MIRA INFORM REPORT

Report Date :

18.01.2014

Note: Correct name of the company is “GALAXY BEARINGS LIMITED”.

IDENTIFICATION DETAILS

Name :	GALAXY BEARINGS LIMITED
Registered Office :	T-18, Vikram Chambers, Ashram Road, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.09.1990
Com. Reg. No.:	04-014385
Capital Investment / Paid-up Capital :	Rs. 31.800 Millions
CIN No.: [Company Identification No.]	L29120GJ1990PLC014385
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00168A
PAN No.: [Permanent Account No.]	AAACG5617Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Balls and Bearings.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 460000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has seen a drastic dip in its sales volume during 2013, whereas the profit margin appears to be decent. The company possesses an average financial profile marked by modest net worth position. The ratings also take into consideration the adverse fluctuations in the raw material prices and vulnerability of profitability to adverse movements in the currency. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of long standing experience of the promoters, the subject 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit: “BB+”
Rating Explanation	Moderate risk of default regarding timely payments.
Date	February, 2013

Rating Agency Name	ICRA
Rating	Non-fund based facilities: “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February, 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.

LOCATIONS

Registered Office :	T-18, Vikram Chambers, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No. :	91-79-27546020/ 27546325
Fax No. :	91-79-27546020
E-Mail :	galaxy@sunbearing.com
Website :	www.galaxybearing.com
Factory 1 :	Survey No. 253, National Highway No. 8B, Village : Shapar, Taluka Kotada Sagnani, Rajkot - 360024, Gujarat, India
Tel. No. :	91-2827-252401-2/ 254411-12
Fax No. :	91-2827-252400
E-Mail :	info@galaxybearings.com info-cap@galaxybearings.com
Factory 2 :	Gat No.626/1, Plot No.15, Nasik Road, At and Post: Kuruli, Taluka: Khed, Pune - 401501, Maharashtra, India

DIRECTORS

As on 23.09.2013

Name :

Vinodrai Hirji Kansagara

Designation :

Managing Director

Address :

IVIK House, Udyan Marg, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Date of Birth/Age :

09.12.1935

Qualification :

B.E. Civil

Date of Appointment :

01.08.2012

DIN No. :

00015696

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	Company/ LLP Status	Defaulting status
1	U92199GJ1970PTC001777	GUJARAT CINE ENTERPRISES PRIVATE LIMITED	Director	22/09/1970	22/09/1970	Active	NO
2	U92199GJ1971PTC001849	GALAXY CINEMA PRIVATE LIMITED	Director	23/12/1971	23/12/1971	Active	NO
3	U28910GJ1974PTC002548	FORGE AND FORGE PRIVATE LIMITED	Director	11/06/1974	11/06/1974	Active	NO
4	L29120GJ1990PLC014385	GALAXY BEARINGS LIMITED	Managing director	01/08/2012	19/09/1990	Active	NO
5	U92100MH1946NPL005370	CINEMA OWNERS AND EXHIBITORS ASSOCIATION OF INDIA	Director	25/09/2006	25/09/2006	Active	NO
6	L15400GJ1992PLC018758	AMBAR PROTEIN INDUSTRIES LIMITED	Director	30/09/2006	30/09/2006	Active	NO

Name :

Mr. Navinchandra Mohanlal Patel

Designation :

Director

Address :

Taxasihla Society, No.2, Phulchhab Chowk, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

29.11.1949

Qualification :

B.Com

Date of Appointment :

19.09.1990

DIN No. :

