1. Shrenuj & Company Ltd.

2. Shrenuj & Co. Group Structure 2 Shrenuj & Co. Ltd PREST IMPEX PVT LTD 50% SHRENUJ INVEST. & FIN. PVT LTD Doshi Family Daily Jewellery Ltd. – 75% Kiara Jewellery Pvt. Ltd. (KIARA) – 50% Shrenuj Japan Corporation (SJC) – 100% Arisia Jewellery Pvt. Ltd. (ARISIA) – 50% Shrenuj Lifestyle Ltd (SLL) – 100% Shrenuj Overseas Limited (SOL) – 100% Shrenuj (Mauritius) Pvt. Ltd Shrenuj Jewellery Far East Ltd. (JOS) – 100% Shrenuj GmbH (SGMBH) – 100% Lume Group AG (LUMEAG) – 100% Shrenuj Australia Pty. Ltd. (SAPL) – 100%* Shrenuj N.V. (SNV) – 100% Shrenuj Botswana Pty Ltd (SBPL) – 100% Alija International Pty. Ltd. (ALIJA) – 100%* Copem & Shrenuj – 50% Jomard SAS – 50% SWA Trading Ltd. – 33.3%* Astral USA, Inc (ASTRAL) Shrenuj USA LLC (SUSA) – 100% Bernie’s International LLC (Bernie) – 60% Astral Jewels LLC (AJL) – 100% Trapz LLC (TRAPZ) – 33.3% * Shrenuj South Africa Pty Ltd (SSAP) Ithemba Diamonds (Pty) Ltd. (IDPL) – 85% Uxolo Diamond Cutting Works (Pty) Ltd. (UDCL) – 85% Astral Holding INC (AHL) Simon Golub & Sons Inc. (SGS) Inter-Gems H.K. Ltd. (INTERGEMS) Shrenuj Shanghai Ltd. 50%100% 1.22%15.4% 100% 85% 100% 37% Shrenuj DMCC 100% Global Marine Diamond Co. Inc., USA 100% *These companies are inactive and winding up process has been initiated.

3. Family Tree Shrenuj & Co. 3 Kalidas Doshi Kirtilal Doshi – Suman Doshi Shreyas Doshi – Geeta DoshiAnuj Doshi Vishal Doshi – Rachana DoshiAditi Doshi Son Daughter Shantilal K Doshi Prakash DoshiAashir Doshi Sons Apoorva Doshi Sons

4. Business Analysis Shrenuj & Co.

5. Fund Flow Shrenuj & Co. 5 Source of Funds(Rs mn)In (%)Deployment of Funds(Rs mn)In (%) Increase in debt1095273%Operating Loss1054471% Change in Reserves386226%Increase in FA232316% Change in Equity841%Increase in Investments10127% Change in DTL520%Dividend Paid3722% Increase in Cash6995% Total14950100%Total14950100% Fund Flow (FY07- FY13) - Standalone Source of Funds(Rs mn)In (%)Deployment of Funds(Rs mn)In (%) Increase in debt2417586%Operating Loss2291682% Change in Reserves373213%Increase in FA334212% Change in Equity840%Dividend Paid3721% Increase in Cash13615% Total27991100%Total27991100% Fund Flow (FY07- FY13) - Consolidated

6. Operating Cash Flow Shrenuj & Co. 6 Standalone Consolidated Particulars2007200820092010201120122013 PAT300306133155305344305 Add: Depreciation353739405963 PAT + Depreciation336343171195364407368 Less : (Increase)/Decrease in W/c (Except cash Equivalents & Acceptances) 11431243 1871-33184823644290 Net Cash Generated from operating activities-807-900-1700228-1485-1957-3922 Operating Cash Flow (Cumulative)-10,544 Particulars2007200820092010201120122013 PAT340442237508568703734 Add: Depreciation5366788788104112 PAT + Depreciation392508315595656808846 Less : (Increase)/Decrease in W/c (Except cash Equivalents & Acceptances) 18001740 41141214303063798761 Net Cash Generated from operating activities-1408-1231-3798-619-2373-5572-7915 Operating Cash Flow (Cumulative)-22,916

7. Operating Cash Flow Shrenuj & Co. 7 Standalone Shrenuj StandaloneCAGR Particulars (fig in Rs mln)FY06FY07FY08FY09FY10FY11FY12FY13FY14FY06-10FY10-14 Revenue5565881198749114103521554220242223932526616.8%25.0% EBIDTA49585710018921017115013911457150319.7%10.3% PAT176300306133155305344305351-3.2%22.8% % Margins EBIDTA8.9%9.7%10.1%9.8% 7.4%6.9%6.5%5.9% PAT3.2%3.4%3.1%1.5% 2.0%1.7%1.4% Segmentwise Revenue Diamond481670618298800993331088113466160061905518.0%19.5% Jewellery747172815731102101646556769638162018.0%57.2% Domestic31866367415752734388237636415928871.3%35.8% Exports52488148920075387618116611647815978 9.8%20.3% Manufactured540082809029837194131482517883145481594914.9%14.1% Traded16350984174093571223517839930754.7%77.6% % Segmental breakup Diamond86.5%80.1%84.0%87.9%90.2%70.0%66.5%71.5%75.4% Jewellery13.4%19.6%15.9%12.1%9.8%30.0%33.4%28.5%24.5% Domestic5.7%7.5%6.8%17.3%26.4%25.0%18.6%28.6%36.8% Exports94.3%92.5%93.2%82.7%73.6%75.0%81.4%71.4%63.2% Manufactured97.0%94.0%91.4%91.9%90.9%95.4%88.3%65.0%63.1% Traded2.9%5.8%8.5%8.1%9.0%4.6%11.6%35.0%36.8%

8. Operating Cash Flow Shrenuj & Co. 8 Particulars (fig in Rs mln)FY13FY14 Diamond Division - Surat26061536 Adil Exports Pvt.Ltd.3570 Akshar Gems Pvt Ltd0196 Albers Diamonds Pvt Ltd0765 Amrita Gem Pvt Ltd099 Anila Kothari50 Diaplus Gem Pvt. Ltd.69091 Kediam Gem Pvt. Ltd6360 Marquise Diamond Pvt. Ltd.415200 Milennum & Co.2460 Natural Trading Co.2570 Prakash Diamond05 Sanskar Gems Pvt Ltd0180 Diamond Division - Export Trading66816022 Aaron Sander Inc.280 Avnina Gems BVBA19281465 Global Diamet FZE21533 Glowing Star Diamond LLC16231229 Inter-Gems (H.K.) Ltd.686467 Shrenuj DMCC13021822 Shrenuj N.V898740 Simon Golub & Sons Inc0267

