MIRA INFORM REPORT

Report Date :

13.06.2011

IDENTIFICATION DETAILS

Name :	RISHIROOP POLYMERS PRIVATE LIMITED (w.e.f. 21.12.2006)
Formerly Known As :	RISHIROOP ORGANICS PRIVATE LIMITED
Registered Office :	65, Atlanta, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.12.1989
Com. Reg. No.:	11-054651
Capital Investment / Paid-up Capital :	Rs.27.516 millions
CIN No.: [Company Identification No.]	U24100MH1989PTC054651
TAN No.: [Tax Deduction & Collection Account No.]	MUMR16127G/ MUMR14848B/ NSKR00069G
PAN No.: [Permanent Account No.]	AAACR0422J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Rubber Chemicals, Synthetic Rubber, Plastic Resins.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1396000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	Mr. Arvind Kapoor
Designation :	Director
Contact No.:	91-22-22825200
Date :	11.06.2011

LOCATIONS

Registered Office :	65, Atlanta, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22825209/ 40952000
Fax No.:	91-22-22872796
E-Mail :	sales@rishiroop.com akapoor@rishiroop.com
Website :	www.rishiroop.com
Area :	3000 sq ft
Location :	Owned

DIRECTORS

As on 11.08.2010

Name :	Mr. Mahendra Rooplal Kapoor
Designation :	Director
Address :	12, Manhar Oak, L.D. Ruparel Cross Lane, Malabar Hill, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	03.04.1924
Date of Appointment :	15.12.1989
DIN No.:	00026557
Name :	Mr. Arvind Mahendra Kapoor
Designation :	Director
Address :	12, Manhar Oak, L.D. Ruparel Cross Lane, Malabar Hill, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	20.01.1954
Date of Appointment :	15.12.1989
DIN No.:	00002704
Name :	Mr. Aditya Arvind Kapoor
Designation :	Director
Address :	12, Manhar Oak, L.D. Ruparel Cross Lane, Malabar Hill, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	11.12.1982
Date of Appointment :	22.11.2006
DIN No.:	00003019
Directorship in other companies :	CIN of company: U67120MH1984PTC032928 Name of the company: Rishiroop Holding Private Limited Designation: Director
Partnership held in partnership firm :	Name of partnership firm: Puneet Polymers Address: 65, Atlanta, Nariman Point, Mumbai – 400 021, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 11.08.2010

Names of Shareholders	No. of Shares
M.K. Kapoor	74510
Arvind M. Kapoor	41441
M.K. Kapoor HUF	11622
Arvind M. Kapoor HUF	7382
Gouri A. Kapoor	15981
Aditya Kapoor	14467
Shradha Khanna	13698
Rishiroop Investment and Trading Company Private Limited, India	25000
Rishiroop Holding Private Limited, India	53262
Devi Organics Private Limited, India	17800
Total	275163

As on 11.08.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	34.92
Directors or relatives of directors	65.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Rubber Chemicals, Synthetic Rubber, Plastic Resins.

Products :

Item Code No. (ITC Code)	39139001
Product Description	Chlorinated Rubber
Item Code No. (ITC Code)	3823.90
Product Description	Chlorinated Paraffin

Agencies Held :

Korea Khumo Petrochemicals Company Limited, Korea

Imports :

Products :

Chemicals

Countries :

Korea, USA

Terms :

Selling :

Cash and Credit (30/ 60/ 90 days)

Purchasing :

Cash and Credit (30/ 60/ 90 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users and OEM’s

No. of Employees :

30 (Approximately)

Bankers :

v Kotak Mahindra Bank, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Bank of Baroda, Vapi Industrial Estate Branch, G.I.D.C., Vapi – 396 195, Gujarat, India

v ICICI Bank Limited

v HDFC Bank Limited

Facilities :

Cash Credit – Rs.22.000 millions

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
1. Short Term Loan
HDFC Bank Limited (Secured by Mortgage of Office Premises at Mumbai)	4.325	4.968
ICICI Bank Limited (Secured against Hypothecation of Motor Car)	3.273	0.414
2. Cash Credit – Kotak Mahindra Bank Limited (Secured against the First Charge on all present and future Current and Movable Assets, Land and Building at Vapi, Personal Guarantee of Director’s)	0.000	0.144
Total	7.598	5.526

Banking Relations :	--
Auditors :
Name :	Jayesh Dadia and Associates Chartered Accountants
Address :	422, Arun Chambers, Tardeo, Mumbai – 400 034, Maharashtra, India
Tel. No.:	91-22-66602417/ 66601056
Fax No.:	91-22-66602418
E-Mail :	info@jdaca.com
Website :	www.jdaca.com
Group Companies :	Puneet Polymers Address: 65, Atlanta, Nariman Point, Mumbai – 400 021, Maharashtra, India Line of Business: Manufacturing of Factice. Puneet Resins Limited Address: 65, Atlanta, Nariman Point, Mumbai – 400 021, Maharashtra, India Line of Business: Manufacturing PVC/NBR and Trading Rubber, Plastics and Rubber Chemicals. Rishiroop Rubber (International) Limited, Ankleshwar Line of Business: Manufacturing Chlorinated Rubber. Rishichem Distributors Private Limited, Mumbai, Nariman Point Line of Business: Trading and Distribution of Specialty Chemicals.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
285000	Equity Shares	Rs.100/- each	Rs.28.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
275163	Equity Shares	Rs.100/- each	Rs.27.516 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		27.516	27.516	27.516
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		321.508	257.217	212.380
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		349.024	284.733	239.896
LOAN FUNDS
1] Secured Loans		7.598	5.526	7.388
2] Unsecured Loans		0.000	0.000	7.537
TOTAL BORROWING		7.598	5.526	14.925
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		356.622	290.259	254.821
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.858	94.053	100.652
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		190.604	146.420	79.524
DEFERREX TAX ASSETS		3.653	2.290	1.591
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.196	12.376	16.011
	Sundry Debtors	36.667	18.874	26.095
	Cash & Bank Balances	11.251	2.233	2.806
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	103.385	76.312	69.754
Total Current Assets		170.499	109.795	114.666
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.613	2.597	5.272
	Other Current Liabilities	3.226	2.555	3.402
	Provisions	90.153	57.147	32.938
Total Current Liabilities		100.992	62.299	41.612
Net Current Assets		69.507	47.496	73.054
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		356.622	290.259	254.821

