MIRA INFORM REPORT

Report No. :	302691
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	GULSHAN INTERNATIONAL PRIVATE LIMITED (w.e.f. 24.02.2007)
Formerly Known As :	GULSHAN INTERNATIONAL LIMITED.
Registered Office :	B-20/1, Wazirpur Industrial Area, Delhi – 110052, India
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.01.1998
Com. Reg. No.:	55-091817
Capital Investment / Paid-up Capital :	Rs. 42.425 Millions
CIN No.: [Company Identification No.]	U19111DL1998PTC091817
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ladies Footwear, gents Footwear, kids Footwear
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 570000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its latest financial for the year 2014 with the government department. As per available financial of 2013, the company has incurred a loss from its operations. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Jitendra
Designation :	Accountant
Contact No.:	91-7506411948
Date :	10.01.2015

LOCATIONS

Registered Office/Head Office :	B-20/1, Wazirpur Industrial Area, Delhi – 110052, India
Tel. No.:	91-11-27374413/27377646
Mobile No.:	91-9873335746 (Mr. Naresh Kumar Gauba)
Fax No.:	91-11-27374423
E-Mail :	gulshan012345@yahoo.com gulshaninternational@gmail.com
Location :	Owned
Factory :	Khasra No.22, Village and Post – Nathupur, Nathupur Road, Behind Public School, District – Sonepat – 131629, India
Tel. No.:	91-130-2219401/2219402/2219403
Fax No.:	91-130-2219402

DIRECTORS

As on: 30.09.2013

Name :

Mr. Naresh Kumar Gauba

Designation :

Director

Address :

C- 2/47, Ashok Vihar – II, Delhi – 110052, India

Date of Birth/Age :

13.01.1961

Date of Appointment :

20.01.1998

DIN No.:

00088274

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 Top of Form
1	U74899DL1986PTC024704	ALLWIN FOOTWEAR PRIVATE LIMITED	Director	03-07-1986	03-07-1986	-	Active	NO
2	U74899DL1997PLC088855	GUSBI INTERNATIONAL LIMITED	Director	01-08-1997	01-08-1997	-	Active	NO
3	U19111DL1998PTC091817	GULSHAN INTERNATIONAL PRIVATE LIMITED	Director	20-01-1998	20-01-1998	-	Active	NO Bottom of Form

Name :

Mrs. Shakuntla Devi Gauba

Designation :

Director

Address :

C- 2/47, Ashok Vihar – II, Delhi – 110052, India

Date of Birth/Age :

22.07.1932

Date of Appointment :

20.01.1998

DIN No.:

00096155

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	U74899DL1997PLC088855	GUSBI INTERNATIONAL LIMITED	Director	01-08-1997	01-08-1997	-	Active	NO
2	U19111DL1998PTC091817	GULSHAN INTERNATIONAL PRIVATE LIMITED	Director	20-01-1998	20-01-1998	-	Active	NO

Name :

Mrs. Sucheta Gauba

Designation :

Director

Address :

C- 2/47, Ashok Vihar – II, Delhi – 110052, India

Date of Birth/Age :

03.05.1968

Date of Appointment :

20.01.1998

DIN No.:

00088249

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	U74899DL1986PTC024704	ALLWIN FOOTWEAR PRIVATE LIMITED	Director	03-07-1986	03-07-1986	-	Active	NO
2	U74899DL1997PLC088855	GUSBI INTERNATIONAL LIMITED	Director	01-08-1997	01-08-1997	-	Active	NO
3	U19111DL1998PTC091817	GULSHAN INTERNATIONAL PRIVATE LIMITED	Director	20-01-1998	20-01-1998	-	Active	NO

Name :

Mr. Varun Gauba

Designation :

Director

Address :

C- 2/47, Ashok Vihar – II, Delhi – 110052, India

Date of Birth/Age :

14.06.1987

Date of Appointment :

16.06.2005

DIN No.:

00096193

KEY EXECUTIVES

Name :	Mr. Jitendra
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Naresh Kumar Gauba	619940
Deepak Sachdev	10
Sucheta Gauba	360010
Kusum Lata	10
Rashmi Sachdev	10
Shakuntla Devi	210010
Gulshan Kumar and Sons (HUF)	260010
Varun Gauba	87500
Gusbi International Limited	210000
Allwin Footwear Private Limited	2495000
Total	4242500

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	63.76
Directors or relatives of Directors	36.24
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ladies Footwear, Gents Footwear, Kids Footwear
Products :	Ladies Footwear Gents Footwear Kids Footwear
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Applicable
Imports :
Products :	Raw Material
Countries :	Chana
Terms :
Selling :	Cash and Credit (30/60/90 Days)
Purchasing :	Cash and Credit (30/60/90 Days)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

100 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
• ICICI Bank Limited

Bank Name	Canara Bank
Branch	Ashok Vihar, New Delhi, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	OD-Rs. 30.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
HDFC Bank (Overdraft facility against hypothecation of stock, book debts and personal guarantee of Director and Major shareolers)	5.771	(2.144)
Total	5.771	(2.144)

