MIRA INFORM REPORT

Report Date :

29.06.2011

IDENTIFICATION DETAILS

Name :	MALDEEP CATALYSTS PRIVATE LIMITED
Registered Office :	Hari Kunj, SVP Road No.3, Udhna Udyognagar, Surat – 394 210, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.04.1990
Com. Reg. No.:	04-13582
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U24119GJ1990PTC013582
TAN No.: [Tax Deduction & Collection Account No.]	SRTM00403E
PAN No.: [Permanent Account No.]	AABCM6306M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals, Prepaid Dryers, Drying Catalyst, PVC Stabilizer
No. of Employees :	56 Approximately (In Office 28 and In Factory 28), 25 Contract Workers

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 180000
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.

INFORMATION PARTED BY

Name :	Mr. Devang Naik
Designation :	Chief Accountant
Contact No.:	91-9825373338
Date :	27.06.2011

LOCATIONS

Registered Office :	Hari Kunj, SVP Road No.3, Udhna Udyognagar, Surat – 394 210, Gujarat, India
Tel. No.:	91-261-2278333 / 2270297
Mobile No.:	91-9825373338 (Mr. Devang Naik)
Fax No.:	91-261-2278441
E-Mail :	info@maldeepindia.com maldeepindia@dataone.in mcafiling@yahoo.co.in
Website :	http://www.maldeepindia.com/
Area :	650 Sq. M.
Location :	Owned
Factory 1 :	610/1,2 GIDC Panoli Industrial Estate, Ankleshwar – 394116, Gujarat, India
Factory 2 :	Plot No. 2101, 2102, 2103 GIDC, Panoli Industrial Estate, Ankleshwar – 394116, Gujarat, India
Tel. No.:	91-2646-272325 / 6
Area :	7000 Sq. M
Location :	Leased

DIRECTORS

As on 14.08.2010

Name :	Mrs. Krishnaben Pravinbhai Patel
Designation :	Managing Director
Address :	S – 77, Someshwar Enclave, Udhna Magdalla Road, Surat – 395007, Gujarat, India
Date of Birth/Age :	20.11.1952
Date of Appointment :	01.04.1999
Name :	Mr. Kirtibhai Shantilal Desai
Designation :	Whole Time Director
Address :	5 – C, Dr Mansukhlal Tower, Chowpati, Surat – 395001, Gujarat, India
Date of Birth/Age :	05.11.1948
Date of Appointment :	01.04.2008
DIN No. :	00471572
Name :	Mr. Mayankkumar Ambalal Patel
Designation :	Whole Time Director
Address :	C/O Al Shola Transport Company, LLC Al Quoze Industrial Area, Al Quoze Industrial Area, 4 P O Box 7350, Dubai
Date of Birth/Age :	30.10.1956
Date of Appointment :	01.04.2008
DIN No. :	00418530
Name :	Mr. Pravinbhai Narsinghbhai Patel
Designation :	Whole Time Director
Address :	S – 77, Someshwar Enclave, Udhna Magdalla Road, Surat – 395001, Gujarat, India
Date of Birth/Age :	18.11.1946
Date of Appointment :	01.04.2008
DIN No. :	00471462
Name :	Mr. Suryakant Ambalal Patel
Designation :	Director
Address :	13, Haribhakti Colony, Race Course Road, Baroda, Gujarat, India
Date of Birth/Age :	16.05.1937
Date of Appointment :	31.03.1998
Name :	Mr. Pallav Suryakantbhai Patel
Designation :	Whole Time Director
Address :	C/O Al Shola Transport Company, LLC Al Quoze Industrial Area, Al Quoze Industrial Area, 4 P O Box 7350, Dubai
Date of Birth/Age :	03.03.1980
Date of Appointment :	01.04.2008
DIN No. :	00418656

KEY EXECUTIVES

Name :	Mr. Devang Naik
Designation :	Chief Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.08.2010

Names of Shareholders	No. of Shares
Pravinbhai Narsinghbhai Patel	7500
Kirtibhai Shantilal Desai	8000
Suryakant Ambalal Patel	23750
Pallav S. Patel	15000
Mayankbhai Patel	10000
Jyotsnaben Patel	11250
Krishnaben P. Patel	5000
Malhar Patel	7500
Sarlaben Desai	7000
Deep Desai	5000
Total	100000

As on 14.08.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals, Prepaid Dryers, Drying Catalyst, PVC Stabilizer
Products :	· Paint Driers · Cobalt Octoate · Lead Octoate · Manganese Octoate · Zirconium Octoate · Zinc Octoate · Calcium Octoate · Cerium Octoate · Barrium Octoate · Metal Carboxylate Stabilzers · Copper Naphthanate
Brand Names :	MPCL
Exports :
Products :	Drying Catalyst
Countries :	· Kenya · Sri Lanka · Bangladesh
Imports :
Products :	Raw Material
Countries :	· China · Japan · Sweden
Terms :
Selling :	L/C
Purchasing :	L/C – DA

GENERAL INFORMATION

Customers :

· OEM’s

· Asian Paints

· Berger

· Kansai Nerolac Paints Limited

· Bombay Paints Limited

No. of Employees :

56 Approximately (In Office 28 and In Factory 28), 25 Contract Workers

Bankers :

The Royal Bank of Scotland N.V.

