MIRA INFORM REPORT

Report No. :	504013
Report Date :	16.04.2018

IDENTIFICATION DETAILS

Name :	GARWARE WALL ROPES LIMITED
Registered Office :	Plot No. 11, Block D-1, MIDC, Chinchwad, Pune-411019, Maharashtra
Tel. No.:	91-20-30780000
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	01.04.1976
Com. Reg. No.:	11-018939
Capital Investment / Paid-up Capital :	INR 218.821 Million
CIN No.: [Company Identification No.]	L25209MH1976PLC018939
IEC No.: [Import-Export Code No.]	0388001691
TIN No.:	27290000322
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08397E MUMG08396D
PAN No.: [Permanent Account No.]	AAACG1377P
GSTN : [Goods & Service Tax Registration No.]	27AAACG1377P1Z7
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in Manufacturing and Selling various products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles also providing solution to the Infrastructure Industries which include Coastal Protection, Land Filling etc. [Registered Activity and also Confirmed by management]
No. of Employees :	1374 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1976. It is a manufacturer and supplier of Ropes, Twine, Yarn and Fishnet. For the financial year 2017, the company has achieved 4.91% growth in its revenue as compared to previous year and maintained decent profitability margin of 9.62% during the year under review. Rating takes into consideration healthy financial position of the company marked by strong networth base along with negligible debt level. The company has favourable Earning Per Share (EPS) of INR 38.05 against a face value (FV) of INR 10. The rating also takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR. 925.90 against the face Value (FV) of INR 10 On BSE as on April,13, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 2014.66 million and has reported profit margin of 10.73%. However, rating strength is offset by vulnerability of its operating margins to volatility in raw material prices and working capital intensive operations. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Bank Facilities = AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	10.08.2017
Rating Agency Name	ICRA
Rating	Non Fund Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	10.08.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 16.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY (PARTIAL DETAILS)

Name :	Mr. S. S. Karmakar
Designation :	Purchase Department
Tel. No:	91-9326018035
Date.:	13.04.2018

LOCATIONS

Registered Office/ Head Office/ Factory 1 :	Plot No. 11, Block D-1, MIDC, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-30780000/ 30780195/30780177
Mobile No.:	91-9326018035 (Mr. S. S. Karmakar)
Fax No.:	91-20-30780350/ 30780341
E-Mail :	sales@garwareropes.com secretarial@garwareropes.com cpurandare@garwareropes.com hr@garwareropes.com pune_admin@garwareropes.com
Website :	http://www.garwareropes.com
Factory 2 :	Plot No. C-1/13, B-226/227/228 and D-1, MIDC, Wai, District Satara – 412803, Maharashtra, India
Tel No.:	91-2167-308301/ 02
Factory 3 :	Plot No. 75, 80, 81 and 86, Danudyog Sahakari Sangh Limited, Piparia, Amli – 396 230, Silvassa, India
Tel No.:	91-260-2640867
Mumbai Office 1 :	Chowpatty Chambers, Sandhurst Bridge, Mumbai – 400007, Maharashtra, India
Tel No.:	91-22-22634696/ 97
E-Mail :	mum_admin@garwareropes.com
Mumbai Office 2 :	39, S.K. Hafizuddin Marg, Byculla, Mumbai – 400008, Maharashtra, India
Tel No.:	91-22-23091164/ 68
E-Mail:	mum_accounts@garwareropes.com
Overseas Office :	Located At : · United State · Europe · Canada

DIRECTORS

As on 31.03.2017

Name :	Mr. Shrikant Pandharinath Kulkarni
Designation :	Director
Address :	44 Vijayanagar Colony, Pune-411030, Maharashtra, India
Date of Appointment :	21.07.2007
DIN No.:	00006914
Name :	Mr. Ramesh Manjnath Telang
Designation :	Director
Address :	122/2, Om Radha Kunj, Opposite Kamla Nehru Park, Deccan Gymkhana, Pune-411004, Maharashtra, India
Date of Appointment :	01.07.1989
DIN No.:	00092103
Name :	Mr. Vayu Ramesh Garware
Designation :	Managing Director
Address :	Garware Farm, Nda Road, Khadakwasla, Pune-411023, Maharashtra, India
Date of Appointment :	01.12.1995
DIN No.:	00092201
Name :	Mr. Ashish Dhurvendra Goel
Designation :	Director
Address :	15, Dalamal Appartments, Cuffe Parade, Mumbai-400005, Maharashtra, India
Date of Appointment :	16.08.2014
DIN No.:	00147449
Name :	Mr. Shridhar Shrikrishna Rajpathak
Designation :	Casual Vacancy Director
Address :	A-101, S. No 14, Nakshatra Apartment, Erandawana, Pune-411004, Maharashtra, India
Date of Appointment :	24.05.2017
DIN No.:	00040387
Name :	Mrs. Mayuri Vayu Garware
Designation :	Director
Address :	Garware Farm, Nda Road, Khadakwasla, Pune-411023, Maharashtra, India
Date of Appointment :	16.08.2014
DIN No.:	06948274

