MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	AGNI FIBRE BOARDS PRIVATE LIMITED
Registered Office :	990/3/4, G.I.D.C. Estate, Makarpura, Vadodara – 390010, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.01.1998
Com. Reg. No.:	04-033508
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U31300GJ1998PTC033508
TAN No.: [Tax Deduction & Collection Account No.]	BRDA01366B
PAN No.: [Permanent Account No.]	AABCA5513G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Dealer of High Electrical Insulation Fiber Reinforced Plastic (FRP) Epoxy Pultruded Profiles for Electrical Insulation for various Industrial Applications.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Performance capability of the company is strong. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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.

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 DECLINED BY

Name :	Mr. K. M. Shah
Designation :	Finance Manager
Contact No.:	91-265-2631713
Date :	26.11.2014

LOCATIONS

Registered Office/ Factory :	990/3/4, G.I.D.C. Estate, Makarpura, Vadodara – 390010, Gujarat, India
Tel. No. :	91-265-2646121/ 2631713
Fax No. :	91-265-2634531
E-Mail :	info@agnifiberboard.com finance@agnipultrusion.com
Website :	www.agnipultrusion.com
Branch Office :	991/1/ A, GIDC, Makarpura, Vadodara – 390010, Gujarat, India
Tel. No.:	91- 265- 2646121
Fax No.:	91- 265- 2634531
E-Mail :	info@agnipultrusion.com

DIRECTORS

As on 30.09.2014

Name :	Parag Jayantbhai Patel
Designation :	Managing Director
Address :	5, Kalrav, Navdeep Society, Manjalpur, Vadodara – 390010, Gujarat, India
Date of Birth/Age :	21.05.1975
Date of Appointment :	01.01.2013
DIN No. :	00184150
Name :	Paresh Jayantbhai Patel
Designation :	Managing Director
Address :	5, Kalrav, Navdeep Society, Manjalpur, Vadodara – 390010, Gujarat, India
Date of Birth/Age :	21.05.1975
Date of Appointment :	01.01.2013
DIN No. :	00184204
Name :	Jayant Tribhovan Patel
Designation :	Managing Director
Address :	D/5, Navdeep Society, Manjalpur, Vadodara – 390011, Gujarat, India
Date of Birth/Age :	12.10.1948
Date of Appointment :	01.01.2013
DIN No. :	00184402

KEY EXECUTIVES

Name :	Mr. K. M. Shah
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Parag Patel	67281	22.43
Paresh Patel	67266	22.42
Arunaben Patel	44268	14.76
Jayantbhai Patel	45732	15.24
Jayantbhai Patel (HUF)	42000	14.00
Chintu Patel	16719	5.57
Payal Patel	16734	5.58
Total	300000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Dealer of High Electrical Insulation Fiber Reinforced Plastic (FRP) Epoxy Pultruded Profiles for Electrical Insulation for various Industrial Applications.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Unit	Installed Capacity	Actual Production
Fiber Sheets	No.	12000	5383.00
Fiber Glass Pultruded Section	MT	1800	1319.360

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience :
Maximum Limit Dealt:

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience :
Maximum Limit Dealt:

No. of Employees :

Information declined by management

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· M. S. Cooperative Bank Limited, A/101/102- Shivalik Complex, Subhanpura Main Road, Vadodara - 390023, Gujarat, India

· State Bank of India, Makarpura I.E Branch, 1^st Floor, Vcci Building, Baroda, Gujarat - 390010, India

· Citi Bank

· Oriental Bank of Commerce

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans from Banks
S.B.I., Term Loan (31783532954) (Secured by Machinery acquired from Term Loan)	0.272	0.568
S.B.I. Term Loan (32140023156) (Secured by Machinery acquired from Term Loan)	0.249	0.540
S.B.I. Term Loan (32606364747) (Secured by Factory Building Construction acquired from Term Loan)	3.112	3.837
SHORT TERM BORROWINGS
Cash Credit Loans from Banks S.B.I. – CC A/c No. 31763621317 (Secured by Hypothecation of Stock, Book Debts and Mortgage of Factory Building situated at 990/3/4 GIDC, Makarpura, Baroda)	1.732	5.117
Total	5.365	10.062

