MIRA INFORM REPORT

Report Date :

05.07.2011

IDENTIFICATION DETAILS

Name :	GAUTAM RECYCLING RESOURCES PRIVATE LIMITED (w.e.f.25.12.2007)
Formerly Known As :	MANI POLYMERS PRIVATE LIMITED MANI POLYMERS LIMITED
Registered Office :	CIB/157 58 59 Mrigasir Complex, Opposite Advance Complex, N. H. No.8, G.I.D.C, Vapi, Valsad–396 195, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.07.1993
Com. Reg. No.:	04-019775
Capital Investment / Paid-up Capital :	Rs. 3.249 millions
CIN No.: [Company Identification No.]	U25209GJ1993PTC019775
TAN No.: [Tax Deduction & Collection Account No.]	SRTG01615F
PAN No.: [Permanent Account No.]	AABCM6425H
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader and Importer of Waste Paper, Chemical and pulp.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track. There appears huge accumulated losses recorded by the company. As claim by Mr. R Balsuramaniam, the Director of the company, ‘Gautam Exim Private Limited’ has taken over the business of ‘Gautam Recycling Resources Private Limited’ from 1^st April, 2009. But as per government records, the status of the company is still active. Initially, the company can be considered for business dealings on a safe and secured 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.

INFORMATION DECLINED BY

Name :	Mr. R Balsuramaniam
Designation :	Director
Date :	02.07.2011

LOCATIONS

Registered Office / Administrative Office :	CIB/157 58 59 Mrigasir Complex, Opposite Advance Complex, N. H. No.8, G.I.D.C, Vapi, Valsad– 396 195, Gujarat, India
Tel. No.:	91-260-2432998/ 2430106
Fax No.:	91-260-2431988
E-Mail :	info@gautamgroup.com gep_ad1@sify.com grrpl1850@gmail.com
Website :	www.gautamgroup.com
Area :	4000 sq. ft.
Location :	Owned
Branch Office :	No. 31, Kolsawala Building, 16 Cawasji Patel Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22020084
Area :	600 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Raman Balasubramaniam
Designation :	Managing Director
Qualification :	29, Pavitra, Behind GIDC Guest House, Vapi, Valsad – 396195, India
Date of Birth/Age :	18.05.1950
Qualification:	Post graduate, Diploma in Financial Management
Date of Appointment:	08.12.1993
DIN No :	00410443
Name :	Mrs. Nagalaxmi Balasubramaniam
Designation :	Director
Address:	29, Pavitra, Behind GIDC Guest House, Vapi, Valsad – 396195, India
Date of Birth/Age :	22.01.1954
Qualification:	BSC and BED
Date of Appointment:	08.12.1993
DIN No :	00410495

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Raman Balasubramanian	89510
Nagalakshmi Balasubramanian	174440
Surendra Shah	10
Meena Shah	10
Shiva Kumar	10
Bhagwati Vasant	10
Bhavesh Rusania	10
B. Gautam	12100
Balwinder Kaur	500
Gayatri Thakkar	250
Indrajeet Thakkar	250
Mafplast India Private Limited	45000
M.S. Raman	2100
Raman	200
Satya Sai Central Trust	500
Total	324900

AS ON 30.09.2010

Category	Percentage
Bodies corporate	14.49
Directors or relatives of Directors	85.18
Other top fifty shareholders	0.33
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Waste Paper, Chemical and pulp.
Products :	Waste Papers OCC, Industrial Chemicals and Metal Scraps NDLKC Mix Waste Office Waste Pulp Colour and White Paper Sulphite

GENERAL INFORMATION

Suppliers :

· Best Paper Mills

· Gayatri Shakthi Paper

· Pharma Chem Industrial Gujarat Private Limited

· Shah Paper Mills Limited

· Shree Gajanan Paper

· Shree Sitaram Paper Mills

· Saiyed Paper Mills

· Gautam Enterprises

· Gautam Exim Private Limited

· Sterling Impex

Customers :

· Aryan Paper Mills limited

· Craft Corner Mills Limited

· Kaygaon Paper Mills Limited

· Kwality Pulp and Paper

· Kalpataru Papers Limited

· Malu Paper Mills Limited

· Murli Agro Products Limited

· Premium Paper and Boards

· Rainbow Papers

· Shree Raj Rajeswari Paper Mills

· Sree Ajit Paper Mills

· Shrinidhi Papers Private Limited

· Supreme Paper Mills

· Tec Papers

No. of Employees :

12 (Approximately)

Bankers :

· State Bank of India

· Indusind Bank Limited, Ground Floor, Maker Chamber IV, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
- Foreign Currency Loan	0.000	79.435
- Indusind Bank, Mumbai (O. D)	0.000	100.137
- State Bank of India- Vapi- CCH A/s	0.000	47.928
- Working Capital Term Loan - India	180.000	0.000
- IDBI Bank- Vapi	0.000	0.000
Total	180.000	227.500

