MIRA INFORM REPORT

Report No. :	487370
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	FORBES MARSHALL PRIVATE LIMITED
Formerly Known As :	FORBESONS ENGINEERS PRIVATE LIMITED
Registered Office :	A-34/35, M.I.D.C., Pimpri, Pune – 411018, Maharashtra
Tel. No.:	91-20-27442020 / 27477762
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	18.10.1985
Com. Reg. No.:	11-037806
Capital Investment / Paid-up Capital :	INR 76.660 Million
CIN No.: [Company Identification No.]	U28996PN1985PTC037806
IEC No.:	0388029072
GSTIN :	27AAACF2630E1Z5
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF2630E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steam Engineering and Control Instrumentation. [Registered Activity and also confirmed by management]
No. of Employees :	950 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A+

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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company incorporated in the year 1985. It is an established company having an excellent track record. It is engaged in the stem engineering and control instrumentation segment. For the financial year 2017, the company has increased its revenue from operations as compared to previous year and maintained average profit margin of 3.00%. The rating takes into consideration strong financial risk profile of the company marked by healthy networth base and low debt level along with fair liquidity position. Rating also derive strength from its diversified base of customers, established market position and improvement in the revenue profile during the year. These strengths are partially offset by large working capital requirement, susceptibility of profitability to and intense competition. Trade relations are reported as fair. Payments are reported to be regular. In view of established market position, the company can be considered good for normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	31.01.2017

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	31.01.2017

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 24.01.2018.

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

Name :	Mr. Rajendra Bhide
Designation :	Manager
Contact No.:	91-9823399133
Date :	21.01.2018

LOCATIONS

Registered Office / Factory 1 :	A – 34/ 35, M.I.D.C., Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-27442020 / 27477762
Mobile No.:	91-9823399133 (Mr. Rajendra Bhide)
Fax No.:	91-20-27442040
E-Mail :	rpathak@forbesmarshall.com
Website :	www.forbesmarshall.com
Location :	Owned
Locality :	Commercial
Factory 2 :	Plot No. B-85, MIDC, Phase-II, Chakan Industrial Area, Sawardari, Chakan, Taluka Khed, District Pune - 410501, Maharashtra, India
Tel. No.:	91-20-35393400
Branch Office :	Located at: Ahmedabad Alibag Bangalore Bharuch Chandigarh Chennai Coimbatore Delhi Hyderabad Indore Lucknow Jamshedpur Kolkata Mumbai Nagpur Navi Mumbai Pune Surat Vadodara Visakhapatnam Madurai Pondicherry
Overseas Office :	Located at: USA Canada Bangladesh Kenya Egypt Turkey Korea Indonesia Iran Nepal Sri Lanka Thailand Malaysia U.A.E. Vietnam Africa Colombia Saudi Arabia Singapore

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Jehangir Ardeshir

Designation :

Whole-time Director

Address :

302B Paradise Apartment, Lane E Off North Main Road, Koregaon Park, Pune-411001, Maharashtra, India

Date of Birth/Age :

22.09.1957

Date of Appointment :

05.09.2013

PAN:

AAWPA5180F

DIN No.:

02344835

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U31909KA1993PTC014470	CYIENT DLM PRIVATE LIMITED	27/06/2015	-

Name :

Mr. Darius M. Forbes

Designation :

Director

Address :

30, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

02.10.1926

Date of Appointment :

18.10.1985

PAN No.:

AABPF2345L

DIN No.:

00079467

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	06/08/1991	-
U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	18/10/1958	-
U27109PN1959PTC011334	FORBES MARSHALL STEAM SYSTEMS PRIVATE LIMITED	21/04/1959	-
U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	18/08/1962	-
U73200MH1986NPL041521	CENTRE FOR ADVANCEMENT OF PHILANTHROPY.	07/11/1986	-
U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	21/08/1988	-

Name :

Mr. Farhad D. Forbes

Designation :

Director

Address :

410, Sheridan AVE # 448, Palo Alto – CA94306, United State of America

Date of Birth/Age :

08.12.1955

Date of Appointment :

18.10.1985

PAN No.:

AACPF2419G

DIN No.:

00628951

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	01/04/1993	-
U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	28/12/1983	-
U27109PN1959PTC011334	FORBES MARSHALL STEAM SYSTEMS PRIVATE LIMITED	27/12/1995	-
U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	28/12/2005	-
U31909PN1984PTC033201	KROHNE MARSHALL PVT LTD	03/09/1984	-
U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	24/12/1985	-
U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	14/04/1997	-
U72200PN2000PTC015632	RAPIDEFFECT PRIVATE LIMITED	14/12/2000	-
U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	10/04/2007	-
U29299PN2009PTC134958	FORBESVYNCKE PRIVATE LIMITED	12/11/2009	-
U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	03/04/2012	-
U74999PN2015NPL157589	CENTRE FOR TECHNOLOGY INNOVATION AND ECONOMIC RESEARCH	17/12/2015	-

Name :

Dr. Naushad D. Forbes

Designation :

Director

Address :

74, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

13.05.1960

Date of Appointment :

18.10.1985

PAN No.:

AAAPF9093N

DIN No.:

00630825

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	24/12/1985	-
U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	12/07/1988	-
U31909PN1984PTC033201	KROHNE MARSHALL PVT LTD	29/09/1986	-
U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	17/08/1995	-
U27109PN1959PTC011334	FORBES MARSHALL STEAM SYSTEMS PRIVATE LIMITED	24/09/1986	-
U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	28/12/1983	-
L35911PN1945PLC004656	BAJAJ HOLDINGS & INVESTMENT LIMITED.	15/09/2017	-
U72200PN2000PTC015632	RAPIDEFFECT PRIVATE LIMITED	14/12/2000	-
U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	10/04/2007	-
L65923PN2007PLC130075	BAJAJ FINSERV LIMITED	13/09/2017	-
L65993PN2007PLC130076	BAJAJ AUTO LIMITED.	18/05/2017	-
L65993PN2007PLC130076	BAJAJ AUTO LIMITED.	20/07/2017	-
U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	01/04/1993	-
U29299PN2009PTC134958	FORBESVYNCKE PRIVATE LIMITED	12/11/2009	-
U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	03/04/2012	-
U74999PN2015NPL157589	CENTRE FOR TECHNOLOGY INNOVATION AND ECONOMIC RESEARCH	17/12/2015	-

Name :

Mrs. Maharookh D. Forbes

Designation :

Director

Address :

No. 30, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

06.10.1934

Date of Appointment :

18.10.1985

PAN:

AABPF2345L

DIN No.:

00278436

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	05/06/1976	-

Name :

Mrs. Rati Forbes

Designation :

Director

Address :

30, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

23.03.1957

Date of Appointment :

10.03.1989

PAN No.:

AAAPF6801A

DIN No.:

00137326

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	09/08/2014	-
U73200MH1986NPL041521	CENTRE FOR ADVANCEMENT OF PHILANTHROPY	29/08/2005	-
U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	25/03/2015	-
L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	22/07/2014	-
U74999PN2011NPL139899	PUNE CITY CONNECT DEVELOPMENT FOUNDATION	14/03/2016	-

Name :

Mr. Mateesh Kant Rai

Designation :

Director

Address :

Mathrani House, Flat No. 201 7A, Shankarsheth Road, Gurunanak Nagar, Pune – 411042, Maharashtra, India

Date of Birth/Age :

01.05.1963

Date of Appointment :

27.09.2013

PAN No.:

ACZPR3418G

DIN No.:

01215628

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	25/09/2009	-
U27109PN1959PTC011334	FORBES MARSHALL STEAM SYSTEMS PRIVATE LIMITED	28/09/2015	-
U99999MH1993NPL071208	INDIAN BOILERS MANUFACTURERS ASSOCIATION.	29/09/2014	-
U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	08/10/2007	-
U29299PN2009PTC134958	FORBESVYNCKE PRIVATE LIMITED	21/08/2015	-
U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	26/03/2013	-

Name :

Mr. Viraf Sohrab Pudumjee

Designation :

Director

Address :

220/1, Nagar Road, Kalayani Nagar, Yerawada, Pune – 411006, Maharashtra, India

Date of Birth/Age :

15.05.1961

Date of Appointment :

27.09.2013

PAN No.:

AAOPP4431L

DIN No.:

06682295

Name :

