MIRA INFORM REPORT

Report No. :	347877
Report Date :	03.11.2015

IDENTIFICATION DETAILS

Name :	GLASS WALL SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	503/504, 5th Floor, A Wing, Marathon Futurex, Mafatlal, Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai – 400013, Maharashtra
Tel. No.:	91-22-61033456
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.08.2010
Com. Reg. No.:	11-207187
Capital Investment / Paid-up Capital :	Rs.149.836 Million
CIN No.: [Company Identification No.]	U74999MH2010PTC207187
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCG9248G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in design, supply, manufacturing and installation of architectural facade system.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was established in 2002, Mr. Jawahar Hemrajani and Mr. Kamlesh Choudhari established Glass Wall Systems (GWS) as a partnership firm. GWS was converted into a private limited company on August 27, 2010 as Glass Wall Systems (India) Private Limited. The company is engaged in design, supply, manufacturing and installation of architectural façade system. It has fine track record. The rating takes into consideration decent networth base and significant improvement in gearing ratios. Further, it has achieved growth in its sales turnover and profit of the company. The rating also takes into consideration the long track record of promoters and established relationships with a diverse and reputed customer base built over time. Trade relations are reported as fair. Business is active. Payment 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities A-
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	25.03.2015

Rating Agency Name	CARE
Rating	Short term bank facilities A2
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	25.03.2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Deepak Patil
Designation :	General Manager Marketing
Contact No.:	91-9321526976

LOCATIONS

Registered Office :	503/504, 5th Floor, A Wing, Marathon Futurex, Mafatlal, Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61033456
Mobile No.:	91-9321526976 (Mr. Deepak)
Fax No.:	91-22-61033401
E-Mail :	cs@glasswallsystem.com info@glasswallsystem.com
Website :	www.glasswallsystems.in
Factory :	Located at : · Ambernath · Gurgaon

DIRECTORS

As on 30.09.2014

Name :

Mr. Jawahar Hariram Hemrajani

Designation :

Director

Address :

1003, Jimmy Tower CHS Limited, Sector - 4, Vashi, Navi Mumbai – 400705, Maharashtra, India

Date of Birth/Age :

15.08.1963

Date of Appointment :

27.08.2010

PAN No.:

AAAPH4147F

DIN No.:

00740482

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	U27204MH2003PTC142570	M.J.COATERS PRIVATE LIMITED	Director	08/10/2003	08/10/2003	-	Active	NO
2	U51420MH2004PTC145561	GWS FABRICATORS PRIVATE LIMITED	Director	06/04/2004	06/04/2004	-	Active	NO
3	U99999MH1993PTC071793	GWS ENGINEERS AND FABRICATORS PVT LTD	Director	14/08/2004	14/08/2004	-	Active	NO
4	U27203MH2007PTC174015	M.J. ALUMINIUM PRIVATE LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
5	U24117MH2006PTC165241	JAYSONS CHEMICAL AND GASES PRIVATE LIMITED	Director	29/07/2010	29/07/2010	-	Active	NO
6	U74999MH2010PTC207187	Glass Wall Systems (India) Private Limited	Director	27/08/2010	27/08/2010	-	Active	NO

Name :

Mr. Kamlesh Arjun Choudhari

Designation :

Director

Address :

1002/1003, Kalinga Building, Nirmal Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

13.06.1974

Date of Appointment :

27.08.2010

PAN No.:

AABPC0207C

DIN No.:

00740645

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	U51909MH1995PTC089605	Murano Corp Private Limited	Director	16/06/1995	16/06/1995	-	Active	NO
2	U51420MH2004PTC145561	GWS FABRICATORS PRIVATE LIMITED	Director	06/04/2004	06/04/2004	-	Active	NO
3	U99999MH1993PTC071793	GWS ENGINEERS & FABRICATORS PVT LTD	Director	17/08/2004	17/08/2004	-	Active	NO
4	U74999MH2010PTC207187	Glass Wall Systems (India) Private Limited	Director	27/08/2010	27/08/2010	-	Active	NO
5	U74999MH2013PTC243698	Murano Veneers Private Limited	Director	28/05/2013	28/05/2013	-	Active	NO

Name :

Mr. Prakash Manohar Kulkarni

Designation :

Director

Address :

Flat No. G-703 and 803, Rohan Garima, Shivajinagar, Pune-411016, Maharashtra, India

Date of Birth/Age :

