MIRA INFORM REPORT

Report Date :

22.11.2011

IDENTIFICATION DETAILS

Name :	RADIANT INDUS CHEM PRIVATE LIMITED (w. e. f. 26.03.2008)
Formerly Known As :	RADIANT AGROCHEM. PRIVATE LIMITED
Registered Office :	147-A, Sant Sena Maharaj Marg, 2^nd Kumbarwada, Mumbai-400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.02.1982
Com. Reg. No.:	11-026313
Capital Investment/ Paid-up Capital:	Rs.10.000 millions
CIN No.: [Company Identification No.]	U15132MH1982PTC026313
TAN No.: [Tax Deduction & Collection Account No.]	NSKR01798G
PAN No.: [Permanent Account No.]	AAACR2183C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Oxalic Acid and Sodium Nitrite.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 520000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory. 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 – 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

LOCATIONS

Registered Office :	147-A, Sant Sena Maharaj Marg, 2^nd Kumbarwada, Mumbai-400004, Maharashtra, India
E-Mail :	contact@ricpl.com racpl@dataone.net
Website :	www.ricpl.com
Head Office / Factory :	F-15, MIDC Area, Chikalthana, Aurangabad-431006, Maharashtra, India
Tel. No.:	91-240-2482450 / 2482950
Fax No.:	91-240-2485450
E-Mail :	enquiries@ricpl.com contact@ricpl.com

DIRECTORS

(AS ON 16.09.2011)

Name :

Mr. Asa Singh Nidhan

Designation :

Managing Director

Address :

Plot No.3 and 4, N-5, (South) Cidco, Aurangabad-431210, Maharashtra, India

Date of Birth/Age :

14.11.1929

Date of Appointment :

10.02.1982

DIN No. :

00766250

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	U15132MH1982PTC026313	Radiant Indus Chem Private Limited	Managing director	10/2/1982	10/2/1982	-	Active	NO
2	U15400MH2008PTC186980	Foodrite India Private Limited	Director	23/09/2008	23/09/2008	-	Active	NO

Name :

Mr. Trilochan Singh Saluja

Designation :

Director

Address :

111-A, 20-B, Ashok Nagar, Kanpur-208012, Uttar Pradesh, India

Date of Birth/Age :

28.09.1945

Date of Appointment :

10.02.1982

DIN No. :

00737356

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	U15132MH1982PTC026313	Radiant Indus Chem Private Limited	Director	10/2/1982	10/2/1982	-	Active	NO
2	U65910UP1997PTC022011	Tdk Enterprises Private Limited	Director	23/05/1997	23/05/1997	-	Active	NO

Name :

Mr. Mayur Chandrakant Chokshi

Designation :

Director

Address :

6, tukaram niketan, Bhagat Lane, Matunga (West), Mumbai-400016, Maharashtra, India

Date of Birth/Age :

29.11.1957

Date of Appointment :

20.01.1993

DIN No. :

01238535

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	U15132MH1982PTC026313	Radiant Indus Chem Private Limited	Director	20/01/1993	20/01/1993	-	Active	NO
2	U15400MH2008PTC186980	Foodrite India Private Limited	Director	1/10/2008	1/10/2008	-	Active	NO

Name :

Mr. Animesh Singh

Designation :

Director

Address :

Plot No.3-4, N-5, South Cidco, Aurangabad-431003, Maharashtra, India

Date of Birth/Age :

27.10.1961

Date of Appointment :

01.03.2007

DIN No. :

01320371

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	U15132MH1982PTC026313	Radiant Indus Chem Private Limited	Director	29/09/2007	1/3/2007	-	Active	NO
2	U15400MH2008PTC186980	Foodrite India Private Limited	Director	1/10/2008	1/10/2008	-	Active	NO

Name :

Mr. Sandeep Singh

Designation :

Director

Address :

Plot No.3-4, N-5, South Cidco, Aurangabad-431003, Maharashtra, India

Date of Birth/Age :

08.08.1977

Date of Appointment :

01.03.2007

DIN No. :

01320412

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	U15132MH1982PTC026313	Radiant Indus Chem Private Limited	Director	29/09/2007	1/3/2007	-	Active	NO
2	U15400MH2008PTC186980	Foodrite India Private Limited	Director	1/10/2008	1/10/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Asa Singh	250000
Jagdish Singh Kaur	211000
Animesh Singh	180000
Sandeep Singh	179000
Aumeet Kaur Singh	80000
Harleen Kaur	100000
Total	1000000

