MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	ALTIS FINECHEM PRIVATE LIMITED (w.e.f. 15.12.2004)

Formerly Known As :	DHRUV INTERMEDIATES PRIVATE LIMITED

Registered Office :	F 72/73, 1^st Floor, Akashganga Complex, Near S T Bus Stand, Himatnagar - 383001, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	15.12.2004

Com. Reg. No.:	04-045152

Capital Investment/ Paid-up Capital:	Rs.9.863 Million

CIN No.: [Company Identification No.]	U24110GJ2004PTC045152

TAN No.: [Tax Deduction & Collection Account No.]	AHMD02878B

PAN No.: [Permanent Account No.]	AACCD0786H

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Importer and Exporter of Bulk Drugs of Quinine Sulphate and Quinine Dihydrochloride, 3 Nitro Phthalic Acid.

No. of Employees:	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 50000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	clear

Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealing at usual trade term 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY (General Details)

Name :	Mr. Ratilal Patel
Designation :	Director
Contact No.:	91-1698044794
Date :	09.03.2012

LOCATIONS

Registered Office :	F 72/73, 1^st Floor, Akashganga Complex, Near S T Bus Stand, Himatnagar - 383001, Gujarat, India
Tel. No.:	91--2770-240713
Mobile No.:	91-7698045799 ( Mr. Dinesh Patel) 91-7698044799 ( Mr. Ratilal Patel )
Fax No.:	91-2770-240713
E-Mail :	altisfinechem@gmail.com parth_dyes@icenet.com dipl_1512@yahoo.co.in
Location :	Owned

Factory 1 :	Near Katwad Patya, Behind VRN Ceramic Ltd. At. Dalpur, Taluka Prantij, Himatnagar - 383120, Gujarat, India
Tel. No.:	91-2772-324183/ 2770-240713
Area :	17500 Square Meters
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :

Mr. Ratilal Kacharabhai Patel

Designation :

Director

Address :

AT – Pruthvipura, Post – Ankala, Talukar – IDAR, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

27.04.1968

Date of Appointment :

01.01.2005

DIN No :

00461803

Other Directorships :

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	U24110GJ2004PTC045152	ALTIS FINECHEM PRIVATE LIMITED	Director	01-01-05	01-01-05	-	Active	NO
2	U26933GJ1995PTC027509	NIJANAND CERAMICS PRIVATE LIMITED	Additional director	20-10-09	20-10-09	24-06-11	Active	NO
3	U24230GJ2010PTC063311	BIOTRON LIFE SCIENCE PRIVATE LIMITED	Director	21-12-10	21-12-10	-	Active	NO

Name :

Mr. DineshKumar Amichandbhai Patel

Designation :

Director

Address :

AT – Budhiya, Post: Badoli, TA – IDAR, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

01.06.1966

Date of Appointment :

15.12.2004

DIN No :

00334505

Other Directorships :

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	U24110GJ2004PTC045152	ALTIS FINECHEM PRIVATE LIMITED	Director	15-12-04	15-12-04	-	Active	NO
2	U26933GJ1995PTC027509	NIJANAND CERAMICS PRIVATE LIMITED	Additional director	20-10-09	20-10-09	24-06-11	Active	NO

Name :

Mr. GirishKumar Kacharabhai Patel

Designation :

Director

Address :

AT – Pruthvipura, Post – Ankala, Talukar – IDAR, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

30.06.1972

Date of Appointment :

15.12.2004

DIN No :

00461797

Other Directorships :

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	U26933GJ1995PTC027509	NIJANAND CERAMICS PRIVATE LIMITED	Director	22-02-99	22-02-99	27-10-09	Active	NO
2	U24110GJ2004PTC045152	ALTIS FINECHEM PRIVATE LIMITED	Director	15-12-04	15-12-04	-	Active	NO
3	U26933GJ2008PTC052576	CRYSTAL CERAMIC INDUSTRIES PRIVATE LIMITED.	Director	16-01-10	01-12-08	01-04-11	Active	NO
4	U28112GJ2011PTC068066	MARK ALLOYS PRIVATE LIMITED	Director	02-12-11	02-12-11	-	Active	NO

Name :

Mr. Pravinbhai Parshottambhai Patel

Designation :

Director

Address :

AT – Rampur, Post: Ganthiyol, TA – IDAR, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

30.04.1967

Date of Appointment :

15.12.2004

DIN No :

00345634

Other Directorships :

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	U24110GJ2004PTC045152	ALTIS FINECHEM PRIVATE LIMITED	Director	15-12-04	15-12-04	-	Active	NO
2	U28112GJ2011PTC068066	MARK ALLOYS PRIVATE LIMITED	Director	02-12-11	02-12-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders		No. of Shares
Dinesh Kumar A Patel		28100
Girish Kumar K Patel		79500
Amrutbhai P Patel		6950
Pravinbhai P Patel		71950
Anjanaben P Patel		52600
Bhagwatiben M Patel		34500
Bharatbhai M Patel		22600
Chetanaben D Patel		7450
Chetanaben K Patel		10350
Dineshbhai A Patel		8350
Dineshbhai A Patel - HUF		46050
Girishbhai K Patel – HUF		28700
Hansaben P Patel		17000
Harshadbhai N Patel		7650
Hasmukhbhai K Patel		7400
Jigar D Patel		9000
Jyotsanaben G Patel		17300
Kantibhai M Patel		17900
Ketanbhai A Patel		7900
Krishnaben D Patel		16300

As on 30.09.2011

Category		Percentage

Directors or relatives of directors		100.00

Total		100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer and Exporter of Bulk Drugs of Quinine Sulphate and Quinine Dihydrochloride, 3 Nitro Phthalic Acid.

