MIRA INFORM REPORT

Report No. :	504298
Report Date :	16.04.2018

IDENTIFICATION DETAILS

Name :	TECHNOCRAFT INDUSTRIES (INDIA) LIMITED
Registered Office :	A-25, Technocraft House, MIDC, Marol Industrial Area, Road No. 3, Opposite ESIS Hospital, Andheri (East), Mumbai-400093, Maharashtra
Tel. No.:	91-22-40982222/ 2202
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	28.10.1992
Com. Reg. No.:	11-069252
Capital Investment / Paid-up Capital :	INR 263.000 Million
CIN No.: [Company Identification No.]	L28120MH1992PLC069252
IEC No.: [Import-Export Code No.]	0388023091
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT2724P
GSTN : [Goods & Service Tax Registration No.]	27AAACT2724P1Z1
TIN No.:	27350002229
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	· Manufacturing of Drum Closures, Tubes and Scaffoldings, Knitted and Crocheted Cotton Fabrics, Textile Garments, Preparation and Spinning of Cotton Fiber. · Power Generation by Coal Based Thermal Power Plants. (Registered Activity)
No. of Employees :	1399 (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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1992. It is a manufacturer of steel drum closures, sophisticated engineered formwork systems for buildings, construction and infrastructure projects, textile and apparel and also power generation. As per the financial of 2017, the company has healthy scale of operations marked 12.69% growth as compared to the previous year along with fair profit margin of 11.16% The ratings continue to reflect Technocraft's strong financial risk profile driven by healthy capital structure, ample liquidity, and sound debt protection metrics. The rating also takes into account its established position in the drum closure industry and increasing market share in the scaffolding industry. These strengths are partially offset by susceptibility of operating margin to downturns in end-user industries, and to volatility in prices of raw materials such as steel and cotton, and in foreign exchange rates. Payment seems to be usually correct. In view of aforesaid, the company can be considered 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating= A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	20.11.2017

Rating Agency Name	CRISIL
Rating	Short Term Rating= A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	20.11.2017

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 31-03-2016.

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 DECLINED

MANAGEMENT NON-COOPERATIVE [91-22-40982345/ 40982310]

LOCATIONS

Registered Office :	A-25, Technocraft House, MIDC, Marol Industrial Area, Road No. 3, Opposite ESIS Hospital, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-40982222/ 2202/ 40982310/ 40982345
Fax No.:	91-22-28367037
E-Mail :	cs@technocraftgroup.com investor@technocraftgroup.com technocraft@technocraftgroup.com
Website :	http://www.technocraftgroup.com
Factory 1:	Drum Closure Plot No. C-5, C-21, MIDC Murbad Industrial Area, District Thane – 421401, Maharashtra, India
Factory 2:	Pipe and Scaffoldings Plot No. 4/1, MIDC Murbad, District Thane – 421401, Maharashtra, India
Factory 3:	Yarn, Power and Garment Village Dhanivali, Murbad, District Thane – 421401, Maharashtra, India

DIRECTORS

AS ON: 31.03.2017

Name :	Mr. Ashish Kuamr Saraf
Designation :	Whole-time Director
Address :	191-A, 19th Floor, Beach Towers, P. Balu Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Appointment :	29.09.2015
PAN No.:	ALLPS4243D
DIN No.:	00035549
Name :	Mr. Navneet Kumar Saraf
Designation :	Whole-time Director
Address :	38, Rajat Apartment, Mount Pleasant Road, Mumbai - 400006, Maharashtra, India
Date of Appointment :	14.09.2001
PAN No.:	AALPS5578A
DIN No.:	00035686
Name :	Mr. Sudarshan Kumar Saraf
Designation :	Managing Director
Address :	38, Rajat Apartment, Mount Pleasant Road, Mumbai - 400006, Maharashtra, India
Date of Birth/ Age:	07.06.1949
Qualification :	Mechanical Engineering from the prestigious Indian Institute of Technology, Bombay
Date of Appointment :	28.10.1992
DIN No.:	00035799
Name :	Mr. Sharad Kumar Saraf
Designation :	Managing Director
Address :	191-A, 19th Floor, Beach Towers, P. Balu Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Birth/ Age:	05.09.1947
Qualification :	Electronics engineering from the prestigious Indian Institute of Technology, Bombay
Date of Appointment :	28.10.1992
DIN No.:	00035843
Name :	Mr. Vishwambhar Chiranjilal Saraf
Designation :	Director
Address :	D-84, Tahnee Heights, Petit Hall 66, Nepean Sea Road, Mumbai - 400006, Maharashtra, India
Date of Appointment :	29.09.2015
DIN No.:	00161381
Name :	Mr. Shri Bhagwan Agarwal
Designation :	Director
Address :	31, Sainara 17, Cuffe Parade Mumbai - 400005, Maharashtra, India
Date of Appointment :	01.03.2006
DIN No.:	00524452
Name :	Mr. Jagdeesh Mal Mehta
Designation :	Director
Address :	C/122, Grand Paradi Kemps Corner, Mumbai - 400036, Maharashtra, India
Date of Appointment :	19.12.2013
DIN No.:	00847311
Name :	Mr. Vinod Balmukand Agarwala
Designation :	Director
Address :	T. Madhav Kunj Dixit Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India
Date of Appointment :	29.09.2015
DIN No.:	01725158
Name :	Mr. Atanu Anil Choudhary
Designation :	Whole-time Director
Address :	102/C-2, Madhav Sristi Brave Kalyan, Thane - 421301, Maharashtra, India
Date of Appointment :	10.08.2015
DIN No.:	02368362
Name :	Ms. Vaishali Mukund Choudhari
Designation :	Director
Address :	Ahmed Sailor Building No. 5, Room No.18, S.M. Jadhav Marg, Near Hinmata Cinema Dad, Mumbai - 400014, Maharashtra, India
Date of Appointment :	22.03.2014
DIN No.:	06847402

