MIRA INFORM REPORT

Report Date :

10.01.2012

IDENTIFICATION DETAILS

Name :	GUJARAT INFRAPIPES PRIVATE LIMITED
Registered Office :	89, GIDC Industrial Estate, Por, Baroda – 391243, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.09.1991
Com. Reg. No.:	04-016275
Capital Investment / Paid-up Capital :	Rs.32.204 Millions
CIN No.: [Company Identification No.]	U27100GJ1991PTC016275
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00567A
PAN No.: [Permanent Account No.]	AABCG0795J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Pipe Fittings.
No. of Employees :	Not Available

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 1490000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. There appears huge dip in the profitability of the company. Networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES : Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office / Factory 1 :	89, GIDC Industrial Estate, Por, Baroda – 391243, Gujarat, India
Tel. No.:	91-265-2830338 / 2830568 / 643546
Fax No.:	91-265-2830610 / 654894
E-Mail :	jsm@gujaratinfra.com mail@gujaratinfra.com mail@gujaratinfra.com
Website :	http://www.gujaratinfra.com
Factory 2 :	Survey No. 53/A, Manglej, Nareshwar Road, Taluka Karjan, Baroda - 391240, Gujarat, India.
Factory 3:	34/37, GIDC, Por, Baroda - – 391243, Gujarat, India.
Liaison Office 1 :	25/29, Dr. Deshmukh Lane, 101 Gagangiri Tower, Mumbai - 400 004, Maharashtra, India
Tel. No.:	91- 22 - 6659 5787/ 5788
Fax No.:	91- 22 - 6659 5790
E-Mail :	dilip@gujaratinfra.com
Liaison Office 2 :	13/21, 303, 3^rd Panjrapole Lane, C.P. Tank Road, Mumbai - 400004, Maharashtra, India
Tel. No.:	91-22-22428886 / 66362033
Fax No.:	91-22-22425014
E-Mail :	giplbom@vsnl.com
Correspondence Address	D/62, Kabir Complex, Makarpura Road, Baroda, Gujarat, India.

DIRECTORS

As on 30.09.2011

Name :

Mr. Shantilal Daolatraj Mehta

Designation :

Managing Director

Address :

D/ 62, Kabir Complex, Makarpura Road, Vadodara – 390 009, Gujarat, India

Date of Birth/Age :

04.07.1954

Date of Appointment :

18.09.1991

DIN :

00234008

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	U27100GJ1991PTC016275	GUJARAT INFRAPIPES PRIVATE LIMITED	Managing director	18/09/1991	18/09/1991	Active	NO
2	U27100MH1993PTC072482	NITYANAND INDUSTRIES PRIVATE LIMITED	Director	21/09/1993	21/09/1993	Active	NO
3	U70109MH2010PTC202662	RATNAKAR INFRASTRUCTURE PRIVATE LIMITED	Director	1/5/2010	1/5/2010	Active	NO

Name :

Mrs. Vimala Shantilal Mehta

Designation :

Director

Address :

D/ 62, Kabir Complex, Makarpura Road, Vadodara – 390 009, Gujarat, India

Date of Birth/Age :

04.07.1955

Date of Appointment :

28.09.2000

DIN :

00234133

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	U27100MH1993PTC072482	NITYANAND INDUSTRIES PRIVATE LIMITED	Director	21/09/1993	21/09/1993	-	Active	NO
2	U51420MH1994PTC081571	METALLIUM IMPEX PRIVATE LIMITED	Director	29/09/1994	29/09/1994	30/07/2010	Active	NO
3	U27100GJ1991PTC016275	GUJARAT INFRAPIPES PRIVATE LIMITED	Director	28/09/2000	28/09/2000	-	Active	NO
4	U70109MH2010PTC202662	RATNAKAR INFRASTRUCTURE PRIVATE LIMITED	Director	1/5/2010	1/5/2010	-	Active	NO

Name :

Mr. Jitendra S. Mehta

Designation :

Director

Address :

D/ 62, Kabir Complex, Makarpura Road, Vadodara – 390 009, Gujarat, India

Date of Birth/Age :

03.10.1978

Date of Appointment :

01.10.2000

DIN :

00234417

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mehta Shantilal	669990
Mehta Jitendra	188500
Mehta Vimala	448850
Mehta Shilpa	28750
Macro soft Technology Private Limited, India	33000
Clifton Securities Private Limited, India	33000
Yash V Jewels Limited, India	180000
Hema Trading Company Private Limited, India	40000
Vanguard Jewels Limited, India	40000
Real Gold Trading Company Private Limited, India	40000
Lexus Infotech Limited, India	40000
Kush Hinustan Entertainment Limited, India	140000
Anchal Properties Private Limited, India	53000
Capetown Mercantile Company Private Limited, India	33000
Alka Diamond Industries Limited. India	40000
Javda India tmpex Limited, India	20000
Raghunand Reyons Limited, India	20000
Sanjivani Enviro Protection Limited, India	20000
Triangular Info come Limited, India	40000
Dilip Jain / Shilpa D Jain	250000
M/s Ansh Merchandise Private Limited, India	120000
Olive Overseas Private Limited, India	20000
Sumuk Commercial Private Limited, India	20000

As on 30.09.2011

Equity Share Break Up Category	Percentage
Bodies corporate	50.55
Directors or relatives of Directors	49.44
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Pipe Fittings.

