MIRA INFORM REPORT

Report No. :	496605
Report Date :	07.03.2017

IDENTIFICATION DETAILS

Name :	JINDAL ALUMINIUM LIMITED
Registered Office :	Jindal Nagar, Tumkur Road, Bangalore - 560073, Karnataka
Tel. No.:	91-80-23715555
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	14.07.1970
Com. Reg. No.:	08-002806
Capital Investment / Paid-up Capital :	INR 1020.000 Million
CIN No.: [Company Identification No.]	U27203KA1970PLC002806
IEC No.: [Import-Export Code No.]	0788004549
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	29AAACJ4324M1ZD
PAN No.: [Permanent Account No.]	AAACJ4324M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is primarily engaged in the manufacturing business of aluminium Extrusions and Rolling products, and in the generation of power through Solar and Wind. (Registered activity)
No. of Employees :	Information declined by the management

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 :	Exist
Comments :	Subject was incorporated in the year 1970 by Dr. S R Jindal. It is a flagship company of the Jindal group of Industries a renowned industrial house in India. It manufactures aluminium extrusion profiles and sells to various end-user industries, such as the aircraft, atomic energy, space, defence, electronics, furniture, transport and the air-conditioning industries. As per the financials of March 2017, the company has achieved a growth of 9.78% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 6.73% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with comfortable debt coverage indicators and good liquidity position. Rating continues to derive strength from strong financial and managerial support received from its group companies along with established market position in the aluminium extrusion industry and diverse product portfolio and geographical presence. Further, the company has reported a good earnings per share of INR 168.14 against its face value of INR 100. However, rating strength is partially offset by highly fragmented nature of the industry and vulnerability of margins to any sharp fluctuations in foreign rated and aluminium prices. Payments terms are reported to be regular as per commitments. In view of aforesaid, the company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	29.05.2017

Rating Agency Name	ICRA
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	29.05.2017

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 07.03.2018

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 DENIED BY

Name :	Mr. Shyam
Designation :	Accounts Department
Contact No.:	91-80-23715555

LOCATIONS

Registered Office/ Factory 1:	Jindal Nagar, Tumkur Road, Bangalore – 560073, Karnataka, India
Tel. No.:	91-80-23715555 (6 Lines) / 60
Fax No.:	91-80-23713333
E-Mail :	jalsec@jindalaluminium.com jalmkt@jindalaluminium.com jalexport@jindalaluminium.com jindal@jindalaluminium.com aluminium.jindal@gems.vsnl.net.in jindal@bgl.vsnl.net.in
Website :	www.jindalaluminium.com
Factory 2	Rolling Mills Division, Dobbaspet Industrial Area, Plot No. 1&2, Yedehalli Village, Sompura Hobli Nelamangala, Taluka Bangalore Rural, Bangalore -562111, Karnataka, India
Branch Office :	Also located at : · Ahmedabad · New Delhi · Chennai · Pune · Mumbai · Cochin and Coimbatore

DIRECTORS

As on 31.03.2017

Name :

Mr. Bajrang Dass Garg

Designation :

Whole-time Director

Address :

Jindal Nagar, Tumkur Road, Bangalore – 560073, Karnataka, India

Date of Birth/Age :

24.09.1955

Qualification :

B.Com

Date of Appointment :

05.09.2011

PAN No.:

AAQPG0587Q

DIN No.:

00008059

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U08022KA2002NPL030879	PRAGUN JINDAL PHILANTHROPIC ORGANISATION	12/08/2002	-
U27104KA2003PLC031567	JINDAL NATURECARE LIMITED	09/08/2006	-
U63090KA2006PTC104999	VARAMA SIR INDIA LOGISTIC AND INFRASTRUCTURE PRIVATE LIMITED	14/08/2017	-
U28121MH2011PLC219872	JINDAL ALUMINIUM ROLLING LIMITED	18/07/2011	-

Name :

Mr. Krishnaswamy Iyengar Ramaswamy Iyengar Raghunath

Designation :

Whole-time Director

Address :

1202, Shantala Rajajinagar, 2^nd Stage, Bangalore – 560073, Karnataka, India

Date of Birth/Age :

23.02.1945

Qualification :

B.TECH

Date of Appointment :

