MIRA INFORM REPORT

Report Date :

21.04.2012

IDENTIFICATION DETAILS

Name :	AG INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No-GP-9, HSIDC Industrial Area, Sector 18, Gurgaon-122015, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.08.1991
Com. Reg. No.:	05-031378
Capital Investment / Paid-up Capital :	Rs. 49.950 Millions
CIN No.: [Company Identification No.]	U27300HR1991PTC031378
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Moulded Components which are used in various Sector Like Automotive, Engineering and Consumer Durables.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba 54

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

Maximum Credit Limit :	USD 62000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. The company is doing well. General financial position is good. 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 good for normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office / Factory:	Plot No-GP-9, HSIDC Industrial Area, Sector 18, Gurgaon-122015, Haryana, India
Tel. No.:	91-124-2345820 / 2341735 / 2345821/4604700/4604720
Fax No.:	91-124-2345820
E-Mail :	imehta@agindus.com ajaysanwalka@yahoo.co.in agi@agindus.com
Website :	http://www.agindus.com
Factory 1:	Plot No.8, Sector.3, IMT Manesar, Gurgaon – 122050,Haryana,India.
Tel. No.:	91-124-4604800
Factory 2:	Plot No.3/P9, Sector-10, Integrated I*ndustrial Estate, SIDICIL, Haridwar – 249403, Uttarkhand, India.
Tel. No.:	91-1334-239801-04
Factory 2:	Plot No. 97-102, 116-121, Inductrial Growth Center, Sector – 6, Bawal- 123501, India

DIRECTORS

As on 30.09.2011

Name :

Mrs. Geeta Anand

Designation :

Managing Director

Address :

S-66, First Floor, Greater Kailash-I, New Delhi-110048, Delhi, India

Date of Birth/Age :

18.01.1951

Qualification:

B-Com

Date of Appointment :

19.08.1991

DIN No.:

00078091

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27300HR1991PTC031378	A G INDUSTRIES PVT LTD	Director	19/08/1991	19/08/1991	-	Active	NO
2	U00330DL2005PTC138181	AG INDUSTRIES (BAWAL) PRIVATE LIMITED	Director	30/04/2008	30/04/2008	-	Active	NO
3	U51311DL2004PTC127500	TURNING POINT EXPORTS PRIVATE LIMITED	Director	1/9/2009	1/9/2009	-	Active	NO

Name :

Mrs. Aniesha Munjal

Designation :

Director

Address :

B-109, Greater Kailash-I, New Delhi-110048, Delhi, India

Date of Birth/Age :

24.09.1956

Date of Appointment :

24.03.1992

DIN No.:

00327225

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15311DL1996PTC082307	ARPEE ASSOCIATES PRIVATE LIMITED	Director	8/7/2001	8/7/2001	1/1/2009	Active	NO
2	U65921DL1997PLC084487	NANDA PARBAT FINLEASE LIMITED	Director	1/4/2004	1/4/2004	-	Active	NO
3	U51909DL2010PTC201920	SKY VISION ENTERPRISES PRIVATE LIMITED	Director	23/04/2010	23/04/2010	17/10/2011	Active	NO
4	U80904DL2011PLC224504	AMAR EDUCATION NETWORK LIMITED	Director	5/9/2011	5/9/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Geeta Anand	1264900
Aniesha Munjal	100
Aniesha Munjal	3730000
Total	4995000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Moulded Components which are used in various Sector Like Automotive, Engineering and Consumer Durables.

PRODUCTION STATUS

AS ON 31.03.2009

Particulars	Unit	Installed Capacity	Actual Production
Plastic Molded Components	PCS	44871000	46437018

Note:

1. Installed capacity is as certified by the management and not verified by auditors being a technical matters

2. Actual production includes 17486 nos. transfers other units.

GENERAL INFORMATION

Customer:

· Meenakshi Polmers

· Auto Fit Private Limited

· India Japan Lightings

· Takata

· Toyoda Gosai

No. of Employees :

Not Available

Bankers :

Citibank N.A, Jeevan Vihar, 3 Sansad Marg, New Delhi-110001, Delhi, India

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018 Maharashtra, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Secured loans
Foreign currency loans banks secured	214.339	217.519
Working capital loans banks secured	159.512	172.532
Loans taken for fixed assets secured	82.363	120.191
Total	456.214	510.242
Note: (A) FCNR Working Capital Loan - Citi Bank - 103911926 Foreign Buyer Credit - Citi Bank - 110427355 (B) FCNR Working Capital Loan - Citi Bank - 102387422 Foreign Buyer Credit - Citi Bank -115131234
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured loans
Rupee term loans others unsecured	2.770	48.146
Loans directors unsecured	3.200	3.569
Total	5.970	51.715

Banking Relations :	--
Auditors :
Name :	A. B. Sanwalka and Company Chartered Accountant
Address :	3J, Gopala Towers, Rajindra Place, New Delhi-110008, Delhi, India
PAN.:	AALFA5215A
Associates/Subsidiaries :	Turning pont Exporters Private Limited, India U51311DL2004PTC127500

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- Each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4995000	Equity Share	Rs.10/- Each	Rs.49.950 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		49.950	49.950	49.950
2 Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		571.611	560.385	543.012
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		621.561	610.335	592.962
LOAN FUNDS
1] Secured Loans		456.215	510.241	342.566
2] Unsecured Loans		5.970	51.715	38.805
TOTAL BORROWING		462.185	561.956	381.371
DEFERRED TAX LIABILITIES		1042.445	823.650	713.986
TOTAL		2126.191	1995.941	1688.319
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1254.497	1261.885	1214.343
Capital work-in-progress		38.075	9.154	5.755
INVESTMENT		480.476	123.691	95.301
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.851	126.228	68.099
	Sundry Debtors	368.479	546.628	527.606
	Cash & Bank Balances	56.133	30.252	27.172
	Loans & Advances	649.626	665.050	452.164
Total Current Assets		1170.089	1368.158	1075.041
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	512.648	449.380	397.590
	Other Current Liabilities	83.060	82.827	62.017
	Provisions	229.416	238.973	242.956
Total Current Liabilities		825.124	771.180	702.563
Net Current Assets		344.965	596.978	372.478
MISCELLANEOUS EXPENSES		8.178	4.234	0.442
TOTAL		2126.191	1995.941	1688.319

