MIRA INFORM REPORT

Report Date :

28.06.2011

IDENTIFICATION DETAILS

Name :	GULATI EXTRUSIONS PRIVATE LIMITED
Registered Office :	17-A, Co-Operative Industrial Estate, Kanpur – 208002, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.05.1988
Com. Reg. No.:	20-9647
Capital Investment / Paid-up Capital :	U36101UP1988PTC009647
CIN No.: [Company Identification No.]	Rs.3.000 Millions
TAN No.: [Tax Deduction & Collection Account No.]	KNPG01184B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminium Collapsible Tubes and Capacitors.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 26000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments ar5e reported to be slow but correct. The company can be considered for business dealings with some caution.

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. Sanchit Gulati
Designation :	Director
Contact No.:	91-9839034428
Date :	23.06.2011

LOCATIONS

Registered Office/ Factory :	17-A, Co-Operative Industrial Estate, Kanpur – 208002, Uttar Pradesh, India
Tel. No.:	91-512-2295244/ 2295245
Mobile No.:	91-9839034428 (Mr. Sanchit Gulati)
Fax No.:	91-512-2212553
E-Mail :	gulatiextrusion@sify.com sachin.gepl@gmail.com
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :	Mrs. Ragni Gulati
Designation :	Managing Director
Address :	117/H1/191, Pandu Nagar, Kanpur, Uttar Pradesh, India
Date of Appointment :	06.05.1999
Name :	Mr. Shiv Charanlal Gulati
Designation :	Director
Address :	117/H1/191, Pandu Nagar, Kanpur, Uttar Pradesh, India
Date of Appointment :	18.06.1988
Name :	Mr. Sanchit Gulati
Designation :	Director
Address :	117/H1/191, Pandu Nagar, Kanpur, Uttar Pradesh, India
Date of Appointment :	03.10.2002
Name :	Mrs. Pushpawanti Gulati
Designation :	Director
Address :	117/H1/191, Pandu Nagar, Kanpur, Uttar Pradesh, India
Date of Appointment :	03.10.2002
Name :	Mrs. Shampi Gulati
Designation :	Director
Address :	117/H-1/191 Pandu Nagar, Kanpur – 208005, Uttar Pradesh, India
Date of Birth/Age :	21.06.1983
Date of Appointment :	30.09.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Shiv Charanlal Gulati	41968
Ragni Gulati	84573
Pushpawanti Gulati	63572
Sanchit Gulati	60192
Radhika Gulati	331
Gopika Gulati	48672
Shampi Gulati	600
Master Tanush Gulati	60
Sanchit Gulati HUF	20
Kamlesh Bagga	12
Total	300000

(AS ON 30.09.2010)

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminium Collapsible Tubes and Capacitors.
Products :	· Aluminium Collapsible Tubes :- 2-200 gms · Lami Tubes :-10-50 gms · Pestisides Bottles :- 5-100 ml · Aluminium Capacitors · Aluminium Containers · Cans · Monoblock Bottles
Terms :
Purchasing :	Depend

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Aluminium Plain Tubes	Nos.	50589675
Printed Tubes	Nos.	47452634

GENERAL INFORMATION

Customers :

Industries

· Arion Health Care, Baddi

· Cure Tech Skin Care, Baddi

· Flore Pharma Private Limited, Kanpur

· India Pharmaceuticals, Patna

· Ind-kug Drugs and Pharms, Sirmour

· Indo Himaliyan Herbs Inc, Panipat

· Mohar Laboratories, Mohali

· Pilco Healthcare Private Limited, Ruderpur

· Poddar Pharmaceuticals (Private) Limited, Haridwar

· Rahat Industries Limited

Suppliers :

· Arinto Coatings (Private) Limited, Delhi

· Aryan Enterprises, Kanpur

· Auxi – Tax Industries, Mumbai

· Baba Cargo Cartriers, Kanpur

· Chaudhary Electric Works, Kanpur

· Deccan Industries, Mumbai

· Gawri and Munjal, Kanpur

· Hari Om Electronics and Electricals, Kanpur

· Mulik Petrolium, Kanpur

· New Cool’s India, Kanpur

· Patel Packagers, Kanpur

· S.K.S. and Company, Kanpur

· S.S. CVhemicals and Invetsments, kanpur

· Satyam and Company, Kanpur

· T. N. Engineering Company, Silvasan

· Vinod Paint Company, Kanpur

No. of Employees :

25 (Approximately)

Bankers :

· Small Industrial Development Bank of India

SIDBI Tower, 15 Ashok Marg, Lucknow – 226001, Uttar Pradesh, India

· State Bank of India

Gumti No.5, Kanpur – 208012, Uttar Pradesh, India

· HDFC Bank

· State Bank of Indore

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
State Bank of India (Cash Credit)	3.022	3.869
State Bank of India (Car Loan)	0.305	0.000
HDFC Bank Limited (Car Loan)	0.132	0.376
SIDBI (Machinery Loan)	2.079	0.000
State Bank of Indore (Machinery Loan)	0.250	0.266
State Bank of Indore (Secured by Hypothecation of Machinery, Finished Goods and Personal Guarantee of director)	1.796	2.117
Total	7.584	6.628
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Shareholders and Directors	8.858	8.174
Total	8.858	8.174

