MIRA INFORM REPORT

Report Date :

11.06.2013

IDENTIFICATION DETAILS

Name :	AGARVANSHI ALUMINIUM LIMITED
Registered Office :	1-8-32/59, Agarvanshi House, Bapubagh, Minister Road, Secunderabad – 500003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.06.1995
Com. Reg. No.:	01-020663
Capital Investment / Paid-up Capital :	Rs. 53.577 Millions
CIN No.: [Company Identification No.]	U27203AP1995PLC020663
TAN No.: [Tax Deduction & Collection Account No.]	HYDA01436B
PAN No.: [Permanent Account No.]	AABCA7440A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Aluminium Extrusion.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 498000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears drastic fall in its profitability during 2012. However, general financial strength is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating : CRISIL has Suspended its Rating BBB
Rating Explanation	Due to lack of Information.
Date	October 2012

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.

INFORMATION DENIED

MANAGEMENT NON – CO.OPERATIVE

Contact No.:	91-40-27816450
Date :	10.06.2013

LOCATIONS

Registered Office :	1-8-32/59, Agarvanshi House, Bapubagh, Minister Road, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27816450 / 27816705 / 27892101
Fax No.:	91-40-27816497
E-Mail :	hyd1_agarvans@sancharnet.in contact@agarvanshi.com
Website :	www.agarvanshi.com
Factory :	44, Narapally, Ghatkesar Road, District Ranga Reddy – 501301, Andhra Pradesh, India
Tel. No.:	91-8415-255661
Fax No.:	91-8415-255663

DIRECTORS

As on : 29.09.2012

Name :

Mr. Bharath Bhushan Aggarwal

Designation :

Managing Director

Address :

Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

05.01.1952

Qualification :

Graduate

Date of Appointment :

01.04.2011

DIN No.:

01245117

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27203AP1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Managing director	01-04-11	30-09-02	-	Active	NO
2	U70102AP2005PTC046200	AGARVANSHI HOUSING PRIVATE LIMITED	Managing director	11-05-05	11-05-05	-	Active	NO
3	U28110AP2009PTC063909	INDO FEATHERLITE ALUMINIUM SPECIALITIES PRIVATE LIMITED	Additional director	01-07-09	01-07-09	31-03-10	Active	NO

Name :

Mr. Rahul Aggarwal

Designation :

Whole-Time Director

Address :

Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

07.11.1974

Qualification :

Graduate

Date of Appointment :

01.10.2010

DIN No.:

01245264

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200AP2000PTC034048	MICROCOSM INFOTECH PRIVATE LIMITED	Director	27-03-00	27-03-00	-	Strike off	NO
2	U27203AP1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Whole-time director	01-10-10	30-09-02	-	Active	NO
3	U70102AP2005PTC046200	AGARVANSHI HOUSING PRIVATE LIMITED	Director	11-05-05	11-05-05	-	Active	NO
4	U28110AP2009PTC063909	INDO FEATHERLITE ALUMINIUM SPECIALITIES PRIVATE LIMITED	Additional director	01-07-09	01-07-09	31-03-10	Active	NO

Name :

Mrs. Nirmala Devi

Designation :

Director

Address :

Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

18.09.1953

Qualification :

Graduate

Date of Appointment :

30.09.2009

DIN No.:

02071386

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200AP2000PTC034048	MICROCOSM INFOTECH PRIVATE LIMITED	Director	27-03-00	27-03-00	-	Strike off	NO
2	U27203AP1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Director	30-09-09	27-06-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Harish Kumar Agarwal	252100
Bharath Bhushan Agarwal	1689100
Ajay Kumar Agarwal	100100
Sanjay Kumar Agarwal	110100
Rahul Agarwal	1096100
Pushpa Devi Agarwal	100
Nirmala Devi Agarwal	100100
Pooja Agarwal	60000
Ratan Kedia C/o Kedia India Limited, India	550000
Kedia Soft Solutions Limited, India	900000
Zimkele Marketing Private Limited, India	500000
Total	5357700

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Bodies corporate	26.13
Directors or relatives of Directors	63.60
Other top fifty shareholders	10.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminium Extrusion

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

Facilities :

Rs in Millions

SECURED LOAN	As on 31.03.2012	As on 31.03.2011
Long Term Loans	54.654	5.176
Other Loans and Advances :
Long Term	0.299	1.811
Short term	18.947
Working Capital Loans from Banks	82.387	43.951
Total	156.287	50.938

Auditors :
Name :	Luharuka and Associates Chartered Accountants
Address :	Soham Mansion, M. G. Road, Secunderabad-500003, Andhra Pradesh, India
PAN No.:	AAAFL6424D

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Share	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5357700	Equity Share	Rs.10/- each	Rs. 53.577 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		53.577	53.577	26.077
2] Share Application Money		0.100	0.100	5.300
3] Reserves & Surplus		70.833	65.583	49.478
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		124.510	119.260	80.855
LOAN FUNDS
1] Secured Loans		156.287	50.938	37.283
2] Unsecured Loans		68.027	91.679	86.455
TOTAL BORROWING		224.314	142.617	123.738
DEFERRED TAX LIABILITIES		0.000	0.000	0.156
TOTAL		348.824	261.877	204.749
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		215.320	109.859	92.025
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.790	2.143	2.143
DEFERRED TAX ASSETS		0.786	0.439	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.174	71.127	54.872
	Sundry Debtors	142.679	141.972	138.208
	Cash & Bank Balances	32.395	29.434	21.914
	Other Current Assets	9.346	9.985	0.000
	Loans & Advances	122.823	112.158	20.643
Total Current Assets		355.417	364.676	235.637
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	178.024	168.611	115.842
	Other Current Liabilities	49.419	37.464	0.000
	Provisions	3.046	9.166	9.214
Total Current Liabilities		230.489	215.241	125.056
Net Current Assets		124.928	149.435	110.581
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		348.824	261.877	204.749

