MIRA INFORM REPORT

Report No. :	311869
Report Date :	13.03.2015

IDENTIFICATION DETAILS

Name :	GEM ALLIED INDUSTRIES PRIVATE LIMITED (w.e.f. 21.06.2007)
Formerly Known As :	GEM TEA MACHINERY PRIVATE LIMITED ADITYA POLYMERS PRIVATE LIMITED
Registered Office :	10C, Middleton Row, 3^rd Floor, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.02.1996
Com. Reg. No.:	21-077411
Capital Investment / Paid-up Capital :	Rs. 3.772 Millions
CIN No.: [Company Identification No.]	U01409WB1996PTC077411
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 :	Subject is engaged in the business of assembling of tea machineries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 36000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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.

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

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.

LOCATIONS

Registered Office :	10/C, Middleton Row, 3^rd Floor, Kolkata – 700071, West Bengal, India
Tel. No. :	91-33-22177328 to 7332
Fax No. :	Not Available
E-Mail :	office@gemforgings.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Shashank Garg

Designation :

Director

Address :

1A, Outram Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

15.01.1982

Date of Appointment :

01.10.2009

DIN No. :

00131095

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	U51109WB1996PTC077181	SURVOTTAM MERCANTILE PRIVATE LIMITED	Director	31-12-2005	31-12-2005	21-02-2015	Active	NO
2	U74899DL1995PTC071515	RHOMBUS COLONISERS PRIVATE LIMITED	Director	25-07-2006	25-07-2006	01-04-2009	Active	NO
3	U01409WB1996PTC077411	GEM ALLIED INDUSTRIES PRIVATE LIMITED	Director	01-10-2009	01-10-2009	-	Active	NO
4	U74899DL1991PTC046933	QUICK EXPORTS PRIVATE LIMITED	Additional director	30-10-2013	30-10-2013	-	Active	NO
5	U74899DL1979PTC009687	PRAVEEN BUILDING CONSTRUCTION COMPANY PRIVATE LIMITED	Director	30-09-2014	16-07-2014	-	Active	NO

Name :

Mr. Prashant Garg

Designation :

Director

Address :

1A, Outram Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

14.12.1978

Date of Appointment :

01.10.2009

DIN No. :

00131172

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	U51109WB1996PTC077181	SURVOTTAM MERCANTILE PRIVATE LIMITED	Director	31-12-2005	31-12-2005	21-02-2015	Active	NO
2	L74899DL1994PLC059252	JINDAL LEASE FIN LIMITED	Director	25-07-2006	25-07-2006	-	Active	NO
3	U01409WB1996PTC077411	GEM ALLIED INDUSTRIES PRIVATE LIMITED	Director	01-10-2009	01-10-2009	-	Active	NO
4	U70109WB2012PTC180729	RAGHVI PROJECTS PRIVATE LIMITED	Director	18-04-2012	18-04-2012	-	Active	NO
5	U67120DL1996PTC079952	LUMAX CAPLEASE PRIVATE LIMITED	Additional director	28-03-2014	28-03-2014	-	Amalgamated	NO

Name :

Mr. Nishant Garg

Designation :

Director

Address :

1A, Outram Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

28.07.1980

Date of Appointment :

01.10.2009

DIN No. :

00131129

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	U51109WB1996PTC077181	SURVOTTAM MERCANTILE PVT LTD	Director	21-01-2006	21-01-2006	21-02-2015	Active	NO
2	U65910DL1997PTC085166	GOLDEN AGE CAPLEAFIN PRIVATE LIMITED	Director	24-07-2006	24-07-2006	02-04-2009	Active	NO
3	U70101WB2006PTC110067	SHIVANGAN NIRMAN PRIVATE LIMITED	Director	21-03-2007	21-03-2007	-	Active	NO
4	U01409WB1996PTC077411	GEM ALLIED INDUSTRIES PRIVATE LIMITED	Director	01-10-2009	01-10-2009	-	Active	NO
5	U74899DL1995PTC071515	RHOMBUS COLONISERS PRIVATE LIMITED	Director	30-09-2014	30-10-2013	-	Active	NO
6	U74899DL1991PTC046932	GRAND BUILDERS PRIVATE LIMITED	Additional director	28-03-2014	28-03-2014	-	Active	NO
7	U74899DL1979PTC009687	PRAVEEN BUILDING CONSTRUCTION COMPANY PRIVATE LIMITED	Director	30-09-2014	16-07-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Ajay Garg	43100	11.43
Prashant Garg	56000	14.85
Padmini Garg	55700	14.77
Nishant Garg	55800	14.79
Sashank Garg	55600	14.74
Vinita Garg	55100	14.61
Richa Mohan Garg	55900	14.82
Total	377200	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of assembling of tea machineries.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

· Deutsche Bank AG, 9, Shakespeare Sarani, Kolkata - 700071, West Bengal, India

· Vijaya Bank, Overseas Branch, Park Street, Kolkata, West Bengal, India

Account No.: 721600301000129

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Vehicle Loans – From Banks
ICICI Bank Limited (Vehicle Loans from ICICI Bank Limited is secured against the vehicle for which the loan was taken and is repayable in structured installments)	0.787
SHORT TERM BORROWINGS
Loans Repayable on Demand – From Bank
Vijaya Bank (O/D A/c)	0.438
Vijaya Bank (Overseas Branch)	2.799
Total	4.024

