MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Name :	AMIANTIT FIBERGLASS INDUSTRIES INDIA PRIVATE LIMITED (w.e.f. 05.03.2004)
Formerly Known As :	AMITECH PIPE SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	Salgaocar Centre, 3^rd Floor, Rua De Ourem, Panaji – 403 001, Goa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.02.2003
Com. Reg. No.:	24-003186
Capital Investment / Paid-up Capital :	Rs.250.000 Millions
CIN No.: [Company Identification No.]	U25191GA2003PTC003186
IEC No.:	1703000340
TAN No.: [Tax Deduction & Collection Account No.]	BLRA04555F
PAN No.: [Permanent Account No.]	AAECA2324A
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of production and sale of Glass Re-inforced Polyester (GRP) Products.
No. of Employees :	290 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1657000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred losses in the current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

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

INFORMATION DECLINED BY

Name :	Mr. Samir Naik
Designation :	Accounts Department
Contact No.:	91-832-6619999
Date :	18.01.2012

LOCATIONS

Registered Office :	Salgaocar Centre, 3^rd Floor, Rua De Ourem, Panaji – 403 001, Goa, India
Tel. No.:	91-832-2228612 / 6619999
Fax No.:	91-832-2224324 / 6619900
E-Mail :	amiantit@amiantit.in sec@vmsalgaocar.com shyam.kumar@amiantit-india.com mayadias@amitechpipes.com vijayh@pyramid.com info@amiantit-india.com ayesha.pinto@amiantit.com hgshenoy@vmsalgaocar.com
Website :	http://www.amiantit.com
Area :	Rented
Factory 1 :	Maina Road, Village Navelim, Taluka Bicholim – 403 505, Goa, India
Tel. No.:	91-832-6619999
Fax No.:	91-832-6619900
E-Mail :	ayesha.pinto@amiantit.com
Area :	Leased
Factory 2 :	Plot No. 626, GIDC Industrial Estate, P.O. Manjusar, Savli, Vadodara – 391 775, Gujarat, India
E-Mail :	ayesha.pinto@amiantit.com
Area :	Leased

DIRECTORS

As on 30.09.2011

Name :

Dr. Solaiman Abdul Aziz Altwaijri

Designation :

Chairman

Address :

1^st Industrial Area, P.O. Box No.589, Damam, 31421, Saudi Arabia

Date of Birth/Age :

26.10.1965

Date of Appointment :

24.05.2008

DIN No.:

02235572

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	U25191GA2003PTC003186	Amiantit Fiberglass Industries India Private Limited	Director	26-09-08	24-05-08	Active	NO

Name :

Mr. Bhaskaran Srikumar

Designation :

Managing Director

Address :

1/203, Mahihu Town, Sohna Road, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

13.04.1960

Date of Appointment :

06.07.2009

DIN No.:

00306918

Name :

Mr. Shivanand Vassudev Salgaocar

Designation :

Director

Address :

Hira Vihar, House No.278, Airport Road, Chicalim, Mormugao – 403 711, South Goa, Goa, India

Date of Birth/Age :

24.07.1954

Date of Appointment :

11.02.2003

DIN No.:

00001402

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	U35111GA1965PTC000048	V.M. Salgaocar and Brother Private Limited	Managing director	29-07-78	29-07-78	-	Active	NO
2	U24111GA1966PTC000064	Salgaocar Industrial Gases Private Limited	Director	13-10-78	13-10-78	-	Active	NO
3	L35911GA1980PLC000400	Automobile Corporation of Goa Limited	Director	24-07-85	24-07-85	-	Active	NO
4	U65993GA1981PTC000433	Dudhsagar Investments Private Limited	Director	28-11-88	28-11-88	-	Active	NO
5	U70101GA1990PTC001031	Mahadhan Real Estates Private Limited	Director	06-03-90	06-03-90	-	Active	NO
6	U11201GA1982PTC000515	Goa Minerals Private Limited	Director	16-04-90	16-04-90	-	Active	NO
7	U74210GA1983PTC000524	Rockmetal Engineers Private Limited	Director	16-04-90	16-04-90	-	Active	NO
8	U24222GA1981PTC000468	Shinzawa Chemicals Private Limited	Director	16-04-90	16-04-90	-	Active	NO
9	U70101GA1988PTC000816	Salgaocar Real Estates and Properties Private Limited	Director	16-04-90	16-04-90	-	Active	NO
10	U65910GA1991PTC001124	Salgaocar Leasing and Credit Company Private Limited	Director	11-04-91	11-04-91	-	Active	NO
11	U45201GA1991PTC001126	Salgaocar Construction Company Private Limited	Director	19-04-91	19-04-91	-	Active	NO
12	U65993GA1992PTC001223	Windermere Investments Private Limited	Director	09-04-92	09-04-92	-	Active	NO
13	U65993GA1992PTC001222	Sharvani Investments Private Limited	Director	09-04-92	09-04-92	-	Active	NO
14	U65993GA1992PTC001224	Costa Rica Investments Private Limited	Director	09-04-92	09-04-92	-	Active	NO
15	U70101GA1992PTC001238	New Island Real Estate And Construction Private Limited	Director	28-05-92	28-05-92	-	Active	NO
16	U65993GA1992PTC001239	Bhoominandan Investments Private Limited	Director	28-05-92	28-05-92	-	Active	NO
17	U35111GA1990PTC001068	Salgaocar Marine Private Limited	Director	29-06-92	29-06-92	-	Active	NO
18	U29256GA1992PTC001269	Salgaocar Industrial Projects Private Limited	Director	19-08-92	19-08-92	-	Active	NO
19	U65923GA1993PTC001416	Pyramid Finance Private Limited	Director	24-08-93	24-08-93	-	Active	NO
20	U67120GA1993PTC001485	Katyayani Investments Private Limited	Director	13-12-93	13-12-93	-	Active	NO
21	U70101GA1993PTC001484	Vassudev Real Estate Private Limited	Director	13-12-93	13-12-93	-	Active	NO
22	U45201GA1994PTC001510	Pyramid Developers Private Limited	Director	19-01-94	19-01-94	-	Active	NO
23	U65944MH1993PTC072891	Calama Leasing and Finance Private Limited	Director	06-05-94	06-05-94	-	Active	NO
24	U70101GA1994PTC001650	Green Hills Developers and Builders Private Limited	Director	31-08-94	31-08-94	-	Active	NO
25	U70200GA1995PTC001801	Greenback Real Estate Private Limited	Director	16-03-95	16-03-95	-	Active	NO
26	U27101GA1995PTC001823	Pyramid Metallics Private Limited	Director	04-04-95	04-04-95	-	Active	NO
27	U70101GA1995PTC001993	Richmond Real Estate Private Limited	Director	20-12-95	20-12-95	-	Active	NO
28	U65921GA1994PTC001597	Great Lake Finance and Leasing Private Limited	Director	16-03-99	16-03-99	-	Active	NO
29	U65993GA1994PTC001604	Angira Finance and Leasing Private Limited.	Director	16-03-99	16-03-99	-	Active	NO
