MIRA INFORM REPORT

Report No. :	351376
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	RAJOO BAUSANO EXTRUSION PRIVATE LIMITED
Registered Office :	Survey No.210, Plot No.1, Industrial Area, Veraval – 360002, Gujarat
Tel. No.:	91-2827-252700
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.02.2011
Com. Reg. No.:	04-064143
Capital Investment / Paid-up Capital :	Rs.40.000 Million
CIN No.: [Company Identification No.]	U29100GJ2011PTC064143
IEC No.:	2411009135
TAN No.: [Tax Deduction & Collection Account No.]	RKTR03161E
PAN No.: [Permanent Account No.]	AAFCR1488R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Plastic Extrusion Machines.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated as Joint Venture with Basusano and Figli SpA. Italy in the year 2011. It deals in manufacturing of plastic extrusion machines. Company has registered healthy scale of operations marked by decent revenue along with profitability margin of 22.9% in the FY-14. The company has healthy financial profile, efficient networth position along with negligible borrowings. Further, the company receives strong technological and financial support from its Joint Venture Company. Trade relations are fair. Business is active. Payments are 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, 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. Nandan
Designation :	Senior Account Manager
Contact No.:	91-9099088176
Date :	23.11.2015

LOCATIONS

Registered Office :	Survey No.210, Plot No.1, Industrial Area, Veraval – 360002, Gujarat, India
Tel. No.:	91-2827-252700
Mobile No.:	91-9099088176 (Mr. Nandan)
Fax No.:	91-2827-252700
E-Mail :	info@rajoobausano.com
Website :	www.rajoobausano.com
Factory :	Survey No. 187, Plot No.3, Opposite Atul Auto, NH-8B, District Rajkot, Veraval (Sharper) – 360024, Gujarat, India

DIRECTORS

AS ON 10.07.2014

Name :

Mr. Utsav Doshi

Designation :

Director

Address :

Shrutina, 10-C, Panchvati Society, Kalawad Road, Rajkot - 360005, Gujarat, India

Date of Birth/Age :

25.12.1985

Date of Appointment :

30.09.2013

DIN No.:

00174486

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	U29199GJ2004PTC044386	TANMAY ENGINEERS PRIVATE LIMITED	Director	30/06/2004	30/06/2004	-	Strike off	NO
2	U29119GJ1995PTC024709	AIM MACHINTECHNIK PRIVATE LIMITED	Director	06/04/2007	06/04/2007	02/03/2012	Active	NO
3	U29219GJ2002PTC041038	HITESH ENGINEERS PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Amalgamated	NO
4	U27209GJ2002PTC040949	SHRUTI ENGINEERS PRIVATE LIMITED	Director	01/12/2010	01/12/2010	-	Amalgamated	NO
5	U29100GJ2011PTC064143	RAJOO BAUSANO EXTRUSION PRIVATE LIMITED	Director	30/09/2013	01/02/2013	-	Active	NO
6	U51909GJ2002PTC040821	WONDERPACK FORMERS PRIVATE LIMITED	Director	30/06/2013	30/06/2013	-	Active	NO

Name :

Mr. Sunil Jain

Designation :

Director

Address :

39/10, Shaktinagar, Delhi - 110007, India

Date of Birth/Age :

25.12.1955

Date of Appointment :

22.02.2011

DIN No.:

00043541

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	U25202DL1996PTC079431	REL INTERNATIONAL PRIVATE LIMITED	Director	01/11/1997	01/11/1997	-	Under Process of Striking off	NO
2	L27100GJ1986PLC009212	RAJOO ENGINEERS LIMITED	Director	30/06/2002	30/06/2002	-	Active	NO
3	U72200DL2008PTC182895	AMPLE KPO PRIVATE LIMITED	Director	04/09/2008	04/09/2008	01/05/2013	Active	NO
4	U29100GJ2011PTC064143	RAJOO BAUSANO EXTRUSION PRIVATE LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO
5	U91100DL2012NPL239417	PLASTICS MACHINERY MANUFACTURERS ASSOCIATION OF INDIA	Director	27/07/2012	27/07/2012	-	Active	NO
6	U51909GJ2002PTC040821	WONDERPACK FORMERS PRIVATE LIMITED	Director	30/06/2013	30/06/2013	-	Active	NO

