MIRA INFORM REPORT

Report Date :

02.05.2013

IDENTIFICATION DETAILS

Name :	GUARDIAN CASTINGS PRIVATE LIMITED
Registered Office :	109, Mahinder Chambers, W T Patil Marg, Opposite Dukes Factory, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.01.2004
Com. Reg. No.:	11-144279
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U27310MH2004PTC144279
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09977C
PAN No.: [Permanent Account No.]	AACCG1913H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Iron and Steels Bar.
No. of Employees :	250 (Approximately)

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 330000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profitability during 2011-2012. However, General financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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.

EXTERNAL AGENCY RATING

01.04.2013

ICRA has suspended its rating BB+ due to lack of information.

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. Gopal
Designation :	Account Department
Contact No.:	91-22-25200770
Date :	30.04.2013

LOCATIONS

Registered Office :	109, Mahinder Chambers, W T Patil Marg, Opposite Dukes Factory, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25200770/ 23430060
Fax No.:	91-22-55975145
E-Mail :	alwyn.co@gmail.com guardcast@hotmail.com
Location :	Owned
Factory :	Abitgar, Wada- Shahpur Road Gath No. 116 and 120, Post and Village Wada, Thane – 421303, Maharashtra, India
Tel. No.:	91-22-67975145
Fax No.:	91-22-25205771

DIRECTORS

As on 29.09.2012

Name :	Mr. Shravan Ravinder Aggarwal
Designation :	Director
Address :	235, Vijay Bhavan, 10^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	05.05.1983
PAN No. :	AEKPA3620E
Date of Appointment :	29.01.2004
DIN No.:	01509488
Name :	Mr. Sukumaran Nair
Designation :	Director
Address :	303, Ajit Apartments, Sarvodaya Nagarm Nahur, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	25.06.1944
Date of Appointment :	29.01.2004
DIN No.:	01564111
Name :	Mr. Ravinder Chimanlal Aggarwal
Designation :	Additional Director
Address :	235, Vijay Bhavan, 10^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	14.07.1949
Date of Appointment :	12.04.2013
DIN No.:	01581651

KEY EXECUTIVES

Name :	Mr. Gopal
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Shravan R. Aggarwal	169590
K.Sukumaran	100
Sejalben Sardhara	10
Koonjan Sardhara	10
Sadhnaben Sardhara	10
Balubhai Sardhara	10
Kiran Jotani	10
Sujata Aggarwal	50
Kavita Punwani	10
Anjana Aggarwal	12547
Ravinder Aggarwal (HUF)	1100
Ashwin Desai	50
Kusum M.Aggarwal	1
Gautam Aggarwal	1
Siddharth Aggarwal	1
Ravinder Aggarwal	16500
Total	200000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.92
Other top fifty shareholders	0.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Iron and Steels Bar.

Products :

Products Description	Item Code No.
M. S. Ingots and Run Riser	72069099/ 2044900

Imports :

Products :

Scrap

Countries :

• Dubai
• USA

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
MS Ingots / MS Billets	M. Tons	34109.016

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

250 (Approximately)

Bankers :

• ING Vysya Bank Limited, No.625, G.D. Somani Memorial School, Cuffe Parade, Mumbai – 400005, Maharashtra, India

• Oriental Bank of Commerce, Mandvi Branch, Agh Chambers, 379 / 381 , Narsi Natha Street, Mandvi, Mumbai - 400009, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-Term Borrowings
Rupee term loans from banks Hypothecation of Equipments, Plant and Machinery.	90.455	49.688
Short-Term Borrowings
Loans repayable on demand from banks Secured by way of Hypothectation of Inventories and Book debts.	91.143	35.910
Total	181.598	85.598

Banking Relations :	--
Auditors :
Name :	Udyen Jain and Associates Chartered Accountants
Address :	540, 5^th Floor, D wing, Clover Centre, 7 Moledina Road, Pune – 411001, Maharashtra, India
PAN.:	AABFU9032D
Subsidiaries / Associate / Group Companies :	Guardian Steels Private Limited Shravan Steels Shree Satguru Steels

