MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	NESHIEL CHEMICAL PRIVATE LIMITED
Registered Office :	S/3, Navrang, Swastik Char Rasta, Navrangpura, Ahmedabad-380009, Gujarat.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.08.1994
Com. Reg. No.:	04-022847
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U24231GJ1994PTC022847
TAN No.: [Tax Deduction & Collection Account No.]	AHMN00185D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Minerals and Chemicals.
No. of Employees :	Approximately 25

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 30000
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 terms and conditions. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Rohit
Designation :	Export Executive
Contact No.:	91-9662537220
Date :	11.10.2011

LOCATIONS

Registered Office/Factory :	S/3, Navrang, Swastik Char Rasta, Navrangpura, Ahmedabad-380009, Gujarat, India.
Marketing Office :	405, The Grand Mall, Opposite SBI Zonal Office, Ambawadi, Ahmedabad-380015, Gujarat, India.
Tel. No.:	91-79-26568012 / 30000248 / 26309325
Fax No.:	91-79-26309327
E-Mail :	info@dewang.com
Website :	www.neshiel.com www.dewang.com

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Gautam Shantilal Shah

Designation :

Whole Time Director

Address :

150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India.

Date of Appointment :

24.08.1994

DIN No :

00011063

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ1994PTC022847	Neshiel Chemical Private Limited	Whole-time director	24/08/1994	24/08/1994	-	Active	NO
2	U36941GJ1997PTC032490	Neel Agrotech Private Limited	Director	10/6/1997	10/6/1997	20/04/2007	Active	NO
3	U65910GJ1995PTC026227	Neel Agriculture Private Limited	Director	7/4/2003	7/4/2003	-	Active	NO

Name :

Mr. Dewang Gauntambhai Shah

Designation :

Managing Director

Address :

150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India.

Date of Appointment :

24.08.1994

DIN No :

00009984

Other Directorship :

.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ1994PTC022847	Neshiel Chemical Private Limited	Managing director	24/08/1994	24/08/1994	-	Active	NO
2	U65910GJ1995PTC026227	Neel Agriculture Private Limited	Director	6/6/1995	6/6/1995	-	Active	NO
3	U36941GJ1997PTC032490	Neel Agrotech Private Limited	Director	10/6/1997	10/6/1997	-	Active	NO
4	U01403GJ2008PTC055101	K2C Agnet Private Limited	Director	23/09/2008	23/09/2008	-	Active	NO

Name :

Mr. Mitul Gautambhai Shah

Designation :

Whole Time Director

Address :

150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India.

Date of Appointment :

22.03.1995

DIN No :

00011148

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ1994PTC022847	Neshiel Chemical Private Limited	Whole-time director	22/03/1995	22/03/1995	-	Active	NO
2	U36941GJ1997PTC032490	Neel Agrotech Private Limited	Director	10/6/1997	10/6/1997	-	Active	NO
3	U65910GJ1995PTC026227	Neel Agriculture Private Limited	Director	7/4/2003	7/4/2003	-	Active	NO
4	U01403GJ2008PTC055101	K2C Agnet Private Limited	Director	23/09/2008	23/09/2008	-	Active	NO

Name :

Mrs. Darshikaben Devangbhai Shah

Designation :

Whole Time Director

Address :

150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India.

Date of Appointment :

22.03.1995

DIN No :

00010078

Name :

Mrs. Minal Mitulbhai Shah

Designation :

Whole Time Director

Address :

150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India.

Date of Appointment :

01.12.2001

DIN No :

00011183

KEY EXECUTIVES

Name :	Mr. Rohit
Designation :	Export Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Gautam Shantilal Shah	1800
Dewang Gautambhai Shah	1400
Gautam Shantilal Shah HUF-2	400
Tarlikaben Gautambhai Shah	1800
Darshikaben Dewangbhai Shah	1400
Dewang Gautambhai shah HUF	200
Mitulbhai Gautambhai Shah	3000
Total	10000

Equity Share Breakup

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Minerals and Chemicals.
Products :	· Mineral Products - Feldspar -Quartz -Mica -Edible Oils -Industrial Minerals -Industrial Chemicals · Chemical Products -Perlite Filter Aid -Aromatic
Exports :
Products :	· Minerals
Countries :	· China · Japan · Indonesia
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· Rajasthan Minerals Private Limited

Customers :

End Users

No. of Employees :

Approximately 25

Bankers :

· ING Vysya Bank Limited, P.B. No.4038, Chanakya Building, Near Dinesh Hall, Off Ashram Road, Ahmedabad-380009, Gujarat, India.

· Citi Bank, C.G. Road Branch, Ahmedabad, Gujarat, India.

Facilities :

(Rs. In Millions)

Secured Loans	As on 31.03.2010	As on 31.03.2009
From Bank (Against equitable mortgage of office Building)	4.063	4.605
Vehicle Loan From Bank (Against HPA of Motor Car)	0.568	0.000
Total	4.631	4.605

(Rs. In Millions)

Unsecured Loan	As on 31.03.2010	As on 31.03.2009
From Directors	1.685	0.856
From Shareholders	3.476	3.214
Total	5.161	4.070

Banking Relations :	--
Auditors :
Name :	Mr. Ashok Prahladbhai Patel Chartered Accountant
Address :	803/804, Samudra Annexe, Near Classic Gold Hotel, C.G. Road, Navrangpura, Ahmedabad-380009, Gujarat, India.
Income-tax PAN of auditor or auditor’s firm :	AAMPP2298K
Associates/Subsidiaries :	· Neil Agrotech Private Limited
Address:	Navrangpura, Ahmedabad, Gujarat, India.
Activity:	Exporter of Fruit and Cereals.

