MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	MONARCH CATALYST PRIVATE LIMITED
Registered Office :	A-94, MIDC, Phase I, Dombivli (East), Thane – 421 203, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.11.1983
Com. Reg. No.:	11-31365
Capital Investment / Paid-up Capital :	Rs.58.000 Millions
CIN No.: [Company Identification No.]	U24110MH1983PTC031365
TAN No.: [Tax Deduction & Collection Account No.]	pnem06999g
Legal Form :	Private Limited Liability Company
Line of Business :	manufacturer of Nickel Catalyst for oils and Oleo Chemicals
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company is satisfactory. Trade relations are 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating (30.06.2011)

Current Rating (30.09.2011)

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office / Factory:	A-94, MIDC, Phase I, Dombivli (East), Thane – 421 203, Maharashtra, India
Tel. No.:	91-251-2471716 / 2431013 / 2435591
Fax No.:	91-251-2470269
E-Mail :	info@monarchcatalyst.com raghu@monarchcatalyst.com shv@monarchcatalyst.com
Website :	www.monarchcatalyst.com

DIRECTORS

As on 12.09.2011

Name :	Mr. Hitesh Chimanlal Vadalia
Designation :	Managing Director
Address :	4, Mangal Murti, 3^rd Floor, Zaver Road, Mulund West, Mumbai – 400 080, Maharashtra, India
Qualification :	B.Tech, M. S.
Experience :	16 Years
Date of Appointment :	01.04.2008
DIN No.:	00463471

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	U24110MH1983PTC031365	Monarch Catalyst Private Limited	Managing director	01-04-08	01-04-95	Active	NO
2	U99999MH1994NPL082149	Dombivli Common Effluent Treatment Plant	Director	01-04-07	01-04-07	Active	NO
3	U24100MH2010PTC208202	Monarch Precious Chemistry Private Limited	Director	26-09-10	26-09-10	Active	NO

Name :	Mr. Abhishek Dalmia
Designation :	Director
Address :	Radha Vihar, 35-B, Prithviraj Road, New Delhi – 110 011, India
Date of Appointment :	05.06.2006
DIN No.:	00011958

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	U51109WB1981PLC034224	Saffron Agencies Limited	Director	25-07-02	25-07-02	08-04-10	Active	NO
2	L29120TZ1977PLC000780	Revathi Equipment Limited	Whole-time director	01-04-08	17-08-02	-	Active	NO
3	U74899DL2000PTC103127	Netcarrots Com Private Limited	Director	01-11-02	01-11-02	-	Active	NO
4	L74999AP1991PLC013391	Lanco Industries Limited	Director	10-06-04	10-06-04	01-04-07	Active	NO
5	U01119DL1996PTC080731	ASRA plantations private limited	Director	28-04-05	28-04-05	-	Active	NO
6	U01110DL1997PTC085693	Sunglow Agriculture Farms Private Limited	Director	28-04-05	28-04-05	-	Active	NO
7	U01121DL1997PTC085141	Priyadarshany Agri Farms Private Limited	Director	29-04-05	29-04-05	-	Active	NO
8	U01121DL1997PTC085142	Sohna Agri Farms Private Limited	Director	29-04-05	29-04-05	-	Active	NO
9	L27106MP1988PLC004778	Rajratan Global Wire Limited	Director	11-06-05	11-06-05	-	Active	NO
10	L70109WB1986PLC040864	Ashiana Housing Limited	Director	30-01-06	30-01-06	-	Active	NO
11	U24110MH1983PTC031365	Monarch Catalyst Private Limited	Director	05-06-06	05-06-06	-	Active	NO
12	U99999MH1993PLC073845	Shogun Organics Limited	Director	12-08-06	12-08-06	-	Active	NO
13	U85110KA1987PTC008108	Potential Semac Consultants Private Limited	Director	26-02-07	26-02-07	-	Active	NO
14	U74899DL2000PTC107953	Renaissance Asset Management Company Private Limited	Whole-time director	01-05-07	01-05-07	-	Active	NO
15	U93090DL1998NPL097629	YPO (Delhi Chapter) U/S25	Director	01-07-07	01-07-07	-	Active	NO
16	U65993DL1974PLC120976	Utkal Investments Limited	Director	12-09-07	12-09-07	-	Active	NO
17	U45200TZ2008PLC014320	Renaissance Construction Technologies India Limited	Director	20-03-08	20-03-08	-	Active	NO
18	U85110KA1969PLC001808	Semac Limited	Director	18-09-09	08-05-08	-	Amalgamated	NO
19	U67120DL2008PLC185933	Renaissance Stocks Limited	Director	18-12-08	18-12-08	-	Active	NO
20	U92199DL2003PTC118548	Satellier India Private Limited	Additional director	29-03-11	29-03-11	-	Active	NO