09.08.2011

PAN No.:

AALPR6079B

DIN No.:

00009992

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U28121MH2011PLC219872	JINDAL ALUMINIUM ROLLING LIMITED	18/07/2011	-
U74900KA2015PLC080751	JINDAL ENVIRO TECHNOLOGY LIMITED	05/06/2015	-

Name :

Mrs. Vaidehi Kanoria

Designation :

Director

Address :

A-45, Vasant Marg, Vasant Vihar, New Delhi – 110026, India

Date of Birth/Age :

27.10.1983

Date of Appointment :

01.11.2007

PAN No.:

AHPPK1434N

DIN No.:

00013028

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U23209DL1974PLC029068	KPL INTERNATIONAL LIMITED	10/09/2015	-

Name :

Mr. Ravinder Jindal

Designation :

Additional Director

Address :

House No 73, Road No 41, West Punjabi Bagh, New Delhi – 110026, India

Date of Appointment :

14.08.2017

DIN No.:

00022246

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25207HR1972PTC006005	JINDAL INDUSTRIES PRIVATE LIMITED	30/09/2009	-
U01122HR1985PTC020729	HISAR FARMS AND INVESTMENTS PRIVATE LIMITED	29/09/2014	-
U74899DL1984PTC019362	UNITED DECORATIVES PRIVATE LIMITED	01/04/1986	-

Name :

Mr. Sitaram Jindal

Designation :

Managing Director

Address :

Jindal Aluminium Limited, Jindal Nagar, Tumkur, Road, Bangalore, 560073, Karnataka, India

Date of Birth/Age :

12.09.1933

Qualification:

Graduate

Date of Appointment :

01.07.2008

PAN No.:

ABIPJ6453B

DIN No.:

00112560

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27104KA2003PLC031567	JINDAL NATURECARE LIMITED	25/08/2014	-
U28999DL1971PTC005782	STEEL AND METAL TUBES (INDIA) PRIVATE LIMITED	27/04/1998	-
U28121MH2011PLC219872	JINDAL ALUMINIUM ROLLING LIMITED	18/07/2011	-
U74900KA2015PLC080751	JINDAL ENVIRO TECHNOLOGY LIMITED	05/06/2015	-

Name :

Mr. Dharam Pal Jindal

Designation :

Director

Address :

B-57 Greater Kailash, Part - I, New Delhi – 110048, India

Date of Birth/Age :

15.02.1950

Date of Appointment :

14.08.2017

DIN No.:

00405579

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25207HR1972PTC006005	JINDAL INDUSTRIES PRIVATE LIMITED	30/09/2009	-
U01122HR1985PTC020729	HISAR FARMS AND INVESTMENTS PRIVATE LIMITED	29/09/2014	-
U74899DL1984PTC019362	UNITED DECORATIVES PRIVATE LIMITED	01/04/1986	-

Name :

Mr. Pratik Pravin Agarwal

Designation :

Director

Address :

403-A, 3^rd Floor, Samudra Mahal, A-Wing, Opposite Lotus, Dr. A.B. Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

02.12.1982

Date of Appointment :

22.07.2013

PAN No.:

ADYPA7745D

DIN No.:

03040062

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L31300MH2000PLC269261	STERLITE TECHNOLOGIES LIMITED	06/08/2013	-
U40109TN2010PLC084216	STERLITE PORTS LIMITED	07/07/2012	-
U08022KA2002NPL030879	PRAGUN JINDAL PHILANTHROPIC ORGANISATION	25/07/2013	-
U28113TN2010PLC083718	STERLITE INVESTMENT MANAGERS LIMITED	07/07/2012	-
U33120PN2014PLC172393	STERLITE POWER GRID VENTURES LIMITED	03/06/2014	-
U74120PN2015PLC156643	STERLITE POWER TRANSMISSION LIMITED	01/06/2016	-
U63000TN2016PTC111287	GOA SEA PORT PRIVATE LIMITED	05/07/2016	-

Name :

Mr. Pragun Jindal Khaitan

Designation :

Managing Director

Address :

Jindal Aluminium Limited Jindal Nagar, Tumkur Road, Bangalore - 560073, Maharashtra, India

Date of Birth/Age :

