MIRA INFORM REPORT

Report No. :	491452
Report Date :	10.02.2018

IDENTIFICATION DETAILS

Name :	ARO GRANITE INDUSTRIES LIMITED
Registered Office :	1001, 10th Floor, DLF Tower, A Jasola, New Delhi – 110025
Tel. No.:	91-11-41686169
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	03.05.1988
Com. Reg. No.:	55-031510
Capital Investment / Paid-up Capital :	INR 153.000 Million
CIN No.: [Company Identification No.]	L74899DL1988PLC031510
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEA11854D
GSTIN :	Not Divulged
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufactures and processes polished / flamed granite tiles and slabs. [Registered Activity]
No. of Employees :	139 (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

Maximum Credit Limit :	USD 4000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1988 and it is engaged in processing of granite tiles and slabs. As per the financials of March 2017, the company has registered growth of 10.70% in its revenue as compared to previous year revenue and has reported good profit margin of 5.29% during the year under review. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with strong debt coverage indicators and good liquidity position. Rating also derives strength from the company’s established customer relationship, geographically well-diversified customer profile and comfortable capital structure. Share price are quoted high on stock exchange (Share price of INR 67.80 with face value of INR 10). However, rating strength is partially offset by working capital intensive operation, exchange fluctuation risk and intense competition in the granite industry and non-availability to adequate raw material. As per unaudited quarterly financials December 2017, the company has achieved revenue of INR 457.300 Million and reported profit margin of 0.31%. Payments are reported to be regular. In view of aforesaid, the company can be considered for good 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 (30.06.2017)	Current Rating (30.09.2017)
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

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 10.02.2018.

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.

LOCATIONS

Registered Office :	1001, 10th Floor, DLF Tower, A Jasola, New Delhi – 110025, India
Tel. No.:	91-11-41686169
Fax No.:	91-11-26941984
E-Mail :	investorgrievence@arotile.com arodelhi@arotile.com
Website :	www.arotile.com
Corporate Office / Works :	Koneripalli Village, Via: Shoolagiri, Taluk: Hosur – 635117, Tamilnadu, India
Tel. No.:	91-4344-252100
Fax No.:	91-4344-252217

DIRECTORS

As on 31.03.2017

Name :	Mr. Sunil Kumar Arora
Designation :	Managing Director
Address :	695, 6th 'A' Cross, 3rd Block, Koramangala, Bangalore – 560034, Karnataka, India
Date of Appointment :	03.05.1988
DIN No.:	00150668
Name :	Mr. Dinesh Chandra Kothari
Designation :	Director
Address :	M-227, Greater Kailash – II, New Delhi – 110048, India
Date of Appointment :	07.06.2005
DIN No.:	00195609
Name :	Mr. Rahul Gupta
Designation :	Director
Address :	House No.42, Sector-21B Faridabad – 121001, Haryana, India
Date of Appointment :	24.01.2009
DIN No.:	00024732
Name :	Mr. Sujata Arora
Designation :	Director
Address :	695 6th 'A' Cross, 3rd Block, Koramangala, Bangalore – 560034, Karnataka, India
Date of Appointment :	22.03.2006
DIN No.:	00112866
Name :	Mr. Kuthyaru Raghavendra Acharya
Designation :	Director
Address :	H.No.376 Samriddhi 1st Cross 2nd Block BDA Layout J. P. Nagar, 8th Phase, Bangalore – 560076, Karnataka, India
Date of Appointment :	31.10.2014
DIN No.:	06923476
Name :	Vanita Sood
Designation :	Director
Address :	A 403, Salarpuria Splendour No. 20, N R Colony, Airport Road, Opp Ke Mp Fort Bangalore – 560017, Karnataka, India
Date of Appointment :	31.10.2014
DIN No.:	06926832
Name :	Mr. Kanwaljit Singh
Designation :	Director
Address :	SY-2, Sukhmani, Ramagondanahalli PO Palm Meadows Lane, Bangalore – 560066, Karnataka, India
Date of Appointment :	25.04.2015
DIN No.:	01388140
Name :	Mr. Sahil Arora
Designation :	Wholetime Director
Address :	695, 6th A Cross, 3rd Block, Koramangala, Bangalore – 560034, Karnataka, India
Date of Appointment :	28.01.2017
DIN No.:	07970622

