MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	MAKWELL PLASTISIZERS PRIVATE LIMITED
Registered Office :	A-506, Bhaveshwar Plaza, Opposite Shreyas Cinema, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.12.1992
Com. Reg. No.:	11-70204
Capital Investment / Paid-up Capital :	Rs.1.510 Millions
CIN No.: [Company Identification No.]	U25209MH1992PTC070204
TAN No.: [Tax Deduction & Collection Account No.]	MUMM16661B
PAN No.: [Permanent Account No.]	AAACM3126E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of Chlorinated Paraffin and Epoxidized Soyabean Oil.
No. of Employees :	40 (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 440000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The Company can be considered good for normal business dealings under 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. Shashikant Thakkar
Designation :	Director
Contact No.:	91-9892584900

LOCATIONS

Registered Office :	A-506, Bhaveshwar Plaza, Opposite Shreyas Cinema, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25004848 / 40464848
Mobile No:	91-9892584900 (Mr. Shashikant Thakkar)
Fax No.:	91-22-25004800
E-Mail :	makwell@vsnl.net makwell@hotmail.com makwell@bom5.vsnl.net.in sales@makwellgroup.com
Website :	www.makwellgroup.com www.makwellplastisizers.com
Area :	1500 Sq. ft.
Location :	Owned
Factory :	57, D/B, MIDC, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2423495
Area :	100000 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Shashikant N. Thakker

Designation :

Director

Address :

1307, Sahyadri, Neekhant Valley, Rajawadi, Ghatkopar, Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

29.05.1938

Date of Appointment :

29.12.1992

DIN No.:

00300693

Other Directorships :

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	U24100MH1988PTC049205	MAKWELL ORGANICS PRIVATE LIMITED	Director	13/10/1988	13/10/1988	-	Active	NO
2	U25209MH1992PTC070204	MAKWELL PLASTISIZERS PRIVATE LIMITED	Director	29/12/1992	29/12/1992	-	Active	NO
3	U51900MH1998NPL116590	BOMBAY KARIANA COLOUR AND CHEMICAL MERCHANTS'ASSOCIATION	Director	21/09/1998	21/09/1998	-	Active	NO
4	U36028MH1982PLC028091	ANTOP HILL WAREHOUSING COMPANY LIMITED	Director	21/10/2000	21/10/2000	24/09/2011	Active	NO
5	U91100MH2009NPL193005	MUMBAI COLOUR And CHEMICAL MERCHANTS ASSOCIATION	Director	4/6/2009	4/6/2009	-	Active	NO

Name :

Mr. Kishore N. Thakker

Designation :

Director

Address :

10, Natraj, R. B. Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

04.03.1944

Date of Appointment :

29.12.1992

DIN No.:

00300652

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	U24100MH1988PTC049205	MAKWELL ORGANICS PRIVATE LIMITED	Director	13/10/1988	13/10/1988	Active	NO
2	U25209MH1992PTC070204	MAKWELL PLASTISIZERS PRIVATE LIMITED	Director	29/12/1992	29/12/1992	Active	NO
3	U24100MH2006PTC161442	R-BRANDS LIFESTYLE PRIVATE LIMITED	Director	30/09/2008	31/08/2008	Active	YES

Name :

Mr. Amresh K. Thakker

Designation :

Director

Address :

10, Natraj, R. B. Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

21.02.1972

Date of Appointment :

29.12.1992

DIN No.:

01501203

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	U25209MH1992PTC070204	MAKWELL PLASTISIZERS PRIVATE LIMITED	Director	29/12/1992	29/12/1992	Active	NO
2	U24100MH1988PTC049205	MAKWELL ORGANICS PRIVATE LIMITED	Director	30/08/1997	30/08/1997	Active	NO

Name :

Ms. Zubin K. Thakker

Designation :

Director

Address :

10, Natraj, R. B. Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

11.04.1974

Date of Appointment :

16.01.1999

DIN No.:

00300594

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	U24100MH1988PTC049205	MAKWELL ORGANICS PRIVATE LIMITED	Director	30/08/1997	30/08/1997	Active	NO
2	U25209MH1992PTC070204	MAKWELL PLASTISIZERS PRIVATE LIMITED	Director	16/01/1999	16/01/1999	Active	NO
3	U24100MH2006PTC161442	R-Brands Lifestyle Private Limited	Director	30/09/2010	9/9/2010	Active	YES

