MIRA INFORM REPORT

Report Date :

01.04.2011

IDENTIFICATION DETAILS

Name :	GRAUER AND WEIL (INDIA) LIMITED
Registered Office :	‘Growel House’, Akurli Road, Kandivli (East), Mumbai – 400101, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.11.1957
Com. Reg. No.:	11-010975
CIN No.: [Company Identification No.]	L74999MH1957PLC010975
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08103E
PAN No.: [Permanent Account No.]	AAACG3741K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on Stock Exchanges.
Line of Business :	Manufacturing of Metal Finishing Plants, Equipment Chemicals, Buffing and Finishing Compounds, Mops, Wheels and Brushes.

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 4900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	‘Growel House’, Akurli Road, Kandivli (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-28879173/28876664/ 66993000/ 66993200
Fax No.:	91-22-28877165/28871291/ 66993010/ 66993030
E-Mail :	mail@growel.com secretarial@growel.com hq@growel.com export.office@growel.com
Website :	http://www.growel.com
Factories :	Ø 215/1, Plot No. 10, Dadra Industrial Estate, Dadra – 396191, Dadra and Nagar Haveli- (Union Territories) Ø ‘Growel House’, Akurli Road, Kandivli (East), Mumbai – 400101, Maharashtra, India Ø Plot No. 31 and 32, Industrial Estate, Barotiwala – 174103, Himachal Pradesh, India Ø 407, GIDC Industrial Estate, Vapi – 396195, Gujarat, India Ø Survey No. 66, Village Dhanore, Taluka Khed, District Pune, Maharashtra, India Ø Bombay Paints Limited, Z-20, Okhla Industrial Area, Phase II, New Delhi-110020, India
Branch :	Located at:- Ø 10-11-12, B Wing, 1^st Floor, Modern Industrial Estate, K. M. Mehta Stone and Engineering Works, Behind Forge and Flower Company, Naroda Road, Ahmadabad-380025, Gujarat, India. Tel No. 91-79-22813769. Ø Growel House, 4/14, Crescent Road, High Ground, Bangalore-560001, Karnataka, India. Tel No. 91-80-2202262. Fax No.91-80-22260292 Ø 403, 4^th Floor, Todi Chambers, 2, Lal Bazar Street, Kolkata-700001, West Bengal, India Tel No. 91-33-22206802 / 22489805 Fax No. 91-33-22420868. Ø No.2 Sun Plaza, 2^nd Floor, Near Anna Flyover, 19, G. N. Chetty Road, Chennai - 600006, Tamil Nadu, India. Ø Growel House, C-116, Okhla Industrial Area 1, New Delhi-110020, India. Tel No. 91-11-26812005 / 26813163 /26817463 /26811882. Fax No. 91-11-26810917. Ø 10, MPJ Chambers, Bombay-Pune Road, Wakdewadi, Pune-411003, Maharashtra, India. Tel No. 91-20-22317758
Exports Division	Ø Akurli Road, Kandivli (East), Mumbai – 400101, Maharashtra, India Tel. No. 91-22-56993000 Telefax. No. 91-22-56993011 E-Mail. exp@growel.com Contact Person : Ms. Mala Singh Ø 310,P.B. Parekh Tower, Opp. Vanijya Bhavan, Kankaria, Ahmadabad - 380022, Gujarat, India Tel. No. 91-79-25471953 E-Mail. gwabd@icenet.net. Contact Person : Mr. Harish Gurnani Ø 4/14, Cresent Road, High Ground, Bangalore - 560001,Karnataka, India Tel. No. (office) 91-80-2260230 (Factory) 91-80-2264119 E-Mail. bangalore@growel.com Contact Person : Mr. M. S. Seetharam Ø Plot No. 31and32 Industrial Area, Barotiwala-174103, Himachal Pradesh, India Tel. No. (office) 91-1792-255235/255370/71 (factory) 91-1792-255289 E-Mail. growelbt@cha.i91.ne Contact Person : Mr. Rajender Guleria Ø House No. 7, Sector No. 17, Panchkula, Haryana – 134112, India Tel. No. (office) 91-172-2572713/4 Ø 803,8^th Floor, Challamall # 11, Thegaraja Road, T Nagar, Chennai - 600017, Tamil Nadu, India Tel. No. (office) 91-44-24346161 (factory) 91-44-24357376 E-Mail. chennai@growel.com Contact Person : Mr. H. Muthu, Mr. V. Ramesh Ø 426 A, Venkatswamy Road, Siddhapudur, Coimbatore –641044, India Tel. No.(office) 91-422-2495351/2437210 Res. No. 91-422-2424642 E-mail. growelcb@md4.vsnl.net.in Contact Person : Mr. K. Rajendran Ø 216/3/7 Dadra Industrial Estate, Dadra and Nagar Havali (Union Territories) - 396191 Tel. No.(office) 91-260-2648151/2649618 (Factory) 91-260-2648876 Ø Vijay Bhavan, 2^nd Floor, 28 Subhash Marg, Ram Bagh Chauraha, Indore - 452004, Madhya Pradesh, India Tel. No. (office) 91-731-2547212 Res. No. 91-731-2468513 E-mail. indore@growel.com Contact Person : Mr. Sanjay Ahirkar Ø Shop No.4, 3^rd Floor, Sania Plaza, Opp. Stadium Complex, Erranakulam, Kochi - 682035, Kerala, India Tel. No. 91-484-2355008 Contact Person : Mr. G.C. Sunil Ø 403, 4^thFloor, Todi Chambers, 2, Lal Bazar Street, Kolkata - 700001, West Bengal, India Tel. No.(office) 91-33-22206802 (Factory) 91-33-2242086 Contact Person : P.K. Chakravarty Ø Opposite Hero Cycles Limited, G. T. Road, Ludhiana - 141003, Punjab, India Tel. No. (office) 91-161-2301362 (Factory) 91-161-2671951 Res. No.: 91-161-2456486 Contact Person : Mr. D.K. Bhardwaj Ø Sree Meenakshi Mansion 34-A, LLB Road, Sunderajpuram, Madurai - 625011, Tamil Nadu, India Contact Peson : Mr. M. S. Seetharam
Manufacturing Plants :	Located at : v Alandi v Barotiwala v Dadra v Vapi
Overseas Office :	THAILAND Grauer and Weil (Thailand) Limited Dr. Anil Kumar - (General Manager) 49/17, Kingkaew Road, Soi 3, T. Rachathewa, A. Bangplee, Samutprakarn 10540, Thailand. Ph: 00 662 325 0732 -33 Fax: 00 662 7501206 Mobile:0066 846715586 Email: gwthailand@growel.com CHINA Grauer and Weil (Shanghai) Limited Mr. Sanjeev Poddar Shanghai, China Email: poddarsanjeev@hotmail.com
Technical Service Centre :	Located at: o Agra o Aligarh o Kanpur o Lucknow o Allahabad o Madurai o Meerut o Chandigarh o Delhi o Moradabad o Faridabad o Nasik o Gugaon o Salem o Surat o Jamnagar o Trichy o Varanasi o Jalandhar

