MIRA INFORM REPORT

Report Date :

13.02.2012

IDENTIFICATION DETAILS

Name :	RISHI FIBC SOLUTIONS PRIVATE LIMITED
Registered Office :	Indra Complex, 7^th Floor, Sindhwai Mata Cross Road, Manjalpur, Vadodara- 390004, Gujarat.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.02.2007
Com. Reg. No.:	04-049943
Capital Investment/ Paid-up Capital:	Rs.130.000 millions
CIN No.: [Company Identification No.]	U25209GJ2007PTC049943
TAN No.: [Tax Deduction & Collection Account No.]	BRDR01529D
PAN No.: [Permanent Account No.]	AADCR5130N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, exporter and importer of flexible Intermediate Bulk Containers
No of Employees :	900 (In Office- 70 and Factory- 830) (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 773000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. 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 / Corporate Office :	Indra Complex, 7^th floor, Sindhwai Mata Cross Road, Manjalpur, Vadodara- 390004, Gujarat, India
Tel. No.:	91-2662-305000 / 91-262-26571275 , 65990302 / 03
Fax No.:	91-2662-305015 / 91-265-2635870
E-Mail :	mail@rishifibc.com , profina@gmail.com rishifibcsolutions@yahoo.co.in
Website :	http://www.rishifibc.com
Factory :	Rishi FIBC Solutions Private Limited. Mahuvad- Ranu road, At Ranu (Padra), Dist. Vadodara-391440, Gujarat, India.

DIRECTORS

(As on 15.09.2011)

Name :

Mr. Arvind Narayanprasad Nopany

Designation :

Managing Director

Address :

11-A , Nilamber Bungalows-1, Sayed Vasna Road, Baroda- 390015

Date of Birth/Age :

19.03.1965

Date of Appointment :

06.02.2007

PAN No :

AAAPN8927F

DIN No :

00148521

Other Directorships :

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	U25209GJ1985PTC008002	GARRISON POLYSACKS PRIVATE LIMITED	Managing director	09-10-91	09-10-91	-	Active	NO
2	U67190WB1995PLC067808	GINNI SECURITIES LTD	Director	25-01-95	25-01-95	-	Active	NO
3	L28129MH1984PLC032008	RISHI TECHTEX LIMITED	Director	15-07-02	15-07-02	-	Active	NO
4	U51909GJ1989PTC054670	DAN CEMENT TRADING PRIVATE LIMITED	Director	01-05-05	01-05-05	-	Active	NO
5	U70100MH1979PLC021499	RADHA MADHAV INVESTMENTS LIMITED	Director	28-04-06	28-04-06	-	Active	NO
6	U65990MH1980PLC023151	GACL FINANCE LIMITED	Director	29-05-06	29-05-06	-	Active	NO
7	U67120MH1991PLC064184	ICAN INVESTMENTS LIMITED	Director	28-08-06	28-08-06	-	Active	YES
8	U74140MH2006PLC164912	RADHA MADHAV ADVISORY SERVICES LIMITED	Director	25-09-06	25-09-06	-	Amalgamated	NO
9	U25209GJ2007PTC049943	RISHI FIBC SOLUTIONS PRIVATE LIMITED	Managing director	21-11-07	06-02-07	-	Active	NO
10	U45200MH2008PLC183654	MADHAV HOLDINGS LIMITED	Director	18-06-08	18-06-08	-	Active	NO

Name :

Mr. Harshad B. Patel

Designation :

Director

Address :

8-B, Suvas Apartment 68f, Neapean Sea Road, Mumbai-400006

Date of Birth/Age :

06.05.1957

Date of Appointment :

19.12.2007

DIN No :

00164228

Other Directorships :

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	L28129MH1984PLC032008	RISHI TECHTEX LIMITED	Managing director	07-02-84	07-02-84	-	Active	NO
2	U25209GJ1985PTC008002	GARRISON POLYSACKS PRIVATE LIMITED	Director	09-10-91	09-10-91	-	Active	NO
3	L99999MH1992PLC066412	RISHI LASER LIMITED	Managing director	01-04-11	20-01-93	-	Active	NO
4	U24114MP2000PTC014157	MPD INDUSTRIES PRIVATE LIMITED	Director	05-04-00	05-04-00	-	Active	NO
5	U91990MH2005NPL158157	AGRI NETS MANUFACTURERS ASSOCIATION	Director	20-12-05	20-12-05	-	Active	NO
6	U25209GJ2007PTC049943	RISHI FIBC SOLUTIONS PRIVATE LIMITED	Director	06-02-07	06-02-07	-	Active	NO
7	U93000MH2007PTC175056	RISHI TECHNICAL SERVICES PRIVATE LIMITED	Director	16-10-07	16-10-07	02-02-09	Active	NO
8	U28112MH2008PTC178448	RISHI CONSFAB PRIVATE LIMITED	Director	01-02-08	01-02-08	-	Active	NO
9	U91900MH2008NPL179387	METAL CUTTING AND FABRICATORS ASSOCIATION OF INDIA	Director	25-02-08	25-02-08	-	Active	NO
10	U24134MP2011PTC026803	XCEL POLYMER PRODUCTS PRIVATE LIMITED	Director	23-09-11	23-09-11	-	Active	NO

