MIRA INFORM REPORT

Report No. :	380028
Report Date :	22.07.2015

IDENTIFICATION DETAILS

Name :	HAWA ENGINEERS LIMITED
Registered Office :	Plot No.129, Near Kashiram Textile Mill, Narol Road, Ahmedabad – 382405, Gujarat
Tel. No.:	91-79-25320781/82/83/86
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.03.1993
Com. Reg. No.:	04-019199
Capital Investment / Paid-up Capital :	Rs.35.264 Million
CIN No.: [Company Identification No.]	L29120GJ1993PLC019199
TAN No.: [Tax Deduction & Collection Account No.]	AHMH00483A
PAN No.: [Permanent Account No.]	AAACH3878G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Industrial Valves, etc.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 is an established company having a satisfactory track record. There seems dip in the sales turnover and profit of the company during financial year 2014. However, General Financial position of the company seems to be decent. Trade relations are reported as decent. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealing 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	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Riyaz
Designation :	Account Head
Contact No.:	91-9925007502
Date :	16.07.2015

LOCATIONS

Registered Office/ Corporate Office :	Plot No.129, Near Kashiram Textile Mill, Narol Road, Ahmedabad – 382405, Gujarat, India
Tel. No.:	91-79-25320781/82/83/86
Mobile No.:	91-9925007502 (Mr. Riyaz)
Fax No.:	91-79.25320785
E-Mail :	riyaz@hawaengltd.com helho@hawaenglts.com rkshaikh90@yahoo.com
Website :	www.hawaengltd.com
Area :	35000 sq. ft.
Location :	Owned
Factory :	307, Behind Chandola Police Chowki, Opposite F. K. Texttile, Ahmedabad - 380 028, Gujarat, India
Tel. No.:	91-79-25320781/82/83/86
Fax No.:	91-79-25320785
Regional Offices:	Located At: · Ahmedabad · Amritsar · Ankleshwar · Aurangabad · Baroda · Delhi · Kolkata · Mumbai · Pune · Rajkot · Secunderabad · Surat · Vapi
International Office:	Dubai (UAE)

DIRECTORS

As on 31.03.2014

Name :	Mr. Aslam F. Kagdi
Designation :	Chairman, Managing Director and CFO
Address :	46, Prachina Society, Sarkhej Road, Ahmedabad-380 055, Gujarat, India
Date of Birth/Age :	21.01.1961
Qualification :	B.E.
Experience :	01.06.2000
Date of Appointment :	01.06.2000
PAN No.:	AGBPK2131K
DIN No.:	00006879
Name :	Mr. Asad F.KagdI
Designation :	Joint Managing Director
Address :	35, 36, Prachina Society, Juhapura Sarkhej Road Ahmedabad-380 055, Gujarat, India
Date of Birth/Age :	28.06.1962
Date of Appointment :	26.03.1999
PAN No.:	AFYPK1166L
DIN No.:	00006898
Name :	Mr. Mohammed Khan Pathan
Designation :	Whole Time Director
Address :	341, Dabaliya Pole Near Kalupur Tower, Kalupr, Ahmedabad – 380001, Gujarat, India
Date of Birth/Age :	18.11.1984
Date of Appointment :	31.01.2008
DIN No.:	01989939
Name :	Mr. Mohamed Zakari Asad Kadgi
Designation :	Director
Name :	Mr. Shad Mdafzal Ranginwala
Designation :	Director
Address :	341, Dabaliya Pole Near Kalupur Tower, Kalupr, Ahmedabad – 380001, Gujarat, India
Date of Birth/Age :	18.11.1984
Date of Appointment :	31.01.2008
DIN No.:	01989939
Name :	Mr. Zafar Abdullamiya Hawa
Designation :	Director
Name :	Mr. Sajid Mehboob Bhai Sacha
Designation :	Director
Name :	Mr. Mohamedzakari Asad Kagdi
Designation :	Director
Designation :	Additional Director
Address :	35, Prachina Society, Juhapura Sarkhej Road Ahmedabad-380 055, Gujarat, India
Date of Birth/Age :	16.01.1987
Date of Appointment :	15.02.2013
DIN No.:	05199634
Name :	Mr. Anwarahmed Mohammed Javid Daruwala
Designation :	Director
Address :	B19, Bage-Nishat Society, Opposite Sonal Cinema Vejalpur Raod, Sarkhej, Ahmedabad – 380055, Gujarat, India
Date of Birth/Age :	31.03.1987
Date of Appointment :	15.02.2013
DIN No.:	06487724
Name :	Mrs. Sabana Amjad Reshamani
Designation :	Director
Name :	Mr. Mehmood Abdul Reheman Shaikh
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Riyaz
Designation :	Account Head
Name :	Mr. Dhanesh Pravin Bahi Shah
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1861410	52.78
Sub Total	1861410	52.78
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1861410	52.78
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	62600	1.78
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1040890	29.52
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	561500	15.92
Sub Total	1664990	47.22
Total Public shareholding (B)	1664990	47.22
Total (A)+(B)	3526400	100.00
© Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3526400	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Valves, etc.
Products :	Industrial Valves
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Industrial Valves
Countries :	UAE
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, L/C, and Credit
Purchasing :	Cash, L/C, and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Luft Techno Cast Limited, Ahmedabad, Gujarat, India
Name of the Person :	Ahmedabad
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users

