MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	AJAY INDUSTRIAL CORPORATION LIMITED (w.e.f. 25.09.2008)
Formerly Known As :	AJAY INDUSTRIAL CORPORATION PRIVATE LIMITED
Registered Office :	B-II/29 Mohan Co-Operative, Industrial Area, Mathura Road, Badarpur, New Delhi - 110044
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.07.2008
Com. Reg. No.:	55-180573
Capital Investment / Paid-up Capital :	Rs. 100.000 Millions
CIN No.: [Company Identification No.]	U51909DL2008PLC180573
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCA1943Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, exporter, supplier and trader of various types of Hand Pumps, UPVC Pipes, Flexible Hoses and Tubing, Layflat Hoses, PVC casing Pipe, PVC Screen Pipes, PVC Layflat Hoses Pipe, PVC Suction Hose, etc.
No. of Employees :	200 ( Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 669000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2013 but the documents related to financials are not available from any source. Further management has not filed its financial record with government department for the year 2014. As per previous financial record of 2012, the company has taken huge external borrowing which acts as threatening to liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	Long Term rating : BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 13, 2014

Rating Agency Name	CRISIL
Rating	Short Term rating : A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	May 13, 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Rahul
Designation :	Accountant
Contact No.:	91-11-23612204
Date :	20.12.2014

LOCATIONS

Registered Office / Head Office / Marketing Office :	B-II/29 Mohan Co-Operative, Industrial Area, Mathura Road, Badarpur, New Delhi - 110044, India
Tel. No.:	91-11-23612204 / 65484046
Mobile No.:	91-9891828948 ( Mr. Pushparaj )
Fax No.:	91-120-2770629 / 91-11-23536205
E-Mail :	preeti@ajaycorp.com Pushpraj@ajayindustrail.com Preeti_ppap@yahoo.co.in
Website :	www.ajayindustrial.com
Area :	18000 sp.ft.
Location :	Owned
Corporate Office :	13 th Floor, Gopal dass Bhawan, 28 Bharakhamaba Road, New Delhi – 110 001, India.
Branch Office :	B-29 and 30, Mayapuri Industrial Area, Phase – 1, New Delhi – 110 064, India
Tel. No.:	91-11-28117056 / 51833114
Fax No.:	91-11-28115332
E-Mail :	ajaycpvc@vsnl.ajaypipes@yahoo.com
Area :	Owned
Factory 1 :	20/11, Site-IV, Sahibabad Industrial Area, Ghaziabad - 201010, Uttar Pradesh, India
Tel. No.:	91-120-2770679/ 2770233/ 2770339
Fax No.:	91-120-2770629
E-Mail :	ajaypump@mantraonline.com
Area :	Owned
Factory 2 :	25, Okhla Industrial Estate, Phase-1, New Delhi – 110 020, India
Tel. No. :	91-11-26911093/ 26922318
Factory 3 :	20/11, Site IV, Sahibabad Industrial Area, Ghaziabad – 201 010, Uttar Pradesh, India
Tel. No.:	91-120-2770679/ 2770233/ 4770679/ 4770233/ 4770339/ 2774747
Fax No.:	91-120-2770629/ 4770629
Location :	Owned
Branch Office :	B-29 and 30, Mayapuri Industrial Area, Phase – 1, New Delhi – 110 064, India
Tel. No.:	91-11-28117056/51833114
Fax No.:	91-11-28115332
E-Mail :	ajaycpvc@vsnl.ajaypipes@yahoo.com
Location :	Owned

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Sharat Chand Jain

Designation :

Director

Address :

Plot No. 21, B-2, Friends Colony West, Kalokaji, Delhi – 110065, India

Date of Birth/Age :

09.03.1943

Date of Appointment :

27.04.2013

DIN No.:

00071010

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1995PLC073281	PPAP AUTOMOTIVE LIMITED	Whole-time director	06/08/2010	12/09/1996	29/04/2013	Active	NO
2	U25199DL1986PTC024227	SEIKI AUTO INDIA PRIVATE LIMITED	Director	26/08/2003	26/08/2003	-	Active	NO
3	U51909DL2008PLC180573	AJAY INDUSTRIAL CORPORATION LIMITED.	Managing director	27/04/2013	07/07/2008	-	Active	NO
4	U74899DL1981PTC011551	A I C PLASTICS PRIVATE LIMITED	Additional director	26/08/2010	26/08/2010	26/04/2013	Active	NO
5	U25190DL2013PTC250796	Precision Advance Plastics Private Limited	Director	16/04/2013	16/04/2013	-	Active	NO
6	U74899DL1994PTC062295	NUTRA FOODS INDIA PRIVATE LIMITED	Director	20/09/2013	24/08/2013	-	Active	NO

