MIRA INFORM REPORT

Report Date :

23.09.2011


Tel. No.:	91-261-2451807/2451808/2451809
Fax No.:	91-261-2434517

IDENTIFICATION DETAILS

Name :	ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED

Registered Office :	12/2881, Altret House, Sayedpura Main Road, Surat – 395003, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	09.07.2004

Com. Reg. No.:	04-044442

Capital Investment / Paid-up Capital :	Rs. 29.940 Millions

CIN No.: [Company Identification No.]	U24299GJ2004PTC044442

TAN No.: [Tax Deduction & Collection Account No.]	SRTA01907D

Legal Form :	Private Limited Liability Company .

Line of Business :	Manufacturer and exporter of Water Treatment Chemicals, Hygienic and Products

No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B ( 28 )

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 336000

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active . Payments are reported to be slow but correct. The Company can be considered for business dealings with some cautions.

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

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. Mitesh Pathak
Designation :	Account Manager
Contact No.:	91-0261-245180
Date :	13.09.2011

LOCATIONS

Registered Office / Factory :	12/2881, Altret House, Sayedpura Main Road, Surat – 395003, Gujarat, India
Tel. No.:	91-261-2451807/ 2451808/ 2451809
Mobile No.:	91-9879104405 ( Mr. Zakir Atashbajiwala) 91-9879104450 (Mr. Raj Sham Lokhandwala)
Fax No.:	91-261-2434517
E-Mail :	m_pathak@altret.com trends@altret.com bhagatjr@hotmail.com customercare@altret.com
Website :	www.altret.com
Location :	owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Sam Bakirbhai Lokhandwala

Designation :

Director

Address :

35-A, Sarajan Society, Opp. Sargam Shopping Centre, , Ichhanath , Surat- 07, Gujarat, India

Qualification :

B.Com

Date of Appointment :

09.07.2004

DIN No.:

00011415

Other Directorship :

.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	U24299GJ2004PTC044442	ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED	Director	09/07/2004	09/07/2004	-	Active	NO
2	U45200GJ1992PTC017796	ALTRET CHEMICALS PRIVATE LIMITED	Director	03/04/2006	03/04/2006	-	Active	NO
3	U02429GJ2006PTC049007	ALTRET BIO-TECH PRIVATE LIMITED	Director	04/09/2006	04/09/2006	-	Active	YES
4	U40107GJ2008PLC055389	ALTRET GREENFUELS LIMITED	Director	10/11/2008	10/11/2008	18/12/2010	Active	NO
5	U67120GJ2009PTC055987	SAM FINSTOCK SERVICES PRIVATE LIMITED	Director	28/01/2009	28/01/2009	-	Active	NO

Name :

Mr. Akbar Bakirbhai Lokhnadwala

Designation :

Director

Address :

34, Sarajan Society, Opp. Sargam Shopping Centre, , Ichhanath , Surat- 07, Gujarat, India

Qualification :

B.Com

Date of Appointment :

01.04.2005

DIN No.:

01923177

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	U45200GJ1992PTC017796	ALTRET CHEMICALS PRIVATE LIMITED	Director	10/06/1992	10/06/1992	-	Active	NO
2	U24299GJ2004PTC044442	ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED	Managing director	01/04/2005	01/04/2005	-	Active	NO
3	U02429GJ2006PTC049007	ALTRET BIO-TECH PRIVATE LIMITED	Director	14/08/2008	14/08/2008	01/09/2010	Active	YES
4	U40107GJ2008PLC055389	ALTRET GREENFUELS LIMITED	Managing director	31/03/2011	10/11/2008	-	Active	NO

Name :

Mr. Raj Sam Lokhandwala

Designation :

Director

Address :

35-A, Sarajan Society, Opp. Sargam Shopping Centre, , Ichhanath , Surat- 07, Gujarat, India

Date of Birth/Age :

28 Years

Qualification :

B.E. Chemicals

Date of Appointment :

01.07.2005

DIN No.:

