MIRA INFORM REPORT

Report Date :

24.05.2011

IDENTIFICATION DETAILS

Name :	REMIK TRADING COMPANY PRIVATE LIMITED

Registered Office :	Praful Nivas Panchwati, Ellisbridge, Ahmedabad – 380006, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	06.09.1984

Com. Reg. No.:	04 - 007226

Capital Investment / Paid-up Capital :	Rs. 5.600 Millions

CIN No.: [Company Identification No.]	U51100GJ1984PTC007226

TAN No.: [Tax Deduction & Collection Account No.]	AHMR00161A

PAN No.: [Permanent Account No.]	AABCR3003L

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Scientific and Laboratory Chemicals

No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 117000

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 (General Details)

Name :	Mr. Samir R. Shah
Designation :	Director
Contact No.:	91-79-26445614
Date :	21.05.2011

LOCATIONS

Registered Office :	Praful Nivas Panchwati, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79 -26463491 / 26460405 / 26440120
E-Mail :	pinakincs@yahoo.com
Website :	www.remik.com
Area :	1000 Sq. ft
Location :	Owned

Head Office :	Manan Bungalow Compound, Near Central Bank of India, Ambawadi, Ahmedabad-380 006 Gujarat, India.
Tel. No.:	91-79-26445614/ 26445735
Fax No.:	91-79-26466871
E-Mail :	remikahd@remik.com info@remik.com

Factory / Unit I :	Plot No. C-1/ 91-2, Phase –I, GIDC Estate, Vatva, Ahmedabad – 382445
Location :	Owned

Factory 2/ Unit II :	Plot No.3/ 09/ 3110, GIDC Estate, Panoli - 394116
Location :	Owned

Branches :	Located at Ankleshwar Surat Mumbai Indore Raipure Jodhpur Kolkata Bangalore

DIRECTORS

As on 15.07.2010

Name :	Mr. Samir Rameshbhai Shah
Designation :	Whole Time Director
Address :	30.10.1960
Date of Birth/Age :	Jodhpurtekra, Ahmedabad- 380015, Gujarat, India
Date of Appointment :	01.02.1990
DIN No.:	00026864

Name :	Mr. Virendra Vijaylalji Agrawal
Designation :	Whole Time Director
Address :	10-B, Panam Society, Paladi Ahmedabad- 380007, Gujarat, India
Date of Birth/Age :	07.12.1949
Date of Appointment :	01.02.1990
DIN No.:	00026885

Name :	Mr. Bharatbhai Ratilal Patel
Designation :	Whole Time Director
Address :	674 /4 /7, B/H Chandawad, Police Station, Ambawadi, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	31.05.1942
Date of Appointment :	06.09.1984
DIN No.:	00026938

Name :	Mr. Somasekharan Velayudhan Nair
Designation :	Whole Time Director
Address :	F-10, Shyam Vihar Apprtments, Bodakdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	05.03.1952
Date of Appointment :	30.09.1993
DIN No.:	00026995

Name :	Mr. Prafulchandra Dahyabhai Contractor
Designation :	Whole Time Director
Address :	10.03.1936
Date of Birth/Age :	Praful Nivas, Panchvati, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Appointment :	09.10.1984
DIN No.:	00027654

Name :	Mr. Nandkumar Dahyabhai Contractor
Designation :	Whole Time Director
Address :	06.10.1951
Date of Birth/Age :	Praful Nivas, Panchvati, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Appointment :	09.10.1984
DIN No.:	00027676

Name :	Mr. Paurav Nandkumar Contractor
Designation :	Whole Time Director
Address :	674 /4 /7, B/H Chandawad, Police Station, Ambawadi, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	08.05.1979
Date of Appointment :	04.10.1999
DIN No.:	00027700

Name :	Mr, Chanakya Prafulchandra Contractor
Designation :	Whole Time Director
Address :	Praful Nivas, Panchvati, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	17.02.1972
Date of Appointment :	27.08.1993
DIN No.:	00027721

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.07.2010

Names of Shareholders		No. of Shares
Prafulchandra D. Contractor, Miraben P. Contractor		197867
Nandkumar Contractor Reshmaben N. Contractor		33600
Miraben and Prafulchandra Contractor		68800
Virendra kumar Agrawal		5600
Chankya and Miraben Contractor		2660
Pinky and Chankya Contractor		1340
Paurav and Reshmaben and Nandkumar Contractor		1340
Punal and Nandkumar and Reshmaben Contractor		1000
Chankya and Pinky Contractor		1866
Nanad Kumar and Purav Contractor		2801
Druvkumar and Sangitaben Contractor		14933
Dhuravkumar and Jhanvi Contractor		44800
Dhruvkumar and Jankiben Contractor		33600
Bharat Patel, Kokilaben Bharatbhai Patel		5600

