MIRA INFORM REPORT

Report Date :

05.10.2013

IDENTIFICATION DETAILS

Name :	RADIANT SAFEDOORS PRIVATE LIMITED
Registered Office :	539, GIDC, Phase II, Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.02.1997
Com. Reg. No.:	04-031790
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U36998GJ1997PTC031790
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Various Types of Fire Doors.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 11500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit of the company has increased in financial year 2012. But the external borrowings appear to be increasing over previous year. However, trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct. 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 – 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.

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. Krunal Patel
Designation :	Marketing Manager
Contact No.:	91-9825076530 91-79-26578130
Date :	03.10.2013

LOCATIONS

Registered Office/ Factory :	539, GIDC, Phase II, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25834038/ 32910597/ 25893779/ 26578130/ 32409158
Mobile No.:	91-9825076530 (Mr. Krunal Patel)
Fax No.:	91-79-25893779
E-Mail :	rdoors@vsnl.net truckmanindia@gmail.com
Website :	http://www.radiantsafedoors.com
Area :	6500 Sq. ft
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Mananbhai Babulal Gandhi

Designation :

Director

Address :

12 Sharda Kung Society, Vikas Gruh Road, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

07.11.1955

Date of Appointment :

25.02.1997

DIN No.:

02381955

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	U36998GJ1997PTC031790	RADIANT SAFEDOORS PRIVATE LIMITED	Director	25/02/1997	25/02/1997	Active	NO
2	U29248GJ2009PTC058874	PARKER HIREACH PRIVATE LIMITED	Director	14/12/2009	14/12/2009	Active	NO

Name :

Mr. Mineshbhai Jashbhai Patel

Designation :

Director

Address :

9 Saurastra Society, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

05.12.1955

Date of Appointment :

01.05.2006

DIN No.:

00211198

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	U24294TN1957PLC003571	PONDICHERRY CHLORATE LIMITED	Director	06/12/1987	06/12/1987	Active	NO
2	U51909GJ1989PTC012141	KRUNAL TRADING AND INVESTMENT PRIVATE LIMITED	Director	20/04/1989	20/04/1989	Active	YES
3	U36998GJ1997PTC031790	RADIANT SAFEDOORS PRIVATE LIMITED	Director	01/05/2006	01/05/2006	Active	NO

Name :

Mrs. Prachi Mananbhai Gandhi

Designation :

Director

Address :

12 Sharda Kung Society, Vikas Gruh Road, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

13.10.1958

Date of Appointment :

01.05.2006

DIN No.:

02462826

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	U36998GJ1997PTC031790	RADIANT SAFEDOORS PRIVATE LIMITED	Managing director	01/05/2006	01/05/2006	Active	NO
2	U29248GJ2009PTC058874	PARKER HIREACH PRIVATE LIMITED	Director	14/12/2009	14/12/2009	Active	NO

Name :

Mrs. Swetaben Mineshbhai Patel

Designation :

Director

Address :

9 Saurastra Society, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

18.03.1958

Date of Appointment :

01.05.2006

DIN No.:

00211253

KEY EXECUTIVES

Name :	Mr. Krunal Patel
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Priya K. Patel	1000
Krunal M. Patel H.U.F	1000
Krunal M, Patel	3000
Shalin M. Patel	1000
Minesh J. Patel	5000
Swetal M. Patel	5000
Minesh J. Patel	9000
Priya M. Gandhi	2500
Isha M. Gandhi	2500
Prachi M. Gandhi	5000
Manan B. Gandhi	15000
TOTAL	50000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	68.00
Other	32.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Various Types of Fire Doors.

Products :

PRODUCT DESCRIPTION	ITC CODE
Fire Safety Doors	341001007

• E-Core Board
• Blast Doors
• Acoustic Doors
• Radiation Shielding Doors
• Clean Room Doors
• General Purpose Doors
• HMPS Doors
• Bullet Resistant Doors
• Smoke and Fire Doors

Ø Radiant+Core Fire Doors

Ø "Radiant-CBRI" Fire Dampers

Ø Fire Resistant Steel Doors

GENERAL INFORMATION

No. of Employees :	45 (Approximately)
Bankers :	The Kalupur Commercial Co-Operative Bank Limited, Kalupur Bank Branch, Income Tax Circle, Ahemdabad - 380014, Gujarat, India ICICI Bank Limited, Ahemdabad, Gujarat, India Bank of India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Dhirajlal Shah and Company Chartered Accountants
Address :	304, Simdhar Avneu, Near. H.K. House, Off Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26589112/ 26584300
Fax No.:	91-79-26583749
E-Mail :	apshahad1@sancharnet.in
PAN No:	AACFD0312N

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 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	0.500	0.500
(b) Reserves & Surplus	2.377	1.757
(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)	2.877	2.257
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.241	0.270
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.241	0.270
(4) Current Liabilities
(a) Short term borrowings	9.843	7.909
(b) Trade payables	2.686	2.523
(c) Other current liabilities	1.809	0.932
(d) Short-term provisions	1.303	0.479
Total Current Liabilities (4)	15.641	11.843
TOTAL	18.759	14.370
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.063	3.507
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.027	0.027
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.272	0.232
Total Non-Current Assets	3.362	3.766
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.489	1.251
(c) Trade receivables	11.937	8.603
(d) Cash and cash equivalents	0.363	0.480
(e) Short-term loans and advances	0.061	0.163
(f) Other current assets	0.547	0.107
Total Current Assets	15.397	10.604
TOTAL	18.759	14.370

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		1.406
4] (Accumulated Losses)		0.000
NETWORTH		1.906
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		6.828
TOTAL BORROWING		6.828
DEFERRED TAX LIABILITIES		0.100
TOTAL		8.834
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.442
Capital work-in-progress		0.000
INVESTMENT		0.027
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.052
	Sundry Debtors	6.588
	Cash & Bank Balances	0.793
	Other Current Assets	0.000
	Loans & Advances	1.652
Total Current Assets		10.085
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.537
	Other Current Liabilities	1.183
	Provisions	0.000
Total Current Liabilities		2.720
Net Current Assets		7.365
MISCELLANEOUS EXPENSES		0.000
TOTAL		8.834

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	27.407
		Other Income	NA
		TOTAL	NA	21.666	14.876
Less	EXPENSES
		TOTAL	NA	20.831	14.710
	PROFIT / (LOSS) BEFORE TAX		0.830	0.835	0.166
Less	TAX		NA	0.485	0.084
	PROFIT / (LOSS) AFTER TAX		NA	0.350	0.082
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	1.324
	BALANCE CARRIED TO THE B/S		NA	NA	1.406
	Earnings / (Loss) Per Share (Rs.)		NA	7.00	1.65

Particulars	31.03.2013
Sales Turnover [Approximately]	42.500

The above information has been parted by Mr. Krunal Patel.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.62	0.55
Return on Total Assets (PBT/Total Assets}	(%)	3.03	5.82	1.44
Return on Investment (ROI) (PBT/Networth)		4.43	0.37	0.09
Debt Equity Ratio (Total Debt/Networth)		3.42	3.50	5.01
Current Ratio (Current Asset/Current Liability)		0.98	0.90	3.71

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)	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans and Advances From Related Parties	9.843	7.909
TOTAL	9.843	7.909

FIXED ASSETS:

• Land
• Air Condition
• Cellular phone
• Computer Set
• Electric installation
• Factory Building
• Fax Machine
• Furniture and Fixtures
• Machinery
• Office Equipments
• Tools
• Vehicle
• Water pump
• Water Purifier

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.61.41
UK Pound	1	Rs.99.29
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.