MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	KANTILAL MANILAL AND COMPANY PRIVATE LIMITED
Registered Office :	Apeejay Chambers, 1^st Floor, Wallace Street, Fort, Mumbai – 400 001, Maharashtra
Country :	India
Financial (as on) ;	31.03.2011
Date of Incorporation :	18.04.1984
Com. Reg. No.:	11-32694
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U24110MH1984 PTC032694
TAN No.: [Tax Deduction & Collection Account No.]	MUMK12362A
PAN No.: [Permanent Account No.]	AAACK5165B
Legal Form :	Private Limited Liability Company
Line of Business :	Traders and Dealers of Pharmaceutical Chemicals.
No. of Employees :	20 [in office] Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 313000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good for normal 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. Desai
Designation :	Accounts Department
Contact No.:	91-22-66317612
Date :	11.11.2011

LOCATIONS

Registered Office :	Apeejay Chambers, 1^st Floor, Wallace Street, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22317612 / 22072325 / 22077192 / 66317612 / 22817612 / 22072354 / 22071671 / 66317614
Fax No.:	91-22-22317610 / 22070376 / 22040376 / 66317610
E-Mail :	mark21@bom3.vsnl.net.in pankaj@kmcpl.com admn@kmcpl.com kantimani@vsnl.com admin@kmcpl.com
Area :	550 Sq. ft
Location :	Rented
Branch Office :	Plot No. 294/12-B, Room No. 25, 16, Princess Street, Mumbai – 400 002, Maharashtra, India
Warehouse :	Located at Bhiwandi

DIRECTORS

As On 12.09.2011

Name :

Mr. Anil Pannalal Shah

Designation :

Director

Address :

Sagar Kunj 78, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

27.11.1944

Qualification :

Post Graduate

Date of Appointment :

30.09.1995

DIN No. :

02422033

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	U51900MH1984PTC034659	PANNALAL BROS PRIVATE LIMITED	Director	25/11/1992	25/11/1992	Active	NO
2	U24110MH1984PTC032694	KANTILAL MANILAL AND COMPANY PRIVATE LIMITED	Director	30/09/1995	30/09/1995	Active	NO
3	U24110MH1999PTC122782	KAMA CHEMICALS PRIVATE LIMITED	Director	26/11/1999	26/11/1999	Active	NO
4	U70102MH2009PTC195056	ATUNIL PROPERTIES PRIVATE LIMITED	Director	19/08/2009	19/08/2009	Active	NO

Name :

Mr. Pankaj Pannalal Shah

Designation :

Director

Address :

510, Chandralok, A-97, Nepean Sea Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

14.08.1951

Qualification :

B. Com.

Date of Appointment :

30.09.1995

DIN No. :

00900217

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	U51900MH1984PTC034659	PANNALAL BROS PRIVATE LIMITED	Director	25/11/1992	25/11/1992	Active	NO
2	U24110MH1984PTC032694	KANTILAL MANILAL AND COMPANY PRIVATE LIMITED	Director	30/09/1995	30/09/1995	Active	NO
3	U24110MH1999PTC122782	KAMA CHEMICALS PRIVATE LIMITED	Director	26/11/1999	26/11/1999	Active	NO
4	U67200MH2001PTC134338	HSBC GLOBAL SHARED SERVICES (INDIA) PRIVATE LIMITED	Director	31/07/2003	31/07/2003	Active	NO
5	U70102MH2009PTC195056	ATUNIL PROPERTIES PRIVATE LIMITED	Director	19/08/2009	19/08/2009	Active	NO

Name :

Mr. Atul Vinubhai Shah

Designation :

Director

Address :

53, Sagar Kunj 78, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

28.12.1960

Date of Appointment :

30.09.1995

DIN No. :

02422085

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	U51900MH1984PTC034659	PANNALAL BROS PRIVATE LIMITED	Director	25/11/1992	25/11/1992	Active	NO
2	U24110MH1984PTC032694	KANTILAL MANILAL AND COMPANY PRIVATE LIMITED	Director	30/09/1995	30/09/1995	Active	NO
3	U24110MH1999PTC122782	KAMA CHEMICALS PRIVATE LIMITED	Director	26/11/1999	26/11/1999	Active	NO
4	U70102MH2009PTC195056	ATUNIL PROPERTIES PRIVATE LIMITED	Director	19/08/2009	19/08/2009	Active	NO

Name :

Mr. Mukesh Kantilal Shah

Designation :

Director

Address :

12A, Capri Co-Operative Society Limited, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

01.10.1959

Date of Appointment :

30.09.1995

DIN No. :

