MIRA INFORM REPORT

Report No. :	356290
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	GENNEXT ABASAN PRIVATE LIMITED
Registered Office :	Shop No. 1, Ground Floor, 1 AJC Bose Road, Kolkata – 700020, West Bengal
Tel. No.:	91-731-4370037
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	14.02.2007
Com. Reg. No.:	21-113424
Capital Investment / Paid-up Capital :	Rs.2.558 Million
CIN No.: [Company Identification No.]	U45203WB2007PTC113424
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCG7937M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in trading of plastic granules. (Registered Activity)
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 was established in the year 2007 and it is engaged in the wholesale trade of plastic granules mainly poly vinyl chloride (PVC) resins, polypropylene (PP) granules and High-density Polyethylene (HDPE) granules, etc. The company also imports PVC resin as well as plastic granules from Taiwan and Saudi Arabia via high sea sales but majorly procures plastic granules locally from India. It sells both raw and recycled plastic granules to wholesale plastic traders and plastic products manufacturers within India. Rating primarily constrained on account of its modest scale of operations with moderate networth base and its weak financial profile characterized by leveraged capital structure and weak debt coverage indicators. Furthermore, the ratings are also constrained on account of volatility in prices of traded goods, foreign exchange fluctuation risk, customer and supplier concentration risk coupled with intense competition and low profit margin due to the trading nature of operations. Trade relations are reported as fair. Payment terms are slow but correct. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long term bank facilities = B
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	May 12, 2015

Rating Agency Name	CARE
Rating	Short term bank facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May 12, 2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Raja
Designation :	Accountant
Contact No.:	91-731-4370037
Date :	22.12.2015

LOCATIONS

Registered Office :	Shop No. 1, Ground Floor, 1 AJC Bose Road, Kolkata – 700020, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	gennext.abasan@gmail.com
Corporate Office :	308, K. K. Bapna Arcade, 7/1, Dr. R. S. Bhandari Marg, Indore – 452003, Madhya Pradesh, India
Tel. No.:	91-731-4370037

DIRECTORS

As on 31.03.2015

Name :

Mr. Anoop Singh Yadav

Designation :

Director

Address :

308, K.K. Bapana Arcade, 7/1, R.S. Bhandari Marg, Indore - 452003, Madhya Pradesh, India

Date of Birth/Age :

23.07.1964

Date of Appointment :

02.09.2010

DIN No.:

00815066

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	U24132KA2001PTC061131	MIDCON POLYMERS PRIVATE LIMITED	Director	25/07/2001	25/07/2001	28/05/2010	Active	NO
2	U30007MP1999PTC013451	SSP ENTERPRISES PRIVATE LIMITED	Managing director	30/09/2009	15/12/2005	-	Active	NO
3	U51102KA2005PTC035897	SHYAM AGENCY PRIVATE LIMITED	Director	30/03/2009	30/03/2009	12/12/2009	Active	NO
4	U45203WB2007PTC113424	GENNEXT ABASAN PRIVATE LIMITED	Director	02/09/2010	02/09/2010	-	Active	NO
5	U45202MP2011PTC027073	SAVYASACHI REALBUILD PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO
6	U45200MP2012PTC027786	COLOURS INFRABUILD PRIVATE LIMITED	Director	22/02/2012	22/02/2012	-	Active	NO
7	U70101MP2012PTC028066	STAR DEVBUILD PRIVATE LIMITED	Director	23/03/2012	23/03/2012	01/11/2014	Active	NO
8	U70101MP2012PTC028078	ABA REALBUILD PRIVATE LIMITED	Director	26/03/2012	26/03/2012	07/11/2014	Active	NO
9	U45400MP2014PTC032650	SAVYASACHI BUILDHOME PRIVATE LIMITED	Additional director	30/10/2014	30/10/2014	-	Active	NO
10	U45200MP2014PTC033369	ZENNEXT DEVBUILD PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO
11	U45200MP2014PTC033372	RAX INFRAWAY PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO
12	AAE-3410	STERLING POLYTECH LLP	Designated Partner	07/07/2015	07/07/2015	-	Active	NO

Name :

Mr. Shashi Yadav

Designation :

Director

Address :

403, Rukmani Plaza, 14, Old Palasia, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

24.01.1964

Date of Appointment :

02.09.2010

DIN No.:

00815165

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	U30007MP1999PTC013451	SSP ENTERPRISES PRIVATE LIMITED	Director	15/12/2005	15/12/2005	-	Active	NO
2	U45203WB2007PTC113424	GENNEXT ABASAN PRIVATE LIMITED	Director	02/09/2010	02/09/2010	-	Active	NO
3	U70101MP2012PTC028066	STAR DEVBUILD PRIVATE LIMITED	Director	23/03/2012	23/03/2012	01/11/2014	Active	NO
4	AAE-3410	STERLING POLYTECH LLP	Designated Partner	07/07/2015	07/07/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raja
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2015

