MIRA INFORM REPORT

Report Date :

15.06.2013

IDENTIFICATION DETAILS

Name :	RAMDEV RESINS PRIVATE LIMITED
Registered Office :	15/D, Kamaldeep Industrial Estate,, Opposite Arvind Mills, Village Khatraj, Kalol-382721, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.06.1999
Com. Reg. No.:	04-036104
Capital Investment / Paid-up Capital :	Rs. 1.000 million
CIN No.: [Company Identification No.]	U24220GJ1999PTC036104
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer Trading, Importer of all Kinds of Resins and Paints and Other Allied Items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 4000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge loss during 2012. The external borrowing seems to be huge. Liquidity position seems to be weak. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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

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 :	15/D, Kamaldeep Industrial Estate,, Opposite Arvind Mills, Village Khatraj, Kalol-382721, Gujarat, India
Tel. No.:	91-2764-326202
Fax No.:	91-2764-281509
E-Mail :	rajeshs61@yahoo.co.in

DIRECTORS

As on: 30.09.2012

Name :

Mr. Alpeshkumar Mafatlal Patel

Designation :

Whole-time director

Address :

19, Signature Residency Opposite Suvarana Bunglows, 100ft Hebatpur Road, Thaltej, Ahmedabad – Gujarat, India

Date of Appointment :

17.06.1999

DIN No.:

00030669

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	U24220GJ1999PTC036104	Ramdev Resins Private Limited	Whole-time director	07/06/1999	07/06/1999	-	Active	NO
2	U01405GJ2008PTC052523	Sun Cotspin Private Limited	Director	02/01/2008	02/01/2008	01/05/2010	Active	YES

Name :

Mr. Kalpeshkumar Somabhai Patel

Designation :

Managing director

Address :

B-14, Madhav Bunglow, Near Avsar Party Plot, Thaltej Shilaj Road, Thaltej, Ahmedabad, Gujarat, India

Date of Appointment :

07.06.1999

DIN No.:

00030622

Name :

Mr. Gunvantkumar Kanjibhai Patel

Designation :

Whole-time director

Address :

3, Suvarana Bunglows, 100ft Hebatpur Road, Thaltej, Ahmedabad – Gujarat, India

Date of Appointment :

23.08.2002

DIN No.:

00030748

Name :

Mr. Ankitkumar Kanjibhai Patel

Designation :

Director

Address :

5, Narayan Darshan Bunglows, Near Asopatav Bunglows, 100ft Hebatpur Road, Thaltej, Ahmedabad – Gujarat, India

Date of Appointment :

07.06.1999

DIN No.:

00030704

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Shareholders Details Fill Attached.

As on: 13.03.2013

Names of Allotee	No. of Shares
Patel Gunvantbhai Kanjibhai	30000
Patel Rupeshbhai Kantibhai (HUF)	4500
Patel Alpeshkumar Mafatlal	30000
Patel Rekhaben Alpeshkumar	10500
Patel Kalpeshkumar Somabhai	37500
Patel Dharmishthaben Kalpeshkumar	37500
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer Trading, Importer of all Kinds of Resins and Paints and Other Allied Items.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Shri Kadi Nagrik Sahkari Bank Limited, Gunj Bazar, Kadi - 382715, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loan	0.799	1.198
The Nav Nariman co-operative bank – tampo loan	0.072	0.186
Sales tax deferment loan	0.043	0.350
Cash credit hypo. A/c	14.923	11.277
Total	15.837	13.011

Note:

(Secured by way of hypothecation of whole of moveable plant & machinery, spare, tools and accessories and other immovable properties and mortgage of Immovable properties of the company (Secured by personal Guarantee of Directors) Repayable within period of 5 year, Last Inst Due on 30.12.2014 20 Nos. of quarterly Installments of Rs. 0.100 Million.)

