MIRA INFORM REPORT

Report No. :	350023
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	ROLEX RECLAIM PRIVATE LIMITED

Registered Office :	Survey No.80/P4, Plot No.1, Village Pipaliya, District: Rajkot – 360 002, Gujarat
Tel. No.:	91-281-2480452

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	15.11.2011

Com. Reg. No.:	04-067831

Capital Investment / Paid-up Capital :	Rs.20.000 Million

CIN No.: [Company Identification No.]	U25190GJ2011PTC067831

IEC No.:	2411012381

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAFCR5715B

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Reclaimed Rubber.

No. of Employees :	100 (Approximately)

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

Maximum Credit Limit :	USD 54000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a relatively new private limited company incorporated in the year 2011. It has moderate track. The company has earned profit from its operations in FY14, however it has reported some accumulated losses along with slightly high debt level. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of limited track record of business operations, the compny can be considered for business dealings with some cautions.

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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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. Chetna
Designation :	Accountant
Contact No.:	91-281-2480452
Date :	17.11.2015

LOCATIONS

Registered Office/ Factory :	Survey No.80/P4, Plot No.1, Village Pipaliya, District: Rajkot – 360 002, Gujarat
Tel. No.:	91-281-2480452
Mobile No.:	91-9825211130 (Mr. Divyesh)
Fax No.:	91-281-2480453
E-Mail :	info@rolexreclaim.com
Website :	www.rolexreclaim.com
Location :	Owned
Locality :	Industrial

Head Office:	Office No.301, Dhanrajni Complx, Dr. Yagnik Road, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2480452
Fax No.:	91-281-2480453
E-Mail :	info@rolexreclaim.com
Area :	12000 sq ft
Location :	Rented
Locality:	Commercial

Corporate Office:	147-A, Sant Sena Maharaj Marg, 2^nd Kumbharwada, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-66363159, 23804121
Fax No.:	91-22-23893391
E-Mail :	info@rolexreclaim.com
Location :	Owned
Locality:	Commercial

DIRECTORS

As on 30.09.2014

Name :

Mr. Jayesh Kantilal Vadukiya

Designation :

Director

Address :

Gokuldham Society, Block No.127, Krishna Nagar Main Road, Rajkot – 360 004, Gujarat, India

Date of Birth/Age :

30.05.1975

Date of Appointment :

15.11.2011

DIN No.:

05106597

Name :

Mr. Jitendra Kantibhai Bhadeshiya

Designation :

Director

Address :

Dev Krupa, Block No.14, Haridwar Soc - 6, Krushnanagar Main Road, Rajkot – 360 004, Gujarat, India

Date of Birth/Age :

30.06.1974

Date of Appointment :

15.11.2011

DIN No.:

05107146

Name :

Mr. Thanmal Hansraj Jain

Designation :

Director

Address :

Room No.16, 3^rd Floor, Saboo Buillding, 7/A, A. Dady X Lane, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

04.05.1963

Date of Appointment :

15.11.2011

DIN No.:

00308482

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	U74999MH1995PTC093857	ROLEX FITTINGS INDIA PRIVATE LIMITED	Managing director	25/10/1996	25/10/1996	-	Active	NO
2	U25190GJ2011PTC067831	ROLEX RECLAIM PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Divyesh Karamshibhai Pambhar

Designation :

Director

Address :

Akshar Bhavan, Vraj Vatika Society, B/H Swaminarayan Temple, Kalawad Road, Rajkot – 360 005, Gujarat, India

Date of Birth/Age :

21.05.1979

Date of Appointment :

15.11.2011

DIN No.:

05111428

KEY EXECUTIVES

Name :	Ms. Chetna
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Jayesh Kantilal Vadukiya		271000
Jitendra Kantibhai Bhadeshiya		293500
Thanmal Hansraj Jain		612500
Divyesh Karamshibhai Pambhar		744500
Jalvi Divyesh Pambhar		78500
Total		2000000

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Reclaimed Rubber.

Products :	Reclaimed Rubber

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	China United Arab Emirates Iran

Imports :
Products :	Raw Material
Countries :	China

Terms :
Selling :	Cash, L/C and Credit

Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Vikram Metal Corporation
Vanrajbhai Retivala
Vikas Enterprise
H V Traders
S K Enterprises
Star Power
New Tech Industries

Customers :

Wholesalers, Retailers and End Users

Vee Rubber Corporation Limited
Dovetail Polymers Limited

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	Dena Bank
Branch	Junction Plot, Rajkot – 360001, Gujarat, India
Person Name (With Designation)	Mr. Paras (Officer)
Contact Number	91-281-2442991
Name of Account Holder	Rolex Reclaim Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	3 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash and Credit Rs.37.500 Million Term Loan Rs.22.000 Million
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive response about subject company, they are satisfied with.

