MIRA INFORM REPORT

Report Date :

04.01.2012

IDENTIFICATION DETAILS

Name :	GARWARE ELASTOMERICS LIMITED
Formerly Known As :	RSDV KNITTERS PRIVATE LIMITED
Registered Office :	Plot No. 11, Block D-1, MIDC, Chinchwad, Pune – 411 019, Maharashtra, India.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.10.1975
Com. Reg. No.:	11-18620
Capital Investment / Paid-up Capital :	Rs.65.848 millions
CIN No.: [Company Identification No.]	U17113MH1975PLC018620
TAN No.: [Tax Deduction & Collection Account No.]	PNEB02887D
PAN No.: [Permanent Account No.]	AABCG0362P
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Heat Resistance Rubber Elastic Tapes.
No. of Employees :	135 (Approximately) (In Office 35 and In Factory 100)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 870000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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

Name :	Ms. Sheetal
Designation :	Account Department
Contact No.:	91-20-30548333
Date :	03.01.2012

LOCATIONS

Registered Office :	Plot No. 11, Block D-1, MIDC, Chinchwad, Pune – 411 019, Maharashtra, India, India
Tel. No.:	91-20-27473931 / 27473932 / 30548333 / 444 / 555 / 30538888
Fax No.:	91-20-27473645 / 66024140
E-Mail :	gelpune@vsnl.com s.raykar@gelindia.com info@gelindia.com shreechandra.raykar@gelindia.com
Website :	http://www.gelindia.com
Location :	Owned
Corporate Office 1 :	4^th Floor, Amar Avinash Corporate Plaza, Plot No.D-2, Bund Gardan Road, Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-56056071
Fax No.:	91-20-56024140 / 56024240
Corporate Office 2 :	Chowpatty Chambers, ground Floor, Sandhurst Brige, Mumbai – 400 007, Maharashtra, India
Factory :	Plot No. C-2, MIDC, Wai District Satara – 4128 03, Maharashtra, India
Tel. No.:	91-2167-265107 / 8
Fax No.:	91-2167-265106
E-Mail :	gelpune@vsnl.com
Distributors and Agents	Located at : · Argentina · Austria · Bangladesh · Canada · Chile · Mauritius · Morocco · Singapore · South Africa · Sri Lanka · Thailand · Tunisia · UK · USA

DIRECTORS

As on 30.09.2011

Name :	Mr. Ramesh B. Garware
Designation :	Director
Address :	Garware Farm, NDA Road, Khadakwasala, Pune – 411 023, Maharashtra, India
Date of Birth/Age :	14.10.1940
Date of Appointment :	25.10.1975
DIN No.:	00104888

