MIRA INFORM REPORT

Report Date :

16.04.2011

IDENTIFICATION DETAILS

Name :	ACRYSIL LIMITED (w.e.f. 22.02.1999)

Formerly Known As :	ACRYSIL (INDIA) LIMITED

Registered Office :	704, Centre Point, J B Nagar, Andheri – Kurla Road (E), Mumbai–400059, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	19.01.1987

Com. Reg. No.:	11-042283

CIN No.: [Company Identification No.]	L26914MH1987PLC042283

TAN No.: [Tax Deduction & Collection Account No.]	MUMA20070B

PAN No.: [Permanent Account No.]	AABCA0583C

Legal Form :	Public Limited Liability Company. Company's Shares are Listed on the Stocks Exchange

Line of Business :	Manufacturing and Sale of Kitchen Sinks, Extruded / Co-extruded Thermoplastic Profiles and Plumbing Kits.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 833628

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having satisfactory track. Directors are reported to be experienced and respectable businessmen. Trade relations re reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION DENIED BY

Name :	Mr. Chetan
Designation :	Accounts Department

LOCATIONS

Registered Office :	704, Centre Point, J B Nagar, Andheri – Kurla Road (E), Mumbai–400059, Maharashtra, India
Tel. No.:	91-22-66711101/66711105
Fax No.:	91-22-66711109
E-Mail :	ashwin@industrialjewels.com amishasha@gmail.com
Website :	www.acrysil.com

Head Office/ Factory :	Bhavnager-Rajkot Highway, Navagam, Vartej-364060, Bhavnagar, Gujarat, India
Tel. No.:	91-278-2540218/2540893
Fax No.:	91-278-2540558
E-Mail :	info@carysil.com

Corporate Office :	Bangalore Office with Showroom : 253/A, MDR House, 7th Block, Kanakapura Main Road, Jayanagar, Bangalore-560082, INDIA Tel. : 91-080-26642157 Email : kitchens@carysil.com Ahmedabad Office : 412, Satyam Mall, NR. Vishweshwar Mahadev Temple, Next to Kameshware School, Satellite, Ahmedabad, INDIA Tel. : 91-79-40034112

DIRECTORS

As On :30.09.2010

Name :	Mr. Ashwin Mohanlal Parekh
Designation :	Chairman Cum Managing Director
Address :	Devi Bhuvan, Victoria Park Road, Bhavnagar-364002, Gujarat, India
Date of Birth/Age :	12.07.1939
Date of Appointment :	19.01.1987

Name :	Mr. Vrajlal C Mehta
Designation :	Director
Address :	Post Box No 24987, Nairobi, Kenya East Africa
Date of Birth/Age :	24.02.1931
Date of Appointment :	29.12.1988

Name :	Mr. Apurva R Shah
Designation :	Director
Address :	25, Sagar Mahal, 65 Walkeshwar Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	05.01.1970
Date of Appointment :	28.10.2006

Name :	Mr. Chirag Ashwin Parekh
Designation :	Managing Director
Address :	Devi Bhuvan, Victoria Park Road, Bhavnagar-364002, Gujarat, India
Date of Birth/Age :	30.08.1969
Date of Appointment :	02.11.2002

Name :	Mr. Nageswararao N Mallavarpu
Designation :	Director
Address :	422, 12^th Main 6 A Cross, Rajmahal Vilas Extn., Bangalore-560080, Karnataka, India
Date of Birth/Age :	28.07.1924
Date of Appointment :	29.03.1989

Name :	Mr. Ajit Rasiklal Sanghvi
Designation :	Director
Address :	1001, Amardeep, Plot No. 39, JVPD Scheme Road 3, Vile Parle(W), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	04.03.1957
Date of Appointment :	31.01.2000

Name :	Mr. Jagdish Ramanlal Naik
Designation :	Director
Address :	6, Padma, S V Road, Vile Parle(W), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	23.09.1958
Date of Appointment :	29.03.1989