Reference :	Indian Oil
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 :

Bank Name	Canara Bank
Branch	Navrangpura Branch, Ahmedabad – 380009, Gujarat, India
Person Name (With Designation)	Mr. Amit Ghosh (Chief Manager)
Contact Number	91-8238091912
Name of Account Holder	Hawa Engineers Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	15 years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash and Credit Rs.50.000 Million / LC: Discounted Rs.40.000 Million
Account Operation	Very Good
Remarks (If any)	Banker gave us positive response about subject company they are satisfied with their Banking transaction.

• The Karur Vysya Bank Limited, Ashram Road, Ahmedabad, Gujarat, India
• Bank of Baroda, Gita Mandir Road, Ahmedabad, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Long-term Borrowings
Canara Bank – Term Loan	0.000	0.639
Short-term borrowings
Canara Bank – Cash Credit	55.917	29.315
Canara Bank – Term Loan	0.000	0.682
Total	55.917	30.636

Note:

Term loan from Canara Bank Rs. 0.639 Million gross interest @ Canara Bank base rate p.a. The loan is secured by hypothecation of specific movable Plant and Machinery. The loan has been guaranted by the personal guarantee of three Directors. The loan is repayable in monthly installments along with the interest @ Canara Bank base rate payable in 5 Years.

Cash Credit from Canara Bank @ Canara Bank base rate. The loan is secured by hypothecation of inventories, book debts and other receivables, both present and future and by way of a first charge on the Company’s movable properties. Personal guarantee of three director. The Cash Credit is repayable on demand.

Auditors 1:
Name :	Yusuf C. Mansuri and Compay Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Auditors 2:
Name :	Nawab Memon and Associates Chartered Accountants
Address :	4195, Kothi Mohalla, Lal Darwaja, Ahmedabad-380001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	APPPM1726F
Internal Auditor:
Name:	G.R.K.G and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3526400	Equity Shares	Rs.10/- each	Rs. 35.264 Million

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period:

Number of shares at the beginning	3526400
Number of shares at the end	3526400
Number of shares Capital at the beginning	35264000
Number of shares Capital at the end	35264000

Details of Shares holding more than 5% equity shares:

Jameela F. Kagdi (5.95%)	209700
Mohammed Aslam F. Kagdi (5.03%)	177210

Terms / Rights attached to shares:

The Company has only one class of shares reffered to as equity shares having a par value of Rs. 10/- per Share. Each holder of equity shares is entitles to one vote per share.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.264	35.264
(b) Reserves & Surplus	60.223	52.064
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	95.487	87.328
(3) Non-Current Liabilities
(a) long-term borrowings	6.290	5.231
(b) Deferred tax liabilities (Net)	6.773	6.523
(c) Other long term liabilities	48.717	71.701
(d) long-term provisions	4.532	3.688
Total Non-current Liabilities (3)	66.312	87.143
(4) Current Liabilities
(a) Short term borrowings	66.528	35.897
(b) Trade payables	54.491	80.903
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	4.362	9.250
Total Current Liabilities (4)	125.381	126.050
TOTAL	287.180	300.521
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.589	63.173
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	60.590	63.174
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	44.174	42.485
(c) Trade receivables	91.695	152.941
(d) Cash and cash equivalents	64.925	25.773
(e) Short-term loans and advances	21.558	13.786
(f) Other current assets	4.238	2.362
Total Current Assets	226.590	237.347
TOTAL	287.180	300.521

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		35.264
2] Share Application Money		0.000
3] Reserves & Surplus		38.961
4] (Accumulated Losses)		0.000
NETWORTH		74.225
LOAN FUNDS
1] Secured Loans		21.253
2] Unsecured Loans		2.876
TOTAL BORROWING		24.129
DEFERRED TAX LIABILITIES		5.592
TOTAL		103.946
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		57.338
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.031
	Sundry Debtors	147.872
	Cash & Bank Balances	13.564
	Other Current Assets	7.046
	Loans & Advances	12.850
Total Current Assets		228.363
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.894
	Other Current Liabilities	82.223
	Provisions	11.638
Total Current Liabilities		181.755
Net Current Assets		46.608
MISCELLANEOUS EXPENSES		0.000
TOTAL		103.946

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	483.357	583.817	457.483
	Other Income	2.429	1.771	1.369
	TOTAL	485.786	585.588	458.852
Less	EXPENSES
	Cost of Materials Consumed	374.705	450.711	345.079
	Purchases of Stock-in-Trade	0.438	10.091	13.933
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.609)	0.732	(0.918)
	Employees benefits expense	18.007	14.990	13.008
	Other expenses	68.398	74.846	62.414
	TOTAL	460.939	551.370	433.516
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	24.847	34.218	25.336
Less	FINANCIAL EXPENSES	9.404	8.417	4.490
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	15.443	25.801	20.846
Less	DEPRECIATION/ AMORTISATION	4.133	6.686	3.917
	PROFIT/ (LOSS) BEFORE TAX	11.310	19.115	16.929
Less	TAX	2.249	6.431	6.249
	PROFIT/ (LOSS) AFTER TAX	9.061	12.684	10.680
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	26.538	21.857	15.111
	TOTAL EARNINGS	26.538	21.857	15.111
	Earnings / (Loss) Per Share (Rs.)	2.57	3.6	3.03

Particulars	31.03.2015
Sales Turnover Approximately	500.000

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
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.87	2.17	2.33
Operating Profit Margin (PBIDT/Sales)	(%)	5.14	5.86	5.54
Return on Total Assets (PBT/Total Assets}	(%)	3.94	6.36	NA
Return on Investment (ROI) (PBT/Networth)		0.12	0.22	0.23
Debt Equity Ratio (Total Debt /Networth)		0.76	0.47	0.33
Current Ratio (Current Asset/Current Liability)		1.81	1.88	0.00

STOCK PRICES

Face Value	Rs.0
Market Value	Rs. 25.40

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	35.264	35.264	35.264
Reserves & Surplus	38.961	52.064	60.223
Share Application money pending allotment	0.000	0.000	0.000
Net worth	74.225	87.328	95.487
long-term borrowings	21.253	5.231	6.290
Short term borrowings	2.876	35.897	66.528
Total borrowings	24.129	41.128	72.818
Debt/Equity ratio	0.325	0.471	0.763

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	457.483	583.817	483.357
		27.615	(17.207)

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	457.483	583.817	483.357
Profit	10.680	12.684	9.061
	2.33%	2.17%	1.87%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
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	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONAL REVIEW:

The performance of the Company was not Satisfactory during the financial year even though settlement of production level, working out of logistics with respect to movement of finished products from factory, arrangement of raw materials etc was satisfactory in comparison to previous financial year. The staff and workers put their sincere effort in the operation of the plant and achieving efficiency in the production level.

