MIRA INFORM REPORT

Report Date :

07.11.2008

IDENTIFICATION DETAILS

Name :	GUJARAT CYPROMET LIMITED
Registered Office :	Plot No. 69, 7081/ 82, Survey Village – Iyava, Viramgam Highway, Sanand District, Ahmedabad-362101, Gujarat
Country :	India
Financials (as on) :	31.03.2003
Date of Incorporation :	30.12.1992
Com. Reg. No.:	04-18757
CIN No.: [Company Identification No.]	U24119GJ1992PTC018757
Legal Form :	Closely Held Public Limited Liability Company
Line of Business :	Manufacturer or Copper and Copper Alloy Tubes

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor
Payment Behaviour :	Delayed
Litigation :	Exist
Comments :	Mr. Ramchandran, Mr. Mihir Choksi (Director) agreed to up-date business and financial details but never did so far. The company is no more present at 7/10, Botawalla Building, Horniaman Circle, Mumbai-400001 Ways and Means Position of the company is difficult. The company’s payments are delayed. The company is poor in corporate governance and no latest financials are available with Stock Exchange or Company low board. The company can be ignore for any business dealings.

LOCATIONS

Registered Office :	Plot No. 69, 7081/ 82, Survey Village – Iyava, Viramgam Highway, Sanand District, Ahmedabad-362101, Gujarat, India
Tel. No.:	91-2717-74314/ 74322
Fax No.:	91-2717-74314
Administrative Office :	7/10, Botawalla Building, Horniaman Circle, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-56369501/ 22663407
Fax No.:	91-22-22663407
Website:	http://www.seekandsource.com
Factory :	81/82, Botawala Building, Horniman Circle, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-53369501
Fax No.:	91-22-22663407

DIRECTORS

Name :	Mr. Narendra P Mehta
Designation :	Managing Director
Address :	252, Kshitij, 47, Nepeansea Road, Mumbai-400036, Maharashtra, India
Date of Birth/Age :	10.08.1924
Date of Appointment :	30.12.1992
Name :	Mr. Mihir T Chorsi
Designation :	Whole Time Director
Address :	54, Sagar Mahal, 65k, Walkeshwar Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	22.12.1967
Date of Appointment :	30.12.1992
Name :	Mr. Lalit P Mehta
Designation :	Director
Address :	0-34, Venus Co-operative Housing Society, Dr. R G Thadai, Marg, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	08.11.1927
Date of Appointment :	08.05.1993
Name :	Mr. Deepak Shah
Designation :	Director
Address :	Deepak Building No. 1, Opera Society, Road -1, Beside Sakhipura Area, Ahmedabad-380007, Gujarat, India
Date of Birth/Age :	29.10.1952
Date of Appointment :	02.08.1999
Name :	Mr. Atawu Chakraborty
Designation :	Director
Address :	Dy, Sector Home Department, Government of Gujarath, SAchivalayla, Gandhi Nagar-382010, Gujarat, India
Date of Birth/Age :	05.04.1960
Date of Appointment :	16.09.1995
Name :	Mr. Girish Sahastrabudhe
Designation :	Director
Address :	10, Parshuram Nacar Society, Sayaji Gunj, Baroda-390005, Gujarat, India
Date of Birth/Age :	13.09.1950
Date of Appointment :	02.06.1999
Name :	Mr. Manjiri Balkrishnan
Designation :	Director
Address :	H 33, Maker Kundan Gardens, Juhu Road, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	06.06.1944
Date of Appointment :	01.08.2001

BUSINESS DETAILS

Line of Business :

Manufacturer or Copper and Copper Alloy Tubes

GENERAL INFORMATION

Bankers :

IDBI Tower, WTC Complex, Cuffr Parade,Mumbai-400005, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Not Available

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12000100	Equity Shares	Rs. 10/- each	Rs. 120.001 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Note:

The company is irregular in preparing and maintaining financials.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2003 9 Months	30.06.2002 15 Months	31.03.2001 15 Months
SHAREHOLDERS FUNDS
1] Share Capital		120.000	120.000	120.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	4.700
4] (Accumulated Losses)		[325.600]	[160.000]	0.000
NETWORTH		[205.600]	[40.000]	124.700
LOAN FUNDS
1] Secured Loans		1007.000	905.800	752.600
2] Unsecured Loans		83.000	66.500	34.100
TOTAL BORROWING		1090.000	972.300	786.700
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		884.400	932.300	911.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		215.900	226.900	243.100
Capital work-in-progress		171.500	161.300	146.100
INVESTMENT		0.100	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	200.300	282.300	221.000
	Sundry Debtors	212.000	221.300	250.400
	Cash & Bank Balances	8.100	11.300	6.300
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	85.500	96.500	103.100
Total Current Assets		505.900	611.400	580.800
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	72.700	66.200	57.500
	Provisions	1.600	1.600	1.600
Total Current Liabilities		74.300	67.800	59.100
Net Current Assets		431.600	543.600	521.700
MISCELLANEOUS EXPENSES		65.300	0.000	0.000
TOTAL		884.400	932.300	911.400

PROFIT & LOSS ACCOUNT

PARTICULARS		30.09.2003 9 Months	30.06.2002 15 Months	31.03.2001 15 Months
Sales Turnover		333.200	584.300	576.500
Other Income		0.700	1.200	11.100
Total Income		333.900	585.500	587.600
Profit/(Loss) Before Tax		[165.600]	[164.700]	[25.100]
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		[165.600]	[164.700]	[25.100]
Expenditures :
	Manufacturing Expenses	8.100	10.600	8.700
	Employees Cost	5.400	8.800	6.200
	Administrative Expenses	4.600	8.000	6.800
	Miscellaneous Expenses	53.500	12.800	16.100
	Raw Material Consumed	271.400	548.300	457.300
	Excise Duty	12.000	23.500	34.700
	Increase/(Decrease) in Finished Goods	15.900	[67.500]	[44.100]
	Interest and Financial Charges	105.000	157.400	93.200
	Depreciation & Amortization	12.200	19.700	15.800
	Power and Fuel Cost	11.400	28.600	18.000
	Other Expenditure		817.7	656.8
Total Expenditure		499.500	750.200	612.700

KEY RATIOS

PARTICULARS	30.09.2003 9 Months	30.06.2002 15 Months	31.03.2001 15 Months
Debt-Equity Ratio	0.00	20.77	5.23
Long Term Debt-Equity Ratio	0.00	15.96	3.57
Current Ratio	1.77	2.23	1.79
TURNOVER RATIOS
Fixed Assets	1.41	1.50	1.85
Inventory	1.84	1.86	2.92
Debtors	2.05	1.98	2.47
Interest Cover Ratio	[0.58]	[0.05]	0.73
Operating Profit Margin(%)	[14.53]	2.12	14.55
Profit Before Interest And Tax Margin(%)	[18.19]	[1.25]	11.81
Cash Profit Margin(%)	[46.04]	[24.82]	[1.61]
Adjusted Net Profit Margin(%)	[49.70]	[28.19]	[4.35]
Return On Capital Employed(%)	0.00	0.00	7.98
Return On Net Worth(%)	0.00	0.00	[18.29]

