MIRA INFORM REPORT

Report No. :	320514
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	ROECHLING ENGINEERING PLASTICS (INDIA) PRIVATE LIMITED (w.e.f. 20.02.2001)
Formerly Known as :	ROCHLING ENGINEERING PLASTICS (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 8A, Savli GIDC, Alindra, Taluka Savli, Baroda – 391775, Gujarat
Tel. No.:	91-2667-267867
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.01.2001
Com. Reg. No.:	04-079811
Capital Investment / Paid-up Capital :	Rs. 28.699 Million
CIN No.: [Company Identification No.]	U25200GJ2001PTC079811
TAN No.: [Tax Deduction & Collection Account No.]	BRDR03095B
PAN No.: [Permanent Account No.]	AABCR7780E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Electrical Insulation Material, Laminated Wood and Plastic Sheets and also has Machining Activities and acts as Commission Agent.
No. of Employees :	55 (Approximately) [In Office: 20 + Factory: 35 ]

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has processed below average operational performance which has resulted into loss incurred by the company during financial year 2014. However, rating also takes into consideration extensive industry experience of promoters backed by debt free balance sheet and healthy networth of the company. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of operational loss by the company, the company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rajesh Pharmar
Designation :	Accounts Executive
Contact No.:	91-2667-267810
Date :	22.04.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 8A, Savli, GIDC, Alindra, Taluka Savli, Baroda – 391775, Gujarat, India
Tel. No. :	91-2667-267867
Mobile No. :	91-9004000831 (CS Kishor V. Ved)
Fax No. :	91-2667-267818/ 267800
E-Mail :	manojkumar@roechling-india.com vadodara@roechling-india.com info@roechling-india.com more@roechling-india.com
Website :	www.roechling-india.com
Area :	2500 Sq. Ft.
Location :	Owned
Branch Office :	Industrial Estate, Salivali Waliv, Gala No. 1, 2, 3 & 5, Colaco, Vasai (East), Thane – 401208, Maharashtra, India

DIRECTORS

As on 25.09.2014

Name :

Manojkumar Bhaskaran Nair

Designation :

Managing Director

Address :

Flat No. 303, Vidyut CHS, Plot 234, Sector 5, Part 3, Charkop, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

25.05.1971

Qualification :

B. Tech-Electrical and Electronics, MBA-Finance

Experience :

19 Years

Date of Appointment :

01.04.2013

DIN No. :

00967452

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	U25200GJ2001PTC079811	ROECHLING ENGINEERING PLASTICS (INDIA) PRIVATE LIMITED	Managing director	01-04-2013	18-07-2003	Active	NO

Name :

Manish Shushilkumar More

Designation :

Whole-time Director

Address :

93, Mistry Park, 77, Bhulabhai Desai Road,, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

01.10.1972

Date of Appointment :

01.04.2013

DIN No. :

00967555

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	U70100MH1988PTC046442	SUKUSAMA TRADING AND INVESTMENTS PRIVATE LIMITED	Director	26-06-1996	26-06-1996	13-08-2007	Active	NO
2	U25200GJ2001PTC079811	ROECHLING ENGINEERING PLASTICS (INDIA) PRIVATE LIMITED	Whole-time director	01-04-2013	18-07-2003	-	Active	NO

Name :

Uwe Bernd Kassens

Designation :

Director

Address :

Von-Lintel, STR 1, Haren EMS, 49733, Germany

Date of Birth/Age :

25.08.1963

Date of Appointment :

18.09.2009

DIN No. :

02791954

Name :

Joachim Dr. Brunswicker

Designation :

Director

Address :

Eichenweg 12, Bokeloh, Meppen, Germany

Date of Birth/Age :

11.03.1955

Date of Appointment :

01.08.2003

DIN No. :

06718152

KEY EXECUTIVES

Name :	Mr. Rajesh Pharmar
Designation :	Accounts Executive
Name :	CS Kishor V. Ved
Designation :	Practicing Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Roechling Engineering Plastics KG, Germany (Formerly Known as Rochling Haren KG)	4823338	99.79
Joachim Brunswicker (Nominee of Roechling Engineering Plastics KG)	10000	0.21
Total	4833338	100.00

As on 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Electrical Insulation Material, Laminated Wood and Plastic Sheets and also has Machining Activities and acts as Commission Agent.
Products :	· Electrical Insulation Material · Laminated Wood · Plastic Sheets
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· Germany · China · Brazil
Imports :
Products :	Raw Material
Countries :	· Germany · China
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	A. J. Polymers, Gujarat
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Crompton Greaves
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

55 (Approximately) [In Office: 20 + Factory: 35 ]

Bankers :

Bank Name:	HSBC Bank
Branch:	Mumbai, Maharashtra, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	B S R and Associates LLP Chartered Accountants
Address :	Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India
Tel. No. :	91-22-39896000
Fax No. :	91-22-30902511
Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Memberships :	--
Collaborators :	--
Holding Company :	Roechling Engineering Plastics KG
Fellow Subsidiaries :	Roechling Permali Composites, France Roechling Sustaplast KG, Germany Roechling Hydroma GmbH, Germany Roechling Glastics Composites, United States of America Roechling Automotive AG and Co., Germany Roechling Engineering Plastics (UK) Limited, United Kingdom Roechling Engineering Plastics Pte. Limited, Singapore

