MIRA INFORM REPORT

Report Date :

17.12.2011

IDENTIFICATION DETAILS

Name :	ESTEEM INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot Nos.76/77, Pissurlem Industrial Estate, Pissurlem, Sattari, Goa – 403 530
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.12.2001
Com. Reg. No.:	24-003056
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U24231GA2001PTC003056
TAN No.: [Tax Deduction & Collection Account No.]	BLRE01476G
PAN No.: [Permanent Account No.]	AAACE9474F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Chemicals used in Textile Industry, Leather Industry, etc.
No. of Employees :	350 (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 886000
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 :	Mr. Uttam
Designation :	Accounts Manger
Contact No.:	91-9822125358
Date :	15.12.2011

LOCATIONS

Registered Office/ Factory 1 :	Plot Nos.76/77, Pissurlem Industrial Estate, Pissurlem, Sattari, Goa – 403 530, India
Tel. No.:	91-832-6613228 / 2352001 / 2352002 / 2352003 / 2352004
Mobile No.:	91-9822125358 (Mr. Uttam)
Fax No.:	91-832-2362257
E-Mail :	venus@venus-goa.com
Website :	http://www.venus-goa.com
Area :	7500 Sq. ft
Location :	Owned
Factory 2 :	Bicholim Industrial Estate, Bicholim, Goa, India
Tel. No.:	91-832-6613228
Area :	7500 Sq. ft
Location :	Owned
Factory 3 :	Vikramgod, Thane, Maharashtra, India
Branch Office :	1207, Navjivan-3, Lamington Road, Mumbai - 400 008, Maharashtra, India
Tel. No.:	91-22 - 23002030
Fax No.:	91-22 - 23002031
Area :	150 sq. ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2009

Name :

Mr. Keki Pheroz Gandhi

Designation :

Director

Address :

Hari Niwas, 19 Mathew Road, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

01.02.1937

Qualification :

Graduate

Date of Appointment :

21.01.2002

DIN No.:

00664567

Name :

Mr. Amol Ashok Walke

Designation :

Director

Address :

D-29, Shushila Housing Board Colony, Mapusa, Bardez, Goa – 403 507, Maharashtra, India

Date of Birth/Age :

31.10.1983

Qualification :

PHD in Chemical

Date of Appointment :

21.01.2002

DIN No.:

00664315

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U24231GA2001PTC003056	Esteem Industries Private Limited	Director	21-01-02	21-01-02	-	Active	NO
U24119GA1994PTC001573	Grand Organics Private Limited	Director	21-01-02	21-01-02	-	Active	NO
U24119GA1990PTC001099	Venus Ethoxyethers Private Limited	Director	21-01-02	21-01-02	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Uttam Parab
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
Keki Pheroz Gandhi	125000
Anjali A. Walke	112500
Amol A. Walke	12500
Total	250000

Equity Share Break up (Percentage of Total Equity)

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 Chemicals used in Textile Industry, Leather Industry, etc.
Products :	Ethoxylation of various Hydrofabs
Exports :
Products :	Intermediate Chemicals
Countries :	· Singapore · UK · America · New Zealand · Australia · China
Imports :
Products :	Raw Material
Countries :	· Singapore · Japan · Malaysia
Terms :
Selling :	L/C/ Cash/ Credit
Purchasing :	L/C/ Cash/ Credit

PRODUCTION STATUS (As on 31.03.2009)

Particulars	Unit	Actual Production
Acetonitrile	Kgs.	103200.00
Ethoxylated Alcohol 2	Kgs.	622840.00
Infinity PK 2731	Kgs.	547000.00
Esteem – 30 – AIE	Kgs.	197532.00
Esteem – MFA	Kgs.	175000.00
Product – AFO - 1002	Kgs.	157200.00
Tri Ethanol Amine 99%	Kgs.	122590.00
Product – ESA – 131290	Kgs.	134400.00
Product – A – 12	Kgs.	128700.00
Esteem – 48 – AF – SPI	Kgs.	112300.00
Esteem – EFNI	Kgs.	127509.00
Esteem – 48 - AF	Kgs.	101717.00
Tri Deycl Alcohol	Kgs.	88818.46
Esteem – 30 – ADE	Kgs.	95542.00
Product – 400	Kgs.	115740.00
Esteem – 12 – AT	Kgs.	96975.00

GENERAL INFORMATION

Suppliers :

Reliance Industries

Customers :

End Users

· Clariant India Limited

No. of Employees :

350 (Approximately)

Bankers :

· ICICI Bank, Nariman Point Branch, Mumbai, Maharashtra, India

· Saraswat Co-operative Bank, Panjim Branch, Goa, India

• State Bank of India, Backbay Reclamation Branch, Mumbai – 400 021, Maharashtra, India
• Corporation Bank

Facilities :

Term Loan – Rs.22.300 Millions

Secured Loans :	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Term Loan from ICICI Bank (Secured against fixed assets and hypothecation of stock and book debts of the company)	306.149	224.801
ICICI Loan – WCDL (Secured against fixed assets and hypothecation of stock and book debts of the company)
Cash Credit with ICICI Bank Limited (Secured against fixed assets and hypothecation of stock and book debts of the company)
Total	306.149	224.801

Unsecured Loans :	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
From Directors	68.972	27.930
From Banks/ Financial Institutions
Total	68.972	27.930

