MIRA INFORM REPORT

Report No. :	318949
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	SUPER BOND ADHESIVES PRIVATE LIMITED
Registered Office :	119, Vardhaman Complex, Gokul Nagar, L.B.S. Marg, Thane (West) - 400601, Maharashtra
Tel. No.:	91-22-21721016
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.07.1994
Com. Reg. No.:	11-079653
Capital Investment / Paid-up Capital :	Rs. 17.323 Million
CIN No.: [Company Identification No.]	U24130MH1994PTC079653
IEC No.:	0301008957
TAN No.: [Tax Deduction & Collection Account No.]	PNES10333B
PAN No.: [Permanent Account No.]	AACCS3927P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Adhesives.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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.

LOCATIONS

Registered Office :	119, Vardhaman Complex, Gokul Nagar, L.B.S. Marg, Thane (West) - 400601, Maharashtra, India
Tel. No.:	91-22-21721016/ 21721017
Fax No.:	91-22-21721018
E-Mail :	ddshetty@superbond.co.in sales@superbond.co.in
Website :	http://www.superbond.co.in
Factory 1 :	Located at: · Wada, Maharashtra, India
Factory 2 :	Plot No. A-47/48, MIDC, Badlapur, Thane – 421503, Maharashtra, India
Tel. No.:	91-251-2690048/ 2692748

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Dileep Adityakumar Agarwal

Designation :

Director

Address :

Flat No B-1001/1002, Princeton, Hiranandani Estate, Ghodbunder Road, Thane - 400607, Maharashtra, India

Date of Birth/Age :

08.03.1955

Date of Appointment :

15.07.1994

DIN No.:

00256422

Name :

Mr. Pradeep Adityakumar Agarwal

Designation :

Director

Address :

Flat No. 1401/1402, Wellington, Hiranandani Estate, Ghodbunder Road, Thane - 400607, Maharashtra, India

Date of Birth/Age :

17.09.1952

Date of Appointment :

15.07.1994

DIN No.:

00256478

Name :

Mr. Priyank Pradeep Agarwal

Designation :

Director

Address :

1401, 1402, Wellington, 14th Floor, Ghodbundar Road, Hiranandani Estate, Thane - 400607, Maharashtra, India

Date of Birth/Age :

03.12.1986

Date of Appointment :

02.04.2010

DIN No.:

02971795

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	Company/ LLP Status	Defaulting status
1	U24130MH1994PTC079653	SUPER BOND ADHESIVES PRIVATE LIMITED	Director	02-04-2010	02-04-2010	Active	NO
2	U25201MH2006PTC161305	VELOCITY IMPEX PRIVATE LIMITED	Director	27-07-2010	27-07-2010	Active	NO

Name :

Mr. Rohan Dileep Agarwal

Designation :

Director

Address :

1001/B Princeton, Hiranandani Estate, Patlipada, G. B. Road, Thane [West] - 400607, Maharashtra, India

Date of Birth/Age :

04.04.1988

Date of Appointment :

27.08.2012

DIN No.:

03179442

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	Company/ LLP Status	Defaulting status
1	U25201MH2006PTC161305	VELOCITY IMPEX PRIVATE LIMITED	Director	27-07-2010	27-07-2010	Active	NO
2	U24200MH2011PTC223585	FOX TRADELINKS PRIVATE LIMITED	Director	02-11-2011	02-11-2011	Active	NO
3	U24130MH1994PTC079653	SUPER BOND ADHESIVES PRIVATE LIMITED	Director	27-08-2012	27-08-2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Dileep Agarwal	560160
Pradeep Agarwal	651250
Taradevi Agarwal	159490
Deepa Agarwal	94100
Deepti Agarwal	67500
Aditya Agarwal (HUF)	42500
Richie Agarwal	3000
Rohan Agarwal	97860
Priyank Agarwal	56450
Total	1732310

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Adhesives.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

· V.P. Engineering

· Reliance Industries Limited

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

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

· Axis Bank Limited

George Mansion, LBS Marg, Uthalsar Naka, Thane – 400601, Maharashtra, India

· Axis Bank Limited

Axis House, Ground Floor, Bombay Dyeing Mills Compound, P. B. Marg, Mumbai - 400025, Maharashtra, India

· Andhra Bank

· Union Bank of India

· HDFC Bank Limited

· Citi Bank N.A.

