MIRA INFORM REPORT

Report Date :

06.04.2013

IDENTIFICATION DETAILS

Name :	RANEE POLYMERS PRIVATE LIMITED
Registered Office :	C-1/47 Safdarjng Development Area, New Delhi – 110016
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.03.1990
Com. Reg. No.:	55-039611
Capital Investment / Paid-up Capital :	Rs. 45.000 Millions
CIN No.: [Company Identification No.]	U74899DL1990PTC039611
TAN No.: [Tax Deduction & Collection Account No.]	DELR08580F
PAN No.: [Permanent Account No.]	AAACR3031K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Motor Parts
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 692000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BB
Rating Explanation	Moderate degree of safety
Date	April 30, 2012

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 :	C-1/47 Safdarjng Development Area, New Delhi – 110016, India
Tel. No.:	91-11-23280327
Fax No.:	Not Available
E-Mail :	mail@skjca.in caskj11@gmail.com
Factory 1 :	Plot No. 87, Sector-8 IMT, Manesar, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2290663/ 2291102
Mobile No.:	91-9810592006 (Mr. Rahul)
Area :	7875 sq.mtrs
Factory 2 :	157, Sector – 3, IMT. Manesaryagra, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2291103/ 2290663/ 2290150/ 2290664
Fax No.:	91-124-2290664
Area :	4050 sq.mtrs

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Rajiv Jain
Designation :	Director
Address :	C-1/47, Safdarjung Development Area, New Delhi – 110016, India
Date of Birth/Age :	14.12.1959
Date of Appointment :	01.05.1997
DIN No.:	00792616
Name :	Mr. Abhishek Jain
Designation :	Director
Address :	C-1/47, Safdarjung Development Area, New Delhi – 110016, India
Date of Birth/Age :	14.06.1984
Date of Appointment :	17.06.2002
DIN No.:	00792620
Name :	Mr. Subhash Chand Jain
Designation :	Director
Address :	C-1/47, Safdarjung Development Area, New Delhi – 110016, India
Date of Birth/Age :	05.01.1940
Date of Appointment :	01.04.1993
DIN No.:	00792608
Name :	Mrs. Neelam Jain
Designation :	Director
Address :	C-1/47, Safdarjung Development Area, New Delhi – 110016, India
Date of Birth/Age :	13.02.1962
Date of Appointment :	01.07.1990
DIN No.:	00792626
Name :	Mrs. Shreya Jain
Designation :	Additional director
Address :	B-17, Sector 14, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	17.07.1986
Date of Appointment :	11.05.2011
DIN No.:	03511982

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Neelam Jain	84750
Subhash Chand Jain and Sons HUF	15538
Rajiv Jain and Sons HUF	24225
Namrata Jain	150
Prerna Jain	1000
Abhishek Jain	91695
Rajiv Jain	134750
Subhash Chand Jain	70870
Sowbhagyawati Jain	26932
Mony V. Jain	15
Asha N. Jain	15
Vinay Chand Jain	15
Vinay Chand Jain HUF	15
Raj Khanna	15
Naveen Chand Khanna and Sons HUF	15
Total	450000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Motor Parts

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of India, S.H.F. Branch, M.G. Road, Gurgaon – 122001, Haryana, India

Ø State Bank of India, Commercial Branch, Palam Court, Gurgaon - 122101, Haryana, India

Ø ICICI Bank Limited

Ø Kotak Mahindra Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from Banks	78.165	110.431
Other loans and advances	3.660	8.951
Loans repayable	28.276	0.000
Total	110.101	119.382

Banking Relations :	--
Auditors :
Name :	Sunil Jain and Company Chartered Accountants
Address :	43, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-23262656
Fax No.:	91-11-23280327
E-Mail :	mail@skjca.in
Income-tax PAN of auditor or auditor's firm :	AAQFM1491B

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450,000	Equity Shares	Rs. 100/- each	Rs. 45.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		45.000	45.000	45.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		128.020	118.660	106.758
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		173.020	163.660	151.758
LOAN FUNDS
1] Secured Loans		110.101	119.382	115.232
2] Unsecured Loans		61.939	49.796	37.628
TOTAL BORROWING		172.040	169.178	152.860
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		345.060	332.838	304.618
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		289.250	279.618	266.101
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.543	6.179	1.384
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.453	19.189	18.057
	Sundry Debtors	53.988	43.607	42.029
	Cash & Bank Balances	2.007	8.693	1.079
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.566	13.136	26.079
Total Current Assets		95.014	84.625	87.244
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.489	26.948	40.041
	Other Current Liabilities	8.149	8.067	5.292
	Provisions	3.109	2.569	4.778
Total Current Liabilities		45.747	37.584	50.111
Net Current Assets		49.267	47.041	37.133
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		345.060	332.838	304.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	357.322	329.785	300.901
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	328.578	303.802	263.767
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		28.744	25.983	37.134
Less/ Add	DEPRECIATION/ AMORTISATION		17.067	14.753	10.715
	PROFIT BEFORE TAX		11.677	11.230	26.419
Less	TAX		2.317	2.339	7.252
	PROFIT AFTER TAX		9.360	8.891	19.167
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		37.994	29.103	9.936
Less	APPROPRIATIONS
		Transfer to General Reserve	40.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		7.354	37.994	29.103
	Earnings Per Share (Rs.)		20.80	19.76	42.59

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.62	2.70	6.37
Return on Total Assets (PBT/Total Assets}	(%)	3.04	3.08	7.48
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.17
Debt Equity Ratio (Total Debt/Networth)		0.99	1.03	1.01
Current Ratio (Current Asset/Current Liability)		2.08	2.25	1.74

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and advances from related parties	46.034	37.459
Other loans and advances	15.905	12.337
Total	61.939	49.796

FIXED ASSETS:

Ø Building

Ø Plot

Ø Plant and machinery

Ø Dies and Moulds

Ø Furniture and fixtures

Ø Vehicle

Ø Computers

Ø Cycle

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 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. 54.88
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.90

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.