Name :	Mr. Krishnan Muthukumar
Designation :	Director
Address :	31/348, akshar Mahol, Telang Cross Road No. 1, Matunga, Mumbai – 400 019, Maharashtra, India
Qualification :	B.Com, PGDM
Experience :	12 years
Date of Appointment :	01.01.1998
DIN No.:	00463579

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	U24110MH1983PTC031365	Monarch Catalyst Private Limited	Whole-time director	01-01-98	01-01-98	Active	NO
2	U99999MH1932GAP001863	Indian Gymkhana (Matunga) Limited	Director	15-01-08	15-01-08	Active	YES
3	U45202MH2008PTC180319	Tridhaatu Realty And Infra Private Limited	Director	19-03-08	19-03-08	Active	NO
4	U70100MH2009PTC197481	Tridhaatu Ventures Private Limited	Director	01-12-09	01-12-09	Active	NO
5	U45400MH2010PTC204009	Tridhaatu Developers Private Limited	Director	10-06-10	10-06-10	Active	NO
6	U70102MH2010PTC206148	Tridhaatu Estates Private Limited	Director	30-07-10	30-07-10	Active	NO
7	U45400MH2010PTC206147	Tridhaatu Constructions Private Limited	Director	30-07-10	30-07-10	Active	NO
8	U24100MH2010PTC208202	Monarch Precious Chemistry Private Limited	Director	26-09-10	26-09-10	Active	NO

Name :	Mr. Sivasubramanian Krishnan
Designation :	Director
Address :	4A, Akshay Anand, 7^th Road, Sandu Wadi, Chembur – 400 071, Maharashtra, India
Qualification :	B. Sc
Experience :	36 years
Date of Appointment :	01.04.1995
DIN No.:	00463757

Name :	Mr. Satish Chandra Katyal
Designation :	Director
Address :	A 303-304, Golf Scappe, Sion Trombay Road, Chembur – 400 071, Maharashtra, India
Date of Appointment :	05.06.2006
DIN No.:	00614377

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	L29120TZ1977PLC000780	Revathi Equipment Limited	Director	24-06-83	24-06-83	-	Active	NO
2	U45207TN1997PLC038219	Coromandel Electric Company Limited	Director	08-07-05	08-07-05	25-07-07	Active	NO
3	U24110MH1983PTC031365	Monarch Catalyst Private Limited	Director	05-06-06	05-06-06	-	Active	NO
4	U99999MH1993PLC073845	Shogun Organics Limited	Director	12-08-06	12-08-06	-	Active	NO
5	U45200TZ2008PLC014320	Renaissance Construction Technologies India Limited	Director	20-03-08	20-03-08	-	Active	NO
6	U85110KA1987PTC008108	Potential Semac Consultants Private Limited	Director	26-09-08	24-03-08	21-08-10	Active	NO
7	U85110KA1969PLC001808	Semac Limited	Director	18-09-09	08-05-08	-	Amalgamated	NO

Name :	Mr. Shantilal Harilal Vadalia
Designation :	Director
Address :	B-1, Flat No. 1001, Lok Everest, 10^th Floor, Jathashankar Dosa Marg, Mulund West, Mumbai – 40 080, Maharashtra, India
Date of Birth :	20.07.1943
Qualification :	M.Sc. Tech
Date of Appointment :	01.04.2008
DIN No.:	00614424

