MIRA INFORM REPORT

 

 

Report No. :

355633

Report Date :

23.12.2015

 

IDENTIFICATION DETAILS

 

Name :

AIA ENGINEERING LIMITED

 

 

Registered Office :

115, GVMM Estate, Odhav Road, Odhav, Ahmedabad - 382410, Gujarat

Tel. No.:

91-79-22901078

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

11.03.1991

 

 

Com. Reg. No.:

04-015182

 

 

Capital Investment / Paid-up Capital :

Rs.188.641 Million

 

 

CIN No.:

[Company Identification No.]

L29259GJ1991PLC015182

 

 

IEC No.:

0888003986

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA00889A

 

 

PAN No.:

[Permanent Account No.]

AABCA2777J

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of High Chrome Mill Internals (Casting). (Registered Activity)

 

 

No. of Employees :

1274 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (76)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

AIA, incorporated on 11th March 1991, it is well-established company having have fine track record. The company manufactures grinding media, liners, and diaphragm which are used for crushing and grinding operations in grinding mills in the cement, power utility.

 

Rating strengths, on AIA’s dominant position in the mill parts and components market in India, its well diversified revenue profile, and its robust financial risk profile, marked by a conservative capital structure and healthy liquidity.

 

Rating further takes into consideration on company’s significantly higher-than-expected revenue growth, while maintaining its healthy profitability and strong capital structure.

 

This rating strength is partially offset by company’s operating margin is susceptible to volatility in the prices of raw materials, particularly steel scrap and ferrochrome.

 

Trade relations are reported to be trustworthy. Payments are reported to be regular and as per commitment.

 

In view of strong financial base backed by its dominant position in the market, the company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES :

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

 

 

ECGC Country Risk Classification List – 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

AA+ [Long Term]

Rating Explanation

High degree of safety and very low credit risk.

Date

January 2015

 

Rating Agency Name

CRISIL

Rating

A1+ [Short Term]

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

January 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 DECLINED

 

MANAGEMENT NON- COOPERATIVE

 

(TEL NO.: 91-79-66047800)

 

 

LOCATIONS

 

Registered Office :

115, GVMM Estate, Odhav Road, Odhav, Ahmedabad - 382410, Gujarat, India

Tel. No.:

91-79-22901078

Fax No.:

91-79-22901077

E-Mail :

vivekrathore@aiaengineering.com

info@aiaengineering.com

snj@aiaengineering.com

Website :

http://www.aiaengineering.com

 

 

Corporate Office :

11-12, Sigma Corporate, Sindhu Bhavan Road, Ahmedabad – 380054, Gujarat, India

Tel. No.:

91-79-66047800

 

 

Factory 1 :

235-236, and other Plants at GVMM Estate, Odhav Road, Odhav, Ahmedabad-382410, Gujarat, India

 

 

Factory 2 :

129/129-A, GVMM Estate, Odhav Road, (Erstwhile Reclamation Welding Limited), Ahmedabad-382410, Gujarat, India

 

 

Factory 3 :

Plot No. 70-77, Survey No. 423/P, 426/P and 427/P, Mahagujarat Industrial Estate, Sarkhej-Bavla N.H. 8-A, Village Molaiya, Post Changodal, Taluka Sanand, Ahmedabad-382213, Gujarat, India

 

 

Factory 4 :

18/P, 20th Mile Stone, Sarkhej-Bavla N.H. 8-A, Village Molaiya, Post Changodal, Taluka Sanand, Ahmedabad-382213, Gujarat, India

 

 

Factory 5 :

Plot No. 14, (Survey No. 67, 67A and 70), Girnar Scooter Compound, Odhav, Ahmedabad-382410, Gujarat, Indai

 

 

Factory 6 :

L-3, MIDC Industrial Area (Erstwhile Paramount Centrispun Castings Private Limited), Hingna Nagar, Nagpur-440016, Maharashtra, India

 

 

Factory 7 :

