MIRA INFORM REPORT

Report No. :	319326
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	AGKEM IMPEX PRIVATE LIMITED

Registered Office :	E-49 1^ST Floor, Dazzle House, Jawahar Park, Laxmi Nagar, New Delhi – 110092
Tel. No.:	91-11-22044798

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	01.04.2004

Com. Reg. No.:	55-125543

Capital Investment / Paid-up Capital :	Rs.1.600 Million

CIN No.: [Company Identification No.]	U51909DL2004PTC125543

IEC No.:	0504010247

TAN No.: [Tax Deduction & Collection Account No.]	SELA14515E

PAN No.: [Permanent Account No.]	AAECA6828P

Legal Form :	Private Limited Liability Company

Line of Business :	Exporter, Importers and suppliers of Jewellery Chemicals, alloys, plating solutions, solder powders, tools and materials.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 20000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and huge external borrowing taken by the company which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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	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

NOT AVAIALABLE

LOCATIONS

Registered Office :	E-49 1^ST Floor, Dazzle House, Jawahar Park, Laxmi Nagar, New Delhi – 110092, India
Tel. No.:	91-11-22044798
Fax No.:	Not Available
E-Mail :	njainfca@yahoo.co.in
Website :	http://www.agkem.com

Branch Office :	503-504 Rishabh Corporate Tower, Plot No.16, Community Center Karkardooma Delhi-92., India
Tel. No.:	91-11-430-222-44/55/66
Fax No.:	91-11-430-222-77
Mobile No.:	91-8826879996
E-Mail :	info@agkem.com

Branch Office :	Also Located At : Mumbai Jaipur Bangalore Kolkata Surat

DIRECTORS

As on 30.09.2014

Name :

Mr. Vikas Aggarwal

Designation :

Director

Address :

C-203, Saraswati Apartment, I. P. Extension, Delhi - 110092, India

Date of Birth/Age :

09.11.1971

Date of Appointment :

01.04.2004

DIN No.:

00063911

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	U51909DL2004PTC125543	AGKEM IMPEX PRIVATE LIMITED	Director	01/04/04	01/04/04	-	Active	NO
2	U51109DL2007PTC163320	AGSMITH EXPORTS PRIVATE LIMITED	Director	11/05/07	11/05/07	-	Active	NO
3	U51101WB2009PTC132646	NILRATAN TRADE-LINK PRIVATE LIMITED	Director	20/10/11	20/10/11	19/03/15	Active	NO

Name :

Mr. Manish Jain

Designation :

Director

Address :

E- 404, Mayurshawaj Apartment, I. P. Extension, Delhi - 110092, India

Date of Birth/Age :

19.02.1970

Date of Appointment :

01.04.2004

DIN No.:

00063945

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	U74899DL1989PTC038540	SUPERNAL SERVICES PRIVATE LIMITED	Director	27/08/1994	27/08/1994	-	Active	NO
2	U51909DL2004PTC125543	AGKEM IMPEX PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
3	U51109DL2007PTC163320	AGSMITH EXPORTS PRIVATE LIMITED	Director	11/05/2007	11/05/2007	-	Active	NO
4	U51109WB1995PTC075531	MADHUVAN VYAPAR PVT LTD	Director	10/08/2009	10/08/2009	-	Active	NO
5	U51101WB2009PTC132646	NILRATAN TRADE-LINK PRIVATE LIMITED	Director	20/10/2011	20/10/2011	19/03/2015	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Vikas Aggarwal	4800	3.00
Manish Jain	4800	3.00
Manish Jain Huf	75100	46.94
Vikas Aggarwal Huf	75100	46.94
Bhawana Sumat Kumar Jain	100	0.06
Sunshine	100	0.06
Total	160000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.94
Other top fifty shareholders	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter, Importers and suppliers of Jewellery Chemicals, alloys, plating solutions, solder powders, tools and materials.

Products :	Jewellery Chemicals Alloys Plating solutions Solder powders Tools and materials

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	Hongkong and Shanghai Banking Corporation Limited
Branch	25, Barakhamba Road,, Birla Tower, New Delhi - 110001, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Car Loan	3.132	0.000
Short-term borrowings
Foreign Currency Loan	19.288	22.385
Total	22.420	22.385

Auditors :
Name :	Naveen Associates Chartered Accountants
Address :	103, Chopra Complex, Preet Vihar, 8 Community Centre, Delhi – 110092, India
Tel No.:	91-11-22507113/22454678
Email:	njainfca@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFN5958N

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

250000	Equity Shares	Rs.10/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

160000	Equity Shares	Rs.10/- each	Rs.1.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.600	1.600	1.600
(b) Reserves & Surplus	6.459	5.334	3.491
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	8.059	6.934	5.091

(3) Non-Current Liabilities
(a) long-term borrowings	46.187	43.705	26.876
(b) Deferred tax liabilities (Net)	(0.051)	(0.113)	(0.097)
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	46.136	43.592	26.779

(4) Current Liabilities
(a) Short term borrowings	19.288	22.385	10.598
(b) Trade payables	9.968	3.889	4.252
(c) Other current liabilities	3.234	2.647	2.443
(d) Short-term provisions	0.288	0.327	0.000
Total Current Liabilities (4)	32.778	29.248	17.293

TOTAL	86.973	79.774	49.163

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.541	6.675	7.052
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.043	4.180	1.442
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.550	1.531	1.859
(e) Other Non-current assets	0.018	0.018	0.085
Total Non-Current Assets	14.152	12.404	10.438

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	50.057	52.248	25.652
(c) Trade receivables	6.991	5.953	6.462
(d) Cash and cash equivalents	5.379	7.565	3.824
(e) Short-term loans and advances	8.797	1.188	2.615
(f) Other current assets	1.597	0.416	0.172
Total Current Assets	72.821	67.370	38.725

TOTAL	86.973	79.774	49.163

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES TOTAL	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA

Less	TAX	NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX	1.124	2.131	0.650

	Earnings / (Loss) Per Share (Rs.)	7.03	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	8.12	9.53	7.36

Current Ratio (Current Asset/Current Liability)	2.22	2.30	2.24

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	1.600	1.600	1.600
Reserves & Surplus	3.491	5.334	6.459
Net worth	5.091	6.934	8.059

long-term borrowings	26.876	43.705	46.187
Short term borrowings	10.598	22.385	19.288
Total borrowings	37.474	66.090	65.475
Debt/Equity ratio	7.361	9.531	8.124

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

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 and 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.

FINANCIAL RESULTS

The company has earned a profit of Rs.1.124 Million during the year.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
The Loans are taken from:
Directors/ Shareholders	6.105	8.705
Body Corporates	36.950	35.000
Total	43.055	43.705

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10383230	11/02/2015 *	32,800,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	25, BARAKHAMBA ROAD, BIRLA TOWER, NEW DELHI, DELHI - 110001, INDIA	C44591071
2	10302227	17/10/2014 *	32,800,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C35324714

* Date of charge modification

FIXED ASSETS

Building
Land-Rico
Air Conditioner
Car
Computer
Epabx
Camera
Office Equipment
Furniture and Fixtures
Mobile

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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	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		26

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

INDEX OF CHARGES

Unit