MIRA INFORM REPORT

Report Date :

07.07.2012

IDENTIFICATION DETAILS

Name :	RIDHI PETROCHEM PRIVATE LIMITED
Registered Office :	41/B, Mittal Tower, 4th Floor, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.06.2005
Com. Reg. No.:	11-153751
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24100MH2005PTC153751
TAN No.: [Tax Deduction & Collection Account No.]	MUMR27371B
PAN No.: [Permanent Account No.]	AADCR0143B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Printing Films, Lamination Material, Pouch.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 470000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears dip in the profitability of the company. However 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 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.

INFORMATION DENIED BY

Management non co –operative (91-260-2560170)

LOCATIONS

Registered Office :	41/B, Mittal Tower, 4th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ridhipetrochem@gmail.com ridhi.petrochem@rediffmail.com
Factory:	Plot NO. 409, GIDC Industrial Area Umbergaon Valsad, 396171, Gujarat, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Vishal Hasmukh Sheth
Designation :	Additional director
Address :	6, Nutan Laxmi Society, Road No.10, JVPD, Vile Parle (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	20.02.1983
Date of Appointment :	20.03.2010
DIN No.:	00789576

Name :	Mr. Vilesh Prafulchandra Sheth
Designation :	Additional director
Address :	26, Shayadari Apartment, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	10.12.1981
Date of Appointment :	04.06.2010
DIN No.:	00789612

Name :	Mr. Ritesh Kailash Khetan
Designation :	Additional director
Address :	227/5981, 1^st Floor, Anand Darshan Pant Nagar, Ghatkopar (East), Mumbai – 400075, Maharashtra, India
Date of Birth/Age :	13.10.1980
Date of Appointment :	22.10.2010
DIN No.:	01857208

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dhumil Sheth	5000
Vishal Sheth	5000
Total	10000

List of Allottes

As on 14.01.2012

Names of Allottees	No. of Shares Allotted
Jyotkaben H Sheth	276000
Valukko Industries Private Limited (Formerly Known As Kalpatru Comtrade Private Limited, India	778600
Kashmiraben A Sheth	17300
Lal-It Polyester Private Limited, India	260000
Sujata R Sheth	9000
Vishal Sheth	27000
Vision Agencies Private Limited, India	284100
Cat Cosmetics and Healthcare Private Limited, India	1503880
Valukko Infrastructure Limited, India	844120
Total	4000000

List of Allottes

As on 14.01.2012

Names of Allottees	No. of Shares Allotted
Valukko Industries Private Limited (Formerly Known As Kalpatru Comtrade Private Limited, India	3375500
Nemtnath Finance Private Limited, India	500000
Vishal Sheth	6867500
Kashmiraben A Sheth	980000
Jyotikabenh. Sheth	1607500
Bhavnaben V. Sheth	130000
Velesh Sheth	1300000
Dhumil Sheth	5000
Akar Laminators Limited	230000
Lalit Polyester Private Limited, India	4500
Total	15000000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Printing Films, Lamination Material, Pouch.

Products :

· Printing Films

· Lamination Material

· Pouch

Product Description	Item Code No.:
Cast Polythene Film	39202020

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

State Bank of India, Commercial Branch,3rd Floor, "Paramsiddhi" Complex, Near Mahakant Building, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loans From Banks	165.340	180.452
Working Capital Loans From Banks	79.436	61.303
Total	244.776	241.755
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Bodies Corporate	42.918	40.997
From Directors	22.008	5.982
Total	64.926	46.979

Banking Relations :	--
Auditors :
Name :	Rahul Shukla and Associates Chartered Accountants
Address :	201, Pawan Wing, Indraprasth Building, Satyanagar, Borivali (West), Mumbai – 400092, Maharashtra, India
PAN.:	ACVPS6906Q

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs.190.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		99.900	99.900	99.900
3] Reserves & Surplus		17.760	15.495	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		117.760	115.495	100.000
LOAN FUNDS
1] Secured Loans		244.776	241.755	178.606
2] Unsecured Loans		64.926	46.979	35.422
TOTAL BORROWING		309.702	288.734	214.028
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		427.462	404.229	314.028
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		293.569	309.249	37.690
Capital work-in-progress		0.000	0.000	274.301
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.718	1.741	0.000
	Sundry Debtors	127.837	109.170	0.000
	Cash & Bank Balances	4.724	1.494	1.462
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.427	4.237	0.112
Total Current Assets		167.706	116.642	1.574
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.263	16.280	0.000
	Other Current Liabilities	8.004	2.223	0.446
	Provisions	0.558	3.173	0.000
Total Current Liabilities		33.825	21.676	0.446
Net Current Assets		133.881	94.966	1.128
MISCELLANEOUS EXPENSES		0.012	0.014	0.909
TOTAL		427.462	404.229	314.028

