MIRA INFORM REPORT

Report No. :	354737
Report Date :	19.12.2015

IDENTIFICATION DETAILS

Name :	INARCO PRIVATE LIMITED (w.e.f. 11.09.2015)
Formerly Known As :	INARCO LIMITED
Registered Office :	B2-801, 8^th Floor, B2 Wing, Marathon Innova, Opposite Peninsula Corpor. Park, Off Ganapatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-43152200
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.12.1958
Com. Reg. No.:	11-011233
Capital Investment / Paid-up Capital :	Rs. 9.500 Million
CIN No.: [Company Identification No.]	U74999MH1958PTC011233
IEC No.:	0388170026
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI2897Q
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in the manufacturing and selling of Textile Machine Components. [Registered Activity]
No. of Employees :	Information declined by the management

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 400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Inarco Limited got converted into private company w.e.f. 11th September 2015. It is a wholly owned subsidiary of ‘ARI Consolidated Investment Private Limited’. It was incorporated in the year 1958 and it manufactures textile machine components namely rubber cots and aprons. It is an old and established company having satisfactory track. As per 2015 financial, the company has reported year on year growth in its sales revenue profile by 13.53% but has reported decline in its net profit margins by 11.7%. The ratings however takes into consideration company’s sound financial risk profile marked by healthy networth, low gearing, and robust debt protection metrics. Further, rating also reflects company’s strong market position and established customer relationships. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	August 26, 2015

Rating Agency Name	CRISIL RATING
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	August 26, 2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Ms. Veena
Designation :	Not Divulged
Contact No.:	91-22-43152200
Date :	15.12.2015

LOCATIONS

Registered/ Corporate Office/ Export Sales :	B2-801, 8^th Floor, B2 Wing, Marathon Innova, Opposite Peninsula Corpor. Park, Off Ganapatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-43152200
Fax No.:	Not Available
E-Mail :	vpoddar@inarco.com
Factory :	Opposite Jawahar Maidan, Plot No. 1129, Ghoga Road, Bhavnagar - 364001, Gujarat, India
Tel. No.:	91-278-2430545
Technical Support :	658 Central Studio Compound, Trichy Road, Singanallur, Coimbatore – 641005, Tamilnadu, India
Tel. No.:	91-422-2316942 / 43
Regional Offices :	Located At : Coimbatore Madurai Guntur Mumbai Chandigarh West Bengal Rajasthan

DIRECTORS

AS ON 31.03.2015

Name :

Kavas Dara Patel

Designation :

Director

Address :

C-33, Rivernest, 311 North Main Road,, Koregoan Park, Pune - 411011, Maharashtra, India

Date of Birth/Age :

31.03.1999

Date of Appointment :

08.05.2015

DIN No.:

00002634

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	L33208GA1983PLC000520	Kore Foods Limited	Director	18/08/1993	18/08/1993	04/02/2015	Active	NO
2	U24300MH1989PTC052085	INDIAN OXIDES AND CHEMICALS Private Limited	Director	27/06/1997	27/06/1997	-	Active	NO
3	U45309PN1991PTC063598	ZINNIA PROPERTIES PVT.LTD.	Director	14/03/1998	14/03/1998	-	Active	NO
4	U74999MH1958PTC011233	INARCO Private Limited	Director	28/08/2015	31/03/1999	-	Active	NO
5	L24100MH1960PLC011681	DAI-ICHI KARKARIA LIMITED	Director	26/04/2001	26/04/2001	-	Active	NO
6	U17110MH1943PTC010052	ARI CONSOLIDATED INVESTMENTS Private Limited	Director	15/10/2001	15/10/2001	05/09/2013	Active	NO
7	U31909MH1983PLC029134	UNI KLINGER LIMITED	Director	02/12/2002	02/12/2002	-	Active	NO
8	U24110MH1990PTC055089	Nalco Champion Dai-ichi India Private Limited	Director	22/12/2005	22/12/2005	-	Active	NO
9	U72900PN2005PTC020816	MIMOSA DATA SYSTEMS (INDIA) PRIVATE LIMITED	Additional director	20/09/2006	20/09/2006	01/08/2007	Strike off	NO
10	L15419PN1985PLC037347	TASTY BITE EATABLES LTD	Director	10/09/2014	29/05/2009	-	Active	NO

Name :

Bahram Navroz Vakil

Designation :

Director

Address :

Neptune Court, 1st Floor,, 60, Nepeansea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

12.09.1958

Date of Appointment :

