MIRA INFORM REPORT

Report No. :	319679
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	GEE LIMITED
Registered Office :	Plot No. E-1, Road No. 7, Wagle Industrial Estate, Thane – 400604, Maharashtra
Tel No :	91-22-25821277
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.11.1960
Com. Reg. No.:	11-011879
Capital Investment / Paid-up Capital :	Rs. 47.252 Million
CIN No.: [Company Identification No.]	L99999MH1960PLC011879
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEG04756D
PAN No.: [Permanent Account No.]	AAACG2377B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The subject is engaged in the business of manufacturing Welding electrodes, Copper Wires, Flax Cored Wires, Welding fluxes.
No. of Employees :	Not Divulged

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company satisfactory financial risk profile marked by sound net worth position and fair profitability of the company. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term rating (BBB-)
Rating Explanation	Moderate degree of safety and carry moderate credit risk
Date	31.12.2014

Rating Agency Name	CRISIL
Rating	Short Term rating (A3)
Rating Explanation	Moderate degree of safety and carry higher credit risk
Date	31.12.2014

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 DENIED BY

Name :	Mr. R.B. Shimpi
Designation :	Finance
Contact No.:	91-2522-280358
Date :	24.04.2015

LOCATIONS

Registered Office :	Plot No. E-1, Road No. 7, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel. No.:	91-22-25821277
Fax No.:	Not Available
E-Mail :	shares@geelimited.com
Factory 1:	Plot No. B-12, MIDC, Kalyan Bhiwandi Road, Saravali, Kalyan – 421311, Maharashtra, India
Tel. No.:	91-2522-280358 / 281176 / 88/90
Fax No.:	91-2522-281199
Factory 2 :	Bhulagarh Industrial Park, NH – 6, Dhulagori, P O and Village – Kanduah, Howrah – 711302, West Bengal, India

DIRECTORS

As on : 31.03.2014

Name :	S.L. Agarwal
Designation :	Managing Director
Name :	S.M. Agarwal
Designation :	Executive Director
Name :	G. K. Saraf
Designation :	Executive Director
Name :	M.P. Dhanuka
Designation :	Executive Director (Marketing)
Name :	Utsav Kapadia
Designation :	Director
Name :	Ashok Kumar
Designation :	Director
Name :	K.M. Panthaki
Designation :	Director
Name :	Sujit Sen
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.12.2014

Category of Shareholders	Total No. of Shares	As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9626561	40.75
Bodies Corporate	7760196	32.85
Sub Total	17386757	73.59
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	17386757	73.59
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	1200	0.01
Insurance Companies	638517	2.70
Sub Total	639717	2.71
(2) Non-Institutions
Bodies Corporate	2083249	8.82
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	2197253	9.30
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	1317477	5.58
Any Others (Specify)	1425	0.01
Non Resident Indians	1168	0.00
Trusts	257	0.00
Sub Total	5599404	23.70
Total Public shareholding (B)	6239121	26.41
Total (A)+(B)	23625878	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	23625878	100.00

Promoter and Promoter Group

No..	Name of the Shareholder Name of	Name of the share held Shares held	As on %of grand total (A + B)
			As a % of grand total (A)+(B)+(C)
1	Vidya Finvest Pvt Ltd	57,73,587	24.44
2	Shankarlal Agarwal	18,43,938	7.80
3	Vitro Commodities Pvt Ltd	15,42,939	6.53
4	Jyoti Agarwal	13,75,500	5.82
5	Ram Kishan Agarwal	10,91,289	4.62
6	Nirmala Agarwal	10,58,591	4.48
7	Om Prakash Agarwal	9,89,459	4.19
8	Umesh Agarwal	9,68,265	4.10
9	Sanwar Mul Agarwal	6,53,898	2.77
10	Sagar Consolidated Holdings Pvt Ltd	4,20,590	1.78
11	Sneha Agarwal	3,79,000	1.60
12	Vidyawati Agarwal	3,29,008	1.39
13	Payal Agarwal	2,42,095	1.02
14	Puja Agarwal	2,27,614	0.96
15	Govind Kumar Saraf	1,97,868	0.84
16	Nikhil Agarwal	1,21,000	0.51
17	Ranjana Saraf	91,601	0.39
18	Anant Agarwal	50,000	0.21
19	Vidya Finvest Ltd	23,080	0.10
20	Govind Kumar Saraf HUF	6,196	0.03
21	Govind Kumar Saraf HUF	1,239	0.01
	Total	1,73,86,757	73.59

Public and holding more than 1% of the Total No. Shares

l. No.	Name of the Shareholder Name of e Shareholder	Name of the share held Shares held	As on %of grand total (A + B)
1	Venkatesh Shelter Pvt Ltd	1656167	7.01
2	Life Insurance Corporation of India	638517	2.70
3	Govindbhai Baldevbhai Desai	451200	1.91
	Total	2745884	11.62

