MIRA INFORM REPORT

Report Date :

09.08.2013

IDENTIFICATION DETAILS

Name :	ROYAL CASTOR PRODUCTS LIMITED (w.e.f.30.05.2000)
Formerly Known As :	ROYAL CASTOR PRODUCTS PRIVATE LIMITED
Registered Office :	Unjha-Sidhpur State Highway, At Khali, Sidhpur – 384151, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.08.1994
Com. Reg. No.:	04-022829
Capital Investment / Paid-up Capital :	Rs. 62.100 Millions
CIN No.: [Company Identification No.]	U74999GJ1994PLC022829
TAN No.: [Tax Deduction & Collection Account No.]	AHMR02889F
PAN No.: [Permanent Account No.]	AABCR3051J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Oily Chemical and Castor Derivatives
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 835000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some dip in the profits during 2012. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans : BB+
Rating Explanation	Moderate risk of default
Date	January 2013

Rating Agency Name	ICRA
Rating	Short term fund based limits : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	January 2013

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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Shiv Narayan Baldi
Designation :	Accountant
Contact No.:	91-9428413620
Date :	08.08.2013

LOCATIONS

Registered Office/ Factory 1 :	Unjha-Sidhpur State Highway, At Khali, Sidhpur – 384151, Gujarat, India
Tel. No.:	91-2767-222905/ 6
Mobile No.:	91-9428413620 (Mr. Shiv Narayan Baldi)
Fax No.:	91-2767-221833
E-Mail :	rcplsdh@sancharnet.in rcpl@icenet.net baldircpl@yahoo.co.in
Website :	http://www.royalcastor.in
Area :	28000 Sq. Ft.
Location :	Owned
Corporate/ Sales Office :	101, Ketan Apartment, 233, R.B. Mehta Marg, Ghatkoper, Mumbai – 400077, Maharashtra, India
Tel No.:	91-22-25093641-46
Fax No.:	91-22-25100384
Email :	royalcastror@vsnl.com
Location :	Owned
Factory 2 :	At. Khali, Mehsana – Sidhpur Highway, Taluka Sidhpur, District Patan – 384151, Gujarat, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Mohanbhai Mafatlal Patel

Designation :

Managing director

Address :

4, Kapildev Society, Bindu Sarovar Road, Mehsana – 384151, Gujarat, India

Date of Birth/Age :

05.04.1939

Qualification :

B.E.(Civil)

Date of Appointment :

01.09.2010

PAN No.:

ACDPP6862G

DIN No.:

00800719

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	Company/ LLP Status	Defaulting status
1	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Managing director	01/09/2010	12/09/1994	Active	NO
2	U24200MH2002PTC137816	ROYAL OLEOCHEMI PRIVATE LIMITED	Director	08/11/2002	08/11/2002	Strike off	NO

Name :

Mr. Haresh Somalal Vyas

Designation :

Managing director

Address :

23, Sindhubaug Society, Tilak Road, Ghatkopar (East), Mumbai, Maharashtra, India

Date of Birth/Age :

05.11.1955

Qualification :

B.Com

Date of Appointment :

03.09.2012

DIN No.:

00181054

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	U23201MH1990PTC059257	TARAPUR GREASE INDUSTRIES PRIVATE LIMITED	Director	05/02/1992	05/02/1992	-	Active	NO
2	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Managing director	03/09/2012	15/12/1995	-	Active	NO
3	U23209MH1990PTC058784	STANDARD PETROLEUMS PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Amalgamated	NO
4	U67120MH1996PTC100281	JANUS CONSOLIDATED FINANCE PRIVATE LIMITED	Director	20/01/2001	20/01/2001	-	Active	NO
5	U24110MH2002PLC134562	SKY BIO-PHARMA (INDIA ) LIMITED	Director	15/01/2002	15/01/2002	-	Active	NO
6	U24200MH2002PTC137816	ROYAL OLEOCHEMI PRIVATE LIMITED	Director	08/11/2002	08/11/2002	-	Strike off	NO
7	U72900MH2000PTC128984	LOGIS LUBENET SOLUTIONS PRIVATE LIMITED	Director	02/12/2002	02/12/2002	-	Strike off	NO
8	U51410MH1998PTC116215	CREST PACKAGING PRIVATE LIMITED	Director	01/04/2003	01/04/2003	01/01/2009	Active	NO
9	U24100MH2007PTC172193	KUSUMOTO CHEMICALS (INDIA) PRIVATE LIMITED	Director	09/07/2007	09/07/2007	-	Active	NO
10	U23201MH2007PTC174642	STANDARD GREASES AND SPECIALITIES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
11	U23201MH2007PTC174638	STANDARD GREASES PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
12	U23201MH2007PTC174641	STANDARD OILS AND GREASES PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO

Name :

Mr. Durgesh Sanjivrao Chandavarkar

Designation :

Director

Address :

502, Seanymph, Greenfield Estate, A.B. Nair Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

07.02.1942

Qualification :

B.Com

Date of Appointment :

15.12.1995

DIN No.:

00176277

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	U23209MH1990PTC058784	STANDARD PETROLEUMS PRIVATE LIMITED	Director	17/02/1993	17/02/1993	-	Amalgamated	NO
2	U23201MH1990PTC059257	TARAPUR GREASE INDUSTRIES PRIVATE LIMITED	Managing director	17/02/1993	17/02/1993	-	Active	NO
3	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
4	U67120MH1996PTC100281	JANUS CONSOLIDATED FINANCE PRIVATE LIMITED	Managing director	31/03/1999	31/03/1999	-	Active	NO
5	U85199MH1999PTC121686	ASTRUM HEALTHCARE PRIVATE LIMITED	Director	31/08/2001	31/08/2001	-	Active	NO
6	U24110MH2002PLC134562	SKY BIO-PHARMA (INDIA ) LIMITED	Director	15/01/2002	15/01/2002	-	Active	NO
7	U23201MH2002PTC138029	UNITED ADDITIVES PRIVATE LIMITED	Director	28/11/2002	28/11/2002	-	Active	NO
8	U23201MH2002PTC138368	ATLANTIC LUBRICANTS AND SPECIALITIES PRIVATE LIMITED	Director	23/12/2002	23/12/2002	23/08/2012	Active	NO
9	U23201MH2007PTC174642	STANDARD GREASES AND SPECIALITIES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
10	U23201MH2007PTC174641	STANDARD OILS & GREASES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
11	U23201MH2007PTC174638	STANDARD GREASES PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
12	U40107MH2007PTC176232	STANDARD GREEN BIO-ENERGY PRIVATE LIMITED	Director	27/11/2007	27/11/2007	-	Active	NO

Name :

Mr. Tulashibhai Madhavlal Patel

Designation :

Director

Address :

8, Shraddha Nagar Society, Radhanpur Road, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

08.07.1946

Qualification :

B. E. Mechanical

Date of Appointment :

22.08.1994

DIN No.:

00169796

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	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Director	22/08/1994	22/08/1994	-	Active	NO
2	U45201GJ2007PTC050017	HMS CONSTRUCTION PRIVATE LIMITED	Director	14/02/2007	14/02/2007	25/12/2007	Active	NO
3	U45202GJ2009PTC057842	ROYAL TECHNO PROJECTS (INDIA) PRIVATE LIMITED	Director	19/08/2009	19/08/2009	-	Active	NO
4	U26922GJ2010PTC061002	ROYAL CRUCIBLE PRIVATE LIMITED	Director	05/06/2010	05/06/2010	-	Active	NO

Name :

Mr. Vinod Somalal Vyas

Designation :

Director

Address :

7 and 8, Jay Jawan Nagar Housing Society, Bhanushali Lane, Mumbai, Maharashtra, India

Date of Birth/Age :

15.03.1951

Qualification :

B. Sc

Date of Appointment :

15.12.1995

DIN No.:

00176206

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	U23209MH1990PTC058784	STANDARD PETROLEUMS PRIVATE LIMITED	Director	01/11/1990	01/11/1990	-	Amalgamated	NO
2	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
3	U23201MH1990PTC059257	TARAPUR GREASE INDUSTRIES PRIVATE LIMITED	Director	01/08/1998	01/08/1998	-	Active	NO
4	U67120MH1996PTC100281	JANUS CONSOLIDATED FINANCE PRIVATE LIMITED	Director	31/03/1999	31/03/1999	-	Active	NO
5	U85199MH1999PTC121686	ASTRUM HEALTHCARE PRIVATE LIMITED	Director	31/08/2001	31/08/2001	-	Active	NO
6	U24110MH2002PLC134562	SKY BIO-PHARMA (INDIA ) LIMITED	Director	15/01/2002	15/01/2002	-	Active	NO
7	U23201MH2002PTC138029	UNITED ADDITIVES PRIVATE LIMITED	Director	28/11/2002	28/11/2002	-	Active	NO
8	U23201MH2002PTC138368	ATLANTIC LUBRICANTS AND SPECIALITIES PRIVATE LIMITED	Director	23/12/2002	23/12/2002	23/08/2012	Active	NO
9	U23201MH2007PTC174642	STANDARD GREASES AND SPECIALITIES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
10	U23201MH2007PTC174641	STANDARD OILS & GREASES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
11	U23201MH2007PTC174638	STANDARD GREASES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
12	U40107MH2007PTC176232	STANDARD GREEN BIO-ENERGY PRIVATE LIMITED	Director	27/11/2007	27/11/2007	-	Active	NO

Name :

Mr. Natvarbhai Jethalal Patel

Designation :

Director

Address :

Virnagar Society, S.T. Workshop Road, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

01.06.1951

Qualification :

B.A

Date of Appointment :

12.09.1994

DIN No.:

00169890

Name :

Mr. Kirankumar Mohanbhai Patel

Designation :

Director

Address :

Kapildev Society, Bindu Sarovar Road, Siddhpur, Patan – 384151, Gujarat, India

Date of Birth/Age :

09.11.1968

Date of Appointment :

29.09.2012

DIN No.:

03411098

Name :

Mr. Subhash Polara

Designation :

Director

Address :

37, Shyam Vihar-2, Radhanpur Road, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

21.07.1973

Date of Appointment :

29.09.2012

DIN No.:

03411426

KEY EXECUTIVES

Name :	Mr. Shiv Narayan Baldi
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Tulsibhai M. Patel	80820
Jitendrakumar M. Patel	54210
Natvarbhai J. Patel	100001
Rekhaben L. Patel	62500
Kiranbhai M. Patel	224500
Bhagvatibhai M. Patel	85000
Kanubhai M. Patel	60000
Induben P. Patel	60000
Vanitaben K. Patel	215500
Shantaben J. Patel	100000
Nitaben N. Patel	50000
Kokilaben N. Patel	100000
Hiten T. Engineer	76410
Lilaben J. Patel	20140
Jiten T. Engineer	46300
Kantaben G. Patel	10000
Kailashben P. Patel	20650

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	8.81
Bodies corporate	22.91
Directors or relatives of directors	68.28
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Oily Chemical and Castor Derivatives

Products/ Services :

ITC Code No.	Product Descriptions
23069017	Castor Oil

Exports :

Products :

Finished Goods

Countries :

· Japan

· Europe

· USA

Imports :

Products :

Raw Material

Countries :

· China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
12 HSA	Kgs.	NA	NA	6331473
HCO	Kgs.	NA	NA	4165046

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

100 (Approximately)

Bankers :

· Dena Bank, Sidhpur Branch, Sidhpur, Gujarat, India

· Dena Bank, Highway Branch, Mehsana, Gujarat, India

· State Bank of India, Opposite Railway Station, Sidhpur - 384151, Gujarat, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	53.014	0.592
SHORT-TERM BORROWINGS
Working capital loans from banks	137.582	255.550
Total	190.596	256.142

Banking Relations :	--
Auditors :
Name :	Virendra Chinubhai and Company Chartered Accountants
Address :	1-2-3, First Floor, Vyapar Bhavan, Station Road, Visnagar – 384315, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ADSPS6638P

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,810,000	Equity Shares	Rs. 10/- each	Rs. 68.100 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,210,000	Equity Shares	Rs. 10/- each	Rs. 62.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	62.100	62.100
(b) Reserves & Surplus	146.681	129.210
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	208.781	191.310
(3) Non-Current Liabilities
(a) long-term borrowings	109.206	54.328
(b) Deferred tax liabilities (Net)	34.604	30.487
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	143.810	84.815
(4) Current Liabilities
(a) Short term borrowings	137.582	255.550
(b) Trade payables	89.023	49.528
(c) Other current liabilities	40.807	17.486
(d) Short-term provisions	6.690	6.640
Total Current Liabilities (4)	274.102	329.204
TOTAL	626.693	605.329
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	256.679	167.685
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	36.610
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.107	3.131
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	40.898	49.686
Total Non-Current Assets	299.684	257.112
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	100.079	99.194
(c) Trade receivables	122.950	190.143
(d) Cash and cash equivalents	14.076	9.574
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	89.474	49.306
Total Current Assets	326.579	348.217
TOTAL	626.693	605.329

