MIRA INFORM REPORT

Report Date :

08.09.2011

IDENTIFICATION DETAILS

Name :	GMI ZARHAK MOULDERS PRIVATE LIMITED [W.E.F.30.10.2003]
Formerly Known As :	ZARHAK MOULDERS PRIVATE LIMITED
Registered Office :	S – 91, Phase II C, Verna Electronic City, Verna – 403722, Goa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.02.1995
Com. Reg. No.:	24-001777
Capital Investment / Paid-up Capital :	Rs.4.961 Millions
CIN No.: [Company Identification No.]	U25209GA1995PTC001777
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Roto Moulding Products
No. of Employees :	45 [In Office 35 + 10 in Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

B [34]

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

Maximum Credit Limit :	USD 73000
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 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.

INFORMATION PARTED BY

Name :	Mr. Christen
Designation :	Finance Department
Date :	06.08.2011

LOCATIONS

Registered Office :	S – 91, Phase II C, Verna Electronic City, Verna – 403722, Goa, India
Tel. No.:	91-832-6680126 / 7 / 2783958 / 2887055
Fax No.:	91-832-2783402
E-Mail :	Financezm@gmail.com blaisezm@gmail.com
Website :	http://www.shaktiindia.com
Location :	Owned
Factory :	Plot No. 1224/IC, Sanaswadi, Taluka – Shirur, Pune – 412208, Maharashtra, India
Tel. No.:	91-213-7619416 / 17

DIRECTORS

As on 24.08.2010

Name :	Mr. Eric Pierre Marino Maillard
Designation :	Director
Address :	2, Rue De Sources, 25220 Vaire Arcier France
Date of Birth/Age :	26.04.1962
DIN :	02666483
Date of Appointment :	20.05.2003
Name :	Mr. Blaise Lawrence Costabir
Designation :	Managing Director
Address :	7, Brindavan CHS, Chandravaddo, Fatorda, Margao, Salcette, Goa – 403602, India
Date of Birth/Age :	03.11.1963
DIN :	00898174
Date of Appointment :	16.02.1995
Name :	Mr. Ashraf Husein Chitalwala
Designation :	Director
Address :	35 A Meher Apartments, Anstey Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	19.09.1958
DIN :	00436629
Date of Appointment :	16.02.1995
Name :	Mr. Francois Xavier Laurent Maire
Designation :	Director
Address :	15, Rue De Plantes, 25220, Roche Lez, Beaupre, France
Date of Birth/Age :	10.10.1962
DIN :	02666552
Date of Appointment :	23.03.2004
Name :	Mr. Jean Marc Maillard
Designation :	Director
Address :	20, Rue De Sources, 25200 Mount Bellard, France
Date of Birth/Age :	20.05.195
DIN :	02667521
Date of Appointment :	20.05.2003
Name :	Mr. Myriam Agnes Wanda Maillard
Designation :	Director
Address :	4, Route 1 Allondans, 25200 Mount Bellard, France
Date of Birth/Age :	06.04.1957
DIN :	02666580
Date of Appointment :	20.05.2003
Name :	Mr. Anand Jayantilal Mehta
Designation :	Director
Address :	75, BHulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	01.09.1940
DIN :	02024176
Date of Appointment :	12.02.1997
Date of Cessation :	01.04.2011

KEY EXECUTIVES

Name :	Mr. Christen
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.08.2010

Names of Shareholders	No. of Shares
Equity Shares
Blaise Lawrence Costabir	44477
Ashraf Husein Chitalwala	22204
Anand Jayantilal Mehta	19387
Clare Costabir	44477
Anjali Tendulkar	10545
Group Maillard Industrie	231462
Chitalwala H Hazma	22250
Chitalwala H Zoeb	22250
Chitalwala H Aslam	22250
Annabel A Mehta	10000
Annabel A Mehta	4545
Total	453847
Preference Shares
Group Maillard Industrie	9690
Chitalwala H Hazma	3724
Dsouza Lynette	3724
Anjali Tendulkar	1862
Group Maillard Industrie	16775
Blaise Lawrence Costabir	370
Norohna P	6000
Anand Jayantilal Mehta	1185
Annabel A Mehta	1000
Anjali Tendulkar	1000
Chitalwala H Hazma	1595
Chitalwala H Zoeb	1595
Chitalwala H Aslam	1595
Ashraf Husein Chitalwala	1585
Total	51700

As on 24.08.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie’s Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Directors or relatives of Directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Roto Moulding Products

Products :