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	U15203MH1974PTC017888	Consolidated Agricultural and Dairy Farming Company Private Limited	Director	02-11-74	02-11-74	-	Active	NO
2	U65993PN1974PTC017349	Ceebeegee Investment Company Private Limited	Director	02-11-74	02-11-74	-	Active	NO
3	U67120MH1975PTC018256	Rsdv Investments Private Limited	Director	29-03-75	29-03-75	-	Active	NO
4	U17113MH1975PLC018620	Garware Elastomerics Limited	Director	25-10-75	25-10-75	-	Active	NO
5	U65993MH1978PTC020857	Rsdv Finance Company Private Limited	Director	19-12-78	19-12-78	-	Active	NO
6	U65993MH1981PTC025840	Manmit Investments and Trading Company Private Limited	Director	05-04-84	05-04-84	-	Active	NO
7	U65993MH1981PTC025845	Moonshine Investments and Trading Company Private Limited	Director	05-04-84	05-04-84	-	Active	NO
8	U65993MH1981PTC025839	Starshine Investments and Trading Company Private Limited	Director	05-04-84	05-04-84	-	Active	NO
9	U65993MH1981PTC025842	Sanand Investments and Trading Company Private Limited	Director	05-04-84	05-04-84	-	Active	NO
10	U65995MH1981PTC025841	Sukukar Holdings and Trading Company Private Limited	Director	05-04-84	05-04-84	-	Active	NO
11	L25209MH1976PLC018939	Garware Wall Ropes Limited	Director	01-11-11	25-09-89	07-11-11	Active	NO
12	U73100PN1984PTC033693	Garware Research Institute	Director	27-08-91	27-08-91	-	Active	NO
13	U73100PN1984PTC033694	Vimlabai Garware Research Institute	Director	27-08-91	27-08-91	-	Active	NO
14	U51909MH1985PTC035770	Suramex Exim Private Limited	Director	10-07-93	10-07-93	-	Active	NO
15	U67120MH1994PLC076949	Garware Securities Broking Limited	Director	07-03-94	07-03-94	-	Active	NO
16	U24130MH1994PLC142451	Garware Bestretch Limited	Managing director	01-02-10	12-10-94	06-11-11	Active	NO
17	U65910PN1994PLC083094	Garware Indus Consulting Limited	Director	21-11-94	21-11-94	-	Active	NO
18	U25209MH1996PLC103544	Garware Utzon Cordage Limited	Director	28-10-96	28-10-96	-	Active	NO
19	U18109PN2005PLC021056	Gartex Industries Limited	Director	26-09-09	22-07-05	-	Active	NO
20	U74900PN2007PTC130686	Garware Environmental Services Private Limited	Director	11-09-07	11-09-07	-	Active	NO
21	U45203PN2007PTC130687	Garware Infrastructure Private Limited	Director	11-09-07	11-09-07	-	Active	NO
22	U50100PN2008PLC131409	Garware Motors Limited	Director	11-08-10	12-02-08	-	Active	NO
23	U74999MH1960PLC011653	Garware Capital Markets Limited	Director	25-09-10	01-04-10	-	Active	NO
24	U18109PN2010PTC137642	Garware Apparel Private Limited	Director	03-09-11	29-10-10	-	Active	NO

Name :	Mr. Shripad M. Kuvelkar
Designation :	Director
Address :	111-B, Paradise Apartments, 44, Nepean Sea Road, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	15.02.1935
Date of Appointment :	25.10.1975
DIN No.:	00060810

