MIRA INFORM REPORT

Report Date :

21.07.2011

IDENTIFICATION DETAILS

Name :	NAMASKAR IMPORTS AND EXPORTS PRIVATE LIMITED
Registered Office :	6, Vasant Park, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.02.1994
Com. Reg. No.:	11-076841
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51900MH1994PTC076841
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09432D
Legal Form :	Private Limited Liability Company.
Line of Business :	Exporter of Chemicals, Liquor Ammonia.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 13000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a relatively small 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.

INFORMATION PARTED BY (General Information)

Name :	Mr. Diwakar Kunder
Designation :	Accounts Manager
Date :	20.07.2011

LOCATIONS

Registered Office :	6, Vasant Park, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India
Mobile No.:	91-9820061823 (Mr. Jatin Arora)
E-Mail :	bomammonia@gmail.com aroraj@vsnl.com
Corporate Office :	405, Crystal Paradise, The Mall, D S Road, Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26731460/ 61/ 26731463/ 64
Fax No.:	91-22-26731465
Factory :	Plot No. R-103, TTC Industrial Area, MIDC Rabale, Thane Belapur Road, Navi Mumbai – 400701, Maharashtra, India

DIRECTORS

(AS ON 29.09.2010)

Name :	Mr. Jatin Arora
Designation :	Director
Address :	6, Vasant Park, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	12.12.1972
Date of Appointment :	28.02.1994
Name :	Mr. Janak Yograj Arora
Designation :	Director
Address :	6, Vasant Park, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	01.04.1976
Date of Appointment :	01.07.1994
Name :	Mr. Yograj Ramdas Arora
Designation :	Director
Address :	6, Vasant Park, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	10.10.1936
Date of Appointment :	28.02.1994
Name :	Mr. Swaraj Arora
Designation :	Director
Address :	6, Vasant Park, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	03.08.1942
Date of Appointment :	28.02.1994

KEY EXECUTIVES

Name :	Mr. Diwakar Kunder
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Janak Yograj Arora	250
Jatin Yograj Arora	250
Yograj Ramdas Arora	250
Swaraj Arora	250
Total	1000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter of Chemicals, Liquor Ammonia.
Exports :
Products :	Liquor Ammonia
Countries :	· Dubai · Germany · France
Terms :
Selling :	L/C, Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Bharati Wal – Mart Private Limited

· Bombay Ammonia and Chemicals Company

· GMG Investment (S) Pte Limited

· Desbro Kenya Limited

· Quantum Chemicals Pty Limited

· Rebain International (Espana) SL

· Tawazone Chemical Company Limited

Suppliers :

· Akshar Printers and Stationery

· Nationwide Express Services

· Neft Hyper City Retail (India)

· N S Shetty and Associates

· Twiga Chemicals

· United Industrial Chemicals

· Can Linx Logistics India Private Limited

· Caravel Shipping Services Private Limited

· Earth Express Cargo Private Limited

· Forall Clearing Services

· Kiara Flurochem Private Limited

· Speedy Multimodes Limited

· Taipan Shipping Logistics Private Limited

No. of Employees :

5 (Approximately)

Bankers :

· Vijaya Bank

Overseas Branch – II, Santacruz (West), Louisiana Apartment West Avenue Road, Mumbai – 400057, Maharashtra, India

· Bank of India

· State Bank of India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Balance with Vijaya Bank	0.000	0.082
Car Loan – ABN Amro Bank	--	--
Vijaya Bank Juhu – 507600301000121 (Secured against hypothecation of Vehicles)	0.007	--
Total	0.007	0.082

Banking Relations :	--
Auditors :
Name :	N. J. Karia and Company Chartered Accountant
Address :	207 Avon Arcade, D. J. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Telefax No.:	91-22-26100058
Email :	njkaria@rediffmail.com
Associates/Subsidiaries :	· Bombay Ammonia and Chemicals Company 6, Vasant Park, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India Activities: Manufacturer of Chemicals.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Share	Rs.100/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Share	Rs.100/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.175	2.706	2.362
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.275	2.806	2.462
LOAN FUNDS
1] Secured Loans		0.007	0.082	0.019
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.007	0.082	0.019
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3.282	2.888	2.481
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.901	0.798	0.362
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.129	0.221	0.266
	Sundry Debtors	2.688	2.287	1.487
	Cash & Bank Balances	0.533	0.173	0.356
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.966	2.869	2.618
Total Current Assets		5.316	5.550	4.727
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.358	0.931	1.206
	Other Current Liabilities	1.930	2.132	0.969
	Provisions	0.647	0.397	0.433
Total Current Liabilities		2.935	3.460	2.608
Net Current Assets		2.381	2.090	2.119
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3.282	2.888	2.481

