MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	CHEMICAL CORP PRIVATE LIMITED
Registered Office :	340/342, 4^th Floor, Raut Chambers, Samuel Street, Masjid Bunder, Mumbai – 400 003, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.04.2005
Com. Reg. No.:	11-152348
Paid-up Capital :	Rs. 2.251 millions
CIN No.: [Company Identification No.]	U24230MH2005PTC152348
TAN No.: [Tax Deduction & Collection Account No.]	MUMC13308B
PAN No.: [Permanent Account No.]	AACCC5620P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importers of Chemicals.
No. of Employees :	11 (In Office) (Approximately)

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 130000
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.

INFORMATION PARTED BY

Name :	Mr. Harshad Shah
Designation :	Director
Contact No.:	91-9821115475
Date :	14.09.2011

LOCATIONS

Registered Office :	340/342, 4^th Floor, Raut Chambers, Samuel Street, Masjid Bunder, Mumbai – 400 003, Maharashtra, India
Tel. No.:	91-22-66312644 to 47 / 23423127
Mobile No.:	91-9821115475 (Mr. Harshad Shah)
Fax No.:	91-22-23401738
E-Mail :	chemcorp@vsnl.com casutaria@yahoo.co.in chemcorp@vsnl.com
Area :	750 sq. ft.
Location :	Owned
Warehouse :	Satguru Compound No 2, Behind Wardhan Compound, Godown No. C2, Bhiwandi, District Thane, Maharashtra
Tel. No.:	91-2522-271741
Area :	6000 sq. ft.
Location :	Rented

DIRECTORS

As On 30.09.2009

Name :	Mr. Chandrakant Jayantilal Shah
Designation :	Director
Address:	9 A Abhilasha CHS, 46 August Kranti Marg, Mumabi 400036, Maharashtra, India
Date of Appointment :	01.04.2005
DIN No.:	01387139

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	U24100MH1978PTC020147	Sterling Orgo And Inorgo Chemicals Private Limited	Director	21.02.1978	21.02.1978	-	Active	YES
2	U24239MH1989PTC050616	Trichem Laboratories (Bombay) Private Limited	Director	22.01.1994	22.01.1994	-	Active	NO
3	U24230MH2005PTC152348	Chemical Corp Private Limited	Director	1.04.2005	1.04.2005	-	Active	NO

Name :	Mr. Harshad Jayantilal Shah
Designation :	Director
Address:	Parekh Bhuvan, 45 Khattar Galli, C.P.Tank, Mumbai 400004, Maharashtra, India
Date of Appointment :	11.12.2001
DIN No.:	01386970

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	U24100MH1978PTC020147	Sterling Orgo And Inorgo Chemicals Private Limited	Director	21.02.1978	21.02.1978	-	Active	YES
2	U24239MH1989PTC050616	Trichem Laboratories (Bombay) Private Limited	Director	15.01.1994	15.01.1994	-	Active	NO
3	U24230MH2005PTC152348	Chemical Corp Private Limited	Director	1.04.2005	1.04.2005	-	Active	NO

Name :	Mr. Ketan Chandrakant Shah
Designation :	Director
Address:	9 A Abhilasha CHS, 46 August Kranti Marg, Mumabi 400036, Maharashtra, India
Date of Appointment :	01.04.2005
DIN No.:	01299909

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	U24239MH1989PTC050616	Trichem Laboratories (Bombay) Private Limited	Director	15.01.1994	15.01.1994	-	Active	NO
2	U24230MH2005PTC152348	Chemical Corp Private Limited	Director	1.04.2005	1.04.2005	-	Active	NO

Name :	Mr. Nilesh Chandrakant Shah
Designation :	Director
Address:	9 A Abhilasha CHS, 46 August Kranti Marg, Mumabi 400036, Maharashtra, India
Date of Appointment :	01.04.2005
DIN No.:	01540739

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	U24100MH1978PTC020147	Sterling Orgo And Inorgo Chemicals Private Limited	Director	5.12.1988	5.12.1988	-	Active	YES
2	U24239MH1989PTC050616	Trichem Laboratories (Bombay) Private Limited	Director	21.07.2000	21.07.2000	-	Active	NO
3	U24230MH2005PTC152348	Chemical Corp Private Limited	Director	1.04.2005	1.04.2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2009

Names of Shareholders	No. of Shares
Harshad J Shah	70000
Chandrakant J Shah	30000
Nilesh C Shah	30000
Ketan C Shah	30000
Shobha Harshad Shah	10000
Pravina C Shah	10000
Meena N Shah	10000
Vaishali Ketan Shah	10000
Ami H Shah	1000
Harshad J Shah HUF	1000
Chandrakant J Shah HUF	1000
Nilesh C Shah HUF	1000
Ketan C Shah HUF	1000
Sterling Orgo and Inorgo Chemicals Private Limited – India	20000
Chetna Sutaria	100
Total	225100

As On 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies Corporate		8.88
Directors or relatives of directors		91.12
	Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importers of Chemicals.
Imports :
Products :	· Chemicals
Countries :	· Taiwan · China · Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	L/C: DA, DP

GENERAL INFORMATION

Customers :

· End Users

No. of Employees :

11 (In Office) (Approximately)

Bankers :

Saraswat Co- operative Bank Limited

Address : Masjid Bunder Branch, Mumbai – 400 003, Maharashtra, India

Union Bank of India

Address : Mandvi Branch, Mumbai – 400 003, Maharashtra, India

HDFC Bank

Address : Crawford Market

Facilities :

Total Facility: Rs. 240.000 Millions (HDFC Bank)

