MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	RADIANT POLYMERS PRIVATE LIMITED
Registered Office :	17, Barakhamba Road, Vijaya Building, LGF – 69, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.08.1988
Com. Reg. No.:	55-032685
Capital Investment / Paid-up Capital :	Rs. 19.954 Millions
CIN No.: [Company Identification No.]	U74899DL1988PTC032685
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Moulded Engineering Plastic Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered 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

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 :	17, Barakhamba Road, Vijaya Building, LGF – 69, New Delhi – 110001, Delhi, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@radiant-polymers.com accounts@sbahl.com
Website :	http://www.radiant-polymers.com
Head Office/ Plant 1 :	A-4/7-8, Site IV, Sahibabad Industrial Estate, District Ghaziabad, Uttar Pradesh – 201010, India
Tel. No.:	91-120-4537200
Fax No.:	91-120-2896206
Plant 2 :	Plot No 13 A, Sector 2A, Integrated Industrial Estate, Rudrapur, District, U.S. Nagar – 263153, Uttarakhand, India
Plant 3 :	Plot No F – 591,592 Industrial Area, Phase – I, Bhiwandi, Diatrict – Alwar, Rajasthan, India
Tel. No.:	91-120-4537200

DIRECTORS

As on: 28.09.2012

Name :

Kumud Jayee

Designation :

Director

Address :

B – 106, Sector – 31, Gautam Budh nagar, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

07.06.1956

Date of Appointment :

05.08.1988

DIN No.:

00055684

Name :

Mr. Nalin Bahl

Designation :

Director

Address :

House No. 1, Road No. 41, Punjabi Bagh West, New Delhi – 110026, India

Date of Birth/Age :

30.01.1954

Date of Appointment :

05.08.1988

DIN No.:

00055730

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	U74899DL1988PTC032685	RADIANT POLYMERS PRIVATE LIMITED	Director	05/08/1988	05/08/1988	-	Active	NO
2	U25209DL2008PTC176551	RADIANT COMPLAST PRIVATE LIMITED	Director	09/04/2008	09/04/2008	-	Active	NO

Name :

Mr. Nitin Bahl

Designation :

Director

Address :

1/41, Punjabi Bagh West, New Delhi – 110026, India

Date of Birth/Age :

17.10.1980

Date of Appointment :

15.02.2007

DIN No.:

01121465

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	U74899DL1988PTC032685	RADIANT POLYMERS PRIVATE LIMTED	Director	15/02/2007	15/02/2007	-	Active	NO
2	U72300DL2007PTC168097	JASPER INFOTECH PRIVATE LIMTED	Director	12/09/2007	12/09/2007	16/09/2009	Active	NO
3	U25209DL2008PTC176551	RADIANT COMPLAST PRIVATE LIMITED	Director	09/04/2008	09/04/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Kumud Jayee	99769
Nalin Bahl	99286
Pratibha Bahl	483
Total	199538

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Moulded Engineering Plastic Components.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Plastic Components, Moulds and Dies.	Pieces	247500000	222750000	215894959

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Canara Bank, Sahibabad, Ghaziabad, Uttar Pradesh, India
• Allahabad Bank, A -6, Sector10, Noida – 201301, Uttar Pradesh, India
• HDFC Bank Limited
• IDBI Bank Limited
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan from Bank	17.840	35.394
Term Loans from Other	8.905	1.395
Cash Credit from Bank	196.633	183.893
Total	223.378	220.682
Term Loan from Bank is secured against hypothecation of stock, car, book debts, Plant and Machinery and Collateral security of land and personal guarantee of directors. Term Loan from other is secured against hypothecation of machines. The term loan is repayable over the period of 4 years and carries interest rate of 15 % per annum. Cash Credit from bank is secured against hypothecation of stock and book debts. The cash is repayable on demand and carries interest rate of 15% p. a.

Banking Relations :	--
Financial Instutition:	Electronica Finance Limited, 128/A, Plot No.3,Kailashchandra Appartments,, Paud Road, Kothrud, Pune - 411038, Maharashtra, India
Auditors :
Name :	S. Bahl and company Chartered Accountants
Address :	17, Barakhamba Road, Vijaya Building, L.G. Floor 69-70, New Delhi – 110001, India
Tel. No.:	91-11-23321536
Fax No.:	91-11-23350662
E-Mail :	info@sbahl.com
PAN No. .:	AAIFS7562B
Associates/Subsidiaries :	Radiant Complast Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199538	Equity Shares	Rs.10/- each	Rs. 19.954 Millions

Reconciliation of number of equity shares

Number of shares outstanding at the beginning	199538
Add: Shares Issued during the year	-
Number of Shares at the end of the year	199538

Rights, preferences and restrictions attached to the shares

The company has one class of equity shares having a par value of Rs. 100 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining asset of the company after distribution of all preferential amount in proportion to their shareholding.

