MIRA INFORM REPORT

Report No. :	317901
Report Date :	17.04.2015

IDENTIFICATION DETAILS

Name :	TIRUPATI STRUCTURALS LIMITED
Registered Office :	81, Basement Floor, Functional Industrial Estates, Patparganj, New Delhi – 110 092
Tel. No.:	91-11-22145760
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.12.1988
Com. Reg. No.:	55-117190
Capital Investment / Paid-up Capital :	Rs.102.944 million
CIN No.: [Company Identification No.]	U25209DL1988PLC117190
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELT01779B
PAN No.: [Permanent Account No.]	AAACT3824C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing of PVC Pipes and allied products.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1520000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is good. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=BBB+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	26.05.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating=A2
Rating Explanation	Strong degree of safety and carry lowest credit risk.
Date	26.05.2014

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

Name :	Mr. Subhash Jain
Designation :	Group General Manager
Contact No.:	91-11-43041404
Date :	16.04.2015

LOCATIONS

Registered Office/ Corporate Office :	81, Basement Floor, Functional Industrial Estates, Patparganj, New Delhi – 110 092, India
Tel. No.:	91-11-22145760/ 43041457/ 43041400
Mobile No.:	91-9312316985 (Mr. V. S. Chary)
Fax No.:	91-11-22145978
E-Mail :	vivek@advance.co.in info@tirupatipipes.com scjain@advance.co.in
Website :	http://www.triupatipipes.com
Location :	Owned
Factory 1 :	A-6 and 6/5, Site-IV, Industrial Area, Sahibabad, Ghaziabad – 201 010, Uttar Pradesh, India
Tel. No.:	91-120-2896998/ 2897561
Fax No.:	91-120-2897517
Factory 2 :	50/5 and 50/6, Industrial Area, Site-4, Sahibabad, Ghaziabad – 201 010, Uttar Pradesh, India
Factory 3 :	Plot No.214, Khasra No.212-216, Lakeshwari Industrial Area, Paragana Bhagwanpur, Roorkee, District Haridwar, Uttrakhand, India
Branch Office :	Located at: · Indore (Madhya Pradesh) · Raipur (Chhattisgarh) · Gohana (Haryana) · Patna (Bihar)

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Lalit Agarwal

Designation :

Managing Director

Address :

B-16, Swasthya Vihar, New Delhi – 110 092, India

Date of Birth/Age :

07.10.1960

Date of Appointment :

01.01.2012

DIN No.:

00109920

PAN No.:

AADPA8981B

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	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Director	03/11/2011	14/11/1987	-	Active	NO
2	U27101DL1990PLC039747	ADVANCE ISPAT (INDIA) LIMITED	Director	05/04/1990	05/04/1990	-	Active	NO
3	U51109UP1992PTC014655	ADVANCE ENTERPRISES PRIVATE LIMITED	Director	19/08/1992	19/08/1992	-	Active	NO
4	U15142UP1998PTC023241	ADVANCE HIGHTECH AGRO PRODUCTS PRIVATE LIMITED	Director	18/03/1998	18/03/1998	-	Active	NO
5	U70200DL1995PTC210168	TAK BUILDTECH PRIVATE LIMITED	Director	03/07/1998	03/07/1998	-	Active	NO
6	L65929WB1990PLC048280	MARDA COMMERCIAL AND HOLDINGS LIMITED	Director	05/04/2000	05/04/2000	-	Active	NO
7	U25209DL1988PLC117190	TIRUPATI STRUCTURALS LIMITED	Managing director	01/01/2012	30/09/2002	-	Active	NO
8	L52110DL1985PLC020059	SOPHIA EXPORTS LIMITED	Director	17/11/2005	17/11/2005	-	Active	NO
9	U27101DL2004PTC129044	GAURISHANKAR ALLOYS PRIVATE LIMITED	Director	10/06/2008	10/06/2008	20/03/2012	Active	NO
10	U45200DL2009PTC195712	PHOOL CHAND INFRASTRUCTURE PRIVATE LIMITED	Additional director	10/04/2010	10/04/2010	-	Active	NO
11	U72300DL2007PTC168466	UNITRON SOFTECH PRIVATE LIMITED	Director	26/07/2013	04/05/2013	-	Active	NO

Name :

Mr. Aashish Aggarwal

Designation :

Director

Address :

B-16, Swasthya Vihar, New Delhi – 110 092, India

Date of Birth/Age :

03.04.1973

Date of Appointment :

30.09.2002

DIN No.:

00026311

PAN No.:

AEJPA0655G

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	U27101DL1990PLC039747	ADVANCE ISPAT (INDIA) LIMITED	Director	01/01/1995	01/01/1995	-	Active	NO
2	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Whole-time director	01/10/1998	01/10/1998	-	Active	NO
3	U25209DL1988PLC117190	TIRUPATI STRUCTURALS LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
4	U25111DL2006PTC148317	IST SOFTECH PRIVATE LIMITED	Director	05/04/2006	05/04/2006	31/01/2007	Active	NO
5	U45400DL2001PTC111908	ADVANCE INFRASOLUTIONS PRIVATE LIMITED	Director	14/09/2006	14/09/2006	-	Active	NO
6	U45201DL2006PTC147066	VN REALTORS PRIVATE LIMITED	Additional director	20/11/2006	20/11/2006	-	Active	NO
7	U01400DL2007PTC164367	VN NATURAL RESOURCES PRIVATE LIMITED	Additional director	04/01/2008	09/08/2007	-	Active	NO
8	U40300DL2007PTC169566	DAHEGAON COAL AND POWER PRIVATE LIMITED	Director	01/05/2008	01/05/2008	-	Active	NO
9	U01120DL2008PTC181659	DEVAASHISH NATURAL RESOURCES PRIVATE LIMITED	Director	04/08/2008	04/08/2008	-	Strike off	NO
10	U74120DL2010PTC202152	ADVANCE STIMUL ENGINEERING PRIVATE LIMITED	Director	29/04/2010	29/04/2010	-	Active	NO
11	U13209DL2010PTC207314	SS & AA MINERALS PRIVATE LIMITED	Director	19/08/2010	19/08/2010	-	Active	NO
12	U13204DL2010PTC207421	R S A MINERALS PRIVATE LIMITED	Director	23/08/2010	23/08/2010	-	Strike off	NO
13	U01403AS2010PTC010304	SHIDHI VINAYAK AGRICULTURAL PRIVATE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO
14	U70200DL2011PTC218480	SHUBHAM INFRADEVELOPERS PRIVATE LIMITED	Director	02/05/2012	07/09/2011	-	Active	NO
15	U72300DL2007PTC168466	UNITRON SOFTECH PRIVATE LIMITED	Director	21/11/2014	21/11/2014	-	Active	NO
16	AAB-1288	OVERSEAS INFRAPROJECTS LLP	Body corporate as Designated Partner	21/09/2012	21/09/2012	-	Active	NO
17	AAC-0322	JUBLIANT REALTY AND VENTURES LLP	Designated Partner	27/01/2014	27/01/2014	-	Active	NO

Name :

Mr. Romil Agarwal

Designation :

Director

Address :

A-93, Swasthya Vihar, New Delhi – 110 092, India

Date of Birth/Age :

05.08.1975

Date of Appointment :

22.08.2005

DIN No.:

00586202

PAN No.:

ADTPA2867P

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	U00899DL1992PTC138021	ADVANCE STEEL STRIPS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Amalgamated	NO
2	U70200DL1995PTC210168	TAK BUILDTECH PRIVATE LIMITED	Director	03/07/1998	03/07/1998	-	Active	NO
3	L52110DL1985PLC020059	SOPHIA EXPORTS LIMITED	Director	27/09/2002	27/09/2002	-	Active	NO
4	U25209DL1988PLC117190	TIRUPATI STRUCTURALS LIMITED	Director	22/08/2005	22/08/2005	-	Active	NO
5	U01400DL2007PTC164367	VN NATURAL RESOURCES PRIVATE LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO
6	U45400DL2001PTC111908	ADVANCE INFRASOLUTIONS PRIVATE LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
7	U40300DL2007PTC169566	DAHEGAON COAL AND POWER PRIVATE LIMITED	Additional director	28/09/2010	28/09/2010	-	Active	NO
8	U01403AS2010PTC010304	SHIDHI VINAYAK AGRICULTURAL PRIVATE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO
9	U72300DL2007PTC168466	UNITRON SOFTECH PRIVATE LIMITED	Director	21/11/2014	21/11/2014	-	Active	NO

Name :

Mr. Naresh Chand Maheshwari

Designation :

Director

Address :

KU-112, Vishakha Enclave, Pitampura, New Delhi – 110 034, India

Date of Birth/Age :

08.07.1958

Date of Appointment :

29.09.2007

DIN No.:

00218051

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	U74899DL1995PLC064697	FARSIGHT SECURITIES LIMITED	Director	15/09/1995	15/09/1995	-	Active	NO
2	U72209DL2001PTC109078	SUKRITI INFOTECH PRIVATE LIMITED	Director	01/06/2006	01/06/2006	30/04/2013	Active	NO
3	U25209DL1988PLC117190	TIRUPATI STRUCTURALS LIMITED	Director	29/09/2007	20/01/2007	-	Active	NO
4	U67190MH1996GAP101555	ASSOCIATION OF NATIONAL EXCHANGES MEMBERS OF INDIA	Director	01/04/2014	29/03/2008	-	Active	NO
5	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Director	29/09/2012	03/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek Kumar
Designation :	Secretary
Address :	A-125, S-1, Dilshad Colony, New Delhi – 110 092, India
Date of Birth/Age :	21.07.1975
Date of Appointment :	20.01.2008
PAN No.:	AOOPK6329Q
Name :	Mr. Subhash Jain
Designation :	Group General Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
D.N. Agarwal	1333800	12.96
Vatsal Agarwal	1309000	12.72
Devraj Agarwal (HUF)	890000	8.64
Salini Agarwal	750000	7.29
Romil Agarwal	862000	8.38
Ashish Agarwal	892800	8.67
Lalit Agarwal	890000	8.64
Marda Commercial and Holdings Limited, India	1447900	14.06
Lalit Agarwal (HUF)	375000	3.64
Shyama Devi Agarwal	140000	1.36
Suyash Agarwal	554800	5.39
Shashi Agarwal	280000	2.72
Laxmi Devi Agarwal	252000	2.45
Suchita Agarwal	140000	1.36
Daulat Ram Agarwal	140000	1.36
Ananya Agarwal	35000	0.34
Himani Bansal	2100	0.02
Total	10294400	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage of holding
Bodies corporate	14.06
Directors or relatives of Directors	85.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing of PVC Pipes and allied products.

Products :

Item Code No. (ITC Code)	Product Description
3904	PVC/HDPE/Fittings and Water Tank

· UPVC Pipes

· PVC Fittings

· PVC SWR Pipes

· PVC Casing Pipes

· PE Water Containers and Tanks

· HDPE Pipes

· ASTM Plumbing Pipes

· PPR Pipes and Fittings

· Sprinkler Systems

· Hand Pumps

· Solid Waste Management Products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

· Finished Goods

Countries :

· Nepal

· Bangladesh

Imports :

Products :

· Raw Materials

Countries :

· China

· Korea

Terms :

Selling :

Cash and Credit (30/ 60/ 90 days)

Purchasing :

Cash and Credit (30/ 60/ 90 days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Reliance Industries Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	ABB India Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Punj Lloyd, Sikkim

· Gujarat Water Supply Board, Gujarat

· L.K. Tube, Ghaziabad, Uttar Pradesh

· U.P. Jal Nigam

· Pey Jal Nigam Dehradun

· Public Health Engineering Department, Raipur (Chattisgarh)

· Noida Authority

· BSNL

· Awas Vikas

· Jal Sansthan

· HCL

· Reliance Energy Limited

· Gujarat Water Supply Board

· Delhi Jal Board

No. of Employees :

300 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	Mohan Nagar, Ghaziabad, Uttar Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· ICICI Bank Limited, Connaught Place, Delhi, India

· Punjab National Bank, Patparganj, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee Term Loans from Banks	60.544	53.151
Less: Long Term Maturities of Finance Lease Obligations	(10.745)	(14.753)
Loans taken for vehicles	2.844	5.810
SHORT TERM BORROWINGS
Working Capital Loans from Banks	282.513	220.878
Loans repayable on demand from Banks	6.175	5.530
Total	341.331	270.616

Banking Relations :	--
Auditors :
Name :	Y. Agrawal and Company Chartered Accountants
Address :	4346/4C, Ansari Road, New Delhi – 110 002, India
Tel. No. :	91-11-23282990/ 23280296
PAN No.:	AAAFY0393A
Memberships :	Not Available
Collaborators :	Not Available
Associates :	· Advance Steel Tubes Limited, India (CIN No.: L24231UP1978PLC004583) · Advance Enterprises Private Limited, India (CIN No.: U51109UP1992PTC014655) · Marda Commercial and Holdings Limited, India (CIN No.: L65929WB1990PLC048280) · Sophia Exports Limited, India (CIN No.: L52110DL1985PLC020059)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kaveri Tubes, India