SF No. 514, 5A1, 5A2, 5A3, (erstwhile DCPL Foundries Ltd.) Thathamangalam Village, Kariamanickam Road, S. Pudur, Samayapuram, Trichy - 621 115

 

 

Branch Office :

Located At:

 

·         Mumbai

·         Ahmedabad

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Rajendra S. Shah

Designation :

Chairman : Independent - Non-Executive

 

 

Name :

Mr. Bhadresh K. Shah

Designation :

Managing Director : Executive - Promoter

 

 

Name :

Mr. Vinod Narain

Designation :

Independent Director

 

 

Name :

Mr. Sanjay S. Majmudar

Designation :

Independent Director

Date of Birth / Age :

20.03.1963

Qualifications :

B.Com, FCA and ACS

Date of Appointment :

07.05.2007

 

 

Name :

Dr. S. Srikumar

Designation :

Non Independent - Non-Executive Director

 

 

Name :

Mr. Yashwant M. Patel

Designation :

Whole-time Director

Date of Birth / Age :

05.10.1943

Qualifications :

B. Sc. (Chemistry)

Date of Appointment :

12.11.2010

 

 

Name :

Mr. Dileep C. Choksi

Designation :

Additional Director (w.e.f 27.01.2014)

 

 

Name :

Mr. Rajan Harivallabhdas

Designation :

Additional Director

Date of Birth :

18.06.1948

Qualifications :

He is a graduate from Gujarat University (India) with a Bachelors Degree in Commerce and Masters Degree of Business Administration from USA

Expertise in specific functional areas :

He was Managing Director and Director in various companies as part of the family owning Textile, Engineering and Chemical companies known as Shri Ambica Group from 1973 to 1988. In this capacity he dealt with US, Swiss and German companies and acquired experience of management, finance and marketing from 1988 to 1996. He promoted and managed the family’s private chemical manufacturing companies. Later he promoted and managed as Chairman and Managing Director of a Public Listed chemical manufacturing Company HK Finechem Ltd. from 1996 to 2010. The Company is one of the few manufacturers of speciality chemicals from vegetable oil based raw materials using for the first time in India large molecular distillation equipment imported from UIC GmbH of Germany along with fractionation distillation column designed by Sulzer of Switzerland. HK Finechem healthcare products were exported and sold to US, Europe and Japanese Companies.

 

 

Name :

Mr. Kunal D. Shah

Designation :

Executive Director (Finance)

 

 

Name :

Mrs. Khushali S. Solanki

Designation :

Non-Executive– Non-Independent

 

 

Name :

Mrs. Bhumika S. Shodhan:

Designation :

Non-Executive– Non-Independent

 

 

 

KEY EXECUTIVES

 

Name :

Mr. S. N. Jetheliya

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholders

No. of Shares

 

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

58148920

61.65

http://www.bseindia.com/include/images/clear.gifSub Total

58148920

61.65

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total Shareholding of Promoter and Promoter Group (A)

58148920

61.65

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

5082962

5.39

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

27342

0.03

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

20166649

21.38

http://www.bseindia.com/include/images/clear.gifSub Total

25276953

26.80

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3266276

3.46

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

1998065

2.12

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

563567

0.60

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

5066589

5.37

http://www.bseindia.com/include/images/clear.gifClearing Members

41693

0.04

http://www.bseindia.com/include/images/clear.gifForeign Portfolio Investors

4777515

5.07

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

140251

0.15

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

107130

0.11

http://www.bseindia.com/include/images/clear.gifSub Total

10894497

11.55

Total Public Shareholding (B)

36171450

38.35

Total (A)+(B)

94320370

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

94320370

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

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 (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

1274 (Approximately)

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         State Bank of India

G.V.M.S.A.V. Limited Branch, Odhav Road, Odhav, Ahmedabad-382410, Gujarat, India

 

·         Citi Bank N.A.

