MIRA INFORM REPORT

Report Date :

15.07.2013

IDENTIFICATION DETAILS

Name :	LIRCO COMPOSITES PRIVATE LIMITED
Registered Office :	Plot No.528, At.Village Sampa, Dehgam Rakhiyal Road, Taluka Dehgam, District Gandhinagar, Dehgam – 382315, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.11.2011
Com. Reg. No.:	04-067976
Capital Investment / Paid-up Capital :	Rs. 0.300 Million
CIN No.: [Company Identification No.]	U25202GJ2011PTC067976
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Single Layer WPC, PVC, Roof Proof Boards, Multilayer PVC and WPC, Industrial PVC from Board Sheet, etc.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 33000
Status :	Recently commenced its commercial activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Eventhough the company was incorporated as on November 25, 2011, it has recently commenced its business operations from October 2012. Mr. Arvind Patel, the Director has provided full information and confirmed that the company has achieved minimal sales turnover during October 2012 to March 2013. However, trade relations are improving. Business is active. Payment terms are unknown. The company can be considered for business dealing 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

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. Arvind Vastaram Patel
Designation :	Director
Contact No.:	91-9825356790
Date :	06.07.2013

LOCATIONS

Registered Office / Corporate Office / Factory :	Plot No.528, At.Village Sampa, Dehgam Rakhiyal Road, Taluka Dehgam, District Gandhinagar, Dehgam – 382315, Gujarat, India
Tel. No.:	91-2712-321719
Mobile No.:	91-9825511107 (Mr. Prakash) 91-9825356790 (Mr. Arvind Vastaram Patel)
Fax No.:	Not Available
E-Mail :	lircocom@gmail.com info@lirco.in vijaypatel.cs@gmail.com
Website :	http://lirco.in
Area :	7000 Sq. ft.
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Arvind Vastaram Patel

Designation :

Director

Address :

2, Vinayak Park, Behind Atithi Hotel, Dehgam, District Gandhinagar – 382305, Gujarat, India

Date of Birth/Age :

02.01.1972

Date of Appointment :

25.11.2011

DIN No.:

00642946

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	U17119GJ1998PTC034524	BANSIDHAR COTTON PROCESSING PRIVATE LIMITED	Director	13/08/1998	13/08/1998	-	Active	NO
2	U25202GJ2011PTC067976	LIRCO COMPOSITES PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Active	NO

Name :

Mr. Prakash Ambalal Patel

Designation :

Director

Address :

Panchawati Farm, Dehgam, District Gandhinagar – 282305, Gujarat, India

Date of Birth/Age :

30.11.1978

Date of Appointment :

25.11.2011

DIN No.:

02599086

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
1	U35914GJ1995PTC026652	VINAYAK COLD STORAGE PVT LTD	Director	04/01/2007	04/01/2007	-	Active
2	U25202GJ2011PTC067976	LIRCO COMPOSITES PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Active

Name :

Mr. Jagdish Chunilal Patel

Designation :

Director

Address :

Vinayak Park-2, Behind Atithi Hotel Dehgam, District Gandhinagar – 282305, Gujarat, India

Date of Birth/Age :

29.04.1983

Date of Appointment :

25.11.2011

DIN No.:

03300279

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	U17119GJ1998PTC034524	BANSIDHAR COTTON PROCESSING PRIVATE LIMITED	Director	30/09/2010	31/08/2010	-	Active	NO
2	U25202GJ2011PTC067976	LIRCO COMPOSITES PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Arvind Vastaram Patel	10000
Prakash Ambalal Patel	10000
Jagdish Chunilal Patel	10000
Total	30000

As on 07.11.2012

Names of Allottees	No. of Shares
Vastaram Kanjibhai Patel	64500
Arvind Vastaram Patel	50000
Chhaganlal Vastaram Patel	7500
Anil Chunilal Patel	1000
Chunilal Kanjibhai Patel	81000
Jagdish Chunilal Patel	7500
Javerben Chunilal Patel	2500
Gangaram Jayantilal Patel	42400
Jayantilal Kanjibhai Patel	50000
Kishore J. Patel	3600
Amitkumar Valjibhai Patel	27500
Amitkumar Valjibhai Patel HUF	10000
Chandrakant Valjibhai Patel	32500
Hansaben Hareshbhai Patel	13750
Hareshbhai Valjibhai Patel	22500
Premilaben Chandrakant Patel	33750
Valji Premjibhai patel HUF	10000
Ambalal Punjabhai Patel	14000
Parkash Ambalal Patel	35000
Punjabhai Ramjibhai Patel	1000
Chirag Rameshbhai Patel	17500
Dhiren Rameshbha Patel	42500
Total	570000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Single Layer WPC, PVC, Roof Proof Boards, Multilayer PVC and WPC, Industrial PVC from Board Sheet, etc.
Products :	· Single Layer WPC · Single Layer PVC · Multiple Layer WPC · Multiple Layer PVC · Moisture Resistant Boards · Root Proof Boards · PVC Board · Root Proof · Industrial PVC Foam Board · PVC Foam Board Sheet · Industrial PVC Foam Board Sheets · WPC Board · WPC Board Sheet · WPC Foam Board Sheet · WPC Foam Board
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :	Meet Marketing, Ahmedabad, Gujarat, India
Customers :	End Users · Rajpriya Reality Private Limited, Ahmedabad, Gujarat, India
No. of Employees :	20 (Approximately)
Bankers :	· The Union Co-Operative Bank Limited, H.O. Naroda, Naroda, Ahmedabad - 382330, Gujarat, India · ICICI Bank Limited, Dehgam Branch · State Bank of India

Banking Relations :	---
Auditors :
Name :	Patel Mohan Ramesh and Company Chartered Accountants
Address :	C-20, 2nd Floor, Galaxy Avenue, National Highway-8, Naroda - 382330, Ahmedabad, Gujarat, India
Tel. No.:	91-2712-22813383
PAN No.:	AABFP5408N
Memberships :	· Indian Green Building Council · Plastic Export Promotion Council · AIPMA (All India Plastics Manufacturers association)

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

As on 31.03.2012

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
30000	Equity Shares	Rs.10/- each	Rs.0.300 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.300
(b) Reserves & Surplus	0.000
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	8.165
Total Shareholders’ Funds (1) + (2)	8.465
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.000
(c) Other current liabilities	0.045
(d) Short-term provisions	0.000
Total Current Liabilities (4)	0.045
TOTAL	8.510
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	1.191
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.045
(e) Other Non-current assets	0.000
Total Non-Current Assets	1.236
(2) Current assets	0.000
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	0.600
(e) Short-term loans and advances	6.674
(f) Other current assets	0.000
Total Current Assets	7.274
TOTAL	8.510

Particulars	October 2012- 2013
Sales Turnover (Approximately)	2.500

Expected Sales (2013-14) : Rs.15.000 Millions

The above information has been parted by Mr. Arvind Vastaram Patel

KEY RATIOS

PARTICULARS	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	0.00
Current Ratio (Current Asset/Current Liability)	161.64

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 one year	Yes
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
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 (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
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

CAPITAL WORK:

Civil construction work of factory shed is completed in the August, 2012. Installation of Plant and Machinery is in progress and expected to be completed at the end of October, 2012. Approximate 1-2 months will be taken for set up production and company will ready to start full fledge production in beginning of the next calendar year.

TRADE REFERENCE:

· Meet Marketing, Ahmedabad, Gujarat, India

· Rajpriya Reality Private Limited, Ahmedabad, Gujarat, India

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.59.90
UK Pound	1	Rs.90.88
Euro	1	Rs.78.32

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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

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.