00016860

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	Company/ LLP Status	Defaulting status
1	U92199GJ1971PTC001849	GALAXY CINEMA PRIVATE LIMITED	Director	23/02/1971	23/02/1971	Active	NO
2	U28910GJ1974PTC002548	FORGE AND FORGE PRIVATE LIMITED	Managing director	01/08/2013	11/06/1974	Active	NO
3	U60990GJ1984PLC006952	GALAXY AMUSEMENT LIMITED	Director	25/05/1984	25/05/1984	Active	NO
4	U27310GJ1980PTC003882	AARCEE PRECISION CASTINGS PRIVATE LIMITED	Director	26/05/1984	26/05/1984	Active	NO
5	U65910GJ1986PTC008635	DWARKADHISH DEVELOPERS PRIVATE LIMITED	Director	25/04/1986	25/04/1986	Active	NO
6	L29120GJ1990PLC014385	GALAXY BEARINGS LIMITED	Director	19/09/1990	19/09/1990	Active	NO
7	U29259GJ1991PLC016086	SUN PISTON RINGS LIMITED	Director	08/08/1991	08/08/1991	Active	NO
8	U29199GJ1990PTC013473	GALAXY CHAINS PRIVATE LIMITED	Director	27/10/1991	27/10/1991	Active	NO
9	U45201GJ1994PTC021235	TORAL TOWNSHIPS PRIVATE LIMITED	Director	04/02/1994	04/02/1994	Active	NO
10	U45201GJ1994PTC021231	GEM APARTMENTS PVT LTD	Director	04/02/1994	04/02/1994	Active	NO
11	U25209GJ1985PTC007944	POLY BRIGHT PACKS PRIVATE LIMITED	Director	10/06/1994	10/06/1994	Active	NO
12	U65910GJ1994PLC022393	GALAXY CAPITAL SERVICES LIMITED	Director	30/06/1994	30/06/1994	Active	NO
13	U45201GJ1997PTC031454	SHASTRI COMPLEX PRIVATE LIMITED	Director	07/01/1997	07/01/1997	Active	NO
14	U92490GJ1993PTC019600	GALAXY INFRASTRUCTURE PRIVATE LIMITED	Director	07/09/1998	07/09/1998	Active	NO
15	U29259GJ1991PTC016789	SWADESHI MACHINE TOOLS PRIVATE LIMITED	Director	01/01/2005	01/01/2005	Active	NO
16	U34100GJ2005PTC045446	GALAXY MOTORS PRIVATE LIMITED	Director	08/02/2005	08/02/2005	Active	NO

Name :

Mr. Rashmikant Valjibhai Bhalodia

Designation :

Director

Address :

7^th Floor, Sita Appartment, Kashivishvanath Plot, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

16.07.1948

Qualification :

B.Com

Date of Appointment :

19.09.1990

DIN No. :

00020098

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	Company/ LLP Status	Defaulting status
1	U60990GJ1984PLC006952	GALAXY AMUSEMENT LIMITED	Director	25/05/1984	25/05/1984	Active	NO
2	U27310GJ1979PTC003565	GALAXY TRADELINK PRIVATE LIMITED	Director	15/10/1988	15/10/1988	Active	NO
3	L29120GJ1990PLC014385	GALAXY BEARINGS LIMITED	Director	19/09/1990	19/09/1990	Active	NO
4	U30089GJ1993PTC020201	GALAXY TECH PVT LTD	Director	16/09/1993	16/09/1993	Strike off	NO
5	U92199GJ1971PTC001849	GALAXY CINEMA PRIVATE LIMITED	Director	20/07/1996	20/07/1996	Active	NO
6	U29259GJ1991PTC016789	SWADESHI MACHINE TOOLS PRIVATE LIMITED	Director	21/09/1996	21/09/1996	Active	NO
7	U45201GJ1997PTC031454	SHASTRI COMPLEX PRIVATE LIMITED	Director	07/01/1997	07/01/1997	Active	NO
8	U45201GJ1997PTC031667	EVEREST REALTY PRIVATE LIMITED	Director	06/02/1997	06/02/1997	Active	NO
9	U72100GJ1997PTC031828	BRAINWAVE SOFTWARE PRIVATE LIMITED	Director	03/03/1997	03/03/1997	Active	NO
10	U92490GJ1993PTC019600	GALAXY INFRASTRUCTURE PRIVATE LIMITED	Director	07/09/1998	07/09/1998	Active	NO
11	U80211GJ2001PTC040012	GALAXY RESIDENTIAL AND HOSPITALITY SERVICES PRIVATE LIMITED	Director	19/09/2001	19/09/2001	Active	NO
12	U92199GJ1970PTC001777	GUJARAT CINE ENTERPRISES PRIVATE LIMITED	Director	01/10/2001	01/10/2001	Active	NO
13	U34100GJ2005PTC045446	GALAXY MOTORS PRIVATE LIMITED	Director	08/02/2005	08/02/2005	Active	NO
14	U27310GJ1980PTC003882	AARCEE PRECISION CASTINGS PRIVATE LIMITED	Director	26/08/2010	03/07/2006	Active	NO
15	U65910GJ1986PTC008635	DWARKADHISH DEVELOPERS PRIVATE LIMITED	Director	30/09/2009	19/09/2009	Active	NO
16	U92120GJ2010PTC063024	GALAXY CINEMA (RAJKOT) PRIVATE LIMITED	Director	25/11/2010	25/11/2010	Active	NO
17	U65910GJ1994PLC022393	GALAXY CAPITAL SERVICES LIMITED	Director	02/03/2013	02/03/2013	Active	NO