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10294400	Equity Shares	Rs.10/- each	Rs.102.944 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	102.944	102.944	102.944
(b) Reserves & Surplus	429.195	375.730	343.271
(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)	532.139	478.674	446.215
(3) Non-Current Liabilities
(a) Long-term borrowings	194.417	179.102	198.347
(b) Deferred tax liabilities (Net)	0.491	1.616	2.075
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	7.564	4.284	3.396
Total Non-current Liabilities (3)	202.472	185.002	203.818
(4) Current Liabilities
(a) Short term borrowings	288.688	226.408	278.309
(b) Trade payables	223.747	93.878	134.377
(c) Other current liabilities	35.199	30.925	31.035
(d) Short-term provisions	18.144	13.260	13.414
Total Current Liabilities (4)	565.778	364.471	457.135
TOTAL	1300.389	1028.147	1107.168
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	242.382	236.462	249.704
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	89.521	76.440	70.762
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	36.480	28.323	23.847
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	19.450	9.510	2.155
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	387.833	350.735	346.468
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	323.014	229.757	306.855
(c) Trade receivables	412.372	302.195	330.151
(d) Cash and cash equivalents	72.520	68.425	50.681
(e) Short-term loans and advances	95.624	69.855	69.400
(f) Other current assets	9.026	7.180	3.613
Total Current Assets	912.556	677.412	760.700
TOTAL	1300.389	1028.147	1107.168

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	2000.898	1480.550	1331.037
		Other Income	13.612	10.052	7.068
		TOTAL	2014.510	1490.602	1338.105
Less	EXPENSES
		Cost of Materials Consumed	1547.817	1038.026	941.690
		Purchase of Stock-in-trade	21.113	76.234	84.153
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(2.831)	9.089	(15.157)
		Employee Benefits Expenses	53.389	50.975	43.033
		Other Expenses	262.039	208.591	178.606
		TOTAL	1881.527	1382.915	1232.325
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		132.983	107.687	105.780
Less	FINANCIAL EXPENSES		38.523	39.183	43.022
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		94.460	68.504	62.758
Less/ Add	DEPRECIATION/ AMORTISATION		30.009	32.013	29.915
	PROFIT/ (LOSS) BEFORE TAX		64.451	36.491	32.843
Less	TAX		7.975	1.041	6.210
	PROFIT/ (LOSS) AFTER TAX		56.476	35.450	26.633
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		362.530	331.071	308.429
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	1.000
		Dividend	2.574	2.574	2.574
		Corporate Dividend Tax	0.437	0.417	0.417
			4.011	3.991	3.991
	BALANCE CARRIED TO THE B/S		414.995	362.530	331.071
	Earnings / (Loss) Per Share (Rs.)		5.49	3.44	2.59

Particulars	31.03.2015
Sales Turnover (Approximately)	2600.000

Expected Sales (2015-2016): Rs.3000.000 million

The above information has been parted by Mr. Subhash Jain (Group General Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.82	2.39	2.00
Operating Profit Margin (PBDIT/ Sales)	(%)	6.65	7.27	7.95
Return on Total Assets (PBT/Total Assets}	(%)	5.49	3.95	3.24
Return on Investment (ROI) (PBT/Networth)		0.12	0.08	0.07
Debt Equity Ratio (Total Debt/Networth)		0.91	0.85	1.07
Current Ratio (Current Asset/Current Liability)		1.61	1.86	1.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	102.944	102.944	102.944
Reserves & Surplus	343.271	375.730	429.195
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	446.215	478.674	532.139
Long Term borrowings	198.347	179.102	194.417
Short Term borrowings	278.309	226.408	288.688
Total borrowings	476.656	405.510	483.105
Debt/Equity ratio	1.068	0.847	0.908

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	1331.037	1480.550	2000.898
		11.233	35.146

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	1331.037	1480.550	2000.898
Profit	26.633	35.450	56.476
	2.00%	2.39%	2.82%

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 four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
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

OPERATIONS

The net turnover of the Company increased by 35.15% to Rs.2014.500 million, whereas the profit before tax increased by 76.62% to Rs.64.400 million and the profit after tax increased by 59.31% to Rs.56.500 million. Profit before depreciation, interest and tax for the year stood at Rs.132.900 million.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Intercorporate Borrowings	0.888	0.888
Loans and Advances from Directors	140.886	134.006
Total	141.774	134.894

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10472533	28/12/2013	48,300,000.00	STANDARD CHARTERED BANK	9-10, BAHADUR SHAH ZAFAR MARG, 1ST FLOOR, EXPRESS  BUILDING, DELHI, DELHI - 110002, INDIA	B94346244
2	10462186	13/02/2014 *	50,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B96511886
3	10262175	19/12/2014 *	257,800,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C40559288
4	90054740	24/04/2014 *	340,000,000.00	PUNJAB NATIONAL BANK	MOHAN NAGAR, GAZIABAD, UTTAR PRADESH - 201012, INDIA	C04041646

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.62.37
UK Pound	1	Rs.92.44
Euro	1	Rs.66.56

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.