KEY EXECUTIVES

Name :	Mr. Neeraj Rai
Designation :	Company Secretary
Address :	B-106, Maruti Prasad Plot No. 394-410, Sector -31, Vashi, Navi Mumbai - 400703, Maharashtra, India
Date of Appointment :	16.03.2015
PAN No.:	AIPPR4891K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2018

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	17886902	73.12
(B) Public	6574785	26.88
Grand Total	24461687	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	17886902	73.12
SUDARSHAN KUMAR SARAF	6794903	27.78
SHAKUNTALA SARAF	5169867	21.13
SHARAD KUMAR SARAF HUF	2205366	9.02
SHANTIDEVI MADHOPRASAD SARAF	1101294	4.50
NAVNEET KUMAR SARAF	862435	3.53
PRIYANKA ASHISH SARAF	500000	2.04
NIDHI NAVNEET SARAF	543337	2.22
SHARADKUMAR SARAF	406840	1.66
SUMAN SARAF	117332	0.48
SUDARSHANKUMAR SARAF HUF	74797	0.31
RITU SARAF	56464	0.23
ASHISH KUMAR SARAF	54267	0.22
Sub Total A1	17886902	73.12
A2) Foreign		0.00
A=A1+A2	17886902	73.12

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Alternate Investment Funds	904605	3.70
DSP Blackrock Emerging Stars Fund	904605	3.70
Foreign Portfolio Investors	385690	1.58
Lloyd George Indian Ocean Master Fund	310000	1.27
Financial Institutions/ Banks	6216	0.03
Sub Total B1	1296511	5.30
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital up to INR 0.200 Million	2491740	10.19
Individual share capital in excess of INR 0.200 Million	908868	3.72
ANIL KUMAR GOEL	273000	1.12
Any Other (specify)	1877666	7.68
Bodies Corporate	1037632	4.24
VLS Finance Ltd	380424	1.56
Clearing Members	65182	0.27
HUF	200399	0.82
Non-Resident Indian (NRI)	186980	0.76
IEPF	1898	0.01
Overseas Corporate Bodies	385575	1.58
INUIT U.S. HOLDINGS INC.	385575	1.58
Sub Total B3	5278274	21.58
B=B1+B2+B3	6574785	26.88

BUSINESS DETAILS

Line of Business :	· Manufacturing of Drum Closures, Tubes and Scaffoldings, Knitted and Crocheted Cotton Fabrics, Textile Garments, Preparation and Spinning of Cotton Fiber. · Power Generation by Coal Based Thermal Power Plants. (Registered Activity)
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: [NOT AVAILABLE]

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

1399 (Approximately)

Bankers :

· Bank of India

· IDBI Bank

· HDFC Bank

· Citi Bank NA

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Term Loans From banks
Bank of India Rupee Term Loan	218.490	261.069
SHORT TERM BORROWINGS
Bank of India- Cash Credit	0.090	118.752
H.D.F.C. Bank- Overdraft	72.503	0.000
IDBI Bank Overdraft	34.167	17.529
Bank of India Rupee Packing Credit	0.000	185.343
H.D.F.C. - Rupee Packing Credit	620.389	467.256
CITI Bank Rupee Packing Credit	613.663	863.260
Total	1559.302	1913.209

Auditors :
Name :	M.L. Sharma and Company Chartered Accountants
Address :	107, Chartered House, 297-299, Dr. C.H. Street, Behind Dolours Church, Marine Lines, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22010808/ 22011010
Fax No.:	91-22-22011414
E-Mail :	misharma@misharma.in
Memberships :	Not Available
Collaborators :	Not Available
Related Party where Control exists Subsidiary Companies	· Technocraft International Limited · Technocraft Trading Spolka Z.O.O · Technocraft Australia PTY Limited · Technosoft Engineering Projects Limited (formerly Known as Technosoft Information Technologies (i) Limited) · Anhui Relaible Steel Technology Co. Limited · Shreyan Infra & Power LLP · Technocraft Closures Private Limited · Techno Defence Private Limited · TIL Packaging Private Limited
Step Down Subsidiary Companies :	· Technosoft Engineering Inc. (Formerly Known as Impact Engineering Solutions Inc.) · Swift Engineering Inc. · Swift Projects Inc. · Technosoft Innovations Inc. · Technosoft GMBH · AAIT/ Technocraft Scaffold Distribution LLC · High Mark International Trading -F.Z.E
Joint Venture :	Technocraft Tabla Formwork Systems Private Limited
Enterprises in which KMP are Interested :	· BMS Industries Limited · S.K. Saraf HUF
Enterprise in which Non-Executive Director is interested :	Remi Edelstahl Tubular Limited
Trust :	Technocraft Industries (I) Limited Employees Group Gratuity Trust

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	INR 10/- each	INR 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26300000	Equity Shares	INR 10/- each	INR 263.000 Million

a). Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of INR 10 per share. Each holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

b). Reconciliation of the equity shares outstanding at the beginning and at the end of the reporting period :

Particulars	As on 31st March 2017
	Number	INR In Million
Shares outstanding at the beginning of the year	26300000	263.000
Shares Issued during the year	--	--
Shares bought back during the year	--	--
Shares outstanding at the end of the year	26300000	263.000

c). Details of Shareholders holding more than 5% shares in the company:

Particulars	As on 31st March 2017
	No. of Shares held	% of Holding
Shakuntala Saraf	5701135	21.68
Shantidevi Saraf	2317228	8.81
Sharad Kumar Madhoprasad HUF	2431995	9.25
Sudarshan Kumar Saraf	7493164	28.49

d). The Company has not issued any equity shares as bonus or for Consideration other than cash and has bought back 5226750 Equity Shares during the Period of five years immediately preceding 31st March 2017. The said equity shares were bought back on 24th February 2016.

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	263.000	263.000	315.268
(b) Reserves & Surplus	6120.936	5140.684	5885.010
(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)	6383.936	5403.684	6200.278
(3) Non-Current Liabilities
(a) Long-term borrowings	218.490	261.069	136.921
(b) Deferred tax liabilities (Net)	106.995	39.524	0.000
(c) Other long term liabilities	9.734	14.198	14.181
(d) long-term provisions	82.091	13.758	0.000
Total Non-current Liabilities (3)	417.310	328.549	151.102
(4) Current Liabilities
(a) Short term borrowings	2454.234	2288.073	1423.357
(b) Trade payables	445.874	324.960	433.238
(c) Other current liabilities	474.745	485.547	373.383
(d) Short-term provisions	10.380	69.387	57.652
Total Current Liabilities (4)	3385.233	3167.967	2287.630
TOTAL	10186.479	8900.200	8639.010
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1379.106	1138.515	1004.597
(ii) Intangible Assets	6.066	7.189	2.152
(iii) Capital work-in-progress	100.620	119.621	38.302
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1348.915	1093.318	2345.163
(c) Deferred tax assets (net)	0.000	0.000	33.823
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	190.091	220.488	191.708
Total Non-Current Assets	3024.798	2579.131	3615.745
(2) Current assets
(a) Current investments	1713.827	1733.382	38.184
(b) Inventories	1873.358	1552.720	1723.629
(c) Trade receivables	2442.316	1780.839	2067.108
(d) Cash and cash equivalents	414.315	481.891	474.862
(e) Short-term loans and advances	68.998	67.760	79.371
(f) Other current assets	648.867	704.477	640.111
Total Current Assets	7161.681	6321.069	5023.265
TOTAL	10186.479	8900.200	8639.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	8717.349	7735.605	7887.014
		Other Income	355.786	291.208	126.815
		TOTAL	9073.135	8026.813	8013.829
Less	EXPENSES
		Cost of Materials Consumed	4287.451	3513.988	3863.830
		Purchases of Stock-in-Trade	260.744	206.159	967.656
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(79.786)	272.093	(421.424)
		Employees benefits expense	566.624	491.051	447.926
		Other expenses	2250.870	1821.448	1813.071
		Excise duty expenses	78.365	80.401	0.000
		TOTAL	7364.268	6385.140	6671.059
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1708.867	1641.673	1342.770
Less	FINANCIAL EXPENSES		147.835	62.180	54.927
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1561.032	1579.493	1287.843
Less/ Add	DEPRECIATION/ AMORTISATION		187.298	210.724	271.118
	PROFIT/ (LOSS) BEFORE TAX		1373.734	1368.769	1016.725
Less	TAX		400.521	445.710	317.948
	PROFIT/ (LOSS) AFTER TAX		973.213	923.059	698.777
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	6570.307	6018.717	6128.896
		Interest Received	6.556	6.875	8.972
		Guarantee Fees Received	7.399	6.841	1.880
	TOTAL EARNINGS		6584.262	6032.433	6139.748
	IMPORTS
		Raw Materials		42.203	48.498
		Stores & Spares		10.334	9.234
		Traded Goods		162.425	868.111
	TOTAL IMPORTS		311.291	214.962	925.843
	Earnings/ (Loss) Per Share (INR)		37.00	29.76	22.16