Name :

Mr. Rajeshkumar Govindlal Patel

Designation :

Director

Address :

4^th, Floor, Sita Appartment, Kashivishvanath Plot, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

30.04.1951

Qualification :

B.Com

Date of Appointment :

19.09.1990

DIN No. :

00022721

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	Company/ LLP Status	Defaulting status
1	U92199GJ1970PTC001777	GUJARAT CINE ENTERPRISES PRIVATE LIMITED	Director	01/11/1983	01/11/1983	Active	NO
2	U60990GJ1984PLC006952	GALAXY AMUSEMENT LIMITED	Director	25/05/1984	25/05/1984	Active	NO
3	U92199GJ1971PTC001849	GALAXY CINEMA PRIVATE LIMITED	Director	01/03/1988	01/03/1988	Active	NO
4	U27109GJ1988PTC011569	STAR FORGING PRIVATE LIMITED	Director	29/11/1988	29/11/1988	Active	NO
5	U31100GJ1990PTC013882	GALAXY CONVEYARS PRIVATE LIMITED	Director	14/06/1990	14/06/1990	Active	NO
6	L29120GJ1990PLC014385	GALAXY BEARINGS LIMITED	Director	19/09/1990	19/09/1990	Active	NO
7	U29259GJ1991PLC016086	SUN PISTON RINGS LIMITED	Director	08/08/1991	08/08/1991	Active	NO
8	U45201GJ1994PTC021235	TORAL TOWNSHIPS PVT LTD	Director	04/02/1994	04/02/1994	Active	NO
9	U45201GJ1994PTC021230	GEM TOWNSHIP PRIVATE LIMITED	Director	04/02/1994	04/02/1994	Active	NO
10	U65910GJ1994PLC022393	GALAXY CAPITAL SERVICES LIMITED	Director	30/06/1994	30/06/1994	Active	NO
11	U29259GJ1991PTC016789	SWADESHI MACHINE TOOLS PVT LTD	Director	21/09/1996	21/09/1996	Active	NO
12	U45201GJ1997PTC031454	SHASTRI COMPLEX PRIVATE LIMITED	Director	07/01/1997	07/01/1997	Active	NO
13	U45201GJ1997PTC031667	EVEREST REALTY PRIVATE LIMITED	Director	06/02/1997	06/02/1997	Active	NO
14	U92490GJ1993PTC019600	GALAXY INFRASTRUCTURE PRIVATE LIMITED	Director	07/09/1998	07/09/1998	Active	NO
15	U65910GJ1995PTC025085	REAL-TIME INVESTMENTS CONSULTANCY PRIVATE LIMITED	Director	29/09/2001	29/09/2001	Active	NO
16	U80301GJ2003PTC042311	GALAXY EDUCATION PRIVATE LIMITED	Director	29/04/2003	29/04/2003	Active	NO
17	U65910GJ1986PTC008635	DWARKADHISH DEVELOPERS PRIVATE LIMITED	Director	14/04/2004	14/04/2004	Active	NO
18	U34100GJ2005PTC045446	GALAXY MOTORS PRIVATE LIMITED	Director	08/02/2005	08/02/2005	Active	NO
19	U45201GJ1994PTC021231	GEM APARTMENTS PRIVATE LIMITED	Director	25/02/2006	25/02/2006	Active	NO
20	U27310GJ1980PTC003882	AARCEE PRECISION CASTINGS PRIVATE LIMITED	Director	26/08/2010	03/07/2006	Active	NO
21	U15142GJ1983PTC006532	GALAXY OILS PVT LTD	Director	12/08/2009	12/08/2009	Active	NO
22	U50101GJ2010PTC062027	GALAXY DIESEL PRIVATE LIMITED	Director	19/08/2010	19/08/2010	Active	NO
23	U92120GJ2010PTC063024	GALAXY CINEMA (RAJKOT) PRIVATE LIMITED	Director	01/01/2011	01/01/2011	Active	NO
24	U28910GJ1974PTC002548	FORGE AND FORGE PRIVATE LIMITED	Director	25/04/2011	25/04/2011	Active	NO
25	U80903GJ2012NPL068926	JHP EDUCATION FOUNDATION	Director	07/02/2012	07/02/2012	Active	NO
26	U25209GJ1985PTC007944	POLY BRIGHT PACKS PVT LTD	Director	29/09/2012	29/09/2012	Active	NO
27	U27310GJ1979PTC003565	GALAXY TRADELINK PRIVATE LIMITED	Director	21/01/2013	21/01/2013	Active	NO
28	AAB-9380	VITRUM SYSTEMS LLP	Designated Partner	17/12/2013	17/12/2013	Active	NO

