MIRA INFORM REPORT

Report Date :

24.05.2011

IDENTIFICATION DETAILS

Name :	PERFO CHEM (INDIA) PRIVATE LIMITED
Formerly Known As :	NITIN FABRICATORS PRIVATE LIMITED
Registered Office :	205 A, Neelam Centre -249B, Hind Cycle Road, Worli, Mumbai-400026, Maharashtra.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.07.1984
Com. Reg. No.:	11-33380
Capital Investment / Paid-up Capital :	Rs.0.400 Million
CIN No.: [Company Identification No.]	U28100MH1984PTC033380
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16245F
PAN No.: [Permanent Account No.]	AAACN4949A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 610000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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/ Factory :	205 A, Neelam Centre -249B, Hind Cycle Road, Worli, Mumbai-400026, Maharashtra, India.
Tel. No.:	91-22-24938317
E-Mail :	accounts@s-amit.com
Location :	Owned
Head Office :	Plot No. W-68, Phase- II, MIDC Industrial Area, Sagaon, District- Thane-421 202, Maharashtra, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Amit M. Mehta
Designation :	Director
Address :	18, Park View, L. D. Ruparel Marg, Mumbai – 400 022, Maharashtra, India
Date of Appointment :	01-10-1990
Name :	Mrs. Cherry A. Mehta
Designation :	Director
Address :	18, Park View, L. D. Ruparel Marg, Mumbai – 400 022, Maharashtra, India
Date of Appointment :	01-11-2001
Name :	Mr. Manish J. Vasaiwala
Designation :	Director
Address :	Aajikrupa, 2^nd Floor, Opp. Hari Niwas, M. G. Road, Naupada, Thane, Maharashtra, India
Date of Appointment :	01-04-1995
Name :	Mrs. Kokila M Mehta
Designation :	Director
Address :	18, Park View, L. D. Ruparel Marg, Mumbai – 400 022, Maharashtra, India
Date of Appointment :	02-05-1995

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Harsh A Mehta	540
Amit M Mehta	840
Fingora (I) Private Limited, India	790
Kokila M Mehta	580
Mohak A Mehta	540
Cherry A Mehta	710
Total	4000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Chemicals.
Products :	AMP – 95 Saytex Service Charges

GENERAL INFORMATION

Bankers :

v The Saraswat Co- Operative Bank Limited, Worli Branch, 266 Kanchwala Building, Opposite Old Passport Office, Dr. A.B. Road, Worli, Mumbai-400 030, Maharashtra, India

v Hongkong and Shanghai Banking Corporation, Peddar Road Branch, 46 B G Deshmukh Road, Peddar Road, Mumbai - 400 036, Maharashtra, India

v Bank of Baroda

v Bank of India

v ICICI Bank

v Indian Overseas Bank

v State Bank of India, Worli (North Branch), Nirion House, Mumbai – 400 018, Maharashtra

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Saraswat Co-operative Bank A/C No.8532 (Mortgage of Land at Dhule and Hypothecation of Wind Mill)	12.820	20.365
ICICI Car Loan (On hypothecation of Motor Car)	0.294	1.138
Total	13.114	21.503
Unsecured Loan
ICD from Companies (Aegis)	0.750	0.751
Loan from Cherry. A. Mehta	0.000	0.200
Saraswat Co-operative Bank Limited cc a/c no. 3747	4.960	0.000
Total	5.710	0.951

