MIRA INFORM REPORT

Report Date :

25.09.2012

IDENTIFICATION DETAILS

Name :	GRIPHOLD ENGINEERING PRIVATE LIMITED (w,e.f. 13.03.2010)
Formerly Known As :	GRIPHOLD TOOLS PRIVATE LIMITED
Registered Office :	Plot No. 508, GIDC Estate, Waghodia, District Baroda - 391760, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.11.1996
Com. Reg. No.:	04-031177
Capital Investment / Paid-up Capital :	Rs. 5.200 Millions
CIN No.: [Company Identification No.]	U29220GJ1996PTC031177
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00432F
PAN No.: [Permanent Account No.]	AAACG6901B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Heavy Duty, Tools and Tools Equipment.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 36000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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 caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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 (General Details)

Name :	Ms. Defin
Designation :	Manager
Contact No.:	91-9974088426
Date :	18.07.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 508, GIDC Estate, Waghodia, District Baroda - 391760, Gujarat, India
Tel. No.:	91-2668-262028/ 262087
Fax No.:	91-265-2760279
E-Mail :	info@griphold.com
Website :	http://www.griphold.com
Location :	Owned
Marketing Office :	213, Cascade Commercial Complex, Near Chhani Circle, Nizampura Road, Vadodara – 390024, Gujarat, India
Tel. No.:	91-265-2762744/ 2762843
Fax No.:	91-265-2760279

DIRECTORS

AS ON 17.06.2011

Name :

Mr. Dinesh Chandra Girdharilal Pokhariyal

Designation :

Whole-time director

Address :

16, Shrepath Duplex, Near Ambe Vidyalaya, Sama - Savli Road, Vadodara - 390024, Gujarat, India

Date of Birth/Age :

10.02.1963

Date of Appointment :

26.11.1996

DIN No.:

01239310

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	U29220GJ1996PTC031177	GRIPHOLD ENGINEERING PRIVATE LIMITED	Whole-time director	26/11/1996	26/11/1996	Active	NO
2	U29253GJ2006PTC049144	GRIPORTHO SURGICALS PRIVATE LIMITED	Director	22/09/2006	22/09/2006	Active	NO

Name :

Mrs. Geetkrishna Nannuram Sharma

Designation :

Whole-time director

Address :

B-29/30, Madhuram, Residency, Behind, Iocl Petrol Pump, Near Ambe Vidyalaya, Sama-Savli Road, Vadodara – 390024, Gujarat, India

Date of Birth/Age :

07.07.1963

Date of Appointment :

15.12.1996

DIN No.:

01239269

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	U29220GJ1996PTC031177	GRIPHOLD ENGINEERING PRIVATE LIMITED	Whole-time director	15/12/1996	15/12/1996	Active	NO
2	U29253GJ2006PTC049144	GRIPORTHO SURGICALS PRIVATE LIMITED	Whole-time director	22/09/2006	22/09/2006	Active	NO

KEY EXECUTIVES

Name :	Ms. Defin
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.06.2011

Names of Shareholders	No. of Shares
Dinesh Chander Pokhariyal	226750
Geetkrishna Sharma	226750
Dinesh Patel	18300
Dipit Patel	33000
Sanjay Madhur	15000
Dinesh Chander Pokhariyal HUF	100
Geetkrishna Sharma HUF	100
Total	520000

AS ON 17.06.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	87.00
Others	13.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Heavy Duty, Tools and Tools Equipment.
Exports :
Products :	v Heavy Duty v Tools v Tools Equipment
Countries :	v Portugal v Germany v Malaysia
Imports :
Products :	Raw Material
Countries :	USA

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Bank of Baroda, Atmajyoti Ashram Branch, Indraprasth, Ellora Park, Vadodara – 390007, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of Baroda Term Loan I		0.088
Bank of Baroda Term Loan II		1.827
Working Capital facility from BOB		12.475
Total	12.837	14.390
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Director		2.863
From Others		2.150
Total	3.273	5.013

Banking Relations :	--
Auditors :
Name :	Gaurang I Parikh and Company Chartered Accountants
Address :	406-07, Ivory Terrace, Rc Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAQPP6567R
Memberships :	v Engineering Export Promotion Council (EEPC) v National Small Industries Corporation (NSIC) v Vadodara Chamber of Commerce and Industry (VCCI)

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs. 10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
520,000	Equity Shares	Rs. 10/- each	Rs. 5.200 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		5.200	4.000	3.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.812	2.780	2.275
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.012	6.780	5.675
LOAN FUNDS
1] Secured Loans		12.837	14.390	13.386
2] Unsecured Loans		3.273	5.013	3.996
TOTAL BORROWING		16.110	19.403	17.382
DEFERRED TAX LIABILITIES		0.049	0.091	0.109
SECURITY DEPOSIT		1.796	0.840	4.198
TOTAL		26.967	27.114	27.364
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.809	9.582	10.917
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.903	13.307	9.306
	Sundry Debtors	10.149	8.029	10.090
	Cash & Bank Balances	0.151	0.281	0.454
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.794	1.358	1.598
Total Current Assets		24.997	22.975	21.448
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		4.455	4.043
	Other Current Liabilities		0.158	0.202
	Provisions		0.830	0.756
Total Current Liabilities		6.839	5.443	5.001
Net Current Assets		18.158	17.532	16.447
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		26.967	27.114	27.364

