MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	VENUS ETHOXYETHERS PRIVATE LIMITED
Registered Office :	Plot No.109, 110 and 111, at Bicholim Industrial Estate, Bicholim - 403 529, Goa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.1990
Com. Reg. No.:	24-001099
Capital Investment / Paid-up Capital :	U24119GA1990PTC001099
CIN No.: [Company Identification No.]	Rs.14.790 millions
PAN No.: [Permanent Account No.]	AAACV9656Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Chemicals used in Textile Industry, Leather, Agro, Paper, Plastic and Other Industry.
No. of Employees :	Approximately 250 (In Office)

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 232000
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. Uttam Parab
Designation :	Account Manager
Contact No.:	91-9822125358
Date :	14.09.2011

LOCATIONS

Registered Office/ Factory :	Plot No.109, 110 and 111, at Bicholim Industrial Estate, Bicholim - 403 529, Goa, India
Tel. No.:	91-832-6613333/ 2362937/ 2363079/ 2362257/ 2362898/ 2362904/ 2362337
Mobile No.:	91-9822125358 (Mr. Uttam Parab)
Fax No.:	91-832-2362257
E-Mail :	venus@venus-goa.com uttam@venus-goa.com
Website :	http://www.venus-goa.com
Area :	4000 sq m
Location:	Leased
Collection Office :	1207, Navjivan – 3, Lamington Road, Mumbai – 400 008, Maharashtra, India
Tel. No.:	91-22-23002030
Fax No.:	91-22-23002031

DIRECTORS

As on 30.09.2010

Name :

Mr. Zubin Keki Gandhi

Designation :

Director

Date of Birth/Age :

30.11.1968

Qualification :

Graduate in Philosophy

Experience :

20 Years

Date of Appointment :

10.12.1990

DIN No. :

00664632

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	U24119GA1990PTC001099	Venus Ethoxyethers Private Limited	Director	10-12-90	10-12-90	-	Active	NO
2	U24119GA1994PTC001573	Grand Organics Private Limited	Director	05-10-06	05-10-06	-	Active	NO
3	U24119MH2006PTC164262	Dyna Glycols Private Limited	Director	10-01-07	10-01-07	-	Active	NO
4	U24239MH2009PTC192677	Avesta Pharma Private Limited	Director	30-11-09	30-11-09	-	Active	NO
5	U45203MH2010PTC208644	Lucerne Developers Private Limited	Director	07-10-10	07-10-10	-	Active	NO

Name :

Mr. Amol Ashok Walke

Designation :

Director

Date of Birth/Age :

31.10.1983

Qualification :

PHD in Chemical

Experience :

2 Years

Date of Appointment :

21.01.2002

DIN No. :

00664315

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	U24231GA2001PTC003056	Esteem Industries Private Limited	Director	21-01-02	21-01-02	-	Active	NO
2	U24119GA1994PTC001573	Grand Organics Private Limited	Director	21-01-02	21-01-02	-	Active	NO
3	U24119GA1990PTC001099	Venus Ethoxyethers Private Limited	Director	21-01-02	21-01-02	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Uttam Parab
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Zubin Keki Gandhi	73950
Anjali A. Walke	66555
Amol A. Walke	7395
Total	147900

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of Chemicals used in Textile Industry, Leather, Agro, Paper, Plastic and Other Industry.
Products :	v Ethoxylates v Propoxylates v Textile Chemicals v Leather Chemicals
Exports :
Products :	v Chemicals
Countries :	v Singapore v UK v USA v Saudi Arabia v New Zealand v Australia
Imports :
Products :	v Raw Materials
Countries :	v Singapore v Japan v China
Terms :
Selling :	L/C, Credit and CAD
Purchasing :	L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2009)

a) Class of goods (Kgs.) Ethoxylation of various Hydrofabs

b) Installed Capacity (Kgs.) Not Known

Particulars	Unit	Actual Production
Ethylene Oxide	Kgs.	332030.00
Tridecanol	Kgs.	57540.00
Venus – 6080	Kgs.	30000.00
Oca Polyglycol Ether 40 EO	Kgs.	32000.00
VSA – 244 (20 Molstrearylamine)	Kgs.	28800.00
Diethanolamine (DEA)	Kgs.	17200.00
LAE – 234	Kgs.	19825.00
Product – 432	Kgs.	14000.00
Venus – P – 2070	Kgs.	7600.00
Product – PHT	Kgs.	3000.00
Product – 3305	Kgs.	3960.00
Stearic Acid	Kgs.	6250.00
Refanol 50/55	Kgs.	1190.00
V – 6080	Kgs.	1000.00
Amino Ethyletanolamine	Kgs.	400.00

GENERAL INFORMATION

Suppliers :

Main Suppliers :

v Reliance Industries Limited

v Godrej Industries Limited

Customers :

End Users

v Clariant Chemicals India Private Limited, Thane

v CHT India Private Limited, Thane

No. of Employees :

Approximately 250 (In Office)

Bankers :

v ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India

v State Bank of India, Backbay Reclamation Branch, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Cash Credit – Rs.12.000 millions (ICICI Bank Limited)

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit with State Bank of India (Not verified) (Secured against hypothecation of stock, debtors, etc.)	9.709	0.164
Term Loan from ICICI Bank Limited (Secured against Fixed Assets and hypothecation of stock and debtors of the company)		0.960
Term Loan from Kotak Mahindra Primus Limited (Secured against Motor Car – Maruti Versa)		0.011
Term Loan from Kotak Mahindra Primus Limited (Secured against Motor Car – Mahindra Bolero)		0.044
Cash Credit with ICICI Bank Limited (Secured against Fixed Assets and hypothecation of stock and debtors of the company)		12.568
Total	9.709	13.747

