MIRA INFORM REPORT

Report No. :	508438
Report Date :	12.05.2018

IDENTIFICATION DETAILS

Name :	MANGLAM BUILD-DEVELOPERS LIMITED (w.e.f. 13.08.2011)
Formerly known as.:	MANGLAM BUILD-DEVELOPERS PRIVATE LIMITED
Registered Office :	6th Floor, Apex Mall Lal Kothi, Tonk Road, Jaipur – 302015, Rajasthan
Tel. No.:	91-141-4311100
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	01.04.2008
Com. Reg. No.:	17-026256
Capital Investment / Paid-up Capital :	INR 338.400 Million
CIN No.: [Company Identification No.]	U45201RJ2008PLC026256
TIN No.:	08464751602
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCM4862Q
GSTN : [Goods & Service Tax Registration No.]	08AAFCM4862Q1ZQ
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Construction activity. (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	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 7700000
Status :	Good
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject was incorporated in the year 2008. It is engaged in the construction business. As per the financial of 2017, the company has reported a decline in its revenue as compared to the previous year’s revenue but has managed to maintain fair profitability margin. The company possesses sound financial position marked by strong net worth base along with low debt balance sheet profile. Rating is constrained on account of highly competitive construction industry. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long Term Loans = B (Issuer not cooperative)
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk
Date	17.04.2018

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 12.05.2018

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-)

LOCATIONS

Registered Office :	6th Floor, Apex Mall Lal Kothi, Tonk Road, Jaipur – 302015, Rajasthan, India
Tel. No.:	91-141-4311100
Fax No.:	91-141-4036320
E-Mail :	cs.lakshita@manglamgroup.com info@manglamgroup.com
Website :	http://www.manglamgroup.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Ram Babu Agarwal

Designation :

Whole-time Director

Address :

H-55 Jhakhreeshwar Marg, Bani Park, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

07.06.1970

Qualification :

M.Com

Date of Appointment :

01.04.2008

PAN No.:

AENPA1859G

DIN No.:

01309385

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U85110RJ1993PTC007301	SAVILLE HOSPITAL AND RESEARCH CENTRE PVT. LTD	28/09/2017	-
U45201RJ2003PTC018387	M.N. BUILDHOME PRIVATE LIMITED	13/12/2003	-
U36911RJ2004PTC019059	GEMSTAR JEWELLERY PRIVATE LIMITED	01/12/2009	-
U70101RJ2004PTC019931	KANAK VRINDAVAN TOWNSHIP PRIVATE LIMITED	25/11/2004	-
U45201RJ2010PTC031800	SHIVVEER COLONIZER PRIVATE LIMITED	17/10/2011	-
U45206RJ2012PTC040475	MANGLAMHOME CONSTRUCTION COMPANY PRIVATE LIMITED	20/10/2012	-

Name :

Mr. Vinod Kumar Goyal

Designation :

Wholetime Director

Address :

1/35, Vidhyadhar Nagar, Jaipur – 302021, Rajasthan, India

Date of Birth/Age :

15.06.1976

Qualification :

B.Com

Date of Appointment :

01.04.2008

PAN No.:

ABDPG1078N

DIN No.:

01309434

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45206RJ2012PTC040475	MANGLAMHOME CONSTRUCTION COMPANY PRIVATE LIMITED	20/10/2012	-
U45201RJ2010PTC031800	SHIVVEER COLONIZER PRIVATE LIMITED	17/10/2011	-
U45201RJ2008PTC026160	PRECIOUS PRIME CONSTRUCTION PRIVATE LIMITED	17/03/2008	-
U36911RJ2008PTC025859	MANGLAM ORNAMENTS PRIVATE LIMITED	29/09/2012	-
U00082RJ2006PTC022378	FAIRMOUNT DEVELOPERS PRIVATE LIMITED	25/07/2016	-
U45201RJ2003PTC018663	MANGLAM INFRAGOLD PRIVATE LIMITED	01/02/2007	-
U67120RJ1998PTC038288	MANGLAM SPA RESORT PRIVATE LIMITED	16/06/2011	-
U70101RJ2005PTC020153	JAIMALA PROPCON PRIVATE LIMITED	01/02/2007	-
U70101RJ2004PTC019932	GOODLUCK BUILDHOME PRIVATE LIMITED	15/11/2005	-
U70101RJ2004PTC019931	KANAK VRINDAVAN TOWNSHIP PRIVATE LIMITED	01/02/2007	-
U70101RJ2004PLC019267	MANGLAM TOWNSHIP LIMITED	10/05/2004	-
U36911RJ2004PTC019059	GEMSTAR JEWELLERY PRIVATE LIMITED	31/08/2005	-
U45201RJ2003PTC018387	M.N. BUILDHOME PRIVATE LIMITED	13/12/2003	-
U70101RJ1999PTC015851	MCG ESTATE PRIVATE LIMITED	31/08/1999	-
U85110RJ1993PTC007301	SAVILLE HOSPITAL AND RESEARCH CENTRE PVT. LTD	28/09/2017	-

