MIRA INFORM REPORT

Report Date :

29.03.2014

IDENTIFICATION DETAILS

Name :	M AND B ENGINEERING LIMITED (w.e.f. 30.03.2011) PROFLEX SYSTEMS DIVISION OF M AND B ENGINEERING LIMITED
Formerly Known As :	M AND B ENGINEERING PRIVATE LIMITED (w.e.f. 22.11.2006) MANIBHAI AND BROTHERS (CONSTRUCTION) PRIVATE LIMITED
Registered Office :	Mb House, 51 Chandrodaya Society, Opposite Golden, Triangle Stadium Road, Post Navjivan, Ahmedabad – 380014, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.06.1981
Com. Reg. No.:	04-004437
Capital Investment / Paid-up Capital :	Rs.200.000 Millions
CIN No.: [Company Identification No.]	U45200GJ1981PLC004437
TIN No.:	24072901412
PAN No.: [Permanent Account No.]	AAACM7930Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject Deals Pre Engineered Buildings, Structure Steels, Steel Roofing and Components.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems dip in the profitability of the company. However, financial position of the company seems to be decent. Trade relation are reported to be fair. Business is active. Payment terms are reported to be slow but correct. 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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities=BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	25.03.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities=A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	25.03.2014

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 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Keyur Shah
Designation :	Finance Manager
Contact No.:	91-9099002260
Date :	27.03.2014

LOCATIONS

Registered Office :	Mb House, 51 Chandrodaya Society, Opposite Golden, Triangle Stadium Road, Post Navjivan, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-26405563 / 26405572 / 26461314
Mobile No.:	91-9099002260 (Mr. Keyur Shah)
Fax No.:	91-79-26400828
E-Mail :	Info@mbproflex.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Malav Girishbhai Patel

Designation :

Managing Director

Address :

7, Friends Colony, Near D. K. Patel Hall, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

20.10.1976

Date of Appointment :

01.04.2011

DIN No.:

00260602

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200GJ1981PLC004437	M & B ENGINEERING LIMITED	Managing director	01/04/2011	01/03/2001	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PVT LTD	Director	01/06/2001	01/06/2001	Active	NO
3	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	01/10/2008	01/10/2008	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/01/2011	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/01/2011	Active	NO

Name :

Mr. Chirag Hasmukhbhai Patel

Designation :

Managing Director

Address :

7, Friends Colony, Near D. K. Patel Hall, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

26.03.1971

Date of Appointment :

01.04.2011

DIN No.:

00260514

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200GJ1981PLC004437	M & B ENGINEERING LIMITED	Managing director	01/04/2011	01/05/1993	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PVT LTD	Director	01/01/1995	01/01/1995	Active	NO
3	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	21/01/2004	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/03/2007	Active	NO
5	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	02/11/2007	02/11/2007	Active	NO
6	AAA-7647	M&B URBANESTATES LLP	Designated Partner	17/01/2012	17/01/2012	Active	NO
7	AAC-1448	GREY STONE BUILDCON LLP	Designated Partner	04/03/2014	04/03/2014	Active	NO

Name :

Mr. Hasmukbhai Shivabhai Patel

Designation :

Director

Address :

7, Friends Colony, Near D. K. Patel Hall, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

24.09.1935

Date of Appointment :

16.06.1981

DIN No.:

00260955

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200GJ1981PLC004437	M & B ENGINEERING LIMITED	Director	16/06/1981	16/06/1981	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PVT LTD	Director	01/01/1995	01/01/1995	Active	NO
3	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	01/10/2008	01/10/2008	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/01/2011	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/01/2011	Active	NO

Name :

Mr. Vipinbhai Kantilal Patel

Designation :

Whole-time Director

Address :

2, Nandanvan, Near Shyam Vihar Bunglow, Thaltej – Shilaj Road, Ahmedabad – 380051, Gujarat, India

Date of Birth/Age :

17.03.1948

Date of Appointment :

01.04.2011

DIN No.:

00260734

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200GJ1981PLC004437	M & B ENGINEERING LIMITED	Whole-time director	01/04/2011	31/12/1984	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PVT LTD	Director	01/11/1994	01/11/1994	Active	NO
3	U65910GJ1994PTC023499	LV FINANCE PRIVATE LIMITED	Director	01/11/1994	01/11/1994	Active	NO
4	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	02/11/2007	02/11/2007	Active	NO
5	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/01/2011	Active	NO
6	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/01/2011	Active	NO

Name :

Mr. Girishbahi Manibhai Patel

Designation :

Director

Address :

7, Friends Colony, Near D. K. Patel Hall, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

31.08.1947

Date of Appointment :

01.04.2011

DIN No.:

00261624

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200GJ1981PLC004437	M & B ENGINEERING LIMITED	Whole-time director	01/04/2011	31/12/1984	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PVT LTD	Director	01/11/1994	01/11/1994	Active	NO
3	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	21/01/2004	Active	NO
4	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	01/10/2008	01/10/2008	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/01/2011	Active	NO
6	AAA-7647	M&B URBANESTATES LLP	Designated Partner	17/01/2012	17/01/2012	Active	NO

Name :

Mr. Sanjay Shaileshbhai Majmudar

Designation :

Director

Address :

24, Sumadhur Co-operative Housing Society Limited, Behind Ocean Park, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

21.03.1963

Date of Appointment :

30.04.2011

DIN No.:

00091305

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L17110GJ1988PLC010504	AARVEE DENIMS AND EXPORTS LTD	Director	14/11/2003	14/11/2003	Active	NO
2	L24230GJ1983PLC006329	DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED	Director	14/02/2004	14/02/2004	Active	NO
3	L29259GJ1991PLC015182	AIA ENGINEERING LIMITED	Director	31/08/2007	07/05/2007	Active	NO
4	L27104KA1972PLC002163	WELCAST STEELS LIMITED	Director	20/09/2007	23/05/2007	Active	NO
5	U74900GJ2007PLC051338	CARBOGEN AMCIS (INDIA) LIMITED	Director	17/07/2007	17/07/2007	Active	NO
6	U67120GJ1994PTC023549	KEYUR FINANCIAL SERVICES PRIVATE LIMITED	Director	22/09/2008	18/02/2008	Active	NO
7	U45200GJ1981PLC004437	M & B ENGINEERING LIMITED	Director	30/04/2011	01/04/2011	Active	NO

Name :

Mr. Venkatasubramanian

Designation :

Director

Address :

D4/D5, Ashok Swetha, 173, Avvai Shanmugam Road, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

14.04.1938

Date of Appointment :

30.04.2011

DIN No.:

00007392

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	U23201MH1994PTC078824	GULF CAROSSERIS INDIA LIMITED	Director	26/09/1997	26/09/1997	-	Active	NO
2	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	27/11/1997	27/11/1997	-	Active	NO
3	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Director	28/09/1999	28/09/1999	26/06/2012	Active	NO
4	U67190MH1991PTC061315	IMPERIAL CORPORATE FINANCE AND SERVICES PRIVATE LIMITED	Director	22/10/1999	22/10/1999	-	Active	NO
5	U23209AP1994PTC017623	EAST INDIA PETROLEUM Private LIMITED	Director	01/04/2000	01/04/2000	30/09/2007	Active	NO
6	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	31/10/2000	31/10/2000	-	Active	NO
7	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Director	14/12/2000	14/12/2000	-	Active	NO
8	U30000GJ2000PLC038530	E CUBE INDIA SOLUTIONS LIMITED	Director	29/01/2001	29/01/2001	27/09/2008	Active	NO
9	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Additional director	11/08/2006	11/08/2006	26/05/2009	Active	NO
10	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	04/08/2009	04/08/2009	09/06/2010	Active	NO
11	U28132AP2010PLC070529	IDL EXPLOSIVES LIMITED	Director	22/09/2011	29/03/2011	-	Active	NO
12	U45200GJ1981PLC004437	M & B ENGINEERING LIMITED	Director	30/04/2011	01/04/2011	-	Active	NO

Name :

Mr. Manibhai Shivabhai Patel

Designation :

Director

Address :

7, Friends Colony, Near D. K. Patel Hall, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

