MIRA INFORM REPORT

Report Date :

15.05.2012

IDENTIFICATION DETAILS

Name :	GUJARAT MICA-PRODUCTS PRIVATE LIMITED
Registered Office :	Block No. 232, Paikee, Plot No. D, Village Karanj, Near Molvan Chowkdi, P.O. Limdora, Taluka Mandvi, Surat – 394211, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.07.2002
Com. Reg. No.:	04-040942
Capital Investment / Paid-up Capital :	Rs.7.220 Millions
CIN No.: [Company Identification No.]	U20299GJ2002PTC040942
TAN No.: [Tax Deduction & Collection Account No.]	SRTG00560A
PAN No.: [Permanent Account No.]	AABCG8767C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Premium Prelam Particle Boards.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 40000
Status :	Moderate
Payment Behaviour :	Slow
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. 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 – 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

Name :	Mr. Amit Agarwal
Designation :	Director
Contact No.:	91-9825142402
Date :	05.05.2012

LOCATIONS

Registered Office/ Factory :	Block No. 232, Paikee, Plot No. D, Village Karanj, Near Molvan Chowkdi, P.O. Limdora, Taluka Mandvi, Surat – 394211, Gujarat, India
Tel. No.:	91-261-6542108
Mobile No.:	91-9825142402 (Mr. Amit)
Fax No.:	91-261-2422157
E-Mail :	msonsgroup@gmail.com mcafiling@yahoo.co.in
Website :	www.msgroup.in
Location :	Owned
Correspondence Office :	8/2453, Kotsafil Road, Arra Street, Surat – 395001, Gujarat, India
Tel. No.:	91-261-6542108
Fax No.:	91-261-2422157
Location :	Owned

DIRECTORS

As on: 03.09.2011

Name :

Mr. Amit Omprakash Agarwal

Designation :

Director

Address :

8/2453, Aara Mohallo, Kotsafil Road, Surat – 395003, Gujarat, India

Date of Birth/Age :

18.11.1978

Date of Appointment :

09.07.2002

DIN No.:

00378152

Other Directorships :

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	U20299GJ2000PTC038154	GUJARAT WOOD- TECH PRIVATE LIMITED	Director	05-06-00	05-06-00	-	Active	NO
2	U20299GJ2002PTC040942	GUJARAT MICA-PRODUCTS PRIVATE LIMITED	Director	09-07-02	09-07-02	-	Active	NO
3	U51909GJ1995PTC024665	GUJARAT PLYLAM SALES AGENCIES PRIVATE LIMITED	Director	12-07-02	12-07-02	31-12-07	Active	NO
4	U17119GJ1991PTC016788	GUJARAT COLOURLAM PRIVATE LIMITED	Director	31-12-07	31-12-07	-	Active	NO
5	U20219GJ2010PTC062116	GUJARAT SARVOTTAM BOARDS PRIVATE LIMITED	Director	25-08-10	25-08-10	-	Active	NO

Name :

Mr. Anand Malchand Agarwal

Designation :

Director

Address :

8/2453, Aara Mohallo, Kotsafil Road, Surat – 395003, Gujarat, India

Date of Birth/Age :

11.10.951

Date of Appointment :

24.02.2006

DIN No.:

00378138

Other Directorships :

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	U20291GJ1994PTC024009	GUJARAT WOODLAM PRODUCTS PRIVATE LIMITED	Director	03-04-01	03-04-01	-	Active	NO
2	U20299GJ2002PTC040942	GUJARAT MICA-PRODUCTS PRIVATE LIMITED	Director	24-02-06	24-02-06	-	Active	NO
3	U17119GJ1991PTC016788	GUJARAT COLOURLAM PRIVATE LIMITED	Director	22-09-08	22-09-08	-	Active	NO

Name :

Mr. Omprakesh Malchand Agarwal

Designation :

Director

Address :

8/2453, Kotsafil Road, Aara Mohalla, Surat – 395003, Gujarat, India

Date of Birth/Age :

03.07.1947

Date of Appointment :

24.02.2006

DIN No.:

00378119

Other Directorships :