Public and Holding more than 5% of the Total No. Shares

No..	Name of the Shareholder Name of	Name of the share held Shares held	As on %of grand total (A + B)
1	Venkatesh Shelter Pvt Ltd	1656167	7.01
	Total	1656167	7.01

BUSINESS DETAILS

Line of Business :	The subject is engaged in the business of manufacturing Welding electrodes, Copper Wires, Flax Cored Wires, Welding fluxes.
Products :	Welding electrodes Copper Wires Flax Cored Wires Welding fluxes
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

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 :

Not Divulged

Bankers :

State Bank of India

The Thane Janata Sahakari bank Limited

ICICI Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Indian Rupee term loan from Bank	82.272	76.909
Foreign Currency Loan from Bank	0.000	86.932
Vehicle Loans from Financials Institutions	1.775	7.699
SHORT TERM BORROWING
Cash Credit with Banks	270.769	273.251
Foreign Currency Loan from Banks	0.000	2.570
Buyers Credit	0.000	11.284
Total	354.816	458.646

Auditors :
Name :	Ford Rhodes, Parks and Company Chartered Accountant
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available
Companies where Significant Influence exists :	Anant Business Private Limited R. Shankarlal Sales Private Limited Vitro Commodities Private Limited Bakshi Chempharma Private Limited

CAPITAL STRUCTURE

As on : 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.2/- each	Rs.100.000 Million

Issued:

No. of Shares	Type	Value	Amount
23644778	Equity Shares	Rs.2/- each	Rs.47.289 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23625878	Equity Shares	Rs.2/- each	Rs.47.252 Million

Reconciliation of Shares at beginning and at year end:

Particulars	Equity Shares
	No. of Shares	Amount in Million
Shares outstanding at the beginning of the year	23625878	47.252
Shares outstanding at the end of the year	23625878	47.252

Rights, Preference and Restrictions of Shareholders:

Equity shares of the company has per value of Rs. 2/- per shares. Each holder of equity is entitled to one vote per share. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets if any after distribution of all preferential accounts. The distribution will be pro rata to the equity share held by the shareholder.

FINANCIAL DATA

[all figures are in Rupees Million]

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	47.252	47.252	47.252
(b) Reserves & Surplus	523.329	488.782	449.191
(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)	570.581	536.034	496.443
(3) Non-Current Liabilities
(a) long-term borrowings	131.546	179.040	241.984
(b) Deferred tax liabilities (Net)	42.080	37.281	28.823
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.027	0.803	0.696
Total Non-current Liabilities (3)	174.653	217.124	271.503
(4) Current Liabilities
(a) Short term borrowings	270.769	287.106	350.318
(b) Trade payables	66.399	79.474	72.681
(c) Other current liabilities	111.053	116.627	74.205
(d) Short-term provisions	23.737	25.237	26.237
Total Current Liabilities (4)	471.958	508.444	523.441
TOTAL	1217.192	1261.602	1291.387
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	499.755	514.608	517.796
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.015	3.168	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	26.147	29.787	29.587
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.965	13.054	9.657
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	545.882	560.617	557.040
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	302.024	311.017	338.106
(c) Trade receivables	265.711	275.003	265.423
(d) Cash and cash equivalents	8.606	32.729	55.290
(e) Short-term loans and advances	93.714	80.067	73.198
(f) Other current assets	1.255	2.169	2.330
Total Current Assets	671.310	700.985	734.347
TOTAL	1217.192	1261.602	1291.387

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1673.618	1862.984	1731.590
	Other Income	1.711	15.096	8.202
	TOTAL (A)	1675.329	1878.080	1739.792
Less	EXPENSES
	Cost of Materials Consumed	1223.676	1433.844	1327.091
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	15.777	(15.181)	(48.090)
	Employees benefits expense	67.591	65.576	61.483
	Other expenses	208.745	222.069	203.123
	TOTAL (B)	1515.789	1706.308	1543.607
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	159.540	171.772	196.185
Less	FINANCIAL EXPENSES (D)	70.741	74.591	74.502
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	88.799	97.181	121.683
Less/ Add	DEPRECIATION/ AMORTISATION (F)	25.545	22.881	20.110
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	63.254	74.300	101.573
Less	TAX (I)	20.469	27.903	30.134
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	42.785	46.397	71.439
	Earnings / (Loss) Per Share (Rs.)	1.81	1.97	3.02

