MIRA INFORM REPORT

Report No. :	318850
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	ASBESCO (INDIA) PRIVATE LIMITED
Registered Office :	1A, K.B.R. Complex, 4, HO-CHI-MINH, Sarani,Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.10.1980
Com. Reg. No.:	21-033082
Capital Investment / Paid-up Capital :	Rs. 15.155 Million
CIN No.: [Company Identification No.]	U27109WB1980PTC033082
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA2579D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hardware Transmission Line, Insulator hardware fitting conductor.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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. The rating reflects company sound financial risk profile marked by healthy net worth and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	01.09.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety. It carry high credit risk.
Date	01.09.2014

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 DENIED BY

Name :	Mr. S.N. Das
Designation :	Vice President Marketing
Contact No.:	91-33-26534547
Date :	25.04.2015

LOCATIONS

Registered Office :	1A, K.B.R. Complex, 4, HO-CHI-MINH, Sarani,Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22822518 / 2519
Fax No.:	91-33-22822517
E-Mail :	asbesco1@cal2.vsnl.net.in asbesco@hotmail.com
Website :	http://www.asbesco.in
Factory :	Howrah-Amta Road, Balitikuri, Howrah – 711 113, West Bengal, India
Tel. No.:	91-33-26531275 / 4547
Fax No.:	91-33-26532895

DIRECTORS

As on 30.09.2014

Name :

Mr. Prem Ratan Bagree

Designation :

Director

Address :

Ajanta Apartment Flat No. 10E 10 Gurusday Road, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

25.04.1941

Date of Appointment :

13.10.1980

Voter ID No.:

WB/23146/22140

DIN No.:

00878602

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	U27109WB1980PTC033082	ASBESCO (INDIA) PVT LTD	Director	13/10/1980	13/10/1980	-	Active	NO
2	U27100MH1987PTC045123	AKAY POWERLINE PRODUCTS PVT LTD	Director	27/10/1987	27/10/1987	-	Active	NO
3	U27109WB1992PTC056829	ADITYA CASTERS PRIVATE LIMITED	Director	21/10/1992	21/10/1992	-	Active	NO
4	U27107RJ1996PTC012549	RAJASTHAN TRANSMAT PRIVATE LIMITED	Director	04/09/1996	04/09/1996	-	Active	NO
5	U51909WB2008PTC158524	Asbesco Subcon Private Limited	Director	12/12/2008	12/12/2008	-	Active	NO

Name :

Mr. Kamal Kumar Bagree

Designation :

Director

Address :

Ajanta Apartment Flat No. 10E 10 Gurusday Road, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

17.10.1957

Date of Appointment :

13.10.1980

Voter ID No.:

WB/23146/22146

DIN No.:

00878626

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	U27109WB1980PTC033082	ASBESCO (INDIA) PVT LTD	Director	13/10/1980	13/10/1980	-	Active	NO
2	U74999MH1983PTC031304	AKAY TRANSMAT INDUSTRIES PRIVATE LIMITED	Director	09/11/1983	09/11/1983	-	Active	NO
3	U51909WB2008PTC158524	Asbesco Subcon Private Limited	Director	12/12/2008	12/12/2008	-	Active	NO

Name :

Mr. Aditya Bagree

Designation :

Director

Address :

Ajanta Apartment Flat No. 10E 10 Gurusday Road, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

22.11.1970

Date of Appointment :

30.07.2007

DIN No.:

00022775

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	U67120WB1995PTC075645	DEVA LEASE AND FINANCE PVT LTD	Director	09/08/2000	09/08/2000	-	Active	NO
2	U67120WB1991PTC051851	MKN INVESTMENT PVT LTD	Director	30/06/2004	30/06/2004	14/06/2008	Active	NO
3	U28999WB1959PTC024396	METALIND PVT LTD	Director	12/08/2005	12/08/2005	20/06/2008	Active	NO
4	U24299WB1982PLC183166	EMC HARDWARE LIMITED	Director	12/08/2005	12/08/2005	20/06/2008	Active	NO
5	U31901WB1953PLC021044	EMC LIMITED	Director	24/07/2007	12/08/2005	31/07/2008	Active	NO
6	U27109WB1980PTC033082	ASBESCO (INDIA) PVT LTD	Director	30/07/2007	30/07/2007	-	Active	NO
7	U51909WB2008PTC158524	Asbesco Subcon Private Limited	Director	12/12/2008	12/12/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hitesh Hiravat
Designation :	Account and Finance Head
Mobile No. :	91-8336935283
Name :	Mr. S.N. Das
Designation :	Vice President Marketing

MAJOR SHAREHOLDERS

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	16.00
Directors or relatives of Directors	79.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hardware Transmission Line, Insulator hardware fitting conductor.

Products :

Description of product or services	ITC number of product
Pole Line Hardwares	73181101

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

• Dulmission Power System Limited
• N.B.C.C.
• Larsen and Toubro
• Jyoti Structures
• Jaya Shree Insulators Private Limited
• BSES Limited
• Siemens
• Hyundai Unitech, division of Hyundai Korea.

