MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	ABBELINE IMPEX PRIVATE LIMITED
Registered Office :	608, A Wing, Express Zone, Off Western Express Highway, Dindoshi- Malad Village, Malad (East), Mumbai-400097, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.11.2009
Com. Reg. No.:	11-197447
Capital Investment / Paid-up Capital :	Rs.6.100 Millions
CIN No.: [Company Identification No.]	U52300MH2009PTC197447
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Metal, Scrap and Copper Scrap.
No. of Employees :	4 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low during 2013. However, trade relations are reported as fair. Business is active. Payments terms are slow but correct. The company can be considered for business dealings with some cautions.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = B
Rating Explanation	Have high risk of default
Date	25.03.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Anil Kumar Gupta
Designation :	Director
Contact No.:	91-9833417751
Date :	27.08.2014

LOCATIONS

Registered Office :	608, A Wing, Express Zone, Off Western Express Highway, Dindoshi-Malad Village, Malad (East), Mumbai-400097, Maharashtra, India
Tel. No.:	91-22-28784450
Mobile No.:	91-9833417751 (Mr. Anil kumar)
Fax No.:	91-28784451
E-Mail :	abbeline.impex@gmail.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Manish Mahabirprasad Gupta

Designation :

Director

Address :

4, Surdhara Bunglows, Drive in Road, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

04.07.1969

Date of Appointment :

08.03.2010

Din No.:

02494064

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	U17122GJ2006PTC049348	SWANCOT INDIA PRIVATE LIMITED	Director	10/11/2006	10/11/2006	-	Active	NO
2	U52300MH2009PTC197447	ABBELINE IMPEX PRIVATE LIMITED	Director	08/03/2010	08/03/2010	-	Active	NO
3	U63000MH2013PTC248811	SWAN TOURS AND SAFARI PRIVATE LIMITED	Director	03/10/2013	03/10/2013	-	Active	NO
4	U17120MH1994PTC078441	SIGNORA TEXPORT P.LTD.	Additional director	04/12/2013	04/12/2013	-	Active	NO

Name :

Mr. Anil Kumar Garg

Designation :

Director

Address :

B-901, 9^th Floor, IVY Tower, Vasant Vally Complex, Film City Road, Malad (East), Mumbai-400097, Maharashtra, India

Date of Birth/Age :

04.01.1951

Date of Appointment :

08.12.2011

Din No.:

01284919

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	U65923UR1922PLC000234	THE NAINITAL BANK LIMITED	Director	16/09/2005	16/09/2005	17/12/2007	Active	NO
2	U52300MH2009PTC197447	ABBELINE IMPEX PRIVATE LIMITED	Additional director	08/12/2011	08/12/2011	-	Active	NO
3	U63000MH2013PTC248811	SWAN TOURS AND SAFARI PRIVATE LIMITED	Director	03/10/2013	03/10/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Manish Mahabirprasad Gupta	9500	600000
Narendra Bhagatram Somani	500	--
TOTAL	10000	600000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Metal, Scrap and Copper Scrap.
Imports :
Countries :	· South Africa · Dubai · West Africa
Terms :
Selling :	Cheque and credit (30 Days)
Purchasing :	Cheque and credit (30 Days)

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

4 (Approximately)

Bankers :

Bank of Baroda, Chetan Building , A Wing, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Bills payable (Secured against hypothecation of stocks/book debts in respect of stocks acquired under L/C)	49.119	14.380
Total	49.119	14.380

