MIRA INFORM REPORT

Report Date :

16.05.2013

IDENTIFICATION DETAILS

Name :	RISHI CARBONICS PRIVATE LIMITED

Registered Office :	A 401, Plot No 2, New Delhi – 110007

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	16.01.1990

Com. Reg. No.:	55-038922

Capital Investment / Paid-up Capital :	Rs.2.971 Millions

CIN No.: [Company Identification No.]	U74899DL1990PTC038922

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Industrial Gases, Co2 Gas.

No. of Employees :	55 (Approximately) [In Office 10 + In Factory]

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 33000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. The company has incurred loss for the financial year 2012. Trade relations are reported as 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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.

INFORMATION PARTED BY

Name :	Mr. Rishi Jain (Son of Director)
Contact No.:	91-9810003588
Date :	15.05.2013

LOCATIONS

Registered Office :	A 401, Plot No 2, New Delhi – 110007, India
Tel. No.:	91-11-39575529
Mobile No.:	91-9810003588 (Mr. Rishi Jain)
Fax No.:	Not Available
E-Mail :	manglasanjeev@gmail.com rishijain08@gmail.com rishicarbonics@gmai.com
Location :	Owned

Factory :	Opposite NFS Gate, Guhana Road, Panipat – 132103, Haryana, India

DIRECTORS

As on: 29.09.2012

Name :

Mr. Vikas Goel

Designation :

Director

Address :

R – 253 Model Town Panipat – 132103, Haryana, India

Date of Birth/Age :

28.11.1969

Date of Appointment :

16.01.1990

DIN No.:

00429052

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	U74899DL1990PTC038922	RISHI CARBONICS PRIVATE LIMITED	Director	16-01-90	16-01-90	-	Active	NO
2	U74899DL1988PTC032667	FALCON DESIGN VENTURES PRIVATE LIMITED	Director	15-05-98	15-05-98	-	Active	NO
3	U74899DL1994PTC062183	ORION PROCESSORS PRIVATE LIMITED	Director	01-04-99	01-04-99	-	Active	NO
4	U85195DL2008PTC182913	JWALA DIAGNOSTIC LABS PRIVATE LIMITED	Director	05-09-08	05-09-08	-	Active	NO
5	U93000DL2010PTC204652	AARTHIK ADVISORS PRIVATE LIMITED	Director	24-06-10	24-06-10	03-08-12	Active	NO
6	U85100DL2010PTC206595	J. P. HEALTH MANAGEMENT PRIVATE LIMITED	Director	03-08-10	03-08-10	-	Active	NO
7	U85110DL2011PTC220548	V P HOSPITALS PRIVATE LIMITED	Director	08-06-11	08-06-11	-	Active	NO
8	U45200DL2011PTC221100	HARVIK INFRASTRUCTURES PRIVATE LIMITED	Director	17-06-11	17-06-11	-	Active	NO
9	U80900HR2012PTC047093	GOLDSTAR EDUCATIONS PRIVATE LIMITED	Director	12-09-12	12-09-12	-	Active	NO
10	U80902DL2012PTC237853	NEW IDEA EDU INFRA PRIVATE LIMITED	Additional director	21-12-12	21-12-12	-	Active	NO

Name :

Mr. Vijender Pal Jain

Designation :

Director

Address :

B – 374 New Friends Colony New Delhi – 110001, India

Date of Birth/Age :

16.03.1952

Date of Appointment :

16.01.1990

DIN No.:

01098290

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders		No. of Shares
Vikas Goel		10615
Vijendra Pal Jain		11615
Bina Jain		1000
Pankaj Goel		1000
Vishal Goel		1000
Ashok Goel		480
Sushila Goel		500
Anubhav Goel		500
Arun Goel		750
Deepak Goel		750
Rita Goel		500
Ajay Goel		500
Abhey Goel		500
Total		29710

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Gases, Co2 Gas.

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

55 (Approximately) [In Office 10 + In Factory]

Bankers :

Union Bank of India SSI Branch, G.T. Road, Panipat - 132103, Haryana, India
Oriental Bank of Commerce, Plot No. 87-88, Ram Nagar, Tlaja Road, Kaliyabid, Bhavnagar - 364240, Gujarat, India
Kotak Mahindra Bank
ICICI Bank Limited
Union Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
HDFC Car Loan Cruze (Secured against Hypotheciation of Car and Personal guarantee of Directors.)
Repayable with in a period 3 years from the end of the month of respective loan. These are repayable by 2013-14 and carry an interest at rate of 10.25%) (a)	0.035	0.435
UBI Term Loan for Mobile Tanker (Secured against Hypotheciation of factory land and Building, mortgage of the Tanker and Personal guarantee of Directors.)
Repayable after a period 5 years from the end of the month of respective loan. These are repayable by 2014-15 and carry an interest at rate of 10.25%) (b)	1.072	1.822
UBI Term Loan for Plant and Machinery U II (Secured against Hypotheciation of factory land and Building, mortgage of the Plant and Machinery and Personal guarantee of Directors.)
Repayable after a period 5 years from the end of the month of respective loan. These are repayable by 2014-15 and carry an interest at rate of 10.25%) (c)	1.062	1.987
UBI Term Loan for Plant and Machinery U II (Secured against Hypotheciation of factory land and Building, mortgage of the Plant and Machinery and Personal guarantee of Directors.)
Repayable after a period 5 years from the end of the month of respective loan. These are repayable by 2014-15 and carry an interest at rate of 10.25%) (d)	4.391	3.579
HDFC Car Loan (Secured against car and Personal guarantee of Directors.)
Repayable after a period 3 years from the end of the month of respective loan. These are repayable by 2014-15 and carry an interest at rate of 11.00 %) (e)	0.528	0.000
ICICI Bank Loan (Secured against Tanker and Personal guarantee of Directors.)
Repayable after a period 3 years from the end of the month of respective loan. These are repayable by 2014-15 and carry an interest at rate of 13.25 %) (f)	0.776	0.000
ICICI Bank Loan (Secured against Tanker and Personal guarantee of Directors.)
Repayable after a period 3 years from the end of the month of respective loan. These are repayable by 2014-15 and carry an interest at rate of 13.25 %) (g)	0.776	0.000
Kotak Mahindra Bank (Secured against Tanker and Personal guarantee of Directors.)
Repayable after a period 2 years from the end of the month of respective loan. These are repayable by 2014-15 and carry an interest at rate of 13.60 %) (h)	1.005	0.000
SHORT TERM BORROWINGS
Bank Over Draft (Secured against Building and Personal guarantee of Directors.)	4.939	1.206
Total	14.584	9.029


