MIRA INFORM REPORT

Report No. :	309569
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	AB AUTOMATION PRIVATE LIMITED
Registered Office :	C/o. Madhavjibhai Govindbhai, 72, Sainath Society, At: Kapodara, Varachha Road, Surat – 395 006, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.05.2013
Com. Reg. No.:	04-074978
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U31506GJ2013PTC074978
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business to design, develop, create, manufacture and deliver Automation Control System, Programmable Automation Controller (PAC)/ SCADA based control system, control panels, integration automation solution for all industry segments.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. The company has achieved a modest turnover and profit from its first year of operation. However, trade relations are reported to be improving. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings with great 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Manoj Shamjibhai Kavar
Designation :	Director
Contact No.:	91-9909003024
Date :	24.02.2015

LOCATIONS

Registered Office/ Factory :	C/o. Madhavjibhai Govindbhai, 72, Sainath Society, At: Kapodara, Varachha Road, Surat – 395 006, Gujarat, India
Tel. No. :	Not Available
Mobile No. :	91-9909003024 (Mr. Manoj Kavar)
Fax No. :	Not Available
E-Mail :	abautomation2010@gmail.com
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 07.11.2014

Name :	Mr. Naresh Madhubhai Ambaliya
Designation :	Director
Address :	72, Sainath Society, At: Kapodara, Varachha Road, Surat – 395 006, Gujarat, India
Date of Birth/Age :	22.01.1982
Date of Appointment :	09.05.2013
DIN No. :	06561146
Name :	Mr. Naresh Bhagvanbhai Bhayani
Designation :	Director
Address :	A3/402, Vamiraj Apartment, Sarthana, Surat – 395 006, Gujarat, India
Date of Birth/Age :	10.06.1982
Date of Appointment :	09.05.2013
DIN No. :	06561311
Name :	Mr. Manoj Shamjibhai Kavar
Designation :	Director
Address :	105, Shivanjli Apartment, Bhatar Road, Surat – 395 017, Gujarat, India
Date of Birth/Age :	16.06.1983
Date of Appointment :	09.05.2013
DIN No. :	06563328

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 07.11.2014

Names of Shareholders	No. of Shares	Percentage of holding
Naresh Madhubhai Ambaliya	3333	33.33
Naresh Bhagvanbhai Bhayani	3334	33.34
Manoj Shamjibhai Kavar	3333	33.33
Total	10000	100.00

AS ON 07.11.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is in the business to design, develop, create, manufacture and deliver Automation Control System, Programmable Automation Controller (PAC)/ SCADA based control system, control panels, integration automation solution for all industry segments.
Products :	Automation Control System Programmable Automation Controller
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Rajhit International, Ghatkopar
Name of the Person :	Mr. Rajesh Gada (Partner)
Contact No.:	91-9892333494
Since How Long Known :	1 year
Experience :	Payment Behaviour: Excellent
Maximum Limit Dealt :	Rs.0.300 million
Remark :	Mr. Rajesh Gada informed that they are satisfied with their timely payment behaviour.

· AC Tech Control Systems Private Limited

· Chandan Enterprises

· Garima Marketing

· Jupiter Ceramics

· Krishna Corporation

· Krishna Creation

· M-Tex Industries

· V.S. Automation

· Yantra Automation Private Limited, Vadodara

Customers :

Wholesalers and Retailers

Reference :	Devi Processors Private Limited, Surat
Name of the Person :	Mr. Mitul (Director)
Contact No.:	91-9879677666
Since How Long Known :	1 and ½ years
Experience :	Product Quality: Excellent Delivery Behaviour: Excellent Overall: Excellent
Maximum Limit Dealt :	Rs.3.000 millions
Remark :	Mr. Mitul informed that they are satisfied with their product quality as per their requirement and delivery behaviour.

· Advance Automation and Technologies

· Applied Automation Private Limited

· Bhagwati Poly Weave Private Limited

· Prafful Industries Private Limited

· Saturn Electronics

· Multivista Global Limited

No. of Employees :

7 (Approximately)

Bankers :

Banker Name	Vijaya Bank
Branch Address	Varachha Branch, Surat, Gujarat, 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 enjoying any credit facility
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)
LONG TERM BORROWINGS
HDFC Bank Car Loan	0.442
SHORT TERM BORROWINGS
HDFC Bank Car Loan	0.336
Total	0.778

Banking Relations :	--
Auditors :
Name :	H.T. Abhangi and Company Chartered Accountants
Address :	19, 1^st Floor, Hira Panna Complex, Opposite Rajhans Point, Varachha Road, Surat – 395 006, Gujarat, India
Mobile No. :	91-9909164320
E-Mail :	cahirentabhangi@gmail.com
PAN No.:	AVSPA0301P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 07.11.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	0.100
(b) Reserves & Surplus	0.006
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	0.106
(3) Non-Current Liabilities
(a) Long-term borrowings	0.442
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) Long-term provisions	0.000
Total Non-current Liabilities (3)	0.442
(4) Current Liabilities
(a) Short term borrowings	0.541
(b) Trade payables	1.615
(c) Other current liabilities	0.201
(d) Short-term provisions	0.072
Total Current Liabilities (4)	2.429
TOTAL	2.977
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.995
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.251
(e) Other Non-current assets	0.000
Total Non-Current Assets	1.246
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.205
(c) Trade receivables	1.337
(d) Cash and cash equivalents	0.174
(e) Short-term loans and advances	0.000
(f) Other current assets	0.015
Total Current Assets	1.731
TOTAL	2.977

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Revenue from Operations	4.188
		Other Income	NA
		TOTAL	NA
Less	EXPENSES
		TOTAL	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.124
Less/ Add	DEPRECIATION/ AMORTISATION		0.118
	PROFIT/ (LOSS) BEFORE TAX		0.006
Less	TAX		0.000
	PROFIT/ (LOSS) AFTER TAX		0.006
	Earnings / (Loss) Per Share (Rs.)		0.60

Expected Sales (2014-2015): Rs.15.000 millions

The above information has been parted by Mr. Manoj Kavar (Director).

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT/Sales)	(%)	0.14
Return on Total Assets (PBT/Total Assets}	(%)	0.20
Return on Investment (ROI) (PBT/Networth)		0.06
Debt Equity Ratio (Total Debt/Networth)		9.27
Current Ratio (Current Asset/Current Liability)		0.71

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 about one year	Yes
12]	Profitability for about one year	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties:
Naresh B. Bhayani	0.105
Naresh Madhubhai Ambaliya	0.100
Total	0.205

INDEX OF CHARGES

No Charges Exist for Company.

FIXED ASSETS

· Computer and Laptop

· Car Vento

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.62.28
UK Pound	1	Rs.96.21
Euro	1	Rs.70.60

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
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	2
--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		26

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.