08.05.2015

DIN No.:

00283980

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	U55101MH1996PTC097667	deGustibus Hospitality Private Limited	Director	01/06/1998	01/06/1998	20/06/2009	Active	NO
2	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Alternate director	26/08/2008	13/03/2001	07/06/2011	Active	NO
3	U67190MH1997PTC109777	STRATEGIC PARTNERS (INDIA) PRIVATE LIMITED	Director	09/04/2001	09/04/2001	01/09/2014	Active	NO
4	U29111MH2001PTC131781	LOMBARDINI INDIA PRIVATE LIMITED	Director	14/05/2001	14/05/2001	22/06/2007	Active	NO
5	U55101TN2002PTC048331	WILD INDIA CAMPS PRIVATE LIMITED	Director	10/03/2004	10/03/2004	-	Active	NO
6	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Alternate director	16/02/2005	16/02/2005	03/12/2009	Active	NO
7	U74999MH2003PTC149854	THE WALT DISNEY COMPANY (INDIA) PRIVATE LIMITED	Director	09/12/2005	09/12/2005	03/02/2009	Active	NO
8	U65991MH2005PLC158045	PENINSULA TRUSTEE LIMITED	Director	12/07/2007	06/03/2006	-	Active	NO
9	U72900PN2006PTC129658	BODHI GLOBAL SERVICES PRIVATE LIMITED	Director	22/03/2006	22/03/2006	-	Active	NO
10	U74999MH1958PTC011233	INARCO Private Limited	Director	28/08/2015	22/08/2006	-	Active	NO
11	U73100TG2006PTC051414	BVUD RESEARCH (INDIA) PRIVATE LIMITED	Director	16/10/2006	16/10/2006	29/03/2007	Under liquidation	NO
12	U65990MH2005PLC154276	EDELWEISS WEB SERVICES LIMITED	Director	02/11/2006	02/11/2006	21/05/2014	Active	NO
13	U92130MH2004PTC143978	UNITED HOME ENTERTAINMENT Private LIMITED	Director	12/12/2006	12/12/2006	27/08/2007	Active	NO
14	U65923MH2007PLC168721	GRAMEEN CAPITAL INDIA LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
15	U67190MH2007FTC175891	Babcock & Brown India Private Limited	Director	14/11/2007	14/11/2007	22/08/2008	Under liquidation	NO
16	U74900KA2008PTC050780	Unitus Capital Private Limited	Director	03/03/2008	03/03/2008	07/11/2008	Active	NO
17	U40106MH2008PTC180689	SunNight Solar Private Limited	Director	01/04/2008	01/04/2008	08/07/2011	Strike off	NO
18	U65999MH2008NPL188370	Premanand Micro Financing	Director	20/11/2008	20/11/2008	08/07/2011	Active	NO
19	U93090MH2010NPL201145	Indian Council on Global Relations	Director	28/09/2011	25/08/2010	-	Active	NO
20	U74900MH2011PTC215129	GE-Hitachi Nuclear Energy India Private Limited	Director	22/03/2011	22/03/2011	-	Active	NO
21	U73100MH2011FTC216670	Columbia Research and Consultancy Services Private Limited	Alternate director	31/05/2011	31/05/2011	-	Active	NO
22	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	08/11/2011	07/07/2011	01/07/2013	Active	NO
23	L24240MH1952PLC008951	TRENT LIMITED	Director	14/08/2014	25/06/2012	-	Active	NO
24	U51900MH2005PLC157853	Axis Capital Limited	Director	24/06/2015	14/01/2013	-	Active	NO
25	U67190MH2013PTC245486	Grameen Capital Investment Advisors Private Limited	Director	11/07/2013	11/07/2013	-	Active	NO
26	U73200MH1986NPL041521	CENTRE FOR ADVANCEMENT OF PHILANTHROPY.	Director	22/08/2013	22/08/2013	-	Active	NO
27	U74899MH1986PTC270889	RADAUR HOLDINGS PRIVATE LIMITED	Director	30/09/2014	09/10/2013	17/03/2015	Active	NO
28	U80309MH2013PTC250610	Kings Learning Private Limited	Director	10/02/2014	10/02/2014	-	Active	NO
29	L29308MH1954PLC009371	VOLTAS LIMITED	Director	01/09/2014	01/09/2014	-	Active	NO
30	U65910UP2002NPL027113	CASHPOR MICRO CREDIT	Additional director	10/11/2014	10/11/2014	-	Active	NO
31	U85191MH2011NPL218106	Step Up Charitable Foundation	Additional director	12/01/2015	12/01/2015	24/02/2015	Active	NO
32	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Director	09/09/2015	16/03/2015	-	Active	NO
33	U74999MH2014NPL260102	WORLD MONUMENTS FUND INDIA ASSOCIATION	Additional director	18/04/2015	18/04/2015	-	Active	NO
34	U65929UP1996PTC041880	CASHPOR FINANCIAL AND TECHNICAL SERVICES Private LIMITED	Additional director	06/06/2015	06/06/2015	-	Active	NO

