MIRA INFORM REPORT

Report Date :

28.03.2011

IDENTIFICATION DETAILS

Name :	RANGOLI LAMINATE PRIVATE LIMITED
Registered Office :	Nagar Plot, Morbi, Rajkot-363641, Gujarat.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.07.1999
Com. Reg. No.:	036361
CIN No.: [Company Identification No.]	U20211GJ1999PTC036361
TAN No.: [Tax Deduction & Collection Account No.]	RKTR00750B
PAN No.: [Permanent Account No.]	AABCR4141H
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of High Pressure Decorative Laminated Sheets.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – 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 DENIDED BY

Management non cooperative.

LOCATIONS

Registered Office :	Nagar Plot, Morbi, Rajkot-363641, Gujarat, India
Tel. No.:	91-2822-40726
Fax No.:	91-2822-41404
E-Mail :	info@realtouch.in
Factory :	8-A, National Highway, Lalpar Morbi-363641, Gujarat, India
Tel. No.:	91-2822-241404

DIRECTORS

As On : 30.09.2010

Name :	Mr. Kantilal Devraj Aghara
Designation :	Director
Address :	Nagar Plot, Behind Dr. Mankad House, Morbi, Rajkot-363641, Gujarat, India
Date of Birth/Age :	04.03.1967
Date of Appointment :	30.07.1999
DIN No :	01696965
Name :	Mr. Dineshbhai Bhagvanjibhai Marvaniya
Designation :	Director
Address :	12, Shakti Plot, At Morbi, Rajkot-360001, Gujarat, India
Date of Birth/Age :	19.01.1965
Date of Appointment :	30.07.1999
DIN No :	01682814

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Linaben Hasmukhbhai Patel	31250
Nathiben Kanjibhai Patel	38650
Rekhaben Kantilal Patel	80000
Hasmukhbhai Kanjibhai Patel	30000
Devrajbhai Kalubhai Aghara	30000
Dineshbhai Bhagvanjibhai Marvaniya	150000
Kantilai Devraj Aghara	40000
Kailash Dineshbhai Marvaniya	150000
Kishanlal Hasmukhbhai Patel	22500
Kanjibhai Pitambarbhai Patel (HUF)	20100
Hasmukhbhai Kanjibhai Patel (HUF)	7500
Prestige Creation Private Limited, India	20000
Rocket Infrastructure Private Limited, India	10000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		42.85
Directors or relatives of directors		57.15
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of High Pressure Decorative Laminated Sheets.
Products :	Laminate Products

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Laminate Products	MTPA	2400	NA	2302.720

GENERAL INFORMATION

Suppliers :

· Shree Plywood Home

· Deepkala Enterprises

· Shyam Plywood Centre

· Trupati Laminates

· Patel Enterprises

· Thane Laminates

· Real Laminates

· Suyog Wood and Plywood

· Real Enterprises

· Doshi Marketing

· Balaji Laminates

· Krishna Laminates

· Bharat Plywood Store

· Maruti Traders

Customers :

Ø Yantra Infotech

Ø Ashvinbhai M Barasara

Ø Rameshbhai Kanubhai Patel

Ø Simalin Chemical India Private Limited

Ø Akashdeep Paper Private Limited

Ø Gurudeo Chemical Private Limited

Ø Parth Chem Impex Private Limited

Ø Karan Monomers Private Limited

Ø Shubhangi Papers Private Limited

Ø Sonkamal Enterprises Private Limited

Ø Evergreen Trading Company

Ø Patel Trading Company

Ø Shamin Enterprises

Ø Parekh Overseas

No. of Employees :

Not divulged by the management.

Bankers :

· Oriental Bank of Commerce, Mangal Murti Complex, 8 A National Highway, Near Trajpar, Morbi-363642, Gujarat, India

· HDFC Bank

· ICICI Bank

· Kotak Mahindra Bank Limited

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
[a] TERM LOANS:
1. Oriental Bank of Commerce – Morbi (05867011000093)	2.785	4.012
2. Oriental Bank of Commerce – Morbi (05887010000390)	0.000	0.272
3. ICICI Bank Car Loan (fiesta Car)	0.000	0.044
4. Kotak Mahindra Bank Limited	0.036	0.426
5. HDFC Bank (Jetta Car) Loan A/C.	0.810	1.203
6. HDFC Bank (Captiva Car) Loan A/c	1.353	0.000
7. HDFC Bank Business Loan	0.000	0.649
[b] WORKING CAPITAL LOANS FROM BANKS
1. Oriental Bank of Commerce – Morbi (Working Capital)	7.924	9.578
Total	12.908	16.184
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
[a] FROM DIRECTORS
1. Shri Kantilal Devrajbhai Patel	0.889	0.000
2. Dineshbhai Bhagwanjibhai Patel	1.149	0.266
[b] FROM THE SHAREHOLDERS AND RELATIVES OF DIRECTORS
1. Shri Kanjibhai Pitambarbhai Patel (HUF)	0.141	0.131
2. Smt. Kailashben Dineshkumar Patel	0.407	0.383
3. Smt. Rkhaben Kantilal Patel	0.013	0.021
4. Shri. Devrajbhai Kalubhai Patel	0.191	1.225
5. Shri. Hasmukhlal Kanjibhai Patel	0.761	0.704
6. Smt. Nathiben Kanjibhai Patel	0.910	0.842
7. Smt. Kunvarben Devrajbhai	0.418	0.368
8. Smt. Linaben Hasmukhbhai Patel	0.799	0.739
9. Shri. Kishan Hasmukhbhai	0.097	0.090
Total	5.775	4.769

