MIRA INFORM REPORT

Report Date :

03.03.2011

IDENTIFICATION DETAILS

Name :	GIMA MANUFACTURING PRIVATE LIMITED (w.e.f.14.07.2008)
Formerly Known As :	SHREE VINAY WASTE RECLAMATION PRIVATE LIMITED
Registered Office :	Ram Mandir Ward, Hinganghat, Wardha – 442301, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.02.1974
Com. Reg. No.:	11-17181
CIN No.: [Company Identification No.]	U74999MH1974PTC017181
TAN No.: [Tax Deduction & Collection Account No.]	NGPV00458D
PAN No.: [Permanent Account No.]	AACCS4074P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Yarns.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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

LOCATIONS

Registered Office :	Ram Mandir Ward, Hinganghat, Wardha-442301, Maharashtra, India
Tel. No.:	91-7153-244217
E-Mail :	info@gimatex.co.in

DIRECTORS

(AS ON 29.09.2010)

Name :	Mr. Anuragkumar Basantkumar Mohota
Designation :	Director
Address :	Muzumder Ward, Hinganghat-442301, Wardha, Maharashtra, India
Date of Birth/Age :	02.07.1987
Date of Appointment :	22.07.2005
Name :	Ms. Premlatadevi Basantkumar Mohota
Designation :	Director
Address :	Ram Mandir Ward, Hinganghat, Wardha-442301, Maharashtra, India
Date of Birth/Age :	09.09.1960
Date of Appointment :	10.05.2006
Name :	Mr. Omprakash Bhikamchand Joshi
Designation :	Director
Address :	Ram Mandir Ward, Hinganghat, Wardha-442301, Maharashtra, India
Date of Birth/Age :	17.11.1957
Date of Appointment :	10.02.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Girdhardas Mathuradas Mohota	18010
Gimatex Industries Private Limited, India	9000
Basantkumar Mohota	1000
Prashantkumar Mohota	2700
Basant Kumar Mohota	2850
Nidhi Mohota	7000
Shantadevi Mohota	9000
Vineet Kumar Mohota	12610
Gima Investments and Securities Private Limited, India	47000
Anurag Kumar Mohota	2510
Premlatadevi Mohota	10100
Harikashan Bhattad	210
Total	121990

(AS ON 29.09.2010)

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	45.91
Directors or relatives of directors	54.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Products :

Products Description	Item Code No.
Stone ware Pipe and Fitting	NA
Mill Board	4805.29

GENERAL INFORMATION

Bankers :

§ Bank of Baroda

Ram Mandir Ward, Hinganghat-442301, Maharashtra, India

Facilities :

Secured Loan	31.03.2010	31.03.2009
	(Rs. in Millions)
Term Loan from Bank of Baroda For Car (Secured against hypothecation of Car)	13.000	0.000
TML Finance Service Limited, Nagpur	0.114	0.327
Total	13.114	0.327
Unsecured Loan	31.03.2010	31.03.2009
	(Rs. in Millions)
Deposit form Others VPT	0.055	0.055
Sales Tax Deferrel VBP (Under package scheme of incentive)	1.423	1.437
Sales Tax Deferral VPT (Under package scheme of incentive)	0.435	0.435
Basantkumar Mohota (Shareholder loan)	0.405	5.559
Shantadei Mohota, Hinganghat	0.215	1.209
Castrol Mercantile Private Limited, Kolkata	0.050	2.215
Total	2.583	10.910

