MIRA INFORM REPORT

Report Date :

02.02.2012

IDENTIFICATION DETAILS

Name :	MEGHDOOT LAMINART PRIVATE LIMITED
Registered Office :	88/89, GIDC Estate, Lambha Road, Narol, Ahmedabad – 382405, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.05.1970
Com. Reg. No.:	04-001728
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U15209GJ1970PTC001728
TAN No.: [Tax Deduction & Collection Account No.]	AHMM10842G RKTM00418F
PAN No.: [Permanent Account No.]	AABCM4333L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Decorative and Industrial Laminated Sheets.
No. of Employees :	150 (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 120000
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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rajendra
Designation :	Director
Contact No.:	91-79-25710096
Date :	01.02.2012

LOCATIONS

Registered Office/ Factory :	88/89, GIDC Estate, Lambha Road, Narol, Ahmedabad – 382405, Gujarat, India
Tel. No.:	91-79-25710096/25711534
Fax No.:	91-79-25710262
E-Mail :	decorplus@dataone.in samir.work@gmail.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Jenish Pramodbhai Patel
Designation :	Director
Address :	7, Divya Surya Apartments, 50 Chaitanya Society, Navjivan Post, Ahmedabad – 380014, Gujarat, India
Date of Birth/Age :	04.09.1979
Date of Appointment :	18.04.2007
DIN No.:	01449868
Name :	Mr. Rajendrabhai Kantilal Patel
Designation :	Director
Address :	17, Vrindavan Bunglows II, Opposite Madhuvan Farm, Thaltej-Shilaj Road, Ahmedabad, Gujarat, India
Date of Birth/Age :	06.02.1964
Date of Appointment :	18.04.2007
DIN No.:	01601917
Name :	Mr. Bipinbhai Keshavlal Patel
Designation :	Director
Address :	7, Paresh Flats, Lakhudi Talavadi, Navrangpura, Ahmedabad – 380014, Gujarat, India
Date of Birth/Age :	10.02.1946
Date of Appointment :	26.06.2010
DIN No.:	02806740
Name :	Mr. Kantilal Purshottamdas Patel
Designation :	Director
Address :	8, Madhuvan Society, Opposite Shah Super Market, Kalol – 382721, Gujarat, India
Date of Birth/Age :	10.07.1934
Date of Appointment :	26.06.2010
DIN No.:	02808315
Name :	Mr. Jigar Harshadkumar Patel
Designation :	Director
Address :	8, Madhuvan Society, Mahendra Mill Road, Near Ice Factory, Kalol – 382721, Gujarat, India
Date of Birth/Age :	03.10.1987
Date of Appointment :	26.06.2010
DIN No.:	02808331

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kantilal Patel	2700
Harshadbhai K Patel	500
Brijeshbhai Harshadbhai Patel	200
Patel Payal Brijesh	2000
Jigar Harshadbhai Patel	52
Harshadbhai K Patel (HUF)	1548
Brijeshbhai H Patel (HUF)	200
Rajendra Kantilal Patel	1500
Sobhanaben R Patel	2000
Urja R Patel	400
(Minor) Parin R Patel	600
Alpeshbhai K Patel	2000
Jigeshaben A Patel	1000
Yash A Patel	500
Alpesh K Patel (HUF)	1000
Bipinbhai K Patel	1350
Shakuntalaben B Patel	441
Nimish B Patel	2700
Rinkuben N Patel	900
Rena Amin	8
Parmodbhai K Patel	1350
Varshaben P Aptel	1350
Sweta J Patel	1350
Jenish P Patel	1350
Pramod K Patel (HUF)	1
Jayesh V Desai	5
Bhumikaben J Desai	5
Kavan J Desai	1490
Jagdishkumar G Amin	1152
Sobhanaben J Amin	343
Jinal J Amin	1
Ishan J Amin	1
Kalpanaben S Amin	1
Yash S Amin	1
Shikha S Amin	1
Total	30000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Decorative and Industrial Laminated Sheets.
Exports :
Products :	Laminated Sheets
Countries :	· US · Canada · Gulf Countries · Africa
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Decorative and Industrial Laminated Sheets	MT	NA	1000 p.a. on one shift basis	1584

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

150 (Approximately)

Bankers :

Axis Bank, Ahmedabad Branch, Gujarat, India

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholders	2.360	2.360
Total	2.360	2.360

Banking Relations :	--
Auditors :
Name :	Sanghavi and Company Chartered Accountants
Address :	1 and 8, Jaldarshan, Opposite Natraj Cinema, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26590804
Fax No.:	91-79-26575003
PAN.:	AAQFS2682A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
96000	Equity Shares	Rs.100/- each	Rs.9.600 Millions
4000	10% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.0.400 Million
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.395	24.526	23.943
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.395	27.526	26.943
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.360	2.360	7.110
TOTAL BORROWING		2.360	2.360	7.110
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		32.755	29.886	34.053
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.610	7.819	9.266
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.232	0.433	0.316
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.741	14.684	12.046
	Sundry Debtors	30.313	16.573	16.655
	Cash & Bank Balances	0.268	0.273	3.391
	Other Current Assets	1.454	1.470	0.000
	Loans & Advances	6.038	5.003	7.494
Total Current Assets		63.814	38.003	39.586
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.262	8.614	6.571
	Other Current Liabilities	2.915	0.108	0.121
	Provisions	8.724	7.647	8.423
Total Current Liabilities		38.901	16.369	15.115
Net Current Assets		24.913	21.634	24.471
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		32.755	29.886	34.053

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	162.500	127.200	118.100
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		10.632	8.569	6.507
Less/ Add	DEPRECIATION/ AMORTISATION		1.326	2.416	1.736
	PROFIT BEFORE TAX		9.306	6.153	4.771
	TAX		2.750	2.200	1.600
	PROFIT AFTER TAX		6.555	3.953	3.171
	EARNINGS IN FOREIGN CURRENCY
		Exports of goods on FOB Basis	69.377	NA	NA
	TOTAL EARNINGS		69.377	NA	NA
	IMPORTS
		Raw Materials	18.967	NA	NA
	TOTAL IMPORTS		18.967	NA	NA
	Earnings Per Share (Rs.)		218.50	131.77	105.70

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	5.73	4.84	4.04
Return on Total Assets (PBT/Total Assets}	(%)	13.02	13.43	9.77
Return on Investment (ROI) (PBT/Networth)		0.31	0.22	0.17
Debt Equity Ratio (Total Liability/Networth)		1.36	0.68	0.82
Current Ratio (Current Asset/Current Liability)		1.64	2.32	2.62

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors for Goods and Expenses	27.262	8.614	6.571
Total	27.262	8.614	6.571

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
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	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

REVIEW OF OPERATIONS

The performance of the Company is encouraging during the year considering the overall economic slowdown globally. Production has increased to 1584 MT from 1542 MT in last year. Sales (in Volume) increased to 1540 MT from 1455 MT in last year. Sales (in value) increased to Rs.162.500 Millions from Rs.127.200 Millions in the last year. The company has done exceedingly well even though economic slowdown in overseas markets. The profit (before tax) has increased to Rs.9.306 Millions from Rs.6.153 Millions and profit (after tax) has increased to Rs.6.555 Millions from Rs.3.953 Millions in last year.

FIXED ASSETS

· Land and Building

· Plant and Machineries

· S S Press Moulds

· Furniture and Fixtures

· Other Equipments

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.49.53
UK Pound	1	Rs.77.95
Euro	1	Rs.64.66

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	4
--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.