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term Loans	72.123	75.590	34.491
Cash generated from operations	NA	1509.900	966.015
Net Cash Inflow/(Outflow) in the course of Operating Activities	286.797	1365.164	469.114

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	102.26	84.03	95.66
Account Receivables Turnover (Income / Sundry Debtors)	3.57	4.34	3.82
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	35.78	31.88	32.73
Inventory Turnover (Operating Income / Inventories)	0.91	1.06	0.78
Asset Turnover (Operating Income / Net Fixed Assets)	1.15	1.30	1.28

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.36	0.39	0.28
Debt Equity Ratio (Total Liability / Networth)	0.43	0.49	0.26
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.53	0.59	0.37
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.23	0.23	0.17
Interest Coverage Ratio (PBIT / Financial Charges)	11.56	26.40	24.45

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	11.16	11.93	8.86
Return on Total Assets ((PAT / Total Assets) * 100)	%	9.55	10.37	8.09
Return on Investment (ROI) ((PAT / Networth) * 100)	%	15.24	17.08	11.27

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.12	2.00	2.20
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.56	1.51	1.44
G-Score Ratio Financial (Networth / Total Assets)	0.63	0.61	0.72
G-Score Ratio Debt (Debts / Equity Capital)	10.44	9.98	5.06
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.12	2.00	2.20

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

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 494.90/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	315.268	263.000	263.000
Reserves & Surplus	5885.010	5140.684	6120.936
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6200.278	5403.684	6383.936
long-term borrowings	136.921	261.069	218.490
Short term borrowings	1423.357	2288.073	2454.234
Current Maturities of Long term Loans	34.491	75.590	72.123
Total borrowings	1594.769	2624.732	2744.847
Debt/Equity ratio	0.257	0.486	0.430

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	7887.014	7735.605	8717.349
		-1.920	12.691

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	7887.014	7735.605	8717.349
Profit/ (Loss)	698.777	923.059	973.213
	8.86%	11.93%	11.16%

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	No
8	Designation of contact person	No
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	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