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,833,338	Equity Shares	Rs.10/- each	Rs. 48.333 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,869,913	Equity Shares	Rs.10/- each	Rs. 28.699 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	28.699	21.696	21.696
(b) Reserves & Surplus	442.963	283.047	270.070
(c) Money received against Share Warrants	0.000	0.000	0.000
(2) Share Application Money Pending Allotment	212.050	214.831	0.000
Total Shareholders’ Funds (1) + (2)	683.712	519.574	291.766
(3) Non-Current Liabilities
(a) Long-term Borrowings	0.000	0.000	0.000
(b) Deferred Tax Liabilities (Net)	0.000	0.000	0.000
(c) Other Long Term Liabilities	0.000	0.000	0.000
(d) Long-term Provisions	0.634	0.319	0.199
Total Non-current Liabilities (3)	0.634	0.319	0.199
(4) Current Liabilities
(a) Short term Borrowings	0.000	0.000	0.000
(b) Trade Payables	77.458	174.009	192.716
(c) Other Current Liabilities	26.239	9.453	8.620
(d) Short-term Provisions	0.000	0.000	0.082
Total Current Liabilities (4)	103.697	183.462	201.418
TOTAL	788.043	703.355	493.383
II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets	341.993	121.793	127.751
(ii) Intangible Assets	2.487	1.043	2.188
(iii) Capital work-in-progress	3.725	26.397	0.000
(iv) Intangible assets under Development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred Tax Assets (net)	0.000	2.792	3.004
(d) Long-term Loan and Advances	12.055	26.608	13.725
(e) Other Non-Current Assets	0.000	0.000	0.000
Total Non-Current Assets	360.260	178.633	146.668
(2) Current Assets
(a) Current Investments	0.000	0.000	0.000
(b) Inventories	169.026	139.789	156.694
(c) Trade Receivables	163.116	159.333	106.030
(d) Cash and Cash Equivalents	47.822	198.501	51.547
(e) Short-term Loans and Advances	47.214	26.187	32.428
(f) Other Current Assets	0.605	0.912	0.016
Total Current Assets	427.783	524.722	346.715
TOTAL	788.043	703.355	493.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	370.697	345.052	336.126
		Other Operating Income	12.733	11.241	16.119
		Other Income	7.909	5.377	1.616
		TOTAL	391.339	361.670	353.861
Less	EXPENSES
		Cost of Materials Consumed	138.322	106.747	108.442
		Purchases of Stock in Trade	153.501	160.943	195.859
		Changes in Inventories of Finished Goods, Work-in-Progress and Traded Goods	(5.189)	2.429	(42.524)
		Employee Benefits	35.859	26.530	19.513
		Other Expenses	96.536	34.864	38.605
		TOTAL	419.029	331.513	319.895
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(27.690)	30.157	33.966
Less/ Add	DEPRECIATION/ AMORTISATION		17.430	10.411	8.232
	PROFIT/ (LOSS) BEFORE TAX		(45.120)	19.746	25.734
Less	TAX		2.792	6.769	8.696
	PROFIT/ (LOSS) AFTER TAX		(47.912)	12.977	17.038
	EARNINGS IN FOREIGN CURRENCY
		Commission on Sales	7.013	7.145	9.844
		Development and Design Charges	0.000	2.088	4.432
	TOTAL EARNINGS		7.013	9.233	14.276
	IMPORTS
		Purchase of Raw Material	272.057	220.046	282.975
		Capital Goods	69.083	0.000	2.590
	TOTAL IMPORTS		341.140	220.046	285.565
	Earnings / (Loss) Per Share (Rs.)		(17.53)	5.98	11.12

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(12.92)	3.76	5.07
Return on Total Assets (PBT/Total Assets}	(%)	(5.75)	2.93	5.25
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.04	0.09
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.13	2.86	1.72

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	21.696	21.696	28.699
Reserves & Surplus	270.070	283.047	442.963
Share Application Money Pending Allotment	0.000	214.831	212.050
Net worth	291.766	519.574	683.712
Long-term Borrowings	0.000	0.000	0.000
Short term Borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity Ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	336.126	345.052	370.697
		2.656	7.432

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	336.126	345.052	370.697
Profit/ (Loss)	17.038	12.977	(47.912)
	5.07%	3.76%	(12.92%)

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CHANGE OF ADDRESS

The registered office of the company has been shifted from Office No. 201, A Wing, Leo Building, 24th Road, Khar (West), Mumbai – 400052, Maharashtra, India to the present address w.e.f. 02.05.2014.

BACKGROUND

The company was incorporated on 5th January, 2001. The company is a 100% Subsdiary of Roechling Engineering Plastics KG, Germany.

The company is engaged in the manufacture and trade of electrical insulation material, laminated wood and plastic sheets. The company also has machining activities and acts as commission agent.

FINANCIAL RESULTS

Considering the demand for UHMWPEDOM products-in local market, their Parent Company, the company has commenced production facility for UHMWPEDOM products which is set up in Vadodara, Gujarat since October 2013. The said production facility is completely opened and production and administration facility is completely operational.

FIXED ASSETS

Tangible Assets

· Building

· Leasehold Land

· Office Equipment

· Furniture and Fixture

· Plant and Machinery

· Computers

· Leasehold Improvement

· Factory Equipment

· Electrical Fittings and Installation

Intangible Assets

· Computer Software

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. 63.20
UK Pound	1	Rs. 97.00
Euro	1	Rs. 69.34

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	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.