09.08.1992

Qualification:

Graduate

Date of Appointment :

21.09.2013

PAN No.:

BSWPK6241C

DIN No.:

03181533

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U08022KA2002NPL030879	PRAGUN JINDAL PHILANTHROPIC ORGANISATION	25/07/2013	-
U27104KA2003PLC031567	JINDAL NATURECARE LIMITED	19/02/2013	-
U74140KA2015PTC080385	JINDAL WEALTH MANAGEMENT PRIVATE LIMITED	15/05/2015	-
U74900KA2015PLC080751	JINDAL ENVIRO TECHNOLOGY LIMITED	05/06/2015	-

Name :

Mr. Mahandar Kumar Bansal

Designation :

Whole time Director

Address :

No.120/349 Sri Ram Kutir Ravi Kirloskar Layout Chikkabidirakallu Bangalore -560073, Karnataka, India

Date of Appointment :

20.06.2016

Date of Birth/Age :

18.09.1958

Qualification:

Graduate

DIN No.:

07544275

PAN

AJRPB5100C

KEY EXECUTIVES

Name :	Mr. Shyam
Designation :	Accounts Department
Name :	Kulithalai Srinivasan Suresh
Designation :	Company Secretary
Address :	Jindal Aluminium Limited, Tumkur Road, Bangalore – 560 073, Karnataka, India
Date of Birth/Age :	14.01.1961
Date of Appointment :	26.12.2014
PAN No.:	AALPS4432K
Name :	Mr. Rajesh Kumar Soni
Designation :	Chief Financial Officer
Address :	#23A Jindal Staff Colony, Tumkur Road, Jindal Aluminium Limited, J indal Naga Bangalore – 560073, Karnataka, India
Date of Birth/Age :	03.08.1964
Qualification:	CA
Date of Appointment :	25.08.2014
PAN No.:	AIOPS0431K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Note: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 14.08.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	23.01
Public – (Individual/ Hindu Undivided Family – Indian)	53.36
Public - Bodies corporate	24.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the manufacturing business of aluminium Extrusions and Rolling products, and in the generation of power through Solar and Wind. (Registered activity)

Products :

Item Code No.	Product Description
76042990	Aluminium Extrusions

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	The Hongkong and Shanghai Banking Corporation Limited
Branch	No. 7, M G Road, Bangalore - 560001, Karnataka, 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)	--

• Axis Bank Limited, Corporate Banking Branch, Indian Express Building No.1 Queen's Road, Bangalore – 560001, Karnataka, India

• Indusind Bank Limited, Ground Floor, Centenary Building No. 28, M. G. Road, Bangalore – 560001, Karnataka, India

• ICICI Bank Limited, Sobha Pearl No.1 Commissariat Road, Bangalore – 560025, Karnataka, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	1911.167	2956.322
Short-term borrowings
Working capital loans from banks	1884.911	1059.560
Total	3796.078	4015.882

Auditors :
Name :	S.V. Surana and Company Chartered Accountants
Address :	4705, 7^th Floor, High Point 1V 45 Palace Road, Bangalore – 560001, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABIPS1056R
Secretarial Audit Report:	Sampath Parthasarathy
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company :	Jindal Naturecare Limited, India U27104KA2003PLC031567 Jindal Aluminium Rolling Limited, India U28121MH2011PLC219872 Varama Sir India Logistic and Infrastructure Private Limited, India U63090KA2006PTC104999

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	INR 100/- each	INR 1100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10200000	Equity Shares	INR 100/- each	INR 1020.000 Million