INDEX OF CHARGES

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G79161253	100159765	KOTAK MAHINDRA BANK LIMITED	22/02/2018	-	-	800000000.0	27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN
2	G52430022	100120601	BNP PARIBAS	11/08/2017	-	-	550000000.0	Unit 203, Sakar-II,Ellisbridge, Ashram Road,AhemdabadGJ380006IN
3	G53445839	100122771	DBS Bank Ltd	20/07/2017	-	-	410000000.0	221, Fort House, 3rd FloorD.N.Road, FortMumbaiMH400001IN
4	B96117460	10477011	BANK OF INDIA	25/01/2014	-	-	696000000.0	MUMBAI MID CORPORATE, 70/80, M.G. ROAD,BANK OF INDIA BUILDING, MEZZANINE FLOOR, FORTMUMBAIMH400001IN
5	A01527100	10006493	BANK OF INDIA LIMITED	29/05/2006	-	-	535200000.0	ORIENTAL BUILDING,ESPANADE ROAD,MUMBAI07MHIN
6	A01527050	10007771	BANK OF INDIA LIMITED	29/05/2006	-	-	250000000.0	ORIENTAL BUILDING,ESPANADE ROAD,MUMBAI07MHIN
7	G11420122	80056897	HDFC BANK LIMITED	07/12/2004	23/05/2016	-	1000000000.0	HDFC BANK HOUSESENAPATI BAPAT MARG,LOWER PAREL WESTMumbaiMH400013IN
8	Y10248547	90148777	BANK OF INDIA	02/07/2004	-	-	251380000.0	OVERSEAS BRANCH; MAZZANINE FLOORBANK OF INDIA BUILDING; 70/80; M.G. ROAD; FORTMUMBAIMH400023IN
9	C73414823	80039756	Citi Bank N.A.	29/12/2003	30/11/2015	-	1231000000.0	First International Financial Centre, 9th Floor,Plot No. C-54 & 55, G-Block, BKC, Bandra (E)MumbaiMH400051IN
10	A82561689	80057853	Bank of India	05/03/2003	31/03/2010	-	1075800000.0	Mumbai Overseas Branch , 70/80 M G Road ,1st Floor , FortMumbaiMH400001IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
Common Wealth Bank $ Packing Credit	0.000	2.483
DBS Bank Rupee Packing Credit	153.964	153.450
Common Wealth Bank Rupee Packing Credit	0.000	180.000
BNP Paribas Bank Rupee Packing Credit	235.156	300.000
ICICI Bank Rupee Packing Credit	289.543	0.000
Kotak Bank Rupee Packing Credit	334.759	0.000
Federal Bank Rupee Packing Credit	100.000	0.000
Total	1113.422	635.933

COMPANY OVERVIEW

Technocraft Industries (India) Limited (“the Company”), was incorporated on 28th October 1992, CIN L28120MH1992PLC069252. The company is a Public Limited company incorporated and domiciled in India and is having its registered office at A-25 Technocraft House MIDC Marol Industrial Area Road No. 3 Opp ESIS Hospital Andheri (E) Mumbai – 400093 Maharashtra India. The Company is listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India.

The Company is well diversified having its business Interest in Drum Closures (2nd Largest in the World), Scaffolding, Formworks, Cotton Yarn, Fabrics & Readymade Garments. It has its own 15 MW Captive Thermal Power Plant.

OPERATIONS

During the year the Company has closed the year with total standalone revenue of INR 8717.349 million. On Consolidated basis the total revenue is INR 9437.021 million.

Standalone EBITA improved to INR 1708.867 million, compared to INR 1641.673 million, of previous year, which is higher by 4.09%. Consolidated EBITA improved to INR 1872.278 million compared to INR 1827.247 million, which is higher by 2.46%. During the Financial Year the Company has started new division as defense division about 8 acres land has been acquired at Murbad for Defence activities. Registration has been completed with many Government Departments related to defence. Products like Canister for missiles, Metal Part for Parachute, Hanger door for Navy, JT Cooler etc. have been developed. Company has also started receiving small orders for products like parts for airship, Landing Gear, Gondola, Fin, LA Towers etc. Company has also started participating in tenders floated in this sector. Company is hopeful of making steady growth in this sector.

In the yarn division the management has considered a proposal to set-up a new unit for cotton yarn at Amravati for capacity of 20 M T per day. Due to low cost of electricity and low man power cost at Amravati, processing cost of yarn will be reduced. Further, the management also considered a proposal to produce mélange yarns for capacity of 7 M T per day, in existing factory at Murbad.

MANAGEMENT DISCUSSION & ANALYSIS REPORT 2016-17

INDUSTRY STRUCTURE AND DEVELOPMENTS

GLOBAL ECONOMY:

As per Central Statistics Organisation (CSO) and International Monetary Fund (IMF), India has emerged as a fastest growing major economy in the world.

India’s consumer confidence index stood at 136 in the fourth quarter of 2016, topping the global list of countries on the same parameter, as a result of strong consumer sentiment, according to market research agency

It was a good year for the capital markets as well, with the Sensex advancing by 17% during the year (after declining by 9% in 2015-16), reflecting the optimism on improvement in the business environment, expected progress on the reforms agenda and anticipated acceleration in corporate earnings going forward.

As per median estimates, based on the Survey of Professional Forecasters conducted by RBI, the Gross Value Added (GVA) of the Indian economy is likely to grow by 7.3% in 2017-18. Timely and smooth implementation of key reforms, low inflation and expectations of a normal monsoon in the ensuing year represent some of the key factors that are likely to positively influence Private Consumption going forward.

