MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	NIRAV COMMERCIAL LIMITED ELESAR FOCCHI A UNIT OF NIRAV COMMERCIAL LIMITED
Registered Office :	B-1, Tulsi Viahr, Dr. A.B. Road, Worli Naka, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.06.1985
Com. Reg. No.:	11-036668
Capital Investment / Paid-up Capital :	Rs.3.920 Millions
CIN No.: [Company Identification No.]	L51900MH1985PLC036668
PAN No.: [Permanent Account No.]	AAACN7365G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing of Aluminum Grills, Door and Windows etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 :	Clear
Comments :	Subject is a well-established company having satisfactory track record. The company possesses a favorable financial profile marked by adequate networth base along with modest working capital intensive operations. Management has reported a decent turnover as well as net profitability during FY 2014. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of long standing presence, the subject can be considered 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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-22-40457100)

LOCATIONS

Registered Office :	B-1, Tulsi Viahr, Dr. A.B.Road, Worli Naka, Mumbai – 400018, Maharashtra
Tel. No. :	91-22-40457100
Fax No. :	91-22-24936888
E-Mail :	deepak@associatedgroup.com info@associatedgroup.com
Factory :	Located At: ² Daman (UT) ² Taloja, Raigad (Maharashtra)

DIRECTORS

As on 23.08.2013

Name :

Mr. Lalit Kumar Daga

Designation :

Director

Address :

5-B, Purshottam Bhavan, Little Gibbs Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

30.11.1941

Date of Appointment :

10.07.1996

DIN No. :

00089905

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	U29256WB1962PTC025371	TRUTOOLS INDIA PVT LTD	Director	20/01/1962	20/01/1962	17/01/2008	Active	NO
2	U27203MH1972PTC015684	ASSOCIATED ALUMINIUM INDUSTRIES PRIVATE LIMITED.	Director	15/03/1972	15/03/1972	-	Active	NO
3	U25200MH1970PTC014899	DAGA RUBBER WORKS PRIVATE LIMITED	Director	05/12/1972	05/12/1972	-	Active	NO
4	U27100MH1981PTC025074	ASSOCIATED NON-FERROUS METALS PVT LTD	Director	25/08/1981	25/08/1981	-	Active	NO
5	U65993MH1982PLC028250	ASHISH TRADING AND AGENCY LIMITED	Director	28/09/1982	28/09/1982	-	Amalgamated	NO
6	U67120MH1983PLC031151	RANGOLI HOLDINGS LIMITED	Director	22/10/1983	22/10/1983	-	Amalgamated	NO
7	U51900MH1984PLC033114	ALPINE TRADING AND FINANCE LIMITED	Director	11/06/1984	11/06/1984	-	Amalgamated	NO
8	U67120MH1982PTC026923	VAIBHAV HOLDINGS PRIVATE LIMITED	Director	23/07/1984	23/07/1984	-	Active	NO
9	L27300MH1983PLC029360	NILKANTH ENGINEERING LIMITED	Director	30/09/1986	30/09/1986	-	Active	NO
10	U71110MH1984PLC033885	JAYCHANDRA LEASING& INVESTMENTS LTD	Director	26/12/1986	26/12/1986	30/09/2010	Active	NO
