MIRA INFORM REPORT

Report No. :	325669
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	ORIEL WINDOWS PRIVATE LIMITED
Registered Office :	Survey No. 5/2/4, Takele Punekar Vasti, Undri, Taluka Haveli, Pune-411028, Maharashtra
Tel. No.:	91-20-26930141
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.11.2009
Com. Reg. No.:	11-135073
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U36109PN2009PTC135073
TAN No.: [Tax Deduction & Collection Account No.]	PHEO02223E
PAN No.: [Permanent Account No.]	AABC02232N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Unplasticised Polyvinyl Chloride (UPVC) Windows and Doors
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 11000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small private limited company established in the year 2009, having moderate track record. As per financials of 2014, the company has recorded high leverage, which shows high external borrowings. Company has recorded dip in the profit in FY 14 as compare to FY13. Overall financial seems to be moderate Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for the business dealings with some caution.

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) 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. Sunil Chowkcy
Designation :	Senior Manager
Contact No.:	91-20-26930141
Date :	02.06.2015

LOCATIONS

Registered Office/ Factory:	Survey No. 5/2/4, Takele Punekar Vasti, Undri, Taluka Haveli, Pune-411028, Maharashtra, India
Tel. No.:	91-20-26930141
Fax No.:	91-20-26930186
E-Mail :	rahulr@oriel.co.in office@chandakcs.com
Website :	http://www.oriel.co.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ebrahim Taher Chiniwala

Designation :

Director

Address :

Flat No-803/804, Firdaus Apts, Wanawadi, Pune - 411040, Maharashtra, India

Date of Birth/Age :

21.04.1986

Date of Appointment :

30.11.2009

DIN No.:

02843586

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	Company/ LLP Status	Defaulting status
1	U36109PN2009PTC135073	ORIEL WINDOWS PRIVATE LIMITED	Director	30/11/2009	30/11/2009	Active	NO
2	U51909PN2009PTC135074	FORTITUDE FACADE SYSTEM PRIVATE LIMITED	Director	30/11/2009	30/11/2009	Active	NO

Name :

Mr. Hussein Zoher Chiniwala

Designation :

Director

Address :

Building P-1, Flat 704, Oxford Premium, Kedari Nagar, Wanawadi, Pune - 411040, Maharashtra, India

Date of Birth/Age :

07.08.1983

Date of Appointment :

30.11.2009

DIN No.:

02843621

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	Company/ LLP Status	Defaulting status
1	U36109PN2009PTC135073	ORIEL WINDOWS PRIVATE LIMITED	Director	30/11/2009	30/11/2009	Active	NO
2	U51909PN2009PTC135074	FORTITUDE FACADE SYSTEM PRIVATE LIMITED	Director	30/11/2009	30/11/2009	Active	NO
3	U28111PN2009PTC134000	Alfa Facade Systems Private Limited	Director	20/11/2010	25/10/2010	Active	NO
4	AAD-4341	NANDANVAN HORTICULTURE LLP	Designated Partner	24/02/2015	24/02/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil Chowkcy
Designation :	Senior Manager
Name :	Mr. Rahul
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Ebrahim Taher Chiniwala	5000	50.00
Hussein Zoher Chiniwala	5000	50.00
Total	10000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.000
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Unplasticised Polyvinyl Chloride (UPVC) Windows and Doors
Products :	· Casement Windows · Sliding Windows · Doors
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :
Products :	Raw Material
Countries :	Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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 :

20 (Approximately)

Bankers :

Bank Name:	Union Bank of India
Branch:	Undri Branch, Pune – 411048, Maharashtra, India
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

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
From Bank	15.138
Total	15.138

Banking Relations :	--
Auditors :
Name :	Pankaj R Mandhane and Company Chartered Accountants
Address :	517 Sadashiv Peth, Dnyanda Apartment, Next To Dnyan Prabodhini, Pune – 411030, Maharashtra India
Income-tax PAN of auditor or auditor's firm :	AAKFP7746G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 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	1.000	1.000	1.000
(b) Reserves & Surplus	2.968	1.365	0.147
(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)	3.968	2.365	1.147
(3) Non-Current Liabilities
(a) Long-term borrowings	19.825	17.366	17.732
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	19.825	17.366	17.732
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7.249	5.076	7.202
(c) Other current liabilities	18.189	9.744	1.054
(d) Short-term provisions	0.701	0.988	0.353
Total Current Liabilities (4)	26.139	15.808	8.609
TOTAL	49.932	35.539	27.488
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.442	2.902	3.295
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.442	2.902	3.295
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.263	19.892	13.476
(c) Trade receivables	10.960	8.427	5.333
(d) Cash and cash equivalents	1.373	0.240	0.097
(e) Short-term loans and advances	6.598	0.983	3.129
(f) Other current assets	3.296	3.095	2.158
Total Current Assets	47.490	32.637	24.193
TOTAL	49.932	35.539	27.488