The pace of growth is expected to gather momentum in the medium-term on the back of favourable global economic tailwinds, pick-up in Private Investment and implementation of key policy reforms such as the Goods and Services Tax (GST).

The implementation of the Goods and Services Tax (GST), with effect from 1st July 2017, is expected to transform the indirect tax landscape in the country and accelerate economic growth in the long run by simplifying the tax structure, enhancing tax compliance and facilitating the ease of doing business in a unified common market. This augurs well for the Company and each Business is gearing up to ensure a smooth transition to the new indirect tax regime and harness the supply chain and logistics efficiencies that are expected to accrue post implementation of GST. In the near-term, however, the preparedness of the Company’s suppliers and service providers, customers, trade channels etc. - especially the small and medium scale enterprises - remains a key factor to ensure a seamless transition to the GST regime with minimal disruption to operations.

BUSINESS OVERVIEW:

DRUM CLOSURE

Each steel drum requires one set of closure, a precision engineering product so as to ensure that the liquid inside does not spill out. The Company has designed and developed the next generation technology for manufacturing of drum closures. It also manufactures all its gaskets and clamps and offers a full range of drum closure products to its clients. With patented technology, there has been substantial reduction in manufacturing costs, improvement in quality and this has helped catapult TIIL to the second largest global manufacturer of steel drum closures.

The Company is the second largest manufacturer of steel Drum Closures and continues to enjoy a worldwide market share of about 36% (excluding China). The Company produces a wide variety of closures and related equipment ranging from fully automatic flange insertion systems to cap-sealing tools. The Company caters to all leading steel drum manufacturing companies of the world. The Company is also expanding capacity for which two additional shed already constructed for drum closure division.

The company achieved the revenue from drum Closure segment only INR 28,90.208 million as compared to INR 26,10.572 million for previous year, which is increased by 9.60%. Profit before Tax and interest was increased substantially from previous year i.e. from INR 882.654 million to INR 987.837 million for this year which is improved by 11.92 % as compared to previous year. Almost 90.74% of revenue was generated from Export Sales & incentives.

SCAFFOLDINGS & FORMWORK

Scaffolding is a temporary structure used to support people and material in the construction industries, real estate and any other large structures. It is usually a modular system of metal pipes or tubes, although it can be from other materials also. The Company is a leading Indian manufacturer and distributor of scaffoldings and formwork systems. The Company exports ~80% of its scaffolding production to North America, South East Asia, Europe, Australia and Middle East. The Company has been supplying scaffoldings to global markets for over 20 years.

The Company has strategically located state-of-the-art manufacturing facilities with installed capacities of 36,000 MT and 25,000 MT in India and China, respectively. The Company is positioned as an end-to-end solution provider owing to its well-integrated manufacturing capability. The Company supplies its products to a diversified set of end markets including oil & gas, power, refineries, petrochemical, infrastructure and commercial construction.

The Company is present in the premium segment of Scaffolding business. Scaffolding segment is growing mainly on the back of the strong demand from the international infrastructure markets. TIIL’s Scaffolding segment comprises of Scaffolding, Formwork and Tower business. Its major revenues accrue from overseas markets.

The Company had launched MACH range of Scaffolding and Formworks solutions manufactured in India, especially for the Indian market. MACH is among the first of its kind engineered scaffolding and formwork system that is MADE IN INDIA and FOR INDIA. Through the MACH system, Technocraft brings to INDIA its decades of experience in providing world class scaffolding and formwork products to countries like USA, UK, Australia, Canada, Middle East etc.

FORMWORK BUSINESS

Formwork is the term given to either temporary or permanent molds into which concrete or similar materials are poured. Traditionally, formwork was built using easy to produce timber and plywood, or moisture-resistant particleboard. Over a period of time formwork is now made more of steels which are more durable and reusable.

Looking at Indian government’s focus on rapid infrastructural development across the country by constructing railways, roads, bridges, dams, airports, power plants and many more, construction is now growing at a fast pace. Contractors have started adapting newer technologies, faster systems, advanced concrete techniques and better and established management tools

Engineered Formwork Systems are built out of prefabricated modules with a metal frame - usually of steel or aluminum - and covered on the application (concrete) side with material having the wanted surface structure (steel, aluminum, plastic, timber, etc.)

TIIL has entered into manufacturing of sophisticated engineered Formwork systems for building, construction and infrastructure projects in India. TIIL has state-of-the-art manufacturing plant in India and is well placed to play a larger role in the construction growth in India and overseas, with a network of offices at Mumbai and overseas. The revenue of Scaffolding segment was increased during the Financial Year 2016-17 as compared to Financial Year 2015- 16. The revenue generated during the Financial Year 2016-17 was INR 3083.271 million as compared to INR 2949.293 million in Financial Year 2015-16. The profit from this segment was INR 344.934 million in Financial Year 2016-17 verses INR 330.054 million in Financial Year 2015-16, increased by 4.51%.

