MIRA INFORM REPORT

Report Date :

26.07.2012

IDENTIFICATION DETAILS

Name :	RPL INDUSTRIES LIMITED
Formerly Known As :	RADHU PRIVATE LIMITED
Registered Office :	101, South Anarkali Extension, Baldev Park, New Delhi-110051
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.01.1982
Com. Reg. No.:	55-012959
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U74899DL1982PLC012959
TAN No.: [Tax Deduction & Collection Account No.]	DELR07991E
PAN No.: [Permanent Account No.]	AAACR4500R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Supplier and Exporter of Two Wheeler Tyres and Three Wheeler Tyres, Passenger Car Tyres and Van Tyres, LCV-Jeep Tyres, LCV-Van-Jeep Tyres, Adv and Industrial Tyres, Farm Tyres, etc.
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 323000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Long Term Rating	B / Stable
Rating Explanation	High risk of default regarding timely servicing of financial obligation.
Date	20.04.2012

Rating Agency Name	CRISIL
Short Term Rating	A4
Rating Explanation	Minimal degree of safety regarding timely payment and high credit risk and are susceptible to default.
Date	20.04.2012

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	101, South Anarkali Extension, Baldev Park, New Delhi-110051, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pkgoel2005@yahoo.co.in
Factory / Head Office :	C-12, Sector 22, Meerut Road, Industrial Area, Guldhar, Ghaziabad-201001, Uttar Pradesh, India
Tel No.:	91-120-2788411/2783934
Fax No.:	91-120-2783230

DIRECTORS

As on 30.09.2011

Name :

Mr. Rakesh Mishra

Designation :

Director

Address :

R-13/77, Raj Nagar, Ghaziabad-201002, Uttar Pradesh, India

Date of Birth/Age :

01.01.1968

Date of Appointment :

08.10.2008

Din No.:

01356106

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	Company/ LLP Status	Defaulting status
1	U24100DL2007PTC161495	RRB CHEMICALS PRIVATE LIMITED	Director	02/04/2007	02/04/2007	Active	NO
2	U74899DL1982PLC012959	RPL INDUSTRIES LIMITED	Director	08/10/2008	08/10/2008	Active	NO
3	U92412UP2009NPL037804	GHAZIABAD CRICKET ASSOCIATION	Director	17/07/2009	17/07/2009	Active	NO

Name :

Mr. Shashi Mishra

Designation :

Director

Address :

R-13/77, Raj Nagar, Ghaziabad-201002, Uttar Pradesh, India

Date of Birth/Age :

05.07.1967

Date of Appointment :

31.10.2008

Din No.:

01528669

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	Company/ LLP Status	Defaulting status
1	U24100DL2007PTC161495	RRB CHEMICALS PRIVATE LIMITED	Director	02/04/2007	02/04/2007	Active	NO
2	U74899DL1982PLC012959	RPL INDUSTRIES LIMITED	Director	31/10/2008	31/10/2008	Active	NO

Name :

Mr. Brijesh Mishra

Designation :

Director

Address :

R-13/77, Raj Nagar, Ghaziabad-201002, Uttar Pradesh, India

Date of Birth/Age :

01.02.1973

Date of Appointment :

31.10.2008

Din No.:

01356103

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	Company/ LLP Status	Defaulting status
1	U24100DL2007PTC161495	RRB CHEMICALS PRIVATE LIMITED	Director	02/04/2007	02/04/2007	Active	NO
2	U74899DL1982PLC012959	RPL INDUSTRIES LIMITED	Director	31/10/2008	31/10/2008	Active	NO

Name :

Mrs. Rita Sharma

Designation :

Director

Address :

327, Pocket-E, Mayur Vihar, Phase II, New Delhi-110096, India

Date of Birth/Age :

23.10.1954

Date of Appointment :

01.04.2005

Din No.:

01324469

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rakesh Mishra	129815
Shashi Mishra	10020
Brijesh Mishra	10085
Rita Sharma	80
Total	150000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Supplier and Exporter of Two Wheeler Tyres and Three Wheeler Tyres, Passenger Car Tyres and Van Tyres, LCV-Jeep Tyres, LCV-Van-Jeep Tyres, Adv and Industrial Tyres, Farm Tyres, etc.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Licensed Capacity [Per Annum]	Actual Production / Purchases [Nos.]
Auto/ADV Tyres	300000	103549
Auto/ADV Tubes	300000	25822
Cycle Tyres	180000	193699
Cycle Tubes	300000	--
Brake Shoe	180000	--
Flaps	--	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Branch Navyug Market, Ghaziabad-201001, Uttar Pradesh, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Punjab National Bank CC Limit [Secured against stocks and debtors]	64.734	32.739
Punjab National Bank – Term Loan A/C [Secured against fixed assets of the company]	15.703	22.259
Bank of India Car Loan A/C	1.186	1.470
Total	81.623	56.468
UNSECURED LOAN
From Share Holders and Directors	5.669	24.772
Security Deposit From Dealers/ Agents	1.950	1.950
Total	7.619	26.722