00501188

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	U51900MH1984PTC034659	PANNALAL BROS PRIVATE LIMITED	Director	25/11/1992	25/11/1992	Active	NO
2	U24110MH1984PTC032694	KANTILAL MANILAL AND COMPANY PRIVATE LIMITED	Director	30/09/1995	30/09/1995	Active	NO
3	U24110MH1999PTC122782	KAMA CHEMICALS PRIVATE LIMITED	Director	26/11/1999	26/11/1999	Active	NO
4	U70102MH2009PTC195056	ATUNIL PROPERTIES PRIVATE LIMITED	Director	19/08/2009	19/08/2009	Active	NO

Name :

Mrs. Nilamben Champaklal Shah

Designation :

Director

Address :

12A, Capri Co-Operative Society Limited, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

21.08.1932

Date of Appointment :

30.09.1995

DIN No. :

02368354

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 12.09.2011

Names of Shareholders	No. of Shares
Anil P Shah Jointly Devyani A Shah	1100
Anil P Shah (HUF) Jointly Devyani A Shah	750
Pankaj P. Shah (H.U.F.) Jointly Charu P. Shah	750
Charu P Shah Jointly Pankaj P Shah	850
Mansi P. Shah Jointly Pankaj P. Shah	50
Aditi P. Shah Jointly Pankaj P. Shah	50
Devyani A Shah Jointly Anil P Shah	750
Roma A. Shah Jointly Anil P. Shah	150
Pooja A. Shah Jointly Anil P. Shah	150
Kokilaben V. Shah	1000
Kokilaben V. Shah Jointly Vinubhai P. Shah	200
Atul Vinibhai Shah Jointly Sheetal A Shah	675
Sheetal A Shah Jointly Atul Vinibhai Shah	300
Dipali V. Shah Jointly Vinubhai P. Shah	100
Mukesh K Shah ( K. M. Shah H.U.F. Jointly Jyoti M Shah)	50
Mukesh K Shah Jointly Jyoti M Shah	450
Jyoti M. Shah Jointly Mukesh K. Shah	150
Pankaj P. Shah Jointly Charu P. Shah	1200
Nilamben C. Shah Jointly Pankaj P. Shah	400
Alok A. Shah – Minor Atul V. Shah, Jointly Sheetal A. Shah	175
Akshay A. Shah – Minor Atul V. Shah Jointly Sheetal A. Shah	150
Jinal M. Shah –Minor Mukesh K. Shah Jointly Jyoti M. Shah	150
Atul V. Shah (H.U.F. Atul V. Shah Jointly Sheetal A. Shah)	300
Kantilal M. Shah (H.U.F.) Mukesh K. Shah Jointly Jyoti M. Shah	100
Total	10000

As On 12.09.2011

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

BUSINESS DETAILS

Line of Business :	Traders and Dealers of Pharmaceutical Chemicals.
Products :	· Aipic Acid · Butyl Cellosove · Bisphenol · Carbitol · Chloroform · Cyclohexane · Cycloxexanone · Cyclohexulamine · Dimethyl Carbonate · DMDCS · Epichlorohydrine · Hydrazine Hydrate · Hydroquinone · Glycerine · Maleic Anhydride · Methyl Cellosolve · Morpholine · Neophentyl Glycol · Perchloroehtylene · Petroleum Ether · Potassium Carbonate · N-propariol Pure · Propionic Acid · Propionis Anhydride · Propylene Glycol · Pyridine Pure · Thioglycollic Acid · Vinyl Acetane Manomer Generic Name of the Principal Product of the company is : · Trading Pharmaceutical Chemicals
Exports :
Products :	Pharmaceutical Chemicals
Countries :	Europe
Imports :
Products :	Chemicals
Countries :	· Europe · U.S.A. · China
Terms :
Selling :	L/C , Cash and Credit
Purchasing :	L/C , Cash and Credit

GENERAL INFORMATION

Suppliers :

· National Organization Chemical Industrial Limited · Gharda Chemical Limited · Lumis Biotech Limited · Ajine Metro Company

Customers :

· Wholesalers

· Retailers

No. of Employees :

20 [in office] Approximately

Bankers :

· Bank of Baroda, Princess Street, Mumbai - 400 002, Maharashtra, India

· The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From HSBC, Mauritius (under guarantee of HSBC, Mumbai secured against stock and debtors)	67.020	36.438
Total	67.020	36.438

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From Directors	83.032	48.676
From Shareholders	140.295	111.794
Total	223.327	160.470

Banking Relations :

--

Auditors :

Name :

Ramesh C. Shah and Company

Chartered Accountants

Address :

307, Venkatesh Chambers, 3^rd Floor, Prescot Road, Behind Khadi Bhandar, Fort, Mumbai – 400 001, Maharashtra, India

Tel. No.:

91-22-22075636

Fax No.:

91-22-22070012

Pan No.:

AADPS8834K

Membership :

Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council

Associates/Subsidiaries :