Name :

Mr. Joseph Frances

Designation :

Whole Time Director

Address :

B-4, Arunoday Society, R.C. Dutt Road, Alkapuri, Baroda-390005

Date of Birth/Age :

31.05.1967

Date of Appointment :

19.12.2007

DIN No :

01821357

Other Directorships :

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	U25209GJ2007PTC049943	RISHI FIBC SOLUTIONS PRIVATE LIMITED	Whole-time director	19-12-07	19-12-07	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 15.09.2011)

Names of Shareholders	No. of Shares
Mr. Arvind Narayanprasad Nopany	78,73,900
Mr. Harshad B Patel	100
Mrs. Devyani Nopany	40,000
Master Rishi Nopany	10,000
Mr. Joseph Francis	10,00,000
Mrs. Nalini Sekhsaria	40,00,000
Mr. Rohit Trivedi	46,000
Mr. Ashutosh K. Roy	30,000
TOTAL	1,30,00,000

(AS ON 15.09.2011)

Category	Percentage
Directors or relatives of directors	99.42
Other top fifty shareholders	0.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, exporter and importer of flexible Intermediate Bulk Containers

Products :

v Coated/ Uncoated Circular Bag

v Single loop Bag

v Peanut Bag

v Dissipative Bag

v U Panel Bag

v 2 Loop Bag

v Asbestos Bag

v Baffle or Q Bag

v 4 Panel Bag

v Baffle Liner

Product description:	Articles for the conveyance or packing of goods of plastics( sacks and Bags)- Others [PP woven jumbo Bags]
ITC number of the product	39232990

GENERAL INFORMATION

No. of Employees :

900 ( In Office 70 In Factory 830) (Approximately)

Bankers :

· State Bank of India, Mid Corporate Group Industrial Finance Branch,, Marble Arch, Race Course Circle, Vadodara- 390007, Gujarat, India

· HDFC Bank Limited-

HDFC Bank House, Senapati Bapat Marg, Lower Parel- West, Mumbai- 400013, Maharashtra, India

· Centurion Bank of Punjab Limited, Productivity House, Productivity Road, Alkapuri, Vadodara – 390007, Gujarat, India

(Amount in millions)

Facilities :

Secured Loan	31.03.2011	31.03.2010
Rupee term loans	220.261	184.270
Working capital loans secured	140.649	87.153
Loans taken for fixed assets	5.336	16.033
Total	366.246	273.026

Unsecured Loans	31.03.2011	31.03.2010
Working Capital loans unsecured	20.000	20.000
Loans directors Unsecured	52.001	52.001
Total	72.001	72.001

Banking Relations :	--
Auditors :
Name :	S.G. Bhagwat and Company Chartered Accountants
Address :	116-118 Race Course Towers, Race course (South), Baroda- 390007, Gujarat, India.
Tel. No.:	91-0265-6621591 / 592
PAN No.:	AAGFS0669H
E-Mail :	sgbandco@gmail.com
Associates/Subsidiaries : (As on 31.03.2011)	v Garrison Polysacks Private Limited Address: Vadodara Activity: Manufacturer of Cement Bags. v Dan Cement Trading Limited

CAPITAL STRUCTURE

(As On 15.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Share	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,000,000	Equity Share	Rs.10/- each	Rs.130.000millions

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		130.000	130.000	130.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		63.121	19.038	0.906
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		193.121	149.038	130.906
LOAN FUNDS
1] Secured Loans		366.246	273.026	190.882
2] Unsecured Loans		72.001	72.001	60.175
TOTAL BORROWING		438.247	345.027	251.057
DEFERRED TAX LIABILITIES		12.857	6.550	0.933
TOTAL		644.225	500.615	382.896
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		426.180	365.677	339.992
Capital work-in-progress		17.027	0.000	0.000
INVESTMENT		5.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	115.001	58.962	30.600
	Sundry Debtors	105.524	82.958	5.527
	Cash & Bank Balances	10.100	11.421	11.089
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	67.209	45.407	26.329
Total Current Assets		297.834	198.748	73.545
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	62.154	30.450	10.611
	Other Current Liabilities	26.371	33.622	17.253
	Provisions	15.639	3.078	7.108
Total Current Liabilities		104.164	67.150	34.972
Net Current Assets		193.670	131.598	38.573
MISCELLANEOUS EXPENSES		2.348	3.340	4.331
TOTAL		644.225	500.615	382.896