Name :	Mr. Minoo D Daver
Designation :	Director
Address :	191, Mont Blanc Dadyseth Hill, August Kranti Marg, Mumbai-400036, Maharashtra, India
Date of Birth/Age :	29.10.1937
Date of Appointment :	31.01.2000

Name :	Mr. Rustam Navel Mulla
Designation :	Director
Address :	15, Orion, Oomer Park, Bhulabhai Desai Road, Mumbai-400036, Maharashtra, India
Date of Birth/Age :	20.11.1971
Date of Appointment :	29.04.2008

KEY EXECUTIVES

Name :	Mr. Viral Maheshkumar Shah
Designation :	Secretary
Address :	A/2, Rajesh Apartment, Naresh Park, Shantinagar, Near Wadaj, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	16.03.1978
Date of Appointment :	14.07.2009
Date of Cessation :	30.10.2009

Name :	Mr. Damodar Hargovindbhai Sejpal
Designation :	Secretary
Address :	Block No. 304, Aksharvijay Apartment, Nr Grden, Ambawadi Keshod, junagadh-362220, Gujarat, India
Date of Birth/Age :	04.12.1978
Date of Appointment :	18.11.2009

Name :	Mr. Chetan
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2010

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1383332	46.55
Sub Total	1383332	46.55
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1383332	46.55
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	100	-
Central Government / State Government(s)	50	-
Sub Total	150	0.01
(2) Non-Institutions
Bodies Corporate	88227	2.97
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	805766	27.11
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	156664	5.27
Any Others (Specify)	537861	18.10
Clearing Members	1669	0.06
Non Resident Indians	227736	7.66
Overseas Corporate Bodies	301600	10.15
Directors & their Relatives & Friends	6556	0.22
Trusts	300	0.01
Sub Total	1588518	53.45
Total Public shareholding (B)	1588668	53.45
Total (A)+(B)	2972000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Sale of Kitchen Sinks, Extruded / Co-extruded Thermoplastic Profiles and Plumbing Kits.

Products :	Item Code No. : 392490.00 Product Description : Kitchen Sinks/ Centres

Terms :
Selling :	Cash, Credit

Purchasing :	Cash, Credit

PRODUCTION STATUS As on 31.03.2010

Particulars			Installed Capacity	Actual Production
Kitchen Sinks			200,000	117,656

Note: Installed Capacity, being a technical matter, is as certified by the Management on which the Auditors have relied upon.

GENERAL INFORMATION

No. of Employees :

Not Divulged by the Management

Bankers :

State Bank of India, Darbargadh Branch, Bhavnagar-364001, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
A. Working Capital Finance From Bank	53.013	61.486
B. Term Loan From Bank	33.316	40.265
C. Hire Purchase Finance	3.700	0.478
Total	90.029	102.229
Notes : a. Working Capital Finance and Term Loan from Bank is secured by hypothecation of all tangible movable assets including stock of raw materials, finished goods, goods in process, stores and spares, book debts and exclusive charge on immovable properties etc. and personally guaranteed by some of the Directors of the Company. [Term Loan due within one year : Rs.10.600 Millions] b. Hire Purchase Finance is against Hypothecation of Vehicles
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Shareholders	0.420	0.420
Fixed Deposits	1.705	1.705
External Commercial Borrowings (In Foreign Currency)	15.650	28.367
Interest accrued and due	0.593	0.533
Total	18.368	31.025


Banking Relations :	--

Auditors :
Name :	Sanghavi And Company Chartered Accountant
Address :	Bulbul, 1^st Floor, Crescent Road, Bhavnagar-364001, Gujarat, India

Associates/Subsidiaries :	Industrial Jewels Private Limited Meccanica Plast Private Limited Anilaben Labhuma Parekh Charitable Trust Desai Desai And Carrimjee