Banking Relations :	--
Auditors :
Name :	Praveen Kumar Goel and Associates Chartered Accountants
Address :	112, 1^st Floor, Navyug Market, Ghaziabad-201001, Uttar Pradesh, India
Pan No.:	ADAPG4507H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 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		15.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		65.873	66.617	65.102
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		80.873	76.617	75.102
LOAN FUNDS
1] Secured Loans		81.623	56.468	58.980
2] Unsecured Loans		7.619	26.722	30.293
TOTAL BORROWING		89.242	83.190	89.273
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		170.115	159.807	164.375
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		80.568	80.730	79.839
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.064	2.419	2.418
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	102.832	71.172	27.295
	Sundry Debtors	22.823	32.904	18.947
	Cash & Bank Balances	0.123	1.525	0.818
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	36.845	23.496	51.314
Total Current Assets		162.623	129.097	98.374
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.806	41.599	12.752
	Other Current Liabilities	7.937	10.480	3.150
	Provisions	0.397	0.359	0.354
Total Current Liabilities		73.140	52.438	16.256
Net Current Assets		89.483	76.659	82.118
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		170.115	159.807	164.375

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	222.965	183.887	132.577
		Other Income	2.629	0.875	0.721
		TOTAL	225.594	184.762	133.298
Less	EXPENSES
		Raw Material Consumed	197.896	139.835	90.624
		Excise Duty	18.501	11.832	11.517
		Manufacturing Expenses	19.631	22.947	17.056
		Personnel Expenses	1.288	0.706	0.896
		Administrative and Other Expenses	1.472	0.987	2.926
		Selling and Distribution Expenses	3.943	3.405	4.825
		Increase in Finished Stocks	(29.830)	(7.458)	(1.918)
		TOTAL	212.901	172.254	125.926
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.693	12.508	7.372
Less	FINANCIAL EXPENSES		8.766	9.204	4.417
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.927	3.304	2.955
Less/ Add	DEPRECIATION/ AMORTISATION		2.073	1.784	2.224
	PROFIT / (LOSS) BEFORE TAX		1.854	1.520	0.731
Less	FBT PAID / PROVISION		0.000	0.027	0.022
Less	TAX		2.597	(0.021)	0.020
	PROFIT / (LOSS) AFTER TAX		(0.743)	1.514	0.689
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.696)	(3.210)	(3.899)
	BALANCE CARRIED TO THE B/S		(2.439)	(1.696)	(3.210)
	Earnings / (Loss) Per Share (Rs.)		(4.95)	15.14	6.89

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.33)	0.82	0.52
Net Profit Margin (PBT/Sales)	(%)	0.83	0.83	0.55
Return on Total Assets (PBT/Total Assets}	(%)	0.76	0.72	0.41
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.01
Debt Equity Ratio (Total Liability/Networth)		2.00	1.77	1.40
Current Ratio (Current Asset/Current Liability)		2.22	2.46	6.05

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 involved in	--
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
31) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

NOTE:

The registered office of the company has been shifted from 2/34, Roop Nagar, New Delhi-110007, India to the present address w.e.f. 31.10.2008.

FINANCIAL RESULTS:

During the year under consideration the turnover of the company was Rs.222.965 Millions against the turnover of Rs.183.887 Millions during the last year. The net profit before tax of the company for the year was Rs.1.854 Millions against the net profit of Rs.1.520 Millions in the last year. The directors of the company hope that the company will achieve much better results in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10134534
Corporate identity number of the company	U74899DL1982PTC012959
Name of the company	RPL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	101, South Anarkali Extension, Baldev Park, New Delhi-110051, India
Type of charge	Immovable Property
Particular of charge holder	Punjab National Bank, Branch Navyug Market, Ghaziabad-201001, Uttar Pradesh, India
Email	caajaykapoor@gmail.com
Nature of description of the instrument creating or modifying the charge	Letter of Continuity for Extension of Equitable Mortgage in favour of Punjab National Bank Dated 24-08-2011
Date of instrument Creating the charge	24.08.2011
Amount secured by the charge	Rs.86.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest All the funds based/non fund based facility existing and future to be collaterally secured by this assets described as below. Terms of Repayment As per Agreement Margin As per Agreement Extent and Operation of the charge 100% Others 1^st Exclusive charge by way of Equitable Mortgage by Deposit of title deeds in respect of Company Immoveable Property comprising Land and Building other structures, fixed assets Plant and Machinery, fixture and fitting erected or to be erected or installed or to be installed thereon situated at C-12, C-13, and C-15, Industrial Area, Meerut Road, Ghaziabad (U.P). Measuring area 19622.11 sq. yads in the name of the company.
Short particulars of the property charged	1^st Exclusive charge by way of E.M. by Deposit of title deeds in respect of Co`s. Immovable Properties comprising Land and Building other structures, Situated at C-12, C-13, and C-15, Industrial Area, Meerut Road Ghaziabad (U.P). Measuring area 19622.11 sq. yads in the name of the company. Hypothecation of Plant and Machinery, fixture and fitting erected or to be erected or installed or to be installed thereon situated At C-12, C-13, and C-15, Industrial Area, Meerut Road Ghaziabad (U.P).
Date of latest modification prior to the present modification	31.03.2011
Particulars of the present modification	-The Bank shall continue to have 1^st exclusive Charge on the Property mentioned herein above for the total exposure of Rs.86.000 Millions under various heads as follows:-- -F. BASED CC (H .and B/D) Rs.50.000 Millions -CC ADHOC Rs. 6.000 Millions -N.F.B. ILC/ FLC (D A) Rs.10.000 Millions (Sub Limit within CC (H)) -Term Loan Rs. 30.000 Millions TOTAL CEILING Rs.86.000 Millions. -Other Terms and conditions remain same.

FIXED ASSETS:

· Air Conditioner

· Buildings

· Cycle

· Fax Machine

· Land

· Scooter

· Texting Equipments

· Machinery Equipments

· Telephone 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.56.37
UK Pound	1	Rs.87.44
Euro	1	Rs.68.05

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	3
--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	NO
--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.