MIRA INFORM REPORT

Report Date :

01.03.2013

IDENTIFICATION DETAILS

Name :	RDB RASAYANS LIMITED
Registered Office :	Bikaner Building, 8/1 Lal Bazar Street, 3^rd Floor, Room No. 9, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.10.1995
Com. Reg. No.:	21-074860
Capital Investment / Paid-up Capital :	Rs. 177.148 millions
CIN No.: [Company Identification No.]	L36999WB1995PLC074860
PAN No.: [Permanent Account No.]	AABCR2313M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of FIBC (Jumbo Bags) and Woven Sacks and various Woven Polymer based products like Container Liners, Protective Irrigation System, Canal Liners, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. There appears slight dip in the profits during 2012. However, financial position of the company appears to be sound. Directors are well experienced and knowledgeable businessmen. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. The company can be considered 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 – 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 :	Bikaner Building, 8/1 Lal Bazar Street, 3^rd Floor, Room No. 9, Kolkata-700001, West Bengal, India
Tel. No.:	91- 33-322305666 / 44500500 / 2568223
Fax No.:	91-33-22420588
E-Mail :	info@rdbindia.com mail@rdbgroup.in
Website :	www.rdbgroup.in
Factory :	126, Basudevpur, HPL Link Road, District Purba Medinipur, Haldia-721602, West Bengal, India
Tel. No.:	91-3224-277088 / 278108
Fax No.:	91-3224-277340
E-Mail :	rdbhaldia@sancharnet.in rdbrasayans@vsnl.net sandeepbaid@rdbgroup.in

DIRECTORS

As on 28.09.2011

Name :

Mr. Sandeep Baid

Designation :

Whole-time director

Address :

18, Ezra Street, Kolkata-700001, West Bengal, India

Date of Birth/Age :

01.01.1979

Qualification :

Graduate

Date of Appointment :

12.04.2010

PAN No.:

ADEPB3749A

DIN No.:

00557018

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	U19202WB1986PTC040960	SUPERFLEX CABLES PVT LTD	Director	01-04-00	01-04-00	-	Active	NO
2	U67120WB1991PTC051851	MKN INVESTMENT PVT LTD	Director	28-04-03	28-04-03	24-02-11	Active	NO
3	L36999WB1995PLC074860	RDB RASAYANS LTD.	Whole-time director	12-04-10	10-04-08	-	Active	NO

Name :

Mr. Prabir Kumar Sarkar

Designation :

Director

Address :

Flat No.21A, 58/1, Ballygunge Circular Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

14.09.1942

Qualification :

Graduate

Date of Appointment :

29.09.2010

DIN No.:

01855794

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	U92100TZ2007PLC014072	REGENT SAIMIRA ENTERTAINMENT LIMITED	Director	31-12-09	02-09-09	21-12-10	Active	NO
2	L36999WB1995PLC074860	RDB RASAYANS LTD.	Director	29-09-10	10-12-09	-	Active	NO
3	U74140TN2010PTC074898	ECHO VME CONSULTING PRIVATE LIMITED	Additional director	25-04-11	25-04-11	-	Active	NO
4	L92100TN1990PLC019605	EDUEXEL INFOTAINMENT LIMITED	Director	12-07-11	05-05-11	-	Active	NO
5	U55101WB1999PLC088642	KARN MERCHANT BANKERS LTD	Director	24-09-11	28-07-11	27-12-11	Active	NO
6	U14299TN1989PLC016772	G-TECH STONE LIMITED	Director	30-09-11	30-09-11	-	Active	NO

Name :

Mr. Mahendra Pratap Singh

Designation :

Director

Address :

1003, Odyssey I, Hiranandani Gardens Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

01.07.1947

Qualification :

Graduate

Date of Appointment :

29.09.2010

DIN No.:

01839950

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	U65993WB1996PTC079100	ALPEN STOCK CONSULTING PRIVATE LIMITED	Managing director	04-04-96	04-04-96	-	Active	NO
2	U67190MH2004PTC145482	ALPENSTOCK FINANCIAL SERVICES PRIVATE LIMITED	Managing director	01-04-04	01-04-04	-	Dormant	NO
3	U99999MH1991PTC064189	MOREX INDUSTRIES PRIVATE LIMITED	Director	01-01-05	01-01-05	29-04-09	Active	NO
4	L16003WB2006PLC110039	RDB REALTY & INFRASTRUCTURE LIMITED	Director	20-10-08	18-03-08	-	Active	NO
5	L70109WB1991PLC053562	NTC INDUSTRIES LIMITED	Director	26-09-08	18-03-08	21-12-12	Active	NO
6	U74920MH1988PLC048012	BOMBAY INTELLIGENCE SECURITY (INDIA) LIMITED	Director	30-09-09	01-08-09	21-03-12	Active	NO
7	L36999WB1995PLC074860	RDB RASAYANS LTD.	Director	29-09-10	12-10-09	-	Active	NO
8	U74990MH2010PTC206253	SOLAR UNLIMITED (INDIA) PRIVATE LIMITED	Director	04-08-10	04-08-10	-	Active	NO
9	U74999MH2011PTC225213	TIGERSWAN VULNERABILITY MANAGEMENT SERVICES PRIVATE LIMITED	Director	21-12-11	21-12-11	-	Active	NO
10	U51900DL2012PTC235234	MACBRIJ INTERNATIONAL PRIVATE LIMITED	Director	03-05-12	03-05-12	-	Active	NO
11	U74120MH2012PTC234832	MOORE & BODE INDIA PRIVATE LIMITED	Director	23-08-12	23-08-12	-	Active	NO

Name :

Mr. Sachin Shridhar

Designation :

Director

Address :

176. Gulmohar Enclave, New Delhi-110049, India

Date of Birth/Age :

12.05.1962

Qualification :

Graduate

Date of Appointment :

29.09.2010

DIN No.:

00243186

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	U52110DL1985PLC020755	STARLIT INFRASTRUCTURE LIMITED	Director	01-05-03	01-05-03	-	Active	NO
2	U45201DL2005PTC136353	RDB INFRASTRUCTURE PRIVATE LIMITED	Director	17-05-05	17-05-05	-	Active	NO
3	U70101DL2005PLC134480	LEELA PALACES AND RESORTS LIMITED	Director	24-05-06	24-05-06	-	Active	NO
4	U45200MH2006PTC213958	METROTECH TECHNOLOGY PARK PVT LTD	Director	12-06-06	12-06-06	05-08-08	Active	NO
5	U74899DL2005PLC143781	SKIL-HIMACHAL INFRASTRUCTURE AND TOURISM LIMITED	Director	31-05-07	07-03-07	16-03-11	Active	NO
6	U37200DL2008PLC174911	STARLIT POWER SYSTEMS LIMITED	Director	04-03-08	04-03-08	29-03-12	Active	NO
7	U80904DL2008NPL176253	HIMACHAL EDUCATION &LEARNING PARK FOUNDATION	Director	02-04-08	02-04-08	-	Active	NO
8	U72200DL2008PTC177258	STARLIT TECHNOLOGIES PRIVATE LIMITED	Director	25-04-08	25-04-08	-	Active	NO
9	U45206UP2008PTC041159	MARTI INDIA PRIVATE LIMITED	Director	29-09-08	29-09-08	-	Active	NO
10	U65929DL1992PLC048269	STARLIT FINANCE LIMITED	Director	31-03-09	16-10-08	-	Active	NO
11	U40101HP2004PTC027582	SHOBLA HYDRO POWER PRIVATE LIMITED	Director	25-05-09	25-05-09	-	Active	NO
12	U01132WB2009PTC135478	YANGTONG ORGANIC TEA PRIVATE LIMITED	Director	02-07-09	02-07-09	09-10-12	Active	NO
13	U01132WB2009PTC135479	SAMSING ORGANIC TEA PRIVATE LIMITED	Director	02-07-09	02-07-09	09-10-12	Active	NO
14	L36999WB1995PLC074860	RDB RASAYANS LTD.	Director	29-09-10	12-10-09	-	Active	NO
15	U01132WB1998PTC089959	BAMANDANGA TEA ESTATES PRIVATE LIMITED	Director	01-03-10	01-03-10	09-10-12	Active	NO
16	U74140DL2011PTC215582	LOMBARDI ENGINEERING INDIA PRIVATE LIMITED	Director	10-03-11	10-03-11	11-12-12	Active	NO

Name :

Mr. Sunder Lal Dugar

Designation :

Director

Address :

63, Park Street, Kolkata-700016, West Bengal, India

Date of Birth/Age :

20.09.1954

Date of Appointment :

26.06.2002

DIN No.:

00007638

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	U99999WB1981PTC033249	ANKUR CONSTRUCTIONS PVT LTD	Director	30-10-89	30-10-89	-	Active	NO
2	U45201WB1988PTC044224	LOKA PROPERTIES PVT LTD	Director	05-07-90	05-07-90	-	Active	NO
3	L70109WB1991PLC053562	NTC INDUSTRIES LIMITED	Director	01-08-10	15-11-91	04-02-11	Active	NO
4	L36999WB1995PLC074860	RDB RASAYANS LTD.	Director	26-06-02	26-06-02	17-10-11	Active	NO
5	U45202WB1989PTC046464	JOHRI TOWERS PVT LTD	Director	01-01-03	01-01-03	-	Active	NO
6	U45201WB2003PTC096626	R D B BUILDERS PRIVATE LIMITED	Director	23-07-03	23-07-03	-	Active	NO
7	U67120WB1991PTC051851	MKN INVESTMENT PVT LTD	Director	30-06-04	30-06-04	-	Active	NO
8	L31901WB1953PLC021044	EMC LIMITED	Director	12-08-05	12-08-05	-	Active	NO
9	U28999WB1959PTC024396	METALIND PVT LTD	Director	12-08-05	12-08-05	30-04-10	Active	NO
10	U24299WB1982PLC183166	EMC HARDWARE LIMITED	Director	12-08-05	12-08-05	-	Active	NO
11	U70101WB2005PTC106328	RDB REALTY PRIVATE LIMITED	Director	26-11-05	26-11-05	-	Active	NO
12	U70102WB1995PTC073792	BHAGWATI BUILDERS & DEVELOPMENT PVT LTD	Director	28-07-07	17-05-06	-	Active	NO
13	U50103WB2006PTC109467	REGENT AUTOTRADE PVT. LTD.	Director	18-05-06	18-05-06	-	Active	NO
14	U45200MH2006PTC213958	METROTECH TECHNOLOGY PARK PVT LTD	Director	12-06-06	12-06-06	21-02-07	Active	NO
15	L16003WB2006PLC110039	RDB REALTY & INFRASTRUCTURE LIMITED	Managing director	08-09-10	23-06-06	-	Active	NO
16	U51109WB2006PTC107500	MARTEL VANIJYA PVT LTD	Director	31-08-06	31-08-06	01-01-09	Amalgamated	NO
17	U51109WB2005PTC105464	INFIELD TRADERS PRIVATE LIMITED	Director	31-08-06	31-08-06	01-01-09	Amalgamated	NO
18	U51109WB2005PTC103540	AMBALIKA VANIJYA PRIVATE LIMITED	Director	31-08-06	31-08-06	09-03-09	Active	NO
19	U74140WB2005PTC106893	MANSAMA CONSULTANTS PVT LTD	Director	31-08-06	31-08-06	01-01-09	Amalgamated	NO
20	U51909WB2005PTC106864	GURUKUL ADVISORY SERVICES PVT LTD	Director	31-08-06	31-08-06	01-01-09	Amalgamated	NO
21	U40108WB2010PLC149583	EMC SOLAR LIMITED	Director	26-05-10	26-05-10	-	Active	NO
22	U40102WB2010PLC149843	EMC FORGING LIMITED	Director	28-05-10	28-05-10	-	Active	NO
23	U40107WB2010PLC149842	EMC TOWER LIMITED	Director	28-05-10	28-05-10	-	Active	NO
24	U60230WB2010PLC150647	EMC LOGISTICS LIMITED	Director	24-06-10	24-06-10	-	Active	NO
25	U70100WB2010PLC151197	EMC INFRASTRUCTURE LIMITED	Director	12-07-10	12-07-10	-	Active	NO
26	U80221WB2010PLC151754	EMC ACADEMY LIMITED	Director	28-07-10	28-07-10	-	Active	NO
27	U70102WB1991PTC051896	S.D. INFRASTRACTURE & REAL ESTATE PRIVATE LIMITED	Director	28-09-11	17-01-11	-	Active	NO
28	U27100MH2001PLC133926	BOTHRA METALS AND ALLOYS LIMITED	Additional director	18-03-11	18-03-11	16-02-12	Active	NO
29	U40102WB2011PLC162101	EMC OVERSEAS LIMITED	Director	28-04-11	28-04-11	-	Active	NO
30	U70101WB2005PTC104225	SKY HEIGHT ENCLAVE PRIVATE LIMITED	Director	01-06-11	01-06-11	-	Active	NO
31	U80300WB2011NPL168638	KOLKATA INSTITUTE OF SCIENCE AND TECHNOLOGY	Director	18-10-11	18-10-11	-	Active	NO