1st  Floor, Kalapurnam, Near. Municipal Market, C.G. Road, Ahmedabad-380 009, Gujarat, India

 

·         HSBC Bank Limited

Maradia Plaza, Upper Level, C.G. Road, Ahmedabad-380009, Gujarat, India

 

 

Facilities :

SECURED LOANS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loan

 

 

From banks

 

 

External Commercial Borrowings

543.739

823.653

Foreign Currency Loan Buyer’s Credit

0.000

34.291

 

 

 

Total

 

543.739

857.944

 

Statutory Auditors :

 

Name :

Talati and Talati

Chartered Accountants

 

 

Cost Auditors :

Kiran J. Mehta and Company

Cost Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries Company :

·         Welcast Steels Limited

·         Welcast Steels Limited, Bangalore

·         Vega Industries (Middle East) FZE, U.A.E.

·         Vega Industries Limited, U.K.

·         Vega Industries Limited, U.S.A.

·         Vega Steel Industries (RSA) PTY Limited, South Africa

·         Wuxi Weigejia Trade Co. Limited, China

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

230,000,000

Equity Shares

Rs. 2/- each

Rs. 460.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

94,320,370

Equity Shares

Rs. 2/- each

Rs. 188.641 Million

 

 

 

 

 

The reconciliation of the number of Equity Shares outstanding as at 31st March, 2015 and 31st March, 2014 is set out below:

 

 

31.03.2015

Equity Shares

No of Shares

In Million

Shares outstanding at the beginning of the year

94320370

188.641

Add: Shares issued during the year

--

--

Shares outstanding at the end of the year

94320370

188.641

 

Rights, preferences and restrictions attached to Equity Shares:

 

The Company has one class of Equity Shares having a par value of Rs. 2 each. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

During the year ended 31st March, 2015, the amount of Dividend proposed by the Board of Directors of the Company to the Equity Share holders is Rs. 8.00 per Share (Previous Year Rs. 6 per Share)

 

The details of Shareholders holding more than 5% shares are set out below:

 

 

31.03.2015

Name of the shareholders

No of Shares

% of holding

Bhadresh K. Shah

58128900

61.63%

Bhadresh K. Shah Karta of Bhadresh K. Shah H.U.F.

--

--

Nalanda India Equity Fund Ltd.

7918845

8.40%

 

 

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

188.641

188.641

188.641

(b) Reserves & Surplus

16327.836

12931.888

10648.545

(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)

16516.477

13120.529

10837.186

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

550.739

867.176

1054.445

(b) Deferred tax liabilities (Net)

258.860

214.371

196.646

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

57.471

37.508

36.514

Total Non-current Liabilities (3)

867.070

1119.055

1287.605

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

414.332

(b) Trade payables

1128.698

1196.838

859.021

(c) Other current liabilities

664.142

446.047

214.791

(d) Short-term provisions

1051.256

1025.312

682.228

Total Current Liabilities (4)

2844.096

2668.197

2170.372

 

 

 

 

TOTAL

20227.643

16907.781

14295.163

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5237.339

3581.513

3368.789

(ii) Intangible Assets

67.074

86.217

24.001

(iii) Capital work-in-progress

464.757

997.619

314.472

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

149.053

149.103

154.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

330.919

149.629

97.608

(e) Other Non-current assets

42.405

9.827

9.159

Total Non-Current Assets

6291.547

4973.908

3968.629

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

6007.486

5013.496

1765.788

(b) Inventories

2264.325

2194.025

2096.429

(c) Trade receivables

2263.822

2213.613

2335.231

(d) Cash and cash equivalents

1238.921

829.876

2085.801

(e) Short-term loans and advances

2160.381

1680.391

2035.224

(f) Other current assets

1.161

2.472

8.061

Total Current Assets

13936.096

11933.873

10326.534

 

 

 

 

TOTAL

20227.643

16907.781

14295.163

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

20940.279

17830.105

15860.366

 

 

Other Income

1373.241

325.609

193.306

 

 

TOTAL                                     (A)

22313.520

18155.714

16053.672

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

7315.975

5785.376

5139.524

 

 

Purchases of Stock-in-Trade

2030.110

2112.334

2312.811

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(27.467)

