MIRA INFORM REPORT

Report No. :	486210
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	ALLIED NIPPON LIMITED
Registered Office :	1006, Akashdeep Building, 26/A, Barakhamba Road, New Delhi - 110001
Tel. No.:	91-11-23753575 - 76
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	10.03.1988
Com. Reg. No.:	55-030910
Capital Investment / Paid-up Capital :	INR 55.868 Million
CIN No.: [Company Identification No.]	U34300DL1988PLC030910
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACA0494M
GSTIN :	09AAACA0494M1ZH
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject is engaged in the Production of Friction Materials for the Automotive Industry. It provides Brake Shoes, Brake Pads, and Brake Linings.  (Registered activity)
No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

A+

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

Maximum Credit Limit :	USD 3300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1988. The company manufacturers friction materials for automotive applications and the railways. As per the financial of 2017, the company has achieved 6.14% growth in its revenue as compared to the previous year’s revenue and has earned an average net profit margin of 5.54%. Rating takes into consideration the sound financial profile of the company is marked by healthy net worth base along with strong debt coverage indicators due to low debt balance sheet profile and satisfactory liquidity position. Rating takes into consideration the company’s favourable Earnings Per Share (EPS) of INR 30.03 as against its Face Value (FV) of INR 10. Business is active. Payments are reported to be regular. 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 Loans = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	26.10.2016

Rating Agency Name	CRISIL
Rating	Short Term Loans = A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	26.10.2016

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 13.01.2018

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.

LOCATIONS

Registered Office :	1006, Akashdeep Building, 26/A, Barakhamba Road, New Delhi - 110001, India
Tel. No.:	91-11-23753575 / 76
Mobile No.:	91-9811088771
Fax No.:	91-11-26428043
E-Mail :	customercare@alliednippon.com cs@alliednippon.com revatitalwar@gmail.com intertrade@bol.net.in
Website :	http://www.alliednippon.com
Corporate Office :	A-12, Site IV, Industrial Area, Sahibabad, District Ghaziabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-4539600 / 700
Fax No.:	91-120-2896685
E-Mail :	ibd@alliednippon.com info@alliednippon.com
Factory :	Plot No. 43, 44, 45 Industrial Area, Sector No. 05, Parwanoo, District Solan - 173220, Himachal Pradesh, India
E-Mail :	anlpwn@alliednippon.com
Tel. No.:	91-1792-235458
Overseas Branch :	Located at : Asia Africa CIS Countries Europe Middle East North America South America

DIRECTORS

As on 31.03.2017

Name :

Mr. Prakash Lal Kapur

Designation :

Director

Address :

C-1/5 Safdarjung, Development Area, New Delhi – 110016, India

Date of Birth/Age :

18.03.1949

Qualification :

Chartered Accountant

Date of Appointment :

01.09.2001

PAN No.:

AAJPK1239L

DIN No.:

00005793

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999DL2017PTC312549	NIDRA HOSPITALITY MANAGEMENT SERVICES PRIVATE LIMITED	08/02/2017	-
U55204DL2017PTC327774	IHHR HOSPITALITY (JAIPUR) PRIVATE LIMITED	29/12/2017	-
U55101DL2012PTC230225	BEACH HOSPITALITY PRIVATE LIMITED	19/01/2012	-
U55101DL2012PTC229852	BEACH HOLIDAY HOMES PRIVATE LIMITED	12/01/2012	-
U93000DL2014PTC266583	ALPHACORP DESIGN STUDIOS PRIVATE LIMITED	20/03/2014	-
U55101DL2012PTC229659	COAST BEACH RESORTS PRIVATE LIMITED	05/01/2012	-
U55101DL2013PTC261804	RIVERSIDE HOSPITALITY PRIVATE LIMITED	09/12/2013	-
U55101DL2013PTC261116	BLUE SKY RESORTS PRIVATE LIMITED	27/11/2013	-
U74899DL1934PTC000349	THE BRITISH MOTOR CAR COMPANY (1934) PRIVATE LIMITED	20/07/2001	-
U55101DL1996PTC082989	C & C HOSPITALITY (ALLAHABAD) PRIVATE LIMITED	25/05/2011	-
U72200DL1997PTC089388	SDG SOFTWARE INDIA PRIVATE LIMITED	06/11/1997	-
U72900DL2004PTC125005	VOXIVA INDIA PRIVATE LIMITED	05/03/2004	-
U36109DL2004PTC126715	ECODUR WINDOORS PRIVATE LIMITED	30/11/2009	-
U55100DL2005PTC132527	C & C RESORTS & HOTELS PRIVATE LIMITED	30/06/2007	-
U55101DL2005PTC135721	IHHR HOSPITALITY (ANDHRA) PRIVATE LIMITED	26/09/2016	-
U45201DL2005PTC140138	ACORN BUILDTECH PRIVATE LIMITED	30/08/2005	-
U63040DL2001PTC110107	ADVENTURE RESORTS AND CRUISES PRIVATE LIMITED	30/09/2016	-
U80300DL2007PTC165742	COPPER BEECH INFRASTRUCTURE PRIVATE LIMITED	13/12/2012	-
U85100DL2008PTC177375	ALPHA HEALTHSCIENCES PRIVATE LIMITED	29/04/2008	-
U74140DL2009PTC188450	AEROSPACE ONE CONSULTANTS PRIVATE LIMITED	16/03/2009	-
U70102DL2010PTC201385	DBA PROPBUILD PRIVATE LIMITED	30/09/2015	-
U70101DL2010PTC201243	ABD REAL ESTATE PRIVATE LIMITED	30/09/2015	-
U70200DL2010PTC207161	DCBC BUILDTECH PRIVATE LIMITED	21/09/2012	-
U11100DL2010PTC208239	CALADIUM MINING & POWER PRIVATE LIMITED	14/09/2010	-
U11100DL2010PTC208245	GREEN MINING & POWER PRIVATE LIMITED	14/09/2010	-
U13201DL2011PTC221407	CLEMENTIA MINING PRIVATE LIMITED	24/06/2011	-
U74140DL2011PTC223218	CALIDOR ADVISORS PRIVATE LIMITED	03/08/2011	-
U92412DL2011PTC226938	SITARA MEDIA VENTURES PRIVATE LIMITED	02/11/2011	-
U55101DL2012PTC235284	UPPER LAKE RESORTS PRIVATE LIMITED	03/05/2012	-
U55101DL2012PTC235212	HONEYFLOWER MEADOWS RESORTS PRIVATE LIMITED	03/05/2012	-
U55101DL2012PTC236319	SHINYSAND RESORTS PRIVATE LIMITED	23/05/2012	-
U70109DL2013PTC257118	FOXY BUILDTECH INDIA PRIVATE LIMITED	03/09/2013	-
U70102DL2013PTC258042	JOVIAL INFRA ESTATE DEVELOPERS PRIVATE LIMITED	11/11/2013	-

Name :

Mr. Vijay Dhawan

Designation :

Director

Address :

D-74 Malcha Marg, Diplomatic Enclave, New Delhi – 110021, India

Date of Birth/Age :

08.12.1945

Qualification :

Chartered Accountant

Date of Appointment :

16.03.1994

PAN No.:

AAFPD1964P

DIN No.:

00040687

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1980PTC010419	S. N. DHAWAN ADVISORY PRIVATE LIMITED	01/12/2003	-
U74899DL1985PTC020319	ALLIED INTERIORS PRIVATE LIMITED	26/05/2003	-
U74899DL1996PLC083460	ALLIEDTRONICS INDIA LIMITED	01/09/2008	-
U72200DL2001PTC112208	TRIDENT BUSINESS SOLUTIONS PRIVATE LIMITED	30/08/2001	-
U93091DL2006PTC149716	GODIVA CITY TRADING PRIVATE LIMITED	01/07/2010	-

Name :

Mr. Ravi Talwar

Designation :

Wholetime Director

Address :

B - 4, Part - I, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

23.12.1949

Qualification :

Bachelor of Commerce from Shriram College of Commerce

Experience :

40 Years

Date of Appointment :

24.04.1999

PAN No.:

AACPT7741B

DIN No.:

00177922

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1931PLC000544	ALLIED MOTORS LIMITED	30/09/2013	-
U74899DL1983PTC014923	SUNRISE MEDICARE PRIVATE LIMITED	01/01/2003	-
U34300DL1988PLC030910	ALLIED NIPPON LTD.	24/04/1999	-
U34300DL1997PTC089072	T & T MOTORS PRIVATE LIMITED	13/08/1997	-
U51501DL2013PTC252485	TALWAR TRADEX PRIVATE LIMITED	22/05/2013	-

Name :

Mr. Rohan Talwar

Designation :

Managing Director

Address :

B - 4, Part - I, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

17.10.1982

Qualification :

Bachelor of Science from Leonard N. Stern School of Business, New York University and MBA from Columbia University, United States of America

Experience :

12 Years

Date of Appointment :

27.06.2008

PAN No.:

ACFPT7291K

DIN No.:

00177963

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1931PLC000544	ALLIED MOTORS LIMITED	30/09/2013	-
U34521DL1989PLC034900	KRISHNAAV ENGINEERING LIMITED	01/08/2001	-
U34300DL1997PTC089072	T & T MOTORS PRIVATE LIMITED	01/10/2012	-
U93091DL2006PTC148498	ASCOT UTILITIES PRIVATE LIMITED	17/04/2017	-
U35990DL2011PTC218240	ALLIED JB FRICTION PRIVATE LIMITED	28/04/2011	-
U51909DL2011PLC228261	ALLIED NIPPON COMPONENTS LIMITED	05/12/2011	-
U51501DL2013PTC252485	TALWAR TRADEX PRIVATE LIMITED	22/05/2013	-

Name :

Mr. Navin Chandra Agarwal

Designation :

Wholetime Director

Address :

House No. R 9/224, Raj Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

01.06.1957

Qualification :

Bachelor of Engineering from IIT Roorkee and MBA from Faculty Management Studies, New Delhi

Experience :

36 Years

Date of Appointment :

04.09.2012

PAN No.:

ABRPA4403D

DIN No.:

00188367

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U34521DL1989PLC034900	KRISHNAAV ENGINEERING LIMITED	29/09/2012	-
U35990DL2011PTC218240	ALLIED JB FRICTION PRIVATE LIMITED	01/10/2012	-

Name :

Mr. Praveen Khurana

Designation :

Director

Address :

N-91, Panchshila Park, New Delhi – 110017, India

Date of Birth/Age :

14.04.1950

Qualification :

Chartered Accountant

Date of Appointment :

22.05.2001

PAN No.:

AAPPK1514L

DIN No.:

01105728

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72900DL2000PTC106872	SILVERSKILLS PRIVATE LIMITED	29/09/2014	-

Name :

Ms. Revati Talwar

Designation :

Director

Address :

B - 4, Part - I, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

16.08.1979

Qualification :

Graduation in Political Science and Diploma in NGO Management

Experience :

16 Years

Date of Appointment :

24.06.2016

PAN No.:

AAWPT1830H

DIN No.:

07262488

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U34521DL1989PLC034900	KRISHNAAV ENGINEERING LIMITED	30/09/2016	-

KEY EXECUTIVES

Name :	Ms. Monika Dhingra
Designation :	Company Secretary
Address :	E-102, Alaknanda Apartment Rampuri, Surya Nagar, Ghaziabad – 201101, Uttar Pradesh, India
Date of Appointment :	01.07.2010
PAN No.:	AUVPS4807N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDER’S DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	9.25
Promoter – (Individual/ Hindu Undivided Family – Non Residential Indian)	10.22
Promoter - Bodies corporate	50.39
Public – (Individual/ Hindu Undivided Family – Indian)	1.83
Public – (Individual/ Hindu Undivided Family – Non Residential Indian)	7.44
Public - Bodies corporate	20.87
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Production of Friction Materials for the Automotive Industry. It provides Brake Shoes, Brake Pads, and Brake Linings.  (Registered activity)

Products :

Item Code No.	Product Description
34300	Brake Pad
	Brake Shoes
	Brake Linings

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

(From Indirect Source)

Reference :	Royal Infield
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

• TVS
• Tata Autocomp
• Bajaj
• Brembo
• SKF
• Swaraj Mazda
• Tata Motors
• Hero
• Brakers India Private Limited

No. of Employees :

Not Available

Bankers :

Bank Name	The Development Bank of Singapore Limited
Branch	Capital Point, Baba Kharak Singh Marg, Connaught Place, New Delhi – 110001, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	106.483	146.444
Short-term borrowings
Working capital loans from banks	353.426	565.386
Total	459.909	711.830

Financial Institution :
Name :	The Hongkong and Shanghai Banking Corporation Limited
Address :	25, Barakhamba Road, New Delhi – 110001, India
Auditors :
Name :	R. N. Marwah and Company LLP Chartered Accountants
Address :	4/80, Janpath, New Delhi-110001, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFR9496F
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Krishnaav Engineering Limited, India U34521DL1989PLC034900 Allied Nippon Components Limited, India U51909DL2011PLC228261 Allied Comline Limited, United Kingdom
Associates :	Allied JB Friction Pvt. Ltd, India U35990DL2011PTC218240
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Effluent Investment and Finance Private Limited (EIPL) , India U65990MH1994PTC076269 T and T Motors Private Limited, India U34300DL1997PTC089072 Allied Motors Limited, India U74899DL1931PLC000544 The Talwar Foundation, India

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	INR 10/- each	INR 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5586784	Equity Shares	INR 10/- each	INR 55.568 Million

