INFORM REPORT

Report Date :

24.09.2014

IDENTIFICATION DETAILS

Name :	MOHAN FABTEX LIMITED
Registered Office :	A-47, Lower Ground Floor, Hauz Khas, New Delhi – 110016
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.08.2006
Com. Reg. No.:	55-152697
Capital Investment / Paid-up Capital :	Rs.64.900 Millions
CIN No.: [Company Identification No.]	U17126DL2006PLC152697
PAN No.: [Permanent Account No.]	AAECM7632H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer of Iron and Steel and a Commission Agent.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 440000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company appears to be low during 2013. Reserves of the company also seems to be low. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. 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 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

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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Have moderate risk of default
Date	08.05.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	08.05.2014

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 31-03-2012.

INFORMATION PARTED BY / DENIED BY

Name :	Mr. Abhishek
Designation :	Accounts Department
Contact No.:	91-22-23480901

LOCATIONS

Registered Office :	A-47, Lower Ground Floor, Hauz Khas, New Delhi – 110016, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	abhishek@mohanfabtex.com companylaw@sgcservices.com
Website :	http://www.mohanfabtex.com
Location :	Owned
Locality :	Commercial
Head/ Corporate Office :	97, Maker Chamber III, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-40274007/ 40274027
Fax No.:	91-22-40274037
E-Mail :	vishal@mohanfabtex.com
Sales Office :	109, Loha Bhavan, 93, P.D Mello Road, Carnac Bunder Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23480901
Fax No.:	91-22-23482123
E-Mail :	info@mohanfabtex.com
Stock Yard 1 :	Plot No.1836, Kalamboli Warehousing Complex, Road No.24, Kalamboli, Navi Mumbai – 410218, Maharashtra, India
Tel. No.:	91-22-22923949
Fax No.:	91-22-22923949
Stock Yard 2 :	DCB Group Warehouse, S.No.111, Enmore Express Highway, Manjambakkam Village, Chennai – 600060, Tamilnadu, India
E-Mail :	mukesh@mohanfabtex.com
Stock Yard 3 :	Plot No.A21, AIE Balanagar, Hyderabad – 500037, Andhra Pradesh, India
Tel. No.:	91-40-23770266
Fax No.:	91-40-23770269
E-Mail :	hyd@mohanfabtex.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Vishal Agarwal

Designation :

Director

Address :

52, Laxmi Nivas, 87, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

06.03.1977

Qualification :

Graduate

Date of Appointment :

29.08.2006

PAN No.:

AABHV9527N

DIN No.:

00168370

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	U51909DL2004PLC124931	VP EXIM LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
2	U51909DL2005PTC139021	VP EXIM GLOBAL PRIVATE LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
3	U70104DL2006PTC152694	V P Exim Projects Private Limited	Director	29/08/2006	29/08/2006	23/12/2013	Active	NO
4	U17126DL2006PLC152697	MOHAN FABTEX LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
5	U67120MH1988PTC046198	SPECTRUM CAPITAL PRIVATE LIMITED	Director	15/03/2008	15/03/2008	30/04/2009	Active	NO
6	U70200DL2012PTC242918	V P EXIM INFRACON PRIVATE LIMITED	Director	28/09/2012	28/09/2012	03/03/2014	Active	NO

Name :

Chandratan Satyanarain Agarwal

Designation :

Director

Address :

52, Laxmi Nivas, 87, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

10.09.1949

Qualification :

Graduate

Date of Appointment :

29.08.2006

DIN No.:

01394983

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	U17120MH1986PTC040613	SATYAM FIBRES(INDIA)PVT LIMITED	Director	12/08/1986	12/08/1986	-	Active	NO
2	U67120MH1988PTC046198	SPECTRUM CAPITAL PRIVATE LIMITED	Director	12/02/1988	12/02/1988	03/08/2008	Active	NO
3	U51491MH2001PTC132377	SPAN FIBRE (INDIA) PRIVATE LIMITED	Director	18/06/2001	18/06/2001	-	Active	NO
4	U70109DL2006PTC152306	C S Buildwell Private Limited	Director	22/08/2006	22/08/2006	23/12/2013	Active	NO
5	U17126DL2006PLC152697	MOHAN FABTEX LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO

Name :

Mr. Abhishek Karnawat

Designation :

Director

Address :

Oswali Mohalla, Madanganj, Kishangarh, Ajmer – 305801, Rajasthan, India

Date of Birth/Age :

31.07.1987

Qualification :

Graduate

Date of Appointment :

28.09.2012

DIN No.:

05109776

KEY EXECUTIVES

Name :	Mr. Abhishek
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Vishal Agrawal	5009995
Priyanka Agarwal	1
Vishal Agrawal (HUF)	1480000
Chandratan Agrawal (HUF)	1
Chandratan Agarwal	1
Sheela Devi Agarwal	1
Manmohan Narayan Tumbe	1
Total	6490000

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 Iron and Steel and a Commission Agent.

