MIRA INFORM REPORT

Report No. :	322904
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	PRANAV VIKAS (INDIA) PRIVATE LIMITED (w.e.f. 17.12.2014)
Formerly Known as :	PRANAV VIKAS (INDIA) LIMITED (w.e.f.03.09.2010) PRANAV VIKAS (INDIA ) PRIVATE LIMITED PRANAV BROTHERS PRIVATE LIMITED
Registered Office :	12 A, Shivaji Marg, New Delhi – 110015
Tel No.:	91-11-42070707 / 42070777 / 25119021
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.07.1987
Com. Reg. No.:	55-028569
Capital Investment / Paid-up Capital :	Rs.34.000 Million
CIN No.: [Company Identification No.]	U24290DL1987PTC028569
TIN No.:	Not Available
IEC No.:	0588005584
TAN No.: [Tax Deduction & Collection Account No.]	DELP03347B
PAN No.: [Permanent Account No.]	AAACP1537C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Heat Exchangers.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1340000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Anil Kumar
Designation :	Manager
Contact No.:	91-11-69415505
Date :	16.05.2015

LOCATIONS

Registered Office :	12 A, Shivaji Marg, New Delhi – 110015, India
Tel. No.:	91-11-42070707 / 42070777 / 25119021
Mobile No.:	91-9313460053 (Mr. Pawan)
Fax No.:	91-11-25451004
E-Mail :	dnjain@pranavvikas.com info@pranavvikas.com sandenvikaspune@eh.net sulchenn@md5.vsnl.net.in
Website :	http://www.pranavvikas.com
Location :	Owned
Head Office :	Plot No. 65, Sector 27 A, Faridabad – 121001, Haryana, India
Tel. No.:	91-129-4196000, 4093100, 4093143, 4196016
Fax No.:	91-129-4196196
Location :	Owned
Factory 1 :	45 – 46, NIT Industrial Area, Faridabad – 121001, Haryana, India
Tel. No.:	91-129-4093000 – 100
Fax No.:	91-129-402305
Location :	Owned
Factory 2 :	73/8, Delhi-Mathura Road, Village Mithnol, Aurangabad, Tehsil Hodal, District Faridabad - 121105, Haryana, India
Tel. No.:	91-1275-263801 / 263802
Factory 3 :	Plot No. E - 85, MIDC, Ranjan Gaon Industrial Area, Pune – 412209, Maharashtra, India
Branch Office 1 :	510, The Pentagon, Parvati, Pune – 411009, Maharashtra, India s
Tel. No.:	91-20-24231171 / 32924830
Location :	Owned
Branch Office 2 :	Kamla Arcade, 669, Anna Salai, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-33-28555984
Fax No.:	91-33-28550273
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Dinesh Nandan Jain

Designation :

Director

Address :

70, F-26, Rohini, Sec-7, New Delhi – 110085, India

Date of Birth/Age :

03.04.1954

Date of Appointment :

30.09.2010

DIN No.:

00025404

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	U74899DL1991PTC044234	ECOCAT (INDIA) PRIVATE LIMITED.	Director	07/05/1991	07/05/1991	25/08/2010	Active	NO
2	U24290DL1987PTC028569	PRANAV VIKAS (INDIA ) Private Limited	Director	30/09/2010	29/06/1996	-	Active	NO
3	L65910DL1994PLC057164	MAN MOHAK FIN-INVEST-LEASE LIMITED	Director	06/04/1998	06/04/1998	-	Active	NO
4	U34300DL1998PTC093446	AUTOVIKAS SALES AND SERVICE PRIVATE LIMITED	Director	29/04/1998	29/04/1998	-	Active	NO
5	U29306DL1993PTC052660	GALLAY INDIA PRIVATE LIMITED	Director	30/05/1998	30/05/1998	10/09/2012	Active	NO
6	U27310DL2004PTC131667	RPS VIKAS CASTINGS PRIVATE LIMITED	Director	29/12/2004	29/12/2004	22/04/2014	Active	NO
7	U74999DL2007PTC212859	DAYCO ENGINE SYSTEMS PRIVATE LIMITED	Director	21/07/2011	02/09/2010	15/11/2013	Active	NO
8	U35999DL2011PTC226494	Sanden Vikas Precision Parts Private Limited	Director	19/10/2011	19/10/2011	20/07/2012	Active	NO
9	U27310DL2005PTC239416	HNV CASTINGS PRIVATE LIMITED	Director	28/11/2012	09/01/2012	22/04/2014	Active	NO