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	U24110MH1983PTC031365	Monarch Catalyst Private Limited	Director	01-04-08	01-04-95	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raghunath Subramanian
Designation :	Secretary
Address :	304, Gayatri, LT Road, Mulund East, Mumbai – 400 081, Maharashtra, India
Date of Appointment :	22.07.2008
PAN No.:	AAEPR3625A
Name :	Dr. M R Kalyanp
Designation :	Head – Technical Services
Name :	Dr. G P Babu
Designation :	Head – R and D
Name :	Mr. Nitin Kotian
Designation :	Head – Operations
Name :	Mr. G Arunkumar
Designation :	Head – Projects
Name :	Mr. S. Raghunath
Designation :	Chief Financial Officer
Name :	Mr. M G Shah
Designation :	Head – Finance
Name :	Mr. N K Neelkantan
Designation :	Head – Quality Assurance
Name :	Mr. Vinod Muthukumar
Designation :	Head – Corporate Strategy
Name :	Mr. Shrinivas Modak
Designation :	Head – Sales and Marketing
Name :	Mr. Mahendra Kolhekar
Designation :	Head – Procurement
Name :	Mr. Murali K Iyer
Designation :	Head – Administration
Name :	Mr. Rajan Gunjikar
Designation :	Head – Manufacturing
Name :	Mr. Satishkumar Nair
Designation :	Head – Human Resources
Name :	Mr. V M Bhamre
Designation :	Head – Maintenance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2011

Names of Shareholders	No. of Shares
Shantilal H Vadalia Rekha S Vadalia Hemani S Vadalia	97750
Rekha S Vadalia Shantilal H Vadalia Hemani S Vadalia	2290
Vasantha Muthukumar Krishnan M Vinod M	6760
Krishnan M Reshma Krishnan Vasantha M	18700
Reshma Krishnan Krishnan M. Vasantha M.	2090
Hitesh C Vadalia Rupal H Vadalia	42330
Rupal H Vadalia Hitesh C Vadalia	21200
K Shivsubramanian Geeta S. Vindo M.	14400
K. Shivsubramanian Geeta S. Reshma Krishnan	40500
Jasumati C. Vadalia Hitesh C Vadalia	34500
Krishnan Muthukumar Reshma Krishnan	58050
K Shivsubramanian Geeta S Rashi Muthukumar	36550
Revathi Equipment Limited, India	150800
Shridhar Iyer	14500
Sudar Iyear Vanaja Sunder Iyer	12083

As on 12.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	26.00
Directors or relatives of directors	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

manufacturer of Nickel Catalyst for oils and Oleo Chemicals

GENERAL INFORMATION

Customers :

Domestic Customers

· Amoli Organics

· Associated Drug Company

· Atul Limited

· Aurobindo Pharma Limited

· Beekay Finochem Private Limited

· Casil Health Products Limited

· Colour Chem Limited

· Exon Laboratories Private Limited

· Hindustan Lever Limited

· ICI India Limited

· IPCA Laboratories

Global Customers

· Akzo Nobel (Malaysia)

· Baerlocher (Germany)

· Cognis (Germany, Canada, Malaysia and USA)

· Greenwell Global Chemicals (China)

· Palmoleo (Malaysia)

· Peter Greven (Germany)

· Pofachem (Malaysia)

· Sogis (Italy)

· TEFAC (Sweden)

· Twin River Technologies (USA)

· Undesa (Italy, Spain)

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank

Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra, Mumbai – 400 051, Maharashtra, India

· Standard Chartered Bank

90, M G Road, Fort, Mumbai-400001, Maharashtra, India

· State bank of India

MID Corporate Loan admin Unit Shri Hari Building, RTO Lane, Four Bungalows, Andheri (West), Mumbai – 400 053, Maharashtra

· Barclays Bank PLC

· Axis Bank Limited

· ICICI bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Banks (Against hypothecation of stocks of raw material, work in progress and finished goods with additional securities EM over factory land and building at MIDC A-94, F 1/2, Dombivli and hypothecation of existing plant and machinery with other assets and personally guaranteed by the directors of the company.)	347.374	37.530
Total	347.374	37.530
Unsecured Loan
From Shareholders	16.700	0.000
Total	16.700	0.000

Banking Relations :	--
Auditors :
Name :	Sheth doshi and associates Chartered Accountants
Address :	B-3, Lok Everest, JSD Marg, Mulund West, Mumbai – 400 080, Maharashtra, India
Tel. No.:	91-22-25919742

