MIRA INFORM REPORT

Report Date :

29.05.2013

IDENTIFICATION DETAILS

Name :	A INNOVATIVE INTERNATIONAL LIMITED
Registered Office :	307, 3rd Floor, 'Sampada', Behind Tulsi Complex, Mithakhali Six Road, Navarangpura, Ahmadabad 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.02.2009
Com. Reg. No.:	04-056203
Capital Investment / Paid-up Capital :	Rs.12.500 millions
CIN No.: [Company Identification No.]	U29190GJ2009PLC056203
IEC No.:	0809003091
TAN No.: [Tax Deduction & Collection Account No.]	AHMA08842B
PAN No.: [Permanent Account No.]	AAHCA5842J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of all types of water jet Machines using innovative technologies and other machineries etc. and other allied items.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 61000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a successor of A Innovative, a partnership concern started in year 2005. It is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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.

INFORMATION PARTED BY

Name :	Mr. Sibe Kumar
Designation :	E Marketing Executive
Contact No.:	91-9909988247
Date :	25.05.2013

LOCATIONS

Registered Office / Corporate Office :	307, 3rd Floor, 'Sampada', Behind Tulsi Complex, Mithakhali Six Road, Navarangpura, Ahmedabad 380009, Gujarat, India
Tel. No.:	91-79-26565731/26449598/26449597
Mobile no.:	91-9909988247 (Mr. Sibe Kumar)
Fax No.:	91-79-26561238
E-Mail :	sales@ainnovative.in ainnovative@hotmail.com
Website :	www.ainnovative.in www.waterjet.co.in
Area :	1000 sq. ft.
Location :	Rented
Factory :	34, 35, 36, Saket Industrial Estate, Opposite Royal Touch Aluminum, Changodar Circuit Bavla Highway, Ahmadabad, Gujarat, India
E-Mail :	factory@agroup.in
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Pankaj Shantilal Dadhaniya

Designation :

Director

Address :

A-602, Karyashiromani Apartment, Dafnala Road, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Birth/Age :

21.02.1973

Date of Appointment :

24.02.2009

Din No.:

02100802

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	U51102GJ2008PTC053840	A. INTERNATIONAL PRIVATE LIMITED	Director	08/05/2008	08/05/2008	-	Active	NO
2	U29190GJ2009PLC056203	A. INNOVATIVE INTERNATIONAL LIMITED	Director	24/02/2009	24/02/2009	-	Active	NO
3	U25209GJ2011PTC065419	AERON COMPOSITE PRIVATE LIMITED	Director	13/05/2011	13/05/2011	-	Active	NO

Name :

Mr. Krunal J Bhalodia

Designation :

Director

Address :

201, Odyssey Tower Milapnagar, Main Road Uni Road, Rajkot, Gujarat, India

Date of Birth/Age :

28.12.1985

Date of Appointment :

20.08.2010

Din No.:

02641623

Name :

Mr. Ankit R Hansaliya

Designation :

Director

Address :

Vivek, 2 Jalara Society, Behind Asharmesh Apartment, Uni Road, Behind, Rajkot, Gujarat, India

Date of Birth/Age :

02.07.1986

Date of Appointment :

20.08.2010

Din No.:

02641279

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	U29190GJ2009PLC056203	A. INNOVATIVE INTERNATIONAL LIMITED	Director	20/08/2010	02/07/2009	-	Active	NO
2	U33110GJ2013PTC073230	ARTHRON IMPLANTS PRIVATE LIMITED	Director	03/01/2013	03/01/2013	-	Active	NO

Name :

Mr. Jayesh Dilipkumar Patel

Designation :

Director

Address :

Vishal Near Vidhyanagar High School, Narayan Chambers Road, India Colony, Ahmedabad – 380024, Gujarat, India ,

Date of Birth/Age :

15.11.1980

Date of Appointment :

24.02.2009

Din No.:

00470506

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	U51102GJ2008PTC053840	A. INTERNATIONAL PRIVATE LIMITED	Director	08/05/2008	08/05/2008	-	Active	NO
2	U29190GJ2009PLC056203	A. INNOVATIVE INTERNATIONAL LIMITED	Director	24/02/2009	24/02/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sibe Kumar
Designation :	E Marketing Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
A International Private Limited, Gujarat, India	564500
Jayeshbhai Dilipbhai Patel	10000
Tejaiben Jayeshbhai Patel	20000
Chiragbhai Chandubhai Patel	30000
Hemangbhai Bipinbhai Patel	30000
Ravibhai Pankajbhai Patel	30000
Gautambhai Kishorbhai Bhanvadaiya	10000
Gauravbhai Kishorbhat Bhanvadaiya	10000
Pankajbhai Shantilal Dahaniya	10000
Ripaben Pankajbhai Dahaniya	20000
Alpeshbhai Shantilal Dahaniya	10000
Brindaben Shantilal Dahaniya	20000
Jayrambhai Mavjibhai Bhalodiya	20000
Daxitaben Jayarambhai Bhalodiya	85100
Krunalbhai Jayrambhai Bhalodiya	42400
Jayantibhai Mavjibhai Bhalodiya	20000
Shilpaben Jayantibhai Bhalodiya	10000
Raj Jayantibhai Bhalodiya	10000
Natwarlal M. Hansaliya	25000
Rameshbhai M. Hansaliya	25000
Ankitbhai Rameshbhai Hansaliya	100000
Ashvinbhai Laljibhai Manvar	1750
Mitravadan Ashvinbhai Manvar	1800

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	45.16
Directors or relatives of Directors	54.84
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of all types of water jet Machines using innovative technologies and other machineries etc. and other allied items.
Exports :
Products :	Water Jet Cutting Machines Laser Machines Plasma Cutting Machines
Countries :	Middle East Dubai Africa
Imports :
Products :	Machine Components
Countries :	China Germany
Terms :
Selling :	L/C and Cash
Purchasing :	L/C and Cash

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

100 (Approximately)

Bankers :

• Bank of India, Vastrapur Branch, 27,28,29 Super Plaza, Sandesh Press Road Bodakdev, Ahmadabad 380054, Gujarat, India
• Allahabad Bank, Centralised Retail Banking Boutique, Bhagwati Chambers, Opp. Gujarat Vidhyapith, Ahmadabad – 380013, Gujarat, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loans From banks
Bank of India*	5.016	7.523
Vehicle Loan from Bank of India (Secured by hypothecation of vehicle EMI over a period of 36 months amounting to Rs. 0.007 Million each, interest rate 12.25% p.a. The loan is repayable, in monthly installments, by October,2013 )	0.045	0.123
Vehicle Loan from State Bank of India (Secured by hypothecation of vehicle EM1 over a period of 60 months amounting to Rs. 0.011 Million each, interest rate 10.00% p.a. The loan is repayable, in monthly installments, by August,2014)	0.196	0.310
Vehicle loan from Allahabad Bank (Secured by hypothecation of vehicle EMI over a period of 60 months amounting to Rs. 16,480/- each, interest rate 12.25% p.a. The loan IS repayable, in monthly installments, by February12Ol6 )	0.480	0.611
Loans repayable on demand From Banks Bank of India (Cash Credit) [Primary Security: Hypothecation of the stocks and book Debts Collateral Security: EM of residential Appt. 902, Odyssey Tower, Milap Nagar, Rajkot (In name of Jayantibhai M Bhalodiya) EM of Industrial Plot No. 2301 at OM Industries, GIDC Rajkot, owned by M/s. OM Industries Industrial Plot and Building at Block No. 54P, Bileshwarpura, Tal: Kalol, Dist: Gandhinagar, in name of M/s. A International Private Limited The cash credit is repayable on demand]	18.560	18.600
Total	24.297	27.167
Note : * Secured against Primary Security EM of Factory Land and Building at Plot No. 34,35 and 36, Saket Ind. Estate, Vighag 11, Village: Moraiya, Tal: Sanand, Dist: Ahmadabad, Gujarat, India Hypothecation of Plant and Machineries and other assets The Term loan is repayable In monthly installment amounting to Rs. 209,000 plus interest (14.5% p.a.)

