MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	MALIWAL IMPEX PRIVATE LIMITED
Registered Office :	Bhole Shiv Compound, Near Vadvali Chali Singarava, Taluka Dashroi, Ahmedabad – 382 451, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.06.2002
Com. Reg. No.:	04-040870
Capital Investment / Paid-up Capital :	Rs.17.982 Millions
CIN No.: [Company Identification No.]	U27320GJ2002PTC040870
TAN No.: [Tax Deduction & Collection Account No.]	AHMM02276B AHMM05881B
PAN No.: [Permanent Account No.]	AADCM1160H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminum Extrusion Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Delayed and Defaulted
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has approached the board for industrial and financial reconstruction under the provision of section 3(1) (0) of the sick industrial companies act, 1985 vide case no 17/2013. The company has reported a very weak financial profile leading to erosion of its networth. However, business is active. Whereas, management has defaulted in some payments of major banks. In view of deteriorated liquidity profile, the company can be considered for business dealings as a matter of your confidence on a safe and secured trade terms and conditions. Note: The profit amount mention in the reserves schedule does not match with the profit and loss extract in the directors report as a result the balance sheet is not tallying. Hence, we have rectified the error and mode necessary change in our report.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating: BB (withdrawn)
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	June 2014

Rating Agency Name	ICRA
Rating	Short term rating: A4 (withdrawn)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	June 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Ronak Maliwal
Designation :	Not Divulged
Contact No.:	91-9909991143
Date :	25.08.2014

LOCATIONS

Registered Office/Factory :	Bhole Shiv Compound, Near Vadvali Chali Singarava, Taluka Dashroi, Ahmedabad – 382 451, Gujarat, India
Tel. No.:	91-79-22902126/ 27 / 25622126
Mobile No.:	91-9909991143 ( Mr. Ronak O. Maliwal)
Fax No.:	91-79-22902128 / 25622130
E-Mail :	maliwalimpex@gmail.com
Website :	http://www.maliwalimpex.com
Area :	4500 Sq. ft.
Location :	Owned
Administrative Office/ Factory :	511/512, Shajanand Shopping Centre, Opposite Swami Narayan Temple, Police Commissioner Road, Shahibad, Ahmedabad-380004, Gujarat, India
Tel. No.:	91-79-25622126/ 27/ 22902126
Fax No.:	91-79-25622130/ 22902128
Area :	1000 sq. ft.
Location :	Owned
Factory 3 :	Maliwal Extrution, (A Division of Maliwal Impex Private Limited) Plot No. 640, Near Kanak Oil Industry Science City Road, Behind Bhadaj Gaon, Satej, Ahmedabad, Gujrat, India
Tel No. :	91-2764-292266
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :	Mr. Om Prakash Maliwal
Designation :	Director
Address :	18, Manjit Co-Operative Society, Opposite Gayatri Temple, Circuit House, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/ Age:	19.01.1964
Qualification:	Graduate
Date of Appointment :	17.06.2002
DIN No.:	01129509
Name :	Mr. Vishal O. Maliwal
Designation :	Director
Address :	18, Manjit Co-Operative Society, Opposite Gayatri Temple, Circuit House, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/ Age:	29.07.1987
Qualification:	Graduate
Date of Appointment :	17.10.2005
DIN No.:	01733446

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	16.61
Directors or relatives of Directors	69.50
Other top fifty shareholders	13.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Aluminum Extrusion Products.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

The Karur Vysya Bank Limited, Ashram Road Branch, Ashram Road, Ahmedabad - 380009, Gujarat, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Bank of India (Cash Credit Account)	124.595	125.000
Bank of India ( OD Account ) (All the above are Secured by Mortgage of Land and Building forming Part of factory, office and House , as well as Hypothication of book debts and stocks with personal gurantee of directors	100.193	100.193
Total	224.788	225.193
NOTE: In long term secured liability the cash credit facility, Buyers credit facility and L C facility are forming part generally those all are short term in nature. But as the company has become sick, the company’s balance reports as NPA by Bank of India and company is now not in capacity to pay such outstanding dues. Company also applied to BIFR for reconstruction as well as matter is pending with DRT for recovery of dues. Hence looking all those matter the loan is classified Long term liability.

