MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	GARIMA GLOBAL PRIVATE LIMITED
Registered Office :	501, VIP Plaza, New Link Road, Opposite. Fame Adlabs, Andheri (W), Mumbai – 400053, Maharashtra , India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.03.2004
Com. Reg. No.:	11-145372
Capital Investment/ Paid-up Capital:	Rs.4.829 Millions
CIN No.: [Company Identification No.]	U51502MH2004PTC145372
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08282B
PAN No.: [Permanent Account No.]	AACCG1233C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automobile Components
No. of Employees:	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. There appear some dip in turnover and profitability of the company. However, Net worth appears to be satisfactory. 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 – 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 :	Mr. Hemant Sanghavi
Designation :	Accounts Manager
Contact No.:	91-22-40378888
Date :	10.02.2012

LOCATIONS

Registered Office :	501, VIP Plaza, New Link Road, Opp. Fame Adlabs, Andheri (W), Mumbai – 400053, Maharashtra , India
Tel. No.:	91-22-40378888 / 26734439 / 67568900
Mobile No.:	91-9821130049 / 9821606439 [Mr. Mahesh Sharma (Managing Director) ]
Fax No.:	91-22-40378899 / 26734405 /67568999
E-Mail :	accounts@garimaglobal.com garimaglobal@vsnl.com company.affairs@gmail.com
Website :	http://www.garimaglobal.com
Area :	2500 Sq.ft.
Location :	Owned
Warehouse :	Located at Bhiwandi
Factory:	D Plot No- 3-4—6, AJI GIDC, N –Road, Rajkot- 360003, Gujarat, India

DIRECTORS

(As on 31.03.2011)

Name :

Mr. Mahesh Shivnandan Sharma

Designation :

Director

Address :

604/ 10, MHADA Complex, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra , India

Date of Birth/Age :

01.12.1953

Date of Appointment :

29.03.2004

DIN No:

00385886

Other Directorships :

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	U29120GJ2001PTC039542	GARIMA ENGINEER S PRIVATE LIMITED	Director	04-09-02	04-09-02	04-01-12	Active	NO
2	U51502MH2004PTC145372	GARIMA GLOBAL PRIVATE LIMITED	Director	29-03-04	29-03-04	-	Active	NO

Name :

Mrs. Uma Mahesh Sharma

Designation :

Director

Address :

604/ 10, MHADA Complex, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra , India

Date of Birth/Age :

01.07.1952

Date of Appointment :

29.03.2004

DIN No:

00386007

Other Directorships :

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	U29120GJ2001PTC039542	GARIMA ENGINEER S PRIVATE LIMITED	Director	04-09-02	04-09-02	04-01-12	Active	NO
2	U51502MH2004PTC145372	GARIMA GLOBAL PRIVATE LIMITED	Director	29-03-04	29-03-04	-	Active	NO

Name :

Mr. Dushyant Mahesh Sharma

Designation :

Director

Address :

604/ 10, MHADA Complex, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra , India

Date of Birth/Age :

08.12.1982

Date of Appointment :

17.11.2005

DIN No:

00386057

Other Directorships :

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	U51502MH2004PTC145372	GARIMA GLOBAL PRIVATE LIMITED	Director	17-11-05	17-11-05	-	Active	NO
2	U29120GJ2001PTC039542	GARIMA ENGINEER S PRIVATE LIMITED	Director	24-11-05	24-11-05	30-09-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2011)

Names of Shareholders	No. of Shares
Mr. Mahesh Shivnandan Sharma	378300
Mrs. Uma Mahesh Sharma	72800
Mr. Dushyant Mahesh Sharma	31800
Total	482900

(As on 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Automobile Components
Products :	· Automotive Engine Parts · Cylinder Line · Pistons · Piston Rings · Connecting Rods · Engine Valves · Engine Oil Pumps · Engine Water Pumps · Crankshafts · Camshafts · Synchronizer Rings · Tractor Parts · Air-Brake Compressor Parts, etc
Exports :
Products :	Automobile Components
Countries :	South Africa Poland
Terms :
Selling :	L/C , Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

