MIRA INFORM REPORT

Report Date :

15.03.2011

IDENTIFICATION DETAILS

Name :	DUBOND PRODUCTS (INDIA) PRIVATE LIMITED
Registered Office :	C-3/1001, Anushruti Tower, Opposite New York Tower, S. G. Highway, Near Jain Derasar, Thaltej Cross Road, Ahmadabad-380054, Gujarat.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.03.2009
Com. Reg. No.:	11-056316
CIN No.: [Company Identification No.]	U24220GJ2009PTC056316
TAN No.: [Tax Deduction & Collection Account No.]	AHMD05141D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Construction Chemicals.

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a new company and yet to established itself gradually. Trade relations are reported as fair. Payments are reported to be slow. The company can be considered for business dealings on a secured 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	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Saurin Shah
Designation :	Senior Accountant
Contact No.:	91-79-26856815
Date :	12.03.2011

LOCATIONS

Registered Office :	C-3/1001, Anushruti Tower, Opposite New York Tower, S. G. Highway, Near Jain Derasar, Thaltej Cross Road, Ahmadabad-380054, Gujarat, India
Tel. No.:	91-79-26856815
Fax No.:	91-78-26856816
E-Mail :	info@dubond.in
Website :	www.dubond.in
Area :	500 yards
Location :	Owned
Factory :	Narmada Pipe Compound, Opposite Mahadev Temple, Vadsar Road, Village Santej, Taluka Kalol, District Gandhi Nagar, Ahmadabad-382721, Gujarat, India
Area :	2500 Sq. Yards
Location :	Owned

DIRECTORS

As On 30.09.2010

Name :	Mr. Bharvin Sureshbhai Patel
Designation :	Director
Address :	15, Gopinath Society, Drive- In Road, Ahmadabad-380052, Gujarat, India
Date of Birth/Age :	30.10.1973
Date of Appointment :	09.03.2009
DIN No :	01962391
Name :	Mr. Kishorekumar Harilal Hirpara
Designation :	Director
Address :	A/4, Janki Flats, Thakkarbapa Nagar, Ahmadabad-382350, Gujarat, India
Date of Birth/Age :	03.08.1967
Qualification :	Graduate
Date of Appointment :	09.03.2009
DIN No :	02367183

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Bhavin Patel	65000
Anish Sharma	25000
Kishorekumar Hirpara	10000
Total	100000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Construction Chemicals.
Products :	· Substrate Preparation · Waterproofing · Adhesives And Bonding Agents · Substrate Preparation · Accessories · Substrate Preparation
Brand Name :	· DUBOND · PEARL MOSAICO · DURATO

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

120 (Approximately)

Bankers :

Syndicate Bank, Branch Chakala, Ahmadabad, Gujarat, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Syndicate Bank
Term Loan / Corporate Loan	3.455	0.000
(Amount repayable within one year Rs. 0/- previous year Rs.0)
Cash Credit
Credit Balance in Current Account	1.518	0.000
Total	4.973	0.000
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	6.043	0.040
Trade / Dealers Deposit	0.300	0.000
Total	6.343	0.040

Banking Relations :	--
Financial Institute :	· Reliance Consumer Finance Private Limited, 570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai-400031, Maharashtra, India
Auditors :
Name :	Arpit Shah and Company Chartered Accountant
Address :	207, B-Wing, Wallstreet-II, Near Gujarat College, Ellisbridge, Ahmadabad-380006, Gujarat, India
Sister Concern :	Specific Glass Mosaic India Limited, Thaltej, Ahmadabad, Gujarat, India

