MIRA INFORM REPORT

Report Date :

09.07.2011

IDENTIFICATION DETAILS

Name :	VIC Industries
Registered Office :	Plot No. 78, Pissurlem Industrial Estate, Pissurlem Sattari, Goa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.12.1999
Capital Investment :	Rs. 7.500 millions (Estimated) [As On 31.03.2010]
IEC No.:	1702000257
TAN No.: [Tax Deduction & Collection Account No.]	BLRV02839E
PAN No.: [Permanent Account No.]	AACFV8626M
Legal Form :	Partnership concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer, Exporter and Importer of Intermediate Chemicals
No. of Employees :	150 (approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 30000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well - established partnership concern having satisfactory track. Trade relations are fair. Payments are reported to be usually correct and as per commitments. Business is active. The concern 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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. Parab
Designation :	Accountant
Contact No.:	91-9822125358
Date :	07.07.2011

LOCATIONS

Registered Office /Factory :	Plot No. 78, Pissurlem Industrial Estate, Pissurlem Sattari, Goa, India
Tel. No.:	91-832-2352001
Mobile No.:	91-9822125358 (Mr. Parab)
Fax No.:	91-832-2352008
E-Mail :	venus@venus_goa.com
Website :	www.venus_goa.com
Location :	Owned

PARTNERS

Name :	Mr. Zubin Gandhi
Designation :	Partner
Address:	D-28, Hermitage, Housing Board Colony, Ganeshpuri, Mapusa-403507, Goal, India
Date of Birth/Age :	30.11.1968
Qualification :	Bachelor of Arts
Name :	Mrs. Anjali Walke
Designation :	Partner
Address:	D-28, Hermitage, Housing Board Colony, Ganeshpuri, Mapusa-403507, Goal, India
Date of Birth/Age :	30.09.1952
Qualification :	Law Graduate

KEY EXECUTIVES

Name :	Mr. Parab
Designation :	Accountant

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Intermediate Chemicals
Products :	Detergent Chemicals
Exports :
Products :	Chemicals
Countries :	Singapore Korea China European Countries
Imports :
Products :	Raw Materials
Countries :	Singapore China Japan
Terms :
Selling :	Credit: 60/90 Days
Purchasing :	L/C, Credit: 60/90 Days

GENERAL INFORMATION

Suppliers :

• Sumitomo Corporation (Singapore)
• Sinochem Jiangsu Corporation
• Sumitomo Corporation Asia Pte. Limited
• Huel Ho International Company Limited
• China Resources (Boxing)

Customers :

· End Users

· OEM’s

· Manufacturer

· Buckman Laboratories (Asia) Pte Limited

· Dystar Thai Limited

· Brainsmart Limited

· Shanghai Freetech Chemical Company Limited

· Sogo Enterprises Company Limited

No. of Employees :

150 (approximately)

Bankers :

• ICICI Bank Limited Backbay Reclamation Branch, ICICI Centre, 163, H.T. Parekh Marg, Churchgage, Mumbai-400020, Maharashtra, India
• Corporation Bank

Facilities :

CC: Rs. 50.000 Millions (ICICI Bank)

Secured Loans	31.03.2009 Rs. In Millions
a) Term loan form ICICI Bank Limited (Secured against Fixed Assets and hypothecation of Stock and Book Debts)	17.208
b) Cash Credit with ICICI Bank Limited (Secured against Fixed Assets and hypothecation of Stock and Book Debts)	25.438
Total	42.646
Unsecured Loans	31.03.2009 Rs. In Millions
From Others	40.488
Total	40.488

Banking Relations :

--

Auditors :

Name :

Y. K. Desai and Company

Chartered Accountants

Address :

106, Prospect Chambers, 317/321, Dr. D N Road, Fort, Mumbai-400001, Maharashtra, India

Tel No.:

91-22-22045015

Fax No.:

91-22-22840569

E mail:

ykdesai@mtnl.net.in

Associates/Subsidiaries :

