­Maharashtra based - Arjav Diamonds (India) Private Limited was established in 1981 as a partnership firm and subsequently converted into a private limited company in 2007 and is owned by M/s Arjav Diamonds NV. ADIPL is mainly engaged in the distribution/trading of rough diamonds and also manufactures cut and polished diamonds. The operations are managed by the second & third generation promoters, Mr. Anuj Mehta, Mr. Arnav Mehta and Mr. Ashit Mehta. While Mr Ashit M was instrumental in setting up the rough division in Antwerp in 1981 in the name of M/s Arjav Diamonds NV, his elder brothers, Mr. Akshay M and Mr. Anuj M focused on the manufacturing and polishing operations to cater to national and international clients through Blue Star.

­ACUITE has consolidated the business and financial risk profiles of ADIPL and BSDPL. The group is hereafter referred to as the ‘Blue Star Group’. Arjav Diamonds (India) Pvt Ltd (ADIPL) was established in 1981 as a partnership firm and subsequently converted into a private limited company in 2007 and is owned by M/s Arjav Diamonds NV. ADIPL is mainly engaged in the distribution/trading of rough diamonds and also manufactures cut and polished diamonds. The operations are managed by the second & third generation promoters, Mr. Anuj Mehta, Mr. Arnav Mehta and Mr. Ashit Mehta. While Mr Ashit M was instrumental in setting up the rough division in Antwerp in 1981 in the name of M/s Arjav Diamonds NV, his elder brothers, Mr. Akshay M and Mr. Anuj M focused on the manufacturing and polishing operations to cater to national and international clients through Blue Star. BSDPL, a partnership firm established in 1966 by Mr. Vasantlal Mehta, was reconstituted as a closely held company in 2008. The flagship entity of the Blue Star Group, the company is engaged in the business of cutting and polishing diamonds.

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer / borrower failed to submit such information before due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating continues to be flagged as “Issuer notcooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

­The rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower). Acuité endeavored to gather information about the entity / industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based

­The rated entity has not shared the latest financial statements despite repeated requests

­No information provided by the issuer / available for Acuite to comment upon

"­No information provided by the issuer / available for Acuite to comment upon."

­None

­Not Applicable

­None

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in