MIRA INFORM REPORT

Report No. :	320269.4
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	ARFIN INDIA LIMITED

Registered Office :	B-302, 3^rd Floor, Pelican House, Near Natraj Cinema, Gujarat Chamber of Commerce Building, Ashram Road, Ahmedabad – 380009, Gujarat
Tel No :	91-79-26583791 / 26583792

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	10.04.1992

Com. Reg. No.:	04-017460

Capital Investment / Paid-up Capital :	Rs. 30.183 Million

CIN No.: [Corporate Identification No.]	L65990GJ1992PLC017460

IEC No.:	0810012634

TAN No.: [Tax Deduction & Collection Account No.]	AHMA05982E

PAN No.: [Permanent Account No.]	AAECA1211A

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. (Listed on Regional Stock Exchanges and Bombay Stock Exchange)

Line of Business :	Manufacturer of Aluminum Cubes, Aluminum Wire Rod, Flipped Coil Aluminum Wire Rod and other Non Ferrous Metal Products.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 500000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Exist

Comments :	Subject was incorporated in 1992 and promoted by Mr. Mahendrakumar Rikhavchand Shah and based at Ahmedabad. It was a dormant Non-Banking Finance Company (NBFC) till FY11 and it has commenced manufacturing operations in December 2011 after surrendering its NBFC license. It is an established company having satisfactory track record. For the financial year ended 2015, management has witnessed a decent sales volume of 2499.400 Million against the sales of 1903.700 million. It has archived topline growth of 31.29% whereas, profitability margin stood at 1.86% during a year under a review. Rating also takes into consideration Arfin’s healthy financial risk profile supported by sound net worth base and favorable operational base of the company. Rating strength partially offset by short track record of operations in aluminum and ferro alloys segment with a low capital base and susceptibility of its profitability to volatility in the raw material price. However, trade relations are reported as fair. Payment terms are reported to be usually correct. In view of sound operational performance backed by sound financial profile, the company can be considered for 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

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	CARE
Rating	Long Term Bank Facilities “BB” (Suspended)
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	10.02.2015

Reason for Suspension: Absence of requisite information.

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.

INFORMATION PARTED BY

Name :	Mr. Vijay Lathi
Designation :	Accounts Department
Contact No.:	91-9824088021
Date :	25.05.2015

LOCATIONS

Registered Office :	B-302, 3^rd Floor, Pelican House, Near Natraj Cinema, Gujarat Chamber of Commerce Building, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26583791 / 26583792
Mobile No :	91-9824088021 (Mr. Vijay Lathi)
Fax No.:	91-79-25620620 / 26583791
E-Mail :	mahendra@arfin.co.in rinkesh_1983@yahoo.co.in ashit@arfin.co.in investors@arfin.co.in
Website :	http://www.arfin.co.in
Area :	2 Lac Sq. Ft.
Location :	Owned
Locality :	Commercial

Factory :	118/1, Ravi Estate, B/h Hotel Prestige, Chhatral, Taluka Kalol, District Gandhinagar – 382729, Gujarat, India
Tel. No.:	91-2764-232620
E-Mail :	jatin@arfin.co.in info@arfin.co.in

DIRECTORS

As on: 31.03.2015

Name :

Mr. Mahendrakumar Rikhavchand Shah

Designation :

Whole Time Director

Address :

Khandwala Bunglow, Near Post Office, Dharam Nagar, Sabarmati Ahmedabad - 380 005, Gujarat, India

Date of Birth/Age :

09.03.1963

Qualification :

Graduate

Date of Appointment :

01.10.2014

DIN No.:

00182746

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	U65910GJ1995PLC025589	MAHENDRA ALUMINIUM COMPANY LIMITED	Director	25/04/1995	25/04/1995	-	Active	NO
2	U65910GJ1995PTC026735	Krish Ferro Industries Private Limited	Director	17/07/1995	17/07/1995	-	Active	NO
3	L65990GJ1992PLC017460	ARFIN INDIA LIMITED	Whole-time director	01/10/2014	30/09/1998	-	Active	NO
4	U27100GJ1996PLC030244	SAKAR INDUSTRIES LIMITED	Director	20/09/2011	20/09/2011	28/07/2012	Active	NO

Name :

Mr. Jatin Mahendrakumar Shah

Designation :

Managing Director

Address :

