MIRA INFORM REPORT

Report Date :

29.09.2011

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
Capital Investment / Paid-up Capital :	Rs.1.000 Million
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.
No. of Employees :	120 (Approximately)

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.

INFORMATION DECLINED BY

Name :	Mr. Saurin Shah
Designation :	Senior Accountant
Contact No.:	91-79-26856815
Date :	28.09.2011

LOCATIONS

Registered Office :	C-3/1001, Anushruti Tower, Opposite New York Tower, S. G. Highway, Near Jain Derasar, Thaltej Cross Road, Ahmedabad – 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, Ahmedabad - 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, Ahmedabad- 380052, Gujarat, India

Date of Birth/Age :

30.10.1973

Date of Appointment :

09.03.2009

DIN No.:

01962391

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26933GJ1996PLC029291	SPECIFIC CERAMICS LIMITED	Director	22/04/1996	22/04/1996	13/05/2010	Active	NO
2	U26933GJ2004PLC044124	SPECIFIC GLASS MOSAIC INDIA LIMITED	Director	11/05/2004	11/05/2004	-	Active	NO
3	U24220GJ2009PTC056316	DUBOND PRODUCTS (INDIA) PRIVATE LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO
4	U26933GJ2009PTC057682	VIRTUE CERAMICS PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO
5	U45201GJ2009PTC056985	SILVERSTONE INFRASTRUCTURES PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
6	L32200MH1984PLC034190	AVIVA INDUSTRIES LIMITED	Additional director	30/04/2010	30/04/2010	-	Active	NO
7	U26933GJ2011PTC066502	SISA MOSAIC PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO

Name :

Mr. Kishorekumar Harilal Hirpara

Designation :

Director

Address :

A/4, Janki Flats, Thakkarbapa Nagar, Ahmedabad- 382350, Gujarat, India

Date of Birth/Age :

03.08.1967

Qualification :

Graduate

Date of Appointment :

09.03.2009

DIN No.:

02367183

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24220GJ2009PTC056316	DUBOND PRODUCTS (INDIA) PRIVATE LIMITED	Director	09/03/2009	09/03/2009	Active	NO
2	U26960GJ2011PTC064240	DUBOND SILICON PRIVATE LIMITED	Director	04/03/2011	04/03/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Saurin Shah
Designation :	Senior Accountant

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)

Category	Percentage
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

No. of Employees :

120 (Approximately)

Bankers :

· Syndicate Bank,

Branch Chakala, Ahmedabad, Gujarat, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Syndicate Bank
Term Loan / Corporate Loan	3.455	0.000
(Amount repayable within one year Rs.0/-)
Cash Credit
Credit Balance in Current Account	1.518	0.000
Total	4.973	0.000
Unsecured Loans	31.03.2010	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, Ahmedabad - 380006, Gujarat, India
Sister Concern :	Specific Glass Mosaic India Limited, Thaltej, Ahmedabad, Gujarat, India

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital : - Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital : - Rs.10.000 Millions:

(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 Creditor	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

SUNDRY CREDITORS DETAILS: (Rs. In Millions)

Particulars	31.03.2010	31.03.2009
Sundry Creditors	NA	NA

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.

TRADE REFERENCE:

· Shipra Enterprises

· Gohil Traders

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.

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.48.91
UK Pound	1	Rs.76.53
Euro	1	Rs.66.43

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.