MIRA INFORM REPORT

Report No. :	347698
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	ALUDECOR LAMINATION PRIVATE LIMITED
Registered Office :	1, R N Mukherjee Road, 5^th Floor, Room No.52, Kolkata – 700001, West Bengal
Tel. No.:	91-33-22106026
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.07.2004
Com. Reg. No.:	21-099221
Capital Investment / Paid-up Capital :	Rs. 141.440 Million
CIN No.: [Company Identification No.]	U27203WB2004PTC099221
IEC No.:	0204015294
TAN No.: [Tax Deduction & Collection Account No.]	CALA06799C
PAN No.: [Permanent Account No.]	AAECA8253G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer Aluminium Composite Panel and Aluminium Coated Coils.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2004 engaged in manufacturing and marketing of real estate exterior and interior. For the financial year ended 2014, the company has reported 31.14% sales turnover growth as compared to previous sales turnover and it has maintained above average profitability margins at 2.11% during the year under a review. Rating takes into consideration company’s above average financial profile supported by sound net worth base and modest debt protection metrics of the company. Rating strengths are partially offset by company’s large working capital requirements along with susceptibility to volatility in raw material prices and cyclicality in the façade engineering industry. Trade relations are reported as fair. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long term Rating=BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	30.10.2014
Rating Agency Name	CRISIL
Rating	Short term Rating=A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	30.10.2014

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 PARTED BY

Name :	Mr. Suresh Ghorawat
Designation :	Vice President Finance
Contact No.:	91-22-22106026
Date :	29.10.2015

LOCATIONS

Registered/ Head Office :	1, R N Mukherjee Road, 5^th Floor, Room No.52, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22106026/ 40276600
Mobile No.:	91-9331884314 (Mr. Suresh Ghorawat)
Fax No.:	91-33-22488763
E-Mail :	rbc_client@yahoo.co.in enquiry@aludecor.com feedback@aludecor.com sureshghorawat@aludecor.com akb@aludecor.com
Website :	www.aludecor.com
Area :	1200 Sq. Ft
Location :	Rented
Locality :	Commercial
Factory :	Plot No. 95-96-97, Sector -5, IIE, Sidcul, Ranipur, Bhel, Haridwar-249403, Uttaranchal, India
Tel. No.:	91-1334-239343 / 310050
Fax No.:	91-1334-239342
E-Mail :	haridwarfactor@aludecor.com info@aludecor.com
Area	5850 Sq. ft
Location :	Leased
Branch Office 1/ Corporate Office :	Delhi Building No.41, 3^rd Floor, M. M. Road (Rani Jhansi Road), New Delhi-110055, India
Branch Office 2 :	Mumbai Suit No.218/219, 2^nd Floor, Corporate Avenue, Sonawala Compound, Sonawala Road (Near Udyog Bhavan), Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-26866633
Fax No.:	91-22-26860521
Branch Office 3 :	Bangalore 69/5A, Swamy Krupa Building, Flat No – 4, 2^nd Floor, Near Bhanu Nurshing Home, Begur Hobli, Bommanchalli Hosur Main Road, Bangalore-560068, Karnataka, India
Branch Office 4 :	Noida B-17, Sector 59, Noida-201301, Uttar Pradesh, India
Branch Office 5 :	Chennai 150/117, Montieth Road, 4^th Floor, Cision Complex, Egmore, Chennai-600008, Tamilnadu, India
Branch Office 6 :	Haridwar Plot No.95, 95 and 97, Sector-V, IIE, SIDCUL, Ranipur, Bhel, Haridwar-249403, Uttaranchal, India
Branch Office 7 :	Suit No. 402, A Wing, 4^thFloor, Cello Triumph, I.B. Patel Road, Goregaon (East), Mumbai-400063, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ashok Kumar Bhaiya

Designation :

Managing director

Address :

1, Prince Gulam Mohammad Road, Lake Market, 3rd Floor, Kolkata-700026, West Bengal, India

Date of Birth/Age :

02.01.1955

Date of Appointment :

13.10.2006

PAN No.:

ADEPB3724B

DIN No.:

00562190

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	U51909WB1994PLC062621	BHAIYA FIBRES LIMITED	Director	28/03/1994	28/03/1994	-	Active	NO
2	U51109WB1994PTC062622	SILVER FIBRES PRIVATE LIMITED	Director	28/03/1994	28/03/1994	-	Active	NO
3	U65991DL1994PTC232355	RIDHI SIDHI FINANCIAL SERVICES PRIVATE LIMITED	Director	31/10/1994	31/10/1994	26/11/2010	Active	NO
4	U24111WB2002PTC094542	SILVER INTERNATIONAL PRIVATE LIMITED	Director	23/04/2002	23/04/2002	-	Active	NO
5	U27203WB2004PTC099221	ALUDECOR LAMINATION PRIVATE LIMITED	Managing director	13/10/2006	10/02/2005	-	Active	NO
6	U51909WB2009PTC131852	SILVER APPARELS INDUSTRIES PRIVATE LIMITED	Director	12/01/2009	12/01/2009	-	Active	NO
7	U18109DL2009PTC225728	SILVER SIGN PRIVATE LIMITED	Director	19/06/2009	19/06/2009	26/11/2010	Active	NO
8	U51909WB2010PTC145844	SARLA VYAPAAR PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
9	U51101WB2008PTC123899	SILVERLINE COMMOTRADE PRIVATE LIMITED	Director	04/05/2010	04/05/2010	-	Active	NO
10	U45209WB1989PTC046791	MAYUKH CONSTRUCTION PRIVATE LIMITED	Additional director	22/05/2010	22/05/2010	26/11/2010	Active	NO
11	U51909WB2008PTC131035	SRI KRISHNA COMMOTRADE PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO
12	U51109WB2008PTC122509	VATIKA TRADE-LINK PRIVATE LIMITED	Director	19/10/2012	19/10/2012	-	Active	NO
13	U45400WB2011PTC171046	SUBHVANI PROPERTIES PRIVATE LIMITED	Director	11/11/2013	11/11/2013	31/03/2015	Active	NO
14	U70100WB2012PTC177577	SNOWBALL NIKETAN PRIVATE LIMITED	Director	30/09/2014	29/03/2014	-	Active	NO

Name :

Mrs. Sarla Bhaiya

Designation :

Director

Address :

1, Prince Gulam Mohammad Road,, Lake Market, 3 Road Floor, Kolkata- 700026, West Bengal, India

Date of Birth/Age :

20.03.1960

Date of Appointment :

11.08.2010

PAN No.:

ADEPB3757G

DIN No.:

00562227

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	U65991DL1994PTC232355	RIDHI SIDHI FINANCIAL SERVICES PRIVATE LIMITED	Director	10/05/2005	10/05/2005	26/11/2010	Active	NO
2	U51909WB2010PTC145844	SARLA VYAPAAR PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
3	U51101WB2008PTC123899	SILVERLINE COMMOTRADE PRIVATE LIMITED	Director	09/06/2010	09/06/2010	-	Active	NO
4	U27203WB2004PTC099221	ALUDECOR LAMINATION PRIVATE LIMITED	Director	11/08/2010	11/08/2010	-	Active	NO
5	U51909WB2008PTC131035	SRI KRISHNA COMMOTRADE PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO
6	U24111WB2002PTC094542	SILVER INTERNATIONAL PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
7	U51909WB2009PTC131852	SILVER APPARELS INDUSTRIES PRIVATE LIMITED	Director	11/12/2010	11/12/2010	-	Active	NO
8	U51109WB2008PTC122509	VATIKA TRADE-LINK PRIVATE LIMITED	Director	19/10/2012	19/10/2012	-	Active	NO
9	U45400WB2011PTC171046	SUBHVANI PROPERTIES PRIVATE LIMITED	Director	11/11/2013	11/11/2013	31/03/2015	Active	NO
10	U70100WB2012PTC177577	SNOWBALL NIKETAN PRIVATE LIMITED	Director	30/09/2014	29/03/2014	-	Active	NO
11	U51109WB1995PTC074410	SOHINI TIE-UP PRIVATE LIMITED	Director	04/05/2015	04/05/2015	-	Active	NO
12	U51109WB2007PTC117950	PRIMEROSE SALES PRIVATE LIMITED	Director	04/05/2015	04/05/2015	-	Active	NO

