MIRA INFORM REPORT

Report Date :

21.06.2014

IDENTIFICATION DETAILS

Name :	AIA ENGINEERING LIMITED
Registered Office :	115, GVMM Estate, Odhav Road, Odhav, Ahmedabad-382410, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.03.1991
Com. Reg. No.:	015182
Capital Investment / Paid-up Capital :	Rs.188.641 Millions
CIN No.: [Company Identification No.]	L29259GJ1991PLC015182
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of High Chromium Consumable Wear Parts (Mill Internals) use in Process of Crushing / Grinding in the Cement, Mining, Thermal Power and Aggregate Industries.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 43348000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having fine track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

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	CRISIL
Rating	AA+ [Long Term]
Rating Explanation	High degree of safety and very low credit risk.
Date	30.12.2013

Rating Agency Name	CRISIL
Rating	A1+ [Short Term]
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	30.12.2013

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. Vivek Rathore
Designation :	Account Executive
Contact No.:	91-79-22901078

LOCATIONS

Registered Office :	115, GVMM Estate, Odhav Road, Odhav, Ahmedabad-382410, Gujarat, India
Tel. No.:	91-79-22901078
Fax No.:	91-79-22901077
E-Mail :	vivekrathore@aiaengineering.com info@aiaengineering.com
Location :	Owned
Factory 1 :	235-236, and other Plants at GVMM Estate, Odhav Road, Odhav, Ahmedabad-382410, Gujarat, India
Factory 2 :	129/129-A, GVMM Estate, Odhav Road, (Erstwhile Reclamation Welding Limited), Ahmedabad-382410, Gujarat, India
Factory 3 :	Plot No. 70-77, Survey No. 423/P, 426/P and 427/P, Mahagujarat Industrial Estate, Sarkhej-Bavla N.H. 8-A, Village Molaiya, Post Changodal, Taluka Sanand, Ahmedabad-382213, Gujarat, India
Factory 4 :	18/P, 20^th Mile Stone, Sarkhej-Bavla N.H. 8-A, Village Molaiya, Post Changodal, Taluka Sanand, Ahmedabad-382213, Gujarat, India
Factory 5 :	Plot No. 14, (Survey No. 67, 67A and 70), Girnar Scooter Compound, Odhav, Ahmedabad-382410, Gujarat, Indai
Factory 6 :	L-3, MIDC Industrial Area (Erstwhile Paramount Centrispun Castings Private Limited), Hingna Nagar, Nagpur-440016, Maharashtra, India
Branch Office :	Located At: Mumbai Ahmedabad

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Rajendra S. Shah
Designation :	Chairman : Independent - Non-Executive
Name :	Mr. Bhadresh K. Shah
Designation :	Managing Director : Executive - Promoter
Name :	Mr. Vinod Narain
Designation :	Independent Director
Name :	Mr. Sanjay S. Majmudar
Designation :	Independent Director
Name :	Dr. S. Srikumar
Designation :	Non Independent - Non-Executive Director
Name :	Mr. Yashwant M. Patel
Designation :	Whole-time Director

KEY EXECUTIVES

Name :	Mr. S. N. Jetheliya
Designation :	Company Secretary
Name :	Mr. Vivek Rathore
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 01.01.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	58149120	61.65
Sub Total	58149120	61.65
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	58149120	61.65
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4859574	5.15
Financial Institutions / Banks	3740	0.00
Foreign Institutional Investors	25983402	27.55
Any Others (Specify)	0	0.00
Sub Total	30846716	32.70
(2) Non-Institutions
Bodies Corporate	2490520	2.64
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1917670	2.03
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	758664	0.80
Any Others (Specify)	157680	0.17
Clearing Members	38589	0.04
NRIs/OCBs	113591	0.12
Trusts	5500	0.01
Sub Total	5324534	5.65
Total Public shareholding (B)	36171250	38.35
Total (A)+(B)	94320370	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)	94320370	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of High Chromium Consumable Wear Parts (Mill Internals) use in Process of Crushing / Grinding in the Cement, Mining, Thermal Power and Aggregate Industries.
Exports :
Products :	Finished Goods
Countries :	Canada UK Australia
Imports :
Products :	Raw Materials
Countries :	USA
Terms :
Selling :	LC and Credit
Purchasing :	LC and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

