MIRA INFORM REPORT

Report Date :

05.08.2011

IDENTIFICATION DETAILS

Name :	G. B. ENTERPRISES PRIVATE LIMITED (w.e.f. 04.12.2006)
Formerly Known As :	OLYMPUS TELEVISIONS PRIVATE LIMITED
Registered Office :	WZ F/ 28 Milap Nagar, Uttam Nagar, New Delhi – 110034
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.01.1990
Com. Reg. No.:	55-038835
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74899DL1990PTC038835
TAN No.: [Tax Deduction & Collection Account No.]	DELG11067A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cold Roll Formed Metal Section etc.
No. of Employees :	52 – Approximately (Office – 12 and Factory – 40)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 20000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established 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

INFORMATION DECLINED BY

Name :	Mr. Ashu
Designation :	Accountant
Contact No.:	91-1276-268826
Date :	05.08.2011

LOCATIONS

Registered Office :	WZ F/ 28 Milap Nagar, Uttam Nagar, New Delhi – 110034, India
Tel. No.:	91-1276-268826
Fax No.:	91-1276-268827
E-Mail :	dschudacomplex@rediffmail.com gbenterprises07@gmail.com gbenterprises07@rediffmail.com
Location :	Owned
Factory :	Plot No.2005-2006, MIE, Part – B, Bahaduegarh – 124507, Haryana, India
Tel. No.:	91-1276-268826
Fax No.:	91-1276-268827
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Pradeep Jain
Designation :	Managing Director
Address :	146, Rajdhani Enclave, Pitampura, New Delhi – 110034, India
Date of Appointment :	20.07.2006
Mobile No.:	91-9910645111/ 9718500580
Name :	Mr. Naresh Kumar Jain
Designation :	Director
Address :	76, Deepali, Pitampura, Delhi – 110034, India
Date of Appointment :	20.07.2006
Name :	Mr. Nikhil Gupta
Designation :	Director
Address :	2689/199, Onkar Nagar-A, Tri Nagar, Delhi – 110035, India
Date of Appointment :	20.07.2006
Mobile No.:	91-9810312066/ 9718500575
Name :	Mr. Navin Kumar Jain
Designation :	Director
Address :	1251/10, Shiv Nagar, Rohtak, India
Date of Appointment :	20.07.2006
Name :	Mr. Saroj Jain
Designation :	Director
Address :	Shiv Nagar, Rohtak, India
Date of Appointment :	06.01.1998
Name :	Mr. Rahul Jain
Designation :	Director
Address :	H. No.1251/20, Shiv Nagarm Rohtak – 124001, Haryana, India
Date of Birth/Age :	11.09.1991
Date of Appointment :	27.12.2010
Email :	084276@gamil.com

KEY EXECUTIVES

Name :	Mr. Ashu
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Ranjendra S/o Ram Dhari	3000
Prem Kumar S/o Ram Dhari	3000
Satish Kumar S/o Ram Bhaj	10
Saroj Jain W/o N K Jain	2010
Balwan S/o Ram Dhari	3000
Total	11020

(AS ON 31.03.2011)

Names of Allotee	No. of Shares Allotted
Navin Jain	23750
Navin Jain HUF	40000
Saroj Jain	20000
Pardeep Kumar Jain	81800
Ravi Kumar Jain	2500
Subhash Chand Jain	2500
Priyanka	2200
Salochana Jain	2200
Shilpa Jain	2500
Nikhil Gupta	62500
Total	239950

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cold Roll Formed Metal Section etc.

GENERAL INFORMATION

No. of Employees :

52 – Approximately (Office – 12 and Factory – 40)

Bankers :

· Indian Overseas Bank, Ha

FG – 1, Shyam Ji Complex, Delhi Road, Bahadur Garh – 124507, Haryana India

· Oriental Bank of Commerce

· Kotak Mahindra Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Kotak Mahindra Bank Limited T/L 1	0.400	0.581
Kotak Mahindra Bank Limited T/L 2	0.400	0.580
Indusind Bank Term Loan	0.374	0.000
Total	1.174	1.161
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Directors	4.762	2.929
Others	9.562	4.827
Total	14.324	7.756

Banking Relations :	--
Auditors :
Name :	Devender Suresh and Company Chartered Accountant
Address :	SCO 44, Huda Complex, Rohtak – 124001, Harayana, India
Tel. No.:	91-1276-257136
Mobile No.:	91-9896291846

