MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	DURGA EXPORTS PRIVATE LIMITED
Registered Office :	412, Janki Centre Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.01.2006
Com. Reg. No.:	11-158821
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U51909MH2006PTC158821
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Supplier of Pipe Billing Machine, Pipe Socketing Machine, Pvc Pipe Extrusion Line, Hdpe And Ppr Pipes Extrusion, Injunction Moulding Machine, Blow Moulding Machine and all type of Mould
No. of Employees :	14 (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 26000
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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Vrajesh Patel
Designation :	Accounts Department
Contact No.:	91- 22-26744053
Date :	13.08.2012

LOCATIONS

Registered Office :	412, Janki Centre Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26744053/ 26736934/ 26733561
Mobile No.:	91-9820322141/ 9930476588/ 9699706949 (Mr. Dipesh S. Dharia)
Fax No.:	91-22-26734590
E-Mail :	mayurbhatt@rediffmail.com
Website :	www.duraexport.com

DIRECTORS

As on 17.09.2011

Name :	Mrs. Dhrutika Mayur Bhatt
Designation :	Additional director
Address :	B/701, Ever Shine Gendayuar, Chinchavali Link Road, Orbitachya Front, Malad (West), Mumbai - 400064, Maharashtra, India
Date of Birth/Age :	14.11.1970
Date of Appointment :	01.04.2010
DIN No.:	03242761
Name :	Mr. Mayur Jagannath Bhatt
Designation :	Managing director
Address :	701,Evershine, Grandeur CHS, Behind Inorbit Mall, Malad West, Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	11.10.1966
Date of Appointment :	12.01.2006
DIN No.:	02153095
Name :	Mr. Prakash Vashdev Vaswani
Designation :	Director
Address :	610, Abdul Rahman, Saeed Ghanim Building, Twai Saigh Area, Dubai - 21480, United Arab Emirates
Date of Appointment :	12.01.2006
DIN No.:	02146408

KEY EXECUTIVES

Name :	Mr. Vrajesh Patel
Designation :	Accounts Department
Name :	Mr. Dipesh S. Dharia
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2011

Names of Shareholders	No. of Shares
Mayur Jaganath Bhatt	25000
Prakash V. Vaswani	25000
TOTAL	50000

Equity Share Break up (Percentage of Total Equity)

As on 17.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter and Supplier of Pipe Billing Machine, Pipe Socketing Machine, Pvc Pipe Extrusion Line, Hdpe And Ppr Pipes Extrusion, Injunction Moulding Machine, Blow Moulding Machine and all type of Mould
Products :	Pipe Billing Machine Pipe Socketing Machine Pvc Pipe Extrusion Line Hdpe And Ppr Pipes Extrusion Lines, Pvc and Wpc Profile Extrusion Lines Recycle Machine High Speed Mixer and Cooler Grinder Pulverizer Laboratory Machine and Equipments Injunction Moulding Machine Blow Moulding Machine and all type of Mould

GENERAL INFORMATION

No. of Employees :

14 (Approximately)

Bankers :

Bank of India, Andheri (W) Branch, MDI Building, 28, S.V. Road, Mumbai – 400058, Maharashtra, India.

Facilities :

CC – 10.000 Millions (From Bank of India) (Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Car Loan from HDFC Bank (Secured against Hypothecation of Motor Vehicle)	0.268	0.439
Foreign Bill Negotiation / Purchase facility from Bank of India	2.750	3.709
Packing Credit from Bank of India (The facilities from Bank of India are secured by a) hypothecation of Stock and Book Debts b) Lien over the Fixed deposits with Bank)	3.650	4.136
Total	6.668	8.284
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Standard Chartered Bank	0.989	1.814
Total	0.989	1.814

Banking Relations :	--
Auditors :
Name :	P.H. Sanghavi and Company Chartered Accountants
Address :	F-9, Level – 1, Sej Plaza, Marve Road, Malad West, Mumbai – 400067, Mumbai, Maharashtra, India
Tel. No.:	91-22-66751190
Fax No.:	91-22-66751189
E-Mail :	Pankaj.sanghavi@yahoo.co.in
PAN No:	ANSPS7548C
Associates/Subsidiaries :	Dura Impex

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- Each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- Each	Rs. 0.500 Million

