MIRA INFORM REPORT

Report No. :	355253
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED [w.e.f. 12.09.2013]
Formerly Known As :	BALAJI ENTERPRISES PRIVATE LIMITED
Registered Office :	48 -Industrial Area, Jhotwara, Jaipur – 302012, Rajasthan
Tel. No.:	91-141-2340609/ 2340809
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.11.1983
Com. Reg. No.:	17-002831
Capital Investment / Paid-up Capital :	Rs.131.682 Million
CIN No.: [Company Identification No.]	U27106RJ1983PLC002831
IEC No.:	1388009528
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB7092E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of mill internals (castings and forgings) [Confirmed by management]
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 was incorporated in 1983 and it is based in Jaipur, Rajasthan. It is a metallurgy and foundry engineering company and is engaged in design, development, manufacture and installation of wear resistant, abrasion resistant and corrosion resistant parts in high chrome, ni-hard, chrome moly, manganese steel and bimetallic metallurgy for cement industries, thermal power plants, mining industries and other engineering industries. It is an old and established company having satisfactory track. Management of the subject has failed to file its latest financials with government department for the year 2015. As per 2014 financial, the company has reported low profit margin of 0.87% from its business operations. However, it has acceptable financial risk profile with decent networth base and comfortable debt coverage indicators. The rating further derives strength from the vast experience of the promoters, its established track record in the castings and forgings industry, long-standing and reputed clientele across diverse industries. The ratings, however, continue to be constrained by the moderate scale of its operations, low bargaining power with its customers, regulatory risks, foreign exchange fluctuations and risks related to volatility in raw material prices. Trade relations are reported as fair. Business is active. Payments are reported to be slow but 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	CARE
Rating	Long term Bank facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	07.10.2015

Rating Agency Name	CARE
Rating	Short term bank facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	07.10.2015

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 PARTED BY

Name :	Mr. A. K. Kanodia
Designation :	Director
Contact No.:	91-9799117999
Date :	18.12.2015

LOCATIONS

Registered Office/ Factory :	48 -Industrial Area, Jhotwara, Jaipur – 302012, Rajasthan, India
Tel. No.:	91-141-2340609/ 2340809
Mobile No.:	91-9799117999 [Mr. A.K. Kanodia]
Fax No.:	91-141-2340807
E-Mail :	cs@balaji-castings.com
Website :	http://www.balaji_castings.com
Area :	5000 Sq. Ft.
Location :	Owned
Locality:	Industrial

DIRECTORS

AS ON 31.03.2015

Name :

Kailash Kumar Kanodia

Designation :

Managing Director

Address :

24-25 Shubham Enclave, Jamna Lal Bajaj Marg, C-Scheme, Jaipur - 302001, Rajasthan, India

Date of Birth/Age :

06.07.1957

Date of Appointment :

01.10.2014

DIN No.:

00274449

PAN No.:

ADRPK6756F

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	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Managing director	01/10/2014	21/11/1983	-	Active	NO
2	L51909RJ1987PLC018226	NEHA RESOURCES LIMITED (TRANSFERRED FROM WEST BENGAL)	Director	07/12/1999	07/12/1999	-	Active	NO
3	U28133RJ2008PLC025821	SHRI BALAJI INDUSTRIAL ENGINEERING LIMITED	Director	06/02/2008	06/02/2008	31/12/2014	Active	NO
4	U74999WB1994PTC064490	UDAIPURIA COMMODITIES PRIVATE LIMITED	Director	27/01/2009	27/01/2009	30/10/2012	Active	NO
5	U27101RJ1995PLC011261	WIN FERRO ALLOYS LIMITED	Director	30/09/2009	08/06/2009	-	Active	NO
6	U51909RJ1996PTC036608	SYNOX MARKETING PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Amalgamated	NO
7	U27109WB1995PLC068681	WMW METAL FABRICS LIMITED	Director	20/09/2014	20/09/2014	-	Active	NO
8	U51909WB2011PLC163277	GKD INDIA LIMITED	Director	29/09/2014	29/09/2014	-	Active	NO