Name :

Mr. Praveen Agaarwal

Designation :

Director

Address :

89, Sunder Nagar, Delhi - 110003, India

Date of Birth/Age :

03.09.1953

Date of Appointment :

01.04.1995

DIN No.:

00036445

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	U29306DL1981PTC012616	S. S. N. INTERNATIONAL PRIVATE LIMITED	Director	09/11/1981	09/11/1981	-	Active	NO
2	U45202DL1982PTC014381	SANDEN VIKAS (INDIA) Private Limited	Managing director	01/04/2011	23/09/1982	-	Active	NO
3	U74899DL1987PTC029261	LIVVEL PRODUCTS PRIVATE LIMITED	Director	18/09/1987	18/09/1987	20/04/2011	Active	NO
4	U24290DL1987PTC028569	PRANAV VIKAS (INDIA ) Private Limited	Director	01/04/1995	01/04/1995	-	Active	NO
5	U74899DL1991PTC044234	ECOCAT (INDIA) PRIVATE LIMITED.	Managing director	06/09/2014	17/07/1995	-	Active	NO
6	U74899DL1998PTC091512	KENMORE VIKAS (INDIA) PRIVATE LIMITED	Director	05/01/1998	05/01/1998	-	Active	NO
7	U34300DL1998PTC093446	AUTOVIKAS SALES AND SERVICE PRIVATE LIMITED	Director	29/04/1998	29/04/1998	15/03/2015	Active	NO
8	U29306DL1993PTC052660	GALLAY INDIA PRIVATE LIMITED	Director	12/11/1998	12/11/1998	15/05/2012	Active	NO
9	U24299DL2003PTC118414	CHEMVIKAS ENGINEERING PRIVATE LIMITED	Director	10/01/2003	10/01/2003	04/06/2007	Active	NO
10	U34506DL1996PTC079231	KESELEC SCHREDER PRIVATE LIMITED	Director	02/09/2003	02/09/2003	-	Active	NO
11	U27310DL2004PTC131667	RPS VIKAS CASTINGS PRIVATE LIMITED	Director	29/12/2004	29/12/2004	-	Active	NO
12	U45200DL2007PTC158655	SALASAR PROPBUILD PRIVATE LIMITED	Director	05/02/2007	05/02/2007	-	Active	NO
13	U28910DL2007PTC158761	BorgWarner Emissions Systems India Private Limited	Whole-time director	01/03/2010	08/02/2007	05/08/2011	Active	NO
14	U74899DL1989PTC034640	SUMEDHA IMPEX PRIVATE LIMITED	Director	25/09/2007	04/06/2007	-	Active	NO
15	U27300DL2007PTC165006	SATA VIKAS INDIA PRIVATE LIMITED	Director	20/06/2007	20/06/2007	20/02/2015	Active	NO
16	U74999DL2007PTC212859	DAYCO ENGINE SYSTEMS PRIVATE LIMITED	Director	24/04/2009	29/11/2007	15/11/2013	Active	NO
17	U27203MH2005PLC151845	PACIFIC ALLOYS LIMITED	Director	30/09/2008	08/02/2008	-	Active	NO
18	U34100DL2009PTC188549	Systemes Moteurs India Private Limited	Director	18/03/2009	18/03/2009	15/10/2010	Amalgamated	NO
19	U35300DL2010PTC206230	DAYCO POWER TRANSMISSION PRIVATE LIMITED	Director	23/07/2010	23/07/2010	15/11/2013	Active	NO
20	U74899DL1993PTC051618	RISPANA LEASING FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	22/09/2010	27/08/2010	-	Active	NO
21	U35999DL2011PTC226494	Sanden Vikas Precision Parts Private Limited	Director	19/10/2011	19/10/2011	-	Active	NO
22	U27310DL2005PTC239416	HNV CASTINGS PRIVATE LIMITED	Director	28/11/2012	16/11/2011	-	Active	NO
23	U35990DL2012PTC238732	Vikas Altech Private Limited	Director	12/07/2012	12/07/2012	26/07/2013	Active	NO