1000 (Approximately)

Bankers :

· State Bank of India, G.V.M.S.A.V. Limited Branch, Odhav Road, Odhav, Ahmedabad-382410, Gujarat, India

· The Royal Bank of Scotland N.V., (Formerly known as ABN AMRO Bank), Viva Complex, Opposite Parimal Garden, Ellis Bridge, Ahmedabad – 380 006, Gujarat, India

· Citi Bank N.A., 1st Floor, Kalapurnam, Near Municipal Market, C.G. Road, Ahmedabad-380 009, Gujarat, India

· HSBC Bank Limited, Maradia Plaza, Upper Level, C.G. Road, Ahmedabad-380 009, Gujarat, India

Facilities :

Secured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Long Term Borrowings

From Banks

- External Commercial Borrowings

1015.129

0.000

- Foreign Currency Loan Buyer’s Credit

28.264

0.000

Short Term Borrowings

Loans Repayable on Demand

From Banks

- Foreign Currency Loan Buyer’s Credit/Packing Credit

370.609

254.350

TOTAL

1414.002

254.350

Unsecured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Long Term Borrowings

Deferred Payment Liabilities *

11.052

12.790

Short Term Borrowings

From Banks

- Foreign Currency Loan Buyer’s Credit

43.723

0.000

TOTAL

54.775

12.790

Long Term Borrowings:

Terms of repayment for External Commercial Borrowings:

External Commercial Borrowings (ECB) of US $ 18700000 is secured by hypothecation of Identified Plant and Machineries procured / to be procured from it and to be installed at Moraiya Unit (M1) of the Company mentioned in Hypothecation Agrrement. The Loan is repayable in 15 equal quarterly instalments of US$ 1246667 after a moratorium period of 18 months from the date of first draw-down i.e. 3rd October, 2012. Interest rates are reset every three months at the rate of 3 months US$ LIBOR plus285 bps p.a. The first Instalment will due on 3rd April, 2014 and the loan will be fully re-paid on 3rd October, 2017.

Repayment of External Commercial Borrowings (ECB)	Rs. In Millions
2014-15	270.701
2015-16	270.701
2016-17	270.701
2017-18	203.026

Terms of repayment for Buyers Credit:

The Company has availed Buyer’s Credit of GBP 330204.10 and EURO 14840.46 are secured by first and exclusive charge over specific Plant and Machinery being imported. The Buyer’s Credit loans are repayable at 4th January, 2016 and 9th February, 2016 respectively. The Interest rates are determined as a spread over 90 /180 days LIBOR and the spread is a function of liquidity available with the Bank. The Buyer’s Credit finance arranged in this financial year has been at a spread of 150 bps over LIBOR.

Terms of repayment for deferred payment liabilities are as set out below:

Repayment of Deferred Sales Tax under Package Scheme of Incentive 1993	Rs. In Millions
2014-15	1.801
2015-16	2.232
2016-17	1.895
2017-18	1.748
2018-19	1.372
2019-20	2.004

* Deferred Sales tax under Package Scheme of Incentives 1993 of Maharashtra for erstwhile Paramount Centrispun Castings Private Limited.

Short Term Borrowings:

Terms of repayment for Buyers Credit:

The Company has availed Buyer’s Credit / Packing Credit of US$ 1827108.33 and US$ 5000000 respectively which are secured by Hypothecation of entire chargeable Current Assets of the Company including Stocks of Raw Materials, Stores and Spares, Work In-Process and Receivables on pari-passu basis. The Interest rates are determined as a spread over 90 /180 days LIBOR and the spread is a function of liquidity available with the Bank. The Buyer’s Credit finance arranged in this financial year has been at a spread of 150 bps over LIBOR.