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	June 2014	September 2014	December 2014
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	396.400	444.700	467.000
Total Expenditure	357.400	413.600	439.000
PBIDT (Excl OI)	39.000	31.100	28.000
Other Income	0.900	0.400	0.400
Operating Profit	39.900	31.500	28.400
Interest	14.300	15.300	18.200
Exceptional Items	0.000	0.000	0.000
PBDT	25.600	16.100	10.200
Depreciation	5.900	6.000	6.000
Profit Before Tax	19.800	10.200	4.200
Tax	3.000	3.000	2.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	16.800	7.200	2.200

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.56	2.49	4.13
Operating Profit Margin (PBITD/Sales)	(%)	9.53	9.22	11.33
Return on Total Assets (PBT/Total Assets}	(%)	5.33	6.05	8.05
Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.20
Debt Equity Ratio (Total Debt /Networth)		0.71	0.87	1.19
Current Ratio (Current Asset/Current Liability)		1.42	1.38	1.40

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	47.252	47.252	47.252
Reserves & Surplus	449.191	488.782	523.329
Net worth	496.443	536.034	570.581
long-term borrowings	241.984	179.040	131.546
Short term borrowings	350.318	287.106	270.769
Total borrowings	592.302	466.146	402.315
Debt/Equity ratio	1.193	0.870	0.705

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1739.792	1878.080	1675.329
		7.949	(10.796)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1739.792	1878.080	1675.329
Profit	71.439	46.397	42.785
	4.11%	2.47%	2.55%

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	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	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	No
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

BUSINESS OPERATIONS:

The Indian economy performed dismally at 4.8% in the last fiscal. GDP growth estimates were continuously revised downwards and the impact was particularly negative on the manufacturing sector. The net turnover of the Company was a decline of 10% from INR 1863 Million in 2012.2013 to INR 1674 Million in 2013-14. The company continued to optimize its resources and controlling cost on all fronts. This stringent control across all departments, led to maintaining the operating margins at 3.8% of the turnover. As discussed in the last fiscal, the company had taken Foreign Currency denominated loans. During the current fiscal 2013-14, the Company repaid all such loans and all the borrowing of the Company are now in INR. However, the appreciation in US Dollar vis-à-vis the INR led to substantial losses on account of repayment.

It is expected that with the new Government in office, the economic activity shail pick up. Most of the experts have accelerated growth targets for the current financial year. The company is fully geared up to take advantage of upsurge in economy.

MANAGEMENT DISCUSSION AND ANALYSIS:

Business Performance and Overview :

The Indian economy had another difficult year with GDP growth rates pegged at 4.8% in 2013-14. Prospects of a pick-up in real GDP growth in the second half of the fiscal were dampened by negative growth in industrial production. Thus, economic growth estimates were continuously revised downwards and the impact was seen heavily on the manufacturing sector. The biggest reason for economic slowdown is a vicious cycle involving regulatory delay, judicial in activism and extreme risk aversion in the financial markets. The overall sentiment of the economy was weak and dampened, leading to a slowing down of pace across all sectors. Persistent hardening of interest rates have not helped the corporate sector in procuring funds for planned projects.

In the backdrop of the sluggish economic environment, the Company took a 10% decline in the net turnover, from INR1863 million in 2012-13 to INR 1674 million in 2013-14. With most of the long gestation projects stalled and regulatory bottlenecks in the mining industry, demand was at an all-time low in 2013-14.lndustrial growth was negatively impacted, which had a cascading effect on all sectors of the economy.

Efficient utilization of resources and monitoring material consumption closely also helped in cutting down material consumption cost from 76.15% in 2012- 13 to 74.05% in 2013-14. Employee benefit expense and other expense, both were marginally higher vis-a-vis last year`s ratios, at 4% and 12.5% respectively. The Company continues to keep strict internal controls across all departments.

Keeping an eye on the costs led to improving the EBITDA margins slightly compared to last financial year at 9.5%,from INR 172 million in 2012-13 to INR160 million in 2013-14.

Finance costs, a huge size of the Company`s overall costs, were at the same levels, from INR 75 million in 2012-13 to INR 71 million in 2013-14. As discussed earlier, the Company had taken loans in Foreign Currency to save on the interest component. The Company repaid all such loans denominated in Foreign Currency. Therefore, as at the end of the financial year, all the borrowings of the Company are in INR. However, the appreciation in the US Dollar did lead to foreign currency fluctuation loss to the tune of INR 13.45 million as compared to INR 12.38 million in the previous year.

PBT levels were almost in the same range at 3.8% of sales, from INR 74.30 million to INR 63.25 million in the current year. PAT, once again, was maintained at 2.5% of sales, from INR 46.40 million in 2012-13 to INR 42.78 million in 2013-14.