KEY EXECUTIVES

Name :	Mr. Sanjay Bamne
Designation :	Chief Financial Officer
Address :	F1, Mazda Corner, D-2, Kasturba Society, Vishrantwadi, Pune-411015, Maharashtra, India
Date of Appointment :	29.05.2014
PAN No.:	AAZPB5106B
Name :	Mr. Sunil Agarwal
Designation :	Company Secretary
Address :	2B, Edenwood Bay House Corporate Housing Society Limited Smt. Gladys Alvares Marg, Off Pokhran Road No.2, Thane (West) - 400610, Maharashtra, India
Date of Appointment :	14.04.2015
PAN No.:	AHJPA2614E
Name :	Mr. B. D. Garware
Designation :	Chairman
Name :	Mr. R. B. Garware
Designation :	Chairman Emeritus
Name :	Mr. Purandare
Designation :	Senior Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2017

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
Promoter and Promoter Group	11090790	50.68
Public	9844770	44.99
Non Promoter-Non Public	946500	4.33
Grand Total	21882060	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
A1) Indian		0.00
Individuals/Hindu undivided Family	3632712	16.60
VAYU RAMESH GARWARE	3632712	16.60
Any Other (specify)	7459079	34.09
Garware Capital Markets Limited	3495017	15.97
VMIR Investment Limited	922211	4.21
VRG Investments Limited	881400	4.03
Vimlabai Garware Research Institute	590070	2.70
Moonshine Investments & Trading Company Private Limited	459695	2.10
Manmit Investments & Trading Company Private Limited	284185	1.30
Sanand Investments & Trading Company Private Limited	275032	1.26
Sukukar Holdings & Trading Company Private Limited	256600	1.17
Starshine Investments & Trading Company Private Limited	201720	0.92
Gurukrupa Investments & Trading Company Private Limited	90849	0.42
Garware Research Institute	2300	0.01
Sub Total A1	11091791	50.69
A2) Foreign		0.00
A=A1+A2	11091791	50.69

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
B1) Institutions	0	0.00
Mutual Funds/	469048	2.14
SBI SMALL AND MIDCAP FUND	220000	1.01
Foreign Portfolio Investors	610239	2.79
Financial Institutions/ Banks	8992	0.04
Insurance Companies	200402	0.92
Sub Total B1	1288681	5.89
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	5254267	24.01
Individual share capital in excess of INR 0.200 Million	1246152	5.69
VINODCHANDRA MANSUKHLAL PAREKH	256568	1.17
Any Other (specify)	2054669	9.39
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY	54281	0.25
Trusts	6866	0.03
Foreign Individuals	2745	0.01
HUF	376342	1.72
NRI – Non- Repat	69249	0.32
NRI – Repat	194405	0.89
Clearing Members	20815	0.10
Bodies Corporate	1329966	6.08
Catamaran Advisors LLP	282462	1.29
Garware Polyester Limited	262543	1.20
Sub Total B3	8555088	39.10
B=B1+B2+B3	9843769	44.99

BUSINESS DETAILS

Line of Business :

The Company is engaged in Manufacturing and Selling various products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles also providing solution to the Infrastructure Industries which include Coastal Protection, Land Filling etc. [Registered Activity and also Confirmed by management]

Products :

Item Code No.	Product Description
1394	Nettings
1394 / 2030	Twines, Ropes and Yarns

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Advance Payment, Cheque and NEFT

Purchasing :

Advance Payment, Cheque and NEFT

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1374 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	1162/6, Shivaji Nagar, University Road, Pune – 411005, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

· Bank of Baroda

· DBS Bank Limited

· Citibank NA

· HDFC Bank Limited

· IDBI Limited

· HSBC Bank Limited

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
From Banks and Financial Institutions
CITI Bank ECB Term Loan
Balance as per reporting date	0.000	43.377
Less : Current Maturity transfer to other Current Liability	0.000	(43.377)
Short-term borrowings
Loans repayable on demand
From banks
Cash Credit, Rupee Loan and Rupee Packing Credit	205.338	184.359
Packing Credit in Foreign Currency Loan	480.494	65.381
Total	685.832	249.740

NOTES :

LONG-TERM BORROWINGS :

1. CITI Bank ECB term loan is repayable in 16 quarterly instalments of INR 15.625 Million each along with interest from 26th December 2012. This loan is secured by way of hypothecation of the whole of the movable fixed assets, comprising plant and machinery, computers, furniture and fixtures, machinery spares, tools and accessories and other assets, both present and future on first charge on pari-passu basis with others.

