MIRA INFORM REPORT

Report Date :

23.08.2014

IDENTIFICATION DETAILS

Name :	AJANTA MANUFACTURING LIMITED (w.e.f. 23.01.2004)
Formerly Known As :	AJANTA MANUFACTURING PRIVATE LIMITED (w.e.f. 23.01.2004) AJANTA ELECTRONICS PRIVATE LIMITED
Registered Office :	Ajanta Corporate House, 8-A, National Highway, Morbi, Rajkot – 363642, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.11.1994
Com. Reg. No.:	04-023531
Capital Investment / Paid-up Capital :	Rs.577.150 Millions
CIN No.: [Company Identification No.]	U29308GJ1994PLC023531
TAN No.: [Tax Deduction & Collection Account No.]	RKTA01563C
PAN No.: [Permanent Account No.]	AACCA3017F/ AAECA6115B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Vitrified Tiles, CFL Bulbs, Electrical and Electronics Product, and E-Bike.
No. of Employees :	Information declined by management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The company possesses a healthy financial profile marked by strong capitalization and comfortable liquidity during 2013. Further, the management has seen a drastic dip in its net profitability during the year under review. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of vast experience of promoters and its diversified business operations, the subject can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	28.02.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A3+”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	28.02.2014

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-79-30157999)

LOCATIONS

Registered / Corporate Office :	Ajanta Corporate House, 8-A, National Highway, Morbi, Rajkot – 363642, Gujarat, India
Tel. No.:	91-2822-304444/ 231444
Fax No.:	91-2822-304430/ 304545
E-Mail :	mfinava@yahoo.com cs@oreva.com
Website :	www.oreva.com
Ahmedabad Office 1 :	104, 1^st Floor, Sumel-2, Near Gurudwara, S. G. Highway, Ahmedabad – 380051, Gujarat, India
Tel. No.:	91-79-30157999
Fax No.:	91-79-26858595
Factory 1 :	“ORPAT NAGAR”, 8-A National Highway, Vandhiya, Taluka Bhachau, District Kutch – 370150, Gujarat, India
Factory 2 :	Also located at: · Rajkot - Morbi Highway, Morbi, District : Rajkot - - 363641, Gujarat, India
Ahmedabad Office 2 :	Ajanta OREVA House, 2nd Floor, Thaltej Circle S.G Highway, Ahmadabad - 380054, Gujarat, India

DIRECTORS

AS ON 09.09.2013

Name :	Mrudula Jaysukhlal Bhalodia
Designation :	Director
Address :	Ajanta, New Adarsh Society, Sanala Road, Morbi – 363641, Gujarat, India
Date of Birth/Age :	15.08.1961
Date of Appointment :	29.04.2013
DIN No.:	00619608
Name :	Mr. Jaysukhbhai Odhavjibhai Patel
Designation :	Managing Director
Address :	Ajanta, New Adarsh Society, Sanala Road, Morbi – 363641, Gujarat, India
Date of Birth/Age :	02.04.1959
Qualification :	B.Com
Date of Appointment :	10.11.1994
PAN No.:	ABBPB3905D
DIN No.:	01075622
Name :	Mr. Chintan Jaysukhbhai Bhalodia
Designation :	Director
Address :	4, Nandi Hill, Opposite ISRO, Jodhpur Tekra, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	06.10.1985
Qualification :	B. Com
Date of Appointment :	30.12.2006
PAN No.:	AJKPB2325C
DIN No.:	01169521
Name :	Mr. Jayeshbhai Navalchandbhai Sheth
Designation :	Director
Address :	302/A, Praijat Building, Lallubhai Parekh Road, Ville Parel (West) Mumbai - 400056, Maharashtra, India
Date of Birth/Age :	04.12.1959
Qualification :	B. Com
Date of Appointment :	25.08.2005
DIN No.:	01716067
Name :	Aashka Chintan Bhalodia
Designation :	Director
Address :	4, Nandi Hill, Opposite ISRO, Jodhpur Tekra, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	02.12.1987
Date of Appointment :	29.04.2013
DIN No.:	03585576
Name :	Alish Jaysukhlal Bhalodia
Designation :	Director
Address :	Ajanta, New Adarsh Society, Sanala Road, Morbi – 363641, Gujarat, India
Date of Birth/Age :	15.01.1995
Date of Appointment :	29.04.2013
DIN No.:	06572226