(77.290)

47.345

 

 

Employees benefits expense

662.135

567.070

518.722

 

 

Exceptional Items

0.000

311.100

0.000

 

 

Other expenses

5870.198

4878.578

5237.363

 

 

TOTAL                                     (B)

15850.951

13577.168

13255.765

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

6462.569

4578.546

2797.907

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

33.988

57.407

40.593

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

6428.581

4521.139

2757.314

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

676.145

362.948

306.932

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                (G)

5752.436

4158.191

2450.382

 

 

 

 

 

Less

TAX                                                                  (H)

1606.717

1307.798

759.347

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX (G-H)                  (I)

4145.719

2850.393

1691.035

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of Goods

14552.991

12297.036

10339.424

 

 

Dividend Received from Subsidiaries

541.836

0.000

0.000

 

 

Miscellaneous Receipts

13.346

13.382

5.610

 

TOTAL EXPORT

15108.173

12310.418

10345.034

 

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials - Scrap

919.225

481.343

657.368

 

 

Raw Materials - Ferro Alloys

1178.729

680.991

533.953

 

 

Stores

293.892

285.082

414.287

 

 

Capital Goods

122.180

195.969

261.938

 

TOTAL IMPORTS

2514.026

1643.385

1867.546

 

 

 

 

 

 

Earnings Per Share (Rs.)

43.95

30.22

17.93

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

344.478

305.304

1.738

 

 

 

 

Cash Generated from Operations

NA

5228.129

2314.447

 

 

 

 

Net Cash Inflow / (Outflow) From Operating Activities

3247.094

3795.760

1654.447

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2015

30.09.2015

Type

1st Quarter

2nd Quarter

Net Sales

4564.570

4773.920

Total Expenditure

3287.940

3328.680

PBIDT (Excl OI)

1276.630

1445.240

Other Income

201.410

968.780

Operating Profit

1478.040

2414.020

Interest

8.680

8.690

Exceptional Items

0.000

0.000

PBDT

1469.360

2405.330

Depreciation

166.100

165.550

Profit Before Tax

1303.260

2239.780

Tax

448.570

435.650

Provisions and contingencies

0.000

0.000

Profit After Tax

854.690

1804.120

Extraordinary Items

0.000

0.000

Prior Period Expenses

0.000

0.000

Other Adjustments

0.000

0.000

Net Profit

854.690

1804.120

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

19.80

15.99

10.66

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

30.86

25.68

17.64

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

29.33

26.38

17.72

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.35

0.32

0.23

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.05

0.09

0.14

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

4.90

4.47

4.76

 

 

STOCK PRICES

 

Face Value

Rs.2.00/-

 

 

Market Value

Rs.860.00/-

 

 

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

188.641

188.641

188.641

Reserves & Surplus

10648.545

12931.888

16327.836

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

10837.186

13120.529

16516.477

 

 

 

 

Long-term borrowings

1054.445

867.176

550.739

Short term borrowings

414.332

0.000

0.000

CURRENT MATURITIES OF LONG-TERM DEBTS

1.738

305.304

344.478

Total borrowings

1470.515

1172.480

895.217

Debt/Equity ratio

0.136

0.089

0.054

 

 

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

15860.366

17830.105

20940.279

 

 

12.419

17.443

 

 

 

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

15860.366

17830.105

20940.279

Profit

1691.035

2850.393

4145.719

 

10.66%

15.99%

19.80%

 

 

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

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

No

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

HIGH COURT OF GUJARAT

 

SPECIAL CIVIL APPLICATION No. 6939 of 2010

STATUS: PENDING                         ( Converted from : : ST/3873/2010)      CCIN No : 001021201006939

NEXT LISTING DATE: 25/06/2015

 

Coram  HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

--

   

S.NO.

Name of the Petitioner

Advocate On Record

1

BALAJI INDUSTRIES PRODUCTS LTD

MR YJ TRIVEDI for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

 

S.NO.

Name of the Respondant

Advocate On Record

1
2
3

AIA ENGINEERING PVT LTD
BHARAT DAND
J K FOUNDRY ENGINEERING

RULE SERVED for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 - 2
SERVED BY AFFIX.-(R) for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3
MR RASESH H PARIKH for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On:       25/03/2010                                                       Registered On: 25/03/2010

 

Bench Category: SINGLE BENCH                                               District: AHMEDABAD

 

Case Originated From: THROUGH ADVOCATE                          Listed: 19 times

 

Stage Name: FOR FINAL HEARING AT 4:00 P.M.

 

Act: CIVIL PROCEDURE CODE, 1908                                        

OFFICE DETAILS

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

25/03/2010

CERTIFIED COPY

MR YJ TRIVEDI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

-

2

25/03/2010

VAKALATNAMA

MR YJ TRIVEDI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

-

3

25/03/2010

MEMO OF PETITION/APPEAL/SUIT

MR YJ TRIVEDI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

100

-

4

15/08/2010

VAKALATNAMA

MR RASESH H PARIKH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR RASESH H PARIKH:1

5

15/08/2010

DOCUMENT

RULE SERVED 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

RULE SERVED:1,2

6

15/08/2010

DOCUMENT

SERVED BY AFFIX.-(R) 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3

-

SERVED BY AFFIX.-(R):3

 

COURT PROCEEDINGS

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

14/10/2010

8

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

2

23/02/2011

18

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

3

28/02/2011

18

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

4

21/04/2011

18

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

5

06/05/2011

18

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

6

13/06/2011

8

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

7

15/06/2011

8

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

8

21/06/2011

8

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

9

22/06/2011

8

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

10

23/06/2011

8

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

11

29/06/2011

18

-

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

12

06/07/2011

21

-

FOR REGULAR ADMISSION

FIXED RULE / ADMIT

·         HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

13

07/02/2014

21

70

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE S.G.SHAH

14

04/03/2014

21

69

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE S.G.SHAH

15

09/04/2014

22

115

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE S.G.SHAH 

·         HONOURABLE MR.JUSTICE S.H.VORA

16

23/06/2014

22

26

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE S.H.VORA

17

23/07/2014

21

33

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE S.H.VORA

18

12/08/2014

21

57

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE S

19

23/09/2014

51

57

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE S.G.SHAH 

·         HONOURABLE MR.JUSTICE S.H.VORA

20

18/06/2015

51

290

FOR FINAL HEARING AT 4:00 P.M.

NEXT DATE

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

21

25/06/2015

51

-

FOR FINAL HEARING AT 4:00 P.M.

 

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

 

AVAILABLE ORDERS

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

SPECIAL CIVIL APPLICATION/6939/2010

·         HONOURABLE MR.JUSTICE M.D. SHAH

16/11/2010

N

ORDER

-

Y

2

SPECIAL CIVIL APPLICATION/6939/2010

·         HONOURABLE MR.JUSTICE KS JHAVERI

01/12/2010

N

ORDER

-

Y

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10544152

27/12/2014

2,293,200,000.00

STATE BANK OF INDIA

OVERSEAS BR.1ST FLR.NR. SHAPTHV, ISCON ELEGENCE, 
S.G. HIGHWAY NEAR SHAPATH V, S G HIGHWAY, AHMEDABAD - 380015, GUJARAT, INDIA

C40959140

2

10502105

19/05/2014

300,000,000.00

CITI BANK N.A.

1ST FLOOR, KALAPURNAM COMPLEX,, NR. MUNICIPAL MAR 
KET, C. G. ROAD, NAVRANGPURA, AHMEDABAD - 380009, GUJARAT , INDIA

C06178750

3

10425511

14/05/2013

420,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

52/60,, MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

B75061259

4

10392966

13/12/2012

1,028,500,000.00

CITIBANK N.A

1ST FLOOR, KALAPURNAM, NEAR MUNICIPAL MARKET, CG 
ROAD, AHMEDABAD - 380009, GUJARAT, INDIA

B64512841

5

90104117

31/03/2010 *

3,630,000,000.00

STATE BANK OF INDIA

MID CORPORATE LOAN ADMINISTRATION UNIT, 4TH FLOOR, BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA

A83081745

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Deferred Payment Liabilities

