MIRA INFORM REPORT

Report Date :

13.06.2011

IDENTIFICATION DETAILS

Name :	GANDHI AUTOMATIONS PRIVATE LIMITED

Formerly Known as :	GANDHI ENTRANCE AUTOMATIONS PRIVATE LIMITED

Registered Office :	2^nd Floor, Chawda Commercial Centre, Chincholi Bunder, Link Road, Malad (West), Mumbai – 400 064, Maharashtra

Country :	India

Financials (as on) :	31.03.2009

Date of Incorporation :	21.11.2003

Com. Reg. No.:	11 - 143240

Capital Investment / Paid-up Capital :	Rs. 1.000 million

CIN No.: [Company Identification No.]	U31909MH2003PTC143240

TAN No.: [Tax Deduction & Collection Account No.]	MUMG08978E

PAN No.: [Permanent Account No.]	AACCG0522G

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in Importing, Distributing and Installing Entrance Automation Systems and Warehouse Equipments.

No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 174900

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Latest financial of the company are missing from the government departments. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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

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

LOCATIONS

Registered Office/ Factory :	2^nd Floor, Chawda Commercial Centre, Chincholi Bunder, Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-66720200/ 66720300 (200 lines)/ 66720234 (Direct0
Fax No.:	91-22-66720201
E-Mail :	sales@geapl.co.in vlaxman@vsnl.com jayanti@geapl.co.in
Website :	http://www.geapl.co.in

Branch Office :	Located at Kolkata
Mobile No.:	91-9330060855

Branch Office :	1, Samarth Prasad Apartment, Plot No. 5, Survey No. 30/2, Erandwana, Pune – 411 004, Maharashtra, India
Mobile No. :	91-9324530710

Branch Office 1 :	306, Anand Mangal 2, BH Omkar House, C.G. Road, Navrangpura, Ahmedabad – 380009, India
Tel. No.:	91-7965216309

Branch office 2 :	No.8, Ram Apartment, 18^th Floor, Doar No. New 68, Old 144, Eldamas Road, Tiynampet, Chennai – 18, India
Tel. No.:	91-44-32521770

Other Branches :	· Pune · Kolkata · Delhi · Lucknow

DIRECTORS

AS ON 29.09.2009

Name :	Mr. Samir Sureshchandra Gandhi
Designation :	Whole Time Director
Address :	E/ 1501, Kukreja Palace II, Vallabh Baug Lane Extension, Garodia Nagar, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Date of Birth/Age :	05.10.1968
Date of Appointment :	21.11.2003
DIN No.;	00040981

Name :	Mr. Kartik Sureshchandra Gandhi
Designation :	Whole Time Director
Address :	E/ 1301, Kukreja Palace II, Vallabh Baug Lane Extension, Garodia Nagar, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Date of Birth/Age :	10.09.1974
Date of Appointment :	21.11.2003
DIN No.:	00055915

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2009

Names of Shareholders	No. of Shares
Samir Sureshchandra Gandhi Kartik Sureshchandra Gandhi	25000
Samir Sureshchandra Gandhi Nishita Samir Gandhi	20000
Nishita Samir Gandhi Samir Sureshchandra Gandhi	5000
Kartik Sureshchandra Gandhi Samir Sureshchandra Gandhi	25000
Kartik Sureshchandra Gandhi Hiral Kartik Gandhi	20000
Hiral Kartik Gandhi Kartik Sureshchandra Gandhi	5000
Total	100000

As on 29.09.2009

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Importing, Distributing and Installing Entrance Automation Systems and Warehouse Equipments.

