MIRA INFORM REPORT

Report No. :	348545
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	ADVANCED ADHESIVES LIMITED (w.e.f. 31.01.2011)

Formerly Known As :	ADVANCED ADHESIVES PRIVATE LIMITED

Registered Office :	"Astral House", 207/1, B/H Raj Path Club, Off S. G. Highway Ahmedabad – 380059, Gujarat
Tel. No.:	91-79-66212000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.09.2009

Com. Reg. No.:	04-058120

Capital Investment / Paid-up Capital :	Rs.0.500 Million

CIN No.: [Company Identification No.]	U24295GJ2009PLC058120

IEC No.:	0809022974

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAICA0151F

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Adhesives Solutions.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 140000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 2009 having good track record. Available financial indicates sound financial risk profile marked by healthy networth position along with debt free balance sheet and decent profit margin of the company. Trade relations are reported as fair. Business is active. Payment terms are reported as regular and as per commitment. The company can be considered normal 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

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 31-03-2015.

LOCATIONS

Registered / Corporate Office :	"Astral House", 207/1, B/H Raj Path Club, Off S. G. Highway Ahmedabad – 380059, Gujarat, India
Tel. No.:	91-79-66212000
Fax No.:	91-79-66212121
E-Mail :	info@advancedadhesives.in
Website :	www.advancedadhesives.in

Factory :	1253, Near Shah Alloys, Santej-Nasmed Road, Santej, Kalol, Gandhinagar - 382721, Gujarat, India

DIRECTORS

As on 27.08.2014

Name :

Mr. Sandeep Pravinbhai Engineer

Designation :

Director

Address :

22 Rambaug FP No.712 Survey No.713/3 Near Springvalley, B/H Karnavati Club Mohmadpura Road SG Highway, Ahmedabad - 380058, Gujarat, India

Date of Birth/Age :

11.05.1961

Date of Appointment :

16.09.2009

DIN No.:

00067112

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	U24110GJ1989PLC013044	KAIRAV CHEMICALS LIMITED	Managing director	23/11/1989	23/11/1989	-	Active	NO
2	L25200GJ1996PLC029134	ASTRAL POLY TECHNIK LIMITED	Managing director	01/02/2015	25/03/1996	-	Active	NO
3	U01407GJ2008PTC054506	ASTRAL BIOCHEM PRIVATE LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO
4	U24295GJ2009PLC058120	ADVANCED ADHESIVES LIMITED	Director	16/09/2009	16/09/2009	-	Active	NO
5	U25209GJ2000PTC037244	SAUMYA POLYMERS PRIVATE LIMITED	Additional director	01/10/2012	01/10/2012	-	Converted to LLP	NO
6	U24131GJ1995PLC084273	RESINOVA CHEMIE LIMITED	Director	07/08/2015	21/11/2014	-	Active	NO
7	AAB-2492	SAUMYA POLYMERS LLP	Designated Partner	07/12/2012	07/12/2012	-	Active	NO

Name :

Mr. Saumya Sandeep Engineer

Designation :

Additional Director

Address :

22, Rambaug S. No.- 713/3, B/H Karnavati Club, S. G. Highway, Makarba, Ahmedabad - 380058, Gujarat, India

Date of Appointment :

25.09.2015

DIN No.:

03105129

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	U25209GJ2000PTC037244	SAUMYA POLYMERS PRIVATE LIMITED	Director	27/09/2011	16/06/2010	01/10/2012	Converted to LLP	NO
2	U24110GJ1989PLC013044	KAIRAV CHEMICALS LIMITED	Additional director	03/03/2015	03/03/2015	-	Active	NO
3	U01407GJ2008PTC054506	ASTRAL BIOCHEM PRIVATE LIMITED	Director	10/08/2015	03/03/2015	-	Active	NO
4	U24295GJ2009PLC058120	ADVANCED ADHESIVES LIMITED	Additional director	25/09/2015	25/09/2015	-	Active	NO

Name :

Mr. Kairav Sandeep Engineer

Designation :

Director

Address :

22 Rambaug Fp No712 Survey No713/3 Near Springvalley, B/H Karnavati Club Mohmadpura Road Sg Highway, Ahmedabad - 380058, Gujarat, India

Date of Birth/Age :

26.11.1988

Date of Appointment :

24.11.2012

DIN No.:

03383621

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	U25209GJ2000PTC037244	SAUMYA POLYMERS PRIVATE LIMITED	Director	27/09/2011	21/01/2011	01/10/2012	Converted to LLP	NO
2	U24295GJ2009PLC058120	ADVANCED ADHESIVES LIMITED	Director	24/11/2012	24/11/2012	-	Active	NO
3	U24110GJ1989PLC013044	KAIRAV CHEMICALS LIMITED	Additional director	03/03/2015	03/03/2015	-	Active	NO
4	U01407GJ2008PTC054506	ASTRAL BIOCHEM PRIVATE LIMITED	Director	10/08/2015	03/03/2015	-	Active	NO

Name :

Mr. Anilkumar Jani

Designation :

Director

Address :

40/B Yogeshwarnagar Society, Bhaththa, Paldi, Ahmedabad - 380007, Gujarat, India

Date of Appointment :

03.03.2015

DIN No.:

07078868

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	L25200GJ1996PLC029134	ASTRAL POLY TECHNIK LIMITED	Director	11/08/2015	28/01/2015	-	Active	NO
2	U24295GJ2009PLC058120	ADVANCED ADHESIVES LIMITED	Director	10/08/2015	03/03/2015	-	Active	NO

MAJOR SHAREHOLDERS

As on 27.08.2014

Names of Shareholders		No. of Shares
Sandeep P. Engineer		1
Jagruti S. Engineer		1
Kairav S. Engineer		1
Saumya S. Engineer		1
Astral Poly Technik Limited, India		42495
Bipin R. Mehta		1
Sandeep Engineer Jointly with Jagruti Engineer		7500
Total		50000

As on 27.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	84.99
Directors or relatives of Directors	15.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Adhesives Solutions.

