MIRA INFORM REPORT

Report Date :

09.11.2012

IDENTIFICATION DETAILS

Name :	K D KITCHENWARES PRIVATE LIMITED
Registered Office :	No. 316, Sagar Arcade, Opposite Union Bank Of India, Gondal Road, Village Dholra, Nagar Kangasiyali Village, Taluka Lodhika, Rajkot - 360 002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.04.2004
Com. Reg. No.:	044002
Capital Investment / Paid-up Capital :	Rs.3.833 Millions
CIN No.: [Company Identification No.]	U28931GJ2004PTC044002
TAN No.: [Tax Deduction & Collection Account No.]	RKTK00990D
PAN No.: [Permanent Account No.]	AACCK3445Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Houseware Unbreakable Plasticware Products, Kitchenware
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 94144
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has recorded some growth in its sales and profits during 2012. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 DECLINED BY

Name :	Mr. Mukesh Savaria
Designation :	Finance Manager
Contact No.:	91-282-7293552
Date :	08.11.2012

LOCATIONS

Registered Office:	No. 316, Sagar Arcade, Opposite Union Bank Of India, Gondal Road, Village Dholra, Nagar Kangasiyali Village, Taluka Lodhika, Rajkot - 360 002, Gujarat, India
Tel. No.:	91-281-2361152
E-Mail :	info@actionkitchenware.com
Factory :	National Highway 8B, Rajkot-Gondal Highway, Village Dholra, Nagar Kangasiyali Village, Taluka Lodhika - 360002, Gujarat, India
Tel. No.:	91-282-7293551/52/53

DIRECTORS

AS ON 25.09.2012

Name :	Mr. Ashokbhai Bhagwanjibhai Manvar
Designation :	Director
Address :	402, Pyramid –A, Amin Marg, Rajkot – 360005, Gujarat, India
Date of Appointment :	21.04.2004
DIN No.:	00035174
Name :	Mr. Rameshbhai Bhagwanjibhai Manvar
Designation :	Director
Address :	18+19/3, Shiv Bhumi, B/H Rudraksha Towers, Opp. Parnakutir Soc., Rajkot – 360001, Gujarat, India
Date of Appointment :	21.04.2004
DIN No.:	00035232
Name :	Mr. Vinodbhai Bhagwanjibhai Manvar
Designation :	Director
Address :	302, Pyramid –A, Amin Marg, Rajkot - 360 005, Gujarat, India
Date of Appointment :	21.04.2004
DIN No.:	00035278

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2012

Names of Shareholders	No. of Shares
Ashokbhai Bhagwanjibhai Manvar	71077
Jyotsnaben Rameshbhai Manvar	56700
Rekhaben Ashokbhai Manvar	56700
Bhavnaben Vinodbhai Manvar	56700
Rameshbhai Bhagwanjibhai Manvar	51500
Vinodbhai Bhagwanjibhai Manvar	71078
Dhaval Rameshbhai Manvar	19578
Total	383333

AS ON 25.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Houseware Unbreakable Plasticware Products, Kitchenware

PRODUCTION STATUS AS ON 31.03.2012

Particulars	Unit	Actual Production
Kitchenware Items	Pcs.	1400637
Houseware Items	Pcs.	701813

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Bank of India, Bhakti Nagar SME Branch, Samrudhhi Bhavan, 1st Floor, Gondal Road, Rajkot - 360002, Gujarat, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loan from Bank of India	35.999	21.470
Bank of India – Working Capital	25.648	16.651
TOTAL	61.647	38.121
UNSECURED LOAN	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Inter corporate deposits	8.585	5.000
From Directors	6.923	4.800
From Shareholders and others	21.821	15.507
TOTAL	37.329	25.307

Banking Relations :	--
Auditors :
Name :	Santoki and Company Chartered Accountant
Address :	406, Star Plaza, Phulchhab Chowk, Rajkot – 360001, Gujarat, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
383333	Equity Shares	Rs.10/- each	Rs.3.833 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.833	3.333	3.333
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.703	14.334	10.918
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.536	17.667	14.251
LOAN FUNDS
1] Secured Loans		61.647	38.121	30.234
2] Unsecured Loans		37.329	25.307	12.532
TOTAL BORROWING		98.976	63.428	42.766
DEFERRED TAX LIABILITIES		1.009	0.515	0.363
TOTAL		123.521	81. 610	57.380
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.699	42.950	31.983
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.749	28.526	10.477
	Sundry Debtors	9.897	8.259	1.932
	Cash & Bank Balances	1.291	1.037	10.336
	Other Current Assets	5.343	8.354	0.000
	Loans & Advances	0.000	0.000	6.033
Total Current Assets		68.280	46.176	28.778
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.223	0.217	0.000
	Other Current Liabilities	3.698	3.800	0.209
	Provisions	1.537	3.499	3.172
Total Current Liabilities		10.458	7.516	3.381
Net Current Assets		57.822	38.660	25.397
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		123.521	81. 610	57.380

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales	143.194	102.635	76.672
		Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		12.621	11.165	9.080
Less/ Add	DEPRECIATION/ AMORTISATION		7.264	6.175	2.882
	PROFIT BEFORE TAX		5.357	4.990	6.198
Less	TAX		1.989	1.574	1.932
	PROFIT AFTER TAX		3.368	3.416	4.266
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5.691	4.329	0.714
	TOTAL EARNINGS		5.691	4.329	0.714
	IMPORTS
		Capital Goods	14.745	11.250	NA
	TOTAL IMPORTS		14.745	11.250	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.35	3.33	5.56
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.99	5.60	10.20
Return on Investment (ROI) (PBT/Networth)		0.23	0.28	0.43
Debt Equity Ratio (Total Liability/Networth)		4.65	4.01	3.24
Current Ratio (Current Asset/Current Liability)		6.52	6.14	8.51

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

PARTICULARS	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Creditors for Raw Materials	5.130	0.033	NA
Creditors for Capital Goods	0.000	0.000	NA
Creditors for Expenses	0.093	0.184	NA

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	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	No
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

NOTE:

The registered office address of the company has been shifted from 19 Samrat Industrial Arealimda Lane Behind S T Workshop, Rajkot – 360004, Gujarat, India to present address w.e.f. 27.07.2006

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 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.54.44
UK Pound	1	Rs.87.00
Euro	1	Rs.69.47

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	4
--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		43

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.