MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	GOLDSEAL - SAARGUMMI INDIA PRIVATE LIMITED
Registered Office :	Goldseal House, Village Road, Bhandup, Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.08.1997
Com. Reg. No.:	11-110354
Capital Investment / Paid-up Capital :	Rs.62.426 Millions
CIN No.: [Company Identification No.]	U25209MH1997PTC110354
TAN No.: [Tax Deduction & Collection Account No.]	MUMG05321B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Motor Vehicles Parts and Accessories
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 265000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and loss incurred from its operational activities during financial year 2013. However, trade relations are fair. Business is active. Payment are reported to be 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 – 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 slowly 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	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	03.09.2014

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 (GENERAL DETAILS)

Name :	Mr. Raghunath
Designation :	Accounts Executive
Contact No.:	91-22-25663498
Date :	16.10.2014

LOCATIONS

Registered Office :	Goldseal House, Village Road, Bhandup, Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25663498 / 67370303 / 67370336
Fax No.:	91-22-67370304 / 67370303
E-Mail :	goldseal@vsnl.com sales@goldseal.in
Website :	www.goldseal.in
Area :	2000 sq. ft.
Location :	Owned
Factory :	Daulet Abad, Daman Patalia Road, Bhimpore, Daman – 396210, Daman and Diu, India
Tel. No.:	91-260-2220043/ 2221043/ 44
Fax No.:	91-260-2221410
E-Mail :	sales@goldseal.in
Area :	10000 sq. ft.
Location :	Owned
Sanand Office :	Sanand – Jakhwada Highway, Block No. 425, Jakhwada, Ahmedabad, Gujarat, India

DIRECTORS

As on 25.09.2013

Name :

Cyrus Hoshang Aga

Designation :

Director

Address :

51, Sommerset House, Off. Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

24.11.1955

Date of Appointment :

29.08.1997

DIN No.:

00284019

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	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	11/02/1972	11/02/1972	-	Active	NO
2	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Director	24/10/1985	24/10/1985	-	Active	NO
3	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Director	30/12/1988	30/12/1988	-	Active	NO
4	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Director	08/02/1991	08/02/1991	-	Active	NO
5	U67120MH1994PTC076111	VANSETI INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	18/01/1994	18/01/1994	-	Active	NO
6	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
7	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	29/08/1997	29/08/1997	-	Active	NO

Name :

Khursheed Cyrus Aga

Designation :

Director

Address :

51, Sommerset House, Off. Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

21.03.1982

Date of Appointment :

20.02.2004

DIN No.:

00283874

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	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	20/02/2004	20/02/2004	-	Active	NO
2	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Director	28/09/2012	01/12/2006	-	Active	NO
3	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	29/09/2008	26/04/2008	-	Active	NO
4	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Director	11/09/2009	02/02/2009	-	Active	NO
5	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Director	30/09/2009	02/02/2009	-	Active	NO
6	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Director	30/09/2009	02/02/2009	-	Active	NO

Name :

Urvaksh Cyrus Aga

Designation :

Alternate director

Address :

51, Sommerset House, Off. Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

21.03.1980

Date of Appointment :

29.03.2007

DIN No.:

00283926

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	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Alternate director	19/05/2012	24/02/2004	-	Active	NO
2	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	26/02/2004	26/02/2004	-	Active	NO
3	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Alternate director	29/03/2007	29/03/2007	-	Active	NO
4	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Director	11/09/2009	02/02/2009	-	Active	NO
5	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Director	30/09/2009	02/02/2009	-	Active	NO
6	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Director	30/09/2009	02/02/2009	-	Active	NO

Name :

Darius Cyrus Aga

Designation :

Director

Address :

51, Sommerset House, Off. Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

29.09.1985

Date of Appointment :

01.07.2012

DIN No.:

05331383

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	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	29/09/2012	29/06/2012	-	Active	NO
2	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	26/09/2012	01/07/2012	-	Active	NO
3	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Director	30/09/2013	28/08/2013	-	Active	NO
4	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Additional director	07/02/2014	07/02/2014	-	Active	NO

Name :

Mr. Sudhir Kapur

Designation :

Director

Address :

C-49, Golmohar Park, New Delhi – 110049, India

Date of Birth/Age :

18.02.1955

Date of Appointment :

25.09.2013

DIN No.:

00150127

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	L51496WB1996PLC079932	SOUTH ASIAN PETROCHEM LIMITED	Alternate director	30/10/2003	30/10/2003	26/12/2007	Amalgamated	NO
2	U74899DL2006PTC144671	COUNTRYSTRATEGY BUSINESS CONSULTENT PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
3	L17111UP1974PLC003979	JINDAL POLY FILMS LIMITED	Nominee director	30/01/2007	30/01/2007	19/07/2010	Active	NO
4	U34200PN2007PTC134626	GKN LAND SYSTEMS INDIA PRIVATE LIMITED	Director	12/07/2007	12/07/2007	31/12/2013	Active	NO
5	U74200DL2007PTC167852	COUNTRYSTRATEGY ENGINEERING SERVICES PRIVATE LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
6	U74140DL2009PTC187716	SOLITEM INDIA PRIVATE LIMITED	Director	18/02/2009	18/02/2009	-	Strike off	NO
7	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Director	15/09/2009	13/04/2009	26/11/2012	Active	NO
8	U74999DL2011PTC222190	TWENTY SIX CELSIUS SUSTAINABILITY SOLUTIONS PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO
9	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	25/09/2013	24/09/2013	-	Active	NO
10	U74999DL2014PTC269830	BARBARA HUNZ PERSONNEL MANAGEMENT AND EDUCATION PRIVATE LIMITED	Director	02/08/2014	02/08/2014	-	Active	NO

Name :

Nadine Dietmar Jost

Designation :

Director

Address :

Robert – Schuman – Ailee 71, Trier, Germany, Foreign 54296

Date of Birth/Age :

16.02.1981

Date of Appointment :

07.02.2014

DIN No.:

06480902

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	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Alternate director	07/02/2014	01/07/2012	-	Active	NO

Name :

Ralf Sebastian Bickel

Designation :

Director

Address :

Rubengarten 23 Beckingen Germany Foreign 66701

Date of Birth/Age :

17.04.1964

Date of Appointment :

07.02.2014

DIN No.:

06487968

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	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Alternate director	07/02/2014	01/07/2012	-	Active	NO

Name :

Pilloo Cyrus Aga

Designation :

Alternate director

Address :

51, Sommerset House, Off. Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

16.09.1955

Date of Appointment :

01.07.2012

DIN No.:

00284093

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	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Director	07/07/1982	07/07/1982	-	Active	NO
2	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	02/12/1985	02/12/1985	-	Active	NO
3	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Director	27/05/1991	27/05/1991	-	Active	NO
4	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	24/09/1993	24/09/1993	-	Active	NO
5	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Alternate director	19/05/2012	14/03/1996	-	Active	NO
6	U67120MH1994PTC076111	VANSETI INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	11/06/1997	11/06/1997	-	Active	NO
7	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Director	22/07/1997	22/07/1997	-	Active	NO
8	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Alternate director	01/07/2012	29/08/1997	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raghunath
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

As on 25.09.2013

Names of Shareholders	No. of Shares
Cyrus Houshang Aga Pilloo Cyrus Aga	9847
Cyrus Houshang Aga Pilloo Cyrus Aga	10
Cyrus Houshang Aga Pilloo Cyrus Aga Urvaksh Cyrus Aga	124990
Pilloo Cyrus Aga Cyrus Houshang Aga Khursheed Cyrus Aga	113873
Urvaksh Cyrus Aga Cyrus Houshang Aga Pilloo Cyrus Aga	232359
Khursheed Cyrus Aga Cyrus Houshang Aga Pilloo Cyrus Aga	210327
Darius Cyrus Aga Cyrus Houshang Aga Pilloo Cyrus Aga	232359
Cyrus Houshang Aga Pilloo Cyrus Aga	605569
Pilloo Cyrus Aga Cyrus Houshang Aga	144831
Pilloo Cyrus Aga Cyrus Houshang Aga Urvaksh Cyrus Aga	124511
Pilloo Cyrus Aga Cyrus Houshang Aga Darius Cyrus Aga	21185
Jal Edil Katrak Maharukh Edil Katrak	48725
Edil Jal Katrak	10591
Maharukh Edil Katrak Edil Jal Katrak	12710
Vanseti Investment and Holdings Private Limited, India	371188
CQLT SaarGummi Technologies S.a.r.l., Luxembourg, Germany	2360065
Total	4623140

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.05
Bodies corporate	8.03
Directors or relatives of Directors	40.92
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Motor Vehicles Parts and Accessories

Products :

Products Descriptions	Item Code No.
Parts and Accessories of Motor Vehicles (Channels)	87082900

Exports :

Products :

Motor Vehicles Parts and Accessories

Countries :

· Egypt

· South Africa

· UK

· Germany

· Kenya

Imports :

Products :

Raw Material

Countries :