During the year, the company has achieved a sales turnover of Rs.483.357 Million in the financial year ending 31st March, 2014 as compared to Rs. 583.816 Million in the year ended 31st March, 2013. The Company has earned Profit of Rs. 11.310 Million in comparison to Profit of Rs. 19.115 Million during the previous financial year.

VALVE INDUSTRY STRUCTURE AND DEVELOPMENTS

Valves are used to control or divert the flow of liquids, gases, slurries, dry material or steam in all types of industries. They are also used to control or isolate the rate of flow volum, pressure, direction or a combination of these parameters. There are only two known ways of controlling the flow of liquids and gases, and all valves are based on one of the two principles. The Company’s primary business is the design, manufacture and sale of Industrial valves, valves cores and accessories.

Tech Navio’s analysts forecast the Industrial Valve market in the MENA will grow at a CAGR of 5.41 percent over the period 2013-2018, with the industry set to hit a market value of US $72 billion by 2015 Asia will account for more than 30% of the industrial valves market by 2017. The growth in this region will driven mostly by new infrastructure and heavy industrial spending. More power plants will be built in this region in the next five years than in the rest of the world combined.

The Global Industrial Valves market is to grow at a CAGR of 4.7 percent over the period 2011-2015. The global industrial valves market is set to rise in the ensuing years, as the industry begins to emerge out of the adverse impact of the global economic recession. It is estimated at around US$ 71 billion and is expected to grow by 5.4% per year and will reach to $ 93 billion through the year 2015. All core sectors require valves for expansion of capacities, maintenance and repaire of plants. The demand for valves is growing at a fast pace globally. In addition, the industry, the Industry in the developed countries is in a consolidation phase with large companies purchasing family owned business and at the same time establishing manufacturing plants in the low cost countries like China and Korea.

The valve industry being an intermediate industry is completely dependent on the growth of the core sectors pf the global economy. Therefore, with an expected growth in the oil and gas, power, pipeline, steel, infrastructure, petrochemicals and pharmaceutical industries the demand for valves are also expected to gather steam. Valve companies are finding many new opportunities for their products. Applications with double-di git growth include ethanol, LNG, desalination, and biotechnology. Alternative fuel sources including oil sands, oil shale and coal liquefaction also represent promising markets.

The Global Process industry is growing at a rapid rate, which in turn is creating more opportunities for the Indian Industrial Valve market. Thus the demand for industrial valves increases along with the growth of the Process industries, Furthermore, the increasing demand for industrial valves the Municipal sector for water and wastewater projects, thus increasing the demand for industrial valves.

OUTLOOK

Indian valve industry has come a long way from making simple valves to producing a wide range of sophisticated precision valves. But the Indian valves space is as fragmented as the Global Valve Industry. Most of the industry is dominated by small and medium scale players with heavy dependence on sub contractors and a large part of the market consists of the unorganized sector.

India’s valves industry estimated at Rs. 120000.000 Million is expected to grow at 7-8 percent per annum after a flat growth this year and exports too will expand at a healthy rate, experts said. Currently, 85 percent of the valves demand in India is met indigenously. White the balance is imported and the exports are anticipated to rise from 10-12% per annum. There company is also trying to enhancing its effectiveness to cope up with the same trend and th enhance its market share in the domestic and international market.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Bajaj Finance Limited	1.431	0.259
Magma Fincorp Limited	1.127	0.000
Religare Finvest Limited	1.141	0.000
Kotak Mahindra Prime Limited	1.323	3.734
Tata Capital Limited	1.268	0.599
Short-term borrowings
Bajaj Finance Limited	1.687	0.894
Magma Fincorp Limited	1.430	0.000
Religare Finvest Limited	1.442	0.000
Kotak Mahindra Prime Limited	4.350	3.909
Tata Capital Limited	1.702	1.097
Total	16.901	10.492