DIRECTORS

As On 31.03.2010

Name :	Mr. Umeshkumar N. More
Designation :	Chairman and Managing Director
Name :	Mr. Nirajkumar U. More
Designation :	Managing Director
Name :	Mr. Rameshkumar R. More
Designation :	Director
Date of Birth/Age :	30.06.1950
Qualification :	B.Com
Date of Appointment :	Since 24.03.1982
Other Directorships	o Poona Bottling Company Limited o Waluj Beverages Private Limited o Indoswe Engineering Private Limited o Avanti Cables Private Limited o Shree M.P.J. Builders Private Limited
Name :	Mr. Madan Mohan Chaturvedi
Designation :	Director
Name :	Mr. Rohan Shah
Designation :	Director
Name :	Mr. Suresh Pareek
Designation :	Director
Name :	Mr. Harish D. Juthani
Designation :	Director
Name :	Mr. Rohitkumar R. More
Designation :	Whole Time Director
Name :	Mr. Hosi Karanjia
Designation :	Director
Name :	Mr. Yogesh Samat
Designation :	Director
COMMITTEES	AUDIT COMMITTEE · Suresh Pareek Chairman · Nirajkumar U. More Member · Madan Mohan Chaturvedi Member · K C Srivastava SHAREHOLDERS COMMITTEE · Nirajkumar U. More Chairman · Rameshkumar R. More Member · Karunchandra Srivastava Member SENIOR PRESIDENTS · Rajender Guleria PRESIDENT · Vinay Gupta VICE PRESIDENTS · M. T. Rara · Rattan Sharma · A. V. Dabir · D. K. Bhardwaj · Dipen Parikh · Krishna Bhandari · M S Seettharam