FINANCIAL DATA

[all figures are in Rupees 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	55.868	55.868	55.868
(b) Reserves and Surplus	1083.908	929.581	984.399
(c) Money received against share warrants	0.000	0.000	0.000
(d) Minority interest	0.000	0.000	2.826
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1139.776	985.449	1040.267
(3) Non-Current Liabilities
(a) long-term borrowings	106.483	146.444	258.184
(b) Deferred tax liabilities (Net)	3.087	9.359	17.559
(c) Other long-term liabilities	0.000	0.000	0.928
(d) long-term provisions	37.999	31.018	28.119
Total Non-current Liabilities (3)	147.569	186.821	304.790
(4) Current Liabilities
(a) Short-term borrowings	353.426	565.386	698.893
(b) Trade payables	297.618	317.703	369.055
(c) Other current liabilities	53.803	109.496	63.399
(d) Short-term provisions	102.402	80.438	108.662
Total Current Liabilities (4)	807.249	1073.023	1240.009
TOTAL	2094.594	2245.293	2587.892
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	510.300	456.591	826.672
(ii) Intangible Assets	1.686	1.321	353.176
(iii) Tangible assets capital work-in-progress	7.471	19.502	3.496
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	478.940	504.547	66.753
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	81.653	30.598	17.855
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1080.050	1012.559	1267.952
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	279.850	232.224	351.662
(c) Trade receivables	642.384	744.117	676.896
(d) Cash and bank balances	0.383	0.864	127.245
(e) Short-term loans and advances	9.934	88.236	49.841
(f) Other current assets	81.993	167.293	114.296
Total Current Assets	1014.544	1232.734	1319.940
TOTAL	2094.594	2245.293	2587.892

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2980.958	2808.603	3008.629
	Other Income	73.653	14.026	95.014
	TOTAL	3054.611	2822.629	3103.643
Less	EXPENSES
	Cost of Materials Consumed	1197.283	1148.437	1787.739
	Purchases of Stock-in-Trade	495.148	475.524	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(46.640)	38.098	66.961
	Employee benefit expense	226.309	163.213	217.565
	CSR expenditure	2.600	0.000	1.479
	Other expenses	834.753	710.145	773.309
	Prior period items before tax	0.000	0.000	0.547
	Extraordinary items before tax	0.025	0.870	8.114
	TOTAL	2709.478	2536.287	2855.714
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	345.133	286.342	247.929
Less	FINANCIAL EXPENSES	43.298	55.610	97.660
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	301.835	230.732	150.269
Less/ Add	DEPRECIATION/ AMORTISATION	74.233	70.303	155.697
	PROFIT/ (LOSS) BEFORE TAX	227.602	160.429	(5.428)
Less	TAX	62.426	44.343	12.562
	PROFIT/ (LOSS) AFTER TAX	165.176	116.086	(17.990)
	Earnings / (Loss) Per Share (INR)	29.565	20.779	(3.220)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	37.058	101.507	51.146
Net cash flows from (used in) operations	313.421	233.856	2.686
Net cash flows from (used in) operating activities	386.415	57.416	2.686

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	78.66	96.70	82.12
Account Receivables Turnover [Income / Sunday Debtors]	4.64	3.77	4.44
Average Payment Days [Sundry Creditors / Purchases * 365]	64.19	71.41	75.35
Inventory Turnover [Operating Income / Inventories]	1.23	1.23	0.71
Asset Turnover [Operating Income / Net Fixed Assets]	0.66	0.60	0.21

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.45	0.59	0.60
Debt Equity Ratio (Borrowings / NetWorth)	0.44	0.83	0.97
Current Liabilities to Networth (Current Liabilities / NetWorth)	0.71	1.09	1.19
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	0.46	0.48	1.14
Interest Coverage Ratio [PBIT / Financial Charges]	7.97	5.15	2.54

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	5.54	4.13	(0.60)
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	7.89	5.17	(0.70)
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	14.49	11.78	(1.73)

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	1.26	1.15	1.06
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	0.91	0.93	0.78
G-Score Ratio Financial [NetWorth / Total Assets]	0.54	0.44	0.40
G-Score Ratio Debt [Debts / Equity Capital]	8.90	14.56	18.05
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	1.26	1.15	1.06

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

FINANCIAL ANALYSIS

[all figures are in 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	55.868	55.868	55.868
Reserves & Surplus	984.399	929.581	1083.908
Net worth	1040.267	985.449	1139.776
Long-term borrowings	258.184	146.444	106.483
Short term borrowings	698.893	565.386	353.426
Current maturities of long-term debts	51.146	101.507	37.058
Total borrowings	1008.223	813.337	496.967
Debt/Equity ratio	0.969	0.825	0.436

