MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED
Registered Office :	Village Road, Opposite Ceat Tyres, Bhandup, Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.02.1972
Com. Reg. No.:	11-015606
Capital Investment / Paid-up Capital :	Rs.22.500 Millions
CIN No.: [Company Identification No.]	U29100MH1972PTC015606
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09553F/ MUMG08547A
PAN No.: [Permanent Account No.]	AAACG1492R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, OEM Suppliers and Exporter of Automobile Body Trimmings.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 440000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and a well 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 :	Gold Seal House, Village Road, Opposite Ceat Tyres Limited, Bhandup, Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25663498/ 67370303/ 67370336
Fax No.:	91-22-67370304
E-Mail :	goldseal@vsnl.com sales@goldseal.in
Website :	http://www.goldseal.in
Factory :	Daulet Abad, Daman Patalia Road, Bhimpore, Daman – 396210, Daman and Div, India
Tel. No.:	91-260-2220043/ 2221043/ 44
Fax No.:	91-260-2221410

DIRECTORS

(AS ON 30.09.2011)

Name :

Khursheed Cyrus Aga

Designation :

Director

Address :

51, Sommerset House, Off Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

21.03.1982

Date of Appointment :

26.04.2008

DIN No.:

00283874

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	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	20/02/2004	20/02/2004	Active	NO
2	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Alternate director	1/12/2006	1/12/2006	Active	NO
3	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	29/09/2008	26/04/2008	Active	NO
4	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Additional director	2/2/2009	2/2/2009	Active	NO
5	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Additional director	2/2/2009	2/2/2009	Active	NO
6	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Additional director	2/2/2009	2/2/2009	Active	NO

Name :

Urvaksh Cyrus Aga

Designation :

Director

Address :

51, Sommerset House, Off Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

21.03.1980

Date of Appointment :

26.02.2004

DIN No.:

00283926

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	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Director	24/02/2004	24/02/2004	Active	NO
2	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	26/02/2004	26/02/2004	Active	NO
3	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Alternate director	29/03/2007	29/03/2007	Active	NO
4	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Additional director	2/2/2009	2/2/2009	Active	NO
5	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Additional director	2/2/2009	2/2/2009	Active	NO
6	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Additional director	2/2/2009	2/2/2009	Active	NO

Name :

Cyrus Hoshang Aga

Designation :

Director

Address :

51, Sommerset House, Off Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

24.11.1955

Date of Appointment :

11.02.1972

DIN No.:

00284019

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	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	11/2/1972	11/2/1972	Active	NO
2	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Director	24/10/1985	24/10/1985	Active	NO
3	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Director	30/12/1988	30/12/1988	Active	NO
4	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Director	8/2/1991	8/2/1991	Active	NO
5	U67120MH1994PTC076111	VANSETI INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	18/01/1994	18/01/1994	Active	NO
6	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Director	14/03/1996	14/03/1996	Active	NO
7	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	29/08/1997	29/08/1997	Active	NO

Name :

Pilloo Cyrus Aga

Designation :

Director

Address :

51, Sommerset House, Off Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

16.09.1955

Date of Appointment :

02.12.1985

DIN No.:

00284093

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	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Director	7/7/1982	7/7/1982	Active	NO
2	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	2/12/1985	2/12/1985	Active	NO
3	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Director	27/05/1991	27/05/1991	Active	NO
4	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	24/09/1993	24/09/1993	Active	NO
5	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Director	14/03/1996	14/03/1996	Active	NO
6	U67120MH1994PTC076111	VANSETI INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	11/6/1997	11/6/1997	Active	NO
7	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Director	22/07/1997	22/07/1997	Active	NO
8	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	29/08/1997	29/08/1997	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Daulet Hoshang Aga/ Edulji Hoshang Aga/ Cyrus Hoshang Aga	421200
Cyrus Hoshang Aga/ Edulji Hoshang Aga	17550
Pilloo Cyrus Aga/ Cyrus Hoshang Aga	205100
Cyrus Hoshang Aga/ Pilloo Cyrus Aga	350200
Cyrus Hoshang Aga/ Urvaksh Cyrus Aga / Pilloo Cyrus Aga	243750
Cyrus Hoshang Aga/ Khursheed Cyrus Aga/ Pilloo Cyrus Aga	243750
Cyrus Hoshang Aga/ Darius Cyrus Aga/ Pilloo Cyrus Aga	243750
AGA Holdings and Agencies Private Limited, India	138000
Edil Jal Katrak/ Maharukh Dil Katrak	69000
Edil Jal Katrak/ Jal Katrak	15000
Maharuk Edil Katrak/ Edil Jal Katrak	18000
Pilloo Cyru Aga/ Cyrus Hoshang Aga/ Urvaksh Cyrus Aga	10000
Pilloo Cyru Aga/ Cyrus Hoshang Aga/ Khursheed Cyrus Aga	20000
Pilloo Cyru Aga/ Cyrus Hoshang Aga/ Darius Cyrus Aga	30000
Urvaksh Cyrus Aga/ Cyrus Hoshang Aga/ Pilloo Cyrus Aga	85300
Khursheed Cyrus Aga/ Cyrus Hoshang Aga/ Pilloo Cyrus Aga	54100
Darius Cyrus Aga/ Cyrus Hoshang Aga/ Pilloo Cyrus Aga	85300
Total	2250000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	6.00
Directors or relatives of directors	94.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, OEM Suppliers and Exporter of Automobile Body Trimmings.