2. The above secured Loans are availed from Consortium Bankers, viz., Bank of India, Bank of Baroda, IDBI Bank Limited, HDFC Bank Limited, CITI Bank N.A, DBS Bank Limited and The Hongkong and Shanghai Banking Corporation Limited, which are secured by a first charge, pari passu, interest by way of hypothecation of the Company's current assets, viz. raw materials, stock-in-process, semi-finished goods, finished goods, stores and spares not relating to Plant and Machinery, bills receivable and book debts. The cash credit and packing credit (rupee and foreign currency loan) loan is repayable on demand.

SHORT-TERM BORROWINGS :

The above secured Loans are availed from Consortium Bankers, viz., Bank of India, Bank of Baroda, IDBI Bank Limited., HDFC Bank Limited., CITI Bank N.A, DBS Bank Limited. and The Hongkong and Shanghai Banking Corporation Limited., which are secured by a first charge, pari passu, interest by way of hypothecation of the Company's current assets, viz. raw materials, stock-in-process, semi-finished goods, finished goods, stores and spares not relating to Plant & Machinery, bills receivable and book debts. The cash credit and packing credit (rupee and foreign currency loan) loan is repayable on demand.

Auditors :
Name :	Patki and Soman Chartered Accountants
Address :	101/102, Parmesh Plaza, 1213, Near Hatti Ganpati, Sadashiv Peth, Sadashiv Peth, Pune-411030, Maharashtra, India
Tel. No.:	91-20-24456748
Fax No.:	91-20-24446748
E-Mail :	shyamkantp@gmail.com patkiandsoman@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Garware Meditech Private Limited U18109PN2011PTC141536
Subsidiary / Joint Venture Companies :	Garware Environmental Services Private Limited U74900PN2007PTC13 0686
Enterprises Owned or Significantly Influenced by Key Management Personnel or Their Relatives :	Manmit Investment and Trading Company Private Limited Garware Capital Markets Limited Gurukrupa Investments and Trading Company Private Limited Sanand Investments and Trading Company Private Limited Moonshine Investments and Trading Company Private Limited Starshine Investments and Trading Company Private Limited Sukukar Holdings and Trading Company Private Limited VMIR Investment Limited VRG Investments Limited Garware Infrastructure Private Limited Ramesh Trading Company Sunita Trading Company Garware Research Institute Vimlabai Garware Research Institute Consolidated Agricultural and Dairy Farming Company Private Limited Late Shri R. B. Garware Estate

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	INR 10/- each	INR 500.000 Million
10000000	Unclassified Shares	INR 10/- each	INR 100.000 Million
	Total		INR 600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21882060	Equity Shares	INR 10/- each	INR 218.821 Million

Reconciliation of Number of Shares

PARTICULAR	As at 31st March 2017
	Number of Shares	Amount in Million
Equity Shares
Opening Balance	21882060	218.821
Changes during the year	-	-
Closing Balance	21882060	218.821

Rights, Preferences and restrictions attached to Equity Shares:

The Company has only one class of equity shares having a par value of INR 10 per share. Each shareholder of equity shares is entitled for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting. In the event of liquidation of the Company, the shareholders of equity shares are eligible to receive remaining assets of the Company, in proportion of their shareholding, after distribution of all preferential amounts, if any

Details of Shareholders' holding more than 5% Shares in the Company

Particulars	As at 31st March 2017
	No of Shares	% in share
Equity Shares
Late Shri Ramesh B. Garware **	3612053	16.51%*
Garware Capital Markets Limited	3483617	15.92%

* 9.99% (Previous year 9.99%) shares are held on behalf of a Partnership Firm.

** As informed by Mr. V. R. Garware, the shares standing in the name of Late Shri R. B. Garware are bequeathed to him and same are yet to be transmitted in his name. Pending transmission of the said shares in the name of Mr. V. R. Garware, they continue to be registered in the name of Late Shri R. B. Garware.

