MIRA INFORM REPORT

Report No. :	512137
Report Date :	30.05.2018

IDENTIFICATION DETAILS

Name :	BANCO PRODUCTS (INDIA) LIMITED
Registered Office :	Bil, Near Bhaili Railway Station, Padra Road, District Vadodara – 391410, Gujarat
Tel. No.:	91-265-3097100 / 2680220 /21 / 22 / 23
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	16.03.1961
Com. Reg. No.:	04-001039
Capital Investment / Paid-up Capital :	INR 143.037 Million
CIN No.: [Company Identification No.]	L51100GJ1961PLC001039
IEC No.: [Import-Export Code No.]	0888002637
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in Manufacturing and selling of radiators. (Registered activity)
No. of Employees :	548 (Approximately)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Banco Products was incorporated in the year 1961. The company is engaged in manufacturing and selling of radiators. For the financial year 2017, the company has achieved revenue growth of 5.30% as compared to the previous year along with a decent profit margin of 18.99%. The sound financial profile of the company is marked by adequate net worth base along with negligible debt balance sheet profile. As per the quarterly financials of December 2017, the company has achieved revenue of INR 1482.200 million along with a profit of INR 224.400 million. The ratings takes into consideration the long standing experience of its promoters in the auto ancillary segment, subject’s established track record of more than five decades with strong competitive position, fully integrated operational set up with state-of-art in-house Research and Development (R&D) facility, diversified product portfolio, along with long-standing association with reputed clientele across diverse end-user industries in the cooling systems segment. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Borrowing = AA
Rating Explanation	High degree of safety and very low credit risk
Date	23.01.2018
Rating Agency Name	CARE
Rating	Short Term Borrowing = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	23.01.2018

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 30.05.2018

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.: 91-265-3097100 / 3097149)

LOCATIONS

Registered Office / Factory 1 :	Bil, Near Bhaili Railway Station, Padra Road, District Vadodara – 391410, Gujarat, India
Tel. No.:	91-265-3097100 / 2680220 /21 / 22 / 23
Fax No.:	91-265-2680433/ 2338430
E-Mail :	mail@bancoindia.com exports@bancoindia.com sec@bancoindia.com import@bancoindia.com investor@bancoindia.com
Website :	http://www.bancoindia.com
Factory 2 :	At Zone No. 11, Holding No. 1, Birsanagar, Jamshedpur – 831004, Jharkhand, India
Other Factories :	Located at : · Rudrapur · Jamshedpur · Waghodia (SEZ Unit) · Zaheerabad · Gasket Plant

DIRECTORS

As on 31.03.2017

Name :	Mr. Mukesh Dahyabhai Patel
Designation :	Director
Address :	93, Urmi Society, Productivity Road, Vadodara- 390007, Gujarat, India
Date of Appointment :	27.03.2009
DIN No.:	00009605
Name :	Mr. Devesh Amubhai Pathak
Designation :	Director
Address :	51, Udyognagar Society, Near Ayurvedic College, Outside Panigate, Vadodara- 390019, Gujarat, India
Date of Appointment :	13.02.2015
DIN No.:	00017515
Name :	Mr. Samir Kanubhai Patel
Designation :	Director
Address :	52, Urmi Society, Productivity Road, Vadodara- 390015, Gujarat, India
Date of Appointment :	25.09.1983
DIN No.:	00161448
Name :	Mr. Ramkisan Amirchand Devidayal
Designation :	Director
Address :	Flat # 17, Sakseria Building, 74 Marine Drive, Mumbai- 400020, Maharashtra, India
Date of Appointment :	30.07.2001
DIN No.:	00238853
Name :	Mr. Udayan Prabhudas Patel
Designation :	Director
Address :	Nilkanth, Behind Kamdhenu, Race Course Circle, Vadodara - 390007, Gujarat, India
Date of Appointment :	13.02.2015
DIN No.	00598313
Name :	Mr. Mehul Kanubhai Patel
Designation :	Director
Address :	58, Alkapuri Society, Alkapuri, Vadodara- 390005, Gujarat, India
Date of Birth / Age:	29.10.1964
Qualification :	M. Sc (Engineering)
Date of Appointment :	08.02.1990
DIN No.:	01772099
Name :	Mr. Rajendra Jayantilal Anandpara
Designation :	Managing Director
Address :	304, Topaz Residency, 30, Urmi Society, Haveli BPC Road, Vadodara-390007, Gujarat, India
Date of Birth/ Age:	02.08.1957
Qualification :	Production Engineering Graduate and Executive Management qualification from Ross School of Management and IIM Bangalore
Date of Appointment :	27.04.2017
DIN No.:	02461259
Name :	Mr. Himali Harnish Patel
Designation :	Whole-time Director
Address :	10 A Shrinagar Society Beside Shubhechha Multispeciality, Akota Hospital Vadodara- 390020, Gujarat, India
Date of Birth/ Age:	15.09.1982
Qualification :	B.Com., M.Com., CA
Date of Appointment :	13.02.2015
DIN No.:	07081636

