1. Summary Information

		Country	India
Company Name	HARSHA ENGINEERS LIMITED	Principal Name 1	Mr. Rajendra S. Shah
Status	Good	Principal Name 2	Mr. Harish R. Rangwala
		Registration #	04-008520
Street Address	Changodar, Sarkhej –Bavla Road, Po. Changodar, Ahmedabad, Gujarat -382213
Date of Established	04.03.1986	SIC Code	--
Telephone#	91-2717-391503	Business Style 1	Manufacturer
Fax #	91-2717-250259 / 391259	Business Style 2	Exporter
Homepage	www.harshaengineers.com	Product Name 1	Roller
# of employees	Not Divulged	Product Name 2	Ball Bearing Cages
Paid up capital	Rs.120,414,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors – 100%	Banking	ICICI Bank Limited
Public Limited Corp.	YES	Business Period	28 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	A (62)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	907,301,000	Current Liabilities	404,996,000
Inventories	751,980,000	Long-term Liabilities	947,048,000
Fixed Assets	1172,822,000	Other Liabilities	199,769,000
Deferred Assets	0,000	Total Liabilities	1551,813,000
Invest& other Assets	409,623,000	Retained Earnings	1569,499,000
		Net Worth	1689,913,000
Total Assets	3241,726,000	Total Liab. & Equity	3241,726,000
Total Assets (Previous Year)	3238,242,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Total Income	2774,932,000	Net Profit	200,114,000
Total Income (Previous yr)	3200,520,000	Net Profit(Prev.yr)	256,964,000

MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	HARSHA ENGINEERS LIMITED
Registered Office :	Changodar, Sarkhej –Bavla Road, Po. Changodar, Ahmedabad, Gujarat -382213
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.03.1986
Com. Reg. No.:	04-008520
Capital Investment / Paid-up Capital :	Rs. 120.414 Millions
CIN No.: [Company Identification No.]	U29259GJ1986PLC008520
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Roller and Ball Bearing Cages.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 6700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is well – established company having fine track record. Sales turnover of the company has declined which resulting into dip in profit of the company during financial year 2013. However, the rating reflects company’s established position as one of the largest bearing – cage manufacturers in India supported by sound financial risk profile and fair profitability levels of the company. Trade relations are reported a fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	CARE
Rating	A + Long Term Bank Facilities
Rating Explanation	Adequate Degree Of Safety And Low Credit Risk
Date	07.01.2014

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A +Short term bank facilities
Rating Explanation	Very Strong Degree Of Safety And Lowest Credit Risk
Date	07.01.2014

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 DENIED BY

Name :	Mr. Paresh Shah
Designation :	Finance manager
Contact No.:	91-2717-391268
Date :	22.08.2014

LOCATIONS

Registered Office/ Factory 1 :	Changodar, Sarkhej-Bavla Road, P.O. Changodar, Ahmedabad – 382 213, Gujarat, India
Tel. No.:	91-2717-391200 / 251204 to 9 / 391263 / 391374
Fax No.:	91-2717-250259 / 391259
E-Mail :	marketing@harshaengineers.com harsha@harshaengineers.com harsha@vsnl.com adm.04038@sbi.co.in
Website :	www.harshaengineers.com
Location :	Owned
Factory 2 :	217, GVMM Industrial Estate, Odhav, Ahmedabad – 382 415, Gujarat, India
Factory 3 :	Changodar, Sarkhej-Bavla Road, P. O. Changodar, District Ahmedabad – 382 210, Gujarat, India
Factory 4:	Moraiya Farm, Sarkhej-Bavla Road, Moraiya, P. O. Changodar, District Ahmedabad - 382 213, Gujarat, India
Location:	Owned

DIRECTORS

As on 28.07.2014

Name :

Mr. Rajendra S. Shah

Designation :

Managing director

Address :

289-C, Manekbaug Society, Ambawadi, Ahmedabad, Gujarat -382213, India

Date of Birth/Age :

01.02.1948

Date of Appointment :

18.06.2012

DIN No.:

00061922

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	U29259GJ1986PLC008520	HARSHA ENGINEERS LIMITED	Managing director	18/06/2012	04/03/1986	-	Active	NO
2	L29259GJ1991PLC015182	AIA ENGINEERING LIMITED	Director	15/03/2005	15/03/2005	-	Active	NO
3	L33121GJ1994PLC022460	TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
4	L27104KA1972PLC002163	WELCAST STEELS LIMITED	Director	20/09/2007	23/05/2007	-	Active	NO
5	U35303GJ2008PTC054503	HARSHA ENGINEERS (INDIA) PRIVATE LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO
6	L27100GJ1993PLC020552	SHILP GRAVURES LIMITED	Director	08/08/2009	30/07/2008	-	Active	NO
7	U29307GJ2010PTC063233	HARSHA ABAKUS SOLAR PRIVATE LIMITED	Director	12/07/2011	06/05/2011	-	Active	NO
8	U40106GJ2012PTC072800	HARSHA RENEWABLE ENERGY PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO

Name :

Mr. Harish R. Rangwala

Designation :

Managing director

Address :

1,Ashvavilla Society Part -2,Office Sindhu Bhavan Road, Thaltej, Ahmedabad, Gujarat -382213, India

Date of Birth/Age :

01.08.1948

Date of Appointment :

18.06.2012

DIN No.:

00278062

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	U29259GJ1986PLC008520	HARSHA ENGINEERS LIMITED	Managing director	18/06/2012	04/03/1986	-	Active	NO
2	L33121GJ1994PLC022460	TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
3	U35303GJ2008PTC054503	HARSHA ENGINEERS (INDIA) PRIVATE LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO
4	U29307GJ2010PTC063233	HARSHA ABAKUS SOLAR PRIVATE LIMITED	Director	11/12/2010	11/12/2010	-	Active	NO
5	U40106GJ2012PTC072800	HARSHA RENEWABLE ENERGY PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO

Name :

Mr. Pilak R. Shah

Designation :

Whole-time director

Address :

289-C, Manekbaug Society, Ambawadi, Ahmedabad, Gujarat -382213, India

Date of Birth/Age :

18.12.1981

Date of Appointment :

18.06.2012

DIN No.:

00407960

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	U29199GJ2002PTC041072	AASTHA TOOLS PRIVATE LIMITED	Director	05/08/2002	05/08/2002	-	Active	NO
2	U29259GJ1986PLC008520	HARSHA ENGINEERS LIMITED	Whole-time director	18/06/2012	02/02/2009	-	Active	NO
3	U40106GJ2012PTC072800	HARSHA RENEWABLE ENERGY PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO

Name :

Mr. Vishal H. Rangwala

Designation :

Whole-time director

Address :

1,Ashvavilla Society Part -2,Office Sindhu Bhavan Road, Thaltej, Ahmedabad, Gujarat -382213, India

Date of Birth/Age :

27.11.1977

Date of Appointment :

18.06.2012

DIN No.:

02452416

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	U29259GJ1986PLC008520	HARSHA ENGINEERS LIMITED	Whole-time director	18/06/2012	02/02/2009	-	Active	NO
2	U40106GJ2012PTC072800	HARSHA RENEWABLE ENERGY PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO

Name :

Mr. Munjal H. Rangwala

Designation :

Whole-time director

Address :

1,Ashvavilla Society Part -2,Office Sindhu Bhavan Road, Thaltej, Ahmedabad, Gujarat -382213, India

Date of Birth/Age :

26.09.1981

Date of Appointment :

21.06.2010

DIN No.:

03033699

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	U29259GJ1986PLC008520	HARSHA ENGINEERS LIMITED	Whole-time director	21/06/2010	01/04/2010	-	Active	NO
2	U29307GJ2010PTC063233	HARSHA ABAKUS SOLAR PRIVATE LIMITED	Whole-time director	01/08/2012	11/12/2010	-	Active	NO
3	U40106GJ2012PTC072800	HARSHA RENEWABLE ENERGY PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO

Name :

Mr. Dhirajlal C. Bhatt

Designation :

Managing director

Address :

