MIRA INFORM REPORT

Report Date :

13.12.2013

IDENTIFICATION DETAILS

Name :	GAURAV INDUSTRIES PRIVATE LIMITED
Registered Office :	C-1/1212-1213, Phase-IV, Behind Gayatri Temple, G.I.D.C. Estate, Naroda, Ahmedabad – 382 330, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.04.2007
Com. Reg. No.:	04-050700
Capital Investment / Paid-up Capital :	Rs.10.417 Millions
CIN No.: [Company Identification No.]	U24117GJ2007PTC050700
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Reactive Dyes.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 244000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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 – 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Arpan Patel
Designation :	Manager
Contact No.:	91-79-22820697
Date :	12.12.2013

LOCATIONS

Registered Office/ Factory :	C-1/1212-1213, Phase-IV, Behind Gayatri Temple, G.I.D.C. Estate, Naroda, Ahmedabad – 382 330, Gujarat, India
Tel. No.:	91-79-22820697/ 22818345/ 22842297
Fax No.:	91-79-22820514
E-Mail :	maruti225@sify.com shyam@marutiindustries.com maruti225@sify.com
Website :	www.gauravind.com
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Prashant Ramgopal Gupta

Designation :

Managing Director

Address :

53, Sarthivibhag-3, Mem Nagar, Ahmedabad – 380 052, Gujarat, India

Date of Birth/Age :

28.11.1975

Date of Appointment :

30.04.2007

DIN No.:

00398296

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	U65910GJ1986PTC008515	BUDHIMAN FINSTOCK PRIVATE LIMITED	Director	01/11/2001	01/11/2001	-	Active	NO
2	U24231TZ2004PTC015015	FIDELE SPECIALITIES PRIVATE LIMITED	Director	28/07/2005	28/07/2005	02/09/2010	Active	NO
3	U24117GJ2007PTC050700	GAURAV INDUSTRIES PRIVATE LIMITED	Managing director	30/04/2007	30/04/2007	-	Active	NO
4	U24110GJ2007PTC051357	MARUTI MULTICHEM PRIVATE LIMITED	Director	19/07/2007	19/07/2007	-	Active	NO
5	U74900GJ2011NPL064605	AHMEDABAD DYE-CHEM MANUFACTURERS' CLUSTER LIMITED	Director	26/03/2011	26/03/2011	01/10/2011	Active	NO

Name :

Mr. Subhash Suganchand Agrawal

Designation :

Director

Address :

52, Khetan Tower, Camp Road, Shahibaug Road, Ahmedabad – 380 004, Gujarat, India

Date of Birth/Age :

30.03.1965

Date of Appointment :

30.04.2007

DIN No.:

01428107

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	U24117GJ2007PTC050700	GAURAV INDUSTRIES PRIVATE LIMITED	Managing director	30/04/2007	30/04/2007	Active	NO
2	U24100GJ2010PTC059465	ANKIT DYES & INTERMEDIATES PRIVATE LIMITED	Director	08/02/2010	08/02/2010	Active	NO

Name :

Mr. Ramgopal Gupta

Designation :

Director

Address :

53, Sarthivibhag-3, Mem Nagar, Ahmedabad – 380 052, Gujarat, India

Date of Birth/Age :

09.04.1950

Date of Appointment :

30.04.2007

DIN No.:

00247169

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	U45201GJ1994PTC023887	GAURAV ENTERPRISES PRIVATE LIMITED	Managing director	16/12/1994	16/12/1994	-	Active	NO
2	U65910GJ1986PTC008515	BUDHIMAN FINSTOCK PRIVATE LIMITED	Director	01/11/2001	01/11/2001	01/02/2010	Active	NO
3	L24230GJ1989PLC013041	CAMEX LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
4	U24117GJ2007PTC050700	GAURAV INDUSTRIES PRIVATE LIMITED	Director	30/04/2007	30/04/2007	-	Active	NO
5	U24110GJ2007PTC051357	MARUTI MULTICHEM PRIVATE LIMITED	Director	19/07/2007	19/07/2007	-	Active	NO
6	U26950GJ2013PLC073989	RAJSHAKTI CEMENTS LIMITED	Director	14/03/2013	14/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arpan Patel
Designation :	Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Prashant Ramgopal Gupta	227500
Bhasha Ramgopal Gupta	227500
Ramgopal Ramsahay Gupta (HUF)	227500
Subhash S. Agrawal	91000
Viral Ramgopal Gupta	45500
Budhiman Finstock Private Limited	95500
Gaurav Enterprise Private Limited	95500
Gopal Fabrics	100
Neha Viral Gupta	100
Ankit S. Agrawal	100
Natverlal Shankerlal Prajapati	100
Prashant R. Agrawal	100
Geetaben R. Gupta	100
Anil R. Gupta	100
Sonal P. Gupta	100
Prakash R. Gupta	100
Pradeep B. Shah	100
Prashant R. Gupta (HUF) (Karta Prashant R. Gupta)	100
Ramsahay M. Agrawal (HUF) (Karta Ramgopal R. Gupta)	100
Raman Gupta (HUF) (Karta Raman J. Gupta)	100
Kinjal S. Agrawal	25
Rohan D. Agrawal	25
Kalpnaben Agrawal	25
Vimlaben Agrawal	25
Subhash R. Gupta	100
Yojana Doshi	100
Manjari Prashant Gupta	100
Vimla Mehta & Veerendra Raj Mehta	18000
Veerendra Raj Mehta and Vimla Mehta	12000
Total	1041700