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Share	Rs,10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Share	Rs.10/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.208	7.479	6.490
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.308	7.579	6.590
LOAN FUNDS
1] Secured Loans		4.631	4.605	5.095
2] Unsecured Loans		5.161	4.070	2.002
TOTAL BORROWING		9.792	8.675	7.097
DEFERRED TAX LIABILITIES		0.034	0.000	0.000
TOTAL		18.134	16.254	13.687
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.324	6.580	1.805
Capital work-in-progress		0.000	0.163	3.082
INVESTMENT		3.610	3.610	3.660
DEFERREX TAX ASSETS		0.000	0.070	0.053
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.475	1.124	1.172
	Sundry Debtors	5.443	3.976	4.000
	Cash & Bank Balances	0.425	0.833	2.055
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.083	5.491	2.711
Total Current Assets		15.426	11.424	9.938
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.137	3.222	3.098
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	3.089	2.371	1.753
Total Current Liabilities		7.226	5.593	4.851
Net Current Assets		8.200	5.831	5.087
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18.134	16.254	13.687

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES/INCOME FROM OPERATIONS		27.041	21.579	15.113
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.043	2.918	1.841
Less/ Add	DEPRECIATION/ AMORTISATION		1.143	0.923	0.370
	PROFIT BEFORE TAX		1.901	1.995	1.471
Less	TAX		0.589	0.655	0.538
	PROFIT AFTER TAX		1.312	1.340	0.933
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.377	5.588	5.156
Less	APPROPRIATIONS
		Transfer to General Reserve	0.300	0.200	0.200
		Dividend	0.500	0.300	0.250
		Tax on Dividend	0.083	0.051	0.051
	BALANCE CARRIED TO THE B/S		6.806	6.377	5.588
	Earnings Per Share (Rs.)		131.20	133.97	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	7.03	9.24	9.73
Return on Total Assets (PBT/Total Assets}	(%)	8.74	11.08	12.53
Return on Investment (ROI) (PBT/Networth)		0.23	0.26	0.22
Debt Equity Ratio (Total Liability/Networth)		2.05	1.88	1.81
Current Ratio (Current Asset/Current Liability)		2.13	0.25	2.05

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in reports
1) Year of Establishment	Yes
2) Locality of the Firm	Yes
3) Constitution of the Firm	Yes
4) Premises Details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s Background	---------
8) No. of Employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm of last one years	No
12) Profitability for last three years	---------
13) Reasons for variations <> 20%	---------
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of Sister concern	Yes
17) Major Suppliers	Yes
18) Major Customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market Information	---------
22) Litigation that the firm / promoter involved	---------
23) Banking Details	Yes
24) Banking facility Details	No
25) Conduct of the banking account	---------
26) Buyer visit details	---------
27) Financials, if provided	No
28) Incorporation details, if applicable	----------
29) Last account field at ROC	----------
30) Major Shareholders, if available	----------

TRADE REFERENCE:

• Rajasthan Minerals Private Limited

OPERATIONS:

The Directors have to report that the year was continued to be turbulent. However, overall economy slowdown showed sign of recovery. The Company’s performance was also excellent. The sales and income from operations amounted to Rs.27.041 millions as against Rs.21.579 for the previous year. The Brokerage income amounted to Rs.4.337 millions as against Rs.4.358 millions secured during the previous year. The overheads and other expenses were increased. The Company has earned a profit of Rs.1.901 millions as against profit if Rs.1.995 millions earned for the previous year.

FORM 8:

Corporate identity number of the company	U24231GJ1994PTC022847
Name of the company	NESHIEL CHEMICAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S/3, Navrang, Swastik Char Rasta, Navrangpura, Ahmedabad-380009, Gujarat, India. Email Id: info@dewang.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	ING Vysya Bank Limited, P.B. No.4038, Chanakya Building, Near Dinesh Hall, Off Ashram Road, Ahmedabad-380009, Gujarat, India, Email Id: cms@companiesinn.com
Nature of instrument creating charge	Memorandum of deposit of title deeds
Date of instrument Creating the charge	13.09.2010
Amount secured by the charge	Rs.6.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of interest NA (The immovable property of the company has been given as collateral security for the facility taken by the company and M/S Dewang Corporation) b) Terms of Payment NA (The immovable property of the company has been given as collateral security for the facility taken by the company and M/S Dewang Corporation) c) Margin NA (The immovable property of the company has been given as collateral security for the facility taken by the company and M/S Dewang Corporation) d) Extent and operation of the charge First charge on the immovable property of the company for the facility taken by the company to an extend of Rs.3.000 millions and M/S Dewang Corporation to an extend of Rs.3.000 millions. e) Others Nil
Short Particulars of the property charged	i) The immovable property of the company situated at 1. Office No.SF/1 admeasuring 602 sqft on 2^nd floor in the cheme of Navrang Apartment Owners Association forming part of FP No.332/9,TP scheme No.3 of Mouje Changispur, Ahmedabad-3, (Memnagar) Ahmedabad District. ii) 2. Premises No.405 admeasuring 143.16 sq mts in the cheme of the Grand Mal forming part of R S No.200/6 TP Scheme No.21 FP No.387/part (387/1) of Mouje Paldi, Ahmedabad-4 (Paldi) Ahmedabad District.

FIXED ASSETS:

• Building Renovation
• Computer and Software
• Fax Machine
• Pager
• Mobile Instrument
• Weigh Scale
• Motor Car (Matiz)
• Motor Car ( A Star)
• Motor Car (Swift Desire)
• Tea Machine
• EPBX System
• Water Cooler
• Computer Printer
• Furniture
• Airconditioner
• Aircooler
• Aqua-Guard
• LCD Screen
• Motor Car (Wagon R)
• Office Navarang
• Office Grandmall
• Electification
• Projector

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.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.