MIRA INFORM REPORT

Report No. :	303148
Report Date :	25.01.2015

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) :	31.03.2014
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 :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 506000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sanjay Darod
Designation :	Purchase Department
Contact No.:	91-9408701744
Date :	20.01.2015

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 www.dukeplastottechnique.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 30.09.2014

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
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
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
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

KEY EXECUTIVES

Name :	Mr. Sanjay Darod
Designation :	Purchase Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Prabhudas P Patel	1100000
Dinesh Kumar K Patel	600000
Bharatbhai Patel	400000
Shantilal N Patel	600000
Ramesh P Patel	1100000
Meenaben P Patel	600000
Pushpaben S Patel	300000
Bhavesh Kumar V Patel	200000
Geetaben D Patel	100000
Total	5000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PVC Pipes.

Products :

Item Code No.	Product Description
84137010	Submersible Pumps
39172950	PVC Pipe

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

PVC Pipes

Countries :

· Africa

· Gulf

· Bangladesh

Import :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Supplier :

Not Divulged

Customers :

End Users

No. of Employees :

700 (Approximately)

Bankers :

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

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Term Loans from banks [The term loans obtained from bank are secured by way of hypothecation of Plant & Machinery and equitable mortgage of Factory land & building.]	8.301	12.253
Short Term Borrowings
Working Capital Loans from Banks [The working capital Facilities from bank have been guaranteed by directors.]	132.720	122.120
Total	141.021	134.373

Banking Relations :	--
Auditors :
Name :	Manubhai and Company Chartered Accountants
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
Memberships :	--
Collaborators :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

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	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	50.000	50.000
(b) Reserves & Surplus	127.017	78.958	37.712
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	177.017	128.958	87.712
(3) Non-Current Liabilities
(a) long-term borrowings	8.031	12.253	18.192
(b) Deferred tax liabilities (Net)	10.264	9.552	12.559
(c) Other long term liabilities	0.200	0.000	31.516
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	18.495	21.805	62.267
(4) Current Liabilities
(a) Short term borrowings	132.720	122.120	136.876
(b) Trade payables	181.226	181.305	195.626
(c) Other current liabilities	12.796	11.170	16.517
(d) Short-term provisions	10.312	8.928	5.450
Total Current Liabilities (4)	337.054	323.523	354.469
TOTAL	532.566	474.286	504.448
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	143.582	124.321	128.798
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.323	1.813
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.021	0.021	0.021
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.886	8.115	4.955
(e) Other Non-current assets	14.589	15.183	11.679
Total Non-Current Assets	168.078	147.963	147.266
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	145.347	151.588	126.057
(c) Trade receivables	189.592	154.161	207.012
(d) Cash and cash equivalents	4.540	0.308	4.257
(e) Short-term loans and advances	22.800	19.079	17.273
(f) Other current assets	2.209	1.187	2.583
Total Current Assets	364.488	326.323	357.182
TOTAL	532.566	474.286	504.448

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1812.385	1629.627	1279.488
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX		71.831	61.765	21.887
Less	TAX		23.772	20.518	8.104
	PROFIT/(LOSS) AFTER TAX		48.059	41.247	13.783
	Earnings Per Share (Rs.)		9.61	8.25	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.65	2.53	1.08
Return on Total Assets (PBT/Total Assets}	(%)	13.49	13.03	4.35
Return on Investment (ROI) (PBT/Networth)		0.41	0.48	0.25
Debt Equity Ratio (Total Debt /Networth)		0.80	1.04	1.77
Current Ratio (Current Asset/Current Liability)		1.08	1.01	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	50.000	50.000	50.000
Reserves & Surplus	37.712	78.958	127.017
Net worth	87.712	128.958	177.017
long-term borrowings	18.192	12.253	8.031
Short term borrowings	136.876	122.120	132.720
Total borrowings	155.068	134.373	140.751
Debt/Equity ratio	1.768	1.042	0.795

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1279.488	1629.627	1812.385
		27.366	11.215

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1279.488	1629.627	1812.385
Profit	13.783	41.247	48.059
	1.08%	2.53%	2.65%

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

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10504832	26/05/2014	550,000.00	BANK OF BARODA	MEHUL - PARK, ABU HIGHWAY CHAR RASTA,, AT: PALANP  UR DIST: BANASKANTHA, PALANPUR, GUJARAT - 385001,  INDIA	C08020430
2	10114557	19/11/2014 *	173,000,000.00	BANK OF BARODA	CHAR RASTA BRANCH, PALANPUR, GUJARAT - 385002, IND  IA	C35316777
3	10126917	19/11/2014 *	173,000,000.00	BANK OF BARODA	CHAR RASTA BRANCH, PALANPUR, GUJARAT - 385002, IND  IA	C35317403

* Date of charge modification

OPERATIONS:

The directors have pleasure to inform that the company has achieved income of Rs. 1812.385 Millions during the year and earned net profit after tax is Rs.48.059 Millions After Provision of Income Tax of Rs 23.772 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 financial position and for the sustainable growth of the company.

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 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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KRN
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.