MIRA INFORM REPORT

Report No. :	327135
Report Date :	13.06.2015

IDENTIFICATION DETAILS

Name :	ABK INDUSTRIES LIMITED
Registered Office :	501, Vyapar Bhavan, P. D Mello Road, Carnac Bunder, Masjid-East, Mumbai – 400009, Maharashtra
Tel. No.:	91-22-23481208
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.02.2011
Com. Reg. No.:	11-214044
Capital Investment / Paid-up Capital :	Rs.4.660 Million
CIN No.: [Company Identification No.]	U51109MH2011PLC214044
IEC No.:	0311028730
TAN No.: [Tax Deduction & Collection Account No.]	MUMA39838B
PAN No.: [Permanent Account No.]	AAJCA2123J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, exporter and importer of petro chemicals and papers.
No. of Employees :	15 (Approximately)

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 77000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2011, having satisfactory track record. Subject is a prominent importers / exporters and suppliers of a wide range of Petro Chemicals and Papers. Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent. 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 – 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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Ramana Rao
Designation :	General Manager – Finance
Contact No.:	91-9823877502
Date :	13.06.2015

LOCATIONS

Registered Office :	501, Vyapar Bhavan, P. D Mello Road, Carnac Bunder, Masjid-East, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23481208 / 26561587 / 26566517 / 23480296
Mobile No.:	91-9823877502 (Mr. Ramana Rao)
Fax No.:	91-22-23481295
E-Mail :	info@abkil.com ubl123@gmail.com
Website :	www.abkil.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Anil Bishandas Kapoor

Designation :

Director

Address :

401, Snehal Co-operative Housing Society, Zigzag Road, Pali Hill, Bandra West, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

14.11.1960

Date of Appointment :

25.02.2011

DIN No.:

01266111

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	U51396MH1992PTC067488	Ranjana Newsprint Imports Private Limited	Director	30/06/1992	30/06/1992	-	Active	NO
2	U63040MH1995PTC095568	Fairdeal Shipping Agency Private Limited	Director	10/01/1996	10/01/1996	17/09/2009	Active	NO
3	U51109MH2011PLC214044	ABK Industries Limited	Director	25/02/2011	25/02/2011	-	Active	NO

Name :

Mr. Raghav Anil Kapoor

Designation :

Whole-time Director

Address :

Snehal Co-operative Housing Society, 601-701, 6 and 7^th Floor, Zigzag Road, Pali Hill, Bandra West, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

21.08.1985

Date of Appointment :

30.03.2012

DIN No.:

03149711

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	U51396MH1992PTC067488	Ranjana Newsprint Imports Private Limited	Director	01/07/2010	01/07/2010	Active	NO
2	U51109MH2011PLC214044	ABK Industries Limited	Whole-time director	30/03/2012	25/02/2011	Active	NO

Name :

Mr. Rahul Kapoor

Designation :

Director

Address :

401, Snehal Co-operative Housing Society, Zigzag Road, Pali Hill, Bandra West, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

11.02.1988

Date of Appointment :

25.02.2011

DIN No.:

03326191

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	U51109MH2011PLC214044	ABK Industries Limited	Director	25/02/2011	25/02/2011	Active	NO
2	U51396MH1992PTC067488	Ranjana Newsprint Imports Private Limited	Director	27/09/2013	20/11/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramana Rao
Designation :	General Manager – Finance

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Raghav Anil Kapoor	599994
Anil Bishandas Kapoor	116001
Swati Anil Kapoor	1
Raveena Anil Kapoor	1
Ravneet Raghav Kapoor	1
Anil Bishandas Kapoor HUF	1
Rahul Anil Kapoor	1
Total	716000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter and importer of petro chemicals and papers.
Products :	· Petrochemical Products · PVC Resin · Coated Papers · Printing Papers · White Print Papers · Color Printing Paper · Industrial Coated Papers · Print Paper Sheet · Glazed News Print Paper GNP · Poly Vinyl Chloride PVC · Plastic Resins
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Paper
Countries :	Middle East
Imports :
Products :	Chemicals Papers
Countries :	Taiwan
Terms :
Selling :	Depend
Purchasing :	Depend

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

15 (Approximately)

Bankers :

Banker Name :	Standard Chartered Bank
Branch :	23-25, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

· The Hongkong and Shanghai Banking Corporation Limited, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans Repayable on demand from banks
Buyers credit	19.181	0.000
Standard Chartered Bank- CC- 22505453718	31.361	16.920
Total	50.542	16.920