Mr. Marcus John Dyne Steel

Designation :

Director

Address :

12, Walnut Close, Gloucestershire, Cheltenham, GL523AG  United Kingdom

Date of Birth/Age :

08.10.1945

Date of Appointment :

05.09.2013

DIN No.:

01256834

Name :

Mr. Kiran Surajbansi Vohra

Designation :

Director

Address :

No. 333, Arlington Court, Clover Village, Wanowrie, Pune-411040, Maharashtra, India

Date of Birth/Age :

14.12.1946

Date of Appointment :

30.03.1988

PAN :

AAOPV4194J

DIN No.:

00076416

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	02/05/1988	-
U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	28/12/1995	-

KEY EXECUTIVES

Name :	Mr. Dharmesh Niranjan Thaker
Designation :	Secretary
Address :	B-3/3, Krishna Keval Township, Kondhwa Road, Near ICICI Bank, Pune-411048, Maharashtra, India
Date of Birth/Age :	29.09.1976
Date of Appointment :	02.09.2009
PAN No.:	ACDPT8073F
Name :	Mr. Rajendra Bhide
Designation :	Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2017

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 20.07.2017

Names of Allottees	No. of Shares
Farhad Darius Forbes jointly with Rati Forbes and Riah Forbes	6
Farhad Darius Forbes jointly with Rati Forbes and Darius F. Forbes	6
Naushad Darius Forbes jointly with Maharookh Forbes	14
Total	26

AS ON 17.10.2017

Equity Share Break up	Percentage
Category
Promoters - Individual/Hindu Undivided Family – Indian	83.83
Promoters - Individual/Hindu Undivided Family – Foreign national (other than NRI)	16.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steam Engineering and Control Instrumentation. [Registered Activity and also confirmed by management]

Products / Services :

Item Code No. (ITC Code)	Product Description
84819090	Industrial Valve
90328910	Regulating and Controlling Equipment
90271000	Instruments and Apparatus for Chemical and Physical measurements
84021910	Boiler

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• South East Asia
• United Arab Emirates
• Bangladesh
• Sri Lanka

Imports :

Not Available

Terms :

Selling :

Cash, L/C, Credit (30 Days)

Purchasing :

Cash, L/C, 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 :

Wholesalers, Retailers and End Users

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

No. of Employees :

950 (Approximately)

Bankers :

Bank Name	Standard Chartered Bank
Branch	Narain Manzil, 23, Barakhamba Road, 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 LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term loans from banks	0.000	539.139
Other loans and advances	3.790	0.566
SHORT TERM BORROWINGS
Working capital loans from banks	15.436	213.077
Total	19.226	752.782

Auditors :
Name :	Ford Rhodes Parks and Company Chartered Accountants
Address :	Sai Commercial Building, 3^rd Floor, 312/313, BKS Devshi Marg, Govandi, Mumbai – 400088, Maharashtra, India
PAN No.:	AAAFF1843L
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies :	Forbes Marshall (Hyd) Private Limited, India CIN No.: U24111TG1991PTC013030 Codel International Limited, United Kingdom Forbes Marshall Lanka Private Limited, Sri Lanka Forbes Marshall Canada Inc., Canada Gold Coin Maritronics Private Limited, India CIN No.: U74899DL1981PTC012080 FM Electronics Limited, United Kingdom FM USA Inc., United States Forbes Healthcare Foundation, India CIN No.: U74900PN2015NPL155865
Joint venture :	Forbes Marshall Arca Private Limited, India CIN No.: U29299PN1985PTC038445 Krohne Marshall Private Limited, India CIN No.:U31909PN1984PTC033201 Forbesvyncke Private Limited, India CIN No.: U29299PN2009PTC134958 Forbes Solar Private Limited, India CIN No.: U74900PN2012PTC142888
Associate Company :	Forbes Marshall Europe GmbH, Germany

