MIRA INFORM REPORT

Report No. :	483908
Report Date :	03.01.2018

IDENTIFICATION DETAILS

Name :	KIMPLAS PIPING SYSTEMS LIMITED
Formerly Known As :	GEORGE FISCHER TRENION LIMITED
Registered Office :	B-20, MIDC, Ambad, Nashik – 422010, Maharashtra
Tel. No.:	91-253-6622701
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	08.02.1996
Com. Reg. No.:	11-097037
Capital Investment / Paid-up Capital :	INR 180.000 Million
CIN No.: [Company Identification No.]	U31909MH1996PLC097037
IEC No.:	0397006705
GSTIN :	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG3404H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in the business of manufacturing of electrofusion and compression fittings, valve and other propritary plastic components. [Registered Activity] Manufacturer, trader, exporter of electro fusion fittings, couplers, flanges, tapping saddles, bell and spigot joints, transition fittings, etc. [Confirmed by management]
No. of Employees :	350 (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 was established in the year 1996. It is a subsidiary of Trenton Investments Company Private Limited, India. It is a trader, manufacturer and exporter of electro fusion fittings, couplers, flanges, tapping saddles, bell and spigot joints, transition fitting, etc. As per the financial of 2017, the company has achieved a decent growth of 65.94% in its revenue as compared to the previous year’s revenue and has gained a satisfactory net profit margin of 11.79%. The company possesses healthy financial position marked by adequate net worth base along with low debt balance sheet profile and acceptable liquidity position. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	28.12.2016

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	28.12.2016

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 03.01.2018.

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 (GENERAL DETAILS)

Name :	Mr. Sandeep Joshi
Designation :	Accounts Department
Contact No.:	91-253-6622701
Date :	30.12.2017

LOCATIONS

Registered Office / Factory / Head Office :	B-20, MIDC, Ambad, Nashik-422010, Maharashtra, India
Tel. No.:	91-253-6622701/ 702
Fax No.:	91-253-6604710
E-Mail :	cs@kimplaspiping.net sales@kimplaspiping.net
Website :	www.kimplaspiping.net
Regional Office/ Branch Office 1:	301, Abhiman-II, 3^rd Floor, Teen Hath Naka, Naupada, Thane-400602, Maharashtra, India
Tel. No.:	91-22-25423448
Fax No.:	91-22-25423449/ 25366047
Other Regional Offices :	Also Located at: Noida Chennai Ahmedabad Indore

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Anirudh Krishenlal Khanna

Designation :

Whole time Director

Address :

Flat No.: 1303, Tower I Odyssey , Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

22.01.1983

Qualification:

Bachelor Degree in Business Studies and Applied Economics

Date of Appointment :

28.04.2011

PAN No.:

AAFPK5169F

DIN No.:

01135723

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65920MH1985PTC036142	TRENTON INVESTMENTS COMPANY PRIVATE LIMITED	20/09/2011	-
U67120MH1992PTC069962	SHISHILIN INVESTMENT PRIVATE LIMITED	05/01/2005	-
U67120MH1995PTC087176	AHURA AASHNA TRADING AND INVESTMENTS PRIVATE LIMITED	30/09/2003	-
U29268MH2009PTC191353	KIMPLAS ADVANCE WELDING SYSTEMS PRIVATE LIMITED	31/03/2009	-

Name :

Mr. Krishen Lal Khanna

Designation :

Whole time Director

Address :

Kadamb Van, Satpur – Ambad Link Road, Chunchule, Nashik – 422007, Maharashtra, India

Date of Birth/Age :

16.10.1940

Qualification:

B. Tech

Date of Appointment :

01.10.2011

PAN No.:

AAQPK7322M

DIN No.:

01135766

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74210MH1972PLC015661	SHREE GARUDA PLANT PRODUCTS LIMITED	30/11/2004	-
U74999MH1985PTC035665	ROLLAND SPRINKLERS (INDIA) PRIVATE LIMITED	19/03/1985	-
U65920MH1985PTC036142	TRENTON INVESTMENTS COMPANY PVT LTD	20/08/1993	-
U27310MH1993PTC072451	KNIK ENGINEERS PRIVATE LIMITED	30/09/2003	-
U29268MH2009PTC191353	KIMPLAS ADVANCE WELDING SYSTEMS PRIVATE LIMITED	29/09/2012	-

Name :

Ms. Neelanjana Rahul Banerjee

Designation :

Director

Address :

Kadambvan, Ambad Satpur, Link Road, Chunchale Nashik – 422012, Maharashtra, India

Date of Birth/Age :

14.06.1979

Qualification:

Master Degree

Date of Appointment :

29.08.2009

PAN No.:

AAFPK5168E

DIN No.:

01671983

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67120MH1992PTC069962	SHISHILIN INVESTMENT PRIVATE LIMITED	05/01/2005	-
U67120MH1995PTC087176	AHURA AASHNA TRADING AND INVESTMENTS PRIVATE LIMITED	30/11/2004	-

Name :

Mr. Anant Ramchandra Kshirsagar

Designation :

Director

Address :

61/891, Rama Govind, Priyadarshani Park, Behind Rane Nagar, CIDCO, Nashik-422009, Maharashtra, India

Date of Birth/Age :

11.09.1954

Qualification:

F.C.A.

Date of Appointment :

01.04.2013

PAN No.:

AHDPK8127E

DIN No.:

00189299

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01119TG2003PTC041897	GRANATE AGRO SERVICES PRIVATE LIMITED	30/11/2004	-
U29120MH1989PTC052079	TRUSTLENE PIPES PVT LTD	30/09/2003	-
U51103MH2001PTC133867	GRANATE IRRIGATION SYSTEMS PRIVATE LIMITED	30/11/2004	-
U29253MH2015PTC270967	SHALAKA COMPONENTS PRIVATE LIMITED	30/09/2016	-

Name :

Mr. Narayan Parshuram Shetkar

Designation :

Director

Address :

H-10/2:2, Sharayu CHS, Sector-29 Vashi, Navi Mumbai – 400705, Maharashtra, India

Date of Birth/Age :

17.05.1976

Qualification:

F.C.A.

Date of Appointment :

24.02.2015

PAN No.:

AOPPS3028H

DIN No.:

07029540

Name :

Mr. Vipin Narayanrao Ghate

Designation :

Director

Address :

B-604, 6th Floor, Padmvilas B Building, Baner Pashan Link Road, Pune – 411021, Maharashtra, India

Date of Birth/Age :

10.01.1961

Qualification:

Master Degree

Date of Appointment :

29.06.2016

PAN No.:

ABCPG2802K

DIN No.:

05117023

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74140PN2011PTC141527	TRANS INDIA BUSINESS SOLUTIONS PRIVATE LIMITED	02/12/2011	-

KEY EXECUTIVES

Name :	Mrs. Preeti Shriniwas Patki
Designation :	Chief Finance Officer
Address :	Chintamani Row House No.10, Patil Garden, Indira Nagar, Nashik – 422009, Maharashtra, India
Date of Birth/Age :	29.01.1968
Qualification:	F. I. C. W. A.
Date of Appointment :	23.09.2014
PAN No.:	ABIPP2392K
Name :	Mr. Sandip Kumar Mishra
Designation :	Company Secretary
Address :	Opposite S.D.C.C. Bank Manoharpur At and Po - Manoharpur Manoharpur 833104, Jharkhand, India
Date of Birth/Age :	01.03.1976
Date of Appointment :	21.05.2016
PAN No.:	ANEPM6789K
Name :	Mr. Sandeep Joshi
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Trenton Investments Company Private Limited, India	14359922
Shree Garuda Plant Products Limited, India	3640000
Preeti Patki	37
Girish Agnihotri	13
Ajay Lal	2
Akshay Rindani	13
Santosh Kumar	13
Total	18000000

AS ON 29.09.2017

Equity Share Break up	Percentage
Category
Promoters - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

