MIRA INFORM REPORT

Report Date :

20.02.2012

IDENTIFICATION DETAILS

Name :	GHIYA EXTRUSIONS PRIVATE LIMITED (w.e.f. 07.12.2006)
Formerly Known As :	GHIYA EXTRUSIONS LIMITED
Registered Office :	B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump, Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.07.2006
Com. Reg. No.:	04-48752
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U25199GJ2006PTC048752
TAN No.: [Tax Deduction & Collection Account No.]	AHMG03138C/ AHMG00686A
PAN No.: [Permanent Account No.]	AACCG6247J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of EPE Linear and EPE Sheets.
No. of Employees :	100 (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 220000
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 terms 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. Nakul
Designation :	Director
Contact No.:	91-9825066530
Date :	17.02.2012

LOCATIONS

Registered Office :	B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump, Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-2764-281030
Mobile No.:	91-9825066530 (Mr. Nakul Ghiya)
Fax No.:	91-2764-281030
E-Mail :	sadurkal@yahoo.co.in accounts@ghiyaextrusions.com hiten_parikh@hotmail.com audit@smajnudar.com ndghiya@yahoo.co.in manish@giyaextrusions.com
Website :	http://www.ghiyaextrusions.com
Location :	Owned
Marketing Office/ Factory :	18-A Kamaldeep Industrial Estate, Village Khatraj Taluka Kalol, Gandhinagar-382721, Gujarat, India
Tel. No.:	91-2764-281030/ 281548
Fax No.:	91-2764-281030
Email :	marketing@giyaextrusions.com info@ghiyaextrusions.com
Representative :	Located at:- · Mumbai · Bangalore · Hyderabad · Kolkata · Delhi

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Nakul Deepak Ghiya
Designation :	Director
Address :	B – 63, Buena Vista Behind Jhanvi Restaurant, Near Radha Krishna Marg, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	25.08.1966
Qualification :	B.Com
Date of Appointment:	21.07.2006
DIN No.:	01181746
Name :	Mrs. Monali Nakul Ghiya
Designation :	Director
Address :	B – 63, Buena Vista Behind Jhanvi Restaurant, Near Radha Krishna Marg, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	29.09.1970
Qualification :	B.com
Date of Appointment:	21.07.2006
DIN No.:	01033371

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Nakul Ghiya	815000
Monali Ghiya	182500
Renuka Ghiya	500
Niketa Ghiya	500
Anil Shah	500
Bharti Shah	500
Darshan Shah	500
Total	1000000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of EPE Linear and EPE Sheets.

Products :

Products Description	Item Code No.
EPE Liners	39239090
EPE Sheet	39219099

Exports :

Products :

EPE Linear and EPE Sheets.

Countries :

· Dubai

· Thailand

Imports :

Products :

Raw Materials

Countries :

· Malaysia

· Korea

Terms :

Selling :

L/C

Purchasing :

L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
EPE Sheets	MT	NA	2400	2325.875
EPE Linear	Nos	NA	--	6471087200

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

100 (Approximately)

Bankers :

· Dena Bank,

Ashram Road Branch, 188-A, Ashram Road, Ahmedabad-380009, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term loan from Dena Bank [Term loan is secured by way of hypothecation of present and future plant and machineries and other movable assets of the company and equitable mortgage of factory land and building of the company and hypothecation of stocks, receivables and also collaterally secured by property belonging to a director of the company as well as secured by the personnel guarantee of Directors Mr. Nakul Ghiya and Mrs. Monali	7.022	2.810
Corporate loan from Dana Bank [Corporate Loan is secured by way of hypothecation of plant and machineries present and future and equitable mortgage of factory land and building, stocks, receivables and also collaterally secured by property belonging to a director and also secured by the personnel guarantee of Directors Mr. Nakul Ghiva and Mrs. Monali	--	1.529
Working Capital From Dena Bank [Working Capital facilities from Dena Bank is secured by Hypothecation of stock of Raw Materials, Semi-Finished Goods, Finished Goods, Stores Parts and company's present and future Book -debts and also collaterally secured by equitable mortgage of factory land and building of the company and also of plant and machineries and other movable assets of the company and collaterally secured by property belonging to a director as well as secured by personal guarantee of Director Mr. Nakul Ghiva and Mrs. Monali	37.739	23.295
Others Vehicles are secured against vehicles acquired under the hire purchase agreement.	0.713	0.564
Total	45.474	28.198
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Share Holders	1.405	1.405
From Directors	1.635	1.135
Intercorporate Loan	--	2.000
Total	3.040	4.540

Banking Relations :	--
Auditors :
Name :	Parikh and Majmudar Chartered Accountant
Address :	204-205-206, Harsh Avenue, Navjeevan Press Road, Opposite Old Gujarat High Court, Ahmedabad-380014, Gujarat, India
PAN No.:	AAAFB8921B

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.579	32.547	22.773
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		54.579	42.547	32.773
LOAN FUNDS
1] Secured Loans		45.474	28.198	40.356
2] Unsecured Loans		3.040	4.540	4.670
TOTAL BORROWING		48.514	32.738	45.026
DEFERRED TAX LIABILITIES		3.813	4.373	4.394
TOTAL		106.906	79.658	82.193
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.911	32.053	35.392
Capital work-in-progress		21.642	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.155	13.549	12.785
	Sundry Debtors	40.473	34.626	34.498
	Cash & Bank Balances	2.834	3.725	2.488
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.631	8.491	5.599
Total Current Assets		66.093	60.391	55.370
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	9.854	11.076	7.382
	Other Current Liabilities	0.486	0.510	0.699
	Provisions	1.400	1.200	0.488
Total Current Liabilities		11.740	12.786	8.569
Net Current Assets		54.353	47.605	46.801
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		106.906	79.658	82.193

