MIRA INFORM REPORT

Report Date :

29.07.2013

IDENTIFICATION DETAILS

Name :	GOODRICH GASKETS PRIVATE LIMITED
Registered Office :	No. 40, Velichai Village, Next To Pasupathi Eswaran Temple, Vendalur - Kelambakkam Road, Chennai – 600048, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.02.1987
Com. Reg. No.:	18-014031
Capital Investment / Paid-up Capital :	Rs. 39.020 Millions
CIN No.: [Company Identification No.]	U27209TN1987PTC014031
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all type of Industrial Gasket.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The reserve and profit margin appears low. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BB
Rating Explanation	Moderate risk of default.
Date	28.03.2013

Rating Agency Name	CRISIL
Rating	Short term rating : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.03.2013

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.

INFORMATION PARTED BY

Name :	Mr. Arun Jain
Designation :	Marketing Manager
Contact No.:	91-9382560003
Date :	25.07.2013

LOCATIONS

Registered Office / Factory :	No. 40, Velichai Village, Next To Pasupathi Eswaran Temple, Vendalur - Kelambakkam Road, Chennai – 600048, Tamil Nadu, India
Tel. No.:	91-44-27498022/ 33
Mobile No.:	91-9382560003 (Mr. Arun Jain)
Fax No.:	91-44-27498055
E-Mail :	info@flosil.com ggpl@satyam.net.in
Website :	http://www.goodrichgasket.com
USA Stocking and Distribution Centre:	16617 W. Hardy Road, Houston, Texas – 77060, USA
Tel. No.:	91-281-2484800
Fax No.:	91-281-2484808

DIRECTORS

As on: 29.09.2012

Name :	Mr. Ashwin Kumar Rathod
Designation :	Director
Address :	No. 206, Mint Street, Chennai – 600003, Tamilnadu India
Date of Appointment :	07.08.1996
DIN No.:	01009042
Name :	Mr. Arun Kumar Rathod
Designation :	Director
Address :	No. 206, Mint Street, Chennai – 600003, Tamilnadu India
Date of Appointment :	17.02.2000
DIN No.:	01009046

KEY EXECUTIVES

Name :	Mr. Arun Jain
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Ashwin Kumar	3400
Roshni Rathod	1000
Arun Kumar Jain HUF	17800
Babulal	6000
Omprakash	6000
Suryakala	6000
Vimalchand Jain	6000
Manoj Kumar	6000
Manakchand	6000
Ramlal	6000
Premlatha Jain	6000
Pukraj	5000
Mukesh	5000
Chandra Rekha	5000
Shyamlal	5000
Dilip Kumar	5000
Vimala Bai	5000
Ashok Kumar	5000
Munnalal	5000
Anil Kumar	5000
Ugamraj	5000
Lalchand	5000
Suresh Kumar	5000
Devilai	5000
Vinod Kumar	5000
Shyamlal HUF	5000
Dilip Kumar HUF	5000
Manoj Kumar HUF	5000
Ramesh Chandra	5000
Arun Kumar	5000
Tara Devi	5000
Dhanraj Rathi	5000
Radha Devi	5000
Ramgopal	5000
Shanti Devi	5000
Mahesh Chand	5000
Flossil Oil and equitpment and services private limited	195000
Total	390200

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	49.97
Directors or relatives of directors	50.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of all type of Industrial Gasket.
Products :	Ring Type Joint Gaskets Spiral Wound Gaskets Exchanger and Double Jacket Gaskets Solid Metal Gaskets Kammprofile Gaskets Insulating Kits / Sets Gaskets Tanged - Metal Reinforced Gaskets Soft Cut Gaskets and Gaskets Materials Corrugated Metal Graphite Gaskets Compression Packing Mica Products Teflon Products Graphite Reinforced Sheets and Gaskets
Exports :
Countries :	Europe Australia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

• Aban
• L and T
• EIL
• HP
• NTPC
• Haldia
• BPCL
• Indian Oil
• IFFCO
• TATA
• CPCL
• BRP
• Reliance
• Technip
• TEMA
• Big India

No. of Employees :

250 (Approximately)

Bankers :

Canara Bank, Kasturba Nagar Branch, Adyar, Chennai - 600020, Tamil Nadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowing
Term loans from banks	17.748	13.365
Term loans from financial institution	1.874	2.200
Short term borrowing
Loan repayable on demand from bank (Bank overdraft)	19.378	44.649
Loan repayable on demand (export credit)	4.009	0.000
Total	43.009	60.214