7.000

9.232

 

 

 

Total

 

7.000

9.232

 

 

OPERATIONAL REVIEW

 

During the year, the Revenue from Operations of the Company has gone up to Rs. 20940.279 million as compared to Rs. 17830.105 million in the previous Financial Year. Exports Turnover has also gone up to Rs. 14552.992 million as compared to Rs. 12297.036 million in the previous Financial Year.

 

During the year, Company has earned a Profit Before Tax (PBT) of Rs. 5752.436 million and Profit After Tax (PAT) of Rs. 4145.719 million as compared to PBT of Rs. 4158.191 million and PAT of Rs. 2850.393 million respectively in the previous Financial year.

 

During the year, on a Consolidated basis, the Company (together with its Subsidiaries) has earned Revenue from Operations of Rs. 21836.369 million as compared to Rs. 20800.783 million in the previous Financial Year. Correspondingly, the Consolidated Profit After Tax (PAT) registered during the year is Rs. 4309.393 Lacs (After Minority Interest) as compared to PAT (After Minority Interest) of Rs. 3249.698 million in the previous Financial Year.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY OVERVIEW

 

AIA EngineeringLimited (AIAE) manufactures and markets a wide range of High Chromium consumable wear parts (mill internals) which are used in the process of Crushing/Grinding in the Cement, Mining, Thermal Power and Aggregate Industries. These are core industries from an economic stand-point and are the basic drivers of infrastructural development.

 

The Company employs alloy-casting process for manufacture of the products, which entails designing and choosing the High-Chrome alloy composition in relation to the end application. The casting process is followed by precision heat treatment process to impart the required end properties. Therefore, the Company can generally be classified as a foundry. The Company produces a specific range of high chrome mill internals which are used as wear parts in the Cement, Mining, Utility and Aggregate Industries. Therefore, our market prospects are closely linked to the requirement of wear parts in these industries.

 

AIAE has a global footprint with sales and service support in more than 120- countries. The world economy has further slowed down during the last financial year with commodity prices softening to all-time lows. In addition, the global cement industry has been undergoing structural issues since last few years and has not witnessed new capacity addition except for a few select countries. Also, capacity utilization in developed countries continues to remain static. In India, the Cement industry, having grown its capacity to 300.000 million tonnes per annum, seems to have entered a phase of consolidation with new capacity addition having slowed down. The GDP growth forecast of 7% in India pre-supposes an improved manufacturing base and infrastructural push, which makes domestic business prospect for AIAE better.

 

In Mining Segment, as per our internal estimates, the present annual requirement of consumable wear parts is in the region of around 3 million tons per annum. Bulk of this is presently met by forged components, with around 10% being serviced by high chrome wear parts. Although there has been a significant fall in the commodity prices and therefore the prices of metals over last one year, major mines worldwide remain operational. However, if the commodity prices do not reverse, capital expenditure plans of mining sector may be put on hold and a few of them may also reduce inventories in the short term. On the brighter side, the prospect of conversion of the conventional wear parts into high chrome use is a sizeable opportunity available to AIAE. So far the domestic mining requirement is concerned, it is a small opportunity window that can expand into a reasonable opportunity as and when an effective mining policy is in place. From a strategic perspective, AIAE’s current focus is on the global mining opportunity.

 

In India, in addition to the above two industries, AIAE is also servicing the replacement and new capex requirements of coal fired thermal power plants and is thus directly catering to the power sector. India is expected to narrow the power deficit in future and hence a sustained growth in this particular segment is predictable.

