MIRA INFORM REPORT

Report Date :

17.08.2011

IDENTIFICATION DETAILS

Name :	ACCURAFORM PRIVATE LIMITED
Registered Office :	307 Abhijeet, Netaji Marg Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.09.1988
Com. Reg. No.:	04-011291
Capital Investment / Paid-up Capital :	Rs.3.630 Millions
CIN No.: [Company Identification No.]	U21099GJ1988PTC011291
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ink
No. of Employees:	Not Divulged

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	307 Abhijeet, Netaji Marg Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26405313
E-Mail :	kanoriahospital@yahoo.com
Factory :	Located at : Silvassa

DIRECTORS

AS ON 04.09.2010

Name :	Mr. Ashok Kumar Sunderlal Gupta
Designation :	Director
Address :	B-5, Sterling Apartment, Shahibaug, Ahmedabad
Date of Birth/Age :	02.06.1955
Date of Appointment :	09.08.1989
Name :	Mr. Vivek Poddar
Designation :	Director
Address :	6B/201, Alka Nagar, Lokhandawala Complex, Kandivali (East), Mumbai – 400101, Maharashtra
Date of Birth/Age :	25.01.1963
Date of Appointment :	05.09.2009
Name :	Mr. Bhanu Kumar Naulakha
Designation :	Director
Address :	106/12C, Sangeet Jeshal Park, Bhayender, Thane, Mumbai
Date of Birth/Age :	04.01.1954
Date of Appointment :	19.09.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.09.2010

Names of Shareholders	No. of Equity Shares
AMVD Holdings Private Limited, Ahmedabad	150000
S. Talwar	100
Kahini Kanoria	13200
Rishav S. Kanoria	10000
Akshay S. Kanoria	10000
Sampannata Investment Private Limited, Ahmedabad	87000
Saubhagya Investors and Dealers Private Limited, Ahmedabad	8000
Samridhi Holding Private Limited, Ahmedabad	4500
Bimal Shroff	100
Dasrath M. Desai	45000
Saketkumar Kanoria	10100
Total	338000
Particulars	No of Preference Shares
K. K. Kanoria	2500

AS ON 04.09.2010

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	23.70
Bodies corporate	58.90
Other top fifty shareholders	17.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ink

PRODUCTION STATUS

Particulars	Unit	Actual Production
Blanks – Glueing	Nos.	4331520
Corrugliun Job	Nos.	35003270
Ink	Nos.	222308

GENERAL INFORMATION

Bankers :

Tata Capital Limited, One Forbes, Dr V B Gandhi Marg,Fort, Mumbai - 400001,

Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs in Millions]
Car Loan from ICICI Bank Limited – Maruti Vitra [Secured by hypothecation of car purchased]	0.210
Car Loan from HDFC Bank Limited – Skoda Super	1.302
Car Loan from ICICI Bank Limited – Honda Accord	0.000
Car Loan from HDFC Bank Limited – Altis	1.088
Total	2.600

Banking Relations :	Satisfactory
Auditors :
Name :	Sanghvi and Associates Chartered Accountants
Address :	710, ‘Mahakant’, Opposite V. S. Hospital, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26576724 / 26578061

