased its trading activities in March 2018.
LEGAL FORM	Limited Liability Company
STATUS	Ceased Trading
SHAREHOLDERS	NAME	PERCENTAGE
	1. Pravin Kakadia } Nationality: Indian } } 2. Samir Kakadia } Nationality: Indian } 3. Undisclosed local Emirati * sponsor The exact shareholding structure was not disclosed. * The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company. Parent company: Patdiam Jewellery Limited nit No. 102, Tower No. 1, SEEPZ+ +, Special Economic Zone Andheri East Mumbai, Maharashtra 400096 Telephone: (+91 22) 2829 3455/56 Fax : (+91 22) 2829 3459 Email : account@patdiam.com Website :www.patdiam.com Est.: 25/06/1999 CIN No.: L36911MH1999PLC120537 PATDIAM is a name to reckon within the international diamond and jewelry trade. From it modest beginning in 1999, the company today is amongst the leading jewelry manufacturers and a reputed brand in diamond industry. Its marketing and distribution network spreads throughout the globe with special expertise in the United States, Dubai, Japan, and Asia; each backed by a local service desk.	49.00% 51.00%

OPERATION
AUDITORS (PARENT)	Pulindra Patel & Co. Chartered Accountants 307, 3rd 174 Princess Street, Kalbadevi Road, Floor, Gold Mohur Society Mumbai – 400 002, Maharashtra Telephone: (+91 22) 2205 6233 E-mail : pulindra_patel@hotmail.com
ACTIVITY CODE (NACE)	4648 - Wholesale of watches and jewellery;
LINE OF BUSINESS	Traded as importers and wholesalers of rough & polished diamonds as well as jewellery products.
IMPORT FROM	Subject’s imports details could not be learnt.
EXPORT TO	Subject’s exports details could not be learnt.
FACILITIES	Premises comprising administrative offices located at the heading address.
RELATED COMPANIES	Associates 1. Zest Corporation E8, Wicel Colony, opp. Seeps Gate no 1, MIDC, Andheri East, Mumbai – 400 096 India Tel : (+91 22) 2820 1005/6/7 Fax : (+91 22) 2829 3459 Email : sales@zestcorporation.com 2. Golden Medows Properties Pvt. Ltd. India

SPECIAL REMARKS
INTERVIEWED	Harsh Badola (Business Development Manager).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.45
UK Pound	1	INR 89.79
Euro	1	INR 78.79
UAE Dh	1	INR 18.28

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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