MIRA INFORM REPORT

Report Date :

04.12.2014

IDENTIFICATION DETAILS

Name :	GOLDEN ROLLS PRIVATE LIMITED
Registered Office :	A-11, Iind Floor, Pamposh Enclave, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.06.1982
Com. Reg. No.:	55-013947
Capital Investment / Paid-up Capital :	Rs.21.375 Millions
CIN No.: [Company Identification No.]	U25109DL1982PTC013947
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of rubber rolls and rice part machinery.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s improved operational performance supported by sound profitability levels and average financial base of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Kush Anand
Designation :	Director
Contact No.:	91-9810656577
Date :	03.12.2014

LOCATIONS

Registered Office :	A-11, Iind Floor, Pamposh Enclave, New Delhi – 110019, India
Tel. No.:	91-11-26464401
Mobile No.:	91-9810656577 (Mr. Kush Anand)
Fax No.:	Not Available
E-Mail :	sales@goldenrolls.com
Website :	www.goldenrolls.co.in
Location :	Owned
Factory :	G T Road, Bahalgarh, Opposite Sports Authority of India Village, Sultanpur, Sonipat – 131001, Haryana, India
Tel. No.:	91-130-6452666/6452777
Fax No.:	91-11-66173853

DIRECTORS

As on 30.09.2014

Name :	Mr. Narender Kumar Bhasin
Designation :	Director
Address :	52, Ground Floor, Paschimi Marg, Vasant Vihar, New Delhi – 110057, India
Date of Birth/Age :	23.09.1960
Date of Appointment :	01.02.2006
DIN No.:	00505105
Name :	Mr. Kush Anand
Designation :	Director
Address :	A-11, Second Floor, Pamposh Enclave, New Delhi – 110048, India
Date of Birth/Age :	21.07.1978
Date of Appointment :	16.11.2006
DIN No.:	00505118
Name :	Mr. Vinod Anand
Designation :	Director
Address :	A-11, Second Floor, Pamposh Enclave, New Delhi – 110048, India
Date of Birth/Age :	08.04.1950
Date of Appointment :	30.06.1982
DIN No.:	00509349
Name :	Mr. Utsav bhasin
Designation :	Director
Address :	52, Ground Floor, Paschimi Marg, Vasant Vihar, New Delhi – 110057, India
Date of Birth/Age :	15.06.1989
Date of Appointment :	23.03.2009
DIN No.:	02570630
Name :	Poonam Anand
Designation :	Director
Address :	A-11, Second Floor, Pamposh Enclave, New Delhi – 110048, India
Date of Birth/Age :	10.07.1956
Date of Appointment :	01.08.2014
DIN No.:	06931704
Name :	Ruchi Anand
Designation :	Director
Address :	A-11, Second Floor, Pamposh Enclave, New Delhi – 110048, India
Date of Birth/Age :	13.08.1984
Date of Appointment :	01.08.2014
DIN No.:	06931669
Name :	Sakshi Bhasin
Designation :	Director
Address :	52, Ground Floor, Paschimi Marg, Vasant Vihar, New Delhi – 110057, India
Date of Birth/Age :	29.11.1991
Date of Appointment :	01.08.2014
DIN No.:	06931701

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Anand Vinod Kumar	27675
Bhasin Narender	19683
Anand Poonam	19229
Bhasin N.K. HUF	20925
Bhasin Utsav	46580
Bhasin Sakshi	29925
Bhasin Krishna and N.K. Bhasin	450
Anand Kaushal	2137
Anand Kush	12942
Anand Vinod(HUF)	21154
Tiwary T.N.	4275
Walia J.P.	4275
Anand Ruchi	4500
Total	213750

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	95.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of rubber rolls and rice part machinery.
Products :	Rice Rubber Rolls
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Good
Countries :	· Europe · Italy · Spain
Imports :
Products :	Raw Material
Countries :	· Korea · Japan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

· Wholesalers

· Retailers

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

250(Approximately)

Bankers :

· Syndicate Bank, Punjabi Bagh Branch, New Delhi - 110026, Delhi, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term loan from HDFC bank	17.043	19.144
Short-term borrowings
HDFC CC A/c	56.775	31.005
HDFC WCDL A/C	5.052	0.000
Total	78.870	50.149