11	L51900MH1980PLC022672	G D TRADING AND AGENCIES LIMITED	Director	26/12/1986	26/12/1986	10/07/2008	Active	NO
12	L28920MH1987PLC043472	HIND ALUMINIUM INDUSTRIES LIMITED	Director	12/05/1987	12/05/1987	-	Active	NO
13	U55100MH1988GAP046130	VAIBHAV MEDICAL AND EDUCATION FOUNDATION	Director	05/02/1988	05/02/1988	-	Active	NO
14	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	14/03/1988	14/03/1988	-	Active	NO
15	U67120MH1980PTC023476	BIRLA GROUP HOLDINGS PRIVATE LIMITED	Director	10/05/1988	10/05/1988	-	Active	NO
16	U70101WB1990PTC049835	SHREE NURSINGH HOLDINGS PVT LTD	Director	12/09/1990	12/09/1990	-	Active	NO
17	L52110DL1985PLC020240	MEENAKSHI STEEL INDUSTRIES LIMITED	Director	26/03/1991	26/03/1991	-	Active	NO
18	U74900MH1984PTC032159	ADITYA BIRLA AHURA CENTRE MANAGEMENT PRIVATE LIMITED	Director	30/08/1993	30/08/1993	-	Active	NO
19	U32201GJ1980PTC003950	DYNAVENT AIR SYSTEMS PVT LTD	Director	06/09/1993	06/09/1993	-	Active	NO
20	U70101MP1986PTC003444	SESHASAYEE PROPERTIES PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
21	U65990MH1994PTC083320	DAGA CAPITAL MANAGEMENT PRIVATE LIMITED	Director	29/11/1994	29/11/1994	-	Active	NO
22	U67120MH1995PTC088230	SHUBHMANGAL PORTFOLIO PRIVATE LIMITED	Director	26/06/1996	26/06/1996	-	Active	NO
23	L51900MH1985PLC036668	NIRAV COMMERCIALS LIMITED	Director	10/07/1996	10/07/1996	-	Active	NO
24	U67120MH1995PTC092652	SATYAM PRIMA CAPITAL PRIVATE LIMITED	Director	10/04/2003	10/04/2003	-	Active	NO
25	U51900MH1982PTC026120	VINIT IMPEX PVT LTD	Director	23/08/2004	23/08/2004	-	Active	NO
26	U01100MH1979PTC021284	DNYANESHWAR HYBREED SEEDS COMPANY PRIVATE LIMITED	Director	23/08/2006	23/08/2006	-	Active	NO
27	U27200MH1971NPL015343	ALL INDIA NON-FERROUS METAL INDUSTRIES ASSOCIATION	Director	14/09/2006	14/09/2006	-	Active	NO
28	U45200MH2005PLC154628	TVS Infrastructure Limited	Director	29/09/2008	18/12/2007	-	Active	NO
29	U70101MH1975PTC018702	URVI ESTATE PRIVATE LIMITED	Director	03/04/2008	03/04/2008	-	Active	NO
30	U74950MH1989PTC053146	BABYDOLL AND WIZKID COMMUNICATION PVT. LTD.	Director	03/04/2008	03/04/2008	-	Active	NO
31	U01122MH2007PTC252336	GOODWILL CULTIVATORS PRIVATE LIMITED	Director	30/09/2008	09/05/2008	-	Active	NO
32	U80210MH2008NPL188385	LALIT SHEELA DAGA FOUNDATION	Director	21/11/2008	21/11/2008	-	Active	NO
33	U28133MH2011PTC218026	HIND POWER PRODUCTS PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO
34	U28910MH2012PTC225808	ASSOCIATED ALUMINIUM PRODUCTS PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO
35	U28990MH2010PTC200513	GOLANDAJ ABRASIVES PRIVATE LIMITED	Director	20/02/2013	20/02/2013	-	Active	NO
36	U70200MH2013PLC250229	Greenarches Warehousing & Industrial Infrastructure Limited	Director	20/11/2013	20/11/2013	-	Active	NO

