MIRA INFORM REPORT

Report No. :	312588
Report Date :	14.03.2015

IDENTIFICATION DETAILS

Name :	NEEL METAL PRODUCTS LIMITED (w.e.f. 26.03.1999)
Formerly Known As :	EXCELLENT SERVICES LIMITED
Registered Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.04.1997
Com. Reg. No.:	55-086432
Capital Investment / Paid-up Capital :	Rs.195.040 Million
CIN No.: [Company Identification No.]	U74899DL1997PLC086432
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RTKN00867G
PAN No.: [Permanent Account No.]	AABCN6304Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Sheet Metal Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 13000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. The company’s products are well received in the market. Overall fundamentals are good. The rating also takes into consideration good net worth position of the subject. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal 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 – December 31, 2014

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating = A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	January, 2015

Rating Agency Name	ICRA
Rating	Short term rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	January, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26427104/ 06
Fax No.:	91-11-26427100
E-Mail :	corp@jbm.co.in raviarora@jbm.co.in deeksha.chopra@jbm.co.in
Website :	http://www.jbmindia.com http://www.jbm-group.com
Location :	Owned
Alliance Office:	Thai Summit Neel Auto Private Limited, Behrampur Industrial Area, Begampur Khatola Road, Khandsa Village, Gurgaon-122001, Haryana, India
Tel. No.:	91-124-4199500-507
Fax No.:	91-124-4199548-49
Factory 1 :	Mohammadpur, Jharsa, Sector 36, Near Khandsa Village, Gurgaon - 122001, Haryana, India
Tel. No.:	91-124-4275055 / 4032011/ 13
Fax No.:	91-124-2370987
Factory 2:	Sector-36, Mohmmadpur Jharsa, Near Khandsa Village, Gurgaon – 122001, Haryana, India
Tel No:	91-124-4032011 / 4032013 / 2370985 / 2370986
Fax No:	91-124-2370989
Factory 3 :	Plot No. 268, Secuter – 24, Faridabad – 121005, Haryana, India
Tel. No.:	91-129-5067013
Location :	Owned
Factory 4:	4-6 and 11-16, Sector-5, Integrated Industrial Estate Ranipur, Haridwar - 249403, Uttranchal, India
Tel No.:	91-1334-239215/ 239214
Fax No.:	91-1334-239185
Factory 5:	Plot No. 8, Sector-10, I.I.E, S.I.D.C.U.L, Udham Singh Nagar, Pantnagar-263153, Uttarkhand, India
Tel No.:	91-5944-250051
Fax No.:	91-5944-250050
Factory 6:	Plot No.5, Maruti Joint Venture Complex, Gurgaon – 122015, Haryana, India
Tel No:	91-124-2398446 / 2398448
Fax No:	91-124-2341321
Factory 7:	Sector-36, Mohmmadpur Jharsa, Near Khandsa Village, Gurgaon – 122001, Haryana, India
Tel No:	91-124-2370612 / 2370615
Fax No:	91-124-2371356
Factory 8 :	Plat No 22, Sector 12, ITBT Park, S.I.D.C.U.L., Pantnager, Uttarakhand, India
Factory 9 :	VPO Baskulsa, Opposite Sector 7, IMT Manesar, Gurgaon – 122005, Haryana, India
Factory 10 :	E-41, Khushkhera Industrial Area, District Alwar, Rajasthan, India
Branch Office/ Factory 11 :	92/1, Shivarapattana Village - Maluro Taluka, Narasapura – 560001, Karnataka, India

DIRECTORS

As on 22.09.2014

Name :

Mr. Surendra Kumar Arya

Designation :

Director

Address :

Neelanchal No.7, Bandh Road, Chandan Hulla, Mehrauli, New Delhi – 110030, India

Date of Birth/Age :

10.11.1957

Qualification :

Graduate

Date of Appointment :

01.05.2002

PAN No.:

ACNPA3721H

DIN No.:

00004626

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	U27109DL1982PLC084678	JBM INDUSTRIES LIMITED	Director	18/08/1982	18/08/1982	-	Active	NO
2	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Managing director	10/06/2013	19/03/1987	-	Active	NO
3	U74899DL1990PLC101070	GURERA INDUSTRIES LIMITED	Director	16/11/1990	16/11/1990	-	Active	NO
4	L74899DL1994PLC063412	A TO Z SECURITIES LIMITED	Director	12/12/1994	12/12/1994	-	Active	NO
5	U74899DL1995PLC064073	JAY BHARAT EXHAUST SYSTEMS LIMITED	Director	05/01/1995	05/01/1995	-	Amalgamated	NO
6	U74899DL1991PTC044376	JBM BUILDERS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
7	U74899DL1995PLC067432	JBM INTERNATIONAL LIMITED	Director	18/04/1995	18/04/1995	-	Active	NO
8	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	09/08/1995	09/08/1995	28/07/2009	Amalgamated	NO
9	U74899DL1998PTC095612	ANS HOLDING PRIVATE LIMITED	Director	18/08/1998	18/08/1998	-	Active	NO
10	U34392HR1999PTC034392	NAGATA INDIA PRIVATE LIMITED	Nominee director	23/12/1999	23/12/1999	11/09/2009	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
12	U27109HR1975PLC007910	JAICO STEEL FASTNERS LIMITED	Director	01/08/2000	01/08/2000	-	Amalgamated	NO
13	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Director	16/03/2001	16/03/2001	-	Active	NO
14	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Director	01/05/2002	01/05/2002	-	Active	NO
15	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	29/01/2003	29/01/2003	08/08/2014	Active	NO
16	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02/09/2003	02/09/2003	-	Active	NO
17	U34300DL2003PTC123285	Neel Auto Private Limited	Director	24/03/2014	02/12/2003	-	Active	NO
18	U45201DL2003PTC120054	SATISH BUILDWELL PRIVATE LIMITED	Director	03/03/2005	03/03/2005	-	Active	NO
19	U74899DL2005PTC142456	UNITECH SAI PRIVATE LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
20	U70109DL2006PTC150012	SHREEAUMJI INFRASTRUCTURE AND PROJECTS PRIVATE LIMITED	Director	22/06/2006	22/06/2006	-	Active	NO
21	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Director	20/09/2006	20/09/2006	22/02/2012	Active	NO
22	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Nominee director	01/11/2006	01/11/2006	-	Active	NO
23	U45201DL2006PTC144714	SHREEAUMJI REAL ESTATE SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
24	U74899DL2006PTC144713	SHREEAUMJI DEVELOPERS SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
25	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02/02/2007	02/02/2007	20/12/2012	Active	NO
26	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06/06/2007	06/06/2007	21/03/2013	Active	NO
27	U92100MH2007PLC172122	VICHAAR TELEVISION NETWORK LIMITED	Director	29/11/2007	29/11/2007	-	Active	NO
28	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
29	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07/01/2008	07/01/2008	-	Active	NO
30	U45200DL2007PTC160649	MULTIVISION CONSTRUCTIONS PRIVATE LIMITED	Director	15/09/2008	30/06/2008	-	Active	NO
31	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
32	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
33	U28113DL2011PTC212192	FJM CYLINDERS PRIVATE LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
34	U29253HR2012PTC047407	JBM CORTUBI Exhaust Systems Private Limited	Director	11/10/2012	11/10/2012	-	Active	NO

Name :

Ms. Esha Arya Juhujhunwala

Designation :

Whole Time Director

Address :

Neelanchal # 7, Bandh Road, Chandan Hulla Mehrauli, New Delhi-110030, India

Date of Birth/Age :

16.03.1982

Qualification :

Post Graduate

Date of Appointment :

01.08.2012

Experience :

4 Years

PAN No.:

ADQPA8616C

DIN No.:

00004836

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	U27109DL1982PLC084678	JBM INDUSTRIES LIMITED	Director	20/03/2000	20/03/2000	15/07/2009	Active	NO
2	U34300DL2003PTC123285	Neel Auto Private Limited	Nominee director	02/12/2003	02/12/2003	22/09/2009	Active	NO
3	L74899DL1996PLC083073	JBM AUTO LIMITED	Whole-time director	01/08/2008	01/08/2005	30/07/2009	Active	NO
4	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Director	19/08/2014	17/04/2006	-	Active	NO
5	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	01/08/2012	31/07/2009	-	Active	NO