Products :

Products Description	ITC Code No.
Pipes and Tubes	73072300 / 73079390

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Pipe Fittings	Nos.	NA	258000	95901
Scrap	M.T.	NA	-	2132.563
Note : As certified by the management and accepted by the auditors without verification being a technical matter.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Por, Vadodara – 391 243, Gujarat, India
• Kotak Mahindra Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Finance From Bank [secured against hypothecation of stock, debtors and equitable mortgage of factory land and building and plant and machinery and property and their personal guarantee and corporate guarantee of Nityanand Metal Private Limited]	183.027	136.328
Term Loan[Secured against equitable mortgage and hypothecation of plant and machinery and vehicle]
From Banks installment of due for the year 2010-2011 – Rs.9.505 millions and for the year 2011-2012 – Rs.16.962 millions	75.195	75.226
From Others	0.000	0.124
Total	258.222	211.678
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	9.356	8.970
From Members	0.354	0.320
	9.710	9.290

Banking Relations :	--
Auditors :
Name :	Shah and Bhandari Chartered Accountants
Address :	38/ 101, Gautam Nagar, Race Course, Vadodara – 390 007, Gujarat, India
PAN :	AANFS8293E

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,220,360	Equity Shares	Rs.10/- each	Rs.32.204 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		32.204	32.204	25.804
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		341.973	338.623	223.510
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		374.177	370.827	249.314
LOAN FUNDS
1] Secured Loans		258.222	211.678	65.224
2] Unsecured Loans		9.710	9.290	6.590
TOTAL BORROWING		267.932	220.968	71.814
DEFERRED TAX LIABILITIES		7.129	5.669	2.308
TOTAL		649.238	597.464	323.436
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		249.775	213.386	95.216
Capital work-in-progress		13.466	9.561	22.469
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	389.164	199.935	141.324
	Sundry Debtors	198.748	201.012	222.532
	Cash & Bank Balances	23.287	35.376	28.664
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.532	28.169	44.740
Total Current Assets		638.731	464.492	437.260
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	241.468	82.760	208.946
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	11.266	7.215	22.862
Total Current Liabilities		252.734	89.975	231.808
Net Current Assets		385.997	374.517	205.452
MISCELLANEOUS EXPENSES		0.000	0.000	0.299
TOTAL		649.238	597.464	323.436

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	772.853	760.349	786.591
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	739.462	702.821	732.345
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.391	57.528	54.246
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.640	18.292	10.975
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		6.751	39.236	43.271
Less	TAX (H)		3.402	13.723	11.173
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		3.349	25.513	32.098
	BALANCE CARRIED TO THE B/S		89.757	86.408	NA
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	2.336	19.901	102.384
		Sale of foreign currency	0.000	0.196	0.000
	TOTAL EARNINGS		2.336	20.097	102.384
	Earnings/[Loss] Per Share (Rs.)		1.04	-	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.43	3.35	4.08
Return on Total Assets (PBT/Total Assets}	(%)	0.76	5.79	8.13
Return on Investment (ROI) (PBT/Networth)		0.02	0.10	0.17
Debt Equity Ratio (Total Liability/Networth)		1.39	0.84	1.22
Current Ratio (Current Asset/Current Liability)		2.53	5.16	1.89

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from D/62, Kabir Complex, Makarpura Road, Vadodara, Gujarat, India. to the present address w.e.f. 25.02.2010

Contingent Liabilities : [As on 31.03.2011]

PARTICULARS	31.03.2011	31.03.2010
Letter of credit issued by the bank	-	28.938
Bank guarantee	157.184	105.470
Income tax matter under appeals	0.230	-
Central excise matter under appeal	2.572	2.572
Central excise matter under appeal	0.205	0.000