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Bank Loan (Dena Bank Loan)	6.647	10.000
Bank Loan (Dena Bank Loan)	9.336	0.000
Term Loan for machinery	1.500	0.000

Short-term borrowings
From Bank (Dena Bank C.C.-054513023787)	25.361	22.263
New Term Loan Installment for Next Year	0.769	0.000
Term Loan Installment for Next Year	1.846	1.846

Total	45.459	34.109


Auditors :
Name :	MANJ and Associates Chartered Accountants
Address :	Rameshwar Complex, Veraval Main Road, Veraval (Shapar), Rajkot – 360024, Gujarat, India
E-Mail :	vorajigneshd@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AASFM9046Q

Memberships :	--

Collaborators :	--

Associates/Subsidiaries : (As confirmed by the management)	Rolex Fittings India Private Limited Rolex Export

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs.24.000 Million

Issued, Subscribed & Paid-up Capital : Rs.24.000 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 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	20.000	12.560	0.100
(b) Reserves & Surplus	(1.096)	(4.673)	(0.017)
(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)	18.904	7.887	0.083

(3) Non-Current Liabilities
(a) long-term borrowings	37.688	22.021	1.730
(b) Deferred tax liabilities (Net)	0.000	1.022	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)	37.688	23.043	1.730

(4) Current Liabilities
(a) Short term borrowings	27.976	24.109	0.000
(b) Trade payables	7.361	1.666	0.000
(c) Other current liabilities	3.759	2.000	0.000
(d) Short-term provisions	0.206	1.144	0.000
Total Current Liabilities (4)	39.302	28.919	0.000

TOTAL	95.894	59.849	1.813

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.755	23.478	0.000
(ii) Intangible Assets	0.185	0.078	0.000
(iii) Capital work-in-progress	13.718	11.011	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)	0.490	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	3.209	0.515	0.000
Total Non-Current Assets	50.357	35.082	0.000

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.463	9.626	0.000
(c) Trade receivables	9.497	0.000	0.000
(d) Cash and cash equivalents	7.128	11.763	0.099
(e) Short-term loans and advances	0.973	1.079	1.690
(f) Other current assets	5.476	2.299	0.024
Total Current Assets	45.537	24.767	1.813

TOTAL	95.894	59.849	1.813

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income from Business	113.760	0.566	0.000
Other Income	1.317	0.056	0.000
TOTAL	115.077	0.622	0.000

EXPENSES
TOTAL	109.719	3.705	0.011

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	5.358	(3.083)	(0.011)

DEPRECIATION/ AMORTISATION	3.293	0.551	0.000

PROFIT/ (LOSS) BEFORE TAX	2.065	(3.628)	(0.011)

TAX	0.490	(1.022)	0.006

PROFIT/ (LOSS) AFTER TAX	2.555	(4.656)	(0.017)

EARNINGS IN FOREIGN CURRENCY
F.O.B. Value of Exports	66.947	0.560	NA
TOTAL EARNINGS	66.947	0.560	NA

Earnings / (Loss) Per Share (Rs.)	1.28	(3.71)	(1.66)

Particulars

31.03.2015

Sales Turnover (Approximately)

151.400

The above information has been parted by Ms. Chetna (Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.25	(822.61)	0.000

Return on Total Assets (PBT/Total Assets}	(%)	2.53	(7.43)	(0.61)

Return on Investment (ROI) (PBT/Networth)		0.11	(0.46)	(0.13)

Debt Equity Ratio (Total Debt /Networth)		3.47	5.85	20.84

Current Ratio (Current Asset/Current Liability)		1.16	0.86	0.00

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	12.560	20.000
Reserves & Surplus	(0.017)	(4.673)	(1.096)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.083	7.887	18.904

long-term borrowings	1.730	22.021	37.688
Short term borrowings	0.000	24.109	27.976
Total borrowings	1.730	46.130	65.664
Debt/Equity ratio	20.843	5.849	3.474

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Income from Business	0.566	113.760
		19,998.940

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	0.566	113.760
Profit/ (Loss)	(4.656)	2.555
	(822.61%)	2.25%

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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 about three years and five months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about three years and five months	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: The Registered office of the company has been shifted from to Survey No.275, Plot No.4/B, Galaxy Industrial Estate, B/H Tulsi Metal Shapar (Veraval), Rajkot – 360 002, Gujarat, India the present address but the same has not been updated in the Government Registry.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings

Loan from Parties	20.205	12.021

Total	20.205	12.021

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10379266	12/12/2014 *	55,058,000.00	Dena Bank	Junction Plot Branch, Rajkot, Gujarat - 360001, INDIA	C36578516

FIXED ASSETS

Land
Plant and Machinery
Furniture and Fixture
Office Equipments
Factory Building
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 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.66.11
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KIN

Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--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

INDEX OF CHARGES

Unit