MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	RAJRATNA POLYMERS PRIVATE LIMITED
Registered Office :	Plot No. 7, Survey No. 26/P, Behind Ravi Tiles Shapar, Veraval, District Rajkot – 360002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.12.2002
Com. Reg. No.:	04-041693
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U25202GJ2002PTC041693
TAN No.: [Tax Deduction & Collection Account No.]	RKTR01090F
PAN No.: [Permanent Account No.]	AACCR4347L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Plastics Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 80000
Status :	Moderate
Payment Behaviour :	Usually 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 as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Kishorbhai B. Vachhani
Designation :	Director
Contact No.:	91-9825220358
Date :	01.03.2012

LOCATIONS

Registered Office :	Plot No. 7, Survey No. 26/P, Behind Ravi Tiles Shapar, Veraval, District Rajkot – 360002, Gujarat, India
Tel. No.:	91-282-7253757
Mobile No.:	91-9825220358 (Mr. Kishorbhai B. Vachhani)
Fax No.:	91-282-7253758
E-Mail :	reputepolymers@rediffmail.com hbkalaria@gmail.com
Website :	www.reputepolymers.com

DIRECTORS

As on 10.09.2011

Name :	Mr. Kishorbhai Bhanjibhai Vachhani
Designation :	Director
Address :	3 Jalaram, Behind Santosh Dairy, UNI Road, Rajkot, Gujarat, India
Date of Birth/Age :	26.05.1965
Qualification :	S.Y. Bsc
Date of Appointment :	20.04.2007
DIN No.:	01194092
Name :	Mr. Vijaykumar Kaneria Laxmidas
Designation :	Director
Address :	Taluka Dhoraj I At and Post, Ratanwav, Rajkot – 360430, Gujarat, India
Date of Birth/Age :	13.09.1968
Qualification :	Graduate
Date of Appointment :	04.08.2003
DIN No.:	01362253

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2011

Names of Shareholders	No. of Shares
Kishorbhai Vachhani	123900
Vijaybhai Kaneria	100
Dipakbhai Dhuliya	15000
Shantilal Adodariya	10000
Atulbhai Kaila	1000
Welon Advisory Private Limited, India	30000
Shubh Suppliers Private Limited, India	30000
Simpro Vanijya Private Limited, India	10000
Gallore Suppliers Private Limited, India	30000
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on 10.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Plastics Products.
Exports :
Products :	Plastic Products
Countries :	Africa
Imports :
Products :	Raw Material
Countries :	· Qatar · Gulf Countries
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Suppliers :

· Aeroshine Links

· Muscat Polymers Private Limited

· Sarthi Industries

· Rasendra Chemexport Private Limited

· Plastiblends India Limited

Customers :

Wholesalers

No. of Employees :

Not Divulged

Bankers :

· Central Bank of India, Rajkot Main Branch, Rajkot – 360001, Gujarat, India

· Kotak Mahindra Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Central Bank of India CC A/C	2.584	3.998
CBI Term Loan A/C-3009344703	0.857	2.748
Kotak Mahindra Bank	3.234	0.000
CBI Term Loan A/C SSITL-57160	0.007	0.006
Total	6.682	6.752
Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Relative
Anantrai Govind Dhuliya	0.155	0.151
Asmitaben K. Vachhani	1.019	1.114
Atulbhai G. Kalia	0.000	0.005
Dipak Anantrai Dhuliya	0.000	0.029
Hansaben Chandulal Vachhani	0.000	0.456
Jignaben D. Dhuliya	0.705	0.782
Kishor B. Vachchani HUF	0.000	0.045
Kishor B.Vachhani (SA Money)	0.010	0.010
Krushnaben Vijaybhai Kaneriya	0.530	0.514
Ratilal Bhanjibhai Vachhani	0.118	0.115
Shantaben Bhanjibhai	0.109	0.106
Shantilal Parshotambhai Asodaria	0.012	0.011
Sudhaben Ratilal Vachhani	0.272	0.264
Sunilbhai K. Dhuliya	0.112	0.109
Vijaybhai Kaneria	0.730	0.708
Vallabh Bhanjibhai Vachhani HUF	1.175	1.140
From Others
Repute Polymers Private Limited	2.645	0.000
Rajdeep Polymers-Shapar	2.158	5.726
Rajesh Trading Company	0.500	0.500
Total	10.250	11.785

Banking Relations :	--
Auditors :
Name :	H. B. Kalaria and Associates Chartered Accountants
Address :	203-204, Alap-A, Limda Chowk, Behind Hotel the Jewel, Rajkot – 360001, Gujarat, India
PAN.:	ADIPK1287E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 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		2.500	2.500	1.500
2] Share Premium		14.000	14.000	0.000
3] Reserves & Surplus		3.891	3.087	2.217
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.391	19.587	3.717
LOAN FUNDS
1] Secured Loans		6.682	6.752	9.275
2] Unsecured Loans		10.250	11.785	16.663
TOTAL BORROWING		16.932	18.537	25.938
DEFERRED TAX LIABILITIES		0.161	0.169	0.175
TOTAL		37.484	38.293	29.830
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.993	10.229	11.315
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.525	0.010	2.910
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.942	8.004	5.017
	Sundry Debtors	6.659	6.281	2.629
	Cash & Bank Balances	1.554	1.146	1.035
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.715	14.160	9.207
Total Current Assets		29.870	29.591	17.888
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.193	1.004	1.426
	Other Current Liabilities	0.286	0.090	0.509
	Provisions	0.425	0.443	0.348
Total Current Liabilities		2.904	1.537	2.283
Net Current Assets		26.966	28.054	15.605
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.484	38.293	29.830

