MIRA INFORM REPORT

Report No. :	506351
Report Date :	28.04.2018

IDENTIFICATION DETAILS

Name :	RUDRAKSH PLASTICS PRIVATE LIMITED (w.e.f. 22.08.2014)
Formerly Known As :	MCLLOYD POLYMERS PRIVATE LIMITED
Registered Office :	B/104, Jain Plaza, First Floor Cabin Cross Road, Bhayander East, Thane – 401105, Maharashtra
Tel. No.:	91-2836-235937
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	06.01.2005
Com. Reg. No.:	11-150457
Capital Investment / Paid-up Capital :	INR 6.150 Million
CIN No.: [Company Identification No.]	U24130MH2005PTC150457
IEC No.:	3714002499
GSTIN :	24AAECM3352L1ZG
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECM3352L
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Importer of Recycle of Plastic Scrap and Manufacture of Plastic Agglomerate, Grannuals. [Registered Activity and also Confirmed by management]
No. of Employees :	20 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2005. It is a manufacturer of Plastic Agglomerate, Granules and exporter and importer of Plastic Scrap. For the financial year 2017, the company has reported decline in its revenue as compared to previous year but has managed to maintain low profit margin of 0.36%. The moderate financial profile of the company is marked by low reserve base as compared to its capital along with comfortable debt coverage indicators. However, rating takes into consideration the equity infused by its promoters. Payment seems slow but correct. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 28.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Ranjit Thakur
Designation :	Manger
Contact No.:	91-2836-235937
Date :	27.04.2018

LOCATIONS

Registered Office :	B/104, Jain Plaza, First Floor Cabin Cross Road, Bhayander East, Thane – 401105, Maharashtra, India
Tel. No.:	91-2836-235937
Fax No.:	Not Available
E-Mail :	info@therudraksh.com
Website :	http://www.therudraksh.com
Branch Office :	Agarwal House, D.B.Z, S-189, Gandhidham - 370201, Gujarat, India
Tel. No.:	91-2836-235937/ 22469
Fax No.:	91-2836-224484
Area :	1500 sq. ft.
Location :	Owned
Locality :	Commercial
Factory :	Plot No 8 B, Sector - 2, Kandla Special Economic Zone, Gandhidham - 370230, Gujarat, India
E-Mail “	rajendra@therudraksh.com
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 31.03.2017

Name :

Mr. Rajendra Agarwal

Designation :

Director

Address :

Plot No 28, Ward 12B, Gandhidham, 370201, Gujarat, India

Date of Birth/Age :

39 Years

Qualification :

MBA

Experience :

18 Years

Date of Appointment :

25.05.2014

DIN No.:

00296003

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25209GJ2003PTC043274	ADD POLYMERS PRIVATE LIMITED	03/12/2003	-
U51100GJ2005PTC046474	HARSH COMMODITIES PRIVATE LIMITED	14/11/2011	-

Name :

Mr. Babulal Kajiram Goyal

Designation :

Director

Address :

Plot No. 28, Ward 12/B, Gandhidham 370201, Gujarat, India

Date of Birth/Age :

02.02.1949

Qualification :

Graduate

Experience :

25 Years

Date of Appointment :

01.09.2014

DIN No.:

01458689

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25209GJ2003PTC043274	ADD POLYMERS PRIVATE LIMITED	27/06/2004	-
U51100GJ2005PTC046474	HARSH COMMODITIES PRIVATE LIMITED	21/05/2007	-

KEY EXECUTIVES

Name :	Mr. Ranjit Thakur
Designation :	Manger

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

Names of Shareholders	No. of Shares
Rajendra Agarwal	5000
Nemichand Sharma	5000
Babulal Kajiram	5000
Total	15000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

Category	Percentage
Promoters - Individual/Hindu Undivided Family – Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter and Importer of Recycle of Plastic Scrap and Manufacture of Plastic Agglomerate, Grannuals. [Registered Activity and also Confirmed by management]

Products/ Services :

Item Code No.	Product/ Services Description
Recycling of non-metal waste and scrap (Plastics)	37200

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Plastic Scrap

Countries :

Kenya

Imports :

Products :

Plastic Scrap

Countries :

• USA
• Canada
• UK

Terms :

Selling :

Cash, L/C and Cheque, NEFT/RTGS

Purchasing :

Cash, L/C and Cheque, NEFT/RTGS

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

20 (Approximately)

Bankers :

Bank Name	Corporation Bank
Branch	Dr. Hwars Building, Opposite Hostel Shiv Agency (Branch), Gandhidham, Gujarat, India
Person Name (With Designation)	--
Contact Number	91-2836-236334
Name of Account Holder	Rudraksha Plastics Private Limited
Account Number	560101000092237
IFSC Code	CORP0000467
MICR Code	370017001
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Cash Credit
Account Operation	--
Remarks (If any)	Continuously Ringing

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Co-operation Bank CC Account	(2.191)	1.845
Total	(2.191)	1.845