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	U45200MH1973PTC016236	Tulsiani Builders and Textiles Private Limited	Director	10-01-73	10-01-73	-	Active	NO
2	U17113MH1975PLC018620	Garware Elastomerics Limited	Director	25-10-75	25-10-75	-	Active	NO
3	L25209MH1976PLC018939	Garware Wall Ropes Limited	Director	29-06-77	29-06-77	-	Active	NO
4	U74999MH1960PLC011653	Garware Capital Markets Limited	Director	29-06-77	29-06-77	-	Active	NO
5	U73100PN1984PTC033693	Garware Research Institute	Director	28-12-87	28-12-87	-	Active	NO
6	U73100PN1984PTC033694	Vimlabai Garware Research Institute	Director	28-12-87	28-12-87	-	Active	NO
7	U91110MH1981NPL024836	B D Garware Research Centre	Director	28-12-87	28-12-87	-	Active	NO
8	U67120MH1975PTC018256	Rsdv Investments Private Limited	Director	02-06-90	02-06-90	-	Active	NO
9	U65993MH1978PTC020857	Rsdv Finance Company Private Limited	Director	06-12-93	06-12-93	-	Active	NO
10	U15203MH1974PTC017888	Consolidated Agricultural And Dairy Farming Company Private Limited	Director	06-12-93	06-12-93	-	Active	NO
11	U65993MH1981PTC025840	Manmit Investments And Trading Company Private Limited	Director	06-12-93	06-12-93	-	Active	NO
12	U65993MH1981PTC025845	Moonshine Investments and Trading Company Private Limited	Director	06-12-93	06-12-93	-	Active	NO
13	U65993MH1981PTC025839	Starshine Investments And Trading Company Private Limited	Director	06-12-93	06-12-93	-	Active	NO
14	U65993MH1981PTC025842	Sanand Investments And Trading Company Private Limited	Director	06-12-93	06-12-93	-	Active	NO
15	U65995MH1981PTC025841	Sukukar Holdings and Trading Company Private Limited	Director	06-12-93	06-12-93	-	Active	NO
16	U65993PN1974PTC017349	Ceebeegee Investment Company Private Limited	Director	06-12-93	06-12-93	-	Active	NO
17	U51909MH1985PTC035770	Suramex Exim Private Limited	Director	16-12-93	16-12-93	-	Active	NO
18	U67120MH1994PLC076949	Garware Securities Broking Limited	Director	07-03-94	07-03-94	-	Active	NO
19	U24130MH1994PLC142451	Garware Bestretch Limited	Director	12-10-94	12-10-94	-	Active	NO
20	U65910PN1994PLC083094	Garware Indus Consulting Limited	Director	21-11-94	21-11-94	-	Active	NO
21	U51490MH1967PTC013718	Chandumal Sons Private Limited	Director	12-04-96	12-04-96	-	Active	NO
22	U17110MH1993PTC072939	Amline Textiles Private Limited	Director	16-07-96	16-07-96	-	Active	NO
23	U25209MH1996PLC103544	Garware Utzon Cordage Limited	Director	28-10-96	28-10-96	-	Active	NO
24	L35911GA1980PLC000400	Automobile Corporation Of Goa Limited	Director	30-10-03	30-10-03	07-08-10	Active	NO
25	U18109PN2005PLC021056	Gartex Industries Limited	Director	22-07-05	22-07-05	-	Active	NO
26	U74900PN2007PTC130686	Garware Environmental Services Private Limited	Director	03-03-09	12-07-08	18-11-10	Active	NO

Name :	Ms. Ganesh P. Jategaonkar
Designation :	Director
Address :	Blossom Apartments, 3^rd Floor, Plot No. 11, Gulmohar Park, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	17.08.1934
Date of Appointment :	26.06.1997
DIN No.:	00006891

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	U17113MH1975PLC018620	Garware Elastomerics Limited	Director	26-06-97	26-06-97	Active	NO
2	U74140PN2003PTC017727	Innovative Synthetic Cordage Private Limited	Director	09-06-04	09-06-04	Active	NO
3	U65993MH1981PTC025844	Intermedia Interactive Solutions Private Limited	Director	18-03-05	18-03-05	Active	NO

Name :	Ms. Diya Garware Ibanez
Designation :	Director
Address :	Ramesh Garware Farm, NDA Road, Khadakwasla, P O Box No.3, Pune – 411 023, Maharashtra, India
Date of Birth/Age :	25.09.1970
Date of Appointment :	30.05.2003
DIN No.:	00415841