Banking Relations :	--
Auditors :
Name :	D. G. Hadiyal and Associates Chartered Accountant
Address :	Shakti Complex, 1^st Floor, Near Dr. Rupala Hosiptal, 16, Savsar Plot, Morbi-363641, Gujarat, India

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1005000	Equity Shares	Rs. 10/- each	Rs. 10.500 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		10.500	9.500	6.000
2] Share Application Money		0.000	0.400	15.400
3] Reserves & Surplus		22.356	14.500	7.830
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.856	24.400	29.230
LOAN FUNDS
1] Secured Loans		12.908	16.184	18.324
2] Unsecured Loans		5.775	4.769	9.668
TOTAL BORROWING		18.683	20.953	27.992
DEFERRED TAX LIABILITIES		1.809	1.828	1.966
SHARE PREMIMUM		40.500	31.500	0.000
TOTAL		93.848	78.681	59.188
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.631	22.493	19.759
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.603	47.331	38.371
	Sundry Debtors	62.867	70.828	34.295
	Cash & Bank Balances	0.208	0.743	1.057
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.803	3.784	4.142
Total Current Assets		126.481	122.686	77.865
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.177	62.463	36.863
	Other Current Liabilities	2.926	1.226	0.937
	Provisions	4.161	2.911	0.841
Total Current Liabilities		57.264	66.600	38.641
Net Current Assets		69.217	56.086	39.224
MISCELLANEOUS EXPENSES		0.000	0.102	0.205
TOTAL		93.848	78.681	59.188

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	147.700	153.900	89.600
		Other Income
		TOTAL	147.700	153.900	89.600
Less	EXPENSES
		Office Expenses
		Administrative Expenses	135.500	144.400	86.500
		Advertising Expenses
		TOTAL	135.500	144.400	86.500
	PROFIT BEFORE TAX		12.200	9.500	3.100
	TAX		4.200	2.900	0.000
	PROFIT AFTER TAX		8.000	6.600	3.100
	Earnings Per Share (Rs.)		7.67	6.93	5.17

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.42	4.29	3.46
Return on Total Assets (PBT/Total Assets}	(%)	8.18	6.54	3.17
Return on Investment (ROI) (PBT/Networth)		0.37	0.39	0.11
Debt Equity Ratio (Total Liability/Networth)		2.37	3.66	2.35
Current Ratio (Current Asset/Current Liability)		2.21	1.84	2.02

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS PARTIAL DETAILS

(Rs. In millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	50.177	62.463	36.863

SUNDRY CREDITORS PARTIAL DETAILS

(Rs. In millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Yantra Infotech	0.030	30.000
Ashvinbhai M Barasara	0.272	0.179
Rameshbhai Kanubhai Patel	0.273	0.271
Simalin Chemical India Private Limited	0.427	0.483
Akashdeep Paper Private Limited	4.552	8.552
Gurudeo Chemical Private Limited	2.761	2.700
Parth Chem Impex Private Limited	3.169	7.249
Karan Monomers Private Limited	1.993	0.000	36.863
Shubhangi Papers Private Limited	2.419	0.414
Sonkamal Enterprises Private Limited	1.239	0.002
Evergreen Trading Company	1.050	1.050
Patel Trading Company	4.000	0.000
Shamin Enterprises	1.582	0.000
Parekh Overseas	2.022	0.000

FINANCIAL PERFORMANCE

During the year, the company has earned total income of Rs. 147.700 millions (Previous year Rs. 153.900 millions), whereas total expenditure of the company was Rs. 135.500 millions (Previous year Rs. 144.400 millions). Company has incurred net profit of Rs. 8.000 millions (Previous year profit of Rs. 6.600 millions).

FORM 8

Corporate identity number of the company	U20211GJ1999PTC036361
Name of the company	RANGOLI LAMINATE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Nagar plot, Morbi, Rajkot-363641, Gujarat, IndiA
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Oriental Bank of Commerce, Mangal Murti Complex, 8 A National Highway, Near Trajpar, Morbi-363642, Gujarat, India
Nature of instrument creating charge	Deposit of Title Deeds dated. 28.7.2009.
Date of instrument Creating the charge	28.07.2009
Amount secured by the charge	Rs. 15.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 0.50% per annum over the PLR of the Bank with a minimum of 11.50%. Terms of repayment Floating Charge. Margin 25% Extent and operation of the charge Floating Charge payable on demand.
Short particulars of the property charged (Including location of the property)	Factory Land and Building admeasuring 16187.42 sq. mtrs. situated at S. No. 162/p. Lalpar, Opposite Sungloss Ceramics, 8-A, National Highway, Morbi. Property is charged with respect to credit facilities taken by Rainbow Laminates Private Limited

FIXED ASSETS

ü Factory Land

ü Factory Building

ü Machineries

ü Generator Set

ü Electric Installation

ü Dies and Moulds

ü Overhead Tank

ü Office Equipments

ü Fire Equipments

ü Fax Machine

ü Air Conditioners

ü Computer

ü Office Furniture

ü Skoda Car

ü Scooter

ü Fiesta Car

ü Mobile

ü Jetta Car

ü Captive Car.

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.44.65
UK Pound	1	Rs.71.91
Euro	1	Rs.63.28

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.