09.06.1947

Date of Appointment :

30.09.2014

DIN No.:

00019652

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	L29299PN1980PLC022787	THERMAX LIMITED.	Managing director	08/11/1994	08/11/1994	30/06/2007	Active	NO
2	U29246MH1991PLC062959	THERMAX ENGINEERING CONSTRUCTION COMPANY LIMITED	Director	07/02/1997	07/02/1997	30/06/2007	Active	NO
3	U29299MH1997PLC107595	THERMAX CO-GEN LIMITED	Director	11/12/1998	11/12/1998	-	Amalgamated	NO
4	U29219PN1987PLC045658	THERMAX SUSTAINABLE ENERGY SOLUTIONS LIMITED	Director	15/07/1999	15/07/1999	30/06/2007	Active	NO
5	U40101MH1996PLC099641	THERMAX ENERGY PERFORMANCE SERVICES LIMITED	Director	14/08/2000	14/08/2000	-	Dissolved	NO
6	U51219MH1994PLC075876	THERMAX ELECTRONICS LIMITED	Director	06/09/2000	06/09/2000	-	Amalgamated	NO
7	U72200MH1996PTC099050	THERMAX INSTRUMENTATION LIMITED	Director	25/06/2002	25/06/2002	30/06/2007	Active	NO
8	U23100MH1990PLC059511	WINMAN GAS LIMITED	Director	11/08/2006	11/08/2006	-	Amalgamated	NO
9	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Whole-time director	21/05/2008	21/05/2008	20/05/2011	Active	NO
10	U29297PN1988PTC046977	SULZER INDIA Private Limited	Director	19/06/2010	26/06/2009	06/02/2011	Active	NO
11	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Director	22/07/2011	11/10/2010	-	Active	NO
12	U31109PN1996PTC099346	ELECTROMECH MATERIAL HANDLING SYSTEMS (INDIA) PRIVATE LIMITED	Director	30/06/2012	30/06/2012	-	Active	NO
13	U74999MH2010PTC207187	Glass Wall Systems (India) Private Limited	Director	30/09/2014	26/09/2014	-	Active	NO

Name :

Dimitrius John D'mello

Designation :

Director

Address :

B-103, Astar Dsouza House, I C Colony, X Road No. 4, Borivali (West), Mumbai-400103, Maharashtra, India

Date of Birth/Age :

09.02.1964

Date of Appointment :

30.09.2014

DIN No.:

00837714

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	U45203MH1999FTC120097	STRABAG INDIA PRIVATE LIMITED	Director	25/09/2006	25/09/2006	20/10/2008	Active	NO
2	U70100DL2007PLC163110	VARALI REAL ESTATE LIMITED	Director	14/08/2008	23/05/2007	18/12/2008	Active	NO
3	U45400DL2007PLC163015	APESH CONSTRUCTIONS LIMITED	Director	12/08/2008	23/05/2007	18/12/2008	Active	NO
4	U45300DL2007PTC163112	SEPSET PROPERTIES Private Limited	Director	14/08/2008	23/05/2007	18/12/2008	Active	NO
5	U70109DL2007PLC163092	APESH REAL ESTATE LIMITED	Director	13/08/2008	23/05/2007	18/12/2008	Active	NO
6	U45400DL2007PLC163012	VARALI CONSTRUCTIONS LIMITED	Director	14/08/2008	23/05/2007	18/12/2008	Active	NO
7	U45400DL2007PLC163094	CITRA PROPERTIES LIMITED	Director	04/09/2008	23/05/2007	18/12/2008	Active	NO
8	U45300DL2007PLC163109	SEPSET CONSTRUCTIONS LIMITED	Director	13/08/2008	23/05/2007	18/12/2008	Active	NO
9	U45400DL2007PLC163007	CITRA REAL ESTATE LIMITED	Director	13/08/2008	23/05/2007	18/12/2008	Active	NO
10	U45400DL2007PLC163103	VARALI PROPERTIES LIMITED	Director	14/08/2008	23/05/2007	18/12/2008	Active	NO
11	U45400DL2007PLC163018	SEPSET REAL ESTATE LIMITED	Director	14/08/2008	18/06/2007	18/12/2008	Active	NO
12	U45400DL2007PLC163023	APESH PROPERTIES LIMITED	Director	13/08/2008	18/06/2007	18/12/2008	Active	NO
13	L51101DL2007PLC166209	INDIABULLS WHOLESALE SERVICES LIMITED	Director	05/09/2008	24/07/2007	18/12/2008	Active	NO
14	U70109DL2007PLC157428	INDIABULLS HOME DEVELOPERS LIMITED	Director	17/08/2007	17/08/2007	18/12/2008	Active	NO
15	U45400DL2007PLC167741	Albina Power Trading Limited	Director	05/09/2007	05/09/2007	05/12/2007	Active	NO
16	U45400DL2007PLC167740	Devona Power Distribution Limited	Director	28/07/2008	05/09/2007	18/12/2008	Active	NO
17	U40200DL2007PLC168591	INDIABULLS POWER SERVICES LIMITED	Director	31/07/2008	24/09/2007	-	Amalgamated	NO
18	U29246MH2003PTC142133	PRANAV CONSTRUCTION SYSTEMS PRIVATE LIMITED	Director	28/01/2009	28/01/2009	01/12/2011	Active	NO
19	U45201DL2005PTC134232	INDIABULLS PROPERTIES PRIVATE LIMITED	Nominee director	30/09/2010	01/11/2009	30/03/2011	Active	NO
20	U70109DL2006PLC149338	NILGIRI INFRASTRUCTURE PROJECTS LIMITED	Director	27/09/2010	30/04/2010	30/03/2011	Active	NO
21	U45400MH2010PTC210961	TECHNE INFRA INDIA PRIVATE LIMITED	Director	14/12/2010	14/12/2010	-	Active	NO
22	U74999MH2010PTC207187	Glass Wall Systems (India) Private Limited	Director	30/09/2014	26/09/2014	-	Active	NO