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	U67120MH1975PTC018256	RSDV Investments Private Limited	Director	01-04-91	01-04-91	-	Active	NO
2	U65993PN1974PTC017349	Ceebeegee Investment Company Private Limited	Director	01-04-91	01-04-91	-	Active	NO
3	U51909MH1985PTC035770	Suramex Exim Private Limited	Director	10-07-93	10-07-93	-	Active	NO
4	U73100PN1984PTC033693	Garware Research Institute	Director	07-12-99	07-12-99	-	Active	NO
5	U73100PN1984PTC033694	Vimlabai Garware Research Institute	Director	07-12-99	07-12-99	-	Active	NO
6	U65993MH1978PTC020857	Rsdv Finance Company Private Limited	Director	15-04-00	15-04-00	-	Active	NO
7	U15203MH1974PTC017888	Consolidated Agricultural and Dairy Farming Company Private Limited	Director	15-04-00	15-04-00	-	Active	NO
8	U65993MH1981PTC025840	Manmit Investments And Trading Company Private Limited	Director	15-04-00	15-04-00	-	Active	NO
9	U65993MH1981PTC025845	Moonshine Investments and Trading Company Private Limited	Director	15-04-00	15-04-00	-	Active	NO
10	U65993MH1981PTC025839	Starshine Investments And Trading Company Private Limited	Director	15-04-00	15-04-00	-	Active	NO
11	U65993MH1981PTC025842	Sanand Investments and Trading Company Private Limited	Director	15-04-00	15-04-00	-	Active	NO
12	U65995MH1981PTC025841	Sukukar Holdings and Trading Company Private Limited	Director	15-04-00	15-04-00	-	Active	NO
13	U67120MH1994PLC076949	Garware Securities Broking Limited	Director	03-08-00	03-08-00	-	Active	NO
14	U17113MH1975PLC018620	Garware Elastomerics Limited	Director	30-05-03	30-05-03	-	Active	NO
15	U18101PN2004PTC019265	Invention Textiles Private Limited	Director	14-05-04	14-05-04	06-09-09	Active	NO
16	U24130MH1994PLC142451	Garware Bestretch Limited	Whole-time director	27-06-07	04-10-04	-	Active	NO
17	U18109PN2005PLC021056	Gartex Industries Limited	Director	26-09-09	05-09-05	-	Active	NO
18	L25209MH1976PLC018939	Garware Wall Ropes Limited	Director	27-09-08	25-01-08	-	Active	NO
19	U50100PN2008PLC131409	Garware Motors Limited	Director	28-09-10	26-09-09	-	Active	NO
20	U18109PN2010PTC137642	Garware Apparel Private Limited	Director	03-09-11	29-10-10	-	Active	NO

Name :	Mr. Vayu R Garware
Designation :	Director
Address :	Garware Farm, NDA Road, Khadakwasla, Pune – 411 023, Maharashtra, India
Date of Birth/Age :	18.02.1972
Date of Appointment :	25.01.2008
DIN No.:	00092201

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	U67120MH1975PTC018256	RSDV Investments Private Limited	Director	01-04-91	01-04-91	Active	NO
2	U65993PN1974PTC017349	Ceebeegee Investment Company Private Limited	Director	01-04-91	01-04-91	Active	NO
3	U51909MH1985PTC035770	Suramex Exim Private Limited	Director	10-07-93	10-07-93	Active	NO
4	L25209MH1976PLC018939	Garware Wall Ropes Limited	Managing director	07-11-11	01-12-95	Active	NO
5	U65993MH1978PTC020857	Rsdv Finance Company Private Limited	Director	30-09-98	30-09-98	Active	NO
6	U15203MH1974PTC017888	Consolidated Agricultural And Dairy Farming Company Private Limited	Director	30-09-98	30-09-98	Active	NO
7	U65993MH1981PTC025840	Manmit Investments and Trading Company Private Limited	Director	30-09-98	30-09-98	Active	NO
8	U65993MH1981PTC025845	Moonshine Investments and Trading Company Private Limited	Director	30-09-98	30-09-98	Active	NO
9	U65993MH1981PTC025839	Starshine Investments And Trdg Company Private Limited	Director	30-09-98	30-09-98	Active	NO
10	U65993MH1981PTC025842	Sanand Investments and Trading Company Private Limited	Director	30-09-98	30-09-98	Active	NO
11	U65995MH1981PTC025841	Sukukar Holdings and Trdg. Company Private Limited	Director	30-09-98	30-09-98	Active	NO
12	U73100PN1984PTC033693	Garware Research Institute	Director	07-12-99	07-12-99	Active	NO
13	U73100PN1984PTC033694	Vimlabai Garware Research Institute	Director	07-12-99	07-12-99	Active	NO
14	U65910PN1994PLC083094	Garware Indus Consulting Limited	Director	07-06-00	07-06-00	Active	NO
15	U67120MH1994PLC076949	Garware Securities Broking Limited	Director	03-08-00	03-08-00	Active	NO
16	U74900PN2007PTC130686	Garware Environmental Services Private Limited	Director	11-09-07	11-09-07	Active	NO
17	U45203PN2007PTC130687	Garware Infrastructure Private Limited	Director	11-09-07	11-09-07	Active	NO
18	U17113MH1975PLC018620	Garware Elastomerics Limited	Director	15-07-08	25-01-08	Active	NO
19	U24130MH1994PLC142451	Garware Bestretch Limited	Director	15-07-08	25-01-08	Active	NO
20	U18109PN2011PTC141536	Garware Meditech Private Limited	Director	02-12-11	02-12-11	Active	NO