KEY EXECUTIVES

Name :	Mr. Dharmvijay Narsanbhai Solanki
Designation :	Secretary
Address :	A/33/1, Bhavna Tenament, Vasna Berej Road, Vasna, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	28.06.1980
Date of Appointment :	09.04.2012
PAN No.:	BKMPS1932A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.09.2013

Names of Shareholders	No. of Shares
Aashka Chintan Bhalodia	3830400
Jaysukhbhai O. Patel	26700850
Chintan J. Bhalodia	10398750
Mrudulaben J. Patel	8012500
Jaysukh O. Patel (HUF)	735000
Alish J. Patel (Attain Majority hold in personal capacity)	4337500
Jayesh N. Sheth and Pallavi J. Sheth	1800000
Jayesh N.Sheth	700000
Siddharth Chitalia and Charu Chitalia	50000
Anuj Chitalia and Charu Chitalia	50000
Nilesh Maniar and Rupa Maniar	100000
Mehul Shah and Niti Shah	100000
Madhusudan Shah and Chandra Shah	100000
Enam Securities Private Limited, India	800000
Total	57715000

AS ON 09.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	1.39
Directors or relatives of Directors	97.92
Other top fifty shareholders	0.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Vitrified Tiles, CFL Bulbs, Electrical and Electronics Product, and E-Bike.

Products :

Item Code No. (ITC Code)	Product Description
69079010	Tiles, CFL

Brand Names :

“AJANTA ”

“ORPAT”

“OREVA”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Vitrified Tiles	Sq. Mtr.	NA	9000000	4152258
Energy Saver Lamp (CFL)	Nos.	NA	60000000	15511332
Digital Clock	Nos.	NA	--	463284
Power Saver	Nos.	NA	--	2927
E Bike	Nos.	NA	60000	1098
Aluminium Composite Panel	Sq. Mtr.	NA	400000	11788

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

· State Bank of India, Corporate Accounts Group Branch, 58 Shrimali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	296.239	0.163
Total	296.239	0.163

NOTE:

Above Facilities are secured by way of first charge over fixed assets of the company situated at Survey No 644 at Village Vandhiya, Taluka : Bhachau Dist: Kutch and Hypothecation on Current assets of the Company.

Banking Relations :	--
Auditors :
Name :	Finava and Associates Chartered Accountants
Address :	34, 2^nd Floor, Star Shopping Centre, 20 New Jagnath, Dr. Yagink Road, Rajkot 360001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACPF2967P
Co-ventures:	· Ajanta Organisation Ajanta Network Ajanta Marketing Company Oreva Energy Private Limited Ajanta Transistor Clock Manufacturing Company Ajanta Energy Private Limited Ajanta Infra - Projects Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
72000000	Equity Shares	Rs.10/- each	Rs.720.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
57715000	Equity Shares	Rs.10/- each	Rs.577.150 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	577.150	577.150	577.150
(b) Reserves & Surplus	4265.383	4122.404	3950.954
(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)	4842.533	4699.554	4528.104
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.371	47.723	179.701
(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)	1.371	47.723	179.701
(4) Current Liabilities
(a) Short term borrowings	296.239	0.163	65.298
(b) Trade payables	4.293	16.526	114.826
(c) Other current liabilities	83.852	72.141	238.707
(d) Short-term provisions	45.452	29.265	33.972
Total Current Liabilities (4)	429.836	118.095	452.803
TOTAL	5273.740	4865.372	5160.608
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2192.264	2178.497	2189.389
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	8.419	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.425	0.425	0.425
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.899	0.173	12.808
(e) Other Non-current assets	623.604	800.917	921.283
Total Non-Current Assets	2825.192	2988.431	3123.905
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	969.497	963.346	1359.960
(c) Trade receivables	392.410	189.301	203.900
(d) Cash and cash equivalents	672.759	386.788	49.185
(e) Short-term loans and advances	361.639	237.869	363.620
(f) Other current assets	52.243	99.637	60.038
Total Current Assets	2448.548	1876.941	2036.703
TOTAL	5273.740	4865.372	5160.608