Name :

Chedi Lal Khowala

Designation :

Director

Address :

Silicat Factory Rd & Tarunpally (Anksik), Asansol (South), Burdwan - 713301, West Bengal, India

Date of Birth/Age :

01.07.1924

Date of Appointment :

15.02.2001

DIN No.:

02472863

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	U27101RJ1995PLC011261	WIN FERRO ALLOYS LIMITED	Director	03/04/1996	03/04/1996	26/08/2011	Active	NO
2	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Director	15/02/2001	15/02/2001	-	Active	NO

Name :

Gunjan Khatri

Designation :

Director

Address :

F-76,Ravindra Bhawan, Iit Roorkee,Roorkee, Haridwar - 249401, Uttarakhand, India

Date of Birth/Age :

23.11.1982

Date of Appointment :

30.09.2009

DIN No.:

02788523

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	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Director	30/09/2009	12/10/2008	-	Active	NO
2	L51909RJ1987PLC018226	NEHA RESOURCES LIMITED (TRANSFERRED FROM WEST BENGAL)	Director	30/09/2009	20/10/2008	-	Active	NO

Name :

Prateek Mathur

Designation :

Director

Address :

No 27, 2nd A Main Chandra Reddy Layout, St Bed Ivth Block Koramangala, Bangalore - 560034, Karnataka, India

Date of Appointment :

30.09.2015

DIN No.:

07144296

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	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Director	30/09/2015	31/03/2015	-	Active	NO
2	L51909RJ1987PLC018226	NEHA RESOURCES LIMITED (TRANSFERRED FROM WEST BENGAL)	Director	30/09/2015	31/03/2015	-	Active	NO
3	U28133RJ2008PLC025821	SHRI BALAJI INDUSTRIAL ENGINEERING LIMITED	Director	30/09/2015	31/03/2015	-	Active	NO

Name :

Sujata Devi Kandoia

Designation :

Whole-Time Director

Address :

117, Industrial Area,, Jhotwara,, Jaipur - 302012, Rajasthan, India

Date of Birth/Age :

01.08.1962

Date of Appointment :

01.04.2015

DIN No.:

00255615

PAN No.:

ADRPK6755G

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	U51102RJ1985PTC003295	PAWANSUT MARKETING PRIVATE LIMITED	Director	10/05/1985	10/05/1985	-	Active	NO
2	L51909RJ1987PLC018226	NEHA RESOURCES LIMITED (TRANSFERRED FROM WEST BENGAL)	Director	30/01/2010	07/12/1999	-	Active	NO
3	U74999WB1994PTC064490	UDAIPURIA COMMODITIES PRIVATE LIMITED	Director	27/01/2009	27/01/2009	-	Active	NO
4	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Whole-time director	01/04/2015	01/02/2010	-	Active	NO

Name :

Sudhir Kumar Bansal

Designation :

Whole-Time Director

Address :

C-47, Rajapark , Jaipur, Jaipur - 302004, Rajasthan, India

Date of Birth/Age :

03.07.1948

Date of Appointment :

01.04.2015

DIN No.:

00170512

PAN No.:

ACTPB5323J

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	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Whole-time director	01/04/2015	20/02/1994	-	Active	NO
2	U18101RJ2000PTC022946	LOWWEAR ALLOY PRODUCTS PRIVATE LIMITED	Director	07/08/2000	07/08/2000	-	Active	NO
3	U28133RJ2008PLC025821	SHRI BALAJI INDUSTRIAL ENGINEERING LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO

Name :

Ashish Kumar Kanodia

Designation :

Whole-Time Director

Address :

24/25, Shubham Enclave, Jamna Lal Bajaj Marg, C-Scheme, Jaipur - 302001, Rajasthan, India

Date of Birth/Age :

18.02.1983

Date of Appointment :

15.02.2015

DIN No.:

00117243

PAN No.:

AHHPK7462L

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	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Whole-time director	15/02/2015	14/02/2006	-	Active	NO
2	U28133RJ2008PLC025821	SHRI BALAJI INDUSTRIAL ENGINEERING LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
3	U51102RJ1985PTC003295	PAWANSUT MARKETING PRIVATE LIMITED	Director	30/09/2009	13/07/2009	-	Active	NO
4	U51109WB1994PTC064367	MIRIK VINIMAY PRIVATE LIMITED	Director	29/09/2009	13/07/2009	-	Active	NO
5	U51909RJ1994PTC037280	JEWELROCK BARTER PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Amalgamated	NO
6	U27101RJ1995PLC011261	WIN FERRO ALLOYS LIMITED	Director	30/09/2011	26/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Madhu Sudan Somani
Designation :	Chief Executive Officer
Address :	48, Khadi Colony, Ajmer Road, Jaipur - 302006, Rajasthan, India
Date of Appointment :	18.02.2015
PAN No:	AOQPS8729G
Name :	Gyaneshwer Kumar
Designation :	Secretary
Address :	33, Path No. 7, Anand Colony, Vijay Bari, Sikar Road, Jaipur - 302039, Rajasthan, India
Date of Appointment :	01.07.2013
PAN No:	ATPPK7787C

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Nawal Kumar Kanodia	20610
Kailash Kumar Kanodia	177560
Sudhir Kumar Bansal	10753
Sujata Devi Kanodia	243746
Nirmal Kumar Kanodia	18481
Hiramony Kanodia	15312
Lowwear Alloys Private Limited, India	1255508
Mirik Vinimay Private Limited, India	3230501
Neha Resources Limited, India	4519328
Ashish Kanodia	289048
Pawansut Marketing Private Limited	130064
Udaipuria Commodities Private Limited, India	3011744
Shahsi Bansal	10560
Shri Balaji Inustrial Engineering Limited, India	235000
Total	13168215

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	94.03
Directors or relatives of Directors	5.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of mill internals (castings and forgings) [Confirmed by management]

Products :

Item Code No.	Product Description
73259100	METRIC TON

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

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 :	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 :

End Users and OEMs

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 :

300 (Approximately)

Bankers :

Banker Name	State Bank of Bikaner And Jaipur
Branch Address	Industrial Area, Jhotwara, Jaipur - 302012, Rajasthan, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Cash/ Credit = Rs.80.000 Million
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	86.164	34.528
SHORT TERM BORROWING
Working capital loans from banks	557.611	632.577
Total	643.775	667.105

Auditors :
Name :	Girdhari and Associates Chartered Accountants
Address :	B-31, Ganesh Nagar, New Sanganer Road, Sodala, Jaipur, India
PAN N Income-tax PAN of auditor or auditor's firm :	AFMPS7396L
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Balaji Industrial Engineering Limited Udaipuria Commoditi Private Limited Neha Resource Limited Win Ferro Limited Pawansut Marketing Private Limited
Concern of key management personal:	Balaji Oil Mills

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13168215	Equity Shares	Rs.10/- each	Rs.131.682 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	131.682	127.682	127.682
(b) Reserves & Surplus	494.598	463.096	447.370
(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)	626.280	590.778	575.052
(3) Non-Current Liabilities
(a) long-term borrowings	107.846	91.303	85.540
(b) Deferred tax liabilities (Net)	34.137	21.139	10.180
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	141.983	112.442	95.720
(4) Current Liabilities
(a) Short term borrowings	557.611	632.577	549.878
(b) Trade payables	271.553	259.229	251.932
(c) Other current liabilities	33.945	27.926	36.000
(d) Short-term provisions	0.000	0.000	0.059
Total Current Liabilities (4)	863.109	919.732	837.869
TOTAL	1631.372	1622.952	1508.641
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	417.257	434.114	431.717
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	89.072	4.291	8.975
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.018	13.018	10.018
(c) Deferred tax assets (net)	0.000	0.000	210.764
(d) Long-term Loan and Advances	180.291	205.264	58.014
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	699.638	656.687	719.488
(2) Current assets
(a) Current investments	1.300	1.300	1.300
(b) Inventories	202.849	264.239	288.832
(c) Trade receivables	486.199	467.166	272.072
(d) Cash and cash equivalents	56.437	53.405	55.566
(e) Short-term loans and advances	184.949	180.155	171.383
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	931.734	966.265	789.153
TOTAL	1631.372	1622.952	1508.641

