MIRA INFORM REPORT

Report Date :

04.07.2012

IDENTIFICATION DETAILS

Name :	GULATI EXTRUSIONS PRIVATE LIMITED
Registered Office :	17-A, Co-Operative Industrial Estate, Kanpur – 208002, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.05.1988
Com. Reg. No.:	20-009647
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U36101UP1988PTC009647
TAN No.: [Tax Deduction & Collection Account No.]	KNPG01184B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminium Collapsible Tubes and Capacitors.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 28000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealing 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 (30.09.2011)	Current Rating (31.12.2011)
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. Sanchit
Designation :	Director
Contact No.:	91-9839034428
Date :	23.06.2012

LOCATIONS

Registered Office/ Factory :	17-A, Co-Operative Industrial Estate, Kanpur – 208002, Uttar Pradesh, India
Tel. No.:	91-512-2295244/ 2295245
Mobile No.:	91-9839034428 (Mr. Sanchit)
Fax No.:	91-512-2212553
E-Mail :	gulatiextrusion@sify.com sachin.gepl@gmail.com
Website :	http://www.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mrs. Ragni Gulati

Designation :

Managing director

Address :

117/H1/191, Pandu Nagar, Kanpur, Uttar Pradesh, India

Date of Appointment :

06.05.1999

DIN No.:

00944297

Name :

Mr. Sanchit Gulati

Designation :

Whole-time director

Address :

117/H1/191, Pandu Nagar, Kanpur, Uttar Pradesh, India

Date of Appointment :

03.10.2002

DIN No.:

00944382

Name :

Mrs. Pushpawanti Gulati

Designation :

Director

Address :

117/H1/191, Pandu Nagar, Kanpur, Uttar Pradesh, India

Date of Appointment :

03.10.2002

DIN No.:

00978986

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U36101UP1988PTC009647	GULATI EXTRUSIONS PRIVATE LIMITED	Director	03-10-02	03-10-02	Active	NO
2	U74900UP2008PTC036038	ENSHINE TUBEPACKS PRIVATE LIMITED	Director	16-09-08	16-09-08	Under Process of Striking off	NO

Name :

Mr. Shiv Charanlal Gulati

Designation :

Whole-time director

Address :

117/H1/191, Pandu Nagar, Kanpur, Uttar Pradesh, India

Date of Appointment :

18.06.1988

DIN No.:

01018976

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231UP1988PTC009319	PILCO PHARMA PRIVATE LIMITED	Whole-time director	03-02-88	03-02-88	01-10-10	Active	NO
2	U36101UP1988PTC009647	GULATI EXTRUSIONS PRIVATE LIMITED	Whole-time director	18-06-88	18-06-88	-	Active	NO

Name :

Mrs. Shampi Gulati

Designation :

Director

Address :

117/H1/191, Pandu Nagar, Kanpur, Uttar Pradesh, India

Date of Birth/Age :

21.06.1983

Date of Appointment :

30.09.2009

DIN No.:

02226080

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74900UP2008PTC036038	ENSHINE TUBEPACKS PRIVATE LIMITED	Director	16-09-08	16-09-08	Under Process of Striking off	NO
2	U36101UP1988PTC009647	GULATI EXTRUSIONS PRIVATE LIMITED	Director	30-09-09	01-08-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Shiv Charanlal Gulati	41968
Ragni Gulati	84573
Pushpawanti Gulati	63572
Sanchit Gulati	60192
Gopika Gulati	48672
Shampi Gulati	931
Master Tanush Gulati	60
Sanchit Gulati HUF	20
Kamlesh Bagga	12
Total	300000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminium Collapsible Tubes and Capacitors.
Products :	· Aluminium Collapsible Tubes :- 2-200 gms · Lami Tubes :-10-50 gms · Pestisides Bottles :- 5-100 ml · Aluminium Capacitors · Aluminium Containers · Cans · Monoblock Bottles
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Actual Production
Aluminium Plain Tubes	Nos.	50589675
Printed Tubes	Nos.	47452634
Lami Tubes	Nos.	3592563

