MIRA INFORM REPORT

Report Date :

24.08.2011

IDENTIFICATION DETAILS

Name :	CALIBRE CHEMICALS PRIVATE LIMITED
Registered Office :	703 Dalamal House, 206 Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.10.1983
Com. Reg. No.:	11-31128
Paid-up Capital :	Rs.1.174 Millions
CIN No.: [Company Identification No.]	U24100MH1983PTC031128
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10102B
PAN No.: [Permanent Account No.]	AAACC1952G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Inorganic Chemicals, Wind Power Generation for Captive Consumption.
No. of Employees :	103 (approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1650000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Annaji Rao
Designation :	Finance Executive
Contact No.:	91-9820050285

LOCATIONS

Registered Office/ Corporate Office :	703 Dalamal House, 206 Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-2282 3148 / 22844335 / 22871797
Mobile No.:	91-9820050285 (Mr. N. Annaji Rao)
Fax No.:	91-22-2283 2087
E-Mail :	mail@calibrechem.com arao@calibrechem.com
Website :	www.calibrechem.com
Area :	2200 Sq. ft.
Location :	Owned
Chemical Factory	901-907, 1002 and 1006, GIDC Sarigam, Umbergaon Taluka, District Valsad – 396155, Gujarat, India
Tel. No.:	91-260-2780116
Fax No.:	91-260-2781336
Wind Farm Factory :	Locations 5 and 6, Survey Number 384, Kurunga Village, Taluka Dwarka, District Jamnagar, Gujarat, India
Chemicals Factory :	Road No. 9 GIDC Sarigam Via Bhilad, District Valsad – 396 155, Gujarat, India

DIRECTORS

AS ON 30.09.2009

Name :	Mr. Ranjit Hiranand Bhavnani
Designation :	Group Chairman and Managing Director
Address :	3, Buckley Court, 5 Wodehouse Road, Mumbai - 400001, Maharashtra, India
Date of Birth :	02.11.1951
Qualification :	B. Tech, M. Tech, M.B.A.
Date of Appointment :	20.10.1983
Name :	Mrs. Mala Ranjit Bhavnani
Designation :	Executive Director
Address :	3, Buckley Court, 5 Wodehouse Road, Mumbai - 400001, Maharashtra, India
Date of Birth :	02.11.1954
Qualification :	B. Sc.
Date of Appointment :	20.10.1985
Name :	Mr. Dhanesh Choith Bhagia
Designation :	Executive Director
Address :	C-403, Ganga Estate, Behind Alur Park, Chembur, Mumbai - 400071, Maharashtra, India
Date of Birth :	08.12.1953
Qualification :	B. Tech
Date of Appointment :	20.03.1991

KEY EXECUTIVES

Name :	Mr. T. V. Issac
Designation :	Executive Director
Name :	Mr. Parshotam R. Barwal
Designation :	Commercial Executive
Name :	Mr. Annaji N. Rao
Designation :	Finance Executive
Name :	Mr. P. R. Yashodharan
Designation :	Supplier Accounts
Name :	Mr. M. K. Swami
Designation :	Export Documentation
Name :	Mr. Ravi Niar
Designation :	Tax Documentation
Name :	Mr. M. V. paulose
Designation :	Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2009

Names of Shareholders	No. of Shares
Mr. Ranjit H. Bhavnani	1271
Mr. Rikhil Bhavnani	1100
Mrs. Mala Bhavnani	4042
Mr. Trivik Bhavnani	1100
Mr. Ranjit H. Bhavnani (HUF)	5532
Igloo Dairy Services Private Limited – India	2300
Total	15345

(AS ON 30.09.2009)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Inorganic Chemicals, Wind Power Generation for Captive Consumption.

Products :

Name	Item Code
Calcium Iodate	282990.30
Potassium Iodate	282990.30
Potassium Persulphate	283340.00

Exports :

Products :

• Per sulfates
• Per chlorates

Countries :

• USA
• France
• Belgium
• Kenya
• Indonesia
• Japan
• UAE
• Germany
• Spain
• Sri Lanka
• Bangladesh

Imports :

Products :

• Iodine
• Potassium Sulphate
• Sodium Chlorate

Countries :

• Finland
• Belgium
• Chile
• Germany

• South Korea

Terms :

Selling :

L/C Credit: DA

Purchasing :

L/C Credit: DA

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Chemicals	Kgs.	4400000	3238641
Gas Co-Gen Energy	KWHr	2055 KW	5814240
Wind Energy	KWHr	1.3 MW	2399525

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	103 (approximately)
Bankers :	· Citibank N.A. , Bandra Kurla Complex, G-Block, Bandra (East), Mumbai – 400 051, Maharashtra, India · State Bank of India, Nariman Point, Mumbai, Maharashtra, India · ING Vysya Bank Limited, Altamount Road, Mumbai, Maharashtra, India · Bank of Baroda , Sarigam Branch · SBI Commercial and International Bank Limited
Facilities :	Total Faciltiy Enjoyed: Rs. 380.000 Millions (Citi Bank) Total Faciltiy Enjoyed: Rs. 170.000 Millions (State Bank of India)

Banking Relations :	-
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Mumbai, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Associates :	Igloo Dairy Services Private Limited Address: D -57, MIDC, TTC Turbhe Navi Mumbai, Maharashtra, India

