MIRA INFORM REPORT

Report Date :

22.07.2011

IDENTIFICATION DETAILS

Name :	ANKIT RAJ ORGANO CHEMICALS LIMITED (w.e.f. 22.08.2008)
Formerly Known As :	ORGANO CHEMICALS PRIVATE LIMITED
Registered Office :	201, Trimurti Arcade, Near Sarvodaya Hospital, L B S Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.11.1989
Com. Reg. No.:	11-54298
Capital Investment / Paid-up Capital :	Rs.4.304 Millions
CIN No.: [Company Identification No.]	U24116MH1989PLC054298
TAN No.: [Tax Deduction & Collection Account No.]	MUMA09429A
PAN No.: [Permanent Account No.]	AACCA2701M
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturers and Exporter of Organic Chemicals, Solvents and Derivatives.
No. of Employees :	Not Available

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 360000
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

LOCATIONS

Registered Office :	101/201, Trimurti Arcade, Near Sarvodaya Hospital, L B S Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25115113/ 25167004/ 05/ 25166892/ 25119761
Fax No.:	91-22-25148486/ 25120124
E-Mail :	ankitraj@mtnl.net.in info@ankitraj.com ravikumar@ankitraj.com marketing@ankitraj.com mmc@bom2.vsnl.net.in
Website :	http://www.ankitraj.com

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Vijay Vasantrai Mithani
Designation :	Director
Address :	201, Trimurti Arcade, L B S Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Date of Birth/Age :	15.06.1958
Date of Appointment :	17.11.1989
Name :	Mr. Upendra V. Mithani
Designation :	Director
Name :	Mrs. Heena Vijay Mithani
Designation :	Director
Address :	201, Trimurti Arcade, L B S Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Date of Birth/Age :	24.11.1962
Date of Appointment :	10.04.2000
Name :	Mrs. Muktaben Vasantrai Mithani
Designation :	Director
Address :	201, Trimurti Arcade, L B S Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Date of Birth/Age :	01.07.1938
Date of Appointment :	01.04.1993
Name :	Mrs. Smita Upendra Mithani
Designation :	Director
Address :	201, Trimurti Arcade, L B S Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Date of Birth/Age :	12.03.1964
Date of Appointment :	17.11.1989

KEY EXECUTIVES

Name :	Mr. B. Ravi Kumar
Designation :	General Manager – Exports
Name :	Mr. Samir P. Parekh
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Muktaben Vasantrai Mithani	86070
Vijay Vasantrai Mithani	68590
Heena Vijay Mithani	103550
Upendra Vasantrai Mithani	68590
Smita Upendra Mithani	103550
Total	430350

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporter of Organic Chemicals, Solvents and Derivatives.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India

Nana Chowk Branch,, Bacha Mansion, Javji Dadji Road, Nana Chowk, Mumbai – 400007, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Bank of India Cash Credit Account (Secured against hypothecation of Book Debts)	56.908	88.269
Bank of India OD A/c (secured against hypothecation of Fixed Deposit)	1.790	0.000
Reliance Capital Limited A/c (Secured against Hypothecation of car)	1.322	2.145
Total	60.020	90.414
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Shareholders/ Directors	27.921	38.040
Total	27.921	38.040

Banking Relations :	--
Auditors :
Name :	R. M. Shah and Associates Chartered Accountant
Address :	426/427, Bhaveshwar Arcade, L B S Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Tel No.:	91-22-25008505/ 67977730/ 40111211 (R) 21023110
Fax No.:	91-22-25007873
Email :	rajendra63@gmail.com