Name :	Mr. Sudhir Rajaram Pitre
Designation :	Whole Time Director
Address :	S. No. 48/18 Floor, 305 Building Nirbld Nircon Oakwood, Pune – 411 041, Maharashtra, India
Date of Birth/Age :	20.10.1952
Date of Appointment :	01.05.2011
DIN No.:	00015560

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	U60232PN2005PLC020856	Single Point Distribution Limited	Director	10-06-05	10-06-05	Active	NO
2	U18101PN2004PTC019265	Invention Textiles Private Limited	Director	26-09-09	05-09-09	Active	NO
3	U17113MH1975PLC018620	Garware Elastomerics Limited	Whole-time director	01-11-11	01-05-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Shreechandra P. Raykar
Designation :	Secretary
Address :	Shreesha, Plot 12 ,S. No. 11, Green Park Bunglow ,SCHM, Anand Nagar, Pune – 411 051, Maharashtra, India
Date of Birth/Age :	01.05.1954
Date of Appointment :	16.11.2004
PAN No.:	ACVPR4087P
Name :	Ms. Sheetal
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
RSDV Investments Private Limited, India	1410000
Suramex EXIM Private Limited, India	26168
RSDV Finance Company Private Limited, India	287000
CEE BEE GEE Investment Company Private Limited, India	240000
Garware Bestretch Limited, India	1478300
Diya Garware Ibanez	350000
Intermedia Interactive Solutions Private Limited, India	1471801
Ramesh B Garware	385531
Ramesh B Garware HUF	256000
Total	5904800

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	83.20
Directors or relatives of directors	16.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Heat Resistance Rubber Elastic Tapes.

Products :

· Heat resistant

· Tension tapes

· Sheets and threads

· Pneumatic

· Electronic Gauges

· Gauging Fixtures and Accessories

Product description	ITC Code
Heat Resistant Rubber Products	4008.21

Exports :

Products :

Finished Goods

Countries :

USA

Imports:

Products:

Raw Material

Countries:

· Thailand

· Japan

· Korea

Terms:

Selling:

L/C, Cash and Credit

Purchase:

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity #	Actual Production
Heat Resistant Rubber Products	MT	7400	5899
sssTiles, Rubber, Paring and Scrap	MT	--	24

# Installed capacities are as certified by the Directors and relied upon by the auditors.

GENERAL INFORMATION

Customers :	· End Users · OEM’s
No. of Employees :	135 (Approximately) (In Office 35 and In Factory 100)
Bankers :	· Bank of India, Pune Corpoarte Banking Branch, LIC Building, 6/7, Shivajinagar, Pune – 411 005, Maharashtra, India · Bank of India, Corporate Banking Branch, University Road, Pune – 411 005, Maharashtra, India · Bank of Baroda, Branch Near RTO Pune Station, Pune – 411 005, Maharashtra, India · Axis Bank Limited, Branch Dhika Zimkhana, Pune – 411 005, Maharashtra, India