30	U65993GA1994PTC001616	Vasuki Finance and Leasing Private Limited	Director	16-03-99	16-03-99	-	Active	NO
31	U65993GA1994PTC001624	Saroyan Finance and Leasing Private Limited	Director	16-03-99	16-03-99	-	Active	NO
32	U65921GA1994PTC001602	Carlysle Finance and Leasing Private Limited	Director	16-03-99	16-03-99	-	Active	NO
33	U70101GA1990PTC001032	Dhareshwar Real Estates Private Limited	Director	16-03-99	16-03-99	-	Active	NO
34	U35111GA1993PTC001358	Amona Shipyard Private Limited	Director	16-03-99	16-03-99	-	Active	NO
35	U63040GA1999PTC002759	Aero Mundial Private Limited	Director	04-11-99	04-11-99	-	Active	NO
36	U70101GA1999PTC002761	Ganaraj Real Estates Private Limited	Director	09-11-99	09-11-99	-	Active	NO
37	U70101GA1999PTC002760	Ganapal Real Estates Private Limited	Director	09-11-99	09-11-99	-	Active	NO
38	U70101GA1999PTC002764	Medini Real Estates Private Limited	Director	15-11-99	15-11-99	-	Active	NO
39	U70101GA1999PTC002767	Revati Real Estates Private Limited	Director	15-11-99	15-11-99	-	Active	NO
40	U70101GA1999PTC002766	Dhanistha Real Estates Private Limited	Director	15-11-99	15-11-99	-	Active	NO
41	U70101GA1999PTC002769	Vega Real Estates Private Limited	Director	15-11-99	15-11-99	-	Active	NO
42	U70101GA1999PTC002765	Uttara Real Estates Private Limited	Director	15-11-99	15-11-99	-	Active	NO
43	U70101GA1999PTC002768	Sandstone Real Estates Private Limited	Director	15-11-99	15-11-99	-	Active	NO
44	U70101GA1999PTC002780	Srinidhi Real Estates Private Limited	Director	13-12-99	13-12-99	-	Active	NO
45	U72200GA2001PTC002937	Pyramid Softech Private Limited	Director	18-01-01	18-01-01	-	Active	NO
46	U65993GA1992PTC001305	Shivranjani Securities Company Private Limited	Director	14-05-01	14-05-01	-	Active	NO
47	U27108GA1992PTC001259	Salgaocar Iron and Steel Company Private Limited	Director	17-05-02	17-05-02	-	Active	NO
48	U25191GA2003PTC003186	Amiantit Fiberglass Industries India Private Limited	Director	11-02-03	11-02-03	-	Active	NO
49	U31200GA1976PTC000286	Salgaocar Investments Private Limited	Director	25-03-03	25-03-03	-	Active	NO
50	U61200GA2003PTC003250	Goa Maritime Private Limited	Director	10-07-03	10-07-03	06-12-10	Active	NO
51	U23109GA2004PTC003506	Vipulam Coke Company Private Limited	Director	27-05-04	27-05-04	-	Active	NO
52	U13100KA2004PTC035223	Tumkur Minerals Private Limited	Director	13-12-04	13-12-04	-	Active	NO
53	L26593MH1950PLC008163	Grindwell Norton Limited	Director	06-03-06	06-03-06	-	Active	NO
54	U70100MH2005PTC154620	Safalta Properties Private Limited	Director	30-08-06	30-08-06	-	Active	NO
55	U14297OR2007PTC009104	Pradhan Steel and Power Private Limited	Director	03-01-07	03-01-07	-	Active	NO
56	U80301GA2006NPL004389	Gurukul Knowledge Foundation	Director	29-09-08	05-12-07	-	Active	NO
57	U70101GA2008PTC005573	Chitrabhanu Real Estate Private Limited	Director	07-02-08	07-02-08	-	Active	NO
58	U01403GA2008PTC005574	Ravivilas Plantations Private Limited	Director	07-02-08	07-02-08	-	Active	NO
59	U70101GA2008PTC005575	Adishakti Real Estate Private Limited	Director	07-02-08	07-02-08	-	Active	NO
60	U70101GA2008PTC005576	Devi Sharvani Real Estate Private Limited	Director	07-02-08	07-02-08	-	Active	NO
