MIRA INFORM REPORT

Report No. :	500235
Report Date :	26.03.2018

IDENTIFICATION DETAILS

Name :	ELIN ELECTRONICS LIMITED
Formerly Known As :	ELIN ELECTRONICS PRIVATE LIMITED
Registered Office :	143, Cotton Street, Kolkata- 700007, West Bengal
Tel. No.:	91-33-22684329
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	26.03.1982
Com. Reg. No.:	21-034725
Capital Investment / Paid-up Capital :	INR 62.877 Million
CIN No.: [Company Identification No.]	U29304WB1982PLC034725
IEC No.: [Import-Export Code No.]	0599048611
TAN No.: [Tax Deduction & Collection Account No.]	CALE00685G
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACE6449G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of electric lighting equipment (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

Maximum Credit Limit :	USD 3400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1982. It is a manufacturer of electronic equipment. The company has manufacturing facilities at Ghaziabad, near New Delhi, Baddi in Himachal Pradesh and Goa. For the financial year 2017, the company has reported dip in its revenue as compared to the previous year but has managed to maintain an average profit margin of 2.85%. The overall financial risk profile of the company seems to be sound marked by sufficient net worth base along with negligible debt balance sheet profile. Rating takes into consideration the subject’s favourable Earnings Per Share of INR 19.9 against the Face Value of INR 10. Payments seems to be regular. In view of aforesaid, the company can be considered 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	India Rating
Rating	Long Term Borrowing = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	06.12.2017

Rating Agency Name	India Rating
Rating	Short Term Borrowing = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	06.12.2017

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 26.03.2018.

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

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-120-2701519 / 23

Tel. No.: 91-33-22684329 – Not Exists.

LOCATIONS

Registered Office :	143, Cotton Street, Kolkata- 700007, West Bengal, India
Tel. No.:	91-33-22684329
Mobile No.:	91-9811112038 (Mr. Vinay Kumar Sethia)
Fax No.:	Not Available
E-Mail :	rkc@elinindia.com
Website :	http://www.elinindia.com
Location :	Owned
Factory 1 :	C-143-144-144/1-144/2, Industrial Area, Site No.-1, Bulandshahar Road, Ghaziabad – 201 009, Uttar Pradesh, India
Tel. No.:	91-120-2701519-23
Fax No.:	91-120-2702087
E-Mail :	sanjeev@elinindia.com
Factory 2 :	L-84, Verna Industrial Estate, Verna, Salcatte, Goa – 403 722, India
Tel. No.:	91-832-2783730/ 731/ 736/ 376
Fax No.:	91-832-2783001
E-Mail :	elinelel@sancharnet.in
Factory 3 :	Village Bhelikhol, Tehsil, Nalagarh, District: Solan, Himachal Pradesh, India
Tel. No.:	91-1795-236898
Fax No.:	91-1795-236988
E-Mail :	elin_baddi@sancharnet.in
Branch Office :	Elin House, 4771, Bharatram Road, 23, Daryaganj New Delhi – 110 002, India
Tel. No.:	91-11-43000400
Fax No.:	91-11-23289340
E-Mail :	elintdm@ndf.vsnl.net.in headoffice@elinindia.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Kamal Sethia

Designation :

Whole Time Director

Address :

4771, Bharat Ram Road, 23, Darya Ganj, New Delhi – 110 002, India

Date of Birth/Age :

28.10.1957

Qualification :

BCOM

Date of Appointment :

06.08.2007

PAN No.:

ALKPS0456M

DIN No.:

00081116

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01122WB1950PTC018549	KANCHAN COMMERCIAL CO PVT LTD	19/12/1988	-
U65923WB1987PTC042096	GAURAV RESOURCES COMPANY PVT LTD	28/08/1995	-

Name :

Mr. Mangi Lall Sethia

Designation :

Managing Director

Address :

4771, Bharat Ram Road, 23, Darya Ganj, New Delhi – 110 002, India

Date of Birth/Age :

07.12.1937

Qualification :

BCOM

Date of Appointment :

26.03.1982

PAN No.:

ALKPS0654D

DIN No.:

00081367

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01122WB1950PTC018549	KANCHAN COMMERCIAL CO PVT LTD	28/11/1961	-
U25200DL2008PLC181088	KLJ PLASTICIZERS LIMITED.	31/03/2015	-
U29219HP1983PTC005404	MAGTRONIC DEVICES PVT LTD	29/12/1988	-
U65923WB1987PTC042096	GAURAV RESOURCES COMPANY PVT LTD	24/03/1987	-

Name :

Mr. Kishor Sethia

Designation :

Whole Time Director

Address :