Products :

Product Descriptions	ITC Code No.
Sales of goods and commission received	99611911

Exports :

Products :

Metal Scrap

Countries :

· USA

UK

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users and Others

No. of Employees :

10 (Approximately)

Bankers :

Indian Overseas Bank, Nariman Point Branch, 'Bakhtawar', Nariman Point, Mumbai - 400021, Maharashtra, India

Tel No.: 91-22-22882889 (Ringing)

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	8.383	7.341
Short Term Borrowings
Rupee term loans from banks	273.462	234.581
Total	281.845	241.922

Banking Relations :	--
Auditors :
Name :	Sharma Goel and Company Chartered Accountants
Address :	A-47, Lower Ground Floor, Hauz Khas, New Delhi – 110016, India
Tel. No.:	91-11-26967048
Mobile No.:	91-9811078005
Fax No.:	91-11-26967365
E-Mail :	amar.mittal@sgcservices.com
PAN No.:	AABFS1604B
Related Parities :	· Span Fibres (India) Private Limited Satyam Fibres (India) Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6490000	Equity Shares	Rs.10/- each	Rs.64.900 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	64.900	64.900	64.900
(b) Reserves & Surplus	44.290	34.411	14.538
(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)	109.190	99.311	79.438
(3) Non-Current Liabilities
(a) long-term borrowings	8.383	7.341	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	8.383	7.341	0.000
(4) Current Liabilities
(a) Short term borrowings	273.462	234.581	109.000
(b) Trade payables	0.013	167.390	5.773
(c) Other current liabilities	0.000	2.700	7.089
(d) Short-term provisions	4.768	5.230	1.448
Total Current Liabilities (4)	278.243	409.901	123.310
TOTAL	395.816	516.553	202.748
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.922	25.376	13.014
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.928	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.881	0.505	0.505
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.050	1.505	25.500
(e) Other Non-current assets	17.487	16.106	0.000
Total Non-Current Assets	53.268	43.492	39.019
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.818	213.442	4.407
(c) Trade receivables	281.774	251.956	146.833
(d) Cash and cash equivalents	0.037	0.019	0.019
(e) Short-term loans and advances	49.919	7.644	12.470
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	342.548	473.061	163.729
TOTAL	395.816	516.553	202.748

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	1971.728	1855.133	725.243
		Other Income	38.819	4.049	7.018
		TOTAL (A)	2010.547	1859.182	732.261
Less	EXPENSES
		Cost of Materials Consumed	1973.588	1806.875	690.578
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	(4.407)
		Employees benefits expense	1.388	1.661	1.740
		Other expenses	3.909	3.990	26.795
		TOTAL (B)	1978.885	1812.526	714.706
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.662	46.656	17.555
Less	FINANCIAL EXPENSES (D)		14.470	14.538	1.508
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.192	32.118	16.047
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.544	1.856	1.596
	PROFIT BEFORE TAX (E-F) (G)		14.648	30.262	14.451
Less	TAX (H)		4.769	10.389	5.161
	PROFIT AFTER TAX (G-H) (I)		9.879	19.873	9.290
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	1.331	0.000
		TOTAL	0.000	1.331	0.000
	Earnings Per Share (Rs.)		1.52	3.06	1.43

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.49	1.07	1.27
Net Profit Margin (PBT/Sales)	(%)	0.74	1.63	1.99
Return on Total Assets (PBT/Total Assets}	(%)	3.81	5.86	7.15
Return on Investment (ROI) (PBT/Networth)		0.13	0.30	0.18
Debt Equity Ratio (Total Debt /Networth)		2.58	2.44	1.37
Current Ratio (Current Asset/Current Liability)		1.23	1.15	1.33

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	64.900	64.900	64.900
Reserves & Surplus	14.538	34.411	44.290
Net worth	79.438	99.311	109.190
long-term borrowings	0.000	7.341	8.383
Short term borrowings	109.000	234.581	273.462
Total borrowings	109.000	241.922	281.845
Debt/Equity ratio	1.372	2.436	2.581

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	725.243	1855.133	1971.728
		155.795	6.285

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	725.243	1855.133	1971.728
Profit	9.290	19.873	9.879
	1.28%	1.07%	0.50%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

GENERAL INFORMATION

The Company was incorporated on August 29, 2006. The Company is engaged in the business of trading of goods and acting as a commission agent.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478480	29/01/2014	510,000,000.00	INDIAN OVERSEAS BANK	Nariman Point Branch, 'Bakhtawar', Nariman Point, Mumbai - 400021, Maharashtra, India	1
2	10287125	12/10/2013 *	510,000,000.00	INDIAN OVERSEAS BANK	Nariman Point Branch, 'Bakhtawar', Nariman Point, Mumbai - 400021, Maharashtra, India	2

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.87
UK Pound	1	Rs.99.63
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		28

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.