MIRA INFORM REPORT

Report No. :	484374
Report Date :	09.01.2018

IDENTIFICATION DETAILS

Name :	AMBER ENTERPRISES INDIA LIMITED (w.e.f. 22.09.2017)
Formerly known as :	AMBER ENTERPRISES INDIA PRIVATE LIMITED
Registered Office :	C 1, Phase II, Focal Point, Rajpura Town – 140401, Punjab
Tel. No.:	91-1762-232126
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	02.04.1990
Com. Reg. No.:	16-010265
Capital Investment / Paid-up Capital :	INR 238.098 Million
CIN No.: [Company Identification No.]	U28910PB1990PLC010265 (New) U28910PB1990PTC010265 (Old)
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PTLA11313B / PTLA11284A
GSTIN :	Not Divulged
PAN No.: [Permanent Account No.]	AABCA3456E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing a versatile range of products i.e. air conditioners, microwave ovens, washing machines, refrigerators, luminaries, heat exchangers, sheet metal components, etc. (Registered activity) (Line of business is updated as per latest annual report 2017)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 9300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1990. It is engaged in assembly of white goods such as air conditioners, microwave ovens, washing machines, refrigerators and manufacturing of key components of appliances like sheet metal components and heat exchangers (coil). As per the financial year ended 2017, the company has achieved a decent growth of 58.93% in its revenue as compared to the previous year and has reported as average net profit margin of 1.99%. The company possesses strong financial profile marked by sound net worth base along with low debt balance sheet profile and comfortable liquidity position. As per the current press release, Amber Enterprises (India) Limited has received the approval from Securities and Exchange Board of India to float an initial public offering. The proposed INR 5550.000 Million IPO will comprise a fresh issue of shares worth INR 4500.000 Million and a sale of shares by promoters Jasbir and Dalgit Singh. The company will use INR 3450.000 Million of the net proceeds towards repayment and advance payments of its loans. The rest will be spent for general corporate purpose. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered for good for normal business dealings at usual trade terms and condition.

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	India Rating
Rating	Fund Based Facilities = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	04.04.2017

Rating Agency Name	India Rating
Rating	Non Fund Based Facilities = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	04.04.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.01.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-1762-232126 / 91-124-3923000 / 91-9718521500

LOCATIONS

Registered Office/ Factory 1 :	C 1, Phase II, Focal Point, Rajpura Town, District Patiala– 140401, Punjab, India
Tel. No.:	91-1762-232126/ 232646
Fax No.:	91-1762-232127
E-Mail :	cs_corp@ambergroupindia.com amber@ambergroupindia.com amberddn@ambergroupindia.com infoamber@ambeergroupindia.com birinderchadh@ambergroup.com daljitsingh@ambergroupindia.com
Website :	http://www.ambergroupindia.com
Corporate office :	Universal Trade Tower, 1st Floor, Set. 49, Sohna Road Gurgaon- 122101, Haryana, India
Tel. No.:	91-124-3923000
Fax No.:	91-124-3923016/ 17
E-Mail :	ifo@ambergroupindia.com
Branch Office/ Factory 2 :	Village Ogli, Trilokpur Road Dist:Kalamb, Himachal Pradesh, India
Branch Office/ Factory 3 :	D-36, 37, 38, Industrial Area, Selaqui, Dehradun, Uttarakhand-248011, Uttranchal, India
Telefax No.:	91-135-2698337/ 2698162
Branch Office/ Factory 4 :	Plot No H-23, Intergrated Industrial State, Selaqui, Dehradun-248011 Uttarakhand, India
Branch Office/ Factory 5 :	A-1/1A UPSIDC Industrial Area Selaqui- Dehradun, Uttarakhand, India
Branch Office/ Factory 6 :	C-38, Ecotech Part-2, Udyog Vihar, Noida – 201306, Uttar Pradesh, India
Branch Office/ Factory 7 :	C-3, UPSIDC, Site4, Industrial Area, Kasna, Greater Noida, Uttar Pradesh, India
Branch Office/ Factory 8 :	D-93, MIDC, Ranjangaon, Pune- 412220, Maharashtra, India
Branch Office/ Factory 9 :	15th Mile Stone, Gurgaon, Jhajjar Road, Village-Dadri Toe, District Jhajjar -124103, Haryana, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Kartar Singh

