MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	ROYAL THERMOSET PRIVATE LIMITED
Registered Office :	27, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.11.1990
Com. Reg. No.:	11-059007
Capital Investment / Paid-up Capital :	Rs.0.435 Million
CIN No.: [Company Identification No.]	U26102MH1990PTC059007
TAN No.: [Tax Deduction & Collection Account No.]	MUMR21626D
PAN No.: [Permanent Account No.]	AAACR5307C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Heating Elements and Thermostats
No. of Employees :	Not Available

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 9000
Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 :	27, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	royalthermoset@mtnl.net.in
Factory :	C-480, TTC Industrial Area, MIDC Pawne, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-27622449 / 27616858
Fax No.:	91-22-27616858 / 24945907

DIRECTORS

As on 30.09.2011

Name :

Dr. Pradeep Anant Joshi

Designation :

Director

Address :

2^nd Floor, 37, Datar Colony, V S Marg, Bhandup (East), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

10.08.1956

Date of Appointment :

23.11.1994

Pan No. :

AAAPJ8420D

DIN No.:

01657394

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1994PTC080394	MATRIX POLYMERS PRIVATE LIMITED	Director	17-08-94	17-08-94	-	Active	YES
2	U26102MH1990PTC059007	ROYAL THERMOSET PRIVATE LIMITED	Director	23-11-94	23-11-94	-	Active	YES
3	U65191MH2000GAT128702	POLYESTER RESIN MANUFACTURES ASSOCIATION	Director	13-09-00	13-09-00	-	Active	NO
4	U25209MH1994PTC079404	MECHEMCO RESINS PRIVATE LIMITED	Director	14-06-04	14-06-04	-	Active	YES

Name :

Mrs. Seema Pradip Thakkar

Designation :

Director

Address :

170/6, Shiv Smruti, Sion (West), Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

08.04.1954

Date of Appointment :

23.11.1994

Pan No. :

AAEPT2516L

DIN No.:

02610710

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209MH1994PTC079404	MECHEMCO RESINS PRIVATE LIMITED	Director	05-07-94	05-07-94	-	Active	YES
2	U26102MH1990PTC059007	ROYAL THERMOSET PRIVATE LIMITED	Director	05-07-94	05-07-94	-	Active	YES
3	U74999MH1994PTC080394	MATRIX POLYMERS PRIVATE LIMITED	Director	17-08-94	17-08-94	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Prakash Amratlal Thakkar	500
Seema Pradip Thakkar	500
Joshi Pradip Anant	1970
Pradeep Amratlal Thakkar	745
Amar Chandrakant Mahtre	10
Pashupatinath Damodara Kapoor	90
Ranjana Rajkumar Kapoor	10
Sharad N Shah	500
Veena Pathinath Kapoor	10
Gajendra Kewalram Maheshwari	10
Total	4345

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 Electrical Heating Elements and Thermostats

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Maharashtra

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Pradip A Thakkar	2.310	3.260
Pradip A Joshi (Director)	1.320	1.320
Seema P Thakkar (Director)	0.593	0.593
Total	4.223	5.173

Banking Relations :	--
Auditors :
Name :	Karia and Shah Chartered Accountant
Address :	Off. 309, 3^rd Floor, Rajgir Sadan, Opposite Sion Railway Station, Laxmi Baug, Sion (West), Mumbai – 400052, Maharashtra, India
Tel. No.:	91-22-24044828 / 24072650
Fax No.:	91-22-24044828
E-Mail :	kariashah@yahoo.com
PAN.:	AGPPK5635C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4345	Equity Shares	Rs.100/- each	Rs.0.435 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		0.435	0.435	0.434
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.818	1.310	0.679
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.253	1.745	1.113
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		4.223	5.173	3.423
TOTAL BORROWING		4.223	5.173	3.423
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6.476	6.918	4.536
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.116	1.020	1.106
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	10.575	5.148	4.695
	Sundry Debtors	4.146	3.639	1.643
	Cash & Bank Balances	1.458	0.688	0.083
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.881	0.522	0.128
Total Current Assets		17.060	9.997	6.549
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.996	3.628	2.962
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.731	0.501	0.190
Total Current Liabilities		11.727	4.129	3.152
Net Current Assets		5.333	5.868	3.397
MISCELLANEOUS EXPENSES		0.027	0.030	0.033
TOTAL		6.476	6.918	4.536

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	15.388	16.500	4.615
		Other Income	0.027	0.216	1.639
		TOTAL	15.415	16.716	6.254
Less	EXPENSES
		Cost of Goods Sold		9.455	2.428
		Direct Expenses		4.070	1.500
		Administrative Expenses & Selling Expenses	14.547	2.106	1.508
		Preliminary Expenses w/off		0.003	0.003
		TOTAL	14.547	15.634	5.439
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.868	1.082	0.815
Less/ Add	DEPRECIATION/ AMORTISATION		0.130	0.141	0.155
	PROFIT BEFORE TAX		0.738	0.941	0.660
Less	TAX		0.230	0.310	0.198
	PROFIT AFTER TAX		0.508	0.631	0.462
	Earnings Per Share (Rs.)		116.93	145.27	106.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.30	3.77	7.39
Net Profit Margin (PBT/Sales)	(%)	4.80	5.70	14.30
Return on Total Assets (PBT/Total Assets}	(%)	4.06	8.54	8.63
Return on Investment (ROI) (PBT/Networth)		0.33	0.54	0.59
Debt Equity Ratio (Total Liability/Networth)		7.08	5.33	5.91
Current Ratio (Current Asset/Current Liability)		1.45	2.42	2.08

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office address of the company has been shifted from 126, Amar Industrial Estate, Kurla Andheri Road, Sakinaka, Mumbai – 400072, Maharashtra, India to present w.e.f. 01.06.2009

FINANCIAL RESULTS

During the year the total sales achieved at Rs.15.388 Millions the profit for the year (before tax) at Rs.0.738 Million. Directors are looking ahead the better prospects.

FIXED ASSETS:

• Land
• Building
• Electrical
• Plant and Machinery
• Computer
• Mould and Pattern
• Furniture and Fixtures

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 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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--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		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	-

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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.