Banking Relations :	--
Auditors :
Name :	C P Chechani and Associates Chartered Accountants
Address :	K-1, Backside, Phase III, Country Park, Opposite Tata Steel, Datta Pada Road, Borivali (East), Mumbai-400066, Maharashtra, India
Tel No. :	91-2-28705596
Mobile No.:	91-9821462630
Email :	cpchechani@yahoo.co.in
PAN No.:	AAHFC2539F
Sister Concern :	Swancot South Africa Pty Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million
600000	Preferences Shares	Rs.10/- each	Rs.6.000 Millions
	Total		Rs.7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
600000	Preferences Shares	Rs.10/- each	Rs.6.000 Millions
	Total		Rs.6.100 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.100	6.100	6.100
(b) Reserves & Surplus	2.285	1.493	0.568
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	8.385	7.593	6.668
(3) Non-Current Liabilities
(a) long-term borrowings	7.000	7.000	7.000
(b) Deferred tax liabilities (Net)	0.082	0.022	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	7.082	7.022	7.000
(4) Current Liabilities
(a) Short term borrowings	49.119	14.380	0.000
(b) Trade payables	21.354	2.636	20.220
(c) Other current liabilities	0.239	0.162	0.051
(d) Short-term provisions	0.000	0.088	0.037
Total Current Liabilities (4)	70.712	17.266	20.308
TOTAL	86.179	31.881	33.976
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.450	1.203	0.994
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.013
(d) Long-term Loan and Advances	0.025	0.025	0.025
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.475	1.228	1.032
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	3.562	1.970
(c) Trade receivables	34.701	14.118	17.910
(d) Cash and cash equivalents	43.428	12.973	13.064
(e) Short-term loans and advances	5.443	0.000	0.000
(f) Other current assets	0.132	0.000	0.000
Total Current Assets	83.704	30.653	32.944
TOTAL	86.179	31.881	33.976

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	253.746	265.206	114.652
		Other Income	3.687	1.973	0.854
		TOTAL (A)	257.433	267.179	115.506
Less	EXPENSES
		Purchases of Stock-in-Trade	242.562	256.585	114.997
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.562	(1.592)	(1.970)
		Employees benefits expense	1.340	1.002	0.224
		Other expenses	6.574	7.742	1.184
		TOTAL (B)	254.038	263.737	114.435
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.395	3.442	1.071
Less	FINANCIAL EXPENSES (D)		1.973	1.975	0.125
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.422	1.467	0.946
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.273	0.116	0.083
	PROFIT BEFORE EXTRAORDINARY ITEMS AND TAX		1.149	1.351	0.863
Less	EXTRAORDINARY ITEMS		0.000	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		1.149	1.351	0.863
Less	TAX (H)		0.357	0.425	0.276
	PROFIT AFTER TAX (G-H) (I)		0.792	0.926	0.587
	IMPORTS
		Raw Materials	242.562	256.585	114.997
	TOTAL IMPORTS		242.562	256.585	114.997
	Earnings Per Share (Rs.)		79.23	92.59	58.75

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.31	0.35	0.51
Net Profit Margin (PBT/Sales)	(%)	0.45	0.51	0.75
Return on Total Assets (PBT/Total Assets}	(%)	1.33	4.24	2.54
Return on Investment (ROI) (PBT/Networth)		0.14	0.18	0.13
Debt Equity Ratio (Total Debt/Networth)		6.69	2.82	1.05
Current Ratio (Current Asset/Current Liability)		1.18	1.78	1.62

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	6.100	6.100	6.100
Reserves & Surplus	0.568	1.493	2.285
Net worth	6.668	7.593	8.385
long-term borrowings	7.000	7.000	7.000
Short term borrowings	0.000	14.380	49.119
Total borrowings	7.000	21.380	56.119
Debt/Equity ratio	1.050	2.816	6.693

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	114.652	265.206	253.746
		131.314	(4.321)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	114.652	265.206	253.746
Profit	0.587	0.926	0.792
	0.51%	0.35%	0.31%

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	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	Yes

Note: The Registered Office of the company has been shifted from House - 703, Satellite Garden, Phase –II, Gen. A.K. Vaidya Marg, Goregaon (East), Mumbai – 400063, Maharashtra, India to the present address w.e.f. 16.03.2011.

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
From Directors	7.000	7.000
Total	7.000	7.000

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10265957	07/12/2013 *	75,000,000.00	BANK OF BARODA	CHETAN BUILDING , A WING, GHATKOPAR (EAST),, MUMBAI - 400077, Maharashtra, INDIA	B92589639

FIXED ASETS:

· Office Equipments

· Motor Car and Vehicles

· Computer

· Machinery

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 judgment 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.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.