Khandwala Bunglow, Near Post Office, Dharam Nagar, Sabarmati Ahmedabad - 380 005, Gujarat, India

Date of Birth/Age :

09.12.1983

Date of Appointment :

01.10.2014

DIN No.:

00182683

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	U27100GJ1996PLC030244	SAKAR INDUSTRIES LIMITED	Director	10/01/2002	10/01/2002	28/07/2012	Active	NO
2	U65910GJ1995PTC026735	Krish Ferro Industries Private Limited	Director	25/09/2012	01/06/2012	-	Active	NO
3	U65910GJ1995PLC025589	MAHENDRA ALUMINIUM COMPANY LIMITED	Director	25/09/2012	07/06/2012	-	Active	NO
4	L65990GJ1992PLC017460	ARFIN INDIA LIMITED	Managing director	01/10/2014	12/06/2012	-	Active	NO

Name :

Mr. Shanti Lal Mehta

Designation :

Director

Address :

H. No. 1010, Sector. 46-B, Chandigarh - 160047, India

Date of Birth/Age :

16.11.1945

Date of Appointment :

30.09.2013

DIN No.:

06459451

Name :

Mr. Ramesh Kumar Babulal Shah

Designation :

Additional Director

Address :

11, Spring Vally Society, Urmi Crossing, BPC Road, Vadodara - 390007, Gujarat, India

Date of Appointment :

28.08.2014

DIN No.:

00955337

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	U28933GJ1996PTC031217	ADESHWAR METALS PRIVATE LIMITED	Director	02/12/1996	02/12/1996	-	Active	NO
2	U31900GJ2010PTC062563	OHM HIGHLINE PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
3	U27300GJ2010PTC062864	MULTI TECH ENTERPRISES PRIVATE LIMITED	Director	10/11/2010	10/11/2010	-	Active	NO
4	L65990GJ1992PLC017460	ARFIN INDIA LIMITED	Additional director	25/08/2014	25/08/2014	-	Active	NO

Name :

Mr. Dilip Kumar Daga

Designation :

Director

Address :

A-204, Pushpvan Apartment, Bodakdev, Bodakdev, Tal Daskroi, Dist. Ahmedabad - 380059, Gujarat, India

Date of Appointment :

28.08.2014

DIN No.:

02918995

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	U67120GJ2000PLC037431	ASE CAPITAL MARKETS LIMITED	Nominee director	22/12/2009	22/12/2009	-	Active	NO
2	L65990GJ1992PLC017460	ARFIN INDIA LIMITED	Additional director	25/08/2014	25/08/2014	-	Active	NO

Name :

Ms. Mona Chappia

Designation :

Director

Address :

Block No 6, Sarthi Appartment Panchvati Society, Near Panchvati College, Jamnagar – 361002, Gujarat, India

Date of Appointment :

06.12.2014

DIN No.:

07035947

KEY EXECUTIVES

Name :	Mr. Vijay Lathi
Designation :	Chief Executive Officer
Address :	B - 701, Ozone Aangan, Near Ramapeer Tekra, Nava Wadaj, Ahmedabad – 380013, Gujarat, India
Date of Appointment :	22.05.2015
PAN No.:	ABZPL9908N

Name :	Mrs. Riddhi Nareshkumar Shah
Designation :	Secretary
Address :	C/18, Susmita Flats, Near Mehta Restaurant, Jawaharnagar, Vasna, Ahmedabad – 380007, Gujarat, India
Date of Appointment :	26/11/2014
PAN No.:	BMRPS3747N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 12.05.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2181200	72.27
Sub Total	2181200	72.27
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2181200	72.27
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	2500	0.08
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	136500	4.52
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	530400	17.57
Any Others (Specify) - Non Resident Indians	167700	5.56
Sub Total	837100	27.73
Total Public shareholding (B)	837100	27.73
Total (A)+(B)	3018300	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3018300	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminum Cubes, Aluminum Wire Rod, Flipped Coil Aluminum Wire Rod and other Non Ferrous Metal Products.

Products :	Aluminum Cubes Aluminum Wire Rod Flipped Coil Aluminum Wire Rod

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods

Imports :
Products :	Raw Material
Countries :	UK

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	B.R. Metal and Alloys Giyaral Limited
Name of the Person :	Mr. Navalbhai (Manager)
Contact No.:	91-9712773636
Since How Long Known :	3 Year
Experience :	Excellent
Maximum Limit Dealt :	7 Year
Remark :	Mr. Navalbhai informed that they are satisfied with their payment behavior

Customers :

Retailers and Wholesalers

Reference :	Essar Steel Limited
Name of the Person :	Mr. Alpesh (Purchase Department)
Contact No.:	91-9925241335
Since How Long Known :	2 year
Experience :	Excellent and Good
Maximum Limit Dealt :	Rs. 500.000 Million (Approximately)
Remark :	Mr. Alpesh informed that they are fully satisfied with their product quality and delivery behavior.

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Law Garden Ellisbridge Branch, Ahmedabad, Gujarat, India
Person Name (With Designation)	Mr. Alok Tripati (Relationship Manager)
Contact Number	91-7574824764
Name of Account Holder	Arfin India Limited
Account Number	912030003781798
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit Rs. 195.000 Million B/P Rs. 30.000 Million
Account Operation	Not Divulged
Remarks (If any)	Mr. Alok Tripati informed that the subject company have satisfactory track record with banker.

State Bank of India

SME Branch Premises, Zodiac Avenue, Opposite Commissioner’s Bungalow, Law Garden, Ahmedabad-380009, Gujarat, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
HDFC Bank (Car Loan	0.000	1.460
i) Tenor of Loan is 36 Months & Repayable in Equally Monthly Installments
i) Nature of Security: Loan is Secured by Pledge of Cars.
ii) Loan is Guaranteed by Directors of Company. - Axis Bank (Hydra Machine & Toyota Forklift Loan)
Axis Bank (Hydra Machine & Toyota Forklift Loan)	0.000	0.436
i) Tenor of Loan is 36 Months & Repayable in Equally Monthly Installments
i) Nature of Security: Secured by Pledge of Hydra Machine and Forklift.
ii) Loan is Guaranteed by Directors of Company.
Axis Bank Ltd. - (Term Loan)	0.000	0.388
i) Tenor of Loan is 48 Months & Repayable in Equal Monthly Installments and at Present Rate of Interest is (Bank's Base Rate + 3.75%) i.e. 13.75% p.a.
ii) Nature of Security:
(1) Secured by Hypothecation of Fixed Asset Including plant and machinery Purchased Out of Bank Finance.
iii) Loan is Guaranteed by Following Directors:
(1) Jatin M Shah (2) Mahendra R Shah (3) Pushpaben M Shah (Note: Pushpaben M. shah has resigned w.e.f. November 22, 2014.)
ii) From Other Parties	0.000	0.000
SHORT TERM BORROWING
(i) From banks
Axis Bank Limited – Cash Credit Account	36.644	126.223
Axis Bank Limited – PCFC Limits	30.044	0.000
Axis Bank Limited - Buyer's Credit Account	84.527	0.000
IDBI Bank - Buyer's Credit Account	81.063	0.000
IDBI Bank Accounts – PCFC Limits	59.940	0.000
IDBI Bank Limited – Cash Credit Account	18.900	0.000
State Bank of India - Cash Credit Account	0.000	108.753
i) Nature of Security
(1) Secured by Hypothecation of Entire Current Assets Including Book Debts and Stock at Present and in Future.
ii) Collateral Security:
(1) Mortgage of Factory Land and Building at "118/1, Ravi Industrial Estate" Situated at Billeshwarpura Village, Chhatral, Gandhinagar.
(2) Mortage of Office Building situated at “B-302, Pelican House, near GCC Compound, Ashram Road, Ahmedabad.
iii) Rate of interest on cash credit loan is in range between 1 to 11.50%
(iv) All the above short term cash credits loans are renewable every year.
v) Loan is Guaranteed by Following Directors:
(1) Jatin M Shah (2) Mahendra R Shah (3) Pushpaben M Shah (Note: Pushpaben M. shah has resigned w.e.f. November 22, 2014.)
Total	311.118	237.260

Auditors :
Name :	Raman M. Jain and Company Chartered Accountants
Address :	B- 3 1 / 3 3 , Ghanshyam Avenue, Opposite, C U Shah College, Income Tax, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27542823 / 27542819
Email :	rinkesh_1983@yahoo.co.in
PAN No.:	ABHPJ8145K

Memberships :	Not Available

Collaborators :	Not Available

Enterprises significantly influenced by Directors and or Their relatives :	Krish Ferro Industries Private Limited Mahendra Corporation Mahendra Aluminium Company Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Million

Issued, Subscribed & Paid-up Capital :

At The Beginning Period	29.021
Add: Issued During The Period	1.550
Add: Issued on Account of Merger / Conversion / Bonus / Split	0.000
Less : Deduction on Forfeiture of Shares	0.388
Issued Capital At The End of The Period	30.183
Less: Calls Unpaid	0.000
Showing Aggregate Value of Calls Unpaid by Directors And Members)
At The End of Reporting Period	30.183
Add : Equity Shares Forfeited	0.000
Total	30.183

The Reconciliation of the Number of Shares Outstanding as at March 31, 2015 is set out below

Equity Shares	31.03.2015
	No of Shares	Rs in Million
Shares Outstanding At The Beginning of The Year	2863300	28.633
Add: Shares Issued During The Year	155000	1.550
Less: Buy Back / Forfeited Shares	0	0.000
Shares Outstanding At The End of The Year	3018300	30.183

The Details of Shareholder Holding More Than 5% Shares is Set out below

S.N.	Name of The Shareholder	31.03.2015
		No of Shares	% of Holding
1	Mahendra R Shah	513400	17.01%
2	Jatin M Shah	448900	14.87%
3	Pushpaben M Shah	436700	14.47%
4	Rani J Shah	403900	13.38%
5	Jatin M Shah-HUF	177700	5.89%

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	30.183	29.021	18.677
(b) Reserves & Surplus	146.888	98.853	42.184
(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)	177.071	127.874	60.861

(3) Non-Current Liabilities
(a) long-term borrowings	24.710	96.978	81.105
(b) Deferred tax liabilities (Net)	9.740	7.621	4.927
(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)	34.450	104.599	86.032

(4) Current Liabilities
(a) Short term borrowings	311.118	234.975	173.735
(b) Trade payables	356.669	267.664	210.111
(c) Other current liabilities	2.902	7.841	8.198
(d) Short-term provisions	15.603	4.997	6.094
Total Current Liabilities (4)	686.292	515.477	398.138

TOTAL	897.813	747.950	545.031

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	121.236	92.561	82.180
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	20.843	0.000	1.345
(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	1.951	2.317	2.022
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	144.030	94.878	85.547

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	440.818	270.565	126.987
(c) Trade receivables	231.814	351.262	277.454
(d) Cash and cash equivalents	38.559	23.342	39.942
(e) Short-term loans and advances	42.592	7.903	15.101
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	753.783	653.072	459.484

TOTAL	897.813	747.950	545.031

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	2499.494	1903.743	1689.110
		Other Income	9.913	1.843	6.600
		TOTAL	2509.407	1905.586	1695.710

Less	EXPENSES
		Cost of Materials Consumed	2157.038	1620.793	1306.895
		Purchases of Stock-in-Trade	44.228	96.740	281.556
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(38.905)	(14.912)	(46.282)
		Employees benefits expense	16.272	10.584	7.774
		Other expenses	204.225	129.503	87.946
		TOTAL	2382.858	1842.708	1637.889

Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		126.549	62.878	57.821

Less	FINANCIAL EXPENSES		48.474	18.516	11.346

	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		78.075	44.362	46.475

Less/ Add	DEPRECIATION/ AMORTISATION		7.544	4.216	2.329

	PROFIT/LOSS BEFORE TAX		70.531	40.146	44.146

Less	TAX		23.818	13.695	13.262

	PROFIT/LOSS AFTER TAX		46.713	26.451	30.884

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		342.161	17.588	27.290
	TOTAL EARNINGS		342.161	17.588	27.290

	IMPORTS
	Raw Materials		710.932	218.735	374.839
	Components and Stores parts		0.000	0.919	0.258
	Capital Goods		1.718	0.000	0.000
	TOTAL IMPORTS		712.650	219.654	375.097

	Earnings Per Share (Rs.)		15.87	9.24	10.23

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

1.643

7.841

7.487

Cash generated from operations

(121.495)

