1. Summary Information

		Country	India
Company Name	Revex Plasticisers Private Limited	Principal Name 1	Mr. Rama Nand Gupta
Status	Satisfactory	Principal Name 2	Mr. Ramesh Chand Gupta
		Registration #	55-011511
Street Address	A-73, Naraina Industrial Area, Phase 1, New Delhi – 110028, India
Established Date	27.03.1981	SIC Code	--
Telephone#	91-11-25794197/ 45550100/ 25796691/ 25793138/ 25795284	Business Style 1	Manufacturer
Fax #	91-11-25796514	Business Style 2	Exporter
Homepage	http://www.revex.co.in	Product Name 1	Unsaturated Polyester Resins
# of employees	Not Available	Product Name 2	Other Allied Products
Paid up capital	Rs.6,979,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors -90.00%, Other top fifty shareholders- 10.00%	Banking	HDFC Bank
Public Limited Corp.	No	Business Period	31 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (52)
Related Company
Relation	Country	Company Name	CEO
Other Related Parties	--	Revex Enterprises (Private) Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	293,944,000	Current Liabilities	126,627,000
Inventories	48,317,000	Long-term Liabilities	9,436,000
Fixed Assets	18,796,000	Other Liabilities	14,700,000
Deferred Assets	0,000	Total Liabilities	150,763,000
Invest& other Assets	31,000	Retained Earnings	203,346,000
		Net Worth	210,325,000
Total Assets	361,088,000	Total Liab. & Equity	361,088,000
Total Assets (Previous Year)	308,664,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	733,458,000	Net Profit	30,529,000
Sales(Previous yr)	NA	Net Profit(Prev.yr)	14,871,000

MIRA INFORM REPORT

Report Date :

12.03.2012

IDENTIFICATION DETAILS

Name :	REVEX PLASTICISERS PRIVATE LIMITED
Registered Office :	A-73, Naraina Industrial Area, Phase 1, New Delhi – 110028
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.03.1981
Com. Reg. No.:	55-011511
Capital Investment / Paid-up Capital :	Rs.6.979 Millions
CIN No.: [Company Identification No.]	U74899DL1981PTC011511
TAN No.: [Tax Deduction & Collection Account No.]	JPRR02540G DELR09581F
PAN No.: [Permanent Account No.]	AAACR1332F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all types of Unsaturated Polyester Resins and Other Allied Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 840000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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/ Head Office :	A-73, Naraina Industrial Area, Phase 1, New Delhi – 110028, India
Tel. No.:	91-11-25794197/ 45550100/ 25796691/ 25793138/ 25795284
Fax No.:	91-11-25796514
E-Mail :	cabadalgupta@gmail.com guptaraj.delhi@indiatimes.com revex123@bol.net.in
Website :	http://www.revex.co.in
Factory :	G1, 446, Industrial Area, Bhiwadi, District Alwar, Rajasthan, India
Tel. No.:	91-1493-221356
Branch Office :	Located at: · Chandigarh · Faridabad · Kolkata · Hyderabad · Bangalore · Chennai · Coimbatore · Pondicherry

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Rama Nand Gupta

Designation :

Director

Address :

D-13, Naraina Vihar, New Delhi – 110 028, India

Date of Birth/Age :

27.08.1952

Date of Appointment :

27.03.1981

DIN No.:

01193263

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1981PTC011511	REVEX PLASTICISERS PRIVATE LIMITED	Director	27-03-81	27-03-81	Active	NO
2	U25209RJ1989PTC004812	APEX PLASTICS PRIVATE LIMITED	Director	15-02-89	15-02-89	Active	NO
3	U74999HR1995PLC032829	REVEX INDUSTRIES LIMITED	Director	04-09-95	04-09-95	Active	NO
4	U51909DL2002PTC114347	REVEX ENTERPRISES PRIVATE LIMITED	Director	22-02-02	22-02-02	Active	NO
5	U25209DL2002PTC116467	REVEX POLYMERS PRIVATE LIMITED	Director	08-08-02	08-08-02	Active	NO
6	U45201DL2005PTC136439	MRG PROPERTIES PRIVATE LIMITED	Director	19-05-05	19-05-05	Active	NO
7	U74999DL2005NPL140828	APEX CHAMBER OF COMMERCE AND INDUSTRY OF NCT DELHI	Director	26-02-08	26-02-08	Active	NO

Name :

Mr. Ramesh Chand Gupta

Designation :

Director

Address :

D-13, Naraina Vihar, New Delhi – 110 028, India

Date of Birth/Age :

11.08.1959

Date of Appointment :

15.04.196

DIN No.:

01230591

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999HR1995PLC032829	REVEX INDUSTRIES LIMITED	Director	15-04-96	15-04-96	Active	NO
2	U74899DL1981PTC011511	REVEX PLASTICISERS PRIVATE LIMITED	Director	15-04-96	15-04-96	Active	NO
3	U24111DL1999PTC101428	APEX FRP CHEMICALS PRIVATE LIMITED	Director	06-09-99	06-09-99	Active	NO
4	U25209DL2002PTC116467	REVEX POLYMERS PRIVATE LIMITED	Director	07-08-02	07-08-02	Active	NO
5	U25209RJ1989PTC004812	APEX PLASTICS PRIVATE LIMITED	Director	01-07-04	01-07-04	Active	NO
6	U45201DL2005PTC136439	MRG PROPERTIES PRIVATE LIMITED	Director	19-05-05	19-05-05	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Ramesh Chand Gupta	34760
Rama Nand Gupta	26580
R. K. Gupta	600
Lakshmi Chand Gupta	100
Shanti Devi	100
Manisha Gupta	10
Somya Gupta	100
Anju Gupta	7000
Chameli Gupta	530
Nisha Goel	10
Total	69790