YARN

The Company produces variety of products ranging from NE 20 to NE 40, Carded and Combed varieties of Cotton Yarn. The Spinning mill is equipped with world-class Swiss, Japanese, German, Spanish equipment. Currently, TIIL exports 63% of products to Europe, Asia, Latin American countries etc.

The Company manufactures premium quality active wear products and provides superior service. Products are custom knit, dyed, finished, cut, sewn, decorated, packaged and distributed.

Being part of a diverse group, the Company has access to the latest trends in the European markets, thus enabling it to offer high quality products and latest fashions with Indian prices in a very short lead-time. During the Financial Year the revenue of Yarn Division was increased as compared to last Financial Year. Total revenue from the segment in the Financial Year 2016-17 was INR 25,78.183 million as compared to INR 19,41.760 million for previous year. However, this division generated loss before Interest and Tax of INR 60.773 million as compare to profit of INR 22.163 million of last year.

FABRIC/ GARMENTS

Changing lifestyles and increasing demand for quality products are set to fuel the need for apparel derives new growth in Garment Units.

During the Current Financial Year the revenue from the Garment Division was increased to INR 8,39.816 million as compared to previous year of INR 4,73.986 million, which is increased by 77.18 %. Further, this segment generated profit of INR 20.907 million as compare to loss of INR 30.141 million for previous year.

CAPTIVE POWER GENERATION

The Company has a coal based captive power generation plant of 15MW to cater to its power requirements, resulting into less dependence on state electricity board and surety of continuous power supply to all its divisions

During the current Financial Year the revenue from power division was reduced to INR 3,57.073 million as compared to previous year of INR 4,00.795 million and profit before tax and interest was reduced to INR 22.098 million against INR 71.716 million of previous year.

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 31.12.2017

(INR IN MILLION)

	Particulars	Quarter Ended		Nine Months ended
		31.12.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	Income from Operations
	a) Revenue from Operations	2607.129	2519.071	73012.224
	b) Other Income	26.558	142.055	319.313
Total Income from Operations (Net)		2633.687	2661.126	7620.537
Expenses
a)	Cost of Materials consumed	1424.738	1304.173	4111.707
b)	Purchase of Stock-in-trade	65.433	37.673	109.629
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(102.147)	42.518	(304.483)
d)	Excise Duty	0.000	0.000	35.850
e)	Employee benefit expenses	185.140	165.913	513.205
f)	Finance Costs	45.145	41.691	129.660
g)	Depreciation and amortization expense	58.040	51.285	157.436
h)	Other expenses	696.603	548.544	1804.503
Total Expenses		2372.952	2191.797	6557.507
Profit /(Loss) from ordinary activities before tax and exceptional items		260.735	469.329	1063.030
Exceptional Items		0.000	0.000	0.000
Profit /(Loss) before tax		260.735	469.329	1063.030
Tax Expenses
Current Tax		60.756	135.573	289.510
Deferred Tax		17.393	(21.552)	30.104
Net Profit /(Loss) for the Period		182.586	355.308	743.416
Other comprehensive income
Items that will not be reclassified to profit or loss
Other comprehensive expenses/ (expenses) net of tax		2.023	2.024	6.071
Total comprehensive income for the year after tax		184.609	357.332	749.4887
Paid up equity share capital (Face value INR 10/- per share)		263.000	263.000	263.000
Other equity
Earnings per share (EPS)
Basic and Diluted EPS for the period (not to be annualized) (IN INR)		6.94	13.51	28.27

Notes:

1. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on 14th February 2018. These results have been subjected to limited review by the Statutory auditors of the Company.

2. The Financial Results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act,2013 read with relevant rules of the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016.

3. The Company has opted to publish only Un-Audited Standalone Financial Results. The Company would be consolidating and presenting its Consolidated Financial Statements as at and for the year ended March 31, 2018.

4. Post the applicability of GST with effect from 1st July, 2017, revenue is required to be disclosed net of GST as per requirement of Ind AS 18 , Revenue". Accordingly, the revenue figures for the Quarter and Nine Months ended 31st December 2017 are not comparable with the Quarter and Nine Months ended 31st December 2016 and the year ended 31st March 2017.

