MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	DUKE PLASTO TECHNIQUE PRIVATE LIMITED
Registered Office :	National Highway No.14, Opposite Hotel Green Wood, Badarpura, Palanpur -385510, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.04.2008
Com. Reg. No.:	04-053715
Capital Investment / Paid-up Capital :	Rs.34.500 millions.
CIN No.: [Company Identification No.]	U25209GJ2008PTC053715
TAN No.: [Tax Deduction & Collection Account No.]	AHMD04729E
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of PVC Pipes.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 280000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Sanjay
Designation :	Purchase Manager
Contact No.:	91-9408701744
Date :	03.04.2012

LOCATIONS

Registered Office / Factory:	National Highway No.14, Opposite Hotel Green Wood, Badarpura, Palanpur -385510, Gujarat, India
Tel. No.:	91-2742-280155 / 280156
Mobile No.:	91-9408701744 (Mr. Sanjay) 91-9428505902 (Mr. S. N. Patel)
Fax No.:	91-2742-280101
E-Mail :	info@dukeplasto.com purchase@dukeplasto.com
Website :	http://www.dukeplasto.com
Location :	Owned
Corporate Office :	401, 4^th Floor, Aniket Building, Near Shilp, C. G. Road, Navrangpura, Ahmedabad-380009
Tel. No.:	91-79-26405782
Fax No.:	91-79-26403428

DIRECTORS

AS ON 30.07.2011

Name :	Mr. Rameshkumar Parsotambhai Patel
Designation :	Director
Address :	At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha, Palanpur-385510, Gujarat, India
Date of Birth/Age :	14.09.1968
Date of Appointment :	28.04.2008
DIN No.:	00029463

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	U29119GJ1996PLC028910	AROMA HIGHTECH LIMITED	Director	30-09-00	30-09-00	21-09-07	Active	NO
2	U25209GJ2008PTC053715	DUKE PLASTO TECHNIQUE PRIVATE LIMITED	Director	28-04-08	28-04-08	-	Active	NO
3	U29120GJ2010PTC062082	DUKE PUMPS PRIVATE LIMITED	Director	23-08-10	23-08-10	-	Active	NO

Name :	Mr. Prabhudas Parsotambhai Patel
Designation :	Director
Address :	At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha, Palanpur-385510, Gujarat, India
Date of Birth/Age :	31.10.1967
Date of Appointment :	28.04.2008
DIN No.:	00029540

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	U29120GJ1988PTC011451	ARIHANT PUMPS PRIVATE LIMITED	Director	08-03-91	08-03-91	21-09-07	Active	NO
2	U29119GJ1996PLC028910	AROMA HIGHTECH LIMITED	Director	01-06-03	01-06-03	21-09-07	Active	NO
3	U25209GJ2008PTC053715	DUKE PLASTO TECHNIQUE PRIVATE LIMITED	Director	28-04-08	28-04-08	-	Active	NO
4	U29120GJ2010PTC062082	DUKE PUMPS PRIVATE LIMITED	Director	23-08-10	23-08-10	-	Active	NO

Name :	Mr. Dineshkumar Kanjibhai Patel
Designation :	Director
Address :	At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha, Palanpur-385510, Gujarat, India
Date of Birth/Age :	01.06.1972
Date of Appointment :	28.04.2008
DIN No.:	01769491

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	U25209GJ2008PTC053715	DUKE PLASTO TECHNIQUE PRIVATE LIMITED	Director	28-04-08	28-04-08	Active	NO
2	U25191GJ2010PTC062080	DUKE PIPES PRIVATE LIMITED	Director	23-08-10	23-08-10	Active	NO

Name :	Mr. Shantilal Nathalal Patel
Designation :	Director
Address :	At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha, Palanpur-385510, Gujarat, India
Date of Birth/Age :	01.06.1967
Date of Appointment :	28.04.2008
DIN No.:	01770292

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	U25209GJ2008PTC053715	DUKE PLASTO TECHNIQUE PRIVATE LIMITED	Director	28-04-08	28-04-08	Active	NO
2	U25191GJ2010PTC062080	DUKE PIPES PRIVATE LIMITED	Director	23-08-10	23-08-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.07.2011

Names of Shareholders	No. of Shares
Shantilal Patel	444000
Dineshkumar Patel	444000
Rameshbhai Patel	814000
Prabhudas Patel	814000
Meenaben Patel	444000
Bharatkumar Patel	370000
Amrutlal Patel	370000
Total	3700000

AS ON 30.07.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PVC Pipes.

Products :

ITC Code No.	Product Description
8413909	Submersible pump
841382 - 0090	Other pump
840000 - 00	PVC Products

Exports :

Countries :

· Africa

· Galf

· Bangladesh

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Cash, Credit (15, Days, 30 Days)

Purchasing :

Cash, Credit (15, Days, 30 Days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Pipes	Ave Nos.	1500000	1019476
Pumps Set	Ave Nos.	60000	31368

GENERAL INFORMATION

Customers :

· Manufacturer

· Distributor

· Dealer

No. of Employees :

700 (Approximately)

Bankers :

Bank of Baroda

Char Rasta Brach, Char Rasta, Palanpur – 385002, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	16.296	23.259
Working capital loans secured
Working capital loans banks secured	131.697	122.592
Loans taken for fixed assets secured
Loans taken for vehicles secured	0.518	0.630
Total	148.511	146.481
NOTES: (A) Term loan has been secured by Equitable Mortgage of land and building and hypothecation of plant and machineries. (B) Term loan has been secured by Equitable Mortgage of land and building and hypothecation of plant and machineries. (C) Installment due within next one year for deferred payment credit for purchase of vehicle is Rs. 0.318 Million (Previous year Rs. 0.519 Million) (D) Installment due within next one year for deferred payment credit for purchase of vehicle is Rs. 0.519 Million (Previous year Rs. 0.566 Million)
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other debt unsecured	45.706	49.095
Total	45.706	49.095