Shares allotted as fully paid up by way of Bonus Shares (during 5 years preceding 31st March, 2016): Nil

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	218.821	218.821	218.821
(b) Reserves & Surplus	4273.668	3428.927	2881.264
(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)	4492.489	3647.748	3100.085
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	40.598
(b) Deferred tax liabilities (Net)	308.260	283.001	224.701
(c) Other long term liabilities	63.773	62.332	14.889
(d) long-term provisions	35.504	27.246	23.756
Total Non-current Liabilities (3)	407.537	372.579	303.944
(4) Current Liabilities
(a) Short term borrowings	857.105	406.881	275.455
(b) Trade payables	1919.032	1609.079	663.113
(c) Other current liabilities	804.751	970.518	865.392
(d) Short-term provisions	1531.743	1205.443	1777.184
Total Current Liabilities (4)	5112.631	4191.921	3581.144
TOTAL	10012.657	8212.248	6985.173
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1957.183	1903.432	1558.752
(ii) Intangible Assets	76.215	89.001	99.657
(iii) Capital work-in-progress	3.059	2.016	67.683
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1139.306	89.306	90.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	116.281	118.824	117.970
(e) Other Non-current assets	70.556	62.807	55.657
Total Non-Current Assets	3362.600	2265.386	1990.119
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1409.593	1254.628	1371.969
(c) Trade receivables	2092.373	2123.956	1820.776
(d) Cash and cash equivalents	1129.062	805.310	105.710
(e) Short-term loans and advances	2019.029	1762.968	1696.599
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	6650.057	5946.862	4995.054
TOTAL	10012.657	8212.248	6985.173

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	8652.800	8248.204	7822.325
	Other Income	102.013	62.332	39.186
	TOTAL	8754.813	8310.536	7861.511
Less	EXPENSES
	Cost of Materials Consumed	2733.032	2901.729	3482.714
	Purchases of Stock-in-Trade	291.017	170.920	223.709
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(93.228)	80.036	(71.834)
	Employees benefits expense	1048.344	927.929	842.409
	Other expenses	3351.747	3141.181	2553.059
	TOTAL	7330.912	7221.795	7030.057
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1423.901	1088.741	831.454
Less	FINANCIAL EXPENSES	64.230	87.269	102.483
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1359.671	1001.472	728.971
Less/ Add	DEPRECIATION/ AMORTISATION	141.323	131.049	123.855
	PROFIT/ (LOSS) BEFORE TAX	1218.348	870.423	605.116
Less	TAX	385.630	251.660	174.567
	PROFIT/ (LOSS) AFTER TAX	832.718	618.763	430.549
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	2262.837	1818.027	1509.307
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	87.043	43.055
	Dividend	0.000	72.210	65.646
	Tax on Dividend	0.000	14.700	13.128
	Total (M)	0.000	173.953	121.829
	Balance Carried to the B/S	3095.555	2262.837	1818.027
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3702.166	3296.653	3394.601
	TOTAL EARNINGS	3702.166	3296.653	3394.601
	IMPORTS
	Raw Materials	507.591	544.776	875.102
	Traded Goods, Stores, Spares, etc.	104.116	127.417	233.938
	Capital Goods	24.990	129.159	64.367
	TOTAL IMPORTS	636.697	801.352	1173.407
	Earnings / (Loss) Per Share (INR)	38.05	28.28	19.68

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	43.377	81.194
Cash generated from operations	1398.318	1653.896	886.313
Net cash flow from operating activity	1134.854	1431.378	744.956

QUARTERLY RESULTS

(INR in Million)

Particulars	30.06.2017	30.09.2017	31.12.2017
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	2432.420	2059.910	2014.660
Total Expenditure	2059.350	1629.020	1668.810
PBIDT (Excl OI)	373.070	430.890	345.850
Other Income	72.270	43.880	45.210
Operating Profit	445.340	474.770	391.060
Interest	23.830	22.730	30.610
Exceptional Items	NA	NA	NA
PBDT	421.510	452.040	360.450
Depreciation	37.120	37.420	38.880
Profit Before Tax	384.390	414.610	321.570
Tax	124.500	133.080	105.260
Provisions and contingencies	NA	NA	NA
Profit After Tax	259.890	281.520	216.310
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	259.890	281.520	216.310

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	88.26	93.99	84.96
Account Receivables Turnover (Income / Sundry Debtors)	4.14	3.88	4.30
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	231.63	191.14	65.30
Inventory Turnover (Operating Income / Inventories)	1.01	0.87	0.61
Asset Turnover (Operating Income / Net Fixed Assets)	0.70	0.55	0.48

