MIRA INFORM REPORT

Report No. :	506881
Report Date :	03.05.2018

IDENTIFICATION DETAILS

Name :	LLOYD INSULATIONS (INDIA) LIMITED
Registered Office :	Plot No 2, Punj Sons Premises, Industrial Area Kalkaji, New Delhi - 110019
Tel. No.:	91-91-11-30882874 / 75 / 30882900 / 906
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	06.06.1977
Com. Reg. No.:	55-008629
Capital Investment / Paid-up Capital :	INR 300.000 Million
CIN No.: [Company Identification No.]	U74210DL1977PLC008629
TIN No.:	07900021026
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACL0486E
GSTN : [Goods & Service Tax Registration No.]	07AAACL0486E1ZR
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing Insulation Material. (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 8900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1977 and it is a manufacturer of thermal and acoustic insulation products, refractory linings, pre-engineered and prefabricated buildings. As per indirect sources, we could find that the subject has achieved a revenue of INR 7778.000 million and reported profit INR 189.000 million in the FY 2017. As per available financials of March 2016, the company has registered marginal decline in its revenue and has reported average profit margin. Rating takes into consideration the company’s long established track record of business operations marked by healthy net worth base along with low solvency indicators and good liquidity position. Rating also takes into account the extensive experience of its promoters in insulation business and reputed and diversified client base. Further, the company has reported a good earnings per share of INR 53.65 against its face value of INR 10. However, rating strength is partially offset by intense competition and vulnerable fluctuation in the prices of key materials. Payments seems to be regular. 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 = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	12.03.2018
Rating Agency Name	ICRA
Rating	Short Term rating = A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	12.03.2018

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 31-03-2018.

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

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.: 91-22-49060228)

LOCATIONS

Registered / Regional Office :	Plot No 2, Punj Sons Premises, Industrial Area Kalkaji, New Delhi – 110019, India
Tel. No.:	91-91-11-30882874 / 75 / 30882900 / 906
Fax No.:	91-11-44-30882894 /95
E-Mail :	kk.mitra@lloydinsulation.com cslloyd@lloydinsulation.com lloyd@del2.vsnl.net.in LII_DELHI@eth.net
Website :	http://lloydinsulations.com http://lloydinsulation.com
Mumbai Office :	386, Veer Savarkar Marg, Prabahdevi, Mumbai - 400025, Maharashtra, India
Tel. No.:	91-22-49060228 / 49060200
Fax No.:	91-22-24376858
E-Mail :	techcell@lloydinsulations.com
Chennai Office :	5, Haddows Lane, Nungambakkam, Subba Road Avenue, Gandhi Nagar, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28267071 / 72
Fax No.:	91-44-2827928
E-Mail :	bjk@lloydinsulations.in
Kolkata Office :	6, Middleton Street, Kolkata – 700071, west Bengal, India
Tel. No.:	91-33-22811417
Fax No.:	91-33-22872629.
E-Mail :	kb.kol@lloydinsulation.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Arun Krishna Srivastava

Designation :

Alternate Director

Address :

B-54, Sector- 47, Noida – 201301, Uttar Pradesh, India

Date of Appointment :

14.03.2018

DIN No.:

00042784

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15314DL1988PTC265132	LAPINUS ROCKWOOL PVT.LTD.	23/11/2006	-
U70101DL2006PTC154382	GOVINDA REALCON PRIVATE LIMITED	26/09/2007	-
L20293DL1989PLC218564	LLOYD ROCKFIBRES LIMITED	19/03/2016	-
U70109DL2006PTC153792	JAI GIRIRAJ LAND DEVELOPERS PRIVATE LIMITED	26/09/2007	-
U74210DL2011PLC217180	INECO ENGINEERING LIMITED	30/09/2015	-
U40101DL2010PTC201386	DYAUS POWER COMPANY PRIVATE LIMITED	09/04/2010	-
U01403DL2008PTC185034	JATCAR AGROVISION TECHNOLOGIES PRIVATE LIMITED	19/11/2008	-
U26900DL2005PTC268146	JAMSHEDPUR MINERAL WOOL MANOFACTURING COMPANY PRIVATE LIMITED	27/10/2006	-
U24119DL2005PLC131798	ISOLLOYD ENGINEERING TECHNOLOGIES LIMITED	14/03/2018	-
U74999DL2004PTC127385	LLOYD TAR PRODUCTS PRIVATE LIMITED	06/07/2004	-
U74899DL2000PTC108838	PUNJ STAR INFOTECH PRIVATE LIMITED	12/12/2000	-
U74899DL1995PTC073213	GAUNIL HOLDINGS PRIVATE LIMITED	30/09/2009	-
U74899DL1995PTC073194	NIAM HOLDINGS PRIVATE LIMITED	30/09/2009	-
U74899DL1994PTC062705	LLOYD THERMAL CONSTRUCTION & ENGINEERING PRIVATE LIMITED	30/09/2015	-
U74899DL1981PTC011822	GAUDER INVESTMENTS PRIVATE LIMITED	25/09/2009	-
U74899DL1981PTC012150	PUNJSTAR INDUSTRIES PRIVATE LIMITED	29/09/2015	-
U74899DL1991PTC043890	MULLER INVESTMENTS PRIVATE LIMITED	25/09/2009	-
U74899DL1992PTC050533	COSMO CAPITAL AND INVESTMENT PVT LTD	30/09/2009	-

Name :

Mr. Nilender Prakash Punj

Designation :

Managing Director

Address :

10, Prithvi Raj Road, New Delhi - 110011, India

Date of Birth/Age :

02.04.1939

Qualification :

Graduate

Date of Appointment :

11.12.1986

PAN No.:

AAEPP2383B

DIN No.:

00048157

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1954PTC002386	PUNJ SONS PRIVATE LTD	25/11/1989	-
U29309DL1971PLC005491	CHAMPION INDUSTRIES LIMITED	10/08/1991	-
U36900DL1993PLC052836	NGP INDUSTRIES LIMITED	30/09/2015	-
U74899DL1997PLC088218	PUNJ STAR PROPERTIES LIMITED	13/06/1997	-
U24119DL2005PLC131798	ISOLLOYD ENGINEERING TECHNOLOGIES LIMITED	04/01/2005	-
U74210DL2011PLC217180	INECO ENGINEERING LIMITED	06/04/2011	-

Name :

Mrs. Gita Punj

Designation :

Director

Address :

10, Prithvi Raj Road, New Delhi - 110011, India

Date of Appointment :

31.07.1990

DIN No.:

00048203

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U36900DL1993PLC052836	NGP INDUSTRIES LIMITED	30/09/2015	-
U74899DL1997PLC088218	PUNJ STAR PROPERTIES LIMITED	13/06/1997	-
U24119DL2005PLC131798	ISOLLOYD ENGINEERING TECHNOLOGIES LIMITED	28/03/2005	-
U74210DL2011PLC217180	INECO ENGINEERING LIMITED	06/04/2011	-

Name :

Mr. Gautam Punj

Designation :

Wholetime Director

Address :

10, Prithvi Raj Road, New Delhi - 110011, India

Date of Birth/Age :

08.01.1974

Qualification :

Law Graduate

Date of Appointment :

19.04.2003

PAN No.:

AAJPP1471D

DIN No.:

00048225

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L31400GJ1972PLC002091	PANASONIC ENERGY INDIA COMPANY LIMITED	30/01/2002	-
U74899DL1981PTC012088	SUBHAVAN INVESTMENT PRIVATE LIMITED	01/06/2001	-
U74899DL1981PTC012089	NITAM INVESTMENTS PRIVATE LIMITED	01/06/2001	-
U74899DL1992PTC050533	COSMO CAPITAL AND INVESTMENT PVT LTD	01/06/2001	-
U36900DL1993PLC052836	NGP INDUSTRIES LIMITED	30/09/2015	-
U74899DL1995PTC073195	NIGIT HOLDINGS PRIVATE LIMITED	30/09/2015	-
U74899DL1997PLC088218	PUNJ STAR PROPERTIES LIMITED	13/06/1997	-
U74899DL2000PTC108838	PUNJ STAR INFOTECH PRIVATE LIMITED	12/12/2000	-
U24119DL2005PLC131798	ISOLLOYD ENGINEERING TECHNOLOGIES LIMITED	28/03/2005	-
U40101DL2010PTC201386	DYAUS POWER COMPANY PRIVATE LIMITED	09/04/2010	-
U74210DL2011PLC217180	INECO ENGINEERING LIMITED	06/04/2011	-

Name :

Mr. Mohit Khanna

Designation :

Wholetime Director

Address :

7 /15 Kalkaji Extention, New Delhi – 110019, India

Date of Birth/Age :

23.08.1960

Qualification :

PGDM MECH ENGG

Date of Appointment :

30.06.1993

PAN No.:

AASPK9953G

DIN No.:

00059431

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1981PTC011823	LETUL INVESTMENTS PRIVATE LIMITED	21/03/1990	-
U74899DL1987PTC030159	NIRMAL FARMS PRIVATE LIMITED	20/01/1988	-
U24119DL2005PLC131798	ISOLLOYD ENGINEERING TECHNOLOGIES LIMITED	28/03/2005	-
U27106DL2006PLC155546	PEB STEEL LLOYD (INDIA) LIMITED	15/11/2006	-

Name :

Mr. Suneet Prakash Munjal

Designation :

Wholetime Director

Address :

41, Sainara Apts. 17, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

21.01.1964

Qualification :

C A

Date of Appointment :

05.09.2014

PAN No.:

AABPM3325K

DIN No.:

00677710

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67120MH1989PTC051030	MUNJAL HOLDINGS PRIVATE LIMITED	15/03/1989	-
U74140MH1998PTC116214	CEDAR MANAGEMENT CONSULTING PRIVATE LIMITED	26/04/2003	-
U74899DL1983PTC016061	C N M P INVESTMENTS PRIVATE LIMITED	01/10/1984	-
U24119DL2005PLC131798	ISOLLOYD ENGINEERING TECHNOLOGIES LIMITED	29/09/2014	-
U27106DL2006PLC155546	PEB STEEL LLOYD (INDIA) LIMITED	15/11/2006	-

Name :

Vineet Prakash Munjal

Designation :

Wholetime Director

Address :

601-602, Green Acres - I CHS Limited, 7th Floor 'B' Wing, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

30.09.1961

Qualification :

Master Chem Engg

Date of Appointment :

30.06.1993

PAN No.:

AABPM3326L

DIN No.:

00933303

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24119DL2005PLC131798	ISOLLOYD ENGINEERING TECHNOLOGIES LIMITED	28/03/2005	-

Name :

Ms. Sujata Kashyap

Designation :

Director

Address :

8, Jor Bagh, New Delhi – 110003, India

Date of Appointment :

02.09.2016

DIN No.:

01038782

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1994PTC062705	LLOYD THERMAL CONSTRUCTION & ENGINEERING PRIVATE LIMITED	21/01/1997	-
U74899DL1995PTC073194	NIAM HOLDINGS PRIVATE LIMITED	10/06/1996	-

Name :

Mrs. Gayatri Punj

Designation :

Director

Address :

13 Albion St. London W22as United Kingdom

Date of Appointment :

19.04.2003

DIN No.:

01171133

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24119DL2005PLC131798	ISOLLOYD ENGINEERING TECHNOLOGIES LIMITED	28/03/2005	-

Name :

Mrs. Gauri Punj Talwar

Designation :

Director

Address :

10, Prithvi Raj Road, New Delhi - 110011, India

Date of Appointment :

11.12.1991

DIN No.:

01450615

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24119DL2005PLC131798	ISOLLOYD ENGINEERING TECHNOLOGIES LIMITED	28/03/2005	-

KEY EXECUTIVES

Name :	Mr. Narinder Kumar Mullick
Designation :	Chief Financial Officer
Address :	8/28 South Patel Nagar, New Delhi – 110008, India
Date of Appointment :	05.09.2014
PAN No.:	AEFPM6379D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDER’S DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	38.00
Promoter - (Individual/ Hindu Undivided Family – NRI)	0.08
Promoter - Bodies corporate	52.58
Public - Bodies corporate	9.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Insulation Material. (Registered activity)

Products :

Item Code No.	Product Description
44101120	Insulation products

NIC Code No.	Product Description
43292	Manufacturing Insulation Material
99542	Insulation services

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	Kotak Mahindra Bank Limited
Branch	27BKC, C 27, G Blockbandra Kurla Complex, Bandra (East), Mumbai – 400051, 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)	--

• Punjab and Sind Bank

1127, Midway Apartment, Appasaheb Marathe Marg, Prabhadevi, Worli, Mumbai – 400025, Maharashtra, India

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	7.557	13.276
Short-term borrowings
Rupee term loans from banks	618.579	618.941
Working capital loans from banks	0.000	42.514
Total	626.136	674.731

Auditors :
Name :	Suresh C. Mathur and Company Chartered Accountant
Address :	64, Regal Building, 2^nd Floor, Cannuaght Place, New Delhi – 110001, India
Tel. No.:	91-11-41501620 / 23346733
Fax No.:	91-11-23361181
E-Mail :	Scmca2011@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS4173N
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries : (As on 31.03.2016)	Isolloyd Engineering Technologies Limited U24119DL2005PLC1317980
Joint Venture : (As on 31.03.2016)	PEB Steel Lloyd (India) Limited U27106DL2006PLC155546

CAPITAL STRUCTURE

As on 28.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	INR 10/- each	INR 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	INR 10/- each	INR 300.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	300.000	300.000	300.000
(b) Reserves and Surplus	2804.497	2643.559	2530.340
(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)	3104.497	2943.559	2830.340
(3) Non-Current Liabilities
(a) long-term borrowings	7.557	13.276	29.464
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	0.320	0.320	0.320
(d) long-term provisions	31.685	31.513	33.754
Total Non-current Liabilities (3)	39.562	45.109	63.538
(4) Current Liabilities
(a) Short-term borrowings	727.433	840.738	1084.324
(b) Trade payables	1753.755	1987.656	1965.849
(c) Other current liabilities	1213.095	1145.688	1127.964
(d) Short-term provisions	27.996	26.455	24.523
Total Current Liabilities (4)	3722.279	4000.537	4202.660
TOTAL	6866.338	6989.205	7096.538
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	445.770	528.187	581.983
(ii) Intangible Assets	2.732	4.485	7.476
(iii) Tangible assets capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	205.499	205.499	219.373
(c) Deferred tax assets (net)	49.758	22.010	1.295
(d) Long-term loans and advances	161.532	180.684	163.926
(e) Other Non-current assets	457.043	344.174	253.479
Total Non-Current Assets	1322.334	1285.039	1227.532
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	358.338	401.984	413.571
(c) Trade receivables	3429.249	3347.793	3645.613
(d) Cash and bank balances	564.943	561.060	509.521
(e) Short-term loans and advances	454.700	543.358	339.494
(f) Other current assets	736.774	849.971	960.807
Total Current Assets	5544.004	5704.166	5869.006
TOTAL	6866.338	6989.205	7096.538

