MIRA INFORM REPORT

Report Date :

01.04.2014

IDENTIFICATION DETAILS

Name :	GRAVS APPLIANCES PRIVATE LIMITED
Formerly Known As :	GRAVAS CONSULTING ENGINEERS AND MARKETING PRIVATE LIMITED
Registered Office :	Gel Tower, Plot No.16, Sector-20, Dwarka, New Delhi – 110 075
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.09.1981
Com. Reg. No.:	55-012368
Capital Investment / Paid-up Capital :	Rs.3.914 millions
CIN No.: [Company Identification No.]	U74899DL1981PTC012368
TAN No.: [Tax Deduction & Collection Account No.]	DELG06287B/ DELG06543F
PAN No.: [Permanent Account No.]	AABCG4664N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electrical Home Appliances like Mixer Grinders, Juice Mixer Grinders, Food Processors, Room Heaters, Dry Irons, Electric Irons etc.
No. of Employees :	49 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 270000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Vimal Gupta
Designation :	Director
Contact No.:	91-9810399092
Date :	11.03.2014

LOCATIONS

Registered Office :	Gel Tower, Plot No.16, Sector-20, Dwarka, New Delhi – 110 075, India
Tel. No.:	91-11-47511383/ 27017525/ 25719320
Mobile No.:	91-9810399092 (Mr. Vimal Gupta)
Fax No.:	91-11-25719320
E-Mail :	madanh106@rediffmail.com gravs@gravsappliances.co.in
Web Site:	www.gravsappliances.co.in
Location :	Owned
Factory 1 :	A-11, Mangalpuri Industrial Area, Phase-2, Delhi – 110 034, India
Location :	Owned
Factory 2 :	Plot No.24, EPTP Phase-II, Baddi, Himachal Pradesh, India

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Vimal Gupta

Designation :

Director

Address :

D-21, Pushpanjali Bijwasan, New Delhi – 110 061, India

Date of Birth/Age :

19.07.1966

Date of Appointment :

28.11.1989

DIN No.:

00102237

Voter ID No.:

DL/03/016/258152

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	U74899DL1981PTC012368	GRAVS APPLIANCES PRIVATE LIMITED	Director	28-11-1989	28-11-1989	-	Active	NO
2	U74120DL2006PTC146846	SKY ENERGY PRIVATE LIMITED	Director	27-02-2006	27-02-2006	13-10-2009	Active	NO

Name :

Mrs. Shipra Gupta

Designation :

Director

Address :

D-21, Pushpanjali Bijwasan, New Delhi – 110 061, India

Date of Birth/Age :

15.07.1967

Date of Appointment :

30.09.2009

DIN No.:

00102185

Voter ID No.:

DL/03/016/258608

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	U29299DL1984PTC019311	GLOBAL SALES PRIVATE LIMITED	Director	01-09-1994	01-09-1994	-	Active	NO
2	U74120DL2006PTC146846	SKY ENERGY PRIVATE LIMITED	Director	27-02-2006	27-02-2006	13-10-2009	Active	NO
3	U74899DL1981PTC012368	GRAVS APPLIANCES PRIVATE LIMITED	Director	30-09-2009	31-03-2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
G.M. Gupta and Sons (HUF)	2000	5.11
Girish Mohan Gupta	11000	28.10
Vimal Gupta	26050	66.56
Shipra Gupta	90	0.23
Total	39140	100.00

AS ON 28.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electrical Home Appliances like Mixer Grinders, Juice Mixer Grinders, Food Processors, Room Heaters, Dry Irons, Electric Irons etc.
Products :	Mixer Grinders Juice Mixer Grinders Food Processors Room Heaters Dry Irons Electric Irons
Exports :
Countries :	Kenya South Africa Mauritius Sri Lanka

GENERAL INFORMATION

No. of Employees :

49 (Approximately)

Bankers :

• Axis Bank Limited, Himachal Pradesh
• IDBI Bank Limited
• State Bank of India, Mayapuri, New Delhi, India
• Yes Bank Limited
• Bank of Bahrain and Kuwait
• State Bank of Bikaner and Jaipur Bank
• Dena Bank, Branch Office, 25, First Floor, Gopala Towers, New Delhi – 110 008, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Bank
From other parties (Secured Against Hypothecation of Car)	0.114	0.539
SHORT TERM BORROWINGS
From Dena Bank C/A No.0844413023788 (Secured Against Stock and Book Debts)	6.981	0.000
From Dena Bank (Secured against Fixed Deposit)	0.000	0.898
From Dena Bank (Secured against Bills, Guarantee of Three Director)	0.000	1.705
Total	7.095	3.142

