MIRA INFORM REPORT

Report Date :

10.04.2013

Tel. No.:	91-2742-280155/280156
Fax No.:	91-2742-280101

IDENTIFICATION DETAILS

Name :	DUKE PLASTO TECHNIQUE PRIVATE LIMITED
Registered Office :	National Highway No.14, Opposite Hotel Green Wood, Badarpura, Palanpur -385510, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.04.2008
Com. Reg. No.:	04-053715
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U25209GJ2008PTC053715
TAN No.: [Tax Deduction & Collection Account No.]	AHMD04729E
PAN No.: [Permanent Account No.]	AACCD8695B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of PVC Pipes.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears dip in the profitability during 2011-2012. Profit Margin seems to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

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 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. Sanjay Darod
Designation :	Purchase Department
Contact No.:	91-9408701744
Date :	30.03.2013

LOCATIONS

Registered Office / Factory:	National Highway No.14, Opposite Hotel Green Wood, Badarpura, Palanpur -385510, Gujarat, India
Tel. No.:	91-2742-280155 / 280156
Mobile No.:	91-9408701744 (Mr. Sanjay Darod) 91-9428505902/ 9428505905/ 9428505901 (Mr. S. N. Patel)
Fax No.:	91-2742-280101
E-Mail :	info@dukeplasto.com dkpatel@dukeplasto.com purchase@dukeplasto.com
Website :	http://www.dukeplasto.com
Location :	Owned
Corporate Office :	401, 4^th Floor, Aniket Building, Near Shilp, C. G. Road, Navrangpura, Ahmedabad-380009
Tel. No.:	91-79-26405782
Fax No.:	91-79-26403428

DIRECTORS

As on: 29.09.2012

Name :

Mr. Shantilal Nathalal Patel

Designation :

Director

Address :

At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha, Palanpur - 385510, Gujarat, India

Date of Birth/Age :

01.06.1967

Date of Appointment :

28.04.2008

PAN No.:

AITPP4221D

DIN No.:

01770292

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209GJ2008PTC053715	DUKE PLASTO TECHNIQUE PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Active	NO
2	U25191GJ2010PTC062080	DUKE PIPES PRIVATE LIMITED	Director	23/08/2010	23/08/2010	-	Active	NO

Name :

Mr. Prabhudas Parsotambhai Patel

Designation :

Director

Address :

At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha, Palanpur - 385510, Gujarat, India

Date of Birth/Age :

31.10.1967

Date of Appointment :

28.04.2008

PAN No.:

AEGPP7181M

DIN No.:

00029540

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29120GJ1988PTC011451	ARIHANT PUMPS PRIVATE LIMITED	Director	08/03/1991	08/03/1991	21/09/2007	Active	NO
2	U29119GJ1996PLC028910	AROMA HIGHTECH LIMITED	Director	01/06/2003	01/06/2003	21/09/2007	Active	NO
3	U25209GJ2008PTC053715	DUKE PLASTO TECHNIQUE PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Active	NO
4	U29120GJ2010PTC062082	DUKE PUMPS PRIVATE LIMITED	Director	23/08/2010	23/08/2010	-	Active	NO

Name :

Mr. Dineshkumar Kanjibhai Patel

Designation :

Director

Address :

At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha, Palanpur - 385510, Gujarat, India

Date of Birth/Age :

01.06.1972

Date of Appointment :

28.04.2008

PAN No.:

AEGPP2097G

DIN No.:

01769491

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209GJ2008PTC053715	DUKE PLASTO TECHNIQUE PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Active	NO
2	U25191GJ2010PTC062080	DUKE PIPES PRIVATE LIMITED	Director	23/08/2010	23/08/2010	-	Active	NO

Name :

Mr. Rameshkumar Parsotambhai Patel

Designation :

Director

Address :

At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha, Palanpur - 385510, Gujarat, India

Date of Birth/Age :

14.09.1968

Date of Appointment :

28.04.2008

PAN No.:

AEFPP7874L

DIN No.:

00029463

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29119GJ1996PLC028910	AROMA HIGHTECH LIMITED	Director	30/09/2000	30/09/2000	21/09/2007	Active	NO
2	U25209GJ2008PTC053715	DUKE PLASTO TECHNIQUE PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Active	NO
3	U29120GJ2010PTC062082	DUKE PUMPS PRIVATE LIMITED	Director	23/08/2010	23/08/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Darod
Designation :	Purchase Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Not Available

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of PVC Pipes.
Exports :
Products :	PVC Pipes
Countries :	· Africa · Gulf · Bangladesh
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Pipes	Ave Nos.	1500000	1019476
Pumps Set	Ave Nos.	60000	31368

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

700 (Approximately)

Bankers :

Bank of Baroda, Char Rasta Brach, Char Rasta, Palanpur – 385002, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from bank (Secured by way of Hypothecation of Plant and Machinery and Equitable mortgage of Factory land and Building)	18.129	8.281
Deferred payment for acquisition of fixed assets (Secured by way of Hypothecation of Vehicles)	0.063	0.238
Working capital loans from banks	136.876	131.696
Total	155.068	140.215