Products :	Dock Levelers Dock Shelters Doors Gates Boom Barriers Lift Tables Rolling Shutters Tail Lift

Import Of :	Italy

Terms :
Selling :	Credit

Purchasing :	Credit (10 Days)

GENERAL INFORMATION

Customers :

Corporate

No. of Employees :

90 (Approximately)

Bankers :

Bank of Maharasahtra, R B Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Citi Bank, Citi Tower, Dr. S. Rao Road, Parel, Mumbai – 400 012, Maharashtra, India
Axis Bank, Goregaon
ICICI Bank
HDFC Bank

Facilities :

Secured Loans :

	As on 31.03.2009 Rs. in Millions	As on 31.03.2008 Rs. in Millions
From Bank of Maharashtra (CC a/c) (Secured against Hypothecation of stock and book debts and further secured by residential flat of a relative of the directors and commercial property of the company at Chawda Industrial Estate and personal guarantee of all the directors)	67.663	30.899
From Bank of Maharashtra (Term Loan) (Secured against mortgage of business gala purchased at Chawda Industrial Estate and further secured by residential flat of a relative of the directors and commercial property of the company at Chawda Industrial Estate and personal guarantee of all the directors)	3.562	4.976
From Citi Bank (Secured against equitable mortgage of residential flat of directors and personal guarantees of all the directors)	3.718	4.805
From Citi Bank (Secured against equitable mortgage of Unit No.201 of Chawda Commercial Centre	3.041	3.514
Car Loan From ICICI Bank (Secured against hypothecation of motor car)	0.000	0.118
Car Loan From ICICI Bank (Secured against hypothecation of car)	0.097	0.204
Car Loan From ICICI Bank (Secured against hypothecation of car)	0.097	0.204
Car Loan From Kotak Mahindra (Secured against hypothecation of motor car)	0.059	0.226
Car loan from Kotak Mahindra (Secured against Hypothecation of car)	0.157	0.000
Car Loan From Kotak Mahindra (Secured against Hypothecation of car)	0.165	0.000
Car Loan from Kotak Mahindra (Secured against Hypothecation of car)	0.421	0.000
Car Loan from Kotak Mahindra (Secured against Hypothecation of car)	0.287	0.000
Car Loan from Kotak Mahindra (Secured against Hypothecation of car)	0.298	0.000
Car Loan from HDFC Bank 12109598 (Secured against Hypothecation of car)	0.120	0.187
Car Loan from HDFC Bank 12109598 (Secured against Hypothecation of car)	0.196	0.306
Car Loan from HDFC Bank 12110008 (Secured against Hypothecation of car)	0.196	0.306
Car Loan from HDFC Bank 12110036 (Secured against Hypothecation of car)	0.196	0.306
Car Loan from HDFC Bank 11572716 (Secured against Hypothecation of car)	0.142	0.246
Car Loan from HDFC Bank 11577102 (Secured against Hypothecation of car)	0.094	0.163
Car Loan (CRV) from ICICI Bank (Secured Hypothecation of car)	1.352	1.640
TOTAL	81.861	48.100

Unsecured Loans	As on 31.03.2009 Rs. in Millions	As on 31.03.2008 Rs. in Millions
From Directors	3.330	3.184
From Banks	8.521	14.601
Total	11.851	17.785


Banking Relations :	--

Auditors :
Name :	Malde and Sheth Chartered Accountants
Address :	63, Ram Bhuvan, 108/ 110, Dadasaheb Phalke Road, Dadar (CR), Mumbai – 400 014, Maharashtra, India
Tel No.:	91-22-24113711 /24114442 /24114914
PAN.:	AAAFM3690G

CAPITAL STRUCTURE

AS ON 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity shares	Rs. 10/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity shares	Rs. 10/- each	Rs. 1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions].

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		42.727	33.700	21.560
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		43.727	34.700	22.560
LOAN FUNDS
1] Secured Loans		81.861	48.100	44.153
2] Unsecured Loans		11.851	17.785	7.415
TOTAL BORROWING		93.712	65.885	51.568
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		137.439	100.585	74.128

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		50.301	45.552	18.095
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.003	0.265	(0.261)

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.027	53.094	35.276
	Sundry Debtors	37.706	34.699	37.432
	Cash & Bank Balances	2.352	1.511	1.706
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.167	24.335	19.935
Total Current Assets		131.252	113.639	94.349
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.867	23.034	15.840
	Other Liabilities	6.162	11.158	7.943
	Provisions	18.088	24.679	14.279
Total Current Liabilities		44.117	58.871	38.063
Net Current Assets		87.135	54.768	56.286

