MIRA INFORM REPORT

Report Date :

27.08.2012

IDENTIFICATION DETAILS

Name :	SUN PETROCHEMICALS PRIVATE LIMITED
Registered Office :	R K Centre, 4^th Floor, Fate Gunj, Main Road, Baroda – 390002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.12.1995
Com. Reg. No.:	04-028519
Capital Investment / Paid-up Capital :	Rs.91.670 Millions
CIN No.: [Company Identification No.]	U24219GJ1995PTC028519
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Acetylene Carbon Black, Polymer Compound.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some continuous dip in the profitability of the company from last two years of operation. However, networth of the company appears to be satisfactory 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	R K Centre, 4^th Floor, Fate Gunj, Main Road, Baroda – 390002, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sudhir.valia@sunpharma.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Dilip Shantilal Shanghvi

Designation :

Director

Address :

8^th Floor, Abhay Building, NS 9^th Cross Road, Juhu, Vile Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

01.10.1955

Date of Appointment :

21.12.1995

DIN No.:

00005588

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24230GJ1993PLC019050	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Managing director	01/04/2008	01/03/1993	-	Active	NO
2	U65910GJ1994PTC023689	SUN FASTFIN SERVICES PRIVATE LIMITED	Director	28/11/1994	28/11/1994	21/02/2011	Active	NO
3	U24219GJ1995PTC028519	SUN PETROCHEMICALS PRIVATE LIMITED	Director	21/12/1995	21/12/1995	-	Active	NO
4	U25200GJ1997PTC031527	SUN RESINS AND POLYMERS PRIVATE LIMITED	Director	17/01/1997	17/01/1997	10/03/2009	Active	NO
5	U24119GJ1997PTC031528	SUN SPECIALITY CHEMICALS PRIVATE LIMITED	Director	17/01/1997	17/01/1997	10/03/2009	Active	NO
6	U91990MH2004NPL146501	SHANTILAL SHANGHVI FOUNDATION	Director	24/05/2004	24/05/2004	-	Active	NO
7	L73100GJ2006PLC047837	SUN PHARMA ADVANCED RESEARCH COMPANY LIMITED	Managing director	01/03/2012	01/03/2006	-	Active	NO
8	U40102MH2009PTC194161	ADITYA THERMAL ENERGY PRIVATE LIMITED	Director	17/07/2009	17/07/2009	-	Active	NO
9	U45200MH2008PTC211984	ALFA INFRAPROP PRIVATE LIMITED	Director	13/04/2010	13/04/2010	-	Active	NO

Name :

Mr. Sudhir Vrundavandas Valia

Designation :

Director

Address :

801, Alaap Bulidng, 8^th Floor, 173 Sir Balchandra Road, Dadar (East), Mumbai- 400014, Maharashtra, India

Date of Birth/Age :

26.07.1956

Date of Appointment :

11.03.1999

DIN No.:

00005561

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24230GJ1993PLC019050	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Whole-time director	01/04/2009	31/01/1994	-	Active	NO
2	U24219GJ1995PTC028519	SUN PETROCHEMICALS PRIVATE LIMITED	Director	11/03/1999	11/03/1999	-	Active	NO
3	U67120MH1993PTC072685	LAKSHDEEP INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	11/10/2001	11/10/2001	-	Active	NO
4	U24100MH1990PTC058944	KARAD CHEMICALS AND ALLIED PRODUCTS PRIVATE LIMITED	Director	28/10/2002	28/10/2002	-	Active	NO
5	U69120MH1995PLC090219	SEJRAJ FINANCIAL SERVICES LIMITED	Director	20/08/2003	20/08/2003	-	Active	NO
6	U65990MH1996PLC099574	NISHA CAPITAL SERVICE LIMITED	Director	20/08/2003	20/08/2003	-	Active	NO
7	U67120MH1996PTC099627	MINAXI FISCAL SERVICES PRIVATE LIMITED	Director	20/08/2003	20/08/2003	-	Active	NO
8	U67120MH1995PLC086479	EKLAVYA SECURITIES LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
9	U91990MH2004NPL146501	SHANTILAL SHANGHVI FOUNDATION	Director	24/05/2004	24/05/2004	-	Active	NO
10	L73100GJ2006PLC047837	SUN PHARMA ADVANCED RESEARCH COMPANY LIMITED	Director	01/03/2006	01/03/2006	-	Active	NO
11	U45201MH2008PLC180675	SURAKSHA REALTY LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
12	U40102MH2009PTC194161	ADITYA THERMAL ENERGY PRIVATE LIMITED	Director	17/07/2009	17/07/2009	-	Active	NO
13	U45200MH2008PTC211984	ALFA INFRAPROP PRIVATE LIMITED	Director	26/03/2010	26/03/2010	-	Active	NO
14	U91990MH2005NPL151114	KRISHNA VRUNDAVAN PRATISHTHAN	Additional director	15/09/2011	15/09/2011	-	Active	NO
15	AAA-0678	THIRDWAVE MULTITRADE LLP	Designated Partner	02/02/2010	02/02/2010	-	Active	NO
16	AAA-1575	REAL GOLD DEVELOPERS LLP	Body corporate as Designated Partner	11/06/2010	11/06/2010	-	Active	NO
17	AAA-1576	SURAKSHA BUILDWELL LLP	Body corporate as Designated Partner	11/06/2010	11/06/2010	-	Active	NO
18	AAA-5235	SILVERSTREET DEVELOPERS LLP	Designated Partner	17/06/2011	17/06/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	Address	No. of Shares
Dilip Shntilal Shanghvi	8^th Floor, Abhay Building, NS 9^th Cross Road, Juhu, Vile Parle (West), Mumbai – 400049, Maharashtra, India	799990
Bridgestone Investment and Finance Private Limited, India	F.P. 145, Ram Mandir Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India	240000
Deeparadhana Investment and Finance Private Limited, India	F.P. 145, Ram Mandir Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India	240000
Virtuous Securities and Broking Private Limited, India	4^th Floor, The Eaglees Flight, Suren Road, Off Andheri – Kurla Road, Andheri East, Mumbai, Maharashtra, India	800000
Sholapur Organics Private Limited, India	F.P. 145, Ram Mandir Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India	802600
Lakshdeep Investment and Finance Private Limited, India	3, Narayn Building, 23, L.N. Road, Dadar (East), Mumbai – 400014, Maharashtra, India	550000
Unimed Investment Limited, India	Baska – Ujeti Road, Ujeti Halol District Panchmahal – 389350, Gujarat, India	320000
Aditya Medisales Limited, India	402, 4^th Floor, R.K Centre, Fatehgunj Main Road, Vadodara – 390002, Gujarat, India	800000
Quality Investment Private Limited, India	F.P. 145, Ram Mandir Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India	799200
Family Investment Private Limited, India	F.P. 145, Ram Mandir Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India	800000
Tejaskiran Pharmachem Ind Private Limited, India	F.P. 145, Ram Mandir Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India	1699000
Hasmukh Shantilal Shah	15, Dhanushya Society, Sama Road, