MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	GARWARE BESTRETCH LIMITED [w.e.f. 24.06.2008]
Formerly Known As :	BESTRETCH ELASTOMERS INTERNATIONAL LIMITED
Registered Office :	Chowpaty Chambers, Ground Floor, Sandhurst Bridge, Mumbai – 400007, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.10.1994
Com. Reg. No.:	11-142451
Capital Investment / Paid-up Capital :	Rs.47.850 Millions
CIN No.: [Company Identification No.]	U24130MH1994PLC142451
TAN No.: [Tax Deduction & Collection Account No.]	PNEB02886C
PAN No.: [Permanent Account No.]	AABCG8082C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Latex (Natural Rubber) and Latex-Free (Synthetic Polyisoprene) Elastic Rubber Products.
No. of Employees :	Information Declined by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 3010000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

INFORMATION DECLINED BY

Name :	Mr. Vithal
Designation :	Finance Executive
Date :	09.11.2011

LOCATIONS

Registered Office :	Chowpaty Chambers, Ground Floor, Sandhurst Bridge, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-23634696
Fax No.:	91-22-23631120
E-Mail :	sureshmarulkar@yahoo.com n.satare@garwarebeil.com
Website :	http://www.garwarebeil.com
Corporate/ Pune Office :	Amar Avinash Corporate Plaza, 4^th Floor, Bund Garden Road, Pune – 411011, Maharashtra, India
Tel. No.:	91-20-30548333/ 30548444/ 30548555
Fax No.:	91-20-66024140
E-Mail :	info@garwarebeil.com
Factory :	Plot No.C-2, MIDC Wai, District Satara, Maharashtra, India

DIRECTORS

(AS ON 29.09.2010)

Name :

Mr. Ramesh Bhalchandra Garware

Designation :

Chairman cum Managing Director

Address :

Garware Farm, NDA Road, Khadakwasla, Pune – 411023, Maharashtra, India

Date of Birth/Age :

14.10.1940

Date of Appointment :

01.02.2010

DIN :

00104888

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65993PN1974PTC017349	CEEBEEGEE INVESTMENT COMPANY PRIVATE LIMITED	Director	2/11/1974	2/11/1974	Active	NO
2	U15203MH1974PTC017888	CONSOLIDATED AGRICULTURAL AND DAIRY FARMING COMPANY PRIVATE LIMITED	Director	2/11/1974	2/11/1974	Active	NO
3	U67120MH1975PTC018256	RSDV INVESTMENTS PRIVATE LIMITED	Director	29/03/1975	29/03/1975	Active	NO
4	U17113MH1975PLC018620	GARWARE ELASTOMERICS LIMITED	Director	25/10/1975	25/10/1975	Active	NO
5	U65993MH1978PTC020857	RSDV FINANCE COMPANY PRIVATE LIMITED	Director	19/12/1978	19/12/1978	Active	NO
6	U65995MH1981PTC025841	SUKUKAR HOLDINGS AND TRDG.COMPANY PRIVATE LIMITED	Director	5/4/1984	5/4/1984	Active	NO
7	U65993MH1981PTC025842	SANAND INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	5/4/1984	5/4/1984	Active	NO
8	U65993MH1981PTC025839	STARSHINE INVESTMENTS AND TRDG COMPANY PRIVATE LIMITED	Director	5/4/1984	5/4/1984	Active	NO
9	U65993MH1981PTC025845	MOONSHINE INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	5/4/1984	5/4/1984	Active	NO
10	U65993MH1981PTC025840	MANMIT INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	5/4/1984	5/4/1984	Active	NO
11	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Managing director	1/11/2006	25/09/1989	Active	NO
12	U73100PN1984PTC033694	VIMLABAI GARWARE RESEARCH INSTITUTE	Director	27/08/1991	27/08/1991	Active	NO
13	U73100PN1984PTC033693	GARWARE RESEARCH INSTITUTE	Director	27/08/1991	27/08/1991	Active	NO
14	U51909MH1985PTC035770	SURAMEX EXIM PRIVATE LIMITED	Director	10/7/1993	10/7/1993	Active	NO
15	U67120MH1994PLC076949	GARWARE SECURITIES BROKING LIMITED	Director	7/3/1994	7/3/1994	Active	NO
16	U24130MH1994PLC142451	GARWARE BESTRETCH LIMITED	Managing director	1/2/2010	12/10/1994	Active	NO
17	U65910PN1994PLC083094	GARWARE INDUS CONSULTING LIMITED	Director	21/11/1994	21/11/1994	Active	NO
18	U25209MH1996PLC103544	GARWARE UTZON CORDAGE LIMITED	Director	28/10/1996	28/10/1996	Active	NO
19	U18109PN2005PLC021056	GARTEX INDUSTRIES LIMITED	Director	26/09/2009	22/07/2005	Active	NO
20	U45203PN2007PTC130687	GARWARE INFRASTRUCTURE PRIVATE LIMITED	Director	11/9/2007	11/9/2007	Active	NO
21	U74900PN2007PTC130686	GARWARE ENVIRONMENTAL SERVICES PRIVATE LIMITED	Director	11/9/2007	11/9/2007	Active	NO
22	U50100PN2008PLC131409	GARWARE MOTORS LIMITED	Director	11/8/2010	12/2/2008	Active	NO
23	U74999MH1960PLC011653	GARWARE CAPITAL MARKETS LIMITED	Director	25/09/2010	1/4/2010	Active	NO
24	U18109PN2010PTC137642	GARWARE APPAREL PRIVATE LIMITED	Director	3/9/2011	29/10/2010	Active	NO