KEY EXECUTIVES

Name :	Mr. Noel Jacob
Designation :	Company secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2010

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of promoter and Promoter Group
Indian
Individual / HUF	6780761	29.91
Bodies corporate	8720480	38.47
(B) Public Shareholdings
Institutions
Mutual Funds	2312	0.01
Financial Institutions/Banks	1950	0.01
Non – Institution
Bodies corporate	1227283	5.41
Individuals
i. Individual Shareholders holding nominal share capital upto Rs.0.100 Million	4286844	18.91
ii. Individual Shareholders holding nominal share capital in excess Rs.0.100 Million	1293959	5.71
Any other	356986	1.57
Non Resident Indians	151200	0.67
Foreign Corporate Bodies	78750	0.35
Clearing Member	127036	0.56
Total	22670575	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Metal Finishing Plants, Equipment Chemicals, Buffing and Finishing Compounds, Mops, Wheels and Brushes.

Products :

Product Description	ITC Code
Electroplating Salt	38249021
Electroplating Machinery and Parts	85433000
Paints Enamels and Varnishes	32089003

PRODUCTION STATUS (As On : 31.03.2010)

Particulars	Unit	Installed Capacity
Electroplating Chemicals and Enthone Chemicals	Tons	23428
Electroplating Basic Chemicals	Tons	2050
Intermdediatory Chemicals	Tons	1200
Paints, Enamels and Varnishes	KL	7329
Oil Bound Distempers	MT	1380

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

Punjab National Bank

The Saraswat Co-operative Bank

Axis Bank

Bank of Bahrain and Kuwait B. S. C.

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
CREDIT FACILITIES FROM BANKS
Term Loans (Repayable within one year Rs.124.00 million, Previous year Rs.82.90 million)	964.281	336.321
TERM LOANS FROM A FINANCIAL INSTITUITION
Housing Development Finance Corporation Limited	0.000	432.769
Working Capital Facilities	247.615	110.898
Hire Purchase Credits	3.357	6.822
Total	1215.253	886.810

Notes :

1 Term loans for shopping mall at Kandivli, Mumbai availed from Punjab National Bank and The Saraswat Co-op Bank are secured by pari-passu first charge by joint mortgage by way of deposit of title deeds of immovable properties of the Company at Kandivali. Term loan from The Saraswat Co-operative Bank Limited is secured by legal mortgage of fixed assets including land and building of the Paints Division at Chembur. Term loan from Punjab National Bank for Sambha unit at Jammu is secured by first charge on the block of assets of Sambha unit

2 Working capital facilities sanctioned by Axis Bank to Paints division of the Company is secured by hypothecation of all current assets comprising of finished, semi-finished goods, raw materials, stores-spares, book debts and second charge on moveable and immovable fixed assets of Paints division, save and except specified fixed assets exclusively charged under hire purchase agreement. Working capital facilities sanctioned by Punjab National Bank and Dena Bank are secured by hypothecation of all current assets comprising of finished, semi-finished goods, raw materials, stores-spares and book debts except that of Paints division on pari passu basis and movable fixed assets of Barotiwala, Dadra, Vapi and Alandi(Pune) units. These facilities are further secured by a pari passu charge by joint mortgage by way of deposit of title deeds of the immovable fixed assets of Barotiwala unit and second pari-passu charge on the movable assets of Sambha unit.

3 Hire purchase credits are secured by hypothecation of specific assets purchased under the Scheme

UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Fixed Deposits: (Repayable within one year Rs. 1.940 millions, previous year Rs.2.570 million)	6.644	5.613
Dealer Deposits	35.975	29.828
Inter Corporate Deposits	16.100	19.497
Loan from Directors	9.400	5.500
Total	68.119	60.438

Banking Relations :	--
Auditors :
Name :	M. M. Nissim and Company Chartered Accountants
Subsidiaries :	Poona Bottling Company Private Limited Growel Energy Company Limited Grauer and Weil (Shanghai) Limited
Associates :	Growel Goema (I) Private Limited Growel Sidasa Industries Private Limited Grauer and Weil (Thailand) Limited

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22670575	Equity Shares	Rs. 10/- each	Rs. 226.706 millions