 

 

OUTLOOK AND PROSPECTS

 

Although the Cement industry continued to remain sluggish in all key markets during the last financial year, there is expectation that to stimulate growth in the sluggish economies - and in India - respective governments will have to resort to infrastructure spending which will trigger improvement in capacity utilization at Cement plants. AIAE will be a beneficiary as and when the same is witnessed. In addition, there are certain specific markets in Asia, Africa and South America, which continue to add capacity or have increased capacity utilization. In China, the Company currently maintains a limited presence by marketing specific products but China continues to remain an important market where we will continue to invest resources and strategize for a bigger market share. In India, while new capacities were created in this segment, the pace has distinctively slowed down. Nevertheless, with the initiatives now being taken to provide stimulus to the Infrastructure Industry, India’s cement production is expected to increase in the next financial year and the Company is confident of maintaining a similar growth in the cement replacement market in India.

 

From a strategic positioning perspective, a significant contribution in the Company’s growth is expected to come from the mining industry. The growth prospects are primarily emanating out of the large annual replacement market in this industry. Here, we are currently catering to the requirements of four major metal ore types, viz., Iron, Platinum, Gold and Copper, with total emphasis on the replacement market. Further the Company is positioned as perhaps the only Company in the world offering the complete range of High- Chrome consumables to the mining industry, which include grinding media as well as mining liners. This positioning is unique to the Company and augurs well for the consistent and steady growth in this industry over medium to long term. As the Company is focused on four major ores, the declining fortunes of one commodity do not significantly impact the Company’s growth prospects. During last few years, we have steadily increased our presence in the major mining groups across the globe with a stronger focus on major mining centers like Australia, Africa, North America, and the Far East Asia, etc. While the current focus of the Company in mining segment is outside India, the Company also has a major share of the domestic mining demand and shall be able to capture incremental demand as and when the same arises.

 

In as much as the thermal power plants are concerned the Company continues to enjoy a niche position in this particular segment in India. The Company will strive to maintain a steady growth rate in this particular segment matching with the rate at which the sector grows.

 

 

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.09.2015

 (Rs. In Million)

Particulars

Quarter Ended

(Unaudited)

Quarter Ended

(Unaudited)

Year to date Ended

(Unaudited)

 

30.09.2015

30.09.2015

30.09.2015

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

4651.853

4450.017

9101.870

b) Other operating income

122.070

94.423

216.493

Total income from Operations(net)

4773.923

4544.440

9318.363

2.Expenditure

 

 

 

a) Cost of material consumed

1577.416

1535.389

3112.805

b) Purchases of stock in trade

323.800

319.536

643.300

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(89.684)

(90.854)

(180.538)

d) Employees benefit expenses

169.066

176.726

345.792

e) Depreciation and amortization expenses

165.550

166.097

331.647

f) Other expenditure

1348.106

1327.020

2675.126

Total expenses

3494.231

343.3914

6928.145

3. Profit from operations before other income and financial costs and exceptional items

1279.692

1110.526

2390.218

4. Other income

968.776

201.411

1170.187

5. Profit from ordinary activities before finance costs and exceptional items

2248.468

1311.937

3560.405

6. Finance costs

8.691

8.678

17.369

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

2239.777

1303.259

3543.036

8. Exceptional item

0.000

0.000

0.000

9. Profit from ordinary activities before tax Expense:

2239.777

1303.259

3543.036

10.Tax expenses

 

 

 

(i) Current tax

442.540

458.380

900.920

(ii) Deferred tax

(6.887)

(9.813)

(16.700)

Total tax

435.653

448.567

884.220

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

1804.124

854.692

2658.816

12.Extraordinary Items (net of tax expense)

0.000

0.000

0.000

13.Net Profit / (Loss) for the period (11 -12)

1804.124

854.692

2658.816

14.Less: share of profit/ (loss) of associates

0.000

0.000

0.000

15. Less: Minority interest

0.000

0.000

0.000

16. Net profit after Minority interest (13-14-15)

1804.124

854.692

2658.816

17. Less: Prior period adjustment

0.000

0.000

0.000

18.Net profit after adjustment (16-17)

1804.124

854.692

2658.816

19.Paid-up equity share capital (Face value of Rs.2/- each)

188.641

188.641

188.641

20. Reserve excluding Revaluation Reserves as balance sheet of previous accounting year

 

 

 

21.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

Basic and Diluted EPS before and after extraordinary items for the period, for the year to date and for the previous year (not to be annualized)

 

 

 

 Basic

19.13

9.06

28.19

Diluted

19.13

9.06

28.19

 

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

36171450

36171450

36171450

- Percentage of shareholding

38.35%

38.35%

38.35%

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

NIL

NIL

NIL

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

N.A

N.A

N.A

Percentage of shares (as a % of total share capital of the company)

N.A.