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.51	0.51	0.52
Debt Equity Ratio (Total Liability / Networth)	0.19	0.11	0.10
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.14	1.15	1.16
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.45	0.55	0.56
Interest Coverage Ratio (PBIT / Financial Charges)	22.17	12.48	8.11

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	9.62	7.50	5.50
Return on Total Assets ((PAT / Total Assets) * 100)	%	8.32	7.53	6.16
Return on Investment (ROI) ((PAT / Networth) * 100)	%	18.54	16.96	13.89

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.30	1.42	1.39
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.03	1.12	1.01
G-Score Ratio Financial (Networth / Total Assets)	0.45	0.44	0.44
G-Score Ratio Debt (Debts / Equity Capital)	3.92	1.86	1.44
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.30	1.42	1.39

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10.00/- each
Market Value	INR 892.55/- each

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	218.821	218.821	218.821
Reserves & Surplus	2881.264	3428.927	4273.668
Net worth	3100.085	3647.748	4492.489
Long Term borrowings	40.598	0.000	0.000
Short Term borrowings	275.455	406.881	857.105
Current Maturities of Long term debt	81.194	43.377	0.000
Total borrowings	397.247	450.258	857.105
Debt/Equity ratio	0.128	0.123	0.191

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	7822.325	8248.204	8652.800
		5.444	4.905

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	7822.325	8248.204	8652.800
Profit	430.549	618.763	832.718
	5.50%	7.50%	9.62%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	218.821	218.821
(b) Reserves & Surplus	4281.075	3435.729
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4499.896	3654.550
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	308.261	283.001
(c) Other long term liabilities	63.773	62.332
(d) long-term provisions	35.504	27.246
Total Non-current Liabilities (3)	407.538	372.579
(4) Current Liabilities
(a) Short term borrowings	857.105	406.881
(b) Trade payables	1919.032	1609.079
(c) Other current liabilities	804.792	970.559
(d) Short-term provisions	1533.054	1206.46
Total Current Liabilities (4)	5113.983	4192.979
TOTAL	10021.417	8220.108
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1957.187	1903.438
(ii) Intangible Assets	76.215	89.001
(iii) Capital work-in-progress	3.059	2.016
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1142.316	91.747
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	116.281	118.824
(e) Other Non-current assets	70.556	62.807
Total Non-Current Assets	3365.614	2267.833
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1409.593	1254.628
(c) Trade receivables	2092.373	2123.958
(d) Cash and cash equivalents	1133.392	809.400
(e) Short-term loans and advances	2020.445	1764.289
(f) Other current assets	0.000	0.000
Total Current Assets	6655.803	5952.275
TOTAL	10021.417	8220.108

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	8652.8	8248.204
	Other Income	102.958	63.359
	TOTAL	8755.758	8311.563
Less	EXPENSES
	Cost of Materials Consumed	2733.032	2901.729
	Purchases of Stock-in-Trade	291.017	170.92
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(93.228)	80.036
	Employees benefits expense	1048.344	927.929
	Other expenses	3351.785	3141.252
	TOTAL	7330.950	7221.866
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1424.808	1089.697
Less	FINANCIAL EXPENSES	64.23	87.269
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1360.578	1002.428
Less/ Add	DEPRECIATION/ AMORTISATION	141.326	131.05
	PROFIT/ (LOSS) BEFORE TAX	1219.252	871.378
Less	TAX	385.925	252.334
	PROFIT/ (LOSS) AFTER TAX	833.327	619.044
less	SHARE OF PROFIT / (LOSS) OF ASSOCIATE	(0.003)	(0.013)
	PROFIT AFTER TAX FOR THE YEAR AFTER SHARE OF ASSOCIATES	833.324	619.031
	Earnings / (Loss) Per Share (INR)	38.08	28.29

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	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
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	No
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

CORPORATE INFORMATION

The company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed at two Stock Exchanges in India. The Company is engaged in manufacturing and selling various products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles. The Company is providing solutions to the infrastructure industries which include coastal protection, land filling, etc. The Company caters to both domestic and international markets.

2016-2017 THE YEAR UNDER REVIEW:

The Company earned revenue of INR 8687.200 Million for the year ended 31st March, 2017, as against INR 8292.000 Million of previous year. Domestic Sales amounted to INR 4573.400 Million, and the Export Sales amounted to INR 4113.800 Million for the year ended 31st March, 2017.

