MIRA INFORM REPORT

Report Date :

16.04.2013

IDENTIFICATION DETAILS

Name :	G T Z (INDIA) PRIVATE LIMITED
Registered Office :	Mouza Khari Beria, PO and PS Bishnupur PGS South West Bengal -743803
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.12.1973
Com. Reg. No.:	21-029127
Capital Investment / Paid-up Capital :	Rs.29.070 Millions
CIN No.: [Company Identification No.]	U27109WB1973PTC029127
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electro Plating, Polymer emulsion, metal finishing.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 580000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The performance capability and financial position of the company seems to be moderate. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. Latest profit and loss of the company is not available.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A4 (Non-fund Based Limit)
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	04.10.2011

Rating Agency Name	ICRA
Rating	BB (Term Loan)
Rating Explanation	Moderate risk of default.
Date	04.10.2011

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/ Factory :	Mouza Khari Beria, PO and PS Bishnupur PGS South West Bengal -743803, India
Tel. No.:	91-33-24709455
Fax No.:	91-33-24706644
E-Mail :	mgnco@vsnl.net
Website :	http://www.gtzworld.com
Head Office :	9 Brabourne Road, Bombay Mutual Building, 6^th Floor, Kolkata - 700 001, West Bengal, India
Tel. No.:	91-33-22429900/ 01/ 5415
Fax No.:	91-33-22107634
E-Mail :	gtz_india@eth.net
Regional Office :	Located at: Kolkata New Delhi Mumbai Chennai
Branch Offices / Service Centers:	Located at: Jamshedpur Ghaziabad Noida Gurgaon Jaipur Ludhiana Chandigarh Kanpur Moradabad Jalandhar Aligarh Agra Indore Pune Baroda

DIRECTORS

As on: 29.09.2012

Name :	Mr. Ram Niwas Sawalka
Designation :	Director
Address :	5A, Robinson Street, Kolkata – 700017, West Bengal, India
Date of Birth/Age :	12.01.1935
Date of Appointment :	17.01.1981
DIN No.:	00181599
Name :	Mr. Arun Kumar Sawalka
Designation :	Managing director
Address :	7 Pandit Madan Mohan Malviya Sarani, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	05.10.1958
Date of Appointment :	17.01.1981
DIN No.:	00394790
Name :	Mr. Rathindra Nath Ray
Designation :	Director
Address :	FD 416, Sector III, Salt Lake City, Kilkata – 700106, West Bengal, India
Date of Birth/Age :	03.01.1950
Date of Appointment :	01.11.2008
DIN No.:	00394958

KEY EXECUTIVES

Name :	Mr. Arun Bihari
Designation :	Deputy Manager – Purchase

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Arun Kumar Sawalka	177620
Manju Sawalka	25880
Rohan Anant Sawalka	47000
Anup Kumar Bihani	200
Dipti Sawalka	10000
Inderlok Merchants Private Limited, India	15000
Rofab Private Limited, India	15000
Total	290700

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	10.00
Directors or relatives of Directors	90.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electro Plating, Polymer emulsion, metal furnishing.
Exports :
Countries :	Bangladesh African countries Germany
Imports :
Countries :	China Germany USA Singapore

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, SME Branch, J. L. Nehru Road, Jeevan Deep (11th Floor) 1, Middleton Street, Kolkata - 700071, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

LONG-TERM BORROWINGS

Term Loans From Banks

State Bank of India

27.183

3.000

Vehicle Loans From Banks

HDFC bank Limited

0.410

0.844

State bank of India

0.000

0.150

From Others

0.000

0.032

SHORT-TERM BORROWINGS

Working capital loans

State bank of India

65.063

63.911

Total

92.656

67.937

Note:

a) Nature of securities:

I) Term loan from State Bank of India is secured against first charge by way of equitable mortgage on entire fixed assets of the company - present and future and Personal guarantee of the Managing Director of the Company.

ii) Vehicle loans are secured by the hypothecation of the cars.

Terms of Repayment:

(Rs. in Millions)

Name of banks / entities		Rate of interest	Amount outstanding as on 31st March, 2012		Period of Maturity w.r.t the Balance Sheet date	Installments Outstanding as on 31.03.12	Amount of each Installment
			Current #	Non-Current
1	State Bank of India Term loan 1	Base rate + 4%	3.000 (3.000)	-- (3.000)	1 year (2 Years)	4 (8)	0.750 (0.750)
2	State Bank of India Term loan 2	Base rate+ 4%	6.000 (--)	27.183 (--)	5 years (-)	18 H	$ (")
3	HDFC Bank-Unsecured*	17%	0.748 (--)	1.475 (--)	2 yrs 6 months (-)	31 {--)	0.089 (--)
4	Standard Chartered Bank - Unsecured1"	18%	0.882 (--)	1.835 (--)	2 yrs 7 months (-)	32 H	0.108 (--)
' 5	Tata Capital Limited - Unsecured*	18%	0.753 (--)	1.418 (--)	2 yrs 5 months (-)	30 (-")	0.090 (")
'6	Magma Finance Corp, Ltd, - Unsecured*	10%	1.216 (--)	1.734 (--)	2 yrs 5 months (--)	30 (-")	A ("J
7	SBI Car Loan*	10%	0.150 (0.393)	(0.150)	6 Months (lyr 6 months)	6 18	0.024 0.024
8	HDFCCarLoanl* * *<nll<ATA)J ill AW	8%	0.550 (0.506)	0.293 (0.843)	lyr5 months {2 yrs 5 months)	6 (30)	0.050 (0.050)
9	Vxs, HDFC Car Loan 2*	8%	0.098 (--)	0.116 (--)	2 years (--)	25 (")	0.009 (--)
10	Katak Mahindra Bank Car Loan*	8%	0.032 (0.369)	(0.032)	lday (1 year)	1 (13)	0.032 (0.032)
11	The Federal Bank Ltd. Car Loan*	8%	(0.009)	;	(25 days)	1	0.010
			13.433	34.057
			(4.279)	(4.026)

