MIRA INFORM REPORT

Report Date :

03.01.2012

IDENTIFICATION DETAILS

Name :	GRAVS APPLIANCES PRIVATE LIMITED
Registered Office :	Gel Tower, Plot No. 16, Sector 20, Dwarka, New Delhi 110075
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.09.1981
Com. Reg. No.:	55-012368
Capital Investment / Paid-up Capital :	Rs. 3.914 Millions
CIN No.: [Company Identification No.]	U74899DL1981PTC012368
TAN No.: [Tax Deduction & Collection Account No.]	DELG06287B/ DELG06543F
PAN No.: [Permanent Account No.]	AABCG4664N
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Electrical Home Appliances like Mixer Grinders, Juice Mixer Grinders, Food Processors, Room Heatersm, Dry Irons, Electric Irons etc.
No. of Employees :	300 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 218272
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Deepak
Designation :	Office Executive
Contact No.:	91-11-47511383
Date :	27.12.2011

LOCATIONS

Registered Office :	Gel Tower, Plot No. 16, Sector 20, Dwarka, New Delhi 110075, India
Tel. No.:	91-11-47511383/ 27017525/ 25719320
Mobile No.:	91-9810399092 (Mr. Vimal Gupta)
Fax No.:	91-11-25719320
E-Mail :	madanh106@rediffmail.com gravs@gravsappliances.co.in
Web Site:	www.gravsappliances.co.in
Location :	Owned
Factory :	A-11, Mangalpuri Industrial Area, Phase-2, Delhi-110034, India
Area :	Owned
Factory 2 :	Plot No. 24, EPTP Phase-II, Thane Baddi, Himachal Pradesh, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Vimal Gupta
Designation :	Director
Address :	D-21, Pushpanjali Bijwasan, New Delhi, India
Date of Birth/Age :	19.07.1966
Date of Appointment :	28.11.1989
DIN No.:	00102237

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	U74899DL1981PTC012368	Gravs Appliances Private Limited	Director	28/11/1989	28/11/1989	-	Active	NO
2	U74120DL2006PTC146846	Sky Energy Private Limited	Director	27/02/2006	27/02/2006	13/10/2009	Active	NO

Name :	Mrs. Shipra Gupta
Designation :	Director
Address :	D-21, Pushpanjali Bijwasan, New Delhi, India
Date of Birth/Age :	15.07.1967
Date of Appointment :	31.03.2009
DIN No.:	00102185

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	U29299DL1984PTC019311	Global Sales Private Limited	Director	01/09/1994	01/09/1994	-	Active	NO
2	U74120DL2006PTC146846	Sky Energy Private Limited	Director	27/02/2006	27/02/2006	13/10/2009	Active	NO
3	U74899DL1981PTC012368	Gravs Appliances Private Limited	Additional director	31/03/2009	31/03/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
G.M. Gupta and Sons (HUF)	2000
G. M. Gupta	11000
Vimal Gupta	26050
Shiprs Gupta	90
Total	39140

EQUITY SHARE BREAKUP (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 :	Manufacturer and Exporter of Electrical Home Appliances like Mixer Grinders, Juice Mixer Grinders, Food Processors, Room Heatersm, Dry Irons, Electric Irons etc.
Products :	Mixer Grinders Juice Mixer Grinders Foor Processors Room Heaters Dry Irons Electric Irons
Exports :
Products :	Electrical Home Appliances
Countries :	Kenya Mauritius USA
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

· End Users

· Retailer

· Wholesaler

· Bajaj

· Morrphy Richards

· Crompton Greaves

No. of Employees :

300 Approximately

Bankers :

• Dena Bank, Gopala Tower, Rajendra Place Branch, Delhi-110008, India
• Axis Bank Limited
• IDBI Bank Limited
• State Bank of India
• Yes Bank Limited
• Bank of Bahrain and Kuwait
• State Bank of Bikaner and Jaipur Bank

Facilities :

Rs. in Millions

SECURED LOANS	31.03.2011	31.03.2010
From Dena Bank (Secured against Fixed Deposit with the Bank)	0.898	0.000
From Axis Bank (Secured against Fixed Deposit with the bank)	0.000	0.000
From Dena Bank (Secured against bills, guarantee of Three directors, Hypothecation of Movables/ Fixes Assets, Plant and Machinery and Equitable mortgage of Factory at Baddi- H.P)	1.705	0.000
From IDBI Bank	0.000	0.000
From State Bank of India	0.00	7.996
From Yes Bank Limited	0.000	14.875
From Bank of Bahrain and Kuwait	0.000	0.000
From State Bank of Bikaner and Jaipur Bank (Against bills accepted by Bajaj Electricals Limited)	0.000	0.000
Loan From Tata Capital Limited	0.919	1.260
TOTAL	3.522	24.131
UNSECURED LOANS	31.03.2011	31.03.2010
Loan from Axis Bank against Bills Discounting	15.658	0.000
From State Bank of India against Bill Discounting	29.799	7.996
Loan from Mr. Vimal Gupta	3.000	0.000
TOTAL	48.457	7.996