In the year under review, the Indian economy continued to grow at an impressive rate. A relatively good monsoon led to increase in the agriculture growth-rate. However, this could not translate into demand for thier products due to delays in subsidies and various regulatory issues. Growth in the industrial sector was moderate. The inflation rate remained fairly stable. The global economy was marked by some signs of recovery. Short-term fluctuations in the rupee were an issue of concern, but the Company could meet this challenge comfortably due to its conservative hedging policies.

Despite challenges, the Company recorded impressive performance, maintaining its record of growth and profitability. The Company earned Net Profit After Tax of INR 832.700 Million, 34.58% higher than the figure recorded in the previous year.

OPERATIONS:

The operations of the Company are elaborated in the annexed “Management Discussion and Analysis Report”.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW OF COMPANY

The Company, Garware-Wall Ropes Limited (GWRL), is one of India's leading solution-providers in the domain of technical textiles, with customers and end-users across the world. Leveraging its expertise in engineering of polymers and its in-depth knowledge of customer needs, the Company provides application-focused solutions for various sectors including deep-sea fishing, aquaculture, shipping, agriculture, sports, infrastructure, defence and transportation. The Company has integrated manufacturing facilities in Pune and Wai (Maharashtra), where a wide range of products are produced, including ropes, nets and aquaculture cages for capturing and breeding fish; nets for sports such as tennis and soccer; insect and shade nets for high-value protected farming; coated fabrics for covers, tarps, tents, etc.; and products and solutions for water management, waste management, and erosion-control applications.

Driven by the mission to provide innovative, applicationfocused solutions to enhance value of its customers, the Company has earned the trust of customers across all continents, in over 75 countries. End-users of the Company's products include fishing net makers and trawlers, shipping companies, oil drillers, agriculturists, packers, transporters, construction companies, municipal corporations, government organizations, clubs, universities, manufacturing plants and many others.

The Company's sales are spread across several verticals and geographies as mentioned above, providing stability and hedge against fluctuations in particular business segments, thereby ensuring a steady stream of revenue and profitability. Users of the Company's products are serviced through branches, depots, dealers and distributors located across the globe.

Apart from being a leading player in the domestic market, the Company has a dominant share of markets in North America, and parts of Europe and Australia, for several products.

Marketing offices in USA, UK, Canada and Australia improve customer responsiveness in respective time zones and ensure better understanding of local customer needs.

The Company has a long history of paying dividend and is committed to enhancing stakeholder value through sustainable growth in sales and earnings. With growing acceptance of the Company's new products in several industry segments, the Company is on a growth trajectory.

COMPANY'S PERFORMANCE IN FY 2016-17

The Company registered total revenue of INR 8754.813 Million for the year ended 31st March, 2017, an increase of 4.8% over the previous year's revenue. Export revenue accounted for 47.4% of the total revenue. Profit after tax in the year under review was INR 832.718 Million, registering an increase of 34.6% over the previous year.

Profitability was aided by an enhanced product mix, productivity improvement, lower cost of raw materials and lower interest liability. Growth in key business segments such as fisheries and aquaculture aided growth in margins.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loans repayable on demand
Loan from Promoter *	171.273	157.141
Total	171.273	157.141
NOTE: SHORT-TERM BORROWINGS : * The said deposit was received from Late Shri. R. B. Garware, and the same will be repaid on production of Probate of the Will dated 6th April, 2012 of Late Shri R. B. Garware. The figures include unpaid interest net of TDS.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31^ST DECEMBER, 2017

(INR in Million)

		Particulars	31.12.2017 (Quarter Ended)	30.09.2017 (Quarter Ended)	31.12.2017 (Nine Months Ended)
1		Income from Operations
		Sales/Income from Operations (Gross)	2014.660	2059.907	6506.987
		b) Other Operating Income	45.214	43.876	161.335
	Total Income from Operations (Net)		2059.874	2103.783	6668.322
2	Expenses
	a)	Cost of Materials consumed	779.626	722.528	2174.312
	b)	Purchase of Stock-in-trade	11.570	76.391	177.653
	c)	Excise duty on sales	0.067	0.000	8.820
	d)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(67.935)	(76.391)	(181.755)
	e)	Employee benefit expenses	273.312	249.114	853.942
	f)	Finance Costs	30.616	22.733	77.177
	g)	Depreciation and amortization expense	38.877	37.422	113.419
	h)	Other expenses	672.166	763.015	2324.224
	Total Expenses		1738.299	1689.175	5547.772
3	Profit before Tax		321.575	414.608	1120.570
4	Tax Expense		105.264	133.084	362.842
5	Net Profit for the period after tax		216.311	281.524	757.728
6	Other Comprehensive Income		1.934	(0.042)	2.690
	Total Comprehensive Income		218.245	281.482	760.418
	Earnings / (Loss) Per Share (INR)		9.89	12.87	34.63

