MIRA INFORM REPORT

Report Date :

05.11.2011

IDENTIFICATION DETAILS

Name :	DYNA GLYCOLS PRIVATE LIMITED
Registered Office :	106/108, Shivam Chambers, S V Road, Goregaon (West), Mumbai – 400062, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.09.2006
Com. Reg. No.:	11-164262
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U24119MH2006PTC164262
TAN No.: [Tax Deduction & Collection Account No.]	mumD14428B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of pharmaceuticals Chemicals.
No. of Employees :	60 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 71000
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. Francises
Designation :	Manager
Contact No.:	91-9833992569
Date :	03.11.2011

LOCATIONS

Registered Office :	106/108, Shivam Chambers, S V Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-26764099/26764172/73
Mobile No.:	91-9833992569 [Mr. Francises]
Fax No.:	91-22-26764054
E-Mail :	ykdesai@mtnl.net.in hildose@vsnl.com dynaglyco@vsnl.net
Area :	2500 Sq.fts
Location :	Owned
Factory :	Plot No. 260-B, Sector 4, K SEZ , kandla, Gandhidham-370 201, Gujarat, India
Tel No.:	91-2836-253086/87/658201

DIRECTORS

As on 30.09.2010

Name :

Thiam Kiat Hock Soo Gan

Designation :

Director

Address :

No. 26 Batu Jalan Tanjung Tualang, Batu Malaysia 31400

Date of Birth/Age :

31.07.1965

Date of Appointment :

10.01.2007

Din No.:

00444774

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U92419MH2006PTC163171	GELKAPS SPORTS PRIVATE LIMITED	Director	19-08-06	19-08-06	Active	NO
2	U24119MH2006PTC164262	DYNA GLYCOLS PRIVATE LIMITED	Director	10-01-07	10-01-07	Active	NO

Name :

San Sue Cheong Kai Ho

Designation :

Director

Address :

51 Jalan Chin HWA, Chateau Garden, Ipoh Malaysia 30250

Date of Birth/Age :

29.09.1949

Date of Appointment :

10.01.2007

Din No.:

00455010

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24239AP2006PTC050034	HOVID LIFE SCIENCE PRIVATE LIMITED	Director	04-05-06	04-05-06	Active	YES
2	U92419MH2006PTC163171	GELKAPS SPORTS PRIVATE LIMITED	Director	21-08-06	21-08-06	Active	NO
3	U24119MH2006PTC164262	DYNA GLYCOLS PRIVATE LIMITED	Director	10-01-07	10-01-07	Active	NO
4	U24293UP2007PTC033889	KHARD CAROTECH PRIVATE LIMITED	Director	14-09-07	14-09-07	Active	YES

Name :

Mr. Zubin Keki Gandhi

Designation :

Director

Address :

Hari Niwas 1^st Floor, 19 Mathew Road, Opera House, Mumbai – 400 004, Maharashtra

Date of Birth/Age :

30.11.1968

Date of Appointment :

10.01.2007

Din No.:

00664632

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24119GA1990PTC001099	VENUS ETHOXYETHERS PRIVATE LIMITED	Director	10-12-90	10-12-90	Active	NO
2	U24119GA1994PTC001573	GRAND ORGANICS PRIVATE LIMITED	Director	05-10-06	05-10-06	Active	NO
3	U24119MH2006PTC164262	DYNA GLYCOLS PRIVATE LIMITED	Director	10-01-07	10-01-07	Active	NO
4	U24239MH2009PTC192677	AVESTA PHARMA PRIVATE LIMITED	Director	30-11-09	30-11-09	Active	NO
5	U45203MH2010PTC208644	LUCERNE DEVELOPERS PRIVATE LIMITED	Director	07-10-10	07-10-10	Active	NO

Name :

Kersi Homi Tangri

Designation :

Director

Address :

Flat No. 4 Fiona Plot No. 176 Juhu Tara Road, Mumbai – 400 049, Maharashtra

Date of Birth/Age :

03.12.1963

Date of Appointment :

01.09.2006

Din No.:

01215877

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17110MH1979PTC021185	CHEMAGIS INDIA PRIVATE LIMITED	Director	27-07-06	27-07-06	Active	NO
2	U24119MH2006PTC164262	DYNA GLYCOLS PRIVATE LIMITED	Director	01-09-06	01-09-06	Active	NO
3	U92412MH2008PTC183389	SKIRMISH PAINTBALL INDIA PRIVATE LIMITED	Director	10-06-08	10-06-08	Active	NO
4	U24239MH2009PTC192677	AVESTA PHARMA PRIVATE LIMITED	Director	25-05-09	25-05-09	Active	NO
5	U45200MH1978PTC020141	FIROZE ESTATES PRIVATE LIMITED	Director	27-09-10	05-08-10	Active	NO

Name :

Mr. Mahesh Hakmichand Doshi

Designation :

Director

Address :

10/32 Varma Nagar Old Nagardas Road, Andheri (East), Mumbai – 400 069, Maharashtra

Date of Birth/Age :

26.10.1954

Date of Appointment :

01.09.2006

Din No.:

00502819

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	U24100MH1991PTC060278	ARIHANT ORGANICS PRIVATE LIMITED	Director	13-02-91	13-02-91	17-08-09	Active	NO
2	U17110MH1979PTC021185	CHEMAGIS INDIA PRIVATE LIMITED	Director	27-07-06	27-07-06	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Francises
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Kersi Homi Tangri	45000
Zubin Keki Gandhi	45000
Mahesh Hakmichand Doshi	45000
Amol Ashok Walke	45000
Venkateshwalru	10000
Suryadevara Srinivass	10000
Gelkaps Sports Private Limited	200000
Total	400000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	50.00
Directors or relatives of directors	22.50
Other top fifty shareholders	27.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of pharmaceuticals Chemicals.
Exports :
Countries :	· South Africa · North America
Imports :
Countries :	· Taiwan · Singapore
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
PEG 200	Kg.	199228
PEG 300	Kg.	615312
TDA 55	Kg.	222479