Name :

Shanti Lal Baid

Designation :

Managing Director

Address :

Shree Apartment, 138, G.T. Road (South), Howrah-711102, West Bengal, India

Date of Birth/Age :

02.06.1950

Qualification :

Graduate

Date of Appointment :

21.09.2009

PAN No.:

AECPB8148Q

DIN No.:

00056776

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	U70109WB1987PTC041935	RAJ CONSTRUCTION PROJECTS PVT LTD	Director	02-01-01	02-01-01	-	Active	NO
2	L36999WB1995PLC074860	RDB RASAYANS LTD.	Managing director	21-09-09	01-08-01	-	Active	NO
3	L65993WB1990PLC084695	KHATOD INVESTMENTS & FINANCE CO LTD	Director	22-06-02	22-06-02	-	Active	NO
4	U45201WB1996PTC076877	VEEKAY APARTMENTS PVT LTD	Director	22-10-02	22-10-02	-	Active	NO
5	U51502WB2003PTC097286	R D MOTORS PRIVATE LIMITED	Director	20-11-03	20-11-03	21-06-12	Active	NO

KEY EXECUTIVES

Name :	Ms. Sweta Punjabi
Designation :	Secretary
Address :	88/A, Chittaranjan Avenue, Kolkata-700012, West Bengal, India
Date of Birth/Age :	15.05.1985
Date of Appointment :	16.08.2010
PAN No.:	AWIPP1581H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Sunder Lal Dugar	400
Vinod Dugar	3434800
Shanti Lal Baid (HUF)	140000
Shanti Lal Baid	380000
Sandeep Baid	380000
Motilal Dugar (HUF)	4000
Growth Techno Projects Limited, India	1640000
Rekha Jhabak	136000
Pyramid Sales Private Limited, India	3513800
Sheetal Dugar	3585800
Total	13214800

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2011

Category	Percentage
Bodies corporate	39.00
Directors or relatives of Directors	61.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of FIBC (Jumbo Bags) and Woven Sacks and various Woven Polymer based products like Container Liners, Protective Irrigation System, Canal Liners, etc.

Products :

Item Code No.	Product Description
63053200	Woven Sacks and Flexible Intermediate Bulk Container

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, Corporate Banking Branch (CBB), 1, Shakespeare Sarani, Ac Market, 3^rd Floor, Kolkata - 700071, West Bengal, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Rupee term loans from banks	30.907	34.315
Loans repayable on demand from banks	78.853	87.071
Total	109.760	121.386

Banking Relations :	--
Auditors :
Name :	S.M. Daga and Company Chartered Accountants
Address :	11, Clive Row, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22425125 / 5386
E-Mail :	smd.deepak@gmail.com
PAN No.:	AATFS3134N
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Ajanta Trading Company Prashant Commodities Private Limited R D Motors Private Limited NTC Industries Limited Infra Vision Developer Private Limited RDB Realty and Infrastructure Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs. 180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17714800	Equity Shares	Rs.10/- each	Rs. 177.148 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		177.148	132.148	132.148
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		357.533	46.625	28.594
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		534.681	178.773	160.742
LOAN FUNDS
1] Secured Loans		109.760	121.386	106.086
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		109.760	121.386	106.086
DEFERRED TAX LIABILITIES		10.911	12.273	11.432
TOTAL		655.352	312.432	278.260
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		131.056	143.950	151.531
Capital work-in-progress		0.000	0.155	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	82.260	95.301	35.267
	Sundry Debtors	46.845	49.847	47.478
	Cash & Bank Balances	319.050	8.110	8.805
	Other Current Assets	16.536	0.000	0.000
	Loans & Advances	113.066	51.098	67.700
Total Current Assets		577.757	204.356	159.250
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.536	22.378	27.460
	Other Current Liabilities	5.705	6.214	2.519
	Provisions	25.220	7.437	2.542
Total Current Liabilities		53.461	36.029	32.521
Net Current Assets		524.296	168.327	126.729
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		655.352	312.432	278.260