Banking Relations :	--
Auditors :
Name :	H.L. Madan and Company Chartered Accountants
Address :	A-3/76, Sector-3, Rohini, Delhi – 110 085, India
Tel. No.:	91-11-27516281
Income-tax PAN of auditor or auditor's firm :	AAIPM3639D
Memberships :	Federation of Import Export Organization

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39140	Equity Shares	Rs.100/- each	Rs.3.914 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	3.914	3.914	3.914
(b) Reserves & Surplus	63.671	55.582	51.555
(c) Money received against share warrants	0.00	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	67.585	59.496	55.469
(3) Non-Current Liabilities
(a) Long-term borrowings	0.255	0.114	0.539
(b) Deferred tax liabilities (Net)	0.164	0.172	0.179
(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)	0.419	0.286	0.718
(4) Current Liabilities
(a) Short term borrowings	21.789	11.086	53.719
(b) Trade payables	45.104	59.877	44.633
(c) Other current liabilities	5.946	3.302	3.050
(d) Short-term provisions	1.983	0.783	1.700
Total Current Liabilities (4)	74.822	75.048	103.102
TOTAL	142.826	134.830	159.289
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	93.164	77.288	58.120
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	0.611	0.618	0.463
Total Non-Current Assets	93.775	77.906	58.583
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.231	29.102	23.384
(c) Trade receivables	27.614	15.910	62.633
(d) Cash and cash equivalents	2.944	10.349	10.216
(e) Short-term loans and advances	0.970	0.205	3.050
(f) Other current assets	1.292	1.358	1.423
Total Current Assets	49.051	56.924	100.706
TOTAL	142.826	134.830	159.289

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	307.669	276.492	213.813
		Other Income		0.300	0.592
		TOTAL	307.669	276.792	214.405
Less	EXPENSES
		Office Expenses	297.267	268.535	206.235
		Administrative Expenses
		Advertising Expenses
		TOTAL	297.267 (including depreciation)	268.535	206.235
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			8.257	8.170
Less/ Add	DEPRECIATION/ AMORTISATION			4.148	4.435
	PROFIT/ (LOSS) BEFORE TAX		10.402	4.109	3.735
Less	TAX		1.945	0.776	1.700
	PROFIT/ (LOSS) AFTER TAX		8.457	3.333	2.035
	Earnings/ (Loss) Per Share (Rs.)		215.00	85.16	51.99

Expected Sales (2013-2014): Rs.350.000 millions

The above information has been parted by Mr. Vimal Gupta (Director).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.38	1.20	0.95
Net Profit Margin (PBT/Sales)	(%)	NA	1.49	1.75
Return on Total Assets (PBT/Total Assets}	(%)	7.28	3.05	2.34
Return on Investment (ROI) (PBT/Networth)		0.15	0.07	0.07
Debt Equity Ratio (Total Debt/Networth)		0.33	0.19	0.98
Current Ratio (Current Asset/Current Liability)		0.66	0.76	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	3.914	3.914	3.914
Reserves & Surplus	51.555	55.582	63.671
Net worth	55.469	59.496	67.585
Long-term borrowings	0.539	0.114	0.255
Short term borrowings	53.719	11.086	21.789
Total borrowings	54.258	11.200	22.044
Debt/Equity ratio	0.978	0.188	0.326

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	214.405	276.792	307.669
		29.098	11.155

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	214.405	276.792	307.669
Profit	2.035	3.333	8.457
	0.95%	1.20%	2.75%

LOCAL AGENCY FURTHER INFORMATION

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	No
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	Yes
34) External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90055430	07/12/2011 *	10,000,000.00	DENA BANK	BRANCH OFFICE, 25, FIRST FLOOR, GOPALA TOWERS, NEW DELHI, DELHI - 110008, INDIA	B29105335

* Date of charge modification

Note:

The registered office of the company has been shifted from 110, Padma Tower II, 22, Rajender Place, New Delhi – 110 008 to the present address w.e.f. 30.12.2010.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
(a) Loans and Advance against Bills Discounting
From Banks
1) From Axis Bank	0.000	15.659
2) State Bank of India	0.000	29.799
3) Dena Bank C/A No.084411001562	4.105	2.658
(b) Loan from Director	0.000	3.000
Total	4.105	51.116

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

· Office Construction

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.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.57

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.