Name :

Mr. Nishant Arya

Designation :

Whole Time Director

Address :

Neelanchal No.7, Bandh Road, Chandan Hulla, Mehrauli, New Delhi – 110030, India

Date of Birth/Age :

01.11.1986

Qualification :

Post Graduate

Experience :

6 Years

Date of Appointment :

01.07.2013

PAN No.:

AGZPA5633Q

DIN No.:

00004954

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	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	01/07/2013	04/06/2005	-	Active	NO
2	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02/02/2007	02/02/2007	-	Active	NO
3	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06/06/2007	06/06/2007	28/06/2011	Active	NO
4	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Director	30/08/2008	09/10/2007	-	Active	NO
5	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
6	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07/01/2008	07/01/2008	-	Active	NO
7	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Director	29/09/2008	06/06/2008	-	Active	NO
8	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
9	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
10	U80302DL2009PTC190802	JBM CADMIUM PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	04/09/2009	30/07/2009	-	Active	NO
12	U34300DL2003PTC123285	Neel Auto Private Limited	Director	24/09/2009	22/09/2009	-	Active	NO
13	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	02/08/2011	22/07/2011	-	Active	NO
14	U29253HR2012PTC046397	JBM Kanemitsu Pulleys Private Limited	Director	02/07/2012	02/07/2012	-	Active	NO
15	U29253HR2012PTC047407	JBM CORTUBI Exhaust Systems Private Limited	Director	11/10/2012	11/10/2012	-	Active	NO
16	U40300DL2013PTC249282	JBM Solar Private Limited	Director	11/03/2013	11/03/2013	-	Active	NO
17	U40106DL2013PTC250286	JBM Solar Power Private Limited	Director	04/04/2013	04/04/2013	-	Active	NO
18	U74140DL2011PTC227157	JBM Corporate Services Private Limited	Director	02/05/2013	02/05/2013	-	Active	NO
19	U74140DL2003PTC118916	K R CHAWLA CONSULTING PRIVATE LIMITED	Director	09/09/2014	26/07/2013	-	Active	NO
20	U70101DL2002PTC117107	HN PROPERTIES PRIVATE LIMITED	Director	09/09/2014	26/07/2013	-	Active	NO

Name:

Mr. Vinay Maheshwari

Designation:

Whole Time Director

Address :

702, Amaltas Tower, Sushant Estate, Sector – 52, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

13.09.1954

Qualification :

Engineer

Date of Appointment :

24.01.2013

PAN No.:

AIYPM2987Q

DIN No.:

01277826

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	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	24/01/2013	10/01/2007	-	Active	NO
2	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	15/07/2008	01/10/2007	-	Active	NO
3	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	27/05/2008	27/05/2008	22/07/2011	Active	NO
4	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	30/12/2009	08/07/2009	-	Active	NO
5	U27109DL1982PLC084678	JBM INDUSTRIES LIMITED	Director	30/09/2009	15/07/2009	-	Active	NO
6	U27109HR1975PLC007910	JAICO STEEL FASTNERS LIMITED	Director	30/09/2009	28/07/2009	-	Amalgamated	NO
7	U74899DL1990PLC101070	GURERA INDUSTRIES LIMITED	Director	30/09/2009	28/07/2009	-	Active	NO
8	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	30/09/2009	28/07/2009	-	Amalgamated	NO
9	U74899DL1995PLC064073	JAY BHARAT EXHAUST SYSTEMS LIMITED	Director	22/09/2009	28/07/2009	-	Amalgamated	NO
10	U29253HR2012PTC046397	JBM Kanemitsu Pulleys Private Limited	Director	02/07/2012	02/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Deeksha Chopra
Designation :	Secretary
Address :	391, FF Floor, Sant Nagar East, Of Kailash, New Delhi – 110065, India
Date of Birth/Age :	20.07.1983
Date of Appointment :	19.03.2014
PAN No.:	AFQPT5695F

MAJOR SHAREHOLDERS

As on 22.09.2014

Names of Equity Shareholders	No. of Shares
SMC Credits Limited, India	1930000
A To Z Securities Limited, India	1930000
Surendra Kumar Arya	5971998
ANS Holding Private Limited, India	9360000
Neelam Arya	130000
Esha Arya Jhunjhunwala	2
Nishant Arya	182000
Total	19504000

As on 22.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	67.78
Directors or relatives of Directors	32.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sheet Metal Components.