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	773.275
		Other Income	27.036
		TOTAL	800.311	486.233	156.383
Less	EXPENSES
		TOTAL	707.941	453.008	149.377
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		92.370	33.225	7.007
Less/ Add	DEPRECIATION/ AMORTISATION		28.350	15.211	3.273
	PROFIT BEFORE TAX		64.020	18.014	3.733
Less	TAX		19.860	9.501	0.931
	PROFIT AFTER TAX		44.160	8.513	2.802
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	718.302	NA	NA
	TOTAL EARNINGS		718.302	NA	NA
	IMPORTS
	TOTAL IMPORTS		126.668	NA	NA
	Earnings Per Share (Rs.)		3.40	0.65	0.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.52	1.68	1.79
Return on Total Assets (PBT/Total Assets}	(%)	8.84	3.19	0.90
Return on Investment (ROI) (PBT/Networth)		33.15	12.09	2.85
Debt Equity Ratio (Total Liability/Networth)		2.81	3.79	3.30
Current Ratio (Current Asset/Current Liability)		2.86	2.96	2.10

LOCAL AGENCY FURTHER INFORMATION

Operation :

The company has achieved turnover of Rs.773.275 millions during the current year and has incurred net profitof Rs.44.160 millions.

The Directors do not recommend any dividend for the current year. The company had not accepted any deposit from the public during the year under review.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209GJ2007PTC049943
Name of the company	RISHI FIBC SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Indra Coplex, 7th Floor,, Sindhwai Mata Cross Road, Manjalpur, Vadodara, Gujarat India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10172479
Type of charge	Immovable Property
Particular of charge holder	State Bank Of India, MID Corporate Group Industrial Finance Branch,, Marble Arch, Race Course Circle, Vadodara-390007, Gujarat, India
Nature of instrument creating charge	Memorandum relating to Deposit of Title Deeds for creation of further charge where the initial charge was created by way of Mortgage by Deposit of Title Deeds
Date of instrument Creating the charge	13.10.2011
Amount secured by the charge	Rs.563.200 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate Of Interest CC - 3% above Base Rate with monthly res, TL-I & TL-II - 5% above Base Rate with monthly rests, TL-III - 4.75% above Base Rate with monthly rests and Biennial reset clause, TL-IV - 3.25% above Base Rate Terms of Repayment Cash Credit - on demand, TL - I, II and III as per existing terms and conditions, TL - IV Repayable in 38 monthly installments. First installment due in April 2012 and last installment will be due in May 2015. Margin Raw Materials (Domestic & Imported) - 25%, Stock in Process - 25%, Finished Goods - 25%,Receivables (cover period 90 days) - 35%, EPC - 10%, LC - 10%, BG - 10%, TL - 33.50% Extent And Operation Of Charge Equitable Mortgage of Immovable Properties lying / situated at R S No.147, 151, 153, 148 & 593 Vill: Ranu, Tal: Padra, Dist: Baroda more particularly described in second schedule of the Memorandum relating to Deposit of Title Deeds for creation of further charge where the initial charge was created by way of Mortgage by Deposit of Title Deeds OTHERS Credit Facilities - Cash Credit - Rs.200.000 millions + TL - I (O/S) Rs.83.400 millions+ TL - II (O/S) Rs.59.800 millions + TL- III (O/S) Rs 63.400 millions + TL - IV (New) Rs.26.600 millions + LC - Rs.120.000 millions+ BG - Rs.10.000 millions aggregating to Rs.563.200 millions
SHORT Particulars of the property charged	A - All that piece and parcel of the land bearing Old R. S. No.147, New Block No.138/B, adm. 1-65-25 Hector (16525 Sq. Mtrs.) lying being and situated at Vill. mouje Ranu, Tal. Padra, Dist. Baroda. B - All that piece and parcel of the land bearing Old R.S.No.151 & 153, New Block No.139, adm.1-32-00 Hector lying being and situated at Vill. mouje Ranu, Tal. Padra, Dist. Baroda. C - All that piece and parcel of the land bearing Old R. S. No.148, New Block No.1144, adm. 1-62-32 Hector lying being and situated at Vill. mouje Ranu, Tal. Padra, Dist. Baroda. D - All that piece and parcel of the land bearing Old R. S. No.593 paiki, Pursa Road factory premises adm. 12141 sq. mtrs. at and P.O. Amod, Tal.Amod, Dist. Bharuch.
Date of last modification prior to the present modification	03.09.2010
Particulars of the present modification	By this execution the charge extended to cover revised credit facilities from Rs.479.600 Millions to Rs.563.200 millions {Credit facilities - Cash Credit - Rs.200.000 millions + TL - I (O/s) Rs.83.400 millions + TL - II (O/s) Rs.59.800 millions + TL- III (O/s) Rs.63.400 millions + TL - IV (New) Rs.26.600 millions + LC - Rs.120.000 millions + BG - Rs.100.000 millions aggregating to Rs.563.200 millions}

Contingent Liabilities Not Provided For :

(Amount in Millions)

Particulars	31.03.2011	31.03.2010
Estimated amount of contract remaining to be executed on capital account not provided for	Rs.18.562	Rs. 2.242
Bill discounted with bank	9.144	19.279

Fixed Assets:

• Land and Land Development
• Building
• Vehicles
• Computers and Peripherals
• Electrical Installation
• Furniture and Fixtures
• Office Equipments
• Plant and Machinery

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.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.79

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	NO
--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.