MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	GIRNAR EXTRUSIONS PRIVATE LIMITED
Registered Office :	I – 4, Madhupura Market Shahibag, Ahmedabad – 380 004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.02.1983
Com. Reg. No.:	04 - 005870
Capital Investment / Paid-up Capital :	Rs. 3.868 Millions
CIN No.: [Company Identification No.]	U25209GJ1983PTC005870
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00476A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Aluminum Bottles, Aluminum Collapsible Tubes.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 34000
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 small to mediocre 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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Prashant
Designation :	Senior Accountant
Contact No.:	91-79-40009302
Date :	09.03.2012

LOCATIONS

Registered Office :	I – 4, Madhupura Market, Shahibaug Road, Ahmedabad – 380 004, Gujarat, India.
Tel No:	91-79-23211464 / 23212100
Fax No:	91-79-26878873
E-Mail:	bkpatelandco@yahoo.com
Website :	www.girnargroup.com
Location :	Owned
Head Office :	703 Shapath II, Opposite Rajpath Club, S G Highway, Ahmedabad-380015, Gujarat, India
Tel No:	91-79-40009300/40009301
Fax No:	91-79-40009304
Factory :	Located At · Gandhinagar, Gujarat

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Anil Kumar Padamprasad Jain
Designation :	Managing Director
Address :	67, Basant Bahar, Bopal, Ahmedabad – 380 058, Gujarat, India.
Date of Birth/Age :	15.01.1952
Date of Appointment :	02.02.1983
DIN No.:	00236871
Name :	Mrs. Anita AnilKumar Jain
Designation :	Director
Address :	67, Basant Bahar, Bopal, Ahmedabad – 380 058, Gujarat, India.
Date of Birth/Age :	08.06.1957
Date of Appointment :	30.09.1998
DIN No.:	00236805

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	U25209GJ1983PTC005870	GIRNAR EXTRUSIONS PRIVATE LIMITED	Director	30-09-98	30-09-98	Active	NO
2	U25202GJ2009PTC057122	ANEETA TECHNOPACK PRIVATE LIMITED	Director	01-06-09	01-06-09	Active	NO

Name :	Mr. Suni Kumar Kailaschand Jain
Designation:	Director
Address:	9, Jayeshwar Society, Near Railway Crossing, Shahibaug, Ahmedabad – 380 004, Gujarat, India.
Date of Appointment:	02.02.1983

KEY EXECUTIVES

Name :	Mr. Prashant
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Anilkumar Jain	12652
Sunilkumar Jain	602
Hanskumar Jain	618
Sneh Lata Jain	200
Rajan Jain	300
Rahul Jain	300
Anita Jain	8200
Mitin Jain	1200
Sushilkumar Jain	650
Anju Jain	300
Tapesh Jain	200
Rajkumar Jain	600
Renu Jain	600
Kailas Jain	618
Dhan Jain	500
Minu Jain	200
Ratu Jain	200
Kinjal Jain	300
Parul Jain	300
S K Consultants Limited, India	1000
Rajhans Enterprise, India	1000
Padam Khansari Udyog, India	2000
Virabhai	1300
Arunkumar HUF	540
Manish Jain	1500
Namrata Jain	2800
Total	38680

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Aluminum Bottles, Aluminum Collapsible Tubes
Products :	Aluminium Collapsible Tubes

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Aluminium, Plain and Printed Tubes and Crap	M. Ton	203.377

GENERAL INFORMATION

No. of Employees :

80 (Approximately)

Bankers :

· Bank of India, Gandhinagar Branch, Near Patnagar Yojna Bhavan, Sector-16, Ghandhinagar, Gujarat-382016, India

· HDFC Bank Limited

· ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank of India, Gandhinagar – CC A/c 106 (Hypothecation A/c)	6.703	4.743
Bank of India, Gandhinagar – CC A/c 107 (Hypothecation A/c)	5.000	3.957
Tata Capital Limited	0.501	0.750
Total	12.204	9.450
Notes: 1. Working Capital Loan from Banks are secured by hypothecation of Inventories and Receivables of the Company and personal guarantee of directors and hypothecation of Machineries, Building and Furniture 2. Car Loan of other bank is secured by hypothecation of cars.
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Shareholders	0.467	0.488
From Relatives / Others	0.400	0.400
Inter corporate Deposits	2.038	2.038
Total	2.905	2.926