7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Working Capital Facilities From: Royal Bank of Scotland (Formerly known as ABN Amro Bank N. V.)	64.931	17.361
Hire Purchases Facilities From ICICI Bank Limited	0.000	0.072
Bank of Baroda	0.553	0.715
Axis Bank (Innova Car)	0.845	0.000
ICICI Bank Limited (Swift Car)	0.381	0.000
HDFC Bank Limited (Spark Car)	0.178	0.000
Total	66.888	18.148

Banking Relations :	--
Auditors :
Name :	DSI and Company Chartered Accountant
Address :	MF/14-26, Nariman point, Shopping Centre, Near Raghuvir Bunglows, City Light Road, Surat-395 007, Gujarat, India
Tel. No.:	91-261-3992929 / 3994747
Fax No.:	91-261-3053838
E-Mail :	dsi@dsla.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

(55500 Equity Shares have been allotted as fully paid-up bonus shares by capitalization of the Reserves of the company.)

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		10.000	8.325	8.325
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		36.098	24.995	16.561
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.098	33.320	24.886
LOAN FUNDS
1] Secured Loans		66.888	18.148	40.472
2] Unsecured Loans		0.000	0.000	0.732
TOTAL BORROWING		66.888	18.148	41.204
DEFERRED TAX LIABILITIES		2.786	2.072	1.777
TOTAL		115.772	53.540	67.867
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.265	17.888	13.253
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.375	1.375	1.375
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.811	13.785	16.709
	Sundry Debtors	57.373	31.200	52.826
	Cash & Bank Balances	10.056	1.734	3.638
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.121	10.538	8.193
Total Current Assets		118.361	57.257	81.366
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.437	17.905	28.127
	Other Current Liabilities	0.548	0.543
	Provisions	4.244	4.532
Total Current Liabilities		29.229	22.980	28.127
Net Current Assets		89.132	34.277	53.239
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		115.772	53.540	67.867

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	224.670	219.315	171.862
		Other Income	0.255	0.058	0.157
		TOTAL	224.925	219.373	172.019
Less	EXPENSES
		Office Expenses	209.089	205.035	155.735
		Administrative Expenses
		Advertising Expenses
		TOTAL	209.089	205.035	155.735
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		15.836	14.338	16.284
Less/ Add	DEPRECIATION/ AMORTISATION		1.451	1.110	0.688
	PROFIT BEFORE TAX		14.385	13.228	15.596
Less	TAX		4.957	4.795	5.903
	PROFIT AFTER TAX		9.428	8.433	9.693
	EARNINGS IN FOREIGN CURRENCY		20.372	5.040	3.552
	IMPORTS		87.817	56.044	52.674
	Earnings Per Share (Rs.)		94.28	101.36	-

Particulars	31.03.2011
Sales Turnover (Approximately)	350.000

The above information has been parted by Mr. Devang Naik

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.19	3.84	5.63
Net Profit Margin (PBT/Sales)	(%)	6.40	6.03	9.07
Return on Total Assets (PBT/Total Assets}	(%)	10.02	17.60	16.48
Return on Investment (ROI) (PBT/Networth)		0.31	0.40	0.63
Debt Equity Ratio (Total Liability/Networth)		2.09	1.23	2.79
Current Ratio (Current Asset/Current Liability)		4.05	2.49	2.89

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions	As on 31.03.2008 Rs. in millions
For Goods	17.182	9.468	NA
For Expenses	7.255	8.437	NA
Total	24.437	17.905	NA

PERFORMANCE DURING THE YEAR:

During the period Company’s turnover has increased to Rs.224.670 millions compared to last year turnover of Rs.219.315 millions. These results are encouraging looking to the fact that the chemical industry is facing very tough competition and various odds faced by the whole industry. The company has earned net profit of Rs.9.428 millions. These results are endeavored to the efforts made by the company in development of quality to the satisfaction of its customers and control over the cost. The directors are making efforts to maintain the growth rate and increase the same further and assured that results will improve in future and shareholders will reap the benefit of the same for their immense faith in the management of the company.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24119GJ1990PTC013582
Name of the company	MALDEEP CATALYSTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Hari Kunj, SVP Road No.3, Udhna Udyognagar, Surat – 394 210, Gujarat, India
This form is for	Modification of charge
Charge identification number of the modified	10122926
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	The Royal Bank of Scotland N.V. 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplementary Deed of Hypothecation of Movable Assets
Date of instrument Creating the charge	29.04.2011
Amount secured by the charge	Rs.117.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest 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 and exclusive charge on the security given by the Company
Short particulars of the property charged	· Hypothecation by way of first and exclusive charge on a) entire current assets (stocks and book debts) of the borrower, both present and future, · entire plant and machinery of the borrower, both present and future.
Particulars of the present modification	By present modification, the existing charge amount of Rs.87.500 millions is enhanced to Rs.117.500 millions against the security of hypothecation by way of first and exclusive charge on a) entire current assets (stocks and book debts) of the borrower, both present and future b) entire plant and machinery of the borrower, both present and future.

TRADE REFERENCES

· Asian Paints Limited

· Reliance Industries Limited

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electrical Fittings

· Furniture and Fixture

· Laboratories Equipment

· Motor Car

· Computers

· D G Set

· Office Equipment

· Drainage System

· CC TC Camera

· Telephone / Mobile Instrument

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.45.05
UK Pound	1	Rs.71.92
Euro	1	Rs.64.34

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.