FINANCIAL DATA

[all figures are in 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	1020.000	1020.000	1020.000
(b) Reserves & Surplus	8526.222	7558.540	6942.551
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	9546.222	8578.540	7962.551
(3) Non-Current Liabilities
(a) long-term borrowings	1911.167	2956.322	2795.485
(b) Deferred tax liabilities (Net)	487.417	359.789	243.891
(c) Other long term liabilities	573.700	419.630	0.000
(d) long-term provisions	42.797	30.645	23.936
Total Non-current Liabilities (3)	3015.081	3766.386	3063.312
(4) Current Liabilities
(a) Short term borrowings	2809.651	1809.270	2978.230
(b) Trade payables	358.768	288.918	921.254
(c) Other current liabilities	1977.370	2102.804	2070.215
(d) Short-term provisions	41.950	22.908	10.160
Total Current Liabilities (4)	5187.739	4223.900	5979.859
TOTAL	17749.042	16568.826	17005.722
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10404.213	10415.352	8555.769
(ii) Intangible Assets	1.835	3.560	5.134
(iii) Capital work-in-progress	0.000	0.000	1225.199
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	529.272	528.027	785.210
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	416.464	18.681	2.591
(e) Other Non-current assets	326.210	302.348	0.000
Total Non-Current Assets	11677.994	11267.968	10573.903
(2) Current assets
(a) Current investments	101.000	284.065	258.691
(b) Inventories	2763.964	1213.982	1656.540
(c) Trade receivables	1781.563	1769.953	1758.187
(d) Cash and cash equivalents	23.738	17.564	151.626
(e) Short-term loans and advances	220.945	57.600	0.000
(f) Other current assets	1179.838	1957.694	2606.775
Total Current Assets	6071.048	5300.858	6431.819
TOTAL	17749.042	16568.826	17005.722

PROFIT & LOSS ACCOUNT - STANDALONE

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	23598.083	21495.187	16026.344
	Other Income	301.637	243.468	113.009
	TOTAL	23899.720	21738.655	16139.353
Less	EXPENSES
	Cost of Materials Consumed	14742.480	13336.339	12340.494
	Purchases of Stock-in-Trade	1189.370	80.634	3.632
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1265.779)	467.705	(298.056)
	Employees benefits expense	916.648	718.057	535.598
	CSR Expenditure	14.340	11.913	9.206
	Other expenses	5159.872	4928.344	2069.704
	TOTAL	20756.931	19542.992	14660.578
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3142.789	2195.663	1478.775
Less	FINANCIAL EXPENSES	394.609	539.878	431.034
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2748.180	1655.785	1047.741
Less/ Add	DEPRECIATION/ AMORTISATION	643.808	566.548	478.388
	PROFIT/ (LOSS) BEFORE TAX	2104.372	1089.237	569.353
Less	TAX	515.740	359.148	156.606
	PROFIT/ (LOSS) AFTER TAX	1588.632	730.089	412.747
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1851.300	1591.629	1332.423
	TOTAL EARNINGS	1851.300	1591.629	1332.423
	IMPORTS
	Raw Materials	1971.840	2491.071	2909.165
	Components and Stores parts	64.511	47.140	15.205
	Capital Goods	0.000	22.593	32.611
	TOTAL IMPORTS	2036.351	2560.804	2956.981
	Earnings / (Loss) Per Share (INR)	168.14	78.46	52.47

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	1267.257	1354.482	1320.222
Net cash flows from (used in) operations	2003.096	2535.326	792.199
Net cash flows from (used in) operating activities	1448.175	2149.501	948.665

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	27.56	30.05	40.04
Account Receivables Turnover (Income / Sundry Debtors)	13.25	12.14	9.12
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	8.22	7.86	27.24
Inventory Turnover (Operating Income / Inventories)	1.14	1.81	0.89
Asset Turnover (Operating Income / Net Fixed Assets)	0.30	0.21	0.15

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.47	0.52	0.59
Debt Equity Ratio (Total Liability / Networth)	0.63	0.71	0.89
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.54	0.49	0.75
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.09	1.21	1.23
Interest Coverage Ratio (PBIT / Financial Charges)	7.96	4.07	3.43

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	6.73	3.40	2.58
Return on Total Assets ((PAT / Total Assets) * 100)	%	8.95	4.41	2.43
Return on Investment (ROI) ((PAT / Networth) * 100)	%	16.64	8.51	5.18

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.17	1.25	1.08
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.64	0.97	0.80
G-Score Ratio Financial (Networth / Total Assets)	0.54	0.52	0.47
G-Score Ratio Debt (Debts / Equity Capital)	5.87	6.00	6.95
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.17	1.25	1.08