Names of Shareholders	No. of Shares
Anoop Singh Yadav	82770
Shashi Singh Yadav	45050
J S Yadav	15850
Satish Yadav	15000
Sangeeta Yadav	15000
Ajay Singh Yadav	25000
Madhu Yadav	16150
Ikon Financial Consultants Private Limited, India	11500
Piyush Fiscal Limited, India	10000
Isotech Tie-up Private Limited, India	10000
RGF Fincon Private Limited, India	9500
Total	255820

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	16.03
Directors or relatives of Directors	83.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in trading of plastic granules. (Registered Activity)

Products :

Product Description	Item Code No. (ITC Code)
Plastic Granules	39269099

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

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 :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Bank of Baroda
Branch Address	A B Road, Indore - 452018, Madhya Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Bank of Baroda CC	17.980	14.297
Bank of Baroda LC	58.903	40.000
Buyers Credit HSBC	10.771	0.000
Total	87.654	54.297

Auditors :
Name :	R Lahoti and Company Chartered Accountants
Address :	508, MS1-A New Siyaganj, VIP Road, Indore – 452007, Madhya Pradesh, India
Mobile No.:	91-9907840420
Email :	rlahoti24@gmail.com
PAN No.:	AEPPL0291P
Membership No.:	016789C
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	SSP Enterprises Private Limited

CAPITAL STRUCTURE

As on 30.09.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
720000	Equity Shares	Rs.10/- each	Rs.7.200 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
255820	Equity Shares	Rs.10/- each	Rs.2.558 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.558	2.148	2.148
(b) Reserves & Surplus	23.607	19.239	18.700
(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)	26.165	21.387	20.848
(3) Non-Current Liabilities
(a) long-term borrowings	15.102	3.127	0.000
(b) Deferred tax liabilities (Net)	0.002	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)	15.104	3.127	0.000
(4) Current Liabilities
(a) Short term borrowings	87.654	54.297	9.122
(b) Trade payables	7.464	15.290	13.258
(c) Other current liabilities	0.000	0.000	1.860
(d) Short-term provisions	0.727	0.306	0.086
Total Current Liabilities (4)	95.845	69.893	24.326
TOTAL	137.114	94.407	45.174
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.031	0.000	0.000
(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	1.375	1.375	1.375
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.005	0.005	0.005
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.411	1.380	1.380
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.808	13.408	2.908
(c) Trade receivables	95.666	51.518	19.666
(d) Cash and cash equivalents	19.273	8.413	2.343
(e) Short-term loans and advances	8.327	19.053	18.877
(f) Other current assets	1.629	0.635	0.000
Total Current Assets	135.703	93.027	43.794
TOTAL	137.114	94.407	45.174

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	380.986	246.321
	Other Income	1.452	0.898
	TOTAL	382.438	247.219	80.140
Less	EXPENSES
	Purchases of Stock-in-Trade	366.515	247.742
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.601	(10.500)
	Employees benefits expense	0.403	0.156
	Other expenses	3.003	0.591
	TOTAL	372.522	237.989	79.839
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	9.916	9.230	0.301
Less	FINANCIAL EXPENSES	8.814	8.409	0.010
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.102	0.821	0.291
Less/ Add	DEPRECIATION/ AMORTISATION	0.003	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	1.099	0.821	0.291
Less	TAX	0.339	0.254	0.062
	PROFIT/ (LOSS) AFTER TAX	0.760	0.567	0.229
	Earnings / (Loss) Per Share (Rs.)	29.71	26.41	0.89

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.20	0.23	NA
Operating Profit Margin (PBDIT / Sales)	(%)	2.60	3.75	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.81	0.88	0.66
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.01
Debt Equity Ratio (Total Debt/Networth)		3.93	2.68	0.44
Current Ratio (Current Asset/Current Liability)		1.42	1.33	1.80

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.148	2.148	2.558
Reserves & Surplus	18.700	19.239	23.607
Net worth	20.848	21.387	26.165
long-term borrowings	0.000	3.127	15.102
Short term borrowings	9.122	54.297	87.654
Total borrowings	9.122	57.424	102.756
Debt/Equity ratio	0.438	2.685	3.927

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	80.140	247.219	382.438
		208.484	54.696

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	80.140	247.219	382.438
Profit	0.229	0.567	0.760
	0.29%	0.23%	0.20%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

FUTURE OUTLOOK

The company is engaged in trading of plastic granules.

During the year, the company has earned revenue of Rs.380.985 Million as against Rs.246.320 Million in the previous year. The company has earned profit of Rs.0.760 Million as against the previous year Rs.0.567. Their Directors are hopeful that the company would perform better in coming year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
From Corporates	15.102	3.127
Total	15.102	3.127

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10418598	14/09/2015 *	130,000,000.00	Bank of Baroda	A B Road, Indore - 452018, Madhya Pradesh, India	C67773986

* Date of charge modification

FIXED ASSETS

• 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.66.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	PNM

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	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		29

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.