MIRA INFORM REPORT

Report Date :

21.07.2007

IDENTIFICATION DETAILS

Name :	AMEE CASTOR AND DERIVATIVES LIMITED
Registered Office :	234, G. I. D. C., Chandisar Palanpur – 385001, Gujarat
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	24.01.1996
Com. Reg. No.:	04-28680
CIN No.: [Company Identification No.]	U15147GJ1996PTC028680
TAN No.: [Tax Deduction & Collection Account No.]	AHMA05016E
PAN No.: [Permanent Account No.]	AABCA3045P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Castor Oil and Derivatives Oil.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 98000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	234, G. I. D. C., Chandisar Palanpur – 385001, Gujarat, India
Tel. No.:	91-2742-283369
Mobile No.:	91-9925246381
Fax No.:	91-2747-283379
E-Mail :	ameecastor@icenet.net
Website :	http://www.ameecastor.com
Corporate Office :	Laxmi Lab Patel Building, Gurunanak Chowk, Palanpur, Banaskantha, Gujarat, India
Factory :	211, Mile Stone Building, Near Drive – In Cinema, Thalatej, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-27489812 / 27489815
E-Mail :	91-79-27489812 / 27489815 / 27444676

DIRECTORS

Name :	Mr. Dilipbhai M. Padhya
Designation :	Director
Address :	Manusmruti, Becharpura, Behind Government Colony, Palanpur, District BK
Date of Birth/Age :	01.12.1958
Date of Appointment :	01.04.2003
Name :	Mr. Mulchandbhai J. Patel
Designation :	Director
Address :	Street No. 7, At Laxamipura, Palanpur, District BK
Date of Birth/Age :	12.01.1947
Date of Appointment :	08.07.2003
Name :	Mr. Chandravadan M. Padhya
Designation :	Director
Address :	Becharpura, Behind Government Colony, Palanpur, District BK
Date of Birth/Age :	15.12.1961
Date of Appointment :	01.04.2003
Name :	Mr. Vijay K. Mandora
Designation :	Director
Address :	Vijay Bhuvan, Mansarovar Road, Near Tele Ex. , Palanpur, District BK
Date of Birth/Age :	03.10.1958
Date of Appointment :	01.04.2003
Name :	Ms. Varsha N. Karnavat
Designation :	Director
Address :	Dr. Karnavat Hospital Gurunanak Chowk, Palanpur, District BK
Date of Birth/Age :	28.02.1966
Date of Appointment :	01.04.2004
Name :	Mr. Piyush M. Patel
Designation :	Director
Address :	Street No. 7, At Laxamipura, Palanpur, District BK
Date of Birth/Age :	20.03.1981
Date of Appointment :	01.04.2004
Name :	Ms. Chandrika V. Rawal
Designation :	Director
Address :	52, Gayatri Nagar, Abu Road, Palanpur, District BK
Date of Birth/Age :	15.05.1958
Date of Appointment :	24.01.1996
Name :	Mr. Ashok Oza
Designation :	Director
Address :	Near Pachas Quarter Hanyman Temple, Palanpur, District BK
Date of Birth/Age :	22.01.1970
Date of Appointment :	01.04.2004
Name :	Ms. Champaben V. Rawal
Designation :	Director
Address :	C-2, Spectum Tower, Opposite Shahibaug, Ahmedabad
Date of Birth/Age :	15.05.1958
Date of Appointment :	01.02.2005
Name :	Mr. Bharat M. Patel
Designation :	Director
Address :	Street No. 7, At Laxamipura, Palanpur, District BK
Date of Birth/Age :	27.06.1972
Date of Appointment :	22.08.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Dilipbhai M. Padhya	115180
Chandravadan M. Padhya	55650
Chandrikaben V. Raval	26130
Vijaykumar K. Mandora	60210
Chimanlal K. Prajapati	3300
Vinodbhai H. Panchal	3330
Pitamber Mevada	1500
Vinodbhai R. Parmar	1660
Aminaben A. Mor	1000
Ambalal G. Solanki	1000
Raichandbhai I. Panchal	1660
Ramesh K. Patel	2160
Rajnikant Thakkar	3330
Sardarbhai L. Patel	3330
Sanjaybhai Mandora	1630
Sankarlal J. Raval	3330
Mohanbhai Patel	1330
Hareshbhai Padhya	17490
Varsha N. Karnavat	43420
Mulchand Jethabhai Patel	36660
Equity Share Breakup
Category	Percentage of Holding
Directors of relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Castor Oil and Derivatives.