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90100032	28/05/2014 *	130,000,000.00	Canara Bank	NAVRANGPURA BRANCH,, NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA	C07455314
2	90099846	18/06/2004	230,000.00	THE KARUR VYSYA BANK LTD.	ASHRAM BRANCH, MOTILAL CENTRE, AHMEDABAD, Gujarat, INDIA	-

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31^st, 2014

Standalone statement of profit and loss

Sr.

No

Particulars

Standalone

Quarter Ended

Nine Month Ended

31.12.2014

30.09.2014

31.12.2014

Unaudited

Unaudited

Unaudited

1

Income From Operations

A. Net Sales/ Income from Operations

(Net of Excise Duty)

1362.69

1378.82

3685.14

B. Other Operating Income

0.000

0.000

0.000

Total Income from Operations (Net)

1362.69

1378.82

3685.14

2

Expenditure

A. Cost of material Consumed

1039.28

1124.86

2802.12

B. Purchase of Stock-in trade

0.00

0.00

0.00

C. Changes in inventories of finished Goods

0.00

2.7

(15.63)

D. Employees Benefit Expenses

41.10

43.78

132.97

E. Depreciation

10.00

10.50

30.00

F. Other expenses

209.17

156.68

539.69

TOTAL EXPENDITURE

1299.55

1338.52

3489.16

3

Profit/(Loss) from Operations before Other Income, finance Costs and Tax

63.13

40.30

195.98

4

Other Income

0.00

0.00

0.60

5

Profit/(Loss) before finance cost and Tax

63.13

40.30

196.59

6

Finance costs

30.84

19.84

73.01

7

Profit/ (Loss) Tax

32.29

20.82

123.58

8

Tax Expense

0.00

0.00

0.00

9

Net profit/(Loss) for the period

32.29

20.82

123.58

10

Paid-up equity share capital (Rs.10/- per share)

352.64

352.64

352.64

11

Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year

0.00

0.00

0.00

12

1 Earning Per Share (Before extraordinary items)

Basic and Diluted

0.92

0.59

3.50

2 Earning Per Share (After extraordinary items)

Basic and Diluted

0.92

0.59

3.50

A

PARTICULARS OF SHAREHOLDING

1

Public Shareholding

- No. of shares

1664990

1664990

1664990

- Percentage of shareholding

47.22%

47.22%

47.22%

2

Promoter & Promoter Group Shareholding

A Pledged/Encumbered

- No. of shares

NIL

NIL

NIL

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

NIL

NIL

NIL

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

NIL

NIL

NIL

B Non-encumbered

- No. of shares

1861410

1861410

1861410

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

100%

100%

100%

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

52.78%

52.78%

52.78%

B

INVESTOR COMPLAINTS		Three Months ended (31.12.2014)
1	Pending at the beginning of the quarter	NIL
2	Received during the quarter	NIL
3	Disposed of during the quarter	NIL
4	Remaining unresolved at the end of the quarter	NIL

Notes:

1. The aforesaid result have been reviewed by the Audit Committee and approved by the Board of Director at their respective meetings held on 06.02.2015.
2. The Statutory Auditors have carried out a “Limited Review” of the Company for the quarter ended on December 31, 2014.
3. Previous quarters figures have been regrouped/ rearranged/ recasted wherever necessary to make it comparable with the current quarter’s figures.
4. Year end tax Provision will be made at the time of final Audit.

FIXED ASSETS

• Freehold Land
• Building
• Plant and Machinery
• Electric Installation
• Furniture and Fittings
• Vehicles

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.63.55
UK Pound	1	Rs.99.10
Euro	1	Rs.68.83

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	RSH
Report Prepared by :	SUD

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	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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.