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountants
Address :	Ambica Chambers, Near Old High Court, Navrangpura, Ahmedabad-380009, Gujarat, India
Subsidiaries :	Welcast Steels Limited, Bangalore DCPL Foundries Limited, Trichy Vega Industries (Middle East) FZE, U.A.E. Vega Industries Limited, U.K. Vega Industries Limited, U.S.A. Vega Steel Industries (RSA) PTY Limited, South Africa Wuxi Weigejia Trade Company Limited, China

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
230000000	Equity Shares	Rs.2/- each	Rs. 460.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
94320370	Equity Shares	Rs.2/- each	Rs. 188.641 Millions

NOTES:

RIGHTS, PREFERENCES AND RESTRICTIONS ATTACHED TO EQUITY SHARES:

The company has one class of equity shares having a par value of Rs. 2 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

During the year ended 31st March, 2013, the amount of Dividend proposed by the Board of Directors of the Company to the Equity Share holders is Rs. 4 per Share (Previous Year Rs. 3 per Share)

THE DETAILS OF SHAREHOLDER HOLDING MORE THAN 5% SHARES IS SET OUT BELOW:

NAME OF SHAREHOLDER	AS ON 31.03.2013
	NO. OF SHARES	% OF HOLDING
Bhadresh K. Shah	39626875	42.01
Bhadresh K. Shah Karta of Bhadresh K. Shah H.U.F	18502025	19.62
Nalanda India Equity Fund Limited	7918845	8.40
HDFC Trustee Company Limited - HDFC Prudent Fund	5822074	6.17

AGGREGATE NUMBER AND CLASS OF SHARES ALLOTTED AS FULLY PAID UP PURSUANT TO CONTRACT(S) WITHOUT PAYMENT BEING RECEIVED IN CASH:

336430 Equity Shares (Previous Year 336430) of Rs. 2 each fully paid-up have been issued to the Shareholders of the Amalgamating Company i.e. Reclamation Welding Limited pursuant to the Scheme of Amalgamation with the Company during the Financial Year 2009-10.

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	188.641	188.641	188.641
(b) Reserves & Surplus	10648.545	9398.614	8218.255
(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)	10837.186	9587.255	8406.896
(3) Non-Current Liabilities
(a) Long-term borrowings	1054.445	12.790	14.187
(b) Deferred tax liabilities (Net)	196.646	182.887	157.950
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	36.514	26.672	20.735
Total Non-current Liabilities (3)	1287.605	222.349	192.872
(4) Current Liabilities
(a) Short term borrowings	414.332	254.350	0.000
(b) Trade payables	859.021	726.724	602.461
(c) Other current liabilities	214.791	158.028	172.846
(d) Short-term provisions	682.228	467.556	382.729
Total Current Liabilities (4)	2170.372	1606.658	1158.036
TOTAL	14295.163	11416.262	9757.804
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3368.789	3133.759	2415.923
(ii) Intangible Assets	24.000	21.462	8.176
(iii) Capital work-in-progress	314.472	180.849	134.759
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	154.600	151.592	151.592
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	97.609	118.244	32.168
(e) Other Non-current assets	9.159	56.612	44.230
Total Non-Current Assets	3968.629	3662.518	2786.848
(2) Current assets
(a) Current investments	1765.788	1121.059	1501.332
(b) Inventories	2096.429	1621.048	1318.520
(c) Trade receivables	2335.231	2971.616	2432.126
(d) Cash and cash equivalents	2085.801	778.108	840.859
(e) Short-term loans and advances	2035.224	1228.338	877.345
(f) Other current assets	8.061	33.575	0.774
Total Current Assets	10326.534	7753.744	6970.956
TOTAL	14295.163	11416.262	9757.804

