MIRA INFORM REPORT

Report Date :

14.11.2011

IDENTIFICATION DETAILS

Name :	ECOKEM TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Maheshwari Sadan, Near Moti Market, Jayendra Ganj, Gwalior – 474 009, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.06.2010
Com. Reg. No.:	10-023726
Capital Investment / Paid-up Capital :	Rs.0.200 million
CIN No.: [Company Identification No.]	U24211MP2010PTC023726
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Specialty Chemicals.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 900
Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company establishing itself gradually. The company has successfully achieved sizable turnover in its very first year of operation. Trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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. Arun Bagchi
Designation :	Director
Contact No.:	91-9967542623
Date :	12.11.2011

LOCATIONS

Registered Office :	Maheshwari Sadan, Near Moti Market, Jayendra Ganj, Gwalior – 474 009, Madhya Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9967542623 (Mr. Arun)
Fax No.:	Not Available
E-Mail :	spect2576@rediffmail.com sales@ecokem.in
Website :	www.ecokem.in
Branch Office :	722, The Commodity Exchange Building, Plot 2, Sector 19, Vashi, Navi Mumbai – 400 703, Maharashtra, India
Tel. No.:	91-22-65250358

DIRECTORS

As on 07.07.2011

Name :

Mr. Arun Bagchi

Designation :

Director

Name :

Ms. Debjani Arun Bagchi

Designation :

Director

Address :

Flat No. 11, Atul Apartments, 32 Swastik Park, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

14.01.1970

Date of Appointment :

18.05.2011

DIN No.:

03528626

Name :

Ms. Jyoti Mahendra Chavan

Designation :

Director

Address :

D-704, Lotus Kukreja Complex, LBS Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India

Date of Birth/Age :

09.08.1976

Date of Appointment :

18.05.2011

DIN No.:

03528627

Name :

Ms. Anjana Satya Prakash Gupta

Designation :

Whole Time Director

Address :

Bhaskar Lane, Jayendra Ganj, Gwalior – 474 009, Madhya Pradesh, India

Date of Birth/Age :

30.10.1966

Date of Appointment :

08.06.2010

DIN No.:

01757245

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	U72200MH1998PTC115075	Spearhead Infotech Systems Private Limited	Director	30-05-00	30-05-00	-	Active	NO
2	U01120MP1996PTC010571	Indus Eximtech Private Limited	Director	10-12-07	10-12-07	-	Active	NO
3	U72200MP2009PTC022578	Spearhead Infotech Private Limited	Director	03-11-09	03-11-09	-	Active	NO
4	U15412MP2010PTC023473	Premiyum Aahar Private Limited	Director	30-04-10	30-04-10	-	Active	NO
5	U24211MP2010PTC023726	Ecokem Technologies Private Limited	Director	08-06-10	08-06-10	-	Active	NO

Name :

Vinod Kumari Gupta

Designation :

Whole Time Director

Address :

Bhaskar Lane, Jayendra Ganj, Gwalior - 474 009, Madhya Pradesh, India

Date of Birth/Age :

15.08.1945

Date of Appointment :

08.06.2010

Date of Ceasing :

18.05.2011

DIN No.:

00674470

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	U01120MP1996PTC010571	Indus Eximtech Private Limited	Director	07-03-96	07-03-96	27-04-11	Active	NO
2	U24211MP2010PTC023726	Ecokem Technologies Private Limited	Director	08-06-10	08-06-10	18-05-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.07.2011

Names of Shareholders	No. of Shares
Vinod Kumari Gupta	5000
Anjana Gupta	5000
Debjani Arun Bagchi	6000
Jyoti Manendra Chavan	4000
Total	20000

As on 07.07.2011

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

BUSINESS DETAILS

Line of Business :	Distributor of Specialty Chemicals.
Products :	Coatings: Vinyl resins, Acrylic resins, High performance resins Plastics: Optical brighteners, PE waxes, PPA masterbatch, Colour master batch
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

20 (Approximately)

Bankers :

Punjab National Bank, APMC Vashi Branch

Facilities :

Unsecured Loans	31.03.2011 Rs. In Millions
From Directors – Shareholders and Others
Arun Bachi	0.601
K.J. Bahadur	5.000
S.N.L.	4.000
Total	9.601

Banking Relations :	--
Auditors :
Name :	S. Prakash and Company Chartered Accountants
Address :	Maheshwari Sadan, Near Moti Market Jayendra Ganj, Gwalior – 474 009, Madhya Pradesh, India
Tel. No.:	91-751-2320120/ 2320707/ 2664948
Mobile No.:	91-9826245362
Income-tax PAN of auditor or auditor's firm :	AALFS9126Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.200
2] Share Application Money		0.000
3] Reserves & Surplus		0.026
4] (Accumulated Losses)		0.000
NETWORTH		0.226
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		9.601
TOTAL BORROWING		9.601
DEFERRED TAX LIABILITIES		0.003
TOTAL		9.830
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.618
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.778
	Sundry Debtors	4.018
	Cash & Bank Balances	4.810
	Other Current Assets	0.000
	Loans & Advances	0.331
Total Current Assets		14.937
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.689
	Other Current Liabilities & Provisions	0.050
Total Current Liabilities		5.739
Net Current Assets		9.198
MISCELLANEOUS EXPENSES		0.014
TOTAL		9.830

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011
	SALES TURNOVER (APPROXIMATELY)	117.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	0.129
Less/ Add	DEPRECIATION/ AMORTISATION	0.091
	PROFIT BEFORE TAX	0.038
Less	TAX	0.012
	PROFIT AFTER TAX	0.026
	Earnings Per Share (Rs.)	1.30

Expected Sales (2011-2012): More than Rs.150.000 millions

The above information has been parted by Mr. Arun Bagchi (Director).

KEY RATIOS

PARTICULARS		31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.24
Return on Investment (ROI) (PBT/Networth)		0.17
Debt Equity Ratio (Total Liability/Networth)		67.88
Current Ratio (Current Asset/Current Liability)		2.60

LOCAL AGENCY FURTHER INFORMATION

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 one year	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	--
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
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	--

WORKING OF THE COMPANY:

Working for the year is satisfactory.

FIXED ASSETS:

v Furniture and Fixture

v Air Conditioner

v Vehicle

v Computer

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.68.45

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.