Name :

Mr. Vishal Kumar Gupta

Designation :

Director

Address :

Apartment No. C 303, Ashok Garden, Tokersey Jivraj Road, Sewai, Mumbai-400015, Maharashtra, India

Date of Birth/Age :

02.05.1973

Date of Appointment :

30.09.2014

DIN No.:

02368313

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	U36911RJ1996PLC011381	AU FINANCIERS (INDIA) LIMITED	Nominee director	30/05/2013	07/02/2009	22/12/2014	Active	NO
2	U74140DL2008PTC181889	GYAN CONSULTANTS PRIVATE LIMITED	Director	22/06/2009	22/06/2009	-	Active	NO
3	U67190MH2008PLC180893	INDEX MONEY LIMITED	Director	30/09/2009	23/07/2009	22/12/2014	Active	NO
4	U32101UP1993PTC066581	DIXON TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16/09/2011	17/02/2010	-	Active	NO
5	U45201RJ1995PLC011270	G R INFRAPROJECTS LIMITED	Nominee director	28/04/2011	09/03/2011	-	Active	NO
6	U26931MH2008PTC243333	MAGICRETE BUILDING SOLUTIONS PRIVATE LIMITED	Nominee director	14/03/2013	14/03/2013	18/08/2014	Active	NO
7	L74899DL1994PLC057410	INTEC CAPITAL LIMITED	Nominee director	25/09/2013	26/03/2013	-	Active	NO
8	U72900DL2008PTC179167	My Box Technologies Private Limited	Nominee director	15/09/2014	28/05/2013	04/07/2015	Active	NO
9	U65921DL2010PTC199469	SHUBHAM HOUSING DEVELOPMENT FINANCE COMPANY PRIVATE LIMITED	Nominee director	28/04/2015	25/09/2014	-	Active	NO
10	U74999MH2010PTC207187	Glass Wall Systems (India) Private Limited	Director	30/09/2014	26/09/2014	-	Active	NO

Name :

Mrs. Sunita Kamlesh Choudhari

Designation :

Director

Address :

1002/1003 Kalinga Building A-Wing, 10th Floor, Nirmal Nagar, Off Link Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

01.03.1975

Date of Appointment :

30.09.2014

DIN No.:

02987268

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	U74999MH2013PTC243698	Murano Veneers Private Limited	Director	28/05/2013	28/05/2013	-	Active	NO
2	U51909MH1995PTC089605	Murano Corp Private Limited	Director	25/09/2013	01/07/2013	-	Active	NO
3	U74999MH2010PTC207187	Glass Wall Systems (India) Private Limited	Director	30/09/2014	26/09/2014	-	Active	NO

Name :

Mr. Eshan Jawahar Hemrajani

Designation :

Director

Address :