5,nishant 2, satellite road, Ahmedabad, Gujarat -382213, India

Date of Birth/Age :

05.08.1925

Date of Appointment :

18.06.2012

DIN No.:

00139911

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	U29259GJ1986PLC008520	HARSHA ENGINEERS LIMITED	Managing director	18/06/2012	04/03/1986	-	Active	NO
2	L33121GJ1994PLC022460	TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
3	U35303GJ2008PTC054503	HARSHA ENGINEERS (INDIA) PRIVATE LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO
4	U29307GJ2010PTC063233	HARSHA ABAKUS SOLAR PRIVATE LIMITED	Director	11/12/2010	11/12/2010	-	Active	NO
5	U40106GJ2012PTC072800	HARSHA RENEWABLE ENERGY PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO

Name :

Mr. Jitendra U. Mamtora

Designation :

Director

Address :

2, Ashvavilla Society Part -2,Office Sindhu Bhavan Road, Thaltej, Ahmedabad, Gujarat -382213, India

Date of Birth/Age :

25.04.1948

Date of Appointment :

02.02.1987

DIN No.:

01231828

KEY EXECUTIVES

Name :	Mr. Bhavesh P. Jingar
Designation :	Company Secretary
Address :	K- 34, Sweta Park -2, Nr. Vijay Nagar, Opposite. Dhaval Nursing Home, Karelibaug, Vododara, Gujarat -382213, India
Date of Birth/Age :	08.08.1984
Date of Appointment :	09.05.2013
Name :	Mr. Harshendra Y. Punjawat
Designation :	CFO
Address :	A-506, Simadhar Towera, Judges Bunglow Road, Badakdev, Ahmedabad -380064, Gujarat India
Date of Birth/Age :	22.12.1972
Date of Appointment :	30.06.2014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2014

Names of Shareholders	No. of Shares
Rajendra Shantilal Shah	1802700
Nirmala R. Shah	1800000
Pilak Rajendra Shah	1200000
Krina R. Shah	300000
Hetal B Ukani Jointly with Nirmala R. Shah	300000
Mili R. Shah	300000
Harishbhai Ranjit Rangwala	3000000
Charusheela H Rangwala	3000000
Vaishali P Shah	300000
Dhirajlal C. Bhatt	36000
Harishbhai Ranjit Rangwala jointly with Charusheela Rangwala	2700
Total	12041400

As on 28.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Roller and Ball Bearing Cages.

Products :

Products Description	ITC Code No.
BEARING CAGES, BRASS CAGES	84829900
SRB/CRB/TAPER	84829900

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

ICICI BANK LIMITED, Landmark, Race Course Circle, Alakpuri, Vadodara -390007,Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term Loan from Banks	185.591	239.264
SHORT TERM BORROWINGS
Loans repayable on demand	364.852	405.275
Total	550.443	644.539

Banking Relations :	---
Auditors :
Name :	C.P Shah And Company Chartered Accountant
Address :	403,Ashwamegh House, Smurti Kunj Society, Swastika Char Rasta , Navarngpura, Ahmedabad -380009, India
PAN No.:	ACBPS8919F
Subsidiary :	· Aastha tools Private Limited · Harsha Abakus solar Private limited · Harsh Engineers Private Limited

CAPITAL STRUCTURE

As on 28.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12041400	Equity Shares	Rs.10/- each	Rs.120.414 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.414	120.414
(b) Reserves & Surplus	1569.499	1439.824
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1689.913	1560.238
(3) Non-Current Liabilities
(a) long-term borrowings	185.591	239.264
(b) Deferred tax liabilities (Net)	93.565	89.042
(c) Other long term liabilities	29.045	26.886
(d) long-term provisions	8.510	3.708
Total Non-current Liabilities (3)	316.711	358.900
(4) Current Liabilities
(a) Short term borrowings	761.457	779.705
(b) Trade payables	206.477	282.039
(c) Other current liabilities	169.474	185.501
(d) Short-term provisions	97.694	71.859
Total Current Liabilities (4)	1235.102	1319.104
TOTAL	3241.726	3238.242
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1158.230	1180.441
(ii) Intangible Assets	14.592	1.188
(iii) Capital work-in-progress	123.609	54.962
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	166.014	166.014
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	78.713	53.804
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1541.158	1456.409
(2) Current assets
(a) Current investments	120.000	70.000
(b) Inventories	751.980	792.987
(c) Trade receivables	589.171	743.835
(d) Cash and cash equivalents	106.858	48.121
(e) Short-term loans and advances	132.559	126.890
(f) Other current assets	0.000	0.000
Total Current Assets	1700.568	1781.833
TOTAL	3241.726	3238.242