Banking Relations :	--
Auditors :
Name :	Manubhai and Company Chartered Accountant
Address :	2^nd Floor 'B' Wing Premium House, Near Gandhigram Railway Station, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26580956 / 26580966 / 26582484 / 26585064
Fax No.:	91-79-26583573
E-Mail :	info@manubhaico.com
PAN.:	AAFFM2086H
Enterprise over which Key Management personnel are able to exercise significant Influence :	· Duke Pumps Sales and Service · Deep Glass and Plywood Center

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 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		50.000	34.500	34.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.712	36.429	14.123
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		87.712	70.929	48.623
LOAN FUNDS
1] Secured Loans		155.068	140.215	146.481
2] Unsecured Loans		0.000	0.000	49.095
TOTAL BORROWING		155.068	140.215	195.576
DEFERRED TAX LIABILITIES		12.559	8.834	7.700
TOTAL		255.339	219.978	251.899
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		128.798	97.369	83.942
Capital work-in-progress		1.813	0.000	0.000
INVESTMENT		0.021	0.021	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
OTHER NON CURRENT ASSETS		11.679	3.084	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	126.057	162.506	126.235
	Sundry Debtors	207.012	183.309	220.917
	Cash & Bank Balances	4.257	7.008	1.164
	Other Current Assets	2.583	0.815	0.000
	Loans & Advances	22.228	20.833	15.291
Total Current Assets		362.137	374.471	363.607
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	186.593	182.092	181.069
	Other Current Liabilities	57.065	66.254	2.126
	Provisions	5.451	6.621	12.465
Total Current Liabilities		249.109	254.967	195.660
Net Current Assets		113.028	119.504	167.947
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		255.339	219.978	251.899

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1279.488	1055.655	897.276
		Other Income			3.117
		TOTAL (A)	1279.488	1055.655	900.393
Less	EXPENSES
		(Increase)/decrease in stock			27.083
		Purchase of Trading Goods			28.464
		Raw Material Consumed			662.684
		Manufacturing & Other Expenses			135.540
		TOTAL (B)	1257.601	1021.726	853.771
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including Financial	[Including Financial	46.622
			Expenses	Expenses
Less	FINANCIAL EXPENSES (D)		And	And	17.436
			Depreciation]	Depreciation]
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				29.186
Less/ Add	DEPRECIATION/ AMORTISATION (F)				5.507
	PROFIT BEFORE TAX (E-F) (G)		21.887	33.929	23.679
Less	TAX (H)		8.105	22.305	8.370
	PROFIT AFTER TAX (G-H) (I)		13.782	11.624	15.309
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.748	13.124	(2.185)
	BALANCE CARRIED TO THE B/S		38.530	24.748	13.124
	FOB value of export		20.902	NA	9.557
	Earnings Per Share (Rs.)		2.76	6.47	4.79

Expected Sales (2012-13) : Rs. 1500.000 Millions

The above information has been parted by Mr. Sanjay Darod

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.08	1.10	1.70
Net Profit Margin (PBT/Sales)	(%)	NA	NA	2.64
Return on Total Assets (PBT/Total Assets}	(%)	4.46	7.19	5.29
Return on Investment (ROI) (PBT/Networth)		0.25	0.48	0.49
Debt Equity Ratio (Total Debt /Networth)		1.77	1.97	4.02
Current Ratio (Current Asset/Current Liability)		1.45	1.47	1.86

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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

The company has achieved income of Rs. 1279.488 Millions during the year and earned net profit after tax is Rs. 13.782 Millions. After Provision of Income Tax of Rs. 8.105 Millions.

The company is confident to achieve higher income in the coming years. The Directors do not recommend dividend for the year to strengthen the position of the company.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209GJ2008PTC053715
Name of the company	DUKE PLASTO TECHNIQUE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	National Highway No.14, Opposite Hotel Green Wood, Badarpura, Palanpur - 385510, Gujarat, India info@dukeplasto.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10114557
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Char Rasta Branch, Char Rasta, Palanpur – 385 002, Gujarat, India Email ID: cpalan@bankofbaroda.com
Nature of instrument creating charge	Partial Release Deed, to release property belong to Mortgager from charge of Bank of Baroda as per deed.
Date of instrument Creating the charge	27.02.2012
Amount secured by the charge	Rs. 176.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Per Agreement Terms of repayment As Per Agreement Margin As Per Agreement Extent and operation of the charge As Per Agreement Others As Per Agreement
Short particulars of the property charged (Including location of the property)	Release of Mortgage Immovable Property More Particulartly Decribe In Part A, Part-B, Part-C, Part-D And Part-E of The Partial Release Deed.
Date of instrument modifying the charge	10.10.2011
Particulars of the present modification	Release of Mortgage Immovable Property More Particulartly Decribe In Part A, Part-B, Part-C, Part-D And Part-E of The Partial Release Deed.

FIXED ASSETS

· Factory Land

· Factory Building

· Plant and Machineries

· Office and Lab Equipments

· Mobile Phone

· Vehicle

· Computer

· Furniture and Fixtures

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. 54.46
UK Pound	1	Rs. 83.13
Euro	1	Rs. 70.99

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	UDS

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.