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	457.286	424.236	284.740
		Other Income	31.738	1.311	3.031
		TOTAL (A)	489.024	425.547	287.771
Less	EXPENSES
		Cost of materials consumed	372.336	337.830	250.442
		Employee benefit expense	25.818	25.617
		Other expenses	50.184	39.681
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(15.737)	(29.931)
		TOTAL (B)	432.601	373.197	250.442
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		56.423	52.350	37.329
Less	FINANCIAL EXPENSES (D)		17.084	11.601	14.575
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.339	40.749	22.754
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.947	15.085	12.723
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		23.392	25.664	10.031
Less	TAX (H)		7.779	7.633	2.197
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		15.613	18.031	7.834
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.930	20.899	64.176
Add	Adjustment for transitional provision of AS- 15		0.237	0.000	0.000
Less	APPROPRIATIONS
		Proposed dividend on equity shares	13.286	0.000	51.111
		Dividend distribution tax on proposed dividend	2.155	0.000
	BALANCE CARRIED TO THE B/S		39.339	38.930	20.899
	EARNINGS IN FOREIGN CURRENCY		82.837	42.674	35.317
	IMPORTS
		Raw Materials	3.073	63.607	37.755
	TOTAL IMPORTS		3.073	63.608	37.755
	Earnings / (Loss) Per Share (Rs.)		1.01	1.36	0.59

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.19	4.24	2.72
Net Profit Margin (PBT/Sales)	(%)	5.12	6.05	3.52
Return on Total Assets (PBT/Total Assets}	(%)	3.30	7.37	3.23
Return on Investment (ROI) (PBT/Networth)		0.04	0.14	0.06
Debt Equity Ratio (Total Debt/Networth)		0.21	0.68	0.66
Current Ratio (Current Asset/Current Liability)		10.81	5.67	4.90

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	Yes
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 of the company has been shifted from Bikaner Building, 8/1, Lal Bazar Street, 1^st Floor, Room No. 10, Kolkata-700001, West Bengal, India to the present address w.e.f. 01.11.2011

BUSINESS ACTIVITY

RDB Rasayans Limited, an ISO 9001: 2008-certified organisation, is engaged in manufacture and sale of FIBC (Jumbo Bags) and woven sacks and various woven polymer based products like container liners, protective irrigation system, canal liners, etc. which find large scale applications in the segments like cement, fertiliser and carbon, etc

REVIEW OF OPERATION

Financial Year 2011-12 was a very challenging one. Persistent recession in the global and domestic markets drastically reduced demand of packaging material. Fierce business competition resulted in reduction in the prices of the finished products. Rising unrest across the country posed further challenges. Despite these constraints and challenges the Company performed well. The highlights are as follows:

1. Company's gross turnover increased from Rs. 461.304 millions to Rs. 493.820 millions

2. Exports increased from Rs. 54.418 millions to Rs. 89.277 millions

3. Profit Before tax decreased from Rs. 25.664 millions to Rs. 23.393 millions due to increased input cost, consequently the net profit after tax also decreased from Rs. 18.031 millions to Rs. 15.613 millions.

INITIAL PUBLIC OFFERING CIPO)

The Company entered the capital market in October 2011 with an Initial Public offering (IPO) of 45,00,000 Equity Shares of Rs. 10/- each issued at a price of Rs. 79/- (including premium of Rs. 69/-) aggregating Rs. 3,555 lakhs. The issue constituted 25.40% of the post issue paid-up capital of the Company. The object of the issue was to enhance the manufacturing capacity to 13500 MTPA.

The Company has got listing and trading approval with effect from 7^th October 2011 from BSE Limited.

Consequent upon the IPO, the paid-up capital of the Company stands at Rs. 177.148 millions divided into 17,714,800 Equity Shares of Rs. 10/- each.

SEBI MATTER

During the period when Company IPO was in process, the security market experienced severe price fluctuations, primarily in the scripts of companies which had come out with IPO in the recent past. Concerned by such price fluctuation SEBI initiated investigations and unfortunately the Company also came under the orbit of SEBI's investigation. Towards end of December 2011, SEBI issued an ad interim ex-parte order directing the Company, interalia, to retain its IPO proceeds in an Escrow Account with a schedule commercial bank pending conclusion of the investigation.

In deference to SEBI's order the Company deposited the proceeds amounting to Rs. 316.000 millions in the Escrow Account in a scheduled commercial bank but being aggrieved with the SEBI order filed a Writ petition in the High Court of Calcutta challenging the validity of the ad-interim ex-parte order by SEBI. The matter is sub judice now.

.

