MIRA INFORM REPORT

Report Date :

18.07.2012

IDENTIFICATION DETAILS

Name :	GURU INDUSTRIAL VALVES PRIVATE LIMITED
Registered Office :	502, Sapphire, 1^st S V Road Corner, Khar-West, Mumbai – 400052, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.08.1986
Com. Reg. No.:	11-040609
Capital Investment / Paid-up Capital :	Rs.2.400 Millions
CIN No.: [Company Identification No.]	U99999MH1986PTC040609
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09370E
PAN No.: [Permanent Account No.]	AABCG0752H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Valves.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 21000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 DECLINED

Management Non-Cooperative

Tel No.: 91-22-30982726/ 27612005

LOCATIONS

Registered Office :	502, Sapphire, 1^st S V Road Corner, Khar-West, Mumbai – 400052, Maharashtra, India
Tel. No.:	91-22-27612005 / 27612006
Fax No.:	91-22-27686368
E-Mail :	vks@guruindustries.com guruinfo@guruindustries.com jawahardesai412@gmail.com vkb@guruindustries.com
Website :	http://www.guruvalves.com
Sales Office :	USA V.P. Sales (North America) 240, Santa Barbara, Irvine, CA-92606, USA
Tel. No.:	+1-949-2027409
Fax No.:	+1-509-6936559
E-Mail :	slb@guruindustries.com

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Kishin Shewaram Bhatia
Designation :	Managing Director
Address :	201, Golden Tower, Plot No. 720, 12^th Road, Khar (West), Mumbai – 400052, Maharashtra, India
Date of Appointment :	12.08.1986
DIN No.:	00754927
Name :	Mr. Vijay Kishin Bhatia
Designation :	Director
Address :	201, Golden Tower, Plot No. 720, 12^th Road, Khar (West), Mumbai – 400052, Maharashtra, India
Date of Appointment :	12.08.1986
DIN No.:	00754888

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Kishin Shewaram Bhatia	9750
Renu Kishin Bhatia	2510
Manohar Kishin Bhatia	10
Kiran Kishin Bhatia	100
Leena Kishin Bhatia	130
Vijay Kishin Bhatia	10000
Mahek Vijay Bhatia	1500
Total	24000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Valves.
Products :	· Gate Valves · Check Valves · Ball Valves · Plug Valves · Conduit Valves

GENERAL INFORMATION

Suppliers :

· Aegis Steel Cast

· Anaheeta Enterprises

· Atharva Associates

· Bentex Engineers

· Besto Plast

· B. R. Billava

· Cefex Fire Services

· Chavda Roadlines

· Choudhary Packers

· Crown Engineering

· Deepak Steel

· Dynamic Industries

· EN Tech Systems

· Gujarat Precision Cast Private Limited

· Hard Metal Components

· Haridarshan Dish End Works

· Hitesh Enterprises

· Jai Matadi Pressing Works

· Jay Corporation

· Jay Industrial Service

· J. J. Industries

· Limitorque India Limited

· Lloyd's Reg

· Mahalaxmi Enterprises

Customers :

· Chennai Petroleum Corporation Limited

· Gail Gas Limited

· Gail India Limited

· HPCL

No. of Employees :

Information declined by the management

Bankers :

· Syndicate Bank

Dr. Dadhich House, Santacruz (East) Branch, Mumbai – 400055, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank Overdraft	11.118	12.331
Loan against property	14.162	10.069
Syndicate Bank	0.000	0.014
Accord Car Loan	0.000	1.713
Total	25.280	24.127
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Managing Director (Mr. K. S. Bhatia)	2.002	11.185
From Directors	3.671	3.802
Total	5.673	14.987

Banking Relations :	--
Auditors :
Name :	Jawahar Desai and Company Chartered Accountant
Address :	A/11, Dattatraya, Dahanukarwadi, Kandivali (West), Mumbai – 400067, Maharashtra, India
PAN No.:	AAEPD2280R

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24000	Equity Shares	Rs.100/- each	Rs.2.400 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		2.400	2.400	2.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.843	2.224	2.118
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.243	4.624	4.518
LOAN FUNDS
1] Secured Loans		25.280	24.127	10.276
2] Unsecured Loans		5.673	14.987	11.385
TOTAL BORROWING		30.953	39.114	21.661
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		36.196	43.738	26.179
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.348	5.368	3.254
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.553	3.221	2.127
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.577	21.820	21.503
	Sundry Debtors	8.908	9.838	9.872
	Cash & Bank Balances	0.253	0.800	2.834
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.321	25.366	8.198
Total Current Assets		24.059	57.824	42.407
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.726	15.450	14.667
	Other Current Liabilities	1.570	6.475	6.220
	Provisions	0.468	0.750	0.722
Total Current Liabilities		8.764	22.675	21.609
Net Current Assets		15.295	35.149	20.798
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		36.196	43.738	26.179

