MIRA INFORM REPORT

Report No. :	319641
Report Date :	05.05.2015

IDENTIFICATION DETAILS

Name :	ABSOLUTE PROJECTS (INDIA) LIMITED
Registered Office :	4222/1 Laxmi Kunj 1^st Floor, Ansari Road Darya Ganj, New Delhi – 110002
Tel No :	91-11-23261775
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.02.1995
Com. Reg. No.:	55-065160
Capital Investment / Paid-up Capital :	Rs. 36.930 Million
CIN No.: [Company Identification No.]	U74999DL1995PLC065160
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELA12306A
PAN No.: [Permanent Account No.]	AABCA0783G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Engaged in the manufacturing of power transmission and distribution equipments which comprises of suspension clamps, connectors, conductors, clampers etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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 rating takes into consideration extensive industry experience of its promoter’s supported by sound financial base and fair profitability margins of the company. Trade relations are 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 condition.

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	CARE
Rating	Long Term Bank Facilities BB
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	21.11.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	21.11.2014

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 DECLINED

Management non co-operative

LOCATIONS

Registered Office :	4222/1 Laxmi Kunj 1^st Floor, Ansari Road Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-23261775
Fax No.:	91-11-43528498
E-Mail :	skd@apil-online.com info@apil-online.com
Website:	www.apil-online.com
Factory :	Natabar Oal Road, Kadamtala, District – Howrah – 711101, West Bengal, India
Works 1:	F-889, Site-C, UPSIDC, Durajpur Industrial Area, Noida – 201308, Uttar Pradesh, India
Tel No.:	91-120-2580872
Fax No.:	91-120-2660394
Email Id:	apilga@rediffmail.com
Works 2:	Khasca No. 214, Industrial Area, Vifoge Rajpur – 247667, Tehsil – Rooskia, Dist.
Fax No.:	91-1332-236142
Email Id:	apilga@rediffmail.com

DIRECTORS

As on : 30.09.2014

Name :

Mr. Ranjeet Singh Ola

Designation :

Director

Address :

122-C, Pocket-B, Mayur, Vihar Phase-II, Delhi – 110091, India

Date of Birth/Age :

01.07.1959

Date of Appointment :

07.02.1995

DIN No.:

00190018

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	U74999DL1995PLC065160	ABSOLUTE PROJECTS (INDIA) LIMITED	Director	07/02/1995	07/02/1995	-	Active	NO
2	U85110RJ2009PTC029670	Sikar Healthcare And Research Center Private Limited	Managing director	24/08/2009	24/08/2009	-	Active	NO

Name :

Mr. Deependra Singh Ola

Designation :

Director

Address :

122-C, Pocket-B, Mayur, Vihar Phase-II, Delhi – 110091, India

Date of Birth/Age :

01.10.1983

Date of Appointment :

10.09.2011

DIN No.:

00190303

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	U32109DL1997PLC084513	ULTIMA SWITCHGEARS LIMITED	Director	06/02/2003	06/02/2003	10/09/2011	Active	NO
2	U85110RJ2009PTC029670	Sikar Healthcare And Research Center Private Limited	Director	24/08/2009	24/08/2009	-	Active	NO
3	U85110RJ2010PTC031599	SHEKHAWATI MEDICO SCIENCE PRIVATE LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO
4	U74999DL1995PLC065160	ABSOLUTE PROJECTS (INDIA) LIMITED	Director	10/09/2011	10/09/2011	-	Active	NO

Name :

Ms. Sunita Ola

Designation :

Director

Address :

122-C, Pocket-B, Mayur, Vihar Phase-II, Delhi – 110091, India

Date of Birth/Age :

13.08.1985

Date of Appointment :

13.07.2004

DIN No.:

00190165

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares
Ranjeet Singh Ola S/o Sh. N.R. Ola	151300
Deependra Singh Ola S/o.R.S. Ola	51200
Sunita Ola D/o Sh.R.S.Ola	28450
Monika Ola W/O Sh. D.S. Ola	28000
Kamla Devi Ola W/o Sh. R.S. Ola	11900
Vaishali Ola D/o Sh. R.S. Ola	5300
Focus Infrabuild Private Limited	90950
Dharam Veer Parmar D/o Sh. D.V Parmar	2050
Dahram Parmar W/o D.V. parmar	50
Vandana Parmar W/o D.V Parmar	50
Vanshdeep Prmarv S/o Sh. D.V. Parmar	50
Total	369300

As on : 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	74.77
Others	25.23
Total	100.00

BUSINESS DETAILS

Line of Business :	Engaged in the manufacturing of power transmission and distribution equipments which comprises of suspension clamps, connectors, conductors, clampers etc.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Not Divulged

Bankers :

Banker Name	Vijaya Bank
Branch Address	Ansari Road, Daryaganj, New Delhi – 110002, 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 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Vijaya bank loan (A Star) (Secured by particular vehicle)	0.000	2.081
Axis Bank loan (Secured by particular vehicle)	0.000	0.192
SHORT TERM BORROWING
Loan repayable on demand from Banks
Vijaya Bank CC (Against Hypothecation of Stock and Debtors)	58.871	30.948
Vijaya Bank LC/ Bill Payable	63.520	17.146
(Particular Amount within 1 year)
Axis Bank loan (Accord) (Secured by particular vehicle)	0.000	0.000
Axis Bank loan (Secody) (Secured by particular vehicle)	0.000	0.114
Vijaya bank loan (A Star) (A Star) (Secured by particular vehicle)	0.077	0.103
Vijaya bank loan (trike) (Secured by particular vehicle)	0.725	0.728
Vijaya bank loan (Damper) (Secured by particular vehicle)	0.487	0.654
Vijaya bank loan (Damper) (Secured by particular vehicle)	0.484	0.656
Axis Bank loan (Secured by particular vehicle)	0.199	0.179
Axis Bank loan (Secured by particular vehicle) (Above loan are gathered by Director also)	0.171	0.152
Total	124.534	52.953