(140.966)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	1.87	1.39	1.83

Operating Profit Margin (PBDIT / Sales)	(%)	5.06	3.30	3.42

Return on Total Assets (PBT/Total Assets}	(%)	7.86	5.37	8.12

Return on Investment (ROI) (PBT/Networth)		0.40	0.31	0.73

Debt Equity Ratio (Total Debt /Networth)		1.91	2.66	4.31

Current Ratio (Current Asset/Current Liability)		1.10	1.27	1.15

STOCK PRICES

Face Value (BSE)	Rs. 10/-
Market Value (BSE)	Rs. 33.30

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	18.677	29.021	30.183
Reserves & Surplus	42.184	98.853	146.888
Share Application money pending allotment	0.000	0.000	0.000
Net worth	60.861	127.874	177.071

long-term borrowings	81.105	96.978	24.710
Short term borrowings	173.735	234.975	311.118
Current Maturities of Long Term Debt	7.487	7.841	1.643
Total borrowings	262.327	339.794	337.471
Debt/Equity ratio	4.310	2.657	1.906

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	1689.110	1903.743	2499.494
		12.707	31.294

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	1689.110	1903.743	2499.494
Profit	30.884	26.451	46.713
	1.83%	1.39%	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	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	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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 30 of 2011

Status: PENDING ( Converted from : ST/3587/2010 ) CCIN No : 001092201100030

Last Listing Date: 13/02/2012

Coram: HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX-I	MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.	Name of the Respondant		Advocate On Record
1	ARFIN INDIA LIMITED		RULE SERVED for :Opponent(s) 1

Presented On		: 20/12/2010	Registered On	: 20/12/2010
Bench Category		: DIVISION BENCH	District	: AHMEDABAD
Case Originated From		:THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 104 times
Stage Name		: FOR REGULAR ADMISSION (SPL.)
Classification		DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act		INCOME-TAX ACT, 1961

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	20.12.2010	MEMO OF PETITION / APPEAL / SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER (s) 1	20	MRS MAUNA M BHATT : 1
2	21.01.2011	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER (s) 1	6	MRS MAUNA M BHATT :1
3	15.08.2011	DOCUMENT	RULE SERVED for RESPONDENT (s) 1	--	RULE SERVED : 1

COURT PROCEEDINGS

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	05.01.2011	1	--	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	ADDITIONAL REGISTRAR (JUDICIAL)
2	17.01.2011	1	--	OFFICE OBJECTION REMOVED	NEXT DATE	HONOURABLE MS. JUSTICE HARSHA DEVANI HONOURABLE MR. JUSTICE H.B. ANTANI
3	13.02.2012	1	--	FOR REGULAR ADMISSION (SPL.)	RULE / ADMIT	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR. JUSTICE

Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	05/01/2011	1	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	· ADDITIONAL REGISTRAR ( JUDICIAL)
2	17/01/2011	1	-	OFFICE OBJECTION REMOVED	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE H.B.ANTANI
3	13/02/2012	1	-	FOR REGULAR ADMISSION (SPL.)	RULE/ADMIT	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	TAX APPEAL/30/2011	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE H.B.ANTANI	17/01/2011	N	ORDER	-	Y	Download
2	TAX APPEAL/30/2011	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA	13/02/2012	N	ORDER	-	Y	Download
Certified Copy

S. No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	14/02/2012	O/5059/2012	13/02/2012	16/02/2012	17/02/2012	Delivered	ORDER

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Loans And Advances From Related Parties
Krish Ferro Industries Private Limited (Formerly Known as Arfin Capital Limited	0.000	21.841
Jatin M Shah	9.850	0.000
Mahendra Corporation	0.000	72.852
Mahendra R Shah	14.860	0.000
Total	24.710	94.693

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10536358	26/11/2014	30,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 2ND FLOOR, 3RD EYE ONE, NR. PANCHVATI CIRCLE, C.G. ROAD, RAJKOT, GUJARAT - 380009, INDIA	C36823300
2	10527050	30/08/2014	180,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C30550636
3	10478261	08/10/2014 *	378,700,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 2ND FLOOR, 3RD EYE ONE, NR. PANCHVATI CIRCLE, C.G. ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	C30638159
4	10385514	21/09/2012	2,307,360.00	AXIS BANK LIMITED	RAC AHMEDABAD, CV/ CE DEPARTMENT, 4TH FLOOR, SHIVALIK ISHAN, NR. C. N. VIDHYALAYA, AMBAWADI, AHMEDA BAD, GUJARAT - 380006, INDIA	B61729752
5	10335497	28/06/2014 *	198,700,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 2ND FLOOR, 3RD EYE ONE, NR. PANCHVATI CIRCLE, C.G. ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	C11155314
6	10332800	25/02/2013 *	695,700,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B71361349