Name :

Mr. Shripad Mukund Kuvelker

Designation :

Vice – Chairman

Address :

III – B, Paradise Apartment, 44 Napean Sea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

15.02.1935

Date of Appointment :

12.10.1994

DIN :

00060810

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45200MH1973PTC016236	TULSIANI BUILDERS AND TEXTILES PRIVATE LIMITED	Director	10/1/1973	10/1/1973	-	Active	NO
2	U17113MH1975PLC018620	GARWARE ELASTOMERICS LIMITED	Director	25/10/1975	25/10/1975	-	Active	NO
3	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	29/06/1977	29/06/1977	-	Active	NO
4	U74999MH1960PLC011653	GARWARE CAPITAL MARKETS LIMITED	Director	29/06/1977	29/06/1977	-	Active	NO
5	U91110MH1981NPL024836	B D GARWARE RESEARCH CENTRE	Director	28/12/1987	28/12/1987	-	Active	NO
6	U73100PN1984PTC033694	VIMLABAI GARWARE RESEARCH INSTITUTE	Director	28/12/1987	28/12/1987	-	Active	NO
7	U73100PN1984PTC033693	GARWARE RESEARCH INSTITUTE	Director	28/12/1987	28/12/1987	-	Active	NO
8	U67120MH1975PTC018256	RSDV INVESTMENTS PRIVATE LIMITED	Director	2/6/1990	2/6/1990	-	Active	NO
9	U65993PN1974PTC017349	CEEBEEGEE INVESTMENT COMPANY PRIVATE LIMITED	Director	6/12/1993	6/12/1993	-	Active	NO
10	U65995MH1981PTC025841	SUKUKAR HOLDINGS AND TRDG.COMPANY PRIVATE LIMITED	Director	6/12/1993	6/12/1993	-	Active	NO
11	U65993MH1981PTC025842	SANAND INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	6/12/1993	6/12/1993	-	Active	NO
12	U65993MH1981PTC025839	STARSHINE INVESTMENTS AND TRDG COMPANY PRIVATE LIMITED	Director	6/12/1993	6/12/1993	-	Active	NO
13	U65993MH1981PTC025845	MOONSHINE INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	6/12/1993	6/12/1993	-	Active	NO
14	U65993MH1981PTC025840	MANMIT INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	6/12/1993	6/12/1993	-	Active	NO
15	U15203MH1974PTC017888	CONSOLIDATED AGRICULTURAL AND DAIRY FARMING COMPANY PRIVATE LIMITED	Director	6/12/1993	6/12/1993	-	Active	NO
16	U65993MH1978PTC020857	RSDV FINANCE COMPANY PRIVATE LIMITED	Director	6/12/1993	6/12/1993	-	Active	NO
17	U51909MH1985PTC035770	SURAMEX EXIM PRIVATE LIMITED	Director	16/12/1993	16/12/1993	-	Active	NO
18	U67120MH1994PLC076949	GARWARE SECURITIES BROKING LIMITED	Director	7/3/1994	7/3/1994	-	Active	NO
19	U24130MH1994PLC142451	GARWARE BESTRETCH LIMITED	Director	12/10/1994	12/10/1994	-	Active	NO
20	U65910PN1994PLC083094	GARWARE INDUS CONSULTING LIMITED	Director	21/11/1994	21/11/1994	-	Active	NO
21	U51490MH1967PTC013718	CHANDUMAL SONS PRIVATE LIMITED	Director	12/4/1996	12/4/1996	-	Active	NO
22	U17110MH1993PTC072939	AMLINE TEXTILES PRIVATE LIMITED	Director	16/07/1996	16/07/1996	-	Active	NO
23	U25209MH1996PLC103544	GARWARE UTZON CORDAGE LIMITED	Director	28/10/1996	28/10/1996	-	Active	NO
24	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	30/10/2003	30/10/2003	7/8/2010	Active	NO
25	U18109PN2005PLC021056	GARTEX INDUSTRIES LIMITED	Director	22/07/2005	22/07/2005	-	Active	NO
26	U74900PN2007PTC130686	GARWARE ENVIRONMENTAL SERVICES PRIVATE LIMITED	Director	3/3/2009	12/7/2008	18/11/2010	Active	NO