CAPITAL STRUCTURE

After 10.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Share	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11743	Equity Share	Rs.100/- each	Rs.1.174 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.174	1.174	1.534
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		413.477	194.609	156.032
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		414.651	195.783	157.566
LOAN FUNDS
1] Secured Loans		45.153	126.137	120.079
2] Unsecured Loans		0.000	60.825	77.415
TOTAL BORROWING		45.153	186.962	197.494
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		459.804	382.745	355.060
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		99.965	96.373	107.822
Capital work-in-progress		11.876	0.000	0.000
INVESTMENT		1.059	0.000	0.000
DEFERREX TAX ASSETS		0.272	0.594	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	281.581	176.786	264.591
	Sundry Debtors	471.591	153.970	166.334
	Cash & Bank Balances	24.805	1.773	20.486
	Other Current Assets	0.088	0.205	0.233
	Loans & Advances	53.147	53.423	35.807
Total Current Assets		831.212	386.157	487.451
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	440.493	88.213	230.067
	Provisions	44.087	12.166	10.146
Total Current Liabilities		484.580	100.379	240.213
Net Current Assets		346.632	285.778	247.238
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		459.804	382.745	355.060

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales Turnover	1812.179	937.062	872.222
		Sale of Wind Power	13.442	15.151	13.357
		Other Income	47.619	13.852	2.144
		TOTAL (A)	1873.240	966.065	887.723
Less	EXPENSES
		Raw Material Consumed	1303.036	643.868	567.453
		Electricity and Fuel	78.668	55.850	49.435
		Employee Costs	25.098	17.353	13.513
		Operating and other Expenses	118.228	78.839	140.297
		Increase/(Decrease) in Inventory	(54.267)	(4.402)	4.981
		TOTAL (B)	1470.763	791.508	775.679
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		402.477	174.557	112.044
Less	FINANCIAL EXPENSES (D)		26.744	30.625	20.739
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		375.733	143.932	91.305
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.054	18.898	26.957
	PROFIT BEFORE TAX (E-F) (G)		358.679	125.034	64.348
Less	TAX (H)		117.974	38.906	19.227
	PROFIT AFTER TAX (G-H) (I)		240.705	86.128	45.121
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		160.059	130.841	99.697
	Less: Transfer to Capital Redemption Reserve on buy-back of shares		0.000	0.360	--
	Less: Adjusted against Premium paid for buy-back of shares		0.000	36.596	--
Less	APPROPRIATIONS
		Dividend	18.789	9.394	7.673
		Tax on Dividend	3.048	1.560	1.304
		Transfer to General Reserve	24.100	9.000	5.000
	BALANCE CARRIED TO THE B/S		354.827	160.059	130.841
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings			559.059
		Freight and Insurance Received			8.556
	TOTAL EARNINGS		NA	480.234	567.615
	IMPORTS
		Raw Materials	--	--	696.604
		Capital Goods	--	--	9.870
	TOTAL IMPORTS		NA	NA	706.474
	Earnings Per Share (Rs.)
	- Basic		20497.74	7334.44	2940.41
	- Diluted		20497.74	7334.44	2940.41

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.85	8.92	5.08
Net Profit Margin (PBT/Sales)	(%)	19.79	13.34	7.38
Return on Total Assets (PBT/Total Assets}	(%)	38.52	25.91	10.81
Return on Investment (ROI) (PBT/Net worth)		0.87	0.64	0.41
Debt Equity Ratio (Total Liability/Net worth)		1.28	1.47	2.78
Current Ratio (Current Asset/Current Liability)		1.72	3.85	2.03

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Name of the company	Calibre Chemicals Private Limited
Presented By	Mr. Ranjit Bhavnani
1) Date and description of instrument creating the change	Agreement of Hypothecation of plant and machinery dated 27.12.2005. Letter Dated 27.12.2005 regarding grant of individual limits within overall credit limit
2) Amount secured by the charge/amount owing on the securities of charge	Rs.50.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	First charge on plant and machinery, whether installed or not, both present and future, at the borrowers wind farm premises being location Nos. 5 and 6, Survey No. 384, Village Kunrunga, Taluka Dwarka, District Jamnagar, Gujarat.
4) Gist of the terms and conditions and extent and operation of the charge.	This charge Is created as security for a team loan of Rs.50.000 Millions granted by SBI commercial and International Bank limited to the company vide their letter No. credit/RL/838/2005 dated 17.12.2005. Rate of interest 9% with monthly rests, Margin 31%
5) Name and Address and description of the person entitled to the charge.	SBI Commercial and International Bank Limited, Maker Chambers III, Nariman Point, Mumbai-400 021, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

FORM 8

Corporate identity number of the company	U24100MH1983PTC031128
Name of the company	CALIBRE CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	703 Dalamal House, 206 Nariman Point, Mumbai - 400021, Maharashtra, India Email ID : mail@calibrechem.com
This form is for	Modification of Charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Citi Bank N. A., Trend House, 2^nd Floor, G. Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India Email ID : vlaxman@vsnl.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	19.01.2010
Amount secured by the charge	Rs.156.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rates as may be determined by the bank from time to time Terms of Repayment On Demand Margin Margin may be stipulated by Bank from time to time Extent and Operation of the charge Hypothecation of current assets and fixed assets to Citi Bank more particularly described in column No. 15 as security by way of first exclusive charge with Citi Bank N. A., as security for the loan together with all interest, liquidated damages, premia on payment or on redemption, costs, charges and other expenses payable by company to Citi Bank N. A.
Particulars of the present modification	The charge now stands increased from Rs.151.200 Millions to Rs.156.000 Millions in favour of Citi Bank N. A.
Short particular of the property or asset(s) charged	Hypothecation of first exclusive charge on stocks, Book Debts and Plant and Machinery forming part of the current assets and fixed assets of the company both present and future.

TRADE REFERENCES:

· Tata Chemicals

· Asian Paints

Fixed Assets:

· Leasehold Land

· Buildings

· Plant and Machinery

· Wind Mills

· Furniture and Fixtures

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.45.69
UK Pound	1	Rs.75.29
Euro	1	Rs.65.77

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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.