MIRA INFORM REPORT

Report No. :	330093
Report Date :	04.03.2015

IDENTIFICATION DETAILS

Name :	AALIDHRA TEXTILE ENGINEERS LIMITED
Registered Office :	2, Functional Estate, New Industrial Estate, Road No. 6, Udhna, Surat – 394210, Gujarat
Tel. No.:	91-261-2279520 / 30
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.11.1987
Com. Reg. No.:	04-010159
Capital Investment / Paid-up Capital :	Rs. 1.500 Million
CIN No.: [Company Identification No.]	U29259GJ1987PLC010159
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacturer of Textiles Machinery.
No. of Employees :	212 (Approximately) (Including Group Companies)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 15000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, company possesses healthy operational risk profile along with steady improvement in sales turnover over previous year and fair profitability margins of the company. Rating also takes into consideration established track record of company business operations supported by sound financial risk profile and favorable gap between trade receivables to its payables. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered 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 – 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

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) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Manish Surti
Designation :	Chartered Accountant
Contact No.:	91-261-2279520
Date :	03.07.2015

LOCATIONS

Registered Office :	2, Functional Estate, New Industrial Estate, Road No. 6, Udhyonagar, Udhna, Surat – 394210, Gujarat, India
Tel. No.:	91-261-2279520 / 30
Fax No.:	91-261-2278789
E-Mail :	aalidhra@aalidhra.com marketing@aalidhra.com camanish.aalidhra@gmail.com
Factory :	Sr. No. 12215, Vaghdhara Road, Dadra, Silvassa – 396230, Dadra and Nagar India

DIRECTORS

As on 29.09.2014

Name :

Mr. Hansrajbhai Ambalal Gondalia

Designation :

Director

Address :

16, Subhashnagar, Ghod Dod Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

14.05.1946

Date of Appointment :

23.11.1987

DIN No. :

00035611

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	U29259GJ1987PLC010159	AALIDHRA TEXTILE ENGINEERS LIMITED	Director	23/11/1987	23/11/1987	-	Active	NO
2	U17110GJ1989PTC012122	AALIDHRA TECHTEX PRIVATE LIMITED	Director	14/04/1989	14/04/1989	-	Active	NO
3	U17199GJ1990PTC014028	SAROVAR SPINTEX PRIVATE LIMITED	Director	12/07/1990	12/07/1990	-	Active	NO
4	U29259GJ1990PTC014034	AALIDHRA TEXTOOL ENGINEERS PRIVATE LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
5	U29259GJ1989PTC012692	AMIT MACHINARY MANUFACTURERS PRIVATE LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
6	U26940GJ2005PLC046991	AALIDHRA AND BHAVANI CLINKERS LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
7	U24230GJ2015PTC082779	Aalidhra Pharmachem Private Limited	Director	01/04/2015	01/04/2015	-	Active	NO

Name :

Mrs. Bhanumatiben Hansrajbhai Gondalia

Designation :

Director

Address :

16, Subhashnagar, Ghod Dod Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

01.05.1955

Date of Appointment :

30.07.1988

DIN No. :

00035709

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	U29259GJ1987PLC010159	AALIDHRA TEXTILE ENGINEERS LIMITED	Director	30/07/1988	30/07/1988	-	Active	NO
2	U17110GJ1994PTC021245	GOKULANAND TEXTURISERS PRIVATE LIMITED	Director	07/02/1994	07/02/1994	-	Active	NO
3	U29199GJ1996PTC030846	MUKUND MACHINES PRIVATE LIMITED	Director	01/10/1996	01/10/1996	-	Active	NO

Name :

Mrs. Leelaben Vallabhbhai Thumar

Designation :

Director

Address :

94, Subhashnagar Society, Ghod-Dod Road, Surat, 395001, Gujarat, India

Date of Birth/Age :

05.07.1959

Date of Appointment :

04.12.1995

DIN No. :