Products :

· Bi-Component Door Seals

· Flocked Channels

· Boot and Bonnet Seals

· Sponge Outer Door Seals

· Wind Shield Rubbers

· Conventional Seals and Channels

· Electrical Control Panel Seals

· Container Seals

· Building Construction Seals

Products Description	Item Code No.
Extruded Rubber Profiles	400819 and 400829

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Door Laces	Mtrs	Not applicable being s small scale industry	3000000	945042
Channels	Mtrs		3500000	1022455

GENERAL INFORMATION

Customers :

· Bajaj Auto Limited

· Eicher Motors Limited

· Force Motors Limited

· Harita Seating Systems Limited

· Hindustan Motors Limited

· Larsen and Toubro Limited

· Mahindra and Mahindra Limited - Automotive Division

· Mahindra and Mahindra Limited - Tractor Division

· Tata Motors

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	2.649	1.270
From Shareholders and Corporate Bodies	2.390	1.081
Total	5.039	2.351

Banking Relations :	--
Auditors :
Name :	D. M. Chitnis Chartered Accountant
Address :	Asha, Raghavji Road, Gowalia Tank, Mumbai – 400036, Maharashtra, India
PAN No.:	AABPC5813G
Subsidiary Company :	· Vanseti Investments and Holdings Private Limited CIN No.: U67120MH1994PTC076111

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions

NOTE:

(Out of the above 20,68,600 shares issued by way of bonus shares by capitalization of reserves)

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		22.500	22.500	22.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		88.312	69.550	56.703
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		110.812	92.050	79.203
LOAN FUNDS
1] Secured Loans		0.000	0.000	5.176
2] Unsecured Loans		5.039	2.351	3.326
TOTAL BORROWING		5.039	2.351	8.502
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		115.851	94.401	87.705
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.152	39.277	41.895
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		17.262	0.803	0.803
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.423	8.436	20.224
	Sundry Debtors	0.852	1.467	3.118
	Cash & Bank Balances	13.306	16.118	4.414
	Other Current Assets	8.071	6.265	5.534
	Loans & Advances	54.021	47.330	35.631
Total Current Assets		91.673	79.616	68.921
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.580	7.713	13.605
	Other Current Liabilities	4.614	4.376	3.543
	Provisions	23.042	13.206	6.766
Total Current Liabilities		32.236	25.295	23.914
Net Current Assets		59.437	54.321	45.007
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		115.851	94.401	87.705

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	175.387	137.833	115.063
		Other Income	32.236	26.486	20.685
		TOTAL (A)	207.623	164.319	135.748
Less	EXPENSES
		Increase/ (Decrease) in Stocks	(0.126)	0.230	0.239
		Raw and Packing Materials Consumed	137.687	97.826	91.161
		Manufacturing Expenses	8.778	8.548	5.745
		Employees Remunerations	19.203	22.773	19.648
		Administrative and Other Expenses	4.381	5.051	3.720
		Selling Expenses	4.850	3.603	2.276
		TOTAL (B)	174.773	138.031	122.789
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.850	26.288	12.959
Less	FINANCIAL EXPENSES (D)		0.759	0.632	2.012
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.091	25.656	10.947
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.106	4.224	4.478
	PROFIT BEFORE TAX (E-F) (G)		27.985	21.432	6.469
Less	TAX (H)		9.223	6.684	1.744
	PROFIT AFTER TAX (G-H) (I)		18.762	14.748	4.725
Less	Prior Year Adjustment		--	1.902	3.508
	BALANCE CARRIED TO THE B/S		18.762	12.846	1.217
	EARNINGS IN FOREIGN CURRENCY		19.203	12.751	7.022
	Earnings Per Share (Rs.)		8.34	6.55	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.04	8.98	3.48
Net Profit Margin (PBT/Sales)	(%)	15.96	15.55	5.62
Return on Total Assets (PBT/Total Assets}	(%)	21.39	18.03	5.84
Return on Investment (ROI) (PBT/Networth)		0.25	0.23	0.08
Debt Equity Ratio (Total Liability/Networth)		0.34	0.30	0.41
Current Ratio (Current Asset/Current Liability)		2.84	3.15	2.88

LOCAL AGENCY FURTHER INFORMATION

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	Yes
Major Suppliers	No
Major Customers	Yes
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	No
Banking Facility Details	No
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

PROGRESS OF THE COMPANY

During the year, company reported Sales of Rs.175.387 Millions comparison to Rs.137.833 Millions of previous year and the profit during the year of Rs.18.762 Millions in comparison to Rs.14.748 Millions of Previous year.

The Board is making extra efforts to enhance sales in the current year whilst minimizing the operating cost, to enhance profitability.

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture and Fixtures

· Motor Vehicles

· Office Equipments

· Dies

· Electrical Equipments

· Tools and Equipments

· Air Conditioner

· Cycle

· Tempo

· Computer

WEBSITE DETAILS:

AWARDS RECEIVED

1999-2000 and 2000-2001, 01-02, 02-03, 04-05, 05-06

All India Rubber Industries Association (AIRIA) Export growth award received in recognition of outstanding export performance in Auto Rubber Parts.

2005-06 and 06-07

Chemical and Allied Products Export Promotion Council (CAPEXIL) Export Recognition Award for Export Achievement in respect of Automobile Rubber Accessories.

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.54.68
UK Pound	1	Rs.86.52
Euro	1	Rs.69.86

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		51

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.