03.08.1924

Date of Appointment :

01.09.2007

DIN No.:

00261802

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200GJ1981PLC004437	M & B ENGINEERING LIMITED	Director	01/09/2007	16/06/1981	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PVT LTD	Director	01/01/1995	01/01/1995	Active	NO
3	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	01/10/2008	01/10/2008	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/01/2011	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	01/01/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Birva Chiragbhai Patel
Designation :	Secretary
Address :	7, Friends Colony, Near D. K. Patel Hall, Naranpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	02.06.1973
Date of Appointment :	01.11.2008
PAN No.:	AEVPP5751L

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Manibhai S. Patel	2800000	14.00
Hasmukhbhai S. Patel	2800000	14.00
Girishbhai M. Patel	2600000	13.00
Umaben G. Patel	800000	4.00
Malav G. Patel	2800000	14.00
Chirag H. Patel	4200000	21.00
Vipinbhai K. Patel	1000000	5.00
Leenaben V. Patel	400000	2.00
Aditya V. Patel	600000	3.00
Birvaben C. Patel	2000000	10.00
Total	20000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject Deals Pre Engineered Buildings, Structure Steels, Steel Roofing and Components.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Bank Of Baroda, Bhadra Branch, Opp. Dinbai Tower,, Lal Darwaja, Ahmedabad – 380001, Gujarat, India

· Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23 Bara Khamba Road, New Delhi – 110001, India

· Axis Bank Limited, 'Trishul' 3rd Floor, Opposite Samartheshwar Temple, Law Garden.Ellisbride, Ahmedabad – 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	168.596	144.001
Other Loans and Advances	6.128	9.968
Short Term Borrowings
Loans Repayable on Demand from Banks	439.068	949.553
Working Capital Loans from Banks	0.000	111.049
Total	613.792	1214.571

Banking Relations :	--
Auditors :
Name :	Talati and talati Chartered accountants
Address :	2^nd and 3^rd, Floor Ambica Chambers Near Old High Court Navrangpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAAFT4520A
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Manibhai and Brothers PCC Sarkhej · Manibhai and Bros. Sleeper · Manibhai and Brothers Finance Corpn · M B Enterprise · Highten Steels · Phenix Building Solutions Private Limited · Shrinathji Prestressed Private Limited · Maxim Finance Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	200.000	200.000	200.000
(b) Reserves & Surplus	498.519	416.414	302.483
(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)	698.519	616.414	502.483
(3) Non-Current Liabilities
(a) long-term borrowings	487.234	342.099	240.414
(b) Deferred tax liabilities (Net)	71.632	54.185	54.717
(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)	558.866	396.284	295.131
(4) Current Liabilities
(a) Short term borrowings	943.913	1060.602	600.206
(b) Trade payables	888.835	313.012	500.830
(c) Other current liabilities	680.634	732.035	614.409
(d) Short-term provisions	53.518	42.252	71.384
Total Current Liabilities (4)	2566.900	2147.901	1786.829
TOTAL	3824.285	3160.599	2584.443
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	828.566	738.820	715.718
(ii) Intangible Assets	12.388	2.931	15.716
(iii) Capital work-in-progress	2.787	1.230	0.585
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	41.387	19.805	5.842
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	885.128	762.786	737.861
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	796.314	532.048	422.569
(c) Trade receivables	1592.775	1343.487	902.578
(d) Cash and cash equivalents	208.563	361.450	299.098
(e) Short-term loans and advances	340.921	159.992	221.811
(f) Other current assets	0.584	0.836	0.526
Total Current Assets	2939.157	2397.813	1846.582
TOTAL	3824.285	3160.599	2584.443