OUTLOOK, OPPORTUNITIES AND THREATS

2013- 14 has been a year of dismal performance by the Indian economy. The numbers substantiate the market sentiment. There were apprehensions to take initiatives in all industries. Political instability and policy paralysis were two major hurdles in the road to development.

However, 2014-15 is a year of new leadership, a new beginning in the Indian context. The elections have been a game changer. The recent-ushered political decisiveness can swing medium-term growth in a positive way. Recovery is beginning to show some bright spots. GDP forecasts for 2014-15 are being targeted at 6%.

GDP forecast is driven by a partial unclogging of domestic policy logjam as well as improved global growth prospects. The need for the hour is to hasten pending reforms, improve private sector sentiments by sending a strong signal and paving the way for a phase of healthier growth.

One of the key positive boosters for the economy is stable fuel prices which are expected to create an environment conducive to growth. Stability in steel prices globally is a big positive for the sector. It has been estimated that India`s capital goods market can grow from 71.7 billion USD in 2011 -12 to 153.3 billion USD by 2016-17. Also, India`s per capita consumption of 704 units of power p.a. is miniscule compared to developed countries, indicates sector`s potential.

All the above figures show strong reasons for the imperative growth potential in the welding industry. On the other hand, the GDP forecast is premised on continuation of recent reform process. If the assumptions do not play out, growth could be lower. Implementation of stalled projects, de bottle necking of the mining sector and a recovery in industry on higher external demand will definitely aid the economy.

The changing business conditions, evolving consumer preferences, rapid technological innovation and globalization are creating an increasingly competitive market environment that is driving corporations to transform the manner in which they operate. This is a challenge posed to most of the corporate. Companies with international presence continue to focus and increase their footprints in the Indian market. This leads to an exciting competition which whets our appetite for quality.

Although, growth processes are beginning to show signs, it is too early to say yet whether we have seen the beginning of a decisive and sustainable recovery/ The cost of policy inactions at this stage will be very high for the economy.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loan from Corporates	47.500	7.500
Total	47.500	7.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10549628	20/10/2014	200,000,000.00	TJSB Sahakari Bank Limited	Shop No. 10/11, Tip Top Plaza, L.B.S.Road,, Wagle  Industrial Estate, Thane (West), THANE, Maharasht  ra - 400601, INDIA	C43854710
2	10286836	31/03/2011	100,000,000.00	THE THANE JANATA SAHAKARI BANK LTD.	Shop No. 10/11, Tip Top Plaza, L.B.S.Road, Wagle  Industrial Estate, Thane (West), Thane, Maharashtr  a - 400601, INDIA	B12781092
3	10161079	21/12/2011 *	622,400,000.00	State Bank of India	"The Arcade", 2nd floor, World Trade Center,, Cuf  fe Parade,, Mumbai, Maharashtra - 400005, INDIA	B32278400
4	10161078	02/06/2009	330,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, WORLD TRA  DE CENTRE, CUFFE PARADE, COLABA, MUMBAI, Maharasht  ra - 400005, INDIA	A63562672
5	10118699	30/06/2008	100,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA, THANE, Maharashtra  - 400602, INDIA	A44020147
6	10030085	06/11/2006	2,500,000.00	THE THANE JANATA SAHAKARI BANK	TIP TOP PLAZA, WAGLE ESTATE, THANE, Maharashtra -  400602, INDIA	A08198582
7	10007146	05/05/2006	1,519,308.00	THE THANE JANATA SAHAKARI BANK LIMITED	WAGLE ESTATE BRANCH, THANE, Maharashtra - 400602,  INDIA	A01084961
8	10007349	26/10/2006 *	27,500,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	TIP TOP PLAZA, WAGAL ESTATE, THANE, Maharashtra -  400602, INDIA	A06311906
9	90152271	26/08/2005	6,600,000.00	THE THANE JANATA SAHAKARI BANK LTD.	PANCHPOAKHADI BRANCH, VIRUL; NEAR PACMARTHANIKETA  N; PANCHPOAKHADI, THANE, Maharashtra - 400602, IND  IA	-
10	90152232	30/08/2004	204,164.00	THE THANE JANATA SAHAKARI BANK LTD.	PANCHPOAKHADI BRANCH, VIRUL; NEAR PACMARTHANIKETA  N; PANCHPOAKHADI, THANE, Maharashtra - 400602, IND  IA	-

* Date of charge modification

FIXED ASSETS

• Free hold Land
• Leasehold Land
• Building

o Factory

o Office

· Flat at Siddhanchal

· Plant and Machinery

· Electrical Equipment

· Furniture

· Office Equipment

· Computers

· Motor Cars

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.63.61
UK Pound	1	Rs.95.42
Euro	1	Rs.68.48

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	DIV
Report Prepared by :	SUJ

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--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.