MIRA INFORM REPORT

Report Date :

12.09.2011

IDENTIFICATION DETAILS

Name :	KRISHNA ANTIOXIDANTS PRIVATE LIMITED
Formerly Known As :	KRISHNA FISCALS PRIVATE LIMITED
Registered Office :	1, Oriental Apartments, Jeevan Bimanagar, Opposite LIC, Shopping Centre, Borivali (West), Mumbai – 400 003, Maharashtra
Country :	India
Financials (as on) :	31.03.2011 (Provisional)
Date of Incorporation :	08.05.1990
Com. Reg. No.:	11-056459
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U65990MH1990PTC056459
TAN No.: [Tax Deduction & Collection Account No.]	MUMK11049D
PAN No.: [Permanent Account No.]	AAACK1793M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Speciality Chemicals, Industrial Chemicals etc.
No. of Employees :	100 (Approximately)

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 750000
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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Gurmukh
Designation :	Chartered Accountant
Contact No.:	91-22-40904100
Date :	09.09.2011

LOCATIONS

Registered Office :	1, Oriental Apartments, Jeevan Bimanagar, Opposite LIC, Shopping Centre, Borivali (West), Mumbai – 400 003, Maharashtra, India
Tel. No.:	91-22-28952367/ 28954842/ 28957195
Fax No.:	91-22-28910320/ 28935071
E-Mail :	kapl@bom2.vsnl.net.in bharatkamath@cristol.co.in gurmukh.kriplani@cristol.co.in
Website :	http://www.kapl.com http://www.krishnaantioxidants.com
Area :	300 Sq. ft.
Location :	Owned
Corporate Office 1:	107-108, 1^st Floor, Raheja Plaza, Shah Industrial Estate, Opposite Yashraj Studios, Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-28952367 / 28954842
Fax No.:	91-22-28910320 / 28935071
E-Mail :	mitul.gupta@cristol.co.in
Area :	3000 Sq. ft.
Location :	Owned
Corporate Office 2:	Opposite Yashraj Studios, Off Link Andheri (West), Mumbai – 400053, Maharashtra, India
Factory :	Gane Khadpoli MIDC, Chiplun, District Ratnagiri – 415 605, Maharashtra, India
Tel. No.:	91-235-237416
Area :	5 Acres
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Krishnagopal Hariprasad Gupta

Designation :

Whole Time Director

Address :

53/58, Jeevan Bima Nagar, A-6/1 Jeevan Aradhana Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Birth/Age :

04.06.1940

Qualification :

B. Tech

Date of Appointment :

08.05.1990

DIN No.:

01337454

Other Directorships:

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	U65990MH1990PTC056459	Krishna Antioxidants Private Limited	Whole-time director	08-05-90	08-05-90	Active	NO
2	U24100MH1975PTC018658	Akrur Chemicals Private Limited	Director	31-01-98	31-01-98	Active	NO

Name :

Mr. Anil Hariprasad Gupta

Designation :

Whole Time Director

Address :

11, AFCO Co-Operative Housing Society, A2/2 Jeevan Bimanagar, Borivali (West), Mumbai – 400 103, Maharashtra, India

Date of Birth/Age :

23.11.1950

Qualification :

Chartered Accountant

Date of Appointment :

08.05.1990

DIN No.:

01363167

Other Directorships:

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	U24100MH1975PTC018658	Akrur Chemicals Private Limited	Director	13-11-75	13-11-75	Active	NO
2	U65990MH1990PTC056459	Krishna Antioxidants Private Limited	Whole-time director	08-05-90	08-05-90	Active	NO

KEY EXECUTIVES

Name :	Ms. Swati Anil Gupta
Designation :	Manager
Address :	11, AFCO Co-Operative Housing Society, A2/2 Jeevan Bimanagar, Borivali (West), Mumbai – 400 103, Maharashtra, India
Date of Birth/Age :	15.04.1982
Date of Appointment :	01.04.2008
PAN No.:	AGFPG5412P
Name :	Mr. Mitul Krishnagopal Gupta
Designation :	Manager
Address :	53/58, Jeevan Bima Nagar, A-6/1 Jeevan Aradhana Borivali (West), Mumbai – 400103, Maharashtra, India
Date of Birth/Age :	21.11.1970
Date of Appointment :	01.04.2008
PAN No.:	AADPG2772L
Name :	Mr. Dhiraj Krishna Gupta
Designation :	Manager
Address :	53/58, Jeevan Bima Nagar, A-6/1 Jeevan Aradhana Borivali (West), Mumbai – 400 103, Maharashtra, India
Date of Appointment :	01.04.2006
PAN No.:	AEMPG9544F
	01.04.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Anil Hariprasad Gupta	10875
Krishna Hariprasad Gupta	11875
Mitul Krishna Gupta	625
Veena Anil Gupta	1625
Total	25000

AS ON 28.02.2011

Names of Allottees	No. of Shares
Anil Hariprasad Gupta	32625
Krishna Hariprasad Gupta	35625
Mitul Krishna Gupta	1875
Veena Anil Gupta	4875
Total	75000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Speciality Chemicals, Industrial Chemicals etc.

