MIRA INFORM REPORT

Report Date :

09.08.2013

IDENTIFICATION DETAILS

Name :	PLYTOUCH ENGINEERING PRIVATE LIMITED
Registered Office :	101, Balaji Estate, Opposite Avtar Hotel, Isahpur, Narol Raod, Ahmedabad, Gujarat, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.05.2001
Com. Reg. No.:	04-039479
Capital Investment / Paid-up Capital :	Rs. 0.400 Million
CIN No.: [Company Identification No.]	U29199GJ2001PTC039479
TAN No.: [Tax Deduction & Collection Account No.]	AHMP00352C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of OEMC original Equipments.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 5000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company having moderate track record. Its scale of activities is limited. There appears a huge external borrowing recorded by the company. The profit margin has dipped during 2012. However, trade relations are reported as fair. Business is active. Payments terms are slow. The company can be considered for small to mediocre 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (GENERAL INFORMATION)

Name :	Mr. Kaushik Gajjar
Designation :	Director
Contact No.:	91-9427068488
Date :	08.08.2013

LOCATIONS

Registered Office/Factory :	101, Balaji Estate, Opposite Avtar Hotel, Isahpur, Narol Raod, Ahmedabad, Gujarat, India
Tel. No.:	91-79-25733776/30425823
Mobile No.:	91-9427068488 (Mr. Kaushik Gajjar)
Fax No.:	91-79-25733775
E-Mail :	banandco@hotmail.com info@plytouch.com
Website :	www.plytouch.com
Area :	1100 Sq. ft
Location :	Owned

DIRECTORS

As on 25.09.2012

Name :

Mr. Kaushikbhai Ajitbhai Gajjar

Designation :

Director

Address :

A-40, Hariom Nagar, opp. Atma Mangal Hall, Ghodasar, Ahmedabad- 380050, Gujarat, India

Date of Birth/Age :

01.06.1965

Date of Appointment :

01.05.2001

Din No.:

00490273

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	U29199GJ2001PTC039479	PLYTOUCH ENGINEERING PRIVATE LIMITED	Director	01/05/2001	01/05/2001	-	Active	NO
2	U25200GJ2000PTC038783	AIM LAMINAR PRIVATE LIMITED	Director	21/04/2007	21/04/2007	-	Active	NO
3	U20219GJ2012PTC071044	NATURAL MICA PRIVATE LIMITED	Director	07/07/2012	07/07/2012	-	Active	NO

Name :

Mr. Ajitkumar Maneklal Gajjar

Designation :

Director

Address :

A-40, Hariom Nagar, opp. Atma Mangal Hall, Ghodasar, Ahmedabad- 380050, Gujarat, India

Date of Birth/Age :

24.10.1942

Date of Appointment :

01.05.2001

Din No.:

00490155

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	U29199GJ2001PTC039479	PLYTOUCH ENGINEERING PRIVATE LIMITED	Director	01/05/2001	01/05/2001	-	Active	NO
2	U25200GJ2000PTC038783	AIM LAMINAR PRIVATE LIMITED	Director	21/04/2007	21/04/2007	-	Active	NO
3	U20219GJ2012PTC071044	NATURAL MICA PRIVATE LIMITED	Director	07/07/2012	07/07/2012	-	Active	NO

Name :

Mr. Mitenbhai Ajitbhai Gajjar

Designation :

Director

Address :

A-40, Hariom Nagar, Opp. Atma Mangal Hall, Ghodasar, Ahmedabad- 380050, Gujarat, India

Date of Birth/Age :

05.01.1972

Date of Appointment :

01.05.2001

Din No.:

00490063

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	U29199GJ2001PTC039479	PLYTOUCH ENGINEERING PRIVATE LIMITED	Director	01/05/2001	01/05/2001	-	Active	NO
2	U25200GJ2000PTC038783	AIM LAMINAR PRIVATE LIMITED	Director	21/04/2007	21/04/2007	-	Active	NO
3	U20219GJ2012PTC071044	NATURAL MICA PRIVATE LIMITED	Director	07/07/2012	07/07/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 25.09.2012

Names of Shareholders	No. of Shares
Ajitbhai Gajjar	16000
Kaushik Gajjar	8000
Miten Gajjar	8000
Hansaben Gajjar	8000
Total	40000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of OEMC original Equipments.
Products :	Cutting Machine Over Head Crane Wood Working Machine Protection Film Applicator Special Purpose Machinery Laminate Plywood Machine
Exports :
Products :	OEMC
Countries :	Bangladesh Abudabi
Imports :
Products :	Raw Material
Countries :	Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

• AIROLAM
• ARCHIDPLY
• ASIS
• Durian Decorative Laminates
• FORMICA
• Signature Decorative Laminates
• SILICON
• Space Wood Furniture Private Limited
• Sundeck Decorative Laminates
• Timex Art Décor Private Limited
• Paralam Global Private Limited
• VIGRO MICA

No. of Employees :

20 (Approximately)

Bankers :