Name :

Mr. Akhil Jain

Designation :

Whole-time director

Address :

Plot No. 21, B-2, First Floor, Friends Colony West, Kalokaji, Delhi – 110065, India

Date of Birth/Age :

03.12.1971

Date of Appointment :

01.05.2013

DIN No.:

00071274

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1980PTC010508	AJAY POLY PVT LTD	Director	10/01/1990	10/01/1990	26/04/2013	Active	NO
2	U74899DL1982PTC014531	AJAY INDUSTRIAL POLYMERS PRIVATE LIMITED	Director	26/09/2008	13/08/2007	26/04/2013	Active	NO
3	U51909DL2008PLC180573	AJAY INDUSTRIAL CORPORATION LIMITED.	Whole-time director	01/05/2013	07/07/2008	-	Active	NO
4	U74899DL1994PTC062295	NUTRA FOODS INDIA PRIVATE LIMITED	Director	09/09/2011	13/08/2011	-	Active	NO
5	U25190DL2013PTC250796	Precision Advance Plastics Private Limited	Director	16/04/2013	16/04/2013	-	Active	NO
6	U25199DL1986PTC024227	SEIKI AUTO INDIA PRIVATE LIMITED	Director	28/09/2013	27/04/2013	-	Active	NO
7	U74899DL1992PTC049384	BHOLA SHRI MARKETING PRIVATE LIMITED	Director	25/08/2014	25/08/2014	-	Active	NO

Name :

Mr. Anuj Jain

Designation :

Whole Time Director

Address :

Plot No. 21, B-2, 2nd Floor, Friends Colony West, Kalokaji, Delhi – 110065, India

Date of Birth/Age :

07.09.1976

Date of Appointment :

01.05.2013

DIN No.:

00071779

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1995PLC073281	PPAP AUTOMOTIVE LIMITED	Director	20/06/2001	20/06/2001	29/04/2013	Active	NO
2	U74899DL1980PTC010508	AJAY POLY PVT LTD	Director	28/09/2011	01/04/2003	26/04/2013	Active	NO
3	U51909DL2008PLC180573	AJAY INDUSTRIAL CORPORATION LIMITED.	Whole-time director	01/05/2013	01/01/2010	-	Active	NO
4	U25190DL2013PTC250796	Precision Advance Plastics Private Limited	Director	16/04/2013	16/04/2013	-	Active	NO
5	U25199DL1986PTC024227	SEIKI AUTO INDIA PRIVATE LIMITED	Director	28/09/2013	27/04/2013	-	Active	NO
6	U74899DL1994PTC062295	NUTRA FOODS INDIA PRIVATE LIMITED	Director	20/09/2013	27/04/2013	-	Active	NO
7	U74899DL1992PTC049384	BHOLA SHRI MARKETING PRIVATE LIMITED	Director	25/08/2014	25/08/2014	-	Active	NO

Name :

Lata Jain

Designation :

Director

Address :

Plot No. 21, B-2, First Floor, Friends Colony West, Kalokaji, Delhi – 110065, India

Date of Birth/Age :

26.09.1973

Date of Appointment :

27.09.2013

DIN No.:

00148866

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909DL2008PLC180573	AJAY INDUSTRIAL CORPORATION LIMITED.	Director	27/09/2013	27/04/2013	-	Active	NO

Name :

Priyanka Jain

Designation :

Director

Address :

Plot No. 21, B-2, Second Floor, Friends Colony West, Kalokaji, Delhi – 110065, India

Date of Birth/Age :

23.10.1981

Date of Appointment :

27.04.2013

DIN No.:

06566603

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909DL2008PLC180573	AJAY INDUSTRIAL CORPORATION LIMITED.	Director	27/09/2013	27/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Preeti Jain
Designation :	Company Secretary
Address :	2675, Baradar, Ballimaran, Delhi-110 006, India
Date of Birth/Age :	01.01.1981
Date of Appointment :	01.08.2008
Name :	Mr. Pushparaj
Designation :	Marketing Manager

MAJOR SHAREHOLDERS

AS ON 27.09.2013

Names of Shareholders	No. of Shares
Sharat Chand Jain HUF	100000
Sharat Chand Jain	3800000
Aasha Jain	100000
Lata Jain	900000
Anuj Jain	2900000
Akhil Jain	2100000
Priyanka Jain	100000
Total	10000000

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, exporter, supplier and trader of various types of Hand Pumps, UPVC Pipes, Flexible Hoses and Tubing, Layflat Hoses, PVC casing Pipe, PVC Screen Pipes, PVC Layflat Hoses Pipe, PVC Suction Hose, etc.

