MIRA INFORM REPORT

Report Date :

10.03.2012

IDENTIFICATION DETAILS

Name :	KUMAR ARCH TECH PRIVATE LIMITED
Registered Office :	D-93, Akash, Near Judges Bunglow, Premchand Nagar, Bodakdev Vastrapur, Ahmedabad – 380 054, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.02.1998
Com. Reg. No.:	04-033735
Capital Investment / Paid-up Capital :	Rs.36.275 millions
CIN No.: [Company Identification No.]	U36999GJ1998PTC033735
TAN No.: [Tax Deduction & Collection Account No.]	AHMK02619B
PAN No.: [Permanent Account No.]	AABCK6032C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PVC Sheets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 430000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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

LOCATIONS

Registered Office :	D-93, Akash, Near Judges Bunglow, Premchand Nagar, Bodakdev Vastrapur, Ahmedabad – 380 054, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	tcsindia@sify.com ecocell@sancharnet.in
Website :	http://kumararchtech.com
Factory 1 :	E-37, RIICO, Gudli Industrial Area, Gudli, Tehsil Mavli, District Udaipur - 313 001, Rajasthan, India
Factory 2 :	E-92, RIICO, Gudli Industrial Area, Gudli, Tehsil Mavli, District Udaipur - 313 001, Rajasthan, India
Branch Office :	11-A, Shubham Complex, 1^st Floor, New Fatehpura, Udaipur, Rajasthan, India
Tel. No.:	91-294-2411908, 2526488
Fax No.:	91-294-2524334

DIRECTORS

As on 30.09.2011

Name :

Mr. Pramod Joshi

Designation :

Director

Address :

46-A, Adarsh Housing Society Vidhya Nagar, Udaipur – 313 002, Rajasthan, India

Date of Birth/Age :

01.06.1960

Date of Appointment :

30.03.2006

DIN No.:

01194249

Name :

Mr. Shubham Jitendra Taylia

Designation :

Director

Address :

G-1, Vinayak Apartment, 4A, New Fathepura, Udaipur – 313 004, Rajasthan, India

Date of Birth/Age :

10.09.1989

Date of Appointment :

12.11.2008

DIN No.:

02416429

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	U36999GJ1998PTC033735	Kumar Arch Tech Private Limited	Director	12-11-08	12-11-08	Active	NO
2	U25209RJ1993PTC007854	Rituraj Pipes and Plastics Private Limited	Director	30-09-10	30-09-10	Active	NO
3	U70101RJ2011PTC037101	Geetanjali Infravision Private Limited	Director	22-11-11	22-11-11	Active	NO

KEY EXECUTIVES

Name :	P. Talesara and Associates
Designation :	Company Secretaries
Address :	213, Anand Plaza, Udaipur, Rajasthan, India
Tele./ Fax No.:	91-294-2429624, 2429694

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vijay Lal Agrawal	259260
Kanta Agrawal	15010
H.G. Gupta	1500
Shubham Taylia	330450
Surbhi Taylia	327420
Shakun Agrawal	55000
Tirupati Balaji Buildcon Private Limited, India	504500
M.M. Thermoplast Private Limited, India	1478500
Meenakshi Agrawal	128650
Shubham Enterprises, India	360500
Seven Star General Trading Company, UAE	604750
Cyber Infolink Private Limited, India	75000
J.S. Construction, India	47500
Ranjeet Lal Agrawal	7500
Total	4195540

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	14.41
Bodies corporate	47.26
Directors or relatives of directors	28.61
Other top fifty shareholders	9.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PVC Sheets.

Products :

Item Code No. (ITC Code)	39211200
Product Description	PVC Sheet

v Sheets

v Doors

v Prefabricated House

PRODUCTION STATUS (AS ON 31.03.2011)

a) Capacity: *	Unit	Licensed/* Registered Capacity	Installed Capacity**
PVC Sheets and Articles made thereof	MT	4800	3000

* Registered capacity denotes approval obtained from the Development Commissioner, Noida Special Economic Zone, and Noida under "100% Export Oriented" scheme.