61	U70101GA2008PTC005577	Vidyavilas Plantations Private Limited	Director	07-02-08	07-02-08	-	Active	NO
62	U70101GA2008PTC005578	Nandan Real Estate Private Limited	Director	07-02-08	07-02-08	-	Active	NO
63	U70101GA2008PTC005579	Shantadurga Real Estate Private Limited	Director	07-02-08	07-02-08	-	Active	NO
64	U70101GA2008PTC005580	Vardhaman Real Estate Private Limited	Director	07-02-08	07-02-08	-	Active	NO
65	U01100GA2008PTC005581	Devivilas Plantations Private Limited	Director	07-02-08	07-02-08	-	Active	NO
66	U70101GA2008PTC005583	Sridevi Real Estate Private Limited	Director	08-02-08	08-02-08	-	Active	NO
67	U01111GA2008PTC005584	Laxmivilas Plantations Private Limited	Director	08-02-08	08-02-08	-	Active	NO
68	U70200GA2008PTC005645	Varada Real Estate Private Limited	Director	07-03-08	07-03-08	-	Active	NO
69	U70200GA2008PTC005646	Ganadish Real Estate Private Limited	Director	07-03-08	07-03-08	-	Active	NO
70	U70200GA2008PTC005647	Sudhanva Real Estate Private Limited	Director	08-03-08	08-03-08	-	Active	NO
71	U70200GA2008PTC005648	Ganadev Real Estate Private Limited	Director	08-03-08	08-03-08	-	Active	NO
72	U01403GA2008PTC005654	Nandini Plantations Private Limited	Director	08-03-08	08-03-08	-	Active	NO
73	U01403GA2008PTC005655	Sumedha Plantations Private Limited	Director	08-03-08	08-03-08	-	Active	NO
74	U01403GA2008PTC005661	Atul Plantations Private Limited	Director	17-03-08	17-03-08	-	Active	NO
75	U70200GA2008PTC005664	Achintya Real Estate Private Limited	Director	18-03-08	18-03-08	-	Active	NO
76	U70200GA2008PTC005665	Shatananda Real Estate Private Limited	Director	18-03-08	18-03-08	-	Active	NO
77	U92410GA2008PTC005904	Salgaocar Sports Club Private Limited	Director	20-09-08	20-09-08	01-04-11	Active	NO
78	U55101GA2009PTC006089	Vmsalgaocar Hotels and Resorts Private Limited	Director	21-05-09	21-05-09	-	Active	NO
79	U70101GA2009PTC006091	Vmsalgaocar Realty Private Limited	Director	21-05-09	21-05-09	-	Active	NO
80	U70101GA1990PTC001027	Puratan Real Estates Private Limited	Director	30-08-10	08-09-09	-	Active	NO
81	U15137GA1967PTC000070	Curti Enterprises Private Limited	Director	30-08-10	08-09-09	-	Active	NO
82	U13100GA1991PTC001158	Cauvery Mining Company Private Limited	Director	30-08-10	10-09-09	-	Active	NO
83	U13100GA1991PTC001159	Kushavati Mining Private Limited	Director	30-08-10	10-09-09	-	Active	NO
84	U70101GA1990PTC001030	Rishikesh Real Estates Private Limited	Director	20-08-10	11-09-09	-	Active	NO
85	U51420GA1993PTC001353	Salgaocar Metals and Minerals Private Limited	Director	30-08-10	12-09-09	-	Active	NO
86	U13100GA1990PTC001067	Salgaocar Minerals And Ores Private Limited	Director	30-08-10	12-09-09	-	Active	NO
87	U26921GA1991PTC001168	Vmsalgaocar Corporation Private Limited	Director	30-08-10	14-09-09	-	Active	NO
88	U74210GA1990PTC001042	Nova Sancoale Services Private Limited	Director	17-09-10	25-09-09	-	Active	NO
89	U55101GA1973PTC000163	Hotel La Paz Gardens Private Limited	Director	30-09-10	25-09-09	-	Active	NO
90	U01133GA1964PTC000014	Zantye and Company Private Limited	Director	30-09-10	21-08-10	24-12-10	Active	NO