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
430350	Equity Share	Rs.10/- each	Rs.4.304 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		4.304	4.304	4.304
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		84.471	80.797	74.280
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.775	85.101	78.584
LOAN FUNDS
1] Secured Loans		60.020	90.414	61.102
2] Unsecured Loans		27.921	38.040	64.878
TOTAL BORROWING		87.941	128.454	125.980
DEFERRED TAX LIABILITIES		0.780	0.780	0.780
TOTAL		177.496	214.335	205.344
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.221	3.917	1.029
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		22.500	0.000	0.000
DEFERREX TAX ASSETS		0.942	0.834	0.016
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.534	4.446	5.630
	Sundry Debtors	144.880	152.297	151.833
	Cash & Bank Balances	38.261	68.773	45.254
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.161	17.597	27.300
Total Current Assets		197.836	243.113	230.017
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor and Other Current Liabilities	41.943	25.769	17.568
	Provisions	5.060	7.760	8.150
Total Current Liabilities		47.003	33.529	25.718
Net Current Assets		150.833	209.584	204.299
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		177.496	214.335	205.344

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	701.538	1001.676	930.426
		Other Income	5.044	32.861	39.568
		TOTAL (A)	706.582	1034.537	969.994
Less	EXPENSES
		Increase/ (Decrease) in Stock	(3.088)	1.184	(3.332)
		Purchases of Trading Goods	674.220	956.321	896.788
		Administrative and Other Expenses	11.302	18.267	17.745
		Selling and Distribution Expenses	13.127	45.238	47.894
		TOTAL (B)	695.561	1021.010	959.095
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.021	13.527	10.899
Less	FINANCIAL EXPENSES (D)		4.307	3.867	9.178
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.714	9.660	1.721
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.996	0.672	0.253
	PROFIT BEFORE TAX (E-F) (G)		5.718	8.988	1.468
Less	TAX (H)		2.044	2.471	1.584
	PROFIT AFTER TAX (G-H) (I)		3.674	6.517	(0.116)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.227	32.710	32.826
	BALANCE CARRIED TO THE B/S		42.901	39.227	32.710
	Earnings Per Share (Rs.)		8.54	15.14	(0.27)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.52	0.63	(0.01)
Net Profit Margin (PBT/Sales)	(%)	0.82	0.90	0.16
Return on Total Assets (PBT/Total Assets}	(%)	2.84	3.64	0.64
Return on Investment (ROI) (PBT/Networth)		0.06	0.11	0.02
Debt Equity Ratio (Total Liability/Networth)		1.52	1.90	1.93
Current Ratio (Current Asset/Current Liability)		4.21	7.25	8.94

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from, 2 Madhav Kunj, M G Road, Behind Old Post Office, Ghatkopar (West), Mumbai – 400077, Maharashtra, India, to the present address w.e.f. 21.04.2007

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90212008
Corporate identity number of the company	U24116MH1989PTC054298
Name of the company	Ankit Raj Organo Chemicals Private Limited
Address of the registered office or of the principal place of business in India of the company	201, Trimurti Arcade, Near Sarvodaya Hospital, L. B. S. Marg, Ghatkopar West, Mumbai – 400086, Maharashtra, India
Type of charge	Book Debts
Particular of charge holder	Bank of India Nana Chowk Branch, Bacha Mansion, Javji Dadji Road, Nana Chowk, Mumbai – 400007, Maharashtra, India boinanachbr@mtnl.net.in
Nature of description of the instrument creating or modifying the charge	Agreement dated 29/11/2007
Date of instrument Creating the charge	29.11.2007
Amount secured by the charge	Rs.75.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Bank Rate Terms of Repayment As may be notified by the bank On Demand Margin As per Bank Rate Extent and Operation of the charge As per terms agreement executed between borrower and the charge holders.
Short particulars of the property charged	Hypothecation of all the book debts outstanding, moneys receivable, clams and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person company or by the government or any local or public body or authority.
Particulars of the present modification	By the Present Modification the Charge is enhanced from Rs.44.000 Millions to Rs.75.000 Millions

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.44.43
UK Pound	1	Rs.71.89
Euro	1	Rs.63.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--AFFILIATION	YES/NO	NO
--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.