MIRA INFORM REPORT

Report No. :	497537
Report Date :	13.03.2018

IDENTIFICATION DETAILS

Name :	RUBAMIN LIMITED (w.e.f.01.09.1987)
Formerly Known As :	RUBAMIN PRIVATE LIMITED
Registered Office :	Synergy House, Gorwa – Subhanpura Road, Vadodara– 390023, Gujarat
Tel. No.:	91-265-2282078-82
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	01.09.1987
Com. Reg. No.:	04-009942
Capital Investment / Paid-up Capital :	INR 120.741 Million
CIN No.: [Company Identification No.]	U24299GJ1987PLC009942
IEC No.:	0888038135
GSTIN/UIN:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACR8758H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Zinc Oxide and a Specialised Grade of Sodium Molybdate for the Water Treatment Chemical Application. (Registered Activity)
No. of Employees :	Information denied 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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1987 and is engaged in business as a manufacturer of zinc oxide and a specialised grade of sodium molybdate for the water treatment chemical application. For the financial year ended 2017, the company has achieved 24.37% growth in its operating revenue as compared to the previous year revenue along with a decent profit margin of 7.94% during the year under a review. Rating continues to reflect the company’s established market position in the zinc-based chemicals segment, well-experienced promoters, diversified revenue stream, and strong financial risk profile marked by low gearing and healthy debt protection metrics. However, these rating strengths are partially offset by its working capital-intensive nature of operations, susceptibility of its operating margin to fluctuations in raw material prices and in demand for its products. Business is active. Payments are reported to be regular. In view of aforesaid, the company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE RATING
Rating	Long Term Borrowing = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	19.02.2018

Rating Agency Name	CARE RATING
Rating	Short Term Borrowings = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	19.02.2018

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 13.03.2018.

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. Yagnesh Shah
Designation :	Accounts Department
Contact No.:	91-265-2282082
Date :	13.03.2018

Management Non-Cooperative (91-265-2282079)

LOCATIONS

Registered Office :	Synergy House, Gorwa – Subhanpura Road, Vadodara– 390023, Gujarat, India
Tel. No.:	91-265-2282078-82
Fax No.:	91-265-2282077
E-Mail :	info@rubamin.com
Website :	http://www.rubamin.com
Location :	Owned
Locality :	Commercial
Factory 1 :	23, Shree Laxmi Industrial Estate, Village Dunia, Halol, District Panchmahals - 389350, Gujarat, India
Factory 2 :	138 and 139, Panchal Udyog Nagar, Bhimpore, Daman – 396210, Daman and Diu, India
Factory 3 :	Plot No. 100 and C-1, B-113, Nandesari Notified Area, GIDC Nandesari, Vadodara – 391340, Gujarat, India
Factory 4:	Plot No.: 17, Nandesari Notified Area, G.I.D.C., Nandseri, Vadodara, Gujarat, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Anil Ramanbhai Patel

Designation :

Managing Director

Address :

Plot No.8, R.S. No.79, Near Narmada Canalt, Sevasi, Vadodara – 391011, Gujarat, India

Date of Birth/Age :

23.12.1951

Qualification :

M.Sc. (Physics)

Experience :

38 Years

Date of Appointment :

01.07.2011

PAN No.:

ADKPP1905E

DIN No.:

00228658

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U24231GJ1989PTC012557	ZINCOLLIED (INDIA) PVT LTD	25/06/1993	-
U70109GJ1992PTC018457	METALLICA PROPERTIES PRIVATE LIMITED	16/11/1992	-
U65910GJ1992PTC018458	INFINITY PROPERTIES PRIVATE LIMITED	20/10/1992	-
U45200GJ1992PTC018459	H & Y PROPERTIES PRIVATE LIMITED	20/10/1992	-
U45200GJ1996PLC030690	ENVIRO INFRASTRUCTURE COMPANY LIMITED	30/08/2003	-
U70100GJ2008PTC053527	FUTUREDGE ESTATES PRIVATE LIMITED	08/04/2008	-

Name :

Mr. Atul Nandkishore Dalmia

Designation :

Managing director

Address :

1, Green Acres, Ampad, Vadodara – 391330, Gujarat, India

Date of Birth/Age :

05.01.1959

Qualification :

Chemical Engineer from BITS, Pilani

Experience :