Name :

Mr. Shridhar Shrikrishna Rajpathak

Designation :

Director

Address :

A-101, S. No. 14, Nakshatra Apartment Erandawana, Pune – 411004, Maharashtra, India

Date of Birth/Age :

29.02.1951

Date of Appointment :

05.10.201

DIN :

00040387

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999MH1960PLC011653	GARWARE CAPITAL MARKETS LIMITED	Director	3/10/1997	3/10/1997	-	Active	NO
2	U65993PN1974PTC017349	CEEBEEGEE INVESTMENT COMPANY PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
3	U65993MH1981PTC025844	INTERMEDIA INTERACTIVE SOLUTIONS PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
4	U65995MH1981PTC025841	SUKUKAR HOLDINGS AND TRDG.COMPANY PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
5	U65993MH1981PTC025842	SANAND INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
6	U65993MH1981PTC025839	STARSHINE INVESTMENTS AND TRDG COMPANY PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
7	U67120MH1975PTC018256	RSDV INVESTMENTS PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
8	U51909MH1985PTC035770	SURAMEX EXIM PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
9	U65993MH1981PTC025845	MOONSHINE INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
10	U65993MH1981PTC025840	MANMIT INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
11	U65993MH1981PTC025843	GURUKRUPA INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
12	U67120MH1994PLC076949	GARWARE SECURITIES BROKING LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
13	U15203MH1974PTC017888	CONSOLIDATED AGRICULTURAL AND DAIRY FARMING COMPANY PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
14	U65993MH1978PTC020857	RSDV FINANCE COMPANY PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
15	U73100PN1984PTC033694	VIMLABAI GARWARE RESEARCH INSTITUTE	Director	28/09/2001	28/09/2001	20/01/2011	Active	NO
16	U73100PN1984PTC033693	GARWARE RESEARCH INSTITUTE	Director	28/09/2001	28/09/2001	-	Active	NO
17	U65910PN1994PLC083094	GARWARE INDUS CONSULTING LIMITED	Director	5/10/2001	5/10/2001	-	Active	NO
18	U24130MH1994PLC142451	GARWARE BESTRETCH LIMITED	Director	5/10/2001	5/10/2001	-	Active	NO
19	U74140PN2003PTC017727	INNOVATIVE SYNTHETIC CORDAGE PRIVATE LIMITED	Director	27/02/2003	27/02/2003	-	Active	NO
20	U18109PN2005PLC021056	GARTEX INDUSTRIES LIMITED	Director	22/07/2005	22/07/2005	-	Active	NO
21	U74900PN2007PTC130686	GARWARE ENVIRONMENTAL SERVICES PRIVATE LIMITED	Director	11/9/2007	11/9/2007	18/11/2010	Active	NO
22	U50100PN2008PLC131409	GARWARE MOTORS LIMITED	Director	12/2/2008	12/2/2008	-	Active	NO
23	U45203PN2007PTC130687	GARWARE INFRASTRUCTURE PRIVATE LIMITED	Director	18/09/2010	22/10/2009	-	Active	NO