Designation :

Chairman and Whole Time Director

Address :

20-A, SBS Colony, Rajpura – 140 401, Punjab, India

Date of Birth/Age :

02.08.1947

Date of Appointment :

30.09.2010

DIN No. :

00183326

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01120PB2007PTC031196	AMBER ORGANIC FARMING PRIVATE LIMITED	11/06/2007	-
U29190PB2004PTC027594	AMRIT AIRCON SYSTEM PRIVATE LIMITED	08/05/2006	-

Name :

Mr. Jasbir Singh

Designation :

Managing Director

Address :

248 - I, Vasant Vihar Dehradun – 248006, Uttar Pradesh, India

Date of Birth/Age :

28.05.1975

Qualification :

B.E. (Production Engineering)

Date of Appointment :

25.08.2017

PAN No.:

AMWPS9504P

DIN No.:

00259632

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29308PB2017PTC047239	APPSERVE APPLIANCE PRIVATE LIMITED	04/12/2017	-
U31909DL2001PTC112387	IL JIN ELECTRONICS (INDIA) PRIVATE LIMITED	21/12/2017	-
U74899DL1994PTC061471	PICL (INDIA) PRIVATE LIMITED	12/11/2012	-

Name :

Mr. Satwinder Singh

Designation :

Director

Address :

F/ 703, Mayurdhwaj Apartments 60 I P Extension, Patpargang, Delhi-110092, India

Date of Birth/Age :

06.07.1964

Date of Appointment :

20.09.2017

DIN No.:

00164903

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45400DL2010PTC202709	GRACE REALCON PRIVATE LIMITED	19/05/2010	-
U74140DL2006PTC157061	CORPORATECARE CONSULTANTS PRIVATE LIMITED	27/12/2006	-
U74899DL1994PTC061471	PICL (INDIA) PRIVATE LIMITED	26/09/2017	-

Name :

Mr. Girish Ahuja

Designation :

Director

Address :

A-53 Shops Kailash Colony, New Delhi – 110048, India

Date of Appointment :

20.09.2017

DIN No.:

00446339

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L74899DL1995PLC069839	VARUN BEVERAGES LIMITED	22/05/2015	-
U15135DL1991PLC046758	DEVYANI INTERNATIONAL LIMITED	24/08/2015	-
U22110DL2008PTC179745	FLAIR PUBLICATIONS PRIVATE LIMITED	19/06/2008	-
U55101DL2009PTC193995	DEVYANI FOOD STREET PRIVATE LIMITED	07/09/2015	-
U74899DL1994PTC061471	PICL (INDIA) PRIVATE LIMITED	26/09/2017	-

Name :

Mr. Daljit Singh

Designation :

Director

Address :

• G - 45, Sliver Oak Avenue DLF City, Phase - I, Gurugram – 122002, Haryana, India

• 20A Shaheed Bhagat Singh Colony, Rajpura 140401, Punjab, India

Date of Birth/Age :

01.05.1978

Qualification :

B.E. (Electronics Engineer)

Date of Appointment :

25.08.2017

PAN No.:

BTFPS8409E

DIN No.:

02023964

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29190PB2004PTC027594	AMRIT AIRCON SYSTEM PRIVATE LIMITED	31/08/2011	-
U29308PB2017PTC047239	APPSERVE APPLIANCE PRIVATE LIMITED	04/12/2017	-
U31909DL2001PTC112387	IL JIN ELECTRONICS (INDIA) PRIVATE LIMITED	21/12/2017	-
U74899DL1994PTC061471	PICL (INDIA) PRIVATE LIMITED	06/04/2013	-

Name :

Mr. Manoj Kumar Sehrawat

Designation :

Nominee Director

Address :

72 Bayshore Road, #30-14, Singapore - 469988 SG

Date of Appointment :

12.01.2017

DIN No.:

02224299

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72300TN1996PTC036958	TECHNOLOGY FRONTIERS (INDIA) PRIVATE LIMITED	31/03/2017	-
U74140DL2013PTC259641	ENCORE ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	06/09/2017	-

Name :

Mr. Sudha Pillai

Designation :

Director

Address :

D-241, Second Floor, Sarvodaya Enclave, New Delhi – 110017, India

Date of Appointment :

20.09.2017

DIN No.:

02263950

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24116UP1978PLC004624	JUBILANT LIFE SCIENCES LIMITED	02/09/2014	-
L26942TN1949PLC117481	OCL INDIA LIMITED	18/09/2015	-
L40109TN2006PLC058818	DALMIA BHARAT LIMITED	30/09/2015	-
L63040DL1981PLC011941	INTERNATIONAL TRAVEL HOUSE LIMITED	10/09/2014	-
U24100UP2013FLC060821	JUBILANT GENERICS LIMITED	22/08/2016	-
U65191TN1994PLC079235	FULLERTON INDIA CREDIT COMPANY LIMITED	20/08/2014	-
U65191TN1996PLC035963	DALMIA CEMENT (BHARAT) LIMITED	29/09/2015	-
U74899DL1994PTC061471	PICL (INDIA) PRIVATE LIMITED	26/09/2017	-

Note:

• Ms. Sukhmani Lakhat (DIN 02738985) resigned from the Directorship of the Company with effect from 12^th January, 2017 and Board of Directors noted the same in Board Meeting held on 12^th January, 2017.

• Mr. Kirpal Singh (DIN 00483171) resigned from the Directorship of the Company with effect from 12^th January, 2017 and Board of Directors noted the same in Board Meeting held on 12th January, 2017.

• Reliance Alternative Investments Fund-Private Equity Scheme-I, acting through its trustee Fairwinds Trustees Services Private Limited, represented herein by Fairwinds Asset Managers Limited withdrew the Nomination of Mr. Anand Mundra from the Directorship of Amber Enterprises (India) Private Limited with effect from 12th January, 2017.

• As per our previous database, Mr. Satyaprakash Ramamurthy was the director of the company, however, he does not appear in the current government registry records and the same could not be confirmed with the management as well.

KEY EXECUTIVES

Name :	Mr. Jasbir Singh
Designation :	Chief Executive Officer
Address :	248 - I, Vasant Vihar Dehradun – 248006, Uttar Pradesh, India
Date of Birth/Age :	28.05.1975
Qualification :	B.E. (Production Engineering)
Date of Appointment :	25.08.2017
PAN No.:	AMWPS9504P
Name :	Mr. Sudhir Goyal
Designation :	Chief Finance Officer
Address :	Flat No. 5, 109/2A, Budha Appartments, C C Colony, New Delhi – 110007, India
Date of Appointment :	25.08.2017
PAN No.:	AERPG3683A
Name :	Konica Yadav
Designation :	Company Secretary
Address :	House No. 837/22, Gali No.5, Gandhi Nagar, Near Anaz Mandi, Gurugram – 122001, Haryana, India
Date of Appointment :	30.09.2014
PAN No.:	CYPPK8633L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Kartar Singh	1046264
Jasbir Singh	6685840
Kirpal Singh	456800
Daljit Singh	5700880
Ascent Investment Holdings Pte. Limited, Singapore	9920041
Total	23809825

LIS OF ALLOTTEES

As on 02.12.2017

Names of Shareholders	No. of Shares
Ascent Investment Holdings Pte. Limited, Singapore	2107030
Total	2107030

Equity Share Break up (Percentage of Total Equity)

As on 25.08.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	52.02
Public – (Individual/ Hindu Undivided Family – Indian)	6.31
Public - Bodies corporate	41.66
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing a versatile range of products i.e. air conditioners, microwave ovens, washing machines, refrigerators, luminaries, heat exchangers, sheet metal components, etc. (Registered activity)

(Line of business is updated as per latest annual report 2017)

Products :

Item Code No.	Product Description
84151090	Air Conditioning Machines, Comprising a motor driven fan and elements for changing the temperature and humidity, including those machines in which the humidity cannot be separately regulated
28192	Air Conditioners – Window Air Conditioners, Split Air Conditioners, Air conditioners – Outdoor Unit(AC - ODU), Air conditioners – Indoor Unit (AC - IDU))

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	RBL Bank Limited
Branch	Shahupuri, Kolhapur – 416001, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• IDFC Bank Limited, KRM Tower, 7th Floor, No. 1,Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India