30 Years

Date of Appointment :

01.07.2011

PAN No.:

ABOPD1840Q

DIN No.:

00228257

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
L31400GJ1972PLC002091	PANASONIC ENERGY INDIA COMPANY LIMITED	24/07/2015	-
U24231GJ1989PTC012557	ZINCOLLIED (INDIA) PVT LTD	25/06/1993	-
U70109GJ1992PTC018457	METALLICA PROPERTIES PRIVATE LIMITED	20/10/1992	-
U65910GJ1992PTC018458	INFINITY PROPERTIES PRIVATE LIMITED	20/10/1992	-
U45200GJ1992PTC018459	H & Y PROPERTIES PRIVATE LIMITED	20/10/1992	-
U70100GJ2008PTC053527	FUTUREDGE ESTATES PRIVATE LIMITED	30/09/2013	-

Name :

Mr. Chandrashekar Birla

Designation :

Whole-Time Director

Address :

201, Atlantic IV, Near Natubhai Centre, Gotri Road, Vadodara-390007, Gujarat, India

Date of Appointment :

23.12.2014

DIN No.:

00362208

Name :

Mr. Suresh Ramachandran Kizhakkethil

Designation :

Whole-Time Director

Address :

102, Tower A, Sharavan Residency, Cosmic Enclave, Sama, Near Kalyan Hall, Sama - Chhani Road, Vadodara, 390024, Gujarat, India

Date of Appointment :

23.12.2014

DIN No.:

07031342

Name :

Mr. Sumit Chandwani

Designation :

Director

Address :

1406A, The Magnolias, DLF Golf Course, Delf Golf Links, DLF 5, Gurugram- 122009, Haryana, India

Date of Birth/Age :

11.11.1967

Date of Appointment :

12.09.2014

DIN No.:

0179100

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
L45205TN1995PLC030231	VA TECH WABAG LIMITED	13/09/2005	-
U74140MH2009PTC194827	PETALITE CONSULTANTS PRIVATE LIMITED	01/10/2011	-
U74999DL2017PTC310048	CEPHEUS GROWTH OPPORTUNITIES PRIVATE LIMITED	02/01/2017	-

Name :

Mr. Michael Bomi Homawalla

Designation :

Director

Address :

16, Pratham Avenue, Opposite Taj Hotel, Near Dinesh Mill, Akota, Vadodara- 390020, Gujarat, India

Date of Appointment :

18.03.2015

DIN No.:

00251116

Name :

Dr. Shashi Anand

Designation :

Director

Address :

HIG 25/3, Housing Board Colony, Phase-1, Chandershekharpur, Bhubaneshear – 751016, Odisa, India

Date of Birth/Age :

03.12.1948

Date of Appointment :

12.09.2014

DIN No.:

06909344

Name :

Mr. Bhuwan Purohit

Designation :

Additional Director

Address :

Flat No. A/502, Aishwarya Apartment, Near Odhavpura Village, Near Ellora Park Vegetable Market, Vadodara-390007, Gujarat, India

Date of Birth/Age :

10.03.2017

DIN No.:

05196479

KEY EXECUTIVES

Name :	Mr. Sanjay Narendra Singh Dudhoria
Designation :	Chief Executive Officer
Address :	202, Valentina Residency, Opposite P F Office, Akota, Vadodara - 390020, Gujarat, India
Date of Appointment :	27.06.2014
PAN No.:	AFCPD0607H
Name :	Mr. Mayank Kumar Surendrakumar Joshi
Designation :	Company Secretary
Address :	B/5, 403, Labh Exotica, Opposite Mangalya Society, Opposite Yash Complex, Gotri, Vadodara – 391021, Gujarat, India
Date of Birth/Age :	09.11.1985
Date of Appointment :	20.01.2014
PAN No.:	AIAPJ6706C
Name :	Mr. Yagnesh Shah
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Atul Nandkishore Dalmia	3809284
Dalmia Nandikishore J.	1858880
Dalmia Seema A.	944080
Dalmia Gyan N.	517160
Patel Anil R,	3069264
Patel Mita A.	806400
Patel Hetav A.	615600
Anil R. Patel (HUF) Karta Anil Ramanlal Patel	137760
Nisha Gupta	10000
Neena Rajgarhia	10000
Zincollied (India) Private Limited, India	155300
Patel Hetal H	140400
Total	12074128