KEY EXECUTIVES

Name :	Mr. Sabyasachi Panigrahi
Designation :	Company Secretary
Address :	02 / 502 East End Apartment, Mayur Vihar, Phase –I Extension, Delhi – 110096, India
Date of Appointment :	16.08.1997
PAN No.:	AECPP5723P
Name :	Sundararajan
Designation :	Chief Financial Officer (KMP)
Address :	Plot No 62, AVS Residency Motham, Hosur – 635126, Tamilnadu, India
Date of Appointment :	18.07.2015
PAN No.:	BARPS2496G

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 (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	62,82,856	41.06
(B) Public	90,17,144	58.94
Grand Total	1,53,00,000	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 (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	62,82,856	41.06
Sunil K Arora	48,87,540	31.94
Sujata Arora	5,98,572	3.91
Aman Arora	33	0.00
Geeti Arora	1,350	0.01
Ravi Kumar Arora	1,383	0.01
Sahil Arora	3,03,688	1.98
Shivani Agarwal	3,03,687	1.98
Sudershan Arora	1,86,603	1.22
Sub Total A1	62,82,856	41.06
A2) Foreign		0.00
A=A1+A2	62,82,856	41.06

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Foreign Portfolio Investors	309904	2.03
Amrit India Value Fund Limited	271103	1.77
Financial Institutions/ Banks	13830	0.09
Sub Total B1	323734	2.12
B2) Central Government/ State Government(s)/ President of India	0	0.00
Central Government/ State Government(s)/ President of India	86173	0.56
Sub Total B2	86173	0.56
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	3382657	22.11
Individual share capital in excess of INR 0.200 Million	2739987	17.91
Dilipkumar Lakhi	1305658	8.53
Bharat Pitti	364906	2.39
Subramanian P	197635	1.29
Any Other (specify)	2484593	16.24
Archit Exim Private Limited	219322	1.43
Surefin Financial Consultants Private Limited	290338	1.90
Winfin Financial Consultants Private Limited	426794	2.79
MEENAZ KASSAM	167143	1.09
Sub Total B3	8607237	56.26
B=B1+B2+B3	9017144	58.94

BUSINESS DETAILS

Line of Business :

Manufactures and processes polished / flamed granite tiles and slabs. [Registered Activity]

Products :

Name and Description of main products / services	NIC Code of the Product/service
Granite Tiles & Slabs	680233

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

139 (Approximately)

Bankers :

• Bank of Baroda
• The Hong Kong and Shanghai Banking Corporation Limited

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
External Commercial Borrowing From Bank of Baroda DIFC Dubai Terms of Repayment- Half Yearly	106.568	150.023
SHORT TERM BORROWING
Loans repayable on demand
BOB CC Account	15.843	16.687
Packing Credit From BOB	755.328	748.843
Foreign Bill Discounted from BOB	104.553	111.720
Packing Credit From HSBC	0.000	86.318
Buyers Credit Through HSBC Loan Account	0.000	8.467
External Commercial Borrowing From Bank of Baroda DIFC Dubai	35.523	31.440
Total	1017.815	1153.498

Auditors :
Name 1 :	Alok Mittal and Associates Chartered Accountants
Address :	New Delhi, India
Name 2 :	Sreekanrha and Company Chartered Accountants
Address :	Hosur, Bangalore, Karnataka, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
19600000	Equity Shares	INR 10/- each	INR 196.000 Million
40000	10% Convertible Cumulative Preference Shares	INR 100/- each	INR 4.000 Million
	Total		INR 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15300000	Equity Shares	INR 10/- each	INR 153.000 Million

Disclosure pursuant to Note no. 1 of Part I of Schedule III to the Companies Act, 2013 (Following disclosure should bemade for each class of Shares)

Particulars	31.03.2017
	Number	INR In Million
Shares outstanding at the beginning of the year	15300000	153.000
Shares Issued during the year	--	--
Shares bought back during the year	--	--
Shares outstanding at the end of the year	15300000	153.000

Shares in the company held by shareholders holding more than 5% of Shares

Particulars	Figures as at the end of current reporting period
	Number	% of Holding
Sunil Kumar Arora	4869315	31.83
Dilip Kumar Lakhi	1164888	7.61

