MIRA INFORM REPORT

Report Date :

05.06.2013

IDENTIFICATION DETAILS

Name :	ADVANCED BOLTING SOLUTIONS PRIVATE LIMITED
Registered Office :	“ABS House”, Plot No. W116(A), TTC Industrial Area, MIDC, Khairane, Thane Belapur Road, Navi Mumbai – 400708, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.05.2008
Com. Reg. No.:	11-182826
Capital Investment / Paid-up Capital :	Rs. 18.133 Millions
CIN No.: [Company Identification No.]	U29130MH2008PTC182826
TAN No.: [Tax Deduction & Collection Account No.]	MUMA33086E
PAN No.: [Permanent Account No.]	AAHCA0785E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Selling and Hiring of Tools which are used for Torquing and Tensioning Wrenches.
No. of Employees :	Not Available

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 177600
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are usually correct and as per commitments. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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 31-03-2012.

LOCATIONS

Registered Office :	“ABS House”, Plot No. W116(A), TTC Industrial Area, MIDC, Khairane, Thane Belapur Road, Navi Mumbai – 400708, Maharashtra, India
Tel. No.:	91-22-41714444
Fax No.:	91-22-27610167
E-Mail :	bala@absgroup.net.in sales@absgroup.net.in
Website :	http://www.absgroup.net.in

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Balasubramanian Lakshminarayanan
Designation :	Director
Address :	D-6, Fair Lawn CHS, V.N. Purav Marg, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	11.06.1970
Date of Appointment :	29.05.2008
DIN No.:	02093593
Name :	Mrs. Aparna Balasubramanian
Designation :	Director
Address :	D-6, Fair Lawn CHS, V.N. Purav Marg, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	31.08.1975
Date of Appointment :	29.05.2008
DIN No.:	02093700
Name :	Srividya Ganesh
Designation :	Director
Address :	Plot No. 15-B, Enayiram Street, Chamundeswari Nagar, Chrompet, Chennai – 600044, Tamilnadu, India
Date of Birth/Age :	03.05.1968
Date of Appointment :	15.05.2012
DIN No.:	05308663

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Balasubramanian Lakshminarayanan	1808252
Aparna Balasubramanian	5000
Savitri Narayan	1
B. R. Mandora	1
Dev Enterprises	1
E. M. Electricals Loan	1
S. B. Consultants	1
Total	1813257

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Selling and Hiring of Tools which are used for Torquing and Tensioning Wrenches.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Ø Union Bank of India, Hasti Industrial Estate, Unit No. 37-38, Mahape, Navi Mumbai - 400710, Maharashtra, India

Ø Yes Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans
From banks	27.226	1.660
Loans repayable on demand	28.176	18.088
Total	55.402	19.748

Banking Relations :	--
Auditors :
Name :	A.M Solanki and Associates Chartered Accountants
Address :	302, Rajgruh, Opposite Axis Bank, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFA0434G
Related party :	Ø S.B. Consultant

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,813,257	Equity Shares	Rs. 10/- each	Rs. 18.133 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		18.133	18.133	13.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.273	15.825	7.029
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.406	33.958	20.629
LOAN FUNDS
1] Secured Loans		55.402	19.748	17.446
2] Unsecured Loans		14.777	1.685	0.000
TOTAL BORROWING		70.179	21.433	17.446
DEFERRED TAX LIABILITIES		1.135	0.129	0.000
TOTAL		115.720	55.520	38.075
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.479	17.805	8.036
Capital work-in-progress		0.000	10.799	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.040
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.049	16.797	16.012
	Sundry Debtors	86.694	51.635	33.867
	Cash & Bank Balances	1.933	2.074	5.871
	Other Current Assets	0.161	0.155	0.000
	Loans & Advances	18.726	11.889	12.851
Total Current Assets		137.563	82.550	68.601
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.633	47.694	30.284
	Other Current Liabilities	12.629	6.232	1.786
	Provisions	6.060	1.708	6.733
Total Current Liabilities		94.322	55.634	38.803
Net Current Assets		43.241	26.916	29.798
MISCELLANEOUS EXPENSES		0.000	0.000	0.201
TOTAL		115.720	55.520	38.075