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Name of the company	GUJARAT CYPROMET LIMITED
Presented By	Industrial Development Bank of India Limited, IDBI Tower, Cuffe Parade, Mumbai-400005 (ID|BI of the Selller) and Stressed Assets Stabilisation Fund (SASF of the Purchaser)
1) Date and description of instrument creating the change	04.03.1996 Deed of Hypothecation executed by the Company in favour of IDBI and modified on 19.02.1996 by the mortgage by deposit of title deeds created in favour of IDBI in respect of companies immovable properties situate in Plot Nos. 69, 70, 75, 76, 77, 78, 81, 82 in the Survey No. 196/.1 within the village limits of lyava Taluka and Registration Sub-District Sanand, District Ahmedabad in the State of Gujarath
2) Amount secured by the charge/amount owing on the securities of charge	The Term Loan of Rs. 10.000 Millions lent on advanced by IDBI to the company, together with interest, additional interest, liquidated damages, premia on prepayment or on redemption, costs, charges, expenses and all other monies payable by the Company to IDBI in terms of the Loan Agreement dated 04.03.1996 between the Company on the Part and the IDBI the Other Part (hereinafter referred to as the “ Loan Agreement”)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The Whole of the movable properties of the Company including its movable plant and machinery, machinery spares, tools and accessories and other moveables both present and future (save and except book debts) whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security be brought into or upon or be stored or be in or about the Company’s factories, premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the Company or in the course of transit or on high seas or on order, or delivery, howsoever and wheresoever in the possession of the Company and either by way of substrution or addition. All the immovable properties of the Company situate at Plot Nos. 69.70, 75, 76, 77,78, 81, 82 in the Survey No. 196/1 within the village limits of lyava, Taluka and Registration Sub-district Sanand, District Ahmdeabad in the State of Gujarat
4) Gist of the terms and conditions and extent and operation of the charge.	The charge operates as security inter alia for the due repayment by the company to IDBI for its Term Loan of Rs. 10.000 Millions together with interest, additional interest, liquidated damages, commitment charges, premia on prepayment or on redemption, costs, charges, expenses and all other monies payable by the Company to IDBI in terms of the said Loan Agreement. The charge in favour of IDBI under the said Deeds of Hypothecation is subject to the charge(s) created and /or to be created by the Company in favour of its bankers on the Coimpany’s stock of raw materials, semi-finished and finished goods and consumable sotes and book debts and such other movables as may be specifically permitted to secure its working capital requirements in the ordinary course of business. The Company has undertaken to keep the goods hypothecated in marketable and good condition at its own costs and to insure the same in the joint of the company and IDBI All the goods hypothecated and all recalisstions and insurance proceeds thereof and all documents in respect of the said security are to be kept distinguishable and held as the exclusive property of IDBI The security created under the sadi Deed of Hypothecation is to be a continuing security.
5) Name and Address and description of the person entitled to the charge.	Stressed Assets Stabilisation Fund IDBI Tower, WTC Complex, Cuffr Parade,Mumbai-400005, Maharashtra, India
6) Date and brief description of instrument modifying the charge	A Trasfer deed dated September 29, 2004 entered into between IDBI and Stressed Assets Stabilisation fund.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	By the said Transfer Deed dated September 29, 2004 the charge and mortgage crfeated in favour of IDBI has been transferred to the stressed Assets stabilization Fund (SASF) and SASF has become the holders of charge and mortgage referred to in column 1 instead of IDBI

AS PER WEBSITE

Business Profile:

The company was incorporated on Dec. 30, 1992 as a private limited company, has been engaged in the business of metals and metal products. Earlier known as Neo Cyprian Extrusions, it became a public limited company with the present name with effect from Aug. 08, 1994.

The company has structured operations into the segments of manufacturing sales, reprocessing sales, and trading sales of metals and metals products as raw materials, semi finished and finished goods. Located at Sanand in Gujarat, the plant has capacity to manufacture copper and copper alloy tubes, pipes, rods, strips and sections with technical inputs from Marubeni Corporation of Japan. These products are used in industries like petrochemicals, power generation and distribution, oil refineries, telecommunications, general engineering, air-conditioning and refrigeration, food processing and storage and electrical and home appliances.

A reference was registered on Nov. 05, 2003 with the Board for Industrial and Financial Reconstruction (BIFR) for determining and adopting measures to make net worth positive. The company has been accumulating losses and is under the perusal of the BIFR.

The registered office is located at Plot No 69/70 74-79 81/82, Mahalaxmi Industrial Estate, Vill Iyava, Sanand-382110, Gujarat.

Financials

Gujarat Cypromet registered a loss of Rs 34.290 million for the quarter ended December 2006.
Net sales declined 64.19% to Rs 7.580 million for the quarter ended December 2006 from Rs 21.170 million for the quarter ended December 2005.

Total income dipped 63.84% to Rs 7.770 million from Rs 21.490 million for the quarter ended December 2005.
The loss per share of the company stood at Rs 2.860 for the quarter ended December 2006.

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 records 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.47.76
UK Pound	1	Rs.74.87
Euro	1	Rs.60.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	--
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	NO
TOTAL		08

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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