Equity Share Break up (Percentage of Total Equity)

AS ON 19.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	98.71
Promoters- Body corporate	1.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Zinc Oxide and a Specialised Grade of Sodium Molybdate for the Water Treatment Chemical Application. (Registered Activity)

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Zinc Oxide White Seal	20117
Zinc Oxide Afox	20117
Zinc Oxide (Gold Seal)	20117
Sodium Molybdate	20117

Brand Names :

Not Available

Agencies Held :

Not Available

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 denied by the management

Bankers :

Banker Name :	Bank of Baroda
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Term loans from banks	49.960	104.701
SHORT TERM BORROWING
Loans repayable on demand from banks	954.424	790.456
Total	1004.384	895.157

Auditors :
Name :	K C Mehta and Company Chartered Accountants
Address :	2nd Floor, Meghdhanush, Race Course, Vadodara – 390007, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFK1558J
Memberships :	Not Available
Collaborators :	Not Available
Fellow Subsidiary Company :	Rubamin SARL Rubaco SARL Minalex SARL Codema SARL Metkore SARL LMR SAS
Subsidiary Company :	Rubamin FZC Subsidiary
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Futuredge Estates Private Limited Infinity Properties Private Limited Techno Chemicals Zincollied (India) Private Limited Metallica properties Private Limited H and Y properties Private Limited Rubamin foundation Metal Resources India

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12074128	Equity Shares	INR 10/- each	INR 120.741 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	120.741	120.741	120.741
(b) Reserves & Surplus	1480.995	1110.210	1062.590
(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)	1601.736	1230.951	1183.331
(3) Non-Current Liabilities
(a) long-term borrowings	49.960	104.701	70.078
(b) Deferred tax liabilities (Net)	43.610	8.587	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	12.586	9.791	10.252
Total Non-current Liabilities (3)	106.156	123.079	80.330
(4) Current Liabilities
(a) Short term borrowings	966.174	870.556	774.599
(b) Trade payables	135.720	106.141	117.533
(c) Other current liabilities	310.481	217.738	181.056
(d) Short-term provisions	29.164	16.853	87.135
Total Current Liabilities (4)	1441.539	1211.288	1160.323
TOTAL	3149.431	2565.318	2423.984
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	739.930	752.699	650.250
(ii) Intangible Assets	8.247	2.559	2.138
(iii) Capital work-in-progress	274.373	145.985	128.896
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	84.964	84.964	84.964
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	25.088	15.738	26.029
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1132.602	1001.945	892.277
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	662.269	520.375	440.161
(c) Trade receivables	928.131	707.668	656.709
(d) Cash and cash equivalents	27.642	34.551	44.623
(e) Short-term loans and advances	373.215	276.719	333.891
(f) Other current assets	25.572	24.060	56.323
Total Current Assets	2016.829	1563.373	1531.707
TOTAL	3149.431	2565.318	2423.984

PROFIT & LOSS ACCOUNT – STANDALONE

	PARTICULARS			31.03.2017	31.03.2016	31.03.2015
	SALES
			Income	4490.555	3610.382	3362.047
			Other Income	164.709	158.931	270.480
			TOTAL	4655.264	3769.313	3632.527
Less	EXPENSES
			Cost of Materials Consumed	3165.924	2599.467	2237.086
			Purchases of Stock-in-Trade	135.851	119.526	228.779
			Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(94.259)	(18.265)	(3.749)
			Employees benefits expense	214.915	183.048	152.698
			CSR Expenditure	2.026	1.346	0.000
			Other expenses	536.769	478.880	495.773
			TOTAL	3961.226	3364.002	3110.587
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			694.038	405.311	521.940
Less	FINANCIAL EXPENSES			102.744	106.394	110.222
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			591.294	298.917	411.718
Less	DEPRECIATION/ AMORTISATION			87.051	82.598	82.643
	PROFIT/(LOSS) BEFORE TAX			504.243	216.319	329.075
Less	TAX			147.550	53.995	69.557
	PROFIT/(LOSS) AFTER TAX			356.693	162.324	259.518
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports		1975.930	1364.382	1229.202
	TOTAL EARNINGS			1975.930	1364.382	1229.202
	IMPORTS
		Raw Materials		2035.317	1702.371	1681.655
		Stores & Spares		0.082	0.369	0.364
		Capital Goods		0.000	5.521	2.876
	TOTAL IMPORTS			2035.399	1708.261	1684.895
	Earnings / (Loss) Per Share (INR)			29.54	13.44	21.49