Name :

Mr. Naveen Agarwal

Designation :

Director

Address :

315, The Aralias, DLF Golf Links, DLF City, Phase V, Gurgaon - 122009, Haryana, India

Date of Birth/Age :

12-06-1959

Qualification :

Graduate

Date of Appointment :

01.04.2012

DIN No.:

00036585

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	U29306DL1981PTC012616	S. S. N. INTERNATIONAL PRIVATE LIMITED	Director	09/11/1981	09/11/1981	21/02/2011	Active	NO
2	U24290DL1987PTC028569	PRANAV VIKAS (INDIA ) Private Limited	Director	01/04/2012	10/07/1987	-	Active	NO
3	U45202DL1982PTC014381	SANDEN VIKAS (INDIA) Private Limited	Whole-time director	01/04/2011	06/11/1989	-	Active	NO
4	U74899DL1993PTC051618	RISPANA LEASING FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	07/10/1994	07/10/1994	24/02/2011	Active	NO
5	U74899DL1991PTC044234	ECOCAT (INDIA) PRIVATE LIMITED.	Director	17/07/1995	17/07/1995	18/03/2008	Active	NO
6	U74899DL1998PTC091512	KENMORE VIKAS (INDIA) PRIVATE LIMITED	Director	05/01/1998	05/01/1998	28/05/2010	Active	NO
7	U74899DL1989PTC034640	SUMEDHA IMPEX PRIVATE LIMITED	Director	12/01/2001	12/01/2001	04/06/2007	Active	NO
8	U34300DL1998PTC093446	AUTOVIKAS SALES AND SERVICE PRIVATE LIMITED	Director	30/09/2003	30/09/2003	04/06/2007	Active	NO
9	U27310DL2004PTC131667	RPS VIKAS CASTINGS PRIVATE LIMITED	Director	29/12/2004	29/12/2004	05/06/2010	Active	NO
10	U28910DL2007PTC158761	BorgWarner Emissions Systems India Private Limited	Additional director	29/04/2008	29/04/2008	04/06/2009	Active	NO
11	U35999DL2011PTC226494	Sanden Vikas Precision Parts Private Limited	Director	19/10/2011	19/10/2011	-	Active	NO
12	U51909DL2009PTC277162	NEOZONE SUPPLIERS PRIVATE LIMITED	Additional director	17/10/2012	17/10/2012	-	Active	NO

Name :

Ms. Sumedha Sharaff

Designation :

Whole Time Director

Address :

N-97, 3rd Floor, Panchsheel Park, New Delhi - 110017, India

Date of Birth/Age :

10.09.1982

Date of Appointment :

01.10.2010

DIN No.:

00215530

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	U24290DL1987PTC028569	PRANAV VIKAS (INDIA ) Private Limited	Whole-time director	01/10/2010	10/07/2006	-	Active	NO
2	U74899DL1989PTC034640	SUMEDHA IMPEX PRIVATE LIMITED	Director	25/09/2007	04/06/2007	-	Active	NO
3	L65910DL1994PLC057164	MAN MOHAK FIN-INVEST-LEASE LIMITED	Director	18/09/2014	05/08/2014	-	Active	NO
4	U27300DL2007PTC165006	SATA VIKAS INDIA PRIVATE LIMITED	Director	20/02/2015	20/02/2015	-	Active	NO