N.A.

N.A.

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

58148920

58148920

58148920

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100%

100%

100%

Percentage of shares (as a % of total share capital of the company)

61.65%

61.65%

61.65%

 

B. Investor Complaints

Quarter ended

30.09.2015

Pending at the beginning of the quarter

Nil

Receiving during the quarter

Nil

Disposed of during the quarter

Nil

Remaining unreserved at the end of the quarter

Nil

NOTE:

  1. The above Un-audited Financial Results for the Quarter/Half Year ended September 30, 2015 have been reviewed by the Audit Committee and were taken on record by the Board of Directors in their respective meetings held on November 02, 2015.


2. The Company has only one reportable primary business segment as per AS 17 i.e. Manufacturing of High Chrome Mill Internals.


3. The Statutory Auditors have carried out a "Limited Review" of the above Financial Results of the Company.

 

 

STATEMENT OF ASSETS AND LIABILITIES AS AT 30.09.2015

(in Million)

Particulars

30.09.2015

A)    EQUITY AND LIABILITIES

 

Unaudited
  1. Shareholders' Funds

 

(a) Capital

188.641

(b) Reserves & Surplus

18848.515

Sub Total Shareholders’ Funds

19037.156
  1. Share Application money pending allotment

0.000
  1. Minority Interest

0.000
  1. Non-Current Liabilities

 

(a) long-term borrowings

411.683

(b) Deferred tax liabilities (Net)

242.160

(c) Other long term liabilities

0.000

(d) long-term provisions

58.500

Sub Total Non-current Liabilities

712.343
  1. Current Liabilities

 

(a) Short term borrowings

0.000

(b) Trade payables

838.484

(c) Other current liabilities

753.186

(d) Short-term provisions

633.775

Sub Total Current Liabilities

2225.445

TOTAL EQUITY AND LIABILITIES

21974.944

B.           ASSETS

 
  1. Non-current assets

 

(a) Fixed Assets

6487.637

(b) Goodwill on Consolidation

0.000

(c) Non-current Investments

149.053

(d) Deferred tax assets (net)

0.000

(e)  Long-term Loan and Advances

155.725

(f) Other Non-current assets

46.424

Sub Total Non-Current Assets

6838.839
  1. Current assets

 

(a) Current investments

8762.066

(b) Inventories

2262.472

(c) Trade receivables

2309.841

(d) Cash and cash equivalents

199.869

(e) Short-term loans and advances

1601.169

(f) Other current assets

0.688

Sub Total Current Assets

15136.105

TOTAL ASSETS

21974.944

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

Claims against the Company not acknowledged as debts

 

 

Central Excise & Service Tax

171.484

369.849

Income Tax

593.231

497.725

Sales Tax / Central Sales Tax

1.977

1.977

Guarantees

 

 

Bank Guarantees Outstanding

1236.553

692.140

Corporate Guarantees Outstanding to Customers

71.365

556.694

Guarantees given by the Company on behalf of Subsidiaries

3,62.131

349.051

Corporate Guarantees given by the Company on behalf of Subsidiaries

263.228

203.305

Letter of Credit (L/C)

3.355

76.558

Others

65.005

62.832


FIXED ASSETS:

 

·         Freehold Land

·         Leasehold Land

·         Building

·         Plant and Machinery

·         Furniture and Fixtures

·         Vehicles

·         Office 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 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.66.30

UK Pound

1

Rs.98.71

Euro

1

Rs.72.33

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

76

 

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.