* Date of charge modification

FIXED ASSETS

Freehold Land
Factory Land
Factory Building
Plant and Machinery
Computer
Furniture and Fixture
Vehicle
Office Equipment
Office Building Pelican House

AS 17 EXCHANGES FACE CLOSURE, INVESTORS IN OVER 3,000 COMPANIES COULD BE LEFT IN THE LURCH

FUTURE UNCERTAIN (in Nos)
STOCK OF COMPANIES STUCK IN EXCHANGES FACING CLOSURE
Ahmedabad 676	Jaipur 179
Bangalore 255	Ludhiana 290
Bhubaneshwar 46	Madhya Pradesh 268
Culcutta 1,875	Madras 664
Cochin 140	OTCEI 108
Coimbatore 96	Pune 173
Delhi 1,744	Uttar Pradesh 347
Guwahati 170	Vadodara 325

At least Rs.700000.000 Million could be stuck; exit options may prove unpalatable

October 12, 2014:

With Madras, Bangalore, Delhi, Ahmedabad and 13 other stock exchanges set to shut operations in compliance with a Securities and Exchange Board of India (SEBI) order, lakhs of investors will be left in the lurch. Investors holding shares in more than 3,000 companies, with market capitalization running into thousands of crores, are likely to be affected as a result of the market regulator’s move to shut down non-operational stock exchanges.

SEBI has directed all exchanges that do not possess a trading platform with an annual turnover of at least Rs.1000.000 crore and a net worth of Rs.1000.000 Million, and that do not have a tie-up with a clearing corporation, to exit. The Calcutta Stock Exchange is complaint on the first two counts and is trying to strike a deal with a clearing corporation. But the others, including 14 regional exchanges, the Over the Counter Exchange of India and the Inter-connected Stock Exchange, will have to wind up operations.

Uncertainty for investors

The question that arises is: What happens to the shares that are listed only on these exchanges? “Such (regional) stock exchanges should have been derecognized only after ensuring protection of investors,” says Virendra Jain, President of Midas Touch Investor Association. “Companies not migrating to a nationwide stock exchange should be compulsorily de-listed and the shareholders given an exit price in accordance with SEBI’s delisting rules.” According to SEBI, in March 1997, there were 7,995 companies listed on regional stock exchanges across the country. Of these, the Calcutta Stock Exchange accounted for 1,800 companies while the Delhi Stock Exchange came a close second with almost as many. The market capitalization of these companies was around ₹2-lakh crore in March 1997. “There weren’t too many companies that listed on regional stock exchanges after 1997,” says V Nagappan, member of the advisory committee of the Madras Stock Exchange.

Large sum at stake

But many companies that listed during the IPO boom in 1994-95 are likely to have vanished since then. Assuming that only a third of these companies are still operational, investor money stuck in these companies can still be in the region of Rs. 700.000 Million.

Since many of the regional stock exchanges are already non-operational, the dealing in most of these stocks was happening through off-market trades. With the latest diktat, there is a lot of confusion among investors holding these shares, says Nagappan. There are some who have been making use of this chaos to approach investors, coaxing them to sell their holdings at extremely low value.

Exit routes

SEBI has prescribed that companies listed only on regional stock exchanges can either seek listing on a national stock exchange, opt for de-listing, or be classified as vanishing companies (if no information is available on them). Companies that do not fall under any of the above categories have to be moved to a dissemination board to be set up on any nationwide stock exchange. The dissemination board is akin to a notice board where buyers and sellers have to find each other.

But exit through this route is not going to be easy. For one, there is no guarantee that investors will be able to find buyers willing to pay the price they want to make an exit. “There are no contract notes, no trade guarantees.” says S Venkateswaran of Madras Stock Exchange. Some stocks could be in demat form and this will cause additional difficulty.” “This form of exit is a huge injustice to shareholders,” says B Madhav Reddy, MD and CEO of Calcutta Stock Exchange.

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 records 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. 64.11
UK Pound	1	Rs. 97.84
Euro	1	Rs. 71.12

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAR

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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	YES
--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		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	--

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.

MIRA INFORM REPORT

Court Proceedings

Available Orders

Certified Copy

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