MIRA INFORM REPORT

Report Date :

13.06.2013

IDENTIFICATION DETAILS

Name :	ACCURA POLYTECH PRIVATE LIMITED
Registered Office :	8 Ajitnath Society, Near Puckit High School, Paldi, Ahmedabad – 380007, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.10.1993
Com. Reg. No.:	04-020444
Capital Investment / Paid-up Capital :	Rs. 25.000 Millions
CIN No.: [Company Identification No.]	U25209GJ1993PTC020444
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of UPVC Profiles.
No. of Employees :	30 (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 113000
	Status :			Moderate
	Payment Behaviour :			Slow but Correct
	Litigation :			Clear
	Comments :			Subject is an established company having a moderate track record. The reserves of the company appear to be low but improving. The company has modest scale of operation. There appears some dip in the turnover and sharp dip in its profits during 2012. However, trade relations are fair. Business is active. Payment terms are 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 – 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. H. R. Shukla
Designation :	Managing Director
Contact No.:	91-9825071770
Date :	28.05.2013

LOCATIONS

Registered Office :	8 Ajitnath Society, Near Puckit High School, Paldi, Ahmedabad – 380007, Gujarat, India
Tel. No.:	91-79-26630154
Mobile No.:	91-9825071770 (Mr. H R Shukla)
Fax No.:	91-79-26633668
E-Mail :	accucel@gmail.com accucel@icenet.net
Website :	http://www.accucelUPVC.com
Area :	1000 sq. ft
Location :	Owned
Factory :	Kailash Industrial Estate, Village : Iyava, Taluka Sanand, Ahmedabad, Gujarat, India
Tel. No.:	91-2717-284349 / 284490
Fax No.:	91-2717-284349
Website :	http://www.accurapolytech.com
Area :	15000 sq. yard
Location :	Owned

DIRECTORS

As on : 29.09.2012

Name :

Mr. Hasmukh Ramnlal Shukla

Designation :

Director

Address :

8, Ajit Nath Society, Near Fateh Wadi Water Tank, Anand Nagar Vasna, Ahmedabad – 380007, Gujarat, India

Date of Appointment :

18.10.1993

DIN No.:

01825664

Name :

Mr. Rasiklal Rattilal Thakker

Designation :

Director

Address :

P.O. Box No – 61239, Jebel Ali Free Zone, Dubai, 61239, United Arab Amirates

Date of Appointment :

18.10.1993

DIN No.:

00539051

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	U25209GJ1993PTC020444	ACCURA POLYTECH PVT LTD	Director	18-10-93	18-10-93	-	Active	NO
2	U99999MH2003PTC157291	FLEMINGO (DFS) PRIVATE LIMITED	Director	05-03-04	05-03-04	-	Active	NO
3	U74999MH2004PTC144881	FLEMINGO DUTYFREE SHOP PRIVATE LIMITED	Director	05-03-04	05-03-04	-	Active	NO

Name :

Mr. Burjor Sorabji Cooper

Designation :

Director

Address :

10, Darbhanga Mansion, 12, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

22.02.1995

DIN No.:

00017537

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	U25209GJ1993PTC020444	ACCURA POLYTECH PVT LTD	Director	22-02-95	22-02-95	-	Active	NO
2	L61100MH1976PLC019229	GLOBAL OFFSHORE SERVICES LIMITED	Director	22-05-04	22-05-04	-	Active	NO

Name :

Mr. Aparna Hasmukh Shukla

Designation :

Director

Address :

8, Ajit Nath Society, Near Fateh Wadi Water Tank, Anand Nagar Vasna, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

03.05.1962

Date of Appointment :

05.08.2011

DIN No.:

03289030

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Rasiklal R Thakkar and Sharda R. Thakkar	2266000
Hasmukh R Shukla and Aparna H. Shukla	35110
Ramanlal J Shukla	2000
Jyoti D. Shukla and Aprna H. Shukla	4000
Aprna H. Shukla and H. R Shukla	2910
Aprna H. Shukla and Shital Shukla	50000
Aprna H. Shukla and Shaily Shukla	140000
Total	2500020

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of UPVC Profiles.
Exports :
Products :	UPVC Profiles
Countries :	· USA · Africa
Terms :
Selling :	Credit (30 days)
Purchasing :	Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

30 (Approximately)

Bankers :

Union Bank of India, C G Road Branch, Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
Term Loans from UBI	7.129	0.000
Working Capital loan from Banks	14.776	10.462
Total	21.905	10.462

Note :

1. Term Loan from UBI IS secured against hypothicatlon of Plant and Machneries and further guaranteed by personal guarantee of Directors of the company and further secured by way of first charge on fixed assets of the company

2. Working Capital loans from banks are secured against the hypothecation of the company stock in trade and book debts and further secured by personal guarantee of Directors.

