MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	NAVRATAN SPECIALTY CHEMICALS LLP
Registered Office :	401, White Cross Building, 15, Patel Society Gulbai Tekra Road, Panchwati, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.09.2011
Capital Investment / Paid-up Capital :	Rs.242.142 Millions
LLPIN No.:	AAA-6362
Legal Form :	Limited Liability Partnership
Line of Business :	Manufacturing of PVC Coated Laminated Fabrics, PVC Foam Boards and Multi-Purpose PVC Fabrics.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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 a limited liability partnership concern belonging to “Meghmani Group” having satisfactory track record. It is an established concern incorporated as on September 23, 2011 and has started its commercial activity as on July 2012. Management has reported a loss from its operations during its first year of business, during FY 13 which is further mitigated by the expected stabilization of operations, steady cash generations and moderate capital expenditure plans over medium terms backed by strong financial, technical and managerial support from its well experienced management. The ratings also take into consideration, the vulnerability in future profitability due to volatility in raw material prices. However, trade relations are improving. Business is active. Payment terms are reported as slow but correct. In view of infancy, albeit reputed and established parentage, the concern can be considered for business dealings with slight caution 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	CRISIL
Rating	Long term rating BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	June 18, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A3
Rating Explanation	Moderate degree of safety and very high credit risk.
Date	June 18, 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Rajan Pillai
Designation :	Purchase Department
Contact No.:	91-9099949236
Date :	09.09.2014

LOCATIONS

Registered Office :	401, White Cross Building, 15, Patel Society Gulbai Tekra Road, Panchwati, Ahmedabad – 380006, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9099949236 (Mr. Rajan Pillai)
Fax No.:	Not Available
E-Mail :	jbrahma@meghmanidyes.com
Website :	www.signandgraphics.com
Factory :	Plot No. 400, At. Chharodi Sanand Virmagam Road, Ahmedabad – 382170, Gujarat, India

PARTNERS

As on 31.03.2013

Name :

Mr. Karana Rameshbhai Patel

Designation :

Partner

Address :

No. 54 Shreenath Park Society, Behind Avishkar Party Plot, Manekbaug, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

26.08.1981

PAN No.:

AGPPP8170M

Passport No.:

E1460285

DPIN No.:

01727321

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	U24100GJ2007PLC051935	MEGHMANI SPECIALTY CHEMICALS LIMITED	Director	10/10/07	10/10/07	-	Active	NO
2	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	23/07/08	23/07/08	18/03/11	Active	NO
3	U24100GJ2008PLC054660	VIDHI GLOBAL CHEMICALS LIMITED	Director	31/07/08	31/07/08	01/06/11	Active	NO
4	U24100GJ2007PLC051763	UNISON INDUSTRIES LIMITED	Director	22/09/08	25/08/08	-	Active	NO
5	U24100GJ2012PTC068727	UNIWORTH ENTERPRISES PRIVATE LIMITED	Director	23/01/12	23/01/12	-	Converted to LLP	NO
6	AAA-6362	NAVRATAN SPECIALTY CHEMICALS LLP	Designated Partner	23/09/11	23/09/11	-	Active	NO
7	AAB-4707	UNIWORTH ENTERPRISES LLP	Designated Partner	18/04/13	18/04/13	-	Active	NO

Name :

Mr. Lalit Patel

Designation :

Partner

Address :

31, Park Hill, Near Narmada Vasahat, Opposite Karnavati, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

15.02.1967

PAN No.:

ACNPP2094C

Passport No.:

A6487835

DPIN No.:

00011773

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LTD	Director	22/02/93	22/02/93	-	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21/07/99	21/07/99	-	Active	NO
3	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/06	29/08/06	-	Active	NO
4	U24100GJ2007PLC051935	MEGHMANI SPECIALTY CHEMICALS LIMITED	Director	10/10/07	10/10/07	-	Active	NO
5	U24231GJ1993PTC020229	SYNERGY CHLORINATION PVT LTD	Director	27/10/07	27/10/07	-	Active	NO
6	U24100GJ2007PLC051763	UNISON INDUSTRIES LIMITED	Director	22/09/08	25/08/08	-	Active	NO
7	U67120GJ2009PTC058361	ALB STOCK BROKING PRIVATE LIMITED	Director	15/10/09	15/10/09	-	Active	NO
8	U24100GJ2012PTC068727	UNIWORTH ENTERPRISES PRIVATE LIMITED	Director	23/01/12	23/01/12	-	Converted to LLP	NO
9	AAA-6362	NAVRATAN SPECIALTY CHEMICALS LLP	Designated Partner	23/09/11	23/09/11	-	Active	NO
10	AAB-4707	UNIWORTH ENTERPRISES LLP	Designated Partner	18/04/13	18/04/13	-	Active	NO

Name :

Mr. Ankit Natwarlal Patel

Designation :

Partner

Address :

B-6, Ashok Vatika No. 1, Opposite Ekta Farm, Ambli Bopal Road, Bodakdev, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

01.10.1985

PAN No.:

AKGPP0621G

Name :

Mr. Popatbhai Meghjibhai Patel

Designation :

Partner

Address :

2, Deep Bunglows, Opposite Satya Trivani Tower, Karnavati Club Road, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

16.03.1944

PAN No.:

AAYPP4354J

Name :

Mr. Praful Ganpatbhai Patel

Designation :

Partner

Address :

27-B, Raghukul Bunglows, Tulsi Park Society, Near Sola Overbridge, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

01.06.1974

PAN No.:

ABCPP4796R

Name :

Mr. Darshan Anandbhai Patel

Designation :

Partner

Address :

53, Shreenath Park Society, Behind Manek Baug Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

27.04.1987

PAN No.:

ARVPP1234D

Name :

Mr. Chintan Anandbhai Patel

Designation :

Partner

Address :

53, Shreenath Park Society, Behind Manek Baug Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

28.08.1991

PAN No.:

BDEPP7674K

Name :

Mrs. Naynaben Anandbhai Patel

Designation :

Partner

Address :

53, Shreenath Park Society, Behind Manek Baug Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

04.06.1964

PAN No.:

ABHPP4314L

KEY EXECUTIVES

Name :	Mr. Rajan Pillai
Designation :	Purchase Department

BUSINESS DETAILS

Line of Business :	Manufacturing of PVC Coated Laminated Fabrics, PVC Foam Boards and Multi-Purpose PVC Fabrics.
Imports
Products :	Raw Material
Countries :	China

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Bankers :

· Dena Bank, 2nd Floor, Dena Laxmi Building, 188-A, Ashram Road, Navarangpura, Ahmedabad - 380009, Gujarat, India

· State Bank of India, Overseas Branch, 3^rd Floor, Amrit Jayanti Bhavan, Navjivan P.O. Ahmedabad – 380014, Gujarat, India

Facilities :

SHORT TERM BORROWINGS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Loans repayable on demand
From Dena Bank – CC	70.996	0.000
From Dena Bank – Buyers Credit	45.962	0.000
From other Parties	20.000	0.000
Total	136.958	0.000

Banking Relations :	--
Auditors :
Name :	Balakrishna T. Thakkar and Company Chartered Accountants
Address :	603, Saffron Building, Ahmedabad – 380006, Gujarat, India

CAPITAL STRUCTURE

As on 31.03.2013

Name of Partners	Total Obligation of Contribution
Ankit Natwarlal Patel	58.201
Lalit Patel	105.829
Karana Rameshbhai Patel	23.134
Popatbhai Meghjibhai Patel	29.258
Praful Ganpatbhai Patel	16.175
Darshan Anandbhai Patel	3.116
Chintan Anandbhai Patel	3.116
Naynaben Anandbhai Patel	3.313
Total	242.142

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	230.643	10.000
(b) Reserves & Surplus	(3.474)	0.000
(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)	227.169	10.000
(3) Non-Current Liabilities
(a) long-term borrowings	251.128	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	251.128	0.000
(4) Current Liabilities
(a) Short term borrowings	136.958	51.843
(b) Trade payables	63.045	0.924
(c) Other current liabilities	9.596	0.124
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	209.599	52.891
TOTAL	687.896	62.891
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	139.778	24.110
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	272.588	9.982
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	412.366	34.092
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	159.290	0.000
(c) Trade receivables	63.418	0.000
(d) Cash and cash equivalents	6.962	13.606
(e) Short-term loans and advances	10.828	14.634
(f) Other current assets	35.032	0.559
Total Current Assets	275.530	28.799
TOTAL	687.896	62.891

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Revenue from Operations	163.467	0.000
		Other Income	0.423	0.000
		TOTAL	163.890	0.000
Less	EXPENSES
		Cost of Materials Consumed	188.294	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(79.233)	0.000
		Employees benefits expense	3.818	0.000
		Other expenses	43.287	0.000
		TOTAL	156.166	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.724	0.000
Less	FINANCIAL EXPENSES		3.198	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.526	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		7.998	0.000
	PROFIT/ (LOSS) BEFORE TAX		(3.472)	0.000
Less	TAX		0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(3.472)	0.000

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	(2.12)	0.00
Net Profit Margin (PBT/Sales)	(%)	(2.12)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.84)	0.00
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.00
Debt Equity Ratio (Total Debt/Networth)		1.71	5.18
Current Ratio (Current Asset/Current Liability)		1.31	0.54

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	230.643
Reserves & Surplus	0.000	(3.474)
Net worth	10.000	227.169
long-term borrowings	0.000	251.128
Short term borrowings	51.843	136.958
Total borrowings	51.843	388.086
Debt/Equity ratio	5.184	1.708

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	0.000	163.467

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	0.000	163.467
Profit	0.000	(3.472)
		(2.12%)

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FIXED ASSETS

œ Land

œ Factory Building

œ Office Equipment

œ Computer

œ Moto Car

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 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.60.91
UK Pound	1	Rs.98.66
Euro	1	Rs.78.63

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.