Auditors :
Name :	Shah Parmar and Mehta Chartered Accountants
Address :	108, 1^st Floor, Suajata Niketan, Next to Railway Station, Rani Sati Road, Malad (East), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-28814240
E-Mail :	shahparmarmehta@gmail.com
Income-tax PAN of auditor or auditor's firm :	ACXFS4703P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Add Polymers Private Limited Add: Shed No. 314, 315 Marshalling Yard Ksez, Gandhidham, Kutch, Gujarat, India Line of Business: Manufacturer, Exporter, Importer Harsh Commodities Private Limited Add: D.B.Z.S189, Opposite Shivaji Park, Gandhidham, Kutch, Gujarat, India Line of Business: Import-Export-Trader

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
615000	Equity Shares	INR 10/- each	INR 6.150 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.150	0.150	0.100
(b) Reserves & Surplus	0.596	0.295	(0.292)
(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)	6.746	0.445	(0.192)
(3) Non-Current Liabilities
(a) long-term borrowings	1.200	7.200	7.404
(b) Deferred tax liabilities (Net)	0.021	0.007	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)	1.221	7.207	7.404
(4) Current Liabilities
(a) Short term borrowings	(2.191)	1.845	7.696
(b) Trade payables	34.011	28.362	0.025
(c) Other current liabilities	11.079	0.192	0.000
(d) Short-term provisions	0.263	0.201	0.034
Total Current Liabilities (4)	43.162	30.600	7.755
TOTAL	51.129	38.252	14.967
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.879	7.261	5.081
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.850	0.860	0.860
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.729	8.121	5.941
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.429	10.270	8.315
(c) Trade receivables	16.281	16.080	0.318
(d) Cash and cash equivalents	0.130	0.073	0.393
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	8.560	3.708	0.000
Total Current Assets	35.400	30.131	9.026
TOTAL	51.129	38.252	14.967

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	90.252	130.249	0.000
	Other Income	1.400	0.264	0.000
	TOTAL	91.652	130.513	0.000
Less	EXPENSES
	Cost of Materials Consumed	79.370	125.929	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.159)	(10.270)	0.000
	Employees benefits expense	0.490	0.467	0.014
	Other expenses	9.570	11.928	0.241
	TOTAL	89.271	128.054	0.255
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2.381	2.459	(0.255)
Less	FINANCIAL EXPENSES	1.495	1.376	0.018
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.886	1.083	(0.273)
Less	DEPRECIATION/ AMORTISATION	0.382	0.382	0.000
	PROFIT/ (LOSS) BEFORE TAX	0.504	0.701	(0.273)
Less	TAX	0.176	0.143	0.000
	PROFIT/ (LOSS) AFTER TAX	0.328	0.558	(0.273)
	Earnings / (Loss) Per Share (INR)	0.53	39.00	(2.00)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	65.84	45.06	0.00
Account Receivables Turnover ( Income / Sundry Debtors)	5.54	8.10	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	156.41	82.21	0.00
Inventory Turnover (Operating Income / Inventories)	0.23	0.24	(0.03)
Asset Turnover (Operating Income / Net Fixed Assets)	0.35	0.34	(0.05)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.87	0.99	1.01
Debt Equity Ratio (Total Liability / Networth)	(0.15)	20.33	(78.65)
Current Liabilities to Networth (Current Liabilities / Net Worth)	6.40	68.76	(40.39)
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.02	16.32	(26.46)
Interest Coverage Ratio (PBIT / Financial Charges)	1.59	1.79	(14.17)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	0.36	0.43	NA
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.64	1.46	(1.82)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.86	125.39	142.19

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.82	0.98	1.16
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.58	0.65	0.09
G-Score Ratio Financial (Networth / Total Assets)	0.13	0.01	(0.01)
G-Score Ratio Debt (Debts / Equity Capital)	(0.16)	60.30	151.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.82	0.98	1.16

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	0.100	0.150	6.150
Reserves & Surplus	(0.292)	0.295	0.596
Net worth	(0.192)	0.445	6.746
long-term borrowings	7.404	7.200	1.200
Short term borrowings	7.696	1.845	(2.191)
Total borrowings	15.100	9.045	(0.991)
Debt/Equity ratio	(78.646)	20.326	(0.147)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	130.249	90.252
		(30.708)

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	130.249	90.252
Profit	0.558	0.328
	0.43%	0.36%

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	No
19	Major customers	No
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 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 of the company has been shifted from 29B, Roop Kamal 425, S V Road, Kandivali (West), Mumbai – 400067, Maharashtra, India to the present address.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Babulal Goyal	1.200	1.200
Vishal International	0.000	6.000
Total	1.200	7.200

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G40703068	10578707	CORPORATION BANK	17/06/2015	27/03/2017	-	40100000.0	DBZ NORTH- 197, TALWAR BUILDINGSHIV RESIDENCYGANDHIDHAMGJ370201IN

FIXED ASSETS

• Land
• Building
• Air Conditioner
• Furniture and Fixture

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	INR
US Dollar	1	INR 65.69
UK Pound	1	INR 88.14
Euro	1	INR 77.37

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	NIY
Report Prepared by :	JYO

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.