MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	GUARDIAN CASTINGS PRIVATE LIMITED
Registered Office :	109, Mahinder Chambers, W T Patil Marg, Opposite Dukes Factory, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.01.2004
Com. Reg. No.:	11-144279
Capital Investment / Paid-up Capital :	Rs.12.354 Millions
CIN No.: [Company Identification No.]	U27310MH2004PTC144279
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09977C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of M.S. Ingots Business.
No. of Employees :	Information declined by the management.

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 270000
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 condition.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Gopal
Designation :	Office Executive
Contact No.:	91-22-25200770
Date :	23.05.2012

LOCATIONS

Registered Office :	109, Mahinder Chambers, W T Patil Marg, Opposite Dukes Factory, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25200770/ 23430060
Fax No.:	91-22-55975145
E-Mail :	alwyn.co@gmail.com
Factory :	Abitgar, Wada- Shahpur Road Gath No. 116 & 120, Post and Village Wada, Thane – 421303, Maharashtra, India

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Shravan Ravinder Aggarwal
Designation :	Director
Address :	235, Vijay Bhavan, 10^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	05.05.1983
Date of Appointment :	29.01.2004
DIN No.:	01509488
Name :	Mr. Sukumaran Nair
Designation :	Director
Address :	303, Ajit Apartments, Sarvodaya Nagarm Nahur, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	25.06.1944
Date of Appointment :	29.01.2004
DIN No.:	01564111

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Shravan Ravinder Aggarwal	123125
Sukumaran Nair	100
Sejalben Sardhara	10
Koonjan Sardhara	10
Sadhnaben Sardhara	10
Balubhai Sardhara	10
Kiran Jotani	10
Sujata Aggarwal	50
Kavita Punwani	10
Anjana Aggarwal	47
Ravinder Aggarwal HUF	100
Ashwin Desai	50
Kusum M. Aggarwal	1
Gautam Aggarwal	1
Siddharth Aggarwal	1
Total	123535

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	99.89
Other top fifty shareholders	0.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of M.S. Ingots Business.

Products :

Products Description	Item Code No.
M. S. Ingots and Run Riser	72069099/ 2044900

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity*	Installed Capacity*	Actual Production
M S Ingots	M. Tons	--	--	26129.360
TMT Bars	M. Tons	Not Applicable	25,000	--

NOTE:

* As certified by the management and being a technical matter, relied upon by the auditors. For the current year there is no installed capacity.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· ING Vysya Bank Limited

No.625, G.D. Somani Memorial School, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· Oriental Bank of Commerce

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks for: (Secured by way of hypothecation of inventories and book debts)*	35.910	39.614
Others (Against hypothecation of plant and machinery)	0.000	0.000
Term Loans **	49.687	0.000
Total	85.597	39.614
* Guaranteed jointly and severally by directors of the company and the first charge on plant and machinery and factory building. ** hypothecation of equipments plant and machinery, personal guarantee of directors and their family member’s and equitable mortgage of land, office premises and residential flat of directors and their family member’s
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan from Others	23.941	15.705
Total	23.941	15.705

Banking Relations :	--
Auditors :
Name :	Udyen Jain and Associates Chartered Accountant
Address :	540, 5^th Floor, D wing, Clover Centre, 7 Moledina Road, Pune – 411001, Maharashtra, India
PAN No.:	AABFU9032D
Subsidiaries/ Associate/ Group Companies :	· Guardin Steels Private Limited · Shravan Steels · Shree Satguru

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
123535	Equity Shares	Rs.100/- each	Rs.12.354 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		12.354	12.354	12.354
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.092	43.467	26.659
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		67.446	55.821	39.013
LOAN FUNDS
1] Secured Loans		85.597	39.614	49.302
2] Unsecured Loans		23.941	15.705	6.203
TOTAL BORROWING		109.538	55.319	55.505
DEFERRED TAX LIABILITIES		2.057	2.310	1.728
TOTAL		179.041	113.450	96.246
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.297	39.796	43.707
Capital work-in-progress		71.674	3.604	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.546	47.766	58.565
	Sundry Debtors	33.906	26.217	37.894
	Cash & Bank Balances	3.527	2.588	2.178
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	79.338	38.445	22.369
Total Current Assets		154.317	115.016	121.006
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	38.835	4.351	38.768
	Other Current Liabilities	8.165	12.368	12.092
	Provisions	35.247	28.247	17.607
Total Current Liabilities		82.247	44.966	68.467
Net Current Assets		72.070	70.050	52.539
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		179.041	113.450	96.246