Name :

Mr. Ramesh Manjnath Telang

Designation :

Director

Address :

122/2, Om Radha Kunj, Opposite Kamla Nehru Park, Pune – 411004, Maharashtra, India

Date of Birth/Age :

04.04.1942

Date of Appointment :

04.10.2004

DIN :

00092103

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	1/7/1989	1/7/1989	Active	NO
2	U25209MH1996PLC103544	GARWARE UTZON CORDAGE LIMITED	Director	28/10/1996	28/10/1996	Active	NO
3	U24130MH1994PLC142451	GARWARE BESTRETCH LIMITED	Director	4/10/2004	4/10/2004	Active	NO

Name :

Mrs. Diya Garware Inbanez

Designation :

Director

Address :

Ramesh Garware Farm, NDA Road, P O Box No.3, Khadakwasla, Pune – 411023, Maharashtra, India

Date of Birth/Age :

25.09.1970

Date of Appointment :

04.10.2004

DIN :

00415841

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993PN1974PTC017349	CEEBEEGEE INVESTMENT COMPANY PRIVATE LIMITED	Director	1/4/1991	1/4/1991	-	Active	NO
2	U67120MH1975PTC018256	RSDV INVESTMENTS PRIVATE LIMITED	Director	1/4/1991	1/4/1991	-	Active	NO
3	U51909MH1985PTC035770	SURAMEX EXIM PRIVATE LIMITED	Director	10/7/1993	10/7/1993	-	Active	NO
4	U73100PN1984PTC033694	VIMLABAI GARWARE RESEARCH INSTITUTE	Director	7/12/1999	7/12/1999	-	Active	NO
5	U73100PN1984PTC033693	GARWARE RESEARCH INSTITUTE	Director	7/12/1999	7/12/1999	-	Active	NO
6	U65995MH1981PTC025841	SUKUKAR HOLDINGS AND TRADING COMPANY PRIVATE LIMITED	Director	15/04/2000	15/04/2000	-	Active	NO
7	U65993MH1981PTC025842	SANAND INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	15/04/2000	15/04/2000	-	Active	NO
8	U65993MH1981PTC025839	STARSHINE INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	15/04/2000	15/04/2000	-	Active	NO
9	U65993MH1981PTC025845	MOONSHINE INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	15/04/2000	15/04/2000	-	Active	NO
10	U65993MH1981PTC025840	MANMIT INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	15/04/2000	15/04/2000	-	Active	NO
11	U15203MH1974PTC017888	CONSOLIDATED AGRICULTURAL AND DAIRY FARMING COMPANY PRIVATE LIMITED	Director	15/04/2000	15/04/2000	-	Active	NO
12	U65993MH1978PTC020857	RSDV FINANCE COMPANY PRIVATE LIMITED	Director	15/04/2000	15/04/2000	-	Active	NO
13	U67120MH1994PLC076949	GARWARE SECURITIES BROKING LIMITED	Director	3/8/2000	3/8/2000	-	Active	NO
14	U17113MH1975PLC018620	GARWARE ELASTOMERICS LIMITED	Director	30/05/2003	30/05/2003	-	Active	NO
15	U18101PN2004PTC019265	INVENTION TEXTILES PRIVATE LIMITED	Director	14/05/2004	14/05/2004	6/9/2009	Active	NO
16	U24130MH1994PLC142451	GARWARE BESTRETCH LIMITED	Whole-time director	27/06/2007	4/10/2004	-	Active	NO
17	U18109PN2005PLC021056	GARTEX INDUSTRIES LIMITED	Director	26/09/2009	5/9/2005	-	Active	NO
18	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	27/09/2008	25/01/2008	-	Active	NO
19	U50100PN2008PLC131409	GARWARE MOTORS LIMITED	Director	28/09/2010	26/09/2009	-	Active	NO
20	U18109PN2010PTC137642	GARWARE APPAREL PRIVATE LIMITED	Director	3/9/2011	29/10/2010	-	Active	NO