9. Operating Cash Flow Shrenuj & Co. 9 NameDirector 2 Reg AddressDirector 1Residential Address Albers Diamonds 402 Gopinath Apartnment Jadda Khadi Mahidharpura Surat Gyanchand Nirmal Kumar Pokhrana (02982937) 301, Kohinoor Complex, Chowki Shri Rampura, Surat, Sandeep Tejmal Jain (02471333) 305, New Ostwal Onyx CHS, Jesal Park, Bhayander (east), Mumbai Akshar Gems 301 Kohinoor Complex, Chowki Sheri Rampura, Surat Ashok Kumar Mangilal Bapna (02707773) 203, Adinath Apartment, Mahidhar Pura, Surat Nirmal Kumar B Sharma (02704158) 404 - A, Ambika Darshan Appa., Moti Khadiya, Sheri Saye, Surat Marquise Diamond B503 Parth Jadakhadi Mahidharpura Surat Uttamchand Dharmichand Jain (02452872) 6/1582-A room no 2, 3rd floor Kumbhar Sheri, Mahidharpura, Surat Hemantkumar Gyanchand Bumb (02177416) 140,Sardar Owner Association, Sardar Chowk,Mini Bazar,Varachha Road, Surat, 204 Ambika Darshan Apt Moti Khadiya Sheri SaiyedPura Surat wef 1June2011 Bhupendra Singh Pipada (02880743) wef 19Jan2010 405 Dev Ratan apt, Rampura Main Road, Surat, Rishabh Sancheti (02840952) wef 19Jan2010 Bhanwar Badi, Bijainagar Masuda, Ajmer, Rajasthan Bhupendra Singh Pipada Uttamchand D Jain wef 1May2012 Bhupeshkumar Parasmal Jain (00413025) wef 1Apr2013 303, Vardhman Apartment, Bamanji ki Sheri, Raghunath Pura, Surat Uttamchand D Jain Sanskar Gem Pvt Ltd 204 Ambika Darshan Apt Moti Khadiya Sheri SaiyedPura Surat ManishKumar Nathmal Babel (01302725) 404-A, Ambika Darshan Apartment, Motikadia Sheri, Saiyedpura, Surat Sampatraj Shree Shreemal (01346877) 405, Dev Ratan Apartment, Rampura Main Road, Surat, Sumit Kumar Sisodia (02982953) wef 5Apr2010 111, New DTC, Hat Faliya, Mahidarpura, Surat Gyanchand Nirmal Kumar Pokhrana (02982937) 301, Kohinoor Complex, Chowki Shri Rampura, Surat

10. Operating Cash Flow Shrenuj & Co. 10 NameDirector 2 Reg AddressDirector 1Residential Address Amrita Gem Pvt Ltd 502, Navkar, Dalgiya Mahollo Mahidharpura Surat Kapil Kailashji Bhandari (02698498) 106-Shreeji Aavas, Nr. Mini Bazar, Varachha Road, Surat Nirmal Kumar B Sharma (02704158) 305,Modh Patniwadi, Pirchhadi Rd, Haripura, Surat 405, 3rd floor, Hno 2081, Char khana chakla, rampura main rd surat wef 14May2010 Diaplus Gem Pvt Ltd 304 B Rangrej Tower Jadda Kahadi Mahidharpura Surat Mahendra Kumar Babel (02626977) 203, Adinath Apartments, Jadda Khadi, Mahidharapura, Surat Kamlesh Kumar Kakkar (01303906) 404-A, Ambika Darshan Apartment, Moti Khadiya Sheri, Sayedpura, Surat Mahendra Kumar Babel (02626977) Kushal Vimal Parlecha (02495804) wef 1Apr2009 305, New Ostwal Onxy CHS, Jesal Park, Bhyander (east), Mumbai Kediam-Gem Pvt Ltd 203 Adinath Apartment Jadda Khadi Mahidharpura Surat Arjunkumar Hinger (01303882) 302, Kohinoor Complex, Chowki Sheri, Rampura, Surat Ajay Kumar Dhupiya (01302723) 218/8, Chandra Villa, r. a. Kidwai Road, Wadala, Surat Adil Exports Pvt Ltd 308 New Majestic Shopping Centre JSS Road, 3rd floor Opera House, Mumbai Surendra Kumar lLdha (01336491) 404/A, Ambika Darshan Apt. Moti Kadiya Sheri, Sayedpura, Surat Chetan Ladulal Pareek (00412789) 302, Kohinoor Complex, Chowki Sheri, Sayedpura, Surat Bhupesh Kumar Parasmal Jain alias Kothari (00413025) 303, Vardhman Apartment, Bamanji Ki Sheri, Raghunath Pura, Surat

11. Operating Cash Flow Shrenuj & Co. 11 Name Date of Incorporation Auditor Firm FY09FY10FY11FY12FY13 Albers Diamonds Pvt. Ltd 26-Apr-10 NA Manoj Vipin & Co. Akshar Gems Pvt. Ltd. 01-May-10 NA Manoj Vipin & Co. Marquise Diamond Pvt. Ltd 08-Aug-09 NANAMS & Co.Manoj Vipin & Co. Sanskar Gem Pvt. Ltd 15-Mar-07 NAMS & Co. Manoj Vipin & Co. Amrita Gem Pvt. Ltd 08-Aug-09 NAMS & Co. Manoj Vipin & Co. Diaplus Gem Pvt. Ltd 06-Mar-07 NAMS & Co. Manoj Vipin & Co. Kediam-Gem Pvt. Ltd 10-Mar-07 NAMS & Co. Manoj Vipin & Co. Adil Exports Pvt. Ltd 20-Dec-09 Manoj Vipin & Co.. Manoj Vipin & Co.