01923194

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	U24299GJ2004PTC044442	ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
2	U45200GJ1992PTC017796	ALTRET CHEMICALS PRIVATE LIMITED	Director	03/04/2006	03/04/2006	-	Active	NO
3	U02429GJ2006PTC049007	ALTRET BIO-TECH PRIVATE LIMITED	Director	14/08/2008	14/08/2008	-	Active	YES
4	U40107GJ2008PLC055389	ALTRET GREENFUELS LIMITED	Additional director	28/05/2010	28/05/2010	18/12/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Mitesh Pathak
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Sam.B.Lokhandwala		377000
Sabnam A. Lokhandwala		109000
Akbar. B. Lokhandwala		295500
Kaniza S. Lokhandwala		110000
Raj S. Lokhandwala		48000
Sakina S. Lokhandwala		110000
Sara B. Lokhandwala		154000
Sheesh B. Lokhandwala		127500
Zenab A. Rangoonwala		500
Narendra L. Gajiwala		500
Usha N. Gajiwala		500
Dr. Rehana S. Channiwala		1000
Bhadrashil K. Navidolatwala		100
Dipika K. Navidoatwala		100
Krishnakant L. Navidolatwala		100
L.B.Navidolatwala (HUF)		100
Kairavi. K. Navidolatwala		100
Haflzullah Baig		50000
Rashid Ali Sheikh		50000

TOTAL		1434000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of Water Treatment Chemicals and Hygienic Products

Products :	Hygiene Care Products ( Cleaning Products ) for good house keeping Wide Range of Varsatile Products for Industrial water treatment for Boilers and Cooling Towers. Combustion Monitoring Chemicals + Fuel Additives ( For Solid and Liquid Fuels) Performnce Chemicals Base on Surfactants.

Exports :
Products :	WTC
Countries :	Thailand Saudi Arabia

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Bankers :

HDFC Bank , Surat, Gujarat, India
Surat People Co-Operative Bank Limited

Vasudhra , Parashisheri, Navapara, Surat – 395003, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Surat Peoples Co-Op Bank Limited Term Loan For Construcation Surat Peoples Co-OP Bank Limited Term Loan For Plant and Machinery Surat Peoples Co-OP Bank Limited Working Capital Loan Hypothecation Loan Account For Tata Star Bus Mahindra Bolero Loan Account Surat People Co-Op Bank Account No.11011	0.000 1.857 10.079 0.000 0.000 5.048	0.596 4.638 10.489 0.028 0.181 5.100
Total	16.984	21.032
Notes: All Loans are secured by equitable mortgage of factory Land and Building and Plant and Machinery and Hypothecation of all types of stock and book debts and the personnel guarantee of all directors and certain relatives of directors and certain immovable property of the Directors and relatives of director and hypothecation of tata bus and assignment of insurance Policies.

UnSecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Deposit From Suppliers and dealers	1.115	0.942
From Director and shareholder and group Company	6.632	6.451
Total	7.747	7.393


Banking Relations :

Auditors :
Name :	S.F.BAXI AND COMPANY Chartered Accountant
Address :	501, Liberty Chambers , Opp Rushikesh Triveni Apartment, Nanpura, Timliawad, Surat – 395001, Gujarat, India
PAN.:	ABIPB5913A

Sister Concern :	Altret Chemical Private Limited

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1434000	Equity Shares	Rs.10/- each	Rs, 14.340 Millions

After 30.09.2010

Authorized Capital : Rs. 30.000 Millions

Paid up Capital : Rs. 29.940 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		14.340	14.340	14.340
2] Share Application Money		38.001	38.001	39.653
3] Reserves & Surplus		31.779	31.656	27.866
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.120	83.997	81.859
LOAN FUNDS
1] Secured Loans		16.984	21.032	23.402
2] Unsecured Loans		7.747	7.393	9.149
TOTAL BORROWING		24.731	28.425	32.551
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		108.851	112.422	114.140

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		73.021	74.429	78.715
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		12.862	10.230	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.969	16.173	0.000
	Sundry Debtors	9.748	13.457	18.141
	Cash & Bank Balances	0.999	0.193	0.326
	Other Current Assets	0.000	0.000	21.770
	Loans & Advances	2.603	2.167	3.203
Total Current Assets		28.319	31.990	43.440
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.759	2.986
	Other Current Liabilities	0.922	0.978	6.956
	Provisions	0.769	0.394	0.953
Total Current Liabilities		5.450	4.358	7.909
Net Current Assets		22.869	27.632	35.531