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	90.00
Other top fifty shareholders	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of all types of Unsaturated Polyester Resins and Other Allied Products

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Chemicals	Kgs.	NA	4000000	3307902

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
HDFC Bank (Against Hypothecation of Stock and Book Debts)	0.000	5.217
HDFC Bank (Against Hypothecation of Car)	0.233	0.467
Axis Bank (Against Hypothecation of Car)	0.583	1.166
Total	0.816	6.850
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Others	8.620	7.665
Total	8.620	7.665

Banking Relations :	--
Auditors :
Name :	Gupta Raj and Company Chartered Accountants
Address :	2524, Lajpat Rai Street, Behind Godrej, LIC building on ASAF Ali Road, Delhi-110002, India
Pan No.:	AEIPG1629R
Other Related Parties :	· Revex Enterprises (Private) Limited · Revex Polymers (Private) Limited · Anil Industries · Apex Plastics (Private) Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

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
69790	Equity Shares	Rs.100/- each	Rs.6.979 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		6.979	6.979	6.979
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		203.346	172.816	157.945
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		210.325	179.795	164.924
LOAN FUNDS
1] Secured Loans		0.816	6.850	16.698
2] Unsecured Loans		8.620	7.665	9.000
TOTAL BORROWING		9.436	14.515	25.698
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		219.761	194.310	190.622
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.796	16.781	9.434
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.317	30.567	15.628
	Sundry Debtors	232.797	218.980	186.505
	Cash & Bank Balances	14.790	8.337	25.504
	Other Current Assets	15.945	20.412	6.732
	Loans & Advances	30.412	13.546	13.679
Total Current Assets		342.261	291.842	248.048
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	105.472	98.585	48.290
	Other Current Liabilities	21.155	6.069	9.370
	Provisions	14.700	9.700	9.200
Total Current Liabilities		141.327	114.354	66.860
Net Current Assets		200.934	177.488	181.188
MISCELLANEOUS EXPENSES		0.031	0.041	0.000
TOTAL		219.761	194.310	190.622

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	733.458	443.958	435.391
		Other Income	0.011
		TOTAL	733.447	443.958	435.391
Less	EXPENSES
		TOTAL	697.918	418.896	407.957
	PROFIT BEFORE TAX		35.529	25.062	27.434
Less	TAX		5.000	10.191	8.088
	PROFIT AFTER TAX		30.529	14.871	19.346
	Earnings Per Share (Rs.)		437.44	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.16	3.35	4.44
Net Profit Margin (PBT/Sales)	(%)	4.84	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.84	8.12	10.65
Return on Investment (ROI) (PBT/Networth)		0.17	0.14	0.17
Debt Equity Ratio (Total Liability/Networth)		0.72	0.72	0.56
Current Ratio (Current Asset/Current Liability)		2.42	2.55	3.71

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

The company earned a net profit after tax of Rs.30.529 Millions compared to a net profit after tax of Rs.14.871 Millions in the previous year.

FORM 8:

Corporate identity number of the company	U74899DL1981PTC011511
Name of the company	REVEX PLASTICISERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/73, Naraina Industrial Area, Phase I, New Delhi-110028, India guptaraj.delhi@indiatimes.com
This form is for	Modification of charge
Charge identification number of the modified	80000404
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India E-mail : rbbform8@hdfc.com
Nature of description of the instrument creating or modifying the charge	Supplementary letter of Hypothecation.
Date of instrument Creating the charge	29.06.2011
Amount secured by the charge	Rs.102.265 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of first charge on company’s Book debts, Plant and Machinery and vehicles etc, to secure as a continuing security the repayment of Rs.102.265 Millions together with interests, costs, charges, expenses and other money due and payable by the company to the bank
Short particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties. All the debts, that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights. The movable plant and machinery and vehicles, which may now or at any time hereafter belong to the Borrower.
Date of latest modification prior to the present modification	27/12/2010
Particulars of the present modification	The Charge shall now stand increased from Rs.70.000 Millions to Rs.102.265 Millions against the security of Stock in Trade, Book Debts, Plant and Machinery and Vehicles of the Company.

FIXED ASSETS:

· Building

· Furniture

· Plant and Machinery

· Computer and Software

· Energy Saving

· Vehicles

WEBSITE DETAILS:

PROFILE:

Established in 1981, company has the rare distinction of being the largest nationwide distributor of Owens Cornings India Limited. They also enjoy the same position as the dealers of Sakata Inx Corporation (Japan) and Chemtrend India Limited. They are also the largest manufacturer of all types of unsaturated polyester resins and other allied products required by the composite industry.

The colossal success that the company has achieved is due to its emphasis on the quality of products and focusing entirely on the needs of the customer. They have an in-house quality control department, which checks every product that goes out of plant. They are also in the process of acquiring an ISO 9001 certificate which would further enhance the quality of the products and therefore their services to the customers.

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.50.02
UK Pound	1	Rs.79.01
Euro	1	Rs.66.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		52

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.