Banking Relations :
Auditors :
Name :	Manubhai and Company Chartered Accountant
Address :	2^nd Floor 'B' Wing Premium House, Near Gandhigram Railway Station, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26580956 / 26580966 / 26582484 / 26585064
Fax No.:	91-79-26583573
E-Mail :	info@manubhaico.com
Web site :	http://www.manubhaico.com
Pan No.:	AAFFM2086H
Enterprise over which Key Management personnel are able to exercise significant Influence :	· Duke Pumps Sales and Service · Deep Glass and Plywood Center

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3450000	Equity Shares	Rs.10/- each	Rs. 34.500 Millions

NOTE:

(Out of which 10,00,000 equity shares were allotted to partners of Duke Plasto Technique in lieu of balance in their capital account as on the date of registration of Company on conversion of partnership firm into company under provisions of part IX 'of the Companies Act, 1956)

AS ON 30.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3700000	Equity Shares	Rs.10/- each	Rs. 37.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		34.500	34.500	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		36.429	14.123	1.000
4] (Accumulated Losses)		0.000	0.000	(2.185)
NETWORTH		70.929	48.623	28.815
LOAN FUNDS
1] Secured Loans		148.511	146.481	127.923
2] Unsecured Loans		45.706	49.095	48.063
3] Deferred Payment Credit		0.000	0.000	1.306
TOTAL BORROWING		194.217	195.576	177.292
DEFERRED TAX LIABILITIES		8.834	7.700	5.345
TOTAL		273.980	251.899	211.452
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		97.370	83.942	70.991
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.021	0.010	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	162.506	126.235	117.122
	Sundry Debtors	185.421	220.917	103.351
	Cash & Bank Balances	7.981	1.164	2.026
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	34.887	15.291	12.287
Total Current Assets		390.795	363.607	234.786
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	186.639	181.069	85.153
	Other Current Liabilities	4.360	2.126	0.708
	Provisions	23.207	12.465	8.464
Total Current Liabilities		214.206	195.660	94.325
Net Current Assets		176.589	167.947	140.461
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		273.980	251.899	211.452

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1055.655	897.276	455.243
		Other Income		3.117	3.823
		TOTAL (A)	1055.655	900.393	459.066
Less	EXPENSES
		(Increase)/decrease in stock		27.083	(22.794)
		Purchase of Trading Goods	1021.726	28.464	23.988
		Raw Material Consumed		662.684	349.086
		Manufacturing & Other Expenses		135.540	83.074
		TOTAL (B)	1021.726	853.771	433.354
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including Financial	46.622	25.712
			Expenses
Less	FINANCIAL EXPENSES (D)		And	17.436	18.155
			Depreciation]
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			29.186	7.557
Less/ Add	DEPRECIATION/ AMORTISATION (F)			5.507	3.538
	PROFIT BEFORE TAX (E-F) (G)		33.929	23.679	4.019
Less	TAX (H)		11.623	8.370	6.204
	PROFIT AFTER TAX (G-H) (I)		22.306	15.309	(2.185)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(2.185)	0.000
	BALANCE CARRIED TO THE B/S		NA	13.124	(2.185)
	FOB value of export		NA	9.557	2.117
	Earnings Per Share (Rs.)		6.47	4.79	(1.58)

Expected Sales (2011-2012) : Rs. 1500.000 Millions

The above information has been parted by Mr. Sanjay.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.11	1.70	(0.48)
Net Profit Margin (PBT/Sales)	(%)	NA	2.64	0.88
Return on Total Assets (PBT/Total Assets}	(%)	6.95	5.29	1.31
Return on Investment (ROI) (PBT/Networth)		0.48	0.49	0.14
Debt Equity Ratio (Total Liability/Networth)		5.88	8.05	9.43
Current Ratio (Current Asset/Current Liability)		1.82	1.86	2.49

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

OPERATIONS:

The directors have pleasure to inform that the company has achieved income of Rs. 1055.656 Millions during the year and earned net profit of Rs. 22.306 Millions, After Provision of Income Tax of Rs. 11.624 Millions. The company is confident to achieve higher income in the coming years. The Directors do not recommend dividend for the year to strengthen the position of the company.

FORM 8

Corporate identity number of the company	U25209GJ2008PTC053715
Name of the company	DUKE PLASTO TECHNIQUE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	National Highway No.14, Opposite Hotel Green Wood, Badarpura, Palanpur - 385510, Gujarat, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Char Rasta Branch, Char Rasta, Palanpur – 385 002, Gujarat, India Email ID: cpalan@bankofbaroda.com
Nature of instrument creating charge	Instrument of extension relating to deposit of title deeds
Date of instrument Creating the charge	10.10.2011
Amount secured by the charge	Rs. 176.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Per Agreement Terms of repayment As Per Agreement Margin As Per Agreement Extent and operation of the charge As Per Agreement
Short particulars of the property charged (Including location of the property)	Deposit of title deed of the immovable property as described in schedule 2 of the agreement.
Charge identification number of the charge to be modified	10114557
Date of instrument modifying the charge	07.05.2009
Particulars of the present modification	Deposit of title deed of the immovable property

FIXED ASSETS

· Factory Land

· Factory Building

· Plant and Machineries

· Office and Lab Equipments

· Mobile Phone

· Vehicle

· Computer

· Furniture and and Fixtures

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. 51.54
UK Pound	1	Rs. 81.94
Euro	1	Rs. 67.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.