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		61.500
2] Share Application Money		0.000
3] Reserves & Surplus		103.998
4] (Accumulated Losses)		0.000
NETWORTH		165.498
LOAN FUNDS
1] Secured Loans		208.500
2] Unsecured Loans		55.666
TOTAL BORROWING		264.166
DEFERRED TAX LIABILITIES		25.681
TOTAL		455.345
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		176.954
Capital work-in-progress		0.000
INVESTMENT		0.078
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	152.396
	Sundry Debtors	98.464
	Cash & Bank Balances	17.065
	Other Current Assets	0.000
	Loans & Advances	73.085
Total Current Assets		341.010
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	41.430
	Other Current Liabilities	3.105
	Provisions	18.678
Total Current Liabilities		63.213
Net Current Assets		277.797
MISCELLANEOUS EXPENSES		0.516
TOTAL		455.345

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	2385.967	1816.909	1146.527
		Other Income	0.587	0.342	0.684
		TOTAL (A)	2386.554	1817.251	1147.211
Less	EXPENSES
		Cost of materials consumed	1889.116	1403.065	1076.724
		Purchases of stock-in-trade	139.489	187.392
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	17.497	(9.822)
		Employee benefit expense	13.139	8.433
		Other expenses	201.724	129.811
		Prior period items	0.401	0.363
		TOTAL (B)	2261.366	1719.242	1076.724
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		125.188	98.009	70.487
Less	FINANCIAL EXPENSES (D)		63.864	32.030	23.354
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		61.324	65.979	47.133
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.924	12.585	(5.025)
	PROFIT BEFORE TAX (E-F) (G)		37.400	53.394	52.158
Less	TAX (H)		14.516	22.776	14.933
	PROFIT AFTER TAX (G-H) (I)		22.884	30.618	37.225
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		113.459	93.246	61.363
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	5.000	0.000
		Dividend		4.635	4.613
		Tax on Dividend		0.770	0.729
				10.405	5.342
	BALANCE CARRIED TO THE B/S		NA	113.459	93.246
	EARNINGS IN FOREIGN CURRENCY
		Export with ‘H’ Form	NA	1303.421	828.966
	Earnings Per Share (Rs.)		3.68	5.00	3.84

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.96	1.68	3.24
Net Profit Margin (PBT/Sales)	(%)	1.57	2.94	4.55
Return on Total Assets (PBT/Total Assets}	(%)	5.99	9.44	10.07
Return on Investment (ROI) (PBT/Networth)		0.18	0.28	0.32
Debt Equity Ratio (Total Debt/Networth)		1.18	1.62	1.60
Current Ratio (Current Asset/Current Liability)		1.19	1.06	5.39

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10131898	18/05/2011 *	700,000,000.00	STATE BANK OF INDIA	SIDHPUR BRANCH, OPPOSITE RAILWAY STATION, SIDHPUR - 384151, GUJARAT, INDIA	B13693304
2	10131897	14/11/2008	423,300,000.00	STATE BANK OF INDIA	SIDHPUR BRANCH, OPPOSITE RAILWAY STATION, SIDHPUR - 384151, GUJARAT, INDIA	A51742641
3	10019680	25/06/2008 *	255,400,000.00	STATE BANK OF INDIA	SIDHPUR BRANCH, OPPOSITE RAILWAY STATION, SIDHPUR - 384151, GUJARAT, INDIA	A41661018
4	90102418	25/11/2004	150,000,000.00	STATE BANK OF INDIA	SIDHPUR BRANCH , SIDHPUR, GUJARAT, INDIA	-
5	90098163	20/12/1997 *	15,000,000.00	GUJRAT STATE FINANCIAL CORPORATION	BUILDING, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA	-

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Borrowing from foreign companies	6.701	10.905
Deposits from directors	1.240	1.240
Deposits from shareholders	48.251	41.591
Total	56.192	53.736

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 61.12
UK Pound	1	Rs. 94.77
Euro	1	Rs. 81.54

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.