MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Name :	ROOP POLYMERS LIMITED
Registered Office :	1^st Floor, Hasan Building, Near Minerva Cinema, Kashmere Gate, Delhi-110 006
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	20.05.1996
Com. Reg. No.:	55-79003
CIN No.: [Company Identification No.]	U18101DL1996PLC079003
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer and Exporter of Rubber and Plastic for Auto Components

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 890000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Ms. Pooja Nirmal
Designation :	Company Secretary
Date :	13.01.2011

LOCATIONS

Registered Office :	1^st Floor, Hasan Building, Near Minerva Cinema, Kashmere Gate, Delhi-110 006, India
E-Mail :	lalit.kaul@rooppolymers.com
Website :	www.roopindia.com
Factory 1 :	Plot No.30, IMT, Sector-3, Manesar, Gurgaon-122 002, Haryana, India
Tel. No.:	91-124-4610801/899
Fax No.:	91-124-4369692
Factory 2/ Head Ofice :	27, IDC, Mehravli road, Gurgaon-122 001, Haryana, India
Tel. No.:	91-124-5081970/2362936-37/22622027-28/5084096
Fax No.:	91-124-2362836/2327403
E-Mail :	roopggn@nda.vsnl.com
Area :	2500 sq. ft.
Location :	Owned
Factory 3 :	68, Roz-Ka- Meo Industrial Area, Sohna, Gurgaon, Haryana, India
Area :	1000 sq. ft.
Location :	Owned
Overseas Offices:	Located At: · USA · France

DIRECTORS

As on 30.09.2010

Name :	Mr. Anil Jain
Designation :	Managing Director
Address :	L-26/05, DLF Phase - 11, Gurgaon- 122 001, Haryana, India
Date of Appointment :	20.05.1996
Name :	Mr. Hitesh Jain
Designation :	Whole Time Director
Address :	103-L, New Colony, Gurgaon – 122001, Haryana, India
Date of Appointment :	20.05.1996
Name :	Mr. Mohit Oswal
Designation :	Director
Address :	103-L, New Colony, Gurgaon – 122001, Haryana, India
Date of Appointment :	20.05.1996
Name :	Mr. Prem Kurnar
Designation :	Director
Address :	B-361174, Vikas Nagar, Pakhowal Road, Ludhiana- 14 1002, India
Date of Appointment :	20.05.1996
Name :	Mr. R. S. Kundi
Designation :	Director
Address :	258-B, Sector - 14, Gurgaon- 1 2200 1, Haryana, India
Date of Appointment :	20.05.1996
Name :	Mr. Rishi Jain
Designation :	Director
Address :	103-L, New Colony, Gurgaon – 122001, Haryana, India
Date of Appointment :	04.08.2010

KEY EXECUTIVES

Name :	Ms. Pooja Nirmal
Designation :	Company Secretary
Address :	46D/3, Gopal Nagar, Near City Bus Stand, Gurgaon- I2200 1, Haryana, India
Date of Appointment :	17.07.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Anil Jain	1472700
Mohit Oswal	157100
Hitesh Jain	778200
Anju Jain	100400
Meenakshi Jain	99500
Sarita Oswal	80000
Meenakshi Kilm	80000
Roop Runbber Mills Limited	2670100
Roop Automotives Limited	60100
Technico Agencies Private Limited	60000
M. S. Capital and Management Services Limited	75000
Kush Leasing Private Limited	75000
M. S. Leasing Private Limited	50000
Sudhir	226020
Prateek Securities Private Limited	50000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	46.00
Directors or relatives of directors	46.73
Other top fifty shareholders	7.27
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Rubber and Plastic for Auto Components
Products :	Moulded/ Extruded Rubber Parts
Exports :
Products :	Rubber and Plastic
Countries :	· Israel · China
Imports :
Products :	Raw Material
Countries :	· Israel · China
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

No. of Employees :

1400 (Office-100, Factory-1300) (Approximately)

Bankers :

· Citi Bank N.A, Jeevan Bharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi - 110001, Delhi, India

· State Bank of India

· HDFC Bank

· HSBC Bank

· ICICI Bank

· Punjab and National Bank

· Axis Bank

· Centurian Bank

Facilities :

