MIRA INFORM REPORT

Report No. :	509489
Report Date :	23.05.2018

IDENTIFICATION DETAILS

Name :	DUROFLEX PRIVATE LIMITED
Registered Office :	P. B. No 3808, Chungom, Alleppey – 688011, Kerala
Tel. No.:	91-477-2251142 / 2251743
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	09.11.1981
Com. Reg. No.:	09-003447
Capital Investment / Paid-up Capital :	INR 48.530 Million
CIN No.: [Company Identification No.]	U36104KL1981PTC003447
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TIN No:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AABCD8855E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacture of Rubberized Coir Product, Polyurethane Foam Products and Spring Mattresses. (Registered Activity)
No. of Employees :	Not Divulged

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 1200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1981 having good track records. For the financial year ended 2017, the company has witnessed a growth in its revenue and has achieved fair profit margin at 2.75% (approx.) The company possesses sound financial profile marked by healthy net worth base along with negligible debt recorded and favourable gap between trade payables to its trade receivables. The company also derives strength from its long established track record of business operations. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular and as per commitments. In view of the 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	CRISIL
Rating	Long term Rating (BBB+)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 08, 2018

Rating Agency Name	CRISIL
Rating	Short term Rating (A2)
Rating Explanation	Strong degree of safety and low credit risk.
Date	May 08, 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 23.05.2018

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.: 91-477-2240300)

LOCATIONS

Registered / Head Office/ Factory 1:	P. B. No 3808, Chungom, Alleppey – 688011, Kerala, India
Tel. No.:	91-477-2251142 / 2251743/ 2240300
Fax No.:	91-477-2251247/ 2251217
E-Mail :	duroflex@durofleworld.com duroflex.alpy@gmail.com
Website :	http://www.duroflexworld.com
Corporate Office/ Branch Address ::	No. 508, 1st Floor, 6th Cross, 6th Main S.T. Bed Layout, 4th Block, Koramangala, Bangalore-560034, Karnataka, India
Tel. No.:	91-80-25505015/65307555/65732555
Fax No.:	91-80-25505016
E-Mail :	duroflex.blr@duroflexworld.com
Factory 2:	Kallungondappally, Dharmapuri, District – Hosur – 632125, Tamilnadu, India
Tel. No.:	91-43473/ 233484/ 233483
Factory 3:	Komaranpally, Belungondaooally P.O., Dharmapuri, District Hosur – 435114, Tamilnadu, India
Factory 4:	3^rd KM, Karimangalam-Ponnandur Road, Gunaikottai Village, Sathinalchenpatti Post, Pochampalli Taluka, Krishnagiri District - 635123, Tamilnadu, India
Factory 5:	P-4/6, IDA Nacharam, Hyderabad – 500076, Telangana, India
Tel No:	91-40-27172707
E-Mail :	duroflex.bhyd@duroflexworld.com

DIRECTORS

As on 31.03.2017

Name :

Stanley Kunjippalu

Designation :

Director

Address :

2B, Eliza Apartments, Old Railway Station Road, Ernalkulam-682018, Kerala, India

Date of Birth/Age :

16.12.1956

Date of Appointment :

18.03.2011

Qualification :

CA

PAN No.:

ACFPK5996G

DIN No:

00006855

Name :

George Louis Mathew

Designation :

Wholetime Director

Address :

Pallivathuckal, Chungom, Alleppey-688011, Kerala, India

Date of Birth/Age :

15.06.1953

Date of Appointment :

05.06.2003

Qualification :

BA, BL

PAN No.:

AFGPM5097N

DIN No:

00058529

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U02310KA1999PTC025920	COMFORTEK ADVANCED PRODUCTS PRIVATE LIMITED(ALTERATION)	15/11/1999	-
U17297KL2001PTC021637	COCO-LATEX EXPORTS PRIVATE LIMITED	09/04/2001	-
U74999KL1993PTC015799	DUROFLEX EXPORTS PRIVATE LIMITED	30/09/2006	-

Name :

Jojo Chandi

Designation :

Director

Address :

306, Konthiamadom, Kokkayar Koottickal-686514, Kerala, India

Date of Birth/Age :

10.01.1954

Date of Appointment :

20.03.2001

Qualification :

Marin

PAN No.:

AACPC9826C

DIN No:

00069592

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U91990KL1914NPL000653	MUNDAKAYAM CLUB	30/08/1993	-
U25199KL1989PTC005401	SAHAYADRI RULAX INDIA PVT LTD	14/07/1991	-
U50101KL1994PTC007764	SAHAYADRI AUTO AGENCIES PVT LTD	11/03/1994	-

Name :

Ramesh Jude Thomas

Designation :

Director

Address :

No.8, Saibaba Mandir Road, 1st Floor, Cambridge Layout, Bangalore-560008, Karnataka, India

Date of Birth/Age :

09.04.1961

Date of Appointment :

24.11.2015

Qualification :

Post Graduate

PAN No.:

AAUPT3054B

DIN No:

00941780

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74140KA2000PTC028127	EQUITOR VALUE ADVISORY PRIVATE LIMITED	01/04/2011	-

Name :

Mathew Antony Joseph

Designation :

Wholetime Director

Address :

Pallivathuckal, Dutch Square, Sea View Ward, Alappuzha-688012, Kerala, India

Date of Birth/Age :

11.02.1945

Date of Appointment :

18.03.2011

Qualification :

 Graduate

PAN No.:

ACHPJ6697F

DIN No:

03499210

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17297KL2001PTC021637	COCO-LATEX EXPORTS PRIVATE LIMITED	30/09/2013	-
U74999KL1993PTC015799	DUROFLEX EXPORTS PRIVATE LIMITED	30/09/2014	-
U74999KL2006PTC019721	PALMSPRING MATTRESSES PRIVATE LIMITED	30/09/2014	-
U74999KA2017PTC105903	SLEEPYHEAD HOME DECOR PRIVATE LIMITED	28/08/2017	-

Name :

Mathew George

Designation :

Wholetime Director

Address :

Pallivathuckal, Chungom, Alappuzha-688011, Kerala, India

Date of Birth/Age :

09.09.1984

Date of Appointment :

18.03.2011

Qualification :

MBA

PAN No.:

AQRPM4160E

DIN No:

03499253

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17297KL2001PTC021637	COCO-LATEX EXPORTS PRIVATE LIMITED	30/09/2013	-
U74999KL1993PTC015799	DUROFLEX EXPORTS PRIVATE LIMITED	30/09/2014	-
U74999KL2006PTC019721	PALMSPRING MATTRESSES PRIVATE LIMITED	30/09/2014	-
U74999KA2017PTC105903	SLEEPYHEAD HOME DECOR PRIVATE LIMITED	28/08/2017	-

Name :

Mathew Chandy

Designation :

Managing Director

Address :

No. 2, Brunton Manor, 21/1, Brunton Cross Road, Bangalore-560025, Karnataka, India

Date of Birth/Age :

20.04.1978

Date of Appointment :

23.04.2012

Qualification :

LLM

PAN No.:

ACOPC6169Q

DIN No:

05289633

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17297KL2001PTC021637	COCO-LATEX EXPORTS PRIVATE LIMITED	30/09/2013	-
U74999KL1993PTC015799	DUROFLEX EXPORTS PRIVATE LIMITED	30/09/2014	-
U74999KL2006PTC019721	PALMSPRING MATTRESSES PRIVATE LIMITED	30/09/2014	-
U74999KA2017PTC105903	SLEEPYHEAD HOME DECOR PRIVATE LIMITED	28/08/2017	-

Name :

David Stephens

Designation :

Director

Address :

#101 Dalian House, Ramachandrapura Village Patel, Pillappa Lay Out, Jalahalli, Bangalore-560013, Karnataka, India

Date of Birth/Age :

22.04.1957

Date of Appointment :

11.04.2013

Qualification :

Eng. Dpl

PAN No.:

ABPPS0234A

DIN No:

06576463

Name :

Jacob Joseph George

Designation :

Wholetime Director

Address :

Pallivathuckal House, Chungom, Alleppey-688011, Kerala, India

Date of Birth/Age :

16.03.1988

Date of Appointment :

04.06.2013

Qualification :

MBA

PAN No.:

AMBPJ4581G

DIN No:

06603830

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17297KL2001PTC021637	COCO-LATEX EXPORTS PRIVATE LIMITED	30/09/2013	-
U74999KL1993PTC015799	DUROFLEX EXPORTS PRIVATE LIMITED	13/08/2013	-
U74999KL2006PTC019721	PALMSPRING MATTRESSES PRIVATE LIMITED	30/09/2014	-
U74999KA2017PTC105903	SLEEPYHEAD HOME DECOR PRIVATE LIMITED	28/08/2017	-

KEY EXECUTIVES

Name :	Solly Mathew
Designation :	Company Secretary
Address :	Thekkumcherikkunnel, Avalookkunnu P.O, Alleppey-688011, Kerala, India
Date of Birth/Age :	29.05.
Date of Appointment :	12.12.2001
Qualification :	Company Secretary
PAN No.:	AJAPM1792N
Name :	Pradeep Kumar Mishra
Designation :	Chief Finance Officer
Address :	Flat No. B1-703, White House Appartment 6th Main, 15th Cross, Near Bda Complex, RT Nagar, Banglore -560032, Karnataka, India
Date of Birth/Age :	26.09.1981
Date of Appointment :	23.01.2017
Qualification :	CA
PAN No.:	AKWPM5640C

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
George Luis Mathew	1066593
Sheela Joseph	551361
Mathew Chandy	1107740
Mathew Antony Joseph	550001
Mathew George	539038
Jacob Joseph George	538192
Mathew Joseph Mozhayil	150000
John Joseph E	10
David Stephen	10
K.A. Abraham	10
Mathew M Mathew	175000
Lawrence J. Kodiyanplakkal	175000
TOTAL	4852955

Equity Share Break up (Percentage of Total Equity)

As on: 19.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	78.34
Public/Other than promoters (Individual/Hindu Undivided Family – Indian)	21.66
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture of Rubberized Coir Product, Polyurethane Foam Products and Spring Mattresses. (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
94042990	Sleep Products

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 :

Not Divulged

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	HDFC Bank Housesenapati 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 :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

• Canara Bank

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	26.534	21.287
Loans taken for fixed assets	2.077	0.000
Short-term borrowings
Other external commercial borrowings	20.280	94.998
Loans repayable on demand from banks (Cash Credit and overdraft from Banks secured against debtors, inventories & fixed deposits.)	96.232	66.305
Total	145.123	182.590

Auditors 1:
Name :	Iyer and Abraham Chartered Accountants
Address :	Sree Valssom South of YMCA Bridge, Alappuzha -688001, Kerala, India
Income-tax PAN of auditor or auditor's firm :	ABWPA8324L
Auditors 2:
Name :	Dias and Associates, Chartered Accountants
Address :	Bangalore, Karnataka, India
Legal Advisors	M/s. Joseph and Kurian, Ernakulam, Kerala, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary	Palmspring Mattresses Private Limited (CIN No: U74999KL2006PTC019721) Duroflex Exports Private Limited (CIN No. U74999KL1993PTC015799)
Associate	Coco Latex Exports Private Limited Alleppey Latex Private Limited Essem Industries Comfortek Advanced Products Private Limited M Foam Rubbers Equitor Value Advisory Services

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
9990000	Equity Shares	INR 10/- each	INR 99.900 Million
1000	Preference Shares	INR 100/- each	INR 0.100 Million
	Total		INR 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4852955	Equity Shares	INR 10/- each	INR 48.530 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.530	48.530	48.530
(b) Reserves and Surplus	381.341	320.214	242.698
(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)	429.871	368.744	291.228
(3) Non-Current Liabilities
(a) long-term borrowings	28.611	21.287	27.071
(b) Deferred tax liabilities (Net)	22.327	28.532	24.038
(c) Other long-term liabilities	53.070	32.863	30.858
(d) long-term provisions	16.149	10.670	9.931
Total Non-current Liabilities (3)	120.157	93.352	91.898
(4) Current Liabilities
(a) Short-term borrowings	116.512	162.236	259.401
(b) Trade payables	157.863	164.046	108.111
(c) Other current liabilities	97.593	96.039	85.951
(d) Short-term provisions	221.017	101.137	60.631
Total Current Liabilities (4)	592.985	523.458	514.094
TOTAL	1143.013	985.554	897.220
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	342.330	279.495	265.285
(ii) Intangible Assets	1.833	1.296	2.414
(iii) Tangible assets capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	8.126	1.826	0.000
(b) Non-current Investments	11.800	1.700	5.321
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	61.167	55.526	50.630
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	425.256	339.843	323.650
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	199.410	176.312	191.057
(c) Trade receivables	229.870	244.225	216.192
(d) Cash and bank balances	164.512	156.168	125.179
(e) Short-term loans and advances	113.948	65.205	39.637
(f) Other current assets	10.017	3.801	1.505
Total Current Assets	717.757	645.711	573.570
TOTAL	1143.013	985.554	897.220