KEY EXECUTIVES

Name :	Mr. Himali Harnish Patel
Designation :	Chief Finance Officer
Address :	10A, Shrinagar Society Beside Shubhechha Multi Speciality, Akota Hospital Vadodara- 390020, Gujarat, India
Date of Appointment :	13.02.2015
PAN No.:	AQPPP7019P
Name :	Mr. Dinesh Dattatraya Kavthekar
Designation :	Company Secretary
Address :	104, Mano Durga Complex, Lakdipul, Dandia Bazar, Vadodara – 390001, Gujarat, India
Date of Appointment :	16.12.2017
PAN No.:	ACGPK8852L
Name :	Mr. Sagar Prafulchandra Pandya
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on March, 2018

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
Promoter and Promoter Group	48549992	67.88
Public	22968658	32.12
Grand Total	71518650	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
A1) Indian		0.00
Any Other (specify)	1788990	2.50
BANCO ALUMINIUM LIMITED	1788990	2.50
Sub Total A1	1788990	2.50
A2) Foreign		0.00
Individuals (NonResident Individuals/ Foreign Individuals)	16283773	22.77
Mehul Kanubhai Patel	5019052	7.02
Vimal Kanubhai Patel	4976506	6.96
Samir Kanubhai Patel	4420667	6.18
Hasumati Kanubhai Patel	1867548	2.61
Any Other (specify)	30477229	42.61
Gayatri Mehul Patel	1202378	1.68
Monal Samirbhai Patel	1182806	1.65
Pritty Vimal Patel	1182085	1.65
Overseas Pearl Limited	26909960	37.63
Sub Total A2	46761002	65.38
A=A1+A2	48549992	67.88

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
B1) Institutions	0	0.00
Mutual Funds/	3070087	4.29
FRANKLIN INDIA SMALLER COMPANIES FUND	2218887	3.10
Foreign Portfolio Investors	534599	0.75
Financial Institutions/ Banks	29714	0.04
Sub Total B1	3634400	5.08
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	11200050	15.66
Individual share capital in excess of INR 0.200 Million	410566	0.57
Any Other (specify)	7723642	10.80
Trusts	140	0.00
Foreign Nationals	3600	0.01
HUF	531552	0.74
Overseas Corporate Bodies	1031361	1.44
PALLATE STAR INVESTMENTS LTD.	900000	1.26
Non-Resident Indian (NRI)	3301573	4.62
Director or Director's Relatives	586034	0.82
Clearing Members	249683	0.35
Bodies Corporate	1553990	2.17
Others	465709	0.65
Sub Total B3	19334258	27.03
B=B1+B2+B3	22968658	32.12

BUSINESS DETAILS

Line of Business :

The Company is engaged in Manufacturing and selling of radiators. (Registered activity)

Products :

NIC Code No.	Products/ Services Description
374.8	Aluminum Radiator
374.8	Copper Brass Radiator

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 :

548 (Approximately)

Bankers :

• State Bank of India
• Bank of Baroda
• HDFC Bank Limited

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term Borrowings
Cash credit from banks	23.466	19.395
Total	23.466	19.395

Note:

Cash credit loans are secured against first charge on pari passu basis by way of hypothecation of the current assets both present and future in favour of participating scheduled banks.