POSTAL BALLOT

The main object for raising funds through the IPO was to enhance manufacturing capacity by establishing a new unit at Haldia. However, subsequently, Management thought it prudent to explore other avenues to achieve the same object. To this end the Company sought members' approval through Postal Ballot to alter, modify, vary the deployment of IPO proceeds by including but not limited to rescheduling the utilisation in the project set out in the prospectus, deploying the proceeds in acquisitions, joint venture participation, expansion of greenfield/brownfield projects, anywhere in India. The members accorded their approval by overwhelming majority and the results of the postal ballot were declared on 7^th April 2012.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT

World demand for bulk packaging is projected to rise 5.8% per year to USD 56.0 billion in 2015. Advances will be driven by growth in manufacturing activity, especially in key end-use industries such as chemicals and pharmaceuticals, and food and beverages. China and the US, the two largest markets, will account for close to one-half of value gains in bulk packaging demand between 2010 and 2015. The Indian packaging industry is growing at a fast pace of 11% annually and is estimated to cross the Rs.950000.000 millions mark by 2015. Flexible bulk packaging industry that includes woven sacks, leno bags, wrapping fabric, and Flexible Intermediate Sulk Container (FISC) is growing at over 20% with FISC containers expected to grow three fold in the next 5 years riding an increased industrial production and a shift toward higher-value containers offering enhanced performance and supply chain efficiency.

SEGMENTWISE PERFORMANCE

Downward movement of GDPgrowth in India affected the whole manufacturing industry this year and the polymer based company was no exception to it. Despite this, the Company maintained its top line growth. The profitability could have been better but for the facts of non availability of raw material and its fluctuating price which could not be passed on to the end user, and labour unrest, which lead to lower production.

INDUSTRY OUTLOOK

As mentioned elsewhere in this report outlook on Indian packaging industry appears prospective and is expected to grow about 10-11%. As the industry is considerably labour oriented, overseas users find it competitive to source their supply from developing countries since the labour cost is low and prices are attractive.

CHARGES

 ENTITY

 PERSON

COMPETENT AUTHORITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

RDB RASAYANS LTD.   

SEBI 

MISUTILIZED ISSUE PROCEEDS

UTILIZED IPO PROCEEDS TO FUND CLIENTS WHO HAD INCURRED LOSSES IN IPO OF RDB RASAYANS LTD.

PROHIBITED FROM RAISING ANY FURTHER CAPITAL IN ANY MANNER, DIRECTLY OR INDIRECTLY FROM 28-DEC-2011 TILL FURTHER ORDERS

DIRECTED COMPANY TO CALL BACK ICDS AND/OR OTHER AMOUNTS AND DEPOSIT THE SAME IN AN INTEREST BEARING ESCROW ACCOUNT

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 28-DEC-2011 TILL FURTHER ORDERS

DIRECTED BSE, NSE, NSDL AND CDSL TO ENSURE THAT DIRECTIONS ISSUED VIDE ORDER ARE STRICTLY ENFORCE

DIRECTED BSE AND NSE TO PERMIT MEMBERS TO SQUARE OFF THEIR EXISTING OPEN POSITIONS IF ANY, IN F&O SEGMENT AND ENSURE THAT NO FRESH POSITIONS ARE CREATED

28-DEC-2011

RDB RASAYANS LTD.   

MAHENDRA PRATAP SINGH

PRABIR KUMAR SARKAR

SACHIN SHRIDHAR

SANDEEP BAID

SHANTI LAL BAID

SUNDER LAL DUGAR

SWETA PUNJABI

SEBI 

DID NOT MAKE PROPER DISCLOSURE AND MADE MIS-STATEMENTS OF RELATED PARTIES IN PROSPECTUS

AUDIT COMMITTEE WAS NOT CHAIRED BY AN INDEPENDENT DIRECTOR

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 28-DEC-2011 TILL FURTHER ORDERS

DIRECTED BSE, NSE, NSDL AND CDSL TO ENSURE THAT DIRECTIONS ISSUED VIDE ORDER ARE STRICTLY ENFORCE

DIRECTED BSE AND NSE TO PERMIT MEMBERS TO SQUARE OFF THEIR EXISTING OPEN POSITIONS IF ANY, IN F&O SEGMENT AND ENSURE THAT NO FRESH POSITIONS ARE CREATED

28-DEC-2011

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Computer

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.53.77
UK Pound	1	Rs.81.57
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
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	6
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.