Name :

Mr. Srinivas Kasibhatla

Designation :

Whole Time Director

Address :

A-25, Kailash Appartments, Plot No.2, Sector 4, Dwarka - 110075, Delhi, India

Date of Birth/Age :

07.08.1971

Date of Appointment :

01.04.2015

PAN No.:

ACFPK1055Q

DIN No.:

02136577

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	U74899DL1998PTC091512	KENMORE VIKAS (INDIA) PRIVATE LIMITED	Director	08/06/2011	01/04/2002	15/03/2015	Active	NO
2	U74899DL1991PTC044234	ECOCAT (INDIA) PRIVATE LIMITED.	Director	22/09/2008	18/03/2008	18/03/2009	Active	NO
3	U28910DL2007PTC158761	BorgWarner Emissions Systems India Private Limited	Alternate director	05/08/2011	05/08/2011	30/03/2012	Active	NO
4	L65910DL1994PLC057164	MAN MOHAK FIN-INVEST-LEASE LIMITED	Director	25/07/2012	12/03/2012	-	Active	NO
5	U24290DL1987PTC028569	PRANAV VIKAS (INDIA ) Private Limited	Whole-time director	01/04/2015	01/04/2012	-	Active	NO

Name :

Mr. Kunio Shiina

Designation :

Director

Address :

Flat No. 153, Tower B, Park Place, Golf Course Road, DLF Phase-V, Gurgaon - 122009, Haryana, India

Date of Birth/Age :

18.11.1956

Date of Appointment :

30.09.2014

DIN No.:

06934663

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	U35999DL2011PTC226494	Sanden Vikas Precision Parts Private Limited	Managing director	23/09/2014	28/07/2014	-	Active	NO
2	U24290DL1987PTC028569	PRANAV VIKAS (INDIA ) Private Limited	Director	30/09/2014	28/07/2014	-	Active	NO
3	U45202DL1982PTC014381	SANDEN VIKAS (INDIA) Private Limited	Managing director	23/09/2014	28/07/2014	-	Active	NO

Name :

Mr. Takashi Shimomura

Designation :

Director

Address :

1-18-21, Kakinokizaka, Meguro-Ku, Tokyo, 13110, Japan

Date of Birth/Age :

20.03.1949

Date of Appointment :

23.03.2015

DIN No.:

07082302

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	U35999DL2011PTC226494	Sanden Vikas Precision Parts Private Limited	Director	23/03/2015	30/01/2015	-	Active	NO
2	U24290DL1987PTC028569	PRANAV VIKAS (INDIA ) Private Limited	Director	23/03/2015	30/01/2015	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Dinesh Nandan Jain	2552
Kenmore Vikas (India) Private Limited, India	1269782
Rispana Leasing Finance and Investments Private Limited , Delhi	335100
Renu Jain	10000
Praveen Kumar Agarwal	662877
Puja Agarwal	124280
Sumidra Sharaff	35309
Samedha Sharaff	144100
Sanden Corporation, Japan	816000
Total	3400000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	24.00
Bodies corporate	47.20
Directors or relatives of Directors	28.80
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Heat Exchangers.
Products :	Heat Exchangers
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Indian Aluminium Company Limited
• Mahavir Aluminium Company Limited

Customers :

• Sanden Vikas
• Maruti – Suzuki
• Mahindra and Mahindra
• Bajaj Auto
• Tata Motors
• General Motors
• Hindustan Motors
• Honda
• Kawasaki
• VE Commercial Vehicle
• Hero MotoCorp
• Spheros
• Bergstrom
• Greaves Cotton

No. of Employees :

300 (Approximately)

Bankers :