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	44.100	36.600	47.700
		Other Income	7.580	NA	0.412
		TOTAL	51.680	NA	48.112
Less	EXPENSES
		TOTAL	50.922	NA	47.238
	PROFIT BEFORE TAX		0.759	0.135	0.874
Less	TAX		0.140	0.028	0.330
	PROFIT AFTER TAX		0.619	0.107	0.544
	Earnings Per Share (Rs.)		25.79	4.46	22.67

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.20	NA	1.13
Net Profit Margin (PBT/Sales)	(%)	1.72	0.37	1.83
Return on Total Assets (PBT/Total Assets}	(%)	1.79	0.21	1.91
Return on Investment (ROI) (PBT/Networth)		0.14	0.03	0.19
Debt Equity Ratio (Total Liability/Networth)		7.58	13.36	9.58
Current Ratio (Current Asset/Current Liability)		2.75	2.55	1.96

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	6.726	15.450	14.667
Total	6.726	15.450	14.667

PARTIAL DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Aegis Steel Cast	0.012
Anaheeta Enterprises	0.427
Atharva Associates	0.002
Bentex Engineers	0.295
Besto Plast	0.021
B. R. Billava	0.030
Cefex Fire Services	0.003
Chavda Roadlines	0.004
Choudhary Packers	0.137
Crown Engineering	0.074
Deepak Steel	0.153
Dynamic Industries	0.084	NA	NA
EN Tech Systems	0.003
Gujarat Precision Cast Private Limited	0.670
Hard Metal Components	0.002
Haridarshan Dish End Works	0.080
Hitesh Enterprises	0.010
Jai Matadi Pressing Works	0.009
Jay Corporation	0.068
Jay Industrial Service	1.029
J. J. Industries	0.039
Limitorque India Limited	0.992
Lloyd's Reg	0.015
Mahalaxmi Enterprises	0.003

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

OPERATIONS:

During the year ended on 31ast March 2011, the company recorded a turnover of Rs.44.100 Millions compared to the turnover Rs.36.600 Millions for the previous year ended on 31^st March 2010, the current performance is better as compared to the earlier year. The net profit as a proportion to sales has shown an upward trend compared to the previous year.

The company is further trying its best to achieve better sales performance and all efforts are made in that direction.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10163730
Corporate identity number of the company	U99999MH1986PTC040609
Name of the company	GURU INDUSTRIAL VALVES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Guru House, W-101, (D) TTC, MIDC, Kairane Village, Thane Belapur Road, Navi Mumbai – 400710, Maharashtra, India vks@guruindustries.com
Type of charge	Immovable Property
Particular of charge holder	Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India gayatri.sawant@kotak.com
Nature of description of the instrument creating or modifying the charge	Supplemental Memorandum of Entry by Deposit of Title Deeds.
Date of instrument Creating the charge	21/12/2010
Amount secured by the charge	Rs.15.200 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Applicable Rate : 12.15% (Linked to KMBHFRPLR) Terms of Repayment Equated Monthly Installment (EMI) of Rs.76,345/- for 108 Months. Margin NIL Extent and Operation of the charge First and exclusive charge on Immovable property of the borrower in favour of Kotak Mahindra Bank Limited as security for repayment of financial facility granted by the Bank to the Borrower.
Short particulars of the property charged	Office No.502 in the Building known as 'Sapphire' situated on the land bearing CTS No.E/803 of Village Bandra, Plot No.82.
Particulars of the present modification	Bank had granted facilities of Rs.10.200 Millions to the Company which was secured by way of mortgage on Immovable Property of the Company on 26/06/2009. Now bank has granted additional facility of Rs.5.000 Millions to the Company and said charge is modified and extended to the increased total facilities of Rs.15.200 Millions.

FIXED ASSETS:

· Air Conditioner

· Electrical Installation

· Computer

· Motor Car

· Office Equipment

· Office Premises

· Plant Machinery

· Typewriter

· Television

· Furniture and Fixture

· Factory Premises

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.55.15
UK Pound	1	Rs.86.30
Euro	1	Rs.67.73

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		34

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.