Name :

Mr. Bharatkumar Keshavji Ghodasara

Designation :

Managing Director

Address :

611, Taxashila Society No.2, Phulchhab Chowk, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

20.03.1960

Qualification :

B.Com

Date of Appointment :

01.04.2009

DIN No. :

00032054

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	Company/ LLP Status	Defaulting status
1	L29120GJ1990PLC014385	GALAXY BEARINGS LIMITED	Managing director	01/04/2009	28/03/1994	Active	NO
2	U50101GJ1996PTC029334	AVNI DEALINGS PRIVATE LIMITED	Director	15/04/1996	15/04/1996	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1070990	33.68
Sub Total	1070990	33.68
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1070990	33.68
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	109800	3.45
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	1835610	57.72
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	163600	5.14
Sub Total	2109010	66.32
Total Public shareholding (B)	2109010	66.32
Total (A)+(B)	3180000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3180000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Balls and Bearings.

Products :

Item Code No. (ITC Code)	Product Description
84821011	Adapter Ball Bearings (Radial Type) 50MM or 2 Inches Bore Diameter

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Main Branch, M G Road, Rajkot - 360001, Gujarat, India

· State Bank of India, Commercial Branch, Noble House, Near Jalaram Petrol Pump, Kalawad Road, Rajkot - 360001, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (immovable property and Plant and Machinery and Hypothecation of Vehicles)	0.439	0.869
SHORT TERM BORROWINGS
Working capital loans from banks (Secured against Hypothecation of stocks, receivables and all other C. assets and personal guarantee of the company)	69.441	103.503
Total	69.880	104.372

Banking Relations :	--
Auditors :
Name :	J.T. Shah and Company Chartered Accountants
Address :	201/202, Lalita Complex, 352/3, Rasala Marg, Navrangpur, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AABFJ6616J

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,180,000	Equity Shares	Rs.10/- each	Rs. 31.800 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	31.800	31.800	31.800
(b) Reserves & Surplus	83.910	62.987	38.327
(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)	115.710	94.787	70.127
(3) Non-Current Liabilities
(a) long-term borrowings	24.514	30.224	44.217
(b) Deferred tax liabilities (Net)	3.433	3.721	4.140
(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)	27.947	33.945	48.357
(4) Current Liabilities
(a) Short term borrowings	69.441	103.503	78.749
(b) Trade payables	81.213	51.887	46.257
(c) Other current liabilities	15.329	14.428	12.964
(d) Short-term provisions	2.200	4.184	4.773
Total Current Liabilities (4)	168.183	174.002	142.743
TOTAL	311.840	302.734	261.227
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.035	40.044	35.674
(ii) Intangible Assets	0.107	0.087	0.050
(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	2.499	2.249	2.291
(e) Other Non-current assets	1.948	2.719	2.307
Total Non-Current Assets	41.589	45.099	40.322
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	150.158	121.672	116.321
(c) Trade receivables	99.156	120.441	85.946
(d) Cash and cash equivalents	2.673	1.458	1.538
(e) Short-term loans and advances	18.264	14.064	17.100
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	270.251	257.635	220.905
TOTAL	311.840	302.734	261.227

