MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	CLASSIC SOLVENTS PRIVATE LIMITED
Registered Office :	51, Danyasthan Street, 2^nd Floor, Room No. 29, Mumbai – 400 003, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.09.1984
Com. Reg. No.:	11-34006
Capital Investment / Paid-up Capital :	Rs.6.502 Millions
CIN No.: [Company Identification No.]	U29120MH1984PTC034006
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10701F
PAN No.: [Permanent Account No.]	AAACC1703B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and of Chemicals and Solvents
No. of Employees :	40 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 270000
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. Tushar Chakravarty
Designation :	Senior General Manager
Contact No.:	91-9029022066
Date :	13.09.2011

LOCATIONS

Registered Office :	51, Danyasthan Street, 2^nd Floor, Room No. 29, Mumbai – 400 003, Maharashtra, India
Mobile No.:	91-9821017746 (Mr. Dhiren P Bhuta)
E-Mail :	dpb@classicsolvents.com cspl@classicsolvents.com
Website :	www.classicsolvents.com
Area :	4500 sq. ft
Location :	Owned
Corporate Office :	349, Business Point, Office No.601, 6^th Floor, Western Express Highway, Andheri (E), Mumbai 400069, Maharashtra, India
Tel. No.:	91-22-42452222
Fax No.:	91-22-42452232
E-Mail :	cspl@classicsolvents.com
Branches :	Located at: · Ahmedabad · Delhi · Kolkata · Surat · Bangalore · Chennai

DIRECTORS

As on 30.09.2010

Name :

Mr. Dhiren P Bhuta

Designation :

Managing Director

Address :

71, Chiranjeev, Gulmohur Road No. 4, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

25.01.1960

Qualification :

D.ME

Date of Appointment :

13.09.1984

DIN No. :

00465856

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	U29120MH1984PTC034006	Classic Solvents Private Limited	Managing director	13-09-84	13-09-84	-	Active	NO
2	U67120MH1995PTC091845	Acumen Share Services Private Limited	Director	25-08-95	25-08-95	-	Active	NO
3	U17290MH2007PTC170171	Manan Cotsyn Private Limited	Director	20-04-07	20-04-07	18-05-09	Active	NO
4	U45200MH2007PTC172939	Manan Infrastructure and Development Private Limited	Director	07-08-07	07-08-07	-	Active	NO
5	U17219MH2008PTC183221	Unicolour Textiles Private Limited	Director	05-06-08	05-06-08	-	Active	NO
6	U45400MH2008PTC187323	Manan Amity Realtors Private Limited	Director	07-10-08	07-10-08	-	Active	YES
7	U17120MH2010PTC204509	Divine Titanium Private Limited	Director	19-06-10	19-06-10	-	Active	NO

Name :

Mrs. Beena D Bhuta

Designation :

Director

Address :

71, Chiranjeev, Gulmohur Road No. 4, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

06.04.1965

Date of Appointment :

03.09.1995

DIN No. :

00465909

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	U29120MH1984PTC034006	Classic Solvents Private Limited	Director	03-09-95	03-09-95	Active	NO
2	U17120MH2010PTC204509	Divine Titanium Private Limited	Director	19-06-10	19-06-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Dhiren P Bhuta	20330
Beena D Bhuta	30155
Ichhalaxmi P Bhuta	7510
Mukesh P Bhuta	7000
Ratilal B Mehta	1
Aarti Ketan Jasani	1
Chandrakant D Doshi	1
Sameer C Doshi	1
Vasantben P Jasani	1
Ketan P Jasani	1
Gopaldas H Gandhi	1
Gulabben Bhuta	1
Jitendra N Bhuta	1
Mangaldas Bhuta	1
Bhagirathi C Sanghvi	1
Hiral Jasani	1
Jogesh Jasani	1
Urmila C Doshi	1
Raksha R Bhav	1
Chandrakant D Doshi(HUF) Represented by Karata Mr. Chandrakant D Doshi	1
Ketan Jasani (HUF) Represented by Karata Mr. Ketan P Jasani	1
Mangaldas Bhuta (HUF) Represented by Karata Mr. Mangaldas Buta	1
U. S Gandhi And Company Represented by Proprietor Mr. Uday S Gandhi	1

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.87
Other top fifty shareholders	0.13
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and of Chemicals and Solvents
Products :	· Titanium Dioxide (Rutile and Anatas Grade) · Water Based Paint Emulsions · Acrylamide · Chrome Pigments · Biocides for Paints · Dispersing Agents for Tiles · Emulsifiers for Textiles, Defoamers · Construction Chemical Binders, Adhesives
Agencies Held :	· KMML, Kerala · TTPL, Kerala · Tranax, Australia · Celanese, USA · Lanxees, Germany
Exports :
Products :	Chemicals
Countries :	· Switzerland · Holland
Imports :
Products :	Chemicals
Countries :	· Australia · Indonesia · China · USA · Germany
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

40 Approximately

Bankers :

· YES Bank Limited

9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

· The Vysya Bank Limited

Mandvi Branch, Natha Street, Mumbai – 400 009, Maharashtra, India

· Corporation Bank – 221/223, Samuel Street, Masjid Bunder, Mandvi, Mumbai – 400003, Maharashtra, India

· Corporation Bank - Qutabi Mansions, 375, Narsi Natha Street, Mandvi, Mumbai - 440 009, Maharashtra, India

· ICICI Bank Limited, Delhi

· Citi Bank N.A.

