MIRA INFORM REPORT

Report No. :	353532
Report Date :	10.12.2015

IDENTIFICATION DETAILS

Name :	RAJAT VINYLS PRIVATE LIMITED
Registered Office :	Office No. 309, 3^rd Floor, Sanskar Complex, Near Kkv Hall, 150 Feet Ring Road, Rajkot – 360005, Gujarat
Tel. No.:	91-2824-279555
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.08.2012
Com. Reg. No.:	04-071663
Capital Investment / Paid-up Capital :	Rs.13.100 Million
CIN No.: [Company Identification No.]	U25199GJ2012PTC071663
IEC No.:	2412007098
TAN No.: [Tax Deduction & Collection Account No.]	RKTR03600C
PAN No.: [Permanent Account No.]	AAGCR0277D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of PVC Calendering Film and Sheet. (Registered Activity)
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 42000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2012. It has moderate track. Management has failed to file latest financial (i.e. for year ended 31.03.2015) with the government department. The company as registered decent sales turnover in the FY-14. However it has thin profitability margin. Rating is constrained on account of modest financial base along with high debt levels which act as threat to liquidity position of the company. Trade relations are fair. Business is active. Payments are slow. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Arvind
Designation :	Sales Co-ordinator
Contact No.:	91-2824-279555
Date :	08.12.2015

LOCATIONS

Registered Office :	Office No. 309, 3^rd Floor, Sanskar Complex, Near KKV Hall, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India
Tel. No.:	91-2824-279555
Fax No.:	Not Available
E-Mail :	vekariyarashimin@yahoo.com info@rajatvinyls.com
Website :	www.rajatvinyls.com
Corporate Office :	“Vimal Vaishnav” Silver Stone – 3, Street No. – 9, Near Oscar Tower, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India
Branch Office :	A-8, Laxmi Sahwas, Section No.8, Shree Nagar, Wagle Estate, Thane – 400604, Maharashtra, India

DIRECTORS

As on 31.03.2015

Name :	Mr. Vimalkumar Ranchhodbhai Vaishnav
Designation :	Director
Address :	Jin Plot Near Rajkot District Co Operative Bank, Dhoraji, District Rajkot - 360221, Gujarat, India
Date of Birth/Age :	15.07.1978
Date of Appointment :	23.08.2012
DIN No.:	05347169
Name :	Mr. Hiteshbhai Mansukhbhai Vaishnav
Designation :	Director
Address :	Jin Plot, Near Rajkot District Co-Operative Bank, Dhoraji, District Rajkot - 360221, Gujarat, India
Date of Birth/Age :	15.07.1978
Date of Appointment :	23.08.2012
DIN No.:	05347192

KEY EXECUTIVES

Name :	Mr. Arvind
Designation :	Sales Co-ordinator

MAJOR SHAREHOLDERS

As on 30.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

As on 06.02.2015

Name of Allottee	No. of Shares allotted
Jayshreeben Mansukhbhai Vaishnav	50000
Jayaben Ranchhodbhai Vaishnav	50000
Total	100000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of PVC Calendering Film and Sheet. (Registered Activity)
Products :	PVC Calendering Film and Sheet
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	A U S Power Solution
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Ghiya Tube Corporation

· KDN Engineering

· Kiran Electric Company

· Nishan Marketing

· Param Software

· V. Trans. (India) Limited

Customers :

Reference :	Aayush Enterprise
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· ABR Polymers

· Base Pharmacy (India)

· Delta Thermoformers

· Jash Pharma Private Limited

· Krupa Chaton Mfg. Co. Private Limited

· Techno Economic Services Private Limited

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Small Industries Development Bank of India
Branch Address	1st Floor, Nirmal, 7, Ramkrishnanagar Corner, Opp. Commissioner Bungalow, Off. Yagnik Road, Rajkot – 360001, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
SIDBI Term Loan	12.826	13.644
HDFC A/C. 25970524	0.533	0.000
SHORT TERM BORROWING
From Bank
SIDBI Term Loan Instalments payable within a year	4.521	0.000
Cash Credit (IDBI Bank A/C. 0154658400000082) (Secured against hypothecation of all goods of raw materials, work in progress and finished goods)	47.341	0.000
HDFC loan installments payable within a year	0.463	0.000
Total	65.684	13.644

