MIRA INFORM REPORT

Report Date :

28.09.2011

IDENTIFICATION DETAILS

Name :	RAJIV PETROCHEMICALS PRIVATE LIMITED
Registered Office :	Rajiv House 4, Smrutikunj, Near Navrangpura Post Office, Ahmedabad - 380009, Gujarat
Country :	INDIA
Financials (as on) :	31.03.2010
Date of Incorporation :	27.10.1993
Com. Reg. No.:	04-20527
Capital Investment / Paid-up Capital :	Rs.9.701 Millions
CIN No.: [Company Identification No.]	U23209GJ1993PTC020527
TAN No.: [Tax Deduction & Collection Account No.]	AHMR01211A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of PVC resin, PET resin, master batches, LDPE, PP, LDPE, HDPE
No. of Employees :	350(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 210000
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 dealing 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.

INFORMATION PARTED BY

Name :	Mr. Manish
Designation :	Accounts Manager
Contact No.:	91-9913700174
Date :	27.09.2011

LOCATIONS

Registered Office :	Rajiv House 4, Smrutikunj, Near Navrangpura Post Office, Ahmedabad - 380009, Gujarat, India
Tel. No.:	91-79-26448383
Mobile No.:	91-9913700174 (Mr. Manish)
Fax No.:	91-79-26423595
E-Mail :	communicates@rajivgroup.com cakmanish@rajivgroup.com rajivvastupal@hotmail.com accounts@rajivgroup.com polymers@rajivgroup.com
Website :	www.rajivgroup.com
Area :	10000 sq ft
Location :	Owned
Factory :	205/21209 GIDC, Dhalka, Ahmedabad, Gujarat, India
Tel. No.:	91-271-4248344
Area :	10000 sq ft
Location :	Owned

DIRECTORS

Name :

Mr. Rajiv Vastupal Mehta

Designation :

Managing Director

Address :

30-31, Vasantkunj, New Sharada Mandir, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

28.10.1957

Qualification :

CA Inter

Date of Appointment :

27.10.1993

DIN No. :

00647906

Other Directorship :

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
U40109GJ1988PTC010749	Rajiv Enterprise Private Limited	Director	24/05/1988	24/05/1988	-	Active	NO
U23209GJ1993PTC020527	Rajiv Petrochemicals Private Limited	Managing director	27/10/1993	27/10/1993	-	Active	NO
U63040GJ1995PTC025879	Travel 'N' Ease Private Limited	Director	10/06/1995	10/06/1995	-	Active	NO
U31401GJ2007PTC051019	Optic Liting Private Limited	Director	1/06/2007	1/06/2007	-	Active	NO
U74900GJ2009NPL055842	Ypo (Gujarat)	Director	6/01/2009	6/01/2009	-	Active	NO

Name :

Mrs. Arati Rajiv Mehta

Designation :

Director

Address :

30-31, Vasantkunj, New Sharada Mandir, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

27.08.1958

Qualification :

CA Inter

Date of Appointment :

24.06.1999

DIN No. :

00648063

Other Directorship :

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
U40109GJ1988PTC010749	Rajiv Enterprise Private Limited	Director	24/05/1988	24/05/1988	-	Active	NO
U23209GJ1993PTC020527	Rajiv Petrochemicals Private Limited	Director	27/10/1993	27/10/1993	-	Active	NO
U63040GJ1995PTC025879	Travel 'N' Ease Private Limited	Director	10/06/1995	10/06/1995	-	Active	NO

Name :

Mr. Jitendra Jatilal Patel

Designation :

Director

Address :

5, Manavseva Society, Opposite Balol Nagar, Ranip, Ahmedabad – 382480, Gujarat, India

Date of Birth/Age :

01.08.1958

Qualification :

B.COM

Date of Appointment :

16.11.1999

DIN No. :

00871873

Other Directorship :

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
U23209GJ1993PTC020527	Rajiv Petrochemicals Private Limited	Director	16/11/1999	16/11/1999	-	Active	NO
U24110GJ1985PTC007863	Pari Plast Industries Private Limited	Director	20/11/2006	20/11/2006	-	Dormant	NO
U31401GJ2007PTC051019	Optic Liting Private Limited	Director	9/07/2007	9/07/2007	-	Active	NO
U17120GJ2009PTC056749	Atlantis Products Private Limited	Director	18/02/2010	18/02/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Accounts Manager
Contact No. :	91-9913700174 (Mr. Manish)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Rajiv Vastupal Mehta	817500
Arati Rajiv Mehta	60000
Induben Ambalal Parekh	37300
Rannaben Sanghavi	5000
Jitendra Ratilal Patel	100
Chunilal Ganeshdas Patel	100
Mayank N. Shah	17
Ama Manufacturing and Trading Private Limited, India	9
Rajan Kumudchandra	2
Piyush Balvantlal	1
Gaurang Balvantlal	1
Jayantilal Shantilal	1
Anubhai Shantilal	1
Manish Mahendrabhai	1
Arvindbhai Shantilal	2
Girishchandra shantllal	1
Amitbhai Pramukhlal	2
Rakshaben Virendrabhai	1
Namanbhai Virendrabhai	1
Piyush Balvantlal	1
Gaurang Balvantlal	1
Jayantilal Shantilal	2
Anubhai Shantilal	2
Manish Mahendrabhai	2
Arvindbhai Shantilal	2
Girishchandra Shantilal	1
Amitbhai Pramukhlal	3
Rakshaben Virendrabhai	1
Namanbhai Virendrabhai	1
Rajan Kumudchandra	1
Ama Distributors Private Limited, India	26
Natvarlal Chimanlal Shah	2
Manoj Natvarlal	1
Natvarlal Chimanlal	1
Rajiv Enterprise Private Limited, India	50000
Total	970109