CAPITAL STRUCTURE

AFTER 17.10.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
9400	Equity Shares	INR 10000/- each	INR 94.000 Million
100000	15% Redeemable Cumulative Preference Shares	INR 100/- each	INR 10.000 Million
100000	13% Redeemable Cumulative Preference Shares	INR 100/- each	INR 10.000 Million
700000	8% Redeemable Cumulative Preference Shares	INR 100/- each	INR 70.000 Million
	Total		INR 184.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2092	Equity Shares	INR 10000/- each	INR 20.920 Million
100000	15% Redeemable Cumulative Preference Shares	INR 100/- each	INR 10.000 Million
100000	13% Redeemable Cumulative Preference Shares	INR 100/- each	INR 10.000 Million
360000	8% Redeemable Cumulative Preference Shares	INR 100/- each	INR 36.000 Million
	Total		INR 76.920 Million

AS ON 17.10.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
9400	Equity Shares	INR 10000/- each	INR 94.000 Million
100000	15% Redeemable Cumulative Preference Shares	INR 100/- each	INR 10.000 Million
100000	13% Redeemable Cumulative Preference Shares	INR 100/- each	INR 10.000 Million
700000	8% Redeemable Cumulative Preference Shares	INR 100/- each	INR 70.000 Million
	Total		INR 184.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2066	Equity Shares	INR 10000/- each	INR 20.660 Million
100000	15% Redeemable Cumulative Preference Shares	INR 100/- each	INR 10.000 Million
100000	13% Redeemable Cumulative Preference Shares	INR 100/- each	INR 10.000 Million
360000	8% Redeemable Cumulative Preference Shares	INR 100/- each	INR 36.000 Million
	Total		INR 76.660 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	76.660	76.672	76.672
(b) Reserves & Surplus	3558.794	2987.489	2567.246
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.260	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3635.714	3064.161	2643.918
(3) Non-Current Liabilities
(a) long-term borrowings	373.290	897.706	1376.763
(b) Deferred tax liabilities (Net)	0.000	15.210	57.786
(c) Other long term liabilities	29.953	25.958	27.792
(d) long-term provisions	84.510	39.191	26.643
Total Non-current Liabilities (3)	487.753	978.065	1488.984
(4) Current Liabilities
(a) Short term borrowings	15.436	224.576	96.902
(b) Trade payables	1538.909	1505.005	1079.681
(c) Other current liabilities	1236.716	1080.783	772.161
(d) Short-term provisions	30.683	23.654	43.958
Total Current Liabilities (4)	2821.744	2834.018	1992.702
TOTAL	6945.211	6876.244	6125.604
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1943.664	1944.877	2197.259
(ii) Intangible Assets	83.491	128.198	202.540
(iii) Capital work-in-progress	8.594	18.110	126.728
(iv) Intangible assets under development	0.000	5.433	21.383
(b) Non-current Investments	536.597	835.209	932.008
(c) Deferred tax assets (net)	41.344	0.000	0.000
(d) Long-term Loan and Advances	643.379	527.377	447.425
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3257.069	3459.204	3927.343
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1095.409	997.842	690.489
(c) Trade receivables	2180.696	1761.860	1219.127
(d) Cash and cash equivalents	80.048	139.568	120.298
(e) Short-term loans and advances	118.431	104.605	168.344
(f) Other current assets	213.558	413.165	0.003
Total Current Assets	3688.142	3417.040	2198.261
TOTAL	6945.211	6876.244	6125.604

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	7578.879	7356.242	5090.070
	Other Income	148.605	284.937	457.447
	TOTAL	7727.484	7641.179	5547.517
Less	EXPENSES
	Cost of Materials Consumed	3408.298	4019.762	2733.009
	Purchases of Stock-in-Trade	218.043	153.293	162.493
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	50.801	(189.640)	(42.517)
	Employees benefits expense	1370.306	1169.291	817.673
	CSR expenditure	12.234	6.247	3.048
	Exceptional items	0.000	0.000	(7.431)
	Other expenses	1945.632	1405.816	995.542
	TOTAL	7005.314	6564.769	4661.817
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	722.170	1076.410	885.700
Less	FINANCIAL EXPENSES	124.559	176.851	161.402
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	597.611	899.559	724.298
Less	DEPRECIATION/ AMORTISATION	296.231	270.842	307.790
	PROFIT/ (LOSS) BEFORE TAX	301.380	628.717	416.508
Less	TAX	73.714	88.435	-0.144
	PROFIT/ (LOSS) AFTER TAX	227.666	540.282	416.652
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	2620.115	2199.872	1767.413
Add	Other additions to reserves	455.354	0.000	60.249
Less	Other deductions to reserves	52.722	0.000	10.238
Less	APPROPRIATIONS
	Interim dividend	0.000	99.736	0.000
	Final dividend	0.000	0.000	28.419
	Tax on Dividend	0.000	20.303	5.785
	Total	52.722	120.039	44.442
	Balance Carried to the B/S	3250.413	2620.115	2199.872
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1798.899	1291.553	1424.988
	TOTAL EARNINGS	1798.899	1291.553	1424.988
	IMPORTS
	Components and spare parts	698.950	799.933	598.372
	Capital Goods	7.583	8.906	36.726
	TOTAL IMPORTS	706.533	808.839	635.098
	Earnings / (Loss) Per Share (INR)	110196.52	2613.65	2015.58