CAPITAL STRUCTURE

AS ON 31.03.2010

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
2972000	Equity Shares	Rs.10/- each	Rs.29.720 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		29.720	28.310	26.970
2] Share Application Money		0.000	0.515	1.004
3] Reserves & Surplus		178.687	129.601	65.208
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		208.407	158.426	93.182
LOAN FUNDS
1] Secured Loans		90.029	102.229	95.069
2] Unsecured Loans		18.367	31.026	32.336
TOTAL BORROWING		108.396	133.255	127.405
DEFERRED TAX LIABILITIES		12.636	11.474	7.960

TOTAL		329.439	303.155	228.547

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		176.305	152.051	105.088
Capital work-in-progress		7.257	5.437	7.531

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	96.977	85.266	51.770
	Sundry Debtors	108.575	100.944	118.261
	Cash & Bank Balances	10.295	8.830	9.184
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	50.988	35.090	17.529
Total Current Assets		266.835	230.130	196.744
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.284	42.562	54.199
	Other Current Liabilities	9.054	5.211	3.285
	Provisions	49.620	36.690	23.332
Total Current Liabilities		120.958	84.463	80.816
Net Current Assets		145.877	145.667	115.928

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		329.439	303.155	228.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sale	457.669	506.227	303.561
		Other Income	2.035	2.198	3.592
		TOTAL (A)	459.704	508.425	307.153

Less	EXPENSES
		Change in Inventory	(19.037)	(5.426)	(5.935)
		Raw Materials Consumption and Other Manufacturing Expenses	236.775	250.493	153.378
		Selling, Administrative and Other Expenses	132.591	133.163	92.624
		Borrowing Cost	6.377	20.518	8.997
		TOTAL (B)	356.706	398.748	249.064

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		102.998	109.677	58.089

Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		102.998	109.677	58.089

Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.521	21.001	13.503

	PROFIT BEFORE TAX (E-F) (G)		76.477	88.676	44.586

Less	TAX (I)		15.662	16.044	8.311

	PROFIT AFTER TAX (G-I) (J)		60.815	72.632	36.275

Add	Prior Period Adjustments (Net)		(1.719)	1.201	0.086

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.218	34.376	14.628

Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	50.000	7.504
		Dividend	11.789	11.104	7.786
		Tax on Dividend	1.958	1.887	1.323
	BALANCE CARRIED TO THE B/S		40.567	45.218	34.376

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	355.871	425.673	243.294
	TOTAL EARNINGS		355.871	425.673	243.294

	IMPORTS
		Raw Materials	100.290	140.643	75.458
		Stores & Spares	14.231	30.543	22.015
		Capital Goods	19.667	19.344	30.108
		Traded Goods	18.747	7.149	0.000
	TOTAL IMPORTS		152.935	197.679	127.581

	Earnings Per Share (Rs.)		20.05	--	--

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Sales Turnover	146.740	112.760	126.210
Total Expenditure	114.900	85.450	105.960
PBIDT (Excl OI)	31.840	27.310	20.250
Other Income	0.080	0.460	0.580
Operating Profit	31.920	27.770	20.830
Interest	2.970	2.930	3.380
Exceptional Items	0.000	0.000	0.000
PBDT	28.50	24.830	17.450
Depreciation	6.540	6.970	7.310
Profit Before Tax	22.410	17.860	10.140
Tax	3.970	3.470	2.150
Reported PAT	18.440	14.390	7.990
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	(0.450)
Other Adjustments	0.000	0.000	0.000
Net Profit	18.440	14.390	7.540

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.22	14.28	11.81

Net Profit Margin (PBT/Sales)	(%)	16.71	17.51	14.68

Return on Total Assets (PBT/Total Assets}	(%)	17.25	23.20	14.77

Return on Investment (ROI) (PBT/Networth)		0.36	0.55	0.48

Debt Equity Ratio (Total Liability/Networth)		1.10	1.37	2.23

Current Ratio (Current Asset/Current Liability)		2.20	2.72	2.43

LOCAL AGENCY FURTHER INFORMATION

Note : The registered office address has been shifted from Old Kamani Chambers, 2^nd Floor, 32, Ramjibhai Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India to present w.e.f. 30.10.2009.

