MIRA INFORM REPORT

Report Date :

07.09.2011

IDENTIFICATION DETAILS

Name :	ANGEL BROKING LIMITED
Registered Office :	G-1, Ground Floor, Akruti Trade Centre, Road No.7, MIDC, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.10.1997
Com. Reg. No.:	11-111464
Capital Investment / Paid-up Capital :	Rs.122.500 millions
CIN No.: [Company Identification No.]	U67120MH1997PLC111464
TAN No.: [Tax Deduction & Collection Account No.]	MUMA11750E
PAN No.: [Permanent Account No.]	AAACA8821G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is principally engaged in the business of Equity Broking and related activities.
No. of Employees :	4200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2259000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Anirudh
Designation :	Finance Department
Contact No.:	91-22-30940000
Date :	05.09.2011

LOCATIONS

Registered/ Corproate Office :	G-1, Ground Floor, Akruti Trade Centre, Road No.7, MIDC, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-40003600/ 28358800/ 30837700
Fax No.:	91-22-40003699
E-Mail :	accounts@angeltrade.com
Website :	www.angelbroking.com
Branch Office :	612, Acme Plaza, M.V. Road, Mumbai, Maharashtra, India
Marketing Office :	601, Ackruti Star, Road No 7, MIDC, Marol, Andheri (East), Mumbai - 400 093, Maharashtra, India
Tel. No.:	91-22-39357600

DIRECTORS

As on 30.09.2010

Name :	Mr. Dinesh Dariyanumal Thakkar
Designation :	Whole-Time Director
Address :	503/A, Glengate, Cliff Avenue, Near Lake Castle, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	02.02.1962
Date of Appointment :	22.10.1997
DIN No.:	00004382
Name :	Mr. Mukesh Ramanlal Gandhi
Designation :	Director
Address :	Minal Apartments, TPS Plot No 33/34, Juhu Road, Santacruz (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	09.11.1963
Date of Appointment :	22.10.1997
DIN No.:	00006817
Name :	Mr. Sachinn Roopnarayan Joshi
Designation :	Director
Address :	503/A, Glengate, Cliff Avenue, Nr. Lake Castle, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	22.04.1965
Date of Appointment :	30.09.2010
DIN No.:	00040876
Name :	Mr. Amit Pranab Kumar Majumdar
Designation :	Director
Address :	A-3, Balaka Housing Society, Swastik Park, Chembur, Mumbai – 400 071, Maharashtra, India
Date of Birth/Age :	01.06.1972
Date of Appointment :	29.09.2009
DIN No.:	01633369
Name :	Mr. Vinay Lakhan Agrawal
Designation :	Director
Address :	3-D/203, Dheeraj Upvan, Siddharth Nagar, Opposite Bhor Ind, Borivali (East), Mumbai – 400 066, Maharashtra, India
Date of Birth/Age :	26.03.1977
Date of Appointment :	05.09.2007
DIN No.:	01773822
Name :	Mr. Santanu Syam
Designation :	Director
Address :	191 Kalpataru Hights, Dr. A.L. Nair Road, Near Agripada P S, Mumbai Central, Mumbai – 400 011, Maharashtra, India
Date of Birth/Age :	31.01.1966
Date of Appointment :	30.09.2010
DIN No.:	03163144
Name :	Mr. Deepak Tarachand Thakkar
Designation :	Director
Address :	5, Hazari Bhuvan, Dr. R.P. Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Date of Birth/Age :	20.01.1975
Date of Appointment :	02.04.2002
DIN No.:	00004870
Name :	Ms. Bela Gandhi
Designation :	Director
Address :	Minal Apartments, TPS Plot No.33/34, Juhu Road, Santacruz (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	05.01.1966
Date of Appointment :	22.10.1997
Date of Ceasing :	01.08.2010
DIN No.:	00006929
Name :	Mr. Amit Thakkar
Designation :	Director
Address :	7, Hazari Bhuvan, Dr. R.P. Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Date of Birth/Age :	25.04.1982
Date of Appointment :	01.04.2003
Date of Ceasing :	01.08.2010
DIN No.:	00006813
Name :	Mr. Prakash Khemchand Khushalani
Designation :	Director
Address :	62, Purvang Society, Building No.54, Tata Colony, Mulund (East), Mumbai - 400 081, Maharashtra, India
Date of Birth/Age :	24.07.1974
Date of Appointment :	02.04.2002
Date of Ceasing :	29.08.2010
DIN No.:	00006834

