MIRA INFORM REPORT

Report No. :	309298
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	ABAD INSULATION PRIVATE LIMITED
Registered Office :	205, Oasis Complex, Opposite Ankur School, Paldi, Ahmedabad – 380 007, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.09.1993
Com. Reg. No.:	04-020111
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U25209GJ1993PTC020111
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 :	Trader and Importer of thermal insulation products.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has fair profit margin. Reserves of the company seems good as well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Mitul A. Shah
Designation :	Director
Contact No.:	91-79-65219467
Date :	24.02.2015

LOCATIONS

Registered Office :	205, Oasis Complex, Opposite Ankur School, Paldi, Ahmedabad – 380 007, Gujarat, India
Tel. No. :	91-79-29296200
Mobile No. :	91-9825066097 (Mr. Mitul A. Shah)
Fax No. :	Not Available
E-Mail :	sales@abadinsulation.com
Website :	http://abadinsulation.com
Location :	Owned
Warehouse 1 :	ABAD House, Near Vodafone House, Corporate Road, O/s. Shalin Bungalows, B/h. Kataria Auto and YMCA Club, S.G. Highway, Prahladnagar Sector-6, Ahmedabad – 380 051, Gujarat, India
Tel. No.:	91-79-65219467/ 64502821
Fax No.:	91-79-29621797
E-Mail :	geeta@abadinsulation.com
Location :	Owned
Warehouse 2 :	Also located at: · Sarkhej, Ahmedabad
Location :	Rented

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Mitul Atulbhai Shah

Designation :

Director

Address :

33, Devpriya-I, 100 Ft. Road, Vejalpur, Ahmedabad – 380 051, Gujarat, India

Date of Appointment :

08.09.2006

DIN No. :

00722067

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	U25209GJ1993PTC020111	ABAD INSULATION PRIVATE LIMITED	Director	08/09/2006	08/09/2006	-	Active	NO
2	U67200GJ2002PLC041527	MAGIC KONNECTIONS SOLUTION LIMITED	Director	26/03/2009	26/03/2009	-	Active	NO

Name :

Ms. Nehal Mitul Shah

Designation :

Director

Address :

33, Devpriya-I, 100 Ft. Road, Vejalpur, Ahmedabad – 380 051, Gujarat, India

Date of Birth/Age :

06.02.1975

Date of Appointment :

13.12.2007

DIN No. :

01971028

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	U25209GJ1993PTC020111	ABAD INSULATION PRIVATE LIMITED	Director	13/12/2007	13/12/2007	-	Active	NO
2	U67200GJ2002PLC041527	MAGIC KONNECTIONS SOLUTION LIMITED	Director	26/03/2009	26/03/2009	-	Active	NO

Name :

Ms. Sheela Atulbhai Shah

Designation :

Director

Address :

33, Devpriya-I, 100 Ft. Road, Vejalpur, Ahmedabad – 380 051, Gujarat, India

Date of Birth/Age :

29.09.1948

Date of Appointment :

08.09.2006

DIN No. :

00708196

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Mitul Shah	5000	50.00
Nehal Shah	4800	48.00
Mitul A. Shah - HUF	200	2.00
Total	10000	100.00

AS ON 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of thermal insulation products.
Products :	Thermal Insulation Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Finished Goods
Countries :	China
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

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 :

Wholesalers, Retailers and End Users

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	ICICI Bank Limited
Branch Address	8^th Floor, JMC House, Opposite Parimal Garden, Ambawadi, Ahmedabad – 380 006, 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 Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Citibank N.A.

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
From Citibank N.A. (Against equitable mortgage of land of the company and further secured by personal guarantee of Directors)	0.000	1.370
SHORT TERM BORROWINGS
From Dena Bank FDOD Account (Secured against Pledge of Fixed Deposits)	1.067	0.748
From ICICI Bank Limited - Cash Credit A/c (Against Hypothecation of Inventories and Book Debts both present and future and further charge by way of Equitable Mortgage of commercial property situated at Unit - 112, 1^st Floor, Dev Arc Complex, S.G. Highway, Ahmedabad.)	5.280	2.867
Total	6.347	4.985

Banking Relations :	--
Auditors :
Name :	B.A. Pavagadhi and Company Chartered Accountants
Address :	304-305, Shagun Complex, 93/B, Swastik Society, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No. :	91-79-26405122/ 26405139
E-Mail :	bapavagandhi@vsnl.net
PAN No.:	AABFB6709Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 29.09.2014