· Spain

· Germany

Terms :

Selling :

Cash, Ceque and Credit

Purchasing :

Cash, Ceque and Credit

GENERAL INFORMATION

Suppliers :

Tridend Rubber India Private Limited

Customers :

· Bajaj Auto

· Eicher Motors Limited

· Force Motors Limited

· General Motors Limited

· Larsen and Turbo Limited

· Mahindra and Mahindra Limited – Automotive division

· Man Force Trucks Private Limited

· Samsonite Industries Limited

· Swaraj Mazda Limited

· TATA Motors

· V.I.P

· Visteon

No. of Employees :

650 (Approximately)

Bankers :

· Bank of India Ghatkopar (East) Branch, Kiran Niketan, Tilak Road, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

• The Zoroastrian Co-Operative Bank Limited, Thane Branch, Nargis, Ground Floor, Eduljee Road, Charai, Thane - 400601, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
The Zoroastrain Co-operative Bank Limited (Secured by way of Plant and Machinery and Motor Vehicle)	20.494	6.539
SHORT TERM BORROWINGS
Loans repayable on demand – From Bank	32.983	30.172
Total	53.477	36.711

Banking Relations :	--
Auditors :
Name :	Deloittr Haskin and Sells Chartered Accountant
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapith, Off. Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27582542 / 27582543
Mobile No.:	91-79-27582551
PAN No.:	AABFD7919A
Holding Company :	SG Technologies S.A.R.L., Germany
Ultimate Holding Company:	Chongqing Light Industry and Textile Holdings (Group) Company Limited
Company in which KMP / Relatives of KMP can exercise significant influence:	Goldseal Engineering Products Private Limited Permaseal Auto Products Private Limited Goldseal Avon Polymers Private Limited Aqa Holdings and Agencies Private Limited Vanseti Investments and Holdings Private Limited SG International GmbH

CAPITAL STRUCTURE

After 25.09.2013

Authorised Capital : Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.62.426 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3700000	Equity Shares	Rs.10/- each	Rs.37.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3623140	Equity Shares	Rs.10/- each	Rs.36.231 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIAL DETAILS FILE ATTACHED

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	31.884	31.884	36.231
Reserves & Surplus	22.059	22.163	29.954
Share Application money pending allotment	0.000	0.000	0.000
Net worth	53.943	54.047	66.185
Long Term borrowings	0.000	6.539	49.764
Short Term borrowings	97.405	110.149	105.147
Total borrowings	97.405	116.688	154.911
Debt/Equity ratio	1.806	2.159	2.341

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	443.863	638.601	642.569
		43.873	0.621

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	443.863	638.601	642.569
Profit	8.454	3.835	(27.861)
	1.90%	0.60%	(4.34%)

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
From Others (Saargummi Technologies)	29.270	0.000
SHORT TERM BORROWINGS
Loans and advances from related parties	72.164	79.977
Total	101.434	79.977

CORPORATE INFORMATION

Subject was incorporated in the year 1997. The Company has-entered into a Joint venture with SAARGUMMI Technologies (Germany). GSSG manufactures of EPDM Rubber Weather Strip application for Vehicles manufactures, Industrial and After Market. GSSG has manufacturing operation at Daman and Mumbai.

GSSG supplies to Indian Original Equipment Manufacturer customers like Volkswagen, General Motors, Mahindra and Mahindra, Bajaj Auto, Tata Motors, Man Force, Force Motors etc.

PROGRESS OF THE COMPANY:

During the year, the company reported sales of Rs.642.569 Millions in comparison to Rs.638.106 Millions of previous year and the loss during the year of Rs.(20.361) Millions in comparison to Rs.6.520 Millions of previous year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10495352	18/03/2014	40,000,000.00	The Zoroastrian Co-Operative Bank Limited	Thane Branch,, Nargis, Ground Floor, Eduljee Road, Charai, Thane, Maharashtra - 400601, India	C04684437
2	10374216	18/07/2012	40,000,000.00	The Zoroastrian Co-Operative Bank Limited	Nirlon House, 5th Floor, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400030, India	B57141855
3	10299310	06/07/2011	17,500,000.00	The Zoroastrian Co-Operative Bank Limited	Nargis, Ground Floor,, Eduljee Road, Charai, Thane (W), Maharashtra - 400601, India	B17716754
4	10295202	18/03/2014 *	40,000,000.00	The Zoroastrian Co-Operative Bank Limited	Thane Branch, Nargis, Ground Floor, Eduljee Road, Charai, Thane, Maharashtra - 400601, India	C04679858

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.