Reference :	Power Grid Corporation of India Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, India Excahnge Branch, 4, India Echange Place, Kolkata - 700001, West Bengal, India

The Hongkong and Shanghai Banking Corporation Limited, Hongkong House, 31 BBD Bagh, Kolkata – 700001, West Bengal, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loan from others	0.000	15.111
Foreign currency term loan from others	0.000	42.384
Loans and advances from related parties	0.000	1.285
		58.78
SHORT TERM BORROWING
Loans repayable on demand from banks	290.090	153.755
Total	290.090	212.535

Auditors :
Name :	Maheshwari and Associates Chartered Accountants
Address :	Geetanjali Apartment, Flat No 6A, 8B Middleton Street, Kolkata, West Bengal, India
PAN.:	AAFFM3299L
Memberships :	Not Available
Collaborators :	Not Available
Enterprises over which KMP and their relatives have significant influences :	Deva Lease and Finance Private Limited CIN No : U67120WB1995PTC075645 Asbesco Subcon Private Limited CIN No: U51909WB2008PTC58524

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
151551	Equity Shares	Rs.100/- each	Rs. 15.155 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	15.155	15.155	15.155
(b) Reserves & Surplus	833.263	584.162	457.416
(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)	848.418	599.317	472.571
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	58.780	74.834
(b) Deferred tax liabilities (Net)	50.229	25.982	9.665
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.794	1.246	0.736
Total Non-current Liabilities (3)	51.023	86.008	85.235
(4) Current Liabilities
(a) Short term borrowings	519.837	462.198	247.658
(b) Trade payables	221.057	136.871	125.256
(c) Other current liabilities	172.041	207.113	118.634
(d) Short-term provisions	0.150	2.296	1.919
Total Current Liabilities (4)	913.085	808.478	493.467
TOTAL	1812.526	1493.803	1051.273
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	643.210	519.301	196.141
(ii) Intangible Assets	6.402	6.142	1.593
(iii) Capital work-in-progress	0.447	103.618	168.772
(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	48.392	0.635	0.628
(e) Other Non-current assets	10.436	10.970	9.900
Total Non-Current Assets	708.887	640.666	377.034
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	489.534	296.569	220.663
(c) Trade receivables	520.899	470.487	368.326
(d) Cash and cash equivalents	33.419	13.995	11.009
(e) Short-term loans and advances	58.064	71.115	72.887
(f) Other current assets	1.723	0.971	1.354
Total Current Assets	1103.639	853.137	674.239
TOTAL	1812.526	1493.803	1051.273

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2037.780	1431.912	1746.980
	Other Income	NA	NA	NA
	TOTAL (A)	NA	NA	NA
Less	TOTAL EXPENSES (B)	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	486.239	241.287	157.101
Less	FINANCIAL EXPENSES (D)	77.698	36.410	19.918
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	408.541	204.877	137.183
Less/ Add	DEPRECIATION/ AMORTISATION (F)	28.915	16.820	5.988
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	379.626	188.057	183.008
Less	TAX (I)	130.525	61.312	59.634
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	249.101	126.745	123.374
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	549.765	423.020	299.646
	Balance Carried to the B/S	798.866	549.765	423.020
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	96.525	578.170
	TOTAL EARNINGS	0.000	96.525	578.170
	IMPORTS
	CIF Value	0.000	81.802	128.525
	TOTAL IMPORTS	0.000	81.802	128.525
	Earnings / (Loss) Per Share (Rs.)	1643.68	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	12.22	8.85	7.06
Operating Profit Margin (PBDIT / Sales)	(%)	23.86	16.85	8.99
Return on Total Assets (PBT/Total Assets}	(%)	20.95	13.53	20.74
Return on Investment (ROI) (PBT/Networth)		0.45	0.31	0.39
Debt Equity Ratio (Total Debt /Networth)		0.61	0.87	0.68
Current Ratio (Current Asset/Current Liability)		1.21	1.06	1.37

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	15.155	15.155	15.155
Reserves & Surplus	457.416	584.162	833.263
Net worth	472.571	599.317	848.418
long-term borrowings	74.834	58.780	0.000
Short term borrowings	247.658	462.198	519.837
Total borrowings	322.492	520.978	519.837
Debt/Equity ratio	0.682	0.869	0.613

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)
Sales	1746.980	1431.912	2037.780
		(18.035)	42.312

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1746.980	1431.912	2037.780
Profit	123.374	126.745	249.101
	7.06%	8.85%	12.22%

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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	Yes
34]	External Agency Rating, if available	Yes

OPERATIONAL REVIEW

The Operations of the Company are carried out satisfactorily during the year yielded a growth in the profit of the Company over the previous year. During the year turnover had also been increased and trading activity had also been carried out by the company. Profits before tax stood at Rs. 379.626 Million, registering the growth in profitability of the company.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand	229.747	308.443
Total	229.747	308.443

INDEX OF CHARGES

.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10311449	19/03/2014 *	371,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	Hongkong House, 31 B B D Bagh, Kolkata, West Bengal - 700001, INDIA	C00928531
2	10270275	17/09/2014 *	300,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	Hongkong House, 31 B B D Bagh, Kolkata, West Bengal - 700001, INDIA	C22874564
3	10062029	17/09/2014 *	1,262,500,000.00	BANK OF BARODA	Indian Exchange Place Branch, 4, Indian Exchange Place, KOLKATA, West Bengal - 700001, INDIA	C22136030

* Date of charge modification

FIXED ASSETS

• Building
• Plant machinery
• Computer equipments
• Office equipments,
• Furniture fixtures
• Vehicles

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.63.33
UK Pound	1	Rs.96.51
Euro	1	Rs.68.93

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		50

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.