Equity Share Break up

As on 31.08.2010

Category	Percentage
Bodies corporate	5.16
Directors or relatives of Directors	94.84
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PVC resin, PET resin, master batches, LDPE, PP, LDPE, HDPE

Products :

Item Code No. (ITC Code)	316224006
Product Description	PVC Resin/LDPE/HDPE
Item Code No. (ITC Code)	312260008
Product Description	Master Batch
Item Code No. (ITC Code)	30520100X
Product Description	Stabilizers (Pesticizers)

Exports :

Products :

P P Woven Bags

Countries :

· Middle East

· Europe

Terms :

Selling :

L/C / Cash / Credit(30 days/60 days/90 days)

Purchasing :

L/C / Cash / Credit(30 days)

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PP/HDPE Bags		NA	3000000(p.a)	--
PP Bags	Nos	NA	NA	29970125
PP Waste	Kgs	NA	NA	135397.5
PP Tale	Kgs	NA	NA	1444596.3
PP Defective Fab.	Nos	NA	NA	2164133

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

350(Approximately)

Bankers :

Syndicate Bank, Navrangpura Branch, C G Road, Ahmedabad – 380009, Gujarat, India

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
I) Cash Credit of Bank: Secured against Hypo. Stock and Book Debt.	48.532	84.684
II) Syndicate Bank Buyer's Credit A/c	177.008	47.394
III) Secured Against Motor-Car (Tata Indigo)	1.053	0.065
IV) Term Loan From Bank	10.186	14.700
V) Unpaid L/c. payable to Bank	70.700	72.593
VI) Secured Against Motor – Car (Verna)	--	0.541
Total	307.479	219.975

Note : The above loans are secured as under:

I. Secured against hypo stock and book debts of the Company. Further they are also secured against personal liability of Director and Collateral Security of Rajiv House’s Ground 1^st and 2^nd Floor

II and V. Secrued against hypothecation of debtors, stock and personal Guarnatee of directors

IV . Secured against hypothecation of Factory Land factory Building, Plant and Machinery and Personal Guarantee of directors

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Directors	65.055	23.184
From Share Holder	15.208	--
Total	80.263	23.184

Banking Relations :	--
Auditors :
Name :	Jain Kedia and Sharma Chartered Accountant
Address :	13, Mill Officers Colony, B/H LA-Gajjar Chambers, Ashram Road, Ahmedabad – 380009, Gujarat, India
PAN No. :	AABFJ265B
Associates:	· Atlantis Products Private Limited · Optic Liting Private Limited · Rajiv Enterprises Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
970109	Equity Shares	Rs.10/- each	Rs.9.701 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		9.701	9.701	8.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.703	32.872	25.173
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.404	42.573	33.673
LOAN FUNDS
1] Secured Loans		307.479	219.977	280.653
2] Unsecured Loans		80.263	23.184	9.372
TOTAL BORROWING		387.742	243.161	290.025
DEFERRED TAX LIABILITIES		2.565	0.000	0.000
TOTAL		443.711	285.734	323.698
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.442	44.655	46.819
Capital work-in-progress		3.601	1.991	0.515
INVESTMENT		0.031	0.574	0.514
DEFERREX TAX ASSETS		0.000	2.756	2.689
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.906	56.528	48.047
	Sundry Debtors	333.592	262.939	286.389
	Cash & Bank Balances	34.522	27.901	27.866
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	45.525	54.519	37.949
Total Current Assets		441.545	401.887	400.251
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.609	149.142	124.146
	Other Current Liabilities	8.801	17.095	3.138
	Provisions	0.000	0.000	7.990
Total Current Liabilities		71.410	166.237	127.285
Net Current Assets		370.135	235.650	272.966
MISCELLANEOUS EXPENSES		0.502	0.108	0.134
TOTAL		443.711	285.734	323.698