12. Operating Cash Flow Shrenuj & Co. 12 Albers Dimonds Pvt. Ltd. Rs in mn Particulars201120122013 BALANCE SHEET SOURCES OF FUNDS Shareholders' Fund034 Non Current Liabilities Long-term borrowings30 0 Current Liabilities Short-term borrowings0860 Trade payables97221902074 100323092078 APPLICATION OF FUNDS Fixed Assets 000 Current Assets, Loan & Advances Inventories9121488767 Sundry Debtors86819960 Cash and Bank Balances421 Short term loans & advances00350 100223092078 100323092078

13. Operating Cash Flow Shrenuj & Co. 13 Diaplus Gem Pvt. Ltd. Particulars (fig in Rs mln)200820092010201120122013 Profit & Loss A/c Revenue1230.02988.00.0 EBITDA0.20.30.0 Net Profit 0.13 0.24 0.23 0.49 0.36 0.010%0.006%NA Balance Sheet Sources of Funds Shareholders' Fund 0.2 0.4 0.6 0.8 1.3 1.7 Loan Funds 0.1 45.9 - - - Current Liabilities Trade payables 215.5 1,031.0 1,608.8 1,011.8 2,199.4 2,104.1 Total 215.9 1,031.5 1,655.4 1,012.7 2,201.3 2,106.0 APPLICATION OF FUNDS Fixed Assets 0.1 Current Assets, Loan & Advances Inventories - 625.9 803.9 462.8 968.4 494.3 Sundry Debtors 148.9 379.2 843.1 528.6 1,231.0 1,607.9 Cash and Bank Balances 66.7 26.2 8.2 21.1 1.5 3.5 Loans and Advances 0.1 - - - Short term loans & advances - - - 0.1 0.3 0.2 215.9 1,031.5 1,655.4 1,012.7 2,201.3 2,106.0

14. Operating Cash Flow Shrenuj & Co. 14 Kediam Gems Pvt Ltd Rs in mn Particulars200820092010201120122013 Profit & Loss A/c REVENUE1485.43146.75871.70.0 EBITDA0.3 0.4 0.70.5 NET PROFIT 0.1 0.2 0.5 0.3 0.01% BALANCE SHEET SOURCES OF FUNDS Shareholders' Fund 0.2 0.4 0.6 0.8 1.3 1.6 Loan Funds - Unsecured Loans 0.7 0.8 0.2 - - - Current Liabilities Provisions 0.1 - - - Short-term borrowings - - - - - 354.4 Trade payables 378.3 1,636.4 1,426.6 1,270.5 2,324.4 1,908.4 Other current liabilities - - - 0.8 0.0 Short-term provisions - - - 0.1 0.2 379.3 1,637.6 1,427.5 1,272.3 2,326.0 2,264.6 APPLICATION OF FUNDS Fixed Assets 0.0 0.1 Long-term loans and advances - - - 12.4 19.9 Other Non-Current Assets - - - 0.0 Current Assets, Loan & Advances Inventories 36.8 601.9 400.8 207.8 980.1 622.7 Sundry Debtors 327.9 1,018.6 951.5 1,029.1 1,304.5 1,616.9 Cash and Bank Balances 14.4 16.9 74.9 22.8 6.0 3.6 Loans and Advances 0.2 0.1 - - - Other Current Assets - - - 0.1 0.4 1.5 Short term loans & advances 15.0 379.3 1,637.6 1,427.5 1,272.3 2,326.0 2,264.6

15. Operating Cash Flow Shrenuj & Co. 15 Marquise Diamond Pvt. Ltd. Rs in mn Particulars2010201120122013 Profit & Loss A/c REVENUE EBITDA0.0 NET PROFIT0.00.20.50.4 #DIV/0! BALANCE SHEET SOURCES OF FUNDS Shareholders' Fund 0.10.30.81.2 Current Liabilities Short-term borrowings0.0 0.4498.3 Trade payables0.0899.02556.52928.2 Other current liabilities0.0 Short-term provisions0.00.10.2 0.1899.52557.93427.8 APPLICATION OF FUNDS Fixed Assets 0.00.3 Non current investment0.0 10.0 Current Assets, Loan & Advances Inventories0.0466.11139.0970.5 Sundry Debtors0.0383.6879.32382.2 Cash and Bank Balances0.149.42.45.3 Short term loans & advances0.00.1526.959.4 0.1899.22547.63417.5 0.1899.52557.93427.8

16. Operating Cash Flow Shrenuj & Co. 16 Name of the ShareholderMar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13Sep-13Dec-13Mar-14 Afrin Dia 0% 5% Anand Rathi Capital Advisors 0% Asha Jain 0% Aveton Investments Ltd. 2% Avtar Gems Pvt. Ltd. 1% 2% 1%0% Bridge India Fund 0% 5% Charvi Share Trading Pvt Ltd 0% 1% Credo India Thematic Fund Ltd 0% 5% 0% Deepak K Jain 0% 1% 0% Fortune Gems Pvt Ltd 0% 1% 2% General Insurance Corp of India 0% Goldman Sachs Investments 0% HDFC Long Term Adv. Fund 0% Holiday Developers Pvt Ltd 0% 1%2% HSBC Private Bank Suisse SA 7% 5% India Max Investment Fund Ltd. 0% 6% John Fowler India Pvt Ltd 2% 1%0% Kanwarlal M Jain 0% 1% 0% Magnificque Gems Pvt. Ltd. 0%1%2% 1%0% Nihar Nitin Parikh 1% 2% 1% Rishabh Technomarine Pvt. Ltd. 0%2% 0% Sancheti Trading Pvt Ltd 0% 1% 2%3%2% Sankhala Trading Pvt ltd 0% 1% 0%1% Sunidhi Capital Pvt Ltd 0% 1%0%

