MIRA INFORM REPORT

Report Date :

16.07.2013

IDENTIFICATION DETAILS

Name :	GARTECH EQUIPMENTS PRIVATE LIMITED
Registered Office :	S. No. 137/138, Chale, Mulshi, Pune - 412108, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.06.2001
Com. Reg. No.:	11-016213
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U29299PN2001PTC016213
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Poultry Equipments.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 164000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having satisfactory track record. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2B
Rating Explanation	High performance capability and moderate financial strength.
Date	December 5, 2012

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 :	Ms. Sonali
Designation :	Accounts Department
Contact No.:	91-20-65101438
Date :	15.07.2013

LOCATIONS

Registered Office/ Factory :	S. No. 137/138, Chale, Mulshi, Pune - 412108, Maharashtra, India
Tel. No.:	91-20-65101438/ 24479119/ 24101438/ 64104374
Mobile No.:	91-9822545658 (Mr. Mahesh Bhatkar)
Fax No.:	91-20-27290586/ 22933675
E-Mail :	jain_mr75@yahoo.com info@gartech.co.in accounts@gartech.co.in
Website :	www.gartech.co.in
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Vijay Sharadchandra Salvekar
Designation :	Director
Address :	G-28, Chidananad Co-operative Housing Society, Pashan, Pune - 411021, Maharashtra, India
Date of Birth/Age :	02.02.1972
Date of Appointment :	19.06.2001
DIN No.:	00388010
Name :	Mr. Devendra Harish Garware
Designation :	Director
Address :	524, Datta Sudha, Lane No. 4, Sind Co-operative Society, Baner Road, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	12.09.1984
Date of Appointment :	03.07.2004
DIN No.:	00388098

KEY EXECUTIVES

Name :	Ms. Sonali
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Vijay Sahardchandra Salvekar	1
Devendra Harish Garware	21799
Rekha Garware	10400
Harish Garware	17800
Total	50000

AS ON 13.10.2012

Names of Shareholders	No. of Shares
Devendra Harish Garware	14950
Rekha Garware	26350
Harish Garware	58700
Total	100000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Poultry Equipments.
Products :	Ø Cage Systems Ø Floor Management Systems Ø Nest systems Ø Environment Control Systems Ø Egg Handling and Processing Systems Ø Feeding Systems Ø Manure Handling Systems
Exports :
Products :	Poultry Equipments
Countries :	Ø Africa Ø Nigeria Ø Ghana Ø Nepal Ø Bangladesh Ø Malaysia
Imports :
Products :	Raw Material
Countries :	Ø Taiwan Ø Germany Ø Malaysia
Terms :
Selling :	Cash, Credit and Depend
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

90 (Approximately)

Bankers :

Ø Central Bank of India, Pune Camp Branch, 317, M. G. Road, Pune - 411001, Maharashtra, India

Ø Saraswat Co-operative Bank Limited

Ø Standard Chartered Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Term loan
Central Bank of India (secured by stock and debts)	35.174	7.967
Central Bank of India (secured by Mercedes Benz)	3.025	0.000
Central Bank of India (secured by Toyota)	0.427	0.000
Saraswat Bank (secured by Endeavour)	0.523	0.686
Saraswat Bank (secured by Skoda)	0.456	0.963
Standard Chartered Bank (Secured by Office Building)	16.468	18.066
Standard Chartered Bank (Secured by Directors Residential)	11.708	12.060
Saraswat Co-operative Bank Limited (Secured by Plant and Machinery)	0.000	0.089
Saraswat Co-operative Bank Limited (Secured by Plant and Machinery)	0.000	0.247
Saraswat Co-operative Bank Limited (Secured by Factory Building)	0.000	0.033
SHORT TERM BORROWINGS
Central Bank of India (secured by debts) (Packing Credit)	10.000	0.000
Central Bank of India (secured by stock and debts)	7.119	10.369
Saraswat Co-operative Bank Limited (Packing Credit)	0.000	2.460
Saraswat Co-operative Bank Limited (OD)	0.000	1.341
Saraswat Co-operative Bank Limited (LC OD)	0.000	2.347
Total	84.900	56.628

Banking Relations :	--
Auditors :
Name :	S P C M and Associates Chartered Accountants
Address :	1211/B, Shukrawar Peth, Subhash Nagar, Lane No. 4, Pune – 411002, Maharashtra, India
Tel. No.:	91-20-24479119
Fax No.:	91-20-24486663
E-Mail :	pmkatariya@rediffmail.com bora_kasat@sify.com
Income-tax PAN of auditor or auditor's firm :	AABFB8864C