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	381.346	437.618	387.429
		Other Income	8.275	10.242	7.607
		TOTAL (A)	389.621	447.860	395.036
Less	EXPENSES
		Cost of materials consumed	237.457	249.732
		Purchases of stock-in-trade	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(29.007)	(5.996)
		Employee benefit expense	21.257	21.652
		Other expenses	109.766	125.328
		TOTAL (B)	339.473	390.716	354.450
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.148	57.144	40.586
Less	FINANCIAL EXPENSES (D)		14.188	16.123	13.672
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.960	41.021	26.914
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.775	4.775	4.723
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		31.185	36.246	22.191
Less	TAX (H)		10.262	11.587	8.585
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		20.923	24.659	13.606
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.486	35.827	22.221
	BALANCE CARRIED TO THE B/S		81.409	60.486	35.827
	EARNINGS IN FOREIGN CURRENCY		141.341	143.333	121.920
	Earnings / (Loss) Per Share (Rs.)		6.58	7.75	4.28

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013
Type	1^stQuarter	2^nd Quarter
Net Sales	96.200	118.600
Total Expenditure	79.400	106.200
PBIDT (Excl OI)	16.900	12.300
Other Income	0.000	0.000
Operating Profit	16.900	12.300
Interest	3.300	3.600
Exceptional Items	0.000	0.000
PBDT	13.500	8.800
Depreciation	1.100	1.200
Profit Before Tax	12.400	7.600
Tax	5.400	2.800
Provisions and contingencies	0.000	0.000
Profit After Tax	7.100	4.800
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	7.100	4.800

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.37	5.51	3.44
Net Profit Margin (PBT/Sales)	(%)	8.18	8.28	5.73
Return on Total Assets (PBT/Total Assets}	(%)	10.00	11.97	8.49
Return on Investment (ROI) (PBT/Networth)		0.27	0.38	0.32
Debt Equity Ratio (Total Debt/Networth)		0.81	1.41	1.75
Current Ratio (Current Asset/Current Liability)		1.61	1.48	1.55

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10234795	11/03/2013 *	198,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NOBLE HOUSE, NR. JALARAM PETROL PUMP, KALAWAD ROAD, RAJKOT - 360001, GUJARAT INDIA	B74609256
2	10234791	11/03/2013 *	198,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NOBLE HOUSE, NR. JALARAM PETROL PUMP, KALAWAD ROAD, RAJKOT - 360001, GUJARAT, INDIA	B74610734

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances	24.075	29.355
Total	24.075	29.355

OPERATIONS

The year was continued to be turbulent with challenging scenarios in the economic environment. Growing inflation, fiscal imbalances and resultant high interest rates continued to deter the sentiments. The Company’s performance was affected both in the domestic and the overseas market. The Company’s gross sales was declined by about 13% over the previous year’s sales of Rs.464.078 Millions. The exports amounted to Rs.118.000 Millions as against Rs.143.300 Millions during the previous year’s exports. The Company has received export incentives of Rs.4.066 Millions as against Rs.6.310 Millions for the previous year. The Company has earned profit, after taxes, of Rs.20.923 Millions as against profit of Rs.24.659 Millions earned during the previous year.

FINANCE

The Company’s project is continued to be financed partly by way of borrowings and credit facilities obtained from its bankers, State Bank of India.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

OVERVIEW

Demand for bearings, related products and services are directly linked to industrial activity and in general the economy. The global economic environment was confronted with geo-political instability, Eurozone sovereign debt crisis, fluctuating global commodity prices and heavy fluctuations in foreign exchange rates. The Indian economy after recording a GDP growth of 6.2 per cent during the previous year saw a decline to a level of nearly 5 per cent during 2012-13 with heavy economic uncertainties. However, the automotive industry remained the largest consumer of bearing products. The Company believes best management practices with ethical and transparent policy. Strong corporate governance is indispensable for safeguarding interests of all stakeholders, Industry Structure Bearing is the backbone of the automotive and other sectors and largely used by the OEM and replacement markets. The medium and heavy commercial vehicle production, one of the largest consumers of bearings, fell by 28% over 2011-12. The slowdown in industrial growth and in particular the manufacturing sector, is largely attributed to sluggish growth of investment, lower margin, slowdown in growth of credit flows and a fragile global economy.