Gash credit caries interest @ 8% to 11% p.a. and there is no default in repayment.

Auditors :
Name :	Manubhai and Shah LLP Chartered Accountants
Address :	Maker Bhavan No. 2, 18, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66333558/ 59/ 60
Fax No.:	91-22-66333561/ 22037935
E-Mail :	infomumbai@msglobal.co.in
Website:	http://www.msglobal.co.in
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Direct Subsidiaries Banco Gaskets (India) limited Nederlandse Radiateuren Fabriek B.V. Lake Mineral (Mauritius) Limited Indirect Subsidiaries Subsidiary of the wholly owned subsidiary, Lake Mineral (Mauritius) Limited, Mauritius Kilimanjaro Biochem Limited Subsidiary of the wholly owned subsidiary, Nederlandse Radiateuren Fabriek B.V, Nederlandse NRF Thermal Engineering BY (Skopimex BV) NRF France SARL NRF (Unned Kingdom) Limited NRF Handels GMBH NRF Deutschland GMBH NRF Espana SA NRF Poland Sp.z.o.o. NRF ltalia Sri NRF Switzerland AG NRF USA
Company in which certain directors are common.:	Banco Aluminium Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
152000000	Equity Shares	INR 2/- each	INR 304.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71518650	Equity Shares	INR 2/- each	INR 143.037 Million

Reconciliation of the number of equity shares outstanding at the beginning and at the end of the reporting period

Particular	No. of Shares	Share Capital (INR in Million)
Balance at the beginning of the year	71518650	143.037
Issued during the year	--	--
Balance at the end of the year	71518650	143.037

Terms/rights attached to each equity share

The company has only one class of share referred to as equity share having a par value of INR 2 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian rupees. Payment of dividend is also made in foreign currency to shareholders outside India. The final dividend proposed by the board of directors is subject to approval of the shareholders in the ensuring annual general meeting. In the unlikely event of the liquidation of the company the equity shareholders are eligible to receive the residual value of the assets of the company if any after secured and unsecured creditors of the company are paid off, in the proportion of their shareholding in the company. The board of directors at its meeting held on 11th January 2017 declared and paid an interim dividend of INR 5.00 (Rupees Five only) per equity shares of INR 2 each.

Share in the company held by each shareholder holding more than 5% shares specifying the no. of shares

Particulars	As at 31st March 2017
	(No. in Lacs)
Vimal K.Patel	55.73 (7.79%)
Samir K.Patel	50.17 (7.01%)
Mehul K.Patel	56.15 (7.85%)
Overseas Pearl Limited	269.10 (37.63%)

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	143.037	143.037	143.037
(b) Reserves & Surplus	5122.449	4396.868	3947.275
(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)	5265.486	4539.905	4090.312
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	43.244
(b) Deferred tax liabilities (Net)	87.622	92.689	98.882
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	32.146	25.812	26.668
Total Non-current Liabilities (3)	119.768	118.501	168.794
(4) Current Liabilities
(a) Short term borrowings	23.466	19.395	4.244
(b) Trade payables	391.780	403.225	229.473
(c) Other current liabilities	164.487	127.297	327.375
(d) Short-term provisions	6.131	349.683	196.638
Total Current Liabilities (4)	585.864	899.600	757.730
TOTAL	5971.118	5558.006	5016.836
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1115.061	1195.618	1221.613
(ii) Intangible Assets	4.322	8.405	12.979
(iii) Capital work-in-progress	14.251	2.955	30.036
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1627.639	1627.664	1712.406
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	94.576	57.950	64.243
(e) Other Non-current assets	7.428	7.428	0.000
Total Non-Current Assets	2863.277	2900.020	3041.277
(2) Current assets
(a) Current investments	761.292	3.330	3.660
(b) Inventories	943.691	852.299	794.686
(c) Trade receivables	955.830	979.838	743.721
(d) Cash and cash equivalents	346.303	725.133	274.964
(e) Short-term loans and advances	78.060	52.354	154.948
(f) Other current assets	22.665	45.032	3.580
Total Current Assets	3107.841	2657.986	1975.559
TOTAL	5971.118	5558.006	5016.836