Equity Share Breakup

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Oxalic Acid and Sodium Nitrite.
Products :	· Oxalic Acid · Sodium Nitrite

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Oxalic Acid	MTs	15000	13500	9126.650
Sodium Nitrite	MTs	2500	2500	2223.450

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Shahaganj Branch, Aurangabad-431001, Maharashtra, India

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
Canara Bank Term Loan [Secured by Hypothecation / Mortgage of the Fixed Assets of the company. Also secured by personal guarantee of the Managing Director and a Shareholder of the Company]	9.142	10.497
Canara Bank Overdraft Cash credit [Secured by hypothecation of Company’s Inventories, and Book Debts, Plant and Machinery both present and future and other Movable Fixed Assets. Also secured by personal guarantee of Managing Director and a Shareholder of the company.]	37.214	26.499
Total	46.356	36.996

(Rs. in millions)

Unsecured Loans	As on 31.03.2011	As on 31.03.2010
Loan From Directors	0.395	0.352
Total	0.395	0.352

Banking Relations :	--
Auditors :
Name :	Ajit Thadani and Company Chartered Accountant
Address :	210-11, 2^nd Floor, Vardaman Chambers, 17-G, Cawasji Patel street, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22045005 / 22043839
E-Mail :	ajitoffice2010@gmail.com
Income-tax PAN of auditor or auditor’s firm :	AABPT3140K
Subsidiary :	Foodrite India Private Limited CIN No. : U15400MH2008PTC186980

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		121.390	119.504	114.910
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		131.390	129.504	124.910
LOAN FUNDS
1] Secured Loans		46..356	36.996	26.890
2] Unsecured Loans		0.395	0.352	3.353
TOTAL BORROWING		46.751	37.348	30.243
DEFERRED TAX LIABILITIES		6.016	5.935	4.639
TOTAL		184.157	172.787	159.792
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.551	56.597	57.630
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		16.384	8.399	6.019
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.165	15.934	25.761
	Sundry Debtors	28.936	38.411	40.568
	Cash & Bank Balances	1.047	0.454	0.479
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	100.483	105.064	94.086
Total Current Assets		152.631	159.863	160.894
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	30.557	19.625	28.338
	Other Current Liabilities	7.209	8.484	8.114
	Provisions	2.666	24.010	28.369
Total Current Liabilities		40.432	52.119	64.821
Net Current Assets		112.199	107.744	96.073
MISCELLANEOUS EXPENSES		0.023	0.047	0.070
TOTAL		184.157	172.787	159.792

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	382.307	353.139	436.672
		Other Income	4.839	4.604	4.008
		TOTAL (A)	387.146	357.743	440.680
Less	EXPENSES
		Raw Materials Consumed	221.586	201.268	208.931
		Manufacturing Expenses	83.330	67.283	78.854
		Excise VAT and CST	46.325	34.424	56.538
		Employee Remuneration and Benefits	4.169	3.259	3.043
		Selling and administration Expenses	18.741	16.558	26.809
		Increase / (Decrease) in Finished Stocks	(4.879)	10.880	(9.024)
		TOTAL (B)	369.272	333.672	365.151
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.874	24.071	75.529
Less	FINANCIAL EXPENSES (D)		5.769	4.447	2.056
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.105	19.624	73.473
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.876	9.260	8.545
	PROFIT BEFORE TAX (E-F) (G)		3.229	10.364	64.928
Less	TAX (H)		0.000	1.500	19.595
	PROFIT AFTER TAX (G-H) (I)		3.229	8.864	45.333
Less	APPROPRIATIONS
		Corporate Tax-Previous Year’s Short Provision	0.097	0.058	0.487
		Transfer to General Reserve	0.323	1.050	25.000
		Proposed Dividend	1.000	2.500	10.000
		Corporate Dividend Tax	0.166	0.415	1.699
		Deferred Tax	0.081	1.296	2.610
	BALANCE CARRIED TO THE B/S		1.562	3.545	5.537
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.670	33.511