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		120.414
2] Share Application Money		0.000
3] Reserves & Surplus		1252.835
4] (Accumulated Losses)		0.000
NETWORTH		1373.249
LOAN FUNDS
1] Secured Loans		612.659
2] Unsecured Loans		357.740
TOTAL BORROWING		970.399
DEFERRED TAX LIABILITIES		84.890
TOTAL		2428.538
APPLICATION OF FUNDS		0.000
FIXED ASSETS [Net Block]		976.219
Capital work-in-progress		26.852
INVESTMENT		164.479
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	745.700
	Sundry Debtors	777.241
	Cash & Bank Balances	53.867
	Other Current Assets	0.000
	Loans & Advances	335.295
Total Current Assets		1912.103
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	309.250
	Other Current Liabilities	69.110
	Provisions	272.755
Total Current Liabilities		651.115
Net Current Assets		1260.988
MISCELLANEOUS EXPENSES		0.000
TOTAL		2428.538

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2658.046	3105.835	2810.790
		Other Income	116.886	94.685	84.370
		TOTAL	2774.932	3200.520	2895.160
Less	EXPENSES
		Cost of Material consumed	1325.898	1704.353	1569.890
		Purchase of Stock –in -trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work –in-progress and stock-in-trade	(21.966)	(116.111)	(79.580)
		Employees benefits expenses	334.293	284.875	222.070
		Other expenses	590.672	712.287	603.810
		TOTAL	2228.897	2585.404	2316.190
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		546.035	615.116	578.970
Less	FINANCIAL EXPENSES		103.256	110.780	71.611
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		442.779	504.334	507.359
5
Less/ Add	DEPRECIATION/ AMORTISATION		147.342	129.818	117.425
	PROFIT / (LOSS) BEFORE TAX		295.437	374.516	389.934
Less	TAX		95.323	117.552	128.451
	PROFIT / (LOSS) AFTER TAX		200.114	256.964	261.483
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1166.022	1004.733	909.864
Less	APPROPRIATIONS
	Transfer to General Reserve		20.100	25.700	26.200
	Dividend		70.439	69.975	140.413
	Total M		90.539	95.675	166.613
	BALANCE CARRIED TO THE B/S		1275.597	1166.022	1004.733
	Earnings / (Loss) Per Share (Rs.)		16.62	21.34	21.72

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.21	8.03	8.93
Net Profit Margin (PBT/Sales)	(%)	11.11	12.06	13.67
Return on Total Assets (PBT/Total Assets}	(%)	10.01	12.41	13.50
Return on Investment (ROI) (PBT/Networth)		0.17	0.24	0.28
Debt Equity Ratio (Total Liability/Networth)		0.56	0.65	1.18
Current Ratio (Current Asset/Current Liability)		1.38	1.35	2.94

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	120.414	120.414	120.414
Reserves & Surplus	1252.835	1439.824	1569.499
Net worth	1373.249	1560.238	1689.913
long-term borrowings	970.399	1018.969	947.048
Short term borrowings
Total borrowings	970.399	1018.969	947.048
Debt/Equity ratio	0.707	0.653	0.560

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	2850.155	3105.835	2658.046
		10.497	(14.418)

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	2852.155	3105.835	2658.046
Profit	261.482	256.964	200.114
	9.17%	8.27%	7.53%

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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

Unsecured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Loans repayable on demand	396.605	374.430
Total	396.605	374.430