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Andhra Bank Overdraft Account [Secured by hypothecation companies stock and book debts]	(0.010)	(0.011)
Axis Bank Overdraft Account [Secured by hypothecation companies stock and book debts]	57.005	33.753
Term Loan [Secured by Plant and Machinery situated at Plot No. 1/6, Gut No. 217, Villafe Khupri and Personal Guarantor of Directors]	1.482	2.417
Term Loan [Secured by Plant and Machinery situated at Plot No. 1/6, Gut No. 217, Villafe Khupri and Personal Guarantor of Directors]	1.497	3.281
Total	59.984	39.440

Banking Relations :	--
Auditors :
Name :	M.V. Keswani and Company Chartered Accountants
Address :	24, Prince Market, Ulhasnagar, - 421003, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACQPK9748K
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,732,310	Equity Shares	Rs. 10/- each	Rs. 17.323 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	17.323	17.323	8.019
(b) Reserves & Surplus	71.030	61.495	16.127
(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)	88.353	78.818	24.146
(3) Non-Current Liabilities
(a) Long-term borrowings	59.974	39.440	40.940
(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)	59.974	39.440	40.940
(4) Current Liabilities
(a) Short term borrowings	32.555	26.726	15.720
(b) Trade payables	0.000	0.000	25.653
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	82.195	83.264	4.590
Total Current Liabilities (4)	114.750	109.990	45.963
TOTAL	263.077	228.248	111.049
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.021	59.268	5.994
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	7.777
(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	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	3.510
Total Non-Current Assets	52.021	59.268	17.281
(2) Current assets
(a) Current investments	0.000	0.002	0.000
(b) Inventories	53.556	44.406	23.798
(c) Trade receivables	141.292	111.502	60.881
(d) Cash and cash equivalents	0.636	0.391	1.044
(e) Short-term loans and advances	15.572	12.679	8.045
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	211.056	168.980	93.768
TOTAL	263.077	228.248	111.049

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	628.407	430.519	256.373
Less	EXPENSES
		TOTAL	613.786	418.903	250.865
	PROFIT BEFORE TAX		14.621	11.616	5.508
Less	TAX		5.087	3.464	1.809
	PROFIT AFTER TAX		9.534	8.152	3.699
	Earnings Per Share (Rs.)		5.50	4.71	4.61

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	5.56	5.09	5.33
Return on Investment (ROI) (PBT/Networth)		0.17	0.15	0.23
Debt Equity Ratio (Total Debt/Networth)		1.05	0.84	2.35
Current Ratio (Current Asset/Current Liability)		1.84	1.54	2.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	8.019	17.323	17.323
Reserves & Surplus	16.127	61.495	71.030
Net worth	24.146	78.818	88.353
Long-term borrowings	40.940	39.440	59.974
Short term borrowings	15.720	26.726	32.555
Total borrowings	56.660	66.166	92.529
Debt/Equity ratio	2.347	0.839	1.047

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	256.373	430.519	628.407
		67.927	45.965

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	256.373	430.519	628.407
Profit	3.699	8.152	9.534
	1.44%	1.89%	1.52%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10550177	30/01/2015	44,000,000.00	CITI BANK N.A.	FIRST INTERNATIONAL FINANCIAL CENTRE (FIFC), PLOT NO. C-54 & 55, G- BLOCK, BKC (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C44131118
2	10445445	11/11/2014 *	92,200,000.00	AXIS BANK LIMITED	TRISHUL, OPP. SAMARTHESHWAR MAHADEV TEMPLE, NEW LAW GARDEN, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380009, INDIA	C37353075
3	10342700	07/02/2014 *	5,300,000.00	AXIS BANK LIMITED	AXIS HOUSE, GR. FLOOR, BOMBAY DYING MILLS COMPOUND, P.B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C00637918
4	10277128	09/05/2012 *	69,000,000.00	AXIS BANK LIMITED	CORP. BANKING,BR. AXIS HOUSE, GR.FLR, BOMBAY DYING MILLS COMPD, P. B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B41934035
5	10274666	07/02/2014 *	3,700,000.00	AXIS BANK LIMITED	GEORGE MANSION, LBS MARG, UTHALSAR NAKA, THANE, MAHARASHTRA - 400601, INDIA	C00638312
6	10272337	22/06/2012 *	65,000,000.00	AXIS BANK LIMITED	CORP. BANKING,BR. AXIS HOUSE, GR.FLR, BOMBAY DYING MILLS COMPD, P. B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B43145739

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Aditya Agarwal (HUF)	1.662	1.277
Dileep Agarwal	4.370	3.360
Dileep Agarwal (HUF)	1.198	5.448
Deepa Agarwal	1.838	1.787
Deepak Agarwal	0.419	0.388
Deepti Agarwal	3.982	4.859
Priyank Agarwal	0.837	1.009
Pradeep Agarwal	1.681	0.827
Pradeep Agarwal (HUF)	3.077	2.790
Richie Agarwal	1.197	0.872
Rohan Agarwal	0.864	0.652
Taradevi Agarwal	3.838	3.457
Other Loans	7.592	0.000
Total	32.555	26.726

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 304, Hamilton (A) Hiranandani Estate, Ghodbunder Road, Thane – 400607, Maharashtra, India to the present address w.e.f.01.01.2007.

FIXED ASSETS:

· Land

· Factory Building

· Air Conditioner

· Computer

· Dies and Moulds

· Electric Fittings

· Furniture and Fixture

· Fire Extinguisher

· Generator

· Other 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 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. 63.61
UK Pound	1	Rs. 96.56
Euro	1	Rs. 69.18

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	BVA

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	5
--PROFITABILITY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.