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	146.594	72.588	44.333
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	194.384	151.997	173.952

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	75.44	71.54	71.30
Account Receivables Turnover (Income / Sundry Debtors)	4.84	5.10	5.12
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	15.00	14.25	17.40
Inventory Turnover (Operating Income / Inventories)	1.05	0.78	1.19
Asset Turnover (Operating Income / Net Fixed Assets)	0.68	0.45	0.67

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.52	0.54	0.53
Debt Equity Ratio (Total Liability / Networth)	0.73	0.85	0.75
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.90	0.98	0.98
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.64	0.73	0.66
Interest Coverage Ratio (PBIT / Financial Charges)	6.76	3.81	4.74

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	7.94	4.50	7.72
Return on Total Assets ((PAT / Total Assets) * 100)	%	11.33	6.33	10.71
Return on Investment (ROI) ((PAT / Networth) * 100)	%	22.27	13.19	21.93

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.40	1.29	1.32
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.94	0.86	0.94
G-Score Ratio Financial (Networth / Total Assets)	0.51	0.48	0.49
G-Score Ratio Debt (Debts / Equity Capital)	9.63	8.68	7.36
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.40	1.29	1.32

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	120.741	120.741	120.741
Reserves & Surplus	1062.590	1110.210	1480.995
Net worth	1183.331	1230.951	1601.736
long-term borrowings	70.078	104.701	49.960
Short term borrowings	774.599	870.556	966.174
Current Maturities of Long term debt	44.333	72.588	146.594
Total borrowings	889.010	1047.845	1162.728
Debt/Equity ratio	0.751	0.851	0.726

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	3362.047	3610.382	4490.555
		7.386	24.379

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	3362.047	3610.382	4490.555
Profit	259.518	162.324	356.693
	7.72%	4.50%	7.94%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.741	120.741
(b) Reserves & Surplus	4483.434	3431.537
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	332.108	258.921
Total Shareholders’ Funds (1) + (2)	4936.283	3811.199
(3) Non-Current Liabilities
(a) long-term borrowings	49.960	104.701
(b) Deferred tax liabilities (Net)	43.611	8.587
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	12.586	9.791
Total Non-current Liabilities (3)	106.157	123.079
(4) Current Liabilities
(a) Short term borrowings	1186.459	1828.044
(b) Trade payables	248.805	247.180
(c) Other current liabilities	1288.220	587.045
(d) Short-term provisions	56.673	21.107
Total Current Liabilities (4)	2780.157	2683.376
TOTAL	7822.597	6617.654
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1655.009	1808.412
(ii) Intangible Assets	8.417	2.722
(iii) Capital work-in-progress	281.252	145.985
(iv) Intangible assets under development	400.297	343.741
(b) Non-current Investments	0.004	0.004
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	37.198	28.110
(e) Other Non-current assets	87.881	87.827
Total Non-Current Assets	2470.058	2416.801
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1657.568	1247.737
(c) Trade receivables	2898.658	2362.761
(d) Cash and cash equivalents	111.156	115.620
(e) Short-term loans and advances	663.037	344.528
(f) Other current assets	22.120	130.207
Total Current Assets	5352.539	4200.853
TOTAL	7822.597	6617.654

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	10017.910	7156.183
	Other Income	133.062	65.302
	TOTAL	10150.972	7221.485
Less	EXPENSES
	Cost of Materials Consumed	6381.426	4501.668
	Purchases of Stock-in-Trade	50.799	119.526
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(279.789)	73.533
	Employees benefits expense	527.514	472.670
	CSR Expenditure	2.026	1.346
	Other expenses	1474.081	1347.482
	Prior Period Items	0.016	(0.625)
	TOTAL	8156.073	6515.600
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1994.899	705.885
Less	FINANCIAL EXPENSES	192.494	192.260
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1802.405	513.625
Less/ Add	DEPRECIATION/ AMORTISATION	395.101	369.570
	PROFIT/ (LOSS) BEFORE TAX	1407.304	144.055
Less	TAX (H)	199.785	100.881
	PROFIT/ (LOSS) AFTER TAX	1207.519	43.174
	Earnings / (Loss) Per Share (INR)	92.12	3.57

