MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	RAVIRAJ FOILS LIMITED
Registered Office :	Survey No. 169, P O Chharodi Farm, Taluka Sanand, District Ahmedabad- 382 170, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.04.1996
Com. Reg. No.:	04-29467
Capital Investment/ Paid-up Capital:	Rs.83.102 millions
CIN No.: [Company Identification No.]	u27203GJ1996PLC029467
TAN No.: [Tax Deduction & Collection Account No.]	AHMR00249E
PAN No.: [Permanent Account No.]	AAACR7333J
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	manufacturer and Exporter of Aluminum foils
No. of Employees:	200 (approximately)

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick Company
Payment Behaviour :	Slow and Delayed
Litigation :	--
Comments :	Subject is a sick company and is registered with the Board of Industrial and financial restructuring (BIFR). There appears huge accumulated losses recorded by the company. Payments are reported to be slow but delayed. The company can be considered for business dealings on a safe and secured 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Rajesh
Designation :	Manager
Contact No.:	91-79-2646-8639
Date :	01.11.2011

LOCATIONS

Registered Office/ Works :	Survey No. 169, P O Chharodi Farm, Taluka Sanand, Sanand – 382 170, District Ahmedabad, Gujarat, India
Tel. No.:	91-2717-273306/ 273307/ 273308
Fax No.:	91-2717-273263
E-Mail :	info@ravirajfoils.com
Website :	www.ravirajfoils.com
Corporate Office :	702, 'SAFFRON', 7^th Floor, Nr. Panchwati, Ambavadi – 380 006, India
Tel. No.:	91-79-26468639,26566144
Fax No.:	91-79-26566144
E-Mail :	info@ravirajfoils.com
Network Office:	Located At: · Ghana · Ethopia · Kenya · Syria · Iran · Saudi Arabia · Turkey · Iran · UK · Egypt · Colombia · USA · Bangladesh

DIRECTORS

As on 30.09.2010

Name :

Mr. Ravubha Bhikhubha Vaghela

Designation :

Director

Address :

“SHIVAM Bunglow, Sanand, District Ahmedabad

Date of Birth/Age :

15.08.1944

Qualification :

B.A.

Date of Appointment :

26.04.1996

DIN No.:

00014040

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27203GJ1996PLC029467	Raviraj Foils Limited	Director	26/04/1996	26/04/1996	-	Active	NO
2	U45203GJ2007PTC050167	Satyam Reality Developers Private Limited	Director	07/03/2007	07/03/2007	-	Active	NO

Name :

Mr. Jaydipsinh Ravubha Vaghela

Designation :

Managing Director

Address :

C-803, Prestiage Tower, Near Judges Bulglow, Bodakdev, Ahmedabad-380 054, Gujarat, India

Date of Birth/Age :

24.07.1968

Qualification :

B.A.

Date of Appointment :

26.04.1996

DIN No.:

00030385

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27203GJ1996PLC029467	Raviraj Foils Limited	Director	26/04/1996	26/04/1996	-	Active	NO
2	U45203GJ2007PTC050167	Satyam Reality Developers Private Limited	Director	07/03/2007	07/03/2007	-	Active	NO

Name :

Mr. Rajendrasinh R. Vaghela

Designation :

Director

Address :

C-103, Prestiage Tower, Near Judges Bulglow, Bodakdev, Ahmedabad-380 054, Gujarat, India

Date of Birth/Age :

17.11.1970

Qualification :

B.A.

Date of Appointment :

26.04.1996

DIN No.:

00030442

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27203GJ1996PLC029467	Raviraj Foils Limited	Director	26/04/1996	26/04/1996	-	Active	NO
2	U45203GJ2007PTC050167	Satyam Reality Developers Private Limited	Director	07/03/2007	07/03/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
Jaydipsinh Vaghela	1305000
Rajendrasinh R Vaghela	1089000
Induben R. Vaghela	155400
Rakshaben R. Vaghela	145300
Rekhaben R. Vaghela	288100
Ravubha B. Vaghela	1878800
Ayub Husenbhai Mir	1100
Jayendrasingh V. Chudasama	7500
Raviraj R. Vaghela	20000
Anant Vaghela	20000
Abhieet J. Vaghela	20000
Aditya R. Vaghela	20000
Total	4950200

Names of Shareholders (Preference Shares)	No. of Shares
Rajendrasinh R Vaghela	554950
Jaydeepsinh Vaghela	627875
Induben Ravubha Vaghela	469180
Rakshaben J. Vaghela	349820
Rekhaben Vaghela	490900
Ravubha Bhikhubha Vaghela	867275
Total	3360000

As on 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

manufacturer and Exporter of Aluminum foils

Products :