Banking Relations :	--
Auditors :
Name :	Rays and Associates Chartered Accountants
Address :	25, 3rd Floor, Shree Kishna Centre, Near Mithkhali Six Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACBFS1561K
Enterprise Owned by Key Managerial Personnel:	· Sun Metal Industry

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1798200	Equity Shares	Rs.10/- each	Rs. 17.982 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	17.982	17.982	17.982
(b) Reserves & Surplus	(103.530)	(57.946)	(22.129)
(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)	(85.548)	(39.964)	(4.147)
(3) Non-Current Liabilities
(a) long-term borrowings	253.205	256.188	281.726
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	14.126	17.267	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	267.331	273.455	281.726
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	46.447	57.340	82.819
(c) Other current liabilities	44.235	17.764	8.013
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	90.682	75.104	90.832
TOTAL	272.465	308.595	368.411
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.999	20.468	22.214
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	33.037	33.037	34.092
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.079	0.140
Total Non-Current Assets	52.036	53.584	56.446
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.257	30.175	57.839
(c) Trade receivables	141.302	195.261	211.756
(d) Cash and cash equivalents	1.454	0.575	19.665
(e) Short-term loans and advances	33.416	29.000	22.705
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	220.429	255.011	311.965
TOTAL	272.465	308.595	368.411

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Income	907.253	828.399	NA
Other Income	1.538	11.558	NA
TOTAL	908.791	839.957	NA
EXPENSES	954.375 (Including Depreciation)	874.719 (Including Depreciation)	NA
PROFIT / (LOSS) BEFORE TAX, EPRECIATION AND AMORTISATION			(119.897)
DEPRECIATION/ AMORTISATION			1.945
PROFIT/ (LOSS) BEFORE TAX	(45.584)	(34.762)	(121.842)
TAX	0.000	1.055	(34.242)
PROFIT/ (LOSS) AFTER TAX	(45.584)	(35.816)	(87.600)
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(120.491)	(84.675)	2.925
Balance Carried to the B/S	(166.075)	(120.491)	(84.675)
Earnings / (Loss) Per Share (Rs.)	(25.35)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(5.02)	(4.26)	NA
Net Profit Margin (PBT/Sales)	(%)	(5.02)	(4.20)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(19.04)	(12.62)	(36.44)
Return on Investment (ROI) (PBT/Networth)		0.53	0.87	29.38
Debt Equity Ratio (Total Debt /Networth)		(2.96)	(6.41)	(67.93)
Current Ratio (Current Asset/Current Liability)		2.43	3.40	3.43

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 Milions)
Share Capital	17.982	17.982	17.982
Reserves & Surplus	(22.129)	(57.946)	(103.530)
Net worth	(4.147)	(39.964)	(85.548)
long-term borrowings	281.726	256.188	253.205
Short term borrowings	0.000	0.000	0.000
Total borrowings	281.726	256.188	253.205
Debt/Equity ratio	(67.935)	(6.410)	(2.960)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	828.399	907.253
		9.519

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	828.399	907.253
Profit	(35.816)	(45.584)
	(4.32%)	(5.02%)

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	No
11]	Turnover of firm for last two 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

OPERATION:

In the current year the company has recorded the loss of Rs. 45.584 Millions due to Working capital constraint, low recovery from poor quality material, increase in material cost and blockage of fund in debtors. The company is unable to stand in such competitive market. The company finally leads to sick status. The board of directors have approached the board for industrial and financial reconstruction under the provision of section 3(1) (o) of the sick industrial companies (special provision) act, 1985.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Borrowing From Relatives	17.418	17.410
Borrowing From Bankers and Financial Institution	3.694	6.280
Others	7.305	7.305
Total	28.417	30.995
NOTE: All the unsecured loan from the Relatives, Bankers, Financial Institution and Others are long term in natue.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10094456	18/12/2009 *	225,000,000.00	BANK OF INDIA	AHMEDABAD MAIN BRANCH MEZZANINE FLOOR, BANK OF IN DIA BUILDING BHADRA, AHMEDABAD, GUJARAT - 380009, INDIA	A77419851
2	10094455	31/03/2011 *	225,000,000.00	BANK OF INDIA	AHMEDABAD MID CORPORATE BRANCH FIRST FLOOR, BOI B UILDING NR SWASTIK CHAR RASTA, C. G. ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B13021688

* Date of charge modification

FIXED ASSETS

· Plant and Machinery

· Furnitur and Fixture

· Computer

· Vehicle ( Scooter )

· Factory Building

· Motor Car

· Office Equipments

· Land

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] 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.60.47
UK Pound	1	Rs.100.43
Euro	1	Rs.79.40

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.