80 (Approximately)

Bankers :

· Axis Bank , Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India

· Axis Bank

Royal Accord IV, 1^st Floor, Near Lokhandwala Circle, Andheri (West), Mumbai – 400053, Maharashtra, India

(Amount in Millions)

Facilities :

SECURED LOAN	31.03.2011	31.03.2010
EPC Credit Facility	8.240	3.787
PSC Credit Facility	3.951	4.003
Axis Bank Term Loan	3.767	--
Total	15.958	7.790
(Secured against Current Assets and Movable Fixed Assets of the Company. 501 VIP Plaza on the name of Director)
UNSECURED LOAN	31.03.2011	31.03.2010
Loans from Director
Mahesh Sharma	--	0.022
Garima Global Enterprises	12.280	11.780
Total	12.280	11.802

Banking Relations :	--
Auditors :
Name :	A.D. Mehta and Company Chartered Accountants
Address :	123, Hind Rajasthan Building, 1^st Floor, D.S. Phalke Road, Dadar (East), Mumbai – 400014, Maharashtra, India
PAN No.:	AACPM1505G
Associates/Subsidiaries :	· Garima Engineers Private Limited CIN No: U29120GJ2001PTC039542 · Garima Global Enterprises

CAPITAL STRUCTURE

(As on 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Share	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
482,900	Equity Share	Rs.10/- each	Rs.4.829 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		4.829	4.829	2.329
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.199	27.129	23.849
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.028	31.958	26.178
LOAN FUNDS
1] Secured Loans		15.958	7.790	4.062
2] Unsecured Loans		12.280	11.802	6.409
TOTAL BORROWING		28.238	19.592	10.471
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		61.266	51.550	36.649
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.960	45.990	35.219
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.842	0.139	0.374
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.403	11.144	9.866
	Sundry Debtors	21.375	21.636	21.110
	Cash & Bank Balances	0.231	1.566	1.124
	Other Current Assets	5.763	4.979	1.426
	Loans & Advances	7.502	3.431	5.627
Total Current Assets		50.274	42.756	39.153
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	23.728	21.147	14.857
	Other Current Liabilities	13.226	8.544	7.992
	Provisions	1.857	7.644	15.248
Total Current Liabilities		38.811	37.335	38.097
Net Current Assets		11.464	5.421	1.056
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61.266	51.550	36.649

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	120.598	160.057	168.140
		Other Income	21.126	5.151	9.164
		TOTAL (A)	141.724	165.208	177.304
Less	EXPENSES
		Direct and Trading Expenses	110.553	128.791	129.084
		Administration and selling expenses	19.303	20.597	23.791
		Staff remuneration and Benefits	4.290	5.228	8.919
		Preliminery expenses written off	0.000	0.000	0.024
		TOTAL (B)	134.146	154.616	161.818
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.578	10.592	15.486
Less	FINANCIAL EXPENSES (D)		2.490	1.864	2.480
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.088	8.728	13.006
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.707	4.099	3.208
	PROFIT BEFORE TAX (E-F) (G)		0.380	4.629	9.799
Less	TAX (H)		(0.762)	1.276	3.166
	PROFIT AFTER TAX (G-H) (I)		1.142	3.353	6.633
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.129	23.849	17.274
Less	APPROPRIATIONS
		Proposed Dividend	0.072	0.072	0.058
	BALANCE CARRIED TO THE B/S		28.199	27.129	23.849
	EARNINGS IN FOREIGN CURRENCY		105.324	147.793	NA
	TOTAL EARNINGS		105.324	147.793	NA
	IMPORTS		3.583	6.026	NA
	TOTAL IMPORTS		3.583	6.026	NA
	Earnings Per Share (Rs.)		0.76	14.40	28.48