Expected Sales (2017-2018): INR 7800.000 Million (Due to business growth)

The above information has been parted by Mr. Rajendra Bhide (Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	328.883	460.951	231.687
Net cash flows from (used in) operations	868.150	524.020	490.215
Net cash flows from (used in) operating activities	758.129	416.561	477.554

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	105.02	87.42	87.42
Account Receivables Turnover (Income / Sunday Debtors)	3.48	4.18	4.18
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	154.89	131.64	136.10
Inventory Turnover (Operating Income / Inventories)	0.66	1.08	1.28
Asset Turnover (Operating Income / Net Fixed Assets)	0.35	0.51	0.35

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.51	0.61	0.59
Debt Equity Ratio (Total Liability / Networth)	0.20	0.52	0.65
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.78	0.92	0.75
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.56	0.68	0.96
Interest Coverage Ratio (PBIT / Financial Charges)	5.80	6.09	5.49

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	3.00	7.34	8.19
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.28	7.86	6.80
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.26	17.63	15.76

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.31	1.21	1.10
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.92	0.85	0.76
G-Score Ratio Financial (Networth / Total Assets)	0.52	0.45	0.43
G-Score Ratio Debt (Debts / Equity Capital)	9.36	20.65	22.24
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.31	1.21	1.10

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	76.672	76.672	76.660
Reserves & Surplus	2567.246	2987.489	3558.794
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.260
Net worth	2643.918	3064.161	3635.454
long-term borrowings	1376.763	897.706	373.290
Short term borrowings	96.902	224.576	15.436
Current Maturities of Long term debt	231.687	460.951	328.883
Total borrowings	1705.352	1583.233	717.609
Debt/Equity ratio	0.645	0.517	0.197

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	5090.070	7356.242	7578.879
		44.521	3.027

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	5090.070	7356.242	7578.879
Profit	416.652	540.282	227.666
	8.19%	7.34%	3.00%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	76.660	76.672
(b) Reserves and Surplus	3801.055	3541.288
(c) Money received against share warrants	0.000	0.000
(d) Minority interest	23.780	154.386
(2) Share Application money pending allotment	0.260	0.000
Total Shareholders’ Funds (1) + (2)	3877.975	3617.960
(3) Non-Current Liabilities
(a) long-term borrowings	395.627	945.951
(b) Deferred tax liabilities (Net)	0.066	17.681
(c) Other long-term liabilities	33.668	35.720
(d) long-term provisions	93.975	78.696
Total Non-current Liabilities (3)	523.336	1078.048
(4) Current Liabilities
(a) Short-term borrowings	86.847	287.340
(b) Trade payables	1565.449	1231.717
(c) Other current liabilities	1396.956	1232.508
(d) Short-term provisions	52.816	63.649
Total Current Liabilities (4)	3102.068	2815.214
TOTAL	7527.159	7665.608
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2286.786	2301.092
(ii) Intangible Assets	339.443	505.156
(iii) Tangible assets capital work-in-progress	8.594	139.223
(iv) Intangible assets under development	0.000	5.433
(b) Non-current Investments	4.657	4.607
(c) Deferred tax assets (net)	54.903	45.769
(d) Long-term loans and advances	665.572	569.952
(e) Other Non-current assets	3.954	3.374
Total Non-Current Assets	3363.909	3574.606
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1326.902	1411.598
(c) Trade receivables	2342.934	1857.094
(d) Cash and bank balances	145.202	243.694
(e) Short-term loans and advances	130.862	158.116
(f) Other current assets	217.350	420.500
Total Current Assets	4163.250	4091.002
TOTAL	7527.159	7665.608

