MIRA INFORM REPORT

Report Date :

21.02.2011

IDENTIFICATION DETAILS

Name :	INDICA CHEMICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	A-4, Grater Kailash, No.I, New Delhi – 110 048
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	21.03.1984
Com. Reg. No.:	55-17752
CIN No.: [Company Identification No.]	U29299DL1984PTC017752
IEC No.:	0588125717
TAN No.: [Tax Deduction & Collection Account No.]	DELI04508A
PAN No.: [Permanent Account No.]	AAACI0233Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Automobile Parts

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1500000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The financial of the company are missing from the government departments after 2007. However trade relations are reported as fair. Business is active. Payment terms are not known. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Anil Mittal
Designation :	General Manager Finance Department
Contact No.:	91-120-4347550
Date :	18.02.2011

LOCATIONS

Registered Office :	A-4, Grater Kailash, No.I, New Delhi – 110 048, India
Tel No.:	91-120-4347550/ 29233593
Fax No.:	91-120-4347558
E-Mail :	indica@nda.vsnl.net.in indica@airtelbroadband.com indica1@airtelbroadband.in
Website:	http://www.indicaindustries.com
Corporate Office :	C-6, Sector – 63, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-4347550 / 51 / 52 / 53 / 54
Fax No.:	91-120-2404058 / 4347558
E-Mail :	info@indicaindustries.com indical@airtelmain.in
Area :	3 Floor Building including Factory.
Factory :	Located at · Kotdwar · Noids · Pune · Chennai

DIRECTORS

As On : 30.09.2010

Name :	Mr. Sunil Sharma
Designation :	Chairman cum Managing Director
Address :	A-4, Grater Kailash, No.1, New Delhi – 110 048, India
Date of Birth/Age :	14.10.1956
Date of Appointment :	21.03.1984
DIN No :	01591189
Name :	Mrs. Kamla Sharma
Designation :	Director
Address :	A-4, Grater Kailash, No.1, New Delhi – 110 048, India
Date of Birth/Age :	07.11.1925
Date of Appointment :	03.06.1986
DIN No :	01591213
Name :	Mr. Deepak Anand
Designation :	Director
Address :	16, Vasant Vihar, New Delhi – 110 057, India
Date of Birth/Age :	29.08.1949
Date of Appointment :	20.03.1987
DIN No :	00011500
Name :	Dr. Shiva Sharma
Designation :	Director
Address :	535, Heards Ferry Road, Atlanta Ga 303284720, USA
Date of Birth/Age :	02.03.1952
Date of Appointment :	23.05.1987
DIN No :	01591299

KEY EXECUTIVES

Name :	Mr. Kamal Chand Shah
Designation :	Company Secretary
Address :	KD-14B, Ashok Vihar, Phase – I, Delhi – 110 052, India
Date of Birth/Age :	17.10.1936
Date of Appointment :	19.10.1984
PAN No :	AANPS1507P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Sunil Sharma	14350
Jaikrishna Sharma	510
Kamla Sharma	430
Vaibhav Sharma	4000
Dr. Shiva Sharma	292
Deepak Anand	150
Sunder Anand	170
Rajendra Vaid	5
Sukrit Sharma	5000
Total	24907

AS ON 30.19.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		99.63
Other top fifty shareholders		0.37
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Automobile Parts

Products :

Product Description	ITC Code
Perlite Filteraid	380290.02
Expanded Perlite	870899.00
Parts of Motor Vehicles	841869.09
Refrigerator and Photocopier	900990.00

PRODUCTION STATUS (As On 31.03.2007)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Perlite Filter-aids and Expanded Perlite (At Kotdwar)	MT	6000	6000	2889
Foam Parts and Rubber Products (At Noida)	Nos.	11700000 (Aggregate)	--	46580915
Foam Parts and Rubber Products (At Noida- Export Oriented Unit)	Nos.	49090000 (Aggreagate)	--	3395576

Note:

i) Raw material cover a large variety and range of items of varying values.

ii) Quantities of consumption include unusable/ leftover small pieces, stripes etc.