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	5174.210	4930.067	4201.088
	Other Income	603.126	315.747	119.648
	TOTAL	5777.336	5245.814	4320.736
Less	EXPENSES
	Cost of Materials Consumed	2922.470	2782.213	2430.635
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(83.353)	(5.862)	(52.415)
	Employees benefits expense	301.782	272.456	293.306
	Other expenses	1104.510	954.237	892.946
	TOTAL	4245.409	4003.044	3564.472
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1531.927	1242.770	756.264
Less	FINANCIAL EXPENSES	4.033	16.743	56.81
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1527.894	1226.027	699.454
Less/ Add	DEPRECIATION/ AMORTISATION	173.481	189.927	164.638
	PROFIT/ (LOSS) BEFORE TAX	1354.413	1036.100	534.816
Less	TAX	281.928	214.813	118.058
	PROFIT/ (LOSS) AFTER TAX	1072.485	821.287	416.758
	EARNINGS IN FOREIGN CURRENCY
	Exports at FOB Value	1182.297	1356.314	1262.633
	Interest on loans	0.000	4.686	12.907
	Others- Tooling	4.441	8.972	7.980
	TOTAL EARNINGS	1186.738	1369.972	1283.520
	IMPORTS
	Raw Materials	1252.230	1227.797	991.581
	Components and spares parts	46.274	56.468	44.091
	Capital Goods	22.487	38.208	165.135
	TOTAL IMPORTS	1320.991	1322.473	1200.807
	Earnings / (Loss) Per Share (INR)	15.00	11.48	5.83

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	64.628	68.278	182.725
Cash generated from operations	879.086	808.724	724.852
Net cash flow from operating activity	583.346	589.952	612.001

QUARTERLY RESULTS

Particulars	30.06.2017	30.09.2017	31.12.2017
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	1479.700	1537.500	1482.200
Total Expenditure	1304.600	1276.500	1243.500
PBIDT (Excl OI)	175.100	261.000	238.700
Other Income	130.200	241.000	36.700
Operating Profit	305.300	502.000	275.400
Interest	0.900	0.800	1.000
Exceptional Items	NA	NA	NA
PBDT	304.400	501.200	274.400
Depreciation	42.200	41.000	41.400
Profit Before Tax	262.200	460.200	233.000
Tax	44.700	102.100	8.600
Provisions and contingencies	NA	NA	NA
Profit After Tax	217.500	358.100	224.400
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	217.500	358.100	224.400

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	67.43	72.54	64.62
Account Receivables Turnover (Income / Sundry Debtors)	5.41	5.03	5.65
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	48.93	52.90	34.46
Inventory Turnover (Operating Income / Inventories)	1.62	1.46	0.95
Asset Turnover (Operating Income / Net Fixed Assets)	1.35	1.03	0.60

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.11	0.17	0.20
Debt Equity Ratio (Total Liability / Networth)	0.02	0.02	0.06
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.11	0.20	0.19
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.22	0.27	0.31
Interest Coverage Ratio (PBIT / Financial Charges)	379.85	74.23	13.31

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	20.73	16.66	9.92
Return on Total Assets ((PAT / Total Assets) * 100)	%	17.96	14.78	8.31
Return on Investment (ROI) ((PAT / Networth) * 100)	%	20.37	18.09	10.19

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	5.30	2.95	2.61
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	3.69	2.01	1.56
G-Score Ratio Financial (Networth / Total Assets)	0.88	0.82	0.82
G-Score Ratio Debt (Debts / Equity Capital)	0.62	0.61	1.61
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	5.30	2.95	2.61