• Venus Ethoxyethers Private Limited

Address: 109-111, Bicholim Industrial Estate, Bicholim, Goa 403529, India

Tel. No.: 91-832-6613333 / 2362937 / 2363079

Fax No. 91-832-2362257

E-mail: venus@venus-goa.com

Activity: Manufacturer of Chemicals

• Grand Organics Private Limited

Address: Plot No. D-2/26, Bicholim Industrial Estate, Bicholim Goa-403529, India

Activity: Manufacturer of Chemicals

• Esteem Private Limited

Address: Plot No. 76-77, Pissurlem Industrial Estate, Pissurlem Sattari Goa-403530

Line of Business : Manufacturer and Exporter of Chemicals and Detergents

CAPITAL STRUCTURE

PARTNERS CAPITAL AND CURRENT ACCOUNT:

Particulars	31.03.2009 Rs. In Millions
a) Zubin K Gandhi’s Capital A/c	0.106
b) Anjali A Walke’s Capital A/c	0.106
(A)	0.212
c) Zubin K Ganghi’s Current A/c
Opening Balance	9.474
Add: Profit for the year	6.850
Add: Deferred Tax	0.385
Less: Drawings	0.106
Less : Advance Tax	1.250
(B)	15.353
d) Anjali A Walke’s Current A/c
Opening Balance	9.485
Add: Profit For the year	6.850
Add: Deferred Tax	0.384
Less: Drawing	0.130
Less: Advance Tax	1.250
(C)	15.339
Total (A) +(B) + (C)	30.904

Capital Investment :	As on 31.03.2010
Owned :	Rs. 7.500 millions (Estimated)
Borrowed :	---
Total :	Rs. 7.500 millions (Estimated)

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011	31.03.2010
Sales Turnover (approximately)	350.000	260.000

The above information has been parted by Mr. Parab

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		30.904	19.171	14.106
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.904	19.171	14.106
LOAN FUNDS
1] Secured Loans		42.646	54.264	60.614
2] Unsecured Loans		40.488	14.530	10.047
TOTAL BORROWING		83.134	68.794	70.661
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		114.038	87.965	84.767
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.242	61.429	48.667
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.389	1.619	1.091
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.325	49.095	21.027
	Sundry Debtors	62.910	35.452	38.396
	Cash & Bank Balances	5.227	4.926	3.710
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.882	17.115	13.590
Total Current Assets		115.344	106.588	76.723
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	57.665	75.399	37.688
	Provisions	6.272	6.272	4.026
Total Current Liabilities		63.937	81.671	41.714
Net Current Assets		51.407	24.917	35.009
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		114.038	87.965	84.767

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
Sales Turnover		242.184	151.635	143.715
Other Income		2.737	0.667	0.768
Total Income		244.921	152.302	144.483
Profit/(Loss) Before Tax		13.699	6.789	12.420
Provision for Taxation		0.000	1.719	2.929
Profit/(Loss) After Tax		13.699	5.070	9.491
Expenditures :
	Cost of Goods Sold	186.157	102.678	100.380
	Employees Remuneration	11.077	9.475	5.556
	Operating and Establishment Expenses	18.127	16.097	13.334
	Financial and Administrative Expenses	10.134	10.935	6.730
	Depreciation & Amortization	5.727	6.328	6.063
Total Expenditure		231.222	145.513	132.063

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	5.59	3.33	6.57
Net Profit Margin (PBT/Sales)	(%)	5.66	4.48	8.64
Return on Total Assets (PBT/Total Assets}	(%)	7.80	4.04	9.91
Return on Investment (ROI) (PBT/Networth)		0.44	0.35	0.88
Debt Equity Ratio (Total Liability/Networth)		4.76	7.85	7.97
Current Ratio (Current Asset/Current Liability)		1.80	1.31	1.84

LOCAL AGENCY FURTHER INFORMATION

Nil

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.44.32
UK Pound	1	Rs.70.74
Euro	1	Rs.63.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	no
--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		46

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.