17. Operating Cash Flow Shrenuj & Co. 17 NameReg AddressDirector 1Residential AddressDirector 2Residential Address Avtar Gems Pvt Ltd 302, Kohinoor Complex, Chowki Sheri, Rampura, Surat Rishabh Sancheti (02840952) Bhanwar Badi, Bijainagar Masuda, Ajmer Ramavtar Ramdev Parekh (02704171) 217, Mavani Chamber, Varachha Road, Sardar Chowk, Hira bazar, Surat Fortune Gems Pvt Ltd 210, Panchratna, Opera House, Mumbai Deepak Kanwarlal Jain (00412137) B/6 Rockside Apt, 116, Walkeshwar Road, Mumbai Kanwarlal Manekchand Jain (00412673) B/6 Rockside Apt, 116, Walkeshwar Road, Mumbai Magnifique Gems Pvt Ltd 105, Rajshree Building, Maniyara Sheri Naka, Mahidharpura, Surat Kushal Vimal Parlecha (02495804) 305, New Ostwal Onyx CHS, Jesal Park, Bhyander (East), Mumbai Sumit Kumar Sisodia (02982953) 217, Mavani Chamber, Varachha Road, Sardar Chowk, Hira bazar, Surat Rishabh Technomarine Pvt Ltd 217/d, Panchratna, Opera House, Mumbai Deepak Kanwarlal Jain (00412137) B/6 Rockside Apt, 116, Walkeshwar Road, Mumbai Rajeev Kanwarlal Jain (00412611) B/6 Rockside Apt, 116, Walkeshwar Road, Mumbai Sancheti Trading Pvt Ltd 308, New Majestic Shopping Centre, 144, J.S.S. Road, Opera House, Mumbai Gyanchand Kaluram Jain (00412515) 20, Om Dariya Mahal, 3rd floor, 80, Nepeansea Road, Mumbai Vinay Gyanchand Jain (03558382) 20, Om Dariya Mahal, 3rd floor, 80, Nepeansea Road, Mumbai Sankhala Trading Pvt Ltd 308, New Majestic Shopping Centre, 144, J.S.S. Road, Opera House, Mumbai Kanwarlal Manekchand Jain (00412673) B/6 Rockside Apt, 116, Walkeshwar Road, Mumbai Deepak Kanwarlal Jain (00412137) B/6 Rockside Apt, 116, Walkeshwar Road, Mumbai

18. Operating Cash Flow Shrenuj & Co. 18 NameDate of Incorporation Auditor Firm FY09FY10FY11FY12FY13 Avtar Gems Pvt Ltd26-Apr-10NA Manoj Vipin & Co. Fortune Gems Pvt Ltd09-Aug-10NA Suresh Anchaliya & Co. Magnifique Gems Pvt Ltd26-Apr-10NA Manoj Vipin & Co. Rishabh Technomarine Pvt Ltd19-Sep-08 Suresh Anchaliya & Co. Sancheti Trading Pvt Ltd30-Jun-11NA Suresh Anchaliya & Co. Sankhala Trading Pvt Ltd05-Jul-11NA Suresh Anchaliya & Co.

19. Operating Cash Flow Shrenuj & Co. 19 Shrenuj's ShareholdersShareholder ParameterShrenuj's Business PartnersConnectionsComment Avtar Gems Pvt Ltd Registered address 302, Kohinoor Complex, Chowki Sheri, Rampura, Surat Kediam-Gem Pvt Ltd Director - Arjun Kumar Hinger (01303882) Director's residence address is same as Shareholder's Registered address Adil Exports Pvt Ltd Director - Chetan Ladulal Pareek (00412789) Director - Rishabh Sancheti (02840952)Marquise Diamond Pvt Ltd Director - Rishabh Sancheti (02840952)Common director Auditor - Manoj Vipin & Co. All business partners discussed in previous slides Auditor - Manoj Vipin & Co.Common Auditor Magnifique Gems Pvt Ltd Director - Kushal Vimal Parlecha (02495804) Diaplus Gem Pvt Ltd Director - Kushal Vimal Parlecha (02495804) Common director Director's address 305, New Ostwal Onyx CHS, Jesal Park, Bhayander (East), MumbaiAlbers Diamonds Pvt Ltd Director - Sandeep Tejmal Jain (02471333) Director's residence address is same as Shareholder's director's residence address Auditor - Manoj Vipin & Co. All business partners discussed in previous slidesAuditor - Manoj Vipin & Co.Common Auditor

20. Operating Cash Flow Shrenuj & Co. 20

21. Gitanjali Gems Akshar Gems Avtar Gems Magnifique Diamond Marquise Diamond Sanskar Gems Albers Diamond Traded in stock of Gitanjali Gems & Other Diamond Co’s Co’s Trading in Diamonds but their modus operandi and flow of money remain doubtful 1st Layer PINKY AGRO FOODS SHRADDHA GARMENTS Shell Co’s used for transfer of funds from 1st layer to the 3rd layer for trading in stocks 2nd Layer Sadhiv Mercantile Facet Electronics Sneaking Infrastructure Vankar Gems Ashlesha Trading Rhoda Infrastructure Jaiwanti Mercantile Jinal Mercantile Sarvin Mercantile Jinal Infratech Trusha Infrastructure 3rd Layer Inventories of many companies comprises of Stocks (might include Gitanjali Gems) WHO IS THE REAL CONJURER…??? Somerset Infrastructure 21 SEBI Probed Entities SEBI Probed Related Entities

22. Gitanjali Gems BEYOND THE VEIL…!!! 22

23. Gitanjali Gems BEYOND THE VEIL…!!! Multiple Co’s have same Registered Office Address though neither Directors/Promoters are related In most cases, Individuals residential addresses are shown as Registered Office Address Companies - Registered Office Registered Office Address with same Directors' Residential Address Directors - Residential Address Akshar Gems Pvt. Ltd. 301, Kohinoor Complex, Chowki Sheri Rmapura, Surat GyanchandNirmalkumarPokhrana (Director - Albers Diamonds) Facet Electronic & Electrical A-405, PadmavatiApts, Narayan Nagar Road, Maharanapratap Garden, Bhayander (West), Thane, Maharashtra BhupendraPanwar (Director - Facet Electronic & Electrical) Premlata R. Shankhala (Director - Jinal Mercantile) Fender Mercantile Jinal Mercantile Jaiwanti Mercantile Jinal Infratech 402-A, Sudama Tower, Prakash Market Road, Bhayander (West), Thane, Maharashtra Nehal J. Patel (Director - Jinal Infratech) Pinky Agro Foods 3/1, TisaiDarshana Apartment, Opp. Samrat Ashok, School, TisgaonPada, Kalayan (East), Thane, Maharashtra Vilas Chaudhary (Director - Pinky Agro Foods) Rhoda Infrastructure Ta-2, Nyalkaran (A), L.B.S. Road, Ghatkopar (W), Mumbai, Maharashtra SangitaPatil (Director - Rhoda Infrastructure) Sarvin Mercantile Room No.8, Ground Floor, Royal Palace, Nr. BhadrakaliMandir Road, Bhayander (West), Thane, Maharashtra Raju Devi SharwanAgarwal SharwankumarHariprasadAgarwal (Director - Sarvin Mercantile) Shraddha Garments 2/13B, Shree Soc., 3rd Floor, Keshavji Nagar, Bhattipada Road, Bhandup (W), Mumbai TejasVirendra Shah (Director - Shraddha Garments) Sneaking Infrastructure A/403, Pushpa Bharti, Prakash Market Road, Bhayander (West), Thane, Maharashtra Ajay Singh Kumar (Director - Sneaking Infrastructure) Marquise Diamond 204, AmbicaDarshan, Apartment, MotiKhadiyaSherimSayedpura, Surat NA Sanskar Gems 23 Debtor Debtor Related Company SEBI Probed Entities SEBI Probed Related Entities