Banking Relations :	--
Auditors :
Name :	Prakash Muni and Associates Chartered Accountants
Address :	303, The Eagle’s Flight, Suren Road, Off Andheri Kurla Road, Andheri (E), Mumbai-400093, Maharashtra, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000	Equity Shares	Rs.100/- each	Rs.0.400 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		0.400	0.400	0.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		152.191	130.867	115.470
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		152.591	131.267	115.870
LOAN FUNDS
1] Secured Loans		13.114	21.503	29.359
2] Unsecured Loans		5.710	0.951	0.750
TOTAL BORROWING		18.824	22.454	30.109
DEFERRED TAX LIABILITIES		0.760	0.830	0.000
TOTAL		172.175	154.551	145.979
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.388	10.826	14.083
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		115.804	101.210	83.882
DEFERREX TAX ASSETS		0.000	0.000	0.055
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.733	7.680	15.614
	Sundry Debtors	22.405	11.193	22.102
	Cash & Bank Balances	3.071	4.045	5.850
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	49.312	39.924	33.612
Total Current Assets		91.521	62.842	77.178
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.655	5.548
	Other Current Liabilities	0.386	0.771	17.056
	Provisions	21.497	14.008	12.163
Total Current Liabilities		44.538	20.327	29.219
Net Current Assets		46.983	42.515	47.959
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		172.175	154.551	145.979

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	143.194	113.511	86.957
		Income From Wind Mill	7.908	8.578	0.000
		Other Income	10.082	8.422	19.359
		TOTAL (A)	161.184	130.511	104.361
Less	EXPENSES
		Office Expenses
		Administrative Expenses	129.109	100.866	75.156
		Advertising Expenses
		TOTAL (B)	129.109	100.866	75.156
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.075	29.645	29.205
Less	FINANCIAL EXPENSES (D)		2.524	3.367	4.254
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.551	26.278	24.951
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.524	3.258	10.762
	PROFIT BEFORE TAX (E-F) (G)		28.027	23.020	14.189
Less	TAX (H)		6.330	5.751	0.663
	PROFIT AFTER TAX (G-H) (I)		21.697	17.269	13.526
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		94.894	94.894	84.772
	BALANCE CARRIED TO THE B/S		116.591	112.163	98.298
	EARNINGS IN FOREIGN CURRENCY		0.268	0.230	NA
	IMPORTS		85.562	55.078	NA
	Earnings Per Share (Rs.)		5431	4317.17	3381.50

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.46	13.23	12.96
Net Profit Margin (PBT/Sales)	(%)	19.57	20.28	16.32
Return on Total Assets (PBT/Total Assets}	(%)	27.77	31.25	15.55
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.12
Debt Equity Ratio (Total Liability/Networth)		0.42	0.33	0.51
Current Ratio (Current Asset/Current Liability)		2.05	3.09	2.64

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U28100MH1984PTC033380
Name of the company	PERFO CHEM (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	205 A, Neelam Centre -249B, Hind Cycle Road, Worli, Mumbai-400026, Maharashtra, India.
Type of charge	Movable Property (not being pledge)
Particular of charge holder	The Saraswat Co- Operative Bank Limited, Worli Branch, 266 Kanchwala Building, Opposite Old Passport Office, Dr. A.B. Road, Worli, Mumbai-400 030, Maharashtra, India
Email	svg1959@yahoo.com
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation of vehicle.
Date of instrument Creating the charge	15.07.2010
Amount secured by the charge	Rs.0.490 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @10% p.a. (under loyalty) Terms of Repayment On Demand, 60 Months and Term Loan repayable by monthly installment of Rs.10500/- each (EMI) through S.I. from OD 3747 with Worli Branch. Margin 10% Extent and Operation of the charge The charge will operate to the extent of Rs.0.490 millions on the Security offered by the Company.
Short particulars of the property charged	The Borrower Company doth hereby hypothecate the purchased vehicle (Maruti Swift Dzire VXI) as Security.

Fixed Assets:

v Land At Vasuri

v Land At Dhule

v Office Premises

v Office Premises at Hyderabad

v Air Conditioner

v Fax Machine

v Office Equipment

v Computer

v Furniture at Hyderabad

v Furniture

v Motor Car

v Telephone Equipment

v Wind Mill

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.45.28
UK Pound	1	Rs.73.30
Euro	1	Rs.63.61

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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.