MIRA INFORM REPORT

Report No. :	346973
Report Date :	05.11.2015

IDENTIFICATION DETAILS

Name :	VAMJA EXPORTS
Registered Office :	J-55, Bharat Diamond Bouse, Bandra, B.K.C., Bandra (East), Mumbai – 400051, Maharashtra
Mobile No.:	91-9892232024 (Mr. Vijay Shah)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.04.2010
Capital Investment / Paid-up Capital :	Rs. 19.323 Million
IEC No.:	0310054001
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAIFV2427Q
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer, Exporter and Importer of Diamond.
No. of Employees :	62 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 50000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new partnership concern established in April 2010. It is a manufacturer and exporter of diamonds. It has satisfactory track. The rating takes into consideration sound financial risk profile of the concern marked by adequate capital base and comfortable debt level in FY15. Further, the concern has reported decent increase in its sales turnover and profit in the year under consideration. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of increasing operational performance supported by the positive response from the banker, the concern can be considered for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Mansukhbhai S. Vamja
Designation :	Partner
Contact No.:	91-9821148838
Date :	03.11.2015

Name :	Mr. Vijay Shah
Designation :	Accountant
Contact No.:	91-9892232024
Date :	03.11.2015

LOCATIONS

Registered Office :	J-55, Bharat Diamond Bouse, Bandra, B.K.C., Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-33923526
Mobile No.:	91-9892232024 (Mr. Vijay Shah) 91-9821148838 (Mr. Mansukhbhai S. Vamja)
Fax No.:	Not Available
E-Mail :	vijayshah2080@gmial.com
Area :	165 Sq. ft.
Location :	Rented
Factory :	303 Hariom Apartment, Near Laxmi Diamond, Opposite Ram Nagar, A. K. Road, Surat, Gujarat, India
Area :	3000 sq. ft.
Location :	Owned

PARTNERS

Name :	Mr. Mansukhbhai Vamja
Designation :	Partner
Address :	J-55, Bharat Diamond Bouse, B.K.C. Bandra (East), Mumbai – 400051, Maharashtra, India
Date of Birth/Age :	55 Years
Qualification :	12^th Pass
Experience :	5 Years
Name :	Mr. Natubhai Vamja
Designation :	Partner
Date of Birth/Age :	53 Years
Qualification :	10^th Pass
Name :	Mr. Ramjibhai Vamja
Designation :	Partner
Date of Birth/Age :	54 Years
Qualification :	10^th Pass

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Diamond.
Products :	Diamond
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Cut and Polished Diamond
Countries :	Hongkong Israel
Imports :
Products :	Rough Diamond
Countries :	Belgium
Terms :
Selling :	Credit (30/ 90 days)
Purchasing :	Credit (30/ 90 days)

GENERAL INFORMATION

Suppliers :

Reference :	Gem-Blue, B.V.B.A, Antwerpen, Belgium
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Harsh Universal (HK) Limited, Kowloon, Hong Kong
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

62 (Approximately)

Bankers :

Banker Name	Oriental Bank of Commerce
Branch Address	Ground Floor, Shreeji Chambers, Tata Road No. 2, Opera House, Mumbai – 400004, Maharashtra, India
Person Name (With Designation)	Ms. Anita (Manager)
Contact Number	91-22-23643890
Name of Account Holder	VAMJA EXPORTS
Account Number	10421011003199
Account Since (Date/Year of Account Opening)	01.04.2010
Average Balance Maintained (If Possible)	Rs. 0.200 Million
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive response about subject company they are satisfied with their banking transaction.

Auditors :
Name :	P. J. Salot and Company Chartered Accountants
Address :	A301, Rajeshri Accord, Teligali Cross Lane, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-26830300
Fax No.:	91-22-26830200
E-Mail :	vora_@hotmail.com
Memberships :	--
Collaborators :	--
Sister Concern :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

PARTNERS FIXED CAPITAL ACCOUNT

Particulars	Rs. In Million
Mansukhbhai S Vamja	0.010
Natubhai S. Vamja	0.010
Ramjibhai S. Vamja	0.010
Total	Rs. 0.030

MANSUKHBHAI S. VAMJA

Particulars	Rs. In Million	Particulars	Rs. In Million
To Balance C/F.	0.010	By Balance B/F	0.010
	0.010		0.010

NATUBHAI S. VAMJA

Particulars	Rs. In Million	Particulars	Rs. In Million
To Balance C/F.	0.010	By Balance B/F	0.010
	0.010		0.010

RAMJIBHAI S. VAMJA

Particulars	Rs. In Million	Particulars	Rs. In Million
To Balance C/F.	0.010	By Balance B/F	0.010
	0.010		0.010