Name :

Mr. Shailesh Daga

Designation :

Director

Address :

5-B, Purshottam Bhavan, Little Gibbs Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

19.03.1968

Date of Appointment :

19.08.1997

DIN No. :

00074225

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	U27100MH1981PTC025074	ASSOCIATED NON-FERROUS METALS PVT LTD	Director	03/07/1986	03/07/1986	-	Active	NO
2	L28920MH1987PLC043472	HIND ALUMINIUM INDUSTRIES LIMITED	Managing director	01/07/2011	12/05/1987	-	Active	NO
3	U65993MH1988PTC048056	GHEVAR INVESTMENTS AND TRADING COMPANY PVT LTD	Director	30/07/1992	30/07/1992	01/10/2008	Active	NO
4	U65990MH1988PTC048498	KANISHTHA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	30/07/1992	30/07/1992	-	Active	NO
5	U65990MH1988PTC048531	RUTGERS INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	30/07/1992	30/07/1992	-	Active	NO
6	U65900MH1988PTC048551	NAMAN FINANCE AND INVESTMENT PVT LTD	Director	30/07/1992	30/07/1992	-	Active	NO
7	L17110MH1985PLC035204	KAJAL SYNTHETICS AND SILK MILLS LIMITED	Director	30/07/1992	30/07/1992	-	Active	NO
8	U65990MH1987PTC043557	PEIGEON FINANCE & INVESTMENT PRIVATE LIMITED	Director	30/07/1992	30/07/1992	-	Active	NO
9	U65990MH1987PTC043580	BENHUR INVESTMENT COMPANY PRIVATE LIMITED	Director	27/08/1992	27/08/1992	-	Active	NO
10	U32201GJ1980PTC003950	DYNAVENT AIR SYSTEMS PVT LTD	Director	06/09/1993	06/09/1993	-	Active	NO
11	U65990MH1994PTC083320	DAGA CAPITAL MANAGEMENT PRIVATE LIMITED	Director	29/11/1994	29/11/1994	-	Active	NO
12	U67120MH1995PTC088230	SHUBHMANGAL PORTFOLIO PRIVATE LIMITED	Director	26/06/1995	26/06/1995	-	Active	NO
13	L51900MH1985PLC036668	NIRAV COMMERCIALS LIMITED	Director	19/08/1997	19/08/1997	-	Active	NO
14	L51909WB1983PLC035853	HERITAGE HOUSING FINANCE LTD	Director	26/10/1997	26/10/1997	-	Amalgamated	NO
15	U72900MH1999PTC118799	ECOMEDIA INFOSYSTEMS PRIVATE LIMITED	Director	28/02/2000	28/02/2000	14/07/2009	Strike off	NO
16	U70101WB1990PTC049835	SHREE NURSINGH HOLDINGS PVT LTD	Director	08/01/2001	08/01/2001	-	Active	NO
17	U67120MH1995PTC092652	SATYAM PRIMA CAPITAL PRIVATE LIMITED	Director	24/06/2003	24/06/2003	-	Active	NO
18	U01100MH1979PTC021284	DNYANESHWAR HYBREED SEEDS COMPANY PRIVATE LIMITED	Director	23/09/2004	23/09/2004	-	Active	NO
19	U45200MH2005PLC154628	TVS Infrastructure Limited	Director	07/11/2005	07/11/2005	06/06/2007	Active	NO
20	U25200MH1970PTC014899	DAGA RUBBER WORKS PRIVATE LIMITED	Director	04/01/2007	04/01/2007	-	Active	NO
21	U27203MH1972PTC015684	ASSOCIATED ALUMINIUM INDUSTRIES PRIVATE LIMITED.	Director	04/01/2007	04/01/2007	-	Active	NO
22	U67120MH1987PTC043568	PICK-ME QUICK HOLDINGS PRIVATE LIMITED	Director	09/03/2007	09/03/2007	-	Active	NO
23	U70101MH1975PTC018702	URVI ESTATE PRIVATE LIMITED	Director	03/04/2008	03/04/2008	-	Active	NO
24	U74950MH1989PTC053146	BABYDOLL AND WIZKID COMMUNICATION PVT. LTD.	Director	03/04/2008	03/04/2008	-	Active	NO
25	U28990MH2010PTC200513	GOLANDAJ ABRASIVES PRIVATE LIMITED	Director	02/03/2010	02/03/2010	-	Active	NO
26	U28133MH2011PTC218026	HIND POWER PRODUCTS PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO
27	U28910MH2012PTC225808	ASSOCIATED ALUMINIUM PRODUCTS PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO

Name :

Mr. Sudhir Goel

Designation :

Director

Address :

301-B, Sanjeev Enclave, 7Bunglows, Versova, Andheri (West), Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

20.07.1949

Date of Appointment :

31.03.2013

PAN No.:

AACPG6192M

DIN No. :

00074455

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	L28920MH1987PLC043472	HIND ALUMINIUM INDUSTRIES LIMITED	Whole-time director	01/04/2013	12/05/1987	-	Active	NO
2	L51900MH1985PLC036668	NIRAV COMMERCIALS LIMITED	Director	31/03/2013	20/09/1988	-	Active	NO
3	U65990MH1994PTC083320	DAGA CAPITAL MANAGEMENT PRIVATE LIMITED	Director	29/11/1994	29/11/1994	-	Active	NO
4	U67120MH1995PTC084891	GOELS FINANCIAL SERVICES PRIVATE LIMITED	Director	24/01/1995	24/01/1995	-	Active	NO
5	U67120MH1995PTC088230	SHUBHMANGAL PORTFOLIO PRIVATE LIMITED	Director	26/06/1995	26/06/1995	-	Active	NO
6	U67120MH1995PTC092652	SATYAM PRIMA CAPITAL PRIVATE LIMITED	Director	16/10/1996	16/10/1996	-	Active	NO
7	U28133MH2011PTC218026	HIND POWER PRODUCTS PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	111206	28.37
Bodies Corporate	92429	23.58
Sub Total	203635	51.95
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	203635	51.95
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	156511	39.93
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	30921	7.89
Any Others (Specify)	933	0.24
Non Resident Indians	238	0.06
Clearing Members	695	0.18
Sub Total	188365	48.05
Total Public shareholding (B)	188365	48.05
Total (A)+(B)	392000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	392000	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Aluminum Grills, Door and Windows etc.