GENERAL INFORMATION

Suppliers :

· Arinto Coatings (Private) Limited, Delhi

· Aryan Enterprises, Kanpur

· Auxi – Tax Industries, Mumbai

· Baba Cargo Cartriers, Kanpur

· Chaudhary Electric Works, Kanpur

· Deccan Industries, Mumbai

· Gawri and Munjal, Kanpur

· Hari Om Electronics and Electricals, Kanpur

· Mulik Petrolium, Kanpur

· New Cool’s India, Kanpur

· Patel Packagers, Kanpur

· S.K.S. and Company, Kanpur

· S.S. CVhemicals and Invetsments, kanpur

· Satyam and Company, Kanpur

· T. N. Engineering Company, Silvasan

· Vinod Paint Company, Kanpur

Customers :

Wholesalers, Retailers

· Arion Health Care, Baddi

· Cure Tech Skin Care, Baddi

· Flore Pharma Private Limited, Kanpur

· India Pharmaceuticals, Patna

· Ind-kug Drugs and Pharms, Sirmour

· Indo Himaliyan Herbs Inc, Panipat

· Mohar Laboratories, Mohali

· Pilco Healthcare Private Limited, Ruderpur

· Poddar Pharmaceuticals (Private) Limited, Haridwar

· Rahat Industries Limited

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of Indore, Gumti No. 5, Kanpur – 208012, Uttar Pradesh, India

· State Bank of India, Gumti No.5, Kanpur – 208012, Uttar Pradesh, India

· Small Industrial Development Bank of India, SIDBI Tower, 15 Ashok Marg, Lucknow – 226001, Uttar Pradesh, India

Facilities :

CC – Rs. 3.000 Millions (State Bank of India)

TL – Rs. 5.000 Millions (Small Industrial Development Bank of India)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of India (Cash Credit)		3.022
State Bank of India (Car Loan)		0.305
HDFC Bank Limited (Car Loan)		0.132
SIDBI (Machinery Loan)		2.079
State Bank of Indore (Machinery Loan)		0.250
State Bank of Indore (Secured by Hypothecation of Machinery, Finished Goods and Personal Guarantee of director)		1.796
Total	11.849	7.584
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Shiv Charanlal Gulati	0.364	0.074
Sanchit Gulati (HUF)	0.100	0.046
Sanchit Gulati	4.229	1.081
Pushpawanti Gulati	1.016	0.685
Ragni Gulati	0.587	0.197
Shampi Gulati	0.309	0.273
Radhika Gulati	0.000	2.679
Gopika Gulati	4.072	3.457
Tanush Gulati	0.195	0.176
Kamlesh Bagga	0.182	0.190
Total	11.054	8.858

Banking Relations :	--
Auditors :
Name :	S. K. Kapoor and Company Chartered Accountants
Address :	16/98,LIC Building, The Mall, Kanpur – 208001, Uttar Pradesh, India
Tel. No.:	91-512-2312244/ 2530322/ 25300017
Fax No.:	91-512-2530173
Income-tax PAN of auditor or auditor's firm :	AGXPS1736L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 10/- each	Rs.3.000 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		3.000	3.000	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.015	3.519	1.820
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.015	6.519	4.320
LOAN FUNDS
1] Secured Loans		11.849	7.584	6.628
2] Unsecured Loans		11.054	8.858	8.174
TOTAL BORROWING		22.903	16.442	14.802
DEFERRED TAX LIABILITIES		0.000	0.000	0.014
TOTAL		29.918	22.961	19.136
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.746	9.531	6.702
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.128	0.071	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.550	5.284	3.258
	Sundry Debtors	22.633	15.994	17.320
	Cash & Bank Balances	0.169	0.099	0.146
	Other Current Assets	4.572	3.338	1.479
	Loans & Advances	0.104	1.580	0.306
Total Current Assets		34.028	26.295	22.509
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.679	5.133	4.556
	Other Current Liabilities	3.775	2.472	2.359
	Provisions	6.530	5.341	3.160
Total Current Liabilities		19.984	12.946	10.075
Net Current Assets		14.044	13.349	12.434
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		29.918	22.961	19.136