Products Description	ITC Code No.
Water Tanks and Other Industrial Products	3925.10

Exports :

Products :

• Roto Moulding Products

Countries :

• Bahrain

Imports :

Products :

• Raw Material

Countries :

• Singapore
• Thailand
• European Countries

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Water Tanks	Lts.	-	4200000	8555144

GENERAL INFORMATION

Customers :

• OEM’s
• Others – Manufacturers

No. of Employees :

45 [In Office 35 + 10 in Factory] Approximately

Bankers :

• HDFC Bank, Verna Branch, Goa, India
• State Bank Of India, Commercial Branch F C Gomes Road Vasco Dagama, Goa, India
• HDFC Bank Limited, Hdfc Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
SBI Term Loan	0.000	2.065
HDFC Term Loan [against hypothecation of plant and Machinery and Equitable mortgage of land and building and any erection thereon]	17.833	0.000
State Bank of India [Cash Credit]	0.000	5.727
HDFC Cash Credit Account [against hypothecation of Stocks, Book Debts]	7.646	0.000
Kotak Mahindra Vehicle Loan	0.781	0.000
Total	26.260	7.792
Unsecured Loans and Other Advances	1.038	0.238

Banking Relations :	--
Auditors :
Name :	G.V. Kamat and Company Chartered Accountant
Address :	Paradise Apts, B - 1 Block No 2 Aquem, Margao, Goa – 403601, India
Tel. No.:	91-832-2736393
Mobile No.:	91-9765256338
E-Mail :	gvkamatca@gmail.com
Subsidiaries :	Blare Moulders Private Limited CIN : U25209GA1994PTC001726

CAPITAL STRUCTURE

As on 24.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
480,000	Equity Shares	Rs.10/-each	Rs.4.800 millions
52,000	Preference Shares	Rs.100/-each	Rs.5.200 millions
	Total		Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
453,847	Equity Shares	Rs.10/-each	Rs.4.538 millions
51,700	Preference Shares	Rs.100/-each	Rs.5.170 millions
	Total		Rs.9.708 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
480,000	Equity Shares	Rs.10/-each	Rs.4.800 millions
52,000	8% Cumulative Redeemable Preference Shares	Rs.100/-each	Rs.5.200 millions
	Total		Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
306,122	Equity Shares	Rs.10/-each	Rs.3.061 millions
19,000	8% Cumulative Redeemable Preference Shares	Rs.100/-each	Rs.1.900 millions
	Total		Rs.4.961 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.961	4.961	4.961
2] Share Application Money		6.462	0.000	0.000
3] Reserves & Surplus		6.838	5.770	5.604
4] (Accumulated Losses)		0.000	0.000	[1.434]
NETWORTH		18.261	10.731	9.131
LOAN FUNDS
1] Secured Loans		26.260	7.792	11.856
2] Unsecured Loans		1.038	0.238	0.506
TOTAL BORROWING		27.298	8.030	12.362
DEFERRED TAX LIABILITIES		0.081	0.273	0.000
TOTAL		45.641	19.034	21.493
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.631	11.653	16.479
Capital work-in-progress		0.000	0.000	0.177
INVESTMENT		0.354	0.354	0.354
DEFERREX TAX ASSETS		0.000	0.000	0.832
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.240	2.616	4.404
	Sundry Debtors	7.207	5.745	5.898
	Cash & Bank Balances	0.250	0.218	0.458
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.706	2.612	1.166
Total Current Assets		17.403	11.191	11.926
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	5.271	2.544	4.241
	Provisions	2.530	1.620	4.034
Total Current Liabilities		7.801	4.164	8.275
Net Current Assets		9.602	7.027	3.651
MISCELLANEOUS EXPENSES		0.054	0.000	0.000
TOTAL		45.641	19.034	21.493

