MIRA INFORM REPORT

Report No. :	332943
Report Date :	22.07.2015

IDENTIFICATION DETAILS

Name :	GEM ENGINEERING PRIVATE LIMITED
Registered Office :	3/38, Shanti Niketan, New Delhi – 110021
Tel. No.:	91-11-26873398
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.01.1981
Com. Reg. No.:	55-011272
Capital Investment / Paid-up Capital :	Rs.0.489 Million
CIN No.: [Company Identification No.]	U74899DL1981PTC011272
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, Producer, Importer and Exporter of Ferrous, Non Ferrous Castings, Cast Iron Pipe and Pipe Fitting, Cast Iron Railway Castng.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 120000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during the year 1981 having a moderate track record. The company is continuously incurring losses from its operational activities. However, trade relations are reported to fair. Business is active. Payment terms are reported to be slow but correct. In view of continuous losses incurred by the company, it can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

LOCATIONS

Registered Office :	3/38, Shanti Niketan, New Delhi – 110021, India
Tel. No.:	91-11-26873398
Fax No.:	Not Available
E-Mail :	cs@mailtcompany.com
Branch Office:	Khandsa Road, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2373701/ 4131311/ 4968600
Fax No.:	91-124-2373708/ 4968608

DIRECTORS

As on 30.09.2014

Name :	Ms. Meera Jain
Designation :	Director
Address :	3/38, Shanti Niketan, New Delhi – 110021, India
Date of Birth/Age :	12.02.1944
Date of Appointment :	22.01.1981
DIN No.:	00137853
Name :	Mr. Seeru Jain
Designation :	Director
Address :	3/38, Shanti Niketan, New Delhi – 110021, India
Date of Birth/Age :	26.03.1968
Date of Appointment :	01.04.1999
DIN No.:	00275941
Name :	Mr. Surender Kumar Ahuja
Designation :	Director
Address :	318/20, 4 Marla, Model Town, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	17.03.1953
Date of Appointment :	01.04.2009
DIN No.:	00137699

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Meera Jain	1197	24.50
Mohit Jain	410	8.39
Viaks Jain	410	8.39
P K Jain (HUF)	40	0.82
Seeru Jain	810	16.58
Shikha Jain	410	8.39
P K Jain	1208	24.73
Vidhi Jian	200	4.09
Pranav Jain	200	4.09
Total	4885	100.00

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Producer, Importer and Exporter of Ferrous, Non Ferrous Castings, Cast Iron Pipe and Pipe Fitting, Cast Iron Railway Castng.
Products :	Ferrous and Non Ferrous Castings
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

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 :

Information declined by the management

Bankers :

Bank Name	HDFC Bank Limited
Branch	Not Divulged
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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• ICICI Bank

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loam from Bank
ING Vysya Bank	107.555	392.450
Total	107.555	392.450

Auditors :
Name :	K.K. Goel and Associates Chartered Accountants
Address :	204, A.J. Chamber, 4^th Street, Naiwala, Karol Bagh, New Delhi – 110005, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFK7476Q
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	The Malt Company (India) Private Limited (U15533DL1970PTC005229) PMV Maltings Private Limited (u1553dl2008ptc182389)

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4885	Equity Shares	Rs.100/- each	Rs.0.489 Million

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	0.489	0.489	0.489
(b) Reserves & Surplus	40.514	(21.673)	(4.627)
(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)	41.003	(21.184)	(4.138)
(3) Non-Current Liabilities
(a) long-term borrowings	26.030	17.505	18.381
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	26.030	17.505	18.381
(4) Current Liabilities
(a) Short term borrowings	107.555	392.450	335.000
(b) Trade payables	0.471	0.435	4.770
(c) Other current liabilities	4.605	2.621	52.703
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	112.631	395.506	392.473
TOTAL	179.664	391.827	406.716
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.753	2.509	3.303
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	103.000	103.000	48.605
(c) Deferred tax assets (net)	0.368	0.335	0.267
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	105.121	105.844	52.175
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.107	0.053
(c) Trade receivables	3.973	3.952	5.549
(d) Cash and cash equivalents	1.846	3.770	68.644
(e) Short-term loans and advances	68.724	278.154	280.295
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	74.543	285.983	354.541
TOTAL	179.664	391.827	406.716

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	73.029	25.462	25.853
	Other Income	26.378	32.660	22.936
	TOTAL	99.407	58.122	48.789
Less	EXPENSES
	Cost of Goods Sold	47.931	17.103	19.871
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	2.606	2.287	2.159
	Other expenses	9.328	2.936	3.205
	TOTAL	59.865	22.326	25.235
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	39.542	35.796	23.554
Less	FINANCIAL EXPENSES	48.508	52.047	36.347
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(8.966)	(16.251)	(12.793)
Less	DEPRECIATION/ AMORTISATION	0.648	0.852	0.838
	PROFIT/ (LOSS) BEFORE TAX	(9.614)	(17.103)	(13.631)
Less	TAX	(0.034)	(0.057)	(0.038)
	PROFIT/ (LOSS) AFTER TAX	(9.580)	(17.046)	(13.593)
	Earnings / (Loss) Per Share (Rs.)	(1961.11)	(3489.46)	(2782.60)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(13.12)	(66.95)	(52.58)
Operating Profit Margin (PBIDT/Sales)	(%)	54.15	140.59	91.11
Return on Total Assets (PBT/Total Assets}	(%)	(12.60)	(5.93)	(3.81)
Return on Investment (ROI) (PBT/Networth)		(0.23)	0.81	3.29
Debt Equity Ratio (Total Debt /Networth)		3.26	(19.40)	(85.40)
Current Ratio (Current Asset/Current Liability)		0.66	0.72	0.90

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	0.489	0.489	0.489
Reserves & Surplus	(4.627)	(21.673)	40.514
Net worth	(4.138)	(21.184)	41.003
long-term borrowings	18.381	17.505	26.030
Short term borrowings	335.000	392.450	107.555
Total borrowings	353.381	410.975	133.585
Debt/Equity ratio	(85.399)	(19.400)	3.258

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	25.853	25.462	73.029
		(1.512)	186.816

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	25.853	25.462	73.029
Profit	(13.593)	(17.046)	(9.580)
	(52.58%)	(66.95%)	(13.12%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from Related Parties
Mr. P.K. Jain	9.000	9.500
Mr. Mohit Jain	4.100	2.200
Mr. Vikas Jain	2.300	0.200
Mrs. Shikha Jain	0.200	0.200
Others	10.430	5.405
Total	26.030	17.505

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10505833	17/06/2014	47,500,000.00	HARYANA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPM  ENT CORPORATION LIMITED	C-13 & 14, INSTITUTIONAL AREA, SECTOR 6 PANCHKULA  , HARYANA, Haryana - 134109, INDIA	C09142886

FIXED ASSETS

• Air Conditioning
• Machinery
• Vehicle
• Furniture and Fixture
• Computer
• Office Equipment
• Cycle

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.63.52
UK Pound	1	Rs.99.19
Euro	1	Rs.69.60

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--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		30

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.