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2547.226	2653.127	2845.805
		Other Income	52.655	182.475	286.969
		TOTAL (A)	2599.881	2835.602	3132.774
Less	EXPENSES
		Cost of materials consumed	1453.415	1357.843	1547.187
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1.118)	165.924	32.704
		Employee benefit expense	246.829	265.870	297.530
		Other expenses	736.051	786.630	979.119
		Exceptional items	0.481	7.924	79.627
		TOTAL (B)	2435.658	2584.191	2936.167
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		164.223	251.411	196.607
Less	FINANCIAL EXPENSES (D)		4.852	6.430	26.601
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		159.371	244.981	170.006
Less/ Add	DEPRECIATION/ AMORTISATION (F)		86.495	85.295	98.289
	PROFIT BEFORE TAX (E-F) (G)		72.876	159.686	71.717
Less	TAX (H)		(46.152)	(131.978)	(88.279)
	PROFIT AFTER TAX (G-H) (I)		119.028	291.664	291.664
	EARNINGS IN FOREIGN CURRENCY		275.693	211.928	196.282
	Earnings Per Share (Rs.)		2.06	5.05	2.22

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.58	10.29	5.11
Net Profit Margin (PBT/Sales)	(%)	2.86	6.02	2.52
Return on Total Assets (PBT/Total Assets}	(%)	1.38	3.29	1.39
Return on Investment (ROI) (PBT/Networth)		1.50	0.03	0.02
Debt Equity Ratio (Total Debt/Networth)		0.06	0.00	0.01
Current Ratio (Current Asset/Current Liability)		5.70	15.89	4.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	577.150	577.150	577.150
Reserves & Surplus	3950.954	4122.404	4265.383
Net worth	4,528.104	4,699.554	4,842.533
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	65.298	0.163	296.239
Total borrowings	65.298	0.163	296.239
Debt/Equity ratio	0.014	0.000	0.061

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2845.805	2653.127	2547.226
		(6.771)	(3.992)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2845.805	2653.127	2547.226
Profit	291.664	291.664	119.028
	10.25%	10.99%	4.67%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Current maturities of long-term debt	0.000	0.000	0.000

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	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT TAX APPEAL No. 358 of 2012
Status: PENDING ( Converted from : ST/1109/2012) CCIN No : 001092201200358 Last Listing Date: 26/07/2012 Coram: HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE N.V.ANJARIA
S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX - CENTRAL - II	MRS MAUNA M BHATT for: Appellant(s) 1
S.NO.	Name of the Respondant	Advocate On Record
1	AJANTA MANUFACTURING LTD	MR RK PATEL for :Opponent(s) 1

Presented On

: 11/06/2012

Registered On

: 13/06/2012

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH ADVOCATE

Listed

: 88 times

StageName

: FOR REGULAR ADMISSION (SPL.)

Classification

DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

INCOME-TAX ACT, 1961

Other Forums

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA 63/RJT/2011

INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT

JUDICIAL MEMBER AND ACCOUNTANT MEMBER

04/11/2011

AHMEDABAD

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

11/06/2012

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1

6

MRS MAUNA M BHATT:1

2

11/06/2012

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1

20

MRS MAUNA M BHATT:1

3

15/08/2012

VAKALATNAMA

MR RK PATEL ADVOCATE for RESPONDENT(s) 1

-

MR RK PATEL:1

4

15/08/2012

VAKALATNAMA

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1

-

MRS MAUNA M BHATT:1

5

03/10/2012

VAKALATNAMA

MR RK PATEL ADVOCATE for RESPONDENT(s) 1

5

MR RK PATEL:1

Linked Matters

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

TAX APPEAL/599/2011

PENDING

-

- · HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA

Court Proceedings

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

26/07/2012

3

-

FOR REGULAR ADMISSION (SPL.)