Banking Relations :	--
Auditors :
Name :	Kawrat and Jain Chartered Accountants
Address :	86, Govindappa Naicken Street, Moti Complex, Chennai – 600001, Tamil Nadu, India
PAN No.:	AACFK4302P

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
390200	Equity Shares	Rs.100/- each	Rs. 39.020 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	39.020	19.520
(b) Reserves & Surplus	9.478	7.782
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	19.500
Total Shareholders’ Funds (1) + (2)	48.498	46.802
(3) Non-Current Liabilities
(a) long-term borrowings	49.033	23.534
(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)	49.033	23.534
(4) Current Liabilities
(a) Short term borrowings	23.388	44.649
(b) Trade payables	98.824	66.025
(c) Other current liabilities	3.419	2.215
(d) Short-term provisions	1.154	1.121
Total Current Liabilities (4)	126.785	114.010
TOTAL	224.316	184.346
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.900	69.237
(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)	0.071	0.343
(d) Long-term Loan and Advances	0.470	0.443
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	64.441	70.023
(2) Current assets
(a) Current investments	0.000
(b) Inventories	82.402	50.469
(c) Trade receivables	58.301	52.136
(d) Cash and cash equivalents	13.952	8.599
(e) Short-term loans and advances	5.195	3.119
(f) Other current assets	0.025	0.000
Total Current Assets	159.875	114.323
TOTAL	224.316	184.346

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		19.520
2] Share Application Money		0.000
3] Reserves & Surplus		5.497
4] (Accumulated Losses)		0.000
NETWORTH		25.017
LOAN FUNDS
1] Secured Loans		1.312
2] Unsecured Loans		4.571
TOTAL BORROWING		5.883
DEFERRED TAX LIABILITIES		0.000
TOTAL		30.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.757
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.241
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.647
	Sundry Debtors	26.918
	Cash & Bank Balances	6.851
	Other Current Assets	0.000
	Loans & Advances	7.945
Total Current Assets		72.361
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.630
	Other Current Liabilities	50.837
	Provisions	0.992
Total Current Liabilities		113.459
Net Current Assets		(41.098)
MISCELLANEOUS EXPENSES		0.000
TOTAL		30.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	198.090	140.543	66.310
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX		3.061	3.243	3.588
Less	TAX		1.365	0.957	0.670
	PROFIT AFTER TAX		1.696	2.286	2.918
	Earnings Per Share (Rs.)		4.35	--	--

Particulars	31.03.2013
Sales Turnover (Approximately)	205.000

Expected Sales (2013-2014): Rs. 500.000 Millions

The above information has been parted by Mr. Arun Jain

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	1.55	2.31	5.41
Return on Total Assets (PBT/Total Assets}	(%)	1.37	1.76	2.49
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.14
Debt Equity Ratio (Total Debt/Networth)		1.49	1.46	0.23
Current Ratio (Current Asset/Current Liability)		1.27	1.00	0.63

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	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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10158229	17/05/2013 *	105,800,000.00	Canara Bank	Kasturba Nagar Branch, Adyar, Chennai, Tamil Nadu - 600020, India	B79388823
2	10161040	30/03/2006	2,500,000.00	Canara Bank	Sowcarpet Branch, No. 119/120, Nyniappa Naicken Street, Sowcarpet, Chennai, Tamil Nadu - 600003, India	A48051940

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowing
From directors and relative	21.195	2.469
From other than directors and relatives	8.217	5.500
Total	29.412	7.969

Note: The Registered Office of the company has been shifted from 85, Industrial Developed, Plotperungudi, Chennai - 600092, Tamil Nadu, India to the present address w.e.f. 29.07.2009.

OPERATING PERFORMANCES AND PROSPECTS

The company's total sales has increased to Rs.198.089 millions from Rs.140.543 millions during the year. This year the company earned a considerable Profit of Rs. 1.695 millions (After Taxation) compared to the last year Profit of Rs.2.286 millions (After taxation). The company expects to improve further in its performance in the forth coming years.

FIXED ASSETS

• Plant and Machinery
• Furniture and Fixture
• Computer
• Motor Car
• Building

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. 58.91
UK Pound	1	Rs. 90.68
Euro	1	Rs. 78.21

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		33

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.