Auditors :
Name :	Chandravadan A Shah and Company Chartered Accountants
Address :	801- A, Sahajanand Complex, Shahibaug Road, Ahmedabad-380 004, Gujarat, India
Tel. No.:	91-79-25622206 / 26852895
E-Mail :	cashah52@yahoo.cojin
PAN No :	ACAPS7121C

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500020	Equity Shares	Rs. 10/- each	Rs. 25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.000	25.000
(b) Reserves & Surplus	3.422	2.564
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	8.190	0.095
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	14.776	11.021
(b) Trade payables	3.805	1.282
(c) Other current liabilities	4.210	1.361
(d) Short-term provisions	0.213	0.000
TOTAL	59.616	41.323
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.039	15.448
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.206	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.744	0.496
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	14.712	10.460
(c) Trade receivables	16.688	12.765
(d) Cash and cash equivalents	0.436	0.319
(e) Short-term loans and advances	11.791	1.835
(f) Other current assets	0.000	0.000
TOTAL	59.616	41.323

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.000
2] Share Application Money		0.000
3] Reserves & Surplus		1.644
4] (Accumulated Losses)		(0.736)
NETWORTH		25.908
LOAN FUNDS
1] Secured Loans		12.738
2] Unsecured Loans		1.584
TOTAL BORROWING		14.322
DEFERRED TAX LIABILITIES		0.000
TOTAL		40.230
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.730
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.917
	Sundry Debtors	12.047
	Cash & Bank Balances	0.279
	Other Current Assets	0.000
	Loans & Advances	1.604
Total Current Assets		30.847
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.252
	Other Current Liabilities	0.095
	Provisions	0.000
Total Current Liabilities		7.347
Net Current Assets		23.500
MISCELLANEOUS EXPENSES		0.000
TOTAL		40.230

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	41.166	50.108	35.355
		Other Income	0.118	0.181	0.450
		TOTAL (A)	41.284	50.289	34.905
Less	EXPENSES
		Raw Materials and Infilled Consumption	28.097	25.201
		Changes in Inventories of Stock in trade	(3.740)	5.815
		Employee Benefits Expenses	3.483	4.672
		Other Expenses	8.784	11.462
		TOTAL (B)	36.624	47.150	30.768
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.660	3.139	4.137
Less	FINANCIAL EXPENSES (D)		2.119	1.695	1.973
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.541	1.444	2.164
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.469	1.476	1.427
	PROFIT BEFORE TAX (E-F) (G)		1.072	(0.032)	0.737
Less	TAX (H)		0.213	(1.688)	0.111
	PROFIT AFTER TAX (G-H) (I)		0.859	1.656	0.626
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.920	(0.736)	(1.363)
	BALANCE CARRIED TO THE B/S		1.779	0.920	(0.736)
	Earnings Per Share (Rs.)		0.34	0.66	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	45.000

Expected Sales (2013-2014) : Rs. 65.000 Millions

The above information has been parted by Mr. H. R. Shukla

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.08	3.29	1.79
Net Profit Margin (PBT/Sales)	(%)	2.60	(0.06)	2.08
Return on Total Assets (PBT/Total Assets}	(%)	1.83	(0.08)	1.55
Return on Investment (ROI) (PBT/Networth)		0.04	(0.00)	0.03
Debt Equity Ratio (Total Debt /Networth)		0.81	0.40	0.55
Current Ratio (Current Asset/Current Liability)		1.90	1.86	4.20

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	Yes
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)	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

REVIEW OF BUSINESS:

Increase in the profit up to Rs. 1.778 Millions which was made possible through inserting capital equipment last year and better production planning. Directors are exploring various other opportunities to further improve the working results during the current year.

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Swastic Sales Services ( Deposit )	0.095	0.095
Loan from HDFC Bank	0.966	0.000
Reliance Business Loan	0.000	0.559
Total	1.061	0.654

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U25209GJ1993PTC020444
Name of the company	ACCURA POLYTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	8 Ajitnath Society, Near Puckit High School, Paldi, Ahmedabad – 380007, Gujarat Email : accucel@gmail.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80020978
Type of charge	Immovable Property
Particular of charge holder	Union Bank of India, C G Road Branch, Navrangpura, Ahmedabad - 380009, Gujarat, India Email : cbscgroad@unionbankofindia.com
Nature of instrument creating charge	MEMORANDUM OF ENTRY
Date of instrument Creating the charge	23/03/2012
Amount secured by the charge	Rs. 27.074 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Cash Credit : BR+3.75% Term Loan : BR+4.50% Term Loan New : BR+4.50% Letter of Guarantee: Usual Terms of Repayment : Cash Credit : Amount Repayable on Demand Term Loan Old : As per Principal Term Loan Agreement. Term Loan New : 60 Equal Monthly Installments starts from July-2012 plus interest. Margin : Terms and conditions in respect of Margin as contained in Principal as well as Supplemental Hypothecation deed, shall continue to apply and subsists for enhanced and modified credit facilities. Extend and operation of the charge : Charge operate as a first charge on companies Immovable properties to secure enhanced Fund Based and Non-Fund Based various Credit Facilities aggregating to Rs 27.074 Millions together with interest, additional interest, penal interest, commission, premia on prepayment, costs, charges, expenses, and all other monies payable by the company. Others : Details Breakup of Credit facilities are given hereunder. 1. Cash Credit : Rs.15.000 Millions 2. Term Loan Old : Rs. 0.174 Million 3. Term Loan New : Rs. 9.500 Millions 4. Letter of Guarantee : Rs. 2.400 Millions Total Rs. 27.074 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Short particulars of the property or asset(s) charged
Date of instrument modifying the charge	16/02/2008
Particulars of the present modification	Charge created on Immovable Property, shall be further extended and shall also be a continuing security to secure the further aggregate limit of Rs.27.074 Millions

FIXED ASSETS :

· Land and Land Development

· Building and Road Construction

· Building (Under Construction)

· Plant and Machineries

· Electric Fittiongs

· Furnitures and Fixtures

· Vehicles

· Technical Know How

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. 58.27
UK Pound	1	Rs. 91.16
Euro	1	Rs. 77.50

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	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
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.