Name :

Mr. Nand Kishore Gupta

Designation :

Managing Director

Address :

9 Barwada House, Colony Civil Lines, Jaipur – 302003, Rajasthan, India

Date of Birth/Age :

01.01.1957

Qualification :

B.Com, FCA

Date of Appointment :

01.04.2008

PAN No.:

ABBPG7602E

DIN No.:

01393532

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45206RJ2012PTC040475	MANGLAMHOME CONSTRUCTION COMPANY PRIVATE LIMITED	20/10/2012	-
U70102MH2012PTC236628	AARC REAL ESTATE DEVELOPERS PRIVATE LIMITED	30/09/2017	-
U45201RJ2010PTC031800	SHIVVEER COLONIZER PRIVATE LIMITED	17/10/2011	-
U52190RJ2008PTC027489	MANGLAM RETAILMARTS PRIVATE LIMITED	03/10/2008	-
U45201RJ2008PTC026160	PRECIOUS PRIME CONSTRUCTION PRIVATE LIMITED	17/03/2008	-
U36911RJ2008PTC025859	MANGLAM ORNAMENTS PRIVATE LIMITED	08/02/2008	-
U00082RJ2006PTC022378	FAIRMOUNT DEVELOPERS PRIVATE LIMITED	09/08/2011	-
U45201RJ2003PTC018663	MANGLAM INFRAGOLD PRIVATE LIMITED	13/10/2003	-
U70100RJ2001PTC016928	STAR CROWN PROPCON PRIVATE LIMITED	23/10/2006	-
U45201RJ1987PTC003898	PRECIOUS CONSTRUCTIONS PVT. LTD.	13/06/2005	-
U45201RJ1988PTC004623	SUDHARMA CONSTRUCTIONS PRIVATE LIMITED	13/06/2005	-
U55101RJ2005PTC020464	DIVYAMOTI HOTELS AND RESORTS PRIVATE LIMITED	21/03/2005	-
U45201RJ1988PTC004627	GOODLUCK CONSTRUCTIONS PRIVATE LIMITED	13/06/2005	-
U70101RJ2004PTC019931	KANAK VRINDAVAN TOWNSHIP PRIVATE LIMITED	30/09/2008	-
U18101RJ2003PTC018633	EXCELLENCE ARTS PRIVATE LIMITED	06/10/2003	-
U45201RJ2002PTC017532	MEGHA COLONIZERS PRIVATE LIMITED	24/04/2003	-
U55101RJ1998PTC015165	RAMAVTAR ENTERPRISES PRIVATE LIMITED	13/01/2000	-
U85110RJ1993PTC007301	SAVILLE HOSPITAL AND RESEARCH CENTRE PVT. LTD	21/03/2013	-
U70101RJ1991PTC006015	ATAL ESTATES PRIVATE LIMITED	30/09/2010	-

Name :

Mr. Munna Lal Goyal

Designation :

Director

Address :

B-40, Ganesh Marg, Bapu Nagar, Jaipur – 302015, Rajasthan, India

Date of Birth/Age :

30.06.1931

Qualification :

L.L.B

Date of Appointment :

19.07.2011

PAN No.:

ABBPG3684Q

DIN No.:

01427276

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L32109DL1984PLC316708	LALIT POLYMERS & ELECTRONICS LIMITED	30/09/2009	-
U51900MH1993PLC071175	MAJOR EXPORTS LIMITED	22/03/1993	-
U15421RJ1940PLC000066	THE MEWAR SUGAR MILLS LIMITED	08/09/2014	-
L25191RJ1980PLC002077	A INFRASTRUCTURE LIMITED	26/12/2007	-

Name :

Mr. Rajendra Agrawal

Designation :

Director

Address :

H-55, Jageshwar Marg, Bani Park, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

15.08.1964

Qualification :

M.Com

Date of Appointment :

17.10.2011

PAN No.:

ADIPA5415C

DIN No.:

02398226

Name :