Details of shareholders holding more than 5 % equity shares

Particular	No. of Shares	%
Nalin Bahl	99286	49.76
Kunsud Jaee	99761	50.00

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		19.954	19.954	19.953
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		156.232	136.549	119.948
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		176.186	156.503	139.901
LOAN FUNDS
1] Secured Loans		223.378	220.682	188.055
2] Unsecured Loans		97.512	106.470	94.740
TOTAL BORROWING		320.890	327.152	282.795
DEFERRED TAX LIABILITIES		5.043	5.173	4.788
TOTAL		502.119	488.828	427.484
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		264.952	255.619	247.386
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.050	10.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	198.020	187.167	153.205
	Sundry Debtors	131.870	121.429	131.950
	Cash & Bank Balances	27.987	13.312	14.282
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	60.948	58.696	59.348
Total Current Assets		418.825	380.604	358.785
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	151.004	105.278	130.628
	Other Current Liabilities	24.498	40.185	41.874
	Provisions	16.206	11.982	6.232
Total Current Liabilities		191.708	157.445	178.734
Net Current Assets		227.117	223.159	180.048
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		502.119	488.828	427.484

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES AND JOB WORK CHARGES		844.872	771.229	760.501
	TOTAL EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		55.673	53.534	48.648
	DEPRECIATION/ AMORTISATION		31.072	29.710	26.512
	PROFIT BEFORE TAX		24.602	23.824	22.135
Less	TAX		4.920	7.223	0.227
	PROFIT AFTER TAX		19.682	16.601	21.908
	EARNINGS IN FOREIGN CURRENCY
	Export Sales (Net)		57.949	88.328	109.501
	IMPORTS
		Raw Materials	75.642	25.525	117.245
		Stores & Spares	0.131	0.050	0.361
		Capital Goods	28.530	22.511	6.651
	TOTAL IMPORTS		104.303	48.086	124.257
	Earnings Per Share (Rs.)		98.64	83.20	27.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	3.59	3.75	6.16
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.15
Debt Equity Ratio (Total Debt /Networth)		1.82	2.09	2.02
Current Ratio (Current Asset/Current Liability)		2.18	2.42	2.01

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

OPERATING AND PROSPECTS

The Grass Sales of the Company grew by 9.55% as compared to previous year. The Turnover of the Company has increased to Rs. 844.782 Millions as Compared to the last year turnover i.e. Rs. 771.229 Millions and profit before tax Increased from the previous year figure of Rs. 23.824 Millions to Rs. 24.602 Millions. It is expected that the company’s policies and business strategies to have high quality products with competitive cost will continue to enable it, to strengthen its position both in domestic as well as In international market. The Directors are optimistic for future.

BACKGROUND

Subject is a private Limited Company and incorporated on August 05, 1988, Under the provision of the Indian Companies Act, 1956, The Company is mainly in the business of manufacture of Moulded Engineering Plastic Components, The accounts are for the year commencing from April 2011 to March 31, 2012.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1988PTC032685
Name of the company	RADIANT POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17, Barakhamba Road, Vijaya Building, LGF – 69, New Delhi – 110001, Delhi, India accounts@sbahl.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Electronica Finance Limited, 128/A, Plot No.3,Kailashchandra Appartments, Paud Road, Kothrud, Pune – 411038, Maharashtra, India finance@electronicafinance.com
Nature of instrument creating charge	Agreement of hypothecation dated 24th august, 2012.
Date of instrument Creating the charge	24.08.2012
Amount secured by the charge	Rs. 4.929 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.09% per annum. Terms of Repayment 60 monthly installment. Extent and Operation of the charge First Charge.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plastic Injection Moulding Machine - MA 1200/370e - 1 Nos Lying At A - 4/7-8, Site- 4, Sahibabad Industrial Area, Ghaziabad-201010,Sahibabad Industrial Area Plastic Injection Moulding Machine Model Nrta - 160d - 1 Nos Lying At A - 4/7-8, Site- 4, Sahibabad Industrial Area, Ghaziabad-201010, Sahibabad Industrial Area.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Term Loans fron Bank	3.018	4.106
Loan and Advances from others	82.200	87.729
Loan and Advances from Directors	12.294	12.693
From Bank	0.000	1.942
Total	97.512	106.470

NOTE:

• Unsecured term loan from bank is repayable over the period of 3 years and carries interest rate of 18% p.a.

• Unsecured loan from other parties is repayable over the period of 5 years and carries interest rate of 14.75% to 18% p.a.

• Negative bank balance of current bank account in books of accounts is due to cheque issued by the company as per the normal business practice

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Moulds and Dies
• Furniture and Fixture
• Computers
• Vehicles
• Capital Work in Progress

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. 54.10
UK Pound	1	Rs. 82.47
Euro	1	Rs. 70.49

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.