Products :

Product Description	ITC Code
CPVC AND PVC Pipes & fittings	3917
Window Profile Division	3925

Hand Pumps

• India Mark II Deep Well Hand Pumps
• India Mark II Extra Deep Well Hand Pumps
• India Mark III 50 Modified Deep Well Hand Pumps
• India Mark III 65 Modified Deep Well Pumps
• Afridev ( African Development) Hand Pumps
• Tara Direct Action Pumps
• Pressurised Treadle Irrigation Hand Pumps
• Treadle Irrigation Pumps
• Uganda Mark II and Mark III Hand Pumps
• Ghana Modified Mark II Deep Well Hand Pumps
• Walimi Hand Pumps
• Malda Shallow Well Hand Pumps
• Pamir / Kabul Hand Pumps
• Riser Pipes
• Connecting Rods
• Cylinders
• Finishing Tool for Retrieval of Riser Pipes
• Tool Kits

Other Items

• Fogging / Misting Outdoor Cooling Solutiond
• Hoses and Tubings
• Layflat Hoses
• Flowguard TMCPVC Plumbing Systems
• Special and standard Tool Kits

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

• Africa
• South East Asia
• Europe

Imports :

Not Divulged

Terms :

Selling :

Cash and Cheque

Purchasing :

Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Units	Units Produce Capacity (KG.)	Licensed Capacity	Installed Capacity (KG.)	Actual Production (KG.)
I	P.V.C. Pipe (In Kg) Mayapuri	N .A.	600000.000	3085.850
1	C.P.V.C. Pipe (In Kg) Mayapuri	N .A.	600000.000	0.000
II	Hand Pump ( In No) Sahibabad	N .A.	30000.000	17746.000
II	P.V.C. Pipe (In Kg) Sahibabad	N .A.	1000000.000	1080909.830
II	C.P.V.C. Pipe (In Kg) Dehradun	N .A.	300000.000	1416431.843
III	P.V.C. Pipe (In Kg) Dehradun	N .A.	350000.000	368674.457
IV	UPVC (In KG) Dehradun	N .A.	1300000.000	401462.359
V	C.P.V.C. (In Kg) Satara	N .A.	200000.000	1246525.330
V	P.V.C. (In Kg) Satara	N .A.	100000.000	717338.700
V	Window (In Nos.) Satara	N .A.	15000.000	166.000
VI	Window (In Nos.) Hyderabad	N .A.	15000.000	218.000
VII	Window (In Nos.) Bangalore	N .A.	15000.000	7810.00

GENERAL INFORMATION

Supplier :

Not Divulged

Customers :

End Users, Dealers

No. of Employees :

200 (Approximately)

Bankers :

• ICICI Bank Limited, Land Mark Race Ctheirce Circle, Alkapuri, Baroda – 390 015, Gujarat, India
• Allahabad Bank, International Branch, Parliament Street, New Delhi, India
• City Bank

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long term borrowing
Term loans from Bank [Secured against charges by way of equitable (mortgage) of factory land and building, plant and machinery located at Khasra No.1000 and 1001 Village Central Hope Town, Camp (Road), Sclaqui Industrial Area, Chakorta Road Tehsil Vikas Nagar Dehradun, and hypothecation of the company entire stock of Raw Material, Semi (Finished), finished goods, consumable stores and spares and book debts, bills and others receivable and personal guarantees of directors Mr. D.C. Jain, Mr. S.C. Jain and Mr. A.K. Jain)	9.321	19.445
Short Term Borrowing
Loans repayable on demand from Bank	330.084	248.572
Total	339.405	268.017