KEY EXECUTIVES

Name :	Ms. Ramadevi R. Iyer
Designation :	Company Secretary
Address :	Mumbai – 400 089
Name :	Ms. Hema
Designation :	Receptionist

MAJOR SHAREHOLDERS

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Shashikant N. Thakker	45000
Kishore N. Thakker	45000
Prafulla S. Thakker	6000
Indumati K. Thakker	12000
Hiren S. Thakker	6000
Kaushika A. Vora	6000
Mita Hiren Thakkar	6000
Amresh K. Thakker	9000
Vishal S. Thakker	6000
Zubin K. Thakker	9000
M/s. Neelkanth Mansion Limited, Mumbai	1000
Total	151000

AS ON 30.09.2010

Equity Shares Break – up

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.00
Bodies corporate	0.66
Directors or relatives of Directors	99.34
Other top fifty shareholders	0.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of Chlorinated Paraffin and Epoxidized Soyabean Oil.
Products :	§ Benzaldehyde § Chemicals § Hydrocarbon § Hydrochloric Acid § Toulene § Wax § Paraffin
Brand Names :	“Makchlor”, “Makplast SN”
Exports :
Products :	Chemicals
Countries :	· Turkey · Singapore
Imports
Products :	Raw materials
Countries :	· Europe · Belgium · China · Germany · Brazil · Korea · Singapore
Terms :
Selling :	L/C / Cash / Credit (30 days / 60 days / 90 days)
Purchasing :	L/C / Cash / Credit (30 days / 60 days / 90 days)

GENERAL INFORMATION

Customer:

End Users and OEM’s

No. of Employees :

40 (Approximately)

Bankers :

· Bank of Baroda,

Mandvi Branch, Rang Mahal, 212/216 Samuel Street, Mumbai – 400003, Maharashtra, India

· Citi Bank

N.A., Citibusiness Citigroup Centre, 2^nd Floor, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· HDFC Bank

· ICICI Bank

Facilities :

Secured Loans	31.03.2010 (Rs. In millions)	31.03.2009 (Rs. In millions)
Citi Bank O/D A/C	6.535	10.336
Citi Bank Baharin	24.457	--
Total	30.992	10.336

Unsecured Loans	31.03.2010 (Rs. In millions)	31.03.2009 (Rs. In millions)
Short Term Unsecured Loans
From Promoters/ directors	8.396	49.216
From shareholders	13.151	12.650
Total	21.547	61.866

Banking Relations :

Good

Financial Institution :

§ 3i Infotech Trusteeship Services Limited

3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Auditors :

Name :

Subodh Vora and Company

Chartered Accountants

Address :

307, Bhaveshwar Complex, Opposite Vidyavihar Railway Station, Vidyavihar (West), Mumbai – 400086, Maharashtra, India

Tel. No.:

91-22-55983500 / 55983550

 Fax No.:

91-22-25148595 / 25168595

Email :

scvora@mtnl.net.in

Associates :

Arkema

· Impact Modifier (MBS/ACRYLIC)

· Processing Aid

· Tin Stabilizer (Butyl / Octyl / Methyl

· Evatane® (EVA Copolymer)

· Lotryl® (EBA / EMA Co-polymer)

· Lotader® (MAH / GMA Terpolymer)

· Oravac® (Grafted Polyolifins)

· Oravac T® (Ethylene-Vinyl Acetate-MAH Terpolymer)

Kronos :

· Titanium Dioxide – Rutile

CAPITAL STRUCTURE

As on 31.03.2010 

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/-each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
151000	Equity Shares	Rs.10/-each	Rs.1.510 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		1.510	1.510	1.510
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		110.243	81.447	64.837
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		111.753	82.957	66.347
LOAN FUNDS
1] Secured Loans		30.992	10.336	(5.447)
2] Unsecured Loans		21.547	61.866	75.402
TOTAL BORROWING		52.539	72.202	69.955
DEFERRED TAX LIABILITIES		1.034	1.163	1.387
TOTAL		165.326	156.322	137.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.384	15.979	13.316
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.689	94.481	60.882
	Sundry Debtors	130.440	106.307	159.805
	Cash & Bank Balances	5.824	9.279	11.265
	Other Current Assets	25.033	6.303	6.378
	Loans & Advances	3.047	10.554	7.713
Total Current Assets		226.033	226.924	246.043
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors and Other Current Liabilities	59.374	75.036	105.335
	Provisions	16.717	11.545	16.335
Total Current Liabilities		76.091	86.581	121.670
Net Current Assets		149.942	140.343	124.373
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		165.326	156.322	137.689