Banking Relations :	--

Auditors :
Name :	Vipin Agarwal and Associates Chartered Accountants
Address :	E 4, Defence Colony, Delhi – 110024, India
Tel. No.:	91-11-41552060/ 24332643
Fax No.:	91-11-41551479
E-Mail :	vnal974@gmail.com
PAN No.:	AAAFV5918J

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

35000	Equity Shares	Rs.100/- each	Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

29710	Equity Shares	Rs.100/- each	Rs.2.971 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		2.971	2.971	2.653
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.441	5.501	2.249
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.412	8.472	4.902
LOAN FUNDS
1] Secured Loans		14.584	9.029	7.741
2] Unsecured Loans		7.746	6.192	4.932
TOTAL BORROWING		22.330	15.221	12.673
DEFERRED TAX LIABILITIES		0.040	0.211	0.624

TOTAL		30.782	23.904	18.199

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		14.708	15.400	16.391
Capital work-in-progress		14.421	8.053	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.413	0.256	1.108
	Sundry Debtors	14.960	12.371	8.709
	Cash & Bank Balances	1.995	1.211	0.943
	Other Current Assets	0.074	0.053	0.000
	Loans & Advances	1.476	1.163	1.043
Total Current Assets		18.918	15.054	11.803
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.122	9.506	5.496
	Other Current Liabilities	7.601	4.579	4.237
	Provisions	0.542	0.518	0.262
Total Current Liabilities		17.265	14.603	9.995
Net Current Assets		1.653	0.451	1.808

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		30.782	23.904	18.199

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Turnover	52.590	48.721
		Other Income	4.499	8.055
		TOTAL	57.089	56.776

Less	EXPENSES
		Office Expenses	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA

	PROFIT/ (LOSS) BEFORE TAX		NA	NA

Less	TAX		NA	NA

	PROFIT/ (LOSS) AFTER TAX		(0.060)	0.072

	Earnings/ (Loss) Per Share (Rs.)		(2.02)	2.42

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.10)	0.13	NA

Debt Equity Ratio (Total Debt /Networth)		2.65	1.80	2.59

Current Ratio (Current Asset/Current Liability)		1.10	1.03	1.18

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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)	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

WORKING OF THE COMPANY:

During the year the company has achieved total turnover of Rs. 52.590 Millions. The company has earned a loss after taxes of Rs.0.060 Million during the relevant financial year.

UNSECURED LOAN:

(Rs In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
PVR Gases Private Limited	1.800	1.800
Orion Processors Private Limited	0.361	0.361
Sh V P Jain	4.625	3.871
Orion Knits Private Limited	0.160	0.160
Sanidhya Engineering Private Limited	0.500	0.000
A. S. Gases Limited	0.300	0.000
Total	7.746	6.192

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1990PTC038922
Name of the company	RISHI CARBONICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A401, Plot 2, New Delhi – 110007, India sushiljain_sushiljain@yahoo.co.in
This form is for	Creation of charge
Type of charge	· Immovable property · Others (Corporate Gurantee, Existing Term Loan and Cc Limit)
Particular of charge holder	Union Bank of India Ssi Branch, Panipat - 132103, Haryana, India manglasanjeev@gmail.com
Nature of instrument creating charge	Hypothecation Agreement of Goods and Debts
Date of instrument Creating the charge	21.03.2012
Amount secured by the charge	Rs.2.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+4.75% For CC (Hypothecation.) Rs 2.500 Millions To Rishi Gases Terms of Repayment On Demand For CC (Hypothecation.) Rs. 2.500 Millions To Rishi Gases Margin 25% For CC (Hypothecation.) Rs. 2.500 Millions To Rishi Gases Extent and Operation of the charge 100% For CC (Hypothecation) Rs. 2.500 Millions To Rishi Gases Others Corporate Gurantee For CC (Hypothecation) Of Rs. 2.500 Millions to Rishi Gases Through Its Partners Rishi Jain and Seema Goel
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Conveyance Deed Date. 26.03.1990 Regd. No. 275 of 1990 Book No 1 Date. 26.03.1990 Sub Registrar Delhi Industrial Plot At Village Gaddiwara Nfl Plant Panipat Msr.2016 Sq. Yards Survey No. Kh.73 Min

FIXED ASSETS:

Car
Bike
Computer
Machinery
Furniture
Telephone

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.54.78
UK Pound	1	Rs.83.38
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.

MIRA INFORM REPORT

0.413

14.960

1.995

0.074

1.476

18.918

9.122

7.601

0.542

17.265

1.653

(0.10)

2.65

1.10

Unit