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	1020.000	1020.000	1020.000
Reserves & Surplus	6942.551	7558.540	8526.222
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7962.551	8578.540	9546.222
Long Term borrowings	2795.485	2956.322	1911.167
Short Term borrowings	2978.230	1809.270	2809.651
Current Maturities of Long term debt	1320.222	1354.482	1267.257
Total borrowings	7093.937	6120.074	5988.075
Debt/Equity ratio	0.891	0.713	0.627

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	16026.344	21495.187	23598.083
		34.124	9.783

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	16026.344	21495.187	23598.083
Profit	412.747	730.089	1588.632
	2.58%	3.40%	6.73%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1020.000	1020.000
(b) Reserves & Surplus	8602.189	7559.250
(c) Money received against share warrants	0.000	0.000
(2) Minority interest	186.394	0.190
Total Shareholders’ Funds (1) + (2)	9808.583	8579.440
(3) Non-Current Liabilities
(a) long-term borrowings	1911.167	2956.322
(b) Deferred tax liabilities (Net)	489.440	359.789
(c) Other long term liabilities	573.700	419.630
(d) long-term provisions	44.236	30.575
Total Non-current Liabilities (3)	3018.543	3766.316
(4) Current Liabilities
(a) Short term borrowings	2812.881	1809.270
(b) Trade payables	627.838	288.918
(c) Other current liabilities	2266.162	2102.804
(d) Short-term provisions	42.284	22.908
Total Current Liabilities (4)	5749.165	4223.900
TOTAL	18576.291	16569.656
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11046.405	10415.352
(ii) Intangible Assets	1.835	3.560
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	544.732	527.957
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	167.842	18.668
(e) Other Non-current assets	608.612	303.262
Total Non-Current Assets	12369.426	11268.799
(2) Current assets
(a) Current investments	101.000	284.065
(b) Inventories	2763.964	1213.982
(c) Trade receivables	1781.563	1769.953
(d) Cash and cash equivalents	97.506	17.564
(e) Short-term loans and advances	220.945	57.600
(f) Other current assets	1241.887	1957.693
Total Current Assets	6206.865	5300.857
TOTAL	18576.291	16569.656

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	23965.400	21495.187
	Other Income	256.368	243.468
	TOTAL	24221.768	21738.655
Less	EXPENSES
	Cost of Materials Consumed	14742.480	13336.339
	Purchases of Stock-in-Trade	1189.370	80.634
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1265.779)	467.705
	Employees benefits expense	931.992	718.057
	CSR expenditure	19.175	11.913
	Other expenses	5283.844	4928.344
	TOTAL	20901.082	19542.992
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3320.686	2195.663
Less	FINANCIAL EXPENSES	395.757	539.878
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2924.929	1655.785
Less/ Add	DEPRECIATION/ AMORTISATION	647.621	566.548
	PROFIT/ (LOSS) BEFORE TAX	2277.308	1089.237
Less	TAX	605.673	359.148
	PROFIT/ (LOSS) AFTER TAX	1671.635	730.089
	Earnings / (Loss) Per Share (INR)	163.89	71.58

LEGAL CASES

Case Details
Case Type : O.S
Filling Number      : 262/2016 Filing date: 11.04.2011
Registration No      : 261/2016 Registration date: 21.04.2011
CRN NO : KABR60-000507-2016
CASE STATUS
First Hearing Date	11^TH July 2016
Next Hearing Date	11^TH July 2016
Purpose of Hearing	NOTICE
Court No & Judge	880-SENIOR CIVIL JUDGE and JMFC
Petitioner(s) & Advocate(s)
1)GANGAMMA Address – DEVARAHOSAHALI VILLAGE AND PO, SOMPURA HOBLI, HELAMANGALATO, BANGALORE RURAL DIST. Advocate – V. MANJUNATHA 2) GANGAMMA KEMPOHALI DAKALE, AJJIBYRANAHALLI, URUDUGERE HOBLI, TUMKUR TQ AND DIST.
Respondent(s) & Advocate(s)
1)R.VEERABADRAIAH Address – YEDEHALLI VILLAGE, SOMPURA HOBLI, TUMKUR ROAD, NELAMANGALA TQ, BANGALORE RURAL DIST. 2) GOWRAMMA 3) GIRIJAMMA 4) PARVATHAMMA 5) SHARADAMMA 6) VIJAYKUMAR ALL ARE R.AT YEDEHALLI VILLAGE, SOMPURA HOBLI, NELAMANGALA TQ. BANGALORE RURAL DIST. 7) JINDAL ALUMINIUM LIMITED JINDALNAGARA, TUMKUR ROAD, NAGASANDRA PO. REP BY MAHENDRAKUMAR BANSAL 8) SLAO NO.678-3, NEERBHAVI KEMPANNA LYT, HEBBAL, BANGALORE
ACTS
Under Act(s)		Order Rule 1 of CPC
Under Section(s)		--

