MIRA INFORM REPORT

Report Date :

03.08.2013

IDENTIFICATION DETAILS

Name :	GIRNAR EXTRUSIONS PRIVATE LIMITED
Registered Office :	I – 4, Madhupura Market Shahibag, Ahmedabad – 380004, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.02.1983
Com. Reg. No.:	04 - 005870
Capital Investment / Paid-up Capital :	Rs. 3.868 Millions
CIN No.: [Company Identification No.]	U25209GJ1983PTC005870
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00476A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Aluminum Bottles, Aluminum Collapsible Tubes, etc.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 35000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relation are fair. Business is active. Payment terms reported as slow but correct. The company can be considered for business dealings 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Prashant
Designation :	Senior Accountant
Contact No.:	91-79-40009302
Date :	01.08.2013

LOCATIONS

Registered Office :	I – 4, Madhupura Market Shahibag, Ahmedabad – 380004, Gujarat, India
Tel. No.:	91-79-23211464 / 23212100
Fax No.:	91-79-26878873
E-Mail :	bkpatelandco@yahoo.com admin@girnar.co.in
Website :	www.girnargroup.com
Location :	Owned
Head Office :	703 Shapath II, Opposite Rajpath Club, S. G. Highway, Ahmedabad-380015, Gujarat, India
Tel No:	91-79-40009300/40009301
Fax No:	91-79-40009304
Factory :	Located At Gandhinagar, Gujarat

DIRECTORS

As on: 29.09.2012

Name :	Mr. Anil Kumar Padamprasad Jain
Designation :	Managing Director
Address :	67, Basant Bahar, Bopal, Ahmedabad – 380 058, Gujarat, India.
Date of Birth/Age :	15.01.1952
Date of Appointment :	02.02.1983
DIN No.:	00236871
Name :	Mrs. Anita AnilKumar Jain
Designation :	Director
Address :	67, Basant Bahar, Bopal, Ahmedabad – 380 058, Gujarat, India.
Date of Birth/Age :	08.06.1957
Date of Appointment :	30.09.1998
DIN No.:	0023680
Name :	Mr. Suni Kumar Kailaschand Jain
Designation:	Director
Address:	9, Jayeshwar Society, Near Railway Crossing, Shahibaug, Ahmedabad – 380 004, Gujarat, India.
Date of Appointment:	02.02.1983

KEY EXECUTIVES

Name :	Mr. Prashant
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Anilkumar Jain	12652
Sunilkumar Jain	602
Hanskumar Jain	618
Sneh Lata Jain	200
Rajan Jain	300
Rahul Jain	300
Anita Jain	8200
Mitin Jain	1200
Sushilkumar Jain	650
Anju Jain	300
Tapesh Jain	200
Rajkumar Jain	600
Renu Jain	600
Kailas Jain	618
Dhan Jain	500
Minu Jain	200
Ratu Jain	200
Kinjal Jain	300
Parul Jain	300
S K Consultants Limited, India	1000
Rajhans Enterprise, India	1000
Padam Khansari Udyog, India	2000
Virabhai	1300
Arunkumar HUF	540
Manish Jain	1500
Namrata Jain	2800
Total	38680

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Aluminum Bottles, Aluminum Collapsible Tubes, etc.
Products :	Aluminium Collapsible Tubes Aluminium Packaging Aluminium Foil Alu – Alu Foil Packaging Duplex Board Printing Lami Tubes Plastic Containers Aluminium Circle Agro Products Garments
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Aluminium, Plain and Printed Tubes and Crap	M. Ton	203.377

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

80 (Approximately)

Bankers :

• Bank of India, Gandhinagar Branch, Near Patnagar Yojna Bhavan, Sector-16, Ghandhinagar, Gujarat-382016, India
• HDFC Bank Limited
• ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

Long term borrowing

From other parties

0.000

0.235

Short term borrowing

From banks

11.716

11.702

Total

11.716

11.937

Note:

a) Car loan is secured by hypothecation of car / vehicles.

b) Aggregate of loans and advance guaranted by directors.

c) Details of terms of repayment for the other long term borrowings and security provided in respect of the secured other long term borrowing:

Particulars	Terms of repayment	As on 31.03.2012		As on 31.03.2011
		Secured	Unsecured	Secured	Unsecured
Term loans from other parties: Tata Capital Limited-Car Loans		0.000	0.000	0.235	0.000
		Repayable in 36 monthly installment commenced from March 10 and ending in February 13 total loans of Rs. 0.800 millions is secured by hypothecation of vehicle.
Loans and advance from related parties: Related parties		0.000	0.067	0.000	0.467

d) The company has not defaulted in repayment of loans and interest.

Banking Relations :	--
Auditors :
Name :	B K Patel and Company Chartered Accountants
Address :	301, Samruddhi, Opposite High Court, Nav Jivan Post Office, Ahmedabad – 380 009, Gujarat, India.
Tel. No.:	91-79-27544927 / 27541151
Fax No.:	91-79-27541151
E-Mail :	bkpatelandco@yahoo.com
PAN No.:	AABFB6705C

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38680	Equity Shares	Rs.100/- each	Rs. 3.868 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.868	3.868
(b) Reserves & Surplus	5.068	4.662
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	8.936	8.530
(3) Non-Current Liabilities
(a) long-term borrowings	3.106	3.140
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	3.106	3.140
(4) Current Liabilities
(a) Short term borrowings	11.716	11.702
(b) Trade payables	7.221	8.664
(c) Other current liabilities	0.476	0.574
(d) Short-term provisions	0.212	0.182
Total Current Liabilities (4)	19.625	21.122
TOTAL	31.667	32.792
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.199	3.754
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.025	0.025
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	4.224	3.779
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	6.255	5.918
(c) Trade receivables	18.381	17.647
(d) Cash and cash equivalents	0.363	3.644
(e) Short-term loans and advances	2.444	1.804
(f) Other current assets	0.000	0.000
Total Current Assets	27.443	29.013
TOTAL	31.667	32.792