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	153.000	153.000	153.000
(b) Reserves & Surplus	1541.742	1433.596	1393.914
(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)	1694.742	1586.596	1546.914
(3) Non-Current Liabilities
(a) long-term borrowings	106.568	150.023	101.559
(b) Deferred tax liabilities (Net)	75.549	77.575	86.373
(c) Other long term liabilities	2.852	4.067	0.897
(d) long-term provisions	18.062	15.286	13.070
Total Non-current Liabilities (3)	203.031	246.951	201.899
(4) Current Liabilities
(a) Short term borrowings	911.247	1003.475	1087.688
(b) Trade payables	161.638	176.383	186.911
(c) Other current liabilities	79.098	50.965	42.042
(d) Short-term provisions	33.225	28.145	32.522
Total Current Liabilities (4)	1185.208	1258.968	1349.163
TOTAL	3082.981	3092.515	3097.976
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	905.610	725.535	736.862
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	24.630	206.610	69.663
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	25.269	21.894	13.817
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	955.509	954.039	820.342
(2) Current assets
(a) Current investments	0.187	0.187	0.187
(b) Inventories	1123.535	1106.037	1121.530
(c) Trade receivables	822.693	808.110	846.029
(d) Cash and cash equivalents	56.114	116.433	202.707
(e) Short-term loans and advances	38.052	33.521	36.720
(f) Other current assets	86.891	74.188	70.461
Total Current Assets	2127.472	2138.476	2277.634
TOTAL	3082.981	3092.515	3097.976

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2017	31.03.2016	31.03.2015
	SALES
			Income	2386.518	2155.884	2547.797
			Other Income	13.325	11.765	53.055
			TOTAL	2399.843	2167.649	2600.852
Less	EXPENSES
			Cost of Materials Consumed	1552.455	1339.125	1637.634
			Purchase of Stock-in-trade	20.760	31.926	14.464
			Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(125.886)	(52.069)	(66.177)
			Employee Benefits Expenses	146.395	129.769	136.185
			Other Expenses	499.348	507.689	540.690
			TOTAL	2093.072	1956.440	2262.796
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			306.771	211.209	338.056
Less	FINANCIAL EXPENSES			51.982	52.177	62.544
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			254.789	159.032	275.512
Less	DEPRECIATION/ AMORTISATION			90.955	91.209	85.875
	PROFIT/(LOSS) BEFORE TAX			163.834	67.823	189.637
Less	TAX			37.603	9.208	22.751
	PROFIT/(LOSS) AFTER TAX			126.231	58.615	166.886
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports		2275.395	2019.642	2417.348
	TOTAL EARNINGS			2275.395	2019.642	2417.348
	IMPORTS
		Raw Materials		107.327	184.548	451.944
		Stores & Spares		36.112	1.115	27.813
		Capital Goods		11.221	70.714	5.464
	TOTAL IMPORTS			154.660	256.377	485.221
	Earnings / (Loss) Per Share (INR)			8.25	3.83	10.91

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	197.390	223.466	49.645
Net cash flows from (used in) operations	159.594	210.225	2.485

QUARTERLY RESULTS

Particulars	30.06.2017 Unaudited	30.09.2017 Unaudited	31.12.2017 Unaudited
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net sales	552.490	505.570	457.310
Total Expenditure	525.480	475.580	424.320
PBIDT (Excluding Other Income)	27.010	29.990	32.990
Other income	7.480	1.910	1.510
Operating Profit	34.490	31.900	34.500
Interest	8.170	9.050	10.070
Exceptional Items	NA	NA	NA
PBDT	26.320	22.850	24.430
Depreciation	21.500	21.670	22.390
Profit Before Tax	4.830	1.180	2.040
Tax	1.750	(2.550)	0.640
Provisions and contingencies	NA	NA	NA
Profit after tax	3.080	3.730	1.400
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	3.080	3.730	1.400

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	125.82	136.82	121.20
Account Receivables Turnover (Income / Sundry Debtors)	2.90	2.67	3.01
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	37.50	46.96	41.29
Inventory Turnover (Operating Income / Inventories)	0.27	0.19	0.30
Asset Turnover (Operating Income / Net Fixed Assets)	0.33	0.23	0.42

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.42	0.46	0.47
Debt Equity Ratio (Total Liability / Networth)	0.60	0.73	0.77
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.70	0.79	0.87
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.55	0.59	0.52
Interest Coverage Ratio (PBIT / Financial Charges)	5.90	4.05	5.41

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	5.29	2.72	6.55
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.09	1.90	5.39
Return on Investment (ROI) ((PAT / Networth) * 100)	%	7.45	3.69	10.79

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.80	1.70	1.69
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.85	0.82	0.86
G-Score Ratio Financial (Networth / Total Assets)	0.55	0.51	0.50
G-Score Ratio Debt (Debts / Equity Capital)	6.65	7.54	7.77
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.80	1.70	1.69

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

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 67.80/-

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	153.000	153.000	153.000
Reserves & Surplus	1393.914	1433.596	1541.742
Net worth	1546.914	1586.596	1694.742
long-term borrowings	101.559	150.023	106.568
Short term borrowings	1087.688	1003.475	911.247
Total borrowings	1189.247	1153.498	1017.815
Debt/Equity ratio	0.769	0.727	0.601