Banking Relations :	--
Auditors :
Name :	M. Kumar Jain and Company Chartered Accountants
Address :	7A Kiran Shankar Ray Road, Kolkata – 700001, West Bengal, India
PAN No.:	AADFM7498M

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
290700	Equity Shares	Rs.100/- each	Rs.29.070 Millions

Terms / rights attached to equity shares:

The Company has only one class of equity shares. The holders of equity shares are entitled to receive dividend as declared from time to time and are entitled to one vote per share. The dividend if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing 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, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Shareholders holding more than 5 % of the equity shares in the Company :

Name of shareholder	As at 31st March, 2012
	No. of shares held	% of holding
Mr. Arun Kumar Sawalka	177,620	61.10%
Mr. Rohan Anant Sawalka	47,000	16.17%
Mrs, Manju Sawalka	25,880	8.90%
M/s, Inderlok Merchants Pvt. Ltd.	15,000	5.16%
M/s. Rofab Private Limited	15,000	5.16%

The company has issued an aggregate of 2,79,150 shares up to 31.03.2012 (Previous year 2,79,150 up to 31.03.2011) fully paid up equity shares of par value Rs. 100/- each without payment being received in cash in the last 5 years immediately preceding the balance sheet date.

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		29.070	29.070	29.070
2] Share Application Money		50.100	0.000	0.000
3] Reserves & Surplus		67.610	62.823	61.398
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		146.780	91.893	90.468
LOAN FUNDS
1] Secured Loans		92.656	67.937	73.557
2] Unsecured Loans		41.740	26.055	0.000
TOTAL BORROWING		134.396	93.992	73.557
DEFERRED TAX LIABILITIES		2.328	2.279	2.242
TOTAL		283.504	188.164	166.267
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		70.084	59.190	55.158
Capital work-in-progress		95.549	46.495	6.425
INVESTMENT		2.577	2.577	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	59.023	33.460	31.295
	Sundry Debtors	95.572	69.845	74.260
	Cash & Bank Balances	0.783	1.641	2.837
	Other Current Assets	3.601	1.529	0.000
	Loans & Advances	18.390	11.370	36.240
Total Current Assets		177.369	117.845	144.632
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.847	19.331	24.757
	Other Current Liabilities	26.792	13.208	0.000
	Provisions	2.436	5.404	15.191
Total Current Liabilities		62.075	37.943	39.948
Net Current Assets		115.294	79.902	104.684
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		283.504	188.164	166.267

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	NA	NA	NA
	Other Income
	TOTAL		NA	NA
EXPENSES			NA	NA
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL		NA	NA
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			16.284	23.205
FINANCIAL EXPENSES			4.384	5.958
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			11.900	17.247
DEPRECIATION/ AMORTISATION			5.025	4.764
PROFIT BEFORE TAX			6.875	12.483
TAX			2.071	4.358
PROFIT AFTER TAX			4.804	4.805
EXCESS PROVISION OF INCOME TAX FOR EARLIER YEAR			0.000	0.103
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			14.830	11.380
APPROPRIATIONS
	Dividend on Shares		2.907	2.382
	Tax on Dividend		0.471	0.396
	General Reserve		2.000	2.000
BALANCE CARRIED TO THE B/S			14.256	14.830
EARNINGS IN FOREIGN CURRENCY			72.864	NA
IMPORTS
	CIF Value of Import		4.576	NA
TOTAL IMPORTS			4.576	NA
Earnings Per Share (Rs.)		NA	16.53	16.53

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	5.87	6.25
Return on Investment (ROI) (PBT/Networth)		NA	0.07	0.14
Debt Equity Ratio (Total Debt /Networth)		0.92	1.02	0.81
Current Ratio (Current Asset/Current Liability)		2.86	3.11	3.62

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	No
12]	Profitability for last two 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)	Yes
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	Yes

UNSECURED LOAN:

(Rs. in Millions)

PARTICULARS	As on 31.03.2012	As on 31.03.2011
LONG-TERM BORROWINGS
Term Loans From Banks
HDFC Bank Limited	1.476	0.000
Standard Chartered Bank	1.836	0.000
From Others
Magma Finance Corporation Limited	1.734	0.000
Tata Capital Limited	1.419	0.000
SHORT-TERM BORROWINGS
Loans from related parties
Director	14.080	9.550
Shareholders	11.355	8.620
Bodies corporate	9.840	7.885
Total	41.740	26.055
Note: * (Secured against hypothecation of stock, book debts and personal guarantee of the Managing Director of the Company)

FIXED ASSETS:

• Land (Freehold)
• Building
• Office Premises
• Plant and Machinery
• Electrical Installation
• Furniture and Fixture
• Office equipment
• Vehicle
• Generator
• Tools
• Computer
• Air conditioner Machine

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.54.63
UK Pound	1	Rs.83.70
Euro	1	Rs.71.42

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.