Name :

Mr. Vayu Ramesh Garware

Designation :

Director

Address :

Ramesh Garware Farm, NDA Road, P O Box No.3, Khadakwasla, Pune – 411023, Maharashtra, India

Date of Birth/Age :

18.02.1972

Date of Appointment :

15.07.2008

DIN :

00092201

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65993PN1974PTC017349	CEEBEEGEE INVESTMENT COMPANY PRIVATE LIMITED	Director	1/4/1991	1/4/1991	Active	NO
2	U67120MH1975PTC018256	RSDV INVESTMENTS PRIVATE LIMITED	Director	1/4/1991	1/4/1991	Active	NO
3	U51909MH1985PTC035770	SURAMEX EXIM PRIVATE LIMITED	Director	10/7/1993	10/7/1993	Active	NO
4	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Whole-time director	1/12/1995	1/12/1995	Active	NO
5	U65993MH1978PTC020857	RSDV FINANCE COMPANY PRIVATE LIMITED	Director	30/09/1998	30/09/1998	Active	NO
6	U65995MH1981PTC025841	SUKUKAR HOLDINGS AND TRDG.COMPANY PRIVATE LIMITED	Director	30/09/1998	30/09/1998	Active	NO
7	U65993MH1981PTC025842	SANAND INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	30/09/1998	30/09/1998	Active	NO
8	U65993MH1981PTC025839	STARSHINE INVESTMENTS AND TRDG COMPANY PRIVATE LIMITED	Director	30/09/1998	30/09/1998	Active	NO
9	U65993MH1981PTC025845	MOONSHINE INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	30/09/1998	30/09/1998	Active	NO
10	U65993MH1981PTC025840	MANMIT INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	30/09/1998	30/09/1998	Active	NO
11	U15203MH1974PTC017888	CONSOLIDATED AGRICULTURAL AND DAIRY FARMING COMPANY PRIVATE LIMITED	Director	30/09/1998	30/09/1998	Active	NO
12	U73100PN1984PTC033694	VIMLABAI GARWARE RESEARCH INSTITUTE	Director	7/12/1999	7/12/1999	Active	NO
13	U73100PN1984PTC033693	GARWARE RESEARCH INSTITUTE	Director	7/12/1999	7/12/1999	Active	NO
14	U65910PN1994PLC083094	GARWARE INDUS CONSULTING LIMITED	Director	7/6/2000	7/6/2000	Active	NO
15	U67120MH1994PLC076949	GARWARE SECURITIES BROKING LIMITED	Director	3/8/2000	3/8/2000	Active	NO
16	U45203PN2007PTC130687	GARWARE INFRASTRUCTURE PRIVATE LIMITED	Director	11/9/2007	11/9/2007	Active	NO
17	U74900PN2007PTC130686	GARWARE ENVIRONMENTAL SERVICES PRIVATE LIMITED	Director	11/9/2007	11/9/2007	Active	NO
18	U24130MH1994PLC142451	GARWARE BESTRETCH LIMITED	Director	15/07/2008	25/01/2008	Active	NO
19	U17113MH1975PLC018620	GARWARE ELASTOMERICS LIMITED	Director	15/07/2008	25/01/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Vithal
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Ramesh Bhalchandra Garware	533298
Ramesh Bhalchandra Garware (HUF)	58888
Shripad Mukund Kuvelker	2
Gurukrupa Investments and Trading Company Private Limited, India	2
Moonshine Investments and Trading Company Private Limited, India	2
Starshine Investments and Trading Company Private Limited, India	2
Manmit Investments and Trading Company Private Limited, India	2
Sanand Investments and Trading Company Private Limited, India	2
RSDV Investments Private Limited, India	2342801
Garware Capital Markets Limited, India	830000
Garware Securities Broking Limited, India	270000
Ceebeegee Investments Company Private Limited, India	400000
Diya Garware Inbanez	175000
Vayu R. Garware	175000
Total	4784999

(AS ON 30.09.2010)

Equity Share Break Up Category	Percentage
Bodies Corporate	80.30
Directors or relatives of directors	19.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Latex (Natural Rubber) and Latex-Free (Synthetic Polyisoprene) Elastic Rubber Products.