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	2547.797	2155.884	2386.518
		(15.382)	10.698

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	2547.797	2155.884	2386.518
Profit	166.886	58.615	126.231
	6.55%	2.72%	5.29%

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	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	No
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	Litigations that the firm/promoter involved in	--
32	Market information	--
33	Payments terms	No
34	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGE:

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G45970480	100102953	Bank of Baroda	17/05/2017	-	-	1432500000.0	International Business Branch,16, Parliament Street,New DelhiDL110001IN
2	G09758095	100045224	Bank of Baroda	03/08/2016	-	-	50000000.0	International Business Branch,16, Parliament Street,New DelhiDL110001IN
3	C53711610	10557620	Bank of Baroda	20/03/2015	07/05/2015	-	172500000.0	International Business Branch,16, Parliament Street,New DelhiDL110001IN
4	C53710158	90064178	Bank of Baroda	13/10/2000	07/05/2015	-	1210000000.0	International Business Branch,16, Parliament Street,New DelhiDL110001IN
5	G11898913	10351337	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	26/04/2012	07/05/2015	15/09/2016	522000000.0	NO 7, M G ROADBANGALOREKA560001IN
6	G11900057	10060644	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	26/07/2007	02/09/2014	15/09/2016	522000000.0	NO 7M G ROADBANGALOREKA560001IN
7	G11897261	10537953	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	23/12/2014	-	15/09/2016	85828400.0	NO 7, M G ROADBANGALOREKA560001IN
8	G11898582	10537748	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	23/12/2014	-	15/09/2016	80821000.0	NO 7, M G ROADBANGALOREKA560001IN
9	G11896693	10567857	The Hongkong and Shanghai Banking Corporation Limited	07/05/2015	-	15/09/2016	522000000.0	NO 7, MAHATMA GANDHI ROADBANGALOREKA560001IN
10	C45931136	10325844	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	04/01/2012	13/11/2013	09/03/2015	220400000.0	NO 7M G ROADBANGALOREKA560001IN
11	B77861839	10306382	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	16/09/2011	-	30/05/2013	430000000.0	NO 7,MAHATMA GANDHI ROADBANGALOREBANGALOREKA560001IN
12	B77861078	10270608	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	26/02/2011	-	30/05/2013	23000000.0	NO 7,MAHATMA GANDHI ROADBANGALOREBANGALOREKA560001IN
13	B73866329	10027602	ICICI Bank Ltd.	12/08/2006	05/11/2012	18/04/2013	240000000.0	Offshore Banking Unit, Plot No. 8,Block-II, Seepz Special Zone, Andheri (East)MumbaiMH400096IN
14	A25944646	10015838	ICICI Bank	25/07/2006	29/03/2007	22/10/2007	140000000.0	Land Mark, Race Course CircleAlkapuri,BarodaGJ390015IN
15	A21059803	80034793	ICICI Bank	22/09/2000	19/07/2004	17/08/2007	90000000.0	ICICI Tower, NBCC PlaceBhisham Pitamah Marg, Pragati ViharNew DelhiDL110003IN
16	A02924579	80008273	ING VYSYA BANK LIMITED	07/04/2005	29/11/2005	28/07/2006	186300000.0	G 35CONNAUGHT PLACENEW DELHIDL110001IN

WORKING RESULTS

FY 2016-17 was a challenging year for natural stone industry. In spite of many difficulties it has turned out to be a reasonably good year. They were successful in improving the profitability of their business after a particularly challenging FY2015-16. Their display warehouse got fully operational during the year which was instrumental for us to remain profitable. Their volume fell by 4.17% to 6.2 lakh Sqm but their revenue increased by 10.70% to Rs. 238.00 Crores, indicating a better product mix. In the Slab segment their revenues increased by 15.40% to Rs 202.00 Crores during the year. The tiles segment though remained challenging during the year and the revenue dropped by 10.40% to Rs 36.00 Cores. Their warehouse has given us a competitive edge over their competitors. It helped us increasing their products under display and in a way it has become their USP. During the year they started their CUT-TO-SIZE segment by installing 2 CNC bridge cutting machines. They participated in international bids for many real estate commercial projects and successfully generated business for this division. As a conscious strategy they are gradually ramping up their production so that their team gets used to delivering the right quality product on time. They are very optimistic about this segment and over the next 2 years aim to scale it to 15-20% of their overall business. The margins in this segment are much higher and over time this will help us improve their overall margins.