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Total Revenue from operations	8733.663	8789.080
	Other Income	95.145	117.710
	TOTAL	8828.808	8906.790
Less	EXPENSES
	Cost of Materials Consumed	3539.704	3821.079
	Purchases of Stock-in-Trade	246.376	260.806
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	41.850	(193.163)
	Employee benefit expense	1806.567	1757.742
	CSR expenditure	15.411	9.020
	Other expenses	2350.659	2006.599
	Prior period items before tax	4.730	0.298
	TOTAL	8005.297	7662.381
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	823.511	1244.409
Less	FINANCIAL EXPENSES	139.158	200.185
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	684.353	1044.224
Less	DEPRECIATION/ AMORTISATION	340.727	355.268
	PROFIT/ (LOSS) BEFORE TAX	343.626	688.956
Less	TAX	146.271	180.618
	PROFIT/ (LOSS) AFTER TAX	197.351	508.338
	Profit (loss) of minority interest	(1.448)	(1.924)
	TOTAL PROFIT/ (LOSS) FOR PERIOD	195.903	506.413
	Earnings / (Loss) Per Share (INR)	94822.00	2450.00

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	Yes
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%	Yes
28	Estimation for coming financial year	Yes
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

OPERATIONS:

The Company’s revenue from operations on standalone basis continues to grow this year too. Company continues its efforts of augmenting the facilities for growing operations. The performance indicators were tracked such as on time delivery to the customers, outstanding number of days, stock number of days etc.

UNSECURED LOANS:

PARTICULAR	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
Deposits	369.500	358.000
Short-term borrowings
Deposits	0.000	11.500
Total	369.500	369.500

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G47278585	100106532	Standard Chartered Bank	02/06/2017	-	300000000.0	Narain Manzil, 23, Barakhamba Road, New Delhi-110001, India
2	B85878197	10451367	BANK OF MAHARASHTRA	04/09/2013	-	1100000000.0	Mumbai Pune Road, Pimpri, Pune-411018, Maharashtra, India
3	B82167560	10443195	The Hongkong and Shanghai Banking Corporation Limited	06/08/2013	-	160000000.0	52/60, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India
4	C00043026	10122207	Corporation Bank	02/09/2008	06/02/2014	75000000.0	Industrial Finance Branch, No.14, Mumbai-Pune Road, Wakdewadi, Pune-411003, Maharashtra, India
5	B23833684	10110347	The Hongkong and Shanghai Banking Corporation Limited	09/01/2008	15/10/2011	40000000.0	Amar Avinash Corporate City, Sector No. 11,Bund Garden Road, Pune-411001, Maharashtra, India
6	G43213248	80001963	BANK OF MAHARASHTRA	30/03/2002	24/03/2017	3390000000.0	Mumbai Pune Road, Pimpri Branch, Pune-411018, Maharashtra, India
7	A95715652	90090441	Corporation Bank	19/03/1997	31/08/2010	110000000.0	Industrial Finance Branch, No.14, Mumbai-Pune Road, Wakdewadi, Pune-411003, Maharashtra, India
8	Y10172796	90087775	STATE BANK OF INDIA	28/04/1993	28/04/1993	6300000.0	Industrial Finance Branch, Pune-411003, Maharashtra, India
9	Z00198803	80037071	ANZ GRINDLAYS BANK	28/10/1992	-	532000.0	132 Mint Road, Post Box 93, Mumbai-400001, Maharashtra, India In
10	Z00204009	80037285	UNION BANK OF INDIA	27/07/1990	-	3502300.0	Kasarwadi Branch, Pune-411018, Maharashtra, India

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	111.639	55.094
Guarantees	804.618	536.858
Total	916.257	591.952

FIXED ASSETS:

Tangible Asset:

• Land
• Building
• Plant and equipment
• Furniture and Fixture
• Computer
• Vehicles

Intangible Asset:

• 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 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 63.77
UK Pound	1	INR 89.20
Euro	1	INR 78.22

INFORMATION DETAILS

Information Gathered by :	SHL
Analysis Done by :	PRS
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.