MIRA INFORM REPORT

Report No. :	314875
Report Date :	31.03.2015

IDENTIFICATION DETAILS

Name :	AG DERCO BELTING (INDIA) PRIVATE LIMITED
Registered Office :	DT-1, Bansal Plaza, Plot No -13, Sector-6, Dwarka, New Delhi - 110075
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.04.2010
Com. Reg. No.:	55-202102
Capital Investment / Paid-up Capital :	Rs. 54.472 Millions
CIN No.: [Company Identification No.]	U25193DL2010PTC202102
TAN No.: [Tax Deduction & Collection Account No.]	DELA26696F
PAN No.: [Permanent Account No.]	AAICA4044P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Industrial Belts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has accumulated losses which has eroded the networth of the company during FY2014. Further, it has weak liquidity position during the year under review. However, business is active as per status shown in the Registrar of Companies. Payment terms are slow. The company can be considered for business dealings on safe and secured 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

Rating Agency Name	CRISIL
Rating	Long term rating = D
Rating Explanation	Lowest credit quality very low prospects of recovery.
Date	November 6, 2013

Rating Agency Name	CRISIL
Rating	Short term rating = D
Rating Explanation	Expected to be in default on maturity.
Date	November 6, 2013

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.

LOCATIONS

Registered Office :	DT-1, Bansal Plaza, Plot No -13, Sector-6, Dwarka, New Delhi – 110075, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shashikamal26@gmail.com
Website :	http://www.agengineers.net
Corporate Office :	AGE House, E-69/1, BSR Industrial Area, Site-1, Ghaziabad – 201009, Uttar Pradesh, India
Tel. No.:	91-120-4159660-62/ 4313588-89
Fax No.:	91-120-4151360/ 4159662
E-Mail :	info@agengineers.net mkt@agengineers.net
Factory :	502 and 503, Dujana Road, Near Patwari Park, Bisnoli, Tehsil Dadri, Gautam Budh Nagar - 203207, Uttar Pradesh, India
Tel. No.:	91-120-4159660/ 4159662

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Aditya Kumar Gupta

Designation :

Director

Address :

E-69/1, BSR Industrial Area, Ghaziabad – 201001, Uttar Pradesh, India

Date of Birth/Age :

07.04.1968

Date of Appointment :

28.04.2010

PAN No.:

AAFHA4363P

DIN No.:

01204274

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	U28991DL2003PTC121017	AG MULLER TECHNIK PRIVATE LIMITED	Director	20/06/2003	20/06/2003	Active	NO
2	U55101DL2005PTC137403	TANTRA RESTAURANTS AND PUBS PRIVATE LIMITED	Director	01/01/2007	01/01/2007	Active	NO
3	U51101DL2007PTC165702	A. G. BELTING PRIVATE LIMITED	Director	11/07/2007	11/07/2007	Active	NO
4	U29253HR1981PTC012576	JUHI FOAM PRIVATE LIMITED	Director	01/07/2008	01/07/2008	Active	NO
5	U55101DL2010PTC200445	AGE HOSPITALITIES PRIVATE LIMITED	Director	19/03/2010	19/03/2010	Active	NO
6	U25193DL2010PTC202102	AG DERCO BELTING (INDIA) PRIVATE LIMITED	Director	28/04/2010	28/04/2010	Active	NO
7	U25199DL2010PTC202464	SWR BELTING (INDIA) PRIVATE LIMITED	Director	10/05/2010	10/05/2010	Active	NO
8	U50404DL2009PTC189574	MEGATECH PRODUCTS PRIVATE LIMITED	Director	15/11/2010	15/11/2010	Active	NO
9	U55100DL2011PTC223903	SHRIV HOSPITALITY PRIVATE LIMITED	Director	31/07/2012	31/07/2012	Active	NO

Name :

Mr. Pradhuman Kumar Gupta

Designation :

Director

Address :

E-69/1, BSR Industrial Area, Ghaziabad – 201001, Uttar Pradesh, India

Date of Birth/Age :

07.06.1972

Date of Appointment :

28.04.2010

PAN No.:

ADAPG4453E

DIN No.:

01208089

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	U28991DL2003PTC121017	AG MULLER TECHNIK PRIVATE LIMITED	Director	20/06/2003	20/06/2003	Active	NO
2	U55101DL2005PTC137403	TANTRA RESTAURANTS AND PUBS PRIVATE LIMITED	Director	01/01/2007	01/01/2007	Active	NO
3	U51101DL2007PTC165702	A. G. BELTING PRIVATE LIMITED	Director	11/07/2007	11/07/2007	Active	NO
4	U29253HR1981PTC012576	JUHI FOAM PVT. LTD.	Director	01/07/2008	01/07/2008	Active	NO
5	U55101DL2010PTC200445	AGE HOSPITALITIES PRIVATE LIMITED	Director	19/03/2010	19/03/2010	Active	NO
6	U25193DL2010PTC202102	AG DERCO BELTING (INDIA) PRIVATE LIMITED	Director	28/04/2010	28/04/2010	Active	NO
7	U25199DL2010PTC202464	SWR Belting (India) Private Limited	Director	10/05/2010	10/05/2010	Active	NO
8	U50404DL2009PTC189574	MEGATECH PRODUCTS PRIVATE LIMITED	Director	15/11/2010	15/11/2010	Active	NO
9	U55100DL2011PTC223903	SHRIV HOSPITALITY PRIVATE LIMITED	Director	30/07/2012	30/07/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Aditya Kumar Gupta	2681100	49.22
Pradhuman Kumar Gupta	2681100	49.22
Megatech Products Private Limited, India	85000	1.56
Total	5447200	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	2.00
Directors or relatives of directors	98.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Seller of Industrial Belts.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Unit	Installed Capacity	Actual Production
Industrial Belts	Nos	360000 SQ MTR (When the plant is working fully 24 hours each day)	60092.330 SQ MTR

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Available

Bankers :

Bank Name:	--
Branch:	--
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

· State Bank of India

Industrial Estate Bulandshahr Road, Ghaziabad - 201009, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	28.000	52.000
SHORT TERM BORROWINGS
Rupee term loans from banks	6.116	0.000
Total	34.116	52.000

Banking Relations :	--
Auditors :
Name :	Shashi Kamal and Associates Chartered Accountants
Address :	C-132, Lohia Nagar, Ghaziabad, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ABPPA7413H
Group Company :	· SWR Belting (India) Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· A. G. Belting Private Limited [U51101DL2007PTC165702] · AG Engineers · AG Muller Technik Private Limited [U28991DL2003PTC121017] · Juhi Foam Private Limited [U29253HR1981PTC012576] · AGE Hospitalities Private Limited [U55101DL2010PTC200445]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,447,200	Equity Shares	Rs. 10/- each	Rs. 54.472 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	54.472	54.472	4.472
(b) Reserves & Surplus	(91.427)	(47.718)	(2.956)
(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)	(36.955)	6.754	1.516
(3) Non-Current Liabilities
(a) Long-term borrowings	28.000	52.000	80.881
(b) Deferred tax liabilities (Net)	0.758	0.449	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)	28.758	52.449	80.881
(4) Current Liabilities
(a) Short term borrowings	125.416	83.303	58.627
(b) Trade payables	3.970	1.052	0.313
(c) Other current liabilities	86.340	73.485	61.156
(d) Short-term provisions	0.000	0.004	0.019
Total Current Liabilities (4)	215.726	157.844	120.115
TOTAL	207.529	217.047	202.512
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	155.735	135.422	32.843
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.356	44.720	148.125
(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	1.603	2.477	2.699
(e) Other Non-current assets	1.261	1.164	0.457
Total Non-Current Assets	168.955	183.783	184.124
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.089	23.320	9.455
(c) Trade receivables	7.214	4.630	0.000
(d) Cash and cash equivalents	1.064	1.432	4.310
(e) Short-term loans and advances	3.007	3.199	1.676
(f) Other current assets	1.200	0.683	2.947
Total Current Assets	38.574	33.264	18.388
TOTAL	207.529	217.047	202.512

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
LOSS	(43.412)	(44.314)	(25.519)

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	(4.15)	20.03	92.02
Current Ratio (Current Asset/Current Liability)	0.18	0.21	0.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.472	54.472	54.472
Reserves & Surplus	(2.956)	(47.718)	(91.427)
Net worth	1.516	6.754	(36.955)
Long-term borrowings	80.881	52.000	28.000
Short term borrowings	58.627	83.303	125.416
Total borrowings	139.508	135.303	153.416
Debt/Equity ratio	92.024	20.033	(4.151)

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	No
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10280590	22/11/2014 *	90,000,000.00	STATE BANK OF INDIA	INDUSTRIAL ESTATE BRANCH, BULANDSHAHR ROAD INDUSTRIAL AREA BRANCH, GHAZIABAD, UTTAR PRADESH - 200009, INDIA	C37303278

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from directors	31.400	1.590
Loans and advances from others	42.094	60.067
Other loans and advances	45.806	21.646
Total	119.300	83.303

FINANCIAL RESULTS

The Company has earned a loss of Rs. 43.412 Millions during the year ended on 31st March 2014 as compared to the Loss of Rs. 44.314 Millions of the earlier year.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Guarantee given by company’s bankers on behalf the company	10.400	10.400

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

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. 62.63
UK Pound	1	Rs. 92.94
Euro	1	Rs. 68.06

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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.