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	489.903	242.195	-
		Other Income	0.179	0.050	-
		TOTAL (A)	490.082	242.245	-
Less	EXPENSES
		Material Cost	470.659	175.499	-
		Manufacturing and Administrative Expenses	4.057	9.118	-
		(Increase) / Decrease in Stock	(30.123)	(0.965)	-
		TOTAL (B)	444.593	183.652	-
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.489	58.593	-
Less	FINANCIAL EXPENSES (D)		26.801	26.052	-
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.688	32.541	-
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.679	13.873	-
	PROFIT BEFORE TAX (E-F) (G)		3.009	18.668	-
Less	TAX (H)		0.744	3.173	-
	PROFIT AFTER TAX (G-H) (I)		2.265	15.495	-
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.495	0.0000	-
	BALANCE CARRIED TO THE B/S		17.760	15.495	-
	Earnings Per Share (Rs.)		226.50	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.46	6.40	-
Net Profit Margin (PBT/Sales)	(%)	0.61	7.71	-
Return on Total Assets (PBT/Total Assets}	(%)	0.65	4.38	-
Return on Investment (ROI) (PBT/Networth)		0.03	0.16	-
Debt Equity Ratio (Total Liability/Networth)		2.92	2.69	2.14
Current Ratio (Current Asset/Current Liability)		4.96	5.38	3.53

LOCAL AGENCY FURTHER INFORMATION

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	No
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	--
23) Banking Details	Yes
24) Banking facility details	Yes
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

Details of sundry creditors

Rs.in Million

Particular	31.03.2011	31.03.2010	31.03.2009
Creditors for Raw Materials	22.807	14.371	0.000
Creditors for Capital Goods and Others	2.456	1.909	0.000
	25.263	16.280	0.000

Note:

The registered office address of the company has been shifted from “128, Mittal Tower, "B" Wing, 12th Floor, Nariman Point, Mumbai - 400021, Maharashtra, India” to the present address w.e.f. 01.09.2010

FINANCIAL RESULTS:

During the year under review the Company has earned a profit of Rs.2.265 Millions as compared to a profit of Rs.15.495 Millions during the previous year. Your Directors expect to get better results in the forthcoming years.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24100MH2005PTC153751
Name of the company	RIDHI PETROCHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	41/B, Mittal Tower, 4th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India E-mail : ridhipetrochem@gmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Commercial Branch,3rd Floor, "Paramsiddhi" Complex, Near Mahakant Building, Ellisbridge, Ahmedabad - 380006, Gujarat, India E-mail : sk9.pareek@gmail.com
Nature of instrument creating charge	Joint Deed of Hypothecation dated 17th January,2012
Date of instrument Creating the charge	17.01.2012
Amount secured by the charge	Rs.631.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge Charge over entire Stock of Raw Materials, Stock In Process, Finished Goods, Stores and Spares, Goods in transit, receivables and other Current Assets of the Company on pari passu basis with other consortium lenders.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Part A : Description of Hypothecated Pant and Machineries : The whole of the movable property and assets of the Borrower (save and except book debts and Goods) including all movable plant and machinery ( whether fixed or movables whether attached to the lands and premises situated at Division / Project situated in the State of Gujarat or elsewhere, hereto or not),machinery spares and stores, tool and accessories and other movables both present and future whether installed or not and whether now lying loose or in case or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these present be brought into or upon or be stored or be in or about the Borrower's factories, premises and godowns situated lying and being at and pertaining to the Borrower's Division/ Project situated at in the State of Gujarat or elsewhere ,or to be held by any party to the order or disposition of the Borrower or in the course of transit or delivery howsoever and where so ever and either by way of substitution or addition. PART B: (Description of Hypothecated Current Assets) : The whole of the Current Assets of the Borrower namely, Stocks of Raw materials, stocks in process, semi- finished and finished goods, purchased or to be purchased with loose tools and Consumable Stores and spares and the stocks acquired/ to be acquired under Inland/ Import L/C transaction, Bills Receivable and Book Debts and documents of title to goods etc., and all other movables, both present and future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of.

Fixed Assets:

· Factory Shed and Land

· Factory Building

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Computers

· Office Equipments

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.55.42
UK Pound	1	Rs.86.04
Euro	1	Rs.68.61

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.