MIRA INFORM REPORT

Report Date :

18.07.2013

IDENTIFICATION DETAILS

Name :	ALUMILITE ARCHITECTURALS PRIVATE LIMITED
Registered Office :	Dhiraj Chambers, 5^th Floor, 9, Hazarimal Somani Marg, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.08.1982
Com. Reg. No.:	11-028034
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U28910MH1982PTC028034
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Fabrication and Installation of Aluminium Doors and Windows.
No. of Employees :	450+ [More than In Factory 300 and In Office 150] Approximately

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears slight dip in the profitability. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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	CRISIL
Rating	B+ [Long Term]
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	July 2013

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Sanjib Chakraborty
Designation :	Accounts Manager
Contact No.:	91-22-40924444
Date :	17.07.2013

LOCATIONS

Registered Office :	Dhiraj Chambers, 5^th Floor, 9, Hazarimal Somani Marg, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-40924444 / 22079498/99
Fax No.:	91-22-20747680
E-Mail :	sanjib@alumilitearch.com aapl@alumilitearch.com
Website :	http://www.alumilitearch.com
Location :	Owned
Factory :	Located At Bhiwandi, Thane, Maharashtra, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Shivkrishna Harakhchand Damani

Designation :

Director

Address :

Jolly Maker Apartment No. 1, Tower A 23, Flat 232, Cuffe Parade, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

28.02.1941

Date of Appointment :

07.06.1993

Din No.:

00515306

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	Company/ LLP Status	Defaulting status
1	U27203MH1974PTC017424	THEO WINDOWS PRIVATE LIMITED	Director	25/04/1974	25/04/1974	Active	NO
2	U28910MH1982PTC028034	ALUMILITE ARCHITECTURALS PRIVATE LIMITED	Director	07/06/1993	07/06/1993	Active	NO
3	U67120MH1993PTC075865	ALUMILITE INVESTMENTS PRIVATE LIMITED	Director	31/12/1993	31/12/1993	Active	NO
4	U18101TN2005PLC056115	CAPELLA FASHIONS LIMITED	Director	30/09/2010	07/07/2010	Active	NO
5	U65910MH1981PLC230742	ARTH INVESTMENTS LIMITED	Director	01/10/2012	12/07/2010	Active	NO

Name :

Mr. Tej Kumar Karihaloo

Designation :

Director

Address :

B605, Aarti Avishkar Complex, Bunder Pakhadi, Kandivli (West), Mumbai-400067, Maharashtra, India

Date of Birth/Age :

28.04.1952

Date of Appointment :

15.12.1999

Din No.:

00516330

Name :

Mr. Varun Damani

Designation :

Director

Address :

Jolly Maker Apartment No. 1, Tower A 23, Flat 232, Cuffe Parade, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

24.11.1984

Date of Appointment :

24.11.2008

Din No.:

02478186

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	Company/ LLP Status	Defaulting status
1	U28910MH1982PTC028034	ALUMILITE ARCHITECTURALS PRIVATE LIMITED	Director	24/11/2008	24/11/2008	Active	NO
2	U27203MH1974PTC017424	THEO WINDOWS PRIVATE LIMITED	Director	01/06/2010	01/06/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjib Chakraborty
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
S.K. Damani and Company HUF	5000
Meghna Damani	7000
Varun Damani	50000
S.K. Damani	17000
Aarti Rath	2000
Manju Damani	14900
Bharat Deep Rath	2000
Nirmal Rath	2000
Shree Packaging Corporation	10

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Fabrication and Installation of Aluminium Doors and Windows.
Terms :
Selling :	Cash and Credit [30 Days]
Purchasing :	Cash and Credit [30 Days]

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

450+ [More than In Factory 300 and In Office 150] Approximately

Bankers :

Vijaya Bank, Excelsior Branch, New Excelsior, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Bank Overdraft [Secured against closing stock and debtors]	34.727	8.993
Vehicle Loan [Vehicle hypothecated against the same]	0.803	0.000
TOTAL	35.530	8.993

Banking Relations :	--
Auditors :
Name :	Bhuwania and Agarwal Associates Chartered Accountants
Address :	503/505, J.S. Seth Road, 1^st Floor, Chira Bazar, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22054634 / 22063774
E-Mail :	info@bhuwaniaandagrawal.in
PAN No:	AAAFB5922E

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000
(b) Reserves & Surplus	55.343	51.222
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.00
Total Shareholders’ Funds (1) + (2)	65.343	61.222
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.082
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.082
(4) Current Liabilities
(a) Short term borrowings	179.683	127.073
(b) Trade payables	35.006	44.515
(c) Other current liabilities	55.335	34.657
(d) Short-term provisions	2.200	2.827
Total Current Liabilities (4)	272.224	209.072
TOTAL	337.567	270.376
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.232	41.817
(ii) Intangible Assets	0.225	0.281
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.610	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	42.067	42.098
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	107.285	76.921
(c) Trade receivables	140.294	117.298
(d) Cash and cash equivalents	5.222	7.714
(e) Short-term loans and advances	42.699	26.345
(f) Other current assets	0.000	0.000
Total Current Assets	295.500	228.278
TOTAL	337.567	270.376

