MIRA INFORM REPORT

Report Date :

04.01.2012

IDENTIFICATION DETAILS

Name :	R.K. RUBBER RECLAMATION PRIVATE LIMITED
Registered Office :	Khosa Pando, Zira Road, Moga – 142 001, Punjab
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.04.2000
Com. Reg. No.:	023669
Capital Investment / Paid-up Capital :	Rs.11.500 millions
CIN No.: [Company Identification No.]	U25199PB2000PTC023669
TIN No.:	03211120530
PAN No.: [Permanent Account No.]	AABCR8786J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Rubber Reclaim.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 61000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject has been taken over the running business of Shri Balaji Rubber Industries, a partnership concern started in the year 1995. It is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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. Nipun Kapoor
Designation :	Chief Executive Officer
Contact No.:	91-9876342451
Date :	31.12.2011

LOCATIONS

Registered Office/Factory :	Khosa Pando, Zira Road, Moga – 142 001, Punjab, India
Tel. No.:	91-1636-509550
Mobile No.:	91-9876342451 (Mr. Nipun Kapoor)
Fax No.:	Not Available
E-Mail :	nipun@sunreclaims.in info@sunreclaims.in jbrubber@yahoo.com
Location :	Owned
Branch Office :	S.C.O. No. 16, Birson Complex, R. K. Road, Industrial Area-A, Ludhiana – 141 008, Punjab, India
Tel. No.:	91-161-4612451
Fax No.:	91-161-4632451

DIRECTORS

Name :

Mr. Raj Kumar

Designation :

Managing Director

Address :

House No. 6, Friends Colony, Moga – 142 001, Punjab, India

Date of Appointment :

28.04.2000

DIN No.:

01161221

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	U25199PB2000PTC023669	R.K. Rubber Reclamation Private Limited	Managing director	28-04-00	28-04-00	-	Active	NO
2	U25111PB1996PTC018356	Jai Bajrang Rubbers Private Limited	Director	01-04-07	01-04-07	23-02-09	Active	NO

Name :

Mr. Jagdish Aggarwal

Designation :

Director

Address :

H. No. 4, Friends Colony, Teh. Moga, District Moga – 142 001, Punjab, India

Date of Birth/Age :

10.12.1964

Date of Appointment :

30.09.2010

DIN No.:

01721022

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	U67120DL1996PLC198793	Lakshmi Narsimha FinBiz Limited	Director	31-07-06	31-07-06	17-06-09	Active	NO
2	U25199PB2000PTC023669	R.K. Rubber Reclamation Private Limited	Director	30-09-10	01-07-10	-	Active	NO

Name :

Mr. Vishal Aggarwal

Designation :

Director

Address :

House No. 6, Friends Colony, Moga – 142 001, Punjab, India

Date of Appointment :

20.03.2001

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2010

Names of Shareholders	No. of Shares
Mr. Raj Kumar	75000

BUSINESS DETAILS

Line of Business :	Manufacturer of Rubber Reclaim.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

· Retailers

· Others

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of India

G. T. Road, Moga – 142 001, Punjab, India

· ICICI Bank Limited

· Punjab National Bank

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
State Bank of India C/C (3768)	10.084	4.798
State Bank of India Term Loan (1207)	2.955	4.850
Vehicle Loan	0.295	1.222
Total	13.334	10.870

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Directors	0.034	1.657
From Others	2.184	2.132
Intercorporate Deposits	0.000	0.600
Total	2.218	4.389

Banking Relations :	--
Auditors :
Name :	Sumat Gupta and Company Chartered Accountants
Address :	B-16/17, Miller Ganj, G T Road, Ludhiana – 141 001, Punjab, India
PAN No.:	AARFS1859E
Sister Concerns :	· Sun Exim S.C.O. No. 16, Birson Complex, R. K. Road, Industrial Area-A, Ludhiana – 141 008, Punjab, India Line of Business : Manufacturer of Rubber Reclaim.(Export in this company) Tel No.: 91-161-4612451 Fax No.: 91-161-4632451 E-Mail : info@sunreclaims.in Website : http://www.sunreclaims.in · Jai Bajrang Rubbers (Private) Limited
	·

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.10/- each	Rs.11.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		11.500	10.750
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		3.794	2.703
4] (Accumulated Losses)		0.000	0.000
NETWORTH		15.294	13.453
LOAN FUNDS
1] Secured Loans		13.334	10.870
2] Unsecured Loans		2.218	4.389
TOTAL BORROWING		15.552	15.259
DEFERRED TAX LIABILITIES		1.870	1.625
TOTAL		32.716	30.337
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.325	20.177
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.556	2.382
	Sundry Debtors	14.536	12.772
	Cash & Bank Balances	0.981	1.827
	Other Current Assets	0.000	0.000
	Loans & Advances	1.334	0.785
Total Current Assets		22.407	17.766
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.557	6.201
	Other Current Liabilities	3.671	1.043
	Provisions	0.794	0.375
Total Current Liabilities		9.022	7.619
Net Current Assets		13.385	10.147
MISCELLANEOUS EXPENSES		0.006	0.013
TOTAL		32.716	30.337

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	20.367	19.832
		Other Income
		TOTAL (A)	20.367	19.832
Less	EXPENSES
		Office Expenses	15.544	17.267
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	15.544	17.267
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.823	2.565
Less	INTEREST (D)		1.761	1.278
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.062	1.287
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.281	1.007
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1.781	0.280
Less	TAX (H)		0.690	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.091	0.280
	Earnings Per Share (Rs.)		0.95	0.26

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	5.36	1.41
Return on Total Assets (PBT/Total Assets}	(%)	4.27	0.74
Return on Investment (ROI) (PBT/Networth)		0.12	0.02
Debt Equity Ratio (Total Liability/Networth)		1.61	1.70
Current Ratio (Current Asset/Current Liability)		2.48	2.33

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	YES
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	NO
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.	Payment terms	YES
20.	Export / Import details (is applicable)	NO
21.	Market information	--
22.	Litigation 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	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

FIXED ASSETS

· Land

· Plant and Machinery

· Plant and Machinery (Under Installation)

· Car

· Cooler and Fan

· Computer

· Building

· Electric Equipment

· Scooter

· Truck

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.53.23
UK Pound	1	Rs.82.87
Euro	1	Rs.69.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		29

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.