MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	GOLDCOIN FOAM PRIVATE LIMITED
Registered Office :	S.No.79, National Highway 8B, Village: Shapar, Taluka: Kotda Sangani, District Rajkot – 360 003, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.05.2004
Com. Reg. No.:	04-044087
Capital Investment / Paid-up Capital :	Rs.5.000 millions
CIN No.: [Company Identification No.]	U51909GJ2004PTC044087
PAN No.: [Permanent Account No.]	AACCG1435A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Expanded Polyethylene Foams, EPE Foam Tube EPE Back up Rods and Air Bubbles.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 206000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Yogesh
Designation :	Accounts Manager
Contact No.:	91-2827-253434
Date :	16.02.2012

LOCATIONS

Registered Office/ Factory :	S.No.79, National Highway 8B, Village: Shapar, Taluka: Kotda Sangani, District Rajkot – 360 003, Gujarat, India
Tel. No.:	91-2827-253434
Mobile No.:	91-9924124724 (Mr. Ashwinbhai Goganbhai Pansuriya)
Fax No.:	91-2827-253988
E-Mail :	goldcoin_rajkot@rediffmail.com ptilala@rpcnco.com info@goldcoinfoam.com sales@goldcoinfoam.com rpc.efiling@gmail.com goldcoin_rajkot@rediffmail.com
Website :	http://www.goldcoinfoam.com
Area :	13000 sq. m.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashwinbhai Goganbhai Pansuriya

Designation :

Director

Address :

“Ganga”, 5 – Sardarnagar, Co-operative Housing Society, Mavdi Plot, Rajkot, Gujarat, India

Date of Birth/Age :

20.01.1974

Qualification :

HSC

Date of Appointment :

05.05.2004

DIN No.:

00447914

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	U51909GJ2004PTC044087	Goldcoin Foam Private Limited	Director	05-05-04	05-05-04	-	Active	NO
2	U26999GJ2011PTC064338	Thermalon Metalroof Private Limited	Director	01-05-11	01-05-11	09-06-11	Active	NO

Name :

Mr. Rameshbhai Bhikhubhai Tilara

Designation :

Director

Address :

Block No.4, Avadh Residence, Behind Alap Royal, Bapa Sitaram Chowk, Mavdi, Rajkot, Gujarat, India

Date of Birth/Age :

06.05.1971

Date of Appointment :

01.04.2011

DIN No.:

03487489

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	U51909GJ2004PTC044087	Goldcoin Foam Private Limited	Director	01-04-11	01-04-11	Active	NO
2	U25202GJ2011PTC065481	Goldcoin Multipack Private Limited	Director	18-05-11	18-05-11	Active	NO

Name :

Mr. Maheshbhai Goganbhai Pansuriya

Designation :

Director

Address :

Near Gram Panchayat, Village Shapar, Taluka Kotda Sangani, District Rajkot, Gujarat, India

Date of Birth/Age :

23.09.1976

Date of Appointment :

01.04.2011

DIN No.:

01846131

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	U27310GJ2006PTC048307	Metflow Cast Private Limited	Director	10-10-06	10-10-06	31-03-11	Active	NO
2	U51909GJ2004PTC044087	Goldcoin Foam Private Limited	Director	01-04-11	01-04-11	-	Active	NO
3	U25202GJ2011PTC065481	Goldcoin Multipack Private Limited	Director	18-05-11	18-05-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ashwinbhai Goganbhai Pansuria	29000
Batukbhai Ranchhodbhai Pansuria	3200
Champaben Kesubhai Bodar	17300
Dhirubhai Tapubhai Tilara	200
Goganbhai Vaghabhai Pansuria	9000
Induben Ashwinbhai Pansuria	9000
Jasmatbhai KarsanbhaiRamani	21000
Jayshriben Kishorebhai Tilara	11000
Jaysukhbhai Kurjibhai Tilara	40000
Keshubhai Haribhai Bodar	13000
Komalben Maheshbhai Pansuria	19000
Lilavantiben Manojbhai Tilara	9000
Limbabhai Bhurabhai Tilara	1000
Mahendrabhai Damjibhai Vadodaria	3100
Maheshbhai Goganbhai Pansuria	25500
Manishaben Jaysukhbhai Tilara	13000
Manojbhai Limbabhai Tilara	38000
Mavjibhai Punjabhai Gadhia	100
Rameshbhai Bhikhubhai Tilara	8500
Rameshbhai Virjibhai Tilara	42000
Talshibhai Punjabhai Gadhia	2100
Kishorbhai Kurjibhai Tilara	30000
Shamjibhai Gandubhai Tilara	100
Hansaben Rameshbhai Tilara	22500
Bhikhubhai Govindbhai Tilara	2100
Maheshbhai Bhikhubhai Tilara	1000
Labhuben G. Pansuriya	5000
Chetanbhai B. Ajudiya	28100
Dineshbhai J. Bhesaniya	100
Mohanbhai R. Boghara	10400
Ushaben D. Bhesaniya	100
Damjibhai N Kakadiya	100
Kurjibhai B Tilara	5000
Sumitaben R. Tilara	3000
Shilpaben B. Tilara	3000
Bhavesh Bhikhubhai Tilara	3000
Ashwinbhai Goganbhai Pansuria-HUF	15000
Maheshbhai Goganbhai Pansuria-HUF	15000
Kiranben M. Tilara	3000
Rameshbhai Virjibhai Tilara-HUF	17500
Adiyta M. Pansuriya	4000
Anilbhai B. Pansuriya	3000
Henil A. Pansuriya	3000
Henisha M. Pansuriya	3000
Keyurbhai A. Pansuriya	3000
Manishaben Jentilal Pansuriya	2000
Priyankaben M. Tilara	2000
Rimaben K. Tilara	2000
Total	500000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Expanded Polyethylene Foams, EPE Foam Tube EPE Back up Rods and Air Bubbles.
Products :	v EPE Foam Rolls v EPE Foam Sheets v EPE Back-up Rod v EPE Insulation Tube v Air Bubble Film
Exports :
Products :	v EPE Foam Rolls v EPE Foam Sheets v EPE Back-up Rod v EPE Insulation Tube v Air Bubble Film
Countries :	Middle East
Imports :
Products :	Raw Material
Countries :	v Korea v China v UAE
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

v Bharat Oil

Customers :

Wholesalers and Retailers

v Akshay Enterprises

No. of Employees :

80 (Approximately)

Bankers :

v Bank of India, Main Branch, Para Bazar, Rajkot – 360 001, Gujarat, India

v HDFC Bank, Yagnik Road

v Axis Bank

Facilities :

Cash Credit – Rs.80.000 millions (Bank of India)

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan:
Bank of India Term Loan - 0032	21.205	0.000
Bank of India Term Loan - 26	31.803	36.751
HDFC Bank - Corrola Car Loan	0.391	0.715
Kotak Mahindra Prime Limited - Honda City Car Loan	0.424	0.676
Working Capital Facility:
Bank of India C.C. A/c. - 3118	47.065	36.991
Total	100.888	75.133

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Shareholders, Directors and Director's Relative	27.873	13.509
From Others	0.000	0.000
Total	27.873	13.509

Banking Relations :	--
Auditors :
Name :	R.P.C. and Company Chartered Accountants
Address :	203-204, Race Course Plaza, Near Excise Custom Building, Race Course Ring Road, Rajkot – 360 001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAJFR1869F
Associates/Subsidiaries :	Galaxy Gorge Address: Survey No26, Behind Soham Dhana Industry, Village Shapar, Rajkot, Gujarat, India (Bearing Ring Forging) Metflow Cast Private Limited Address: Survey No.79, N.H. 8-B, Village Shapar, Rajkot, Gujarat, India (Alloy Steel Casting) Soham Dhana Industries

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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		5.000	5.000	2.705
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		46.435	33.662	13.503
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		51.435	38.662	16.208
LOAN FUNDS
1] Secured Loans		100.888	75.133	23.835
2] Unsecured Loans		27.873	13.509	12.345
TOTAL BORROWING		128.761	88.642	36.180
DEFERRED TAX LIABILITIES		4.248	2.464	0.376
TOTAL		184.444	129.768	52.764
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		117.103	79.203	19.396
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.930	25.276	9.347
	Sundry Debtors	40.089	41.636	29.014
	Cash & Bank Balances	2.239	1.963	1.048
	Other Current Assets	11.969	7.853	4.467
	Loans & Advances	11.477	9.931	4.376
Total Current Assets		103.704	86.659	48.252
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.346	30.254	5.489
	Other Current Liabilities	0.301	0.174	0.167
	Provisions	10.716	5.666	9.228
Total Current Liabilities		36.363	36.094	14.884
Net Current Assets		67.341	50.565	33.368
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		184.444	129.768	52.764