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249970	Equity Share	Rs.10/- each	Rs.2.500 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10020	Equity Share	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		1.968	1.968	1.968
3] Reserves & Surplus		2.006	0.724	0.196
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.074	2.792	2.264
LOAN FUNDS
1] Secured Loans		1.174	1.161	0.000
2] Unsecured Loans		14.324	7.756	1.710
TOTAL BORROWING		15.498	8.917	1.710
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		19.572	11.709	3.974
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.560	4.508	1.743
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.402	1.960	0.521
	Sundry Debtors	14.042	13.722	3.092
	Cash & Bank Balances	3.015	1.146	0.057
	Other Current Assets	0.004	0.009	0.000
	Loans & Advances	1.690	1.237	1.373
Total Current Assets		26.153	18.074	5.043
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	12.686	10.449	2.624
	Other Current Liabilities	0.829	0.245	0.075
	Provisions	0.626	0.179	0.127
Total Current Liabilities		14.141	10.873	2.826
Net Current Assets		12.012	7.201	2.217
MISCELLANEOUS EXPENSES		0.000	0.000	0.014
TOTAL		19.572	11.709	3.974

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income (Net Sales)	101.063	35.473	9.844
		Job Work Charges	1.926	1.464	0.000
		Other Income	0.065	0.001	0.000
		TOTAL (A)	103.054	36.938	9.844
Less	EXPENSES
		Raw Materials Consumed	87.609	30.946	8.434
		Manufacturing Expenses	4.389	1.645	0.263
		Salary and Wages	2.573	0.976	0.406
		Office and Administrative Expenses	3.677	1.586	0.163
		TOTAL (B)	98.248	35.153	9.266
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.806	1.785	0.578
Less	FINANCIAL EXPENSES (D)		1.763	0.697	0.089
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.043	1.088	0.489
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.135	0.381	0.127
	PROFIT BEFORE TAX (E-F) (G)		1.908	0.707	0.362
Less	TAX (H)		0.625	0.179	0.127
	PROFIT AFTER TAX (G-H) (I)		1.283	0.528	0.235
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.724	0.196	(0.039)
	BALANCE CARRIED TO THE B/S		2.007	0.724	0.196
	Earnings Per Share (Rs.)		128.04	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	120.000

Expected Sales (2011-12): Rs.150.000 Millions

The above information has been parted by Mr. Ashu.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.24	1.43	2.39
Net Profit Margin (PBT/Sales)	(%)	1.89	1.99	3.68
Return on Total Assets (PBT/Total Assets}	(%)	5.66	3.13	5.33
Return on Investment (ROI) (PBT/Networth)		0.47	0.25	0.21
Debt Equity Ratio (Total Liability/Networth)		7.28	7.09	2.00
Current Ratio (Current Asset/Current Liability)		1.85	1.66	1.78

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

Company has earned a profit of Rs.1.908 Millions (Previous year Rs.0.707 Millions) during the year.

FUTURE PROSPECTS

During the year company’s Sales Rs.109.322 Millions (Previous year Rs.39.585 Millions) in its 3^rd year of Production. Company’s performance was quite satisfactory. The directors are hopeful of good performance in the next year being full year of production.

FORM 8:

Corporate identity number of the company	U74899DL1990PTC038835
Name of the company	G.B. ENTERPRISES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	WZ F /28 Milap Nagar, Uttam Nagar, New Delhi, India dschudacomplex@rediffmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Others: Hypothecation piad Stocks & Book Debts up to 90 days etc.
Particular of charge holder	· Indian Overseas Bank, Ha FG – 1, Shyam Ji Complex, Delhi Road, Bahadur Garh – 124507, Haryana India bahadubr@chasco.iobnet.co.in
Nature of instrument creating charge	As per Credit sanction Advice and Letter of Hypothecation dt. 27.12.2010 attached 1. OCC Limit = Rs.10.000 Millions
Date of instrument Creating the charge	27.12.2010
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As per Credit sanction Advice and Letter of Hypothecation dt. 27.12.2010 Terms of Repayment: As per Credit sanction Advice and Letter of Hypothecation dt. 27.12.2010 Margin: As per Credit sanction Advice and Letter of Hypothecation dt. 27.12.2010 Extent and Operation of the charge: As per Credit sanction Advice and Letter of Hypothecation dt. 27.12.2010
Particulars of the property charged	As per Credit sanction Advice and Letter of Hypothecation dt. 27.12.2010 Hypothecation of paid stocks and book debts up to 90 days outstanding. Personal guarantee of all the directors of the company.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Tools and Dies

· Scooter and Cycle

· Motor Car

· Computer and Invertor

· Mobile

· Furniture and Fixtures

· Weighing Scale

· Generator

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.44.38
UK Pound	1	Rs.72.21
Euro	1	Rs.62.87

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	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
TOTAL		45

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.