MIRA INFORM REPORT

Report Date :

30.11.2012

IDENTIFICATION DETAILS

Name :	GORDHANDAS DESAI PRIVATE LIMITED
Registered Office :	2/1, Arunodaya Society, Crossword Compound, Alkapuri,  Vadodara - 390 007, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.04.1976
Com. Reg. No.:	11-002900
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U52100GJ1976PTC002900
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00856C
PAN No.: [Permanent Account No.]	AAACG2200P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Laboratory and Kitchen Furniture.
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 330000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Corporate Office :	2/1, Arunodaya Society, Crossword Compound, Alkapuri,  Vadodara - 390 007, Gujarat, India
Tel. No.:	91 265 2340795 / 2331591
Fax No.:	91 265 2342657
E-Mail :	labexcel@gdpl.com sapatel@satyam.net.in bomsales@gdpl.com bglsales@gdpl.com delsales@gdpl.com
Website :	http://www.gdpl.com
Branch Office :	Located At · Mumbai · Bangalore · New Delhi

DIRECTORS

As on 31.07.2012

Name :

Mr. Mayur Natubhai Patel

Designation :

Managing Director

Address :

1, Arunodaya Society, Alkapuri,  Vadodara - 390 007, Gujarat, India

Date of Birth/Age :

10.07.1959

Experience :

30 Years

Date of Appointment :

30.07.1981

DIN No.:

00550727

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52100GJ1976PTC002900	GORDHANDAS DESAI PRIVATE LIMITED	Whole-time director	30-07-81	30-07-81	-	Active	NO
2	U52190GJ2003PTC041974	MAPPS TRADE CONCEPTS PRIVATE LIMITED	Whole-time director	10-02-03	10-02-03	-	Active	NO
3	U91990GJ2003NPL045782	NALANDA KNOWLEDGE FOUNDATION (TR. COMPANY)	Director	17-10-03	17-10-03	-	Active	NO
4	U29299MH1968PTC014050	RAJ MAYUR PRIVATE LIMITED	Director	30-09-09	22-12-08	-	Strike off	NO
5	U36100GJ2012PTC069755	GD INDUSTRIES PRIVATE LIMITED	Director	09-04-12	09-04-12	-	Active	NO

Name :

Mrs. Seema Mayur Patel

Designation :

Whole-Time Director

Address :

1, Arunodaya Society, Alkapuri,  Vadodara - 390 007, Gujarat, India

Date of Birth/Age :

07.05.1964

Date of Appointment :

01.02.1984

DIN No.:

00550816

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52100GJ1976PTC002900	GORDHANDAS DESAI PRIVATE LIMITED	Whole-time director	01-02-84	01-02-84	-	Active	NO
2	U52190GJ2003PTC041974	MAPPS TRADE CONCEPTS PRIVATE LIMITED	Whole-time director	10-02-03	10-02-03	-	Active	NO
3	U91990GJ2003NPL045782	NALANDA KNOWLEDGE FOUNDATION (TR. COMPANY)	Director	17-10-03	17-10-03	-	Active	NO
4	U36100GJ2012PTC069755	GD INDUSTRIES PRIVATE LIMITED	Director	09-04-12	09-04-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.07.2012

Names of Shareholders	No. of Shares
Mayur Natubhai Patel	25200
Seema Mayur Patel	8800
Mayor Family Trust	66000
Total	100000

As on 31.07.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Laboratory and Kitchen Furniture.

GENERAL INFORMATION

Customers :

· Bhabha Atomic Research Centre - BARC

· Bharat Petroleum Corporation Limited-BPCL

· Forest Research Institute

· Gas Authority of India Limited - GAIL

· Aditya Birla Public School

· GSFC Science Foundation

· K R Mangalam World School

· K. J. Somaiya College of Science and Commerce

· Indian Institute of Science - IISc

· Ambuja Cements Limited

· Bharat Heavy Electricals Limited - BHEL

· Ceat Limited

· AstraZeneca

· Dr. Reddy's Lab / Research Foundation

· Jubilant Biosys

· Amul

· Britannia Industries Limited

· Cadbury India

· Coca-Cola India

· Dinshaws Dairy Foods- Bayer Diagnostics India Limited

· Cadila Healthcare Limited

· Famy Care Limited

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Jetalpur Branch, Jetalpur Road, Vadodara - 390007, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Working Capital Loans
Bank of Baroda	2.970	6.360
Total	2.970	6.360
Secured against present and future stock and receivables of the company and collateral of the Equitable Mortgage of Factory Land and Building of the company. The Working Capital Loans are repayable on demand and carries Interest @14.25p.a. (@3.50% above Base Rate)
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Other Deposits	1.209	1.455
Total	1.209	1.455