24. Gitanjali Gems BEYOND THE VEIL…!!! 24

25. Gitanjali Gems Name of the CompaniesDate of IncorporationEmail IDPAN No Albers Diamonds Pvt. Ltd.8-May-10albers.diamonds@yahoo.comAAICA4525F Avtar Gems Pvt. Ltd.NAag20061@gmail.comAAICA4526G Akshar Gems Pvt. Ltd.NAag20061@gmail.comAAICA4527H Ashlesha Trading Private LimitedNAashleshatrading2011@rediffmail.comNA Facet Electronic & Electrical Private Limited12-Apr-11facetelectronics@rediffmail.comAABCF7275L Fender Mercantile Pvt. Ltd.17-Dec-11fendermercantile@rediffmail.comAABCF8631J Jaiwanti Mercantile Pvt. Ltd.13-Oct-10csindelin@yahoo.comAACCJ5103C Jinal Infratech Pvt. Ltd.15-Dec-11jinalinfratech@rediffmail.comAACCJ8001B Jinal Mercantile Pvt. Ltd.20-Dec-11jinalmercantile@rediffmail.comAACCJ7270J Magnifique Gems Pvt. Ltd.7-May-10magnifiquegemspvtltd@rediffmail.comAAGCM5160N Marquise Diamond Pvt. Ltd.NAranjitkejriwalcs@gmail.comAAGCM1242F Pinky Agro Foods Private Limited15-Apr-11pinkyagrofoods@rediffmail.comAAGCP0004N Rhoda Infrastructure Private Limited6-Oct-10rhodainfrastructure@rediffmail.comAAFCR1087C Sadhiv Mercantile Private LimitedNAsadhivmercantile@indiatimes.comAAPCS0583G Sanskar Gems Pvt. Ltd.NAmanoj20061@indiatimes.comAAKCS6683E Sarvin Mercantile Pvt. Ltd.15-Dec-11sarvinmercantile@rediffmail.comAARCS1698C Shraddha Garments Pvt. Ltd.27-Apr-07shraddhagarments@rediffmail.comAAPCS2367C Sneaking Infrastructure Private Limited13-Apr-11sneakinginfrastructure@rediffmail.comAAPCS7733L Somerset Infrastructure Pvt. Ltd.22-Dec-11somersetinfrastructure@rediffmail.comAARCS4229D Trusha Infrastructure Pvt. Ltd.NAadmin@greenleafscorporate.comAAECT0919N Vankars Gems & Jewelleries Private LimitedNAvankarm@rediffmail.comAADCV6467A Sequence of Pan No allotment makes it more evident that application was made at a time BEYOND THE VEIL…!!! 25 Debtor Debtor Related Company SEBI Probed Entities SEBI Probed Related Entities

26. Operating Cash Flow Shrenuj & Co. 26 Particulars Transaction/Outstanding figures (in Rs mln)As % of Shrenuj's standalone figures FY13FY14FY13FY14 Sales4473375920%15% - Avnina Gems BVBA2709167212%7% - Glowing Star Diamond LLC176420878% Purchases3707NA17%NA - Avnina Gems BVBA1721NA8%NA - Glowing Star Diamond LLC1986NA9%NA DebtorsNA2762NA20% - Avnina Gems BVBANA1010NA7% - Glowing Star Diamond LLCNA1752NA13% CreditorsNA1822NA13% - Avnina Gems BVBANA723NA5% - Glowing Star Diamond LLCNA1099NA8% Avnina Gems BVBA Glowing Star Diamond (L.L.C) Ms. Ami Doshi, Mr. Apoorva Doshi’s (M.D. of Shrenuj N.V.) wife is managing Avnina Gems BVBA Glowing Star Diamond (L.L.C) has extended loans to Shrenuj Botswana (Proprietary) Ltd Shrenuj Sourth Africa (Proprietary) Ltd & Uxolo Diamonds Cutting Works (Proprietary) Ltd The question arises as to why an unrelated entity would extend interest free loans to two of the above companies

27. Operating Cash Flow Shrenuj & Co. 27 Particulars (fig in Euro mln)20092010201120122013 PROFIT & LOSS A/C REVENUE7.534.539.753.184.6 EXPENDITURE7.434.339.552.984.2 EBITDA0.10.2 0.4 NET PROFIT0.000.04 0.010.14 BALANCE SHEET SOURCES OF FUNDS Shareholders' Fund Equity Share Capital0.70 Reserves and Surplus0.060.110.150.160.29 Current Liabilities Accruals0.00 Other Liabilities1.171.161.291.371.43 Trade payables5.3425.5215.2720.9338.93 Fiancial Debt1.521.461.411.511.57 Debts related to taxes0.000.030.020.010.07 APPLICATION OF FUNDS Fixed Assets Net Block0.030.020.010.00 Current Assets, Loan & Advances Current Investments Inventories2.134.025.2912.7011.24 Sundry Debtors6.6624.9013.4911.8831.47 Cash and Bank Balances0.000.050.030.100.28 Accruals0.00 0.020.00 Inventory Days10643498849 Debtor Days32426312482136 Creditor Days265273142145169 Working Capital Cycle in Days16533312416