• The Company is engaged in the business of manufacturing of electrofusion and compression fittings, valve and other propritary plastic components. [Registered Activity]

• Manufacturer, trader, exporter of electro fusion fittings, couplers, flanges, tapping saddles, bell and spigot joints, transition fittings, etc. [Confirmed by management]

Products / Services :

Item Code No. (ITC Code)	Product Description
39174000	Electro Fusion Fittings
84249000	Irrigation Product
39174000	Compression Product
84818049	Ball Valve

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• United Kingdom
• Nepal
• Sri Lanka
• Egypt

Imports :

Products :

Fittings

Countries :

• Haly
• Germany

Terms :

Selling :

L/C, Cheque and Credit (30 Days)

Purchasing :

L/C, Cheque and Credit (30 Days)

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 :

End Users and OEM’s

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

No. of Employees :

350 (Approximately)

Bankers :

Bank Name	Corporation Bank
Branch	Baitul Sharaf, 105 Hill Road, P.B. No. 16658, Bandra (West), Mumbai-400050, Maharashtra, India
Person Name (With Designation)	--
Contact Number	91-22-26550182 (Number is continuously ringing)
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)	--

• ICICI Bank Limited, ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390007, Gujarat, India

• DBS Bank Limited, 806, Anna Salai, Chennai-600002, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term loans	119.908	124.932
SHORT TERM BORROWINGS
Loans repayable on demand	170.140	199.132
Total	290.048	324.064

Financial Institutions :	Electronica Finance Limited, 128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud, Pune-411038, Maharashtra, India
Auditors :
Name :	Desai Associates Chartered Accountants
Address :	104-A, Anand Estate, 189-A Sane Guruji Marg, Mumbai-400011, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFD4921H
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Trenton Investments Company Private Limited, India CIN No.: U65920MH1985PTC036142
Associate Company:	Shree Garuda Plant Products Limited, India CIN No.: U74210MH1972PLC015661
Subsidiary Company:	Kimplas Limited UK, United Kingdom
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Kimplas Advance Welding Systems Private Limited, India CIN No.: U29268MH2009PTC191353 Trans India Business Solutions Private Limited, India CIN No.: U74140PN2011PTC141527

CAPITAL STRUCTURE

AS ON 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	INR 10/- each	INR 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	INR 10/- each	INR 180.000 Million

FINANCIAL DATA

[all figures are 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	180.000	180.000	180.000
(b) Reserves and Surplus	525.375	381.671	351.190
(c) Money received against share warrants	0.000	0.000	0.000
(d) Minority interest	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	705.375	561.671	531.190
(3) Non-Current Liabilities
(a) long-term borrowings	239.908	244.932	216.462
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	19.098	8.751	8.573
Total Non-current Liabilities (3)	259.006	253.683	225.035
(4) Current Liabilities
(a) Short-term borrowings	175.564	228.859	137.052
(b) Trade payables	164.593	163.596	180.284
(c) Other current liabilities	91.170	85.938	43.212
(d) Short-term provisions	14.059	8.383	1.844
Total Current Liabilities (4)	445.386	486.776	362.392
TOTAL	1409.767	1302.130	1118.617
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	758.137	716.943	625.470
(ii) Intangible Assets	14.184	14.848	13.120
(iii) Tangible assets capital work-in-progress	49.221	40.006	48.210
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.772	6.771	6.770
(c) Deferred tax assets (net)	33.273	44.685	44.685
(d) Long-term loans and advances	36.663	19.734	12.723
(e) Other Non-current assets	0.000	1.427	1.662
Total Non-Current Assets	898.250	844.414	752.640
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	143.256	120.288	123.189
(c) Trade receivables	293.020	270.610	204.451
(d) Cash and bank balances	27.941	19.075	18.117
(e) Short-term loans and advances	45.093	36.265	18.636
(f) Other current assets	2.207	11.478	1.584
Total Current Assets	511.517	457.716	365.977
TOTAL	1409.767	1302.130	1118.617