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	15860.366	12725.600	9854.719
		Other Income	193.306	116.531	163.300
		TOTAL (A)	16053.672	12842.131	10018.019
Less	EXPENSES
		Cost of Materials Consumed	5139.524	4207.740	3087.279
		Purchases of Stock-in-Trade	2312.811	2072.240	1600.217
		Employee Benefits Expense	518.722	417.836	341.381
		Other Expenses	5237.363	3885.648	3083.175
		Changes in Inventories of Finished goods, Work-in-process and Stock-in-Trade	47.345	(217.305)	(200.647)
		TOTAL (B)	13255.765	10366.159	7911.405
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2797.907	2475.972	2106.614
Less	FINANCIAL EXPENSES (D)		32.193	21.340	0.238
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2765.714	2454.632	2106.376
Less/ Add	DEPRECIATION/ AMORTISATION (F)		306.932	254.720	213.821
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2458.782	2199.912	1892.555
Less	TAX (H)		767.747	690.837	595.062
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1691.035	1509.075	1297.493
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5782.000	4752.551	3913.524
Less	APPROPRIATIONS
		Transfer to General Reserve	169.110	150.910	129.750
		Proposed Dividend	377.281	282.961	282.961
		Tax on Dividend	63.823	45.755	45.755
	BALANCE CARRIED TO THE B/S		6862.821	5782.000	4752.551
	IMPORTS
		Raw Materials - Scrap	657.368	378.038	204.686
		Raw Materials -Ferro Alloys	533.953	383.147	454.279
		Stores	414.287	292.090	197.743
		Capital Goods	261.938	219.972	37.485
	TOTAL IMPORTS		1867.546	1273.247	894.193
	Earnings / (Loss) Per Share (Rs.)		17.93	16.00	13.76

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013	31.03.2014
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	4013.800	4502.200	4548.000	4766.200
Total Expenditure	3032.900	3414.900	3414.400	3403.900
PBIDT (Excl OI)	980.900	1087.200	1133.600	1362.300
Other Income	100.800	(32.100)	92.700	164.300
Operating Profit	1081.700	1055.100	1226.300	1526.500
Interest	11.500	15.400	00.800	29.700
Exceptional Items	0.000	0.000	(311.100)	0.000
PBDT	1070.200	1039.700	914.500	1496.800
Depreciation	80.100	82.200	83.700	117.000
Profit Before Tax	990.100	957.500	830.700	1379.800
Tax	309.500	305.800	263.800	428.800
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	680.700	651.700	566.900	951.100
Extraordinary Items	0.000	0.000	0.000	0.000
Net Profit	680.700	651.700	566.900	951.100

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.53	11.75	12.95
Net Profit Margin (PBT/Sales)	(%)	15.50	17.29	19.20
Return on Total Assets (PBT/Total Assets}	(%)	17.78	19.85	19.98
Return on Investment (ROI) (PBT/Networth)		0.23	0.23	0.23
Debt Equity Ratio (Total Debt/Networth)		0.14	0.03	0.00
Current Ratio (Current Asset/Current Liability)		4.75	4.83	6.02

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	188.641	188.641	188.641
Reserves & Surplus	8218.255	9398.614	10648.545
Net worth	8,406.896	9,587.255	10,837.186
long-term borrowings	14.187	12.790	1054.445
Short term borrowings	0.000	254.350	414.332
Total borrowings	14.187	267.140	1,468.777
Debt/Equity ratio	0.002	0.028	0.136

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	9854.719	12725.600	15860.366
		29.132	24.634

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	9854.719	12725.600	15860.366
Profit	1297.493	1509.075	1691.035
	13.17%	11.86%	10.66%

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	No
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%	--
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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10425511	14/05/2013	420,000,000.00	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60,, MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B75061259
2	10392966	13/12/2012	1,028,500,000.00	CITIBANK N.A	1ST FLOOR, KALAPURNAM, NEAR MUNICIPAL MARKET, CG  ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B64512841
3	90107020	25/08/2009 *	3,630,000,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATION UNIT, 4TH FLOOR , BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA	A69602712
4	90104117	31/03/2010 *	3,630,000,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATION UNIT, 4TH FLOOR , BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA	A83081745