Banking Relations :	--
Auditors :
Name :	J. M. Pabari and Associates Chartered Accountants
Address :	301, Pancham Icon, Besides D Mart, Vasna Road, Vadodara – 390007, Gujarat, India
Tel. No. :	91-265-2255052/ 2255053
Mobile No. :	91-9825670560
Income-tax PAN of auditor or auditor's firm :	ACPPP2581C
Associate Firm :	Twin Engineers
Associate Company :	Parana Electrotech Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.000	3.000	3.000
(b) Reserves & Surplus	47.343	34.326	21.298
(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)	50.343	37.326	24.298
(3) Non-Current Liabilities
(a) long-term borrowings	18.803	14.352	13.589
(b) Deferred tax liabilities (Net)	1.440	1.141	0.638
(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)	20.243	15.493	14.227
(4) Current Liabilities
(a) Short term borrowings	1.732	5.117	3.903
(b) Trade payables	50.797	32.575	23.223
(c) Other current liabilities	3.145	2.147	0.359
(d) Short-term provisions	12.266	8.188	6.744
Total Current Liabilities (4)	67.940	48.027	34.229
TOTAL	138.526	100.846	72.754
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.105	41.541	22.363
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	3.575
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.646	1.240	0.301
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.254	1.266	0.600
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	53.005	44.047	26.839
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.781	11.588	7.212
(c) Trade receivables	49.748	37.993	32.470
(d) Cash and cash equivalents	2.369	1.563	2.661
(e) Short-term loans and advances	6.623	5.655	3.572
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	85.521	56.799	45.915
TOTAL	138.526	100.846	72.754

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	227.485	187.782	118.043
Less	EXPENSES
		TOTAL	208.241	168.112	106.232
	PROFIT/ (LOSS) BEFORE TAX		19.244	19.670	11.811
Less	TAX		6.227	6.633	3.977
	PROFIT/ (LOSS) AFTER TAX		13.017	13.037	7.834
	IMPORTS
		Imported Materials	4.296	3.187	0.725
	TOTAL IMPORTS		4.296	3.187	0.725
	Earnings / (Loss) Per Share (Rs.)		43.39	43.46	26.12

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	14.06	19.75	17.15
Return on Investment (ROI) (PBT/Networth)		0.38	0.53	0.49
Debt Equity Ratio (Total Debt/Networth)		0.41	0.52	0.72
Current Ratio (Current Asset/Current Liability)		1.26	1.18	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.000	3.000	3.000
Reserves & Surplus	21.298	34.326	47.343
Net worth	24.298	37.326	50.343
long-term borrowings	13.589	14.352	18.803
Short term borrowings	3.903	5.117	1.732
Total borrowings	17.492	19.469	20.535
Debt/Equity ratio	0.720	0.522	0.408

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	118.043	187.782	227.485
		59.079	21.143

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	118.043	187.782	227.485
Profit	7.834	13.037	13.017
	6.64%	6.94%	5.72%

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	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	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

CURRENT MATURITIES OF LONG TERM DEBTS: NOT AVAILABLE

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10297427	03/03/2014 *	27,000,000.00	STATE BANK OF INDIA	MAKARPURA I.E BRANCH,1ST FLOOR, VCCI BUILDING, BARODA, GUJARAT - 390010, INDIA	B98789696
2	10320557	21/02/2014 *	27,000,000.00	STATE BANK OF INDIA	MAKARPURA I.E BRANCH, 1ST FLOOR, VCCI BUILDING, BARODA, GUJARAT - 390010, INDIA	B98789936

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advances from Directors and Related Parties
Parag J. Patel	4.194	2.328
Paresh J. Patel	3.711	1.865
J. T. Patel	2.257	1.814
Arunaben J. Patel	2.052	1.163
J.T. Patel (HUF)	1.999	1.372
Payalben P. Patel	0.615	0.556
Chintuben P. Patel	0.342	0.309
Total	15.170	9.407

CONTINGENT LIABILITIES:

Contingent liability not provided for comprises of Bank Guarantee O/s as on 31st March, 2014 issued to various parties amounting of Rs. 3.687 Millions (P.Y. Rs. Nil).

FIXED ASSETS

· Land

· Factory Building

· Plant and Equipments

· Electric Installation

· A.C. and Air Compressor

· Furniture and Fixtures

· Mobile

· CCTV Camera

· Vehicles

· Fax

· Card scan

· Computer

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.61.87
UK Pound	1	Rs.97.69
Euro	1	Rs.77.37

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.