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	267.424	176.534	144.766
	Other Income
	TOTAL (A)	267.424	176.534	144.766
EXPENSES
	Office Expenses	220.585	149.970	125.605
	Administrative Expenses
	Advertising Expenses
	TOTAL (B)	220.585	149.970	125.605
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.839	26.564	19.161
INTEREST (D)		15.058	7.214	6.624
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.780	19.350	12.537
DEPRECIATION/ AMORTISATION (F)		12.442	3.408	2.487
PROFIT BEFORE TAX (E-F) (G)		19.337	15.942	10.050
TAX (H)		6.317	4.963	3.179
PROFIT AFTER TAX (G-H) (I)		13.020	10.979	6.871
EARNINGS IN FOREIGN CURRENCY
	Exports at FOB Value	2.803	0.247	0.000
TOTAL EARNINGS		2.803	0.247	0.000
Earnings Per Share (Rs.)		26.04	21.96	25.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.87	6.22	4.75
Return on Total Assets (PBT/Total Assets}	(%)	8.76	9.61	14.86
Return on Investment (ROI) (PBT/Networth)		0.38	0.41	0.62
Debt Equity Ratio (Total Liability/Networth)		3.21	3.23	3.15
Current Ratio (Current Asset/Current Liability)		2.85	2.40	3.24

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- For Goods Supplied	21.472	22.566	0.276
- For Capital Expenditure	3.223	3.808	1.357
- For Expenditures	0.651	3.880	3.856
Total	25.346	30.254	5.489

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Note:

The registered office of the company has been shifted from S.No.26, Behind Sohan Dhana Industries, Shapar Road, Shapar, Taluka Kotda Sangani, District Rajkot – 360 002, Gujarat to the present address w.e.f. 05.04.2005.

FORM 8:

Corporate identity number of the company

U51909GJ2004PTC044087

Name of the company

GOLDCOIN FOAM PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

S.No.79, National Highway 8B, Village: Shapar, Taluka: Kotda Sangani, District Rajkot – 360 003, Gujarat, India

E-Mail: ptilala@rpcnco.com

This form is for

Modification of charge

Charge identification number of the modified

80007279

Type of charge

Immovable Property

Particular of charge holder

Bank of India, Main Branch, Para Bazar, Rajkot – 360 001, Gujarat, India

E-Mail: boirjt_ad1@sancharnet.in

Nature of description of the instrument creating or modifying the charge

Memorandum of entry cum supplemental memorandum of deposit of title deeds (Dated 12.01.2010)

Date of instrument Creating the charge

12.01.2010

Amount secured by the charge

Rs.99.500 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

0.75% below BPLR presently 11.25% p.a. with monthly rests.

Terms of Repayment:

Term Loan of Rs.39.500 millions - 60 EMI of Rs.0.847 million each commencing from June, 2010 (interest during moratorium period to be serviced as and when applied)

working capital facility of Rs.60.000 millions - on demand

Margin:

As per bank rules/policies/guidance/directives

Extent and Operation of the charge:

Till the repayment of below mentioned bank liability aggregating to Rs.99.500 millions:

	Amount (Rs. in millions)
Fund Based:
Term Loan	39.500
Working Capital Limit	60.000
Non-Fund Based:
L/C. I/F DA-DP 90 days (within FB W.C. Limit)	(100.00)
One time LC. DP-DA 90 days for import of machinery (within FB W.C. Limit)	(280.00)

Short particulars of the property charged

Land admeasuring 8709.50 Sq. Yds. = 7282.85 Sq. Mtrs. of Plot No.2 of Rev. Survey No.79 of Village Shapar, Taluka Kotda Sangani, District Rajkot with construction thereon

Land adm. 1160.05 Sq. Mtrs. of Plot No.1 and 2916.00 Sq. Mtrs. of Plot No.3 (total 4076.05 Sq. Mtrs.) of R.S.No.79 paiki of Village Shapar, Tal. Kotdasangani, District Rajkot with construction thereon

Land admeasuring 3581.40 sq. mtrs. of Survey No.79 paiki of Village Shapar, Taluka Kotdasangani, District Rajkot with construction (present/future) thereon

Particulars of the present modification

Modification in Charge Amount from Rs.45.000 millions to Rs.99.500 millions, due to

1.Increase in W.C. Limit from Rs.40.000 millions to Rs.60.000 millions

2.Sanction of New TL of Rs.39.500 millions

3. Decrease in Old TL from Rs.5.000 millions to Nil due to repayment.

Addition of New Assets details given below, over and above existing properties Land adm. 3581.40 sq. mtrs. of S.No.79 paiki of Village Shapar, Taluka Kotdasangani, District Rajkot with construction

(present/future) thereon

TRADE REFERENCES:

v Akshay Enterprises

v Bharat Oil

FIXED ASSETS:

v Land

v Factory Building

v Plant and Machinery

v Electrification

v Furniture

v Office Equipments

v Computer System

v 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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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		43

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.