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Total Revenue from operations	7104.042	7140.902	8202.055
	Other Income	89.107	67.975	79.006
	TOTAL	7193.149	7208.877	8281.061
Less	EXPENSES
	Cost of Materials Consumed	4287.188	4525.573	5341.260
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.334)	4.301	(1.071)
	Employee benefit expense	564.905	576.114	596.924
	Expenditure on production, transportation and Other expenditure pertaining to exploration and production activities	0.000	0.000	69.553
	Other expenses	1816.858	1686.381	1846.105
	TOTAL	6663.617	6792.369	7852.771
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	529.532	416.508	428.290
Less	FINANCIAL EXPENSES	179.165	188.382	197.420
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	350.367	228.126	230.870
Less/ Add	DEPRECIATION/ AMORTISATION	110.676	82.122	95.455
	PROFIT/ (LOSS) BEFORE TAX	239.691	146.004	135.415
Less	TAX	78.752	32.784	57.853
	PROFIT/ (LOSS) AFTER TAX	160.939	113.220	77.562
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	0.000	257.238
	TOTAL EARNINGS	0.000	0.000	257.238
	Earnings / (Loss) Per Share (INR)	5.37	3.77	2.59

Particulars	31.03.2017
Sales Turnover (Approximately)	7789.000
Profit/Loss for the year	189.000

The above information has been gathered from indirect source i.e. “ICRA”

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	5.146	21.469	0.000
Net cash flows from (used in) operations	274.275	516.461	(287.043)
Net cash flows from (used in) operating activities	247.753	424.838	(260.870)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days [Sundry Debtors / Income * 365]	176.19	171.12	162.23
Account Receivables Turnover [Income / Sunday Debtors]	2.07	2.13	2.25
Average Payment Days [Sundry Creditors / Purchases * 365]	149.31	160.31	134.34
Inventory Turnover [Operating Income / Inventories]	1.48	1.04	1.04
Asset Turnover [Operating Income / Net Fixed Assets]	1.18	0.78	0.73

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.54	0.58	0.60
Debt Equity Ratio (Borrowings / NetWorth)	0.24	0.30	0.39
Current Liabilities to Networth (Current Liabilities / NetWorth)	1.20	1.36	1.48
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	0.14	0.18	0.21
Interest Coverage Ratio [PBIT / Financial Charges]	2.96	2.21	2.17

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin [(PAT / Sales) * 100]	(%)	2.27	1.59	0.95
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	2.34	1.62	1.09
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	5.18	3.85	2.74

SOLVENCY RATIO

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio [Current Assets / Current Liabilities]	1.49	1.43	1.40
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	1.39	1.33	1.30
G-Score Ratio Financial [NetWorth / Total Assets]	0.45	0.42	0.40
G-Score Ratio Debt [Debts / Equity Capital]	2.47	2.92	3.71
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	1.49	1.43	1.40

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	300.000	300.000	300.000
Reserves & Surplus	2530.340	2643.559	2804.497
Net worth	2830.340	2943.559	3104.497
Long-term borrowings	29.464	13.276	7.557
Short term borrowings	1084.324	840.738	727.433
Current maturities of long-term debts	0.000	21.469	5.146
Total borrowings	1113.788	875.483	740.136
Debt/Equity ratio	0.394	0.297	0.238

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	8202.055	7140.902	7104.042
		(12.938)	(0.516)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	8202.055	7140.902	7104.042
Profit/ (Loss)	77.562	113.220	160.939
	0.95 %	1.59 %	2.27 %

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	300.000
(b) Reserves and Surplus	3021.098
(c) Money received against share warrants	0.000
(d) Minority interest	227.706
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	3321.098
(3) Non-Current Liabilities
(a) long-term borrowings	8.094
(b) Deferred tax liabilities (Net)	0.000
(c) Other long-term liabilities	0.320
(d) long-term provisions	34.601
Total Non-current Liabilities (3)	43.015
(4) Current Liabilities
(a) Short-term borrowings	734.612
(b) Trade payables	1636.346
(c) Other current liabilities	1321.610
(d) Short-term provisions	29.187
Total Current Liabilities (4)	3721.755
TOTAL	7313.574
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	587.224
(ii) Intangible Assets	2.750
(iii) Tangible assets capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	185.099
(c) Deferred tax assets (net)	50.058
(d) Long-term loans and advances	163.043
(e) Other Non-current assets	457.043
Total Non-Current Assets	1445.217
(2) Current assets
(a) Current investments	0.000
(b) Inventories	461.914
(c) Trade receivables	3491.148
(d) Cash and bank balances	710.706
(e) Short-term loans and advances	466.595
(f) Other current assets	737.994
Total Current Assets	5868.357
TOTAL	7313.574