GENERAL INFORMATION

Customers :

Manufacturing Company

No. of Employees :

60 [Approximately]

Bankers :

· ICICI Bank, Goregaon, Mumbai, Maharashtra, India

· ICICI Bank, Mindspace, Malad , Mumbai, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Loan From ICICI Bank [Secured against fixed assets of the company]	7.188	10.062
Total	7.188	10.062
Unsecured Loan
From Directors	5.815	0.000
From Shareholders	0.000	0.000
In the nature of share application money pending compliance procedure	28.096	26.030
Total	33.911	26.030

Financial Institution:	3i Infotech Trusteeship Services Limited, 6^th Floor, Akruti Center Point, MIDC Central Road, Andheri East, Mumbai-400093, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	Y.K. Desai and Company Chartered Accountants
Address :	106, prospect Chambers, Dr. D N Road,, Fort, Mumbai – 400 0014, Maharashtra
Pan No.:	AACPD2467L
Associates:	· Gel Kaps Port Private Limited, India · Esteem Exthyotheres Private limited, India

CAPITAL STRUCTURE

As on 31.03.2010

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
400000	Equity Shares	Rs.10/- each	Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.882	0.100	0.000
4] (Accumulated Losses)		0.000	0.000	(0.004)
NETWORTH		17.882	4.100	3.996
LOAN FUNDS
1] Secured Loans		7.188	10.062	11.500
2] Unsecured Loans		33.911	26.030	15.600
TOTAL BORROWING		41.099	36.092	27.100
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		58.981	40.192	31.096
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.506	42.525	24.995
Capital work-in-progress		12.874	2.444	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.466	1.265	0.000
	Sundry Debtors	4.112	0.000	0.000
	Cash & Bank Balances	3.334	1.264	0.212
	Other Current Assets	0.463	0.453	0.489
	Loans & Advances	5.251	3.409	5.292
Total Current Assets		40.626	6.391	5.993
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.115	11.142	2.245
	Other Current Liabilities	3.910	0.000	0.000
	Provisions	0.000	0.026	0.004
Total Current Liabilities		32.025	11.168	2.249
Net Current Assets		8.601	(4.777)	3.744
MISCELLANEOUS EXPENSES		0.000	0.000	2.357
TOTAL		58.981	40.192	31.096

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008
	PROFIT / (LOSS) BEFORE TAX	16.282	0.127	NA
Less	TAX	0.009	0.022	NA
	PROFIT / (LOSS) AFTER TAX	16.273	0.105	(0.005)
Less	PRIOR PERIOD EXPENSES	2.491	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	0.100	(0.005)	0.000
	BALANCE CARRIED TO THE B/S	13.882	0.100	(0.005)
	Earnings / (Loss) Per Share (Rs.)	40.68	0.26	(0.01)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sales Turnover [Approximately]	387.600	184.000	22.300

The above information has been parted by Mr. Francises.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	20.84	0.26	NA
Return on Investment (ROI) (PBT/Networth)		0.91	0.03	NA
Debt Equity Ratio (Total Liability/Networth)		4.09	11.53	7.34
Current Ratio (Current Asset/Current Liability)		1.27	0.57	2.66

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors For Expenses	5.311	1.200	0.453
Sundry Creditors For Capital Goods	1.438	8.018	1.792
Sundry Creditors For Goods	5.008	1.924	0.000
Sundry Creditors For Import Purchase	16.358	0.000	0.000
Total	28.115	11.142	2.245

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions 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 for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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 accounts filed at ROC	--
30) Major Shareholders, if available	--

FINANCIAL PERFORMANCES:

The company has remarkably performed well as compared to previous year. the directors are hopeful that the company will continue its performance in similar way in the forthcoming years.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U24119MH2006PTC164262
Name of the company	DYNA GLYCOLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	106/108, Shivam Chambers, S V Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	3i Infotech Trusteeship Services Limited, 6^th Floor, Akruti Center Point, MIDC Central Road, Andheri East, Mumbai-400093, Maharashtra, India
Email	prashant.joshi@3i-itsl.com
Nature of description of the instrument creating or modifying the charge	Mortgage Declaration
Date of instrument Creating the charge	19.03.2010
Amount secured by the charge	Rs.35.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: I-BAR -2.75% p.a. and the Cash Credit Risk Premium prevailing on each day, plus applicable interest tax or other statutory levy, if any. LC: Commission as per CAL dated 2.03.2010 Terms of Repayment On Demand Margin Cash Credit: Margins: Inventory: Uniform margin of 25% against all components of inventory Book debts: Cover period 90 days, margin 25% Letter of Credit (LC) Cash Margin: 10% Extent and Operation of the charge Equitable Mortgage in respect of immovable fixed assets of the Company located at Plot No 268-B, Kandla Special Economic Zone, Gandhidham, Gujarat
Short particulars of the property charged	Equitable Mortgage in respect of immovable fixed assets of the Company located at Plot No 268-B, Kandla Special Economic Zone, Gandhidham, Gujarat

FIXED ASSETS:

· Bike

· Computer

· Digital Camera

· Electrical Equipments

· Fire Safety Equipments

· Factory Building

· Motor Car

· Plant and Machinery

· Printer

· Software

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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		44

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.