• HDFC Bank Limited, HDFC Bank, Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Fully convertible debentures others	500.000	0.000
Term loans from banks	845.272	376.387
Rupee term loans from others	1068.374	1108.178
Loans taken for fixed assets	3.935	1.999
Other loans and advances, others	73.571	127.646
Short-term borrowings
Working capital loans from banks	222.826	479.500
Other loans and advances, others	512.573	801.170
Total	3226.551	2894.880

Financial Institutions :	Siemens Financial Services Private Limited, 130, Pandurang Budhkar Marg, Worli, Mumbai – 400018, Maharashtra, India
Auditors :
Name :	Walker Chandiok and Co. LLP Chartered Accountants
Address :	21ST Floor, DLF Square Jacaranda Marg, DLF Phase - II, Gurugram, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary companies :	PICL (India) Private Limited, India U74899DL1994PTC061471
Entities over which significant influence is exercised by the company /key management personnel (either individually or with others):	Amrit Aircon System Private Limited, India U29190PB2004PTC027594 Amber Organic Farming Private Limited Amber Aviation (India) Private Limited Acme Fabrications Private Limited, India U28939PB1989PTC009006 Acme Engineering and Fabrications

CAPITAL STRUCTURE

After 25.08.2017

Authorised Capital : INR 450.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25916855	Equity Shares	INR 10/- each	INR 259.168 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
26500000	Equity Shares	INR 10/- each	INR 265.000 Million
4500000	Preference Shares	INR 10/- each	INR 45.000 Million
	Total		INR 310.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23809825	Equity Shares	INR 10/- each	INR 238.098 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET - STANDALONE

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	238.098	217.028	217.028
(b) Reserves & Surplus	3029.967	2298.417	2124.508
(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)	3268.065	2515.445	2341.536
(3) Non-Current Liabilities
(a) long-term borrowings	2491.152	1614.210	1450.066
(b) Deferred tax liabilities (Net)	420.137	309.284	227.120
(c) Other long term liabilities	0.000	447.217	270.972
(d) long-term provisions	24.332	21.206	16.225
Total Non-current Liabilities (3)	2935.621	2391.917	1964.383
(4) Current Liabilities
(a) Short term borrowings	735.399	1280.670	1332.145
(b) Trade payables	4110.047	2730.612	2152.978
(c) Other current liabilities	1045.604	1517.481	1533.971
(d) Short-term provisions	27.313	10.761	42.536
Total Current Liabilities (4)	5918.363	5539.524	5061.630
TOTAL	12122.049	10446.886	9367.549
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4327.508	3976.468	3266.865
(ii) Intangible Assets	546.110	409.021	318.524
(iii) Capital work-in-progress	49.008	78.623	492.424
(iv) Intangible assets under development	119.928	198.344	0.000
(b) Non-current Investments	503.032	503.032	503.032
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	533.147	402.560	292.613
(e) Other Non-current assets	33.630	19.428	26.006
Total Non-Current Assets	6112.363	5587.476	4899.464
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2457.411	2084.399	1753.101
(c) Trade receivables	2931.747	2332.301	2084.181
(d) Cash and cash equivalents	329.407	162.578	285.439
(e) Short-term loans and advances	286.170	276.007	327.719
(f) Other current assets	4.951	4.125	17.645
Total Current Assets	6009.686	4859.410	4468.085
TOTAL	12122.049	10446.886	9367.549

PROFIT & LOSS ACCOUNT - STANDALONE

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	15544.772	9780.746	10815.963
	Other Income	72.059	23.626	43.543
	TOTAL	15616.831	9804.372	10859.506
Less	EXPENSES
	Cost of Materials Consumed	13403.064	7876.092	9023.169
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(286.855)	(36.540)	(59.431)
	Employees benefits expense	380.645	314.202	292.650
	Prior period items before tax	2.534	10.594	2.780
	CSR expenditure	1.023	0.451	0.000
	Other expenses	806.693	621.576	658.868
	TOTAL	14307.104	8786.375	9918.036
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1309.727	1017.997	941.470
Less	FINANCIAL EXPENSES	538.817	478.843	378.305
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	770.910	539.154	563.165
Less/ Add	DEPRECIATION/ AMORTISATION	359.680	280.318	227.097
	PROFIT/ (LOSS) BEFORE TAX	411.230	258.836	336.068
Less	TAX	102.597	84.927	95.860
	PROFIT/ (LOSS) AFTER TAX	308.633	173.909	240.208
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	38.605	47.688	46.469
	TOTAL EARNINGS	38.605	47.688	46.469
	IMPORTS
	Raw Materials and Components	1116.435	1399.355	1004.735
	Capital Goods	217.213	140.507	175.413
	TOTAL IMPORTS	1333.648	1539.862	1180.148
	Earnings / (Loss) Per Share (INR)	14.16	8.01	11.07