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	U20291GJ1994PTC024009	GUJARAT WOODLAM PRODUCTS PRIVATE LIMITED	Director	03-04-01	03-04-01	-	Active	NO
2	U20299GJ2002PTC040942	GUJARAT MICA-PRODUCTS PRIVATE LIMITED	Director	24-02-06	24-02-06	-	Active	NO
3	U17119GJ1991PTC016788	GUJARAT COLOURLAM PRIVATE LIMITED	Director	22-09-08	22-09-08	-	Active	NO

Name :

Mr. Anup Anandkumar Agarwal

Designation :

Director

Address :

8/2453, Kotsafil Road, Aara Mohalla, Surat – 395003, Gujarat, India

Date of Birth/Age :

22.06.1987

Date of Appointment :

01.10.2008

DIN No.:

00378252

Other Directorships :

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	U20299GJ2000PTC038154	GUJARAT WOOD- TECH PRIVATE LIMITED	Director	23-06-05	23-06-05	-	Active	NO
2	U51909GJ1995PTC024665	GUJARAT PLYLAM SALES AGENCIES PRIVATE LIMITED	Director	01-07-05	01-07-05	31-12-07	Active	NO
3	U17119GJ1991PTC016788	GUJARAT COLOURLAM PRIVATE LIMITED	Director	30-05-09	31-12-07	-	Active	NO
4	U20299GJ2002PTC040942	GUJARAT MICA-PRODUCTS PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
5	U20219GJ2010PTC062116	GUJARAT SARVOTTAM BOARDS PRIVATE LIMITED	Director	25-08-10	25-08-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Amit Agarwal	105000
Seema Agarwal	5000
Anandkumar Agarwal	208000
Omprakash Agarwal	204000
Sarla Agarwal	50000
Santosh Agarwal	50000
Mohinidevi Agarwal	100000
Total	722000

Names of Allottees	No. of Shares
Mohinidevi Agarwal	10000
Omprakash Agarwal	5000
Anandkumar Agarwal	5000
Total	20000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Premium Prelam Particle Boards.
Imports :
Products :	Raw Material
Countries :	South East Asia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Actual Production
Laminate Patrical Board	Square Meters	480504.580

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

25 (Approximately)

Bankers :

• State Bank of India, Surat Main Branch, Lalgate, Surat – 395003, Gujarat, India
• Bank Of India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Director and Share holders	28.209	34.015
From Body Corporate	0.000	2.752
Total	28.209	36.767

Banking Relations :
Auditors :
Name :	R K M and Company Chartered Accountants
Address :	401, Trivudh Chambers, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2322411/ 2326578
PAN.:	AALFR1267R
Group Companies :	M. S. Marketing Enterprises Private Limited M. S. Retail Private Limited Mehra and Company EGO Concept Store Mehra and Sons

CAPITAL STRUCTURE

After as on: 30.09.2011

Authorised Capital: Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital: Rs.7.320 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
722000	Equity Shares	Rs.10/- each	Rs.7.220 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		7.220	7.220	7.220
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.021	2.541	0.000
4] (Accumulated Losses)		0.000	0.000	(0.609)
NETWORTH		10.241	9.761	6.611
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		28.209	36.767	13.106
TOTAL BORROWING		28.209	36.767	13.106
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		38.450	46.528	19.717
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.874	26.384	11.748
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	7.676	11.036	9.569
	Sundry Debtors	4.819	8.585	9.980
	Cash & Bank Balances	3.027	5.208	1.114
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.046	2.291	2.277
Total Current Assets		16.568	27.120	22.940
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.877	6.340	14.983
	Other Current Liabilities
	Provisions	0.115	0.636	0.005
Total Current Liabilities		2.992	6.976	14.988
Net Current Assets		13.576	20.144	7.952
MISCELLANEOUS EXPENSES		0.000	0.000	0.017
TOTAL		38.450	46.528	19.717