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1012.447	949.940	648.559
		Other Income	26.703	13.748	5.172
		TOTAL (A)	1039.150	963.688	653.731
Less	EXPENSES
		Cost of Materials Consumed	782.506	716.605
		Changes in Inventories of Finished Goods	14.943	6.435
		Employees Benefits Expenses	43.725	35.861
		Other Expenses	120.173	125.568
		TOTAL (B)	961.347	884.469	600.431
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		77.803	79.219	53.300
Less	FINANCIAL EXPENSES (D)		54.157	37.337	26.888
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.646	41.882	26.412
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.489	17.433	16.810
	PROFIT BEFORE TAX (E-F) (G)		7.157	24.449	9.602
Less	TAX (H)		2.480	8.344	4.481
	PROFIT AFTER TAX (G-H) (I)		4.677	16.105	5.121
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		56.501	40.396	35.275
	BALANCE CARRIED TO THE B/S		61.178	56.501	40.396
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	19.047	35.522	NA
	TOTAL EARNINGS		19.047	35.522	NA
	TOTAL IMPORTS		45.743	121.160	81.277
	Earnings Per Share (Rs.)		0.87	3.01	1.96

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.45	1.67	0.78
Net Profit Margin (PBT/Sales)	(%)	0.71	2.57	1.48
Return on Total Assets (PBT/Total Assets}	(%)	1.25	5.15	2.93
Return on Investment (ROI) (PBT/Networth)		0.06	0.21	0.12
Debt Equity Ratio (Total Debt /Networth)		1.80	1.20	1.53
Current Ratio (Current Asset/Current Liability)		1.54	1.69	1.88

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 three 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	No
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

OPERATIONS :

During the year, the company has achieved sales turnover and other income of Rs. 1012.446 Millions as against Rs. 949.939 Millions made during the previous year. The company earned net profit of Rs. 4.676 Millions for the current year as against that of Rs. 16.105 Millions earned in the previous year.

PERFORMANCE AND BUSINESS PROSPECTS :

The performance of the company in the current financial year was encouraging and the company expected to continue the same trend in the future also.

UNSECURED LOAN :

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Term Loans	1.380	3.741
Deferred Payments Liabilities	61.964	70.464
Other Loans and Advances	4.683	17.474
Total	68.027	91.679

Note :

1. Working capital loans are secured by hypothecation of inventories and book debts of the company and also secured by a second charge on fixed assets of the company and guaranteed by three directors of the company

2. Working capital loans are secured by hypothecation of inventories and book debts of the company and also secured by a second charge on fixed assets of the company and guaranteed by three directors of the company.

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U27203AP1995PLC020663
Name of the company	AGARVANSHI ALUMINIUM LIMITED
Address of the registered office or of the principal place of business in India of the company	1-8-32/59, Agarvanshi House, Bapubagh, Minister Road, Secunderabad – 500003, Andhra Pradesh, India E-mail Id : hyd1_agarvans@sancharnet.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10357081
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India E-mail Id : Ranjith.fernando@hdfcbank.com
Nature of instrument creating charge	a] Supplementary Letter of Hypothecation. b] Memorandum Recording Past Transaction of Creation of Mortgage by Delivery of Title Deeds. [Collectively constitute a single charge for Rs.402.309 Millions].
Date of instrument Creating the charge	11.01.2013
Amount secured by the charge	Rs. 402.309 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment : Working Capital Facility shall be payable on demand. Term Loan Facility shall be repayable in suitable installment. Margin : As may be stipulated by the Bank from time to time. Extent and Operation of the charge : [a] Hyp by way of First Charge on Company's Stocks, Book Debts, Movable Plant and Machinery, Vehicles to secure as a continuing security as stated in Column No.15 below, [b] The Co. accorded and gave oral consent to Bank to continue to hold and retain the title deeds [by way of Constructive delivery] in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs.402.309 Millions together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now due The movable plant and machinery and vehicles, which may now or at any time hereafter belong to the Borrower or come to the Borrower's disposal Sy No.44, admeasuring and Comprising of an Area of A.C 1.01Gts, situated at Narapally Village, Ghatkesar Mandal, Ranga Reddy Distt. Sy No.44/P Narapally Village admeasuring and Comprising an Area of A.C 5.18 Gts, situated at Narapally Village, Ghatkesar Mandal, (Old Hayathnagar Taluk) Ranga Reddy District
	13/08/2012
Particulars of the present modification	The charge shall now stand increased from Rs.387.309 Millions to Rs.402.309 Millions in favour of the Bank against the security of Stocks, Book Debts, Movable Plant and Machinery, Vehicles and immovable property being lying and situated at Ranga Reddy District

FIXED ASSETS:

• Office Building
• Factory Building
• Air Conditioner
• Computer
• Furniture and Fixtures
• Handling Systems
• Plant and Machinery
• Tools and Spares
• Office Equipments
• Vehicles
• Dies

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. 57.78
UK Pound	1	Rs. 89.71
Euro	1	Rs. 76.24

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.