Mr. Hem Chand Agarwal

Designation :

Director

Address :

3/89 Jawahar Nagar, Jaipur – 302004, Rajasthan, India

Date of Birth/Age :

27.04.1951

Qualification :

B.E. (Civil)

Date of Appointment :

07.10.2016

DIN No.:

03230001

Name :

Ms. Neha Gupta

Designation :

Wholetime Director

Address :

C-9, Barwara House, Ajmer Road, Jaipur – 302006, Rajasthan, India

Date of Birth/Age :

27.08.1982

Qualification :

MMS professional in Marketing and HR

Date of Appointment :

01.12.2014

PAN No.:

AFVPM0935L

DIN No.:

03537853

Name :

Mr. Mahavir Prasad Swami

Designation :

Director

Address :

P. No. 35, Nirmohi Nagar, Ajmer Road, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

11.07.1953

Qualification :

Law Graduate

Date of Appointment :

24.03.2015

DIN No.:

07133681

KEY EXECUTIVES

Name :	Lakshita Tongia
Designation :	Company Secretary
Address :	403, Hi Rise Apartment, C-115, Savitri Path, Bapu Nagar, Jaipur – 302015, Rajasthan, India
Date of Birth/Age :	09.10.1987
Qualification :	B.Com (Hons) ,C.S., LLB
Date of Appointment :	01.12.2009
PAN No.:	AFFPT2275Q
Name :	Mohit Somani
Designation :	Chief Financial Officer
Address :	Ward No 22/15, Purana Bazar, Surtgarh – 335804, Rajasthan, India
Date of Birth/Age :	24.10.1986
Qualification :	B.Com, CA
Date of Appointment :	01.12.2014
PAN No.:	BCBPS7160P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Sanjay Gupta	3285614
Vinod Kumar	3340758
Ram Babu	3327722
Nand Kishore Gupta	2975286
Ajay Gupta	3126316
Seema Agarwal	1852952
Star Crown Propcon LLP (Previously Star Crown Propcon Private limited)	10000
Gemstar Jewellery LLP (Previously Gemstar Jewellery Private limited)	2010000
Goodluck Buildhome Private limited	10000
Manglam Infragold Private limited (Previously Manglam Infragold limited)	50000
Jaimala Propcon LLP (Previously Jaimala Propcon Private Limited)	10000
Kanak Vrindavan Township LLP (Previously Kanak Vrindavan Township Private limited)	15000
Mukesh Goyal	2224538
Rajendra Agarwal	2670976
Tara Gupta	3313186
Beena Goyal	2368454
Noha Gupta	1583616
Amrita Gupta	1583616
Madan Lal Agarwal	81966
Total	33840000

Equity Share Break up (Percentage of Total Equity)

As on 20.12.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	93.78
Promoter - Bodies corporate	6.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction activity. (Registered activity)

Products :

Item Code No.	Product Description
99531110	Multi dwelling residential buildings

Item Code No.	Product Description
681-Real Estate activities with own or lease properties	Real Estate Activities

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	State Bank of India
Branch	SME Centre, VKIE, Plot No. Sp-1, Road No. 1, Jaipur – 302013, Rajasthan, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	801.624	643.982
Rupee term loans from others	558.257	1018.083
Total	1359.881	1662.065