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
498500	Equity Share	Rs.10/- each	Rs. 4.985 Millions
2500	13.5 % N.C.R. Preference Shares	Rs. 100/- each	Rs. 0.250 Million
	Total		Rs. 5.235 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
338000	Equity Share	Rs.10/- each	Rs. 3.380 Millions
2500	6 % N.C.R. Preference Shares	Rs. 100/- each	Rs. 0.250 Million
	Total		Rs. 3.630 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		3.630	3.630	3.630
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[3.201]	[14.625]	[24.186]
NETWORTH		0.429	[10.995]	[20.556]
LOAN FUNDS
1] Secured Loans		2.600	0.702	1.425
2] Unsecured Loans		47.000	48.428	48.123
TOTAL BORROWING		49.600	49.130	49.548
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		50.029	38.135	28.992
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.082	7.908	7.372
Capital work-in-progress		0.000	0.000	0.000
				0
INVESTMENT		29.347	17.097	16.897
DEFERREX TAX ASSETS		5.400	4.800	3.971
				28.24
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.682	4.556	0.000
	Sundry Debtors	0.345	4.434	0.000
	Cash & Bank Balances	0.181	0.205	0.547
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.602	20.986	19.475
Total Current Assets		35.810	30.181	20.022
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	34.598	20.091	18.544
	Provisions	2.034	1.800	0.798
Total Current Liabilities		36.632	21.891	19.342
Net Current Assets		[0.822]	8.290	0.680
MISCELLANEOUS EXPENSES		0.022	0.040	0.072
TOTAL		50.029	38.135	28.992

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	83.456	34.665	NA
		Other Income	32.678	35.745	NA
		TOTAL (A)	116.134	70.410	NA
Less	EXPENSES
		Purchase	54.198	25.507	NA
		Consumption of stores, spares, packing materials etc.	2.709	3.187	NA
		Power, Fuel and Electricity expenses	0.676	0.263	NA
		Employees Remuneration and Benefits	14.328	17.107	NA
		Labour Charges	5.967	0.000	NA
		Other Expenses	14.883	9.461	NA
		TOTAL (B)	92.761	55.525	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.373	14.615	NA
Less	FINANCIAL EXPENSES (D)		4.353	3.941	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.020	10.674	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.170	0.921	NA
	PROFIT BEFORE TAX (E-F) (G)		17.850	9.753	0.960
Less	TAX (I)		6.427	0.192	0.660
	PROFIT AFTER TAX (G-I) (J)		11.423	9.561	0.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(14.625)	(24.186)	(24.486)
	BALANCE CARRIED TO THE B/S		(3.202)	(14.625)	(24.186)
	IMPORTS		32.360	16.751	Nil
	Earnings Per Share (Rs.)		37.41	39.91	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.84	13.58	--
Net Profit Margin (PBT/Sales)	(%)	21.39	28.14	--
Return on Total Assets (PBT/Total Assets}	(%)	34.40	25.61	--
Return on Investment (ROI) (PBT/Networth)		41.61	[0.89]	--
Debt Equity Ratio (Total Liability/Networth)		201.01	[6.46]	3.35
Current Ratio (Current Asset/Current Liability)		0.98	1.38	1.04

LOCAL AGENCY FURTHER INFORMATION

Operations

The Performance of the Company during the year is satisfactory.

Form 8:

Corporate identity number of the company	U21099GJ1988PTC011291
Name of the company	ACCURAFORM PVT LTD
Address of the registered office or of the principal place of business in India of the company	307 Abhijeet Netaji Margellisbridge, Ahmedabad – 380006, Gujarat, India
This form is for	Creation of charge Modification of charge
Type of charge	Book Debts Others
Particular of charge holder	Tata Capital Limited
Nature of instrument creating charge	Deed of Hypothecation Dated 11.11.2010
Date of instrument Creating the charge	11/11/2010
Amount secured by the charge
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of interest @ 12.00 % p.a Terms of Repayment Principal amount to be repaid in 12 months Extent and Operation of the charge The charge extends to the due repayment of the loan of Rs.20.000 Millions including the interest, additional interest, costs, charges, expenses and all other monies payable by the Borrower to Tata Capital Limited. In the event of default in payment of interest or repayment of principal amount of the Loan the Borrower shall pay to the Lender, further interest @ 4% p.a. as penal interest.
Short particulars of the property charged	All Present And Future Current Assets

Fixed Assets

• Plant and Machinery
• Air Conditioners
• Office Equipments
• Furniture and Fixture
• Computer
• Vehicles
• Leasehold Land

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.45.24
UK Pound	1	Rs.73.88
Euro	1	Rs.65.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.