MIRA INFORM REPORT

Report Date :

26.04.2013

IDENTIFICATION DETAILS

Name :	GALVA DECO PARTS PRIVATE LIMITED
Registered Office :	394 – D, Pranav Building, Shradhanand Road, Third Floor, Near BMC Office, Matunga, Mumbai – 400 019, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.07.2007
Com. Reg. No.:	11-172549
Capital Investment / Paid-up Capital :	Rs.15.434 Millions
CIN No.: [Company Identification No.]	U74999MH2007PTC172549
TAN No.: [Tax Deduction & Collection Account No.]	MUMG12580B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Products.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company continuously incurring losses from its operation. However, trade relations are as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with great cautions.

NOTES :

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

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 PARTED BY

Name :	Mr. Umakant Jadhav
Designation :	Development Member
Contact No.:	91-9227750625
Date :	25.04.2013

LOCATIONS

Registered Office :	394 – D, Pranav Building, Shradhanand Road, Third Floor, Near BMC Office, Matunga, Mumbai – 400 019, Maharashtra, India
Tel. No.:	91-22-40252445/ 32969177
Mobile No.:	91-9821158598 (Mr. Vipul Bhai – Finance) 91-9227750625 (Mr. Umakant Jadhav)
Fax No.:	Not Available
E-Mail :	weed.vipul@yahoo.co.in hardik.chheda@galvadecoparts.com umakant.jadhav@galvadecoparts.com
Website :	www.galvadecoparts.com
Area :	600 Sq Ft
Location :	Owned
Administrative and Head Office :	Plot No.80, Sector 23, CIDCO Industrial Area, Turbhe Naka, Navi Mumbai – 400 705, Maharashtra, India
E-Mail :	admin@galvadecoparts.com
Factory 1 :	Plot No.1702/ A, 111 Phase, GIDC, Vapi, Valsad – 396 195, Gujarat, India
Tel. No.:	91-260-3244972
Area :	5000 Sq Mtr
Location :	Owned
Factory 2 :	Gat No.1073/6, Mankar Wadi Phata, Lavsa/Urawade Road, Pirangut, Pune – 412108, Maharashtra, India
Tel. No.:	91- 2139-412108
Business Development Office :	3, Mandakini Apartments, Bhusari Colony, Kothrund Pune - 411038, Maharashtra, India

DIRECTORS

As on 28.09.2012

Name :	Mr. Hardik Bhawanji Chheda
Designation :	Director
Address :	394 – D, Pranav Building, Shradhanand Road, Third Floor, Near BMC Office, Matunga, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	06.04.1979
Date of Appointment :	20.07.2007
DIN No.:	01627700
Name :	Mr. Bhawanji Karamshi Chheda
Designation :	Director
Address :	394 – D, Pranav Building, Shradhanand Road, Third Floor, Near BMC Office, Matunga, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	30.08.1952
Date of Appointment :	20.07.2007
DIN No.:	01476811
Name :	Mr. Vinod Shrivastava
Designation :	Director
Address :	D – 301, Westend Village, Bhusari, Kothrud, Pune – 411 038, Maharashtra, India
Date of Birth/Age :	15.07.1951
Date of Appointment :	20.07.2007
DIN No.:	01449193

KEY EXECUTIVES

Name :	Mr. Umakant Jadhav
Designation :	Development Member
Name :	Jayabala B. Sanghvi
Designation :	Company Secretary
Address :	B-13, Sardar Smriti, Opposite Jain Temple, S.V.P. Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No. :	91-22-28932551
E-Mail :	jayasangghvi@hotmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Hardik Bhawanji Chheda	1550000
Bhawanji Karamsi Chheda	680500
Vinod Shrivastava	7500
Mahendra Vora	33333
Tarla Bhawanji Chheda	185880
Bhawanji Chheda HUF	16785
Hardik K. Chheda HUF	2990
Bhavi Plating Systems Private Limited, India	71000
Dhawani Hardik Chheda	475
Total	2548463

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	2.79
Directors or relatives of Directors	97.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Plastic Products.