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		6423.793	4799.978	3608.995
		Other Income		29.548	20.927	61.246
		TOTAL (A)		6453.341	4820.905	3670.241
Less	EXPENSES
		Cost of Materials Consumed		3260.101	2360.384	1802.740
		Purchase of Stock-in-trade		2325.912	1476.217	1040.998
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(293.942)	(7.219)	(142.226)
		Employee Benefits Expenses		383.576	324.054	219.776
		Other Expenses		300.375	247.365	246.516
		TOTAL (B)		5976.022	4400.801	3167.804
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			477.319	420.104	502.437
Less	FINANCIAL EXPENSES (D)			281.569	157.178	124.368
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			195.750	262.926	378.069
Less	DEPRECIATION/ AMORTISATION (F)			69.698	92.645	71.765
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			126.052	170.281	306.304
Less	TAX (H)			43.947	56.350	105.929
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			82.105	113.931	200.375
	EARNINGS IN FOREIGN CURRENCY			990.068	201.176	NA
	IMPORTS
			Raw Materials	449.976	147.795	NA
			Stores & Spares	12.717	7.349	NA
			Capital Goods	42.053	19.179	NA
			Traded Goods	335.918	942.912	NA
	TOTAL IMPORTS			840.664	1117.235	NA
	Earnings Per Share (Rs.)			4.11	5.70	11.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.27	2.36	5.46
Net Profit Margin (PBT/Sales)	(%)	1.96	3.55	8.49
Return on Total Assets (PBT/Total Assets}	(%)	3.30	5.39	11.85
Return on Investment (ROI) (PBT/Networth)		0.18	0.28	0.61
Debt Equity Ratio (Total Debt /Networth)		2.05	2.42	1.67
Current Ratio (Current Asset/Current Liability)		1.15	1.12	1.03

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	200.000	200.000	200.000
Reserves & Surplus	302.483	416.414	498.519
Net worth	502.483	616.414	698.519
long-term borrowings	240.414	342.099	487.234
Short term borrowings	600.206	1060.602	943.913
Total borrowings	840.620	1402.701	1431.147
Debt/Equity ratio	1.673	2.276	2.049

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	3608.995	4799.978	6423.793
		33.000	33.830

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	3608.995	4799.978	6423.793
Profit	200.375	113.931	82.105
	5.55%	2.37%	1.28%

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	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	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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and Advances from Related Parties	312.510	188.130
Short Term Borrowings
Working Capital Loans from Banks	504.845	0.000
Total	817.355	188.130

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10400028	29/01/2013	673,500,000.00	BANK OF BARODA	BHADRA BRANCH, OPP. DINBAI TOWER,, LAL DARWAJA, A HMEDABAD, GUJARAT - 380001, INDIA	B66897331
2	10368466	23/07/2012	330,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA KHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B44866937
3	10365355	06/07/2012	330,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGENT)	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA KHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B43573682
4	10246809	30/09/2010	35,000,000.00	STANDARD CHARTERED BANK	GROUND FLOOR, ABHIJEET II, NR. MITHAKHALI SIX RO ADS,, AHMEDABAD, GUJARAT - 380006, INDIA	A96928387
5	10195560	29/12/2009	20,000,000.00	STANDARD CHARTERED BANK	GROUND FLOOR, ABHIJEET II, NR. MITHAKHALI SIX ROA DS,, AHMEDABAD, GUJARAT - 380006, INDIA	A76822246
6	10158374	27/08/2010 *	250,000,000.00	AXIS BANK LTD.	'TRISHUL' 3RD FLOOR, OPP. SAMARTHESHWAR TEMPLE, LAW GARDEN.ELLISBRIDE, AHMEDABAD, GUJARAT - 380006, INDIA	A96570999
7	10108589	10/07/2008 *	183,000,000.00	STANDARD CHARTERED BANK	GROUND FLOOR, ABHIJEET II,, NR. MITHAKHALI SIX RO ADS,, AHMEDABAD, GUJARAT - 380006, INDIA	A41558016
8	10073163	20/10/2011 *	2,244,650,000.00	BANK OF BARODA	BHADRA BRANCH, OPP. DINUBHAI TOWER, LAL DARWAJA, AHMEDABAD, GUJARAT - 380001, INDIA	B25542416
9	80002185	29/06/2007 *	230,300,000.00	BANK OF BARODA	BHADRA BRANCH, OPP. DINUBHAI TOWER,, LAL DARWAJA, AHMEDABAD, GUJARAT - 380001, INDIA	A20736252

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Furniture and fixture

· Plant and machinery

· Vehicle

· Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	NKT

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.