MIRA INFORM REPORT

Report Date :

03.12.2013

IDENTIFICATION DETAILS

Name :	GABA OVERSEAS PRIVATE LIMITED
Registered Office :	Sanjay Chowk T Road, Panipat – 132103, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.09.1990
Com. Reg. No.:	05-031060
Capital Investment / Paid-up Capital :	Rs.182.382 Millions
CIN No.: [Company Identification No.]	U51909HR1990PTC031060
PAN No.: [Permanent Account No.]	AAACG6676P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fabrics, Bed Cover, Yarn and Floor Covering
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2026612
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered normal for business dealings at usual 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 – 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’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Rating)
Rating Explanation	Moderate risk of default.
Date	10.07.2013

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	10.07.2013

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 :	Sanjay Chowk T Road, Panipat – 132103, Haryana, India
Tel. No.:	91-180-2666601
Fax No.:	91-180-2666605
E-Mail :	vinodgroverassociates@yahoo.com
Factory :	Village Karhans Machhauli, G.T.Road, Panipat, Killa No.40/3, 4/1, 4/2, Situated At Village Machhrauli, Distt. India

DIRECTORS

AS ON: 3009.2013

Name :

Mr. Kalu Ram Gaba

Designation :

Director

Address :

675 L, Model Town, Panipat – 132103, Haryana, India

Date of Birth :

14.03.1929

Date of Appointment :

01.01.1992

DIN No.:

00265347

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909HR1990PTC031060	GABA OVERSEAS PVT LTD	Director	01/01/1992	01/01/1992	-	Active	NO
2	U17115HR1993PTC032111	MASTER CRAFTS INDIA PRIVATE LIMITED	Director	01/07/1997	01/07/1997	15/09/2007	Active	NO
3	U18109DL1996PLC075212	ATTAR SHINUP LIMITED	Director	16/04/2001	16/04/2001	14/09/2007	Active	NO

Name :

Mr. Rajesh Gaba

Designation :

Director

Address :

675 L, Model Town, Panipat – 132103, Haryana, India

Date of Birth :

14.03.1965

Date of Appointment :

01.01.1992

DIN No.:

00318087

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909HR1990PTC031060	GABA OVERSEAS PVT LTD	Director	01/01/1992	01/01/1992	-	Active	NO
2	U00000DL1996PTC075154	GABA GLOBAL PRIVATE LIMITED	Director	03/01/1996	03/01/1996	-	Active	NO
3	U74899DL1996PTC079897	COOL BREEZE CONSTRUCTIONS PRIVATE LIMITED	Director	25/06/1996	25/06/1996	-	Active	NO
4	U45201DL1999PTC099805	AARONE INFRASTRUCTURE PRIVATE LIMITED	Director	17/02/2005	17/02/2005	-	Active	NO

Name :

Ms. Neena Gaba

Designation :

Director

Address :

675 L, Model Town, Panipat – 132103, Haryana, India

Date of Appointment :

10.10.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2013

Name of The Shareholders	No's of Share Held
Anil Gaba	1277760
Dinesh Gaba	1458250
Rajesh Gaba	3355810
Kalu Ram Gaba	965130
Anita Gaba	1358990
Neena Gaba	1489870
Dhruv Gaba	533520
Vrinda Gaba	334030
Divya Gaba	144690
Liberty Fabrics Private Limited.	529500
Upasana Gaba	484750
Gaba Hometex Private Limited.	356000
Gabs Fabrics Private Limited.	465000
Kalu Ram Gaba and Sons	359300
Hiti Gaba	121400
Nikita Gaba	120700
Harshit Gaba	301150
Ritika Textiles Private Limited.	2207000
Yash Pal	12000
Attar Shinup Limited	393000
Gee Textiles Private Limited.	340000
Tejas Gaba	469900
Keshav Gaba	390000
Haryana Dyers and Finishers Private Limited.	370000
Sindhwani Metal Engg. Private Limited.	10000
Gaba Global Private Limited.	495000
Liberty Spinners Private Limited.	350000
Mastercrafts India Private Limited.	215000
Ritika Finance and Investment Private Limited.	1228000
Faridkot Exim Private Limited.	1000
Roopam Sales Private Limited	1500
Total	20138250