4771, Bharat Ram Road, 23, Darya Ganj, New Delhi – 110 002, India

Date of Birth/Age :

14.06.1959

Qualification :

BCOM

Date of Appointment :

06.08.2007

PAN No.:

AKLPS0412M

DIN No.:

00081488

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01122WB1950PTC018549	KANCHAN COMMERCIAL CO PVT LTD	30/01/1988	-
U34100DL2007PTC164171	ELIN AUTO COMPONENTS PRIVATE LIMITED	30/05/2007	-
U65923WB1987PTC042096	GAURAV RESOURCES COMPANY PVT LTD	28/08/1995	-

Name :

Mr. Vinay Kumar Sethia

Designation :

Whole Time Director

Address :

E-21, Sector – 30, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

21.05.1951

Qualification :

BCOM

Date of Appointment :

26.03.1982

PAN No.:

AZWPS8336E

DIN No.:

00082184

Name :

Mr. Budh Singh Sethia

Designation :

Whole Time Director

Address :

Sethia Sadan, B-23, Sector – 14, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

15.01.1950

Qualification :

BCOM

Date of Appointment :

26.03.1982

DIN No.:

00082232

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29219HP1983PTC005404	MAGTRONIC DEVICES PVT LTD	29/12/1988	-
U40101DL2004PTC127077	REVLITE ENERGY SOLUTIONS PRIVATE LIMITED	22/06/2004	-
U72300DL2007PTC166713	GEO CALL CONNECT SERVICE SOLUTIONS PRIVATE LIMITED	10/09/2007	-
U74140DL2005PTC137784	EM KAY IT SOLUTIONS PRIVATE LIMITED	10/08/2016	-
U91990DL2012PTC245118	ELCINA ELECTRONICS MANUFACTURING CLUSTER PRIVATE LIMITED	21/11/2012	-

Name :

Mr. Sanjeev Sethia

Designation :

Whole Time Director

Address :

B-140-141, Sector – 30, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

24.04.1969

Qualification :

BSEE

Date of Appointment :

01.09.2008

PAN No.:

ALHPS2715C

DIN No.:

00354700

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U34100DL2007PTC164171	ELIN AUTO COMPONENTS PRIVATE LIMITED	13/02/2012	-
U74200DL2010PTC205442	SANPRE DESIGNS PRIVATE LIMITED	07/07/2010	-

Name :

Sunita Baid

Designation :

Director

Address :

E-183, Greater Kailash Part-Ii, New Delhi - 110048, India

Date of Appointment :

30.03.2015

DIN No.:

00450128

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U18101DL2002PTC114321	SARAH FASHIONS PRIVATE LIMITED	21/02/2002	-
U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	30/09/2015	-

Name :

Kamal Singh Baid

Designation :

Director

Address :

Bq-48 2nd Floor, Shalimar Bagh, Delhi - 110088, India

Date of Appointment :

30.09.2015

DIN No.:

07149567

KEY EXECUTIVES

Name :	Avinash Chandra Karwa
Designation :	Secretary
Address :	Near Mataji Ka Mandir Naya Bans, Po Sujan Garh, Churu - 331507, Rajasthan, India
Date of Appointment :	01.02.2014
PAN No.:	ALBPK1453F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	43.43
Public – (Individual/ Hindu Undivided Family – Indian)	28.36
Public - Bodies corporate	27.93
Public – Other Trust	0.28
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of electric lighting equipment (Registered activity)

Products :

Item Code No.	Product Description
94051090	Electric Light Fittings
85011001	Universal Motor
85131010	LED Flash Light

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	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg Lower Parel (West), Mumbai-400013, Maharashtra, 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)	--

• State Bank of India, Industrial Finance Bankjawahar Vyapar Bhawan, Tolstoy Marg, Delhi-110001, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	305.892	250.876
Loans taken for fixed assets	0.105	2.255
Short-term borrowings
Loans repayable on demand from banks	254.256	360.478
Total	560.253	613.609

Auditors :
Name :	Chaturvedi and Company Chartered Accountants Chartered Accountants
Address :	2-1,Park Centre, 24, Park Street, Kolkata, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFC9567F
Secretarial audit report :	Akshat Garg and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Elin Appliances Private Limited, India U29300HP2002PTC025355
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kanchan Commercial Co Private Limited, India U01122WB1950PTC018549 Magtronic Devices Private Limited, India U29219HP1983PTC005404 Sethia Oil Industries Limited., India U24247WB1992PLC053986 Asian Magnetic Devices Private Limited, India U32109WB1988PTC095530 Electronics Components Industries, India