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

STOCK PRICES

Face Value	INR 2.00/- each
Market Value	INR 217.25/- each

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	143.037	143.037	143.037
Reserves & Surplus	3947.275	4396.868	5122.449
Net worth	4090.312	4539.905	5265.486
Long Term borrowings	43.244	0.000	0.000
Short Term borrowings	4.244	19.395	23.466
Current Maturities of Long term debt	182.725	68.278	64.628
Total borrowings	230.213	87.673	88.094
Debt/Equity ratio	0.056	0.019	0.017

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	4201.088	4930.067	5174.210
		17.352	4.952

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	4201.088	4930.067	5174.210
Profit	416.758	821.287	1072.485
	9.92%	16.66%	20.73%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	143.037	143.037
(b) Reserves & Surplus	7201.027	6735.666
(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)	7344.064	6878.703
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	192.203	209.706
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	47.491	38.919
Total Non-current Liabilities (3)	239.694	248.625
(4) Current Liabilities
(a) Short term borrowings	383.723	362.843
(b) Trade payables	959.040	1222.036
(c) Other current liabilities	676.670	562.279
(d) Short-term provisions	7.761	350.963
Total Current Liabilities (4)	2027.194	2498.121
TOTAL	9610.952	9625.449
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1911.966	2187.607
(ii) Intangible Assets	14.024	25.085
(iii) Capital work-in-progress	35.643	27.063
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.583	2.560
(c) Deferred tax assets (net)	69.631	61.846
(d) Long-term Loan and Advances	336.810	367.955
(e) Other Non-current assets	7.477	0.000
Total Non-Current Assets	2386.134	2672.116
(2) Current assets
(a) Current investments	761.291	3.330
(b) Inventories	3220.097	3273.498
(c) Trade receivables	2048.137	2209.319
(d) Cash and cash equivalents	834.404	1087.381
(e) Short-term loans and advances	333.406	331.439
(f) Other current assets	27.483	48.366
Total Current Assets	7224.818	6953.333
TOTAL	9610.952	9625.449

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	12990.480	12042.943
	Other Income	315.761	110.441
	TOTAL	13306.241	12153.384
Less	EXPENSES
	Cost of Materials Consumed	6963.863	6777.622
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(79.900)	(494.404)
	Employees benefits expense	1622.797	1561.698
	Other expenses	3050.640	2734.713
	TOTAL	12178.791	10579.629
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1127.450	1573.755
Less	FINANCIAL EXPENSES	19.553	32.382
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1107.897	1541.373
Less/ Add	DEPRECIATION/ AMORTISATION	333.267	346.740
	PROFIT/ (LOSS) BEFORE TAX	774.630	1194.633
Less	TAX	448.206	295.740
	PROFIT/ (LOSS) AFTER TAX	326.424	898.893
	Earnings / (Loss) Per Share (INR)	13.25	12.57

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

CORPORATE INFORMATION

Company is a public company domiciled in India and incorporated under the Companies Act, 1956. Equity shares of the company are listed on two stock exchanges in India. The Company is engaged in manufacturing and selling of radiators. The company caters to both domestic and international market.

OVERVIEW OF THE COMPANY'S PERFORMANCE

Global economy in the year 2016-17 was characterized by subdued growth and geopolitical uncertainties. In India, the economy witnessed some path breaking initiatives such as demonetization and passage of GST bill. Overall market in India showed signs of recovery in FY 2017, though there was a temporary slow down for a few months post November 2016, due to demonetization effect.

For the Company, the year 2016-17 was yet another good year. Sales grew by 3.7% (consolidated 7.5%) while profit before tax expanded by 31% (consolidated 17%) over the previous year.