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	746.074	777.075	827.974
Less	EXPENSES
		TOTAL	720.745	741.320	801.597
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		25.329	35.755	26.377
Less/ Add	DEPRECIATION/ AMORTISATION		4.796	5.557	5.898
	PROFIT BEFORE TAX		20.533	30.198	20.479
Less	TAX		6.747	11.222	6.979
	PROFIT AFTER TAX		13.786	18.976	13.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.170	23.259	13.927
Less	APPROPRIATIONS
		Transfer to General Reserve	1.379	1.898	2.000
		Proposed Dividend	1.853	1.853	1.853
		Corporate Tax on Dividend	0.308	0.314	0.315
	BALANCE CARRIED TO THE B/S		48.416	38.170	23.259
	IMPORTS
		Raw Materials	101.606	238.052	131.826
	TOTAL IMPORTS		101.606	238.052	131.826
	Earnings Per Share (Rs.)		111.60	153.61	108.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.85	2.44	1.63
Return on Total Assets (PBT/Total Assets}	(%)	10.83	19.51	12.43
Return on Investment (ROI) (PBT/Networth)		0.30	0.54	0.52
Debt Equity Ratio (Total Liability/Networth)		2.84	1.80	3.18
Current Ratio (Current Asset/Current Liability)		1.88	2.56	1.77

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	38.835	4.351	38.768
Total	38.835	4.351	38.768

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

FORM 8:

This form is for	Creation of charge
Charge identification number of the modified
Corporate identity number of the company	U27310MH2004PTC144279
Name of the company	GUARDIAN CASTINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	109 Mahinder Chambers, W T Patil Marg, Opposite Dukes Factory, Chembur, Mumbai – 400071, Maharashtra, India alwyn.co@gmail.com
Type of charge	Immovable Property
Particular of charge holder	ING Vysya Bank Limited No.625, G.D. Somani Memorial School, Cuffe Parade, Mumbai – 400005, Maharashtra, India vlaxman@vnsl.com
Nature of description of the instrument creating or modifying the charge	Memorandum Recording Past Transaction of Creation of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	29/02/2012
Amount secured by the charge	Rs.160.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Rate of interest as applicable to the loan/s granted to Guardian Steels Private Limited in terms of the Letter of Sanction issued by the Bank. Terms of Repayment Repayment as applicable to the loan/s granted to Guardian Steels Private Limited in terms of the Letter of Sanction issued by the Bank. Margin Margin/s as applicable to the loan/s granted to Guardian Steels Private Limited in terms of the Letter of Sanction issued by the Bank. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of dues under the credit facilities aggregating Rs.160.000 Millions granted by Bank to Guardian Steels Private Limited ("Borrower"), including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc. Others The loan/s sanctioned to Guardian Steels Private Limited are as under : BG : Rs.10.000 Millions WCDL : (Rs.80.000 Millions) OD : Rs.150.000 Millions
Short particulars of the property charged	Property being Piece and parcels of land bearing Survey No. 57 P, admeasuring 1-12-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Survey No. 116, admeasuring 0-57-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Survey No. 120, admeasuring 0-70-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Gut No. 117, admeasuring 0-93-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Gut No. 135, admeasuring 0-40-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Gut No. 135, admeasuring 0-58-0 are Village Abitghar, Vada, Thane.

FIXED ASSETS:

· Land – Freehold

· Factory Building

· Plant and Machinery

· Vehicles

· 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.55.93
UK Pound	1	Rs.88.15
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NIT

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	YES
--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.