They took various steps for cost optimization and one such initiative was to reduce their power cost. Their regular power requirement is 5 MWh. Earlier they were buying the entire power from TNEB at prescribed tariffs. Now they have signed a contract for wind power supply with a private party under the open access scheme. They are hopeful that this new arrangement is likely to save us Rs.10-11 lakhs a month for 11 months of the year. For the month of April alone they must draw power from TNEB. Domestic sales are 8% of their revenue.

MANAGEMENT DISCUSSION AND ANALYSIS

Economy

Globally the world economy has recovered with long awaited cyclical recovery in investment, manufacturing and trade. Advanced economies gained momentum in second half of 2016 with increased investments in manufacturing and trade that were very weak in the preceding years. Rebound in commodity prices have also lifted inflation level up and reduced the risk of deflation in advanced economies. In FY 2017 world economy is expected to increase by 3.5% as compare to 3.1% increase in FY2016. Global GDP is further expected to grow by 3.6% in FY2018.

Indian economy in first half of 2017 was on its growth path; sentiments were improving on the back of good monsoon and increased investments. GDP grew by 7.1% in first half making India fastest growing economy in world. In November 2016, govt demonetised more than 85% of currency in circulation. Consumption and demand activities were hampered in second half of the year which eventually reduce investment activities and slowed down GDP growth. India GDP is expected to grow by 6.8% in FY17.

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST DECEMBER 2017

(INR In Million)

Particulars	Quarter Ended		Nine Months Ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
INCOME FROM OPERATIONS
Net Sales	457.310	505.565	1515.369
Other Income	1.509	1.913	10.899
Total Revenue	458.819	507.478	1526.268
EXPENSES
Cost of materials consumed	319.776	370.004	1044.176
Purchase of Stock in Trade	9.813	8.469	22.074
Changes in inventories of finished goods and work-in-progress	(42.826)	(47.525)	(85.674)
Employee benefits expense	38.821	35.520	108.714
Finance Costs	10.074	9.049	27.290
Depreciation and Amortization expenses	22.392	21.672	65.568
Other Expenditure	98.732	109.113	336.079
Total Expenses	456.782	506.302	1518.227
Profit before exceptional items and tax	2.037	1.176	8.041
Exceptional Items	--	--	--
Profit before tax	2.037	1.176	8.041
Tax Expenses
Current Tax	0.209	0.523	2.938
Deferred Tax	0.429	(3.074)	(3.105)
Profit/(Loss) for the period	1.399	3.727	8.208
Other Comprehensive Income for the period
a) Items that will not be classified to Profit or Loss	2.08	4.84	6.93
b) Items that will not be classified to Profit or Loss	0.34	1.60	1.94
Total Comprehensive Income for the period	1.641	4.051	9.095
Earning Per Share
Basic	0.11	0.26	0.59
Diluted	0.11	0.26	0.59

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particulars		30.09.2017
	Particulars
A	ASSET
1	Non-current Asset
	a) Property, plant and equipment	879.318
	b) Capital work-in-progress	103.597
	c) Investment properties	0.000
	d) Financial Assets
	Other financial assets	22.133
	e) Other non-current assets	2.081
	Total Non-current Asset	1007.129
2	Current Asset
	(a) Inventories	1083.781
	(b) Financial Assets
	i) Investment	0.671
	ii) Trade receivable	749.965
	iii) Cash and cash equivalents	0.519
	iv) Bank balance other than (iii) above	106.664
	v) Loans	1.363
	vi) Other financial assets	113.301
	(c) Other Current Assets	0.000
	Total Current Assets	2056.264
	Total Assets	3063.393
B	Equity and Liabilities
1.	Equity
	a) Equity
	Equity Share Capital	153.000
	b) Other Equity	1548.876
	Total Equity	1701.876
2	Liabilities
	Non-current liabilities
	(a) Financial liabilities
	i) Borrowings	90.468
	ii) Other financial liabilities	0.000
	(b) Provision	17.853
	(c) Deferred Tax Liabilities	72.176
	(d) Other non-current assets	0.000
	Total Non-current assets	180.497
	Current liabilities
	a) Financial Liabilities
	Borrowings	889.860
	i) Trade Payables	223.422
	ii) Other Financial Liabilities	25.907
	Other Liabilities	41.831
	b) Provisions	0.000
	Total Current Liabilities	1181.020
	Total Liabilities	1361.517
	Total Equity and Liabilities	3063.393

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Furniture and Fixture

· Electric Equipment

· Office Equipment

· Vehicles

· Canteen Equipment

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 64.37
UK Pound	1	INR 89.71
Euro	1	INR 78.89

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	JYO

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	NO
--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.