Banking Institution.:	Axis Finance Limited Axis House, Ground Floor, Wadia International Centre, Worli, Mumbai – 400025, Maharashtra, India PNB Housing Finance Limited 9th Floor Antriksh Bhawan, 22 K G Marg, New Delhi – 110001, India Punjab National Bank Mid Corporate Branch, Chamber Bhawan, M. I. Road, Jaipur – 302001, Rajasthan, India Tata Capital Housing Finance Limited One Forbes, Dr V B Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India Indiabulls Housing Finance Limited M - 62 and 63, First Floor, Connaught Place, New Delhi – 110001, India
Auditors :
Name :	Kalani and Company Chartered Accountants
Address :	705, VII Floor, Milestone Building, Gandhi Nagar Crossing, Tonk Road, Jaipur - 302015, Rajasthan, India
Tel No.:	91-141-2701001-2 / 2709001-2-3
Fax No.:	91-141-2709003
Email.:	jaipureast@kalanico.com vgupta@kalanico.com
Website.:	www.kalanico.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFK0738Q
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies :	Manglam Ornaments Private Limited U36911RJ2008PTC025859 Shivveer Colonizer Private U45201RJ2010PTC031800 Manglam Spa Resort Private Limited (previously known as Sunland Holdings Private Limited) U67120RJ1998PTC038288 Precious Prime Construction Private Limited U45201RJ2008PTC026160 Manglam Vardhman Developers LLP
Subsidiary Firm :	Manglam Monga Developers Dhanshree Developers Rangoli Developers Nimrana Developers Manglam Land Bank Company
Associate Company :	Fairmount Developers Private Limited U00082RJ2006PTC022378
Associate Firm :	Ashiana Manglam Builders Shree Tirupati Developers Vista Housing
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Rajdhani Builders Star Sales and Marketing Agarwal Electricals Kinetic Complex LLP Gemstar Jewellery LLP Jaimala Propcon LLP Kanak Vrindavan Township LLP Star Crown Propcon LLP Jagatpura Estates Goyal Electric Equipment Manglam Housing and Developers Manglam Land Bank Company Precious Buildcon Goyal Arts Manglam Charitable Trust Shri Krishna Constructions Shri Krishna Constructions Shri Triveni Brothers Shree Krishna Township and Land Developers Manglam Township and Developers Manglam Fashions Megha Constructions Shiv Shakti developers Shree Tirupati Developers Manglam Infragold Private Limited U45201RJ2003PTC018663 Saville Hospital and Research Centre Private Limited U85110RJ1993PTC007301 Ramavtar Enterprises Private Limited U55101RJ1998PTC015165 Manglamhome Construction Company Private Limited U45206RJ2012PTC040475 Goodluck Buildhome Private Limited U70101RJ2004PTC019932 Precious Constructions Private Limited U45201RJ1987PTC003898 Harmony Facility Management Private Limited U45202RJ2004PTC019320 Excellence Arts Private Limited U18101RJ2003PTC018633 Fairmount Developers Private Limited U00082RJ2006PTC022378

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	INR 10/- each	INR 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33840000	Equity Shares	INR 10/- each	INR 338.400 Million

FINANCIAL DATA

[all figures are in Rupees 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	338.400	338.400	338.400
(b) Reserves and Surplus	2354.752	2062.420	1880.316
(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)	2693.152	2400.820	2218.716
(3) Non-Current Liabilities
(a) long-term borrowings	2078.819	2307.599	1682.842
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	57.998	170.972	236.628
(d) long-term provisions	9.019	6.314	3.850
Total Non-current Liabilities (3)	2145.836	2484.885	1923.320
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	79.797
(b) Trade payables	707.996	879.371	906.623
(c) Other current liabilities	2343.053	2451.905	2971.640
(d) Short-term provisions	93.534	134.127	197.549
Total Current Liabilities (4)	3144.583	3465.403	4155.609
TOTAL	7983.571	8351.108	8297.645
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.642	22.820	26.068
(ii) Intangible Assets	0.008	0.012	0.571
(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	832.571	618.735	352.515
(c) Deferred tax assets (net)	28.140	29.990	24.634
(d) Long-term loans and advances	116.539	217.581	256.419
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	998.900	889.138	660.207
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6073.932	6787.561	6744.250
(c) Trade receivables	385.075	303.879	343.655
(d) Cash and bank balances	65.764	50.952	117.577
(e) Short-term loans and advances	456.944	317.247	429.895
(f) Other current assets	2.956	2.331	2.061
Total Current Assets	6984.671	7461.970	7637.438
TOTAL	7983.571	8351.108	8297.645

PROFIT & LOSS ACCOUNT – (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2494.048	3040.711	3563.943
	Other Income	388.005	214.700	113.698
	TOTAL	2882.053	3255.411	3677.641
Less	EXPENSES
	Cost of Materials Consumed	1153.018	1693.467	2514.044
	Purchases of Stock-in-Trade	0.000	0.000	16.436
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	700.350	642.857	131.753
	Employee benefit expense	101.775	104.233	96.954
	CSR expenditure	2.452	5.949	1.641
	Other expenses	170.514	159.727	175.493
	TOTAL	2128.109	2606.233	2936.321
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	753.944	649.178	741.320
Less	FINANCIAL EXPENSES	401.253	385.633	207.896
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	352.691	263.545	533.424
Less/ Add	DEPRECIATION/ AMORTISATION	6.740	9.155	11.338
	PROFIT/ (LOSS) BEFORE TAX	345.951	254.390	522.086
Less	TAX	53.618	72.286	181.941
	PROFIT/ (LOSS) AFTER TAX	292.333	182.104	340.145
	Earnings / (Loss) Per Share (INR)	8.64	5.38	10.05

