MIRA INFORM REPORT

Report Date :

22.04.2013

IDENTIFICATION DETAILS

Name :	T AND D GALIAKOT CONTAINER PRIVATE LIMITED
Registered Office :	125, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.04.1997
Com. Reg. No.:	11-107569
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U28992MH1997PTC107569
TAN No.: [Tax Deduction & Collection Account No.]	MUMT11664C
PAN No.: [Permanent Account No.]	AAACT5835D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Barrels.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated loss recorded by the company. However, trade relations are reported to be fair. Business sis active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured 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 :	125, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22634516/ 22634517/ 22634518
Fax No.:	91-22-22634517/ 22634515/ 22623212
E-Mail :	accounts.nmp@tdgcpl.com bakulesh.sheth@tdgcpl.com
Factory :	102/1, Village Kala, Silvassa, Dadra and Nagar Haveli, India
Corporate Office :	66, 6^th Floor, Market Chambers III, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22843758/ 22843705
Fax No.:	91-22-22048801
Email :	tdgcpl@tdgcpl.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Harshad Chhotalal Sheth

Designation :

Director

Address :

7/A, Geetanjali, Navroji Gamadia Cross Road, Off Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

10.03.1942

Date of Appointment :

25.04.1997

DIN No.:

00045435

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	Company/ LLP Status	Defaulting status
1	U51900MH1939PTC003046	C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED	Director	29-08-69	29-08-69	Active	NO
2	U24110MH1941PTC003381	ADVANCE PAINTS PRIVATE LIMITED	Managing director	24-05-73	24-05-73	Active	NO
3	U74999MH1947PLC005875	GALIAKOTWALA ESTATE LTD	Director	22-08-86	22-08-86	Dormant	NO
4	U65910MH1990PLC058983	GALIAKOTWALA INVESTMENT SERVICES LIMITED	Director	15-11-90	15-11-90	Active	NO
5	U29299MH1991PTC061083	GALIAKOTWALA ENGINEERING COMPANY PRIVATE LIMITED	Director	08-04-91	08-04-91	Active	NO
6	U51900MH1996PTC095870	GALIAKOTWALA INTERNATIONAL PRIVATE LIMITED	Director	03-01-96	03-01-96	Active	NO
7	U28992MH1997PTC107569	T AND D GALIAKOT CONTAINERS PRIVATE LIMITED	Director	25-04-97	25-04-97	Active	NO

Name :

Mr. Mahendra Chhotalal Sheth

Designation :

Director

Address :

51, Shivtirth No.1, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

22.12.1948

Date of Appointment :

29.09.1999

DIN No.:

00056975

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	Company/ LLP Status	Defaulting status
1	U51900MH1939PTC003046	C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED	Director	07-03-86	07-03-86	Active	NO
2	U24110MH1941PTC003381	ADVANCE PAINTS PRIVATE LIMITED	Director	07-03-86	07-03-86	Active	NO
3	U65910MH1990PLC058983	GALIAKOTWALA INVESTMENT SERVICES LIMITED	Director	15-11-90	15-11-90	Active	NO
4	U29299MH1991PTC061083	GALIAKOTWALA ENGINEERING COMPANY PRIVATE LIMITED	Managing director	08-04-91	08-04-91	Active	NO
5	L99999GJ1978PLC022924	GUJARAT ORGANICS LIMITED	Director	23-05-95	23-05-95	Active	NO
6	U28992MH1997PTC107569	T AND D GALIAKOT CONTAINERS PRIVATE LIMITED	Director	29-09-99	29-09-99	Active	NO
7	U25202MH1986PLC038626	CLEAR MIPAK PACKAGING SOLUTIONS LIMITED	Director	16-04-03	16-04-03	Active	NO
8	U32100MH2005PTC154821	SUNDEEP TECHNOLOGIES PRIVATE LIMITED	Director	15-07-05	15-07-05	Active	NO
9	U74999MH1947PLC005875	GALIAKOTWALA ESTATE LTD	Director	03-10-06	03-10-06	Dormant	NO

Name :

Mr. Dhiren Narendra Sheth

Designation :

Director

Address :

101, Khatau Condominium, 15/A, J. Mehta Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

03.12.1964

Date of Appointment :

29.09.1999

DIN No.:

00300136

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	Company/ LLP Status	Defaulting status
1	U51900MH1939PTC003046	C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED	Director	01-02-92	01-02-92	Active	NO
2	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31-12-08	08-11-93	Active	NO
3	U51900MH1996PTC095870	GALIAKOTWALA INTERNATIONAL PRIVATE LIMITED	Director	24-09-96	24-09-96	Active	NO
4	U28992MH1997PTC107569	T AND D GALIAKOT CONTAINERS PRIVATE LIMITED	Director	29-09-99	29-09-99	Active	NO
5	U70100MH2003PTC142104	GALIAKOTWALA PROPERTIES PRIVATE LIMITED	Director	18-10-03	18-10-03	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Equity Shares
Bakulesh C. Sheth	220000
Harshad Sheth	80000
Kiran Mahendra Sheth	50000
Harsha Bakulesh Sheth	140000
Mahendra Sheth	80000
Rakha Harshad Sheth	50000
Dhiren Sheth	45000
Manish Narendra Sheth	45000
Sushant Sheth	40000
Galiakot Containers Private Limited, India	750000
Total	1500000

Names of Shareholders	No. of Preference Shares
Bakulesh C. Sheth	75000
Harsha Bakulesh Sheth	50000
Hetal Bakulesh Sheth	12500
Jiral Bakulesh Sheth	12500
Total	150000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Barrels.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Barrels	Nos.	NA	864000	164954

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Maharashtra

Cuffe Parade Branch , 85 E, Maker Tower, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit/ Book Debts from Bank of Maharashtra Secured against hypothecation of stock of Raw Material, semi finished, Finished Goods and Book debts and by way of second charge on fixed assets at Silvassa.)	8.075	12.634
Hire purchases from HDFC Bank – Honda Civic Secured against hypothecation of Motor Car (Equated monthly instilment due within one year Rs.0.187 Million)	0.248	0.464
Hire Purchase from HDFC Bank – Indica Secured against hypothecation of Motor Car (Equated monthly instilment due within one year Rs.0.060 Million)	0.108	0.175
Total	8.431	13.273
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From directors and their relatives	65.909	65.847
Add: Interest Accrued and due	25.728	19.800
Total	91.637	85.647

Banking Relations :	--
Financial Institutions :	· SICOM Limited Nirmal, 1^st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Auditors :
Name :	K S Aiyar and Company Chartered Accountant
Address :	F-7, Laxmi Mills, Shakti Mill Lane (Office E Moses Road) Mahalaxmi, Mumbai – 400011, Maharashtra, India
Tel No.:	91-22-24932502/ 66551770
Fax No.:	91-22-66551774
PAN No.:	AAAFK6843P
Email :	mail@ksaiyar.com
Website :	http://www.ksaiyar.com
Associates Companies :	· Galiakotwala Technologies Private Limited · Advance Paint Limited · Ambubhai Kalidas · C.A. Galiakotwala and Company private Limited · Sheth Enterprises · Sundeep Technologies Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions
200000	8.5% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.20.000 Million
	Total		Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions
150000	8.5% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.15.000 Millions
	Total		Rs.30.000 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		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(74.759)	(75.556)	(64.148)
NETWORTH		(44.759)	(45.556)	(34.148)
LOAN FUNDS
1] Secured Loans		8.431	13.273	24.694
2] Unsecured Loans		91.637	85.647	80.130
TOTAL BORROWING		100.068	98.920	104.824
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		55.309	53.364	70.676
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.643	37.183	39.646
Capital work-in-progress		4.021	3.876	3.855
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		6.486	6.485	6.486
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.334	9.653	11.958
	Sundry Debtors	29.486	20.548	18.018
	Cash & Bank Balances	0.417	0.261	0.419
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.755	5.827	6.278
Total Current Assets		55.992	36.289	36.673
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	43.725	29.013	14.755
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.108	1.456	1.229
Total Current Liabilities		45.833	30.469	15.984
Net Current Assets		10.159	5.820	20.689
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		55.309	53.364	70.676