Banking Relations :	--
Auditors :
Name :	B. R. Mittal and Company Chartered Accountants
Address :	36A, Bentinck Street, 2nd Floor, Kolkata – 700069, West Bengal, India
Tel. No. :	91-33-22483062/ 4043
E-Mail :	brmittal@vsnl.net
Income-tax PAN of auditor or auditor's firm :	AACFB3312J
Memberships :	--
Collaborators :	--
Enterprises over which directors or relatives of directors, can exercise significant influence :	Survottam Mercantile (Private) Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
377,200	Equity Shares	Rs.10/- each	Rs. 3.772 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	3.772	3.772	3.772
(b) Reserves & Surplus	8.850	6.368	3.921
(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)	12.622	10.140	7.693
(3) Non-Current Liabilities
(a) long-term borrowings	9.455	24.345	10.812
(b) Deferred tax liabilities (Net)	0.771	0.795	0.684
(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)	10.226	25.140	11.496
(4) Current Liabilities
(a) Short term borrowings	6.570	3.236	10.622
(b) Trade payables	62.309	23.997	31.174
(c) Other current liabilities	0.535	0.691	0.464
(d) Short-term provisions	2.930	1.863	0.705
Total Current Liabilities (4)	72.344	29.787	42.965
TOTAL	95.192	65.067	62.154
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.597	15.839	10.978
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(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	17.597	15.839	10.978
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.769	5.778	16.315
(c) Trade receivables	52.247	31.152	25.355
(d) Cash and cash equivalents	0.590	0.198	0.199
(e) Short-term loans and advances	0.066	5.011	4.684
(f) Other current assets	14.923	7.089	4.623
Total Current Assets	77.595	49.228	51.176
TOTAL	95.192	65.067	62.154

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	186.340	182.475	160.174
		Other Income	6.115	7.971	1.411
		TOTAL	192.455	190.446	161.585
Less	EXPENSES
		TOTAL	188.716	186.799	160.447
	PROFIT/ (LOSS) BEFORE TAX		3.739	3.647	1.138
Less	TAX		1.257	1.161	0.423
	PROFIT/ (LOSS) AFTER TAX		2.482	2.486	0.715
Less	PRELIMINARY EXPENSES WRITTEN OFF		0.000	0.040	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.367	3.921	3.206
	BALANCE CARRIED TO THE B/S		8.849	6.367	3.921
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	169.748	146.741	NA
	TOTAL EARNINGS		169.748	146.741	NA
	Earnings / (Loss) Per Share (Rs.)		6.58	6.59	1.90

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.33	1.36	0.45
Return on Total Assets (PBT/Total Assets}	(%)	3.93	5.60	1.83
Return on Investment (ROI) (PBT/Networth)		0.30	0.36	0.15
Debt Equity Ratio (Total Debt/Networth)		1.27	2.72	2.79
Current Ratio (Current Asset/Current Liability)		1.07	1.65	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.772	3.772	3.772
Reserves & Surplus	3.921	6.368	8.850
Net worth	7.693	10.140	12.622
long-term borrowings	10.812	24.345	9.455
Short term borrowings	10.622	3.236	6.570
Total borrowings	21.434	27.581	16.025
Debt/Equity ratio	2.786	2.720	1.270

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	160.174	182.475	186.340
		13.923	2.118

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	160.174	182.475	186.340
Profit	0.715	2.486	2.482
	0.45%	1.36%	1.33%

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	No
10]	Designation of contact person	No
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10142445	01/12/2008	17,150,000.00	DEUTSCHE BANK AG	9, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700071, INDIA	A54154539

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advances
From Bodies Corporate	7.049
From Directors and Shareholders	16.508
Total	23.557

CORPORATE INFORMATION

Subject is a private limited company domiciled in India and incorporated under the provision of Companies Act, 1956. The company is engaged in the business of assembling of tea machineries.

CHANGE OF ADDRESS

The registered office of the company has been shifted from P-107, Lake Terrace, Ratan Prabha Building, 2nd Floor, Kolkata – 700029, West Bengal, India to the present address w.e.f. 03.02.2014.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Bank Guarantee (As per Note (i) Below)	0.000	0.200
Bank Guarantee (As per Note (ii) Below)	0.000	0.200
Bank Guarantee (As per Note (iii) Below)	0.000	0.200

(i) Bank Gurantee of Rs. 0.200 Million had been placed with Mahalinga Industrial Co-operative Tea Factory, Mudugula, P.O. Lovedale, The, Nilgiris – 643003.

(ii) Bank Gurantee of Rs. 0.200 Million had been placed with the Bikkatty Industries Co-operative Tea Factory Limited, Bikkatty Village.

(iii) Bank Gurantee of Rs. 0.200 Million had been placed with Pandalur Indco Tea Factory, Pandalur Post, The Nilgiris – 643003.

FIXED ASSETS

· Land and Site Development

· Factory Shed and Building

· Plant and Machinery

· Furniture and Fixture

· Generator

· Computer

· Electrical Equipment

· Card Punching Clock

· Fax Machine

· Air Conditioner

· Office Equipment

· Dies and Block

· Tools and Equipments

· Weighing Machine

· Grass Cutting Machine

· Printer

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.62.57
UK Pound	1	Rs.93.57
Euro	1	Rs.95.95

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MRI

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

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.