Banking Relations :	--
Auditors :
Name :	K.K. Garg and Associates Chartered Accountants
Address :	317, Dakha Chambers, 2068/38, Naiwala, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-28758485/28754439
PAN N Income-tax PAN of auditor or auditor's firm :	AAFPG0670H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
213750	Equity Shares	Rs.100/- each	Rs. 21.375 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	21.375	21.375	14.250
(b) Reserves & Surplus	27.323	18.556	18.119
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	48.698	39.931	32.369
(3) Non-Current Liabilities
(a) long-term borrowings	92.596	156.179	152.992
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.425	1.415	1.417
(d) long-term provisions	6.128	5.744	5.088
Total Non-current Liabilities (3)	100.149	163.338	159.497
(4) Current Liabilities
(a) Short term borrowings	71.227	61.827	31.005
(b) Trade payables	12.246	10.071	12.773
(c) Other current liabilities	36.635	30.738	28.949
(d) Short-term provisions	4.905	4.654	4.330
Total Current Liabilities (4)	125.013	107.290	77.057
TOTAL	273.860	310.559	268.923
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	101.927	104.161	99.921
(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)	1.968	1.445	1.056
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	103.895	105.606	100.977
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	95.321	137.486	109.154
(c) Trade receivables	52.049	57.392	46.070
(d) Cash and cash equivalents	0.555	1.348	1.928
(e) Short-term loans and advances	20.505	7.762	10.575
(f) Other current assets	1.535	0.965	0.219
Total Current Assets	169.965	204.953	167.946
TOTAL	273.860	310.559	268.923

ROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	483.418	461.639	426.946
	Other Income
	TOTAL	483.418	461.639	426.946
Less	EXPENSES	470.239	448.562	414.671
	PROFIT/ (LOSS) BEFORE TAX	13.179	13.077	12.275
Less	TAX	4.353	4.236	4.030
	PROFIT/ (LOSS) AFTER TAX	8.826	8.841	8.245
	Earnings / (Loss) Per Share (Rs.)	41.29	41.36	NA

Expected Sales (2014-2015) : Rs.600.000 Millions

The above information has been parted by Mr. Kush Anand (Director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.85	4.23	4.58
Return on Investment (ROI) (PBT/Networth)		0.27	0.33	0.38
Debt Equity Ratio (Total Debt /Networth)		3.36	5.46	5.68
Current Ratio (Current Asset/Current Liability)		1.36	1.91	2.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	14.250	21.375	21.375
Reserves & Surplus	18.119	18.556	27.323
Net worth	32.369	39.931	48.698
long-term borrowings	152.992	156.179	92.596
Short term borrowings	31.005	61.827	71.227
Total borrowings	183.997	218.006	163.823
Debt/Equity ratio	5.684	5.460	3.364

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	426.946	461.639	483.418
		8.126	4.718

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	426.946	461.639	483.418
Profit	8.245	8.841	8.826
	1.93%	1.92%	1.83%

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)	No
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

OPERATION RESULTS

During the year, the sales of the company (including other income) increased by 4.72% as compared to last year. Whereas profit before tax, increased by 0.79% and profit after tax decreased by 0.16% as compared to last year. A sum of Rs. 0.500 Million has been transferred to General Reserve out of profits. Thes directors feel confident about the future prospects of the company.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
From related parties	86.020	0.000
From Others	53.116	133.848
Total	139.136	133.848

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10200082	26/10/2012 *	214,675,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B61507752
2	10199621	26/10/2012 *	111,375,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B61725636
3	90059469	21/07/2003 *	1,000,000.00	STATE BANK OF INDIA	G.T. ROAD, BAHALGARH, HARYANA, INDIA	-

* Date of charge modification

FIXED ASSETS

· Water Cooler

· Transformer

· Monoblack Pump

· Tube Well

· Water Sifting Plant

· Car

· Photo State Machine

· Weighing Scale

· Water Tank

· Computer

· Internet Connection

· Trade Mark Charges

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.61.93
UK Pound	1	Rs.97.39
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	KVT

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	4
--LEVERAGE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.