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	1218.372	734.239	616.824
	Other Income	27.629	26.163	2.963
	TOTAL	1246.001	760.402	619.787
Less	EXPENSES
	Cost of Materials Consumed	445.257	246.263	233.514
	Purchases of Stock-in-Trade	121.443	82.775	84.973
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.111)	10.193	(14.233)
	Employee benefit expense	182.564	137.662	113.728
	Other expenses	214.483	164.501	119.598
	TOTAL	953.636	641.394	537.580
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	292.365	119.008	82.207
Less	FINANCIAL EXPENSES	71.775	49.753	37.365
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	220.590	69.255	44.842
Less	DEPRECIATION/ AMORTISATION	62.589	38.043	29.386
	PROFIT/ (LOSS) BEFORE TAX	158.001	31.212	15.456
Less	TAX	14.297	0.731	(18.441)
	PROFIT/ (LOSS) AFTER TAX	143.704	30.481	33.897
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	180.352	159.757	118.992
	TOTAL EARNINGS	180.352	159.757	118.992
	IMPORTS
	Raw Materials	108.777	63.499	46.292
	Capital Goods	0.644	1.042	8.097
	TOTAL IMPORTS	109.421	64.541	54.389
	Earnings / (Loss) Per Share (INR)	7.98	1.69	1.88

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	40.142	34.642	16.253
Net cash flows from (used in) operations	267.516	53.455	61.815
Net cash flows from (used in) operating activities	244.257	52.725	61.815

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	87.78	134.52	120.98
Account Receivables Turnover (Income / Sunday Debtors)	4.16	2.71	3.02
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	106.01	181.48	206.61
Inventory Turnover (Operating Income / Inventories)	2.04	0.99	0.67
Asset Turnover (Operating Income / Net Fixed Assets)	0.36	0.15	0.12

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.51	0.59	0.53
Debt Equity Ratio (Total Liability / Networth)	0.65	0.91	0.70
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.63	0.87	0.68
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.16	1.37	1.29
Interest Coverage Ratio (PBIT / Financial Charges)	4.07	2.39	2.20

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	11.79	4.15	5.50
Return on Total Assets ((PAT / Total Assets) * 100)	%	10.19	2.34	3.03
Return on Investment (ROI) ((PAT / Networth) * 100)	%	20.37	5.43	6.38

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.15	0.94	1.01
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.83	0.69	0.67
G-Score Ratio Financial (Networth / Total Assets)	0.50	0.43	0.47
G-Score Ratio Debt (Debts / Equity Capital)	2.53	2.82	2.05
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.15	0.94	1.01

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

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	180.000	180.000	180.000
Reserves & Surplus	351.190	381.671	525.375
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	531.190	561.671	705.375
Long-term borrowings	216.462	244.932	239.908
Short term borrowings	137.052	228.859	175.564
Current maturities of long-term debts	16.253	34.642	40.142
Total borrowings	369.767	508.433	455.614
Debt/Equity ratio	0.696	0.905	0.646

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	616.824	734.239	1218.372
		19.035	65.937

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	616.824	734.239	1218.372
Profit/ (Loss)	33.897	30.481	143.704
	5.50%	4.15%	11.79%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	180.000	180.000
(b) Reserves and Surplus	525.067	371.064
(c) Money received against share warrants	0.000	0.000
(d) Minority interest	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds	705.067	551.064
(3) Non-Current Liabilities
(a) long-term borrowings	239.909	244.932
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long-term liabilities	0.000	0.000
(d) long-term provisions	19.098	8.751
Total Non-current Liabilities	259.007	253.683
(4) Current Liabilities
(a) Short-term borrowings	175.564	228.859
(b) Trade payables	171.519	165.988
(c) Other current liabilities	91.170	85.938
(d) Short-term provisions	14.059	8.383
Total Current Liabilities	452.312	489.168
TOTAL	1416.386	1293.915
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	758.269	717.262
(ii) Intangible Assets	14.184	14.848
(iii) Tangible assets capital work-in-progress	49.221	40.006
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.031	0.030
(c) Deferred tax assets (net)	33.273	44.685
(d) Long-term loans and advances	36.663	19.734
(e) Other Non-current assets	0.000	1.427
Total Non-Current Assets	891.641	837.992
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	177.582	155.047
(c) Trade receivables	267.199	226.044
(d) Cash and bank balances	32.666	27.089
(e) Short-term loans and advances	45.092	36.265
(f) Other current assets	2.206	11.478
Total Current Assets	524.745	455.923
TOTAL	1416.386	1293.915