Banking Relations :	--
Auditors :
Name :	S A Patel and Company Chartered Accountants
Address :	422, Paradise Complex, Sayajigunj, Vadodara – 390005, Gujarat, India
Tel. No.:	91-265-2362218 / 2363144
E-Mail :	sapatel@satyam.net.in
PAN.:	ADFPP1273N
Enterprise in which KMP / Relatives of KMP can exercise significant influence :	· Maaps Trade Concept Private Limited · Nalanda Knowledge Foundation · Mayur Family Trust · Pooja and Other Family Trust · Maaps Agencies · Priya and Other Family Trust

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
195000	Equity Shares	Rs.100/- each	Rs.19.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Details of Share held by each Shareholder Holding more than 5% Shares:

Classes of Shares /Name of Shareholder	Number of shares held	% holding in that class of shares
Mayur Family Trust	66000	66.00%
Mayur Patel	25200	25.20%
Seema Patel	8800	8.80%

Reconciliation or the Number of shares and amount outstanding at the beginning and at the at the end of the reporting

Particular	Opening Balance	Fresh Issue	Buy Back	Closing Balance
Equity shares with voting rights
Number of shares	100000	--	--	100000
Amount in Millions	10.000	--	--	10.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		74.696	83.929	82.383
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.696	93.929	92.383
LOAN FUNDS
1] Secured Loans		2.970	6.360	4.208
2] Unsecured Loans		1.209	1.455	0.998
TOTAL BORROWING		4.179	7.815	5.206
DEFERRED TAX LIABILITIES		0.000	0.095	0.843
TOTAL		88.875	101.839	98.432
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.733	29.271	33.798
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		23.791	26.627	26.177
DEFERREX TAX ASSETS		0.277	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.799	34.023	37.923
	Sundry Debtors	30.038	19.553	18.784
	Cash & Bank Balances	6.179	6.733	4.526
	Other Current Assets	0.880	0.060	0.000
	Loans & Advances	11.022	9.249	6.205
Total Current Assets		80.918	69.618	67.438
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.930	12.093	14.283
	Other Current Liabilities	11.715	10.955	8.798
	Provisions	12.199	0.629	5.850
Total Current Liabilities		41.844	23.677	28.931
Net Current Assets		39.074	45.941	38.507
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		88.875	101.839	98.482

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	169.782	127.245	132.116
		Other Income	4.834	3.356	2.274
		TOTAL (A)	174.616	130.601	134.390
Less	EXPENSES
		Cost of Materials Consumed	44.473	23.204
		Purchase of Traded Goods	30.221	26.325
		Changes in Inventories of Finished Goods Work – in- progress and Stock –in-Trade	6.080	4.637
		Employee Benefit Expenses	41.554	29.268
		Other Expenses	45.043	40.104
		TOTAL (B)	167.371	123.538	123.341
					(Including Depreciation and Financial Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.245	7.063
Less	FINANCIAL EXPENSES (D)		0.934	1.203
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.311	5.860
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.295	5.061
	PROFIT BEFORE TAX (E-F) (G)		2.016	0.799	11.049
Less	TAX (H)		(0.373)	(0.747)	3.491
	PROFIT AFTER TAX (G-H) (I)		2.389	1.546	7.558
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.494	2.462	NA
	TOTAL EARNINGS		1.494	2.462	NA
	IMPORTS
		Raw Materials / Traded Goods	10.085	5.683	5.454
	TOTAL IMPORTS		10.085	5.683	5.454
	Earnings Per Share (Rs.)		23.89	15.46	75.58

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.37	1.18	5.62
Net Profit Margin (PBT/Sales)	(%)	1.19	0.63	8.36
Return on Total Assets (PBT/Total Assets}	(%)	1.89	0.81	10.91
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.12
Debt Equity Ratio (Total Liability/Networth)		0.54	0.34	0.37
Current Ratio (Current Asset/Current Liability)		1.93	2.94	2.33

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CONTINENT LIABILITIES

Rs. In Millions

Particulars	31.03.2012	31.03.2011
As per Show cause Notice dated 27.04.2011
Excise Duty	0.948	--
Penalty	0.948	--
As per Show Cause Notice dated 19.03.2012
Excise Duty	0.202	--

FIXED ASSETS

· Lana Freehold

· Buildings

· Office Buildings

· Plant and Equipment

· Vehicles

· Office Equipment

· Furniture and Fixtures

· Computers

· Electrical Installation

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 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 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.55.20
UK Pound	1	Rs.88.38
Euro	1	Rs.71.47

INFORMATION DETAILS

Report Prepared by :

NTH

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.