Name :

Mr. Valentina Carmen Bausano

Designation :

Director

Address :

Corso Indipendenza N. 135, Rivarolo Canavese, 10086, Italy

Date of Birth/Age :

29.10.1977

Date of Appointment :

22.02.2011

DIN No.:

03321653

Name :

Mr. Giovanni Bausano

Designation :

Director

Address :

Corso Indipendenza N. 135, Rivarolo Canavese, 10086, Italy

Date of Birth/Age :

13.02.1980

Date of Appointment :

22.02.2011

DIN No.:

03321661

Name :

Mr. Clemente Michele Bausano

Designation :

Director

Address :

Corso Indipendenza No. 111, Rivarolo Canavese, 10086, Italy

Date of Birth/Age :

24.11.1970

Date of Appointment :

22.02.2011

DIN No.:

03321640

KEY EXECUTIVES

Name :	Mr. Nandan
Designation :	Senior Account Manager

MAJOR SHAREHOLDERS

AS ON 10.07.2014

Names of Shareholders	No. of Shares	% of Holding
Bausano Holdings S.R.L., Italy	2040000	51.00
Rajoo Engineers limited, India	1960000	49.00
Total	4000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 10.07.2014

Category	Percentage
Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Plastic Extrusion Machines.
Products :	Plastic Extrusion Machines
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
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

Customers :

Company Name :	Not Divulged
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

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	Axis Bank Limited
Branch :	Not Divulged
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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	Purvi Raval and Associates Chartered Accountants
Address :	A-201, The Imperial Heights, Opposite Big Bazar, 150 Ft. Ring Road, Rajkot – 360005, Gujarat, India
PAN No.:	AHUPR6393N
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 10.07.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 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	40.000	10.000	10.000
(b) Reserves & Surplus	11.095	5.148	-2.161
(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)	51.095	15.148	7.839
(3) Non-Current Liabilities
(a) long-term borrowings	0.355	0.772	0.571
(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)	0.355	0.772	0.571
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4.978	13.035	6.100
(c) Other current liabilities	0.106	0.532	0.051
(d) Short-term provisions	3.178	2.691	0.002
Total Current Liabilities (4)	8.262	16.258	6.153
TOTAL	59.712	32.178	14.563
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.750	0.712	0.827
(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	47.150	12.000	4.000
(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	0.136	0.273	0.409
Total Non-Current Assets	48.036	12.985	5.236
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.105	9.188	6.630
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.785	0.066	1.425
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	6.786	9.939	1.272
Total Current Assets	11.676	19.193	9.327
TOTAL	59.712	32.178	14.563

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	25.926	NA	0.200
Less	TOTAL EXPENSES	16.351	NA	2.361
	PROFIT/(LOSS) BEFORE TAX	9.575	9.758	(2.161)
Less	TAX	3.628	4.611	0.000
	PROFIT/(LOSS) AFTER TAX	5.947	5.147	(2.161)
	Earnings Per Share (Rs.)	1.49	NA	(216.14)

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 (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets)	(%)	76.22	48.36	(20.46)
Return on Investment (ROI) (PBT/Networth)		0.19	0.64	(0.28)
Debt Equity Ratio (Total Debt /Networth)		0.01	0.05	0.07
Current Ratio (Current Asset/Current Liability)		1.41	1.18	1.52

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	10.000	10.000	40.000
Reserves & Surplus	(2.161)	5.148	11.095
Net worth	7.839	15.148	51.095
long-term borrowings	0.571	0.772	0.355
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.571	0.772	0.355
Debt/Equity ratio	0.073	0.051	0.007

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	No
19	Major customers	No
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	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 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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Bausano Holdings SRL	0.274	0.174
Rajoo Engineers Limited	0.081	0.598
Total	0.355	0.772

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

Tangible Assets

· Mobile

· Furniture and Fittings

· Plant and Machinery

· Computer System

· Two Wheeler

Intangible Assets

· Software

· Website Development

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.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	TRI
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		49

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.