CAPITAL STRUCTURE

As on 12.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
580000	Equity Shares	Rs.100/- each	Rs.58.000 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		58.000	58.000	58.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		215.894	162.352	241.865
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		273.894	220.352	299.865
LOAN FUNDS
1] Secured Loans		347.374	370.530	253.219
2] Unsecured Loans		16.700	0.000	100.000
TOTAL BORROWING		364.074	370.530	353.219
DEFERRED TAX LIABILITIES		43.700	41.124	30.246
TOTAL		681.668	632.006	683.330
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		422.549	437.429	407.895
Capital work-in-progress		1.368	1.077	8.577
INVESTMENT		23.617	11.461	24.951
DEFERREX TAX ASSETS		7.954	7.313	0.122
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.410	52.901	130.778
	Sundry Debtors	198.990	125.042	219.464
	Cash & Bank Balances	14.767	0.404	35.193
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	151.218	138.826	107.564
Total Current Assets		440.385	317.173	492.999
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	159.872	94.675	195.746
	Other Current Liabilities	0.000	0.000	0.00
	Provisions	56.016	51.038	61.217
Total Current Liabilities		215.888	145.713	256.963
Net Current Assets		224.497	171.460	236.036
MISCELLANEOUS EXPENSES		1.683	3.266	5.749
TOTAL		681.668	632.006	683.330

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	901.648	773.403	1135.082
		Other Income	5.112	9.885	2.309
		TOTAL (A)	906.760	783.288	1137.391
Less	EXPENSES
		Administrative and Marketing Expenses	88.941	77.752	49.883
		Extra Ordinary Items	0.000	84.907	0.000
		Other Expenses	690.546	619.856	954.525
		TOTAL (B)	779.487	782.515	1004.408
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		127.273	0.773	132.983
Less	FINANCIAL EXPENSES (D)		41.096	53.799	41.945
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.177	(53.026)	91.038
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.900	22.231	14.812
	PROFIT/LOSS BEFORE TAX (E-F) (G)		62.277	(75.257)	76.226
Less	TAX (H)		8.735	4.256	27.025
	PROFIT/LOSS AFTER TAX (G-H) (I)		53.542	(79.513)	49.201
	Earnings (Loss) Per Share (Rs.)		92.31	(137.09)	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.90	(10.15)	4.3
Net Profit Margin (PBT/Sales)	(%)	6.91	(9.73)	6.72
Return on Total Assets (PBT/Total Assets}	(%)	7.22	(9.97)	8.46
Return on Investment (ROI) (PBT/Networth)		0.23	(0.34)	0.25
Debt Equity Ratio (Total Liability/Networth)		2.12	2.34	2.03
Current Ratio (Current Asset/Current Liability)		2.04	2.18	1.92

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW

After the tumultuous year of 2008-09 which was affected by the global meltdown and utter confusion in the financial market, some stability was seen in the year 2009-10. Their Company achieved turnover of Rs.900.000 Millions in the year against Rs.770.000 Millions achieved in previous year. They achieved a Profit after tax of Rs.53.500 Millions as compared to the loss of Rs.79.500 Millions in Previous Year.

The turnaround was achieved due to multipronged action and measures taken by the company. A stringent control was established on the inventory and receivables. Efforts were made successfully to develop alternate source of supply of Raw Materials. All this efforts resulted in pruning the working capital requirement which helped the company to reduce the financial costs.

The turnaround was quite robust with more than 50% growth in terms of quantity though in terms of value it seems only 15%, this is due to drastic reduction in the prices of commodities. Their company’s performance is commendable in comparison to previous year considering that the global economy is not fully recovered with hiccups coming in from various countries.

BUSINESS OUTLOOK

For the next financial year i.e. 2010-11 subject is targeting to improve the top line by about 35% which would improve the bottom line. Since the market is still not out of the woods and orders are not quite easy it's a challenge to maintain the growth rate of 35-40%. But to achieve this task the company is continuing its very aggressive strategy adopted since last year.

· To further increase market share for OFC catalyst in the export as well as the domestic market.

· The target for AAC is also quite challenging and we have planned to repeat the last year's performance with at least 20% of share from exports in the higher target for this year.