Banker Name	Mizuho Corporate Bank Limited
Branch Address	Maker Chamber-III Ist Floor, Jamnalal Bajaj Road Nariman Point, Mumbai - 400021, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	198.333	83.333
Loans taken for fixed assets	0.109	0.917
SHORT TERM BORROWINGS
Working capital loans from banks	367.673	321.446
Total	566.115	405.696

Auditors :
Name :	N Narasimhan and Company Chartered Accountants
Address :	211, Hans Bhawan, 1, Bahadur Shah Zafar Marg, New Delhi – 110002, India
PAN No.:	AABPN5851B
Memberships :	--
Collaborators :	--
Joint Venture Enterprise :	Sanden Corporation-Japan
Enterprises with significant influence of Directors :	Sanden Vikas (India) Limited Kenmore Vikas India Private Limited Ecocat India Private Limited Autovikas Sales and Service Private Limited RPS Vikas Castings Private Limited Sata Vikas India Private Limited Vikas Altech Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Million
500000	6% Cumulative Convertible Preference Shares	Rs.10/- each	Rs.5.000 Million
	Total		Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3400000	Equity Shares	Rs.10/- each	Rs.34.000 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	34.000	34.000	34.000
(b) Reserves & Surplus	435.585	382.296	299.233
(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)	469.585	416.296	333.233
(3) Non-Current Liabilities
(a) long-term borrowings	198.442	92.402	137.189
(b) Deferred tax liabilities (Net)	25.805	21.046	30.729
(c) Other long term liabilities	0.100	0.100	0.100
(d) long-term provisions	9.703	8.254	5.122
Total Non-current Liabilities (3)	234.050	121.802	173.140
(4) Current Liabilities
(a) Short term borrowings	367.673	321.446	282.278
(b) Trade payables	295.702	285.595	264.044
(c) Other current liabilities	79.441	66.076	66.047
(d) Short-term provisions	22.146	26.758	31.791
Total Current Liabilities (4)	764.962	699.875	644.160
TOTAL	1,468.597	1,237.973	1,150.533
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	532.829	445.894	429.837
(ii) Intangible Assets	9.685	11.194	2.363
(iii) Capital work-in-progress	16.136	30.225	18.616
(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	22.148	8.748	12.029
Total Non-Current Assets	580.798	496.061	462.845
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	342.892	295.844	322.961
(c) Trade receivables	437.490	387.279	312.392
(d) Cash and cash equivalents	44.911	3.095	3.119
(e) Short-term loans and advances	62.506	55.694	49.216
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	887.799	741.912	687.688
TOTAL	1,468.597	1,237.973	1,150.533

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		1,648.133	1,722.912	1,551.033
		Other Income		20.542	22.672	32.914
		TOTAL (A)		1,668.675	1,745.584	1,583.947
Less	EXPENSES
		Cost of Materials Consumed		1,048.324	1,090.467	978.573
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(22.477)	3.070	6.431
		Employee Benefits Expenses		124.635	103.227	83.769
		Other Expenses		334.253	345.017	331.035
		Prior period items		0.082	0.149	0.037
		TOTAL (B)		1,484.817	1,541.930	1,399.845
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			183.858	203.654	184.102
Less	FINANCIAL EXPENSES (D)			47.418	48.374	42.203
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			136.440	155.280	141.899
Less	DEPRECIATION/ AMORTISATION (F)			56.199	54.534	53.636
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			80.241	100.746	88.263
Less	TAX (H)			20.985	11.716	13.306
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			59.256	89.030	74.957
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	38.749	1.880	14.971
	TOTAL EARNINGS			38.749	1.880	14.971
	IMPORTS
			Materials / Components / Consumables	503.723	462.246	538.656
			Plant & Machinery (incl. in transit)	4.207	39.801	16.446
	TOTAL IMPORTS			507.930	502.047	555.102
	Earnings / (Loss) Per Share (Rs.)			17.43	26.19	22.05