Secured Loans :	As on 31.03.2009 Rs. in Millions	As on 31.03.2008 Rs. in Millions
Working Capital from HSBC	14.594	1.294
Term Loan Citi Bank Limited	111.250	159.829
Working Capital from Citi Bank	27.394	7.012
Maruti Udyog Car Loan	0.841	1.013
ICICI Bank Limited, Car Loan	0.000	0.077
Term Loan from SBI	19.821	11.733
Working Capital Loan from SBI	3.660	7.245
HDFC Bank Swaraj Mazada Loan	0.582	0.00
HSBC Term Loan	4.400	29.650
HSBC Buyers Credit	34.289	0.000
HSBC (Factoring Limit)	6.015	16.819
Total	222.846	234.672

Unsecured Loans :	As on 31.03.2009 Rs. in Millions	As on 31.03.2008 Rs. in Millions
Sales Tax Deferment	15.767	15.768
Hero Honda Motor Limited Customer Advance	0.000	1.335
Total	15.767	17.103

Notes:

· Working capital facilities from CITI Bank are secured by first pari passu charge on all Present and Future Receivables, Stocks and Inventories of the company.

· Working capital facilities from HSBC are secured by first passu charge on all present and future stocks and receivables

· HSBC term loan and Buyers credit are secured by first and exclusive charge over the fixed assets procured out of the loan financed by HSBC Limited and exclusive charge on industrial Plot No.827/6/31, Near Railway Road, Gurgaon and 2^nd property No.25, IDC Industrial Area, Gurgaon and personal guarantee of directors Mr. Mohil Oswal, Mr. Anil Jain, Mr. Hitesh Jain

· SBI term loan are secured by first charge on all the entire fixed assets of the company except assets financed by CITI Bank and HSBC including equitable Morgaged of factory Land and Building at 68, Roz-ka-Meo, Industrial Are, Sohan and second charge on the current assets of the company, personnel guarantee of Directors Mr. Mohil Oswal, Mr. Anil Jain, Mr. Hitesh Jain and corporate gurantee of Roop Rubber Mills Private Limited and Equitable mortgaged of 500 sq. yards plot No.27, IDC Mehrauli Road, Gurgaon and Sohna Plant.

· Working capital facilities from SBI Bank are secured by first pari passu charge on all the current assets of the company both present and future and second charge on fixed assets of the company. Personal guarantee of Directors Mr. Mohit Oswal, Mr. Anil Jain, Mr. Hitesh Jain and corporate gurantee of Roop Rubber Mills Private Limited and Equitable mortgaged of 500 sq. yards plot No.27, IDC Mehrauli Road, Gurgaon

· City Bank Term loan are secured by first and exclusive charge over the fixed assets priocured out of term loan financed by Citi Bank Limited and first and exclusive charge on land and Building situated at Plot No.30, IMT Manesar, Gurgaon, Haryana, India and at plot No.19, Sector-9 IIE, Pant Nagar, Uttaranchal, India and Personal guarantee of Directors Mr. Mohit Oswal, Mr. Anil Jain, Mr. Hitesh Jain

· Secured by vehicle procured out of the loan financed by the respective bank/company

Banking Relations :	-
Auditors :
Name :	Scan Associated Chartered Accountants
Address :	108, Aradhana Bhawan, Azadpur Commercial Cmplex, Delhi-110 0033, India
Tel. No.:	91-11-27671631/27672697

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7245000	Equity Shares	Rs.10/- Each	Rs.72.450 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6847120	Equity Shares	Rs.10/- Each	Rs.68.471 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		68.471	48.471	48.471
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		152.816	132.976	134.983
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		221.287	181.447	183.454
LOAN FUNDS
1] Secured Loans		222.848	234.672	211.734
2] Unsecured Loans		15.767	17.103	15.479
TOTAL BORROWING		238.615	251.775	227.213
DEFERRED TAX LIABILITIES		2.159	2.508	6.677
TOTAL		462.061	435.730	417.344
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		359.376	360.526	208.452
Capital work-in-progress		5.757	1.854	140.341
INVESTMENT		14.137	10.705	2.565
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.866	55.062	42.567
	Sundry Debtors	234.291	164.102	129.349
	Cash & Bank Balances	11.901	15.403	11.980
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.152	38.138	49.246
Total Current Assets		345.210	272.705	233.142
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	223.998	177.350	138.827
	Other Current Liabilities	30.346	28.901	19.867
	Provisions	8.075	3.809	12.913
Total Current Liabilities		262.419	210.060	171.607
Net Current Assets		82.791	62.645	61.535
MISCELLANEOUS EXPENSES		0.000	0.000	4.451
TOTAL		462.061	435.730	417.344