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2438.249	2030.270	1692.943
	Other Income	22.887	25.156	14.996
	TOTAL	2461.136	2055.426	1707.939
Less	EXPENSES
	Cost of Materials Consumed	1275.558	1091.112	983.850
	Purchases of Stock-in-Trade	79.498	62.493	51.018
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(12.371)	(0.569)	(2.557)
	Employee benefit expense	259.837	192.475	159.965
	CSR expenditure	2.828	1.919	0.900
	Other expenses	689.398	512.772	380.688
	TOTAL	2294.748	1860.202	1573.864
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	166.388	195.224	134.075
Less	FINANCIAL EXPENSES	18.132	29.080	42.623
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	148.256	166.144	91.452
Less	DEPRECIATION/ AMORTISATION	35.282	29.997	31.661
	PROFIT/ (LOSS) BEFORE TAX	112.974	136.147	59.791
Less	TAX	45.902	55.711	25.621
	PROFIT/ (LOSS) AFTER TAX	67.072	80.436	34.170
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	41.489	0.000	0.000
	TOTAL EARNINGS	41.489	0.000	0.000
	IMPORTS
	Raw Materials	403.859	301.279	0.000
	Components and spare parts	2.737	5.390	0.000
	Capital Goods	26.588	29.021	0.000
	TOTAL IMPORTS	433.184	335.690	0.000
	Earnings / (Loss) Per Share (INR)	13.82	16.58	7.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	16.060	6.445	0.000
Net cash flows from (used in) operations	219.505	214.434	94.508
Net cash flows from (used in) operating activities	174.569	196.870	87.794

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	34.41	43.91	46.61
Account Receivables Turnover [Income / Sunday Debtors]	10.61	8.31	7.83
Average Payment Days [Sundry Creditors / Purchases * 365]	42.52	51.90	38.13
Inventory Turnover [Operating Income / Inventories]	0.83	1.11	0.70
Asset Turnover [Operating Income / Net Fixed Assets]	0.47	0.69	0.50

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.56	0.56	0.60
Debt Equity Ratio (Borrowings / NetWorth)	0.37	0.52	0.98
Current Liabilities to Networth (Current Liabilities / NetWorth)	1.38	1.42	1.77
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	0.82	0.77	0.92
Interest Coverage Ratio [PBIT / Financial Charges]	9.18	6.71	3.15

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	2.75	3.96	2.02
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	5.87	8.16	3.81
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	15.60	21.81	11.73

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	1.21	1.23	1.12
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	0.87	0.90	0.74
G-Score Ratio Financial [NetWorth / Total Assets]	0.38	0.37	0.32
G-Score Ratio Debt [Debts / Equity Capital]	3.32	3.91	5.90
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	1.21	1.23	1.12

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	48.530	48.530	48.530
Reserves & Surplus	242.698	320.214	381.341
Net worth	291.228	368.744	429.871
Long-term borrowings	27.071	21.287	28.611
Short term borrowings	259.401	162.236	116.512
Current maturities of long-term debts	0.000	6.445	16.060
Total borrowings	286.472	189.968	161.183
Debt/Equity ratio	0.984	0.515	0.375

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	1692.943	2030.270	2438.249
		19.925	20.095

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	1692.943	2030.270	2438.249
Profit/ (Loss)	34.170	80.436	67.072
	2.02 %	3.96 %	2.75 %

