MIRA INFORM REPORT

Report Date :

04.01.2013

IDENTIFICATION DETAILS

Name :	FIBERTECH COMPOSITE PRIVATE LIMITED
Registered Office :	Survey No.20,21, Village-Piplana Taluka-Kotada Sangani, Rajkot – 360002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.06.2010
Com. Reg. No.:	04-061062
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U25209GJ2010PTC061062
TAN No.: [Tax Deduction & Collection Account No.]	RKTF00235E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of ERP Products like FRP Pipe and Equipment, Door, Roof Sheet etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appear huge accumulated losses recorded by the company. The performance capacity of the company is low. However, trade relations are reported to be fair. Business is active. Payments are slow. The company can be considered for business dealing on a safe and secured 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 – 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.

LOCATIONS

Registered Office/ Factory :	Survey No.20,21, Village-Piplana Taluka-Kotada Sangani, Rajkot – 360002, Gujarat, India
Tel. No.:	91-2827-2229310/ 2229311/ 2229313/ 293444/ 293445
Mobile No.:	91-9979400002 (Mr. Ankit)
Fax No.:	91-2827-2241016/ 293455
E-Mail :	info@fibertech.co.in hjamnadas1.roc@gmail.com
Website :	www.fibertech.co.in
Location :	Owned
Rajkot Office :	1^st Floor, Gandhi Chambers, Near Bombay Petrol Pump, Gondal Road, Rajkot – 360001, Gujrata, India

DIRECTORS

(AS ON 29.09.2012)

Name :

Mr. Rajankumar Vallabhdas Vadalia

Designation :

Director

Address :

9-B, Shreenathji Tower, Panchavati Society Main Road, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

01.06.1974

Date of Appointment :

14.06.2010

DIN No.:

00554219

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	U26941GJ1997PTC032668	NEW KISHAN CEMENT PRIVATE LIMITED	Director	15/07/1997	15/07/1997	31/03/2010	Active	NO
2	U17110GJ1999PTC036377	SADGURU COTTON PRIVATE LIMITED	Director	24/12/2012	11/11/2003	-	Active	NO
3	U26940GJ2007PTC050846	HI-BOND CEMENT (INDIA) PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
4	U25209GJ2010PTC061062	FIBERTECH COMPOSITE PRIVATE LIMITED	Director	14/06/2010	14/06/2010	-	Active	NO

Name :

Mr. Anil Pranjivan Patel

Designation :

Director

Address :

Shreenathji Tower, 3^rd Floor, Panchavati society Main Road, Rajkot-360001, Gujarat, India

Date of Birth/Age :

13.09.1965

Date of Appointment :

14.06.2010

DIN No.:

01179930

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	Company/ LLP Status	Defaulting status
1	U20210GJ2005PTC045667	ADVANCE LAMINATES PRIVATE LIMITED	Director	14/03/2005	14/03/2005	Active	NO
2	U25209GJ2010PTC061062	FIBERTECH COMPOSITE PRIVATE LIMITED	Director	14/06/2010	14/06/2010	Active	NO

Name :

Mr. Hinesh Dhirajlal Patel

Designation :

Director

Address :

3-B, Shreenathji Tower, 3^rd Floor, Panchavati society Main Road, Rajkot-360001, Gujarat, India

Date of Appointment :

10.06.2010

DIN No.:

01179974

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	Company/ LLP Status	Defaulting status
1	U20210GJ2005PTC045667	ADVANCE LAMINATES PRIVATE LIMITED	Director	14/03/2005	14/03/2005	Active	NO
2	U25209GJ2010PTC061062	FIBERTECH COMPOSITE PRIVATE LIMITED	Director	10/06/2010	10/06/2010	Active	NO

Name :

Mr. Ankitkumar Jivanbhai Vadalia

Designation :

Director

Address :

8/B, Shreenathji Tower, 3^rd Floor, Panchavati society Main Road, Rajkot-360001, Gujarat, India

Date of Appointment :

10.06.2010

DIN No.:

02683202

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Rajankumar Vallabhdas Vadalia	85800
Pranjivanbhai Pitambarbhai Patel	30000
Harshad Dhirajlal Patel	75000
Hinesh Dhirajlal Patel	20000
Suketaben Harshadbhai Patel	10000
Yogitaben Hineshbhai Patel	65000
Jyotsnaben Anilbhai Patel	35000
Ankit Jivanbhai Vadalla	14300
Darshankumar Rasiklal Vadalia	50800
Vallabhdas Ambavibhai Vadalia	800
Navneetbhai Gokulbhai Vadalia	800
Ketanbhai Laxmidasbhai Vadalia	41000
Dipakbhai Laxmidasbhai Vadalia	61000
Gokallbhai Aambavibhai Vadalia	10000
Laxmidas Hansrajbhi Vadalia	10000
Rasikbhai Gokalbhai Vadalia	10000
Jivanbhai Gokalbhai Vadalia	50000
Labhuben Gokulbhai Vadalia	7700
Vrajkunvrben Laxman Vadalia	10000
Kantben Vallabhbhi Vadalia	10000
Jyotsnaben Rasikbhai Vadalia	13300
Sadhnaben Jivanbhai Vadalia	9800
Gitaben Dipakbhai Vadalia	29000
Nitaben Navinitbhai Badalia	73300
Sonalben Ketanbhai Vadalia	49000
Nishaben Rajanbhai Vadalia	63400
Anil Pranjivan Patel	75000
Vijyaben Pranjivanbhai Patel	20000
Champaben Dhirajlal Patel	35000
Dhirajlal Pitambarbhai Patel	35000
Total	1000000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of ERP Products like FRP Pipe and Equipment, Door, Roof Sheet etc.
Terms :
Selling :	L/C, Cash and Credit ( days)
Purchasing :	L/C, Cash and Credit ( days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity
GRP/FRP Pipes	Mts.	21600
Hand Laid Equipments	Kgs.	120000
SME / FRP Doors	Nos.	120000
Pultruded Products	Mts.	172800
Roffing Sheets	Sheets	48000

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of India

Shapar (Veraval) Branch, Venus Industrial Park, Survey No.205, Asian Paint Complex, Veraval Road, Veraval – 360024, Gujarat, India

· Bank of India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Banks	14.105	17.484
From Others	0.000	0.000
Total	14.105	17.484
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Directors	1.788	3.763
From Shareholders and Director’s relatives	24.496	12.450
From others	0.000	0.000
Total	26.284	16.213

Banking Relations :	--
Auditors :
Name :	H. Jamnadas and Company Chartered Accountant
Address :	217-219, Heera Panna Complex, Dr. Yagnik Road, Rajkot-360001, Gujarat, India
PAN No.:	AABFH2320P

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(6.501)	(2.153)
NETWORTH		3.499	7.847
LOAN FUNDS
1] Secured Loans		14.105	17.484
2] Unsecured Loans		26.284	16.213
TOTAL BORROWING		40.389	33.697
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		43.888	41.544
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.912	28.310
Capital work-in-progress		8.686	7.438
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		2.906	0.961
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.437	3.366
	Sundry Debtors	3.234	0.145
	Cash & Bank Balances	1.339	6.228
	Other Current Assets	2.850	2.533
	Loans & Advances	0.241	0.270
Total Current Assets		15.101	12.542
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.869	1.451
	Other Current Liabilities	7.780	6.205
	Provisions	0.068	0.051
Total Current Liabilities		11.717	7.707
Net Current Assets		3.384	4.835
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		43.888	41.544

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	8.874	0.711
		Other Income
		TOTAL (A)	8.874	0.711
Less	EXPENSES
		Office Expenses	8.589	2.178
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	8.589	2.178
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.285	(1.467)
Less	FINANCIAL EXPENSES (D)		2.838	0.597
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2.553)	(2.064)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.739	1.051
	PROFIT BEFORE TAX (E-F) (G)		(6.292)	(3.115)
Less	TAX (H)		(1.944)	(0.962)
	PROFIT AFTER TAX (G-H) (I)		(4.348)	(2.153)
	Earnings Per Share (Rs.)		(4.35)	(2.15)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	(48.99)	(302.81)
Return on Total Assets (PBT/Total Assets}	(%)	(14.30)	(7.63)
Return on Investment (ROI) (PBT/Networth)		(1.80)	(0.40)
Debt Equity Ratio (Total Liability/Networth)		14.89	5.28
Current Ratio (Current Asset/Current Liability)		1.29	1.63

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	No
10]	Designation of contact person	No
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	Yes
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	-----
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

PRESENT STATUS AND FUTURE OUTLOOK:

During the financial year covered under audit, the company has achieved a turnover of Rs.8.874 Millions. The Company has earned a Profit of Rs.0.285 Million before depreciation and Interest and incurred Loss of Rs.6.292 Millions after providing for depreciation and interest. The directors are trying their level best to improve the performance of the Company in terms of Turnover and Profitability. The prospects of the Company’s business are bright and positive.

FIXED ASSETS

· Factory Land

· Factory Building

· Electrification

· Machinery

· Plant Equipment

· Laboratory Equipment

· Air Pollution Control

· D. G. Set

· Computer

· Furniture Purchase

· R. O. Water Plant

· Motor Car

· Office Equipment

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 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.54.42
UK Pound	1	Rs.88.29
Euro	1	Rs.71.49

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--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		14

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.