· In case of NMC the focus continuous on to gain more Job work related business and get breakthroughs with big pharma companies for their NMC requirements.

· They have also introduced quite a few new alumina based .catalysts for chemical processes. They hope to establish this new product line in this year.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Name of the company	MONARCH CATALYST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-94, MIDC, Phase I, Dombivli (East), Thane – 421 203, Maharashtra, India
Type of charge	Movable property (not being pledge)
Particular of charge holder	Standard Chartered Bank Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra, Mumbai – 400 051, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum of Hypothecation
Date of instrument Creating the charge	22.07.2011
Amount secured by the charge	Rs.126.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest Credit Facilities. Interest / Commission - As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time. Margin As agreed by and with the Bank from time to time. Extent and operation of the charge The Bank is having first charge on the security given by the Company Others First charge on security has been created in favour of Bank for the purpose of securing credit facility to the extent of USD 2.80 Million granted to the Company. For the purpose of filing Form 8, the facility amount equivalent in INR has been calculated at the prevailing foreign exchange rate i.e. (1 USD = INR 45).
Short particulars of the property charged	· Hypothecation by way of first charge on all present and future of the movable properties of the borrower situated at A-94, MIDC Phase1, Dombivali east, Thane 421201 and F 1/2, MIDC Phase 1, · Dombivali East, Thane 421203 including without limitation its movable plant and machinery, furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables, both whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about any or all the borrower's premises, warehouse, stockyards and godowns or those of the borrower's agents, affiliates, associates or representatives or at various worksites or at any up country place or places or wherever else the same may be or be held by any party including without limitation.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Vehicles

· Furniture and Fixtures

· R and D Equipments

· Laboratory Equipment

· Office Equipments

· Computers

WEB DETAILS

PROFILE

Subject is an established manufacturer of Nickel Catalyst for oils and oleo chemicals in India since 1973. It was the brain-child of two technocrats, who converted their dream into reality. The operations are based in Dombivli, near Mumbai, India. In a short period of time, Subject has been instrumental in bringing together a large number of intellectual minds with international exposure and creating an innovative atmosphere in the area of catalysts. It has developed an indigenous technology for the production of dry reduced nickel catalyst for hydrogenation of edible oils and oleo chemicals. Now it is a market leader in manufacture of such specialty catalysts in India.

In the area of catalysts, as a step towards the growth, Subject has taken over the “Kallin Intermediate Private Limited” (KIPL) on April 1, 2002. KIPL was established in 1978 by Dr. Kalyanpur and Mr. A.R. Mallapur to manufacture Activated Alloy Catalyst (AAC) and supported noble metal catalyst (NMC). Various grades of supports, viz. carbon, alumina, calcium carbonate etc are used for effective dispersion of noble metals on them and achieve better performance in catalytic reactions.

To accept greater challenges, subject created a separate plant (facility) in 1984 for the recovery of metal from all types of spent catalysts (used/deactivated catalysts). After several years of process optimization, subject has achieved a higher yield (more than 90%) of base metals from different types of used catalysts. Recovery of metal from spent catalyst not only solves the pollution problem but also helps our clients to better dispose (realizing a value) of waste generated in their plant. Constant innovations are incorporated in the recovery process, which give benefits in operating the plant cost effectively. Also, the recovery of metal from waste enables subject to pass on certain cost benefits to its clients.

At Subject, the quality control system operates with strict adherence to the specifications for raw materials, intermediates and final products. State of the art analytical instruments are provided to measure surface area, pore size/pore volume, metal dispersion and metal crystallite size, temperature programmed reduction, fatty acid composition, cis-trans fatty acids in edible fat and purity of organic fine chemicals. Also, dedicated high pressure autoclaves are used routinely for catalyst performance tests (hydrogenation of oils/fatty acids, drug intermediates and fine chemicals).

At subject, the technical team endeavours constantly towards adopting new technologies in the area of manufacturing/developing new brands and quality control procedures. Process conditions are revised regularly to enhance quality and improve product consistency. The focus area at subject is to support its customers in attending to their technical issues as well as associate with them to help their waste management initiatives.