Name :

Mrs. Trisha Bhaiya

Designation :

Director

Address :

J-122,, Ashok Vihar, Phase - I, Delhi- 110052, Delhi, India

Date of Birth/Age :

09.09.1989

Date of Appointment :

16.01.2012

PAN No.:

ANKPB6290N

DIN No.:

05173197

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51101WB2008PTC123899	SILVERLINE COMMOTRADE PRIVATE LIMITED	Director	16/01/2012	16/01/2012	Active	NO
2	U51909WB2008PTC131035	SRI KRISHNA COMMOTRADE PRIVATE LIMITED	Director	16/01/2012	16/01/2012	Active	NO
3	U27203WB2004PTC099221	ALUDECOR LAMINATION PRIVATE LIMITED	Director	16/01/2012	16/01/2012	Active	NO
4	U70100WB2012PTC177577	SNOWBALL NIKETAN PRIVATE LIMITED	Director	30/09/2014	29/03/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Ghorawat
Designation :	Vice President Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ashok Kumar Bhaiya	51000
Sarla Bhaiya	1747000
Ashok Kumar Bhaiya HUF	700000
Sri Krishna Commotrade Private Limited, India	2700000
Silverline Commotrade Private Limited, India	2826000
Peace Commosales Private Limited, India	400000
Valuetime Sales Private Limited, India	300000
Subhvani Properties Private Limited, India	7700000
Total	16424000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	84.79
Directors or relatives of directors	10.95
Other top fifty shareholders	4.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer Aluminium Composite Panel and Aluminium Coated Coils.

Products :

ITC Code No.	Product Descriptions
39204100	Ancillary Products or Activities

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

Nepal

Imports :

Products :

Raw Material

Countries :

· China

· European Countries

Terms :

Selling :

Cash, L/C, Cheque and Credit

Purchasing :

Cash, L/C, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:

Hindal Co Industries Limited

Name of the Person (Designation):

Mr. Suresh Agarwal (AGM Marketing)

Contact Number:

91-9088206946

Since how long known:

8 Years

Maximum limit dealt:

Not Divulged

Experience:

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark

He informed that we have very good relation with this company and payment behaviour are good, no complaints.

Customers :

Retailers and End Users

Reference:	Shobha Developers Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	91-80-49320000 (Continuously Ringing)
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Aditya Birla

· Infosys

· Unitech

· Nissan

· Perform

No. of Employees :

200 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Commercial Branch, N. S. Road, 8, N. S. Road, Kolkata - 700001, West Bengal, India
Person Name (with Designation):	Mr. Subrata Roy (Chief Manager)
Contact Number:	91-9674400140
Name of Account Holder:	Aludecor Lamination Private limited
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	8 Years
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit
Account Operation:	Satisfactory
Remarks:	Banker gave us positive feedback. As Claimed by Mr. Subrata Roy (Chief Manager) subject claimed having very good track record for banking transaction.

· Tamilnadu Mercantile Bank Limited

Netaji Subhash Road, Kolkata-700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	0.794	0.407
Term loans from others	0.688	0.907
SHORT TERM BORROWINGS
Loans repayable on demand from banks	149.252	150.315
Total	150.734	151.629

Auditors :
Name :	R. Bhutra and Company Chartered Accountants
Address :	24, Netaji Subhas Road, 4th Floor, Room No.33, Kolkata -700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAGFR1345F
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Silver International Private Limited, Iceland (U24111WB2002PTC094542) · Silverline Commotrade Private Limited, India (U51101WB2008PTC123899) · Sri Krishna Commotrade Private Limited, India (U51909WB2008PTC131035) · Sarla Vyapaar Private Limited, India (U51909WB2010PTC145844)