Expected Sales (2011-2012) : Rs.150.000 millions

The above information has been parted by Mr. Hemant

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.81	2.03	3.74
Net Profit Margin (PBT/Sales)	(%)	0.32	2.89	5.83
Return on Total Assets (PBT/Total Assets}	(%)	0.38	5.22	13.18
Return on Investment (ROI) (PBT/Networth)		0.01	0.14	0.37
Debt Equity Ratio (Total Liability/Networth)		2.03	1.78	1.86
Current Ratio (Current Asset/Current Liability)		1.30	1.15	1.03

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last one year	Yes
Profitability for last three years	-
Reasons for variation <> 20%	Yes
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	No
Payment Terms	No
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	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Note:

The registered office address of the company has been shifted from 404, Rimson Industrial Estate, Off. New Link Road, Malad (W), Mumbai – 400064, Maharashtra, India to present w. e. f. 01.04.2006

PERFORMANCE

Considering the stiff completion in global market, the company has made a significant progress in the year under review. The Company's Export Sales is Rs.107.900 millions and total Sales is Rs.126.689 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U51502MH2004PTC145372
Name of the company	GARIMA GLOBAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	501,Vip Plaza,Off New Link Road, Opp. Fame Adlabs,Andheri(West), Mumbai-400053, Maharashtra, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10037416
Type of charge	· Immovable property · Book debts · Stocks of WIP · Raw Materials · Finished Goods · Semi Finished Goods
Particular of charge holder	Axis Bank Limited, Axis House, Gr. Floor, Pandurang Budhkar Marg, Bombay Dyeing Mills Compound, Worli, Mumbai- 400025, Maharashtra, India
Nature of instrument creating charge	Link Cum Supplementary Document dated 27th September 2011 Mortgage by deposit of Title Deeds dated 7th October 2011 Both modifying a single charge
Date of instrument Creating the charge	27.09.2011
Amount secured by the charge	Rs. 26.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash Credit-Base Rate(Br) + 4.75% P.A., Epc - Br + 2.75% P.A for Overdue Amounts - Br + 5.75% P.A, Psc - I) on Demand Bills - Br + 2.75% Ii) 90 Days Usance Bills - Br+2.75% Iii) Overdue Bills - Br +5.75% Terms of Repayment: Payable on demand with validity of one year. Facilities shall be reviewed annually or as stipulated in the sanction letter from time to time. Margin: Cc- Inventory -25% and Book Debts - 25% Epc - 25% or as stipulated in the sanction letter from time to time. Extent and Operation of the Charge: Primary security on hypothecation of stock and Book Debts both present and future Collateral security on Plot No. 346, Aji Industrial Estate, Gidc Aji, Opposite. Bavishi Weigh Bridge, Off. 80 Feet Road, Rajkot.
Description of the property charged indicating whether it is a charged on	Immovable properties
Short Particulars of the property charged	-Collateral Security on Plot No. 346, Aji Industrial Estate, Gidc Aji, Opp. Bavishi Weigh Bridge, Off. 80 Feet Road, Rajkot. -1st Charge on present and future stocks of raw materials, Finished goods, Work in Progress, Semi Finished goods, etc. lying at companies premises or elsewhere or in transit -1st charge on present and future Book Debts, O/S. monies, receivables, claims, bills, etc. Due & Owing to company in the course of business
Date of last modification prior to the present modification	06.07.2010
Particulars of the present modification	Increase in amt of charge from Rs. 22.000 millions to Rs. 26.000 millions and Collateral Security changed from 501, Vip Plaza, Off. New Link Road, Opp. Fame Adlabs, Andheri (West) Mumbai 400053 ,to Plot No. 346, Aji Industrial Estate, Gidc Aji, Opp. Bavishi Weigh Bridge, Off. 80 Feet Road, Rajkot.

FIXED ASSETS:

• Land and Building
• Plant and Machinery
• Electrical Installation
• Office Equipments
• Tools and Instruments
• Computer and Computer Software
• Motor Cars
• Cycle

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] 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.49.32
UK Pound	1	Rs.77.84
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.