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales & Service Income	166.062	126.113	121.774
		Other Income	11.175	13.191	8.540
		TOTAL	177.237	139.304	130.314
Less	EXPENSES
		Office Expenses	69.260	60.899	69.436
		Administrative Expenses
		Advertising Expenses
		TOTAL	69.260	60.899	69.436
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		107.977	78.405	60.878
Less/ Add	DEPRECIATION/ AMORTISATION		4.797	2.986	2.930
	PROFIT BEFORE TAX		103.180	75.419	57.948
Less	TAX		31.649	23.201	15.998
	PROFIT AFTER TAX		71.531	52.218	41.950
	Add: Earlier provision for tax written back		0.000	0.002	0.013
	Earlier provision for Depreciation written back		0.000	0.000	1.648
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		166.251	120.250	82.857
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	3.000	3.000
		Interim Dividend	2.752	1.376
		Tax on Interim Dividend	0.467	0.234
		Final Dividend	1.376	1.376	3.219
		Tax on Final Dividend	0.229	0.234
	BALANCE CARRIED TO THE B/S		227.958	166.250	120.249
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	2.567	0.238	4.414
		Commission in foreign currency	119.257	88.988	67.034
	TOTAL EARNINGS		121.824	89.226	71.448
	Earnings Per Share (Rs.)		259.96	189.78	158.49

Particulars	31.03.2011 (Approximately)
Sales Turnover	200.000

Expected Sales (2011-2012): Rs.250.000 millions

The above information has been parted by Mr. Arvind Kapoor (Director).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	40.36	37.48	32.19
Net Profit Margin (PBT/Sales)	(%)	62.13	59.80	47.59
Return on Total Assets (PBT/Total Assets}	(%)	39.18	37.00	26.91
Return on Investment (ROI) (PBT/Networth)		0.30	0.26	0.24
Debt Equity Ratio (Total Liability/Networth)		0.31	0.24	0.24
Current Ratio (Current Asset/Current Liability)		1.69	1.76	2.76

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATION:

During the year the income from sales and service stood at Rs.166.062 millions, as compared to Rs.126.113 millions in the previous year. The profit before depreciation was Rs.107.977 millions as compared to Rs.78.405 millions in the previous year. During the year net profit after tax was Rs.71.531 millions as compared to Rs.52.220 millions in the previous year witnessing an impressive increase of 36.98%.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U24100MH1989PTC054851
Name of the company	RISHIROOP POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	65, Atlanta, Nariman Point, Mumbai – 400 021, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65110MH1985PLC038137 Kotak Mahindra Bank, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: john.fernandes@kotak.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit of Title Deeds
Date of instrument Creating the charge	14.08.2007
Amount secured by the charge	Rs.22.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Cash Credit: Floating over the tenure of the facility (linked to Bank's Benchmark PLR) i.e. PLR-3.75 % p.a. VAR Limit : As per Bank rules Terms of Repayment: As per Bank rules Margin: Cash Credit: 25% of stock less than 90 days. 25% of debtors less than 90 days (stocks paid under LC to be excluded) Letter of Credit : 20% where the margin is provided in the form of Term Deposit 22% where the margin is provide in the form of Fixed Maturity Plan Extent and Operation of the charge: First and exclusive Charge by way of mortgage over immovable property of the Borrower in favour of Kotak Mahindra Bank Limited as security for repayment of financial facility granted by the Bank to the Borrower
Short particulars of the property charged	All those pieces and parcels of the non-agricultural property being Industrial Unit / Plot bearing No.-1301, being located in G.I.D.C. Industrial Estate, Vapi, bearing R.S.No.-102 / P, 104 / P, Village-Chhiri (Vapi), Taluka:- Pardi, District:- Valsad, Gujarat.

TRADE REFERENCES:

v Kumho Polychem Company Limited

v OCL Corporation

v Columbian Chemicals Company

FIXED ASSETS:

v Land

v Office Building

v Factory Building

v Machinery

v Computers

v Furniture

v Office Equipment

v Lab Equipment

v Workshop Equipment

v Safety Equipment

v Fire Fighting Equipment

v Electrical Installation

v Tools and Tackles

v Technical Know How

v Refrigeration

v Cycle

v Scooter

v Motor Cycle

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.44.72
UK Pound	1	Rs.72.93
Euro	1	Rs.64.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.