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1746.449	1634.502	1295.382
	Other Income	33.693	52.831	36.705
	TOTAL (A)	1780.142	1687.333	1332.087
Less	EXPENSES
	Cost of Materials Consumed	930.212	976.690	837.171
	Purchases of Stock-in-Trade	60.958	4.242	9.036
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	21.357	(14.700)	45.039
	Employees benefits expense	41.979	37.210	34.529
		4.484	0.439
	Other expenses	554.663	538.132	383.525
	TOTAL (B)	1613.653	1542.013	1309.300
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	166.489	145.320	22.787
Less	FINANCIAL EXPENSES (D)	101.539	89.751	85.123
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	64.950	55.569	(62.336)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	27.451	26.985	19.956
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	37.499	28.584	(82.292)
Less	TAX (H)	21.999	12.858	(26.201)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	15.500	15.726	(56.091)
	Earnings / (Loss) Per Share (Rs.)	1.21	1.23	(4.39)

Particulars	31.03.2015
Sales Turnover (Approximately)	2000.000

Expected Sales (2015-2016): Rs.2500.000 Million

The above information has been parted by Mr. A. K. Kanodia [Director].

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	16.000	26.000	36.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	243.648	20.517	168.708

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.89	0.96	(4.33)
Operating Profit Margin (PBIDT/Sales)	(%)	9.53	8.89	1.76
Return on Total Assets (PBT/Total Assets}	(%)	2.45	1.78	(6.43)
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	(0.14)
Debt Equity Ratio (Total Debt /Networth)		1.06	1.23	1.10
Current Ratio (Current Asset/Current Liability)		1.08	1.05	0.94

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	127.682	127.682	131.682
Reserves & Surplus	447.370	463.096	494.598
Net worth	575.052	590.778	626.280
Long-term borrowings	85.540	91.303	107.846
Short term borrowings	549.878	632.577	557.611
current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	635.418	723.880	665.457
Debt/Equity ratio	1.105	1.225	1.063

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1295.382	1634.502	1746.449
		26.179	6.849

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1295.382	1634.502	1746.449
Profit	(56.091)	15.726	15.500
	(4.33%)	0.96%	0.89%

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	Yes
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	Yes
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	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

RESULTS OF OPERATIONS:

Total revenues earned during the year amounted to Rs.1780.142 Million compared to that of Rs.1687.334 Million in the previous financial year. During the year, the income from operations was Rs 1746.449 Million compared to Rs. 1634.502 Million in the previous financial year. This reflects increase of Rs. 111.947 Million, The profit before tax has increased from Rs.28.611 Million in the previous financial year to Rs. 37.529 Million in the current financial year. The profit before interest, depreciation and tax during this period is Rs 42.012 Million as compared to the previous financial year PBIDT i.e. Rs. 29.050 Million.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from others	3.633	13.393
Deferred sales tax loan	8.178	22.505
Loans and advances from directors	9.871	20.877
Total	21.682	56.775

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10452280	14/09/2013	80,000,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL AREA, JHOWARA, JAIPUR, RAJASTHAN - 302012, INDIA	B86356185
2	10215806	26/03/2010	50,000,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL AREA, JHOTWARA, JAIPUR, RAJASTHAN - 302012, INDIA	A84436310
3	90067988	09/11/2015 *	1,150,000,000.00	STATE BANK OF BIKANER AND JAIPUR (CONSORTIUM WITH AXIS BANK LIMITED AND HDFC BANK LIMITED)	INDUSTRIAL AREA, JHOTWARA, JAIPUR, RAJASTHAN - 302012, INDIA	C71856231

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipment’s

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.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	HEE
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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		46

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.