Products :

Product Description

Item Code No. (ITC Code)

Other PRPD

Glues and Other

Adhesive NES

35069999

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Corporation bank
Branch Address	Industrial Finance Branch, 1st Floor Rangoli Complex, Opposite V S Hospital, Ahmedabad – 380006, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Kotak Mahindra Bank Limited, 27, BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Auditors :
Name :	Shekhawat Dagra and Associates Chartered Accountants
Address :	B-16, District Shopping Center 1^st Floor Sector No – 21, Gandhinagar – 382021, Gujarat, India
PAN No.:	BTQPS3092E

Memberships :	Not Available

Collaborators :	Not Available

Holding company :	Astral Poly Technik Limited, India

Associates :	Kairav Chemicals Limited, India Saumya Polymers LLP Astral Biochem Private Limited

CAPITAL STRUCTURE

As on 27.08.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs.10/- each	Rs.0.500 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	0.500	0.500	0.500
(b) Reserves & Surplus	47.760	22.220	(2.171)
(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)	48.260	22.720	(1.671)

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	7.780
(b) Deferred tax liabilities (Net)	3.084	2.697	1.884
(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)	3.084	2.697	9.664

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	3.771
(b) Trade payables	48.825	29.649	9.149
(c) Other current liabilities	10.200	4.499	5.889
(d) Short-term provisions	2.822	1.001	0.000
Total Current Liabilities (4)	61.847	35.149	18.809

TOTAL	113.191	60.566	26.802

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.191	27.607	20.634
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	26.986	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	0.020	0.020	0.020
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	53.197	27.627	20.654

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	28.404	13.712	5.279
(c) Trade receivables	18.893	14.306	0.000
(d) Cash and cash equivalents	1.871	2.455	0.034
(e) Short-term loans and advances	10.826	2.466	0.835
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	59.994	32.939	6.148

TOTAL	113.191	60.566	26.802

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	229.853	123.848	25.993
	Other Income	0.076	0.021	0.000
	TOTAL	229.929	123.869	25.993

Less	EXPENSES
	Cost of Materials Consumed	164.095	76.631	18.536
	Employees benefits expense	5.873	1.149	0.362
	Other expenses	18.447	10.485	3.885
	TOTAL	188.415	88.265	22.783

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	41.514	35.604	3.210

Less	FINANCIAL EXPENSES	0.092	1.289	2.541

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	41.422	34.315	0.669

Less/ Add	DEPRECIATION/ AMORTISATION	1.471	1.107	0.956

	PROFIT/ (LOSS) BEFORE TAX	39.951	33.208	(0.287)

Less	TAX	14.411	8.817	1.884

	PROFIT/ (LOSS) AFTER TAX	25.540	24.391	(2.171)

	Earnings / (Loss) Per Share (Rs.)	510.80	487.82	(43.42)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	0.000	2.200
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	38.676	30.323	9.835

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	11.11	19.69	(8.35)

Operating Profit Margin (PBDIT / Sales)	(%)	18.06	28.75	12.35

Return on Total Assets (PBT/Total Assets}	(%)	46.34	54.83	(1.07)

Return on Investment (ROI) (PBT/Networth)		0.83	1.46	0.17

Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	(6.91)

Current Ratio (Current Asset/Current Liability)		0.97	0.94	0.33

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	0.500	0.500	0.500
Reserves & Surplus	(2.171)	22.220	47.760
Net worth	(1.671)	22.720	48.260

long-term borrowings	7.780	0.000	0.000
Short term borrowings	3.771	0.000	0.000
Total borrowings	11.551	0.000	0.000
Debt/Equity ratio	-6.913	0.000	0.000

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	25.993	123.848	229.853
		376.467	85.593

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	25.993	123.848	229.853
Profit	(2.171)	24.391	25.540
	(8.35%)	19.69%	11.11%

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

Note:

The registered address has been shifted from the 901, Parshwa Tower, Opposite Rajpath Club, S. G. Highway, Ahmedabad – 380054, Gujarat, India to the present address w.e.f. 20.07.2011

REVIEW OF OPERATION

During the year, Income from Operations amounted to Rs.229.853 Million as compared to Rs.123.848 Million in the previous year. The Net Profit amounted to Rs.25.540 Million as compared to Net Profit of Rs.24.391 Million reported in the previous year.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10528465	16/10/2014	60,000,000.00	KOTAK MAHINDRA BANK LIMITED	27, BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, INDIA	C31801814

* Date of charge modification

FIXED ASSETS

Plant and Equipment
Factory Equipments
Furniture and Fixtures
Office Equipment
Computer Equipments
Other 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.65.67
UK Pound	1	Rs.101.02
Euro	1	Rs.71.35

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	PNM

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.

MIRA INFORM REPORT

Unit