Note: Profit and Loss Appropriation Account

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5521.976	4377.514	3189.110
		Other Income		16.553	18.916
		TOTAL (A)	5521.976	4394.067	3208.026
Less	EXPENSES
		Raw Material Consumed		3223.037	2253.752
		Manufacturing Expenses		381.930	346.956
		Payment and benefits to employees		242.815	152.370
		Other Operating Expenses		95.882	76.682
		Increase/(Decrease) in Stock		(11.122)	(5.057)
		TOTAL (B)	5036.592 (Included Financial Expenses)	3932.542	2824.703
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			461.525	383.323
Less	FINANCIAL EXPENSES (D)			60.057	46.876
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		485.384	401.468	336.445
Less/ Add	DEPRECIATION/ AMORTISATION (F)		166.064	158.211	143.227
	PROFIT BEFORE TAX (E-F) (G)		319.320	243.257	193.218
Less	TAX (I)		63.288	46.456	15.609
	PROFIT AFTER TAX (G-I) (J)		256.032	169.801	177.609
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		759.706	637.498	1039.714
Less	APPROPRIATIONS
		Transfer to General Reserve	10.827	16.980	542.613
		Interim Dividend Paid	12.487	0.000	24.975
		Proposed Dividend	2.497	14.985	4.995
		Tax on Dividend	25.811	2.489	5.093
		Self Assessment Wealth Tax	0.000	0.062	0.186
		Service Tax in Freight	0.000	0.000	0.022
Less	ADJUSTMENT PERTAINING TO LAST YEAR
		Previous Year Expenses		13.077	0.000
		FBT Paid		0.000	1.263
		Income Tax Paid		0.000	0.678
	BALANCE CARRIED TO THE B/S		733.895	759.706	637.498
	EARNINGS IN FOREIGN CURRENCY			6.030	2.009
	IMPORTS
		Raw Materials	NA	2.900	7.943
		Capital Goods		151.543	407.299
	TOTAL IMPORTS			154.443	415.242
	Earnings Per Share (Rs.)		51.25	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.63	3.86	5.53
Net Profit Margin (PBT/Sales)	(%)	5.78	5.55	6.05
Return on Total Assets (PBT/Total Assets}	(%)	27.29	17.77	17.97
Return on Investment (ROI) (PBT/Networth)		0.51	0.39	0.32
Debt Equity Ratio (Total Liability/Networth)		1.32	1.26	1.18
Current Ratio (Current Asset/Current Liability)		1.41	1.77	1.53

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	No
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Corporate identity number of the company	U27300HR1991PTC031378
Name of the company	A G INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No-GP-9, HSIDC Industrial Area, Sector 18, Gurgaon-122015, Haryana, India Email: ajaysanwalka@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10217721
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018 Maharashtra, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation dated April 26, 2011.
Date of instrument Creating the charge	26.04.2011
Amount secured by the charge	Rs.350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest WCDL/ LC-1/ BC1/ SBD/ VBD/ SBD/ ID/ LC2/ BC2: To be decided CC: YES Bank Base Rate plus 4.00% per annum Terms of Repayment Working Capital Demand Loan (WCDL): Bullet Repayment at the end of the tenor Cash Credit (CC): Payable on demand Letter of Credit - 1 (LC-1)/ Buyer's Credit - 1 (BC-1)/ Supplier's Bill Discounting (SBD)/ Vendor Bill Discounting (VBD)/ Sales Bill Discounting (SBD)/ Invoice Discounting (ID)/ Letter of Credit - 2 (LC-2)/ Buyer's Credit (BC-2): NA Margin WCDL/ CC: 25% of [Debtors (not more than 90 days old) plus Stocks minus Creditors] LC-1/ BC-1/ SBD/ VBD/ SBD/ ID/ LC-2/ BC-2: NA Extent and Operation of the charge First Pari Passu charge on Stocks and Book Debts of the borrower (both present and future) Second Pari Passu charge on Movable Fixed Assets (including plant and machinery) of the borrower (both present and future)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· First Pari Passu charge on whole of the stocks & book debts of the borrower's stocks of raw material, semi-finished & finished goods, stores & spares and bills receivables (both present and future) · Second Pari Passu charge on whole of the movable fixed assets of the borrower (including plant and machinery) located anywhere in India (both present and future)
Particulars of the present modification	Modification pursuant to following:- 1. WCDL: INR 150 MM only Sub Limit of 1 1a. CC: INR 75 MM only 1b. Fresh LC-1: INR 100 MM only 1c. Fresh BC-1: INR 100 MM only 1d. SBD/ VBD/ SBD/ ID: INR 150 MM only 2. Fresh LC-2: INR 200 MM only Sub Limit of 2 2a. Fresh BC-2: INR 200 MM only Thus the total exposure enhanced by INR 200 MM from INR 150 MM and accordingly current exposure stands to INR 350 MM.

FIXED ASSETS

• Land
• Building
• Office Equipments
• Plant and Machinery
• Computer
• Vehicle
• Furniture and Fixtures

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.51.99
UK Pound	1	Rs.83.53
Euro	1	Rs.68.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.