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	INR 10/- each	INR 75.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6287700	Equity Shares	INR 10/- each	INR 62.877 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	62.877	62.877	62.877
(b) Reserves and Surplus	1119.592	994.447	817.468
(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)	1182.469	1057.324	880.345
(3) Non-Current Liabilities
(a) long-term borrowings	305.997	253.131	116.376
(b) Deferred tax liabilities (Net)	0.750	(3.107)	0.000
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	306.746	250.023	116.376
(4) Current Liabilities
(a) Short-term borrowings	254.256	360.478	300.478
(b) Trade payables	389.968	345.784	328.129
(c) Other current liabilities	55.921	131.327	87.418
(d) Short-term provisions	42.576	48.463	26.758
Total Current Liabilities (4)	742.722	886.052	742.783
TOTAL	2231.937	2193.399	1739.504
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	790.481	659.956	483.846
(ii) Intangible Assets	0.294	0.391	0.386
(iii) Tangible assets capital work-in-progress	0.000	8.158	0.744
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.683	9.683	9.928
(c) Deferred tax assets (net)	0.000	0.000	3.468
(d) Long-term loans and advances	133.592	155.786	140.350
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	934.050	833.974	638.722
(2) Current assets
(a) Current investments	6.191	6.669	6.669
(b) Inventories	413.540	439.918	459.192
(c) Trade receivables	776.123	799.769	541.355
(d) Cash and bank balances	19.368	30.034	25.788
(e) Short-term loans and advances	82.451	82.963	67.608
(f) Other current assets	0.214	0.073	0.170
Total Current Assets	1297.887	1359.426	1100.782
TOTAL	2231.937	2193.399	1739.504

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	4381.202	4751.342	3921.441
	Other Income	11.432	13.356	13.768
	TOTAL	4392.634	4764.698	3935.209
Less	EXPENSES
	Cost of Materials Consumed	2850.688	3163.937	2599.174
	Purchases of Stock-in-Trade	218.292	179.419	213.391
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(22.165)	35.681	(57.515)
	Employee benefit expense	445.437	418.791	373.397
	CSR expenditure	5.022	3.083	0.100
	Other expenses	529.934	555.842	497.914
	TOTAL	4027.208	4356.753	3626.461
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	365.426	407.945	308.748
Less	FINANCIAL EXPENSES	89.597	92.803	80.942
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	275.829	315.142	227.806
Less/ Add	DEPRECIATION/ AMORTISATION	111.763	88.231	89.530
	PROFIT/ (LOSS) BEFORE TAX	164.066	226.911	138.276
Less	TAX	38.921	49.933	20.655
	PROFIT/ (LOSS) AFTER TAX	125.145	176.978	117.621
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	479.779	377.801	313.144
Add	Adjusted on account of Deprecation	0.000	0.000	(2.964)
Less	APPROPRIATIONS
	Transfer to General Reserve	50.000	75.000	50.000
	Total	50.000	75.000	50.000
	Balance Carried to the B/S	554.924	479.779	377.801
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	18.918	2.426	0.000
	TOTAL EARNINGS	18.918	2.426	0.000
	IMPORTS
	Raw Materials	473.945	397.761	293.184
	Components and spare parts	4.002	4.765	15.239
	Capital Goods	71.113	33.193	0.000
	TOTAL IMPORTS	549.060	435.719	308.423
	Earnings / (Loss) Per Share (INR)	16.686	23.597	18.707

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	4.940	79.724	39.482
Net cash flows from (used in) operations	404.323	209.339	250.733
Net cash flows from (used in) operating activities	359.461	166.814	213.965

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	64.66	61.44	50.39
Account Receivables Turnover (Income / Sundry Debtors)	5.64	5.94	7.24
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	46.38	37.75	42.58
Inventory Turnover (Operating Income / Inventories)	0.88	0.93	0.67
Asset Turnover (Operating Income / Net Fixed Assets)	0.46	0.61	0.64

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.47	0.56	0.52
Debt Equity Ratio (Total Liability / Networth)	0.48	0.66	0.52
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.63	0.84	0.84
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.67	0.63	0.55
Interest Coverage Ratio (PBIT / Financial Charges)	4.08	4.40	3.81

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.86	3.72	3.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.61	8.07	6.76
Return on Investment (ROI) ((PAT / Networth) * 100)	%	10.58	16.74	13.36

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.75	1.53	1.48
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.19	1.04	0.86
G-Score Ratio Financial (Networth / Total Assets)	0.53	0.48	0.51
G-Score Ratio Debt (Debts / Equity Capital)	8.99	11.03	7.26
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.75	1.53	1.48