· Blister Foil

· Strip Pack Foil

· Lidding Foil

· Cigarette Foil

· Light Gauge Converter Foil

· Triple Laminate For Packaging

· Four Ply Packaging

· Tagger Foil/ Container Foil

· House Foil

Item Code No. (ITC Code)	7606
Product Description	Aluminum Foits

Exports :

Products :

Aluminum Foils

Countries :

Egypt

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash / Credit (30-60 days)

Purchasing :

Cash / Credit (30-60 days)

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Aluminum Foils	MT	6000	4328.813

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

200 (approximately)

Bankers :

· Dena Bank, Ashram Road Branch, Ahmedabad – 380 009, Gujarat, India

· ICICI Bank Limited

Facilities :

Cash Credit : Rs. 35.000 Millions

Letter of Credit : Rs. 32.500 Millions

Bank Guarantee: Rs. 30.000 Millions

Secured Loans :	As on 31.03.2010 Rs. In Millions	As on 31.03.2009 Rs. in Millions
LOAN FUNDS Dena Bank (Against LC) (The above loans are secured against Hypothecation of stock of Raw materials, work in progress, finished goods, stores spares and packing materials and book debts. Further secured against the office premises - situated at 702, saffron building Ambawadi, Ahmedabad and land in the name of the directors situated at village kalana , village jankhwada, village chharodi and two residential plots at Sanand and further secured by personal guarantee of all directors)	8.312	84.801
Dena Bank (Overdraft) The above overdraft is secured against fixed deposits of Rs. 12.500 millions with Dena Bank	10.111	2.651
Cholamandalam DBS Finance Limited	0.000	0.122
HDFC Bank Limited, Skoda Car	2.000	0.000
HDFC Bank Limited – Wagon R Car	0.330	0.000
ICICI Bank Limited	0.455	0.691
Sundaram Finance Limited (The above loans are secured against Vehicles)	0.105	0.337
Total	21.315	88.602
Unsecured Loans :	As on 31.03.2010 Rs. In Millions	As on 31.03.2009 Rs. In Millions
From Directors and Their relatives	1.361	13.888
Total	22.677	102.490

Banking Relations :	-
Auditors :
Name :	G K Choksi and Company Chartered Accountants
Address :	“Madhuben” Near Madalpur Underbrdige, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-30012009
Fax No.:	91-79-26569929
E-Mail :	gkchokshi@hotmail.com
Associate:	· Shakti Realty Developers Private Limited · Shakti Tactors

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 millions
3360000	Preference Shares	Rs. 10/- each	Rs. 33.600 millions
		Total	Rs.83.600 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4950200	Equity Shares	Rs. 10/- each	Rs.49.502 millions
3360000	Redeemable 0.01% cumulative Preference Shares	Rs. 10/- each	Rs.33.600 millions
		Total	Rs.83.102 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		83.102	83.102	83.102
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.000	10.000	10.000
4] (Accumulated Losses)		(100.047)	(96.508)	(97.378)
NETWORTH		(6.945)	(3.406)	(4.276)
LOAN FUNDS
1] Secured Loans		21.315	88.602	106.133
2] Unsecured Loans		1.361	13.888	45.337
TOTAL BORROWING		22.676	102.490	151.470
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		15.731	99.084	147.194
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.313	78.366	85.816
Capital work-in-progress		5.594	3.073	5.355
INVESTMENT		0.046	0.018	0.018
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.123	37.201	66.817
	Sundry Debtors	77.780	85.991	82.883
	Cash & Bank Balances	20.962	49.055	23.039
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	45.343	47.414	41.881
Total Current Assets		229.208	219.661	214.620
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.359	79.543	117.135
	Other Current Liabilities	169.043	119.482	39.088
	Provisions	14.028	3.009	2.392
Total Current Liabilities		296.430	202.034	158.615
Net Current Assets		(67.222)	17.627	56.005
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15.731	99.084	147.194

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	797.871	682.472	647.022
		Other Income	6.266	8.061	8.295
		TOTAL (A)	804.137	690.533	655.317
Less	EXPENSES
		Cost of Materials	613.433	517.562	520.480
		Manufacturing Expenses	95.745	134.443	91.777
		TOTAL (B)	709.178	652.005	612.257
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.959	38.528	43.060
Less	FINANCIAL EXPENSES (D)		58.437	12.711	16.153
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		36.522	25.817	26.907
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.921	17.957	17.528
	PROFIT BEFORE TAX (E-F) (G)		17.601	7.860	9.379
Less	TAX (H)		12.502	0.168	0.091
	PROFIT AFTER TAX (G-H) (I)		5.099	7.692	9.288
	PRIOR PERIOD ADJUSTMENTS		(8.639)	(6.973)	(8.003)
	PROFIT AFTER TAX AND PRIOR PERIOD ADJUSTMENTS		(3.539)	0.719	1.285
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(96.508)	(97.378)	(98.663)
Less	ADJUSTMENTS EMPLOYEE BENEFITS		0.000	0.150	0.000
	BALANCE CARRIED TO THE B/S		(100.047)	(96.508)	(97.378)
	EARNINGS IN FOREIGN CURRENCY		150.709	94.626	66.004
	IMPORTS		75.794	11.305	1.943
	Earnings Per Share (Rs.)		(0.72)	0.15	0.26