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	865.357	618.449
		Other Income	44.685	59.111
		TOTAL (A)	910.042	677.560
Less	EXPENSES
		Increase/Decrease in Stock	29.747	(21.451)
		Purchase	614.585	459.419	NA
		Raw Material Consumption	141.656	133.617
		Stores and Spares Consumption	7.184	6.483
		Employee’s Cost	10.841	11.800
		Administrative and Selling Expenses	84.688	61.868
		Foreign Exchange Fluctuation	0.060	18.480
		TOTAL (B)	888.761	670.216
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.281	7.344	7.893
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.282	7.344	7.893
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.790	4.310	4.102
	PROFIT BEFORE TAX (E-F) (G)		16.491	3.034	3.791
Less	TAX (I)		5.660	0.133	3.063
	PROFIT AFTER TAX (G-I) (J)		10.831	2.901	6.854
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.072	25.172	18.317
Less	APPROPRIATIONS
		Transfer to General Reserve
		Dividend	NA	NA	NA
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		38.903	28.073	25.171
	EARNINGS IN IMPORTS		269.341	1.671	272.694
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.872	10.879	7.392
	TOTAL EARNINGS		1.872	10.879	7.392
	Earnings Per Share (Rs.)		11.16	2.99	8.06

Particulars	31.03.2011
Sales Turnover (Approximately)	3800.000

The above information has been parted by Mr. Manish

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.19	0.428	NA
Net Profit Margin (PBT/Sales)	(%)	1.91	0.44	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.22	0.68	0.85
Return on Investment (ROI) (PBT/Networth)		0.30	0.07	0.11
Debt Equity Ratio (Total Liability/Networth)		8.59	9.61	12.39
Current Ratio (Current Asset/Current Liability)		6.18	2.42	3.14

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry creditors for Goods	50.083	135.296	114.667
Creditors for Expenses and others	6.063	1.261	1.489
Creditors for Other (Provision)	6.463	12.585	7.990
Total	62.609	149.142	124.146

TRADE REFERENCES

· Reliance Industry

· Haldio

· Birla

· Tata

PERFORMANCE :

The Company has made sales of PVC Resin manufactured by Finolex Industries Limited and also Import PVC Resin form various suppliers LDPE Lotrene (Import) Manufactured by Qatar Petrochemicals Company Limited Doha- Qatar, Masterbatches of Plastichemix Industries, Polyester film of M/s.Jindal Polyester Limited. Further the Company had to incur a Profit of Rs,4.100 Millions on account of Foreign Exchange Fluctuation against a loss of Rs. 18.400 Millions in the previous year.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

	31.03.2010	31.03.2009
Bank Guarantee/LC issued in favour of Supplier and counter Gaurantees issued by Company	0.215	0.125
Bills/LC Discounted	4.044	3.384

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 three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	Yes
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major suppliers	Yes
Major customers	Yes
Payments terms	No
Export/Import details (if applicable)	Yes
Market information	--
Litigations that the firm / promoter	--
Banking Details	Yes
Banking facility details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financials, provided	NO
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders, if available	--

FORM 8

Corporate identity number of the company	U23209GJ1993PTC020527
Name of the company	RAJIV PETROCHEMICAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Rajiv House, 4 – Smrutikunj, Near Navrangpura Post Offices, Navrangpura, Ahmedabad – 380 009, Gujarat, India
This form is for	Modification of charge
Charge identification number of the modified	90102280
Type of charge	Immovable property
Particular of charge holder	Syndicate Bank, Manikyam Apartments, Sardar Patel Nagar, Ellis Bridge, Navrangpura Branch, Navrangpura, Ahmedabad – 380 006, Gujarat, India
Nature of description of the instrument creating or modifying the charge	DEED OF RECTIFICATION For including the property mentioned in this deed which was not written in mortgage deed No 1945 Dated 15.07.2009
Date of instrument Creating the charge	27.05.2011
Amount secured by the charge	Rs.546.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest as per sanction agreement attached with the original agreement Terms of Repayment as per sanction agreement attached with the original agreement Margin as per sanction agreement attached with the original agreement Extent and operation of the charge Along with the property included in the original agreement, Plot No. 1212/A and 1212/B which was not written in the said agreement dated 15.07.2009
Short particulars of the property charged	Plot No 1212/A admsg. 994 sq. mts. and Plot no. 1212/B admsg 1068 sq mtrs. With construction thereon at Dholka GIDC, Survey no. 1959p of Mouje Dholka, Ta.Dholka
Date of last modification	15.07.2009
Particulars of the present modification	Deed of Rectification to be a part of the Memorandum of Deposit of Title Deeds dated 15.07.2009 and Plot No. 1212/A and 1212/B to be included in the property charged WHICH WAS NOT WRITTEN IN THE SAID AGREEMENT DATED 15.07.2009

FIXED ASSETS

· Leasehold Land

· Building (Flat)

· Plant And Machineries

· Computer

· Air Conditioner

· Water Cooler

· Office Equipments

· Furniture And Fixture

· Vehicles

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.49.17
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

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
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.