** As certified by the management being technical matter.

Production/ Purchase MT	Unit	Unit 1^st	Unit 2^nd	Unit 3^rd	Total
PVC Sheet	MT	397.654	0	2422.838	2820.492
PVC Sheet – Reject	MT	131.804	0	0	131.804
PVC Sheet – Wastage	MT	19.684	0	59.162	78.846
Re-Usable	MT	326.715	0	452.322	779.037
Door Win. and panel reject	Sq. ft	0	13313.49	0	13313.49
Door Win. and panel fin.	Sq. ft	0	9978.58	0	9978.58
PVC Doors Wastage	KG	0	8234.7	0	8234.7
Extruders	Nos.	0	1	0	1
Parts of Msc. W Pls.	--	0	2	0	2

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of Bikaner and Jaipur, RMME, LIC Building, Patel Circle, Udaipur – 313 001, Rajasthan, India

v Andhra Bank

v Union Bank of India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan
From Bank (Secured against hypothecation of car)	0.171	0.339
Working Capital Loan
From Bank (Secured against Hypothecation of Stock and Debtors of the Company and against collateral security of plant, machinery and building)	36.124	38.926
Total	36.295	39.265

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Director’s Relatives	0.537	6.611
From Others	33.232	22.683
Total	33.769	29.294

Banking Relations :	--
Auditors :
Name :	R.R.S. and Associates Chartered Accountants
Address :	211, Kamal Complex, N.R. Stadium Circle, C.G. Road , Navrangpura, Ahmedabad – 380 009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAFFR0472A

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4195540	Equity Shares	Rs.10/- each	Rs.41.955 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3627540	Equity Shares	Rs.10/- each	Rs.36.275 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		36.275	36.275	29.025
2] Share Premium		38.098	38.098	16.348
3] Share Application Money		21.620	0.000	16.000
4] Reserves & Surplus		11.563	7.409	5.191
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		107.556	81.782	66.564
LOAN FUNDS
1] Secured Loans		36.295	39.265	23.280
2] Unsecured Loans		33.769	29.294	18.867
TOTAL BORROWING		70.064	68.559	42.147
DEFERRED TAX LIABILITIES		6.578	5.333	4.070
TOTAL		184.198	155.674	112.781
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		97.782	52.626	47.448
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.130	88.351	61.440
	Sundry Debtors	32.664	42.583	37.801
	Cash & Bank Balances	9.172	5.846	11.035
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.965	11.992	9.275
Total Current Assets		163.931	148.772	119.551
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.526	38.950	47.249
	Other Current Liabilities	23.443	6.140	6.632
	Provisions	1.550	0.640	0.346
Total Current Liabilities		77.519	45.730	54.227
Net Current Assets		86.412	103.042	65.324
MISCELLANEOUS EXPENSES		0.004	0.006	0.009
TOTAL		184.198	155.674	112.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	275.785	240.327	155.764
		Other Income	1.709	0.180	0.834
		TOTAL (A)	277.494	240.507	156.598
Less	EXPENSES
		Office Expenses	267.577	234.166	151.758
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	267.577	234.166	151.758
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.917	6.341	4.840
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.389	2.258	2.230
	PROFIT BEFORE TAX (E-F) (G)		7.528	4.083	2.610
Less	TAX (H)		2.795	1.903	1.365
	PROFIT AFTER TAX (G-H) (I)		4.733	2.180	1.245
Less	Prior period adjustments		(0.587)	(0.038)	0.791
Less	Short /Excess Provision for Last year		0.009	0.000	0.000
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.409	5.191	4.507
	BALANCE CARRIED TO THE B/S		11.564	7.409	5.191
	EARNINGS IN FOREIGN CURRENCY
		PVC Sheet and Article Made thereof	35.117	46.447	70.827
	TOTAL EARNINGS		35.117	46.447	70.827
	IMPORTS
		Capital Goods	4.992	1.703	4.918
		Raw Material	70.034	58.784	34.685
		Packing Material	0.000	0.726	0.228
	TOTAL IMPORTS		75.026	61.213	39.831
	Earnings Per Share (Rs.)		1.30	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.71	0.91	0.80
Net Profit Margin (PBT/Sales)	(%)	2.73	1.70	1.68
Return on Total Assets (PBT/Total Assets}	(%)	2.88	2.03	1.56
Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.04
Debt Equity Ratio (Total Liability/Networth)		1.37	1.40	1.45
Current Ratio (Current Asset/Current Liability)		2.11	3.25	2.20

LOCAL AGENCY FURTHER INFORMATION

OPERATION:

The Company's turnover during the year was 275.785 millions and Net Profit before tax was Rs.7.528 millions. The company has so far established in domestic and international market in PVC Sheet as reliable Supplier.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in millions)
Bank Guarantee	1.255