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.83	2.48	10.28
Net Profit Margin (PBT/Sales)	(%)	0.84	2.93	14.86
Return on Total Assets (PBT/Total Assets}	(%)	1.55	4.79	29.71
Return on Investment (ROI) (PBT/Networth)		0.02	0.08	0.52
Debt Equity Ratio (Total Liability/Networth)		0.66	0.69	0.76
Current Ratio (Current Asset/Current Liability)		3.77	3.07	2.48

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULT:

This year saw a steep drop in profits of the company. Though the price of sugar somewhat softened during the year, those of nitrite acid and sulphuric acid increased substantially. There was increase of nearly 30 % in the cost of coal, and about 10% increase in the cost of electricity. These increases along with other increase ij input costs have effected the profitability of the company badly.

PRODUCTION:

The demand for Oxalic Acid continued to be sluggish and its production continued to be much below the installed capacity. Due to change in the absorption system for Oxalic Acis the plant had to be shut down for about 10 days, the production of both Oxalic acid and Sodium Nitrite through better than last year was much below compared to previous year.

SALES:

The reduced demand not only affected the quantum of sales, it also affected the price of the both products. The effects to improve sales, yielded good results and that is why both production and sales were better as compared to previous year.

OUTLOOK:

i) The demand in domestic market for Oxalic Acid continues to be not good. However, there is improvement in the demand in international market and the company has started exporting Oxalic Acid. The production of Sodium Nitrite continues to be low in spite of the demand in the market.

ii) As reported earlier, the company decided to diversify into food products and established a subsidiary company by name “FOODRITE INDIA PRIVATE LIMITED” in September 2008 with the object of manufacturing and marketing food products. Shri Avind Kumar the Managing Director of this company left the company in April 2011. Mr. Asa Singh continued as the Chairman of the subsidiary company.

CONTINGENT LIABILITIES NOT PROVDED FOR IN RESPECT OF:

Particulars	As on 31.03.2011	As on 31.03.2010
Bank guarantee to third parties	0.446	1.244
Disputed Liabilities not acknowledged	NIL	NIL
Cheque discounted with bank	NIL	NIL
Loan from Bank for Subsidiary Company as co-borrower	10.325	13.828

FORM 8:

Corporate identity number of the company	U15132MH1982PTC026313
Name of the company	RADIANT INDUS CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	147-A, Sant Sena Maharaj Marg, 2^nd Kumbarwada, Mumbai-400004, Maharashtra, India E-Mail Id: mnbhalekar@rediffmail.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	80009019
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	Canara Bank, Shahaganj Branch, Aurangabad-431001, Maharashtra, India E-Mail Id: mnorth02332canbank.co.in
Nature of instrument creating charge	1. Supplemental Common Hypothecation Agreement 2.Letter dt.15.01.2011 for Deposit of Title Deeds. Both constitute for single charge.
Date of instrument Creating the charge	15.01.2011
Amount secured by the charge	Rs.75.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest Interest rate 12.75% p.a. or as may be fixed by the Bank or RBI from time to time. More particularly specified in Sanction Letter. In default overdue interest 2%. b) Terms of Repayment As specified c) Margin Margin @25% for stock & 30% for BD @ 10% for PC. d) Extent and operation of the charge Till repayment. e) Others Personal guarantee of Directors Asha Singh and Jagdish Karu Singh and corporate guarantee of M/s.Foodrite India Private Limited.
Short Particulars of the property charged	i) Hypothecation of goods like Stock in trade, Raw Material, Finished goods & all assets described under Schedule I of Common Hypothecation Agreement dt.07.08.2001. ii) all moveable properties of Borrower wherever situated. All of the Borrowers present & future book debts, properties, land building structure, fixture fittings, iii) charge on Plot No.F-15, adm.15421 sq.ft. MIDC Area, Naregaon, Chikalthana, Aurangabad alongwith all building, machinery thereon or to be brought therein.
Date of instrument modifying the charge	01.10.2009
Particulars of the present modification	By present Agreements the charge modified and stands to Rs.75.000 millions.

FIXED ASSETS:

· Land

· Building

· Borewell

· Plant and Machinery

· Furniture and fixture

· Office Equipment

· Vehicle

· Computer and Printers

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.51.71
UK Pound	1	Rs.81.41
Euro	1	Rs.69.88

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.