* Date of charge modification

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 981 of 2011

STATUS: PENDING ( Converted from : ST/1829/2011 ) CCIN No : 001092201100981

NEXT LISTING DATE: 04/07/2012

· 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-I

MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

AIA ENGINEERING LTD

MR TUSHAR P HEMANI for :Opponent(s) 1
MS VAIBHAVI K PARIKH for :Opponent(s) 1

Presented On: 12/07/2012 Registered On: 13/06/2011

Bench Category: DIVISION BENCH District: AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed: 94 times

Stage Name: 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

OFFICE DETAILS

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

13/06/2011

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) 1

20

MRS MAUNA M BHATT:1

2

29/06/2011

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) 1

6

MRS MAUNA M BHATT:1

3

15/08/2011

VAKALATNAMA

MR TUSHAR P HEMANI ADVOCATE
for RESPONDENT(s) 1

-

MR TUSHAR P HEMANI:1

4

15/08/2011

VAKALATNAMA

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) 1

-

MRS MAUNA M BHATT:1

5

15/08/2011

VAKALATNAMA

MS VAIBHAVI K PARIKH ADVOCATE
for RESPONDENT(s) 1

-

MS VAIBHAVI K PARIKH:1

6

14/08/2012

VAKALATNAMA

MR TUSHAR P HEMANI ADVOCATE
for RESPONDENT(s) 1

5

MR TUSHAR P HEMANI:1

7

14/08/2012

JOINT VAKALATNAMA

MS VAIBHAVI K PARIKH ADVOCATE
for RESPONDENT(s) 1

-

MS VAIBHAVI K PARIKH:1

COURT PROCEEDINGS

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

28/06/2011

3

-

OFFICE OBJECTION (FILING STAGE)

NEXT DATE

· ADDITIONAL REGISTRAR ( JUDICIAL)

2

04/07/2012

3

21

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/981/2011

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE N.V.ANJARIA

04/07/2012

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

05/07/2012

O/20858/2012

04/07/2012

06/07/2012

09/07/2012

Delivered

ORDER

OPERATIONAL REVIEW:

During the year, the Revenue from Operations of the Company has gone up to Rs. 15860.366 Millions as compared to Rs. 12725.600 Millions in the previous Financial Year. Exports Turnover has also gone up to Rs. 10339.425 Millions as compared to Rs. 7560.215 Millions in the previous Financial Year. During the year, Company has registered a Profit Before Tax (PBT) of Rs. 2458.782 Millions and Profit After Tax (PAT) of Rs. 1691.035 Millions as compared to PBT of Rs. 2199.912 Millions and PAT of Rs. 1509.075 Millions respectively in the previous Financial year. During the year, on a Consolidated basis, the Company (together with its Subsidiaries) registered Revenue from Operations of Rs. 17513.107 Millions as compared to the Turnover of Rs. 14166.664 Millions in the previous Financial Year. Correspondingly, the Consolidated Profit After Tax (PAT) registered during the year is Rs. 2116.233 Millions as compared to PAT of Rs. 1812.043 Millions in the previous Financial Year.

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY OVERVIEW:

AIAE manufactures and markets a wide range of High Chromium consumable wear parts (mill internals) which are used in the process of Crushing/Grinding in the Cement, Mining, Thermal power and Aggregate Industries. These are core industries from an economic stand-point and are the basic drivers of infrastructural development. The Company employs alloy-casting process for manufacture of the products, which require designing of alloys in relation to end application. The casting process is followed by precision heat treatment to develop required end properties. Therefore, Company can generally be classified as a foundry. The industry produces a specific range of high chrome mill internals which are used as wear parts in the crushing / grinding operations in the mills/plants of Cement, Mining, Utility and Aggregate industries and therefore the market prospects are linked with the requirement of these industries.