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	251.195	293.881	530.837
Net cash flows from (used in) operations	770.856	1528.765	811.702
Net cash flows from (used in) operating activities	694.357	1435.049	736.466

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	68.84	87.04	70.33
Account Receivables Turnover (Income / Sundry Debtors)	5.30	4.19	5.19
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	111.93	126.54	87.09
Inventory Turnover (Operating Income / Inventories)	0.53	0.49	0.54
Asset Turnover (Operating Income / Net Fixed Assets)	0.26	0.22	0.23

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.71	0.71	0.75
Debt Equity Ratio (Total Liability / Networth)	1.06	1.27	1.41
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.81	2.20	2.16
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.54	1.85	1.74
Interest Coverage Ratio (PBIT / Financial Charges)	2.43	2.13	2.49

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.99	1.78	2.22
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.55	1.66	2.56
Return on Investment (ROI) ((PAT / Networth) * 100)	%	9.44	6.91	10.26

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.02	0.88	0.88
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.60	0.50	0.54
G-Score Ratio Financial (Networth / Total Assets)	0.27	0.24	0.25
G-Score Ratio Debt (Debts / Equity Capital)	14.61	14.69	15.27
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.02	0.88	0.88

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	217.028	217.028	238.098
Reserves & Surplus	2124.508	2298.417	3029.967
Net worth	2341.536	2515.445	3268.065
Long Term borrowings	1450.066	1614.210	2491.152
Short Term borrowings	1332.145	1280.670	735.399
Current Maturities of Long term debt	530.837	293.881	251.195
Total borrowings	3313.048	3188.761	3477.746
Debt/Equity ratio	1.415	1.268	1.064

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	10815.963	9780.746	15544.772
		(9.571)	58.932

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	10815.963	9780.746	15544.772
Profit	240.208	173.909	308.633
	2.22%	1.78%	1.99%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	238.098	217.028
(b) Reserves & Surplus	3124.752	2414.335
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3362.850	2631.363
(3) Non-Current Liabilities
(a) long-term borrowings	2515.052	1614.210
(b) Deferred tax liabilities (Net)	433.771	329.567
(c) Other long term liabilities	0.000	447.217
(d) long-term provisions	33.239	30.976
Total Non-current Liabilities (3)	2982.062	2421.970
(4) Current Liabilities
(a) Short term borrowings	933.858	1652.045
(b) Trade payables	4457.962	2837.118
(c) Other current liabilities	1101.904	1575.913
(d) Short-term provisions	40.119	35.140
Total Current Liabilities (4)	6533.843	6100.216
TOTAL	12878.755	11153.549
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4636.468	4235.650
(ii) Intangible Assets	597.991	441.402
(iii) Capital work-in-progress	93.444	158.177
(iv) Intangible assets under development	460.512	538.929
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	552.460	424.013
(e) Other Non-current assets	33.630	19.428
Total Non-Current Assets	6374.505	5817.599
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2676.666	2257.732
(c) Trade receivables	3104.001	2479.460
(d) Cash and cash equivalents	347.188	183.568
(e) Short-term loans and advances	371.199	405.628
(f) Other current assets	5.196	9.562
Total Current Assets	6504.250	5335.950
TOTAL	12878.755	11153.549

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	16443.980	10890.259
	Other Income	78.574	30.896
	TOTAL	16522.554	10921.155
Less	EXPENSES
	Cost of Materials Consumed	14009.270	8648.997
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(271.302)	(63.992)
	Employees benefits expense	437.792	365.331
	Prior period items before tax	2.668	11.215
	CSR expenditure	2.103	0.451
	Other expenses	980.342	799.494
	TOTAL	15160.873	9761.496
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1361.681	1159.659
Less	FINANCIAL EXPENSES	582.204	529.699
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	779.477	629.960
Less/ Add	DEPRECIATION/ AMORTISATION	397.000	308.629
	PROFIT/ (LOSS) BEFORE TAX	382.477	321.331
Less	TAX	94.977	111.080
	PROFIT/ (LOSS) AFTER TAX	287.500	210.251
	Earnings / (Loss) Per Share (INR)	13.19	9.69

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 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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
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	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BACKGROUND AND NATURE OF OPERATIONS

The consolidated financial statements include the financial statements of Amber Enterprises (India) Private Limited (the “Company” or the “Holding Company”) and PICL (India) Private Limited (the “Subsidiary Company”) collectively referred to as “Group”.