As on 15.07.2010

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 :	Trader of Scientific and Laboratory Chemicals

Terms :
Selling :	Cash

Purchasing :	Cash

GENERAL INFORMATION

Customers :

End Users and OEM’s

Arvind Mills Limited, Ahmedabad
Aarvee Denim And Exports Limited, Ahmedabad
Aditya Birla Nuvo Limited, Prabasnagar(W.B)
Asiatic Industries,, Ahmedabad
Atul Limited (Co Division), Atul(Valsad)
B I Group Of Industries, Balotra(Raj)
Balkrishna Paper Mills Limited, Mumbai
Baroda Textile Effects Private Limited, Baroda
Bhaskar Industries Limited, Mandideep(M.P.)
Camphor and Allied Products Limited, Baroda
Chinco Silk Mills, Surat
Chiripal Industries Limited, Ahmedabad
Donear Industries Limited, Surat

No. of Employees :

50 (Approximately)

Bankers :

Bank of India, Panchvati Branch, Near Panchvati Circle, Ambawadi, Ellisbridge, Ahmedabad- 380006, Gujarat, India

Facilities :

Cash Credit Rs. 30.500 Millions

Secured Loan	As on 31.03.2010 (Rs. in Millions	As on 31.03.2009 (Rs. in Millions
Against Hypothecation of car	0.000	0.138
Total	0.000	0.138
Unsecured Loan	As on 31.03.2010 (Rs. in Millions	As on 31.03.2009 (Rs. in Millions
From Directors	19.377	19.352
From Shareholders	11.342	13.389
From Corporate	1.140	1.125
Total	31.859	33.866


Banking Relations :	--

Auditors :
Name :	S.V. Pujara Chartered Accountant
Address :	411, Business Center, Pattharkua, Relif Road, Ahmedabad – 380001, Ahmedabad, India
Tel. No.:	91-79-25508459/ 26561653
PAN.:	AAAPP1727P

Sister Concern:	Remik Trading Corporation

Associates :	Remik Trading Corporation (1978) Rang Rasayan Agencies (1979) Remik Rasayan Udyog (1980) Remik Trading Company Privare Limited (1984) Sanrel Rasayan (1984) Dahyabhai Chhotalal charity Foundation (1987) Remik Investment Co. Private Limited (1987) Remik Marketing Services .Mumbai (1989) Remik Eashan Chemicals Private Limited (1991) Remik Business Services, Kolkata (1995) Remik InfoCom Centre (2005)

CAPITAL STRUCTURE

As on 15.07.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

560000	Equity Shares	Rs.10/- each	Rs. 5.600 Millions

Note:-

At 560000 Equity shares (Previous Year 560000 of Rs.10/-each of Rs.10/- fully paid up includes 510000 shares issued as Bonus Shares (Previous Year 510000 Shares)

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		5.600	5.600	5.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.767	20.751	18.181
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.367	26.351	23.781
LOAN FUNDS
1] Secured Loans		0.000	0.138	0.440
2] Unsecured Loans		31.859	33.866	39.519
TOTAL BORROWING		31.859	34.004	39.959
DEFERRED TAX LIABILITIES		0.106	0.127	0.211

TOTAL		61.332	60.482	63.951

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5.054	5.649	6.261
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.005	0.005	2.105
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.901	9.497	6.614
	Sundry Debtors	86.352	68.381	87.903
	Cash & Bank Balances	6.391	16.042	5.836
	Other Current Assets	0.000	0.000	1.150
	Loans & Advances	18.026	21.646	9.156
Total Current Assets		121.670	115.566	110.659
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.066	56.089
	Other Current Liabilities	0.119	0.120	52.852
	Provisions	6.212	4.529	2.222
Total Current Liabilities		65.397	60.738	55.074
Net Current Assets		56.273	54.828	55.585

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		61.332	60.482	63.951

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.679	5.221	4.194

Less/ Add	DEPRECIATION/ AMORTISATION		1.230	1.324	1.668

	PROFIT BEFORE TAX		4.449	3.897	2.526

Less	TAX		1.455	1.410	0.975

	PROFIT AFTER TAX		2.994	2.487	1.551

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.157	13.386	12.444

Add	DEFERRED TAX LIABILITY		0.021	0.084	0.141

Less	APPROPRIATIONS
		Transfer to General Reserve	0.800	0.800	0.750
	BALANCE CARRIED TO THE B/S		17.372	15.157	13.386