Flat No -1003, Jimmy Tower Co-Op-Hsg Society, Sector - 04, Vashi, Navi Mumbai-400703, Maharashtra, India

Date of Birth/Age :

12.03.1990

Date of Appointment :

30.09.2014

DIN No.:

02987292

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	U74999MH2010PTC207187	Glass Wall Systems (India) Private Limited	Director	30/09/2014	26/09/2014	-	Active	NO
2	AAE-3732	AE INFRACON LLP	Designated Partner	13/07/2015	13/07/2015	-	Active	NO

Name :

Mr. Prakash Bagla

Designation :

Director

Address :

C2008,Oberoi Splendor, Jogeshwari Vikhroli Link Road, Opposite Majas Bus Depot, Jogeshwari (East), Mumbai-400060, Maharashtra, India

Date of Birth/Age :

11.11.1975

Date of Appointment :

30.09.2014

DIN No.:

03043874

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	L31300DN1961PLC000232	IMP POWERS LIMITED	Nominee director	29/04/2010	29/04/2010	-	Active	NO
2	U74990PN2009PTC139931	CRANEDGE INDIA PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
3	U31109PN1996PTC099346	ELECTROMECH MATERIAL HANDLING SYSTEMS (INDIA) PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
4	U26931MH2008PTC243333	MAGICRETE BUILDING SOLUTIONS PRIVATE LIMITED	Nominee director	14/03/2013	14/03/2013	-	Active	NO
5	U74999MH2010PTC207187	Glass Wall Systems (India) Private Limited	Director	30/09/2014	26/09/2014	-	Active	NO
6	AAB-7541	KAANHA BOUTIQUE LLP	Designated Partner	09/09/2013	09/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Deepali Mansukhlal Nirmal
Designation :	Secretary
Address :	A/19, Sunder Nagar CHS Limited, Opposite Blue Empire, New Link Road, Kandivali (West), Mumbai-400067, Maharashtra, India
Date of Birth/Age :	11.06.1985
Date of Appointment :	10.04.2013
PAN No.:	AIIPN2314A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
Jawahar Hariram Hemrajani	6497217
Kamlesh Arjun Choudhari	6497217
Vinne Jawahar Hemrajani	73871
Sunita Kamlesh Choudhari	184676
Eshan Jawahar Hemrajani	20736
Duru Hariram Hemrajani	36935
Hariram Himathsingh Hariram	36935
Amit Jawahar Hemrajani	16199
IL and FS Trust Company Limited (Trustee of Business Excellence Trust II- India Business Excellence Fund II), India	1052904
India Business Excellence Fund -IIA, Mauritius	566950
Total	14983640

Names of Preference Shareholders	No. of Shares
IL and FS Trust Company Limited (Trustee of Business Excellence Trust II- India Business Excellence Fund II), India	800000
India Business Excellence Fund –IIA, Mauritius	4700000
Total	5500000

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	3.78
Directors or relatives of Directors	89.19
Other top fifty shareholders	7.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in design, supply, manufacturing and installation of architectural facade system.

Products/ Services :

Item Code No.	Product Description
99547100	Glazing Services

· Comprise of aluminium curtain wall

· Structural glazing skylight and canopies

· Metal wall cladding

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name	Bank of India
Branch	Mumbai Mid Corporate Branch, 70-80, M.G. Road, Mumbai - 400001, 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 Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	3.006	4.589
Short-term borrowings
Working capital loans from banks	455.462	460.981
Total	458.468	465.570

Auditors :
Name :	Shah and Sheth Chartered Accountants
Address :	17-B,Hajihabib, 2^nd Floor,182 Naigaon Cross Road, Dadar (East), Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHPS8062R
Memberships :	--
Collaborators :	--
Associates :	· GWS Fabricators Private Limited · GWS Engineers and Fabricators Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· M. J. Coaters Private Limited · M.J. Aluminium Private Limited · M.J. Enterprises · M.J. Infotech · Jaysons Chemical and Gases Private Limited · Atrium Glass Gallaria · Murano Corp Private Limited · Murano Veneers Private Limited · Arham Engineers · Arham Meta engineering Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,500,000	Equity Shares	Rs.10/- each	Rs. 205.000 Million
5,500,000	Preference Shares	Rs.10/- each	Rs. 55.000 Million
	Total		Rs. 260.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,983,640	Equity Shares	Rs.10/- each	Rs. 149.836 Million
5,500,000	Preference Shares	Rs.10/- each	Rs. 55.000 Million
	Total		Rs. 204.836 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Million
	Total