Name :

Mr. Vijay Suriagi Hede

Designation :

Director

Address :

Villa No.12, Kamat Kinara, Miramar, Panaji – 403 001, North Goa, India

Date of Birth/Age :

02.09.1951

Date of Appointment :

11.02.2003

DIN No.:

00104591

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	U65923GA1993PTC001416	Pyramid Finance Private Limited	Director	24-08-93	24-08-93	-	Active	NO
2	U70200GA1995PTC001801	Greenback Real Estate Private Limited	Director	16-03-95	16-03-95	-	Active	NO
3	U65993GA1992PTC001305	Shivranjani Securities Company Private Limited	Managing director	01-01-11	08-06-95	-	Active	NO
4	U72200GA2001PTC002937	Pyramid Softech Private Limited	Director	18-01-01	18-01-01	-	Active	NO
5	U25191GA2003PTC003186	Amiantit Fiberglass Industries India Private Limited	Director	11-02-03	11-02-03	-	Active	NO
6	U24134GA1994PTC001672	Kineco Private Limited	Nominee director	21-04-06	21-04-06	25-03-08	Active	NO
7	U70100MH2005PTC154620	Safalta Properties Private Limited	Director	30-08-07	04-12-06	-	Active	NO
8	U92413GA2006PTC004920	Goa Aquatic Sports Private Limited	Director	05-12-06	05-12-06	-	Active	NO
9	U31909MH1996PLC097037	Kimplas Piping Systems Limited	Additional director	07-05-10	17-03-08	18-10-10	Active	NO

Name :

Rafih Milad Wehbe

Designation :

Director

Address :

Saudi Arabian Amiantit Company, P.O. Box No.589, Damam, 31421, Saudi Arabia

Date of Birth/Age :

17.10.1953

Date of Appointment :

31.12.2003

DIN No.:

01321210

Name :

Mr. Walid Ali Almadi

Designation :

Additional Director

Address :

Faisaliya Street, Dammam, 31421

Date of Birth/Age :

19.12.1960

Date of Appointment :

29.03.2011

DIN No.:

03452696

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	U25191GA2003PTC003186	Amiantit Fiberglass Industries India Private Limited	Director	30-09-11	29-03-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Samir Naik
Designation :	Accounts Department
E-Mail :	samir.naik@amiantit.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Shivanand V. Salgaocar	1050000
Ranjana S. Salgaocar	2000000
Swati S. Salgaocar	1000000
Vivek S. Salgaocar	1000000
Mahadhan Real Estates Private Limited, India	1700000
Sharvani Investments Private Limited, India	250000
Pyramid Finance Private Limited, India	500000
Amitech Cyprus Holding Limited, Cyprus	17500000
Total	25000000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	70.00
Bodies corporate	9.80
Directors or relatives of directors	20.20
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of production and sale of Glass Re-inforced Polyester (GRP) Products.

Products :

Product Description	ITC Code
Reservoirs, Tanks, Vats and Similar Containers	392510.00
Pipes and Fittings	391723.90

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed Capacity – N.A.

Installed Capacity (as certified by the management) - *

Particulars	Unit	Actual Production
Glass reinforced polyester tanks	Nos.	17
# Glass reinforced polyester pipes [Includes unmounted pipes of 37,688 mtrs,]	Mtrs.	60431

* Installed capacities are not quantifiable, since the company manufactures a wide variety of pipes and installed capacity varies depending upon the product mix.