Particulars	31.03.2011
Sales Turnover (Approximately)	1000.000

Expected Sales (2011-2012) : Rs. 1200.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.63	1.11	1.43
Net Profit Margin (PBT/Sales)	(%)	2.20	1.15	1.44
Return on Total Assets (PBT/Total Assets}	(%)	5.74	2.64	3.12
Return on Investment (ROI) (PBT/Networth)		(2.53)	(2.31)	(2.19)
Debt Equity Ratio (Total Liability/Networth)		(45.94)	(89.41)	72.52
Current Ratio (Current Asset/Current Liability)		0.77	1.09	0.83

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the firm	Yes
Constitutions of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last 3 years	Yes
Profitability for last three years	No
Reasons for Variation <> 20%`	--
Estimation for coming financial year	Yes
Capital in the business	No
Details of sister concern	--
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export/ Import Details (If applicable)	Yes
Market Information	--
Litigations that the firm/ Promoter involved in	--
Banking Details	Yes
Banking Facility details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financials, fi provided	Yes
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders , if available	--

PERFORMANCE REVIEW

During the year, the turnover of the Company from Aluminium Foil Business has increased by Rs.161.471 millions (25.59%) as compared to previous year. The net profit during the year is less to higher and finance charges.

Fixed assets:

tangible assets

· Land and Land Development

· Building

· Vehicles

· Computers

· Plant and Machinery

Intangible assets

· Computer Software

· Tally Software

· Website

Form : 8

Bankers Charges Report as per Registry

Name of the company	RAVIRAJ FOILS LIMITED
Presented By	Shri Ravubha B. Vaghela, Director
1) Date and description of instrument creating the change	Deed of Hypothecation (Book Debts) Dated 31.03.1997
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 5.000 millions (Rupees Five Millions only)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation over entire tangible movable assets like all present and future book debts of the company
4) Gist of the terms and conditions and extent and operation of the charge.	· Repayment on Demand · Interest @ 4% over DBPLR plus · Interest tax
5) Name and Address and description of the person entitled to the charge.	Dena Bank Ashram Road Branch, Ahmedabad – 380 009, Gujarat, India
6) Date and brief description of instrument modifying the charge	Supplementary Agreement of Hypothecation against goods, books, debts and other movable assets to secure additional / further multiple facilities Dated 31.12.2004
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The said hypothecated assets has now been secured for an Aggregate advance / credit facilities of Rs. 102.961 millions in the manner mentioned in the said Supplementary Agreement of Hypothecation dated 31.12.2004.

This form is for	Modification of charge
Charge identification number of the modified	80032497
Corporate identity number of the company	u27203GJ1996PLC029467
Name of the company	RAVIRAJ FOILS LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 169, P O Chharodi Farm, Taluka Sanand, Sanand – 382 170, District Ahmedabad, Gujarat
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Dena Bank, Ashram Road, Ahmedabad – 380 009, Gujarat, India E-mail: ashram@denabank.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry
Date of instrument Creating the charge	22.11.2007
Amount secured by the charge	Rs. 100.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest: Interest as may be prescribed by bank from time to time. Terms of repayment: Repayment on Demand Margin: L/C : 1^st Rs.50.000 millions @ 10% 2^nd Rs.50.000 millions @ 25% Extent and Operation of the charge: First and Single Charge
Short particulars of the property charged	As detailed in the Memorandum of Entry
Date of latest modification prior to the present modification	22.03.2007
Particulars of the present modification	Vide the present modification; the aggregate limits enjoyed by the Company are reduced to Rs.100.000 millions as detailed in the Ninth Schedule to the Memorandum of Entry. Further, the properties mentioned at Part IIA and Part IIB of the Seventh Schedule to the MOE dated 22.3.2007 are released and additional property mentioned at Schedule Eighth to the MOE dated 22.11.2007 is provided as security by the Guarantor, Satyam Reality Developers Private Limited.

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 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. 44.33
UK Pound	1	Rs. 73.13
Euro	1	Rs. 65.78

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.