5. The Board of Directors vide their meeting dated November 10, 2017 had approved buyback of equity shares of the Company and the Shareholders' approval was procured vide postal ballot, results of which were announced on December 29, 2017. The buyback is for up to 2800000 (Twenty Eight Lakhs) Equity Shares and the buyback price is INR 525/- per equity share. Further details are set out in the public announcement / Offer document available on the Company website.

6. Previous Years figures have been regrouped and reclassified wherever considered necessary.

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND SIX MONTHS ENDED 31.12.2017

Particulars	Quarter Ended		Nine Months ended
	31.12.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
Income from Operations
Drum Closures Division	770.907	767.582	2265.502
Scaffoldings Division	1141.452	1042.079	2838.348
Yarn Division	615.320	654.989	1895.623
Fabric Division	259.111	315.026	924.565
Power Division	108.158	115.460	369.968
Total	2894.948	2895.136	8293.006
Less: Inter Segment Revenue	287.819	376.065	991.782
Total Income from Operations	2607.129	2519.071	7301.224
Segment results
Drum Closures Division	122.424	269.065	588.158
Scaffoldings Division	166.869	241.853	514.998
Yarn Division	(14.666)	(48.411)	(77.932)
Fabric Division	(11.454)	5.566	(12.866)
Power Division	18.202	12.487	65.299
Total	281.375	480.560	1077.657
Less:
Financial cost	45.145	41.691	129.660
Other un-allocable expenditure net off un-allocable income	(24.506)	(30.460)	(115.034)
Profit before tax	260.736	469.329	1063.031
Segment assets
Drum Closures Division	1700.123	1800.585	1700.123
Scaffoldings Division	3090.211	3181.804	3090.211
Yarn Division	1851.145	1697.673	1851.145
Fabric Division	895.346	956.153	895.346
Power Division	309.509	314.297	309.509
Total Segment assets	7846.334	7950.512	7846.334
Unallocable Assets	4287.452	3884.480	4287.452
Total Assets	12133.786	11834.992	12133.786
Segment Liabilities
Drum Closures Division	429.113	445.7360	429.113
Scaffoldings Division	383.886	294.268	382.886
Yarn Division	172.170	67.745	172.170
Fabric Division	78.219	138.472	78.219
Power Division	56.463	58.450	56.463
Total Segment Liabilities	1118.851	1004.665	1118.851
Unallocable Liabilities	3881.511	3881.514	3881.511
Total Segment Liabilities	5000.362	4886.179	5000.362

CONTINGENT LIABILITIES:

Particulars	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Stand by Letter of Credit (SBLC) aggregating to Euro 17,50,000 ( 31st March 2016 Euro 17,50,000 ; 1st April 2015 Euro 17,50,000 ) and USD 14,50,000 (31st March 2016 USD 14,50,000; 1st April 2015 USD 14,50,000 )given to Banks on behalf of Technocraft Trading Spolka Z.O.O, Poland.	213.465	228.428
Stand by Letter of Credit (SBLC) aggregating to USD 30,00,000 ( 31st March 2016 USD 30,00,000 ; 1st April 2015 USD 30,00,000 ) given to Banks on behalf of Anhui Reliable Steel Technology Co.Ltd,China.	193.380	199.320
Corporate Guarantee aggregating to Pounds 25,00,000 (31^st March 2016 Pounds 25,00,000 ; 1st April 2015 25,00,000 ) given to Bank on behalf of Technocraft International Ltd, UK.	200.875	238.825
Stand by Letter of Credit (SBLC) aggregating to USD 8,00,000(31st March 2016 USD 4,00,000 ;1st April 2015 USD 4,00,000 ) given to Banks on behalf of Technosoft Engineering Inc. ,USA	51.568	56.576
Stand by Letter of Credit (SBLC) aggregating to USD 50,00,000 (31st March 2016 Nil ; 1st April 2015 Nil) given to Banks on behalf of AAIT/ Technocraft Scaffold Distribution LLC.	322.300	0.000
Bank Guarantee issued in favor of Suppliers , Customers & Other Statutory Authorities	43.513	30.654
Excise Duty Matters	## 1649.77	## 1,647.26
Service Tax Matters	## 220.66	## 318.98
Income Tax Matters	#116.69	#116.69
Labour Matters	12.382	8.596
Other Legal Matters	95.634	54.566
Warranty in relation to Tower Structures	Amount Unascertainable	Amount Unascertainable

Notes:

# amount already paid /adjusted by the Income Tax Department from the refund due but the matters are still under Litigation

## includes Penal Amount also.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

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 records 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 :	GYT
Analysis Done by :	PRY
Report Prepared by :	RUP

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.