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)	No
16	No. of employees	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL CORPORATE INFORMATION:

Subject is a public limited company incorporated in India on 14th July, 1970 under the Companies Act, 1956. The registered office of the Company is Jindal Nagar, Tumkur Road, Bangalore.

Subject is primarily engaged in the manufecturing business of aluminium Extrusions and Rolling products, and in the generation of power through Solar and Wind.

FINANCIAL RESULTS:

Particulars 31st March, 2017 31st March, 2016 (a) Gross Revenue INR 23899.720 Million INR 21738.655 Million (b) Profit before Depreciation, Contribution/Donation and taxes INR 2748.180 Million INR 1655.785 Million (c) Less: Depreciation INR 643.808 Million INR 566.548 Million (d) Profit before Tax, Contribution/Donation (b-c) INR 2120.260 Million INR 1108.215 Million (e) Less: Contribution/Donation INR 15.888 Million INR 18.978 Million (f) Profit before tax (PBT) INR 2104.372. Million INR 1089.237 Million (g) Less: Provision for current year’s tax INR 428.198 Million INR 207.500 Million

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Deposits from shareholders	180.300	123.300
Loans and advances from directors	231.340	123.910
Loans and advances from others	513.100	502.500
Total	924.740	749.710

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G44602431	100099670	The Hongkong and Shanghai Banking Corporation Limited	24/05/2017	-	-	250000000.0	NO 7,M G ROADBANGALOREKA560001IN
2	G31286636	100018043	Axis Bank Limited	05/03/2016	29/11/2016	-	1000000000.0	Corporate Banking BranchIndian Express Building No.1 Queen's RoadBangaloreKA560001IN
3	C82006396	10627561	Indusind Bank Limited	29/12/2015	-	-	300000000.0	Ground Floor, Centenary BuildingNo. 28, M. G. RoadBangaloreKA560001IN
4	G04018222	10617218	ICICI BANK LIMITED	22/12/2015	10/05/2016	-	500000000.0	SOBHA PEARLNO.1 COMMISSARIAT ROADBANGALOREKA560025IN
5	C63512933	10590090	HDFC BANK LIMITED	11/08/2015	-	-	300000000.0	Emerging Corporates Group8/24, Salco Center, Richmond RoadBangaloreKA560025IN
6	G47398300	10557668	KOTAK MAHINDRA BANK LIMITED	12/03/2015	10/05/2017	-	450000000.0	NO.22 M G ROADBANGALOREKA560001IN
7	C47204839	10556014	YES BANK LIMITED	21/01/2015	-	-	50000000.0	Prestige ObeliskKasturba RoadBangaloreKA560001IN
8	C46631578	10555071	ABU DHABI COMMERCIAL BANK LIMITED	17/01/2015	-	-	250000000.0	28 GROUND FLOOR CITI CENTRECHURCH STREETBANGALOREKA560001IN
9	G11694486	10544921	Export-Import Bank of India	08/01/2015	10/08/2016	-	1340000000.0	Centre One Building, Floor 21, World Trade Centre,Cuffe ParadeMumbaiMH400005IN
10	C37916392	10538465	INDUSIND BANK LIMITED	28/11/2014	-	-	200000000.0	GROUND FLOOR, CENTENARY BUILDINGNO 28, M G ROADBANGALOREKA560001IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Guarantees	501.519	45.056
Other money for which company is contingently liable	297.497	264.223

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipments
• Computer equipments
• Bridges roads ports culverts

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 65.99
UK Pound	1	INR 89.90
Euro	1	INR 80.20

INFORMATION DETAILS

Information Gathered by :	SWT
Analysis Done by :	VIV
Report Prepared by :	SUJ

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.