MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	PATEL KENWOOD PRIVATE LIMITED
Registered Office :	Plot No. 100-103, G.I.D.C., Timber Market, Ankeleshwar-393002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.11.1997
Com. Reg. No.:	04-033287
Capital Investment / Paid-up Capital :	Rs. 36.260 Millions
CIN No.: [Company Identification No.]	U20100GJ1997PTC033287
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plain Particle Boards, Melamine Particle Boards etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 480000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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. Rajesh Patel
Designation :	Chief Executive Officer
Contact No.:	91-9924193400
Date :	04.05.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 100-103, G.I.D.C., Timber Market, Ankeleshwar-393002, Gujarat, India
Tel. No.:	91-2646-221319/ 220629/ 220216
Mobile No.:	91-9924193400 (Mr. Rajesh Patel)
Fax No.:	91-2646-250680
E-Mail :	ranganipatel@yahoo.com info@kenwood.in patelkenwood@sify.com
Website :	http://www.kenboard.in http://www.patelkenwood.com http://www.exporterindia.com
Area :	3000 Sq.ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Chhaganbhai Patel

Designation :

Director

Address :

Patel Kunj, Umiya Society, Ankleshwar, District Bharuch, Gujarat, India

Date of Appointment :

10.11.1997

DIN No.:

00584742

Name :

Mr. Pursottambhai Patel

Designation :

Director

Address :

Patel Kunj, Umiya Society, Ankleshwar, Dist Bharuch, Gujarat, India

Date of Appointment :

10.11.1997

DIN No.:

00584815

Name :

Mr. Ratanshi Patel

Designation :

Director

Address :

712/5, Chhatrpati Rajaram, Timber Mart, Gokul Dham, Kolhapur – 416012, India

Date of Appointment :

01.03.2005

DIN No.:

00711093

Name :

Mr. Kantibhai Patel

Designation :

Director

Address :

Patel Kunj, Umiya Society, Ankleshwar, Dist Bharuch, Gujarat, India

Date of Appointment :

10.11.1997

DIN No.:

00584775

Name :

Mr. Haresh Patel

Designation :

Director

Address :

712/5, Chhatrpati Rajaram, Timber Mart, Gokul Dham, Kolhapur – 416012, India

Date of Appointment :

01.03.2005

DIN No.:

00597863

Name :

Mr. Dinesh Patel

Designation :

Director

Address :

712/5, Chhatrpati Rajaram, Timber Mart, Gokul Dham, Kolhapur – 416012, India

Date of Appointment :

01.03.2005

DIN No.:

00597910

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	U20100GJ1997PTC033287	PATEL KENWOOD PRIVATE LIMITED	Director	01-03-05	01-03-05	Active	NO
2	U45201GJ2010PTC060615	NIKEN PROJECTS PRIVATE LIMITED	Director	10-05-10	10-05-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Patel Chhaganbhai Virjibhai	246000
Patel Pursottambhai Virjibhai	206500
Patel Kantilal Virjibhai	219900
Patel Virjibhai Karsanbhai	220500
Patel Damyantiben Kantilal	137500
Patel Gitaben Pursottambhai	126200
Patel Nimuben Chhaganbhai	80000
Patel Chhaganbhai Virjibhai (HUF)	130000
Patel Pursottambhai Virjibhai (HUF)	120000
Patel Kantilal Virjibhai (HUF)	10000
Patel Dineshbhai Karsanbhai	325000
Patel Hareshbhai Ratanshibhai	295300
Patel Ratanshibhai Tejalal	275500
Patel Karsanbhai Tejalal	175000
Patel Dahiben S.	55000
Patel Dhiraj R.	85000
Patel Radhika K.	5000
Patel Rajesh K.	75000
Patel Ratanben K.	5000
Patel Sanjay S.	68800

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plain Particle Boards, Melamine Particle Boards etc.
Products :	Ø Plain Bagasse Particle Board Ø Pre-Laminated Bagasse Particle Board Ø OSL (One Side Laminated) Ø BSL (Both Side Laminated) Ø Particle Boards Ø Melamine Particle Board Ø Melamine Colour
Imports :
Products :	Raw Material
Countries :	· South Africa · Thailand · Malaysia
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	2010-2011 Sq. Mt.
Licensed Capacity	N.A.
Installed Capacity	2500000
Actual Production	2012533

GENERAL INFORMATION

Suppliers :

· Jinat Trade Link

Customers :

Wholesalers

· Jani Plywood Emperer

No. of Employees :

50 (Approximately)

Bankers :

Ø State Bank of India, Industrial Estate Branch, GIDC, Ankleshwar-393002, Gujarat, India

Ø HDFC Bank Limited, India

Facilities :

Cash Credit – 40.000 Millions

Term Loan – 60.000 Millions

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of India (CC) (Against all Stocks and Book Debts)	16.648	24.589
State Bank of India (T/L A/c) (Against Land, Building and Plant and Machinery)	6.364	13.358
HDFC Bank Car Loan (Innova)	0.000	0.147
State Bank of India (T/L A/c) (Against Wind Mill)	30.214	38.841
HDFC Bank Car Loan (Magnum)	0.168	0.428
HDFC Bank Car Loan (Volks Wagon)	0.577	0.938
State Bank of India (CC) (A/c.No.:31393604902)	2.588	0.000
State Bank of India (T/L -3) (A/c.No.:31596771723)	30.876	0.000
Total	87.435	78.301
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	1.152	0.845
From Shareholders	8.410	8.707
Total	9.562	9.552

Banking Relations :	--
Auditors :
Name :	Rangani and Patel Chartered Accountants
Address :	22, Swastik Chambers, Navjivan Press Lane, Income tax, Off Ashram Road, Ahmedabad, Gujarat – 380014, India
Tel. No.:	91-79-27542491/ 30082491/ 95
Income-tax PAN of auditor or auditor's firm :	AABFR9377E