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2016
	SALES
	Total Revenue from operations	7441.392
	Other Income	103.852
	TOTAL	7545.244
Less	EXPENSES
	Cost of Materials Consumed	4426.112
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.402)
	Employee benefit expense	656.849
	Other expenses	1887.375
	TOTAL	6961.934
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	583.310
Less	FINANCIAL EXPENSES	181.696
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	401.614
Less/ Add	DEPRECIATION/ AMORTISATION	129.462
	PROFIT/ (LOSS) BEFORE TAX	272.152
Less	TAX	84.413
	PROFIT/ (LOSS) AFTER TAX	187.739
	Earnings / (Loss) Per Share (INR)	6.258

LEGAL CASE

CASE DETAIL FILE ATTACHED

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last four 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

KEY HIGHLIGHTS

During the year, the company’s total Revenue decreased by INR 15.728 Million (0.21%) from INR 7208.877 Million during FY 2014-15 to INR 7193.149 Million FY during 2015-16. The net profit of the company increased by INR 47.719 Million (42%) from INR 113.220 Million during FY 2014-15 to net profit of INR 160.939 Million during FY 2015-16.

UNSECURED LOAN

Unsecured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Short-term borrowings
Rupee term loans from banks	108.854	179.283
Total	108.854	179.283

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G76468602	100153466	KOTAK MAHINDRA BANK LIMITED	29/12/2017	-	-	500000000.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN
2	G46518593	100104517	PUNJAB & SIND BANK	27/02/2017	-	-	1500000.0	1127, MIDWAY APPARTMENTAPPASAHEB MARATHE MARG, PRABHADEVI, WORLIMUMBAIMH400025IN
3	C18985069	10363527	AXIS BANK LIMITED	15/05/2012	27/06/2014	-	500000000.0	2ND FLOOR, STATESMAN HOUSE148, BARAKHAMBA ROADNEW DELHIDL110001IN
4	C09079864	10356012	ICICI BANK LIMITED	15/05/2012	27/06/2014	-	750000000.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN
5	C10595023	10343532	STATE BANK OF INDIA	06/03/2012	27/06/2014	-	650000000.0	INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN1, TOLSTOY MARG, STC BUILDING 14TH FLOORNEW DELHIDL110001IN
6	C78108990	10169710	PUNJAB & SIND BANK	18/06/2009	08/10/2015	-	3270000000.0	91,BHANDARI HOUSE,NEHRU PLACENEW DELHIDL110019IN
7	B44859957	80002613	IDBI BANK LIMITED	25/09/1998	10/07/2012	-	960000000.0	INDIAN RED CROSS SOCIETY BUILDING1, RED CROSS ROAD, POST BAG NO. 231NEW DELHIDL110001IN
8	G01615137	10378023	CITIBANK N.A	04/09/2012	-	18/04/2016	50000000.0	JEEVAN BHARTI BUILDING, 4TH FLOOR124 CONNAUGHT CIRCUS, CONNAUGHT PLACENEW DELHIDL110001IN
9	G01611847	10110410	CITIBANK N.A	17/06/2008	26/07/2011	18/04/2016	600000000.0	JEEVAN BHARTI BUILDING, 4TH FLOOR124 CONNAUGHT CIRCUS, CONNAUGHT PLACENEW DELHIDL110001IN
10	C54581475	10165822	HDFC BANK LIMITED	01/07/2009	-	10/04/2015	856800.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN

FIXED ASSETS

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

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 66.66
UK Pound	1	INR 90.66
Euro	1	INR 80.01

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	VIV
Report Prepared by :	KJL

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.