Auditors :
Name :	Satish Kumar Relan Chartered Accountants
Address :	6/79, W.E.A., III rd Floor, Padam Singh Road, Karol Bagh, New Delhi – 110005, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAKPR9165P
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	Gulshan Kumar and Sons
Associates:	M/s. Gusbi International Limited Address: B-20/1, Wazirpur Industrial Area, Delhi – 110052, India M/s. Allwin Footwear Private Limited Address: B-20/1, Wazirpur Industrial Area, Delhi – 110052, India

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4242500	Equity Shares	Rs.10/- each	Rs.42.425 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	42.425	42.425	42.425
(b) Reserves & Surplus	156.324	156.736	151.256
(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)	198.749	199.161	193.681
(3) Non-Current Liabilities
(a) long-term borrowings	71.263	66.564	36.565
(b) Deferred tax liabilities (Net)	0.167	1.281	1.346
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.735	1.215	0.000
Total Non-current Liabilities (3)	73.165	69.060	37.911
(4) Current Liabilities
(a) Short term borrowings	5.771	(2.144)	0.000
(b) Trade payables	85.386	112.612	108.591
(c) Other current liabilities	3.162	2.125	2.340
(d) Short-term provisions	0.076	2.672	6.813
Total Current Liabilities (4)	94.395	115.265	117.744
TOTAL	366.309	383.486	349.336
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	132.570	141.312	125.668
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.879	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	1.001	1.011	1.011
(e) Other Non-current assets	0.226	0.000	0.000
Total Non-Current Assets	135.676	142.323	126.679
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.845	67.167	57.304
(c) Trade receivables	140.485	137.406	157.040
(d) Cash and cash equivalents	0.382	0.938	-27.818
(e) Short-term loans and advances	29.266	28.892	31.017
(f) Other current assets	6.655	6.760	5.114
Total Current Assets	230.633	241.163	222.657
TOTAL	366.309	383.486	349.336

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	341.588	352.122	403.109
		Other Income	0.118	0.210	0.158
		TOTAL (A)	341.706	352.332	403.267
Less	EXPENSES
		Cost of Materials Consumed	269.330	268.978	306.247
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.295)	(2.087)	2.544
		Employees benefits expense	19.470	15.537	17.850
		Other expenses	34.549	40.782	43.224
		TOTAL (B)	316.054	323.210	369.865
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		25.652	29.122	33.402
Less	FINANCIAL EXPENSES (D)		4.239	4.125	1.582
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.413	24.997	31.820
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.770	16.911	10.676
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1.357)	8.086	21.144
Less	TAX (I)		(1.038)	2.606	7.040
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		(0.319)	5.480	14.104
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		64.661	59.181	45.244
Add	Earlier year excess proposed dividend and dividend distribution tax (L)		(0.094)	0.000	(0.167)
	BALANCE CARRIED TO THE B/S		64.248	64.661	59.181
	Earnings Per Share (Rs.)		(0.07)	2.19	3.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	(0.09)	1.56	3.50
Operating Profit Margin (PBIDT/Sales)	(%)	7.51	8.27	8.29
Return on Total Assets (PBT/Total Assets}	(%)	(0.37)	2.11	6.05
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.04	0.11
Debt Equity Ratio (Total Debt /Networth)		0.39	0.32	0.19
Current Ratio (Current Asset/Current Liability)		2.44	2.09	1.89

Particulars	31.03.2014
Sales Turnover (Approximately)	240.000

Expected Sales (2014-15): Rs.220.000 Millions

The above information has been parted by Mr. Jitendra (Accountant)

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	42.425	42.425	42.425
Reserves & Surplus	151.256	156.736	156.324
Net worth	193.681	199.161	198.749
long-term borrowings	36.565	66.564	71.263
Short term borrowings	0.000	(2.144)	5.771
Total borrowings	36.565	64.420	77.034
Debt/Equity ratio	0.189	0.323	0.388

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)
Revenue from Operations	403.109	352.122	341.588
		(12.648)	(2.992)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	403.109	352.122	341.588
Profit/Loss	14.104	5.480	(0.319)
	3.50%	1.56%	(0.09%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	No

OPERATIONS:-

During the year, the Company have made the total Sales (Net) of Rs.341.588 Millions and also received Rs.0.118 Millions on account of Other Income. After meeting all the expenses, the Company has suffered a net LOSS of (-) Rs.0.319 Millions/- (after claiming depreciation W/off, Financial Costs and Provision for Taxation) and the same has been carried over to the Balance Sheet.

UNSECURED LOAN

Particular	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
From relatives parties director and shareholder	71.263	66.564
Total	71.263	66.564

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10013872	21/10/2010 *	35,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	A97992168

*Date of charge modification

FIXED ASSETS:

• Land and Building
• Cars
• Motor Cycle
• Mobile Phone
• Generator
• Furniture and Fixture
• Air Conditions
• Electric Fittings
• Plant and Machinery
• Computer and Printer
• Lift
• CCTV Camera
• Tempo TATA 407
• Fire Extinguisher
• EPABX
• Office Equipment
• Die and Moulds
• Pollution treatment Plan

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.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RSM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.