Products :

Product Description	Item Code
Antioxidants (Rubber)	38123001
Organic Surface Active Agents	34029019
Lubrication Oil Additives	38111900

· Cosmetic Ingredient

· Oil Refinery Additives

· Paint Chemicals

· Plastic Additives

· Textile Chemicals

· Crop Protection Chemicals

· Oilfield Chemicals

· Pharmaceutical Intermediates

· Rubber Chemicals

· Biofuels

· Lubricants

· Water Treatment

· Drilling Additive

· Production Chemicals

· Fuel Additives

Exports :

Products :

Non Hazardous Chemicals

Countries :

· European Countries

· Gulf Countries

· Europe

Imports :

Products :

Raw Materials

Countries :

· Korea

· Singapore

· China

· London

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	2009-2010
Actual Production	Tonnes	13072.13

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

100 (Approximately)

Bankers :

· Bank of Baroda

Mount Poinsur, Borivali West Branch, Mumbai – 400 003, Maharashtra, India

· Kotak Mahindra Bank

Borivali (West) Branch, Mumbai, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Term Loan From Bank
Kotak Mahindra Primus Fiat and Baleno Kotak Mahindra Prim Limited Ford Bank of Baroda Cash Credit (Hypothecation of Stock) Bank of Baroda Packing Credit Term Loan (Office 107,108) Term Loan Term Loan 06/410 (Secured Against Hypothecation of Stock, Book Debt And Leasehold Land And Building Plant And Machinery And Personal Guarantee of The Directors)	-- 0.494 54.555 37.000 4.683 0.350 12.670	0.198 0.136 70.080 40.000 9.720 1.022 16.390
Total	109.751	137.547
Unsecured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
(A) From Directors (B) From Shareholders ('C) From Relatives Of Directors ('D) From Others Deferred Sales Tax (From 1.5.2005 To 1.6.2014) Deferred Sales Tax (Payable In The Year 2008) Deferred Sales Tax (Payable In The Year 2006)	7.055 0.500 5.631 0.000 5.056 2.976 0.000	5.788 2.222 6.386 1.500 5.056 3.108 0.464
Total	21.219	24.524

Banking Relations :	--
Auditors :
Name :	U. B. Shah and Company Chartered Accountant
Address :	1^st Floor, Diamond Building, Pathak Wadi, Lohar Chawl, Mumbai-400002, Maharashtra, India
Associates/Subsidiaries :	· Akrud Chemicals Private Limited, Dombivali, Maharashtra, India (Activity: Manufacturer, Importer and Exporter of Speciality Chemicals, Industrial Chemicals etc.) · Globe Industry, Vasai (Activity: Manufacturer, Importer and Exporter of Speciality Chemicals, Industrial Chemicals etc.)

CAPITAL STRUCTURE

AFTER 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Share	Rs.100/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.100/- each	Rs.10.000 millions

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Share	Rs.100/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Share	Rs.100/- each	Rs.2.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.000	2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		177.564	172.577	94.602	75.558
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		187.564	175.077	97.102	78.058
LOAN FUNDS
1] Secured Loans		171.271	89.225	109.751	137.547
2] Unsecured Loans		33.291	38.505	21.219	24.524
TOTAL BORROWING		204.562	127.730	130.970	162.071
DEFERRED TAX LIABILITIES		8.074	8.074	5.482	2.125
TOTAL		400.200	310.881	233.554	242.254
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		102.039	99.647	98.344	99.223
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	230.189	121.028	96.311	90.854
	Sundry Debtors	114.895	174.018	72.785	143.614
	Cash & Bank Balances	46.650	2.753	1.422	0.646
	Other Current Assets	0.000	0.000	0.000	0.000
	Loans, Advances & Deposits	88.146	133.181	82.608	106.228
Total Current Assets		479.880	430.980	253.126	341.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	154.985	146.954	58.734	164.354
	Other Current Liabilities			12.779	3.686
	Provisions	26.734	72.792	46.403	30.271
Total Current Liabilities		181.719	219.746	117.916	198.311
Net Current Assets		298.161	211.234	135.210	143.031
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		400.200	310.881	233.554	242.254