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	18.33
Directors or relatives of Directors	81.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Reactive Dyes.
Exports :
Products :	Finish Goods
Countries :	· Bangkok · Thurkey
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash, Credit (30 Days) and Cheque
Purchasing :	Cash, Credit (30 Days) and Cheque

GENERAL INFORMATION

Suppliers :

Eureka International

Customers :

Wholesalers, Retailers, End Users

Alliance - Organic

No. of Employees :

15 (Approximately)

Bankers :

Bank of Baroda, Naroda Industrial Estate, GIDC Naroda, Ahmedabad – 382 330, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on Demand	15.694	27.323
Total	15.694	27.323

Banking Relations :	--
Auditors :
Name :	KPSJ and Associates Chartered Accountants
Address :	504-C, Sahajanand Shopping Centre, Shahibaug Road, Ahmedabad – 380 004, Gujarat, India
Tel. No.:	91-79-25621950/ 25631960/ 65221950/ 51/ 52/ 53/ 54
E-Mail :	info@kpsjca.com
Website :	www.kpsjca.com
PAN No.:	AAGFK2924D
Sister Concern :	Maruti Multi Chem Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1041700	Equity Shares	Rs. 10/- each	Rs.10.417 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	10.417	10.417	10.417
(b) Reserves & Surplus	50.716	44.595	38.527
(c) Money received against share warrants	0.000	0.000	0.000
			0
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	61.133	55.012	48.944
(3) Non-Current Liabilities
(a) long-term borrowings	80.292	82.325	54.235
(b) Deferred tax liabilities (Net)	0.193	0.147	0.155
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	80.485	82.472	54.390
(4) Current Liabilities
(a) Short term borrowings	15.694	27.323	14.473
(b) Trade payables	40.560	27.148	20.828
(c) Other current liabilities	1.398	1.178	5.855
(d) Short-term provisions	3.580	3.560	3.500
Total Current Liabilities (4)	61.232	59.209	44.656
TOTAL	202.850	196.693	147.990
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.646	5.090	4.708
(ii) Intangible Assets	0.465	0.682	0.750
(iii) Capital work-in-progress	0.000	0.000	0.308
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.010	0.065
Total Non-Current Assets	6.111	5.782	5.831
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	64.608	68.401	51.502
(c) Trade receivables	91.346	85.365	60.939
(d) Cash and cash equivalents	2.767	0.754	0.345
(e) Short-term loans and advances	38.018	36.391	29.373
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	196.739	190.911	142.159
TOTAL	202.850	196.693	147.990

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	Sales
		Gross Sales		418.257	384.950	356.379
		Other Income		1.236	0.807	0.209
		TOTAL		NA	NA	NA
Less	EXPENSES
		TOTAL		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX			9.772	9.541	9.482
Less	TAX			3.046	2.868	3.008
	PROFIT/(LOSS) AFTER TAX			6.726	6.673	6.474
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			23.895	17.827	11.969
Less	APPROPRIATIONS
			Dividend
			Tax on Dividend	0.605	0.605	0.607
	BALANCE CARRIED TO THE B/S			30.016	23.895	17.836
	Earnings Per Share (Rs.)			6.46	6.41	NA

Expected Sales (2013-2014): Rs.450.000 Millions

The above information has been parted by Mr. Arpan Patel (Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	4.82	4.85	6.42
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.19
Debt Equity Ratio (Total Debt /Networth)		1.57	1.99	1.40
Current Ratio (Current Asset/Current Liability)		1.40	3.21	3.22

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and Advances from Related Parties	63.342	50.026
Loans and Advances from Corporates	16.950	32.299
Total	80.292	82.325

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10077892	18/03/2008 *	65,000,000.00	BANK OF BARODA	NARODA INDUSTRIAL ESTATE, GIDC NARODA, AHMEDABAD – 382 330, GUJARAT, INDIA	A37737616

* Date of charge modification

FIXED ASSETS:

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Motor Car

· Motor Car Fort

· Computer

· Air Conditioner

· Xerox Machine

· Office Equipments

· Mobile Phone

· Type Machine

· Gas Connection

· D. G. Set

· Freeze

· Weighing Scale

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.61.62
UK Pound	1	Rs.100.84
Euro	1	Rs.84.98

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	NKT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		44

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.