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		45.590
4] (Accumulated Losses)		0.000
NETWORTH		46.590
LOAN FUNDS
1] Secured Loans		3.525
2] Unsecured Loans		97.763
TOTAL BORROWING		101.288
DEFERRED TAX LIABILITIES		0.084
TOTAL		147.962
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.785
Capital work-in-progress		27.683
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.391
	Sundry Debtors	96.452
	Cash & Bank Balances	0.000
	Other Current Assets	5.231
	Loans & Advances	20.790
Total Current Assets		149.864
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors & Other Current Liabilities	70.246
	Provisions	3.124
Total Current Liabilities		73.370
Net Current Assets		76.494
MISCELLANEOUS EXPENSES		0.000
TOTAL		147.962

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income [Approximately]	180.000 [Due to recession]	250.000	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	11.737	9.928
Less/ Add	DEPRECIATION/ AMORTISATION		NA	2.587	2.222
	PROFIT / (LOSS) BEFORE TAX		NA	9.150	7.706
Less	TAX		NA	2.825	2.395
	PROFIT / (LOSS) AFTER TAX		4.785	6.325	5.311
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	17.631	12.320
	BALANCE CARRIED TO THE B/S		NA	23.956	17.631
	Earnings / (Loss) Per Share (Rs.)		47.85	63.25	--

Particulars	31.03.2013
Sales Turnover [Approximately]	200.000

Expected Sales (2013-14) : More than Rs.250.000 Millions.

The above information has been parted by Mr. Sanjib Chakraborty.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.38	3.97
Return on Investment (ROI) (PBT/Networth)		NA	0.15	0.17
Debt Equity Ratio (Total Debt/Networth)		2.75	2.07	2.17
Current Ratio (Current Asset/Current Liability)		1.09	1.09	2.04

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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS:

The company made a net profit of Rs.4.785 in comparison of net profit of previous year Rs.6.325 Millions and no dividend are proposed.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loan and Advances from Related Parties	144.153	118.080
From Others	0.000	0.000
TOTAL	144.153	118.080

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10194942
Corporate identity number of the company	U28910MH1982PTC028034
Name of the company	ALUMILITE ARCHITECTURALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Dhiraj Chambers, 5^th Floor, 9, Hazarimal Somani Marg, Mumbai-400001, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Vijaya Bank, Excelsior Branch, New Excelsior, Fort, Mumbai-400001, Maharashtra, India Email: mum.excelsior5006@vijayabank.co.in
Nature of description of the instrument creating or modifying the charge	Letter for modification of charge on release of security
Date of instrument Creating the charge	27.02.2013
Amount secured by the charge	Rs.70.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time Terms of Repayment As stipulated by bank from time to time Margin As stipulated by bank from time to time Extent and Operation of the charge First charge (present and future) = total limit Rs.70.000 Millions ((1) CC(H) = Rs.25.000 Millions (2)BG = Rs.35.000 Millions (3) ILC/FLC = Rs.10.000 Millions) and/or as stipulated by bank from time to time Others As stipulated by bank from time to time and as per agreement and as per sanction letter
Short particulars of the property charged	First Charge (Present and Future) On Following Assets :-(1) EMTD of the immovable property at Plot No W2 and W-5(Part)in the industrial situated at Village Pawane Outside The Municipal Corporation in rural area within the registration sub district Thane Distract And Registration District Thane ,Navi Mumbai Hypothecation of Fixed Assets of The Company In The Form of Machinery Installed At The Factory Premises At Gala No 10-16,Ground Floor K-8,Shri Arihant Compound Khaler, Bhiwandi, District Thane EMTD of Office No 1a(Part) 1^st Floor ,Dhiraj Chamber, Greenfield Commercial Premises CHS Limited, H S Marg, Fort, Mumbai -400001 EMTD of Office No V(A) 5^th Floor, Dhiraj Chamber, Greenfield Commercial Premises CHS Limited, HS Marg, Fort, Mumbai -400001
Particulars of the present modification	By this modification limit stands to Rs.70.000 Millions ((1) CC(H) = Rs.25.000 Millions (2) BG = Rs.35.000 Millions (3) ILC/FLC = Rs.10.000 Millions),continued security as given by original charge as well as by modifications, by this modification bank has released the security of Flat No 1703,B-1,Runwal Garden City, Village Balkum, Thane-West, terms and conditions as per agreement and/or as per sanction letter of the bank

FIXED ASSETS:

· Land

· Land Revaluation Reserve

· Buildings

· Buildings Revaluation Reserve

· Plant and Machinery

· Electric Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computer

· Software

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.59.36
UK Pound	1	Rs.89.69
Euro	1	Rs.77.99

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.