MIRA INFORM REPORT

Report Date :

16.12.2011

IDENTIFICATION DETAILS

Name :	CHEM-VERSE CONSULTANTS (INDIA) PRIVATE LIMITED
Registered Office :	Plot 167/3, Mahendra Mansion, Sion West, Mumbai – 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.12.2000
Com. Reg. No.:	11-130234
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U24231MH2000PTC130234
TAN No.: [Tax Deduction & Collection Account No.]	MUMC08103E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Aerosols, Synthetic Lubricants and Specialty Chemical
No. of Employees :	80 [Approximately]

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 91000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Ms. Kasturi
Designation :	Account Department
Contact No.:	91-22-24095503
Date :	14.12.2011

LOCATIONS

Registered Office :	Plot 167/3, Mahendra Mansion, Sion West, Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24033387
Mobile No.:	91-9820154432 [Mr. N.C. Mavani]
Fax No.:	91-22-24097858
E-Mail :	sales@chemverse.com
Website :	http://www.chemverse.com
Location :	Owned
Factory :	Located at Panvel, Maharashtra, India
Branch Office :	Plot No. 120/5, Jasud Bhavan, Road No. 24A, Jain Society, Sion (West), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24095503 / 24033826

DIRECTORS

As on 30.09.2011

Name :

Mr. Nitnain Chimanlal Mavani

Designation :

Director

Address :

Flat No. 801, Aangan, 40, T.V. Chidambaram Marg, Sion (East), Mumbai - 400 022, Maharashtra, india

Date of Birth/Age :

07.11.1945

Date of Appointment :

27.12.2000

DIN:

00046728

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51109MH1990PTC055209	SYNOL AEROLUBES PRIVATE LIMITED	Director	5/2/1990	5/2/1990	Active	NO
2	U24231MH2000PTC130234	CHEM-VERSE CONSULTANTS (INDIA) PRIVATE LIMITED	Director	27/12/2000	27/12/2000	Active	NO

Name :

Mrs. Bharati Nitnain Mavani

Designation :

Director

Address :

Flat No. 801, Aangan, 40, T.V. Chidambaram Marg, Sion (East), Mumbai - 400 022, Maharashtra, india

Date of Birth/Age :

01.09.1949

Date of Appointment :

27.12.2000

DIN:

00046849

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51109MH1990PTC055209	SYNOL AEROLUBES PRIVATE LIMITED	Director	1/4/2000	1/4/2000	Active	NO
2	U24231MH2000PTC130234	CHEM-VERSE CONSULTANTS (INDIA) PRIVATE LIMITED	Director	27/12/2000	27/12/2000	Active	NO

Name :

Mr. Anagh Nitnain Mavani

Designation :

Director

Address :

Flat No. 801, Aangan, 40, T.V. Chidambaram Marg, Sion (East), Mumbai - 400 022, Maharashtra, india

Date of Birth/Age :

08.02.1976

Date of Appointment :

27.12.2000

DIN:

00047108

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51109MH1990PTC055209	SYNOL AEROLUBES PRIVATE LIMITED	Director	31/10/1997	31/10/1997	Active	NO
2	U24231MH2000PTC130234	CHEM-VERSE CONSULTANTS (INDIA) PRIVATE LIMITED	Director	27/12/2000	27/12/2000	Active	NO

KEY EXECUTIVES

Name :	Ms. Kasturi
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Nitnain Chimanlal Mavani	20000
Bharati Nitnain Mavani	15000
Anagh Nitnain Mavani	15000
Total	50000

As on 30.09.2011

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Aerosols, Synthetic Lubricants and Specialty Chemical
Products :	Lubricants, Aerosols and Greases CVC Knitlube CVC SLT Oil CVC Texlube Spray CVC Molytex Spray CVC Washlube CVC Loomspray CVC Stitchlube CVC SR-100 Spray Chemax Wax Rolls Knitkleen Spray Synol PSR-300 Synol GL-100 Synol HL-46 Synol XA-675 Synol RG-10 Synol P-48 Synol J-3 Synol K-12 Synol NSG-100.
Exports :
Products :	Finished Goods
Countries :	Egypt Thailand Sri Lanka
Imports :
Products :	Raw Material
Countries :	Netherlands
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Actual Production [Quantity in]
	Tins	Ltrs.	Kgs.	Botls.	Jars
Lubricating Oils	0	41841	0	4844	0
Paints and Varnishes	19692	14848	207	0	0
Degreaser and Cleaner	0	4200	0	0	0
Lubricating Spray	52370	1228	1931	0	0
Polishes	1166	0	0	0	0
Graphite Spray	1108	54	64	450	0
Blended Solvent	14639	4363	555	2	0
Silicon Oil	0	265	0	1264	0
Grease	0	450	684	0	63
Prepared Additives	0	198728	0	46015	0
Derusting Chemical	0	2495	0	0	0
Acetone	0	108	0	0	0
Polyurethone	14	0	0	0	0

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

80 [Approximately]

Bankers :

• Bank of India, Sion Branch, 29, Amba Bhavan, Rani Laxmi Chowk, Sion (East), Mumbai - 400022, Maharashtra, India
• Indian Bank, 1st Floor, Mary Land Corner, Sion Circle, Sion (East), Mumbai - 400022, Maharashtra, India
• HDFC Bank
• The Saraswat Co-operative Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Car Loan HDFC Bank	0.013	0.157
Bank of India – Term Loan	0.000	0.295
Indian Bank OCC / Trade Finance Account	3.932	0.000
Overdraft from Oriental Bank of Commerce	0.000	0.001
Loan from HDFC bank	0.174	1.125
Overdraft Account with Bank of India	0.000	1.863
Overdraft Account with Indian Bank	0.000	1.412
Overdraft Account with HDFC Bank	0.000	0.871
The Saraswat Co-operative Bank Limited	0.000	0.000
Total	4.119	5.724
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Shareholders	0.000	8.540
Loan – Anagh mavani	1.150	0.000
Loan – N.C. Mavani	7.390	0.000
Total	8.540	8.540