PROSPECTS

The Indian ecomony is expected to grow over medium to long term horizon on the back of a strong demographic dividend, high savings rate, a large and emerging middle class and growing internal consumption. The demand for bearings depends on the automotive and other engineering products. With rapid industrialization, Indian bearing industry doubled over the last five years and has registered annual gains well above both the regional and global averages. The prospects of the bearing industry are directly linked to the performance of two key sectors, viz automotive and infrastructure facilities roads, ports and airports. The demand for bearings and other products will also increase. The prospects of the Indian bearing industry are bright.

REVIEW OF FINANCIAL PERFORMANCE

The financial performance during the year ended 31^st March, 2013, was affected due to adverse market conditions prevailing since long with heavy economic uncertainties. The Company expects revival of market conditions and better performance in the years to come.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2013

(Rs. In Millions)

SR NO	PARTICULARS		Quarter Ended on			Cumulative Upto 30.09.2013
			30.09.2013		30.06.2013	30.09.2013
			(Unaudited)		(Unaudited)	(Unaudited)
1	Income from operation
	a. Net Sales / Income from operation		115.720		81.836	210.432
	b. Other Operating Income		2.833		0.807	4.354
	Net Sales/ Income from Operations (Net)		118.552		82.643	214.787
2	Expenditure
	a. Consumption of Raw Materials		79.298		50.472	133.655
	b. Purchase of Traded Goods		0.000		0.000	0.000
	c. Increase/ Decrease in Stock		(16.371)		(6.695)	(21.132)
	d. Employee Benefits Expenses		4.570		4.789	10.023
	e. Depreciation		1.160		1.192	2.273
	f. Other Expenditure		38.706		28.224	63.019
	Total Expenses		107.364		77.982	187.837
3	Profit from Operations before Other Income, Interest & Exceptional Items (1-2)		1118.900		466.100	2695.000
4	Other Income		0.000		0.000	0.000
5	Profit Before Interest & Exceptional Items (3+4)		11.189		4.661	26.950
6	Finance Cost		3.563		3.799	6.897
7	Profit after Interest but before exceptional items (5-6)		7.626		0.862	20.053
8	Exceptional Items		0.000		0.000	0.000
9	Profit (+)/Loss (-) from ordinary Activities before Tax (7+8)		7.626		0.862	20.053
10	Tax Expenses		2.900		0.450	7.400
	Deferred Tax		(0.089)		(0.157)	0.763
11	Profit (+)/Loss (-) from ordinary Activities after Tax (9-10)		4.815		0.569	11.891
12	Extraordinary Items		0.000		0.000	0.000
13	Net Profit (+)/Loss (-) for the Period (11-12)		4.815		0.569	11.891
14	Paid up Equity Share Capital (Face Value of Rs.)		31.800 10.00		31.800 10.00	31.800 10.00
15	Reserves excluding Revaluation Reserves as per balance sheet of		--		--	--
16	(a) Basic and Diluted EPS before Extraordinary items		1.51		0.39	3.74
	(b) Basic and Diluted EPS after Extraordinary Items		1.51		0.39	3.74
17	Public shareholding
	a.	Number of shares	2109010	2099010		2099010
	b.	Percentage of shareholding	66.32%	66.01%		66.32%
18	Promoters and promoter group shareholding
	a.	Pledged/Encumbered
	Number of shares		0	0		0
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	0.00%	0.00%		0.00%
		Percentage of shares (as a % of the total share capital of the Company)	0.00%	0.00%		0.00%
	b.	Non-encumbered
	Number of shares		1070990	1126000		1080990
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100%	100%		100%
		Percentage of shares (as a % of the total share capital of the Company)	33.68%	35.15%		33.68%

NOTE

The above results were reviewed by the Audit Committee and taken on record by the Board of Director of the company in its meeting held on 15th November, 2013.

The Auditors of the Company of the Company have carried out limited review.

Figure of Previous Year/ Period are regrouped wherever necessary.

There being only one segment of business, above represents figures of one segment.

The status of the complaints: Op. Bal: Nil, Received:1, Resolved:1 Pending: Nil.

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

v Intangible Assets

· Computer Software

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 records 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.61.35
UK Pound	1	Rs.100.21
Euro	1	Rs.83.52

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.