STATEMENT OF ASSETS AND LIABILITIES

(INR in Million)

SOURCES OF FUNDS	31.12.2017 (Quarter Ended)	30.09.2017 (Quarter Ended)	31.12.2017 (Nine Months Ended)
SEGMENT REVENUE
(a) Synthetic Cordage	1704.464	1736.762	5523.514
(b) Fibre and Industrial Products and Projects	350.393	359.125	1103.712
Total	2054.857	2095.887	6627.226
Less: Inter-Segment Revenue	(40.197)	(35.980)	(120.239)
Net Sales/Income from Operations	2014.660	2059.907	6506.987
Segment Results (Profit (+)/Loss(-) before tax and interest from each segment
(a) Synthetic Cordage	331.258	421.385	1118.353
(b) Fibre and Industrial Products and Projects	49.715	50.796	146.378
Total	380.973	472.181	1264.731
Less:
i) Interest	(30.616)	(22.733)	(77.177)
ii) Other unallocable expenditure net off Unallocable Income	(28.782)	(34.840)	(66.984)
Total Profit Before Tax	321.575	414.608	1120.570
Segment Assets
(a) Synthetic Cordage	5906.152	6387.724	5906.152
(b) Fibre and Industrial Products and Projects	1043.694	972.405	1043.694
(c) Unallocable	2893.032	2436.858	2893.032
Total	9842.878	9796.987	9842.878
Segment Liabilities
(a) Synthetic Cordage	2614.820	2832.125	2614.820
(b) Fibre and Industrial Products and Projects	397.809	272.542	397.809
(c) Unallocable	1707.053	1826.476	1707.053
Total	4719.682	4931.143	4719.682
Capital Employed (Segment Assets - Segment Liabilities)
(a) Synthetic Cordage	3291.332	3555.599	3291.332
(b) Fibre and Industrial Products and Projects	645.885	699.863	645.885
(c) Unallocable	1185.979	610.382	1185.979
Total	5123.196	4865.844	5123.196

NOTE :

1. The unaudited financial results were reviewed by the Audit Committee and have been taken on record and approved by the Board of Directors at its meeting held on 13th February, 2018.

2. The Statutory Auditors of the Company have carried out a "Limited Review" of the financials for the quarter and nine months ended 31st December, 2017.

3. The Company has adopted the Indian Accounting Standards ("IND AS") in accordance with the recognition and measurement principles laid down in Ind AS 34-"lnterim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India effective from April 1,2017.

4. The Ind AS compliant financial results for the corresponding quarter ended 31st December, 2016, have been stated in terms of SEBI Circular dated 5th July, 2016.

5. Post Implementation of Goods and Service Tax (GST) w.e.f. July 1. 2017, "Revenue from Operations" is required to be disclosed net of GST. The "Revenue from operations" for the quarter ended 30th September, 2017, quarter and nine months ended 31st December, 2016 are inclusive of excise duty, and are not comparable with "Revenue from operations" for the quarter and nine months ended 31st December, 2017 to that extent.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C37180486	90084810	Bank of India	26/03/1998	26/11/2014	-	2831000000.0	1162/6, SHIVAJI NAGAR,UNIVERSITY ROAD,PUNEMH411005IN
2	G28443794	10334334	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	11/01/2012	-	29/11/2016	150000000.0	52/60 MAHATMA GANDHI ROADFORTMUMBAIMH400001IN
3	G28489268	10315464	CITIBANK N. A.	01/11/2011	-	17/11/2016	250000000.0	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60BANDRA KURLA COMPLEX, BANDRA (E)MUMBAIMH400051IN
4	C32441073	10316447	HDFC BANK LIMITED	24/10/2011	-	30/10/2014	250000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
5	C18778530	80067637	Bank of India	26/03/1998	11/03/2004	12/08/2014	830000000.0	CORPORATE BANKING BRANCH6/7, SHIVAJINAGAR, UNIVERSITY ROAD,PUNEMH411007IN
6	C16677718	10127061	IDBI Bank Limited	13/10/2008	-	01/08/2014	121300000.0	IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN
7	C14979546	10127060	IDBI Bank Limited	08/10/2008	-	21/07/2014	105400000.0	IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN
8	B72205768	10088107	Citi Bank N.A.	28/01/2008	-	03/04/2013	160000000.0	2413 PARMAR HOUSEEAST STREETPUNEMH411001IN
9	A85504066	10049499	ABN-AMRO BANK N.V.	03/02/2007	-	05/05/2010	150000000.0	PUNE BRANCHM.G. ROAD, CAMP,PUNEMH411001IN
10	A44314318	90085426	BANK OF INDIA	10/07/2000	-	09/08/2008	20000000.0	CO. BANKING BRANCH6/7 SHIVAJINAGARPUNEMH411007IN