Notes :

Of the above:

i) 154500 Equity Shares were allotted as fully paid up pursuant to contacts without payment being received in cash.

ii) 11593495 Equity shares were allotted as fully paid up Bonus shares by capitalization of capital reserve, capital redemption reserve, general reserve and securities premium account.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		226.706	127.877	127.877
2] Share Capital Suspense		0.000	98.829	0.000
3] Share Application Money		0.000	0.000	0.000
4] Reserves & Surplus		1006.222	866.121	511.680
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1232.928	1092.827	639.557
LOAN FUNDS
1] Secured Loans		1215.253	886.810	637.228
2] Unsecured Loans		68.119	60.437	60.832
TOTAL BORROWING		1283.372	947.247	698.060
DEFERRED TAX LIABILITIES		103.446	63.008	47.943
TOTAL		2619.746	2013.082	1385.560
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1047.817	872.593	550.581
Capital work-in-progress		962.134	750.231	330.860
INVESTMENT		16.409	16.436	16.757
DEFERREX TAX ASSETS		24.648	14.650	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	347.429	253.177	225.452
	Sundry Debtors	446.793	386.822	357.189
	Cash & Bank Balances	69.337	38.537	44.378
	Other Current Assets	3.709	2.548	1.211
	Loans & Advances	190.628	182.089	321.848
Total Current Assets		1057.896	863.173	950.078
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	268.889	250.914
	Current Liabilities	140.504	97.811	280.964
	Provisions	79.765	65.277	181.752
Total Current Liabilities		489.158	414.002	462.716
Net Current Assets		568.738	449.172	487.362
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2619.746	2013.082	1385.560

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2185.936	1934.236	1695.503
		Business conducting Fees	56.228	54.349	52.203
		Other Income	20.456	58.981	30.403
		TOTAL (A)	2262.620	2047.566	1778.109
Less	EXPENSES
		Materials	1256.582	1145.692	956.631
		Salaries, Wages, Bonus, etc.	206.866	199.299	154.940
		Other Expenditure	426.812	440.784	387.413
		TOTAL (B)	1890.260	1785.775	1498.984
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		372.360	261.791	279.125
Less	FINANCIAL EXPENSES (D)		99.070	86.461	68.786
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		273.290	175.330	210.339
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.921	40.418	37.300
	PROFIT BEFORE TAX (E-F) (G)		229.369	134.912	173.039
Less	TAX (H)		65.140	9.205	46.100
	PROFIT AFTER TAX (G-H) (I)		164.229	125.707	126.939
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		109.417	6.820	(120.119)
Less	APPROPRIATIONS
		Transfer to General Reserve	16.000	12.500	NA
		Dividend	18.137	9.068	NA
		Tax on Dividend	3.012	1.541	NA
	BALANCE CARRIED TO THE B/S		236.497	109.417	6.820
	EXPORT VALUE		297.730	273.940	264.720
	IMPORTS
		Raw Materials	347.670	344.090	330.350
		Stores & Spares	0.920	0.070	3.870
		Capital Goods	0.810	18.180	6.640
	TOTAL IMPORTS		349.400	362.340	340.860
	Earnings Per Share (Rs.)		7.24	5.54	9.93

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	593.400	718.700	753.000
Total Expenditure	494.300	605.900	638.300
PBIDT (Excl OI)	99.100	112.800	114.700
Other Income	0.700	1.400	1.000
Operating Profit	99.800	114.200	115.700
Interest	25.900	31.200	43.900
Exceptional Items	0.000	0.000	0.000
PBDT	73.900	83.000	71.800
Depreciation	11.700	18.100	19.400
Profit Before Tax	62.200	64.900	52.400
Tax	4.800	25.800	18.200
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	57.400	39.100	34.200
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	57.400	39.100	34.200

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.26	6.14	7.14
Net Profit Margin (PBT/Sales)	(%)	10.49	6.97	10.21
Return on Total Assets (PBT/Total Assets}	(%)	10.77	7.71	9.36
Return on Investment (ROI) (PBT/Networth)		0.19	0.12	0.27
Debt Equity Ratio (Total Liability/Networth)		1.52	1.30	1.81
Current Ratio (Current Asset/Current Liability)		2.16	2.08	2.05

LOCAL AGENCY FURTHER INFORMATION

MERGER OF GROUP COMPANY BOMBAY PAINTS LIMITED. (BPL)

All the procedural formalities of the Merger of Bombay Paints Limited. with the Company were completed and Shares of the Company were allotted to the erstwhile Shareholders of Bombay Paints Ltd. as directed by the Hon’ble BIFR. All shares are listed with BSE and freely tradable.