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	672.621	673.443	685.823
		Other Income	0.416	0.883	1.028
		TOTAL (A)	673.037	674.326	686.851
Less	EXPENSES
		Material Consumption	532.536	537.919	569.906
		Material Manufacturing and Operating Expenses	51.323	44.987	45.263
		Administrative Expenses	35.768	53.963	35.044
		TOTAL (B)	619.627	636.869	650.213
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.410	37.457	36.638
Less	FINANCIAL EXPENSES (D)		6.464	9.188	8.152
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.946	28.269	28.486
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.529	2.180	2.023
	PROFIT BEFORE TAX (E-F) (G)		44.417	26.089	26.463
Less	TAX (H)		15.621	9.479	9.070
	PROFIT AFTER TAX (G-H) (I)		28.796	16.610	17.393
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		81.110	64.500	47.107
	BALANCE CARRIED TO THE B/S		109.906	81.110	64.107
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	103.925	77.228	NA
	TOTAL EARNINGS		103.925	77.228	NA
	IMPORTS
		CIF Value of Import	240.087	NA	NA
	TOTAL IMPORTS		240.087	NA	NA
	Earnings Per Share (Rs.)		190.70	110.00	115.19

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.27	2.46	2.53
Net Profit Margin (PBT/Sales)	(%)	6.60	3.87	3.86
Return on Total Assets (PBT/Total Assets}	(%)	18.39	10.74	10.20
Return on Investment (ROI) (PBT/Networth)		0.39	0.31	0.40
Debt Equity Ratio (Total Liability/Networth)		1.15	1.91	2.89
Current Ratio (Current Asset/Current Liability)		2.97	2.62	2.02

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Name of the company	MAKWELL PLASTISIZERS PRIVATE LIMITED
Presented By	MAKWELL PLASTISIZERS PRIVATE LIMITED
1) Date and description of instrument creating the change	16^th March, 2000 Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs.6.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Stock (Imported and Indigenous) and Moveable Plant and Machinery
4) Gist of the terms and conditions and extent and operation of the charge.	Nature of Facility Import L/C (Sight 180 days D.A. Margin of Security : 15%
5) Name and Address and description of the person entitled to the charge.	Bank of Baroda Mandvi Branch, Rang Mahal, 212/216 Samuel Street, Mumbai – 400 003, Maharashtra, India

Corporate identity number of the company	U25209MH1992PTC070204
Name of the company	MAKWELL PLASTISIZERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-506, Bhaveshwar Plaza, Opposite Shreyas Cinema, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	3i Infotech Trusteeship Services Limited 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India
Nature of instrument creating charge	Amendatory Declaration
Date of instrument Creating the charge	17.12.2008
Amount secured by the charge	Rs.65.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest Cash Credit : I-BAR – 2.5% per annum Working Capital Demand Loan : I-BAR – 1.8% per annum · Terms of repayment Working Capital Demand Loan: Maximum tenor of each tranche: 90 days or upto validity period of facility whichever is earlier. · Margin Cash Credit and Working Capital Demand Loan : Margins : Inventory : Uniform margin of 25% against all components of inventory. Book debts : Cover period 90 days Margin : 25% · Extent and operation of the charge First charge on all immovable fixed assets of the company situated at Plot No. 57/D/B, 1^st Phase GIDC Est, Off N H No. 8, Vapi, District Valsad, Gujarat ranking pari passu with Citibank.
Particulars of the property charged	First charge on all immovable fixed assets of the company situated at Plot No. 57/D/B, 1^st Phase GIDC Est, Off N H No. 8, Vapi, District Valsad, Gujarat ranking pari passu with Citibank.

FIXED ASSETS

· Leasehold Land

· Factory Buildings

· Plant and Machinery

· Fax Machine

· Safety Equipment

· Weighing Scale

· Telephone Systems

· Mobile Phone

· Electrical Installation

· Furniture and Fixtures

· Office Furniture and Fixtures

· Motor Car

· Air Conditioners

· Scooter

· Cycle

· Computer / Printer

· Cylinder for So2

· Polution Control Equipment

· Reactor

TRADE REFERENCES:

· Suvidhi Industries Vapi, Gujarat

· Technofab Engineers, Jaipur

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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.26

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	NO
--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.