HIGH COURT OF GUJARAT

TAX APPEAL No. 1442 of 2009

Status : PENDING

( Converted from : ST/3669/2008 )

CCIN No : 001092200901442

Last Listing Date: 05.03.2014

Coram

· HONOURABLE MR.JUSTICE AKILKURESHI · HONOURABLE MR.JUSTICE SONIA GOKANI

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX -II	MRS MAUNA M BHATT FOR : Appellant(s)1

S.NO.	Name of the Respondant	Advocate On Record
1	HARSHA ENGINEERS PVT LTD	MR TUSHAR P HEMANI for :Opponent(s) 1
		MS VAIBHAV K PARIKH for : Opponent(s) 1

Presented On	: 20.11.2008	Registered On	: 20.11.2008
Bench Category	: SINGLE BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	:57 times

StageName	TAX APPEAL – U/S -80 HHC – 145A AND OTHERS
Classification	DB – OJ – TAX APPEAL – GIFT TAX ACT, 1958 – APPEAL TO HIGH COURT – U/S 260 OF IT ACT – DEDUCTION IN RESPECT OF PROFIT RETAINED FOR EXPORT BUSINESS – U/S 80HHC
Act	TAXATION LAWS (CONTINUATION AND VALIDATION OF RECOVERY PROCEEDINGS) ACT, 1964

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	20.11.2008	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADOCATE FOR PETITIONER(s) 1	20	MRS MAUNA M BHATT :1
2	24.07.2009	CERTIFIED COPY	MRS MAUNA M BHATT ADOCATE FOR PETITIONER(s) 1	6	MRS MAUNA M BHATT:1
3	15.08.2009	DOCUMENT	RULE SERVED FOR RESPONDENT(s) 1	--	RULE SERVED:1
4	03.12.2013	VAKALATNAMA	MS VAIBHAVI K PARIKH ADVOCATE FOR RESPONDENT(s) 1	0	MS VAIBHAVI K PARIKH(3238)FOR R:1
5	03.12.2013	VAKALATNAMA	MR TUSHAR P HEMANI ADVOCATE FOR RESPONDENT(s) 1	5	MR TUSHAR P HEMANI(2790) for:1

Linked Matters

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/1443/2009	PENDING	--	· HONOURABLE MR. JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10501074	18/02/2014	435,000,000.00	Citi Bank N.A.	1st Floor, Kalapurnaum Complex,, Nr. Municipal Ma  rket, C. G. Road,, Ahmedabad, Gujarat - 380009, IN  DIA	C05638580
2	10388656	07/11/2012	112,500,000.00	ICICI BANK LIMITED	LANDMARK, RACE COURSE CIRCLE, ALAKPURI, VADODARA,  Gujarat - 390007, INDIA	B62833116
3	10383881	09/10/2012	60,000,000.00	ICICI BANK LIMITED	LANDMARK, RACE COURSE CIRCLE, ALAKPURI, VADODARA,  Gujarat - 390007, INDIA	B61062055
4	10308063	05/09/2011	90,000,000.00	Citibank N.A.	First Floor, Kalapurnam,, C. G. Road,, Ahmedabad,  Gujarat - 380008, INDIA	B21394937
5	10281371	09/04/2011	112,500,000.00	ICICI BANK LIMITED	LANDMARK, RACE COURSE CIRCLE, ALAKPURI, VADODARA,  Gujarat - 390007, INDIA	B10757169
6	80027979	25/03/2011 *	614,500,000.00	STATE BANK OF INDIA	Overseas Branch, Third Floor, Amrit Jayanti Bhavan  , Navjivan Trust Complex, P. O. Navjivan, Ahmedab  ad, Gujarat - 380014, INDIA	B09924127
7	80038607	24/11/2011 *	230,000,000.00	CITIBANK N.A.	1ST FLOOR, KALAPURNAM,, NR. MUNICIPAL MARKET, C.G  . ROAD,, AHMEDABAD, Gujarat - 380009, INDIA	B27879766

* Date of charge modification

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.60.49
UK Pound	1	Rs.100.32
Euro	1	Rs.79.91

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KRN
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	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		62

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.