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations (net)	275.880	189.287
		Other Income	1.667	1.423
		TOTAL (A)	277.547	190.710	N.A.
Less	EXPENSES
		Purchases of stock-in-trade	185.259	116.951
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(13.252)	(0.784)
		Employee benefits expense	51.358	31.782
		Other expenses	28.141	23.526
		TOTAL (B)	251.506	171.475	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.041	19.235
Less	FINANCIAL EXPENSES (D)		5.698	3.427
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.343	15.808
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.192	3.298
	PROFIT BEFORE TAX (E-F) (G)		16.151	12.510	N.A.
Less	TAX (H)		5.703	4.182	N.A.
	PROFIT AFTER TAX (G-H) (I)		10.448	8.328	5.262
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	0.911	0.012	N.A.
	IMPORTS
		Tools & Spare Parts	108.352	88.523	55.187
	Earnings Per Share (Rs.)		5.76	4.59	N.A.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.76	4.37	N.A.
Net Profit Margin (PBT/Sales)	(%)	5.85	6.61	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	7.69	12.47	N.A.
Return on Investment (ROI) (PBT/Networth)		0.36	0.37	N.A.
Debt Equity Ratio (Total Debt/Networth)		1.58	0.63	0.85
Current Ratio (Current Asset/Current Liability)		1.46	1.48	1.77

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 two years	Yes
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 involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From other parties	9.129	1.500
Loans and advances from related parties	5.648	0.185
Total	14.777	1.685

Note:

The registered office of the company has been shifted from Unit No.24, Hasti Industrial Premises Co-Operative Limited, Plot No. R-798, MIDC Industrial Area, Mahape, Navi Mumbai – 400701, Maharashtra, India to the present w.e.f.10.06.2012.

CORPORATE INFORMATION

The name of the Company is Advanced Bolting Solutions Private Limited. The Registered office of the Company is situated in the state of Maharashtra i.e. within the jurisdication of the Registrar of Companies, Maharashtra at Mumbai. The main business of the company is to sale and Hire the Tools which are used for Torquing and Tensioning wrenches. They also accept tools of their customers for servicing purpose and they charge for the same if it exceed the warranty period.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29130MH2008PTC182826
Name of the company	ADVANCED BOLTING SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	“ABS House”, Plot No. W116(A), TTC Industrial Area, MIDC, Khairane, Thane Belapur Road, Navi Mumbai – 400708, Maharashtra, India Email: bala@absgroup.net.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others [Current Assets]
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India Email: jai.gaurav@icicibank.com CIN No.: L65190GJ1994PLC021012
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation has been executed on April 08, 2013 for creating exclusive charge on the company's current assets and second charge on movable fixed assets located at Plot No. W-116(A), Trans Thane Creek Industrial Area ,Navi Mumai for securing the Working capital limit of Rs. 75.0 million. DoH has been executed on April 8, 2013 for creating First charge on moveable fixed assets at Plot No. W-116(A) TTC Ind Area, Navi Mumbai for securing the Term Loan facility of Rs. 27.0 million.
Date of instrument Creating the charge	08.04.2013
Amount secured by the charge	Rs. 102.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms Terms of Repayment On Demand Margin As per sanction Terms Extent and Operation of the charge Exclusive Charge by way of Hypothecation of the company's entire current assets and second charge on the moveable fixed assets at Plot No. W-116(A), Trans Thane Creek Industrial Area, Khairane, Navi Mumbai (For securing WC limits of Rs. 75.0 mn) and first charge on moveable fixed assets at Plot No. W-116(A), Trans Thane Creek Industrial Area, Khairane, Navi Mumbai(For securing TL limit of Rs. 27.0 mn)
Short particulars of the property charged	Company's entire stock of raw material , semi finished and finished goods, consumable stores and spares and such other movable current assets both present and future. Present and future movable fixed assets located at Plot No W-116(A), Trans Thane Creek Industrial Area, Khairane, Navi Mumbai.

FIXED ASSETS:

Ø Buildings

Ø Plant and Equipment

Ø Furniture and Fixtures

Ø Vehicles

Ø Office equipment

Ø Computers

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 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 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. 56.64
UK Pound	1	Rs. 86.69
Euro	1	Rs. 73.97

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.