MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	FACT- RCF BUILDING PRODUCTS LIMITED
Registered Office :	Fact Cochin Division Campus, Ambalamedu, Kochi, Kerala – 682303
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.05.2008
Com. Reg. No.:	23-22347
Capital Investment / Paid-up Capital :	Rs. 353.800 Millions
CIN No.: [Company Identification No.]	U26992KL2008PLC022347
TAN No.: [Tax Deduction & Collection Account No.]	CHNF00728A
PAN No.: [Permanent Account No.]	AABCF2744A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of gypwall panels and other building products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1100000
Status :	Recently Commenced Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is joint venture undertaking of “The Fertilizers and Chemicals Travancore Limited’ and ‘Rashtriya Chemicals and Fertilisers’. It is an established company having moderate track. It has recently commenced its business activities. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Fact Cochin Division Campus, Ambalamedu, Kochi, Kerala – 682303
Tel. No.:	91- 484-2721971/ 2721972
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	dmsati@rcfltd.com frbl@factltd.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Ponnuchamy Muthusamy

Designation :

Additional director

Address :

3/7, Virat Khand, Gomti Nagar, Lucknow - 226010, Uttar Pradesh, India

Date of Birth/Age :

10.05.1957

Date of Appointment :

28.03.2011

DIN No.:

00750975

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L25111UP1972GOI003599	SCOOTERS INDIA LIMITED	Whole-time director	23/04/2008	12/09/2006	17/03/2011	Active	NO
2	L24129KL1943GOI000371	FERTILISERS AND CHEMICALS TRAVANCORE LTD	Director	18/03/2011	18/03/2011	-	Active	NO
3	U26992KL2008PLC022347	FACT- RCF BUILDING PRODUCTS LIMITED	Director	29/09/2011	28/03/2011	-	Active	NO

Name :

Mr. Vayyavanat Kizhkepat Anil

Designation :

Additional director

Address :

763K(34/1632), Dhurga, 49, Elamakkara, Kochi Corporation, Kochi – 682026, Kerala, India

Date of Birth/Age :

29.06.1957

Date of Appointment :

29.09.2011

DIN No.:

03572839

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24129KL1943GOI000371	FERTILISERS AND CHEMICALS TRAVANCORE LTD	Director	28/06/2011	28/06/2011	-	Active	NO
2	U26992KL2008PLC022347	FACT- RCF BUILDING PRODUCTS LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO

Name :

Mr. Raman Govind Rajan

Designation :

Director appointed in casual vacancy

Address :

Bunglow, No:4, Type VI, RCF Colony Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

26.09.1957

Date of Appointment :

19.11.2010

DIN No.:

01253189

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140UP1978GOI028629	PROJECTS AND DEVELOPMENT INDIA LIMITED	Director	08/01/2007	08/01/2007	02/11/2010	Active	NO
2	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	22/01/2007	22/01/2007	-	Active	NO
3	L24110MH1978GOI020185	RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED	Managing director	03/11/2010	03/11/2010	-	Active	NO
4	U26992KL2008PLC022347	FACT- RCF BUILDING PRODUCTS LIMITED	Director appointed in casual vacancy	19/11/2010	19/11/2010	-	Active	NO
5	U24129RJ2007GOI025087	RAJASTHAN RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED	Nominee director	19/11/2010	19/11/2010	-	Active	NO
6	U45202MH2009PTC193070	RCF - HM Constructions Solutions Private Limited	Nominee director	19/11/2010	19/11/2010	-	Active	NO

Name :

Mr. Gautam Sen

Designation :

Director

Address :

TYE – VI /6, Bunglow No:3, RCF Colony Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

16.01.1954

Date of Appointment :

01.07.2010

DIN No.:

01403762

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U13204AP2007PLC053653	BEML MIDWEST LIMITED	Additional director	16/01/2008	16/01/2008	02/09/2008	Active	NO
2	L24110MH1978GOI020185	RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED	Whole-time director	14/07/2008	14/07/2008	-	Active	NO
3	U45202MH2009PTC193070	RCF - HM CONSTRUCTIONS SOLUTIONS PRIVATE LIMITED	Director	05/06/2009	05/06/2009	-	Active	NO
4	U26992KL2008PLC022347	FACT- RCF BUILDING PRODUCTS LIMITED	Director	20/09/2010	01/07/2010	-	Active	NO
5	U24129RJ2007GOI025087	RAJASTHAN RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2011

Names of Shareholders	No. of Shares
Fertilisers and Chemicals Travancore Limited (Represented by V.G. Sankaranarayanan), India	17689998
Valiyakadavil Govindamenon Sankaranarayanan	1
Ponnuchamy Muthuswamy	1
Rashtriya Chemicals and Fertilizers Limited (Represented by J. Kohareswaran), India	17689997
Gautam Sen	1
Periya Manoj	1
Raman Govind Rajan	1
TOTAL	35380000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Government [Central and State]	99.98
Directors or relatives of Directors	0.01
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of gypwall panels and other building products

Products :

ITC number of product	Description of product
3294	Gypsum Boards
3039	Wall putty
3244	Plasters

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Dena Bank, Kakkanad Branch, “Bhaskara”, Seaport Airport Road, Mavelipuram, Kakkanad, Ernakulam – 682030, Kerala, India

· New India Co – Operative Bank Limited, New India Bhavan Anant Vishram, Nagvekar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	697.377	486.638
Interest accrued due debentures secured	27.927	0.000
Total	725.304	486.638

Banking Relations :	--
Auditors :
Name :	Gopan and Shyam Chartered Accountants
Address :	Layam Road, Cochin – 11, Kerala, India
Tel No.:	91-484-2365265/ 2360854
Mob No.:	91-9447147520/ 9447041732
PAN No:	AABFG9421G
Joint Venture Companies :	· The Fertilisers And Chemicals Travancore Limited · Rashtriya Chemicals and Fertilisers Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- Each	Rs.400.00 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
35380000	Equity Shares	Rs.10/- Each	Rs.353.800 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		300.000	300.000	300.000
2] Share Application Money		16.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(21.769)	(13.716)	(6.255)
NETWORTH		294.231	286.284	293.745
LOAN FUNDS
1] Secured Loans		725.304	486.638	6.802
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		725.304	486.638	6.802
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1019.535	772.922	300.547
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		134.573	93.494	98.483
Capital work-in-progress		895.788	753.645	226.658
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	4.564	0.341	10.499
	Other Current Assets	2.853	0.349	0.160
	Loans & Advances	65.299	45.223	12.647
Total Current Assets		72.716	45.913	23.306
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.831	93.483	45.851
	Other Current Liabilities	18.711	26.647	2.049
	Provisions	0.000	0.000	0.000
Total Current Liabilities		83.542	120.130	47.900
Net Current Assets		(10.826)	(74.217)	(24.594)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1019.535	772.922	300.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.022	0.022	0.077
		TOTAL	0.022	0.022	0.077
Less	EXPENSES
		Office Expenses	0.000	0.000
		Administrative Expenses	0.865	1.828
		Advertising Expenses	0.000	0.000
		TOTAL	0.865	1.828	4.659
	PROFIT /(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.843)	(1.806)	(4.582)
Less/ Add	DEPRECIATION/ AMORTISATION		6.921	5.032	1.673
	PROFIT /(LOSS) BEFORE TAX, PRIOR PERIOD AND EXTRAORDINARY ITEMS		(7.764)	(6.838)	(6.255)
Add:	PRIOR PERIOD ITEMS		(0.289)	(0.594)	0.000
	PROFIT /(LOSS) BEFORE TAX		(8.053)	(7.432)	(6.255)
Less	TAX		0.000	0.029	0.000
	PROFIT /(LOSS) AFTER TAX		(8.053)	(7.461)	(6.255)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(7.461)	(6.255)	0.000
	BALANCE CARRIED TO THE B/S		(15.514)	(13.716)	(6.255)
	IMPORTS
		Raw Materials	3.003	0.000	0.000
		Stores & Spares	0.220	0.000	0.000
		Capital Goods	0.000	91.975	33.103
	TOTAL IMPORTS		3.223	91.975	33.103
	Earnings Per Share (Rs.)		(0.27)	(0.25)	0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(36604.54)	(33913.64)	(8123.38)
Return on Total Assets (PBT/Total Assets}	(%)	(3.88)	(5.33)	(5.14)
Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.03)	(0.02)
Debt Equity Ratio (Total Liability/Networth)		2.75	2.12	0.19
Current Ratio (Current Asset/Current Liability)		0.870	0.38	0.49