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	72.684	52.623	60.584
		Other Income	0.159	0.089	0.061
		TOTAL (A)	72.843	52.712	60.645
Less	EXPENSES
		Trading Purchase	26.077	17.619	15.439
		Raw Material Consumption	5.477	3.385	4.249
		Manufacturing Expenses	3.527	2.139	9.943
		Payment and Benefit to staff	5.096	4.507	4.021
		Administrative Expenses	25.917	22.436	21.194
		Increase in stock	1.745	(1.657)	0.681
		TOTAL (B)	67.839	48.429	55.527
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.004	4.283	5.118
Less	FINANCIAL EXPENSES (D)		2.120	1.751	2.241
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.884	2.532	2.877
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.359	1.589	1.829
	PROFIT BEFORE TAX (E-F) (G)		1.525	0.943	1.048
Less	TAX (H)		0.479	0.372	0.317
	PROFIT AFTER TAX (G-H) (I)		1.046	0.571	0.731
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.780	2.275	1.586
Less/ Add	Adjustment for DTA/ Provision W/B		0.014	0.066	0.042
	BALANCE CARRIED TO THE B/S		3.812	2.780	2.275
	EARNINGS IN FOREIGN CURRENCY
		Foreign Earnings	2.456	1.234	0.059
	CIF VALUE OF IMPORTS		3.499	3.781	3.983
	Earnings Per Share (Rs.)		2.33	1.54	2.55

The above information has been denied by Ms. Defin (Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.44	1.08	1.21
Net Profit Margin (PBT/Sales)	(%)	2.10	1.79	1.73
Return on Total Assets (PBT/Total Assets}	(%)	4.51	2.90	3.23
Return on Investment (ROI) (PBT/Networth)		0.17	0.14	0.18
Debt Equity Ratio (Total Liability/Networth)		2.55	3.66	3.94
Current Ratio (Current Asset/Current Liability)		3.66	4.22	4.29

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	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	Yes
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
31. PAN of Proprietor/Partner/Director, if available	No
32. Passport No of Proprietor/Partner/Director, if available	No
33. Voter ID No of Proprietor/Partner/Director, if available	No

OPERATIONS

The performance of the Company has been encouraging and satisfactory during the year. In terms of percentage, the turnover of the company exceeded by 38.12% over the previous year ended at 31^st March 2010. The net profit of the company after provision for taxation and other adjustments also rose by 83.12% in comparison to the previous year despite increased cost of manufacturing due to steep hike in the prices of raw materials, labour and other inputs.

The company has received a repeat order from a Turkish customer and hopes to enter into a long-term contract with this Turkish customer. Besides this, the company is also making efforts to develop other export markets as well and expects better export sales during the current financial year. In view of foregoing, the Directors are confident of achieving the targeted sales turnover over during the current financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29220GJ1996PTC031177
Name of the company	GRIPHOLD ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 508 GIDC Estate, Waghodia, Dist Baroda - 391760, Gujarat, India
This form is for	Modification of charge
Charge identification number of the modified	90109771
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Atmajyoti Ashram Branch, Indraprasth, Opposite Veg. Market, Ellorapark, Vadodara – 390007, Gujarat, India Email ID: atmajy@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Supplemental Composite Instrument of Hypothecation of Goods, Book-Debts, Movable Machinery and Vehicles (to be obtained in case of enhancement of limit with extension of Hypothecation Charges)
Date of instrument Creating the charge	30.09.2011
Amount secured by the charge	Rs. 25.499 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest TL - OLD and Fresh, CC - BR + 3.50% P.A. I.E. 14.25% at present with monthly rests Terms of Repayment WC - on demand, TL - 60 monthly installments Margin TL - 25% ON P & M, 30% on building, CC - 25% on stocks, 40% on BD, L/C - 25%, BG - 20% Extent and Operation of the charge The credit facilities are secured by way of Hypothecation of Stocks, Book Debts, Movable Machinery, Furniture, Fixtures and Vehicles at Plot No.508, adm. 2926 sq. mtrs. in Waghodia Industrial Estate, situated at Mouje Waghodia, Baroda. Others Credit Facilities - TL - I - Rs. 0.499 Million + TL - II - Rs. 3.500 Millions + CC (Hypothecation) - Rs.17.500 Millions + BP/BD - Rs.2.500 Millions + Inland / Foreign L/c - Rs. 0.500 Million + BG - Rs.1.000 Million = Aggregating to Rs.25.499 Millions
Short particulars of the property charged	The credit facilities are secured by way of Hypothecation of Stocks, Book Debts, Movable Machinery, Furniture, Fixtures and Vehicles at Plot No.508, adm. 2926 sq. mtrs. in Waghodia Industrial Estate, situated at Mouje Waghodia, Baroda.
Date of latest modification prior to the present modification	29.07.2009
Particulars of the present modification	By this modification the charge extended to cover revised credit facilities from Rs.22.457 Millions to Rs.25.499 Millions. (Credit Facilities - TL - I - Rs.0.499 Millions + TL - II - Rs.3.500 Millions + CC (Hypothecation) - Rs.17.500 Millions + BP/BD - Rs.2.500 Millions + Inland / Foreign L/c - Rs.0.500 Million + BG - Rs.1.000 Million = Aggregating to Rs.25.499 Millions)

CONTINGENT LIABILITY:

(Rs. in Millions)

PARTICULARS	2011
Bills Discounted	Nil
Bank Guarantees	0.548

FIXED ASSETS:

v Land

v Factory Building

v Plant and Machinery

v Electrical Fittings

v Office Equipment

v Tools Durable

v Furniture and Fixtures

v Vehicle

v Computers

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. 56.02
UK Pound	1	Rs. 86.89
Euro	1	Rs. 67.84

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.