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	35.810	31.720	39.730
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.60	5.17	4.83
Operating Profit Margin (PBDIT/Sales)	(%)	11.16	11.82	11.87
Return on Total Assets (PBT/Total Assets}	(%)	5.52	8.34	7.80
Return on Investment (ROI) (PBT/Networth)		0.17	0.24	0.26
Debt Equity Ratio (Total Debt /Networth)		1.28	0.99	1.26
Current Ratio (Current Asset/Current Liability)		1.16	1.06	1.07

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	34.000	34.000	34.000
Reserves & Surplus	299.233	382.296	435.585
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	333.233	416.296	469.585
Long Term borrowings	137.189	92.402	198.442
Short Term borrowings	282.278	321.446	367.673
Current Maturities of Long term debt	39.730	31.720	35.810
Total borrowings	459.197	445.568	601.925
Debt/Equity ratio	1.378	1.070	1.282

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	1,551.033	1,722.912	1,648.133
		11.082	(4.340)

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	1,551.033	1,722.912	1,648.133
Profit	74.957	89.030	59.256
	4.83%	5.17%	3.60%

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	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
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
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Deferred payment liabilities	0.000	8.152
Total	0.000	8.152

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10493799	26/03/2014	150,000,000.00	MIZUHO BANK LIMITED	MIZUHO BANK LIMITED, BABA KHARAK SINGH MARG, NEW DELHI, DELHI - 110001, INDIA	C03052495
2	10347105	24/01/2013 *	257,500,000.00	ORIENTAL BANK OF COMMERCE	104, OLD RAJINDER NAGAR, NEW DELHI, DELHI - 110060, INDIA	B68675420
3	10347138	15/03/2012	41,500,000.00	ORIENTAL BANK OF COMMERCE	104, OLD RAJINDER NAGAR, NEW DELHI, DELHI - 110060, INDIA	B36814820
4	10335076	09/01/2012	40,000,000.00	MIZUHO CORPORATE BANK LIMITED	4TH FLOOR, EAST TOWER, SOOD TOWER, 25, BARAKHAMBA  ROAD, NEW DELHI, DELHI - 110001, INDIA	B31905524
5	10278746	19/03/2011	65,000,000.00	MIZUHO CORPORATE BANK LIMITED	4TH FLOOR, EAST TOWER, SOOD TOWER, 25, BARAKHAMBA  ROAD, NEW DELHI, DELHI - 110001, INDIA	B10091031
6	10181474	01/10/2009	50,000,000.00	MIZUHO CORPORATE BANK LIMITED	4TH FLOOR, EAST TOWER, SOOD TOWER, 25, BARAKHAMBA  ROAD, NEW DELHI, DELHI - 110001, INDIA	A71835334
7	10072706	06/10/2007	70,000,000.00	MIZUHO CORPORATE BANK LIMITED	4TH FLOOR, EAST TOWER, SOOD TOWER, 25, BARAKHAMBA  ROAD, NEW DELHI, DELHI - 110001, INDIA	A25477985
8	10037903	29/01/2007	50,000,000.00	MIZUHO CORPORATE BANK LIMITED	4TH FLOOR, EAST TOWER, SOOD TOWER,, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A10678563
9	80041162	30/06/2004 *	41,500,000.00	ORIENTAL BANK OF COMMERCE	OLD RAJINDER NAGAR, NEW DELHI, DELHI - 110060, INDIA	-
10	90043038	30/06/2004 *	30,000,000.00	ORIENTAL BANK OF COMMERCE	OLD RAJENDER NAGAR, NEW DELHI, DELHI, INDIA	-
11	90061530	29/10/1998	10,000,000.00	ORIENTAL BANK OF COMMERCE	OLD RAJENDER NAGAR, NEW DELHI, DELHI, INDIA	-
12	90061337	24/01/2012 *	460,000,000.00	MIZUHO CORPORATE BANK LIMITED	4TH FLOOR, EAST TOWER, SOOD TOWER, 25, BARAKHAMBA  ROAD, NEW DELHI, DELHI - 110001, INDIA	B31881014

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		47

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.