MIRA INFORM REPORT

Report Date :

21.01.2011

IDENTIFICATION DETAILS

Name :	K A J CHEMICALS PRIVATE LIMITED
Registered Office :	201, Apollo Chambers Premises Co Operative Society Limited, Survey Road 50, CTS 104, Mogra Village, Andheri (East), Mumbai-400 069, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.02.2003
Com. Reg. No.:	11-139286
CIN No.: [Company Identification No.]	U2429MH2003PTC139286
TAN No.: [Tax Deduction & Collection Account No.]	MUMK16912A
PAN No.: [Permanent Account No.]	AACCK0522A
Legal Form :	Private limited liability company
Line of Business :	Trader of Chemicals

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 32000
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 :	Ms. Preeti
Designation :	Accounts Departments
Date :	19.01.2011

LOCATIONS

Registered Office :	201, Apollo Chambers Premises Co Operative Society Limited, Survey Road 50, CTS 104, Mogra Village, Andheri (East), Mumbai-400 069, Mahgarashtra, India
Tel. No.:	91-22-66999114/115
Fax No.:	91-22-66999116
E-Mail :	kajchemicals@yahoo.co.in
Area :	650 sq. ft.
Location :	Owned

DIRECTORS

As on 29.09.2009

Name :	Mr. Jitendra Bhaskar Rana
Designation :	Director
Address :	501, Ashoka Apartment, Old Nagardas Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Date of Birth/Age :	56 Years
Qualification :	Graduates
Date of Appointment :	21.02.2003
Name :	Mrs. Swati Jitendra Rana
Designation :	Director
Address :	501, Ashoka Apartment, Old Nagardas Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Date of Birth/Age :	43 Years
Qualification :	Graduates
Date of Appointment :	01.11.2005

KEY EXECUTIVES

Name :	Ms. Preeti
Designation :	Accounts Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2009

Names of Shareholders	No. of Shares
Jitendra B. Rana	106887
Swati J. Rana	143810
Ashok P. Bhayani	10
Bahubali C. Gadia	10
Bharti H. Shethiya	10
Bhavinbhai	10
Bhupendra B. Shah	10
Heena R. Mehta	10
J. B. Rana (Huf)	10
Jitendra K. Mehta	10
Jitendra K. Mehta (Huf)	10
K. F. Lobo	10
K. G. Mehta (Huf)	10
Mahesh A. Shah (Huf)	10
Mahesh A. Shah	10
Mayur N. Gandhi	10
Priti P. Kadam	10
Rajendra K. Mehta	10
Ramchandra Tiwari	10
Ranjanben B. Rana	10
Rohit K. Mehta	10
Virendra D. Shah	10
Arvind Desai	10
Darshan Shah	10
Harish N. Gandhi	10
Kantilal G. Mehta	10
Madhu N. Kamdar	10
Narendra Kamdar (Huf)	10
Shubh Finance, India	10
Ansha Eng (Aliraza Ansari)	10
Kantinhai Limbachia	10
Lotus Mark (Chetan Mehta), India	10
Sharada K. Limbachia	10
Total	251007

As on 29.09.2009

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Chemicals
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

6 (Approximately)

Bankers :

Standard Chartered Bank, SME Credit, 23-25, M G Road, Fort,, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
HDFC Bank (M. Car) Loan	0.000	0.119
HDFC Bank (Swift) Loan	0.241	0.368
HDFC Bank (Maruti Ritz) Loan	0.429	0.000
ICICI Bank -58	1.213	1.211
Standard Chartered Bank	0.000	2.522
Total	1.883	4.220

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Unsecured loans from banks	7.368	6.734
Unsecured loans from Directors and Shareholders	12.683	9.108
Total	20.051	15.842

Banking Relations :
Auditors :
Name :	N R Panchal and Company Chartered Accountants
Address :	509-C, Amrat Irani Wadi, Jaywant Sawant Road, Dahisar (West), Mumbai-400 008, Maharashtra, India

CAPITAL STRUCTURE

As on 29.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- Each	Rs.3.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
251007	Equity Shares	Rs.10/- Each	Rs.2.510 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		2.510	2.510	2.510
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.594	4.812	3.193
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.104	7.322	5.703
LOAN FUNDS
1] Secured Loans		1.883	4.220	0.266
2] Unsecured Loans		20.051	15.842	11.551
TOTAL BORROWING		21.934	20.062	11.817
DEFERRED TAX LIABILITIES		0.445	0.000	0.000
TOTAL		30.483	27.384	17.520
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.586	4.236	3.902
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	2.996	1.364
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.051	34.314	15.689
	Sundry Debtors	28.484	27.361	21.576
	Cash & Bank Balances	1.704	1.757	0.797
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.960	0.906	0.535
Total Current Assets		52.199	64.338	38.597
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.905	44.186	23.523
	Other Current Liabilities	0.000	0.000	2.820
	Provisions	0.400	0.000	0.000
Total Current Liabilities		25.305	44.186	26.343
Net Current Assets		26.894	20.152	12.254
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		30.483	27.384	17.520

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		TOTAL (A)	106.812	NA
Less	EXPENSES
		TOTAL (B)	102.035	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.777	4.286
Less	FINANCIAL EXPENSES (D)		2.545	1.853
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.232	2.433
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.169	0.198
	PROFIT BEFORE TAX (E-F) (G)		2.063	2.235
Less	TAX (H)		1.281	0.617
	PROFIT AFTER TAX (G-H) (I)		0.782	1.618
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.812	3.193
	BALANCE CARRIED TO THE B/S		5.594	4.812
	Earnings Per Share (Rs.)		0.31	-

Expected Sales (2010-2011) : Rs.120.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.73	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.70	3.26	NA
Return on Investment (ROI) (PBT/Networth)		0.25	0.31	NA
Debt Equity Ratio (Total Liability/Networth)		5.83	8.77	6.69
Current Ratio (Current Asset/Current Liability)		2.06	1.46	1.47

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)
Sundry Creditors for Goods	23.912	40.371	23.523
Sundry Creditors for expenses and other liabilities	0.993	3.814
Total	24.905	44.185	23.523

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U24291MH2003PTC139286
Name of the company	K A J CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201, Apollo Chambers Premises Co Operative Society Limited, Survey Road 50, CTS 104, Mogra Village, Andheri (East), Mumbai-400 069, Mahgarashtra, India
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25, M G Road, Fort,, Mumbai - 400001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry
Date of instrument Creating the charge	26.04.2008
Amount secured by the charge	Rs.17.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Credit Facility. Interest / Commission - As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first charge on the security given by the Company.
Short particulars of the property charged	Mortgage on 201, Apollo Chambers, Mogra Village, Old Nagardas Road, Andheri East, Mumbai.

Trade Reference:

· Popular Plastics

Fixed Assets:

· Air Conditioner

· Computer

· Office Premises

· Factory Premises

· Motor Car Chevrolate

· Plant and Machinery

· Refrigerator

· HP LaserJet

· Printer

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.45.58
UK Pound	1	Rs.72.73
Euro	1	Rs.61.45

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.