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	827.388	713.384	602.771
		Other Income	6.011	5.839	1.276
		Profit on sale of Fixed Assets	(0.032)	0.071	0.018
		TOTAL (A)	833.367	719.294	604.065
Less	EXPENSES
		Raw Material Consumed	444.924	402.300	348.817
		Manufacturing and Other Expenses	184.790	166.555	126.073
		Personnel Expenses	43.095	38.102	26.360
		Administrative Expenses	28.660	24.672	18.951
		Selling and Distribution Expenses	23.148	17.487	13.454
		Fringe Benefit Tax-A/Y 2009-2010	0.690	0.662	0.462
		Increase/ (Decrease) in finished goods and WIP	(8.288)	(12.870)	(10.936)
		TOTAL (B)	717.019	636.908	523.181
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		116.348	82.386	80.884
Less	FINANCIAL EXPENSES (D)		27.075	21.485	7.142
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.273	60.901	73.742
Less/ Add	DEPRECIATION/ AMORTISATION (F)		65.450	63.268	30.977
	PROFIT BEFORE TAX (E-F) (G)		23.823	(2.367)	42.765
Less	TAX (H)		3.983	(0.360)	15.607
	PROFIT AFTER TAX (G-H) (I)		19.840	(2.007)	27.158
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		132.976	134.983	107.835
	BALANCE CARRIED TO THE B/S		152.816	132.976	134.983
	Earnings Per Share (Rs.)		3.00	-	-

Expected Sales (2010-2011) : Rs.1250.000 millions

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	2.38	(0.29)	4.50
Net Profit Margin (PBT/Sales)	(%)	2.88	(0.33)	7.09
Return on Total Assets (PBT/Total Assets}	(%)	3.38	(0.33)	9.68
Return on Investment (ROI) (PBT/Networth)		0.11	(0.01)	0.23
Debt Equity Ratio (Total Liability/Networth)		2.26	2.55	2.17
Current Ratio (Current Asset/Current Liability)		1.32	1.30	1.36

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)	31.03.2007 (Rs. in millions)
Sundry Creditors	223.998	177.350	138.827

Performance of the Company:

During the year the company has earned a profit after tax of Rs.19.840 millions as compared to the previous year’s loss of Rs.2.007 millions

Bankers Charges Report as per Registry

Corporate identity number of the company	U18101DL1996PLC079003
Name of the company	ROOP POLYMERS LIMITED
Address of the registered office or of the principal place of business in India of the company	1^st Floor, Hasan Building, Near Minerva Cinema, Kashmere Gate, Delhi-110 006, India
This form is for	Modification of charge
Charge identification number of the modified	10023773
Type of charge	Book Debts Immovable Property Others Stocks
Particular of charge holder	Citi Bank N.A, Jeevan Bharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi - 110001, Delhi, India
Nature of description of the instrument creating or modifying the charge	No Objection Certificate for released the property located at Plot No. 30, Sector 3, IMT Manesar, Haryana.
Date of instrument Creating the charge	01.11.2010
Amount secured by the charge	Rs.38.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms and as may be decided by the bank and company mutually from time to time. Terms of Repayment Repayable on demand, annually renewable. Margin Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the bank. Extent and Operation of the charge First Pari Passu Charge on all present and future receivables, stocks and inventories of the borrower and exclusive charge by equitable mortgage of land and building situated at Plot No-19, Sector-9, IIE Pantnagar, Uttaranchal in favour of Citibank N.A Delhi for the repayment of all monies in respect of the credit facility, including outstanding balance and also all interest, costs, charges and expenses.
Short particulars of the property charged	All present and future receivables, stocks and inventories of the borrower. Land and building situated at Plot No-19, Sector-9, IIE Pantnagar, Uttaranchal.
Date of latest modification prior to the present modification	25.08.2007
Particulars of the present modification	By this modification the property located at Plot No. 30, Sector 3, IMT Manesar, Haryana has been released and overall limit remains the same at Rs.38.000 millions. The charge is secured now, by first Pari Passu Charge on all present and future receivables, stocks and inventories of the borrower and exclusive charge by equitable mortgage of land and building situated at Plot No-19, Sec.-9, IIE Pantnagar, Uttaranchal. All other terms and condition continue to remains as before in full force and effect.

Fixed Assets:

· Land

· Building

· Furniture and Fixture

· Moulds

· Cycle

· Electrical Fitting

· Air Conditioner

· Refrigerator

· Plant and machinery

· Fire Fighting Equipments

· Vehicle

· Computer

· Office Equipments

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 records 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.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.