GENERAL INFORMATION

No. of Employees :	About 50
Bankers :	Vijaya Bank, Industrial Finance Branch, Kambhenu Complex, Ambawadi, Ahmedabad – 380015, Gujarat, India

Banking Relations :	Satisfactory
Auditors :
Name :	Ajay R. Mody and Company Chartered Accountants
Address :	203 B, Rajshree Avenue, Near Dinesh Hall, Ahmedabad – 380009, Gujarat, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
497,780	Equity Shares	Rs. 10/- each	Rs. 4.978 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		4.452	4.452
2] Share Application Money		2.428	1.578
3] Reserves & Surplus		17.733	16.068
4] (Accumulated Losses)		0.000	0.000
NETWORTH		24.613	22.098
LOAN FUNDS
1] Secured Loans		37.036	31.228
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		37.036	31.228
DEFERRED TAX LIABILITIES		2.291	2.305
TOTAL		63.940	55.631
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.719	16.896
Capital work-in-progress		0.000	0.000
INVESTMENT		0.012	0.002
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.325	4.486
	Sundry Debtors	30.845	38.330
	Cash & Bank Balances	7.865	9.941
	Other Current Assets	0.000	0.000
	Loans & Advances	3.180	3.188
Total Current Assets		50.215	55.945
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	7.006	17.212
	Provisions	0.000	0.000
Total Current Liabilities		7.006	17.212
Net Current Assets		43.209	38.733
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		63.940	55.631

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005
Sales Turnover [Estimated]	75.000	60.000

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005
Debt Equity Ratio (Total Liability/Networth)	1.79	2.19
Current Ratio (Current Asset/Current Liability)	7.17	3.25

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U15147GJ1996PTC028680
Name of the company	AMEE CASTOR AND DERIVATIVES LIMITED
Address of the registered office or of the principal place of business in India of the company	C/O Laxmi Lab Patel Building, Gurunanak Chowk, Palanpur, Banaskantha, Gujarat, India
Type of charge	Movable Property
Particular of charge holder	Vijaya Bank, Industrial Finance Branch, Kambhenu Complex, Ambawadi, Ahmedabad – 380015, Gujarat, India adm.ro9101@vijayabank.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation of Goods
Date of instrument Creating the charge	11.04.2007
Amount secured by the charge	Rs. 5.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR 3.5 % p.a. = 8.75 % p.a. Terms of repayment Facility for 3 months from the date of sanction. Margin 25 % Extent operation of the charge All the securities described here in below in column No. 14 have been charged to the bank to secure its adhoc PCL and FDBP limit of Rs. 5.000 Millions
Short particulars of the property charged	Hypothecation of all inventories of raw material, work in progress, finished goods in goods in transit connected to manufacture of castor oil and derivatives situated at company’s factory at 234, GIDC, Chandisar, Palanpur

Profile

Subject is a manufacturer of castor oil, hydrogrnated castor oil& 12 hydroxy stearic acid. They are situated in Gujarat state of India where the growth of castor seeds is 70% of the total castor seeds growth in the world. The standard specifications of their products are as under. Chemical specification can be changed as per buyers requirement.
Specification(chemical properties)

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 records 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.40.34
UK Pound	1	Rs.83.08
Euro	1	Rs.55.80

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
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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