· Kantilal Manilal Private Limited

· Emjey Enterprise

· Ascent Trading Company

· Alok Enterprise

CAPITAL STRUCTURE

As On 12.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs.100/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares [fully paid up]	Rs.100/- each	Rs.1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		77.284	68.372	59.891
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		78.284	69.372	60.891
LOAN FUNDS
1] Secured Loans		67.020	36.438	0.301
2] Unsecured Loans		223.327	160.470	148.910
TOTAL BORROWING		290.347	196.908	149.211
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		368.631	266.280	210.102
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.862	4.642	3.792
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.387	0.844	0.844
DEFERREX TAX ASSETS		0.245	0.230	0.364
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	201.934	203.334	101.378
	Sundry Debtors	188.840	123.091	126.841
	Cash & Bank Balances	56.404	76.426	118.732
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.219	5.096	5.142
Total Current Assets		456.397	407.947	352.093
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	81.861	132.301	132.008
	Other Current Liabilities	9.703	14.622	14.829
	Provisions	0.696	0.460	0.154
Total Current Liabilities		92.260	147.383	146.991
Net Current Assets		364.137	260.564	205.102
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		368.631	266.280	210.102

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TURNOVER	832.872	NA	NA
Less	EXPENSES	819.229	NA	NA
	PROFIT / [LOSS] BEFORE TAX	13.643	NA	NA
Less	TAX	4.732	NA	NA
	PROFIT / [LOSS] AFTER TAX	8.911	8.481	7.608
	IMPORTS	550.346	454.663	426.559
	Earnings/[Loss] Per Share (Rs.)	891.13	848.42	760.86

Expected Sales (2011-2012) : Rs.800.000 millions

The above information has been parted by Mr. Desai [Account Department].

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.07	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.96	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.17	NA	NA
Debt Equity Ratio (Total Liability/Networth)		4.89	4.96	4.86
Current Ratio (Current Asset/Current Liability)		4.95	2.77	2.39

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
For Goods	78.055	129.734	128.162
For Expenses	3.806	2.567	3.846
Total	81.861	132.301	132.008

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Operations and Financial Review :

The company has made a net profit after tax of Rs.8.911 Millions as against Rs.8.481 Millions in the previous year

Form No. 8

Corporate identity number of the company	U24110MH1984 PTC032694
Name of the company	KANTILAL MANILAL A COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Apeejay Chambers, 1^st Floor, Wallace Street, Fort, Mumbai – 400 001, Maharashtra, India
This form is for	Modification of charge
Charge Modification Number of the charge to be modified	90228629
Type of charge	· Book debts · Others
Particular of charge holder	The Hongkong and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400 001, Maharashtra, India e-mail id: pareshmehta@hsbc.co.in
Nature of instrument creating charge	Supplemental Hypothecation Agreement
Date of instrument Creating the charge	23.04.2010
Amount secured by the charge	Rs.185.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate on interest Interest shall be payable by the Company on the banking facilities as per Bank’s tariff, subject however that the Bank shall have the right to change rate of interest after giving notice to the Company. · Terms of repayment In consideration of Banking facilities sanctioned / to be sanctioned by the Bank to the Company, the Company has hypothecated and charged to the Bank by way of First exclusive charge on current assets both present and future including stock in trade at Purna Village, Thane or any other locations and book debts as a continuing security, the assets mentioned in the Deed of Hypothecation to secure the repayments of the advances together with interest cost and all other charges · Margin The Company shall maintain such margin as may be specified by the Bank from time to time · Extent and operation of the charge In case the Company fails to fulfill its obligations under the Agreement, the Bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilize the proceeds in full or part settlement of its claims.
Short Particulars of the property charged	All the borrower’s stock in trade both present and future, including stock of raw materials, work in progress, spares and stores and finished goods wherever stored or in transit All the borrower's present and future book debts, outstanding monies, receivables and claims
Date of instrument modifying the charge	18.09.2008
Particulars of the present modification	By the present modification the maximum drawing limits of the said facilities has increased from Rs.135.000 millions to Rs.185.000 millions.

TRADE REFERENCES :

· National Organization Chemical Industrial Limited

· Gharda Chemical Limited

· Lumis Biotech Limited

· Ajine Metro Company

Fixed Assets

· Godown Premises

· Furniture and Fixtures

· Electrical Installation

· Type Writers

· Air Conditioner

· Refrigerator

· Xerox Machine

· Fax Machine

· Computer and Printers

· Voltage Stabilizer

· Weighing Machine

· Fire Extinguishers

· Telephone System

· Motor Cars

· Microwave Oven

· Books

· Printers

· Modem

· Capacitor

· Television

· UPS

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 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.50.27
UK Pound	1	Rs.80.07
Euro	1	Rs.68.44

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.