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES TURNOVER		N.A.	N.A.	N.A.
	TOTAL EXPENDITURE		N.A.	N.A.	N.A.
	PROFIT BEFORE TAX		3.421	5.848	2.909
Less	TAX		1.169	1.895	1.112
	PROFIT AFTER TAX		2.252	3.953	1.797
	PRIOR PERIOD ADJUSTMENT		2.851	1.545	1.385
Less	APPROPRIATIONS
		Bonus Shares	0.000	0.500	0.000
		Transfer to General Reserve	0.224	0.392	0.175
		Dividend	1.500	1.500	1.250
		Tax on Dividend	0.255	0.255	0.212
	BALANCE CARRIED TO THE B/S		3.124	2.851	1.545
	Earnings Per Share (Rs.)		7.51	13.18	N.A.

Particulars	31.03.2012
Sales Turnover (Approximately)	82.000

Expected Sales ( 2012-2013 ) : Rs. 100.000 Millions

The above information has been parted by Mr. Sanchit (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	6.87	16.32	9.96
Return on Investment (ROI) (PBT/Networth)		0.49	0.90	0.67
Debt Equity Ratio (Total Liability/Networth)		6.11	4.51	5.76
Current Ratio (Current Asset/Current Liability)		1.70	2.03	2.23

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
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	Yes
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	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	--
26. Buyer visit details	--
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U36101UP1988PTC009647
Name of the company	GULATI EXTRUSIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17-A Co- Operative Industrial estate, Kanpur - 208022, Uttar Pradesh, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Small Industrial Development Bank Of India, Sidbi Tower, 15 Ashok Marg, Lucknow - 226001, Uttar Pradesh, India Email ID: akash@sidbi.in
Nature of description of the instrument creating or modifying the charge	1. Deed of hypothecation dated 06th January 2010. 2. Loan agreement dated 06th January 2010.
Date of instrument Creating the charge	06.01.2010
Amount secured by the charge	Rs. 7.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest The borrower shall pay to SIDBI interest at the rate of 1% below SIDBI'S prime lending rate (PLR) rising or falling therewith with monthly rests. Terms of Repayment The loan shall be repaid in 60 monthly installments of Rs.0.125 Millions each, commencing after a moratorium of six months from the date of first disbursement of the loan as per the repayment schedule annexed LOI No. 78/DCS-GEPL Dated 30.12.2009. Margin Promoter's Contribution of Rs. 3.778 Millions Extent and Operation of the charge Movable assets acquired under the project more particularly described in the Schedule A of deed of hypo are hypothecated to SIDBI in the manner and by the charge as described in the Schedule, as security for and be charged with the repayment to SIDBI of principal amount of the Loan and repayment or payment of other moneys including interest, further interest, additional interest, penal interest, costs, charges and expenses and any increase as a result of fluctuation in the rate of foreign currency. Others NIL
Short particulars of the property charged	All movable machinery including laminated tube body maker machine, moulds of the tube machine, aluminum plastic laminated tube shoulder moulding machine, hot runner moulds of the above discripted machines, cold runner moulds of the tube machines, aluminum foil sealing and screwing cap machine, spare parts, offset printer, extrusion press, dg set, tube annealing furnace, transformer, ht switch cable and other accessories, panel board LT and APFC pannal, panel board LT drive pannel, lacquer machine, compressor, misc. Fixed assets including crushers, trolleys etc

FIXED ASSETS:

· Plant and Machinery

· Office Equipment

· Trays

· Generator Set

· Telephone (Intercom)

· Telephone (Mobile)

· Electrical Installation

· Fax Machine

· Computer set

· Cycle

· Cars

· Furniture and Fixtures

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.54.81
UK Pound	1	Rs. 86.04
Euro	1	Rs. 69.06

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

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.