Banking Relations :	--
Auditors :
Name :	B. A. Desai and Associates Chartered Accountants
Address :	103, Khatri House, Opposite Heena Motors, GIDC, Char Rasta, Vapi – 396195, Gujarat, India
Tel. No.:	91-2638-220125/ 228825/ 2426525

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued :

No. of Shares	Type	Value	Amount
324900	Equity Shares	Rs.10/- each	Rs. 3.249 Millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
324900	Equity Shares	Rs.10/- each	Rs. 3.249 Millions
	Share Application Money		Rs. 2.051 millions
	Total		Rs. 5.300 millions

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		3.249	3.249	3.249
2] Share Application Money		2.051	2.051	0.300
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(21.474)	(4.713)	(0.881)
NETWORTH		(16.174)	0.587	2.668
LOAN FUNDS
1] Secured Loans		180.000	227.500	0.000
2] Unsecured Loans		0.000	0.000	2.629
TOTAL BORROWING		180.000	227.500	2.629
DEFERRED TAX LIABILITIES		0.028	0.028	0.029
TOTAL		163.854	228.115	5.326
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.158	5.164	4.640
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.028	0.028	0.028
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1.983	90.104	0.121
	Cash & Bank Balances	0.910	1.581	0.541
	Other Current Assets	2.436	12.744	0.504
	Loans & Advances	189.316	148.935	0.000
Total Current Assets		194.645	253.364	1.166
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.684	29.256	0.000
	Other Current Liabilities	0.253	0.000	0.508
	Provisions	0.040	1.185	0.000
Total Current Liabilities		35.977	30.441	0.508
Net Current Assets		158.668	222.923	0.658
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		163.854	228.115	5.326

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	142.041	1632.949	0.000
		Other Income	0.894	5.538	0.480
		TOTAL (A)	142.935	1638.487	0.480
Less	EXPENSES
		Purchase and Trading	138.905	1593.886	0.015
		Employee emoluments	0.489	1.588	0.000
		Other Expenses	20.296	46.844	0.646
		TOTAL (B)	159.690	1642.318	0.661
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(16.755)	(3.831)	(0.181)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(16.755)	(3.831)	(0.181)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.007	0.007	0.000
	PROFIT BEFORE TAX (E-F) (G)		(16.762)	(3.838)	(0.181)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4.712)	(0.874)	(0.693)
	BALANCE CARRIED TO THE B/S		(21.474)	(4.712)	(0.874)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	(11.80)	(0.23)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(8.39)	(1.48)	(3.10)
Return on Investment (ROI) (PBT/Networth)		1.04	(6.54)	(0.31)
Debt Equity Ratio (Total Liability/Networth)		(8.90)	439.47	1.19
Current Ratio (Current Asset/Current Liability)		5.41	8.32	2.29

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in millions)

SOURCES OF FUNDS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	35.684	29.256	0.000

OPERATION:

During the year, the total income of the! company decreased to Rs.142.935 millions as compared to previous year's income of Rs. 1638.488 millions. The company has incurred a loss of Rs. 21.475 millions as compared to Rs. 4.713 millions in previous year. The Directors shall strive hard by making sincere efforts for the better growth and prospects of the company in future,

FORM 8

Corporate identity number of the company

U25209GJ1993PTC019775

Name of the company

GAUTAM RECYCLING RESOURCES PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

CIB/157 58 59 Nrigusir Complex, Opposite Advance Complex N H No.8, Vapi Valsad, Gujarat, India.

This form is for

Creation of charge

Type of charge

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

Indusind Bank Limited, Ground Floor, Maker Chamber IV, Nariman Point, Mumbai-400021, Maharashtra, India

Nature of instrument creating charge

Agreement of hypothecation of current assets (to cover WCTL)

Date of instrument Creating the charge

23.07.2009

Amount secured by the charge

Rs. 180.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

Interest @ 7.75% below the prevailing Prime Lending Rate which is presently 16.75% p.a. subject to minimum of 9% p.a. plus interest tax at applicable rates, with monthly/quarterly rests.

Terms of repayment

Tenor 72 months (including 12 months of Moratorium) :

Year	Amount Rs. in millions	Monthly Rs. in millions
April 10 to March 11	20.000	1.667
April 11 to March 12	30.000	2.500
April 12 to March 13	37.500	3.125
April 13 to March 14	42.500	3.542
April 14 to March 15	50.000	4.167

Margin

As may be stipulated by the Bank from time to time.

Extent and operation of the charge

Hypothecation by way of first charge on the Current Assets, as described under Item No.15 as security for repayment of credit facilities aggregating Rs.180.000 millions, together with all interest, costs, charges, expenses and other monies due and payable under the said facilities granted by the Bank to the Borrower.

Short particulars of the property charged (Including location of the property)

Hypothecation by way of first charge on Current Assets the whole of the Moveable Properties of the Company including its moveable plant and machinery

FIXED ASSETS

- Land and Building

- Plant and Machinery

- Moulds and Dies

- Compressor

- Electrification

- Weighing Scale

- Furniture and Fixture

- Office Equipment

- Air Conditioner

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.44.45
UK Pound	1	Rs.71.52
Euro	1	Rs.64.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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		15

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.