Amber Enterprises (India) Private Limited incorporated in 1990, under the Companies Act 1956, is engaged in the business of manufacturing a versatile range of products i.e. air conditioners, microwave ovens, washing machines, refrigerators, luminaries, heat exchangers, sheet metal components, etc. Currently, the holding Company has nine manufacturing facilities in India out of which three manufacturing facilities are operating in tax exemption zone.

PICL (India) Private Limited incorporated in 1994, under the Companies Act 1956 is engaged in the business of manufacturing electric motors and food processors. The Subsidiary company is currently operating through its factories situated at Faridabad in Haryana.

PERFORMANCE OF THE COMPANY

2016 - 17 was a strong Financial Year for their Company in terms of all-round performance, despite major glitches during the year such as demonetisation, which threatened to upend the Indian economy and poor investments in the manufacturing and construction sectors. The Company has delivered a strong performance with broad-based growth ahead of the market and sustained margin improvement during the financial year with standalone revenue of INR 15544.772 Million as against INR 9780.746 Million during the previous year. The Profit Before Tax (PBT) was INR 411.230 Million as against INR 258.836 Million in the previous year. Profit After Tax (PAT) for the year was INR 308.632 Million over the PAT of INR 173.909 Million in previous year. So, both revenue and profit grew hand-in-hand, which is a good indicator of robust growth. Significantly, Amber also gained market share across all its businesses and this was accompanied by improved customer satisfaction levels.

They remained focused on strengthening the core of their business through innovation, leading market development and continuous improvement of their executional capabilities. Their strategy is well on track as they delivered on their goals of consistent, competitive, profitable and responsible growth.

In terms of the provisions of Section 129(3) of the Companies Act, 2013, the Company prepared Consolidated Financial Statements for the Financial Year ended 31st March, 2017.On consolidated basis, revenue from operations (net) registered by the Company in the Financial Year 2016 – 17of INR 16443.980 Million as against INR 10890.259 Million during the previous year. The Profit Before Tax (PBT) was INR 382.477 Million as against INR 321.331 Million in the previous year. Profit After Tax (PAT) for the year was INR 287.500 Million over the PAT of INR 210.250 Million in previous year.

Unpredictability and volatility have become a part of all their lives and they need to equip ourselves with agility and flexibility to deal with these difficult times. Their team is dynamic and making plans to expand its businesses, enter new markets, and launch new products. Their team is making concerted efforts to implement the aggressive but prudent Strategic Plan, which will make the Company ready for the future, looking for opportunities while looking out for challenges. They continued to make good progress on their sustainability priorities to achieve the main object of the Company to become First Choice of Customer and to make the Company as No. 1 OEM and Parts Manufacturing Company of the world and to take this Company to even greater heights, one that they can all continue to be truly proud of.

AWARDS AND ACCOLADES

During the Financial Year the Company received the following awards and accolades:

“ Best of Best Performance " by LG;

“ Vendor Performance excellence ” by Blue Star;

“ Leadership Business Innovation ” by Panasonic;

“ CEO Connect ” by DBS SME Banking;

“ 9th National Cluster Championship Award ” by Confederation of Indian Industry (“CII”);

“ Uttarakhand Udyami Award ” by Uttarakhand Industrial Welfare Association;