Banking Relations :	--
Financial Institution :	Pyramid Finance Private Limited, Salgaocar House, F Luis Gomes Road, Vasco Da Gama, Goa – 403802, India
Auditors :
Name :	Y.K. Desai and Company Chartered Accountants
Address :	106, Prospect Chambers, 317/321, Dr. D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22045015
Telefax No.:	91-22-22840569
E-Mail :	ykdesai@mtnl.net.in
Pan No.:	AACPD2467L
Associates/Subsidiaries :	· Venus Ethoxyethers Private Limited Address : Bicholim (North Goa) · VIC Industries Pissurlem Industrial Estate · Grand Organics Private Limited, Bicholim

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 Millions

AS ON 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 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		25.000	25.000	25.000
2] Share Application Money		12.500	0.000	0.000
3] Reserves & Surplus		184.178	146.299	129.158
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		221.678	171.299	154.158
LOAN FUNDS
1] Secured Loans		306.149	224.801	197.507
2] Unsecured Loans		68.972	27.930	32.325
TOTAL BORROWING		375.121	252.731	229.832
DEFERRED TAX LIABILITIES		2.494	0.000	0.000
TOTAL		599.293	424.030	383.990
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		205.039	89.809	57.879
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.000
DEFERREX TAX ASSETS		0.000	1.124	8.383
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.298	56.112	66.117
	Sundry Debtors	338.096	243.540	228.931
	Cash & Bank Balances	48.706	50.491	32.712
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	181.598	111.475	116.793
Total Current Assets		677.698	461.618	444.553
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	240.567	97.145	100.355
	Other Liabilities			1.068
	Provisions	42.902	31.401	25.402
Total Current Liabilities		283.469	128.546	126.825
Net Current Assets		394.229	333.072	317.728
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		599.293	424.030	383.990

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1292.507	878.068	966.981
		Other Income	7.263	5.595	16.560
		TOTAL (A)	1299.770	883.663	983.541
Less	EXPENSES
		Cost of Goods Sold	1050.867	701.755	820.522
		Employees Remuneration	24.031	21.358	20.414
		Operating and Establishment Expenses	98.902	70.286	70.466
		Selling and Administrative Expenses	10.101	8.473	3.776
		TOTAL (B)	1183.901	801.872	915.178
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		115.869	81.791	68.363
Less	FINANCIAL EXPENSES (D)		48.937	42.274	38.414
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.932	39.517	29.949
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.935	9.118	6.549
	PROFIT BEFORE TAX (E-F) (G)		52.997	30.399	23.400
Less	TAX (H)		15.119	13.258	6.915
	PROFIT AFTER TAX (G-H) (I)		37.878	17.141	16.485
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		146.299	129.158	112.673
	BALANCE CARRIED TO THE B/S		184.177	146.299	129.158
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	478.539
	TOTAL EARNINGS		NA	NA	478.539
	Earnings Per Share (Rs.)		151.51	68.57	65.94

Expected Sales (2011-12) : Rs.2000.000 Millions

The above information has been parted by Mr. Uttam.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.91	1.93	1.67
Net Profit Margin (PBT/Sales)	(%)	4.10	3.46	2.42
Return on Total Assets (PBT/Total Assets}	(%)	6.00	5.51	4.66
Return on Investment (ROI) (PBT/Networth)		0.23	0.17	0.15
Debt Equity Ratio (Total Liability/Networth)		2.97	2.22	2.31
Current Ratio (Current Asset/Current Liability)		2.39	3.59	3.51

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8

Name of the company	ESTEEM INDUSTRIES PRIVATE LIMITED
Presented By	State Bank of India, Backbay Reclamation Branch, Mumbai – 400 021, Maharashtra, India
1) Date and description of instrument creating the change	Guarantee Agreement for Small Industrial Advances (Term Loans) dated 11.07.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.10.000 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	This charge is created towards the Corporate Guarantee given to State Bank of India, Backbay Reclamation Branch, Nariman Point, Mumbai – 21 by Esteem Industries Private Limited (Guarantor Company) to secure Term Loan Facilities of Rs.10.000 millions availed by Grand Organics Private Limited (Borrower Company).
4) Gist of the terms and conditions and extent and operation of the charge.	R.O.I.: As would be determined by the bank from time to time.
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Backbay Reclamation Branch, Nariman Point, Mumbai – 400 021, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Applicable
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.	Not Applicable

This form is for	Creation of charge
Corporate identity number of the company	U24231GA2001PTC003056
Name of the company	ESTEEM INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot Nos.76/ 77, Pissurlem Industrial Estate, Pissurlem, Sattari, Goa – 403 530, India
Type of charge	Immovable Property
Particular of charge holder	PYRAMID FINANCE Private Limited, Salgaocar House, F Luis Gomes Road, Vasco Da Gama, Goa – 403 802, India
Nature of description of the instrument creating or modifying the charge	LOAN AGREEMENT
Date of instrument Creating the charge	31.12.2010
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 300 basis point above cobar. presently cobar is 12.5% so effective rate of interest 15.5% p.a. Terms of Repayment 36 Monthly Installments Margin NIL Extent and Operation of the charge Charge Covers Rs.10.000 Millions
Short particulars of the property charged	All that Plot No 53 and 54 bearing admeasuring 1080 sq mtr each

FIXED ASSETS

• Land
• Factory Buildings
• Plant and Machinery
• Borewell
• Computers
• D G Set
• Drum Drier
• Effluent Treatment Plant
• Electrification
• Furniture and Fixtures
• Laboratory Equipments
• Nitrogen Gas generator
• Office Equipments
• Safety Equipments
• Stacker and Truck
• Storage Tanks and Accessories
• Weighing Scale
• Tools

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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.81

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	YES
--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.