AIAE has a global footprint with sales and service support in more than 90 countries. Segmentally, the global cement industry has been undergoing structural issues and virtually all new capacity addition has come to a halt except for a few select countries. Also, capacity utilization in developed countries continues to remain flat. Even in India, the Cement industry, having grown its capacity to 300 million tonnes per annum, seems to have entered a phase of consolidation with new capacity additions having slowed down. As for the mining business, as many reports suggest, it seems an era of super-cycle for commodities has come to an end. Capacity addition plans for many companies are being put on hold. But AIAE’s prospects are more closely linked to the capacity utilization of the mines and the subsequent wear part replacement which seems to be holding up well till now. The Company will continue to monitor this very closely. In India, in addition to the above two industries, AIAE is also servicing the replacement and new capex requirements of coal fired thermal power plants and is thus directly catering to the power sector. India is projected to continue to be power deficit for the foreseeable future and hence a sustained growth in this particular segment in India is predictable.

OUTLOOK AND PROSPECTS:

The annual replacement market of High Chrome mill internals for cement globally is estimated at around 0.300 million tons. The overall position of the cement industry in the key global markets continued to remain sluggish for a major part of Fiscal Year 2013. There is expectation that to stimulate growth in the developed countries their governments will have to resort to infrastructure spending and which will trigger positive improvements in capacity utilizations at Cement plants. AIAE will be a beneficiary as and when the same is witnessed. In addition, there are certain specific markets in Asia, Africa and South America that continue to add capacity and/or have increased capacity utilization. In China, the company currently has a limited presence in form of a particular variety of products. China continues to remain a major market and the company will continue to invest resources and strategy for a bigger market share. In India while new capacities were created the pace has distinctively slowed down. Nevertheless India’s cement production has increased by around 8 to 10% in Fiscal Year 2013 and on a matching basis the company has maintained a similar growth in the cement replacement market in India.

In the mining industry the company is predominantly focused on four major metal ore types’ viz. Iron, Platinum, Gold and Copper with emphasis on the replacement market. The growth prospects are primarily emanating out of the large annual replacement market in this industry. The addressable market opportunity relating to wear parts are estimated in the range of 1.5 to 2.0 million tons per annum Out of this less than 20% requirement is converted into high chrome which implies the opportunity of conversion of the balance requirements into high chrome products. While the company started its foray into mining space with concentration on grinding media, the company has now successfully developed mining liners also. Even within grinding media, the company has developed certain specialized applications. Now the company is positioned as perhaps the only company in the world offering the complete range of Mining High- Chrome consumables including grinding media products as well as mining liners made out of chrome alloys. This positioning is unique to the company and augurs well for the consistent and steady growth in this industry over medium to long term. Again, since the company is focused on the above four major ores some cyclical fluctuations in any of the above products does not impact significantly the company’s growth prospects. AIAE has steadily increased its market presence in the major mining groups across the Globe with particularly strong focus on major mining centers like Australia, Africa, North America, etc. The focus of the company in mining industry is predominantly outside India. In as much as the thermal power plants are concerned the Company continues to enjoy a niche position in this particular segment in India. The company will strive to maintain a steady growth rate in this particular segment matching with the rate at which the sector grows.

CAPEX PLAN:

The company is on target in implementing its Capex plans for Fiscal Year 2013-14 and 2014-15 so as to effectively augment the total available capacity from the exiting level of 200,000 Metric tonnes per year as on 31.03.2013 to 300,000 Metric tonnes per year by 31.03.2015. This expansion consists of brown field capex at its plant in Moraiya, Gujarat and Greenfield Capex at its site in Kerala GIDC in Gujarat.