Banking Relations :	--
Auditors :
Name :	Dharma Taneja Associates Chartered Accountants
Address :	Panjabi Bagh Extn., New Delhi, India
Tel. No.:	91-11-25222339 / 25224932
PAN No.:	AAAFD4122A
Memberships :	Engineering Export Promotion Council Of India (EEPC) Plastics Export Promotion Council (PEPC)
Related Parties in the group where common control exists	Ajay Poly Private Limited Address : E 119/120, Site B, Surajpur Industrial Area, Surajpur, Noida, India B-II 29/30, MCIE, Mathura Road, Delhi, India 25, Okhla-III, Delhi, India CIN No. U74899DL1980PTC010508 Line of Business : Manufacturer and Exporter of PVC Profiles and Gaskets Precision Pipes and Profiles Company Limited Address : 54, 56, 70 and 161, Okhla – III, New Delhi, India CIN No. L74899DL1995PLC073281 Line of Business : Manufacturer and Exporter of PVC Profiles and Gaskets Nutra Foods India Private Limited CIN No. U7488DL1994PTC062295 Seiki Auto India Private Limited CIN No. U74899DL1986PTC024227
Memberships :	--
Collaborators :	--

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital : Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 100.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity shares	Rs. 10/- each	Rs. 100.000 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	100.000	100.000
(b) Reserves & Surplus	133.907	93.616
(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)	233.907	193.616
(3) Non-Current Liabilities
(a) long-term borrowings	590.458	544.325
(b) Deferred tax liabilities (Net)	11.396	9.382
(c) Other long term liabilities	5.580	2.548
(d) long-term provisions	18.418	17.636
Total Non-current Liabilities (3)	625.852	573.891
(4) Current Liabilities
(a) Short term borrowings	330.084	248.572
(b) Trade payables	181.486	104.996
(c) Other current liabilities	50.588	27.565
(d) Short-term provisions	13.043	6.206
Total Current Liabilities (4)	575.201	387.339
TOTAL	1434.960	1154.846
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	317.022	337.933
(ii) Intangible Assets	5.927	7.112
(iii) Capital work-in-progress	1.949	1.949
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	62.185	61.667
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	387.083	408.661
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	530.557	463.814
(c) Trade receivables	431.874	229.665
(d) Cash and cash equivalents	13.076	11.371
(e) Short-term loans and advances	72.370	41.335
(f) Other current assets	0.000	0.000
Total Current Assets	1047.877	746.185
TOTAL	1434.960	1154.846

STHEIRCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		100.000
2] Share Application Money		0.000
3] Reserves & Surplus		92.152
4] (Accumulated Losses)		0.000
NETWORTH		192.152
LOAN FUNDS
1] Secured Loans		159.394
2] Unsecured Loans		481.266
TOTAL BORROWING		640.660
DEFERRED TAX LIABILITIES		6.046
TOTAL		838.858
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		339.830
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	365.653
	Sundry Debtors	263.613
	Cash & Bank Balances	8.728
	Other Current Assets	0.000
	Loans & Advances	83.902
Total Current Assets		721.896
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	197.653
	Provisions	25.215
Total Current Liabilities		222.868
Net Current Assets		499.028
MISCELLANEOUS EXPENSES		0.000
TOTAL		838.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2006.683	1224.324	1224.497
		Other Income	4.416	7.077
		TOTAL (A)	2011.099	1231.401	1224.497
Less	EXPENSES
		Raw material consumed	1536.447	862.610
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(95.028)	(31.666)
		Employee benefit expenses	138.995	104.906
		Other expenses	261.768	180.159
		TOTAL (B)	1842.182	1116.009	1084.54
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		168.917	115.392	139.957
Less	FINANCIAL EXPENSES (D)		83.250	71.535	59.506
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		85.667	43.857	80.451
Less/ Add	DEPRECIATION/ AMORTISATION (F)		41.602	38.082	31.023
	PROFIT BEFORE TAX (E-F) (G)		44.065	5.775	49.428
Less	TAX (I)		3.774	4.311	8.264
	PROFIT AFTER TAX (G-I) (J)		40.291	1.464	41.165
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		93.616	92.151	50.987
	BALANCE CARRIED TO THE B/S		133.907	93.616	92.152
	TOTAL EARNINGS		444.981	348.322	307.584
	Earning Per Share		4.03	0.15	4.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT / Sales)	(%)	2.01	0.12	3.36
Operating Profit Margin (PBIDT/Sales)	(%)	8.42	9.42	11.43
Return on Total Assets (PBT/Total Assets}	(%)	3.07	0.50	4.66
Return on Investment (ROI) (PBT/Networth)		0.19	0.03	0.26
Debt Equity Ratio (Total Debt /Networth)		3.94	4.10	3.33
Current Ratio (Current Asset/Current Liability)		1.82	1.93	3.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT/EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	100.000	100.000
Reserves & Surplus	93.616	133.907
Share Application money pending allotment	0.000	0.000
Net worth	193.616	233.907
long-term borrowings	544.325	590.458
Short term borrowings	248.572	330.084
Total borrowings	792.897	920.542
Debt/Equity ratio	4.095	3.936