Products :

Products Description	Item Code No.
Heat Resistant Rubber Tension Tape	4008.21

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Heat Resistant Rubber Tension Tape	MT	NA	6300.00	4288.49

Note : Installed Capacity are as certified by the directors and relied upon by the auditors

GENERAL INFORMATION

No. of Employees :

Information Declined by Management

Bankers :

· Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· Bank of India, 1162/6, Shivajinagar, University Road, Pune - 411005, Maharashtra, India

· Bank of Baroda

· Bank of Maharashtra

· Axis Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
ICICI Bank [secured by hypothecation of movable fixed assets ]	1.159	2.447
Working capital Limits
Bank of Maharashtra [secured by hypothecation of inventories and receivables]	0.000	[0.189]
Total	1.159	2.258

Banking Relations :	--
Auditors :
Name :	Gokhale Tanksale and Ghatpande Chartered Accountants
Address :	102, R K Classic, New D P Road, Opposite Ashish Garden, Pune – 411029, Maharashtra, India
PAN :	AACFG4275H
Companies / other organisations under the control of directors or their relatives where transactions are entered into and / or outstanding balance exists as at the Balance sheet date:	Garware Elatomerics Limited Garware-Wall Ropes Limited RSDV Investment Company Private Limited Vimlabai Garware Research Institute
Companies / other organisations under the control of directors or their relatives where no transactions are entered into and I or no outstanding balance exists as at the Balance sheet date:	Garware Capital Markets Limited Garware-lndus Consulting Limited Garware Utzon (Cordage) Limited Garware Securities Broking Limited Gartex Industries Limited Garware Biofuels Private Limited Ceebeegee Investments and Trading Company Private Limited Consolidated Agriculture and Pair/ Farming Company Private Limited RSDV Finance Company Private Limited Gurukrupa investment and Trading Company Private Limited Moonshine Investment and Trading Company Private Limited Starshine Investment and Trading Company Private Limited Sanand Investment Company Private Limited Sukukar holdings and Trading Company Private Limited Manmit Investment Company Private Limited Suramex Exirn Private Limited Garware Research Institute Rarnesh Trading Company Sunita Trading Company Diya Trading Company Vayu Trading Company Ram Corporation