Products :

Product Description	Item Code No.:
Plastic Components	3295 20 99
ABS Electro Plating	NA

Exports :

Products :

Plastic Products

Countries :

Malaysia

Imports :

Products :

Raw Material

Countries :

· China

· Korea

· Taiwan

· Malaysia

· USA

· Thailand

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Plated Component (MFZ)	Kg.	3498984

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

250 (Approximately)

Bankers :

· The Cosmos Co-Operative Bank Limited, 36, Sukh Castle, 1^st Floor, Plot No. 371, Bhandarkar Road, Matunga( East), Mumbai – 400019, Maharashtra, India

· Kotak Mahindra Bank, Vapi Branch

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
COSMOS Bank term Loans
Secured Against Vapi Factory	13.838	5.225
Secured Against Machinery	68.092	68.746
Secured Against Construction	58.779	67.834
Secured Against Furniture and Electrical Installation	12.908	14.520
Others
Cash Credit (Secured Against Book Debts and Stock)	41.336	18.950
Buyers credit (Secured Against Book Debts and Stock)	8.550	0.000
Short Term Borrowings
Bajaj Finance Vehicle Loan	0.016	0.000
Total	203.519	175.275

Banking Relations :	--
Auditors :
Name :	D L Vora and Associates Chartered Accountants
Address :	28/1, A Wing, Haji Habib Building, Madhavdas Pasta Road, Dadar (East), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24115257 / 24155301 / 32469477
E-Mail :	dlvoraassociates@gmail.com
PAN.:	AAAPV8006B
Sister Concern :	Shree Hardik Plating Technology Address: Manufacturer and Exporter of Plastic Products Line of Business: 394 – D, Pranav Building, Sharadhanand Road, Third Floor, Near BMC Office, Matunga, Mumbai – 400 019, Maharashtra, India

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4800000	Equity Shares	Rs.10/- each	Rs.48.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2548463	Equity Shares	Rs.10/- each	Rs.25.485 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4800000	Equity Shares	Rs.10/- each	Rs.48.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1543413	Equity Shares	Rs.10/- each	Rs.15.434 Millions

Reconciliation of Shares

Particular	No. of Share	Rs. In Millions
Opening Share Capital	1543413	15.434
Add: Shares issued during the year	0	0
Add: Right/Bonus Shares Issued	0	0
Less: Buy back of shares	0	0
Closing share capital	1543413	15.434

List of Share holders having 5% or more shares

Name of Shareholders	In Nos.	In %
Hardik Bhawanji Chheda	941785	61.02%
Bhawanji Karamsi Chheda	283665	18.38%
Tarla Bhawanji Chheda	185880	12.04%

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		15.434	15.434	13.934
2] Share Application Money		0.000	0.000	0.053
3] Reserves & Surplus		44.159	50.261	38.926
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.593	65.695	52.913
LOAN FUNDS
1] Secured Loans		203.519	175.275	107.870
2] Unsecured Loans		63.935	11.160	5.109
TOTAL BORROWING		267.454	186.435	112.979
DEFERRED TAX LIABILITIES		0.734	6.968	0.587
TOTAL		327.781	259.098	166.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		202.867	126.332	135.853
Capital work-in-progress		0.000	78.898	0.000
INVESTMENT		3.760	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.516	30.387	12.407
	Sundry Debtors	44.965	35.557	26.703
	Cash & Bank Balances	5.485	7.050	5.340
	Other Current Assets	9.893	4.775	0.000
	Loans & Advances	53.217	22.605	15.215
Total Current Assets		158.076	100.374	59.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.166	35.616	26.616
	Other Current Liabilities	8.756	10.990	0.000
	Provisions	0.000	0.000	2.539
Total Current Liabilities		36.922	46.606	29.155
Net Current Assets		121.154	53.768	30.510
MISCELLANEOUS EXPENSES		0.000	0.000	0.016
TOTAL		327.781	259.098	166.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	207.198	157.332	95.056
		Other Income	3.706	3.353	1.466
		TOTAL	210.904	160.685	96.522
Less	EXPENSES
		Office Expenses
		Administrative Expenses	184.883	164.369	84.068
		Advertising Expenses
		TOTAL	184.883	164.369	84.068
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		26.021	(3.684)	12.454
Less/ Add	DEPRECIATION/ AMORTISATION		38.356	14.981	2.540
	PROFIT / (LOSS) BEFORE TAX		(12.335)	(18.665)	9.914
Less	TAX		(6.233)	0.000	2.196
	PROFIT / (LOSS) AFTER TAX		(6.102)	(18.665)	7.718
	TOTAL IMPORTS		NA	NA	1.986
	Earnings / (Loss) Per Share (Rs.)		(3.95)	(12.09)	9.10

