MIRA INFORM REPORT

Report No. :	310481
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	GRAN INTERNATIONAL LIMITED
Registered Office :	107-109, Ratan Jyoti Building, 18, Rajendra Place, New Delhi – 110008
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.07.2009
Com. Reg. No.:	55-192739
Capital Investment / Paid-up Capital :	Rs. 1.257 Million
CIN No.: [Company Identification No.]	U51909DL2009PLC192739
TAN No.: [Tax Deduction & Collection Account No.]	DELG12161C
PAN No.: [Permanent Account No.]	AADCG5119Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and exporter of Steel Pipes and Tubes (Black / Galvanized), Scaffolding Tubes, Fencing Tubes, Lancing Tubes, Organic Cotton Products, Skimmed Milk Powder and Steel Pipes and Tubes.
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 4000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has reported low profitability during the financial year 2013-2014. Further, reserves are low. 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 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 DECLINED BY

Name :	Mr. Vivek Tandan
Designation :	Manager
Contact No.:	91-9818235835
Date :	02.03.2015

LOCATIONS

Registered Office :	107-109, Ratan Jyoti Building, 18, Rajendra Place, New Delhi – 110008, India
Tel. No.:	91-11-47788999/41538051
Mobile No.:	91-9818235835 (Mr. Vivek Tandan)
Fax No.:	91-11-41538052
E-Mail :	pradeep@graninternational.in

DIRECTORS

As on 23.09.2014

Name :

Mr. Pradeep Singla

Designation :

Director

Address :

2/73, SF, Road, No.73, Punjabi Bagh West, Delhi-110026, India

Date of Birth/Age :

16.04.1976

Date of Appointment :

30.07.2009

DIN No.:

00351019

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	U70109DL2000PLC108652	GULMOHUR GRAN LIMITED	Director	24-11-00	24-11-00	01-02-11	Active	NO
2	U51909DL2005PLC133924	GRAN MINERALS LIMITED	Director	15-03-05	15-03-05	-	Active	NO
3	U51909DL2009PLC192739	GRAN INTERNATIONAL LIMITED	Director	30-07-09	30-07-09	-	Active	NO
4	U13203DL2010PTC207360	P S MINERALS PRIVATE LIMITED	Director	20-08-10	20-08-10	-	Strike off	NO

Name :

Mr. Kamlesh Rani Singla

Designation :

Director

Address :

2/73, West Pungabi Bagh, New Delhi-110026, India

Date of Birth/Age :

15.08.1954

Date of Appointment :

30.07.2009

DIN No.:

00353540

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	U70109DL2000PLC108652	GULMOHUR GRAN LIMITED	Director	22-06-07	22-06-07	01-01-11	Active	NO
2	U51909DL2005PLC133924	GRAN MINERALS LIMITED	Director	15-03-08	15-03-08	-	Active	NO
3	U51909DL2009PLC192739	GRAN INTERNATIONAL LIMITED	Director	30-07-09	30-07-09	13-02-15	Active	NO
4	U25209HR1984PLC019135	LAXMI PIPES LTD	Additional director	26-12-14	26-12-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek Tandan
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2014

Names of Shareholders	No. of Shares	%age holding
Pradeep Singla	10100	8.04
Sandeep Singla	50100	39.86
Kamlesh Rani Singla	20100	15.99
Pawan Kumar Singla	5100	4.06
Ruchika Singla	30100	23.95
Ritu Singla	10100	8.04
Priyanka Daruka	100	0.08
Total	125700	100.00

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of Steel Pipes and Tubes (Black / Galvanized), Scaffolding Tubes, Fencing Tubes, Lancing Tubes, Organic Cotton Products, Skimmed Milk Powder and Steel Pipes and Tubes.
Products :	Steel Pipes and Tubes (Black / Galvanized) Scaffolding Tubes Fencing Tubes Lancing Tubes
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Oriental Bank of Commerce, A- Block, Connaught Place, New Delhi - 110001,

Delhi, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
from banks (Secured By Stock & Book Debts and collateral security provided by the directors)	3.706	2.509
Total	3.706	2.509