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.000	0.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(2.563)	0.000
NETWORTH		(1.563)	0.000
LOAN FUNDS
1] Secured Loans		4.973	0.000
2] Unsecured Loans		6.343	0.040
TOTAL BORROWING		11.316	0.040
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		9.753	0.040
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.283	0.114
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.768	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.553	0.000
	Sundry Debtors	0.614	0.000
	Cash & Bank Balances	0.156	0.001
	Other Current Assets	0.150	0.000
	Loans & Advances	0.406	0.000
Total Current Assets		6.879	0.001
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.745	0.157
	Other Current Liabilities
	Provisions	0.000	0.000
Total Current Liabilities		3.745	0.157
Net Current Assets		3.134	(0.156)
MISCELLANEOUS EXPENSES		0.568	0.082
TOTAL		9.753	0.040

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	(9.63)	NA
Current Ratio (Current Asset/Current Liability)	1.84	0.01

LOCAL AGENCY FURTHER INFORMATION

Note : Registered Office of the company has been shifted from C-3/1002, Anushruti Tower, Opposite New York Tower, S. G. Highway, Near Jain Derasar, Thaltej Cross Road, Ahmadabad-380054, Gujarat, India to the present address w.e.f. 01.02.2010

FORM 8

Corporate identity number of the company	U24220GJ2009PTC056316
Name of the company	DUBOND PRODUCTS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-3/1001, Anushruti Tower, Opposite New York Tower, S. G. Highway, Near Jain Derasar, Thaltej Cross Road, Ahmadabad-380054, Gujarat, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Reliance Consumer Finance Private Limited, 570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai-400031, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation Dated 31.07.2010
Date of instrument Creating the charge	31.07.2010
Amount secured by the charge	Rs. 2.450 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest @ 14.00% p.a. Terms of repayment In 72 equated monthly installments of Rs. 0.050 million to commence from September, 2010 Margin 35.22% Extent and operation of the charge Hypothecation of Dry Mix Morter Blender and Plough Share Mixer 1000 kgs.
Short particulars of the property charged (Including location of the property)	Hypothecation of Dry Mix Morter Blender and Plough Share Mixer 1000 kgs.

TRADE REFERENCE :

ü Shipra Enterprises

ü Gohil Traders

WEB SIDE DETAILS

Company Profile

A recently established subject is the fastest growing Indian Company engaged in to manufacturing of Construction chemicals and Wall Putty under the brand name of DUBOND. To meet the huge market demand company has started its production at the capacity of 11 million kilograms in Epoxy and allied products and 15 million kilograms in wall putty.

DUBOND has diversified business in the realms of Construction and design's fraternity as there are certain design advantages are derived by them out of their vast product range of Construction Chemicals such as Epoxy and Cementious Grout coulours, Adhesives, Ad mixers, Sealers for the various applications like wise grouting, fixing of ceramic tiles and grout preparations...

They invent, develop and install specialty construction chemicals to make people's life better by protecting and improving the quality of man - made structures worldwide. Their Innovative products are manufactured after intensive technological and marketing research and they are in line with International Quality standards. They at DUBOND drive for excellence and an insatiable appetite for quality and customers utmost satisfaction to achieve not only Indian market but also overseas market. They keep large inventory in stock at their ware house. You are sure to find what you are looking in stock and ready for the same day. They are enough capable to deliver our products within a specified frame of time at your doorstep.

PROMOTERS and DIRECTORS:

The Company stands tall with its clear marketing and production strategies under the guardianship of its Promoters/Directors; DUBOND is promoted by Mr. Bharvin Patel who is CMD of the company - a well known industrialist with over two decades of experience in the field of Ceramics and related industries and Mr. Kishor Hirpara who is a Technical Director also having two decades of experience in the associated products such as Chemical and Engineering industries.

Mr. Bharvin Patel is also holding a Directorship in M/s. Specific Glass Mosaic India Limited. The Company involved in manufacturing of glass mosaic tiles under the brand name of "PEARL MOSAICO". He was the Founder/Director of M/s. Specific Ceramics Limited, involved in manufacturing of Vitrified tile under the brand name of "DURATO" with the present turnover of Rs. 65 cr. per annum.

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 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.45.15
UK Pound	1	Rs.72.58
Euro	1	Rs.62.95

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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
TOTAL		14

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.