MIRA INFORM REPORT

Report Date :

12.01.2011

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) :	31.03.2010
Date of Incorporation :	26.12.2001
Com. Reg. No.:	24-3056
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 of various types of Chemicals used in Textile Industry, Leather Industry, Cosmetic Industry etc.

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 685000
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 – 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 PARTED BY

Name :	Mr. Uttam Parab
Designation :	Accounts Head
Contact No.:	91-9822125358
Date :	12.01.2011

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 Parab)
Fax No.:	91-832-2362257
E-Mail :	venus@venus-goa.com
Website :	http://www.venus-goa.com
Area :	7500 Sq. mt.
Location :	Owned
Factory 2 :	Bicholim Industrial Estate, Bicholim, Goa, India
Tel. No.:	91-832-6613228

Area :	7500 Sq. ft
Location :	Owned
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
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

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 breakup (percentage of total equity)

(As on 30.09.2009)

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of various types of Chemicals used in Textile Industry, Leather Industry, Cosmetic Industry etc.
Products :	Ethoxylation of various Hydrofabs
Exports :
Products :	Intermediate Chemicals
Countries :	USA Singapore Australia
Imports :
Products :	Raw Materials
Countries :	China Singapore Malaysia Japan
Terms :
Selling :	Cash, Credit and L/C
Purchasing :	Cash, Credit and L/C

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

Customers :

End Users

No. of Employees :

175 Approximately

Bankers :

• ICICI Bank Limited, Nariman Point Branch, Mumbai, Maharashtra, India
• State Bank of India, Backbay Reclamation Branch, Mumbai – 400 021, Maharashtra, India
• Corporation Bank
• The Saraswat Co-Operative Bank Limited, Tristar Building, 2^nd Floor, EDC Complex, Patto Plaza, Panjim – 403 001, Goa, India

Facilities :

Secured Loans :	As on 31.03.2010 (Rs. In millions)	As on 31.03.2009 Rs. in Millions
Term Loan from ICICI Bank (Secured against fixed assets and hypothecation of stock and book debts of the company)	NA	8.764
ICICI Loan – WCDL (Secured against fixed assets and hypothecation of stock and book debts of the company)	NA	0.000
Cash Credit with ICICI Bank Limited (Secured against fixed assets and hypothecation of stock and book debts of the company)	NA	188.743
Total	NA	197.507

Unsecured Loans :	As on 31.03.2010 Rs. In millions	As on 31.03.2009 Rs. in Millions
From Directors	NA	1.568
From Banks/ Financial Institutions	NA	30.757
Total	NA	32.325

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 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		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		25.000	25.000	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		146.299	129.158	112.673
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		171.299	154.158	137.673
LOAN FUNDS
1] Secured Loans		224.801	197.507	159.117
2] Unsecured Loans		27.930	32.325	24.250
TOTAL BORROWING		252.731	229.832	183.367
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		424.030	383.990	321.040
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.809	57.879	53.718
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.000	0.000
DEFERREX TAX ASSETS		1.124	8.383	6.245
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.112	66.117	103.396
	Sundry Debtors	243.540	228.931	167.779
	Cash & Bank Balances	50.491	32.712	16.790
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	111.475	116.793	43.958
Total Current Assets		461.618	444.553	331.923
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	97.145	100.355	54.497
	Other Liabilities		1.068	0.000
	Provisions	31.401	25.402	16.349
Total Current Liabilities		128.546	126.825	70.846
Net Current Assets		333.072	317.728	261.077
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		424.030	383.990	321.040

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	878.068	966.981	546.974
		Other Income	5.595	13.596	12.258
		TOTAL (A)	883.663	980.577	559.232
Less	EXPENSES
		Cost of Goods Sold	701.755	820.522	449.102
		Employees Remuneration	21.358	20.414	16.376
		Operating and Establishment Expenses	70.286	67.801	39.730
		Selling and Administrative Expenses	8.473	0.000	0.000
		TOTAL (B)	801.872	908.737	505.208
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		81.791	71.840	54.024
Less	FINANCIAL EXPENSES (D)		42.274	41.891	24.615
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.517	29.949	29.409
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.118	6.549	6.355
	PROFIT BEFORE TAX (E-F) (G)		30.399	23.400	23.054
Less	TAX (H)		13.258	6.915	1.463
	PROFIT AFTER TAX (G-H) (I)		17.141	16.485	21.591
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		129.158	112.673	91.082
	BALANCE CARRIED TO THE B/S		146.299	129.158	112.673
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	478.539	NA
	TOTAL EARNINGS		NA	478.539	NA
	Earnings Per Share (Rs.)		68.57	65.94	86.36

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.93	1.68	3.86
Net Profit Margin (PBT/Sales)	(%)	3.46	2.42	4.21
Return on Total Assets (PBT/Total Assets}	(%)	5.51	4.66	5.98
Return on Investment (ROI) (PBT/Networth)		0.17	0.15	0.17
Debt Equity Ratio (Total Liability/Networth)		2.22	2.31	0.51
Current Ratio (Current Asset/Current Liability)		3.59	3.51	4.69

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. In millions)	31.03.2009 (Rs. In millions)	31.03.2008 (Rs. In millions)
Creditors for goods	NA	79.989	36.841
Creditors for expenses	NA	20.366	17.254
Creditors for others	NA	0.000	0.402

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 – 403802, 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

TRADE REFERENCES

• Clarain India Limited

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
• Motor Car

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.45.32
UK Pound	1	Rs.70.54
Euro	1	Rs.58.70

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

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.