GENERAL INFORMATION

Bankers :

· Canara Bank, Overseas Branch, B-39, 1^st Floor, Connaught Circus, New Delhi – 110 001, India

Facilities :

Unsecured Loans	31.03.2007 Rs. In Millions	31.03.2006 Rs. In Millions
From Directors	6.441	8.437
Total	6.441	8.437

Banking Relations :	Satisfactory
Auditors :
Name :	H Mitter and Company Chartered Accountants
Address :	A-2/6, Safdarjang Enclave, Africa Avenue, New Delhi – 110 029, India
Tel. No.:	91-11-26161330

CAPITAL STRUCTURE

(As on 31.03.2007)

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24907	Equity Shares	Rs.100/- each	Rs.2.491 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		2.491	2.491	2.491
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		392.883	269.688	184.782
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		395.374	272.179	187.273
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		6.441	8.437	4.272
TOTAL BORROWING		6.441	8.437	4.272
DEFERRED TAX LIABILITIES		2.859	2.121	2.695
TOTAL		404.674	282.737	194.240
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.247	44.573	38.535
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		194.291	36.119	22.731
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.782	63.942	61.046
	Sundry Debtors	125.937	90.358	92.083
	Cash & Bank Balances	22.046	104.398	69.913
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	191.727	120.101	74.176
Total Current Assets		404.492	378.799	297.218
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	93.026	64.062	97.041
	Other Current Liabilities		3.961	3.203
	Provisions	153.330	108.731	64.000
Total Current Liabilities		246.356	176.754	164.244
Net Current Assets		158.136	202.045	132.974
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		404.674	282.737	194.240

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2007	31.03.2006	31.03.2005
	SALES
		Income	638.800	462.150	392.322
		Other Income	15.944	13.033	12.679
		TOTAL	654.744	475.183	405.001
Less	EXPENSES
		Office Expenses
		Administrative Expenses	486.033	346.121	320.621
		Advertising Expenses
		TOTAL	486.033	346.121	320.621
	PROFIT BEFORE TAX		168.711	129.062	84.380
Less	TAX		45.439	44.156	31.345
	PROFIT AFTER TAX		123.272	84.906	53.035
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	0.818	0.986	NA
	TOTAL EARNINGS		0.818	0.986	NA
	IMPORTS
		Import Value	NA	144.126	168.086
	TOTAL IMPORTS		NA	144.126	168.086
	Earnings Per Share (Rs.)		4949.28	3408.91	2129.32

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	18.83	17.87	13.10
Net Profit Margin (PBT/Sales)	(%)	26.41	30.55	21.51
Return on Total Assets (PBT/Total Assets}	(%)	36.94	30.48	25.13
Return on Investment (ROI) (PBT/Networth)		0.43	0.47	0.45
Debt Equity Ratio (Total Liability/Networth)		0.64	0.68	0.90
Current Ratio (Current Asset/Current Liability)		1.64	2.14	1.81

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The company has achieved a higher turnover at Rs. 638.800 Millions as compared to Rs. 462.150 Millions in the previous year. The higher turnover has been achieved by adding new customer and products as well as higher capacity utilization at all the plants.

CONTINGENT LIABILITIES:

a) In respect of the guarantees given by the Bank on behalf of the company Rs. 5.057 Millions against which Rs. 2.993 Millions held with the bank as margin money.

b) No provision has been made for Excise Duty, Customs and Sales Tax demands aggregating to Rs. 3.027 Millions which are being disputed in appeal.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	80036219
Corporate identity number of the company	U29299DL1984PTC017752
Name of the company	INDICA CHEMICAL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-4, Grater Kailash, No.1, New Delhi – 110 048, India
Type of charge	Movable Property Floating Charge Others
Particular of charge holder	Canara Bank, Overseas Branch, B-39, 1^st Floor, Connaught Circus, New Delhi – 110 001, India
Nature of description of the instrument creating or modifying the charge	Supplemental Collateral Security Agreement
Date of instrument Creating the charge	12.12.2008
Amount secured by the charge	Rs. 1.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement Terms of Repayment Repayable on demand Margin As per agreement Extent and Operation of the charge 100% Others The above secure the BG (APG) Rs. 1.500 Millions granted to the company.
Short particulars of the property charged	Hypothecation of goods and commodities of the company. Collaterally security all plant and machinery, tools, accessories and motor vehicles, tools and accessories already purchased to be purchased
Particulars of the present modification	Extent of operation of charge over sub limit on collateral security of all plant and machinery, tools, accessories and motor vehicles, already purchased/ to be purchased stand enhanced sub limit of APG within BG limit from Rs. 1.000 Million to Rs. 1.500 Millions within the overall BG limit of Rs. 7.000 Millions together with all interest, costs, charges, expenses etc. other term and conditions remain same.

FIXED ASSETS:

· Leasehold Factory Land

· Freehold Land at Pune

· Factory Building

· Plant and Machinery

· Vehicles

· 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 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.45.18
UK Pound	1	Rs.73.04
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.