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Shravan Aggarwal	1,69,590	84.80%
Anjana Aggarwal	12,547	6.27%
Ravinder Aggarwal	16,500	8.25%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.000	12.354	12.354
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		62.687	55.093	43.467
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		82.687	67.447	55.821
LOAN FUNDS
1] Secured Loans		181.598	85.598	39.614
2] Unsecured Loans		50.619	23.941	15.705
TOTAL BORROWING		232.217	109.539	55.319
DEFERRED TAX LIABILITIES		8.304	2.057	2.310
TOTAL		323.208	179.043	113.450
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		170.145	35.298	39.796
Capital work-in-progress		0.000	71.674	3.604
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	175.064	37.546	47.766
	Sundry Debtors	18.703	33.906	26.217
	Cash & Bank Balances	7.646	3.527	2.588
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	99.389	79.353	38.445
Total Current Assets		300.802	154.332	115.016
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	93.904	38.834	4.351
	Other Current Liabilities	35.193	8.180	12.368
	Provisions	18.642	35.247	28.247
Total Current Liabilities		147.739	82.261	44.966
Net Current Assets		153.063	72.071	70.050
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		323.208	179.043	113.450

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income
	Other Income
	TOTAL	1070.299	746.074	777.075
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	1055.945 Including Depreciation Expenses	720.745	741.320
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			25.329	35.755
DEPRECIATION/ AMORTISATION			4.796	5.557
PROFIT BEFORE TAX		14.439	20.533	30.198
TAX		3.358	6.747	11.222
PROFIT AFTER TAX		11.081	13.786	18.976
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		48.416	38.170	23.259
APPROPRIATIONS
	Transfer to General Reserve	1.108	1.379	1.898
	Dividend	3.000	1.853	1.853
	Tax on Dividend	0.487	0.308	0.314
BALANCE CARRIED TO THE B/S		54.902	48.416	38.170
IMPORTS
	Raw Materials	309.131	101.606	238.052
TOTAL IMPORTS		309.131	101.606	238.052
Earnings Per Share (Rs.)		55.41	111.60	153.61

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.04	1.85	2.44
Return on Total Assets (PBT/Total Assets}	(%)	3.07	10.83	19.51
Return on Investment (ROI) (PBT/Networth)		0.17	0.30	0.54
Debt Equity Ratio (Total Debt /Networth)		2.81	1.62	0.99
Current Ratio (Current Asset/Current Liability)		2.04	1.88	2.56

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	93.904	38.834	4.351
Total	93.904	38.834	4.351

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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-Term Borrowings
Loans and advances from related parties	15.317	18.539
Other loans and advances, others	35.302	5.402
Total	50.619	23.941

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27310MH2004PTC144279
Name of the company	GUARDIAN CASTINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	109, Mahinder Chambers, W T Patil Marg, Opposite Dukes Factory, Chembur, Mumbai – 400071, Maharashtra, India alwyn.co@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10323936
Type of charge	Immovable property
Particular of charge holder	ING Vysya Bank Limited No.625, G.D. Somani Memorial School, Cuffe Parade, Mumbai – 400005, Maharashtra, India vlaxman@vnsl.com
Nature of instrument creating charge	Memorandum Recording transaction of creation of Equitable Mortgage by deposit of title deeds by Constructive Delivery. (for Additional loan / advances against the same property/ies - for self or thirty party loan).
Date of instrument Creating the charge	22.01.2013
Amount secured by the charge	Rs.311.092 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest OD-SIT/BD: IVBR + 1.30%p.a. (Present IVBR 10.45%p.a.) Term Loan III : IVBR + 1.30%p.a. (Present IVBR 10.45%p.a.) Bank Guarantee : Commission as per norm. ILC/FLC : Commission as per existing terms. Terms of Repayment OD-SIT/BD, ILC/FLC and BG facility shall be payable on demand Term Loan I and II shall be repayable in suitable installments. Term Loan III shall repayable in 48 equal monthly instalments + Interest to be serviced separately. Margin OD-SIT/BD : 25% against Raw Materials, Working in process, Finished goods and Book Debts BG : 25% Cash margin with due noting of lien. ILC/ FLC : 10% Cash margin with due noting of lien. Buyers Credit : 10% Term Loan III : 28% Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds (by constructive delivery) in respect of its immovable properties as stated under item No.15 below as security for the due repayment of dues under the credit facilities aggregating Rs.311.092 Millions by bank to the Company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc. Others OD-SIT/BD of Rs.100.000 Millions Import LC/Buyers Credit (Sub Limit) of Rs.80.000 Millions BG of Rs.25.000 Millions FLC/Buyers Credit of Rs.80.000 Millions Term Loan I of Rs.61.666 Millions Term Loan II of Rs.16.426 Millions Term Loan III of Rs.18.000 Millions LEF of Rs.10.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Property being Piece and parcels of land bearing Survey No. 57 P, admeasuring 1-12-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Survey No. 116, admeasuring 0-57-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Survey No. 120, admeasuring 0-70-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Gut No. 117, admeasuring 0-93-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Gut No. 135, admeasuring 0-40-0 are Village Abitghar, Vada, Thane. Property being Piece and parcels of land bearing Gut No. 135, admeasuring 0-58-0 are Village Abitghar, Vada, Thane.
Date of instrument modifying the charge	19.01.2013
Particulars of the present modification	The Charge shall now stand secured upto Rs.311.092 Millions, against the security of immovable properties of the Company being lying and situated at Village Thane.