Banking Relations :	--
Auditors :
Name :	B K Patel and Company Chartered Accountant
Address :	301, Samruddhi, Opposite High Court, Nav Jivan Post Office, Ahmedabad – 380 009, Gujarat, India.
Tel. No.:	91-79-27544927 / 27541151
Fax No.:	91-79-27541151
Email :	bkpatelandco@yahoo.com
Pan No.:	AABFB6705C

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38680	Equity Shares	Rs.100/- each	Rs. 3.868 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		3.868	3.868	3.868
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.662	4.303	4.024
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.530	8.171	7.892
LOAN FUNDS
1] Secured Loans		12.204	9.450	9.905
2] Unsecured Loans		2.905	2.926	3.881
TOTAL BORROWING		15.109	12.376	13.786
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		23.639	20.547	21.678
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.754	5.025	4.355
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	5.917	5.444	6.463
	Sundry Debtors	17.649	17.595	0.000
	Cash & Bank Balances	3.644	0.199	0.367
	Other Current Assets	0.000	0.000	18.923
	Loans & Advances	1.829	4.362	3.228
Total Current Assets		29.039	27.600	28.981
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.664	11.652	11.222
	Other Current Liabilities	0.308	0.188	0.286
	Provisions	0.182	0.238	0.150
Total Current Liabilities		9.154	12.078	11.658
Net Current Assets		19.885	15.522	17.323
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23.639	20.547	21.678

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		58.554	57.033	552.710
	EXPENSES
		Office Expenses	57.517	55.903	538.941
		Administrative Expenses
		Advertising Expenses
		TOTAL	57.517	55.903	538.941
	PROFIT BEFORE TAX		0.541	0.517	3.458
Less	TAX		0.182	0.238	1.502
	PROFIT AFTER TAX		0.359	0.279	1.956
	Earnings Per Share (Rs.)		9.28	7.21	5.07

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	1.65	1.58	10.37
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.44
Debt Equity Ratio (Total Liability/Networth)		2.84	2.99	3.22
Current Ratio (Current Asset/Current Liability)		3.17	2.29	2.49

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	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
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%	No
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	No
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

ACTIVITIES

During the year, the company has been able to achieve a business turnover of Rs. 58.554 Millions and made a profit of Rs. 0.541 Million after depreciation on assets but before taxes.

FORM 8

Corporate identity number of the company	U25209GJ1983PTC005870
Name of the company	GIRNAR EXTRUSIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	I – 4, Madhupura Market, Shahibaug Road, Ahmedabad – 380 004, Gujarat, India.
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	Bank of India, Gandhinagar Branch, Near Patnagar Yojna Bhavan, Sector-16, Ghandhinagar, Gujarat-382016, India
Nature of instrument creating charge	Deed of Guarantee For Facilities Granted To M/S Aneeta Technopack Private Limited [U25202gj2009ptc057122] As Under [1] Term Loan -I Rs.14.200 Millions, [2] Cc -Stock Rs. 3.500 Millions and Cc -Book Debts of Rs. 5.000 Millions [ Subject To Maximum of Rs.7.500 Millions Inter Changeability] And [4] Term Loan -II, Rs.25.300 Millions
Date of instrument Creating the charge	11.06.2010
Amount secured by the charge	Rs. 47.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest At BPLR, presently 12.00 % p.a.. with monthly rests. Terms of repayment Deed of Guarantee For Facilities Granted To M/S Aneeta Technopack Private Limited [U25202GJ2009PTC057122] Margin Deed of Guarantee For Facilities Granted To M/S Aneeta Technopack Private Limited [U25202GJ2009PTC057122] Extent and operation of the charge All the securities in column no.15 hereinafter are charged to the Bank of India, Gandhinagar Branch, Gandhinagar as guarantors vide deed of guarantee dt.11-06-2010 For [1] Term Loan - I of Rs. 14.200 Millions, [2] HP of stock Rs. 3.500 Millions and book debts of Rs. 5.000 Millions [subject to maximum of Rs.7.500 Millions inter changeability] and [3] Term Loan -II of Rs.25.300 Millions. Overall aggregating to Rs. 47.000 Millions This charge operates as the first charge.
Short particulars of the property charged (Including location of the property)	Factory Land and Building of M/S Girnar Extrusion Private Limited Situated At Plot No.705, A-1500, Sqm GIDC Sector-28 Gandhinagar, Gujarat.

FIXED ASSETS

• Land and Site Developments
• Buildings
• Plant and Machineries
• Office Equipments
• Furniture and Fixtures
• Computers and Peripherals
• Vehicles

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. 49.94
UK Pound	1	Rs. 78.25
Euro	1	Rs. 65.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.