MISCELLANEOUS EXPENSES		0.000	0.000	0.008

TOTAL		137.439	100.585	74.128

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	289.207	239.760	152.303
		Other Income	12.686	19.468	NA
		TOTAL	301.893	259.228	152.303

Less	EXPENSES
		Office Expenses
		Administrative Expenses	284.773	237.215	NA
		Advertising Expenses
		TOTAL	284.773	237.215

	PROFIT BEFORE TAX		17.120	22.013	10.404

Less	TAX		7.951	9.873	4.613

	PROFIT AFTER TAX		9.169	12.140	5.791

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		33.700	21.560	NA

	BALANCE CARRIED TO THE B/S		42.869	33.700	NA

	EARNINGS IN FOREIGN CURRENCY
		Commission Recd	49.098	41.767	13.527
		Target Bonus Recd	1.120	1.123	0.826
	TOTAL EARNINGS		50.218	42.890	14.353

	IMPORTS VALUE		82.172	65.749	39.688

	Earnings Per Share (Rs.)		0.09	0.12	--

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	3.03	4.68	3.80

Net Profit Margin (PBT/Sales)	(%)	5.91	9.18	6.83

Return on Total Assets (PBT/Total Assets}	(%)	9.42	13.82	9.25

Return on Investment (ROI) (PBT/Networth)		0.39	0.63	0.46

Debt Equity Ratio (Total Liability/Networth)		3.15	3.59	3.97

Current Ratio (Current Asset/Current Liability)		2.97	1.93	2.48

LOCAL AGENCY FURTHER INFORMATION

Change of Address:

The registered office of the company has been shifted from 22, Nirman Industrial Estate, Chincholi Bunder Link Road, Malad (West), Mumbai – 400 064, Maharashtra to the present address w.e.f. 22.09.2008.

FINANCIAL RESULTS:

The Company has achieved good results during the financial year ended 31.03.2009. The turnover during the year is Rs.289.207 millions as against turnover of Rs.239.760 millions during the earlier year. After providing for depreciation and income tax including deferred tax liability, the net profit comes to Rs.9.169 millions as against the net profit of Rs.12.139 millions in the previous year. After adding the brought forward profit of Rs.33.700 millions from the earlier year the total surplus comes to Rs.42.726 millions which has been carried to Balance Sheet.

Form 8

Corporate identity number of the company	U31909MH2003PTC143240
Name of the company	GANDHI AUTOMATIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, Chawda Commercial Centre, Chincholi Bunder, Link Road, Malad (West), Mumbai – 400 064, Maharasahtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Maharasahtra, R B Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Nature of instrument creating charge	Composite Deed of Hypothecation for All Facilities dated 19/03/2011.
Date of instrument Creating the charge	19.03.2011
Amount secured by the charge	Rs. 12.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be paid as and when applied by the Bank. Terms of Repayment Short Term Loan to be repaid within 90 days from date of disbursement. Margin Minimum Margin of 25% Extent and Operation of the charge For due repayment of loan with interest due at applicable rates.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of hyp. on all the goods and other movable articles such as plant, machinery, goods, stock of Raw Materials, semi-finished and finished, goods in process, stock-in-trade. Movables in transit and present and future tangible and intangible assets, vehicles, goodwill, trademark, copyright, patent and all the right title interest and benefit of the borrower. Claims, bills, Book Debts due to borrower.

FIXED ASSETS:

Air Conditioner
Computers and Accessories
Furniture
Plant and Machinery
Office Equipment
Telephone EPABX
Motor Bike
Mobile Phones
Office Premises
Motor Car
Electrification

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.44.72
UK Pound	1	Rs.72.93
Euro	1	Rs.64.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		31

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

64.027

53.094

35.276

37.706

34.699

37.432

2.352

1.511

1.706

0.000

0.000

0.000

27.167

24.335

19.935

131.252

94.349

19.867

23.034

15.840

6.162

11.158

7.943

18.088

24.679

14.279

44.117

38.063

87.135

56.286

3.03

3.80

5.91

6.83

9.42

9.25

0.39

0.46

3.15

3.97

2.97

2.48

Unit