28. Operating Cash Flow Shrenuj & Co. 28

29. Operating Cash Flow Shrenuj & Co. 29

30. Operating Cash Flow Shrenuj & Co. 30 20062007200820092010201120122013 Shrenuj Standalone Inventory Days214204194336255233232257 - RM Days11384747163989086 - WIP Days0000012714 - FG Days100118119265191123135157 Debtor Days133110135194 159178204 Creditor Days748489206166160192208 Working Capital Cycle (Days)273230239324283232218252 Shrenuj Consolidated Inventory Days233 276337224225 219 - RM Days11588937672 7465 - WIP Days00000235657 - FG Days1161431822611521309497 Debtor Days129110113150153127124168 Creditor Days9091103155108967075 Working Capital Cycle (Days)271251285332269256279312

31. Operating Cash Flow Shrenuj & Co. 31 Peer Comparison20062007200820092010201120122013 Inventory Days Shrenuj Standalone214204194336255233232257 Shrenuj Consolidated233 276337224225 219 Asian Star Standalone959291909593113102 Asian Star Consolidated98919088898610294 Gitanjali Gems Standalone41687911696887158 Gitanjali Gems Consolidated4593112175141132126112 Debtor Days Shrenuj Standalone133110135194 159178204 Shrenuj Consolidated129110113150153127124168 Asian Star Standalone144154116113111 105 Asian Star Consolidated14215111212710611311997 Gitanjali Gems Standalone187166172215198161145143 Gitanjali Gems Consolidated188160172198181156157160 Creditor Days Shrenuj Standalone748489206166160192208 Shrenuj Consolidated9091103155108967075 Asian Star Standalone141325633114136 Asian Star Consolidated2118303137266135 Gitanjali Gems Standalone771031321197494102103 Gitanjali Gems Consolidated8911115214899100113112 Working Capital Cycle Days Shrenuj Standalone273230239324283232218252 Shrenuj Consolidated271251285332269256279312 Asian Star Standalone226233182197173193183171 Asian Star Consolidated218225172185158173160156 Gitanjali Gems Standalone15013212021322115611397 Gitanjali Gems Consolidated144142133225222188171160

32. Operating Cash Flow Shrenuj & Co. 32 ParticularsUnit20062007200820092010 Production Polished DiamondsCarats 244,957 339,942 464,206 334,745 314,578 Studded JewelleryNos. 249,191 293,129 209,292 98,313 30,381 Manufactured Goods Opening Stock Quantity Polished DiamondsCarats 107,143 75,216 92,736 138,406 83,168 Studded JewelleryNos. 2,044 6,172 7,909 6,947 6,561 Rate Polished Diamonds 7,813 17,745 22,588 16,679 60,870 Studded Jewellery 6,532 8,400 9,525 12,267 16,396 Sales Quantity Polished DiamondsCarats 280,039 322,422 418,535 389,983 316,018 Studded JewelleryNos. 249,103 291,392 210,254 98,699 26,855 Rate Polished Diamonds 17,189 20,363 18,443 18,930 27,409 Studded Jewellery 2,344 5,812 6,232 10,017 27,985 Closing Stock Quantity Polished DiamondsCarats 72,061 108,883 138,406 83,168 81,728 Studded JewelleryNos. 2,132 7,909 6,947 6,561 10,087 Rate Polished Diamonds 17,105 20,387 16,679 60,870 51,526 Precious & Semi Precious Stones 532 336#DIV/0! Studded Jewellery 6,622 9,525 12,267 16,396 13,301 Materials Consumed Quantity (Rough)/Semi polished DiamondsCarats 447,848 569,001 836,805 550,450 402,920 Polished DiamondsCarats 32,701 87,188 39,096 32,849 19,517 Precious & Semi Precious StonesCarats 90,172 170,814 61,009 31,555 10,645 GoldGms. 313,718 545,570 324,916 217,700 78,348 PlatinumGms. 2,343 42,163 48,982 36,759 68,901 Rate (Rough)/Semi polished DiamondsCarats 9,776 11,219 7,545 15,991 16,002 Polished DiamondsCarats 5,657 6,726 15,571 10,689 17,241 Precious & Semi Precious StonesCarats 62 69 101 221 512 GoldGms. 630 896 929 1,146 1,501 PlatinumGms. 1,097 1,661 1,774 2,274 1,945

33. Operating Cash Flow Shrenuj & Co. 33 Apr-13May-13Jun-13Jul-13Aug-13Sep-13 Particulars No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) Raw Materials - Diamond Imported398457739145083994600438504247454494565243 Goods on Consignment (Local)442893473135473298473224412605362496 Finished Goods148660014665271566470174648816464681656448 Raw Materials - Jewellery Diamond531451511511491515521525531529671770 Others288254253207214260 Grand Total643158096351593765116137711164877321626672416216 2374 Per Carat Rate (Rs/Carat) Raw Materials – Diamond Imported1150111530 1151211497 Goods on Consignment (Local)657406670870177685976354069330 Finished Goods445914470941475372893944239080 Finished Goods incl. Consignment494385006648120439484426144498 Raw Materials - Jewellery Diamond274332983330948292072873026465

34. Operating Cash Flow Shrenuj & Co. 34 Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14 Particulars No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) Raw Materials - Diamond Imported46752894455007453460439844982073970951524 Goods on Consignment (Local)342439312273 Finished Goods1586454157672415798921669804204992616911887 Raw Materials – Jewellery Diamond621627581401611581511453501460491512 Others243206199200206238 Grand Total721160526911561167116276615159574611556231315160 Per Carat Rate (Rs/Carat) Raw Materials - Diamond Imported113251125210163113031918016038 Goods on Consignment (Local)7173573314 Finished Goods408504283063005590624865970335 Finished Goods incl. Consignment463194785663005590624865970335 Raw Materials – Jewellery Diamond264092401025984286772913430961

35. Operating Cash Flow Shrenuj & Co. 35 Jun-13Sep-13Dec-13Mar-14FY14 Particulars No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) No. of Carats (in 000's) Net Value (Rs. In mln) Sales6735623762965998 Manufactured4048336939384605 Diamond68%89274471228491267079312233010820 Jewellery32%1303108512681483 Traded2687286823581393 Diamond89%2380254120891234 Jewellery11%307327269159 Material consumed3467275533363797 Diamond74%22325721782043227247519728178259906 Jewellery26%895711862981 Traded goods consumed2613279022941355 Diamond89%2315247120321200 Jewellery11%298318262155 Sold/Manufactured1111 Manufactured/Con sumed0.40 Implied Rate Sales Diamond3073632143294393955832793 Rate RM1152011502109161427512009 Gross Margin Manufactured14.3%18.2%15.3%17.5% Traded2.7%