(Secured against Stock of Finished goods, Raw Materials , Trading goods and Book debts and mortgage of Immovable properties debts and Personal guarantee of Directors)

Banking Relations :	--
Auditors :
Name :	Shah Rajesh and Company Chartered Accountants
Address :	4, 3^rd Floor, Rambha Complex, Opposite Gujarat Vidhyaapith, Ashram Road, Ahmedabad – 380014, Gujarat, India
PAN No.:	ACWPS4819D
Associates :	Shree Ramdev Paints and Contracts

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

After: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

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	1.000	1.000
(b) Reserves & Surplus	0.211	1.368
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	6.171	3.083
(b) Deferred tax liabilities (Net)	0.000	0.583
(c) Other long term liabilities	0.027	0.008
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	21.044	18.609
(b) Trade payables	14.266	12.047
(c) Other current liabilities	2.688	3.350
(d) Short-term provisions	0.000	0.022
TOTAL	45.407	40.070
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.797	9.580
(ii) Intangible Assets	0.023	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.435	0.372
(c) Deferred tax assets (net)	0.163	0.000
(d) Long-term Loan and Advances	0.168	0.199
(e) Other Non-current assets	0.769	0.381
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.847	8.694
(c) Trade receivables	22.457	18.855
(d) Cash and cash equivalents	1.081	1.539
(e) Short-term loans and advances	0.667	0.450
(f) Other current assets	0.000	0.000
TOTAL	45.407	40.070

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		1.310
4] (Accumulated Losses)		0.000
NETWORTH		2.310
LOAN FUNDS
1] Secured Loans		7.020
2] Unsecured Loans		8.251
TOTAL BORROWING		15.271
DEFERRED TAX LIABILITIES		0.553
TOTAL		18.134
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.451
Capital work-in-progress		0.000
INVESTMENT		0.160
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.244
	Sundry Debtors	15.966
	Cash & Bank Balances	0.201
	Other Current Assets	0.000
	Loans & Advances	1.749
Total Current Assets		23.160
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.576
	Other Current Liabilities	0.007
	Provisions	0.054
Total Current Liabilities		10.637
Net Current Assets		12.523
MISCELLANEOUS EXPENSES		0.000
TOTAL		18.134

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	53.856	46.759	37.486
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	55.189	46.340	36.934
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(1.333)	0.419	0.552
Less/ Add	DEPRECIATION/ AMORTISATION		0.571	0.309	0.228
	PROFIT / (LOSS) BEFORE TAX		(1.904)	0.110	0.324
Less	TAX		(0.747)	0.052	0.129
	PROFIT / (LOSS) AFTER TAX		(1.157)	0.058	0.195
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.019	0.961	0.766
	BALANCE CARRIED TO THE B/S		(0.138)	1.019	0.961
	EARNINGS IN FOREIGN CURRENCY
		Foreign Travelling Expenses	0.000	0.097	0.000
	TOTAL EARNINGS		0.000	0.097	0.000
	Earnings Per Share (Rs.)		(55.57)	10.19	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.14)	0.12	0.52
Return on Total Assets (PBT/Total Assets}	(%)	(4.24)	0.28	1.13
Return on Investment (ROI) (PBT/Networth)		(1.57)	0.04	0.14
Debt Equity Ratio (Total Debt/Networth)		22.47	9.16	6.61
Current Ratio (Current Asset/Current Liability)		0.84	0.87	2.18

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	Yes
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	No

Note: The Registered Office of the company has been shifted from A/5 Dhananjay Apartment Sannr Vasupujya Tower, Naranpura, Ahmedabad – 380013, Gujarat, India to the present address w.e.f. 29.10.2009.

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowing
Loans from director	0.097	0.000
Loans from shareholders and relatives	5.161	1.350
	0.000	0.000
Short term borrowing	0.000	0.000
Loans from director	4.024	1.713
Loans from shareholders and relatives	2.096	5.618
Total	11.378	8.681

FIXED ASSETS:

· Land and Buildings

· Computer

· Machinery

· Air Condition

· Vehicles

· Furniture

· 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. 57.74
UK Pound	1	Rs. 90.64
Euro	1	Rs. 77.02

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.