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1095.487	1068.608	716.478	816.780
		Other Income	9.983	58.757	66.454	3.367
		TOTAL (A)	1105.470	1127.365	782.932	820.147
Less	EXPENSES
		Cost of Materials	802.053	748.987	570.943	793.696
		Manufacturing Expenses	91.871	79.090	56.277
		Employees Cost-Sales and Admin	35.240	26.488	16.490
		Administrative Expenses	33.102	34.666	24.923
		Selling and Distribution Expenses	71.187	58.582	39.274
		Income/ Expenditure of Prior Period	0.478	6.189	0.622
		TOTAL (B)	1033.931	954.002	708.529	793.696 (including financial and depreciation)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		71.539	173.363	74.403
Less	INTEREST & FINANCIAL EXPENSES (D)		17.392	15.338	22.174
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.147	158.025	52.229
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.380	17.090	13.173
	PROFIT BEFORE TAX (E-F) (G)		35.767	140.935	39.056	26.451
Less	TAX (H)		23.610	86.810	22.038	6.957
	PROFIT AFTER TAX (G-H) (I)		12.157	54.125	17.018	19.494
	PROFIY AVAILABLE FOR APPROPRIATION		23.610	86.810	22.037	NA
Less	APPROPRIATIONS
		Interim Dividend Paid	10.000	7.500	2.500	NA
		Tax on Distributed Profits	1.661	1.275	0.425	NA
	PROFIT TRANSFERRED TO GENERAL RESERVE		11.949	78.036	19.112	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	566.625	401.877	394.664
	TOTAL EARNINGS		NA	566.625	401.877	394.664
	Earnings Per Share (Rs.)		121.57	2165.00	881.52	779.76

KEY RATIOS

PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.10	4.80	2.17	2.38
Net Profit Margin (PBT/Sales)	(%)	1.68	13.19	5.45	3.24
Return on Total Assets (PBT/Total Assets}	(%)	6.15	26.56	11.11	6.00
Return on Investment (ROI) (PBT/Networth)		0.19	0.80	0.40	0.34
Debt Equity Ratio (Total Liability/Networth)		2.06	1.98	2.56	4.62
Current Ratio (Current Asset/Current Liability)		2.64	1.96	2.15	1.72

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90153623
Corporate identity number of the company	U65990MH1990PTC056459
Name of the company	KRISHNA ANTIOXIDANTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Oriental Apartments Jeevan Bimanagar Opposite LIC Shopping Centre, Borivali (West), Mumbai-400 003, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Mount Poinsur, Borivali West Branch, Mumbai – 400 003, Maharashtra, India Email ID: poinsu@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Extension of Equitable Mortgage
Date of instrument Creating the charge	25.07.2007
Amount secured by the charge	Rs.188.562 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @1.25% over BPLR i.e. 14.50% p.a. with monthly rest Terms of Repayment 60 months Rs.0.065 million* 53 months and last installment Rs.0.055 million to commence from January' 08 interest and other charges to be paid as and when debited Margin 30% Extent and Operation of the charge Charge to the extent of Rs.188.562 millions operating on security offered by the company.
Short particulars of the property charged	1. Plot No.A-13 in the Gane Khadpoli Industrial Area, MIDC, Khadpoli, Chiplun, Taluka and District Ratnagiri admeasuring 5942 sq.ft. 2. Flat No.3, adm 350 sq.ft., 215sq.ft. Ground Floor 10 in Lopers Manor Co-Operative Housing Society Limited, S.No.156, Hissa No.1 and 5 (pt.) CTS NO.1088 village Eksar I.C. Colony, Borivali (West) mum.103 3. A unit no.108 adm 1250sq.ft. and A unit 107, adm 1665sq.ft. 1st Floor, Raheja Plaza, Plot No.15, CTS No.844/15 adm 6337, Ambivli, Off Versova rd, Andheri West 4. 1^st Floor, Raheja Plaza, Plot No.
Date of latest modification prior to the present modification	24.07.1999
Particulars of the present modification	By present modification made on 25.07.2007 by way of Extension of Equitable Mortgage the bank has sanctioned additional credit limit and thereby charge increase from Rs.97.401 millions to Rs.188.562 millions and thereby making total limit of Rs.188.562 millions to the extent charge on company immovable property.

TRADE REFERENCES:

· Lupin Laboratories

· Reliance Industries Limited

· Godex Industries Limited

CONTINGENT LIABILITIES:

Particulars	31.03.2010 (Rs. in millions)
For Bank Guarantee	6.190
For Letter of Credit	37.553

FIXED ASSETS

· Leasehold Land

· Office Premises

· Compound Wall

· Factory Building

· Fax Machine

· Furniture

· Factory Fan

· Plant and Machinery

· Laboratory Equipment

· Office Equipment

· Air Conditioner

· Refrigerator

· Xerox Machine

· Mobile Phone

· Intercom Systems

· Motor Car

· Computer

· Vehicles

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.46.18
UK Pound	1	Rs.73.65
Euro	1	Rs.64.95

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	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		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.