Name :

Manmohan Krishan Mahajan

Designation :

Director

Address :

21, Thakur Niwas, J. Tata Road, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

10.08.1949

Date of Appointment :

16.12.2008

DIN No.:

00290208

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	U74140MH1998PTC114225	Mahajan & Aibara Business Consulting Private Limited	Director	30/03/1998	30/03/1998	-	Active	NO
2	U74999MH1958PTC011233	INARCO Private Limited	Director	16/12/2008	16/12/2008	-	Active	NO
3	AAD-9663	MAHAJAN & AIBARA CHARTERED ACCOUNTANTS LLP	Designated Partner	19/05/2015	19/05/2015	-	Active	NO

Name :

Arvind Bhandari Kewalkishan

Designation :

Managing Director

Address :

'Panorama', 203, Second Floor, Walkeshwar Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

12.04.1947

Date of Appointment :

01.10.2005

DIN No.:

00708080

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	U74999MH1958PTC011233	INARCO Private Limited	Managing director	12/07/2007	01/10/2005	-	Active	NO
2	U99999MH1973PTC016347	SANKIL INVESTMENTS PRIVATE LIMITED	Additional director	01/08/2014	01/08/2014	-	Active	NO
3	U65990MH1997PTC109653	ODIN CAPITAL HOLDINGS PRIVATE LIMITED	Additional director	01/08/2014	01/08/2014	-	Active	NO
4	U17110MH1943PTC010052	ARI CONSOLIDATED INVESTMENTS Private Limited	Additional director	29/09/2015	29/09/2015	-	Active	NO

Name :

Nani Byram Javeri

Designation :

Director

Address :

Flat No.9, Ivorine, 154, M.Karve Road, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

04.04.2001

Date of Appointment :

27.02.2001

DIN No.:

02731854

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	U74999MH1958PTC011233	INARCO Private Limited	Director	27/02/2001	27/02/2001	-	Active	NO
2	U17110MH1943PTC010052	ARI CONSOLIDATED INVESTMENTS Private Limited	Director	30/09/2009	30/06/2009	21/08/2014	Active	NO
3	L29308MH1954PLC009371	VOLTAS LIMITED	Director	01/09/2014	29/10/2009	-	Active	NO
4	U52190KA1997PTC046775	LIFE STYLE INTERNATIONAL PRIVATE LIMITED	Director	04/08/2013	04/08/2010	-	Active	NO
5	U65923MH2009PTC198201	Union KBC Asset Management Company Private Limited	Director	31/05/2011	16/09/2010	-	Active	NO
6	U74140MH2008FTC187025	Hannover Re Consulting Services India Private Limited	Director	31/10/2011	31/10/2011	-	Active	NO
7	U29193MH2001PLC249228	UNIVERSAL COMFORT PRODUCTS LIMITED	Director	04/07/2014	01/11/2011	-	Active	NO
8	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	25/09/2014	08/07/2013	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Ari Consolidated Investments Private Limited	94500
A. Bhandari as a nominee of Ari Consolidated Investments Private Limited	500
Total	95000

Equity Share Break up (Percentage of Total Equity)

AS ON

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and selling of Textile Machine Components. [Registered Activity]
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Loans repayable on demand from banks	6.761	30.930
Total	6.761	30.930

