MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	ARK GOLDEN INDIA PRIVATE LIMITED
Registered Office :	R S No. 19/3A, Mailam Road, Sedarapet, Pondicherry – 605011
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.05.2003
Com. Reg. No.:	59-001707
Capital Investment / Paid-up Capital :	Rs.7.100 Millions
CIN No.: [Company Identification No.]	U24229PY2003PTC001707
TAN No.: [Tax Deduction & Collection Account No.]	CHEA09236D
PAN No.: [Permanent Account No.]	AAECA2835Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Supplying and Exporting of Comprehensive range of Specialty and Phenalkamine Epoxy Hardeners.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 97000
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.

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

LOCATIONS

Registered Office :	R S No. 19/3A, Mailam Road, Sedarapet, Pondicherry – 605011, India
Tel. No.:	91-413-3290389
Fax No.:	91-413-2678033
E-Mail :	ark_pp@hotmail.com ark@arkgolden.com baroda@arkgolden.com manish_co@hotmail.com
Marketing/ Corporate Office :	D-31, Kamalanjali Above HDFC Bank, Akota, Off Old Padra Road, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2321002/ 3240912
Fax No.:	91-265-2321002

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Pradeep Kumar Agarwal

Designation :

Managing Director

Address :

A/202, Bhadralok, Old Padra Road, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

02.05.1958

Date of Appointment :

01.07.2009

DIN No.:

00463053

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	U24115GJ2002PTC040339	ARK PERFOMANCE POLYMERS PRIVATE LIMITED	Managing Director	01-07-09	04-01-02	Active	NO
2	U24229PY2003PTC001707	ARK GOLDEN INDIA PRIVATE LIMITED	Managing Director	01-07-09	05-09-06	Active	NO

Name :

Ms. Kiran Agarwal

Designation :

Director

Address :

A/202, Bhadralok, Old Padra Road, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

30.06.1962

Date of Appointment :

14.05.2003

DIN No.:

00455404

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	U24115GJ2002PTC040339	ARK PERFOMANCE POLYMERS PRIVATE LIMITED	Director	04-01-02	04-01-02	Active	NO
2	U24229PY2003PTC001707	ARK GOLDEN INDIA PRIVATE LIMITED	Director	14-05-03	14-05-03	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Kiran Agarwal	702900
Akriti Agarwal	7100
Total	710000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Supplying and Exporting of Comprehensive range of Specialty and Phenalkamine Epoxy Hardeners.

Products :

ITC Code	Product Description
39073090	Manufacturer of Epoxy Hardeners

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Central Bank of India,

21, Law De Lawriston Street, Pondicherry – 605001, India

· ICICI Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Central Bank of India, Pondicherry – Cash, Credit	3.025	2.930
ICICI – Car Loan	0.011	0.139
HDFC Car Loan	0.375	0.688
Total	3.411	3.757

Banking Relations :	--
Auditors :
Name :	R Suresh and Company Chartered Accountant
Address :	12, 2^nd Main Road, Elango Nagar, Pondicherry – 605011, India
Tel. No.:	91-413-2245545/ 4207252
E-Mail :	sureshpdy@hotmail.com sureshrpdy@yahoo.co.in

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1242500	Equity Shares	Rs.10/- each	Rs.12.425 millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
710000	Equity Shares	Rs.10/- each	Rs.7.100 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		7.100	7.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.271	6.735	7.803
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.371	13.835	7.903
LOAN FUNDS
1] Secured Loans		3.411	3.757	2.927
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		3.411	3.757	2.927
DEFERRED TAX LIABILITIES		0.080	0.038	0.251
TOTAL		27.862	17.630	11.081
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.152	4.838	5.801
Capital work-in-progress		0.000	1.194	0.000
INVESTMENT		0.096	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.122	3.014	0.466
	Sundry Debtors	6.344	1.851	5.022
	Cash & Bank Balances	5.970	6.109	0.417
	Other Current Assets	4.099	1.905	0.972
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		20.535	12.879	6.877
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.019	0.435	0.728
	Other Current Liabilities	2.841	0.772	0.814
	Provisions	0.061	0.074	0.055
Total Current Liabilities		3.921	1.281	1.597
Net Current Assets		16.614	11.598	5.280
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.862	17.630	11.081

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	42.169	25.402	22.943
		Other Income	0.495	0.181
		TOTAL	42.664	25.583	22.943
Less	EXPENSES
		TOTAL	29.250	19.149	15.726
	PROFIT BEFORE TAX		13.414	6.434	7.217
Less	TAX		2.879	0.503	0.792
	PROFIT AFTER TAX		10.535	5.931	6.425
	EARNINGS IN FOREIGN CURRENCY		4.936	2.251	1.779
	IMPORTS VALUE		NA	5.522	0.500
	Earnings Per Share (Rs.)		14.84	8.35	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	24.69	23.18	28.00
Net Profit Margin (PBT/Sales)	(%)	31.81	25.33	NA
Return on Total Assets (PBT/Total Assets}	(%)	42.33	36.31	56.93
Return on Investment (ROI) (PBT/Networth)		0.55	0.47	0.91
Debt Equity Ratio (Total Liability/Networth)		0.30	0.36	0.60
Current Ratio (Current Asset/Current Liability)		5.24	10.05	4.30

LOCAL AGENCY FURTHER INFORMATION

OPREATIONS:

During 2009-10, The Company has achieved turnover Of Rs.42.168 Millions as compared to last financial year of Rs.25.401 Millions and recorded profit after tax rs.10.535 Millions as compared to last financial years of Rs.5.931 Millions. The overall performance was satisfactory in the light of economic scenario and industry specific conditions during the previous year. The vision of future is to analyze market potential to increase the turnover.

FORM 8

Corporate identity number of the company	U24229PY2003PTC001707
Name of the company	ARK GOLDEN INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 19/3A, Mailam Road, Sedarapet, Pondicherry -605011, India ark_pp@hotmail.com
This form is for	Modification of charge
Charge identification number of the modified	10014952
Type of charge	· Movable property (not being pledge) · Floating charge · Others – Stock
Particular of charge holder	Central Bank of India Address: 21, Law De Lawriston Street, Pondicherry -605001, India Email: manish_co@hotmail.com
Nature of instrument creating charge	Agreement for hypothecation of goods to secure cash credit limit Letter of hypothecation to secure advance against shipping documents Agreement of guarantee for advance and credit facility Letter for packing credit advance
Date of instrument Creating the charge	04.01.2010
Amount secured by the charge	Rs.5.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Per Term of Sanction Terms of repayment Payable on Demand Margin Cash Credit - 25% Export Packing Credit Cum EBP/EBD - 10% For EPC And 5% For EBP/EBD Extent and operation of the charge First Charge Over The Stock and Export Bill of The Company Other This is to secure following credit facilities:- Cash Credit - Rs.3.000 millions EPC Cum EBP/EBD - Rs.2.000 millions Total - Rs.5.000 millions
Short particulars of the property charged (Including location of the property)	Hypothecation of goods and other tangible movable property such as products, stock in trade and goods whether finished or raw or in process of manufacture and all articles manufactured by borrowers
Particulars of the present modification	Overall limit has been enhanced from Rs.3.000 millions to Rs.5.000 millions including cash credit limit of Rs.3.000 millions and EPC cum EBP/EBD limit of Rs.2.000 millions.

FIXED ASSETS:

· Land

· Building

· Plant, Machinery and Equipments

· Furniture

· Electrical Installation

· Computer and Accessories

· Car

· Cycle

· Temporary Erections

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.49.02
UK Pound	1	Rs.77.13
Euro	1	Rs.67.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.