Banking Relations :	--
Auditors :
Name :	N. C. Raj and Associates Chartered Accountants
Address :	10, Community Centre No.2, Ashok Vihar Phase-II, New Delhi – 110052, India
Tel. No.:	91-11-45172000-99
E-Mail :	info@ncraj.com
Website:	www.ncraj.com
PAN N Income-tax PAN of auditor or auditor's firm :	AADFN1890Q
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125700	Equity Shares	Rs.10/- each	Rs. 1.257 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	1.257	1.257	1.257
(b) Reserves & Surplus	0.246	0.194	0.133
(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)	1.503	1.451	1.390
(3) Non-Current Liabilities
(a) long-term borrowings	2.770	1.670	2.720
(b) Deferred tax liabilities (Net)	0.011	0.029	0.018
(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)	2.781	1.699	2.738
(4) Current Liabilities
(a) Short term borrowings	3.706	2.509	0.000
(b) Trade payables	0.012	5.473	0.000
(c) Other current liabilities	0.094	0.200	0.075
(d) Short-term provisions	0.067	0.069	0.083
Total Current Liabilities (4)	3.879	8.251	0.158
TOTAL	8.163	11.401	4.286
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.353	0.308	0.221
(ii) Intangible Assets	0.010	0.009	0.009
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.256	0.242	0.171
(e) Other Non-current assets	0.000	0.000	0.035
Total Non-Current Assets	0.619	0.559	0.436
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.965	3.424	2.597
(c) Trade receivables	2.062	7.402	0.646
(d) Cash and cash equivalents	1.103	(0.072)	0.392
(e) Short-term loans and advances	0.414	0.054	0.180
(f) Other current assets	0.000	0.034	0.035
Total Current Assets	7.544	10.842	3.850
TOTAL	8.163	11.401	4.286

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	18.109	13.684	17.659
	Other Income	0.000	0.000	0.000
	TOTAL (A)	18.109	13.684	17.659
Less	EXPENSES
	Purchases of Stock-in-Trade	12.544	10.438	13.722
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.541)	(0.827)	(0.867)
	Employees benefits expense	0.483	0.582	0.695
	Other expenses	4.948	3.049	3.973
	Exceptional Items	0.000	0.000	0.080
	TOTAL (B)	17.434	13.242	17.603
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.675	0.442	0.056
Less	FINANCIAL EXPENSES (D)	0.538	0.281	-0.028
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.137	0.161	0.084
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.075	0.069	0.073
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.062	0.092	0.011
Less	TAX (I)	0.011	0.031	0.033
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.051	0.061	(0.022)
	Earnings / (Loss) Per Share (Rs.)	0.41	0.49	(0.17)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.28	0.45	-0.12
Operating Profit Margin (PBIDT/Sales)	(%)	3.73	3.23	0.32
Return on Total Assets (PBT/Total Assets}	(%)	0.76	0.81	0.26
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	0.01
Debt Equity Ratio (Total Debt /Networth)		4.31	2.88	1.96
Current Ratio (Current Asset/Current Liability)		1.94	1.31	24.37

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	1.257	1.257	1.257
Reserves & Surplus	0.133	0.194	0.246
Net worth	1.390	1.451	1.503
long-term borrowings	2.720	1.670	2.770
Short term borrowings	0.000	2.509	3.706
Total borrowings	2.720	4.179	6.476
Debt/Equity ratio	1.957	2.880	4.309

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	17.659	13.684	18.109
		(22.510)	32.337

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	17.659	13.684	18.109
Profit	(0.022)	0.061	0.051
	(0.12%)	0.45%	0.28%

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	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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	2.770	1.670
Total	2.770	1.670

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10359819	09/09/2013 *	10,000,000.00	ORIENTAL BANK OF COMMERCE	A-BLOCK BRANCH, H-15,, CONNAUGHT CIRCUS, NEW DELH I, DELHI - 110001, INDIA	B84840024

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Computer
• Other assets

Intangible Assets

• Goodwill
• Brands /trademarks
• Computer software
• Mastheads and publishing titles Mining rights
• Copyrights, and patents and other intellectual property rights, services and operating rights
• Recipes, formulae, models, designs and prototypes
• Licenses and franchise

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.61.82
UK Pound	1	Rs.95.27
Euro	1	Rs.69.14

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUC
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.