FIXED ASSETS:

· Land – Freehold

· Factory Building

· Plant and Machinery

· Vehicles

· Computers

AS PER WEBSITE

PRESS RELEASE

SECRET FUNDING HELPED BUILD VAST NETWORK OF CLIMATE DENIAL THINKTANKS

Anonymous billionaires donated $120m to more than 100 anti-climate groups working to discredit climate change science 

The Guardian, Thursday 14 February 2013

Conservative billionaires used a secretive funding route to channel nearly $120m (£77m) to more than 100 groups casting doubt about the science behind climate change, the Guardian has learned.

The funds, doled out between 2002 and 2010, helped build a vast network of thinktanks and activist groups working to a single purpose: to redefine climate change from neutral scientific fact to a highly polarising "wedge issue" for hardcore conservatives.

The millions were routed through two trusts, Donors Trust and the Donors Capital Fund, operating out of a generic town house in the northern Virginia suburbs of Washington DC. Donors Capital caters to those making donations of $1m or more.

Whitney Ball, chief executive of the Donors Trust told the Guardian that her organisation assured wealthy donors that their funds would never by diverted to liberal causes.

"We exist to help donors promote liberty which we understand to be limited government, personal responsibility, and free enterprise," she said in an interview.

By definition that means none of the money is going to end up with groups like Greenpeace, she said. "It won't be going to liberals."

Ball won't divulge names, but she said the stable of donors represents a wide range of opinion on the American right. Increasingly over the years, those conservative donors have been pushing funds towards organisations working to discredit climate science or block climate action.

Donors exhibit sharp differences of opinion on many issues, Ball said. They run the spectrum of conservative opinion, from social conservatives to libertarians. But in opposing mandatory cuts to greenhouse gas emissions, they found common ground.

"Are there both sides of an environmental issue? Probably not," she went on. "Here is the thing. If you look at libertarians, you tend to have a lot of differences on things like defence, immigration, drugs, the war, things like that compared to conservatives. When it comes to issues like the environment, if there are differences, they are not nearly as pronounced."

By 2010, the dark money amounted to $118m distributed to 102 thinktanks or action groups which have a record of denying the existence of a human factor in climate change, or opposing environmental regulations.

The money flowed to Washington thinktanks embedded in Republican party politics, obscure policy forums in Alaska and Tennessee, contrarian scientists at Harvard and lesser institutions, even to buy up DVDs of a film attacking Al Gore.

The ready stream of cash set off a conservative backlash against Barack Obama's environmental agenda that wrecked any chance of Congress taking action on climate change.

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.54.22
UK Pound	1	Rs.84.00
Euro	1	Rs.70.98

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

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	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	NO
--AFFILIATION	YES/NO	YES
--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.