CONTINGENT LIABILITIES:

1. Disputed Excise duty INR 2.757 Million (Previous year INR 2.757 Million)

2. Bank Guarantees for INR 156.557 Million (Previous year INR 148.356 Million), in the ordinary course of business, against which the Company has issued counter guarantees for the non funded Bank limits of INR 1350.000 Million (Previous year INR 1350.000 Million).

3. Disputed amount of Sales Tax liability INR 4.168 Million (Previous year INR 19.668 Million).

4. The interest portion on delayed payment of Octroi Liability amounting to INR 2.164 Million (Previous year INR 2.164 Million) is under dispute.

5. The Income Tax Liability due to the department's appeals at higher levels (Supreme Court) amounting to INR 20.800 Million (Previous year INR 20.800 Million).

FIXED ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery

· R&D Equipments

· Electrical Installations

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Helicopter

· Technical Knowhow

· Product Development

· Computer Software

PRESS RELEASE

GARWARE WALL, ISRAEL’S AERO-T TIE UP TO MAKE AEROSTATS

M Somasekhar

The MoU provides for indigenous development, production, delivery and maintenance support for the aerostats required for both military and civilian use.

HYDERABAD, JULY 7:  

Garware Wall Ropes Limited (GWRL), a technical textile manufacturer, and Aero-T, an Israeli technology company, have joined hands to produce advanced aerostats, which help in low-level ground surveillance in different terrains.

The Pune-based GWRL and Aero-T, a subsidiary of RT LTA Systems, Israel, signed an MoU to manufacture aerostats (tethered balloons) and supply it to the Indian defence forces. The pact comes in the backdrop of Prime Minister Narendra Modi’s recent visit to Israel.

The aerostats when combined with advanced radar systems will become a force multiplier and significantly improve the precision and accuracy of surveillance. India and Israel already have a long-standing collaboration in the area of radars.

Aerostats, which cost a few crores depending on the size, can operate at heights of up to 15,000 km. They are highly versatile in their mobility given their portability and can be deployed in varied terrains providing an omnipresent eye to monitor threats.

Advanced models

For the INR 8700.000 Million turnover GWRL, aerostats will be a natural diversification, says Vayu Garware, CMD of the company. “We will combine our strengths with Aero-T to develop advanced aerostats,” he said.

Chief Executive Officer, Shujaul Rehman, told BusinessLine in a telephone chat from Pune, that the company has been into defence for the past couple of years. It has developed the aerostat and a radome in collaboration with the Aerial Delivery Research and Delivery Establishment, Agra under the Defence Research and Development Organisation (DRDO). While continuing the cooperation, the joint venture partners will work with end-customers to understand their needs and co-develop customised solutions.

The MoU provides for indigenous development, production, delivery and maintenance support for the aerostats required for both military and civilian use. It will entail GWRL establishing an aerostat envelope production facility and Aero-T providing the technology, electronics, integration with radar and continuous support.

Rami Shmueli, CEO of Aero-T, said GWRL will be the supplier of choice for aerostat systems in India. The company provides aerostats suitable for all weathers conditions and across varied terrains ranging from very hot deserts to ice cold mountains.

“Aero-T is committed to provide complete technology know-how to GWRL. The advanced production facility in India will provide us an opportunity to cater to the growing global demand, based on high quality and cost-effective solutions,” he added. Aero-T possesses complete know-how for developing and operating a variety of aerostats with over 30 years of Lighter Than Air (LTA) operations.

GWRL established in 1976 provides customised solutions in the field of fisheries, aquaculture, shipping, sports, agriculture, coated fabrics and geosynthetics. Its products are manufactured in facilities at Wai and Pune. Nearly 50 per cent of its revenues come from exports of aquaculture products and sports goods.

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	INR
US Dollar	1	INR 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	AKS
Analysis Done by :	VAR
Report Prepared by :	KJL

SCORE FACTORS

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	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.