Their strategy to create sustainable value for the organization is based on their focus on profitable growth. Customer is at the centre stage of all their initiatives. In close cooperation with their customers, they develop bespoke engineering solutions that are designed to deliver maximum efficiency under practical operating conditions. This innovation driven approach has helped them to establish and maintain leadership position as preferred engine cooling system provider to their customers in focus sectors such as Commercial Vehicles, Agricultural tractors, Off Highway equipments, Power generation and Railways.

They continue to expand their customer and product portfolio. During the year, The Company accelerated product development initiatives and added new products for OEM, Replacement and Exports markets. Flexibility in the designing approach, speed in prototyping and in-house testing competence, helpsthemto shorten time to market significantly. During the year, The Company successfully developed new cooling modules for BSIV compliant engines.

The Company follows vertically integrated manufacturing approach. All the critical components are manufactured at their modern manufacturing plants located at Shaili and Waghodia. During the year, their plants increased production output and initiated a number of continuous improvement initiatives to realize operations excellence.

At the same time, they continue their relentless focus on cost and follow prudent financial discipline to improve efficiency across various organizational processes and functions.

These measures have helped the organization deliver improved top line and bottom line performance during the year and have reaffirmed solidity of the strategy followed.

OPERATIONS AND STATE OF AFFAIRS:

The Company undertook several initiatives during the year to upgrade technology and quality at its plants. They will accelerate investments in the coming year to meet future growth in demand.

Their Research and Development capabilities, including test equipments and design software are being improved in line with modern practices. Their R& D spend, during the year was placed at 0.91% of turnover.

MANAGEMENT DISCUSSION AND ANALYSIS

Introduction:

Industrial applications. They combine the power of innovation and commitment to quality to create high performance solutions for their customers.

With over five decades of successful experienced, Banco is a recognized brand amongst automotive and industrial equipment OEM manufacturers. They design, develop and manufacture Engine Cooling Modules such as Radiators, Charged Air Coolers, Fuel Coolers, Oil Coolers and Condensers, these products are considered very critical for efficient performance of Internal Combustion Engines with applications such as Commercial Vehicles, Agricultural Tractors, Power Generation Equipment, Traction Rail locomotives, Earth Moving and other similar applications.

Banco Products is built on a strong foundation of design and engineering excellence. They develop specially designed products thorough understanding of customer's application environment and by working together with them, co-create solutions that exceed their performance expectations. They believe that 'one shoe can't fit all'; so instead of over emphasizing on standardization, they develop bespoke solutions that are designed to deliver maximum efficiency under practical operating conditions.

Flexibility in the designing approach, speed in prototyping, in-house testing competence, and integrated manufacturing capabilities is what makes Banco a preferred development partner for their customers.

Industry Structure and Developments:

Trends in automotive industry have large influence on The Company's business. Automotive industry is rapidly changing, in terms of its size and range. While trends in some of the sectors like commercial vehicles, agricultural tractors etc have been cyclic; they believe that markets will continue to show healthy growth. Demand of The Company's products will correspondingly grow in the short and medium term.

At the same time, technology in automotive industry is rapidly changing; the efficiency of internal combustion engines continues to be an area of high focus for the automotive designers' world-over. Some of the key trends that their customers have been working on include:

• downsizing and weight reduction of engines,

• increasing use of complex turbocharged engines

• increasing thermal efficiency

• control and reduction emissions.

At Banco, they have been proactively responding to these changes by working together with their OEM customers and developing newer engine cooling solutions that meet the performance objectives of downsizing, light weighting, heat transfer optimization with added ease in installation.

For the year , The Company worked together with its key customers to design and develop BSIV compliant cooling systems successfully. Their projects with some of the key customers are already targeting next norms of emission.

With growing government spend on infrastructure, demand of The Company's products in industrial sectors such as earthmoving and construction machinery, power generation equipment, Railways etc is also set to grow.

The Company will continue to invest to strengthen its research and design capabilities to be able to respond proactively to technological developments happening in user markets

Operations:

Banco has been regularly investing in advanced manufacturing technologies. Their plants are equipped to manufacture all critical components in-house. This gives them a unique competitive advantage in the market as manufacturing setup can be adapted to market requirements. This also enables them to respond quickly to market dynamics and shorten delivery lead time to their customers. Controlled manufacturing processes and use of advance quality management systems ensure that every Banco product is made to the highest standards of quality.