OPERATIONS

After a challenging 2008-09, the year saw a reasonable growth in revenues and a healthy increase in the profitability. The gross Sales of the Company grew by 9.76% over the last year and Profit before Tax grew by 70%.

MANAGEMENT DISCUSSION AND ANALYSIS

1. AN OVERVIEW OF BUSINESS PERFORMANCE

During the year 2009-10, the net revenue of the Company grew by 10.50% to Rs. 2262.62 Million (from Rs. 2047.56 Million in previous year 2008-09). An overview of the performance of different business segments of the Company is as under:

a) Chemical Segment: The Company is the industry leader in this segment and manufactures and sells chemicals required for metal finishing, their intermediates and other speciality chemicals as well as pretreatment processes and industrial oils. The Company’s chemical plants at Vapi and Dadra have been certified under ISO 9000:2000 and the plant at Barotiwala under ISO 14000. The Company has commissioned its new plant at Jammu. The net revenue of chemical segments grew to Rs. 1824.60 Million (from Rs. 1571.90 Million).

b) Engineering Segment: The Company is a leading manufacturer and provider of turnkey solutions for electroplating plants and their components, effluent treatment plants and other engineering products, from its plant located at Alandi, Pune. The engineering business was worst affected with its net revenue dropping by 35.42% to Rs. 141.70 Million (from Rs. 219.40 Million).

c) Shoppertainment Segment: The Company has undertaken development of a large shopping mall cum entertainment complex area ‘Growel 101’ at Kandivli, Mumbai comprising of 750,000 sq. ft. in phases. The phase-I comprising 100,000 sq. ft. area is already operational with full occupancy since 2005-06. The net revenue from phase-I improved by 3.23% to Rs. 56.20 Million (from Rs. 54.44 Million). The Phase-II with additional 300,000 sq. ft. has commenced and is expected to achieve full occupancy as per existing F.S.I. by December, 2010.

d) Paints Segment: The Company has made a synergic acquisition of industrial paint business with merger of Bombay Paints Limited (BPL) with itself w.e.f. 1st April, 2008. Its ISO 9000:2000 certified plant at Chembur, umbai is capable of manufacturing a wide range of paints for a variety of applications for a host of industries. Paints contributed net revenue of Rs. 464.90 Million (Previous year : Rs. 396.30 Million) during the year.

2. EXPORTS DEVELOPMENT

Exports continue to be the major thrust of the Company’s sales efforts. Such initiatives have helped the Company to grow its exports by 16.41% to Rs. 327.74 Million (from Rs. 281.52 Million) despite the global recession prevailing in the international market. The Company is striving to develop more new markets in hitherto unexplored regions to further boost its export growth prospects.

3. FINANCIAL PERFORMANCE

The highlights of financial performance of the Company for the year are as under:

a. The Net Profit after Tax for the year increased by 30.64% to Rs. 164.23 Million (from Rs. 125.71 Million)

b. The Company incurred total Capital Expenditure of Rs. 439.66 Million, largely for the Shoppertainment project and Jammu factory.

c. The Borrowings increased by Rs. 195.19 Million mainly on account of Loans to fund the Shoppertainment project and Jammu factory.

d. The Working Capital (Net Current Assets) increased by Rs. 119.56 Million.

e. The Debt Equity Ratio of the Company improved to 0.74 (from 0.87).

FIXED ASSETS:

• Land
• Buildings
• Plant and Machinery
• Laboratory Equipment
• R and D Equipment
• Furniture Fittings and Fixture
• Office Equipment
• Vehicle

Unaudited financial results for the Quarter ended December 31, 2010

(Rs. in millions)