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	--------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--------
26]	Buyer visit details	--------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U26992KL2008PLC022347
Name of the company	FACT- RCF BUILDING PRODUCTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Eloor, Udyogamandal, Cochin – 683501, Kerala India Email: dmsati@rcfltd.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10165359
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Dena Bank, Kakkanad Branch, “Bhaskara”, Seaport Airport Road, Mavelipuram, Kakkanad, Ernakulam – 682030, Kerala, India Email: kakkanad@denabank.co.in
Nature of instrument creating charge	1. Memorandum of Modification of Hypothecation Agreement dated 07.02.2011 2. Memorandum of Deposit of Title Deeds dated 08.02.2011 evidencing deposit of title deeds on 07.02.2011.
Date of instrument Creating the charge	07.02.2011
Amount secured by the charge	Rs. 440.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate of 3.5% p.a. above Dena Bank Base Rate (DBBR), the present (DBBR) being 9.45% p.a. Terms of Repayment Repayable in five years with 10 half yearly installments of Rupees One Crore plus interest each including the moratorium period for 14 months as per schedule plus interest and interest tax as applicable thereon. Margin 33% Extent and Operation of the charge The charge extends to all movable and immovable assets and properties, present and future of the borrower ranking pari passu with M/s. State Bank of India, Commercial Branch, Ernakulam and M/s. New India Co – op Bank Limited.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All movable properties as per the Hypothecation Agreement and 11 acres of land situated at Sy Nos. 205 Block No 37 of Vadavukodu Puthencruz Village, Kunnathunadu Taluk, Ernakulam District.
Particulars of the present modification	By the present modification the term loan has been enhanced from Rs. 340.000 Millions to Rs. 440.000 Millions

NOTE: The Registered Office of the company has been shifted from Eloor, Udyogamandal, Cochin – 683501, Kerala, India to the present address w.e.f 02.07.2012

PROFILE:

FRBL PREFAB GYPWALL is a revolutionary low cost load bearing prefabricated walling system with broad construction application .Glass fiber reinforced gypsum (GFRG ) wall a new composite wall product is made of gypsum plaster reinforced with glass fiber. The glass fibers are random distributed inside the panal skin and ribs in the manufacturing process. Panels are hollow and manufactured in 124 mm thick by 12 metre length and 3 metre width and are cut in the sophisticated wall cutting plant to suit the customers requirement . The wall panels can be reinforced with concrete during construction as per requirement of the structure.

Applications are

· Load bearing wall panels

· Roof Panel

· Fire wall

· Cottages

· Multi storey Building partition

· Fence wall

Shine Wall Putty / Silky wall plaster

Gypsum based wall putty and wall plaster from FRBL are high quality surface coating products. The unique calcining process of Gypsum prevents over heating and maintains uniform quality of the putty and plaster base . Suitable additives are added to base in a state of art automatic mixing plant for the manufacture of wall putty and wall plaster .The products are bagged in salable quantities using automatic bagging machine & stacked.

The uniqueness of the product is that it imparts silky smooth finish to walls. Both putty and plaster are all weather resistant, TERMITE resistant and cuts down paint consumption due to the smooth texture and unique composition.

FIXED ASSETS:

· Land

· Office Equipment

· Computers

· Printers

· Fax

· Scanners

· Copier

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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	3
--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		27

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.