In the coming year, The Company plans to step up investments towards technological upgradation and gradual capacity expansion, both at its Bhaili and Waghodia plants.

Weakness:

Some of the concerns or areas of relatively less strength include: Complexities resulting from large product range Higher dependence on automotive market Any downward trend in Industrial activity or Automotive Sector directly effects the performance. While it may not be possible to address all the weakness in short term, the Company continues its efforts to broad base its customer-product portfolio and focuses on development of superior products to strengthen its market position.

SEGMENT-WISE PERFORMANCE

a) The Company is only in one line of business- automobile components.

b) The Segment Revenue in the Geographical Segment considered for disclosures are as follow:

• Revenue with India includes sales to customers located within India
• Revenue outside India includes sales to customers located outside India

INFORMATION TECHNOLOGY:

The Company is successfully operating SAP (ERP) system with the use of advanced licensed software packages for product simulation, development and general engineering work.

FUTURE STRATEGY:

Faster development of new products, very high quality and customer-satisfaction are the focus area. The Company has been developing new markets both in India and abroad, substantially broad basing export sales, penetrating existing markets and launching new products and canvassing “BANCO” brand to every corner of the country. In addition, there will be extreme focus on achieving greater efficiency through cost reduction initiatives and better Supply Chain Management.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31^ST DECEMBER, 2017

(INR in Million)

		Particulars	31.12.2017 (Quarter Ended)	30.09.2017 (Quarter Ended)	31.12.2017 (Nine Months Ended)
1		Income from Operations
		Sales/Income from Operations (Gross)	1446.700	1503.800	4388.900
		b) Other Operating Income	35.500	33.700	110.500
		Other Income	36.700	241.000	407.900
	Total Income from Operations (Net)		1518.900	1778.500	4907.300
2	Expenses
	a)	Cost of Materials consumed	900.900	857.100	2624.500
	b)	Excise duty on sales	0.000	0.000	125.500
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(29.300)	72.100	(9.100)
	d)	Employee benefit expenses	85.900	85.000	244.300
	e)	Finance Costs	1.000	0.800	2.700
	f)	Depreciation and amortization expense	41.400	41.000	124.600
	g)	Other expenses	286.000	262.300	839.400
	Total Expenses		1285.900	1318.300	3951.900
3	Profit before Tax		233.000	460.200	955.400
4	Tax Expense		8.600	102.100	155.500
5	Net Profit for the period after tax		224.400	358.100	799.900
6	Other Comprehensive Income
	Remeasurement of the net defined benefits liability / assts		(1.100)	(2.700)	(3.300)
	Remeasurement of financial instruments		8.000	(1.900)	1.800
	Total Comprehensive Income		231.300	354.000	798.400
	Earnings / (Loss) Per Share (INR)		3.14	5.01	11.18

NOTES.:

1. The company has adopted Indian Accounting Standards (‘IND AS) notified by the Ministry of Corporate Affairs with effect from 1st April 2017. Accordingly the financial results (Standalone and Consolidated) for the Quarter and Nine months ended on 31st December, 2017 are in compliance with IND AS and other accounting principles generally accepted in India and the results for comparative quarter and Nine months ended on 31st December, 2016 and the previous year ended 31st March, 2017 are also compliant with IND AS. The financial results (Standalone and Consolidated) for the quarter and Nine months ended 31st December, 2016 and for the year ended 31st March, 2017 have not been audited or reviewed by the auditors and are complied by the management after exercising necessary due diligence to ensure the true and fair view of the Company's affairs. 

2. The above results (Standalone and Consolidated) have been prepared in accordance with Indian Accounting Standards (‘IND AS) notified under section 133 of the companies Act 2013, read together with relevant rules issued there under and other accounting principles generally accepted in India. 