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		0.500	0.500	0.500
2] Share Application Money		3.369	2.536	3.369
3] Reserves & Surplus		2.684	1.761	0.722
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.553	4.797	4.591
LOAN FUNDS
1] Secured Loans		6.668	8.284	8.523
2] Unsecured Loans		0.989	1.814	2.500
TOTAL BORROWING		7.657	10.098	11.023
DEFERRED TAX LIABILITIES		0.003	0.028	0.020
TOTAL		14.213	14.923	15.634
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.629	0.741	0.820
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.021	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.962	1.339	1.169
	Sundry Debtors	7.715	10.831	6.269
	Cash & Bank Balances	6.205	5.630	4.977
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.539	5.368	6.501
Total Current Assets		18.421	23.168	18.916
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.849	4.499	3.161
	Other Current Liabilities	0.219	3.212	0.150
	Provisions	1.857	1.356	0.888
Total Current Liabilities		4.925	9.067	4.199
Net Current Assets		13.496	14.102	14.718
MISCELLANEOUS EXPENSES		0.067	0.081	0.095
TOTAL		14.213	14.923	15.634

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	58.338	53.568	42.164
		Other Income	1.196	1.562	3.311
		TOTAL	59.534	55.130	45.475
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	58.136	53.547	44.550
	PROFIT BEFORE TAX		1.398	1.583	0.925
Less	TAX		0.475	0.543	0.403
	PROFIT AFTER TAX		0.923	1.040	0.522
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.761	0.722	0.200
	BALANCE CARRIED TO THE B/S		2.684	1.762	0.722
	EARNINGS IN FOREIGN CURRENCY
		Export at F.O.B. Value	51.062	47.253	39.345
		Freight	7.512	4.604	2.819
		Commission	0.199	0.378	0.000
	TOTAL EARNINGS		58.773	52.235	42.164
	Earnings Per Share (Rs.)		18.46	0.00	0.00

Particulars	31.03.2012
Sales Turnover (Approximately)	60.300

Expected Sales (2012-13): Rs.70.000 Millions

The above information has been parted by Mr. Vrajesh Patel

.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.55	1.88	1.15
Net Profit Margin (PBT/Sales)	(%)	2.40	2.96	2.19
Return on Total Assets (PBT/Total Assets}	(%)	7.34	6.62	4.69
Return on Investment (ROI) (PBT/Net worth)		0.21	0.33	0.20
Debt Equity Ratio (Total Liability/Net worth)		1.92	4.00	3.32
Current Ratio (Current Asset/Current Liability)		3.74	2.56	4.50

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	--------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U51909MH2006PTC158821
Name of the company	DURA EXPORT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	412, Janki Centre, Off. Veera Desai Road, Andheri (East), Mumbai – 400053, Maharashtra, India
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of India, Andheri (W) Branch, MDI Building, 28, S.V. Road, Mumbai – 400058, Maharashtra, India. Email: andheriw@bankofindia.com
Nature of description of the instrument creating or modifying the charge	Hypothecation cum Loan Agreement
Date of instrument Creating the charge	19.10.2007
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per extent Guidelines Terms of Repayment On Demand Margin N.A. Extent and Operation of the charge Exclusive First charge by way of Hypothecation on movable assets. Others Limits covered EPC Rs.10.000 Millions FBP/FBN Rs.10.000 Millions Maximum Rs.10.000 Millions
Short particulars of the property charged	Hypothecation of Stocks, Book Debts

OPERATIONS:

During the year, the Income / turnover of the company increased from Rs.53.568 Millions to Rs. 58.338 Millions. Profit before Tax however has decreased from 1.583 Millions to Rs.1.398 Millions during the Current Year.

The Company has been operating as Exporters of Engineering Goods, Plastic products and other merchandise during the year.

Considering the market situation and various initiatives taken by the management, the Directors expect improvement in the business and in profitability of the Company for the Current year. The Directors are confident to explore better market in the year to come.

CONTINGENT LIABILITY:

Foreign Bill Discounted Rs. 3.831 Millions (Previous Year Rs. 4.046 Millions)

FIXED ASSETS:

· Computer

· Software

· Furniture and Fixture

· Office Equipments

· Mobile

· Motor Car

· Telephone Instrument

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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	YES
--AFFILIATION	YES/NO	YES
--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.