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Car Loan
Reliance Capital Limited	0.205	0.538
Mahendra and Mahindra Finance	0.231	0.000
Cash credit
Corporation Bank (A/c No. CCBD/20002)	48.721	34.666
Total	49.157	35.204

Notes:

1) Cash Credit facility from Corporation Bank is secured against hypothecation of stock , book debt (present and future), first charge on fixed assets of the Company and personal guarantee of directors

2) Car Loan is hypothecated against respective car

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Loan from members, directors and relatives	19.926	12.088
Total	19.926	12.088

Banking Relations :	-
Auditors :
Name :	Dushyant Parekh and Associates Chartered Accountant
Address :	204, Anjani Complex, 2^nd Floor, Pareira Hill Road, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-40051560
Telefax No.:	91-22-28231660
Resi. :	91-22-26842442
PAN No. :	AAAPP8316Q
Associates :	Ashirwad Agencies

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
65024	Equity Shares	Rs.100/- each	Rs.6.502 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		6.502	6.502	6.502
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		60.310	48.706	39.602
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.812	55.208	46.104
LOAN FUNDS
1] Secured Loans		49.157	35.204	35.396
2] Unsecured Loans		19.926	12.088	10.421
TOTAL BORROWING		69.083	47.292	45.817
DEFERRED TAX LIABILITIES		0.000	0.000	0.094
TOTAL		135.895	102.500	92.015
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.035	5.674	6.068
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.584	0.585	0.585
DEFERREX TAX ASSETS		0.233	0.106	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.355	31.549	26.091
	Sundry Debtors	156.078	125.423	99.867
	Cash & Bank Balances	13.118	6.127	5.690
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.741	20.516	7.452
Total Current Assets		261.292	183.615	139.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	131.249	87.480	53.738
	Other Current Liabilities
	Provisions	0.000	0.000	0.000
Total Current Liabilities		131.249	87.480	53.738
Net Current Assets		130.043	96.135	85.362
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		135.895	102.500	92.015

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1075.379	891.831	705.046
		Other Income
		TOTAL	1075.379	891.831	705.046
Less	EXPENSES
		Office Expenses	1056.913	876.960	693.770
		Administrative Expenses
		Advertising Expenses
		TOTAL	1056.913	876.960	693.770
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		18.466	14.871	11.276
Less/ Add	DEPRECIATION/ AMORTISATION		1.009	0.939	0.495
	PROFIT BEFORE TAX		17.457	13.932	10.781
Less	TAX		5.853	4.828	3.391
	PROFIT AFTER TAX		11.604	9.104	7.390
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		48.002	38.898	31.508
	BALANCE CARRIED TO THE B/S		59.606	48.002	38.898
	IMPORTS		NA	58.505	61.754
	Earnings Per Share (Rs.)		178.46	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	1350.000

Expected Sales (2011-2012) : Rs.2000.000 millions

The above information has been parted by Mr. Tushar Chakravarty

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.08	1.02	1.05
Return on Total Assets (PBT/Total Assets}	(%)	6.55	7.36	7.43
Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.23
Debt Equity Ratio (Total Liability/Networth)		3.00	2.44	2.16
Current Ratio (Current Asset/Current Liability)		1.99	2.10	2.59

LOCAL AGENCY FURTHER INFORMATION

NOTE

The Registered Office of the company has been shifted from 330 Samual Street, Office No. 403, Mumbai – 400 003, Maharashtra, India to the present address.

TRADE REFERENCES

· KMML, Kerala

· TTPL, Kerala

· Tranax, Australia

· Celanese, USA

· Lanxees, Germany

· Color Tex, Surat

WORKING REVIEW

The company is deploying its resources in the best possible way to increase business volumes and plans to achieve increased turnover in the current year. The directors expects satisfactory performance during the year, and in terms of the ambitious goals set for the current year, the Directors are hopeful of achieving higher profits in the current year.

BACKGROUND

The Company was incorporated on 13/09/1984. The Company is engaged in the business of trading mainly in Pigments, Chemicals and Solvents etc.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29120MH1984PTC034006
Name of the company	CLASSIC SOLVENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	51, Danyasthan Street, 2^nd Floor, Room No. 29, Mumbai – 400 003, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Immovable property · Any interest in immovable property · Floating charge
Particular of charge holder	YES Bank Limited 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
Nature of instrument creating charge	Memorandum of Constructive Deposit of Title Deeds
Date of instrument Creating the charge	25.04.2011
Amount secured by the charge	Rs.100.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin 25% Extent and operation of the charge Pari Passu mortgage on properties located at Shed No 6 Godown No 1 Arihant Commercial Complex Bhiwandi Thane and Godown No 683/4 Arihant Compound Purna Village Bhiwandi Thane and Godown No 683/5 Arihant Compound Purna Village Bhiwandi Mumbai to cover following facilities CC: INR 30.000 millions WCDL (Sub limit of CC): INR 30.000 millions LC: INR 70.000 millions BC (Sub Limit of LC): INR 70.000 millions BG (Sub Limit of LC): INR 50.000 millions

FIXED ASSETS

· Computer

· Vehicles

· Furniture and fixtures

· Plant and machinery

· Factory Godown

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.48.82
UK Pound	1	Rs.75.48
Euro	1	Rs.66.10

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.