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14983640	Equity Shares	Rs.10/- each	Rs. 149.836 Million
	Total

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	149.836	149.836	149.836
(b) Reserves & Surplus	395.944	197.766	101.052
(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)	545.780	347.602	250.888
(3) Non-Current Liabilities
(a) long-term borrowings	4.219	34.805	77.930
(b) Deferred tax liabilities (Net)	0.048	2.545	2.137
(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)	4.267	37.350	80.067
(4) Current Liabilities
(a) Short term borrowings	455.462	460.981	296.997
(b) Trade payables	629.621	482.968	333.364
(c) Other current liabilities	314.597	180.879	213.167
(d) Short-term provisions	75.236	24.758	9.511
Total Current Liabilities (4)	1474.916	1149.586	853.039
TOTAL	2024.963	1534.538	1183.994
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	193.046	112.877	65.770
(ii) Intangible Assets	1.798	1.471	1.503
(iii) Capital work-in-progress	227.887	35.660	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	11.778	11.778	0.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	434.509	161.786	67.873
(2) Current assets
(a) Current investments	257.767	309.809	478.567
(b) Inventories	493.338	332.742	221.176
(c) Trade receivables	740.660	493.555	321.936
(d) Cash and cash equivalents	1.273	9.584	2.744
(e) Short-term loans and advances	97.416	227.062	91.698
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1590.454	1372.752	1116.121
TOTAL	2024.963	1534.538	1183.994

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	1795.706	1638.079	1332.222
Less	EXPENSES
		TOTAL	1483.673	1492.957	1231.211
	PROFIT BEFORE TAX		312.033	145.122	101.011
Less	TAX		113.858	48.409	34.116
	PROFIT AFTER TAX		198.175	96.713	66.895
	Earnings Per Share (Rs.)		9.67	4.72	3.26

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	432.114	25.972	33.790

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	11.04	5.90	5.02
Operating Profit Margin (PBIDT/Sales)	(%)	17.38	8.86	7.58
Return on Total Assets (PBT/Total Assets}	(%)	17.48	9.76	8.54
Return on Investment (ROI) (PBT/Networth)		0.57	0.42	0.40
Debt Equity Ratio (Total Debt /Networth)		0.84	1.43	1.49
Current Ratio (Current Asset/Current Liability)		1.08	1.19	1.31

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	149.836	149.836	149.836
Reserves & Surplus	101.052	197.766	395.944
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	250.888	347.602	545.780
long-term borrowings	77.930	34.805	4.219
Short term borrowings	296.997	460.981	455.462
Total borrowings	374.927	495.786	459.681
Debt/Equity ratio	1.494	1.426	0.842

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)
Total Income	1332.222	1638.079	1795.706
		22.958	9.623

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1332.222	1638.079	1795.706
Profit	66.895	96.713	198.175
	5.02%	5.90%	11.04%

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	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Intercorporate borrowings	0.991	27.545
Loans and advances from related parties	0.222	2.671
Total	1.213	30.216

OPERATIONS:

During the year, in addition to Ambernath manufacturing unit, the Company had set up a new satellite assembly unit at Gurgaon to intensify its presence at national level and to execute projects timely and cost effective manner, which helps the Company to eliminate the dependency on third parties.

FUTURE PLANS:

The Directors are pleased to inform you that the process of identifying new projects at National as well as International Level and bidding for the said new projects is successfully going on.

Our intensified market coverage has started reflecting in the improved sales. This will further become healthier with the introduction of some new projects which are already in pipeline.

The Company is planning to set up many more satellite assembly units at various geographical locations to execute new projects effectively.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10375797	31/10/2014 *	1,200,000,000.00	BANK OF INDIA	MUMBAI MID CORPORATE BRANCH, MEZZANINE FLOOR,, BOI BUILDING, 70/80, M. G. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	C36663557
2	10257776	31/10/2014 *	1,200,000,000.00	BANK OF INDIA	MUMBAI MID CORPORATE BRANCH, MEZZANINE FLOOR,, BOI BUILDING, 70/80, M. G. ROAD, FORT,, MUMBAI, Maharashtra - 400001, INDIA	C36663359

* Date of charge modification

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 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.63.76
UK Pound	1	Rs.98.76
Euro	1	Rs.69.88

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	JYTK

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	6
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		52

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.