MIRA INFORM REPORT

Report No. :	309207
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	AMRUT EXPORTS
Registered Office :	GE-4030, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment:	1993
Capital Investment / Paid-up Capital :	Rs.421.889 Millions
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer, Exporter and Importer of Diamond.
No. of Employees :	1523 (In office 23 + In Factory 1500) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 6592208
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietory concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The concern can be considered normal 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Rajesh Desai
Designation :	Finance Head
Contact No.:	91-22-42457710
Date :	23.02.2015

LOCATIONS

Registered Office :	GE-4030, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-42457777/7710
Mobile No.:	91-9819255908 (Mr. Raju)
Fax No.:	91-22-23682006
E-Mail :	amrutexim@gmail.com
Website :	www.accounts@amrutexports.com
Factory :	Vraj Shila Copodara, Char Rasta, Near Gajjar Petrol Pump, Varccha Road, Surat - 395006, Gujarat, India
Branch Office :	Opera House, Mumbai, Maharashtra, India

SOLE PROPRIETOR

Name :	Mr. Raujibhai Bechharbhai Dhameliya
Designation :	Proprietor

KEY EXECUTIVES

Name :	Mr. Rajesh Desai
Designation :	Finance Head

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Diamond.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Dubai Hong Kong United States of America Belgium
Imports :
Products :	Raw Material
Countries :	Belgium Dubai
Terms :
Selling :	Credit (60 days/ 90 days/120 days)
Purchasing :	Credit (60 days/ 90 days/120 days)

GENERAL INFORMATION

Suppliers :

Reference :	Blue Star (Mumbai)
Name of the Person :	Mr. Ganpathy (CFO)
Contact No.:	91-22-40404444
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Reference :

Diamond India Limited

Name of the Person :

Mr. Sneh (Sales Manager)

Contact No.:

91-9833352678

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

They gave us positive response about subject company. They are satisfied with their product Quality and Delivery Behaviour.

Customers :

Reference :

Rosy Blue India Private Limited

Name of the Person :

Mr. Parag

Contact No.:

91-22-66650000

Since How Long Known :

07 Years

Maximum Limit Dealt :

Till Date Rs. 500.000 Millions

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company and they are satisfied with their Payment Behaviour.

No. of Employees :

1523 (In office 23 + In Factory 1500) (Approximately)

Bankers :

Bank Name	The Royal Bank of Scotland NV
Branch	Veer Nariman Road, Fort
Person Name (With Designation)	Mr. Rajesh Sah (Regional Manager)
Contact Number	91-2266585931/ 98192039917
Name of Account Holder	Amrut Exports
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	10 years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	PSFL / PCFC – Rs.1000.000 Millions
Account Operation	Not Divulged
Remarks (If any)	They gave us positive response about subject company. They are satisfied with their banking transaction.

Facilities :

--

Banking Relations :	--
Auditors :
Name :	B M Kanani and Associates Chartered Accountants
Address :	Surat, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Amrut Impex

CAPITAL STRUCTURE

AS ON 31.03.2014

Particulars	Rs. In Millions
Proprietor’s Capital A/C	421.889
Total	421.889

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		421.889	355.981
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1226.163	461.268
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1648.052	817.249
LOAN FUNDS
1] Secured Loans		861.771	813.585
2] Unsecured Loans		164.341	19.393
TOTAL BORROWING		1026.112	832.978
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2674.164	1650.227
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1444.493	581.464
Capital work-in-progress		0.000	0.000
INVESTMENT		184.266	92.841
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.000	0.000
	Other Current Assets	297.297	2570.335
	Loans & Advances	0.000	0.000
Total Current Assets		2972.966	2570.335
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	1927.561	1594.413
	Provisions	0.000	0.000
Total Current Liabilities		1927.561	1594.413
Net Current Assets		1045.405	975.923
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2674.164	1650.227

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013
SALES
Income	3836.439	3140.834
Other Income	19.329	64.168
TOTAL (A)	3855.768	3205.002
EXPENSES
Cost of Sales	3616.870	3006.845
Selling and Administrative Expenses	39.122	31.991
TOTAL (B)	3655.992	3038.836
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	199.776	166.166
FINANCIAL EXPENSES (D)	86.166	64.668
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	113.610	101.498
DEPRECIATION/ AMORTISATION (F)	20.545	16.117
PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	93.065	85.381
TAX (I)	0.000	0.000
PROFIT/ (LOSS) AFTER TAX (G-I) (J)	93.065	85.381

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	2.43	2.72
Operating Profit Margin (PBDIT/Sales)	(%)	5.21	5.29
Return on Total Assets (PBT/Total Assets}	(%)	2.11	2.71
Return on Investment (ROI) (PBT/Networth)		0.06	0.10
Debt Equity Ratio (Total Debt /Networth)		0.62	1.02
Current Ratio (Current Asset/Current Liability)		1.54	1.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	355.981	421.889
Reserves & Surplus	461.268	1226.163
Net worth	817.249	1648.052
Secured Loan	813.585	861.771
Unsecured Loan	19.393	164.341
Total borrowings	832.978	1026.112
Debt/Equity ratio	1.019	0.623

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	3140.834	3836.439
		22.147

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	3140.834	3836.439
Profit	85.381	93.065
	2.72%	2.43%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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 records 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.62.18
UK Pound	1	Rs.95.71
Euro	1	Rs.70.76

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.