FIXED RULE / ADMIT

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/358/2012

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA

26/07/2012

N

ORDER

-

Y

Certified Copy

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

27/07/2012

O/24846/2012

26/07/2012

04/08/2012

06/08/2012

Delivered

ORDER

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80033641	15/03/2011 *	500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 58 SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD - 380009, GUJARAT, INDIA	B09725144

* Date of charge modification

CHANGE OF ADDRESS

The Registered office of the company has been shifted from Orpat Industrial Estate, Rajkot Highway, P.O. Box No.115, Morbi – 363641, Gujarat, India to the present address w.e.f. 25.09.2007.

CORPORATE INFORMATION:

Ajanta Manufacturing Limited, the company, is engaged in manufacturing of Vitrified Tiles, CFL Bulbs, Electrical and Electronics Products, and E-Bike in the very wide market across the India and outside India.

REVIEW OF OPERATION:

During the year, the Company has Earned Rs.2599.881 Millions from operation and source in compare to previous year total revenue Rs.2835.602 Millions from operation which is marginally lower in compare to the previous year. Company has started manufacturing of new product in electrical division like induction stove, cable, Electrical switch, etc. so during the current year company find new product in electric division of the company for the increased company's market share in the electric goods. Company Also in planning to find out more consumer electric goods area in which they are able to increased their market share in Electric Division of the company. As far as other division of the company is concerned like ceramic division, e-bike division etc company perform upto their best and the director looking for avenues for the future growth of the company in particulars segment of the product.

CONTINGENT LIABILITIES

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Bank Guarantee (Gujarat Sate Petroleum Corporation Limited)	66.000	115.600
Bank Guanratee (Paschim Gujarat Vij Company Limited)	26.392	26.392
Letters of Credit opened with Bank	(US$236546)	(US$180000)

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor vehicles

Office Equipment

Computer Equipments

Other Equipments

WEBSITE DETAILS

ARTICLE / NEWS

Major fire at Ajanta manufacturing facility in Morbi, no casualty

June 8, 2014

A major fire broke out at a manufacturing facility of Ajanta, the world’s leading clock maker, in Morbi in the wee hours of Sunday and was raging on till noon. While consignments of finish goods were feared to be damaged, there were no reports of any casualties.

“Ajanta contacted the fire and emergency services of Morbi municipality at around 2.55 am about a fire on their premises located around two km south of Morbi. We pressed into service the fire fighters from Morbi, Wankaner and Rajkot. The blaze could be brought under control at around 9 am,” said Girish Saraiya, chief officer of Morbi municipality.

The chief officer said that eight fire-tenders and around 40 water tankers were rushed to the spot and they were trying to bring the fire under control.

Dipak Parekh, public relations officer (PRO) of Ajanta said the fire broke out in the dispatch and office blocks of the unit. “The dispatch section on floor No. 2 and floor No. 3 have been badly damaged. We fear damage to the finished digital clocks kept there. However, we believe the office block on level No.1 of the three-story building is a little safe. Efforts are on to put out the fire quickly,” said the PRO.

“Since the fire broke out at night hours when the office and the dispatch section were not functioning, there was no staff and therefore no casualty has been reported. Presently we don’t have any estimate of the extent of the damage,” he said.

While the chief officer said they were yet to ascertain the cause of the fire, the Ajanta PRO said they suspected an electrical short-circuit might have sparked it off.

A case under relevant sections has been registered in the matter against unknown persons, police said.

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.60.44
UK Pound	1	Rs.100.24
Euro	1	Rs.80.35

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.