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	87.219	40.056
		Job Charges Income	0.000	0.017
		Other Income	0.101	1.078
		TOTAL (A)	87.320	41.151	21.525
Less	EXPENSES
		Manufacturing Cost of Goods Sold	76.704	31.044
		Office and Administrative Expenses	2.032	1.156
		Selling and Distribution Expenses	1.356	1.169
		Loss on Sale of Fixed Assets	0.000	0.007
		Preliminary Expenses W/off	0.000	0.017
		TOTAL (B)	80.092	33.393	20.202
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.228	7.758	1.323
Less	FINANCIAL EXPENSES (D)		3.771	2.596	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.457	5.162	1.323
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.861	1.376	1.078
	PROFIT BEFORE TAX (E-F) (G)		0.596	3.786	0.245
Less	TAX (H)		0.116	0.636	0.004
	PROFIT AFTER TAX (G-H) (I)		0.480	3.150	0.241
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.541	(0.609)	NA
	BALANCE CARRIED TO THE B/S		3.021	2.541	(0.609)
	IMPORTS
		Raw Materials	5.195	12.762	14.956
		Capital Goods	0.000	1.971	1.778
	TOTAL IMPORTS		5.195	14.733	16.734
	Earnings Per Share (Rs.)		0.66	4.36	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	130.000

Expected Sales (2012-2013): Rs.150.000 Millions

The above information has been parted by Mr. Amit Agarwal

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.55	7.65	1.12
Net Profit Margin (PBT/Sales)	(%)	0.68	9.45	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.44	7.08	0.71
Return on Investment (ROI) (PBT/Networth)		0.06	0.39	0.04
Debt Equity Ratio (Total Liability/Networth)		3.05	4.48	4.25
Current Ratio (Current Asset/Current Liability)		5.54	3.89	1.53

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

Registered office of the company has been shifted from 8/2453, Arra Mahollo, Kotsafil Road, Surat – 395001, Gujarat, India to the present address w.e.f. 05.06.2008

Activities:

Performance of company has been robust during the year. Revenue of the company has been increased from Rs.41.151 Millions to Rs.87.320 Millions. However company has earned net profit of Rs.0.480 Million as compared to previous year profit of Rs.3.150 Millions. The EPS of company has stand at Rs. 0.66 per share. During the year, Demand for plain partical Board, bagas board and MDF have been very robust. However, the very high inflationary expectation and rate hikes by RBI have adversely impacted the earning before tax.

The directors are taking appropriate steps to further increase the overall profitability of the company by improving the efficiency and reduction in wastages and hopeful that the company's result will improve during the current year

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U20299GJ2002PTC040942
Name of the company	GUJARAT MICA-PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No. 232, Paikee, Plot No. D, Village Karanj, Near Molvan Chowkdi, P.O. Limdora, Taluka Mandvi, Surat – 394211, Gujarat, India E-mail: gujaratmica@drdcs.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10257323
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Begumpura Branch, Harikamal Building, Near Moti Cinema, Begumpura, Surat – 395002, Gujarat, India E-mail: d.shah@sbi.co.in
Nature of instrument creating charge	Memorandum relating to deposit of title deeds for creation of charge/further charge for term loan overall limit
Date of instrument Creating the charge	10.02.2012
Amount secured by the charge	Rs.178.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Collateral security hence not applicable. Terms of repayment Collateral security hence not applicable. Margin Collateral security hence not applicable. Extend and operation of the charge Equitable Mortgage created to secure financial assistance given by the Bank to the Company and to Gujarat Colourlam Private Limited
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Factory Land and Building situated at Plot No. D, 5 to 8 Block No. 232, Karanj Mandvi, Surat admeasuring 1750 Square Meters.
Particulars of the present modification	Charge created is now extended to secure increased/revised financial assistance of Rs.178.100 Millions as stated below .Gujarat Colourlam Private Limited.:- CC Rs.50.000 Millions TL I Rs.27.500 Millions TL II Rs.51.000 Millions TL III Rs.18.000 Millions CEL Rs.11.200 Millions Total (A): Rs.157.700 Millions M/s. Gujarat Mica-Products Pvt. Ltd.:-

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Computer
• D.G. Set
• Air Conditioner
• Electric Installation
• Factory and Office Equipment
• Furniture
• Motor Cycle
• Motor Car

TRADE REFERENCES:

• Gujarat Colourlam Private Limited
• Gujarat Plylam Sales Agencies Private Limited

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.53.71
UK Pound	1	Rs.86.34
Euro	1	Rs.69.23

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.