Banking Relations :	--
Auditors :
Name :	H L Madan and Company Chartered Accountant
Address :	A-3/76, Sector -3, Rohini, Delhi-110085, India
Tel. No.:	91-11-27516281
Memberships :	Federation of Import Export Organization

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs. 100/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39140	Equity Shares	Rs. 100/- each	Rs. 3.914 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		3.914	3.914	3.914
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50.654	48.579	36.244
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		54.568	52.493	40.158
LOAN FUNDS
1] Secured Loans		3.522	16.135	46.699
2] Unsecured Loans		48.457	7.996	0.000
TOTAL BORROWING		51.979	24.131	46.699
DEFERRED TAX LIABILITIES		0.179	0.243	0.281
TOTAL		106.726	76.867	87.138
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		58.119	32.526	29.176
Capital work-in-progress		0.000	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	23.383	19.744	17.117
	Sundry Debtors	62.633	32.835	58.094
	Cash & Bank Balances	10.215	30.203	27.678
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.036	1.865	3.417
Total Current Assets		100.267	84.647	106.306
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.263	33.001	42.078
	Other Current Liabilities	6.697	5.605	4.766
	Provisions	1.700	1.700	1.500
Total Current Liabilities		51.660	40.306	48.344
Net Current Assets		48.607	44.341	57.962
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		106.726	76.867	87.138

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	213.813	219.403	195.082
		Other Income	0.592	3.286	4.268
		TOTAL	214.405	222.689	199.350
Less	EXPENSES
		Office Expenses
		Administrative Expenses	206.235	202.255	184.152
		Advertising Expenses
		TOTAL	206.235	202.255	184.152
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.170	20.434	15.198
Less/ Add	DEPRECIATION/ AMORTISATION		4.435	4.261	2.532
	PROFIT BEFORE TAX		3.735	16.173	12.666
Less	TAX		1.700	1.700	1.500
	PROFIT AFTER TAX		2.035	14.473	11.166
	Earnings Per Share (Rs.)		--	369.78	--

Expected Sales (2011-2012) : Rs. 300.000 Millions

The above information has been parted by Mr. Deepak

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.94	6.50	5.60
Net Profit Margin (PBT/Sales)	(%)	1.74	7.37	6.49
Return on Total Assets (PBT/Total Assets}	(%)	2.35	13.80	9.35
Return on Investment (ROI) (PBT/Networth)		0.06	0.31	0.32
Debt Equity Ratio (Total Liability/Networth)		1.90	1.23	2.37
Current Ratio (Current Asset/Current Liability)		1.94	2.10	2.20

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Registered office of the company has been shifted from 110 Padma Tower, II 22 Rajender Place, New Delhi-110008, India to the present address w.e.f. 30.12.2010.

TRADE REFERENCES:

· Bajaj Electricals Limited

· Merphy Richards India

PERFORMANCE:

During the year the Turnover was Rs. 213.813 Millions and Profit before Depreciation and Taxes was Rs. 8.170 Millions as against Rs. 219.468 Millions and Rs. 20.433 Millions respectively during the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90055430
Corporate identity number of the company	U74899DL1981PTC012368
Name of the company	GRAVS APPLIANCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	110 Padma Tower, II 22 Rajender Place, New Delhi-110008, India
Type of charge	Book Debts Movable Property Others
Particular of charge holder	Dena Bank, Gopala Tower, Rajendra Place Branch, Delhi-110008, India
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation (Goods, Book Debts and Other Movable Assets to Secure multiple facilities)
Date of instrument Creating the charge	19.06.2009
Amount secured by the charge	Rs. 25.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR – 1.00% Terms of Repayment On demand Margin 10% Extent and Operation of the charge Extent and Operation of the charge has been increased from Rs. 15.000 Millions to Rs. 25.000 Millions Others Other Term as per agreement.
Short particulars of the property charged	Not Applicable
Date of latest modification prior to the present modification	13.06.2006
Particulars of the present modification	Total Limit / Facilities Enhanced from Rs. 15.000 Millions to Rs. 25.000 Millions Rate of Interest is BPLR- 1% Margin is 10%

Fixed Assets:

· Factory Building

· Mozanine Floor Construction

· Land

· Machinery

· Fabricated Machinery

· Lift

· Conveyor

· Fabricated Storage Rack and Tables

· Airconditioner

· Tools, Dies and Moulds

· Testing and Measuring Equipments

· Electrical Installation

· Generator

· Transformers

· Fire Extinguishers Equipments

· Furniture and Fixtures

· Cycle

· Mobile Phone

· Car

· Computer

· UPS

· Stabilizer

· Exhaust Fan

· Fan and Cooler

· Coffee Machine

· Invertor

· Refrigeration

· Office Equipments

· EPBX System

· Typewriter

· Motor Cycle

· Scooter

· Water Cooler

· Weighing Scale

· Office Construction

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	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
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	--
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	--

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.53.30
UK Pound	1	Rs.82.66
Euro	1	Rs.68.91

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--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.