Banking Relations :	--
Auditors :	Gokhale, Tanksale and Ghatpande Chartered Accountants
Address:	101, R K Classic, Opposite Aashish Garden, New D P Road, Kothrud, Pune – 411 038, Maharashtra, India
Tel. No.:	91-20-25383004
Mobile No.:	91-20-25380074
E-Mail :	suneel@pnz.vsnl.net.in
PAN No.:	AACFG4275H
Companies / other organisations under the control of directors or their relatives where transactions are entered into and / or outstanding balance exists as at the Balance sheet date:	· Garware-Wall Ropes Limited · Garware Bestretch Limited · Gartex Industries Limited
Companies / other organisations under the control of directors or their relatives where no transactions are entered into and / or no outstanding balance exists as at the Balance sheet date:	· Garware Capital Markets Limited · Single Point Distribution Limited · Garware Motors Limited · Elastomer Inc USA · Garware Environmental Services Private Limited · Garware-Indus Consulting Limited · Garware Utzon Cordage Limited · Garware Securities Broking Limited · Ceebeegee Investments and Trading Company Private Limited · Consolidated Agriculture and Dairy Farming Company Private Limited · RSDV Investment Company Private Limited · RSDV Finance Company Private Limited · Gurukrupa investment and Trading Company Private Limited · Moonshine Investment and Trading Company Private Limited · Starshine Investment and Trading Company Private Limited · Sanand Investment Company Private Limited · Sukukar holdings and Trading Company Private Limited · Manmit Investment Company Private Limited · Suramex Exim Private Limited · Garware Research Institute · Vimlabai Garware Research Institute · Ramesh Trading Company · Sunita Trading Company · Diya Trading Company · Vayu Trading Company · Ram Corporation

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/-each	Rs.90.000 Millions
1000000	Unclassified Shares	Rs.10/-each	Rs.10.000 Millions
	Total		Rs.100.000 Millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
5904800	Equity Shares	Rs.10/-each	Rs.59.048 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/-each	Rs.90.000 Millions
1000000	Unclassified Shares	Rs.10/-each	Rs.10.000 Millions
	Total		Rs.100.000 Millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
6584800	Equity Shares	Rs.10/-each	Rs.65.848 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		65.848	65.848	65.848
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		151.444	136.702	127.360
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		217.292	202.550	193.208
LOAN FUNDS
1] Secured Loans		0.000	0.000	(1.242)
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	(1.242)
DEFERRED TAX LIABILITIES		7.673	8.010	7.898
TOTAL		224.965	210.560	199.864
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		82.478	70.653	72.752
Capital work-in-progress		0.000	0.331	0.000
INVESTMENT		16.386	16.386	16.386
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	279.514	144.853	127.775
	Sundry Debtors	0.000	8.622	0.689
	Cash & Bank Balances	0.570	14.347	4.017
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	60.972	31.195	34.785
Total Current Assets		341.056	199.017	167.266
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	175.078	39.788	17.513
	Other Current Liabilities	11.908	10.318	12.349
	Provisions	27.969	25.721	26.678
Total Current Liabilities		214.955	75.827	56.540
Net Current Assets		126.101	123.190	110.726
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		224.965	210.560	199.864

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	785.872	472.660	596.995
		Other Income	4.489	4.168	8.194
		TOTAL	790.361	476.828	605.189
Less	EXPENSES
		Consumption materials changes inventories	697.896	404.183	573.084
		Manufacturing service costs	30.858	22.883
		Employee related expenses	12.864	11.196
		Administrative selling other expenses	13.561	9.876
		Prior Period Items	0.084	0.000
		TOTAL	755.263	448.138	573.084
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		35.098	28.690	32.105
Less	INTEREST FINANCIAL CHARGES		0.179	0.153	1.425
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		34.919	28.537	30.680
Less/ Add	DEPRECIATION/ AMORTISATION		6.833	6.576	6.572
	PROFIT BEFORE TAX		28.086	21.961	24.108
Less	TAX		8.197	6.842	8.386
	PROFIT AFTER TAX		19.889	15.119	15.722
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		123.862	114.521	104.679
Add	PRIOR PERIOD TO ADJUSTMENT		0.000	0.000	(0.103)
Less	APPROPRIATIONS
		Proposed Dividend	5.147	5.778	4.938
		Tax on Dividend			0.839
	BALANCE CARRIED TO THE B/S		138.604	123.862	114.521
	IMPORTS
		Raw Materials	744.115	368.537	430.252
	TOTAL IMPORTS		744.115	368.537	430.252
	Earnings Per Share (Rs.)		3.03	2.30	2.37