PARTNERS CURRENT CAPITAL ACCOUNT

Particulars	Rs. In Million
Mansukhbhai S Vamja	9.532
Natubhai S. Vamja	4.890
Ramjibhai S. Vamja	4.871
Total	19.293

MANSUKHBHAI S. VAMJA

Particulars	Rs. In Million	Particulars	Rs. In Million
To Trfd. To S.B A/C	0.570	By Balance B/F	6.704
To Share Of Firm/Tax		By Cash	0.020
Income Tax	0.016	By I.T Refund	0.006
Advance Tax	0.375	By Income From Firm
		Interest	0.782
		Remuneration	1.871
By Balance C/F	9.532	Net profit	1.109
	10.492		10.492

NATUBHAI S. VAMJA

Particulars	Rs. In Million	Particulars	Rs. In Million
To Trfd. To S.B A/C	0.125	By Balance B/F	3.303
To Share Of Firm/Tax		By Cash	0.020
Income Tax	0.008	By I.T Refund	0.003
Advance Tax	0.188	By Income From Firm
		Interest	0.393
		Remuneration	0.935
By Balance C/F	4.889	Net profit	0.554
	5.209		5.209

RAMJIBHAI S. VAMJA

Particulars	Rs. In Million	Particulars	Rs. In Million
To Trfd. To S.B A/C	0.141	By Balance B/F	3.302
To Share Of Firm/Tax		By Cash	0.020
Income Tax	0.008	By I.T Refund	0.003
Advance Tax	0.188	By Income From Firm
		Interest	0.393
	4.871	Remuneration	0.935
By Balance C/F		Net profit	0.554
	5.208		5.208

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		19.323	13.339	7.137
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.323	13.339	7.137
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.200	0.200	0.200
TOTAL BORROWING		1.200	0.200	0.200
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20.523	13.539	7.337
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.041	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	243.568	64.773	25.264
	Sundry Debtors	61.090	47.588	13.184
	Cash & Bank Balances	0.156	0.107	0.216
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.467	0.050	0.050
Total Current Assets		305.281	112.518	38.714
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	284.799	98.979	31.379
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		284.799	98.977	31.377
Net Current Assets		20.482	13.539	7.337
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.523	13.539	7.337

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	516.152	318.281	167.712
	Other Income	2.272	7.329	1.992
	TOTAL	518.424	325.610	169.704
Less	EXPENSES
	Cost of goods sold	498.834	310.877	160.663
	Labour charges	8.482	5.282	4.043
	Angadia Expenses	0.049	0.022	0.019
	Audit fees	0.060	0.030	0.020
	Bank commission	0.305	0.271	0.221
	Conveyance	0.020	0.016	0.008
	Donation	0.302	0.000	0.000
	Export, import expenses	0.261	0.241	0.198
	Electricity expenses	0.039	0.000	0.00
	Foreign travelling	0.000	0.896	0.280
	Late fees on PT	0.000	0.001	0.000
	Interest	0.116	0.009	0.000
	Interest on TDS	0.025	0.001	0.000
	Interest on PF	0.000	0.000	0.000
	Membership and Subscription	0.000	0.000	0.029
	Office expenses	0.045	0.032	0.019
	Professional fees	0.000	0.032	0.010
	Professional tax	0.007	0.008	0.005
	Rent	0.967	0.253	0.000
	Salary	0.738	0.588	0.360
	Interest on capital	1.568	0.857	0.497
	Remuneration	3.742	3.454	2.090
	Subscription fees	0.028	0.000	0.000
	Travelling expenses	0.612	0.000	0.000
	TOTAL	516.203	322.870	168.462
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	2.221	2.740	1.242
Less	DEPRECIATION/ AMORTISATION	0.003	0.000	0.000
	NET PROFIT	2.218	2.740	1.242

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.46	0.86	0.74
Return on Total Assets (PBT/Total Assets}	(%)	2.47	2.44	3.21
Return on Investment (ROI) (PBT/Networth)		0.39	0.21	0.17
Debt Equity Ratio (Total Debt /Networth)		0.06	0.01	0.03
Current Ratio (Current Asset/Current Liability)		1.07	1.14	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	7.137	13.339	19.323
Reserves & Surplus	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7.137	13.339	19.323
Secured loans	0.000	0.000	0.000
Unsecured loans	0.200	0.200	1.200
Total borrowings	0.200	0.200	1.200
Debt/Equity ratio	0.028	0.015	0.062

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	167.712	318.281	516.152
		89.778	62.169

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	167.712	318.281	516.152
Profit	1.242	2.740	2.218
	0.74%	0.86%	0.43%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth/Age of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	----
33	Market information	----
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	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 & 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.

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. 65.45
UK Pound	1	Rs. 100.96
Euro	1	Rs. 72.10

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.