Banking Relations :	--
Auditors :
Name :	G.G. Khemuka Chartered Accountant
Address :	23/24, Panchsheel Cinema Building, Sitabuldi, Nagpur – 440012, Maharashtra, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs.3.500 Millions
100000	Preference Shares	Rs.10/- each	Rs.1.000 Millions
	Total		Rs.4.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
91390	Equity Shares	Rs.10/- each	Rs.0.914 Million
30600	Preference Shares	Rs.10/- each	Rs.0.306 Million
	Total		Rs.1.220 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		1.220	1.220	1.220
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.152	33.729	27.143
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.372	34.949	28.363
LOAN FUNDS
1] Secured Loans		13.114	0.327	0.164
2] Unsecured Loans		2.583	10.910	2.709
TOTAL BORROWING		15.697	11.237	2.873
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		56.069	46.186	31.236
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.565	23.290	18.551
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.818	3.818	3.818
DEFERREX TAX ASSETS		0.342	0.342	0.342
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.177	1.883	6.588
	Sundry Debtors	6.862	6.563	7.758
	Cash & Bank Balances	0.748	1.952	4.905
	Other Current Assets	0.335	0.700	0.690
	Loans & Advances	10.088	12.141	8.430
Total Current Assets		21.210	23.239	28.371
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.236	1.701	18.170
	Other Current Liabilities	0.111	0.096	0.308
	Provisions	2.519	2.706	1.368
Total Current Liabilities		3.866	4.503	19.846
Net Current Assets		17.344	18.736	8.525
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.069	46.186	31.236

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL		33.068	33.102
Less	EXPENSES
		Office Expenses
		Administrative Expenses		24.842	27.548
		Advertising Expenses
		TOTAL		24.842	27.548
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			8.226	5.554
Less/ Add	DEPRECIATION/ AMORTISATION			2.410	2.804
	PROFIT BEFORE TAX			5.816	2.750
Less	TAX			1.929	0.114
	PROFIT AFTER TAX			3.887	2.636
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			4.266	1.630
	BALANCE CARRIED TO THE B/S			8.153	4.266
	Earnings Per Share (Rs.)			31.86	22.54

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	11.75	7.96
Return on Total Assets (PBT/Total Assets}	(%)	NA	12.50	5.86
Return on Investment (ROI) (PBT/Networth)		NA	0.17	0.10
Debt Equity Ratio (Total Liability/Networth)		0.48	0.45	0.80
Current Ratio (Current Asset/Current Liability)		5.49	5.16	1.43

LOCAL AGENCY FURTHER INFORMATION

CHANGE OF NAME

The approve received from Registrar of Companies, Maharashtra for change of name of company u/s 21 of Companies Act,1956 read with Govt. of India department of company affairs, New Delhi, Notification No. G.S.R. 507(E) Dt.14-07-2008, the name of the company Shree Vinay Waste Reclamations Private Limited be changed to Gima Manufacturing Private Limited and the certificate is issued pursuant to section 23(1) of the said Act by registrar of Companies Maharashtra.

FORM 8:

Corporate identity number of the company	U74999MH1974PTC017181
Name of the company	Gima Manufacturing Private Limited
Address of the registered office or of the principal place of business in India of the company	Ram Mandir Ward, Hinganghat, Wardha-442301, Maharashtra, India info@gimatex.co.in
This form is for	Creation of charge
Type of charge	Movable Property (Not being pledge)
Particular of charge holder	Bank of Baroda Ram Mandir Ward, Hinganghat – 442301, Maharashtra, India hingan@bankofbaroda.com
Nature of instrument creating charge	Composite hypothecation agreement of movable and machineries on date 09.06.2009.
Date of instrument Creating the charge	09.06.2009
Amount secured by the charge	Rs.13.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: At BPLR 12.00% p.a. with monthly rests. Terms of repayment: Payable in 72 monthly installments of Rs.0.181 Million each and last installment of Rs.0.179 Million starting from April 2010. Margin: Term Loan – 20% Extent and Operation of the charge: The charge operate as security on the movable properties of Gima Manufacturing Private Limited in the name of company.
Particulars of the property charged	Composite hypothecation agreement of movable assets and plant and machinery of the company situated at Plot No.2/3, 5 at Majumdar ward, Hinganghat.

FIXED ASSETS:

· Land

· Building

· Factory Building

· Office Building

· Plant and Machinery

· Car

· Computer

· Vehicles Truck

· Furniture

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.45.12
UK Pound	1	Rs.73.43
Euro	1	Rs.62.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.