KEY EXECUTIVES

Name :	Shilpi Saxena
Designation :	Secretary
Address :	106/8, Kapasi CHS, Liliya Nagar, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Date of Birth/Age :	17.01.1980
Date of Appointment :	12.04.2010
PAN No.:	BLEPS3335N
Name :	Mr. Piyush Kherada
Designation :	Secretary
Address :	D5/56, 5^th Floor, Green Filed, Rock End CHS, JV LR, Andheri (East), Mumbai - 400 093, Maharashtra, India
Date of Birth/Age :	16.11.1980
Date of Appointment :	02.09.2009
Date of Ceasing :	10.04.2010
PAN No.:	AIMPK8684Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Angel Global Capital Private Limited, India	12249988
Lalit Thakkar J/w. Angel Global Capital Private Limited, India	2
Kanta Thakkar J/w. Angel Global Capital Private Limited, India	2
Dinesh Thakkar J/w. Angel Global Capital Private Limited, India	2
Dinesh Thakkar HUF J/w. Angel Global Capital Private Limited, India	2
Bela Gandhi J/w. Angel Global Capital Private Limited, India	2
Mukesh Gandhi J/w. Angel Global Capital Private Limited, India	2
Total	12250000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	The Company is principally engaged in the business of Equity Broking and related activities.
Services :	Brokerage
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users and Corporate

No. of Employees :

4200 (Approximately)

Bankers :

v ICICI Bank Limited, Capital Market Branch, Fort

v Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks:
- Bank Overdraft (Secured against pledge of shares of Clients)	106.231	0.000
- Vehicle Loan (Secured by hypothecation of Vehicle) [Repayable within one year Rs.106.623 millions) (Previous year Rs.0.882 million)]	0.392	1.274
Total	106.623	1.274

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Short Term Loans
- Inter Corporate Deposits	0.000	58.200
- Interest accrued and due on Inter Corporate Deposits	0.000	19.702
Total	0.000	77.902

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Holding Company :	Angel Global Capital Private Limited CIN No.: U67120MH1996PTC101709 Address: G-1, Akruti Trade Centre, Road No.7, MIDC, Mumbai - 400 093, Maharashtra, India
Fellow Subsidiaries :	v Angel Commodities Broking Private Limited v Angel Financial Advisors Private Limited v Mimansa Software Systems Private Limited v Angel Securities Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs.10/- each	Rs.260.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12250000	Equity Shares	Rs.10/- each	Rs.122.500 millions

(Held entirely by holding company Angel Global Capital Private Limited and its nominees)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		122.500	122.500	55.000
2] Share Application Money		0.000	0.000	346.900
3] Reserves & Surplus		442.227	320.332	254.353
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		564.727	442.832	656.253
LOAN FUNDS
1] Secured Loans		106.623	1.274	0.000
2] Unsecured Loans		0.000	77.902	149.627
TOTAL BORROWING		106.623	79.176	149.627
DEFERRED TAX LIABILITIES		0.000	0.000	5.380
TOTAL		671.350	522.008	811.260
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		393.157	422.846	79.413
Capital work-in-progress		9.392	3.360	0.472
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		44.524	108.090	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	3542.022	1151.086	1181.265
	Cash & Bank Balances	2047.663	3154.342	1266.200
	Other Current Assets	31.836	31.889	11.032
	Loans & Advances	534.609	540.863	148.831
Total Current Assets		6156.130	4878.180	2607.328
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4348.552	2954.132	1586.820
	Other Current Liabilities	1569.323	1923.778	270.425
	Provisions	13.979	12.559	18.709
Total Current Liabilities		5931.854	4890.469	1875.954
Net Current Assets		225.276	(12.289)	731.374
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		671.350	522.008	811.260

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Operations	3441.912	2099.421	1350.990
		Interest Income	99.034	105.620	48.724
		Other Income	361.404	149.979	60.288
		TOTAL (A)	3902.350	2355.020	1460.002
Less	EXPENSES
		Operating, Administrative and Other Expenses	2561.989	1745.213	932.950
		Personnel Expenses	892.897	720.692	164.804
		TOTAL (B)	3454.886	2465.905	1097.754
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		447.464	(110.885)	362.248
Less	INTEREST & FINANCIAL EXPENSES (D)		148.826	111.373	108.506
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		298.638	(222.258)	253.742
Less/ Add	DEPRECIATION/ AMORTISATION (F)		112.977	119.773	28.221
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		185.661	(342.031)	225.521
Less	TAX (H)		63.766	(111.904)	73.947
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		121.895	(231.127)	151.574
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		224.311	214.590	63.016
Add	Balance brought forward of erstwhile Angel Capital and Debt Market Limited on account of amalgamation		--	240.848	--
	BALANCE CARRIED TO THE B/S		346.206	224.311	214.590
	Earnings/ (Loss) Per Share (Rs.)		9.95	(18.87)	43.84