36. Operating Cash Flow Shrenuj & Co. 36

37. Contingent Liabilities - Standalone Shrenuj & Co. 37 Particulars20092010201120122013 Guarantees given by the Company on behalf of Subsidiaries and Associates In respect of Advances granted by Banks 4744541073331027114262 Letter of Credit against import of goods 1971208154211351577 Bond executed for import of Capital goods 161416 24 Disputed Income Tax Liabilities not provided for 11 1499 Corporate Guarantee executed in favor of Third Party 11242233 Estimated amount of contracts remaining to be executed on capital account 000143 Total 4,9696,6448,92911,55715,998 Net Worth 1,9812,483 4,855 5,114 6,694 CL as % of NW 251%268%184%226%239% Guarantees Outstanding20092010201120122013 Shrenuj N.V. 8621,4152,4532,5444,985 Shrenuj DMCC 4065398702,6303,193 Simon Golub & Sons INC 1,0148988921,0171,504 Intergems H.K. Ltd. 8129889811,4041,499 Shrenuj Botswana Pty Ltd. --9101,2971,385 Astral Holding Inc 456404736839896 Shrenuj South Africa Pty Ltd. ----326 Shrenuj U.S.A --134153217 Kiara Jewellery Pvt. Ltd. 146 163 Shrenuj Jewellery (Far East) Ltd. --788995 C & A Diamonds International LLC ----- SWA Trading Ltd. 1521351341,404- Shrenuj Gems & Jewellery Pvt. Ltd. 445415--- Shrenuj Diajewels Ltd 450470--- Total 4,7445,4107,33311,52314,262

38. Shrenuj & Co. Conversion of Unsecured Loan of Promoters 38 Preferential Issue in FY13 Rs. 253 mln No of Shares Issued4.41 mln Price per shareRs. 68 /share Amount Given to PromotersRs. 300 mln Decrease in loan from directorsRs. 253 mln Excess amount paid to promotersRs. 47 mlm

39. Shrenuj & Co. RPT Purchase 39 Purchase of Raw Materials / Finished goods200820092010201120122013 Shrenuj N.V.96012641927315427914198 Shrenuj DMCC36939256071119011881 Shrenuj Botswana Pty Ltd.--6687314491619 Shrenuj Jewellery (Far East) Ltd15250355534296 Shrenuj USA LLC461101177220 Simon Golub & Sons INC.4282610369186 Ithemba Diamonds (Pty) Ltd----73130 Intergems H.K. Ltd.436398422301325125 Kiara Jewellery Limited125005369 Shrenuj GmbH89-1-60 Shrenuj Shanghai Diamond Co. Pvt. Ltd.-----5 Jomard SAS-6-203 Astral Jewels, LLC7052--2 SHL Gems & Jewellery Limited81160-2 Shrenuj Diajewels Limited2933657--- Matts Jewellery LLC-0---- C & A Diamonds International, LLC3----- SWA Trading Ltd.223121619- Shrenuj Australia Pty. Ltd.11--414- Shrenuj Overseas Limited29----- Shrenuj Japan Corporation121-1-- Trapz LLC--5--- Shrenuj Gems & Jewellery Ltd--225--- Alija International--280- Astral GMBH----22- Copem & Shrenuj----12- K. K. Doshi & Co.----60- 225623163329553673508794 Total Purchase8244101587984151162069822447 27%23%42%37%36%39%

40. Shrenuj & Co. RPT Sales 40 Sale of Raw Materials / Finished goods200820092010201120122013 Shrenuj N.V.744553380164315322281 Shrenuj DMCC17381532951114031322046 Shrenuj USA, LLC220235866448781104 Intergems H.K. Ltd.17591402112696017151048 Shrenuj Jewellery (Far East) Ltd.475670331528 Simon Golub & Sons1532287483621353 Kiara Jewellery Pvt. Ltd.31404540102 Shrenuj GmbH30521275-66 K. K. Doshi & Co.-----42 Shrenuj Botswana Pty Ltd.--63610339 Shrenuj Lifestyle Limited----17031 Shrenuj Shanghai Diamond Co. Pvt. Ltd.-----22 Copem & Shrenuj-----13 SWA Trading Ltd.243210--4 Daily Jewellery Ltd.-13511 Shrenuj Diajewels Limited3865560--- Matts Jewellery LLC-161--- C & A Diamonds International, LLC8----- Astral Jewels LLC1845120-54- Shrenuj Australia Pty. Ltd.13--181- SHL Gems & Jewellery Ltd.323023-- Shrenuj Japan Corporation82330- Alija International Pty. Ltd.-481-- Trapz LLC-41--- Astral GMBH----151- Shrenuj Gems & Jewellery Ltd--72--- 523940463095510586897680 Total Sales9956915210386157352052722686 53%44%30%32%42%34%