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.868
2] Share Application Money		0.000
3] Reserves & Surplus		4.303
4] (Accumulated Losses)		0.000
NETWORTH		8.171
LOAN FUNDS
1] Secured Loans		9.450
2] Unsecured Loans		2.926
TOTAL BORROWING		12.376
DEFERRED TAX LIABILITIES		0.000
TOTAL		20.547
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.025
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.444
	Sundry Debtors	17.595
	Cash & Bank Balances	0.199
	Other Current Assets	0.000
	Loans & Advances	4.362
Total Current Assets		27.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.652
	Other Current Liabilities	0.188
	Provisions	0.238
Total Current Liabilities		12.078
Net Current Assets		15.522
MISCELLANEOUS EXPENSES		0.000
TOTAL		20.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	TURNOVER		60.049	58.554	57.033
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	59.421	57.517	55.903
	PROFIT BEFORE TAX		0.628	0.541	0.517
Less	TAX		0.222	0.182	0.238
	PROFIT AFTER TAX		0.406	0.359	0.279
	Earnings Per Share (Rs.)		10.50	9.28	7.21

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.98	1.65	1.58
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.06
Debt Equity Ratio (Total Debt/Networth)		1.66	1.73	1.51
Current Ratio (Current Asset/Current Liability)		1.40	1.37	2.29

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowing
From other parties	3.039	2.438
From related parties	0.067	0.467
Total	3.106	2.905

ACTIVITIES

During the year, the company has been able to achieve a business turnover of Rs. 60.049 Millions and made a profit of Rs. 0.628 Million after depreciation on assets but before taxes.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U25209GJ1983PTC005870
Name of the company	GIRNAR EXTRUSIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	I – 4, Madhupura Market Shahibag, Ahmedabad – 380004, Gujarat, India Email-id - BKPATELANDCO@YAHOO.COM
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90108311
Type of charge	Book debts Movable property (not being pledge) Others (Plant and Machineries)
Particular of charge holder	Bank of India, Gandhinagar Branch, Near Patnagar Yojna Bhavan, Sector-16, Ghandhinagar, Gujarat-382016, India Email-id - Gandhinagar.gandhinagar@bankofindia.co.in
Nature of instrument creating charge	[a] Hypothecation Cum Loan Agreement [Term Loan]= Rs.3.000 millions [b] Working capital [1] Supplemental Agreement of Hypothecation of Stock = Rs.11.000 millions [2] Supplemental Agreement of Hypothecation of Book debts = Rs.9.000 millions [c] NFBL- Bank Guarantee = Rs.1.000 millions
Date of instrument Creating the charge	07.03.2013
Amount secured by the charge	Rs. 24.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest [a] Term Loan =3.50% over BR, presently 13.75% p.a. with monthly rests including 0.50 tenor premium [b] Working capital = 3 % over BR, presently 13.25% p.a. with monthly rest Terms of Repayment [a] Term Loan =To be repaid in 60 installments of Rs.5.000 millions each commencing from next month after date of 1'' disbursement and monthly interest will be recovered separately as and when charged in the accounts [b] Working capital will remain in force for a period of one year and is/are subject to annual review. Margin a] Loan Agreement [Term Loan]=25.00% [b] Working capital [1] Supplemental Agreement of Hypothecation of Stock =25% [2] Supplemental Agreement of Hypothecation of Book debts = 40% [up to 120 days] [c] NFBL- Bank Guarantee =Applicable charges as per Bank’s Extent and Operation of the charge Bank of India, Gandhinagar branch, Sector-16, Gandhinagar 382016 has first exclusive charge on the entire securities as described in column no.15 hereinafter are mortgaged to the bank for securing the facilities of Rs.24.000 millions: sub-divided as under: (1) Term Loan = 3.000 millions (2) Working capital = 20.000 millions [HP Stock=11.000 millions and Book debts= 9.000 millions] (3) NFBL- Bank Guarantee = 1.000 million [Non fund base]
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Term Loan will be principally secured by hypothecation of Plant and Machinery and Equipments etc Cash Credit limit will be principally secured by hypothecation of stocks and book debts. Bank Guarantee limit will be principally secured by 25% margin by way of pledge of bank's TDR.
Date of instrument modifying the charge	16.09.2004
Particulars of the present modification	Bank of India, Gandhinagar branch, Sector-16, Gandhinagar 382016 has first exclusive charge on the entire securities as described in column no.15 hereinabove are mortgaged and charge to the bank now also be a security for aggregating credit facility of Rs. 24.000 millions over existing credit facilities of 10.500 millions sub-divided as under [a] Term Loan]= Rs.3.000 millions [b] Working capital [1] STOCK= Rs.11.000 millions [2] Book debts = Rs.9.000 millions [c] NFBL- Bank Guarantee= Rs.1.000 million

FIXED ASSETS

• Land and Site Developments
• Buildings
• Plant and Machineries
• Office Equipments
• Furniture and Fixtures
• Computers and Peripherals
• Vehicles

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. 60.80
UK Pound	1	Rs. 91.95
Euro	1	Rs. 80.37

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPH

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.