Auditors :
Name :	R. N. Vekariya and Associates Chartered Accountants
Address :	Aai Shri Khodiyar, 50 Feet Road, Sitaram Society, Pedak Road, Rajkot – 360003, Gujarat, India
PAN No.:	ADQPV9105N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital: Rs.100.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 50.540 Million

As on 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3065000	Equity Shares	Rs.10/- each	Rs.30.650 Million

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1310000	Equity Shares	Rs.10/- each	Rs.13.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.100	9.500
(b) Reserves & Surplus	1.603	0.068
(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)	14.703	9.568
(3) Non-Current Liabilities
(a) long-term borrowings	22.298	22.553
(b) Deferred tax liabilities (Net)	0.118	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	22.416	22.553
(4) Current Liabilities
(a) Short term borrowings	78.722	0.160
(b) Trade payables	29.763	2.510
(c) Other current liabilities	7.574	0.000
(d) Short-term provisions	0.063	0.000
Total Current Liabilities (4)	116.122	2.670
TOTAL	153.241	34.791
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.883	27.495
(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	0.810	2.244
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	1.815	1.539
Total Non-Current Assets	31.508	31.278
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	27.271	1.760
(c) Trade receivables	80.982	0.000
(d) Cash and cash equivalents	0.372	0.804
(e) Short-term loans and advances	0.247	0.009
(f) Other current assets	12.861	0.940
Total Current Assets	121.733	3.513
TOTAL	153.241	34.791

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income
	Other Income
	TOTAL	235.870	0.068
Less	EXPENSES
	TOTAL	222.610	0.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	13.260	0.068
Less	FINANCIAL EXPENSES	6.756	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.504	0.068
Less/ Add	DEPRECIATION/ AMORTISATION	4.189	0.000
	PROFIT/ (LOSS) BEFORE TAX	2.315	0.068
Less	TAX	0.780	0.000
	PROFIT/ (LOSS) AFTER TAX	1.535	0.068
	Earnings / (Loss) Per Share (Rs.)	1.17	0.05

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flows from operating activities	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Total Income)	(%)	0.65	100.00
Operating Profit Margin (PBDIT / Sales)	(%)	5.62	100.00
Return on Total Assets (PBT/Total Assets}	(%)	1.52	0.21
Return on Investment (ROI) (PBT/Networth)		0.16	0.01
Debt Equity Ratio (Total Debt/Networth)		6.87	2.37
Current Ratio (Current Asset/Current Liability)		1.05	1.32

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	9.500	13.100
Reserves & Surplus	0.068	1.603
Net worth	9.568	14.703
long-term borrowings	22.553	22.298
Short term borrowings	0.160	78.722
Total borrowings	22.713	101.020
Debt/Equity ratio	2.374	6.871

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.068	235.870
		346767.647

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.068	235.870
Profit	0.068	1.535
	100.00%	0.65%

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	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last two 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	No
35	Negative Reporting by Auditors in the Annual Report	No

Note:

The registered address of the company has been shifted from the Silver Stone - 3, Street No. 9, Near Oscar Tower, Opposite Big Bazar, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India to the present address w.e.f. 01.04.2013.

OPERATION AND PROSPECTS

The company has commenced commercial production. The company has achieved turnover of Rs.235.900 Million. The company has achieved net profit before tax of Rs.2.315 Million. The directors expect favorable turnover in ensuing years. The prospects for the company’s business are very bright and positive.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Directors
Hiteshbhai Mansukhbhai Vaishnav	0.000	1.155
Vimalkumar Ranchhodbhai Vaishnav	0.000	0.404
From Shareholders and Others	8.940	7.350
SHORT TERM BORROWING
From Directors, Shareholders, Related parties	26.396	0.160
Total	35.336	9.069

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10396537	08/10/2015 *	203,600,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	1ST FLOOR, NIRMAL, 7, RAMKRISHNANAGAR CORNER, OPPOSITE COMMISSIONER BUNGALOW, OFF. YAGNIK ROAD, RAJKOT, GUJARAT - 360001, INDIA	C66300880

* Date of charge modification

FIXED ASSETS

· Computer

· Electrification

· Erecting and Mounting

· Factory Building

· Plant and Machinery

· Air Cooler

· Vehicle

· CCTV Camera

· Factory Land

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.66.75
UK Pound	1	Rs.100.29
Euro	1	Rs.72.89

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	TRI
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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		26

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.