MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	GIAN CASTINGS PRIVATE LIMITED
Registered Office :	Grain Market, 66 K.V. Sub Station, Mandi Gobindgarh - 147301, District Fatehgarh Sahib, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.10.1992
Com. Reg. No.:	16-012645
Capital Investment / Paid-up Capital :	Rs.5.329 millions
CIN No.: [Company Identification No.]	U27320PB1992PTC012645
TAN No.: [Tax Deduction & Collection Account No.]	PTLG12059F
PAN No.: [Permanent Account No.]	AAACG6886D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of steel Ingots, M.S. Castings and Risers.
No. of Employees :	Not Available

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 69800
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 :	Grain Market, 66 K.V. Sub Station, Mandi Gobindgarh - 147301, District Fatehgarh Sahib, Punjab, India
Tel. No.:	91-1765-253163/ 253165
Fax No.:	91-1765-256934
E-Mail :	giancastings@sify.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Mohinder Gupta

Designation :

Director

Address :

Street No.1, Sham Nagar, Gobind Garh, Flateh Garh Sahib, Pune – 147301, Punjab, India

Date of Birth/Age :

05.04.1959

Date of Appointment :

12.10.1992

DIN No.:

01576999

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	U27320PB1992PTC012645	GIAN CASTINGS PRIVATE LIMITED	Managing director	12/10/1992	12/10/1992	-	Active	NO
2	U27109PB1992PTC012767	TAKSUS STEELS PRIVATE LIMITED	Managing director	12/11/1993	12/11/1993	-	Active	NO
3	U27109PB1992PTC012515	M K ALLOYS PVT LTD	Director	3/5/1997	3/5/1997	-	Active	NO
4	U74899DL1993PTC056075	NARNAUNIDIA FINANCIAL SERVICES PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
5	U27100PB2005PTC028493	GIAN STEEL ROLLING MILLS PRIVATE LIMITED	Director	2/6/2005	2/6/2005	-	Active	NO

Name :

Mr. Harish Singla

Designation :

Director

Address :

Street No.2, Pratap Nagar Gobind Garh, Flateh Garh Sahib, Pune – 147301, Punjab, India

Date of Birth/Age :

25.01.1959

Date of Appointment :

12.10.1992

DIN No.:

01577067

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	U27320PB1992PTC012645	GIAN CASTINGS PRIVATE LIMITED	Director	12/10/1992	12/10/1992	-	Active	NO
2	U27109PB1992PTC012767	TAKSUS STEELS PRIVATE LIMITED	Director	12/11/1993	12/11/1993	-	Active	NO
3	U27109PB1992PTC012515	M K ALLOYS PVT LTD	Director	3/5/1997	3/5/1997	-	Active	NO
4	U74899DL1993PTC056075	NARNAUNIDIA FINANCIAL SERVICES PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
5	U27100PB2005PTC028493	GIAN STEEL ROLLING MILLS PRIVATE LIMITED	Director	2/6/2005	2/6/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mohinder Gupta	19150
Premalata	4300
Harish Sigla	500
Neha Gupta	2368
Arjun Gupta	4980
Shivani Garg	1000
Sunita Gupta	500
Rohit Gupta	4780
Shipali Sigla	500
Vinay Kumar	55
Gunmala Gupta	500
Ritu Goyal	6160
Kanav Goyal	4500
Gian Chand Garg	4000
Total	53293

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	62.55
Other top fifty shareholders	37.45
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of steel Ingots, M.S. Castings and Risers.
Product :	· Ingots, steel · Iron and steel Mills

PRODUCTION STATUS As on (31.03.2011)

Particulars	Unit	Actual Production
Steel Ingots and M.S Castings	M Ton	11367.445
Runner and Rises	M Ton	495.225

The Unit being an SSI unit, Licensed Capacity is 18000 M.T installed Capacity is 12825 M.T

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab And Sind Bank, Amloh Road, Mandi Gobindgarh - 147301, Punjab, India

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Punjab & Sind Bank C/C Limit (Secured against Hypothecation of Stock in addition to the personal guarantee of Directors)	4.100	1.079
Total	4.100	1.079
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Sh Mohinder Gupta (HUF)	0.045	0.045
M/s Garg Mailables India Private Limited	1.000	0.000
Smt Neelam Rani	0.045	0.045
Total	1.090	0.090

Banking Relations :	--
Auditors :
Name :	Ashwani Pardeep and Company Chartered Accountants
Address :	Motia Khan, Near Sunshine Hotel, Mandi Gobindgarh – 147301, Punjab, India
PAN.:	AAGFA0860L
Enterprises over which director are able to excise significant influence :	· M/S Taksus Steel Private Limited · M/S Gian Alloys · M/S Gian Steel Rolling Mills Private Limited · M/S Narnaundia financial Services Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.100/- each	Rs.6.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
53293	Equity Shares	Rs.100/- each	Rs.5.329 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		5.329	5.329	5.329
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.141	9.346	6.952
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.470	14.675	12.281
LOAN FUNDS
1] Secured Loans		4.100	1.079	2.001
2] Unsecured Loans		1.090	0.090	0.090
TOTAL BORROWING		5.190	1.169	2.091
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		22.660	15.844	14.372
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.099	10.899	9.021
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.221	19.219	15.122
	Sundry Debtors	29.796	43.340	10.949
	Cash & Bank Balances	10.000	3.267	3.754
	Other Current Assets	1.779	1.538	1.767
	Loans & Advances	23.756	10.858	16.015
Total Current Assets		91.552	78.222	47.607
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.919	65.271	34.137
	Other Current Liabilities	4.917	7.186	8.319
	Provisions	1.155	0.820	0.000
Total Current Liabilities		80.991	73.277	42.456
Net Current Assets		10.561	4.945	5.151
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		22.660	15.844	14.372

