MIRA INFORM REPORT

Report No. :	353585
Report Date :	09.12.2015

IDENTIFICATION DETAILS

Name :	RAJ POLYFILM PRIVATE LIMITED

Registered Office :	501, Twin Tower, Sahara Darwaja, Char Rasta, Ring Road, Surat – 395002, Gujarat
Tel. No.:	91-261-4070404

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	01.10.2009

Com. Reg. No.:	04-058226

Capital Investment / Paid-up Capital :	Rs.0.100 Million

CIN No.: [Company Identification No.]	U17120GJ2009PTC058226

IEC No.:	Not Applicable (As claimed by company management that company does not export and import)

TAN No.: [Tax Deduction & Collection Account No.]	SRTR04073G

PAN No.: [Permanent Account No.]	AAECR4927L

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Grey fabric. [Confirmed by management]

No. of Employees :	Nil

RATING & COMMENTS

MIRA’s Rating :

B (28)

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 incorporated in the year 2009. It has moderate track. As per the registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the documents related to the financials are not available from any source. For the financial year ended 2014, the company has shown downtrend in its operational activity and it has drastic decline in sales turnover and profit earnings due to recession in market. The company has small networth position marked by zero debt balance sheet profile. Business is active. Payments are slow but correct. The company can be considered for business dealings with some caution. NOTE: Ms. Indu Maheshwari, accounts head has informed that the management is going to close the company as they are doing the business in their associate company. However, they have not decided the date to close the company.

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2015.

INFORMATION PARTED BY

Name :	Ms. Indu Maheshwari
Designation :	Accounts Head
Contact No.:	91-261-4070404
Date :	07.12.2015

LOCATIONS

Registered Office :	501, Twin Tower, Sahara Darwaja Char Rasta, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-4070404 / 4070407 / 4070408
Fax No.:	Not Available
E-Mail :	info@rajspl.com
Locality :	Commercial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Hareshkumar Ramjibhai Vekariya

Designation :

Director

Address :

3-D Ashwini Apartment Kapadiya Compound, Opposite Sardar Nagar, Sumul Dairy Road Katargam, Surat - 395004, Gujarat, India

Date of Birth/Age :

16.04.1976

Date of Appointment :

25.01.2012

DIN No.:

02766503

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	U18109GJ2010PTC059197	MEGA COLLECTIONS PRIVATE LIMITED	Director	11/01/2010	11/01/2010	16/10/2014	Active	NO
2	U17120GJ2009PTC058226	RAJ POLYFILM PRIVATE LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO
3	U17120GJ2009PTC057515	R J SQUARE LINK PRIVATE LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO
4	U17119GJ1995PTC025042	RAJ SYNTHETICS PRIVATE LIMITED	Director	01/02/2012	01/02/2012	-	Active	NO

Name :

Mr. Ketanbhai Kanubhai Dhanani

Designation :

Director

Address :

D-5/403, Krishna Township, Opposite Hans Society, Sete Light Road, Mota Varachha, Surat - 394101, Gujarat, India

Date of Birth/Age :

03.12.1985

Date of Appointment :

05.05.2012

DIN No.:

05279403

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	U17119GJ1995PTC025042	RAJ SYNTHETICS PRIVATE LIMITED	Director	01/05/2012	01/05/2012	18/03/2015	Active	NO
2	U17120GJ2009PTC057515	R J SQUARE LINK PRIVATE LIMITED	Director	01/05/2012	01/05/2012	-	Active	NO
3	U17120GJ2009PTC058226	RAJ POLYFILM PRIVATE LIMITED	Director	05/05/2012	05/05/2012	-	Active	NO
4	U45203GJ2012PTC071979	MISBHA DEVELOPERS PRIVATE LIMITED	Director	23/01/2014	23/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Indu Maheshwari
Designation :	Accounts Head

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares	% of Holding
Rajesh Arjanbhai Vekariya	5000	50.00
Haresh Ramjibhai Vekariya	5000	50.00

Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category

Percentage

Directors or relatives of Directors

100.00

BUSINESS DETAILS

Line of Business :	Trader of Grey fabric. [Confirmed by management]

Products :	Grey Fabric

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cheque, Credit (30 Days)

Purchasing :	Cheque, Credit (30 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Triangle Soultion
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Four Square Future
Karmeshar Enterprise
Nakshtra Fashion
Arya Marketing
Siddhi International

Customers :

Company Name :	Creative Fashion
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Master Corporation
Metro Fibre
Colourful Fabrics
Hariom Fashion
Prisha Fashion
Keenara Fimanents Private Limited

No. of Employees :

Nil

Bankers :

Banker Name :	Bank of India
Branch :	Varachha Road, Surat, Gujarat, India
Person Name (With Designation) :	(Branch Manager)
Contact Number :	91-261-2541091
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Denied to part details

· State Bank of India, MID Corporate Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India

· Indian Overseas Bank, Surat, Gujarat, India

Auditors :
Name :	S I and Associates Chartered Accountants
Address :	A-2/703,Partistha Apartment, Piplod, Surat – 395007, Gujarat, India
PAN No.:	ACEFS1906P

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries [Confirmed by management] :	Raj Synthetics Private Limited R. J. Squate Link Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2015

Authorised Capital:

No. of Shares	Type	Value	Amount

10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

10000	Equity Shares	Rs.10/- each	Rs.0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	1.259	1.196	1.135
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1.359	1.296	1.235

(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	4.935
(b) Trade payables	115.709	119.027	187.597
(c) Other current liabilities	0.095	2.542	0.026
(d) Short-term provisions	0.013	-0.003	0.146
Total Current Liabilities (4)	115.817	121.566	192.704

TOTAL	117.176	122.862	193.939

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.579	4.579	4.579
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.001	0.004
Total Non-Current Assets	4.579	4.580	4.583

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	111.823	117.695	189.046
(d) Cash and cash equivalents	0.774	0.576	0.160
(e) Short-term loans and advances	0.000	0.011	0.150
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	112.597	118.282	189.356

TOTAL	117.176	122.862	193.939

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income	2.881	71.126	381.334
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

EXPENSES
	Purchase	2.875	70.889	380.499
	Sales and administrative expenses	0.024	0.144	0.148
	Preliminary expenses written off	0.002	0.002	0.002

FINANCIAL EXPENSES		0.003	0.003	0.003

PROFIT/(LOSS) BEFORE TAX		0.098	0.088	0.682

TAX		0.030	0.027	0.233

PROFIT/(LOSS) AFTER TAX		0.063	0.061	0.449

Earnings Per Share (Rs.)		6.30	6.13	44.99

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.19	0.09	0.12

Return on Total Assets (PBT/Total Assets)	(%)	0.09	0.07	0.36

Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.55

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	4.00

Current Ratio (Current Asset/Current Liability)		0.97	0.97	0.98

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	0.100	0.100	0.100
Reserves & Surplus	1.135	1.196	1.259
Net worth	1.235	1.296	1.359

long-term borrowings	0.000	0.000	0.000
Short term borrowings	4.935	0.000	0.000
Current Maturities of Long term debt	0.000	0.000	0.000
Total borrowings	4.935	0.000	0.000
Debt/Equity ratio	3.996	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	381.334	71.126	2.881
		(81.348)	(95.949)

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	381.334	71.126	2.881
Profit	0.449	0.061	0.063
	0.12%	0.09%	2.19%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office address of the company has been shifted from 519, Trade Center, Behind Ashoka Tower, Ring Road, Surat – 395002, Gujarat, India to the present address w.e.f. 01.06.2012

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10217770	29/03/2011 *	214,500,000.00	STATE BANK OF INDIA	MID CORPORATE INDUSTRIAL FINANCE BRANCH, MARBLE A RCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	B11742616

*Date of modification Charges

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 records 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.66.74
UK Pound	1	Rs.100.49
Euro	1	Rs.72.52

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	TRI

Report Prepared by :	NKT

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	3
--PROFITABILITY	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		28

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

Unit