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	62.877	62.877	62.877
Reserves & Surplus	817.468	994.447	1119.592
Net worth	880.345	1057.324	1182.469
Long-term borrowings	116.376	253.128	305.996
Short term borrowings	300.478	360.478	254.256
Current maturities of long-term debts	39.482	79.724	4.940
Total borrowings	456.336	693.330	565.192
Debt/Equity ratio	0.518	0.656	0.478

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	3921.441	4751.342	4381.202
	0.000	21.163	(7.790)

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	3921.441	4751.342	4381.202
Profit/ (Loss)	117.621	176.978	125.145
	3.00 %	3.72 %	2.86 %

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	62.877	62.877
(b) Reserves & Surplus	1233.034	1092.764
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1295.911	1155.641
(3) Non-Current Liabilities
(a) long-term borrowings	305.997	253.131
(b) Deferred tax liabilities (Net)	0.750	-3.107
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	306.747	250.024
(4) Current Liabilities
(a) Short term borrowings	254.256	360.477
(b) Trade payables	389.968	345.785
(c) Other current liabilities	55.920	131.327
(d) Short-term provisions	42.576	48.463
Total Current Liabilities (4)	742.720	886.052
TOTAL	2345.378	2291.717
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	790.480	659.956
(ii) Intangible Assets	0.294	0.391
(iii) Capital work-in-progress	0.000	8.157
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	123.125	108.001
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	133.593	155.786
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1047.492	932.291
(2) Current assets
(a) Current investments	6.191	6.669
(b) Inventories	413.540	439.918
(c) Trade receivables	776.123	799.769
(d) Cash and cash equivalents	19.367	30.034
(e) Short-term loans and advances	82.451	82.963
(f) Other current assets	0.214	0.073
Total Current Assets	1297.886	1359.426
TOTAL	2345.378	2291.717

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	4381.202	4751.342
	Other Income	11.432	13.356
	TOTAL	4392.634	4764.698
Less	EXPENSES
	Cost of Materials Consumed	2850.688	3163.937
	Purchases of Stock-in-Trade	218.292	179.419
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(22.165)	35.681
	Employees benefits expense	445.437	418.791
	CSR expenditure	5.022	3.083
	Other expenses	529.934	555.842
	TOTAL	4027.208	4356.753
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	365.426	407.945
Less	FINANCIAL EXPENSES	89.597	92.803
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	275.829	315.142
Less/ Add	DEPRECIATION/ AMORTISATION	111.763	88.231
	PROFIT/ (LOSS) BEFORE TAX	164.066	226.911
Less	TAX	38.921	49.932
	TOTAL PROFIT (LOSS) FOR PERIOD BEFORE MINORITY INTEREST	125.145	176.979
	Share of profit (loss) of associates	15.124	20.934
	Earnings / (Loss) Per Share (INR)	22.31	31.48

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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE AND STATE OF COMPANYS AFFAIRS

During the year, the revenue from operations net of excise duty decreased by 7.79% to INR 4381.202 Million as against INR 4751.342 Million in the previous year. The net profit after tax decreased by 29.29% to INR 125.145 Million as against INR 176.978 Million in the previous year.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G59398982	100130286	The Hongkong and Shanghai Banking Corporation Limited	27/10/2017	-	-	285000000.0	25, Birla TowerBarakhamba RoadNew DelhiDL110001IN
2	G59400333	100130287	The Hongkong and Shanghai Banking Corporation Limited	27/10/2017	-	-	105000000.0	25, Birla TowerBarakhamba RoadNew DelhiDL110001IN
3	G59400614	100130288	The Hongkong and Shanghai Banking Corporation Limited	27/10/2017	-	-	45000000.0	25, Birla TowerBarakhamba RoadNew DelhiDL110001IN
4	G59401463	100130290	The Hongkong and Shanghai Banking Corporation Limited	27/10/2017	-	-	14000000.0	25, Birla TowerBarakhamba RoadNew DelhiDL110001IN
5	G10787067	100047922	HDFC BANK LIMITED	28/07/2016	-	-	104700000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
6	Y10359154	90251517	STATE BANK OF INDIA	10/10/2005	-	-	50000000.0	INDUSTRIAL FINANCE BRANCHJAWAHAR VYAPAR BHAWAN MARGNEW DELHIDL110001IN
7	G05968300	90251465	State Bank of India	04/02/2005	29/04/2016	-	970100000.0	INDUSTRIAL FINANCE BANKJAWAHAR VYAPAR BHAWAN,TOLSTOY MARGDELHIDL110001IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	4.861	4.191
Guarantees	2.433	2.433
Other money for which company is contingently liable	14.131	26.658

FIXED ASSETS

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

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 64.90
UK Pound	1	INR 91.86
Euro	1	INR 80.25

INFORMATION DETAILS

Information Gathered by :	SVT
Analysis Done by :	PRY
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.