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	79.171	81.713	79.028
		Other Income	2.189	2.554	3.387
		TOTAL (A)	81.360	84.267	82.415
Less	EXPENSES
		Increase/ (Decrease) in Stock of Finished Goods	4.560	(5.092)	0.119
		Finished Goods Purchased	0.000	0.000	0.472
		Raw Material Consumption	67.606	79.748	72.318
		Manufacturing Expenses	4.964	5.460	5.482
		Administrative and Selling	0.893	0.770	0.585
		Preliminary expenditure not written off	0.000	0.000	0.003
		TOTAL (B)	78.023	80.886	78.979
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.337	3.381	3.436
Less	FINANCIAL EXPENSES (D)		0.831	0.632	0.849
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.506	2.749	2.587
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.311	1.468	1.630
	PROFIT BEFORE TAX (E-F) (G)		1.195	1.281	0.957
Less	TAX (H)		0.391	0.411	0.360
	PROFIT AFTER TAX (G-H) (I)		0.804	0.870	0.597
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.087	2.217	1.620
					2.217
	BALANCE CARRIED TO THE B/S		3.891	3.087
	Earnings Per Share (Rs.)		3.15	5.67	3.98

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.98	1.03	0.72
Net Profit Margin (PBT/Sales)	(%)	1.51	1.57	1.21
Return on Total Assets (PBT/Total Assets}	(%)	3.07	3.22	3.28
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.25
Debt Equity Ratio (Total Liability/Networth)		0.97	1.02	7.59
Current Ratio (Current Asset/Current Liability)		10.28	19.25	7.83

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Trade Creditors
Aeroshine Links	0.617	0.542	0.171
Muscat Polymers Private Limited	1.160	0.000	0.000
Pachim Gujarat Viz Company Limited	0.313	0.323	0.000
Plastiblends India Limited	0.000	0.036	0.000
Rasendra Chemexport Private Limited	0.000	0.024	0.000
Sarthi Industries	0.000	0.037	0.000
Shilp Paper Tubes	0.033	0.000	0.000
D. G. P Windsor – Ahmedabad	0.000	0.000	0.005
D. R. Soneta and Sons	0.000	0.000	0.002
Shakti Trading Corporation	0.000	0.000	0.751
Shree Maruti Gravure	0.000	0.000	0.099
Umiyaji Plastics	0.000	0.000	0.017
Umiyaji Products	0.000	0.000	0.042
Creditors for Expenses
H. B. Kalaria and Associates	0.030	0.019	0.016
Hardik Fiscal Services P L	0.013	0.006	0.006
K. D. Chandarana and Company	0.017	0.017	0.000
R. K. Sureja and Company	0.007	0.000	0.007
Shree Ambika Forge(TDS)	0.003	0.000	0.000
PGVCL	0.000	0.000	0.310
Total	2.193	1.004	1.426

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	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	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

REVIEW OF OPERATION:

The company has achieved the desired quality of the product. But due to unavoidable circumstances their profit goes down. But they are trying their level best to increase their profit, so that their EPS can be improved further.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25202GJ2002PTC041693
Name of the company	RAJRATNA POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 7, Survey No. 26/P, Behind Ravi Tiles Shapar, Veraval, District Rajkot – 360002, Gujarat, India Email : hbkalaria@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90106897
Type of charge	Immovable property Book debts Movable property (not being pledge) Stocks
Particular of charge holder	Central Bank of India, Rajkot Main Branch, Rajkot – 360001, Gujarat, India Email : cmrajk0571@centralbank.co.in
Nature of instrument creating charge	Agreement of hypothecation to secure demand cash credit against goods Memorandum of entry for extension of equitable mortgage of the property Letter of hypothecation book debts-loans
Date of instrument Creating the charge	11.10.2011
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest On working capital base rate 10.75% +3.50% i.e. 14.25% Terms of repayment Cash credit shall be repayable on demand Margin On working capital margin @25% Extent and operation of the charge The charge will be in operation till the entire amount of loan will be repaid including interest if any
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Factory Land and Building situated at Plot No 3 and 4, Survey No-26 Paiki, Shapar (Veraval)
Date of instrument modifying the charge	10.09.2008
Particulars of the present modification	Cash credit limit is enhanced from Rs.5.000 to Rs.10.000 Millions

FIXED ASSETS

· Land

· Plant and Machinery

· Electrification

· Furniture and Fixtures

· Cylinder

· Office Equipment

· Mobile Phone

· Factory Building

· Fire Extinguisher

· Printer

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.49.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		28

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.