Banking Relations :	--
Auditors :
Name :	Shahade and Associates Chartered Accountants
Address :	Gautam, Plot No.29, Road No.2, Sion East, Mumbai - 400022, Maharashtra, India
Tel. No.:	91-22-24072801
Fax No.:	91-22-24022918
E-Mail :	Shahade@vsnl.com
PAN :	AABFS2771F

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs.0.500 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.296	16.600	13.773
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.796	17.100	14.273
LOAN FUNDS
1] Secured Loans		4.119	5.724	7.307
2] Unsecured Loans		8.540	8.540	9.240
TOTAL BORROWING		12.659	14.264	16.547
DEFERRED TAX LIABILITIES		0.039	0.000	0.059
TOTAL		35.494	31.364	30.879
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.604	8.941	9.628
Capital work-in-progress		0.000	0.000	0.202
INVESTMENT		4.956	4.553	5.790
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.967	4.590	3.559
	Sundry Debtors	7.328	5.796	3.363
	Cash & Bank Balances	1.971	1.285	0.616
	Other Current Assets	5.893	6.933	6.892
	Loans & Advances	8.633	8.895	7.649
Total Current Assets		29.792	27.499	22.079
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.596	3.772	1.340
	Other Current Liabilities	0.838	0.547	1.282
	Provisions	5.424	5.310	4.198
Total Current Liabilities		9.858	9.629	6.820
Net Current Assets		19.934	17.870	15.259
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		35.494	31.364	30.879

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	53.795	38.003
		Other Income	1.295	0.944
		TOTAL	55.090	38.947	35.945
Less	EXPENSES
		Manufacturing Expenses	2.414	2.031
		Cost of material sold	25.782	17.858
		Business Development Expenses	0.742	0.952
		Personnel Expenses	5.758	4.422
		Administrative Expenses	9.987	8.303
		Loss on Sale of Assets	0.029	0.000
		Auditors Remuneration	0.187	0.175
		TOTAL	44.899	33.741	31.715
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		10.191	5.206	4.230
Less/ Add	DEPRECIATION/ AMORTISATION		1.368	1.430	1.058
	PROFIT / [LOSS] BEFORE TAX		8.823	3.776	3.172
Less	TAX		3.697	1.232	1.551
	PROFIT / [LOSS] AFTER TAX		5.126	2.544	1.621
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	0.690	3.692	5.129
	TOTAL EARNINGS		0.690	3.692	5.129
	IMPORTS
		Raw Materials	0.554	0.541	0.297
	TOTAL IMPORTS		0.554	0.541	0.297
	Earnings/[Loss] Per Share (Rs.)		113.93	53.32	32.43

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.30	6.53	4.51
Net Profit Margin (PBT/Sales)	(%)	16.40	9.94	NA
Return on Total Assets (PBT/Total Assets}	(%)	21.84	10.36	10.00
Return on Investment (ROI) (PBT/Networth)		0.39	0.22	0.22
Debt Equity Ratio (Total Liability/Networth)		0.99	1.40	1.64
Current Ratio (Current Asset/Current Liability)		3.02	2.85	3.24

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	No
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Financial Results : The company has achieved a turnover of Rs.53.795 millions during the year 2010-2011.

Future Operations : The company making all possible efforts to develop more business in local as well as foreign markets. The directors are hopeful to achieve a sizable turnover in the current year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24231MH2000PTC130234
Name of the company	CHEM-VERSE CONSULTANTS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot 167/3, Mahendra Mansion, Sion West, Mumbai – 400022, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	Indian Bank, 1st Floor, Mary Land Corner, Sion Circle, Sion (East), Mumbai - 400022, Maharashtra, India Email : sion@indianbank.co.in
Nature of instrument creating charge	a) Agreement of Hypothecation of Movables. b) Agreement for Open Cash Credit (Stock / Book Debts).
Date of instrument Creating the charge	31.08.2010
Amount secured by the charge	Rs.8.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Base rate + 2.5% + TP 0.5% p.a. = 11% p.a. Terms of Repayment - Repayable on Demand. Margin – 25% Extent and Operation of the charge - The charge is to operate as security, by way of first exclusive charge, for the due repayment of the credit facility of Rs.8.000 millions together with interests, additional interests, costs, charges, expenses and all other moneys payable by the Company to the Bank in terms of sanction. Others – Facility Open Cash Credit / Trade Finance : Rs.8.000 millions Sub-limit - Packing Credit : (Rs.1.000 million).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation, by way of first charge, of all the Company's : a)stocks stored / to be stored at the Company's premises or elsewhere. b) book debts, receivables and other claims which may due and owing to the Company from time to time.

FIXED ASSETS :

§ Building

§ Plant and Machinery

§ Furniture and Fixtures

§ Computer

§ Office Equipments

§ Electrical Installations

§ Motor Car

§ Fax Machine

§ Air Conditioner

§ Type Writer

§ Xerox Machine

§ Mobile Phones

§ Telephone System

§ Aqua Guard

§ Lift

§ Scale

§ Laboratory Furniture

§ Refrigerator

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.54.24
UK Pound	1	Rs.83.77
Euro	1	Rs.70.46

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		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.