Products :

Product Description	Item Code No. (ITC Code)
Part and accessories of the Motor vehicle (other)	87081090
Flat rolled Products of Iron or Non alloy steel (Other)	72113090
Part and accessories of vehicles (other parts of frames and forks, and parts thereof)	87149290

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	125.020	208.340
Foreign Currency term loans from banks	556.016	899.311
Term loans from others	379.100	125.400
SHORT TERM BORROWING
Working capital loans from banks	2080.333	1131.924
Total	3140.469	2364.975

Financial Institution :	GE Capital Services India, 401, 402, 4th Floor, Aggarwal Millennium Tower, E-1,2,3, Netaji Subhash Place, Wazirpur, New Delhi – 110034, India
Auditors :
Name :	Sahni Natarajan and Bahl Chartered Accountants
Address :	303, Mansarovar, 90 Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26484835 / 2643495926224755/ 26433003/ 3004/ 3006/ 47347000
Fax No.:	91-11-26485081
E-Mail :	sahnin@vsnl.com snb@snbindia.com
Income-tax PAN of auditor or auditor's firm :	AABFS5696R
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED ANS STEEL TUBES LIMITED JBM MOTORS LIMITED JBM CADMIUM PRIVATE LIMITED Neel Auto Private Limited JBM CORTUBI Exhaust Systems Private Limited JBM Solar Private Limited
Joint venture :	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED M J CASTING LIMITED
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	JAY BHARAT MARUTI LIMITED JBM INDUSTRIES LIMITED JBM AUTO LIMITED JBM BUILDERS PRIVATE LIMITED JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED JBM Kanemitsu Pulleys Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19504000	Equity Shares	Rs.10/- each	Rs.195.040 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	195.040	97.520	112.520
(b) Reserves & Surplus	4296.876	3765.158	3117.148
(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)	4491.916	3862.678	3229.668
(3) Non-Current Liabilities
(a) long-term borrowings	1060.136	1233.051	641.282
(b) Deferred tax liabilities (Net)	400.685	318.450	270.573
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	32.521	24.545	20.813
Total Non-current Liabilities (3)	1493.342	1576.046	932.668
(4) Current Liabilities
(a) Short term borrowings	2232.018	1259.286	1238.391
(b) Trade payables	1442.086	1415.921	1273.005
(c) Other current liabilities	960.495	835.346	515.292
(d) Short-term provisions	223.889	52.716	61.282
Total Current Liabilities (4)	4858.488	3563.269	3087.970
TOTAL	10843.746	9001.993	7250.306
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4267.084	3557.178	2893.703
(ii) Intangible Assets	0.281	1.998	4.535
(iii) Capital work-in-progress	71.859	359.962	101.214
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2902.110	2050.774	1270.514
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	379.958	576.908	657.116
(e) Other Non-current assets	78.694	44.445	32.010
Total Non-Current Assets	7699.986	6591.265	4959.092
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1129.707	1223.825	1018.769
(c) Trade receivables	1693.172	863.154	907.751
(d) Cash and cash equivalents	18.686	18.581	20.613
(e) Short-term loans and advances	127.277	189.922	227.585
(f) Other current assets	174.918	115.246	116.496
Total Current Assets	3143.760	2410.728	2291.214
TOTAL	10843.746	9001.993	7250.306

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	15234.273	13394.058	12492.733
	Other Income	275.051	166.297	143.229
	TOTAL	15509.324	13560.355	12635.962
Less	EXPENSES
	Cost of Materials Consumed	11126.454	10243.625	9625.613
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	79.763	(164.166)	(40.426)
	Employees benefits expense	1144.724	937.303	742.020
	Other expenses	1460.045	1141.430	937.610
	TOTAL	13810.986	12158.192	11264.817
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1698.338	1402.163	1371.145
Less	FINANCIAL EXPENSES	345.239	266.463	280.317
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1353.099	1135.700	1090.828
Less/ Add	DEPRECIATION/ AMORTISATION	298.207	256.176	187.385
	PROFIT/ (LOSS) BEFORE TAX	1054.892	879.524	903.443
Less	TAX	267.821	212.009	199.655
	PROFIT/ (LOSS) AFTER TAX	787.071	667.515	703.788
	Earnings / (Loss) Per Share (Rs.)	40.35	34.22	36.08