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	3008.629	2808.603	2980.958
		(6.648)	6.137

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	3008.629	2808.603	2980.958
Profit/ (Loss)	(17.990)	116.086	165.176
	(0.60 %)	4.13 %	5.54 %

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	55.868	55.868
(b) Reserves and Surplus	1215.569	1097.470
(c) Money received against share warrants	0.000	0.000
(d) Minority interest	39.906	26.515
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1271.437	1153.338
(3) Non-Current Liabilities
(a) long-term borrowings	473.983	513.943
(b) Deferred tax liabilities (Net)	2.673	9.134
(c) Other long-term liabilities	457.149	411.568
(d) long-term provisions	40.802	32.917
Total Non-current Liabilities (3)	974.607	967.562
(4) Current Liabilities
(a) Short-term borrowings	353.426	567.135
(b) Trade payables	0.000	0.000
(c) Other current liabilities	60.992	115.069
(d) Short-term provisions	128.712	107.694
Total Current Liabilities (4)	543.130	789.898
TOTAL	2829.080	2937.313
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	874.611	808.458
(ii) Intangible Assets	266.275	309.084
(iii) Tangible assets capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	44.475	31.128
(b) Non-current Investments	47.830	66.890
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term loans and advances	130.488	35.099
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1363.679	1250.659
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	438.760	426.602
(c) Trade receivables	768.961	767.951
(d) Cash and bank balances	58.984	34.679
(e) Short-term loans and advances	28.086	81.345
(f) Other current assets	170.610	376.077
Total Current Assets	1465.401	1686.654
TOTAL	2829.080	2937.313

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Total Revenue from operations	3862.516	3416.556
	Other Income	73.263	37.231
	TOTAL	3935.779	3453.787
Less	EXPENSES
	Cost of Materials Consumed	1563.161	1451.120
	Purchases of Stock-in-Trade	592.592	401.588
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(53.977)	35.429
	Employee benefit expense	314.920	244.633
	CSR expenditure	2.600	0.000
	Other expenses	1052.382	901.329
	Extraordinary items before tax	0.595	1.492
	TOTAL	3472.273	3035.591
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	463.506	418.196
Less	FINANCIAL EXPENSES	63.177	77.478
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	400.329	340.718
Less/ Add	DEPRECIATION/ AMORTISATION	160.756	155.037
	PROFIT/ (LOSS) BEFORE TAX	239.573	185.681
Less	TAX	71.081	56.352
	PROFIT/ (LOSS) AFTER TAX	168.492	129.329
	Earnings / (Loss) Per Share (INR)	30.159	23.149

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	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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
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:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G59479501	100130392	The Hongkong and Shanghai Banking Corporation Limited	25/10/2017	-	-	100000000.0	25, BARAKHAMBA ROADNEW DELHIDL110001IN
2	G06502140	100035688	DBS BANK LTD.	21/06/2016	-	-	100000000.0	CAPITAL POINT, BABA KHARAK SINGH MARGCONNAUGHT PLACE,NEW DELHIDL110001IN
3	G72687643	10575942	DBS BANK LTD.	16/06/2015	14/12/2017	-	250000000.0	CAPITAL POINT, BABA KHARAK SINGH MARGCONNAUGHT PLACE,NEW DELHIDL110001IN
4	C51114577	10564083	HDFC BANK LIMITED	28/03/2015	-	-	3663000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN
5	C48179022	10557760	HDFC BANK LIMITED	19/01/2015	-	-	490000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN
6	G10748820	10427663	YES BANK LIMITED	28/03/2013	08/08/2016	-	200000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIADR. ANNIE BESANT ROAD, WORLIMUMBAIMH400018IN
7	G42878892	10215994	YES BANK LIMITED	30/03/2010	06/04/2017	-	220000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIADR. ANNIE BASANT ROAD, WORLIMumbaiMH400018IN
8	G68423136	100017412	IDFC BANK LIMITED	18/03/2016	06/04/2017	30/11/2017	85000000.0	KRM Tower, 7th Floor, No. 1,Harrington Road, Chetpet,ChennaiUP201001IN
9	G37127578	10461312	HDFC BANK LIMITED	28/10/2013	02/11/2015	31/01/2017	177000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
10	C61329447	10427524	STATE BANK OF INDIA	28/03/2013	-	20/07/2015	385000000.0	SME BRANCHG T ROAD, SHAHDARADELHIDL110032IN

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office 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 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53

INFORMATION DETAILS

Analysis Done by :	NYT
Report Prepared by :	KJL

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	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.