00054086

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	U17114GJ1990PTC013931	FINE FILAMENTS PRIVATE LIMITED	Director	25/06/1990	25/06/1990	30/04/2011	Active	NO
2	U29259GJ1987PLC010159	AALIDHRA TEXTILE ENGINEERS LIMITED	Director	04/12/1995	04/12/1995	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Surti
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Shareholders File Attached

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Textiles Machinery.
Products :	Textiles Machinery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Textile Machinery
Countries :	Turkey Pakistan Bangladesh South American Countries
Imports :
Products :	Raw Material
Countries :	China, Thailand Singapore
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 :	Indorama Synthetics India Limited, New Delhi
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Devda Enterprises, Mumbai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

212 (Approximately) (Including Group Companies)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Udhna, Surat – 394210, Gujarat, India
Person Name (With Designation)	Mr. Naresh Patel (Manger)
Contact Number	91-261-2279540
Name of Account Holder	Aalidhra Textile Engineers Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	B.R. Trivedi and Company Chartered Accountant
Address :	343, New Ashirwad Villa, Near Thomas English Highschool, Bharthana, Vesu, Surat – 395007, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern	Aalidhra Textool Engineers Private Limited Aalidhra Texpro Engineers Private Limited
Other Related Parties :	Alidhra Electronics Ind.

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150010	Equity Shares	Rs. 10/- each	Rs. 1.500 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	1.500	1.500	1.500
(b) Reserves & Surplus	3.973	3.527	3.174
(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)	5.473	5.027	4.674
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.014	0.016	-0.002
(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)	0.014	0.016	-0.002
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.337	0.544	0.263
(c) Other current liabilities	0.147	0.324	0.147
(d) Short-term provisions	0.369	0.383	0.491
Total Current Liabilities (4)	0.853	1.251	0.901
TOTAL	6.340	6.294	5.573
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.067	1.171	1.315
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.001	0.001	0.001
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.068	1.172	1.316
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	3.385	3.737	2.949
(d) Cash and cash equivalents	0.576	0.438	0.308
(e) Short-term loans and advances	1.311	0.947	1.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	5.272	5.122	4.257
TOTAL	6.340	6.294	5.573

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4.988	4.866	4.122
	Other Income	0.002	0.021	0.017
	TOTAL (A)	4.990	4.887	4.139
Less	EXPENSES
	Employees benefits expense	2.761	2.454	1.939
	Other expenses	1.388	1.681	1.036
	Extra Ordinarily Items		-0.003	0.009
	TOTAL (B)	4.149	4.132	2.984
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.841	0.755	1.155
Less	FINANCIAL EXPENSES (D)	0.003	0.002	0.001
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.838	0.753	1.154
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.184	0.202	0.247
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.654	0.551	0.907
Less	TAX (H)	0.209	0.198	0.296
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.445	0.353	0.611
	Earnings / (Loss) Per Share (Rs.)	2.97	2.35	4.08

Expected Sales (2014-2015) : Rs. 5.000 Million

The above information has been parted by Mr. Manish Surti

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.92	7.25	14.82
Operating Profit Margin (PBIDT/Sales)	(%)	16.86	15.52	28.02
Return on Total Assets (PBT/Total Assets}	(%)	10.32	8.75	16.27
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.19
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.18	4.09	4.72

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	1.500	1.500	1.500
Reserves & Surplus	3.174	3.527	3.973
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4.674	5.027	5.473
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	4.122	4.866	4.988
		18.049	2.507

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	4.122	4.866	4.988
Profit	0.611	0.353	0.445
	14.82%	7.25%	8.92%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	No
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

INDEX OF CHARGES: No Charges Exist for Company

FIXED ASSETS

• Office premises
• Air Conditioner
• Typewriter
• Fax Machine
• Generator
• Mobile Phone
• Projector
• Refrigerator
• Xerox Machine
• Office equipment
• T.V. Set
• Furniture and Fixtures
• Vehicle
• Computer

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. 63.40
UK Pound	1	Rs. 98.94
Euro	1	Rs. 70.33

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.