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
3626000	Equity Shares	Rs.10/- each	Rs.36.260 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		36.260	36.260	35.840
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		85.428	55.925	42.531
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		121.688	92.185	78.371
LOAN FUNDS
1] Secured Loans		87.436	78.301	83.784
2] Unsecured Loans		9.562	9.552	13.544
TOTAL BORROWING		96.998	87.853	97.328
DEFERRED TAX LIABILITIES		19.075	19.519	11.411
TOTAL		237.761	199.557	187.110
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		152.421	120.234	130.306
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	45.994	56.848	56.848
	Sundry Debtors	13.135	11.514	11.514
	Cash & Bank Balances	5.579	1.055	1.055
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	42.069	10.258	10.258
Total Current Assets		106.777	98.747	79.675
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.126	19.342	19.342
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	6.456	5.118	5.118
Total Current Liabilities		22.582	20.791	24.460
Net Current Assets		84.195	77.956	55.215
MISCELLANEOUS EXPENSES		1.145	1.367	1.589
TOTAL		237.761	199.557	187.110

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	211.568	157.919	135.496
Less/ Add	DEPRECIATION/ AMORTISATION		16.575	17.794	8.619
	PROFIT BEFORE TAX		35.043	13.422	26.598
Less	TAX		5.540	10.108	9.766
	PROFIT AFTER TAX		29.503	3.314	16.832
	IMPORTS
		Raw Materials	6.732	6.123	4.207
		Capital Goods	28.552	0.337	0.000
	TOTAL IMPORTS		35.284	6.460	4.207
	Earnings Per Share (Rs.)		8.14	0.91	4.70

Particulars	31.03.2012
Sales Turnover (Approximately)	220.000

Expected Sales (2012 - 13) : Rs. 240.000 Millions

The above information has been parted by Mr. Rajesh Patel

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	16.56	8.50	19.63
Return on Total Assets (PBT/Total Assets}	(%)	13.52	6.13	12.67
Return on Investment (ROI) (PBT/Networth)		0.29	0.15	0.34
Debt Equity Ratio (Total Liability/Networth)		0.98	1.18	1.55
Current Ratio (Current Asset/Current Liability)		4.73	4.75	3.26

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	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	Yes
18. Major customers	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U20100GJ1997PTC033287
Name of the company	PATEL KENWOOD PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	District Bharuch, Gujarat, India
This form is for	Modification of charge
Charge identification number of the modified	90108127
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat , India Email id: vikash_kumar@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit.
Date of instrument Creating the charge	16.12.2011
Amount secured by the charge	Rs. 259.300 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC - 4.25% above Base Rate, TL - I, II, III, Corporate Loan (New) - 4.75% above Base Rate with Monthly Rest. Terms of Repayment WC - On Demand, TL - I, II, III - As Per Existing Terms And Conditions, Corporate Loan - 10 Quarterly Installments Of Rs. 2.000 Millions Each, Starting From July-2012. Margin RM - Domestic - 25%, SIP, FG - 30%, BD (Cover Period 60 Days) - 40%, L/C, BG - 20% Extent And Operation Of The Charge Hypothecation of all the present and future current assets viz. all Stocks and Book Debts and Plant and Machinery situated at. Moti Naroli, Taluka. Mangrol, District Surat. Others Credit Facilities - CC - Rs.90.000 millions + TL-I(O/s) - Rs.1.800 millions + TL-II(O/s) - Rs.28.000 millions + TL - III(O/s) - Rs.104.500 millions + Corporate Term Loan (New) - Rs.20.000 millions + L/C (Foreign/Inland) - Rs.15.000 millions = Total Rs.259.300 millions
Short particulars of the property charged	Hypothecation of all the present and future current assets viz. all Stocks and Book Debts and Plant and Machinery situated at Moti Naroli, Tal. Mangrol, Dist. Surat.
Date of latest modification prior to the present modification	11.10.2010
Particulars of the present modification	By this modification the charge extended to cover revised credit facilities from Rs.254.400 millions to Rs.259.300 millions. (credit facilities - CC - Rs.90.000 millions + TL-I(O/s) - Rs.1.800 millions + TL-II(O/s) - Rs.28.000 millions + TL - III(O/s) - Rs.104.500 millions + corporate term loan (new) - Rs.20.000 millions + L/C (foreign/inland) - Rs.15.000 millions = total Rs.259.300 millions)

TRADE REFERENCES:

· Jani Plywood Emperer

· Jinat Trade Link

BUSINESS AND PERFORMENCE:-

This the fourteenth year of Company’s Existence, the company has started production of particle boards. During the end of the year company has started production of particle boards and the goods produced has found good acceptance in the market

FIXED ASSETS:

Ø Air Conditioner

Ø Building

Ø Car (GJ-16-AJ-3111)

Ø Computer

Ø Cycle

Ø Dead Stock

Ø Electric Installation

Ø EPABX (Intercom)

Ø Fax Machine

Ø Fire Equipment

Ø Fork Lift

Ø Innova Car

Ø Laboratory Equipment

Ø Land and Land Development

Ø Machinery

Ø Motor Car (Tata Mobile)

Ø Office Equipment

Ø Shed

Ø Telephone and Mobile INST

Ø Tractor

Ø Weigning Machine

Ø Wind Mill

Ø Car (GJ-16-AJ-7050)

Ø Building (New)

Ø Plant and Machinery (New)

Ø Tractor Eicher

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. 54.68
UK Pound	1	Rs. 86.52
Euro	1	Rs. 69.86

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.