Auditors :
Name :	U. B. Lakhani and Company Chartered Accountants
Address :	A/202, Neelkanth Dhara, 2^nd Floor, Opposite Dhanwantri Hospital, N. S. Road, Mulund (West), Mumbai – 400080, Maharashtra, India
PAN No.:	AAAFU1785A
Memberships :	Not Divulged
Collaborators :	Not Divulged
Subsidiary Company :	ABK Trading Global PTE Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
716000	Equity Shares	Rs.10/- each	Rs.7.160 Million

AS ON 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
466000	Equity Shares	Rs.10/- each	Rs.4.660 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	4.660	3.500	3.500
(b) Reserves & Surplus	22.277	14.960	12.811
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	5.800	0.000
Total Shareholders’ Funds (1) + (2)	26.937	24.260	16.311
(3) Non-Current Liabilities
(a) long-term borrowings	27.171	24.701	18.831
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.289
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	27.171	24.701	19.120
(4) Current Liabilities
(a) Short term borrowings	50.542	16.920	18.041
(b) Trade payables	61.728	31.683	51.272
(c) Other current liabilities	2.249	0.745	1.520
(d) Short-term provisions	0.000	0.000	0.581
Total Current Liabilities (4)	114.519	49.348	71.414
TOTAL	168.627	98.309	106.845
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.823	0.436	0.348
(ii) Intangible Assets	0.014	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	2.037	2.037	2.037
(c) Deferred tax assets (net)	0.042	0.042	0.046
(d) Long-term Loan and Advances	4.394	4.316	3.120
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7.310	6.831	5.551
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.091	37.257	34.116
(c) Trade receivables	95.701	44.148	58.886
(d) Cash and cash equivalents	12.498	9.036	4.381
(e) Short-term loans and advances	0.000	0.206	3.500
(f) Other current assets	2.027	0.831	0.411
Total Current Assets	161.317	91.478	101.294
TOTAL	168.627	98.309	106.845

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	320.744	200.205	68.598
		Other Income	0.826	1.010	0.183
		TOTAL (A)	321.570	201.215	68.781
Less	EXPENSES
		Cost of Materials Consumed	0.000	0.000	61.261
		Purchase of Stock-in-trade	314.128	186.139	0.000
		Changes in Inventories	(13.834)	(3.140)	0.000
		Employee Benefits Expenses	3.819	2.625	0.619
		Other Expenses	7.077	5.992	3.958
		TOTAL (B)	311.190	191.616	65.838
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.380	9.599	2.943
Less	FINANCIAL EXPENSES (D)		6.337	6.322	1.811
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.043	3.277	1.132
Less	DEPRECIATION/ AMORTISATION (F)		0.114	0.097	0.029
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		3.929	3.180	1.103
Less	TAX (H)		1.252	0.983	0.339
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		2.677	2.197	0.764
	Earnings Per Share (Rs.)		7.65	6.28	2.18

Particulars	31.03.2015
Sales Turnover (Approximately)	740.000

The above information has been parted by Mr. Ramana

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.83	1.10	1.11
Operating Profit Margin (PBDIT/Sales)	(%)	3.24	4.79	4.29
Return on Total Assets (PBT/Total Assets)	(%)	2.36	3.30	1.05
Return on Investment (ROI) (PBT/Networth)		0.15	0.13	0.07
Debt Equity Ratio (Total Debt /Networth)		2.88	1.72	2.26
Current Ratio (Current Asset/Current Liability)		1.41	1.85	1.42

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	3.500	3.500	4.660
Reserves & Surplus	12.811	14.960	22.277
Share Application money pending allotment	0.000	5.800	0.000
Net worth	16.311	24.260	26.937
long-term borrowings	18.831	24.701	27.171
Short term borrowings	18.041	16.920	50.542
Total borrowings	36.872	41.621	77.713
Debt/Equity ratio	2.261	1.716	2.885

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	68.598	200.205	320.744
		191.853	60.208

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	68.598	200.205	320.744
Profit	0.764	2.197	2.677
	1.11%	1.10%	0.83%

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)	Yes
16	No. of employees	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Advance from customer
Naresh Ratilal Shah	0.247	0.000
Loans and advances from related parties
Ranjana Newsprint Imports Private Limited - ICD	26.924	24.701
Total	27.171	24.701

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10530129	17/10/2014	80,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	52/60,Mahatma Gandhi Road, Fort, Mumbai, Mumbai, Maharashtra - 400001, India	C32910689
2	10358286	23/05/2013 *	124,850,000.00	Standard Chartered Bank	SME Credit, Crescenzo, 3A/F, Plot no. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA	B79591582

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· 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.64.03
UK Pound	1	Rs.99.27
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--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.