	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	0.039	0.182	NA
		Sale of Goods	0.417	2.813	NA
	TOTAL EARNINGS		0.456	2.995	NA

	IMPORTS
	TOTAL IMPORTS		21.710	6.535	NA

	Earnings Per Share (Rs.)		5.35	--	--

The above information has been parted by Mr. Samir R. Shah

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	3.51	3.21	2.16

Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.11

Debt Equity Ratio (Total Liability/Networth)		3.31	3.60	4.00

Current Ratio (Current Asset/Current Liability)		1.86	1.90	2.01

LOCAL AGENCY FURTHER INFORMATION

Operations:

The Turnover of the company has increased in the financial year as compared to the last year.

Trade References:

Chitipal Industries Limited, Ahmedabad
Rohan Dyes and Intemediates Limited, Ahmedabad
Welspun India Limited, Anjar

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)
Sundry Creditors for Goods	56.246	50.165	NA
Sundry Creditors for Others	2.820	5.924	NA
Total	59.066	56.089	NA

Form 8:

Corporate identity number of the company	U51100GJ1984PTC007226
Name of the company	REMIK TRADING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Praful Nivas Panchwati, Ellisbridge, Ahmedabad – 380006, Gujarat, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90106043
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Bank of India, Panchvati Branch, Near Panchvati Circle, Ambawadi, Ellisbridge, Ahmedabad- 380006, Gujarat, India
Nature of instrument creating charge	Supplemental Deed of hypothecation executed by the company on 15.04.2010 in favour of Bank of India, Panchvati branch, Ahmedabad to secure revised / modified and increased the fund based and non fund based limits of RS. 30.500 Millions
Date of instrument Creating the charge	15.04.2010
Amount secured by the charge	Rs. 30.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC STK / BK DTS - AT 2% above BPLR Present 14% p. a. with monthly rest or such other rates as may be prescribed by the bank from time to time L C/ - GUA - APER FEDAI RULES Terms of Repayment CC STOCKS - On Demand / Annual Review CC BOOK DEBTS (90 DAYS) - On Demand / Annual Review L/C (F) DP/DA - 90 DAYS - On Demand / Annual Review GUA - On Demand / Annual Review Margin CC STOCKS - 25% CC BOOK DEBTS - 40% L/C DP/DA - 20% GUA - NIL Extent and Operation of the charge First and Exclusive hypothecation charge on all the tangible movable properties like Plant and Machinery, Stocks and Book debts of the company to secure revised / modified / increased fund based & non fund based aggregate limits of rs 30.500 Millions alongwith interest, addl int, penal interest, liquidated damages, costs, chrages and commission & such other amt due to the bank of what so ever nature Others REVISED LIMITS - AMT RS IN LACS FACILITY EXIST ADDL TOTAL CC STOCKS - 6.000 NIL 6.000 CC BK DTS - 6.000 NIL 6.000 MAX CC - 6.000 NIL 6.000 L/C DP/DA - 10.000 NIL 10.000 GUA - 11.500 3.000 14.500 TOTAL MAX AGGREGATE 27.500 3.000 30.500
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the tangible movable plant and machineries and equipments of the co whether installed or not and whether lying loose or in cases situated at Ahmedabad or elsewhere. All stocks of raw materials, semi finished and finished goods like chemicals both present and future lying or stored at Ahmedabad or elsewhere. all the book debts, outstandings, money receivables, claims bills both present and future
Date of instrument modifying the charge	05.09.2008
Particulars of the present modification	Bank Granted addl GUA limit of Rs. 3.000 millions and thereby total aggregate limits are revised modified and increased FM Rs. 27.500 millions to Rs. 30.500 millions. thus first and excl hypo charge on all Movable Property of the company being plant and machineries, stocks of materials, book debts and all other movable assets has been modified and extended and will operate for Rs. 30.500 millions w. e. f. 15.04.2010. details as per annexure I

Fixed Assets:

Office Premises
Computers
Plant and Machinery
Scooter
Vehicles

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	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	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.

MIRA INFORM REPORT

10.901

86.352

6.391

0.000

18.026

121.670

59.066

0.119

6.212

65.397

56.273

3.51

0.15

3.31

1.86

Unit