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2013

Category	Percentage
Bodies corporate	34.57
Directors or relatives of Directors	65.37
Other	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fabrics, Bed Cover, Yarn and Floor Covering

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Jatal Road, Panipat – 132103, Haryana, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Term loan from banks	Not Available	321.067
Short Term Borrowing
Working capital loans from bank		184.543
Total		505.610

Banking Relations :	--
Auditors :
Name :	Vinod Grover and Associates Chartered Accountant
Address :	26-27, Shakuntala Complex, 1^st Floor, Palika Bazar, G.T. Road, Panipat, Haryana, India
Pan No.:	AATPG4554G

CAPITAL STRUCTURE

AS ON: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs.10/- each	Rs.260.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20138250	Equity Shares	Rs.10/- each	Rs.201.383 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	201.383	182.382	182.357
(b) Reserves & Surplus	273.730	232.475	209.013
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	31.540	58.590	0.090
Total Shareholders’ Funds (1) + (2)	506.653	473.447	391.460
(3) Non-Current Liabilities
(a) long-term borrowings	246.365	321.400	404.043
(b) Deferred tax liabilities (Net)	60.884	58.725	58.159
(c) Other long term liabilities	177.045	0.000	0.000
(d) long-term provisions		0.000	0.000
Total Non-current Liabilities (3)	484.294	380.125	462.202
(4) Current Liabilities
(a) Short term borrowings	NA	184.543	136.740
(b) Trade payables	NA	72.142	28.334
(c) Other current liabilities	NA	6.870	10.126
(d) Short-term provisions	NA	5.391	6.036
Total Current Liabilities (4)	NA	268.946	181.236
TOTAL	990.947	1122.518	1034.898
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	608.451	613.741	649.953
(ii) Intangible Assets		0.000	0.000
(iii) Capital work-in-progress	0.000	22.500	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	19.949	19.949	19.948
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.046	8.703	7.011
(e) Other Non-current assets	0.000	0.100	0.209
Total Non-Current Assets	638.446	664.993	677.121
(2) Current assets
(a) Current investments		0.000	0.000
(b) Inventories		221.721	138.811
(c) Trade receivables		149.911	145.283
(d) Cash and cash equivalents		38.442	31.771
(e) Short-term loans and advances	352.501	26.727	18.152
(f) Other current assets		20.724	23.760
Total Current Assets	352.501	457.525	357.777
TOTAL	990.947	1122.518	1034.898

PROFIT & LOSS ACCOUNT

PARTICULERS	31.032013
SALES	783.870
OTHER RECEIPTS	3.986
NET PROFIT BEFORE DEP	88.505
DEPRECIATION	57.809
NET PROFIT AFTER DEP	30.696

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Sales	707.243	770.842
		Other Receipts	6.443	8.454
		TOTAL	713.686	779.296
Less	EXPENSES
		Office Expenses	626.485	684.858
		Administrative Expenses
		Advertising Expenses
		TOTAL	626.485	684.858
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		87.201	94.438
Less/ Add	DEPRECIATION/ AMORTISATION		60.257	64.350
	PROFIT BEFORE TAX		26.943	30.088
Less	TAX		5.956	12.681
	PROFIT AFTER TAX		20.987	17.407
	Earnings Per Share (Rs.)		1.15	0.095

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	2.94	2.23
Net Profit Margin (PBT/Sales)	(%)	NA	3.81	3.90
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.49	2.96
Return on Investment (ROI) (PBT/Networth)		NA	0.06	0.08
Debt Equity Ratio (Total Debt/Networth)		0.49	1.07	1.38
Current Ratio (Current Asset/Current Liability)		NA	5.52	8.20

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	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	No
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	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:

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loans and advances from related party	NA	0.332
Total	NA	0.332

FIXED ASSETS:

· Land and Building

· Plant and Machinery

· Factory Equipment

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.62.23
UK Pound	1	Rs.102.14
Euro	1	Rs.84.64

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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		43

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.