· Bank of Baroda, Vatva Branch

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From Bank of Baroda
Cash Credit Account (Against hypothecation of inventories book debts and further secured by equitable mortgage of factory land and building of the company and also personally guaranteed by the directors of the company)	0.363	0.860
Other Loan
From Bank (Against Hypothecation of motor car)	0.597	1.190
Clean loan	1.253	0.826
From NBFC (Against Equitable Mortgage of residential bungalow of director of the company)	9.794	0.000
Clean Loan	1.735	0.000
Total	13.742	2.876

Banking Relations :
Auditors :
Name :	B. A. Pavagadhi and Company Chartered Accountant
Address :	304 -305, Shagun Complex, 93/B, Swastik Society, Near Xavier’s Ladies Hostel, Navarangpura, Ahmedabad- 380006, Gujarat, India
Tel. No.:	91-79-26405122/26405139
Email:	bpavagadhi@vsnl.net
PAN No.:	AABFB6709Q

CAPITAL STRUCTURE

As on 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs. 10/- each	Rs. 0.400 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs. 10/- each	Rs. 0.400 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.400	0.400
(b) Reserves & Surplus	0.829	0.801
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1.229	1.201
(3) Non-Current Liabilities
(a) long-term borrowings	15.180	5.097
(b) Deferred tax liabilities (Net)	(0.018)	0.010
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	15.162	5.107
(4) Current Liabilities
(a) Short term borrowings	0.734	0.763
(b) Trade payables	5.854	7.235
(c) Other current liabilities	3.611	4.832
(d) Short-term provisions	0.133	0.143
Total Current Liabilities (4)	10.332	12.973
TOTAL	26.723	19.281
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.164	3.944
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	5.116	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.015	0.015
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.020	0.469
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	9.315	4.428
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.976	3.835
(c) Trade receivables	2.550	3.495
(d) Cash and cash equivalents	0.250	0.740
(e) Short-term loans and advances	5.632	6.783
(f) Other current assets	0.000	0.000
Total Current Assets	17.408	14.853
TOTAL	26.723	19.281

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.400
2] Share Application Money		0.000
3] Reserves & Surplus		0.564
4] (Accumulated Losses)		0.000
NETWORTH		0.964
LOAN FUNDS
1] Secured Loans		1.234
2] Unsecured Loans		0.823
TOTAL BORROWING		2.057
DEFERRED TAX LIABILITIES		0.021
TOTAL		3.042
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.270
Capital work-in-progress		0.000
INVESTMENT		0.015
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.102
	Sundry Debtors	2.529
	Cash & Bank Balances	0.773
	Other Current Assets	0.000
	Loans & Advances	9.238
Total Current Assets		16.642
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.764
	Other Current Liabilities	0.000
	Provisions	0.121
Total Current Liabilities		16.885
Net Current Assets		(0.243)
MISCELLANEOUS EXPENSES		0.000
TOTAL		3.042

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	16.250	18.362	13.440
		Other Income	0.177	0.290	0.207
		Deferred Tax Assets	0.028	0.011	0.023
		TOTAL (A)	16.455	18.663	13.670
Less	EXPENSES
		Cost of Material Consumed	12.176	13.404
		Changed in inventories of finished goods, Stock-in-process and Stock-in-trade	(2.198)	0.669
		Employee Benefit Expenses	2.219	2.128
		Other Expenses	1.740	0.839
		TOTAL (B)	13.937	17.040	12.565
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.518	1.623	1.105
Less	FINANCIAL EXPENSES (D)		1.679	0.707	0.312
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.839	0.916	0.793
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.665	0.526	0.485
	PROFIT BEFORE TAX (E-F) (G)		0.174	0.390	0.308
Less	TAX (H)		0.146	0.153	0.131
	PROFIT AFTER TAX (G-H) (I)		0.028	0.237	0.177
	Earnings Per Share (Rs.)		0.70	5.92	4.42

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.17	1.27	1.29
Net Profit Margin (PBT/Sales)	(%)	1.07	2.12	2.29
Return on Total Assets (PBT/Total Assets}	(%)	1.00	2.55	1.55
Return on Investment (ROI) (PBT/Networth)		0.14	0.33	0.32
Debt Equity Ratio (Total Debt /Networth)		12.95	4.88	2.13
Current Ratio (Current Asset/Current Liability)		1.68	1.14	0.99

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	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	No
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From directors, shareholders and relatives	1.438	2.221
Short Term Borrowings
Clean Cash Credit Account with Scheduled Bank	0.734	0.763
Total	2.172	2.984

NOTE: NO CHARGE EXIST FOR COMPANY

OPERATION:

During the year the company has made net Sale of Rs. 16.250 Millions against Sales of Rs. 18.362 Millions for the year 2010-2011. The directors put their all efforts to increase the turnover of the company during the currant year and are hopeful to get better result.

FIXED ASSETS:

• Land
• Factory Building
• Machineries
• Air Condition
• Furniture and Fixtures
• RO Water Plant
• Computer
• Cycle
• EPBX System
• Refrigerator
• Mobile
• Honda City Car
• Generator Set
• Innova Car
• Skora Car
• Sonata Gold
• Aviator Scooter
• Generator Set - New
• Attendance Machine

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. 61.11
UK Pound	1	Rs. 94.77
Euro	1	Rs. 81.54

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.