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	42.753	39.854	33.690
		Other Income	2.279	5.195	3.486
		TOTAL (A)	45.032	45.049	37.176
Less	EXPENSES
		Cost of Goods Sold	[0.434]	[0.036]	0.139
		Consumption of Raw Material and Stores	26.250	24.863	23.951
		Salaries & Wages	5.529	4.486	3.389
		Contribution to ESIC	0.337	0.373	0.340
		Staff Welfare	0.718	0.573	0.430
		Power and Water	2.316	2.392	1.900
		Repairs & Maintenance	0.925	1.014	0.732
		Insurance	0.060	0.041	0.052
		Rent, Rates & Taxes	0.084	0.047	0.022
		Legal & Professional Fees	0.134	0.133	0.084
		Security Charges	0.131	0.088	0.079
		Printing & Stationary	0.105	0.097	0.095
		Postage Telegraph & Telephone	0.298	0.240	0.213
		Discounts & Commissions	0.316	0.260	0.152
		Advertisements	0.277	0.497	0.169
		Freight	1.611	1.694	1.352
		Traveling Expenses	1.046	0.676	0.541
		Auditors remuneration	0.038	0.032	0.042
		Miscellaneous Expenses	0.469	0.532	0.026
		Preliminary Expenses	0.006	0.000	0.310
		TOTAL (B)	40.216	38.002	34.018
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.816	7.047	3.158
Less	FINANCIAL EXPENSES (D)		1.115	1.664	1.457
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.701	5.383	1.701
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.773	1.677	1.834
	PROFIT / LOSS BEFORE TAX (E-F) (G)		1.928	3.706	[0.133]
Less	TAX (I)		0.683	1.573	0.124
	PROFIT / LOSS AFTER TAX (G-I) (J)		1.245	2.133	[0.257]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.166	[1.434]	[1.177]
Less	APPROPRIATIONS
		Dividend	0.152	0.456	0.000
		Tax on Dividend	0.025	0.077	0.000
	BALANCE CARRIED TO THE B/S		1.234	0.166	[1.434]
	EARNINGS IN FOREIGN CURRENCY		0.310	0.115	0.640
	IMPORTS
		Raw Materials / Trading Goods	1.561	0.384	0.351
		Consumables	0.208	0.000	0.000
		Components	0.041	0.000	0.053
	TOTAL IMPORTS		1.810	0.384	0.404
	Earnings Per Share (Rs.)		6.30	10.68	--

Particulars	31.03.2011
Sales Turnover [Approximately]	51.7000

The above information has been parted by Mr. Christen [Finance Department].

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.76	4.73	[0.69]
Net Profit Margin (PBT/Sales)	(%)	4.51	9.30	[0.39]
Return on Total Assets (PBT/Total Assets}	(%)	3.63	16.22	[0.47]
Return on Investment (ROI) (PBT/Networth)		0.10	0.34	0.01
Debt Equity Ratio (Total Liability/Networth)		1.92	1.14	2.26
Current Ratio (Current Asset/Current Liability)		2.23	2.69	1.44

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors – Not Available

Financial Results

During the year the Company had achieved a turnover of Rs.44.996 millions as against Rs.42.673 millions in the previous year. After interest, depreciation and other charges, the company has incurred a net profit of Rs.1.928 millions as against a net profit of Rs.3.706 millions during the previous year.

Capital:

The Company has increased its Authorised Capital on 11^th November, 2009 from the existing Rs.5.000 millions to Rs.10.000 millions. Subsequent to the closure of the financial year, the Company has increased its Paid up capital by issuing 1,47,725 Equity Shares of Rs.10 each for cash at a premium of Rs.12/- per share and 32,700 9% Cumulative Redeemable Preference Shares of Rs.100/- each for cash at par. The Paid up Share Capital of the Company now stands at 9.708 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209GA1995PTC001777
Name of the company	GMI ZARHAK MOULDERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S-91 Phase Ii C Vernaelectronic City, Verna, Goa, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10209718
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, Hdfc Bank House senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India
Nature of instrument creating charge	Memorandum recording past transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	18.08.2010
Amount secured by the charge	Rs.31.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment - Working Capital facility shall payable On Demand and Term Loan facility shall repayable in suitable installments. Margin - As may be stipulated by the Bank from time to time. Extent and Operation of the charge - The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs.31.800 Millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property situated at Factory Land and Building at S-91/90 Verna Electronic City (Phase II-C), Verna Goa-403722. Immovable property situated at Land bearing Gat No.1224, Hissa No-1, Gram Panchayat Sanaswadi Taluka Shirur, Zilla Parishad Pune, District-Pune.
Particulars of the present modification	The equitable mortgage/charge shall now stand revised upto Rs.31.800 Millions (Comprising: Cash Credit of Rs.10.000 Millions, Letter of Credit (Sub Limit of CC of Rs.20.000 Millions), Bank Guarantee of Rs.1.300 Millions, Term Loan of Rs.20.500 Millions) in favour the Bank.

FIXED ASSETS :

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Office Equipments

· Electrical Installations

· Vehicles

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.46.02
UK Pound	1	Rs.73.60
Euro	1	Rs.64.77

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.