OPERATIONS OF THE COMPANY :

PERFORMANCE :

The financial year witness the global meltdown and financial ups and down. In spite of this, the Company’s sales turnover and profit just fell marginally. Sales turnover for the year was Rs.457.670 millions against Rs.506.228 millions in the previous year. The net profit for the year was Rs.59.096 compared to Rs.73.832 millions of previous year. The Company’s profit fell mainly because of a depreciated foreign currency affecting the export revenues/margins.

REVIEW OF OPERATIONS :

The Company has achieved Turnover of Rs.457.670 millions compared to previous year of Rs.506.228 millions, recording 10% lower. The operating profit before borrowing cost, depreciation and tax is Rs.109.375 millions against Rs.130.195 millions of the previous year. The profit before tax is Rs.76.477 millions against Rs.88.676 millions of the previous year. The Net Profit After Tax for the year is Rs.59.096 millions compared to Rs73.832 millions of previous year which is 20 % lower compared to previous year.

Form 8:

This form is for	Creation of charge
Charge identification number of the modified	--
Corporate identity number of the company	L26914MH1987PLC042283
Name of the company	ACRYSIL LIMITED
Address of the registered office or of the principal place of business in India of the company	704, Centre Point, J. B. Nagar, Andheri - Kurla Road (E), Mumbai-400059, Maharashtra, India
Type of charge	Book Debts Movable Property Immovable Property Corporate Guarantee to Acrysil Steel Private Limited.
Particular of charge holder	State Bank Of India Darbargadh Branch, Bhavnagar-364001, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Memorandum Relating To Deposit of Title Deeds For Creation of Further Charge For Term Loan
Date of instrument Creating the charge	10.12.2010
Amount secured by the charge	Rs.84.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term loan II : interest at 4.50 % above bank rate(BR=7.60 % w.e.f. 21.10.2010) Present effective rate : 12.10 % Terms of Repayment Term Loan II : Repayable In 20 Quarterely Margin A. FUND BASED LIMITS: a. Raw Materials : Indigenous 25% b. Semi Finished Goods 25% c. Finished Goods 25% d. Components / Consumables / spares 25% e. Domestic Receivables 50% f. Term Loan 34.92% B. NON-FUND BSED LIMITS a. Letter of Credit 25% Extent and Operation of the charge Corporate Guarantee granted to Acrysil Steel Privat Limited.(a subsidiary of Acrysil Limited) to secure charge created by Acrysil Steel Pvt. Ltd. for hypothecation of movable assets of the Company and equitable mortgage of factory and building and hypothecation of proposed plant and machinery at Navagam Dist: Bhavnagar Others NIL
Short particulars of the property charged	Industrial Plot No. 312 at Navagam, Rajkot-Bhavnagar Highway, Bhavnagar admsg 10978 sq.mt. used 2467 sq.mt. with Construction work consists of Factory unit of Acrysil Limited.

Fixed Assets :

Freehold Land
Buildings
Plant And Machinery
Moulds and Dies
Furnitures, Fixtures And Office
Equipment
Vehicles

ContingentLiabilitites:

• In respect of Excise Duty claim disputed by Excise Authorities: Rs.0.109 Million

• In respect of disputed Income tax liability of Rs0.921 Million

• Claims against the Company, not acknowledged as debt Rs. Nil (Rs.2.000 Millions)

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 records 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 records 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.44.52
UK Pound	1	Rs.72.71
Euro	1	Rs.64.41

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.

MIRA INFORM REPORT

96.977

108.575

10.295

0.000

50.988

266.835

62.284

9.054

49.620

120.958

145.877

13.22

16.71

17.25

0.36

1.10

2.20

Unit