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.530	48.530
(b) Reserves and Surplus	435.262	350.096
(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)	483.792	398.626
(3) Non-Current Liabilities
(a) long-term borrowings	28.611	21.286
(b) Deferred tax liabilities (Net)	22.360	28.532
(c) Other long-term liabilities	25.178	4.931
(d) long-term provisions	16.149	10.670
Total Non-current Liabilities (3)	92.298	65.419
(4) Current Liabilities
(a) Short-term borrowings	116.512	162.236
(b) Trade payables	159.574	164.046
(c) Other current liabilities	98.149	96.076
(d) Short-term provisions	229.310	101.249
Total Current Liabilities (4)	603.545	523.607
TOTAL	1179.635	987.652
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	343.904	279.495
(ii) Intangible Assets	1.833	1.296
(iii) Tangible assets capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	8.126	1.826
(b) Non-current Investments	10.025	0.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term loans and advances	62.517	56.326
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	426.405	338.968
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	204.524	176.312
(c) Trade receivables	253.073	244.225
(d) Cash and bank balances	164.950	156.595
(e) Short-term loans and advances	125.863	68.900
(f) Other current assets	4.820	2.652
Total Current Assets	753.230	648.684
TOTAL	1179.635	987.652

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Total Revenue from operations	2475.696	2030.270
	Other Income	23.263	25.220
	TOTAL	2498.959	2055.490
Less	EXPENSES
	Cost of Materials Consumed	1283.230	1090.258
	Purchases of Stock-in-Trade	79.498	62.493
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(13.340)	(0.569)
	Employee benefit expense	260.077	192.475
	CSR expenditure	2.828	1.919
	Other expenses	697.435	513.715
	TOTAL	2309.728	1860.291
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	189.231	195.199
Less	FINANCIAL EXPENSES	18.247	29.082
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	170.984	166.117
Less	DEPRECIATION/ AMORTISATION	35.448	29.997
	PROFIT/ (LOSS) BEFORE TAX	135.536	136.120
Less	TAX	53.365	55.711
	PROFIT/ (LOSS) AFTER TAX	82.171	80.409
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	41.489	0.000
	TOTAL EARNINGS	41.489	0.000
	IMPORTS
	Raw Materials	403.859	301.279
	Components and spare parts	2.737	5.390
	Capital Goods	26.588	29.021
	TOTAL IMPORTS	433.184	335.690
	Earnings / (Loss) Per Share (INR)	16.93	16.57

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	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	Yes
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

COMPANY OVERVIEW

The company is incorporated in India under the provisions of the Companies Act, 1956. The Company is engaged in the manufacture of Rubberized Coir Product, Polyurethane Foam Products and Spring Mattresses. The products manufactured are sold in domestic and international markets.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Other loans and advances, others	0.000	0.933
Total	0.000	0.933

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G56847361	100127934	YES BANK LIMITED	01/09/2017	-	-	200000000.0	Nehru Centre9th Floor Discovery of India, WorliMUMBAIMH400018IN
2	G52651114	100120971	YES BANK LIMITED	11/08/2017	-	-	50000000.0	Nehru Centre9th Floor Discovery of India, WorliMumbaiMH400018IN
3	G49928724	100114443	HDFC BANK LIMITED	18/07/2017	-	-	2163000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMa400013IN
4	G41349333	100090702	KOTAK MAHINDRA PRIME LIMITED	20/03/2017	-	-	3000000.0	27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN
5	G79270294	10472869	HDFC BANK LIMITED	27/11/2013	12/02/2018	-	384067944.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMa400013IN
6	Y10510013	90382095	BANK OF MAHARASHTRA	18/06/1988	-	-	500000.0	KHOPLI BRANCHRAIGADMPIN
7	Y10510008	90382090	BANK OF MAHARASHTRA	05/01/1984	-	-	500000.0	KHOPLI BRANCHRAIGADMPIN
8	Y10510003	90382085	BANK OF MAHARASHTRA	05/12/1979	-	-	10000.0	B.S. MARGFORTMUMBAIMHIN
9	G74473273	10362721	Canara Bank	08/05/2012	07/10/2015	19/01/2018	435000000.0	B J RoadAlleppeyAlleppeyKL688011IN
10	C80423072	10106868	Canara Bank	27/05/2008	18/07/2008	03/02/2016	22300000.0	B J RoadAlleppeyKL688011IN

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Computer
• Plant and Machinery
• Vehicle
• Office equipment
• Computer Accessories
• Computer Software

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 68.09
UK Pound	1	INR 91.25
Euro	1	INR 80.07

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	MTN

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.