Auditors :
Name :	Malhotra Vinod and Associates Chartered Accountants
Address :	37, V.S. Block, Vikas Complex, Shakarpur, New Delhi – 110092, India
Tel No.:	91-11-23441754
PAN No.:	AAXFM2052M
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
369300	Equity Shares	Rs.100/- each	Rs.36.930 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	36.930	29.330	23.630
(b) Reserves & Surplus	113.996	102.963	91.917
(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)	150.926	132.293	115.547
(3) Non-Current Liabilities
(a) long-term borrowings	5.150	9.921	4.878
(b) Deferred tax liabilities (Net)	2.248	1.930	1.587
(c) Other long term liabilities	4.800	14.650	15.100
(d) long-term provisions	1.447	0.181	0.181
Total Non-current Liabilities (3)	13.645	26.682	21.746
(4) Current Liabilities
(a) Short term borrowings	124.534	50.680	48.590
(b) Trade payables	64.741	105.017	96.970
(c) Other current liabilities	6.666	12.665	13.842
(d) Short-term provisions	12.881	8.319	5.440
Total Current Liabilities (4)	208.822	176.681	164.842
TOTAL	373.393	335.656	302.135
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.568	43.619	41.901
(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	0.039	0.039	0.039
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	2.522
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	41.607	43.658	44.462
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	73.029	61.261	48.338
(c) Trade receivables	175.333	179.806	175.316
(d) Cash and cash equivalents	42.275	25.631	20.306
(e) Short-term loans and advances	36.536	19.350	8.953
(f) Other current assets	4.613	5.950	4.760
Total Current Assets	331.786	291.998	257.673
TOTAL	373.393	335.656	302.135

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	326.765	303.273	253.410
	Other Income	2.831	7.171	2.230
	TOTAL (A)	329.596	310.444	255.640
Less	EXPENSES
	Cost of Materials Consumed	44.402	23.972	12.104
	Purchases of Stock-in-Trade	196.884	210.635	199.604
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(22.719)	(1.523)	(24.911)
	Employees benefits expense	20.939	18.078	14.174
	Other expenses	56.945	30.852	23.367
	TOTAL (B)	296.451	282.014	224.338
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	33.145	28.430	31.302
Less	FINANCIAL EXPENSES (D)	14.547	11.212	11.274
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	18.598	17.218	20.028
Less/ Add	DEPRECIATION/ AMORTISATION (F)	2.881	2.950	2.013
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	15.717	14.268	18.015
Less	TAX (I)	4.880	3.220	5.996
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	10.837	11.048	12.019
	Earnings / (Loss) Per Share (Rs.)	29.35	37.67	51.29

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.32	3.64	4.74
Operating Profit Margin (PBITD/Sales)	(%)	10.14	9.37	12.35
Return on Total Assets (PBT/Total Assets}	(%)	4.21	4.25	5.96
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.16
Debt Equity Ratio (Total Debt /Networth)		0.86	0.46	0.46
Current Ratio (Current Asset/Current Liability)		1.59	1.65	1.56

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	23.630	29.330	36.930
Reserves & Surplus	91.917	102.963	113.996
Net worth	115.547	132.293	150.926
long-term borrowings	4.878	9.921	5.150
Short term borrowings	48.590	50.680	124.534
Total borrowings	53.468	60.601	129.684
Debt/Equity ratio	0.463	0.458	0.859

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	253.410	303.273	326.765
		19.677	7.746

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	253.410	303.273	326.765
Profit	12.019	11.048	10.837
	4.74%	3.64%	3.32%

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

Note :

OPERATIONS:

In the financial year 2013-14, the company achieved upswing in Turnover and profitability. The Director will endeavor to intensify operations in order to increase profitability.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from Bank
Standard Chartered Bank (from other parties)	2.740	5.000
Term loan from other parties	1.545	0.000
Loan and Advances from related parties
Deependra Singh Ola	0.865	2.649
Total	5.150	7.649

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10032298	11/01/2007	3,700,000.00	VIJAYA BANK	ANSARI ROAD BRANCH, NEW DELHI, Delhi - 110002, INDIA	A09303470
2	10032435	11/01/2007	7,100,000.00	VIJAYA BANK	ANSARI ROAD BRANCH, NEW DELHI, Delhi - 110002, INDIA	A09301755
3	10008208	02/01/2007 *	140,000,000.00	VIJAYA BANK	ANSARI ROAD BRANCH, NEW DELHI, Delhi - 110002, INDIA	A01751775
4	80005461	26/02/2015 *	210,000,000.00	Vijaya Bank	ANSARI ROAD, DARYAGANJ, NEW DELHI, Delhi - 110002  , INDIA	C49462401

* Date of charge modification

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.63.57
UK Pound	1	Rs.97.98
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.