AUDITED FINANCIAL RESULTS FOR THE QUARTERS ENDED AND YEAR ENDED 31^ST MARCH 2014

Rs. In Millions

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.03.2014	31.12.2013	31.03.2014
		AUDITED	UN-AUDITED	AUDITED
1.	Net Sales / Income from operations (Net of Excise duty)	4657.406	4359.677	17199.328
	Other Operating Income	108.769	188.282	630.777
	Total Income From Operations (Net)	4766.175	4547.959	17830.105
2.	Expenditure
	Cost of materials consumed	1809.898	1465.488	5785.376
	Purchase of stock in trade	204.061	657.366	2112.334
	Employee benefits expenses	1.006	(117.293)	(77.290)
	Depreciation and amortization expenses	143.284	142.043	567.070
	Other expenses	116.951	83.735	362.948
	Changes in inventories of finished goods, work in progress and stock in trade	1245.663	1266.761	4878.656
	Total Expenditure	3520.863	3498.100	13629.094
3	Profit from Operations before other Income, Finance Costs & Exceptional Items (1-2)	1245.312	1049.859	4201.011
4	Other Income	164.251	92.721	325.687
5	Profit from ordinary activities before Finance Costs & Exceptional Items (3+4)	1409.563	1142.580	4526.698
6	Finance Costs	29.726	0.755	57.407
7	Profit from ordinary activities after Finance Costs but before Exceptional Items (5-6)	1379.837	1141.825	4469.291
8	Exceptional Items	-	3,11.100	3,11.100
9	Profit (+) /Loss (-) from Ordinary Activities before Tax (7-8)	1379.837	830.725	4158.191
10	Tax Expenses (Provision for Taxation)
	(i) Current Tax	419.403	264.183	1289.926
	(ii) Deferred Tax	9.336	(0.399)	17.872
	Total Tax ( i+ii)	428.739	263.784	1307.798
11	Net Profit (+) /Loss (-) from Ordinary Activities after Tax (9-10)	951.098	566.941	2850.393
12	Extraordinary Items (Net of Tax Expenses Rs. NIL).	-	-	-
13	Net Profit (+) / Loss (-) for the period (11-12)	951.098	566.941	2850.393
14	Less: Share of profit / (loss) of Associates	-	-	-
15	Less: Minority Interest	-	-	-
16	Net Profit after Minority Interest (13-14-15)	951.098	566.941	2850.393
17	Less: Prior Period Adjustment	-	-	-
18	Net Profit after Adjustment (16-17)	951.098	566.941	2850.393
19	Paid-up Equity Share Capital – Face Value of Rs.2 each.	188.641	188.641	188.641
20	Reserves excluding Revaluation Reserves as per Balance Sheet of Previous accounting year			12931.888
21	Earning Per Share (EPS)
	Basic and diluted EPS before & after Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)
	BASIC	10.08	6.01	30.22
	DILUTED	10.08	6.01	30.22
17.	Public Shareholding
	-Number of Shares	36171250	36171250	36171250
	- Percentage of Shareholding	38.35%	38.35%	38.35%
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	NIL	NIL	NIL
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	N.A.	N.A.	N.A.
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	N.A.	N.A.	N.A.
	b) Non Encumbered
	- Number of Shares	58149120	58149120	58149120
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%	100%	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	61.65%	61.65%	61.65%

Particulars	3 Months ended on 31.03.2014
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

NOTES

1. The above Audited Financial Results for the year ended 31^st March 2014 have been reviewed by the Audit Committee and were taken on record by the Board of Directors in their respective meetings held on 20^th May 2014.

2. The Board of Directors of the Company have recommended a dividend of Rs.6/- (300%) per Equity Share of Rs.2 each amounting to Rs.565.922 Millions for the year 2013-14 excluding Corporate Dividend Tax of Rs.95.773 Millions.

3. The Company has only one primary segment i.e. manufacturing of High Chrome Mill Internals.

4. The consolidated Finanical Results comprises of the results of the parent company i.e. AIA Engineering Limited and its subsidiaries viz. Welcast Steels Limited, Bangalore, Vega Industries (Middle East) F.Z.E.,UAE, Vega Industries Limited, USA, Vega Steel Industries (RSA) Pty. Limited, South Africa, and Wuxi Weigejia Trade Co. Limited, China.