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	883.368	1017.705	1629.771
Net cash flows from (used in) operations	1102.323	906.421	239.519
Net cash flows from (used in) operating activities	1017.006	754.932	65.994

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	56.36	36.48	35.20
Account Receivables Turnover [Income / Sunday Debtors]	6.48	10.01	10.37
Average Payment Days [Sundry Creditors / Purchases * 365]	224.12	189.53	130.77
Inventory Turnover [Operating Income / Inventories]	0.12	0.10	0.11
Asset Turnover [Operating Income / Net Fixed Assets]	34.82	28.43	27.83

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.76	0.81	0.90
Debt Equity Ratio (Borrowings / NetWorth)	1.10	1.39	1.53
Current Liabilities to Networth (Current Liabilities / NetWorth)	1.17	1.44	1.87
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	0.01	0.01	0.01
Interest Coverage Ratio [PBIT / Financial Charges]	1.88	1.68	3.57

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	11.72	5.99	9.54
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	3.66	2.18	4.10
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	10.85	7.59	15.33

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	2.22	2.15	1.84
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	0.29	0.19	0.21
G-Score Ratio Financial [NetWorth / Total Assets]	0.34	0.29	0.27
G-Score Ratio Debt [Debts / Equity Capital]	8.75	9.83	10.02
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	2.22	2.15	1.84

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	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	338.400	338.400	338.400
Reserves & Surplus	1880.316	2062.420	2354.752
Net worth	2218.716	2400.820	2693.152
Long-term borrowings	1682.842	2307.599	2078.819
Short term borrowings	79.797	0.000	0.000
Current maturities of long-term debts	1629.771	1017.705	883.368
Total borrowings	3392.410	3325.304	2962.187
Debt/Equity ratio	1.529	1.385	1.100

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	3563.943	3040.711	2494.048
		(14.681)	(17.978)

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	3563.943	3040.711	2494.048
Profit/ (Loss)	340.145	182.104	292.333
	9.54 %	5.99 %	11.72 %

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	338.400	338.400
(b) Reserves and Surplus	2334.421	2062.820
(c) Money received against share warrants	0.000	0.000
(d) Minority interest	407.088	299.308
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2672.821	2401.220
(3) Non-Current Liabilities
(a) long-term borrowings	3554.193	3412.860
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long-term liabilities	60.205	171.544
(d) long-term provisions	9.018	6.314
Total Non-current Liabilities (3)	3623.416	3590.718
(4) Current Liabilities
(a) Short-term borrowings	83.256	72.505
(b) Trade payables	759.254	987.862
(c) Other current liabilities	3253.840	2851.233
(d) Short-term provisions	96.152	136.163
Total Current Liabilities (4)	4192.502	4047.763
TOTAL	10895.827	10339.009
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.484	61.383
(ii) Intangible Assets	1.111	1.115
(iii) Tangible assets capital work-in-progress	158.222	68.669
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	59.823	39.492
(c) Deferred tax assets (net)	28.243	30.060
(d) Long-term loans and advances	37.839	44.205
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	348.722	244.924
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9202.064	8922.047
(c) Trade receivables	388.899	306.090
(d) Cash and bank balances	113.897	72.199
(e) Short-term loans and advances	689.957	643.877
(f) Other current assets	152.288	149.872
Total Current Assets	10547.105	10094.085
TOTAL	10895.827	10339.009

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Total Revenue from operations	2721.274	3092.110
	Other Income	92.943	114.568
	TOTAL	2814.217	3206.678
Less	EXPENSES
	Cost of Materials Consumed	1541.789	2024.847
	Purchases of Stock-in-Trade	70.567	978.233
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	140.302	(802.230)
	Employee benefit expense	113.604	105.205
	CSR expenditure	2.452	5.949
	Other expenses	198.859	185.525
	TOTAL	2067.573	2497.529
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	746.644	709.149
Less	FINANCIAL EXPENSES	610.754	511.747
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	135.890	197.402
Less/ Add	DEPRECIATION/ AMORTISATION	7.872	10.212
	PROFIT/ (LOSS) BEFORE TAX	128.018	187.190
Less	TAX	57.835	74.763
	PROFIT/ (LOSS) AFTER TAX	70.183	112.427
	Earnings / (Loss) Per Share (INR)	2.074	3.322

LEGAL CASE

HIGH COURT

MS PARTNER MS MANGLAM BUILD DEVELOPERS PVT LTD

high court-Rajasthan

Case no:ARBAP 47/2017 1200

Case status:Pending

Judge:

Date:2018-02-02

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	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL RESULT AND PERFORMANCE

The total income of the Company for the year is INR 2882.053 Million. The Profit before tax stood at INR 3255.411 Million and Profit after tax stood at INR 292.333 Million for the year under review. The earning per share (EPS), on an equity share having face value of INR 10/- stands at INR 8.64/- considering the total equity capital of INR 338.400 Million.