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Total Revenue from operations	1250.196	892.103
	Other Income	27.629	26.163
	TOTAL	1277.825	918.266
Less	EXPENSES
	Cost of Materials Consumed	444.842	383.194
	Purchases of Stock-in-Trade	121.443	82.776
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.111)	10.193
	Employee benefit expense	196.484	155.077
	Other expenses	219.881	170.725
	TOTAL	972.539	801.965
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	305.286	116.301
Less	FINANCIAL EXPENSES	71.871	49.867
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	233.415	66.434
Less	DEPRECIATION/ AMORTISATION	62.741	38.261
	PROFIT/ (LOSS) BEFORE TAX	170.674	28.173
Less	TAX	15.318	0.731
	PROFIT/ (LOSS) AFTER TAX	155.356	27.442
	Earnings / (Loss) Per Share (INR)	8.63	1.52

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL HIGHLIGHTS

During the year, the Company’s Turnover was INR 1218.400 million as compared to INR 734.200 million for the previous year.

The Company made Profit Before Tax of INR 158.000 million as compared to INR 31.200 million in the previous year. The Profit After Tax was INR 143.700 million as compared to INR 30.500 million in the previous year reflecting a growth of 371.15%.

The Company’s Products for Drinking Water Segment are showing high growth rate due to Government’s initiatives for providing Tap Drinking Water to habitations in the rural and urban sectors. The Company has been able to meet the increased demand due toplant expansions carried out in the previous year.

The Company anticipates sustained growth due to buoyant market conditions.

UNSECURED LOANS:

PARTICULAR	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
Bonds/debentures	120.000	120.000
Short-term borrowings
Other loans and advances	5.424	29.727
Total	125.424	149.727

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G62923156	100134543	Corporation Bank	13/10/2017	-	78000000.0	Overseas Branch G Block, BKC Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
2	G35633874	100077114	Electronica Finance Limited	04/02/2017	-	4065187.0	128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud, Pune-411038, Maharashtra, India
3	G39424742	100086098	ICICI Bank Limited	18/01/2017	-	6200000.0	ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390007, Gujarat, India
4	G40724353	100089108	ICICI Bank Limited	20/08/2016	-	3425000.0	ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390007, Gujarat, India
5	G45009313	100039522	DBS Bank Limited	29/06/2016	22/05/2017	13000000.0	806, Anna Salai, Chennai-600002, Tamilnadu, India
6	G05205844	100031346	Electronica Finance Limited	30/04/2016	-	8071501.0	128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud, Pune-411038, Maharashtra, India
7	C77319499	10616558	Electronica Finance Limited	19/01/2016	-	27021277.0	128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud, Pune-411038, Maharashtra, India
8	C73958084	10609085	Electronica Finance Limited	22/12/2015	-	9216601.0	128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud, Pune-411038, Maharashtra, India
9	C71517023	10604914	Electronica Finance Limited	18/11/2015	-	9461725.0	128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud, Pune-411038, Maharashtra, India
10	B60294204	10382088	Tata Capital Financial Services Limited	28/08/2012	-	32500000.0	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	0.743	0.975
Guarantees	41.175	40.751
Other money for which company is contingently liable	31.128	3.234
Total	73.046	44.960

FIXED ASSETS:

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible assets

• Goodwill
• Computer software

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 63.67
UK Pound	1	INR 86.11
Euro	1	INR 76.59

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	NYT
Report Prepared by :	BHG

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--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.