CAPITAL STRUCTURE

(AS ON 29.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Share	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,784,999	Equity Share	Rs.10/- each	Rs.47.850 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		47.850	63.800	63.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		705.081	470.701	283.951
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		752.931	534.501	347.751
LOAN FUNDS
1] Secured Loans		1.159	2.258	60.929
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.159	2.258	60.929
DEFERRED TAX LIABILITIES		18.752	16.329	13.075
TOTAL		772.842	553.088	421.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		185.612	141.937	132.570
Capital work-in-progress		0.560	0.827	1.796
INVESTMENT		37.042	17.043	17.043
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.609	55.570	36.345
	Sundry Debtors	260.305	226.931	226.839
	Cash & Bank Balances	275.359	123.278	10.260
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	124.910	86.471	63.420
Total Current Assets		708.183	492.250	336.864
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	34.014	16.272	3.075
	Other Current Liabilities	42.215	35.061	24.531
	Provisions	82.326	47.636	38.912
Total Current Liabilities		158.555	98.969	66.518
Net Current Assets		549.628	393.281	270.346
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		772.842	553.088	421.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1048.039	1088.167	851.635
		Other Income	19.199	5.479	1.969
		TOTAL (A)	1067.238	1093.646	853.604
Less	EXPENSES
		Materials	545.916	675.254	509.027
		(Increase)/ Decrease in Stock	13.123	[20.125]	4.366
		Manufacturing Expenses	59.105	59.923	45.278
		Salaries, Wages and Employee Benefits	49.389	49.558	39.155
		Administrative Expenses	28.481	29.373	20.257
		Selling and Distribution Expenses	61.708	66.130	59.802
		Loss on sale of Assets	0.028	0.377	0.192
		Cost of Goods resold	0.127	0.000	0.000
		TOTAL (B)	757.877	860.490	678.077
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		309.361	233.156	175.527
Less	FINANCIAL EXPENSES (D)		0.132	8.979	13.212
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		309.229	224.177	162.315
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.709	8.655	7.783
	PROFIT BEFORE TAX (E-F) (G)		299.520	215.522	154.532
Less	TAX (H)		39.949	28.772	19.691
	PROFIT AFTER TAX (G-H) (I)		259.571	186.750	134.841
Less	APPROPRIATIONS
		Transfer to General Reserve	[25.957]	0.000	[13.484]
		Proposed/Interim Dividend	[16.747]	0.000	[14.355]
		Final Dividend	[4.785]	0.000	0.000
		Tax on Proposed/Interim Dividend	[2.847]	0.000	[2.440]
		Tax on Final Dividend	[0.813]	0.000	0.000
	BALANCE CARRIED TO THE B/S		208.422	186.750	104.562
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Export		875.707	933.311	715.986
	Insurance Claim		0.033	0.000	0.000
	TOTAL EARNINGS		875.74	933.311	715.986
	IMPORTS
	Raw Materials		1.016	1.973	0.000
	Consumables, Stores & Spares		1.912	2.143	0.000
	Traded Goods		0.214	0.000	0.000
	TOTAL IMPORTS		3.142	4.116	0.000
	Earnings Per Share (Rs.)		47.03	29.27	21.14

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	24.32	17.07	15.80
Net Profit Margin (PBT/Sales)	(%)	28.58	19.81	18.15
Return on Total Assets (PBT/Total Assets}	(%)	33.51	33.98	32.92
Return on Investment (ROI) (PBT/Networth)		0.40	0.40	0.44
Debt Equity Ratio (Total Liability/Networth)		0.21	0.19	0.37
Current Ratio (Current Asset/Current Liability)		4.47	4.97	5.06

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	34.014	16.272	3.075

Contingent Liabilities :

Contingent Liabilities not provided for

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
Guarantee issued by bankers on behalf of the company	1.500	1.500
Sales tax Demand	0.085	0.000

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	80010053
Corporate identity number of the company	U24130MH1994PLC142451
Name of the company	Garware Bestretch Limited
Address of the registered office or of the principal place of business in India of the company	Chowpaty Chambers Ground Floor, Sandhurst Bridge, Mumbai – 400007, Maharashtra, India
Type of charge	Book Debts Movable Property Others: Movable Fixed Assets
Particular of charge holder	Bank of India, 1162/6, Shivajinagar, University Road, Pune – 411005, Maharashtra, India boipcbb@vsnl.net.in
Nature of description of the instrument creating or modifying the charge	Third Supplemental Joint Deed of Hypothecation and Supplemental Working Capital Consortium Agreement both dated 31/3/2009. There is no enhancement in the aggregate limit of Rs.368.5000 Millions but there is a deletion of one bank from the Consortium, and hence revision in the sharing pattern.
Date of instrument Creating the charge	31.03.2009
Amount secured by the charge	Rs.368.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Various rates of interest/margin for working capital by Consortium.
Short particulars of the property charged	All current assets and movable fixed assets at C-2, MIDC Wai, District Satara 412803, and/ or at the Company's Corporate Office at Amar Avinash Corporate Plaza, 4th Floor, Bund Garden Road, Pune 411001 and/ or whosesoever situated, and /or in transit.
Date of latest modification prior to the present modification	14.09.2006
Particulars of the present modification	Redistribution of existing limits of Rs.368.500 Millions, due to deletion of one bank viz SBI from the Consortium.

FIXED ASSETS:

· Leasehold Property

· Building

· Plant and Machinery

· Office Equipment

· Vehicles

· 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.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.81

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.