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.52	3.17	2.60
Net Profit Margin (PBT/Sales)	(%)	3.57	4.65	4.04
Return on Total Assets (PBT/Total Assets}	(%)	6.63	8.14	10.04
Return on Investment (ROI) (PBT/Networth)		0.13	0.11	0.12
Debt Equity Ratio (Total Liability/Networth)		0.99	0.37	0.29
Current Ratio (Current Asset/Current Liability)		1.59	2.62	2.96

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Creditors due small micro enterprises	0.000	0.000	0.000
Creditors due others	175.078	39.788	17.513
Total	175.078	39.788	17.513

Sr. No.	Check List by Info Agents
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	NO
13.	Reasons for variations <> 20%	NO
14.	Estimation for coming financial year	NO
15.	Capital in the business	YES
16.	Details of sister concerns	NO
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	NO
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, is available	--

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	As on 31.03.2011 Rs. in millions
Letters of Credit	14.647

FORM 8

Name of the company	GARWARE ELASTROMERICS LIMITED
Presented By	GARWARE ELASTROMERICS LIMITED
1) Date and description of instrument creating the change	Agreement of Hypothecation of Plant. Machinery, Stocks and Bad Debts dated 9th June, 2003 - Annexure I
2) Amount secured by the charge/amount owing on the securities of charge	USD 1 million equivalent to Rs. 49.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	a.)All tangible movable machineries and plant, both present Plant and Machinery and future whether installed or not and whether lying loose or in cases at site or in transit a short particulars of which are disclosed. b.)All tangible movable properties and assets of whatsoever nature (other than movable and uninstalled machines) of the Borrower (both present and future) and including all Stock of raw material c) All the present and future book-debts, outstanding. money Book debts, money receivables, claims, bills which are due and owing or which may at any time hereafter during the continuance of this security become due and owing to in the course of this business by any persons, firm, company or body corporate or by the Central Government or any State Government, or any Government Department or office or any municipal or local or public or semi - governmental body or authority or anybody corporate or undertaking or project whatsoever:.
4) Gist of the terms and conditions and extent and operation of the charge.	a.) To the intent that the security and charge hereby created shall be a security by way of first charge on pari passu basis. b) Interest payable at the rate of 250 BPS over SIX monthly LIBOR. The rate is subject to change from time to time. c) 8 quarterly installments of RS.6.200 Millions each commencing from 9 months after disbursement d) The security shall be the continuing security.
5) Name and Address and description of the person entitled to the charge.	Bank of India Corporate Banking Branch, 1162/6, University Road, Shivaji nagar, Pune 411005, Maharashtra , India
6) Date and brief description of instrument modifying the charge	On 17th October, 2003 by a Joint Mortgage by deposit of title deeds. No Instrument was executed.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	No Instrument executed. On 17^th October, 2003 , aforesaid loan further secured, by way of Joint Mortgage by deposit of title deeds created by the Company in favour of Bank of India in respect of Company's lands and other immovable property situate at Plot No C-2 Wai Industrial Area within the village limits of Wai Taluka and Registration Sub District Satara with Bank of India acting for itself with an intent to create security by way of First Charge in favour of the Bank of India on the said lands and building and structures thereon, fixed plant and machinery. Permanently fastened to the earth or fastened to anything attached to earth.

FIXED ASSETS

· Land

· Building / Premises

· Plant and Machinery

· Furniture and Fixtures

· 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.53.23
UK Pound	1	Rs.82.87
Euro	1	Rs.69.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	NO
--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		50

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.