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sale of Ammonia	32.477	34.921	25.511
		Other Income	0.009	0.367	0.819
		Prior Period Adjustment	0.003	0.000	0.000
		TOTAL (A)	32.489	35.288	26.330
Less	EXPENSES
		Increase/(Decrease) in Stock	0.092	0.046	0.000
		Purchases of Ammonia	22.879	25.742	20.338
		Administrative and Other Expenses	8.118	8.076	5.518
		TOTAL (B)	31.089	33.864	25.856
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.400	1.424	0.474
Less	FINANCIAL EXPENSES (D)		0.576	0.643	0.355
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.824	0.781	0.119
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.105	0.116	0.104
	PROFIT BEFORE TAX (E-F) (G)		0.719	0.665	0.015
Less	TAX (H)		0.250	0.280	0.064
	PROFIT AFTER TAX (G-H) (I)		0.469	0.385	(0.049)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.706	2.362	2.411
Less	Short Provision for Taxation		0.000	0.041	0.000
	BALANCE CARRIED TO THE B/S		3.175	2.706	2.362
	Earnings Per Share (Rs.)		469.21	385.12	(49.11)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.44	1.09	(0.19)
Net Profit Margin (PBT/Sales)	(%)	2.21	1.90	0.06
Return on Total Assets (PBT/Total Assets}	(%)	11.57	10.48	0.29
Return on Investment (ROI) (PBT/Networth)		0.22	0.24	0.01
Debt Equity Ratio (Total Liability/Networth)		0.90	1.26	1.07
Current Ratio (Current Asset/Current Liability)		1.81	1.60	1.81

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Akshar Printers and Stationery	0.009	0.005	0.010
Akbarallys	0.002	0.000	0.000
Bombay Ammonia Chemical Company	0.003	0.746	0.840
Goodrich Maritime Private Limited	0.000	0.000	0.057
Greenfield Bio Plantation	0.141	0.141	0.000
Nationwide Express Service	0.033	0.034	0.040
Neft Hypercity Retail (India)	0.036	0.005	0.000
Muneer Furniture	0.119	0.000	0.000
N S Shetty and Associates	0.015	0.000	0.000
In and Out	0.000	0.000	0.000
Trendy Taste	0.000	0.000	0.000
Industrial Clothing Limited	0.000	0.000	0.259
Total	0.358	0.931	1.206

Note:

The Registered office of the company has been shifted from 6, Vasant Park, Janaki Kutit, Juhu, Mumbai – 400049, Maharashtra, India, to the present address w.e.f. 05.04.2011.

WORKING RESULTS:

The company has earned net profit of Rs.0.469 Million after providing Rs.0.106 Million for depreciation and Rs.0.250 Million for Provision for taxation.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U51900MH1994PTC076841
Name of the company	NAMASKAR IMPORTS AND EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Juhu, Mumbai – 400049, Maharashtra, India
Type of charge	Immovable Property Movable Property (Not being pledge) Others: Stocks of Ammonia Solutions and Merchandise
Particular of charge holder	Vijaya Bank Overseas Branch-II, Santacruz (W), Louisiana Appt. West Avenue Road, Mumbai – 400057, Maharashtra, India sancheti.associates@gmail.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement Packing Credit Agreement Letter of Hypothecation Hypothecation of Goods Memorandum of Entry for creation of EMTD by way of constructive delivery
Date of instrument Creating the charge	23.12.2008
Amount secured by the charge	Rs.4.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Packing Credit Upto 180 days - BPLR-2.50% min of 10.75%. Beyond 180 days - BPLR-0.25%, min of 13%. Export Cr. not otherwise specified-BPLR+2% with a min of 15.25% Post-shipment Credit: Demand bills: For Transit Period - BPLR-3.50%, min of 10.75%. Beyond transit period-BPLR+2%, min of 15.25% Usance Bills:For first 90 days -PLR-2.50%, min. of 10.75%. Beyond 90 days - PLR-1%, min of 12.25%. Beyond 6 months PLR-2%, min. of 15.25%, subject to Bank's stipulation from time to time. Terms of Repayment Facility for a period of 1 year subject to review and subject to stipulation by the Bank from time to time. Margin 25% on Stock. Subject to stipulation by the Bank from time to time Extent and Operation of the charge First Charge Others Additional Penal interest @ 2% in case of default. Subject to stipulation by the Bank from time to time
Short particulars of the property charged	The Borrower Co. has secured the entire Cr. Limit of Rs.4.000 Millions [PCL-2.000 Millions, PSC-2.000 Millions] by hypothecating fully insured Ammonia solutions and other merchandise meant for export covered under WTPCG of ECGCI, Export documentary bills. Book Debts and Continuing security of EMTD of factory building and landed property situated at R-103, MIDC TTC Industrial Area, Rabale, Thane, Belapur Road – 400701, Maharashtra.

FIXED ASSETS:

· Motor Car

· Computer

· Fax Machine

· Air conditioner

· Mobile

· Furniture and Fixtures

· Office Granite

· Sony LCD

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.44.46
UK Pound	1	Rs.71.67
Euro	1	Rs.62.94

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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		44

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.