3. As required by Paragraph 32 of IND-AS 101 Reconciliation of Equity and Net profit of Standalone and Consolidated financials as reported under previous Generally Accepted Accounting Principles (“Previous GAAP) and as per IND AS, is given in Annexure-A & Annexure- B. respectively. 4. Revenue from operations for periods up to June 30,2017 includes excise duty , which is discontinued effective July 01,2017 upon implementation of Goods and Services Tax (GST) in India. In accordance with 'Ind AS 18, Revenue',GST is not included in revenue from operations. In view of the aforesaid restructuring of indirect taxes, revenue from operations for the quarter and Nine months ended on December 31,2017 are not comparable with the previous periods. 

4. Revenue from operations for periods up to June 30,2017 includes excise duty , which is discontinued effective July 01,2017 upon implementation of Goods and Services Tax (GST) in India. In accordance with 'Ind AS 18, Revenue', GST is not included in revenue from operations. In view of the aforesaid restructuring of indirect taxes, revenue from operations for the quarter and Nine months ended on December 31,2017 are not comparable with the previous periods. 

5. The Company is primarily engaged in Automobile Ancillary business and therefore there is only one reportable segment. 

6. The above financial results (Standalone and Consolidated) were reviewed and recommended by the Audit Committee on 14th February ,2018 and subsequently approved by the Board of Directors at its meeting held on 14th February, 2018. 

7. The figures for the previous period/year have been regrouped/re-classified wherever necessary to correspond with the figure of the current period. 

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C47567086	10557228	BANK OF BARODA	23/03/2015	-	-	100000000.0	FIRST FLOOR, OPP - PETROL PUMP,R.C.DUTT ROAD, ALKAPURIBARODAGJ390007IN
2	C46465043	10555362	State Bank of India	09/03/2015	-	-	100000000.0	INDUSTRIAL FINANCE BRANCH, MARBLE ARCH,RACE COURSE CIRCLE,BARODAGJ390007IN
3	C46436820	10555357	HDFC BANK LIMITED	24/02/2015	-	-	100000000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL (WEST)MUMBAIMH400013IN
4	G04058970	10557230	Standard Chartered Bank	17/03/2015	-	23/05/2016	100000000.0	ABHIJEET II, GROUND FLOORNEAR MITHAKALI SIX ROADSAHMEDABADGJ380006IN
5	G02190064	10298321	STANDARD CHARTERED BANK	26/07/2011	19/06/2012	18/04/2016	664300000.0	ABHIJEET II, GROUND FLOOR,NEAR MITHAKALI SIX ROADSAHMEDABADGJ380006IN
6	C54723903	10475866	HDFC BANK LIMITED	22/01/2014	-	08/05/2015	30000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
7	C48207104	80023456	State Bank of India	23/03/2006	21/06/2012	30/03/2015	650000000.0	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCHMARBLE ARCH, RACE COURSE CIRCLEVADODARAGJ390007IN
8	C35089796	10403548	HDFC BANK LIMITED	22/01/2013	-	13/11/2014	100000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
9	C32551939	10308542	Citi Bank N.A.	02/09/2011	-	03/11/2014	240000000.0	1ST FLOOR, PELICAN BUILDINGOPPOSITE RACE COURSE TOWERS, GOTRI ROADVADODARAGJ390007IN
10	C29210432	10479692	HDFC BANK LIMITED	31/01/2014	-	22/09/2014	100000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Service tax and excise duty	110.077	44.698
Sales tax	34.016	34.016
Income tax	0.237	0.237
Letter of credit	7.703	8.496
Guarantees issued by banks to third parties	33.777	30.042

FIXED ASSETS

· Leasehold Land

· Freehold Land

· Buildings

· Plant and Equipment’s

· Furniture and Fixtures

· Vehicles

· Office Equipment

· 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 67.82
UK Pound	1	INR 90.17
Euro	1	INR 78.70

INFORMATION DETAILS

Information Gathered by :	PRY
Analysis Done by :	KAM
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	YES
--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.