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Gross Sales	246.715	201.368	175.647
		Other Income		1.270	1.536
		TOTAL (A)	246.715	202.638	177.183
Less	EXPENSES
		Increase/ (Decrease) in Stock		0.095	5.454
		Raw Materials Consumed		129.359	111.061
		Manufacturing Expenses		15.992	13.271
		Director Remuneration		3.643	3.393
		Employees Emoluments		7.544	5.086
		Administrative and Selling Expenses		21.174	20.896
		Loss on Sales of Assets		0.024	0.000
		TOTAL (B)	224.026	177.831	159.161
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	24.807	18.022
Less	FINANCIAL EXPENSES (D)			4.664	6.787
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.689	20.143	11.235
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.483	4.373	2.264
	PROFIT BEFORE TAX (E-F) (G)		18.206	15.770	8.971
Less	TAX (H)		6.174	5.995	2.916
	PROFIT AFTER TAX (G-H) (I)		12.032	9.775	6.055
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	17.073	11.018
	BALANCE CARRIED TO THE B/S		NA	26.848	17.073
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	72.140	42.620	24.296
	TOTAL EARNINGS		72.140	42.620	24.296
	IMPORTS
		Raw Materials	41.051	28.052	10.855
		Stores and Spares	0.058	0.023	0.005
	TOTAL IMPORTS		41.109	28.075	10.860
	Earnings Per Share (Rs.)		12.03	9.77	6.06

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.88	4.82	3.42
Net Profit Margin (PBT/Sales)	(%)	NA	7.83	5.11
Return on Total Assets (PBT/Total Assets}	(%)	18.77	17.06	9.88
Return on Investment (ROI) (PBT/Networth)		0.33	0.37	0.27
Debt Equity Ratio (Total Liability/Networth)		1.10	1.07	1.64
Current Ratio (Current Asset/Current Liability)		5.63	4.72	6.46

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Creditors for Goods	3.883	7.125	3.219
- Creditors for Expenses	5.602	3.951	4.163
- Creditors for Capital Expenses	0.369	0.000	0.000
Total	9.854	11.076	7.382

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution 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 for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	-----
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

REVIEW OF OPERATIONS:

Inspite of the recessionary trend and higher competition in the overall market, the company has achieved the Gross sales of Rs. 244.692 Millions.

The Company has also made an export of Rs. 73.886 Millions which shows that the Company's Product has been accepted even in the international market. However, a minor reduction has been observed in the Gross Profit Ratio of the Company i.e. from 22.96% in the last year to 22.08% in the current year.

However, in view of the requirement of funds for development and expansion of the company, the directors do not recommend any dividend for the year.

NATURE OF OPERATIONS:

Subject is a global provider of EPE capseals, and is focused on innovations and specialized in Sealing Solutions for pharrna and liquor industries. Its Administrative and Marketing office and manufacturing plant situated at 18/A, Kamaldeep Industrial Estate, Opposite Arvind Polycot Limited, Khatraj - 382721, Tal. Kalol, District. Gandhinagar.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25199GJ2006PTC048752
Name of the company	GHIYA EXTRUSIONS Private LIMITED
Address of the registered office or of the principal place of business in India of the company	B-123, Ishan III, Nr. Rivera Height, Opposite Reliance Petrol Pump, Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat, India audit@smajmudar.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10029276
Type of charge	Immovable Property
Particular of charge holder	Dena Bank Ashram Road Branch, 188-A, Ashram Road, Ahmedabad-380009, Gujarat, India ashram@denabank.co.in
Nature of instrument creating charge	Memorandum of extension relating to deposit of title deeds
Date of instrument Creating the charge	20.12.2011
Amount secured by the charge	Rs.149.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CCH (Stock cum Book Debts) : BASE Rate + 5.30% - 3% PCH : BASE Rate + 2.30% FBP/FBD : up to 6 months : BASE Rate + 2.30% beyond 6 months : BASE Rate + 8.30% Terms of repayment The term loan of Rs. 17.100 Millions shall be repaid within 60 equal monthly installment after an initial moratorium of 6 months after commencement of commercial production or July ,2012, whichever is earlier. Margin Stock ( paid stock) - 20% Book Debts Upto 90 Days- 20% 91-120 Days- 40% 121-180 Days- 50% beyond 180 Days- 100% PCH-10% FBP/FBD- 10% LC (DP)- 10% LC (DA)- 10%* * ( concession is subject to approval by ED) Extent and operation of the charge The charge operate in favour of bank for all the amounts under the facilities granted by the said bank with interest, credit costs and other charges and for the due repayment of the aforesaid financial facilities sanctioned by the bank to the company.
Short particulars of the property charged	Non Agricultural property bearing Sub - Plot No. 18/A having land admeasuring 1825.00 Sq. Yds. i.e. 1358.00 Sq. Meters with Construction Standing thereon of Block No. 65 in "Kamaldeep Industrial Estate, Situate lying and being at Village Khatraj, Taluka Kalol in the Registration District Gandhinagar and Sub - District of Kalol. Non Agricultural property bearing Sub - plot No. 18/B having land admeasuring 1678.89 Sq. Yds. i.e. 1403.75 Sq. Meters of Block No.65 in "Kamaldeep Industrial Estate, Situate lying and being at Village Khatraj, Taluka Kalol in the Registration District Gandhinagar and Sub - District of Kalol.
Particulars of the present modification	By the present modification the company has extended the charge on its immovable property to secure the facilities sanctioned by the bank aggregating to Rs.149.600 Millions by creating memorandum of extension relating to deposit of title deeds.

FIXED ASSETS:

· Land and Site Development

· Building

· Plant and Machineries

· Office Equipment

· Furniture and Fixtures

· Vehicles

· Motor 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	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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--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.