41. Thank You Aarti Industries Ltd

42. Appendix

43. Shrenuj & Co. RPT Sales 43 200620072008200920102011201220132014 PROFIT AND LOSS Sales 5,565 8,811 9,874 9,114 10,352 15,542 20,242 22,393 25,266 Total Expenditure 5,070 7,954 8,873 8,222 9,335 14,392 18,851 20,936 23,763 EBIDTA 495 857 1,001 892 1,017 1,150 1,391 1,457 1,503 EBIDTA Margin (%)8.9%9.7%10.1%9.8% 7.4%6.9%6.5%5.9% Depreciation 29 35 37 39 40 59 63 67 EBIT 466 822 964 853 977 1,092 1,328 1,394 1,436 Interest cost 200 380 490 644 753 676 877 1,013 954 Operating Profit 266 442 473 209 225 416 451 381 482 Other Income 8 31 5 6 13 9 9 16 11 Extraordinary Item - - - - - - - - - PBT 274 473 478 216 237 425 460 397 493 Tax 98 172 83 120 116 93 142 PAT 176 300 306 133 155 305 344 305 351 PAT Margin (%)3.2%3.4%3.1%1.5% 2.0%1.7%1.4% EPS 3.2 4.8 4.4 1.9 2.2 4.0 4.5 4.0 3.6 Sales Growth (%) -58%12%-8%14%50%30%11%13% EBITDA Growth (%) -73%17%-11%14%13%21%5%3% PAT Growth (%) -71%2%-57%17%97%13%-11%15% 200620072008200920102011201220132014 PROFIT AND LOSS Sales 5,565 8,811 9,874 9,114 10,352 15,542 20,242 22,393 25,266 Total Expenditure 5,070 7,954 8,873 8,222 9,335 14,392 18,851 20,936 23,763 EBIDTA 495 857 1,001 892 1,017 1,150 1,391 1,457 1,503 EBIDTA Margin (%)8.9%9.7%10.1%9.8% 7.4%6.9%6.5%5.9% Depreciation 29 35 37 39 40 59 63 67 EBIT 466 822 964 853 977 1,092 1,328 1,394 1,436 Interest cost 200 380 490 644 753 676 877 1,013 954 Operating Profit 266 442 473 209 225 416 451 381 482 Other Income 8 31 5 6 13 9 9 16 11 Extraordinary Item - - - - - - - - - PBT 274 473 478 216 237 425 460 397 493 Tax 98 172 83 120 116 93 142 PAT 176 300 306 133 155 305 344 305 351 PAT Margin (%)3.2%3.4%3.1%1.5% 2.0%1.7%1.4% EPS 3.2 4.8 4.4 1.9 2.2 4.0 4.5 4.0 3.6 Sales Growth (%) -58%12%-8%14%50%30%11%13% EBITDA Growth (%) -73%17%-11%14%13%21%5%3% PAT Growth (%) -71%2%-57%17%97%13%-11%15%

44. Shrenuj & Co. RPT Sales 44 BALANCE SHEET200620072008200920102011201220132014 Sources of Funds Share Capital 109 125 139 152 153 193 Share Warrants - 20 - - - - - - Reserves & Surplus 1,163 1,532 2,046 1,842 2,344 4,703 4,961 6,501 6,767 Networth 1,272 1,678 2,205 1,981 2,483 4,855 5,114 6,694 6,960 Secured Loans 3,405 4,469 5,346 7,793 7,709 8,602 10,268 13,360 14,342 Unsecured Loans 50 1,012 1,035 1,197 285 611 1,370 1,046 1,064 Total Loans 3,454 5,481 6,382 8,990 7,994 9,213 11,638 14,406 15,405 Non Current Liabilities & provision - - - - - 19 20 33 71 Deferred Tax Liability 40 49 58 61 62 83 84 92 97 TOTAL 4,766 7,208 8,645 11,032 10,539 14,169 16,857 21,225 22,533 Application of Funds Net Fixed Assets 551 622 629 603 585 2,513 2,539 2,508 Investment 152 831 1,260 1,268 1,164 1,163 Other non current assets - - - - - - - - - Current Assets 5,235 7,858 9,364 13,510 12,793 16,613 22,927 29,193 33,310 Current Liabilities 1,171 2,104 2,607 4,341 4,107 6,121 9,749 11,671 14,449 Net Current Assets 4,064 5,754 6,756 9,169 8,686 10,492 13,179 17,522 18,862 Misc. expenditure not w/o - - - - - - - - - TOTAL 4,766 7,207 8,645 11,032 10,539 14,170 16,857 21,225 22,533

45. Shrenuj & Co. RPT Sales 45 CASH FLOW200620072008200920102011201220132014 Internal accruals 428 742 871 772 943 1,051 1,290 1,340 1,386 (Inc)/Dec in Net Current Assets (886) (807) (891) (2,245) (23) (1,173) (2,669) (3,231) (1,345) Others 11 (93) (40) 610 213 (14) 177 216 246 Cash flow from Operations (446) (158) (60) (864) 1,133 (136) (1,202) (1,675) 287 Inc/(Dec) in Debt 858 1,672 1,443 2,134 (756) 726 2,440 2,860 496 Inc/(Dec) in Equity - 20 - - - 13 9 1,052 - Interest, Dividend and others (229) (424) (558) (730) (840) (708) (944) (1,056) (1,009) Cash flow from Financing 629 1,268 885 1,404 (1,596) 31 1,505 2,856 (513) Fixed Asset formation (37) (42) (46) (15) (27) (58) (78) (124) (61) Inc/(Dec) in Investment (196) (542) (1,033) (16) (13) 36 74 (1,041) 76 Others 5 3 12 32 54 21 24 54 Cash flow from Investment (227) (581) (1,066) 1 14 (1) 20 (1,141) 68 Net Change in Cash (45) 528 (241) 542 (449) (105) 322 40 (158)

46. Shrenuj & Co. RPT Sales 46 RATIOS200620072008200920102011201220132014 Valuation Ratio P/E20.113.514.934.029.016.114.416.417.9 P/BV2.82.42.02.31.81.0 0.9 EV/EBIDTA14.010.410.514.111.812.011.413.714.0 EV/Sales1.21.01.11.41.20.90.80.90.8 Dividend Yield (%)1.1%1.2% 0.6%0.8%0.9%1.0%0.9% EPS3.24.84.41.92.24.04.54.03.6 DPS0.70.8 0.40.50.60.70.6 Book Value23.326.831.828.635.863.966.969.472.2 Adj. ROE14%20.4%15.8%6.3%6.9%8.3%6.9%5.2%5.1% Adj. ROCE6%8.7%7.8%5.3%5.9%6.3%6.4%5.6%4.7% Solvency Ratio (x) Debt/Equity 2.7 3.3 2.9 4.5 3.2 1.9 2.3 2.2 Debt/EBIDTA 7.0 6.4 10.1 7.9 8.0 8.4 9.9 10.2 Turnover Ratio (x) Asset Turnover1.21.51.20.91.01.3 1.2 Fixed Asset Turnover10.115.015.814.817.410.08.18.910.0 Current Ratio4.53.73.63.1 2.72.42.52.3 Inventory (days)175.2137.8151.4221.6228.3170.6177.2203.6218.1 Debtors (days)132.997.0116.6169.8182.0143.7150.0182.6191.5 Creditors (days)60.553.266.3123.1144.0114.4135.8166.7179.6