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 188.540 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16,424,000	Equity Shares	Rs. 10/- each	Rs. 164.240 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,144,000	Equity Shares	Rs. 10/- each	Rs. 141.440 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	141.440	71.440	71.440
(b) Reserves & Surplus	206.686	152.709	129.026
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	30.000	0.000
Total Shareholders’ Funds (1) + (2)	348.126	254.149	200.466
(3) Non-Current Liabilities
(a) Long-term borrowings	131.736	139.464	127.598
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.458	5.849	3.963
(d) long-term provisions	2.787	1.958	1.381
Total Non-current Liabilities (3)	140.981	147.271	132.942
(4) Current Liabilities
(a) Short term borrowings	313.405	241.165	137.279
(b) Trade payables	222.458	218.915	146.466
(c) Other current liabilities	24.958	52.167	49.769
(d) Short-term provisions	8.151	0.646	0.519
Total Current Liabilities (4)	568.972	512.893	334.033
TOTAL	1058.079	914.313	667.441
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	101.270	109.547	124.340
(ii) Intangible Assets	0.073	0.126	0.131
(iii) Capital work-in-progress	0.000	2.205	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	45.241	0.000	0.000
(c) Deferred tax assets (net)	17.438	13.485	11.136
(d) Long-term Loan and Advances	19.172	15.345	6.247
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	183.194	140.708	141.854
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	566.530	506.504	357.635
(c) Trade receivables	242.654	218.693	155.304
(d) Cash and cash equivalents	49.006	35.663	12.018
(e) Short-term loans and advances	16.695	12.745	0.630
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	874.885	773.605	525.587
TOTAL	1058.079	914.313	667.441

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1630.000 (Approx)	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		68.217	59.169	44.021
Less/ Add	DEPRECIATION/ AMORTISATION		30.683	30.988	26.297
	PROFIT BEFORE TAX		37.534	28.181	17.724
Less	TAX		7.509	6.848	3.546
	PROFIT AFTER TAX		30.025	21.333	14.178
	IMPORTS
		Raw Materials and Capital Goods	230.585	123.238	99.890
	TOTAL IMPORTS		230.585	123.238	99.890
	Earnings Per Share (Rs.)		2.12	2.99	1.98

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	1870.000

Expected Sales (2015-2016): Rs. 2000.000 Million

The above information has been parted by Mr. Suresh Ghorawat (Vice President Finance)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.247	1.848	9.134
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	24.933	(53.530)	(8.814)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.77	3.14	2.70
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.09
Debt Equity Ratio (Total Debt/Networth)		1.28	1.50	1.37
Current Ratio (Current Asset/Current Liability)		1.54	1.51	1.57

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	71.440	71.440	141.440
Reserves & Surplus	129.026	152.709	206.686
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	30.000	0.000
Net worth	200.466	254.149	348.126
Long-term borrowings	127.598	139.464	131.736
Short term borrowings	137.279	241.165	313.405
CURRENT MATURITIES OF LONG-TERM DEBTS	9.134	1.848	1.247
Total borrowings	274.011	382.477	446.388
Debt/Equity ratio	1.367	1.505	1.282

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10535461	27/11/2014	291,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JEEVANDEEP, 1,MIDDLETON STREET , JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA- 700071, WEST BE NGAL, INDIA	C36277952
2	10269767	27/01/2011	2,532,000.00	RELIANCE CAPITAL LIMITED	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE C ITY, KOPARKHAIRNE, NAVI MUMBAI- 4007 10, MAHARASHTRA, INDIA	B07552367
3	80039312	29/10/2014 *	459,200,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JEEVANDEEP, 1,MIDDLETON STREET , JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA- 700071, WEST BE NGAL, INDIA	C34031120

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Intercorporate borrowings	123.250	133.350
Loans and advances from related parties	7.004	4.800
SHORT TERM BORROWINGS
Intercorporate borrowings	162.303	86.700
Loans and advances from related parties	1.850	4.150
Total	294.407	229.000

CORPORATE INFORMATION:

Subject is a Private Limited Company incorporated in India under the Provisions of the Companies Act, 1956. The Company is engaged in Manufacturing of Aluminium Composite Panel and Aluminium Coated Coils.

OPERATIONAL HIGHLIGHTS:

The Company's business is well and future looks good.

FUTURE PROSPECTS:

The future of the company looks prosperous.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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. 65.15
UK Pound	1	Rs. 99.36
Euro	1	Rs. 71.25

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.