Bankers Charges Report as per Registry

Corporate identity number of the company	U36999GJ1998PTC033735
Name of the company	KUMAR ARCH TECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-93, Akash, Near Judges Bunglow, Premchand Nagar, Bodakdev Vastrapur, Ahmedabad – 380 054, Gujarat, India E-Mail: tcsindia@sify.com
This form is for	Modification of charge
Charge identification number of the modified	10184384
Type of charge	Immovable Property Any interest in immovable property Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of Bikaner and Jaipur, RMME, LIC Building, Patel Circle, Udaipur – 313 001, Rajasthan, India E-Mail: tcsindia@sify.com
Nature of description of the instrument creating or modifying the charge	1. Supplemental Agreement of loan for increase in the overall limit 2. Supplemental Agreement of Hypothecation of goods and assets for increase in the overall limit 3. Letter regarding grant of individual limits within the overall limit 4. Sanction letter, Guarantors' consent and Link letter
Date of instrument Creating the charge	27.04.2011
Amount secured by the charge	Rs.240.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: For cash Credit - 3.50% above base rate i.e. 12.25% p.a. (floating) For Term Loan - 4% above base rate i.e. 12.75% p.a. (floating) Terms of Repayment: For Cash Credit - On Demand For Term Loan - 1. First 4 Quarterly installments of Rs.2.500 millions each commencing from June 2011 2. Next 8 Quarterly installments of Rs.3.750 millions each during 2012-13 and 2013-14 3. Next 12 Quarterly installments of Rs.5.000 millions each during 2014-15, 2015-16 and 2016-17 Margin: Raw material, Stock in process, Finished goods - 25% Book Debts/Receivables - 40% Others - 25% [E.P.C. - 25%, FBP / FBD (Docy) / EBR - 25% , L/C - 10%, B.G. - 10%] Extent and Operation of the charge: 1. First Charge by way of hypothecation of entire current assets of the company, viz. raw material, stock in process, finished goods, consumables, book debts and other current assets 2. First Charge over entire Fixed Assets of the Company having estimated net block of Rs.212.165 millions as on 31.03.12 (by way of hypothecation of entire P and M and Misc. Fixed Assets) 3. Extension of Equitable mortgage of Factory Land and Building, realizable value Rs.21.354 millions as per valuation report dated 09.12.10 Others: A. Collateral Security : 1. Equitable Mortgage of Factory Land and Building and Flats at different locations in the name of Company 2. Equitable mortgage of Flat in the name of Tirupati Balaji Buildcon Private Limited B. Personal Guarantee of Mr. Shubham Taylia and Mr. P.V. Joshi, Directors of the Company and of Mr. T.R. Joshi C. Corporate Guarantee of Tirupatibalaji Buildcon Private Limited and M.M. Thermoplast Private Limited
Short particulars of the property charged	Hypothecation of Raw material, stock in process, finished goods, consumables, book debts and other current assets lying at Factory situated at : B-2, RIICO Industrial Area, Gudli, Udaipur, in the name of the Company E-37 RIICO Industrial Area, Gudli, Udaipur,in the name of the Company E-92 RIICO Industrial Area, Gudli, Udaipur, in the name of the Company Equitable Mortgage of Flat No. 306, 4th Floor, Plot No.4A, Vinayak Complex, Fatehpura Scheme, Udaipur, in the name of the Company Equitable Mortgage of Flat No. 1-B, First Floor, 11-A, Shubham Complex, New Fatehpura, Udaipur admeasuring 3464 Sq. Ft. in the name of Tirupati balaji Buildcon Private Limited Hypothecation of Plant and Machinery, Factory Land and Building and Misc. Fixed Assets situated at B-2, RIICO Industrial Area, Gudli, Udaipur, in the name of the Company, E.M. of Factory Land and Building situated at E-37 RIICO Industrial Area, Gudli, Udaipur, in the name of the Company, E.M. of Factory Land and Building situated at E-92 RIICO Industrial Area, Gudli, Udaipur, in the name of the Company
Particulars of the present modification	Revision in Working Capital Limits from 70.000 millions to Rs.240.000 millions as under : 1. Cash Credit : Rs.80.000 millions EPC (Within CC) : (Rs.40.000 millions) FBP/FBD (Docy)/ EBR (within EPC) : (Rs.40.000 millions) Term Loan : Rs.100.000 millions Total Fund Based Limits : Rs.180.000 millions 2. ILC/FLC : Rs.57.000 millions Bank Guarantee : Rs.3.000 millions Total Non Fund Based : Rs.60.000 millions Total Revised Limits : Rs.240.000 millions

FIXED ASSETS:

v Land and Site Development

v Lease Hold Land

v Flat

v Air Compressor Block

v Building

v Cooling Mixer

v D.G. Set

v Computer

v Software

v Furniture and Fixture

v Vehicle

v Electric Installation

v Office Equipment

v Plant and Machinery

v Tube Well

v Trademark Registration

v WIP- Plant and Machinery

v WIP- Building

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.50.02
UK Pound	1	Rs.79.00
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		29

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.