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	37.797	35.899	28.251
		Other Income	0.273	0.321	0.112
		TOTAL (A)	38.070	36.220	28.363
Less	EXPENSES
		Purchases of Stock-in-Trade	25.161	26.385	27.557
		Changes in inventories of Stock	(5.371)	(6.416)	(10.250)
		Employees benefits expense	3.564	1.123	1.221
		Other expenses	9.000	9.714	7.376
		TOTAL (B)	32.354	30.806	25.904
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.716	5.414	2.459
Less	FINANCIAL EXPENSES (D)		3.187	2.650	1.678
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.529	2.764	0.781
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.490	0.590	0.584
	PROFIT BEFORE TAX (E-F) (G)		2.039	2.174	0.197
Less	TAX (H)		0.640	0.713	0.000
	PROFIT AFTER TAX (G-H) (I)		1.399	1.461	0.197
	Earnings Per Share (Rs.)		13.99	14.61	1.97

The above information has been parted by Mr. Sunil Chowkcy (Senior Manager)

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)	(%)	3.70	4.07	0.70
Operating Profit Margin (PBDIT/Sales)	(%)	15.12	15.08	8.70
Return on Total Assets (PBT/Total Assets}	(%)	4.08	6.12	0.72
Return on Investment (ROI) (PBT/Networth)		0.51	0.92	0.17
Debt Equity Ratio (Total Liability/Networth)		5.00	7.34	15.46
Current Ratio (Current Asset/Current Liability)		1.82	2.06	2.81

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	1.000	1.000	1.000
Reserves & Surplus	0.147	1.365	2.968
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1.147	2.365	3.968
Long-term borrowings	17.732	17.366	19.825
Short term borrowings	0.000	0.000	0.000
Total borrowings	17.732	17.366	19.825
Debt/Equity ratio	15.459	7.343	4.996

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	28.251	35.899	37.797
		27.072	5.287

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	28.251	35.899	37.797
Profit	0.197	1.461	1.399
	0.70%	4.07%	3.70%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
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	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	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

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10279915	17/03/2011	35,000,000.00	UNION BANK OF INDIA	UNDRI BRANCH, PUNE - 411048, MAHARASHTRA, INDIA	B10080679

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loan from related Parties
Loan from Directors and Families	2.228
Total	8

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from Survey No. 104/6, Tiny Industrial estate, Pisoli Road, Kondhwa Budruk, Pune – 411048, Maharashtra, India to the present address.

COMPANY INFORMATION

The Company is engaged in providing and fixing of aluminium windows and door frames. Company is also engaged in trading of UPVC windows profile and accessories.

REVIEW OF OPERATIONS AND FUTURE OUTLOOK:

During the year the company has reported a turnover of INR 36.220 million which is more than 1.27 times of the previous year. Also earned a Net Profit of INR 1.461 million which is more than 7.41 times of the previous year. The directors are very much satisfied with the progress and growth attained by the company.

The Company is also in the process of undertaking various measures to cut the cost and increase the efficiency in the means of production so as to achieve economies of scale and thereby achieving more profits in the coming years, and the company has executed various contracts and assignments efficiently and successfully which has turned out to be good in company’s favor. The company is also planning to adopt various strategies and plans which would be advantageous and in the best interest of the company

Directors would also like to update the members that during the period year, considering the increasing competition in the industry and the expansion policy of the company, the company has designed various strategies which will enable the company to stand persistently. Also based on the performance of the financial year Directors of the company are hopeful that company will continue its growth trend and will achieve better financial output in the coming years.

FIXED ASSETS:

· Computer Hardware

· Computer Software

· Electric Installation

· Camera System

· Furniture and Fixture

· Mobile

· Plant and Machinery

· Weighing Scale

· Printer

· Tools and Equipment’s

· Office Equipment’s

· UPS System

· 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.63.85
UK Pound	1	Rs.98.12
Euro	1	Rs.71.28

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.