MIRA INFORM REPORT

Report Date :

30.06.2014

IDENTIFICATION DETAILS

Name :	G.A.S. PU PANELS(INDIA) PRIVATE LIMITED
Registered Office :	Gate No. 189,190,191, Plot no. 2,3,4,8,9,10 Nh – 4, Pune Satara Road (Near Kalubai Temple) Varve Budruk, Pune – 412205, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.11.2007
Com. Reg. No.:	11-130988
Capital Investment / Paid-up Capital :	Rs.7.190 Millions
CIN No.: [Company Identification No.]	U29191PN2007PTC130988
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Various Panels and Doors.
No. of Employees :	Information Denied by the Management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has failed to file the latest financials of 2013, with the government department. As per available, the company has reported huge accumulated losses as a result of consecutive losses for previous years. Payment terms are unknown. In view of unavailability of latest financial information, the subject can be considered for business dealings as a matter of your confidence and on a safe and secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 DENIED BY

Management non – corporative (9823721542)

LOCATIONS

Registered Office /Factory :	Gate No. 189,190,191, Plot no. 2,3,4,8,9,10 Nh – 4, Pune Satara Road (Near Kalubai Temple) Varve Budruk, Pune – 412205, Maharashtra
Tel. No.:	91-211-3203091 91-211-3284641
Mobile No.:	+91 9822437224 (Mr. Atul A. Ghatage)
Fax No.:	91-211-3284641
E-Mail :	info@gaspanels.in accounts@gaspanels.in sales@gaspanels.in factory@gaspanels.in
Website :	www.gaspanels.in

DIRECTORS

As on: 29.09.2012

Name :

Gulab Arjandas jagtianey

Designation :

Director

Address :

10, sagar Apartments, Bandra, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

08.11.1959

Date of Appointment :

15.11.2007

DIN No.:

01829290

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	U29191PN2007PTC130988	G.A.S. P.U. Panels (INDIA) Private Limited	Director	15/11/2007	15/11/2007	-	Active	NO
2	U15541PN2009PTC133824	HILL CREST FOODS AND BEVERAGES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO

Name :

Sheikh Abdul Mohiddin

Designation :

Director

Address :

Chottu terrace, C/14, opposite Colaba Fire Station, colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

23.03.1960

Date of Appointment :

15.11.2007

DIN No.:

01827249

Name :

Michael Lucas Gomes

Designation :

Director

Address :

418, P K Guha Road, LP 158111, Kolkata – 700028, West Bengal, India

Date of Birth/Age :

26.11.1965

Date of Appointment :

30.09.2011

DIN No.:

03401524

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	U29191PN2007PTC130988	G.A.S. P.U. Panels (INDIA) Private Limited	Director	30/09/2011	17/02/2011	-	Active	NO
2	U25202WB1997PTC083088	ROYJEE MANUFACTURING & TRADING PRIVATE LIMITED	Director	06/09/2011	06/09/2011	-	Active	NO
3	U17122WB2012PTC182385	GOMESELINA GARMENTS PRIVATE LIMITED	Director	05/06/2012	05/06/2012	-	Active	NO
4	U74999WB2012PTC185500	PUMIGO MARKETING COMPANY PRIVATE LIMITED	Director	05/09/2012	05/09/2012	-	Active	NO
5	U70109DL2012PTC240301	PERNS REALTORS PRIVATE LIMITED	Director	08/10/2012	08/10/2012	-	Active	NO
6	U01403WB2012PTC188129	MPG RICE MILLS PRIVATE LIMITED	Director	09/11/2012	09/11/2012	-	Active	NO
7	U45400WB2013PTC189687	PMG RESIDENCY PRIVATE LIMITED	Director	11/01/2013	11/01/2013	31/03/2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares	%age
Gulab Arjandas Jagtianey	323550	45.00
Mohiddin Sheikh	323550	45.00
Atul Amrit Ghatage	71900	10.00
Michael Lucas Gomes	10	0.00
Total	719,010	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Various Panels and Doors.
Products :	Polyurethane Sandwich Panels Insulated Cargo Boxes Sliding and Hinged Doors Telecom Shelters Cold Storage Warehouses Clean Rooms Roofing Panels Refrigeration Units

GENERAL INFORMATION

No. of Employees :

Information denied by the Management.