Particulars	31.03.2013
Sales Turnover (Approximately)	230.000

Expected Sales (2013-14) : Rs.270.000 Millions

The above information has been parted by Mr. Umakant Jadhav

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.89)	(11.62)	8.00
Net Profit Margin (PBT/Sales)	(%)	(5.95)	(11.86)	10.43
Return on Total Assets (PBT/Total Assets}	(%)	(3.42)	(8.23)	5.07
Return on Investment (ROI) (PBT/Networth)		(0.21)	(0.28)	0.19
Debt Equity Ratio (Total Debt /Networth)		4.49	2.84	14
Current Ratio (Current Asset/Current Liability)		4.28	2.15	2.05

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2012	31.03.2011	31.03.2010
For Capitals Goods	19.596	10.863	4.220
For Chemicals	2.874	16.113
For Raw Materials	4.644	8.640
For Mouls	0.888	0.000	22.396
For Labour	0.164	0.000
Total	28.166	35.616	26.616

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	Yes
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	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No

Note:

The registered office of the company has been shifted from Plot No.80, Sector 23, CIDCO Industrial Area, Turbhe Naka, Navi Mumbai – 400 705, Maharashtra to the present address w.e.f. 01.12.2008.

OPERATIONS

The total turnover during the year was Rs. 207.198 Millions as against Rs. 157.332 Millions in the previous year. The Company being in its initial stage has not yet reached the breakeven and has incurred losses of Rs. 12.335 Millions as against losses of Rs. 18.665 Millions in the previous year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Loans and Advances from related parties	62.962	11.160
Bajaj Finance Business Loans	0.973	0.000
Total	63.935	11.160

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999MH2007PTC172549
Name of the company	GALVA DECO PARTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	394 – D, Pranav Building, Shradhanand Road, Third Floor, Near BMC Office, Matunga, Mumbai – 400 019, Maharashtra, India hardik.chheda@galvadecoparts.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	The Cosmos Co-Operative Bank Limited, 36, Sukh Castle, 1^st Floor, Plot No. 371, Bhandarkar Road, Matunga( East), Mumbai – 400019, Maharashtra, India sanjay.sawant@cosmosbank.in
Nature of instrument creating charge	Deed of hypothecation of stock, book debts and machinery dated 07.02.2013
Date of instrument Creating the charge	07.02.2013
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16.50% (Applicable ROI 13.50% + 3.00% for Adhoc Limit) Terms of Repayment Re-payable in 90 days Margin 25% in Bank's favour Extent and Operation of the charge Charge on current assets and guarantors
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the borrowers moveable machinery, plant and equipment with their accessories and spare parts now belonging to the borrower ll stock in trade, raw materials, goods in process, semi manufactured and manufactured goods, semi finished products including those mentioned in the schedule and lying at godowns all the present and future book debts, outstanding money, receivables, claims, bills, chooses in action, contracts, engagements and securities which are now due or owing or which may at any time Present or future goods situated inside or outside India 1) Plot No. 6015 IV Phase GIDC, Vapi (2) Plot 1702/A, 3rd Phase GIDC, Vapi (3) Plot Gat 1073 Pirangut Ind. Estate, Pune

FIXED ASSETS:

• Furniture and Fixture
• Vehicles
• Air Conditioner
• Electronic Weighing Scale
• Mobile Phone
• Mould
• Moulding Machinery
• Plating Plant and ETP Plant
• Plating Thickness Tester
• Computer
• Ventilation AHU Moulding
• Security Camera
• Lab Equipments
• Electric Installation
• Water Tank

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.54.17
UK Pound	1	Rs.82.99
Euro	1	Rs.70.62

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.