Banking Relations :	--
Auditors :
Name :	S. K. Kapoor and Company Chartered Accountant
Address :	16/98, LIC Building, The Mall, Kanpur – 208001, Uttar Pradesh, India
Tel No.:	91-512-2312244/ 2530322/ 25300017
Fax No.:	91-512-2530173

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Share	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Share	Rs.10/- each	Rs.3.000 Millions

NOTE:

(Out of the above 50000 Share were issued as Bonus shares by capitalisation of reserve during the year.)

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		3.000	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.519	1.820	1.485
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.519	4.320	3.985
LOAN FUNDS
1] Secured Loans		7.584	6.628	4.800
2] Unsecured Loans		8.858	8.174	6.235
TOTAL BORROWING		16.442	14.802	11.035
DEFERRED TAX LIABILITIES		0.000	0.014	0.079
TOTAL		22.961	19.136	15.099
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.531	6.702	5.550
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	5.284	3.258	3.864
	Sundry Debtors	15.994	17.320	14.473
	Cash & Bank Balances	0.099	0.146	0.041
	Other Current Assets	3.410	1.479	1.172
	Loans & Advances	1.580	0.306	0.654
Total Current Assets		26.367	22.509	20.204
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.133	4.556	6.552
	Other Current Liabilities	2.463	2.359	1.933
	Provisions	5.341	3.160	2.170
Total Current Liabilities		12.937	10.075	10.655
Net Current Assets		13.430	12.434	9.549
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		22.961	19.136	15.099

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	PROFIT BEFORE TAX		5.848	2.909
Less	TAX		1.895	1.112
	PROFIT AFTER TAX		3.953	1.797
	PRIOR PERIOD ADJUSTMENT		1.545	1.385
Less	APPROPRIATIONS
		Bonus Shares	0.500	0.000
		Transfer to General Reserve	0.392	0.175
		Dividend	1.500	1.250
		Tax on Dividend	0.255	0.212
	BALANCE CARRIED TO THE B/S		2.851	1.545
	Earnings Per Share (Rs.)		13.18	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	16.29	9.96	NA
Return on Investment (ROI) (PBT/Networth)		0.90	0.67	NA
Debt Equity Ratio (Total Liability/Networth)		4.51	5.76	5.44
Current Ratio (Current Asset/Current Liability)		2.04	2.23	1.90

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U36101UP1988PTC009647
Name of the company	GULATI EXTRUSIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17-A Co- Operative Industrial Estate, Kanpur – 208022, Uttar Pradesh, India gulatiextrusion@sify.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Small Industrial Development Bank of India SIDBI Tower, 15 Ashok Marg, Lucknow – 226001, Uttar Pradesh, India akash@sidbi.in
Nature of instrument creating charge	1. Deed of hypothecation dated 06th January 2010. 2. Loan agreement dated 06th January 2010.
Date of instrument Creating the charge	06.01.2010
Amount secured by the charge	Rs.7.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: The borrower shall pay to SIDBI Interest at the rate of 1% below SIDBI's prime lending rate (PLR) rising or falling therewith with monthly rests. Terms of repayment: The loan shall be repaid in 60 monthly installments of Rs.1,25,000/- each, commencing after a moratorium of six months from the date of first disbursement of the loan as per the repayment schedule annexed LOI No. 78/DCS-GEPL Dated 30/12/2009. Margin: Promoter’s Contribution of Rs.3.778 Millions Extent and Operation of the charge: Movable assets acquired under the project more particularly described in the Schedule A of deed of hypo are hypothecated to SIDBI in the manner and by the charge as described in the Schedule, as security for and be charged with the repayment to SIDBI of principal amount of the Loan and repayment or payment of other moneys including interest, further interest, additional interest, penal interest, costs, charges and expenses and any increase as a result of fluctuation in the rate of foreign currency
Particulars of the property charged	All movable machinery including laminated tube body maker machine, moulds of the tube machine, alluminium plastic laminated tube shoulder moulding machine, hot runner moulds of the above discripted machines, cold runner moulds of the tube machines, alluminium foil sealing and screwing cap machine, spare parts, offset printer, extrusion press, dg set, tube annealing furnace, transformer, HT switch cable and other accessories, panel board LT and APFC pannal, panel board LT drive pannel, lacquer machine, compressor, misc. fixed assets including crushers, trolleys etc.

FIXED ASSETS:

· Plant and Machinery

· Office Equipment

· Trays

· Generator Set

· Telephone (Intercom)

· Telephone (Mobile)

· Electrical Installation

· Fax Machine

· Computer set

· Cycle

· Cars

· Furniture and Fixtures

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.45.10
UK Pound	1	Rs.71.88
Euro	1	Rs.63.75

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		29

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.