Banking Relations :	--
Auditors :
Name :	B. H. Mangrolia and Company Chartered Accountants
Address :	408’ Mahakant’, Opposite V.S. Hospital, Ashram Road, Ahmadabad – 380006, Gujarat, India
Tel No.:	91-79-26578527
Fax No.:	91-79-26576849
E mail :	info@bhamangarolia.com
PAN No.:	AAWPM1650Q
Parent Company:	Chamak Paintchem Limited Address : 1471, Mahavir Nagar, Thakkarbapa Nagar, National Highway No.8, Ahmadabad – 382350, Gujarat, India Line of Business: Trading in Lime, Lime Products and Cement paints etc.
Related Parties :	A International Private Limited Address : 410, 4^th Floor, 'Sampada', Behind Tulsi Complex, Mithakhali Six Road, Navarangpura, Ahmedabad 380009, Gujarat, India Line of Business : Manufacturer and Trader of Water Jet Cutting Machines, Laser Machines, Plasma Cutting machines etc.
Enterprises owned or significantly influenced by key management personnel or their relatives:	Chamak Polymers Private Limited Chamak Paint Industries Calcium Chemical Industries Chamak Lime Products Private Limited Chamak Lime Agency

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs. 15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs.12.500 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		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.804	1.448	0.241
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.304	13.948	12.741
LOAN FUNDS
1] Secured Loans		24.297	27.167	19.091
2] Unsecured Loans		11.213	7.416	12.604
TOTAL BORROWING		35.510	34.583	31.695
DEFERRED TAX LIABILITIES		0.181	0.193	0.110
TOTAL		50.995	48.724	44.546
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.031	22.674	20.254
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.020	0.020	0.020
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.994	34.694	16.644
	Sundry Debtors	8.397	3.640	13.076
	Cash & Bank Balances	2.632	2.313	1.050
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.582	11.960	3.168
Total Current Assets		69.605	52.607	33.938
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.069	9.240	8.697
	Other Current Liabilities	32.592	17.337	0.909
	Provisions	0.000	0.000	0.060
Total Current Liabilities		40.661	26.577	9.666
Net Current Assets		28.944	26.030	24.272
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		50.995	48.724	44.546

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	92.586	67.556	35.040
		Other Income	9.924	1.987	2.188
		TOTAL (A)	102.510	69.543	37.228
Less	EXPENSES
		Cost of materials consumed	6.746	11.446
		Purchases of stock-in-trade	67.986	45.195
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(8.873)	(14.142)
		Employee benefits expense	7.331	3.501
		Other expenses	20.510	17.229
		TOTAL (B)	93.700	63.229	35.051
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.810	6.314	2.177
Less	FINANCIAL EXPENSES (D)		4.670	3.163	1.333
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.140	3.151	0.844
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.147	1.450	0.422
	PROFIT BEFORE TAX (E-F) (G)		1.993	1.701	0.422
Less	TAX (H)		0.637	0.494	0.181
	PROFIT AFTER TAX (G-H) (I)		1.356	1.207	0.240
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.923	4.769	3.810
	TOTAL EARNINGS		1.923	4.769	3.810
	IMPORTS
		Raw Materials	14.333	20.666	18.590
	TOTAL IMPORTS		14.333	20.666	18.590
	Earnings Per Share (Rs.)		1.08	0.97	0.19

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.32	1.74	0.64
Net Profit Margin (PBT/Sales)	(%)	2.15	2.52	1.20
Return on Total Assets (PBT/Total Assets}	(%)	2.86	3.23	1.24
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.03
Debt Equity Ratio (Total Debt /Networth)		2.32	2.48	2.49
Current Ratio (Current Asset/Current Liability)		1.71	1.98	3.51

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

COMPANY'S FINANCIAL AFFAIRS:

The company has achieved turnover of Rs. 92.586 Millions (Previous Year Rs. 67.556 Millions) The Company has achieved higher turnover by 37.05% and registered net profit of Rs 1.355 Millions showing upward trend of 12.26%. Though the nosedive attitude of overall industries due to prevailing recession in the country the directors have achieved targeted goal and hopes for better performance in the coming year.

COMPANY OVERVIEW

A. Innovative International Limited ('the company'), incorporated under the Companies Act, 1956 vide CIN -U29190GJ2009PLC056203 having its registered office at 307, 3rd Floor, Sampada Complex, Nr. Mithakhali Six Roads, Ahmedabad-380009 GUJARAT and engaged in Manufacturing and Trading of all types of water jet Machines using innovative technologies and other machineries etc. and other allied items.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Deposits Inter-corporate deposit	3.141	3.789
Loans and advances from related parties	8.072	3.627
Total	11.213	7.416

FIXED ASSETS

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

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 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.55.74
UK Pound	1	Rs.84.17
Euro	1	Rs.72.02

INFORMATION DETAILS

Information Gathered by :	HEL
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.