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 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	0.100	0.100	0.100
(b) Reserves & Surplus	11.798	9.505	7.243
(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)	11.898	9.605	7.343
(3) Non-Current Liabilities
(a) Long-term borrowings	24.364	22.961	16.877
(b) Deferred tax liabilities (Net)	0.247	0.244	0.249
(c) Other long term liabilities	0.077	0.586	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	24.688	23.791	17.126
(4) Current Liabilities
(a) Short term borrowings	6.347	3.615	1.685
(b) Trade payables	40.871	30.438	26.945
(c) Other current liabilities	4.425	8.723	3.193
(d) Short-term provisions	1.090	1.015	0.575
Total Current Liabilities (4)	52.733	43.791	32.398
TOTAL	89.319	77.187	56.867
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.275	3.709	3.690
(ii) Intangible Assets	0.039	0.006	0.014
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.128	1.073	0.406
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.442	4.788	4.110
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.552	9.582	7.546
(c) Trade receivables	69.818	55.398	34.589
(d) Cash and cash equivalents	3.470	4.471	6.973
(e) Short-term loans and advances	2.037	2.948	3.649
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	83.877	72.399	52.757
TOTAL	89.319	77.187	56.867

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	172.291	150.964	92.294
		Other Income	3.746	0.649	3.716
		TOTAL	176.037	151.613	96.010
Less	EXPENSES
		Cost of materials consumed	144.684	115.943	72.331
		Employees Benefit Expenses	6.329	3.652	2.690
		Other Expenses	17.825	26.173	17.381
		TOTAL	168.838	145.768	92.402
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.199	5.845	3.608
Less	FINANCIAL EXPENSES		3.502	2.353	1.590
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.697	3.492	2.018
Less/ Add	DEPRECIATION/ AMORTISATION		0.286	0.208	0.198
	PROFIT/ (LOSS) BEFORE TAX		3.411	3.284	1.820
Less	TAX		1.118	1.022	0.575
	PROFIT/ (LOSS) AFTER TAX		2.293	2.262	1.245
	Earnings / (Loss) Per Share (Rs.)		229.29	226.21	124.47

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.33	1.50	1.35
Operating Profit Margin (PBDIT/ Sales)	(%)	4.18	3.87	3.91
Return on Total Assets (PBT/Total Assets}	(%)	3.82	4.25	3.20
Return on Investment (ROI) (PBT/Networth)		0.29	0.34	0.25
Debt Equity Ratio (Total Debt/Networth)		2.58	2.77	2.53
Current Ratio (Current Asset/Current Liability)		1.59	1.65	1.63

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	7.243	9.505	11.798
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7.343	9.605	11.898
Long Term borrowings	16.877	22.961	24.364
Short Term borrowings	1.685	3.615	6.347
Total borrowings	18.562	26.576	30.711
Debt/Equity ratio	2.528	2.767	2.581

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	92.294	150.964	172.291
		63.569	14.127

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	92.294	150.964	172.291
Profit	1.245	2.262	2.293
	1.35%	1.50%	1.33%

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	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	No
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	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 Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
From Directors, Shareholders and Relatives	24.364	21.486
Others Loan – From Banks	0.000	0.105
Total	24.364	21.591

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529329	05/11/2014	40,000,000.00	ICICI BANK LIMIED	8TH FLOOR, JMC HOUSE, OPPOSITE PARIMAL GARDEN, AMBAWADI, PALDI, AHMEDABAD, GUJARAT - 380006, INDIA	C32396731
2	10325581	29/10/2014 *	40,000,000.00	ICICI BANK LIMIED	8TH FLOOR, JMC HOUSE, OPPOSITE PARIMAL GARDEN, AMBAWADI, PALDI, AHMEDABAD, GUJARAT - 380006, INDIA	C32397978

* Date of charge modification

CONTINGENT LIABILITIES (AS ON 31.03.2014):

(a) Bank Guarantee of Rs.9.498 million issued by the bankers of the Company against that the Company has provided margin money of Rs.0.550 million.

(b) Letter of Credit outstanding as at 31.03.2014 amounting to Rs.0.851 million issued by the bankers and against that the Company has provided margin money of Rs.0.128 million.

(c) As informed to us by the management that there were no contingent liabilities as at 31.03.2014 except, reported above.

FIXED ASSETS

Tangible Assets:

· Land

· Office Building

· Computer

· Printer [Abad House]

· Electronics Appliances

· Furniture and Fixtures

· Air Conditioner

· Furniture and Fixtures- OASIS

· Office Equipments- OASIS

· Plant and Machinery

· Demo House - R&D Centre

· Mobile/Teblet and Camera

Intangible Assets:

· Software

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.62.05
UK Pound	1	Rs.96.03
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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		41

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.