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	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT TERM BORROWINGS
Loans and advances from related parties	11.750	801.000
Total	11.750	801.000

INDEX OF CHARGE:

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	A45809662	10123499	STATE BANK OF INDIA	09/09/2008	-	-	1906400000.0	INDUSTRIAL FINANCE BRANCHRACE COURSE CIRCLEVADODARAGJ390007IN
2	G33988163	10123498	State Bank of India	09/09/2008	13/01/2017	-	1847300000.0	INDUSTRIAL FINANCE BRANCH, MID TOWN HEIGHTS,03RD AND 04TH FLOOR, JETALPUR ROADVADODARAGJ390007IN
3	A66713686	10110117	STATE BANK OF INDIA	02/07/2008	08/07/2009	-	682400000.0	INDUSTRIAL FINANCE BRANCHMARBLE ARCH, RACE COURSE CIRCLEVADODARAGJ390007IN
4	A17428681	10056855	STATE BANK OF INDIA	05/06/2007	-	-	726000000.0	INDUSTRIAL FINANCE BRANCHRACE COURSE CIRCLEVADODARAGJ390007IN
5	A11384955	10060889	BANK OF BARODA	12/02/2007	-	-	61400000.0	CORPORTATE FINANCIAL SERVICES BRANCHBARODAGJ390001IN
6	G33987439	10033604	State Bank of India	05/01/2007	13/01/2017	-	1847300000.0	INDUSTRIAL FINANCE BRANCH, MID TOWN HEIGHTS03RD AND 04TH FLOOR, JETALPUR ROADVADODARAGJ390007IN
7	Y10182707	90096107	STATE BANK OF INDIA	05/03/2003	05/03/2003	-	16000000.0	INDUSTRIAL FINANCE BRANCHMARBLE ARCH RACE COURSEBARODAGJIN
8	Y10180946	90094346	STATE BANK OF INDIA	27/08/1996	30/07/2004	-	45000000.0	INDUSTRIAL FINANCE BRANCHMARBLE ARCH RACE COURSEBARODAGJIN
9	Y10180940	90094340	STATE BANK OF INDIA	19/04/1996	09/08/2003	-	45000000.0	INDUSTRIAL FINANCE BRANCHMARBLE ARCH RACE COURSEBARODAGJIN
10	A07329659	90095910	STATE BANK OF INDIA	27/03/1995	01/08/2006	-	390000000.0	INDUSTRIAL FINANCE BRANCHRACE COURSE ROADVADODARAGJ390007IN
11	G45182201	10506095	State Bank of India	06/06/2014	-	08/05/2017	135000000.0	MID -CORPORATE GROUP INDUSTRIAL FINANCE BRANCH,MARBLE ARCH, RACE COURSEVADODARAGJ390007IN
12	G45181641	10508461	State Bank of India	16/06/2014	-	08/05/2017	135000000.0	MID -CORPORATE GROUP INDUSTRIAL FINANCE BRANCH,MARBLE ARCH, RACE COURSEVADODARAGJ390007IN
13	C17720533	10429296	BANK OF BARODA	28/05/2013	-	20/08/2014	100000000.0	CORPORATE FINANCIAL SERVICES BRANCH1ST FLOOR, BOB BUILDING, R C DUTT ROAD, ALKAPURIVADODARAGJ390007IN
14	A26549972	90096034	DENA BANK	23/06/1999	12/08/2004	02/11/2007	42500000.0	VIP ROADKARELI BAUGBARODAGJIN
15	Y10182700	90096100	SBI FACTORS AND COMMERCIAL SERVICES PVT. LTD.	19/12/2002	17/12/2003	25/06/2005	6000000.0	B.B.C. TOWEROPP. RAINBOW, SAYAJIGUNJBARODAGJ390005IN
16	Y10182625	90096025	DENA BANK	05/04/1999	17/04/2003	29/07/2004	42500000.0	V.I.P. ROADKARELIBAUGBARODAGJ390001IN

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Factory Equipment

· Furniture and Fixture

· Vehicle

· Office Equipment

· Computer 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 65.02
UK Pound	1	INR 90.12
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	PRI
Report Prepared by :	JYO

SCORE FACTORS

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