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	305.485	267.174	363.218
		Other Income	2.323	1.079	0.957
		TOTAL (A)	307.808	268.253	364.175
Less	EXPENSES
		Purchase Trading	0.191	0.401	3.826
		Cost of Raw material consumed	238.530	198.905	288.539
		Manufacturing Consumed	60.019	60.374	63.204
		Administrative Expensive	3.716	3.905	3.841
		Excise Duty	0.044	0.068	(0.250)
		Education Cess	0.001	0.001	(0.005)
		H.E d Cess	0.001	0.001	(0.003)
		Addition (+) Decrease (-) to stock	(0.489)	(0.356)	1.195
		TOTAL (B)	302.013	263.299	360.347
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.795	4.954	3.828
Less	FINANCIAL EXPENSES (D)		0.300	0.216	0.337
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.495	4.738	3.491
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.535	1.503	1.022
	PROFIT BEFORE TAX (E-F) (G)		3.960	3.235	2.469
Less	TAX (H)		0.960	0.820	0.814
	PROFIT AFTER TAX (G-H) (I)		3.000	2.415	1.655
Less	Provision For Gratuity		0.194	0.000	0.000
Less	Provision For FBT relating of previous Year		0.000	0.001	0.000
Less	Income Tax relating of preceding Year		0.011	0.020	0.075
	BALANCE CARRIED TO THE B/S		2.795	2.394	1.580
	Earnings Per Share (Rs.)		56.29	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.97	0.90	0.45
Net Profit Margin (PBT/Sales)	(%)	1.30	1.21	0.68
Return on Total Assets (PBT/Total Assets}	(%)	3.82	3.63	4.36
Return on Investment (ROI) (PBT/Networth)		0.23	0.22	0.20
Debt Equity Ratio (Total Liability/Networth)		4.93	5.07	3.62
Current Ratio (Current Asset/Current Liability)		1.13	1.06	1.12

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) Constitutions 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	No
9) Name of person contacted	No
10) Designation of contact person	No
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	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
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	U27320PB1992PTC012645
Name of the company	GIAN CASTINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Grain Marketmandi Gobindgarh, District Fatehgarh Sahib, Punjab, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90175299
Type of charge	· Immovable property · Book debts · Others (STOCKS)
Particular of charge holder	Punjab and Sind Bank, Amloh Road, Mandi Gobindgarh - 147301, Punjab, India Email : apco@sify.com
Nature of instrument creating charge	Hypothecation Deeds Dated 06/11/2007
Date of instrument Creating the charge	06.11.2007
Amount secured by the charge	Rs. 15.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 7.50% Over Rbi Rate, With A Min. Of 13.5% P.A. Calculated And Charged On The Daily Balance Terms of Repayment ON DEMAND Margin C/C 25% L/C 15% Extent and Operation of the charge 100%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Raw Material, Finished Goods and Semi Finished Goods of The Company, Plant and Machinery of The Co., Land Measuring 10 Bighas Situated At Mandi Gobindgarh With Super Structure Thereon As Ist Charge
Date of instrument modifying the charge	30.04.2002
Particulars of the present modification	C/C Limit Remain At 5.000 millions, L/C Limit Enhanced To 10.000 millions Total Facility 15.000 millions Other Term and Conditions Remail Same

FIXED ASSETS

· Land

· Building

· Mould

· Machinery

· Weight Bridge

· Furniture and fixture

· Lab equipment

· Vehicles

· Electric installment

· Computer

· Truck

· Office equipment

· Car

· Fax machine

· Air conditioner

· Water cooler

· Mobile cranes

AS PER WEBSITES DETAILS:

PROFILE:

Subject was established in the year 1993. A Name known for quality Steel Castings and Steel Ingots in the Northern India is GIAN Castings Private Limited. (a GIAN Group company) and it was established during the year 1993. During the very next year i.e. 1994 Taksus Steels Private Limited., another steel castings unit was established. The 3rd and the largest mission was completed in the year 2006 and another star that was added to the achievements list of GIAN Group, was GIAN Steel Rolling Mills Private Limited. The GIAN Group since its inception has developed a strong presence and is known for quality system. Strive for Quality Management System has made the company to be of internationally acceptable standards and hence ISO 9001:2000 Certificate was awarded to the company in the year 2006. The company is committed for quality products and the outcome is worth rewarding. Further the company’s product conforms to all national and international standards including IS:1786:2008 and hence it is authorized to deliver the product with ISI Mark.

The team Leader of the GIAN Group, an internationally leading name amongst steel producers of the world, is Sh. Mohinder Gupta. He is Chairman of the GIAN Group. He is a person known for Excellency in quality management control and innovative and productive visions. The GIAN Group comprising of team of professionals renowned in India for their immense expertise in their respective fields. The composition of gathering expertise with the experience and the able guidance of Sh. Mohinder Gupta, GIAN Group stepped forward in the journey from recycling of steel to internationally acceptable product with latest GERMAN TECHNOLOGY in the shape of GYAN TMT. GIAN Group is now producing quality TMT bars the brand name GYAN TMT.

GYAN TMT Bars are the 1st CRS TMT bars of Northern India. GYAN TMT Bars are produced with the Global Turbo Quench technology from GERMANY in a fully integrated plant having annual capacity of 1,00,000 MTs. The unit is located in the STEEL TOWN of India i.e. Mandi Gobindgarh (Punjab). Strive for quality control, state of art technology and commitment to produce the finest product has now been synonymous to GYAN TMT.

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.56.42
UK Pound	1	Rs.87.38
Euro	1	Rs.69.95

INFORMATION DETAILS

Report Prepared by :

DPK

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
-	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.