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad – 380014, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95000	Equity Shares	Rs.10/- each	Rs. 9.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.500	9.500	9.500
(b) Reserves & Surplus	156.642	113.744	72.543
(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)	166.142	123.244	82.043
(3) Non-Current Liabilities
(a) long-term borrowings	30.000	0.000	0.017
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	11.567	7.367	4.864
(d) long-term provisions	5.147	3.989	3.480
Total Non-current Liabilities (3)	46.714	11.356	8.361
(4) Current Liabilities
(a) Short term borrowings	31.761	40.930	35.474
(b) Trade payables	147.807	112.547	100.041
(c) Other current liabilities	10.131	12.811	11.919
(d) Short-term provisions	29.703	42.523	30.546
Total Current Liabilities (4)	219.402	208.811	177.980
TOTAL	432.258	343.411	268.384
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	103.924	50.704	37.709
(ii) Intangible Assets	0.477	0.163	0.002
(iii) Capital work-in-progress	8.950	3.025	4.673
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	4.887
(c) Deferred tax assets (net)	12.940	7.427	9.122
(d) Long-term Loan and Advances	25.366	17.470	16.939
(e) Other Non-current assets	6.837	0.648	4.875
Total Non-Current Assets	158.494	79.437	78.207
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	130.532	98.841	79.749
(c) Trade receivables	79.347	92.240	81.296
(d) Cash and cash equivalents	52.778	62.038	21.692
(e) Short-term loans and advances	10.439	7.483	4.186
(f) Other current assets	0.668	3.372	3.254
Total Current Assets	273.764	263.974	190.177
TOTAL	432.258	343.411	268.384

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	901.078	794.221	618.044
	Other Income	9.193	7.544	12.756
	TOTAL	910.271	801.765	630.800
Less	EXPENSES
	Cost of Materials Consumed	370.760	306.685	263.661
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20.268)	(5.463)	(10.785)
	Employees benefits expense	156.096	122.387	114.065
	CSR Expenditure	0.500	0.000	0.000
	Other expenses	272.439	241.858	191.687
	TOTAL	779.527	665.467	558.628
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	130.744	136.298	72.172
Less	FINANCIAL EXPENSES	6.915	6.796	5.723
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	123.829	129.502	66.449
Less/ Add	DEPRECIATION/ AMORTISATION	22.278	13.263	12.338
	PROFIT/ (LOSS) BEFORE TAX	101.551	116.239	54.111
Less	TAX	35.785	41.695	18.885
	PROFIT/ (LOSS) AFTER TAX	65.766	74.544	35.226
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	310.322	271.633	185.229
	TOTAL EARNINGS	310.322	271.633	185.229
	IMPORTS
	Raw Materials	171.510	125.955	104.099
	TOTAL IMPORTS	171.510	125.955	104.099
	Earnings Per Share (Rs.)	692.28	784.68	370.81

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NAS
Net cash flows from (used in) operations	152.025	116.083	32.761

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	7.30	9.39	5.70
Operating Profit Margin (PBIDT/Sales)	(%)	14.51	17.16	11.68
Return on Total Assets (PBT/Total Assets}	(%)	24.75	34.91	21.67
Return on Investment (ROI) (PBT/Networth)		0.61	0.94	0.66
Debt Equity Ratio (Total Debt /Networth)		0.37	0.33	0.43
Current Ratio (Current Asset/Current Liability)		1.25	1.26	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.500	9.500	9.500
Reserves & Surplus	72.543	113.744	156.642
Net worth	82.043	123.244	166.142
long-term borrowings	0.017	0.000	30.000
Short term borrowings	35.474	40.930	31.761
Total borrowings	35.491	40.930	61.761
Debt/Equity ratio	0.433	0.332	0.372

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	618.044	794.221	901.078
		28.506	13.454

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	618.044	794.221	901.078
Profit	35.226	74.544	65.766
	5.70%	9.39%	7.30%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject is 100% subsidiary of ARI Consolidated Investments Limited. The Company is incorporated in India on 12th December, 1958 with authorised share capital of Rs. 1,00,00,000. The Company is engaged in the manufacturing & selling of Textile Machine Components and has manufacturing facility at Bhavnagar (Gujarat).

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Loans and advances from directors	30.000	0.000
SHORT TERM BORROWING
Loans and advances from others	15.000	0.000
Loans and advances from directors	10.000	10.000
Total	55.000	10.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10579846	15/04/2015	197,500,000.00	State Bank of India	STERLING CENTRE BRANCH, DR A B ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C58811084
2	90226917	20/08/2001 *	87,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY,  Maharashtra - 400023, INDIA	-
3	90232487	20/08/2002 *	87,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY,  Maharashtra - 400023, INDIA	-
4	90228678	15/05/2002 *	87,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY,  Maharashtra - 400023, INDIA	-
5	90230260	03/09/1975	1,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, BOMBAY, Maharashtra - 400021, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Office Building
• Computer 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 records 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. 66.42
UK Pound	1	Rs. 99.17
Euro	1	Rs. 72.14

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	HNA
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
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	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.