Bankers Charges Report as per Registry

Corporate identity number of the company	U27100GJ1991PTC016275
Name of the company	GUJARAT INFRAPIPES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	89, GIDC, Por, Baroda - 391243, Gujarat, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90104213
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Por, Vadodara – 391 243, Gujarat, India Email : por@bankofbaroda.com
Nature of instrument creating charge	Instrument relating to extension of Mortgage by constructive Deposit/Delivery of Title Deeds.
Date of instrument Creating the charge	27.07.2011
Amount secured by the charge	Rs.549.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – Term Loan II- 15.25% p.a. Term Loan III-11.75% p.a. Term Loan IV-11.75% p.a. Term Loan V- 11.75% p.a., LOC Cash Credit- 14.50% p.a. Terms of Repayment – Term Loan II- 60 Months subject to yearly review Term Loan III-60 Months Subject to Yearly Review Term Loan IV-60 Months Subject to Yearly Review Term Loan V- 60 Months Subject to Yearly Review Cash Credit- 12 Months Inland BP/BD-12 Months Bill Purchased/Discounted- 12 Months Inland/Foreign LOC- 12 Months Inland/Foreign Bank Guarantee- 12 Months Margin - Term Loan II- 30% on Factory building. 30.23% on Machinery & equipment Term Loan III-15% Term Loan IV-15% Term Loan V- 15% Cash Credit- 25% for R/M, 15% for book-debts PC- 10% on FOB value FBP/FBD- NIL Bill Purchased/Discounted- NIL Inland/Foreign LOC- 10% Cash Margin Bank Guarantee- 10% on all B.G., 100% on disputed excise duty, income tax dues etc. Extent and Operation of the charge - First Charge on Immovable Assets of the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable Property at Plot No. 89, GIDC bearing RS No. 682 and 683 at Por Ramangamdi, GIDC District Vadodara Immovable Property at Plot No. 34, GIDC bearing RS No. 981 at Por Ramangamdi, GIDC District Vadodara Lease Hold Land at Plot No. 93 at Por Ramangamdi, GIDC Dist. Vadodara, consisting RS No. 994/p and 993/p. Non. agri Immovable properties at block no. 53/A of Manglej, Tal. Karjan, District Vadodara Lease Hold Immovable Property at Shed No. 47 at Por Ramangamdi, GIDC District Vadodara consisting of RS No. 981 Non Agriculture Immovable property situated in Block 53/A, of Village Moglej Taluka Karjan District Vadodara.
Date of instrument modifying the charge	20.05.2010
Particulars of the present modification	The existing charge of Rs. 498.100 millions has been modified to cover additional finance facilities and increased to Rs. 549.000 millions. The break up of Rs. 549.000 millions is Term Loan II of Rs. 71.500 millions, Term Loan III of Rs. 0.400 millions, Term Loan IV of Rs. 0.400 millions, Term Loan of Rs. 0.700 millions, Cash Credit of Rs. 240.000 millions, Bill Discounting of Rs. 36.000 millions, Inland Guarantee of Rs. 200.000 millions

This form is for	Modification of charge
Charge identification number of the modified	90104898
Corporate identity number of the company	U27100GJ1991PTC016275
Name of the company	GUJARAT INFRAPIPES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D/ 62, Kabir Complex, Makarpura Road, Vadodara – 390 009, Gujarat, India
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Por, Vadodara – 391 243, Gujarat, India E-Mail: por@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Supplemental Composite Agreement of Hypothecation of Goods, Book Debts, Movable Machinery and Vehicles.
Date of instrument Creating the charge	26.03.2009
Amount secured by the charge	Rs.371.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan I: BPLR less 0.25% i.e. 12.25% p.a. at present. Term Loan II: BPLR less 0.25% i.e. 12.25% p.a. at present. Cash Credit: BPLR less 0.75% i.e. 11.75% p.a. at present plus 0.50% for limit under LOC. Terms of Repayment: Term Loan I: 66 months subject to yearly review. Term Loan II: 60 months subject to yearly review. Cash Credit: 12 months Inland BP/BD: 12 months Bills Discounting: 12 months Miscellaneous Bank Guarantee: 12 months Margin: Term Loan I: 25% Term Loan II: 30% on factory building and structures. 30.23% on plant and machinery and Miscellaneous assets. Inland BP/ BD: Nil Bills Discounting: Nil Miscellaneous Bank Guarantee: 10% in cash/ FDR Extent and Operation of the charge: First charge on movable properties and book debts of the company.
Short particulars of the property charged	Stocks of raw materials, stocks in process, finished goods, consumable spares and packing materials, all the book debts in respect of supplies made to various Government Departments or limited companies etc. including movable machinery and vehicles.
Date of latest modification prior to the present modification	07.09.2007

FIXED ASSETS:

• Leasehold Land
• Free Hold Land
• Factory Building
• Plant and Machinery
• Dies, Block, Pattern
• Electric Installation
• Furniture and Fixture
• Air Conditioner
• Testing Equipments
• Office Equipment
• Handling Equipments
• Vehicles
• Computer
• Capital Work in Progress

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.52.73
UK Pound	1	Rs.81.34
Euro	1	Rs.67.01

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	3
--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	NO
--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.