Particulars	31.12.2010 (Unaudited)	31.12.2010 (Unaudited)
Net Sales	748.100	2046.600
Other Operating Income	4.900	18.500
Total Income	753.000	2065.100
Expenditure
(Increase)/decrease in stock in trade and work-in Progress	(18.600)	(69.000)
Consumption of raw materials	427.900	1167.300
Purchase of Traded Goods	9.600	22.200
Employee Cost	60.800	183.300
Discount and Commission	17.900	56.700
Depreciation	19.400	49.200
Other Expenditure	140.700	377.900
Total Expenditure	657.700	1787.600
Profit from Operations before Other Income and Interest	95.300	277.500
Other Income	1.100	3.100
Profit Before Interest	96.300	280.600
Interest	43.900	101.000
Profit before Tax	52.400	179.600
Tax Expenses (including current tax, deferred taxation, fringe benefit tax and prior period adjustments for the period)	18.200	48.900
Net Profit for the period	34.200	130.700
Paid- up Equity Share Capital (Face value of the share – Rs. 10)	226.700	226.700
Reserves excluding revaluation reserves (as per last audited balance sheet)	----	----
Basic and diluted Earnings per share for the period, for the year to date (not annualized) and for the previous year – Rs.	1.51	5.77
Public shareholding
Number of Shares	7165072	7165072
Percentage of Shareholding	31.61%	31.61%
Promoters and promoter group shareholding
Non - encumbered Number of Shares Percentage of Shares (as a % of the total shareholding of promoter and promoter group) Percentage of Shares (as a % of the total share capital of the company)	15501241 100% 68.39%	15501241 100% 68.39%

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in millions)

Sl. No.	Particulars	Quarter Ended	Quarter Ended
		31.12.2010	31.12.2010
		(Un-audited)	(Un-audited)
1	Segment Revenue (Net of Excise & Other Taxes)
	1. Chemicals	495.700	1434.500
	2. Engineering	113.000	228.500
	3. Shopariainment	33.200	67.100
	4. Paints	112.400	338.100
	Total	754.300	2068.200
	Less : Inter Segment Revenue	1.300	3.200
	Total Income	753.00	2065.100
2	Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment)
	1. Chemicals	101.700	307.000
	2. Engineering	8.000	17.300
	3. Shopariainment	11.200	17.000
	4. Paints	3.000	13.200
	Total	123.900	354.500
	Less :Interest	43.900	101.000
	Less : Other Unallocable Expenses	27.600	73.900
	Total Profit Before Tax	52.400	179.600
3	Capital Employed (Segment Assets - Segment Liabilities)
	1. Chemicals	895.200	895.200
	2. Engineering	93.300	93.300
	3. Shopariainment	1308.500	1308.500
	4. Paints	534.700	534.700
	Total	2831.700	2831.700
	Add : Unallocable Corporate Assets Less Corporate Liabilities	(1471.800)	(1471.800)
	Total Capital Employed	1359.900	1359.900

Web Side Details

History

In the year 1957, a group of entrepreneurs comprising two traders of long standing repute in the plating industry and a financer, joined hands together to form a young company in collaboration with Grauer and Weil of U. K., thus creating Grauer and Weil (India) Limited. (G&W).

In the days of its inception, subject commenced with the manufacturing of polishing compounds, mops, fibre, wheels etc. In the next decade, the company grew in leaps and bounds supported by a very dynamic and fast growing economy in the Indian sub-continent, acquired and adopted newer technologies through its principals and other international associates, enlarging its product range vastly, for e.g. pre-treatment chemicals, basic chemicals used in electroplating industries, and also conventional equipments like filters, agitation units, tanks, exhaust, etc. Subsequently, the management of the company changed hands by virtue of which the control came to rest with a larger business house.

In association with its international partners like Langbein Pfanhauser Werke, Holmuler, Goema, Veratronics, NOF Metal Coatings Asia Pacific , Serfilco, Sidasa and such other international renowned manufacturers, it soon established a position of undisputed leadership in India with many 'firsts' in the metal finishing industry, academically, as well as, in applied sciences.

The company has since built an extremely strong team of very dedicated and capable group of people to cover virtually all the branches of metal finishing akin to decorative as well as industrial usage, substantially contributing to a fast growing technology in the Asian sub-continent. In the more recent times it has well adapted itself to the modern tools of the industrial world.

MANAGEMENT

The company is managed by a board of directors, assisted by a team of senior executives who collectively control various operations. Each area of operation, be it R and D, Planning, Manufacturing, Marketing or Finance; is headed by a President/ Vice President; supported by a very capable team. Their technicians are well trained academically, well exposed to international platforms, and possess vast experience in the field of metal finishing. They have to their credit a number of new developments in the metal finishing field.

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 records 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.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
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.