5. Statement of Assets and Liabilities as at the end of 31st March 2014.

Particulars	STANDALONE
	As at 31st March 2014
	Audited
A EQUITY AND LIABILITIES
1 SHAREHOLDERS FUND:
(a) Capital	188.641
(b) Reserves and Surplus	12931.888
Sub-total – Shareholders' funds	13120.529
2. Share application money pending allotment	-
3. Minority Interest	-
4 Non-Current Liabilities:
(a) Long-term Borrowings	867.176
(b) Deferred Tax Liabilities (net)	214.371
(c) Other long-term liabilities	-
(d) Long-term Provisions	37.508
Sub-total – Non-Current Liabilities	1119.055
5 Current Liabilities:
(a) Short-term Borrowings	-
(b) Trade Payables	1196.838
(c) Other Current liabilities	446.047
(d) Short-term Provisions	1025.312
Sub-total – Current Liabilities	2668.197
TOTAL – EQUITY AND LIABILITIES	16907.781
B. ASSETS
1 Non-Current Assets:
(a) Fixed Assets	4665.349
(b) Goodwill on Consolidation
(c) Non-Current Investments	149.103
(d) Deferred Tax Assets (Net)	-
(e) Long term loans and advances	149.629
(f) Other Non-Current Assets	9.827
Sub-total – Non-Current Assets	4973.908
2 Current Assets:
(a) Current Investments	5013.496
(b) Inventories	2194.025
(c) Trade Receivables	2213.613
(d) Cash and Cash equivalents	829.876
(e) Short Term Loans and advances	1680.391
(f) Other Current Assets	2.472
Sub-total – Current Assets	11933.873
TOTAL – ASSETS	16907.781

6. The Hon'ble High Court of Gujarat, Ahmedabad vide its order dated 4^th April 2014 (received by the Company on 2^nd May 2014) approved the Scheme of Amalgamation of DCPL Foundries Ltd. with the Company. With the filing of Form INC-28 with the Ministry of Corporate Affairs, the Scheme of Amalgamation has become effective from 3^rd May 2014 and applicable with the appointed date 1^st April 2013. Accordingly effect of amalgamation is given books of accounts from the appointed date.

7. Figures of Standalone as well as Consolidated Audited Financial Results as on 31^st March 2014 are post-merger and hence not comparable with those of the previous year.

8. The previous Period / Year figures have been regrouped, reclassified and restated wherever necessary.

9. The company has entered into derivatives contracts strictly for hedging purposes and not for trading or speculation. The company has voluntarily adopted Accounting Standard (AS) 30 "Financial Instruments"; Recognition and Measurement" to the extent the Standard does not conflict with the Accounting Standards notified under section 211 (3C) of the Companies Act, 1956. Pursuant to the adoption,the Net gain on foreign currency forwards and interest rate swap of INR959.64 Lacs as required by AS-30 has been parked in the Cash Flow Hedging Reserve under Reserves and Surplus. this gain would be recycled in the Statement of Profit & Loss / Fixed Assets in the period during which the forecasted transactions occurs.

10. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.

11. Security Deposit of US$ 7228544.64 was placed in the District Court of Nashville, Tennessee USA for the execution of judgement awarded in Patent Matter. During the year out of the above, Company has paid US $ 6.000 Millions (INR 310.000 Millions) to Magotteaux International (MI), Belgium towards the Settlement of US Patent case as per the Settlement agreement entered by the Company with the MI and the balance has been received by the Company.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
1. Contingent Liabilities :
a. Claims against the Company not acknowledged as debts
i) Central Excise & Service Tax	164.265	174.360
ii) Income Tax	0.000	250.615
iii) Sales Tax / Central Sales Tax	4.821	6.850
iv) Award of Damages in Patent matter by District Court of Nashville, Tennessee, U.S.A., which is disputed by the Company (US$ 7228544.64)	392.402	0.000
b. Guarantees
i) Bank Guarantees Outstanding	667.693	630.929
ii) Corporate Guarantees Outstanding to Customers	99.161	114.145
iii) Guarantees given by the Company on behalf of Subsidiaries	261.215	152.610
iv) Corporate Guarantees given by the Company on behalf of Subsidiaries	183.749	0.000
v) Letter of Credit (L/C)	218.239	96.360

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office 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 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] 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.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		69

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.