Now, subject is one of the few major players in the field of catalysts technology and is among the top three global players in the field of oils and fats nickel catalyst. The higher demand from the export market allowed subject to expand its manufacturing facility/capacity of nickel catalysts, AAC and NMC. The consequent synergy in the operations of the base metal and noble metal catalysts with cumulative experience of more than 200 years in the catalyst industry has enriched the new entity and enhanced subject capability.

MILESTONES

1973	~ A green field entity subject is born
1982	~ Extraction facility is set up for recovery of nickel from wastes
1989	~ Becomes the only company in India to develop dry-reduced technology to manufacture nickel catalyst for oils and fats
1992	~ Doubles capacity to 420 tpa
2001	~ Installs a Palletizer to enhance the product performance and bags the first export order for Nickel catalyst
2002	~ Subject achieves KOSHER certification and ISO-9002 certification
2002	~ Takes over Kallin Intermediate Private Limited, a pioneer company manufacturing Activated Alloy Catalyst and Noble Metal catalyst
2003	~ Expands capacity for all existing products: Nickel Catalyst – 600 tpa Activated Alloy Catalyst – 96 tpa Noble Metal Catalyst – 500 kgs per month
2005	~ Embarks on an expansion project to build one of the world’s largest Catalyst Plant for manufacture of Oils and Fats Catalysts, Activated Alloy Catalysts and Precious Metal Catalysts
2006	~ Divests 26% to Revathi Equipment Limited
2007	~ Completes expansion started in 2005 and current manufacturing capacities stand at: Oil and Oleochemical Catalyst – 2400 tpa Activated Alloy Catalyst – 600 tpa Noble Metal Catalyst – 120 tpa

BOARD OF DIRECTORS

Mr. S H Vadalia : Chairman

-Masters in Oil Technology from UDCT, Bombay.

-Co-founder of the Company and currently a mentor to the young team

Mr. K Shivasubramanian : Vice Chairman

-Bachelor of Science

-A key advisor and a mentor to the young team.

Mr. Hitesh C Vadalia : Managing Director

-B. Tech (IIT, Mumbai), Masters in Science from Polytechnic University, New York

-Heading technical team of the company

Mr. Krishnan M. : Director

-Masters in Business Administration (Marketing), S P Jain Mumbai

-Heading Business Development for the Company

Mr. Abhishek Dalmia : Independent Director

-Bachelors in Commerce (Hons)

-FCA, Grad - CWA

Mr. Satishchandra Katiyal : Independent Director

-Bachelors in Arts (Economics – Hons)

-FICWA ACIS, ACS

THE TOP MANAGEMENT ALSO INCLUDES

Dr. M R Kalyanpur : Head – Technical Services

-Doctorate in Chemistry from UDCT, Mumbai

-Co-ordinates the R and D initiatives and advises in technical matters.

Dr. G P Babu : Head – R and D

-Doctorate in Chemistry from NCL, Pune

-Heads the R&D initiatives in emerging Catalytic technologies

Mr. Nitin Kotian : Head – Operations

-Masters in Science from Bombay University

Mr. G Arunkumar : Head – Projects

-Bachelors in Mechanical Engineering from REC, Trichi

Mr. S. Raghunath: CFO

-Bachelors in Commerce( Bombay University )

-ACA, ACS

-Heading the Finance team

Mr. M G Shah : Head – Finance

-Bachelors in Commerce, Bachelors in Law (Bombay University)

-The oldest member of Monarch and heading the internal Audit team

Mr. N K Neelkantan : Head – Quality Assurance

-Bachelors in Science (Bombay University)

Mr. Vinod Muthukumar : Head – Corporate Strategy

-MBA, Bowling Green State University, Ohio

Mr. Shrinivas Modak : Head – Sales and Marketing

-Masters in Science from Bombay University

Mr. Mahendra Kolhekar : Head – Procurement

-Bachelors in Engineering

Mr. Murali K Iyer : Head – Administration

-Bachelors in Science from Bombay University

Mr. Rajan Gunjikar : Head – Manufacturing

-Bachelors in Science from Bombay University

-Diploma in Production Engg. and Factory Mgt.

Mr. Satishkumar Nair : Head – Human Resources

-Bachelor of Business Administration

-Diploma in HRD

-Diploma in Fire and Safety

Mr. V M Bhamre : Head – Maintenance

-Diploma in Engineering

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.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.