Particulars	31.03.2011
Sales Turnover (Approximately)	4200.000

The above information has been parted by Mr. Anirudh (Finance Department).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.12	(9.81)	10.38
Net Profit Margin (PBT/Sales)	(%)	5.39	(16.29)	16.69
Return on Total Assets (PBT/Total Assets}	(%)	2.83	(6.45)	8.39
Return on Investment (ROI) (PBT/Networth)		0.33	(0.77)	0.34
Debt Equity Ratio (Total Liability/Networth)		10.69	11.22	3.09
Current Ratio (Current Asset/Current Liability)		1.04	1.00	1.39

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors (Other than Micro, Small and Medium Enterprises)	4348.552	2954.132	1586.820

AMALGAMATION OF ANGEL CAPITAL AND DEBT MARKET LIMITED WITH THE COMPANY:

Pursuant to the Scheme of Amalgamation of Angel Capital And Debt Market Limited ('ACDL') with the Company, as approved by the Board of Directors' Meeting held on January 5, 2009 and with the consent of shareholders obtained on February 26, 2009 and subsequently sanctioned by the Honorable Court of Judicature at Bombay on September 18, 2009 filed with Registrar of Companies on September 29, 2009 the Assets and Liabilities of erstwhile ACDL stands transferred to and vested in the Company with effect from April 1, 2008 ('the appointed date'). The Authorised Share Capital of the company has been increased from Rs.60.000 millions divided into 6000000 Equity Shares of Rs.10 each to Rs.260.000 millions divided into 26000000 Equity Shares of Rs.10.

Pursuant to the said Scheme of Amalgamation, the company has issued 6750000 Equity Shares of Rs.10 each aggregating to Rs.67.500 millions as fully paid up to the Shareholders of erstwhile ACDL in exchange of fully paid up equity shares held by them in the share exchange ratio of 1 fully paid equity share of the company for 1 fully paid up equity share held in erstwhile ACDL and the said amount has been included in the paid up share capital of the Company. Certain legal formalities are being complied with for issue of share certificate.

FORM 8:

Corporate identity number of the company	U67120MH1997PLC111464
Name of the company	ANGEL BROKING LIMITED
Address of the registered office or of the principal place of business in India of the company	G-1, Ground Floor, Akruti Trade Centre, Road No.7, MIDC, Andheri (East), Mumbai – 400 059, Maharashtra, India E-Mail: accounts@angeltrade.com
This form is for	Creation of charge
Type of charge	Book Debts
Particular of charge holder	CIN No.: U65991MH2001GOI131154 IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India E-Mail: itsl@idbitrustee.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	31.03.2011
Amount secured by the charge	Rs.1050.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 11% Terms of Repayment: Interest is payable monthly on the principal amount of the outstanding facility. Final Maturity date is 42 Months from the date of first drawdown. Margin: 1.25 times Extent and Operation of the charge: A first pari passu charge over the assets of the Company secured in favour of Security Trustee pursuant to the Facility Agreement executed between Angel Broking Limited and ICICI Bank.
Short particulars of the property charged	First Pari passu charge on Receivables both present and future with minimum cover of 1.25 times

CONTINGENT LIABILITIES: (As on 31.03.2010)

i) The Guarantees given by the Banks on behalf of the Company in favour of Bombay Stock Exchange Limited and National Stock Exchange aggregating to Rs.2400.000 millions secured against the pledge of Fixed Deposits with the Banks under lien of Rs.1200.000 millions.

ii) Counter Guarantees given to the Banks for bank guarantees given to Stock Exchanges by/for group companies/fellow subsidiaries aggregating to Rs.147.500 millions.

iii) Disputed Income Tax Liability Rs.20.344 millions and amount paid under protest of Rs.4.079 millions.

iv) Claims against the Company not acknowledged as debts Rs.14.394 millions.

FIXED ASSETS:

Intangible Assets:

v Computer Software

Tangible Assets:

v Building

v Leasehold Improvements

v Office Equipment

v Air Conditioner

v Computer Equipments

v Furniture and Fixtures

v Vehicles

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	Indian Rupees
US Dollar	1	Rs.46.13
UK Pound	1	Rs.74.18
Euro	1	Rs.64.88

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
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
TOTAL		46

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.