“ Best Performance Award ” by Godrej

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G61392973	100132919	RBL BANK LIMITED	01/11/2017	-	-	400000000.0	SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN
2	G46770707	100105210	IDFC BANK LIMITED	22/06/2017	-	-	650000000.0	KRM Tower, 7th Floor, No. 1,Harrington Road, Chetpet,ChennaiTa600031IN
3	G45470804	100101750	RBL BANK LIMITED	18/05/2017	-	-	70000000.0	SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN
4	G45471166	100101753	RBL BANK LIMITED	18/05/2017	-	-	60000000.0	SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN
5	G45853363	100102683	IDFC BANK LIMITED	18/05/2017	-	-	125000000.0	KRM Tower, 7th Floor, No. 1,Harrington Road, Chetpet,ChennaiTa600031IN
6	G41102633	100089831	HDFC BANK LIMITED	16/03/2017	-	-	350000000.0	HDFC Bank, Housesenapati Bapat MargLower Parel WMumbaiMH400013IN
7	G41376757	100090797	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	31/01/2017	-	-	28493000.0	130, PANDURANG BUDHKAR MARG,WORLIMUMBAIMa400018IN
8	G39905955	100074176	IDFC BANK LIMITED	24/01/2017	20/03/2017	-	300000000.0	KRM Tower, 8th Floor, No. 1,Harrington Road, ChetpetChennaiTa600031IN
9	G37456290	100080987	AXIS BANK LTD.	08/11/2016	-	-	650000000.0	2ND FLOOR, RED FORT CAPITAL, PARSVNATH TOWERS,GOLE MARKET, BHAI VEER SINGH MARG,NEW DELHIDL110001IN
10	G20477717	100058708	TATA CAPITAL FINANCIAL SERVICES LIMITED	07/09/2016	-	-	200000000.0	One Forbes,Dr. V. B. Gandhi Marg, FortMumbaiMH400001IN

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Office building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Leasehold improvements

Intangible Assets

• Goodwill
• Goodwill on consolidation subsidiaries
• Computer software

PRESS RELEASE

ADV PARTNERS-BACKED AMBER ENTERPRISES GETS SEBI NOD FOR IPO

11 December, 2017

Private equity firm ADV Partners-backed appliances maker Amber Enterprises (India) Ltd has received the approval from Securities and Exchange Board of India to float an initial public offering.

The capital markets regulator issued its final observations regarding Amber’s IPO on 5 December. The Gurgaon-based white goods maker was the forty-third company in 2017 to have received the SEBI nod for an IPO.

In June, VCCircle had reported that Amber had firmed up its plans to float an IPO next year and had finalised merchant bankers for it.

The company had filed its draft prospectus with SEBI on 29 September.

The proposed INR 555-crore IPO will comprise a fresh issue of shares worth Rs 450 crore and a sale of shares by promoters Jasbir and Dalgit Singh.

Amber will use INR 345 crore of the net proceeds towards repayment and advance payments of its loans. The rest will be spent for general corporate purposes.

Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas are the merchant bankers managing the IPO.

Amber Enterprises

The company, which manufactures air-conditioners, microwave ovens and refrigerators components, besides other consumer durable products, services both global and domestic players, including Videocon, John Deere, Swaraj Mazda, Godrej, Whirpool, Blue Star, Philips and Voltas.

The group also runs Amber Aviation, which operates aircraft charters and provides commercial pilot training.

In 2015, Amber’s promoters also entered the off-grid solar power generation sector in partnership with Silicon Valley-based Twin Creeks Technologies.

Amber serves eight of the top 10 room air-conditioner brands in India and counts Daikin, Hitachi, LG, Panasonic, Voltas and Whirlpool as its key customers. It claims a market share of 55.4% in this category by volume for the year ended March 2017.

The company was founded in 1994 with one factory in Punjab. Today, it operates nine manufacturing units across seven locations. The company was set up by Kartar Singh and is now managed by his sons Jasbir and Daljit.

Between 2012 and 2013, Fairwinds Private Equity, formerly Reliance Equity Advisors India Limited, had pumped in $12.6 million (INR 110 crore) for a 34% equity stake in Amber. In January 2017, ADV Partners had picked up the entire stake of Fairwinds.

In 2011, Amber had raised Rs 30 crore from IFCI Venture Capital’s Green India Venture Fund via compulsory convertible debentures. The deal gave Amber’s promoter group buyback rights to the extent of 60% of the stake acquired by IFCI Venture Capital at an annualised return of 20%.

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 records 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	INR
US Dollar	1	INR 63.39
UK Pound	1	INR 85.74
Euro	1	INR 76.24

INFORMATION DETAILS

Information Gathered by :	SVT
Analysis Done by :	NYT
Report Prepared by :	SUJ

SCORE FACTORS

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.