Products :	Quinine Sulphate Quinine Dihydrochloride 3 Nitro Phthalic Acid. Arteether Arthemether Arthe Sunate Phenylephrine Hydrochloride Atomoxetine Hydrochloride

Exports :
Products :	Quinine Sulphate and Quinine Dihydrochloride, 3 Nitro Phthalic Acid.
Countries :	African Country

Imports :
Products :	Raw Material
Countries :	African Country

Terms :
Selling :	L/C

Purchasing :	T.T

GENERAL INFORMATION

Customers :

Trader

Neti Chemical, Mumbai

No. of Employees :

20 (Approximately)

Bankers :

Central Bank of India, HLCC Area Branch, Near Vijay Charrasta, Navrangpura, Ahmedabad - 380009, Gujarat, India
Central Bank of India
State Bank of India
Bank of Baroda – Ahmedbad
Punjab National Bank – Himatnagar
Kotak

Facilities :

Secured Loan Particular	As on 31.03.2011 (Rs In Millions)	As on 31.03.2010 (Rs In Millions)
Term Loans
Central Bank of India (Secured by Plant and Machinery, etc. )	0.000	4.634
State Bank of India Car Loan (Secured by Indica Manza Car	0.375	0.000
Cash Credit
Central Bank of India (hypothecation of Inventories)	1.343	3.106
Total	1.718	7.740

Unsecured Loan Particular	As on 31.03.2011 (Rs In Millions)	As on 31.03.2010 (Rs In Millions)
From Directors and Their Relative	3.795	5.929
From Shareholders	2.869	0.451
Intercorporate Deposit	0.000	0.347

Total	6.664	6.727


Banking Relations :	--

Auditors :
Name :	K.K. Patel and Associates Chartered Accountant
Address :	F – 2nd Floor, Akash Ganga Complex, NR. S.T. Stand, Himatnanagar - 383001, Gujarat, India
PAN No:	AGPPP6687D

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

986270	Equity Share	Rs.10/- each	Rs.9.862 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		9.863	9.863	9.863
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.473	1.645	0.716
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.336	11.508	10.579
LOAN FUNDS
1] Secured Loans		1.718	7.741	9.661
2] Unsecured Loans		6.664	6.727	5.273
TOTAL BORROWING		8.382	14.468	14.934
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		21.718	25.976	25.513

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		15.354	13.310	13.524
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.109	8.486	8.407
	Sundry Debtors	2.857	13.168	3.102
	Cash & Bank Balances	1.701	0.944	1.084
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.605	2.958	4.647
Total Current Assets		16.272	25.556	17.240
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	9.605	11.630	5.359
	Other Current Liabilities		0.490	0.101
	Provisions	0.624	1.199	0.327
Total Current Liabilities		10.229	13.319	5.787
Net Current Assets		6.043	12.237	11.453

MISCELLANEOUS EXPENSES		0.321	0.429	0.536

TOTAL		21.718	25.976	25.513

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	56.945	58.477	47.676
		Job Work	3.646	5.824	5.665


Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4.396	3.410	2.729

Less	FINANCIAL EXPENSES		1.710	1.830	1.914

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.686	1.580	0.815

Less/ Add	DEPRECIATION/ AMORTISATION		0.555	0.481	0.644

	PROFIT BEFORE TAX		2.131	1.099	0.171

Less	TAX		0.303	0.170	0.035

	PROFIT AFTER TAX		1.828	0.929	0.136

	Earnings Per Share (Rs.)		1.85	0.94	0.14

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009

Return on Total Assets (PBT/Total Assets}	(%)	6.74	2.83	0.56

Return on Investment (ROI) (PBT/Networth)		0.16	0.09	0.02

Debt Equity Ratio (Total Liability/Networth)		1.39	2.41	1.96

Current Ratio (Current Asset/Current Liability)		1.59	1.92	2.98

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	--
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note

Registered office of the company has been shifted from C/1, 5520, Phase-III GIDC Vatva, Near Trikampura Pattia, Ahmedabad – 382445, Gujarat, India to the present address w.e.f. 01.10.2008

Operation

As the turnover of the company during the year decreased from 58.477 Millions to 56.944 Millions. During the year the company has earned Net profit of Rs.1.828 Millions as against Rs.0.929 Million in the previous year. Barring unforeseen circumstances your Director expect to get better financial results in the coming years.

Fixed Assets

Electrical Installation
Building and Contraction
Plant and Machinery
Mobile Instrument
Computer Peripherals
E T Plant
Furniture and Fixtures
Laboratory Equipment
Land Purchase
Tools
R O Plant
Weight Seal Machine
Fire Fitting Equipments
Air conditioner

Trade References

Neti Chemical, Mumbai

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		31

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

5.109

8.486

2.857

13.168

1.701

0.944

0.000

6.605

2.958

16.272

9.605

0.624

10.229

6.043

6.74

0.16

1.39

1.59

Unit