MISCELLANEOUS EXPENSES		0.099	0.131	0.164

TOTAL		108.851	112.422	114.410

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	54.319	53.374	71.547
		Other Income	0.123	0.236	0.187
		TOTAL	54.442	53.610	71.734

Less	EXPENSES
		Increase / decrease in stock	(0.049)	(1.184)	1.088
		Raw Material Consumed	15.038	13.375	19.436
		Trading and Manufacturing Expenses	8.633	8.591	8.228
		Administrative , Selling, and Distribution Expensess, And financial Expenses	25.799	27.422	27.497
		TOTAL	49.421	48.204	56.249

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.021	5.406	15.485

Less/ Add	DEPRECIATION/ AMORTISATION		4.488	5.048	5.362

	PROFIT BEFORE TAX		0.533	0.358	10.123

Less	TAX		0.080	0.040	0.502

	PROFIT AFTER TAX		0.453	0.318	9.621


Less	APPROPRIATIONS
		Proposed Dividend	0.287	0.143	0.000
		Provision fir Dividend Tax	0.043	0.022	0.000
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		0.123	0.153	9.621

	Earnings Per Share (Rs.)		0.32	0.22	6.71

Particulars

31.03.2011

Sales Turnover ( Approximately )

65.000

Expected Sales ( 2011-2012) : Rs. 70.000 Millions

The above information has been parted by Mr. Mitesh Pathak ( Accounts Manager )

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.83	0.59	9.621

Net Profit Margin (PBT/Sales)	(%)	0.98	0.67	14.14

Return on Total Assets (PBT/Total Assets}	(%)	0.53	0.34	8.29

Return on Investment (ROI) (PBT/Networth)		0.01	0.004	0.12

Debt Equity Ratio (Total Liability/Networth)		0.36	0.39	0.49

Current Ratio (Current Asset/Current Liability)		5.20	7.34	5.49

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCES:

U.B.Group
Pepsi Company
Bilej Industries

FORM 8:

Corporate identity number of the company	U24299GJ2004PTC044442
Name of the company	ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12/2881, Sayedpura Main Road, Saiyendpura, Surat – 395003, Gujarat Email Id: bhagatjr@hotmail.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80007789
Type of charge	Immovable Property
Particular of charge holder	Surat People Co-Operative Bank Limited, Vasudhara , Papsisheri, Navapara, Surat – 395003, Gujarat, India Email Id : spbvasudhara@satyam.net.in
Nature of instrument creating charge	No Documents Executed.
Date of instrument Creating the charge	30.07.2009
Amount secured by the charge	Rs. 29.175 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : N.A Terms Of Payment : N.A Margin : N.A Extent and Operation of the Charge : N.A
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Land and Industrial shed at R.S.No. 387/1 Paikee at Village Paddhar , Sub Dist. Bhuj , Dist. Kutch, ADMS. 2.66.8 HEC.Ra.A 06.23 Guntha
Date of instrument modifying the charge	13.07.2006
Particulars of the present modification	Term Loan l For Rs. 11.325 Millions has been repaid on 30.07.2009 The charge stands modified to Rs. 29.175 Millions –(40.500 Millions – 11.325 Millions)

FIXED ASSETS:

Barcode Machine
Borewell
Cell phone
Computers
Electric Connection
Electrification
Factory Building
Furniture
Generator
GMP System
Lab Equipment
Patent and Trademark
Plant and Machinery
Epbx
Tata Starbus
Doser
Land
Office Equipment
Air Condition Machine
Mahindra Bolero
Mold (5ltr) A/c.

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. 46.82
UK Pound	1	Rs. 75.48
Euro	1	Rs. 66.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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	YES
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
TOTAL		28

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.

MIRA INFORM REPORT

14.969

9.748

0.999

0.000

2.603

28.319

3.759

0.922

0.769

5.450

22.869

0.83

0.98

0.53

0.01

0.36

5.20

Unit