There are no material changes and commitments which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report which may materially affect the financial position of the company or having any material impact on the operations of the company.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Deposits from directors	170.579	248.193
Intercorporate deposits	469.435	271.457
Public deposits	78.924	125.884
Total	718.938	645.534

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G79914024	100161636	AXIS FINANCE LIMITED	26/02/2018	-	-	210000000.0	Axis House, Ground Floor,Wadia International Centre ,WorliMumbaiMa400025IN
2	G78343233	100158141	PNB HOUSING FINANCE LIMITED	07/02/2018	-	-	70000000.0	9TH FLOOR ANTRIKSH BHAWAN22 K G MARGNEW DELHIDe110001IN
3	G75054080	100150084	PUNJAB NATIONAL BANK	30/12/2017	-	-	491100000.0	MID CORPORATE BRANCH, CHAMBER BHAWANM.I. ROADJAIPURRJ302001IN
4	G54038138	100123939	TATA CAPITAL HOUSING FINANCE LIMITED	24/08/2017	-	-	550000000.0	One ForbesDr V B Gandhi Marg, FortMumbaiMH400001IN
5	G50207984	100115280	INDIABULLS HOUSING FINANCE LIMITED	03/07/2017	-	-	100000000.0	M - 62 & 63FIRST FLOOR, CONNAUGHT PLACENEW DELHIDe110001IN
6	G45573813	100102020	STATE BANK OF INDIA	09/05/2017	-	-	750000.0	SME CENTRE, VKIE, PLOT NO. SP-1, ROAD NO. 1VKIEJAIPURRJ302013IN
7	G45572922	100102018	STATE BANK OF INDIA	09/05/2017	-	-	750000.0	SME CENTRE, VKIE, PLOT NO. SP-1, ROAD NO. 1VKIEJAIPURRJ302013IN
8	G41536491	100091319	STATE BANK OF INDIA	16/03/2017	-	-	3500000.0	SME CENTRE, VKIE, PLOT NO. SP-1ROAD NO. 1, VKIEJAIPURRJ302013IN
9	G37013836	100079919	ORIENTAL BANK OF COMMERCE	27/02/2017	-	-	350000000.0	UMRAO COMPLEXM I ROADJAIPURRJ302001IN
10	G38327342	100083162	AXIS FINANCE LIMITED	23/02/2017	-	-	150000000.0	Axis House, Ground Floor,Wadia International Centre ,WorliMumbaiMa400025IN
11	G37577764	100081281	INDIA INFOLINE HOUSING FINANCE LIMITED	11/01/2017	-	-	90250000.0	12A-10, 13th floor, Parinee Crescenzo, G BlockC-38&39,Bandra Kurla Complex, Bandra- EastMumbaiMa400051IN
12	G32832016	100070816	BANK OF BARODA	10/01/2017	-	-	1000000000.0	MID CORPORATE BRANCH, 4TH FLOOR, ANAND BHAWANS C ROADJAIPURRJ302001IN
13	G29580172	100065505	INDIABULLS COMMERCIAL CREDIT LIMITED	21/10/2016	-	-	80000000.0	M - 62 & 63FIRST FLOOR, CONNAUGHT PLACENEW DELHIDe110001IN
14	G51334944	100020463	AXIS BANK LIMITED	31/03/2016	28/07/2017	-	50000000.0	Corporate Credit Service UnitO-15, Green House Ashok Marg, C-SchemeJaipurRJ302001IN
15	G01058122	100018068	AXIS FINANCE LIMITED	04/03/2016	-	-	200000000.0	Axis House, Ground Floor,Wadia International Centre ,WorliMumbaiMa400025IN
16	G11627247	100018063	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	01/03/2016	01/09/2016	-	300000000.0	RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARGMUMBAIMa400020IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Guarantees	2085.200	1015.200
Other money for which company is contingently liable	40.801	40.801

FIXED ASSETS

• Building
• Plant and equipment
• Furniture and fixtures
• Motor 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 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 67.38
UK Pound	1	INR 91.39
Euro	1	INR 79.89

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	NYT
Report Prepared by :	KJL

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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.