MIRA INFORM REPORT

Report Date :

25.10.2012

IDENTIFICATION DETAILS

Name :	GAMZEN PLAST PRIVATE LIMITED
Registered Office :	B - 19, Sussex Industrial Estate, Dadoji Konddeo Cross Marg, Byculla (East), Mumbai – 400 027, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.10.1971
Com. Reg. No.:	11-015376
Capital Investment / Paid-up Capital :	Rs. 0.652 million
CIN No.: [Company Identification No.]	U25209MH1971PTC015376
TAN No.: [Tax Deduction & Collection Account No.]	MUMG06208G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Heavy Construction Machinery and plant Concrete Mixer, Batching Plant, Mechanical Grab and Piling Winches, Drilling Ring Accessories, Transit etc.
No. of Employees :	90 (In Office – 25 and In Factory – 65) (Approximately)

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 339100
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears continues fall in the profitability. However, trade relations are reported to be fair. Business is active. Payment are usually correct and as per commitment. The company can be considered for normal 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.

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.

INFORMATION DENIED BY

Name :	Ms. Siddhi
Designation :	Office Executive
Contact No.:	91-22-43557861
Date :	25.10.2012

LOCATIONS

Registered Office :	B-19, Sussex Industrial Estate, Dadoji Konddeo Cross Marg, Byculla (East), Mumbai – 400027, Maharashtra, India
Tel. No.:	91-22-23724862 / 23751599 / 23501815 / 43557861 / 23724862
Mobile No.:	91-9833509236 (Mr. Ashraf)
Fax No.:	91-22-23778793 / 43557870 / 75
E-Mail :	zubair@gamzen.net ashley@gamzen.net gamzen@bom5.vsnl.net abbas@gamzenindia.com enquiry@gamzen.net
Website :	http://www.gamzen.net

DIRECTORS

As on 28.09.2012

Name :	Mr. Abdulrehman Abdul karim Panchbhai
Designation :	Director
Address :	701, United Crystal, Opposite Baby Garden, Meghraj Sethy Marg, Agripada Mumbai – 400 008, Maharashtra, India
Date of Birth/Age :	15.06.1936
Qualification :	Mechanical Engineering
Experience :	50 Years
Date of Appointment :	05.11.1977
DIN No.:	00567057
Name :	Mr. Mehmood Hasan Panchbhai
Designation :	Additional Director
Address :	701, United Crystal, Opposite Baby Garden, Meghraj Sethy Marg, Agripada, Mumbai – 400 008, Maharashtra, India
Date of Birth/Age :	09.07.1961
Date of Appointment :	30.09.2010
DIN No.:	03030019

KEY EXECUTIVES

Name :	Ms. Siddhi
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Panchbhai Abdul Rehman	26917
Panchbhai Mohammed Zubair	14200
Panchbhai Fehmida	4600
Panchbhai Mehmood Hasan	16900
Sheth Ayesha	2580
TOTAL	65197

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 :	Manufacturing of Heavy Construction Machinery and plant Concrete Mixer, Batching Plant, Mechanical Grab and Piling Winches, Drilling Ring Accessories, Transit etc.
Products :	· Mini-Mobile Batching Plant (Eclectic Operated) · Mini-mobile Batching Plant (Diesel Operated) · 300 Liter – Bucket Loader and Hand Feed · Batching Plant – Bucket Elevator and Reversible Drum · Rotary Drilling Tools · Diaphragm Wall Equipment

GENERAL INFORMATION

No. of Employees :	90 (In Office – 25 and In Factory – 65) (Approximately)
Bankers :	Bombay Mercantile Co-Operative Bank Limited, 78, Mohamed Ali Road, Mumbai – 400 003, Maharashtra, India Bank of Maharashtra

Banking Relations :	--
Auditors :
Name :	A G Ayaz and Company Chartered Accountants
Address :	317, Jolly Bhavan No. 1, 10 New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22019714/ 22003349(Office) 91-23675091/ 23640131(Residence)
Fax No.:	91-22-22063804
E-mail:	ammarayaz@hotmail.com
PAN No.:	AAAPA9838L

CAPITAL STRUCTURE

As on 31.03.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
65197	Equity Shares	Rs. 10/- each	Rs. 0.652 million

NOTES:

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of Equity shares entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shareholders holding more than 5% shares in the company	No. of Shares	% holding in the class
Adburehman A Panchbhai	26917	41.29 %
Mehmood A Panchal	16900	25.92 %
Zubair A Panchbhai	14200	21.78 %
Fehmida A Panchbhai	4600	7.06 %

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		0.652	0.652	0.652
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		84.124	82.466	50.289
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.776	83.118	50.941
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		84.776	83.118	50.941
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.311	15.855	15.906
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.009	0.009
DEFERREX TAX ASSETS		0.091	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.745	31.792	21.378
	Sundry Debtors	31.671	24.799	40.171
	Cash & Bank Balances	41.553	46.648	34.582
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.066	27.167	12.146
Total Current Assets		102.035	130.406	108.277
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.797	34.247	72.596
	Other Current Liabilities	22.874	28.250
	Provisions	0.000	0.655	0.655
Total Current Liabilities		38.671	63.152	73.251
Net Current Assets		63.364	67.254	35.026
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		84.776	83.118	50.941

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses	NA	NA	NA
		Advertising Expenses	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		1.976	32.178	44.750
Less	TAX		NA	NA	0.190
	PROFIT AFTER TAX		NA	NA	44.620
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.60	22.00	36.04
Return on Investment (ROI) (PBT/Networth)		0.02	0.39	0.54
Debt Equity Ratio (Total Liability/Networth)		0.45	0.76	1.44
Current Ratio (Current Asset/Current Liability)		2.63	2.06	1.47

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors	15.797	34.247	NA

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	No
17]	Major suppliers	No
18]	Major customers	No
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	No
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

NOTE:

The registered office address of the company has been shifted from B-19, Sussex Industrial Estate K Cross Marg, Mumbai – 400027, Maharashtra, India to Present address w.e.f. 14.10.1971.

OPERATIONS

During the year the Company made a Profit of Rs. 1.976 millions as against a Profit of Rs. 32.177 millions during the previous Financial Year.

FIXED ASSETS:

· Plant and Machinery

· Electrical Installations

· Office Equipment

· Factory Land and Building

· Shed

· Data Processing Equipments

· Vehicle

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.53.59
UK Pound	1	Rs.85.81
Euro	1	Rs.69.91

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NID

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	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	NO
--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.