# Glass reinforced polyester pipes are pipes mounted with couplings.

GENERAL INFORMATION

No. of Employees :

290 (Approximately)

Bankers :

Corporation Bank, Panaji Branch, Dr. Atmaram Borkar Road, Opposite Municipal Garden, P.B. No.87, Panaji – 403 001, Goa, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in millions)	As on 31.03.2010 (Rs. in millions)
Term Loan (Secured by a first charge on the entire fixed assets of the company at Goa, present and future)	210.095	93.554
Cash credit (Pre shipment credit loan and cash credit are secured by hypothecation of inventories and book debts.)	182.911	197.062
Pre shipment credit loan	0.000	84.000
Total	393.006	374.616

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
E-Mail :	afadte@deloitte.com
PAN No.:	AAAPA5332M
Holding Company:	v Amitech Cyprus Holding Limited (w.e.f 24^th May 2010) v Amiantit International Holding Limited (upto 23^rd May 2010)
Ultimate Holding Company:	Saudi Arabian Amiantit Company
Fellow Subsidiary (w.e.f. 24^th May 2010) :	v Flowtite Technology Bahrain Limited, Baharain v Flowtite Technology AS v Amiantit Services GmbH v PWT Wasser and Abwassertechnik Gmbh v Amitech Services AG

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 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		250.000	250.000	250.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		164.351	269.231	248.438
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		414.351	519.231	498.438
LOAN FUNDS
1] Secured Loans		393.006	374.616	386.669
2] Unsecured Loans		0.000	0.000	19.205
TOTAL BORROWING		393.006	374.616	405.874
DEFERRED TAX LIABILITIES		0.000	3.957	11.410
TOTAL		807.357	897.804	915.722
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		410.343	470.200	532.361
Capital work-in-progress		211.373	89.691	11.045
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	295.358	230.415	287.209
	Sundry Debtors	140.395	269.448	313.841
	Cash & Bank Balances	44.548	22.425	27.459
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	106.320	81.685	67.313
Total Current Assets		586.621	603.973	695.822
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	177.103	111.413	272.612
	Other Current Liabilities	203.453	136.000	30.663
	Provisions	20.424	18.647	20.231
Total Current Liabilities		400.980	266.060	323.506
Net Current Assets		185.641	337.913	372.316
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		807.357	897.804	915.722

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	529.329	754.584	1233.754
		Other Income		27.932	12.588
		TOTAL (A)	529.329	782.516	1246.342
Less	EXPENSES
		Manufacturing and other expenses	569.534	664.982	1064.262
		Excise duty		5.930	(9.680)
		Increase in stocks of finished goods and work in process		(29.866)	(28.219)
		TOTAL (B)	569.534 (including financial expenses)	641.046	1026.363
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			141.470	219.979
Less	FINANCIAL EXPENSES (D)			44.914	68.709
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(40.205)	96.556	151.270
Less/ Add	DEPRECIATION/ AMORTISATION (F)		68.627	68.421	68.445
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(108.832)	28.135	82.825
Less	TAX (H)		(3.952)	7.156	17.021
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(104.880)	20.979	65.804
	Short Provision for Tax in respect of Earlier Years		0.000	(0.186)	(0.710)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		255.931	235.138	170.044
	BALANCE CARRIED TO THE B/S		151.051	255.931	235.138
	EARNINGS IN FOREIGN CURRENCY		107.347	226.655	108.023
	IMPORTS
		Raw Materials	110.955	109.586	443.846
		Capital Goods	57.772	0.597	0.000
	TOTAL IMPORTS		168.727	110.183	443.846
	Earnings/ (Loss) Per Share (Rs.)		(4.20)	0.83	2.60

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(19.81)	2.68	5.28
Net Profit Margin (PBT/Sales)	(%)	NA	3.73	6.71
Return on Total Assets (PBT/Total Assets}	(%)	(10.92)	2.62	6.74
Return on Investment (ROI) (PBT/Networth)		(0.26)	0.05	0.17
Debt Equity Ratio (Total Liability/Networth)		1.92	1.23	1.46
Current Ratio (Current Asset/Current Liability)		1.46	2.27	2.15

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Creditors due small micro enterprises	17.191	2.302	30.240
Creditors due others	159.912	109.111	242.372
Total	177.103	111.413	272.612

FUTURE OUTLOOK:

The pace of infrastructure projects in India further slowed down during the year. While GRP is increasingly getting specked into Power and Water projects, only a few have moved from drawing board to the implementation stage. This coupled with capacities which have gone up five times in the last three years, has brought tremendous pressure on GRP prices in India. However, even in this scenario, the Company was able to bag major orders from Bharat Heavy Electricals Limited, Shandong TIEJUN Electric Power Engineering Company Limited and Jindal Power Limited. At a value of Rs.1570.000 millions, the Jindal Power order is the highest ever released on any GRP manufacturer so far in India. Although this order came in December 2010, production and dispatch clearances from the customer only started trickling in during the first quarter of 2011-12. While the sluggish pace in the infrastructure sector is expected to continue for some more time, the company has built an order bank of approximately Rs.2250.000 millions. Marketing efforts in the SAARC region are also yielding benefits. They have started getting orders from countries like Sri Lanka. With a huge gap between demand and supply for both the Power and Water sectors, the future for GRP definitely hold great promise.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90065653
Corporate identity number of the company	U25191GA2003PTC003186
Name of the company	AMIANTIT FIBERGLASS INDUSTRIES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3^rd Floor, Salgaocar Centre, Rua De Ourem, Panaji, Goa – 403 001, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property Others
Particular of charge holder	Corporation Bank, Panaji Branch, Dr. Atmaram Borkar Road, Opposite Municipal Garden, P.B. No. 87, Panaji – 403 001, Goa, India
Email	cb259@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	1. Agreement For Term Loan 2. Supplemental Common Deed of Hypothecation of Movables/Assets/Debts. 3. For Inland/Foreign Bills. 4. Memorandum of Deposit of Title Deeds 5. Letter of Continuity I 6.Letter of Continuity II
Date of instrument Creating the charge	30.06.2010
Amount secured by the charge	Rs.1682.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per banks terms and conditions Terms of Repayment Terms of payment not to exceed 84 months including initial moratorium period of 12 months in 23 quarterly installments of Rs.18.800 millions and last installment of Rs.17.600 millions commencing from march 2011. Monthly interest to be paid separately as and when debited even during initial repayment holiday period. Margin The Margin is 34.28% Extent and Operation of the charge To the extent of Rs.1682.000 millions.
Short particulars of the property charged	Charge is further modified by way of hypothecation of stocks consisting of raw materials such as resin, sand, fibreglass, semi finished and finished goods such as GRP pipes, tubes of all sizes, stores, spares Packing materials etc. in Plot 120, 121 and 177 situated in Navelim, Bicholim North Goa and the goods and materials in transit at the various work sites and book debts and receivables, all other movable assets such as continuous filament winder no. 1 and 2 furniture’s, fixtures, generators and other existing as well as machineries intended to be purchased and installed at Plot No. 120, 121 and 177 in Village Navelim, Bicholim North Goa. exclusive first charge by way of Hypothecation of all movable/fixed assets to be acquired out of bank finance Equitable Mortgage in respect of immovable property belonging to m/s Amiantit Fiberglass Industries India Private Limited company registered under the provisions of the Companies Act, 1956 Registration District Vadodara, Sub District Savli, Morje Village Alindra, Situated at Village Alindra. Revenue Survey Nos.1916, 1917, 1918, 1935 to 1940 and 1974 on Which Gujarat Industrial Development Corporation has organised and developed the industrial estate scheme and in the said estate scheme, Industrial Plot/Shed No.626 Admeasuring 125056.80 Sq. Mtrs Plot Area
Date of latest modification prior to the present modification	31.03.2008
Particulars of the present modification	The limit has been increased from Rs.1530.000 Millions to Rs.1682.000 Millions.

FIXED ASSETS:

v Leasehold Land

v Building

v Plant and Machinery

v Furniture and Fittings

v Office Equipment

v Vehicles

v Computer

v Computer Software

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.51.07
UK Pound	1	Rs.78.48
Euro	1	Rs.65.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.