YEAR ON YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1224.497	1231.401	2011.099
		0.564	63.318

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1224.497	1231.401	2011.099
Profit	41.165	1.464	40.291
	3.36%	0.12%	2.00%

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	Yes
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	-------------------
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE :

The registered office of the company has been shifted from 4561, Deputy Ganj, Sadar Bazar, Delhi – 110006, India to the present address.

UNSECURED LOANS

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long term borrowing
From Directors	213.620	193.019
From Director’s Family Members	367.517	331.860
Total	581.137	524.879

REVIEW OF OPERATIONS :

The Company is established in 1961 is a pioneer in PVC pipe manufacturing carrying the oldest PVC pipe ISI (IS 4985) license in India.

The company is the largest manufacturer of deep and shallow well hand pumps manufacturing the widest range such as India Mark II&III, Tara, Afridev etc., in the world. The hand pumps are being exported to all major African countries. Few of their major clients are UNICEF, leading NGOs and various water supply departments of government of India. We are also an affiliated Member of the prestigious organizations like Engineering Export Promotion Council of India (EEPC) and Plastics Export Promotion Council etc. The quality of their products has enabled us to maintain a long-term and fruitful business relationship with their valued clients. Their efforts have helped us in developing a strong customer base in different parts of the world. As a validation of their excellent quality and their exceptional services, the company has received several awards from many different agencies. To list a few

• Winners of the Largest Export Award
• Delhi State Award for Export
• All India Award for Export Excellence from Engineering Export Promotional Council

AICL started the plumbing pipe division with CPVC Pipes and Fittings through a licensing agreement with M/s Lubrizol for Flow guard in 2004 and subsequently launched Lead Free and UV-resistant UPVC Sch 40 and 80 pipes and fittings under Ajay Greenline brand. Today the company manufactures its plumbing products at three strategically located plants at Dehradun, Delhi and Pune and supplies its products through a well spread network of warehouses around the country. The company distributes its plumbing products through a 300 strong dealer and distributor network panning the entire country and supported by a team of over 100 sales professionals to provide service and support at a short notice.

Other products of AICL include drip and micro irrigation products being marketed in northern India.

The AICL?s product range also includes En Craft UPVC Doors and Window profiles which are being supplied to fabrication partners around the country from its Dehradun facility and also as readymade fabricated windows through its 4 strategically located window fabrication units.

The company’s various facilities are accredited with ISO 9001, ISO14001 and OHSAS 18001 certifications and the piping products are approved by CBRI, CFTRI, CIPET, SHRIRAM INSTITUTE and BMC.

AICL was the first to use industry leading Cincinnati machines for UPVC pipe manufacturing, first to introduce reinforced suction and lay flat hose, first to use Unicorn corrugated pipe technology and first to use Theysohn machines for CPVC pipe manufacturing in India.

AICL believes in working based on its core values of high level of integrity, latest technology, commitment, high quality and service oriented approach.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10445926	01/08/2013	100,000,000.00	CITIBANK N.A	JEEVAN BHARTI BUILDING, 4TH FLOOR, 124, CONNAUGHT  CIRCUS, CONNAUGHT PLACE, NEW DELHI, DELHI - 11000  1, INDIA	B83504464
2	10262178	06/12/2010	210,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B03472644
3	10253204	11/12/2014 *	335,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C36532430
4	10208183	01/08/2013 *	150,000,000.00	CITIBANK N.A	JEEVAN BHARTI BUILDING, 4TH FLOOR, 124, CONNAUGHT  CIRCUS, CONNAUGHT PLACE, NEW DELHI, DELHI - 11000  1, INDIA	B83502757

* Date of charge modification

FIXED ASSETS :

• Land
• Building
• Office Building
• Factory Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Motor Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various stheirces including but not limited to: The Ctheirts, 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] Ctheirt 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 :

Their 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.

Their Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.18
UK Pound	1	Rs.98.52
Euro	1	Rs.77.42

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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 unfavtheirable 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.