Secured loans	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
The Saraswat Co-Op Bank Limited – 3394 (Secured against hypothecation of book debts and Stock)	60.922	89.652
The Saraswat Co-Op Bank – Fiesta Car Loan	0.518	0.000
Term Laon – Saraswat Bank	9.584	0.000
The Saraswat Co – op Bank – Palio Car loan	0.109	0.261
Total	71.133	89.913

Unsecured loans	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Loan from directors, Members and Relatives	66.687	59.741
Total	66.687	59.741

Banking Relations :

--

Auditors :

Name :

Sutaria Associates

Chartered Accountants

Address :

B-1, MEZ. Floor, Satyam Shopping Centre, M. G. Road, Ghatkopar – East, Mumbai – 400077, Maharashtra, India

Tel. No.:

91-22-2514 3728 / 2510 6161/62

Fax No.:

91-22-2512 7256

E-mail:

sutaria2@vsnl.com

sutaria@mtnl.net.in

Associates/Subsidiaries :

· Trichem Laboratory (Bombay) Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
225100	Equity Shares	Rs. 10/- each	Rs. 2.251 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		2.251	2.251	2.251
2] Partners Current Account		0.000	0.000	0.000
3] Reserves & Surplus		30.926	18.767	13.451
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.177	21.018	15.702
LOAN FUNDS
1] Secured Loans		71.133	89.913	75.919
2] Unsecured Loans		66.687	59.741	60.864
TOTAL BORROWING		137.820	149.654	136.783
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		170.997	170.672	152.485
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.923	1.571	1.803
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.051
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.566	49.279	79.598
	Sundry Debtors	228.987	158.791	141.687
	Cash & Bank Balances	2.586	2.810	0.422
	Other Current Assets	0.121	0.120	2.458
	Loans & Advances	11.441	12.130	9.104
Total Current Assets		318.701	223.130	233.269
Less: CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	135.398	43.841	75.626
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	14.279	10.310	7.155
Total Current Liabilities		149.677	54.151	82.781
Net Current Assets		169.024	168.979	150.488
MISCELLANEOUS EXPENSES		0.000	0.072	0.143
TOTAL		170.997	170.672	152.485

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	818.218	656.694	671.542
		Other Income	11.099	(17.273)	0.217
		Bad Debts Received	0.132	0.000	0.000
		TOTAL (A)	829.449	639.421	671.759
Less	EXPENSES
		Cost of Goods Sold	749.246	589.094	616.525
		Administrative and Other Overheads	46.433	27.563	30.243
		Preliminary Expenses Written Off	0.071	0.072	0.072
		TOTAL (B)	795.750	616.729	646.840
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.699	22.692	24.919
Less	FINANCIAL EXPENSES (D)		14.634	15.146	15.375
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.065	7.546	9.544
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.306	0.291	0.290
	PROFIT BEFORE TAX (E-F) (G)		18.759	7.255	9.254
Less	TAX (I)		6.603	2.303	2.949
	PROFIT AFTER TAX (G-I) (J)		12.156	4.952	6.305
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.930	11.614	5.308
	PRIOR PERIOD ADJUSTMENT		0.002	0.000	0.001
	INCOME TAX REFUND		0.000	0.364	0.000
	BALANCE CARRIED TO THE B/S		29.088	16.930	11.614
	Earnings Per Share (Rs.)		54.00	21.99	28.00

Particulars	31.03.2011
Sales Turnover (approximately)	1120.000

The above information has been parted by Mr. Harshad Shah (Director)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.46	0.75	0.94
Net Profit Margin (PBT/Sales)	(%)	2.29	1.10	1.38
Return on Total Assets (PBT/Total Assets}	(%)	5.85	3.23	3.94
Return on Investment (ROI) (PBT/Networth)		0.56	0.35	0.59
Debt Equity Ratio (Total Liability/Networth)		8.66	9.70	13.98
Current Ratio (Current Asset/Current Liability)		2.12	4.12	2.82

LOCAL AGENCY FURTHER INFORMATION

The Sundry Creditors Details

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Goods	16.839	6.686	6.957
Sundry Creditors for Import	111.304	33.399	65.025
Sundry Creditors for Expenses	7.255	3.756	3.569
Sundry Creditors for License	0.000	0.000	0.075
Total	135.398	43.841	75.626

FORM 8:

Corporate identity number of the company	U24230MH2005PTC152348
Name of the company	CHEMICAL CORP PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Raut Chambers, 4th Floor, 340/42 Samuel Street, Mumbai – 400 003, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Nature of instrument creating charge	a) Supplementary Letter of Hypothecation. b) Memorandum Recording past transactions of creation of mortgage by delivery of title deeds. (Collectively constitute a single charge for Rs. 300.000 millions).
Date of instrument Creating the charge	30.06.2011
Amount secured by the charge	Rs. 300.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge (a) Hypo by way of Charge on Company's Stock and Book Debts etc., to secure as a continuing security (b) The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties, as security for repayment of Rs. 300.000 millions, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now Immovable property being 403/404, 4th floor, Narcol House Preses Co-op Soc. Limited, Raut Chambers 340/342 Samuel Street, Mumbai-400003
Date of instrument modifying the charge	26.03.2011
Particulars of the present modification	The charge shall now stand increased from Rs. 245.000 millions to Rs. 300.000 millions in favour the Bank against the security of stocks and book debts and immovable property situated at 403/404, 4th floor, Narcol House Prese Co-op Soc. Limited, Raut Chambers 340/342 Samuel Street, Mumbai-400003.

Trade References:

· C J Shah and Company

· K Uttamlal and Company

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. 47.84
UK Pound	1	Rs. 75.40
Euro	1	Rs. 65.68

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	YES
--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.