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	10.107	1.586
From Financial Institutions and Others		7.322
Total	10.107	8.908

Banking Relations :	--
Auditors :
Name :	Y.K. Desai and Company Chartered Accountants
Address :	106, Prospect Chambers, 317/ 321, Dr. D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22045015/ 22840569
Tele Fax No.:	91-22-22840569
E-Mail :	ykdesai@mtnl.net.in
Income-tax PAN of auditor or auditor's firm :	AACPD2467L
Associates/Subsidiaries :	Grand Organics Private Limited Activity: Manufacturer of Chemicals. Esteem Industries Private Limited Activity: Manufacturer of Chemicals. VIC Industries

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
147900	Equity Shares	Rs.100/- each	Rs.14.790 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		14.790	14.790	14.790
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.280	41.271	38.879
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.070	56.061	53.669
LOAN FUNDS
1] Secured Loans		12.084	9.709	13.747
2] Unsecured Loans		7.211	10.107	8.908
TOTAL BORROWING		19.295	19.816	22.655
DEFERRED TAX LIABILITIES		0.000	0.093	0.539
TOTAL		77.365	75.970	76.863
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.128	38.516	39.980
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.810	0.850	0.850
DEFERREX TAX ASSETS		0.124	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.815	19.307	18.960
	Sundry Debtors	19.215	12.652	31.193
	Cash & Bank Balances	10.343	8.929	10.673
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	39.111	30.838	29.024
Total Current Assets		85.484	71.726	89.850
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.128	25.169	45.314
	Other Current Liabilities			0.000
	Provisions	11.053	9.953	8.503
Total Current Liabilities		46.181	35.122	53.817
Net Current Assets		39.303	36.604	36.033
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		77.365	75.970	76.863

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Net Sales	71.700	54.122	55.012
		Job Work Charges	73.432	61.581	62.143
		Other Income	1.656	1.023	3.466
		Total Income	146.788	116.726	120.621
Less	EXPENSES
		Cost of Goods Sold	72.686	49.343	55.472
		Employees Remuneration	39.907	35.718	32.246
		Operating and Establishment Expenses	19.981	17.645	18.256
		Selling and Distribution Expenses	4.210	2.981	2.428
		TOTAL (B)	136.784	105.687	108.402
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.004	11.039	12.219
Less	FINANCIAL EXPENSES (D)		2.926	3.146	3.507
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.078	7.893	8.712
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.187	4.496	4.504
	PROFIT BEFORE TAX (E-F) (G)		2.891	3.397	4.208
Less	TAX (H)		0.882	1.005	1.716
	PROFIT AFTER TAX (G-H) (I)		2.009	2.392	2.492
Less	SHORT PROVISION OF INCOME TAX		0.000	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.427	36.035	33.543
	BALANCE CARRIED TO THE B/S		40.436	38.427	36.035
	EARNINGS IN FOREIGN CURRENCY		NA	NA	18.012
	IMPORT VALUE		NA	NA	12.062
	Earnings Per Share (Rs.)		13.58	16.18	16.85

Expected Sales (2011-2012): Rs.60.000 millions

The above information has been parted by Mr. Uttam Parab (Account Manager).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.47	2.05	2.07
Net Profit Margin (PBT/Sales)	(%)	4.03	6.28	7.65
Return on Total Assets (PBT/Total Assets}	(%)	2.36	3.08	3.24
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.08
Debt Equity Ratio (Total Liability/Networth)		1.13	0.98	1.42
Current Ratio (Current Asset/Current Liability)		1.85	2.04	1.67

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Creditors for goods	NA	NA	5.143
Creditors for expenses	NA	NA	7.298
Creditors for others	NA	NA	32.873
Total	NA	NA	45.314

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	--
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	No
22) Litigations that the firm / promoter involved in	No
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	Yes
26) Buyer visit details	--
27) Financials, if provided	--
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8

Corporate identity number of the company	U24119GA1990PTC001099
Name of the company	VENUS ETHOXYETHERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.109, 110 and 111, Bicholim Industrial Estate, Bicholim - 403 529, Goa, India
This form is for	Modification of Charge
Type of charge	Equitable mortgage or mortgage of property by depositing the title deeds
Particular of charge holder	ICICI Bank Limited ICICI Bank Towers, Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India E-Mail: icicibank@rediffmail.com
Amount secured by the charge	Rs.36.100 millions
Description of the property charged indicating whether it is a charged on	Immovable properties
Charge identification number of the charge to be modified	80008797
Date of instrument modifying the charge	20.06.2006

TRADE REFERENCES:

v Clariant Chemicals India Private Limited, Thane

v CHT India Private Limited, Thane

FIXED ASSETS:

v Building

v Factory

v Other Building Fixtures

v Installation Cost

v Plant and Machinery

v Plots

v Computers

v Drum Drier

v Effluent Treatment Plant

v Electrical Equipments

v Generator

v Laboratory DVPT Equipments

v Furniture and Fixtures

v Vehicles

v Office Equipments

v Nitrogen Gas Generator

v Safety Equipments

v Refrigeration Unit

v Stacker and Truck

v Storage Tanks and Access

v Pumps and Motors

v Tools

v Weighing Machine

v Civil Work

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.47.80
UK Pound	1	Rs.75.16
Euro	1	Rs.65.11

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	YES
--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.