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 10/- each	Rs. 1.500 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	39.315	25.802
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	1.080	1.080
Total Shareholders’ Funds (1) + (2)	40.895	27.382
(3) Non-Current Liabilities
(a) long-term borrowings	70.271	42.601
(b) Deferred tax liabilities (Net)	6.636	3.714
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	76.907	46.315
(4) Current Liabilities
(a) Short term borrowings	17.119	16.517
(b) Trade payables	42.118	34.906
(c) Other current liabilities	100.321	27.961
(d) Short-term provisions	2.191	1.332
Total Current Liabilities (4)	161.749	80.716
TOTAL	279.551	154.413
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	124.627	48.368
(ii) Intangible Assets	0.078	0.000
(iii) Capital work-in-progress	0.000	3.336
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.046	0.046
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.590	3.903
(e) Other Non-current assets	0.733	0.938
Total Non-Current Assets	126.074	56.591
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	70.081	30.659
(c) Trade receivables	37.676	23.790
(d) Cash and cash equivalents	18.830	18.405
(e) Short-term loans and advances	22.300	20.507
(f) Other current assets	4.590	4.461
Total Current Assets	153.477	97.822
TOTAL	279.551	154.413

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.400
2] Share Application Money		0.000
3] Reserves & Surplus		15.815
4] (Accumulated Losses)		0.000
NETWORTH		16.215
LOAN FUNDS
1] Secured Loans		35.300
2] Unsecured Loans		2.489
TOTAL BORROWING		37.789
DEFERRED TAX LIABILITIES		2.972
TOTAL		56.976
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.692
Capital work-in-progress		0.000
INVESTMENT		0.094
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.178
	Sundry Debtors	33.440
	Cash & Bank Balances	6.894
	Other Current Assets	0.000
	Loans & Advances	11.846
Total Current Assets		75.358
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.222
	Other Current Liabilities	41.374
	Provisions	3.303
Total Current Liabilities		61.899
Net Current Assets		13.459
MISCELLANEOUS EXPENSES		0.731
TOTAL		56.976

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
TURNOVER	378.768	264.483	120.073
EXPENSES	NA	NA	NA
GROSS PROFIT	78.390	54.405	32.692
PROFIT BEFORE TAX	20.961	14.922	5.578
BALANCE IN PROFIT LOSS A/C	40.641	25.801	15.815

Particulars	31.03.2013
Sales Turnover (Approximately)	450.000

The above information has been parted by Ms. Sonali [Accounts Department]

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	7.50	9.88	4.73
Return on Investment (ROI) (PBT/Networth)		0.51	0.54	0.34
Debt Equity Ratio (Total Debt/Networth)		2.14	2.16	2.33
Current Ratio (Current Asset/Current Liability)		0.95	1.21	1.22

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade payable	33.251	26.520
Others	8.867	8.386
Total	42.118	34.906	17.222

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 four 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)	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

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Nensey Poultry Farm Private Limited	2.490	2.490
Total	2.490	2.490

Note:

The Registered Office of the company has been shifted from SNC 140/3, Behind Tube Investments Lo Tathawade, Pune-411033, Maharashtra, India shifted to present registered address w.e.f 01.08.2007.

FINANCIAL RESULTS:

The Company is mainly engaged in the business of manufacturing of Poultry Equipments. During the year, the Company has achieved turnover/receipts of Rs. 378.768 millions against Rs. 264.483 millions in the previous year, showing a increase of 43.21 % over the previous year. The Company's profit before tax for the year recorded a increase of 40.47 % to Rs.20.961 millions as compare to last year Rs.14.922 millions.

The company looks forward for a bright future in the coming years, since the company possesses ample resources, technical know-how and expertise in this industry and full-fledged ready to offer best of it, the Company will try to continue on its strategy to offer best products in the field of Poultry Equipments.

In view of future plans of expansion and diversification, the directors decided not to recommend any dividend for the year and wish to plough back the profit for future expansion of the business.

FIXED ASSETS:

Ø Computers

Ø Building

Ø Vehicles

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Electronic 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. 60.05
UK Pound	1	Rs. 90.71
Euro	1	Rs. 78.47

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.