MIRA INFORM REPORT

Report No. :	305930
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	NAVAIR INTERNATIONAL PRIVATE LIMITED (w.e.f 27.01.2014)
Formerly known As:	NAVAIR INTERNATIONAL LIMITED
Registered Office :	59/17, 2^nd Floor, Kalkaji Extension, Guru Ravi Das Marg, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.04.1982
Com. Reg. No.:	55-013530
Capital Investment / Paid-up Capital :	Rs. 25.504 Millions
CIN No.: [Company Identification No.]	U74120MH2012PTC232452
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in fire Proof Door and Paints and Related Services
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	59/17, 2^nd Floor, Kalkaji Extension, Guru Ravi Das Marg, New Delhi – 110019, India
Tel. No.:	91-1141345500/46865000
Fax No.:	91-1141486275
E-Mail :	nkg@nvmindia.com
Website :	www.navairindia.com
Factory :	Plot No. 74, Sector – 5, IMT Manesar – 122052, Gurgaon, ?Haryana, India
Tel. No. :	91-124-4367528
Fax No. :	91-124-4366088
Head Office :	No. 59/17, Guru Ravi Dass Marg, Kakaji Extension – 2^nd Fllor, New Delhi – 110 019, India
Branch Office :	Located at Barhi Manesar Noida Kolkata Mumbai Bangalore

DIRECTORS

As on 30.09.2014

Name :

Mr. Asheet Taneja

Designation :

Whole time Director

Address :

A-65, Haus Khaz, New Delhi – 110016, India

Date of Birth/Age :

11.12.1978

Date of Appointment :

01.04.2012

DIN No.:

00489036

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	U74899DL1987PTC029773	NAVAIR NORSK EXPORTS PRIVATE LIMITED	Director	21/11/1994	21/11/1994	-	Active	NO
2	U74899DL1988PTC032454	SUMIT ASSOCIATES PRIVATE LIMITED	Director	22/10/2001	22/10/2001	-	Active	NO
3	U51109DL1982PTC013530	NAVAIR INTERNATIONAL PRIVATE LIMITED	Whole-time director	01/04/2012	02/07/2004	-	Active	NO
4	U74899DL1995PTC064362	NAVAIR MARKETING SERVICES PRIVATE LIMITED	Director	07/11/2008	07/11/2008	-	Strike off	NO
5	U28111DL2011PTC218709	SIRGA AUTOMATION PRIVATE LIMITED	Director	05/05/2011	05/05/2011	-	Active	NO
6	U17111DL2005PTC140289	SPRING TEX PRIVATE LIMITED	Director	03/11/2011	03/11/2011	-	Active	NO

Name :

Nima Taneja

Designation :

Whole time Director

Address :

A-65, Haus Khaz, New Delhi – 110016, India

Date of Birth/Age :

04.08.1982

Date of Appointment :

01.04.2012

DIN No.:

01888335

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	U51109DL1982PTC013530	NAVAIR INTERNATIONAL PRIVATE LIMITED	Whole-time director	01/04/2012	31/10/2007	-	Active	NO
2	U28111DL2011PTC218709	SIRGA AUTOMATION PRIVATE LIMITED	Director	05/05/2011	05/05/2011	-	Active	NO
3	U17111DL2005PTC140289	SPRING TEX PRIVATE LIMITED	Director	03/11/2011	03/11/2011	-	Active	NO
4	U74899DL1988PTC032454	SUMIT ASSOCIATES PRIVATE LIMITED	Director	17/09/2014	17/09/2014	-	Active	NO
5	U74899DL1987PTC029773	NAVAIR NORSK EXPORTS PRIVATE LIMITED	Director	18/12/2014	18/12/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Shareholding Details file Attached

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	43.30
Directors or relatives of Directors	51.60
Other top fifty shareholders	5.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in fire Proof Door and Paints and Related Services

Products :

Product Description

Item Code No. (ITC Code)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• Oriental Bank of Commerce, Overseas Branch, M - 33, Greater Kailash Part – 2, New Delhi – 110048, India
• Standard Chartered Banks

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING	2.333	4.375
Indian Rupee Loans from OBC Banks	7.757	8.230
Indian Rupee loans from Standard Chartered Banks	0.000	0.833
SHORT TERM BORROWING
Overdraft from Bank	38.371	37.348
Total	48.461	50.786

Auditors :
Name :	NVM and Company Chartered Accountants
Address :	J-30, First Floor, Lajpat Nagar – III, New Delhi – 110024, India
PAN No.:	AAGFN7698K
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Spring Tex Private Limited
Entities having substantial interest in voting power and power to direct policies	Sumit Associate Private Limited
The Entities Company in which directors have substantial interest :	Navair Corporation] Navair Polymers Navaor Norsk Export Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2900000	Equity Shares	Rs.10/- each	Rs. 29.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2450400	Equity Shares	Rs.10/- each	Rs. 24.504 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	24.504	8.168	8.168
(b) Reserves & Surplus	54.474	57.245	51.264
(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)	78.978	65.413	59.432
(3) Non-Current Liabilities
(a) long-term borrowings	28.176	27.120	10.379
(b) Deferred tax liabilities (Net)	0.000	0.000	0.582
(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)	28.176	27.120	10.961
(4) Current Liabilities
(a) Short term borrowings	38.371	37.348	39.042
(b) Trade payables	44.588	52.625	58.510
(c) Other current liabilities	56.053	51.145	38.569
(d) Short-term provisions	10.074	9.336	14.892
Total Current Liabilities (4)	149.086	150.454	151.013
TOTAL	256.240	242.987	221.406
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.423	23.970	25.261
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	39.358	39.258	45.938
(c) Deferred tax assets (net)	0.490	0.125	0.000
(d) Long-term Loan and Advances	0.655	0.585	0.000
(e) Other Non-current assets	1.215	0.000	0.000
Total Non-Current Assets	66.141	63.938	71.199
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.803	44.326	37.691
(c) Trade receivables	80.122	64.859	42.917
(d) Cash and cash equivalents	6.598	8.479	6.293
(e) Short-term loans and advances	41.576	61.385	63.306
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	190.099	179.049	150.207
TOTAL	256.240	242.987	221.406

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	345.774	234.935	166.538
	Other Income	NA	5.319	1.496
	TOTAL (A)	NA	240.254	168.034
Less	EXPENSES
	Cost of Materials Consumed	NA	68.935	68.721
	Cost of Stored Consumed	NA	13.747	0.000
	Purchases of Stock-in-Trade	NA	91.063	72.824
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	NA	(6.072)	(20.280)
	Employees benefits expense	NA	22.814	14.011
	Other expenses	NA	31.079	20.405
	TOTAL (B)	NA	221.566	155.681
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	NA	18.688	12.353
Less	FINANCIAL EXPENSES (D)	NA	6.587	2.624
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	NA	12.101	9.729
Less/ Add	DEPRECIATION/ AMORTISATION (F)	NA	1.920	1.546
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	19.309	10.181	8.183
Less	TAX (I)	5.737	4.200	2.591
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	13.572	5.981	5.592
	EARNINGS IN FOREIGN CURRENCY	0.909	0.000	6.528
	CIF Value of Import	4.124	4.515	0.000
	Earnings / (Loss) Per Share (Rs.)	5.54	7.32	6.85

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.93	2.55	3.36
Operating Profit Margin (PBDIT / Sales)	(%)	NA	7.95	7.42
Return on Total Assets (PBT/Total Assets}	(%)	8.92	5.00	4.66
Return on Investment (ROI) (PBT/Networth)		0.24	0.16	0.14
Debt Equity Ratio (Total Debt /Networth)		0.84	0.99	0.83
Current Ratio (Current Asset/Current Liability)		1.28	1.19	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.168	8.168	24.504
Reserves & Surplus	51.264	57.245	54.474
Net worth	59.432	65.413	78.978
long-term borrowings	10.379	27.120	28.176
Short term borrowings	39.042	37.348	38.371
Total borrowings	49.421	64.468	66.547
Debt/Equity ratio	0.832	0.986	0.843

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	166.538	234.935	345.774
		41.070	47.179

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	166.538	234.935	345.774
Profit	5.592	5.981	13.572
	3.36%	2.55%	3.93%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

Registered office of the company has been shifted from F 301 a, Lado Sarai, Mehrauli, New Delhi, India to the present address w.e.f.01.09.2007

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loan from Related Parties	13.586	13.682
Loan and Advances from others	4.500	0.000
Total	18.086	13.682

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Land
• Factory Building
• Plant and Machinery
• Furniture and Fixture
• Vehicle

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.61.68
UK Pound	1	Rs.93.53
Euro	1	Rs.70.75

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.