Products :

Item Code No. (ITC Code)	Product Description
76169990	Aluminum Expanded Extruded Sheets / Grills, Doors / Windows / Aluminum Curtail Wall, Aluminum Railing, Scrap

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	State Bank of India

Banking Relations :	--
Auditors :
Name :	A. J. Baliya and Associates Chartered Accountants
Address :	1, Gala Towers, B.B, Marg, Chinchpokli (East), Mumbai, Maharashtra, India
PAN No. :	AAAFA8300P
Associates :	² Associated Aluminium Industries Private Limited ² Associated Non-Ferrous Metals Private Limited ² Daga Capital Management Private Limited ² Dynavent Air Systems Private Limited ² Hind Aluminium Industries Limited ² Shree Nursingh Holdings Private Limited ² Satyam Prima Capital Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
392000	Equity Shares	Rs.10/- each	Rs.3.920 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.920	3.920	3.920
(b) Reserves & Surplus	96.144	92.474	90.835
(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)	100.064	96.394	94.755
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.410	1.179
(b) Deferred tax liabilities (Net)	0.235	0.400	0.461
(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)	0.235	0.810	1.640
(4) Current Liabilities
(a) Short term borrowings	1.304	1.459	1.300
(b) Trade payables	2.642	3.751	6.212
(c) Other current liabilities	4.453	3.044	2.809
(d) Short-term provisions		0.000	0.000
Total Current Liabilities (4)	8.399	8.254	10.321
TOTAL	108.698	105.458	106.716
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.178	5.601	6.501
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	41.655	41.655	41.655
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	(0.440)	1.575	3.402
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	45.393	48.831	51.558
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	23.624	21.443	22.198
(c) Trade receivables	15.380	7.714	11.238
(d) Cash and cash equivalents	2.370	1.722	13.154
(e) Short-term loans and advances	21.819	25.672	8.312
(f) Other current assets	0.112	0.076	0.256
Total Current Assets	63.305	56.627	55.158
TOTAL	108.698	105.458	106.716

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	77.491	71.819	69.483
		Other Income	4.120	2.867	2.948
		TOTAL	81.611	74.686	72.431
Less	EXPENSES
		Cost of Materials Consumed	53.198	48.828	51.748
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	-0.400	1.635	(2.623)
		Employees benefits expense	5.929	6.518	5.950
		Other expenses	17.034	14.426	13.332
		TOTAL	75.761	71.407	68.407
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		5.850	3.279	4.024
Less	FINANCIAL EXPENSES		0.182	0.200	0.287
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.668	3.079	3.737
Less/ Add	DEPRECIATION/ AMORTISATION		0.714	0.916	1.119
	PROFIT/ (LOSS) BEFORE TAX		4.954	2.163	2.618
Less	TAX		1.285	0.524	0.611
	PROFIT/ (LOSS) AFTER TAX		3.669	1.639	2.007
	Earnings / (Loss) Per Share (Rs.)		9.36	4.18	5.12

NOTE:

1. The Above results were reviewed by the Audit Committee and approved and taken by the Board of Directors at their meeting held on 30^th May, 2014. The statutory auditors of the company have audited the financial results for the year ended 31st March, 2014 and figures for the quarter ended 31st March, 2014 as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and the published year to date unaudited figures upto the end of the third quarter of the relevant financial year.

2. The Figures of previous year have been regrouped / re-arranged wherever necessary.

3. The company has only one segment of activity namely "Manufacturing of Aluminium Products”.

4. The above figures are in lakhs except EPS and Description of Share Holding.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	4.50	2.19	2.77
Net Profit Margin (PBT/Sales)	(%)	6.39	3.01	3.77
Return on Total Assets (PBT/Total Assets}	(%)	7.39	3.39	4.02
Return on Investment (ROI) (PBT/Networth)		0.05	0.02	0.03
Debt Equity Ratio (Total Debt/Networth)		0.01	0.02	0.03
Current Ratio (Current Asset/Current Liability)		7.54	6.86	5.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.920	3.920	3.920
Reserves & Surplus	90.835	92.474	96.144
Net worth	94.755	96.394	100.064
long-term borrowings	1.179	0.410	0.000
Short term borrowings	1.300	1.459	1.304
Total borrowings	2.479	1.869	1.304
Debt/Equity ratio	0.026	0.019	0.013

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	69.483	71.819	77.491
		3.362	7.898

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	69.483	71.819	77.491
Profit	2.007	1.639	3.669
	2.89%	2.28%	4.73%

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	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	-----
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	No

NOTE:

The registered address of the company has been shifted from 357 A TO Z Industrial Estate, K Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India to the present address w.e.f 15.04.2009

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	NA	0.410
SHORT TERM BORROWINGS
Intercorporate borrowings		0.950
Loans and advances from others		0.509
Total	NA	1.869

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90215756	18/01/2002	2,600,000.00	STATE BANK OF INDIA	VAPI INDUSTRIAL TOWNSHIP BRANCH, VAP, Gujarat - 396195, INDIA	-

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer Equipments

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.6014
UK Pound	1	Rs.103.00
Euro	1	Rs.81.33

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.