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	GROSS REVENUE		189.811	129.589	69.037
	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		16.164	3.322	(2.111)
Less	FINANCIAL EXPENSES		12.511	11.904	11.842
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.653	(8.582)	(13.953)
Less/ Add	DEPRECIATION/ AMORTISATION		2.856	2.825	2.816
	PROFIT BEFORE TAX		0.797	(11.407)	(16.769)
Less	TAX		0.000	0.000	0.068
	PROFIT AFTER TAX		0.797	(11.407)	(16.837)
	Earnings Per Share (Rs.)		(0.32)	(8.45)	(12.07)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.88	(15.53)	(21.97)
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.25	0.49
Debt Equity Ratio (Total Liability/Networth)		(3.26)	(2.84)	(3.54)
Current Ratio (Current Asset/Current Liability)		1.22	1.19	2.29

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	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

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010
	(Rs. In millions)
Bank Guarantee	1.392	4.248
Dividend on Preference Shares (Cumulative Current Year Rs.5.191 Millions)	1.275	1.275

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10259280
Corporate identity number of the company	U28992MH1997PTC107569
Name of the company	T AND D GALIAKOT CONTAINERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	125, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India accounts.nmp@tdgcpl.com
Type of charge	Immovable Property Book Debts Others: Hypothecation of Stocks and Raw Material.
Particular of charge holder	Bank of Maharashtra Cuffe Parade Branch, 85 E, Maker Tower, Cuffe Parade, Mumbai – 400005, Maharashtra, India sanjayrisbud@yahoo.com
Nature of description of the instrument creating or modifying the charge	1. Composite Deed of Hypothecation for all facilities. 2. Memorandum of record of equitable mortgage. Both constitute single charge.
Date of instrument Creating the charge	23/07/2011
Amount secured by the charge	Rs.70.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Cash Credit - Base Rate + 4.50% p.a i.e. 14.50% P.A. with monthly rest @ present base rate being 10% pa with monthly rest. Terms of Repayment N.A. Margin 1. Cash Credit- 25% on paid stocks and debtors up to 90 days 2. Letter of credit - Import / Inland - 10% Cash Margin to be held in TDR under lien 3. Bank Guarantee - 25% cash margin to be held in TDR under lien Extent and Operation of the charge 1. Equitable Mortgage of Land and Building of the Factory Plot No.102/1,103/1 and 103/2 situated at Village Kala, Silvassa Worth Rs.47.891 Millions. 2. Hypothecation of Stock and Debtors to secure cash credit facility of Rs.15.000 Millions 3. Hypothecation Raw Material to secure letter of credit facility of Rs.50.000 Millions 4. Bank Guarantee of Rs.5.000 Million.
Short particulars of the property charged	1. All that piece or parcel of land bearing survey no. 102/1, 103/1 admeasuring 10700sq. mtrs together with building and structures constructed/ to be constructed thereon and all fixed plants and machineries and fixtures standing, laying or being thereon situated within the limit of Village Kala (Silvassa) in the Union Territory of Dadra and Nagar Havell. 2. First and exclusive charge and security by way of hypothecation charge in favour of the bank borrowers present and future movable plants, machineries, goods, stock of raw materials, items, inventories stock in process, semi finished and finished goods, stores and spares, stock in trade, goods in process, movables in transit, and present and future tangible and intangible assets, vehicles, goodwill, trademark, copyright, patent and all the right title interest and benefit of the borrower in upon or over all contracts and agreements and amounts and right to collect receive and recover the same together with all movables, situated or located at any place and now lying, being, affixed or installed at any place at any time and all outstanding monies. Claims, bills, receivables, book debts due or to become due to the borrower/s at any time to time, and all of the borrowers' rights, titles or interest therein. 3. Personal Guarantee of 1. Mr. Harshad C. Sheth 2. Mr. Mahendra C. Sheth 3. Mr. Diren N. Sheth
Particulars of the present modification	By this present modification letter of credit facility enhanced from existing limit of Rs.35.000 Millions to Rs.50.000 Millions and additional facility of bank guarantee of Rs.5.000 Millions has been sanctioned. Hence the total charge has been increased from Rs. 50.000 Millions to Rs.70.000 Millions.

FIXED ASSETS:

· Freehold Land

· Factory Building

· Plant and Machinery

· Computer

· Electric Installations

· Furniture and Fixture

· Motor Car

· Office Equipments

· Air Conditioner

· Dies and Tools

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 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.54.03
UK Pound	1	Rs.82.43
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		12

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.