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.17	4.98	5.63
Operating Profit Margin (PBDIT / Sales)	(%)	11.15	10.47	10.98
Return on Total Assets (PBT/Total Assets}	(%)	13.40	13.34	15.37
Return on Investment (ROI) (PBT/Networth)		0.23	0.23	0.28
Debt Equity Ratio (Total Debt /Networth)		0.73	0.65	0.58
Current Ratio (Current Asset/Current Liability)		0.65	0.68	0.74

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	112.520	97.520	195.040
Reserves & Surplus	3117.148	3765.158	4296.876
Net worth	3229.668	3862.678	4491.916
long-term borrowings	641.282	1233.051	1060.136
Short term borrowings	1238.391	1259.286	2232.018
Total borrowings	1879.673	2492.337	3292.154
Debt/Equity ratio	0.582	0.645	0.733

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	12492.733	13394.058	15234.273
		7.215	13.739

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	12492.733	13394.058	15234.273
Profit	703.788	667.515	787.071
	5.63%	4.98%	5.17%

LOCAL AGENCY FURTHER INFORMATION

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

REVIEW OF PERFORMANCE

During the year, the Company achieved Gross Sales of Rs.16880.570 Million (Previous year Rs.14769.590 Million) and Net Sales of Rs.15234.270 Million (Previous year Rs.13395.160 Million) recording Growth of 14.29% and 13.73% respectively as compared to the previous year. The Profit after Tax of the Company stood at Rs.787.070 Million (Previous year Rs.667.510 Million), showing increase of 17.91%.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from banks	151.685	127.362
Total	151.685	127.362

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10486236	27/03/2014	167,000,000.00	GE CAPITAL SERVICES INDIA	401, 402, 4th Floor, Aggarwal Millennium Tower,,  E-1,2,3, Netaji Subhash Place, Wazirpur,, New Delhi, Delhi - 110034, INDIA	C00953281
2	10393227	19/10/2013 *	250,000,000.00	DBS BANK LTD.	CAPITOL POINT, BABA KHARAK SINGH MARG,, CONNAUGHT  PLACE,, NEW DELHI, Delhi - 110001, INDIA	B89157374
3	10393231	29/11/2013 *	570,000,000.00	DBS BANK LTD. (Acting as an Security Agent)	CAPITOL POINT, BABA KHARAK SINGH MARG,, CONNAUGHT  PLACE, NEW DELHI, Delhi - 110001, INDIA	B92502319
4	10367914	18/12/2013 *	500,000,000.00	GE CAPITAL SERVICES INDIA	401, 402, 4th Floor, Aggarwal Millennium Tower,,  E-1,2,3, Netaji Subhash Place, Wazirpur,, New Delhi, Delhi - 110034, INDIA	B91799536
5	10322916	18/09/2013 *	310,000,000.00	Standard Chartered Bank	CREDIT DOCUMENTATION UNIT(Acting as Security Agent  , NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B87046199
6	10325831	16/09/2013 *	500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B87205910
7	10310590	20/03/2014 *	750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C00878215
8	10303505	11/04/2014 *	450,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL, GROUND FLOOR,SHOP NO. G1 TO G5, I  FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,, NEW DELHI, Delhi - 110001, INDIA	C06978167
9	10264283	24/12/2010	460,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B04556460
10	10266869	29/11/2013 *	460,000,000.00	DBS BANK LTD. (Acting as an Security Agent)	CAPITOL POINT, BABA KHARAK SINGH MARG, CONNAUGHT  PLACE,, NEW DELHI, Delhi - 110001, INDIA	B92498096

* Date of charge modification

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.62.67
UK Pound	1	Rs.93.16
Euro	1	Rs.66.42

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.