MIRA INFORM REPORT

Report Date :

18.06.2011

IDENTIFICATION DETAILS

Name :	SARA CHEM (INDIA) PRIVATE LIMITED
Registered Office :	A-682, T.T.C., MIDC, Industrial Area, Pawane, Navi Mumbai – 400701, Maharasahtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.10.1997
Com. Reg. No.:	11 - 111105
Capital Investment / Paid-up Capital :	Rs. 4.822 Millions
CIN No.: [Company Identification No.]	U24230MH1997PTC111105
TAN No.: [Tax Deduction & Collection Account No.]	MUMS30213B
PAN No.: [Permanent Account No.]	AAECS6201L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Aerosol Solution.
No. of Employees :	20 (Approximately)

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 135000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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. Akshay Jain
Designation :	Manager
Date :	16.06.2011

LOCATIONS

Registered Office/ Factory :	A-682, T.T.C., MIDC, Industrial Area, Pawane, Navi Mumbai – 400701, Maharasahtra, India
Tel. No.:	91-22-41022424
Mobile No.:	91-9820071255 (Mr. Akshay Jain)
Fax No.:	91-22-27780256
E-Mail :	akshayaj@hotmail.com rkjainr@hotmail.com sanjayamritlalca@rediffmail.com
Website :	www.sarachem.com
Area :	7000 Sq. ft
Location :	Owned

DIRECTORS

As on 29.09.2010

Name :	Mr. Rakesh Kumar Jain
Designation :	Managing Director
Address :	Plot No. 24, Sara House, Sector – 8A, CBD, avi Mumbai – 400614, Maharasahtra, India
Date of Birth/Age :	15.07.1955
Date of Appointment :	08.10.1997
DIN No.:	00706682
Name :	Mrs. Archana Jain
Designation :	Director
Address :	Plot No. 24, Sara House, Sector – 8A, CBD, avi Mumbai – 400614, Maharasahtra, India
Date of Birth/Age :	22.08.1958
Date of Appointment :	06.10.1997
DIN No.:	00708133
Name :	Mr. Chandrasain Jain
Designation :	Director
Address :	Plot No. 24, Sara House, Sector – 8A, CBD, avi Mumbai – 400614, Maharasahtra, India
Date of Birth/Age :	03.09.1933
Date of Appointment :	06.10.1997
DIN No.:	00699720
Name :	Mrs. Rajkumari Chotelal Jain
Designation :	Director
Address :	Plot No. 24, Sara House, Sector – 8A, CBD, avi Mumbai – 400614, Maharasahtra, India
Date of Birth/Age :	10.01.1937
Date of Appointment :	06.10.1997
DIN No.:	00699778

KEY EXECUTIVES

Name :	Mr. Akshay Jain
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Rajkumari Jain	180000
Arachana Jain	180000
Rakesh Kumar Jain	110000

As on 29.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Aerosol Solution.
Products :	Aerosol Tin Cans Aerosol Valves and Pumps Aerosol Plastic Caps Metered Refills Aerosol Contract Filling Mould Release Sprays Anti Rust Sprays Silicon spray – Sarasil Heater Cleaning spray – Sarafix Aerosol Filling Machines and Plants Aerosol consultation Chemicals – such as Titanium Dioxide, Pine Oil etc.
Exports :
Products :	Aerosol Solution
Countries :	Thailand Bangladesh
Imports :
Products :	Aerosol Solution in Can
Countries :	China
Terms :
Selling :	Cash and Credit (30 Days/ 60 Days)
Purchasing :	L/C

GENERAL INFORMATION

Customers :	Manufacturer
No. of Employees :	20 (Approximately)
Bankers :	Punjab National Bank, Vashi Branch
Facilities :	(Approximately Rs. 20.000 Millions) including all Facility`

Banking Relations :	--
Auditors :
Name :	Sanjay Amritlal and Company Chartered Accountant
Address :	321, B Wing, Vardhman Chambers, Sector – 17, Vashi, Navi Mumbai – 400703, Maharasahtra, India
PAN.:	AABPJ5188P

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
482200	Equity Shares	Rs.10/- each	Rs. 4.822 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		4.822	4.822	4.822
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.877	23.777	20.056
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.699	28.599	24.878
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING
DEFERRED TAX LIABILITIES		0.000	0.025	0.050
TOTAL		33.699	28.624	24.928
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.087	11.045	11.351
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.882	0.882	1.882
DEFERREX TAX ASSETS		0.014	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.475	2.799	2.158
	Sundry Debtors	6.061	7.946	4.301
	Cash & Bank Balances	7.556	2.665	1.781
	Other Current Assets	7.765	9.195	8.120
	Loans & Advances	8.574	4.717	2.732
Total Current Assets		31.431	27.322	19.092
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.728	5.168	4.060
	Other Current Liabilities	0.070	0.070	0.035
	Provisions	7.917	5.387	3.302
Total Current Liabilities		10.715	10.625	7.397
Net Current Assets		20.716	16.697	11.695
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.699	28.624	24.928

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
SALES
	Income
	Other Income
	TOTAL	40.778	41.862	26.456
NET PROFIT		5.061	3.721	3.635
Earnings Per Share (Rs.)		--	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	60.000

The above information has been parted by Mr. Akshay Jain

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	0.32	0.37	0.30
Current Ratio (Current Asset/Current Liability)	2.93	2.57	2.58

LOCAL AGENCY FURTHER INFORMATION

Change of Address:

Registered office of the company has been shifted from Arenja Complex, D – 42, Sara House, Sector 8, CBD, Navi Mumbai – 400614, Maharashtra, India to the present address w.e.f. 03.05.2011

Trade References:

• Techno Spry – Bangalore
• Reliance Industries Limited

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.44.93
UK Pound	1	Rs.72.43
Euro	1	Rs.63.62

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	NO
--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
-	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.