MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	GLAMPTECH AGRO PROCESS PRIVATE LIMITED
Registered Office :	105, 111, Charishma Centre, 19^th Road, Chembur, Mumbai – 400 071, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.01.1991
Com. Reg. No.:	11-059672
Capital Investment / Paid-up Capital :	Rs. 2.200 Millions
CIN No.: [Company Identification No.]	U29253MH1991PTC059672
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08233B
PAN No.: [Permanent Account No.]	AAACG1857E
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Technical Services for Erection of Turnkey Projects and Trading in Machinery Items.
No. of Employees :	25 (Approximately)

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 203000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears to be some dip in the turnover of the company. However, trade relation 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Ms. Savita
Designation :	Assistant Manager
Contact No.:	91-22-25286319
Date :	22.11.2011

LOCATIONS

Registered Office :	105, 111, Charishma Centre, 19^th Road, Chembur, Mumbai – 400 071, Maharashtra, India
Tel. No.:	91-22-25286319 / 5280626 / 5280757/ 5288138
Mobile No.:	91-9820308902 (Mr. Ashok Kumar Garg)
Fax No.:	91-22-25285211
E-Mail :	gap@bom3.vsnl.in ya_jay@rediffmail.com glampkchnoagro@rediffmail.com acctsgap@gmail.com
Website :	http://www.glamptech.com
Location :	Rented
Corporate Office:	110, Charishma Centre, 19^th Road, Chembur, Mumbai – 400 071, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashok Kumar Ratanlal Garg

Designation :

Director

Address :

3A / 2 Nityanand Baug CHS, Mahul Road, Chembur, Mumbai – 400 074, Maharashtra, India

Date of Birth/Age :

15.09.1947

Qualification :

B E (Mechanical)

Date of Appointment :

04.01.1991

DIN No.:

01229735

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	U29253MH1991PTC059672	Glamptech Agro Process Private Limited	Director	04-01-91	04-01-91	-	Active	NO
2	U15140MH1998PTC114809	Glamptech Engineering Private Limited	Director	06-05-98	06-05-98	-	Active	NO

Name :

Mr. Prakash Ramchandra Waghmare

Designation :

Director

Address :

502, Sonarica CHS Limited, Off M V Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

24.05.1946

Qualification :

D.M.E

Date of Appointment :

04.01.1991

DIN No.:

01066327

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	U29253MH1991PTC059672	Glamptech Agro Process Private Limited	Director	04-01-91	04-01-91	-	Active	NO
2	U15140MH1998PTC114809	Glamptech Engineering Private Limited	Director	06-05-98	06-05-98	-	Active	NO

Name :

Mr. Dinbandhu Hargopal Agarwal

Designation :

Director

Address :

D -18, Jeevan, Bahar Road, No. 21, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

01.08.1945

Qualification :

B E (Mech)

Date of Appointment :

01.06.1994

DIN No.:

 01008311

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	U29253MH1991PTC059672	Glamptech Agro Process Private Limited	Director	01-06-94	01-06-94	-	Active	NO
2	U15140MH1998PTC114809	Glamptech Engineering Private Limited	Director	06-05-98	06-05-98	-	Active	NO

Name :

Mr. Moreshwar Raghunath Lawate

Designation :

Director

Address :

2/3, Chandrasekhar Society, Swami Nityanand Road, Andheri (East) , Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

05.09.1940

Qualification :

B E (Mech)

Date of Appointment :

04.01.1991

DIN No.:

01066244

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	U29253MH1991PTC059672	Glamptech Agro Process Private Limited	Director	04-01-91	04-01-91	-	Active	NO
2	U15140MH1998PTC114809	Glamptech Engineering Private Limited	Director	06-05-98	06-05-98	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Savita
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mr. Ashok Ratanlal Garg	55000
Mr. Prakash Ramchandra Waghmare	55000
Mr. Moreshwar Raghunath Lawate	55000
Mr. Agarwal Hargopal Dinbandhu	55000
Total	220000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Technical Services for Erection of Turnkey Projects and Trading in Machinery Items.
Products/ Services :	· Preparatory Section · Meal Conditioning Section · Solvent Extraction Plant · Expander Section · Bleaching Section · Dewaxing Section · Continuous Deodorising and Physical Refining (CPO) · Fractionation Plant · Vanaspati (Hydrogenation Plant) · Bakery Shortening and Margarine Plant · Acid Oil Plant · Filtration Plant · Effluent Treatment Plant
Exports :
Countries :	South Africa West Indies Benin Bangladesh Australia
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Suppliers :	Aditi Enterprise Aeroflex Industries Limited A.K. Engineering Akshar Engineers Ashok Paint Agencies Kay Kay Engineers Celia Engineers Gea Ecoflex India Private Limited J.S. Enterprise Kedar Engineers Devine Engineers Celia Engineers Gea Ecoflex India Private Limited Logic Systems Controls Metro Industrial and Mill Gin Store Pragati Engineers and Fabricators Prashant Engineers Works R.D. Engineers Vinod Rubber Products
Customers :	Retailers Ambika Kalapiupal Cargill India Private Limited Jindal Drugs Limited Kirti Foods Kirti Agrotech Keshav Industries Gokul Refoils Solvent Limited Kirti Solvex K.N. Oil Industries Reliance Industries Limited Spark Tech Unique Enterprise Venkey’s India Limited Zenith Industries Rubber Product H.M. Proteins Limited Krishna Oil and Proteins Service Tax Vinayak Agrotech limited
No. of Employees :	25 (Approximately)
Bankers :	IDBI Bank, Chembur Branch, Mumbai, Maharashtra, India Andhra Bank, Chembur, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors 1 :
Name :	V.V. Karnik and Company Chartered Accountant
Address :	Flat No.4, Shobha Apartments, Ground Floor, C.S. Road, Near Avadhoot Nagar, Dahisar (East), Mumbai – 400068, Maharashtra, India
PAN.:	AABPK4122C
Auditors 2 :
Name :	S. C. Kapadia and Company Chartered Accountants
Address :	5 Kapadia Chambers, 1^st Floor, 82 Old Nagardas Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Auditors 3 :
Name :	N.K. Kalras Chartered Accountants
Associates Concern :	Glamptech Engineering Private Limited Glamptech Engineers Unitron Engineers Unitech System Unique Enterprises Maps Process Techniques

\

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
220000	Equity Shares	Rs.10/- each	Rs. 2.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.200	2.200	0.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		48.442	45.881	39.231
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.642	48.081	39.831
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.197	0.126	0.079
TOTAL		50.839	48.207	39.910
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.535	5.798	0.899
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.000	1.000	1.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.664	4.879	2.910
	Sundry Debtors	61.332	102.724	102.068
	Cash & Bank Balances	15.999	12.772	22.016
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.115	32.389	38.662
Total Current Assets		120.110	152.764	165.656
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.010	69.716	63.945
	Other Current Liabilities	30.420	35.545	53.331
	Provisions	7.405	6.130	10.369
Total Current Liabilities		75.835	111.391	127.645
Net Current Assets		44.275	41.373	38.011
MISCELLANEOUS EXPENSES		0.029	0.036	0.000
TOTAL		50.839	48.207	39.910

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales Local	187.171	337.051	403.522
		Sales Deemed Export	0.000	47.295	0.000
		Sales Exports	31.555	14.697	9.098
		Other Income	8.737	14.592	19.799
		TOTAL (A)	227.463	413.635	432.419
Less	EXPENSES
		Cost of Goods Sold	164.012	335.603	376.485
		Salaries, Wages, Bonus, etc.	5.548	5.266	4.769
		Administrative Expenses	41.610	42.962	19.272
		Selling and Distribution Expenses	11.600	19.563	21.554
		Previous Year Adjustments	0.344	0.186	0.174
		Miscellaneous Expenditure W/Off	0.007	0.009	0.000
		TOTAL (B)	223.121	403.589	422.254
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.342	10.046	10.165
Less	FINANCIAL EXPENSES (D)		0.031	0.000	0.060
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.311	10.046	10.105
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.403	0.288	0.224
	PROFIT BEFORE TAX (E-F) (G)		3.908	9.758	9.881
Less	TAX (H)		1.347	3.108	3.296
	PROFIT AFTER TAX (G-H) (I)		2.561	6.650	6.585
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.906	16.256	10.671
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	1.000
	BALANCE CARRIED TO THE B/S		23.467	21.906	16.256
	EARNINGS IN FOREIGN CURRENCY		31.555	10.428	14.191
	Earnings Per Share (Rs.)		11.64	30.22	109.75

Expected Sales (2011-2012): Rs. 250.000 Millions

The above information has been parted by Ms. Savita (Assistant Manager )

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.13	1.61	1.52
Net Profit Margin (PBT/Sales)	(%)	1.79	2.44	2.39
Return on Total Assets (PBT/Total Assets}	(%)	3.11	6.15	5.93
Return on Investment (ROI) (PBT/Networth)		0.08	0.20	0.24
Debt Equity Ratio (Total Liability/Networth)		1.50	2.32	3.20
Current Ratio (Current Asset/Current Liability)		1.58	1.37	1.29

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	Yes
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	--
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

FIXED ASSETS

• Wielding and Machinery
• Furniture and Fixture
• Office Equipment
• Electrical Equipment and fax machine
• Computer
• Tools and Equipments
• Furniture and Fixture
• Motor Car
• Office Premises
• Air Conditioner
• Weighing Scales
• Staff Quarter
• Type writer

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.52.70
UK Pound	1	Rs.82.44
Euro	1	Rs.71.08

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--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.