Bankers :

State Bank of India, 1548A, Commercial Branch, Sadashiv Peth, Pune – 411030, Maharashtra India

Facilities :

Secured Loan	As on 31.03.2012	As on 31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loan From State Bank of India
Corporate loan	5.072	0.000
Term loan	16.400	27.200
Term loan (all secured by hypothecation of plant and machinery, mortgage of land and building, personal properties of directors and personal guarantees of directors)	10.800	0.000
SHORT TERM BORROWINGS:
Cash credit from state bank of India (secured by hypothecation of stocks and book debts, mortgage of land and building, personal properties of Directors and personal guarantees of Directors)	10.156	6.727
Total	42.428	33.927

Banking Relations :	--
Auditors :
Name :	G. N. angal and Company Chartered Accountants
Address :	1124, Sadashiv Peth, Nimbalkar Talim Chowk, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-24479334
PAN No.:	AABFC9233C

CAPITAL STRUCTURE

As on: 29.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
719010	Equity Shares	Rs.10/- each	Rs. 7.190 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.190	7.190
(b) Reserves & Surplus	(45.416)	(21.834)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	42.274	21.799
Total Shareholders’ Funds (1) + (2)	4.048	7.155
(3) Non-Current Liabilities
(a) long-term borrowings	34.498	29.425
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	34.498	29.425
(4) Current Liabilities
(a) Short term borrowings	10.156	6.727
(b) Trade payables	0.000	0.000
(c) Other current liabilities	3.229	0.898
(d) Short-term provisions	15.290	4.943
Total Current Liabilities (4)	28.675	12.568
TOTAL	67.221	49.148
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.034	38.632
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	55.034	38.632
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5.575	7.599
(c) Trade receivables	5.619	1.074
(d) Cash and cash equivalents	0.168	0.185
(e) Short-term loans and advances	0.230	1.254
(f) Other current assets	0.595	0.404
Total Current Assets	12.187	10.516
TOTAL	67.221	49.148

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.850
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		13.850
LOAN FUNDS
1] Secured Loans		41.089
2] Unsecured Loans		0.000
TOTAL BORROWING		41.089
DEFERRED TAX LIABILITIES		0.000
TOTAL		54.939
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.612
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets
	Loans & Advances
Total Current Assets		4.507
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		2.727
Net Current Assets		1.780
MISCELLANEOUS EXPENSES		9.547
TOTAL		54.939

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	7.214	3.081
		Other Income	NA	0.473	0.051
		TOTAL	NA	7.687	3.132
Less	EXPENSES
		Purchases	NA	3.610	1.620
		Direct expenses	NA	1.827	0.689
		Administrative Expenses	NA	2.902	3.061
		Interest on borrowings	NA	5.732	3.555
		TOTAL	NA	14.071	8.925
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	(6.384)	(5.793)
Less/ Add	DEPRECIATION/ AMORTISATION		NA	5.903	3.688
	PROFIT / LOSS BEFORE TAX		NA	(12.287)	(9.481)
Less	TAX		NA	0.000	0.000
	PROFIT / LOSS AFTER TAX		NA	(12.287)	(9.481)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(9.547)	(0.065)
	BALANCE CARRIED TO THE B/S		NA	(21.834)	(9.546)
	IMPORTS
	Import Purchase		NIL	NIL	2.225
	Total		NIL	NIL	2.225
	Earnings Per Share (Rs.)		NA	(17.09)	(13.19)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	(159.84)	(302.71)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(25.00)	(19.70)
Return on Investment (ROI) (PBT/Networth)		NA	(1.72)	(0.68)
Debt Equity Ratio (Total Debt/Networth)		NA	5.05	2.97
Current Ratio (Current Asset/Current Liability)		0.43	0.81	1.65

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7.190	7.190
Reserves & Surplus	(21.834)	(45.416)
Share Application Pending Allotment Money	21.799	42.274
Net worth	7.155	4.048
long-term borrowings	29.425	34.498
Short term borrowings	6.727	10.156
Total borrowings	36.152	44.654
Debt/Equity ratio	5.053	11.031

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 two years	Yes
12]	Profitability for last two 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	No
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

Note: The Registered Office of the company has been shifted from Flat No. 3, Loukit Housing Society, Kothrud, Pune, Maharashtra, India to the present address w.e.f. 04.06.2009.

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loan from directors:	2.226	2.225
Total	2.226	2.225

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10109505	29/07/2011 *	92,500,000.00	STATE BANK OF INDIA	1548A, COMMERCIAL BRANCH, SADASHIV PETH, PUNE, MAHARASHTRA - 411030, INDIA	B19236330

FIXED ASSETS:

• Machinery
• Factory Building
• Computer
• Printer
• Vehicle
• Office Equipments

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 records 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.60.09
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.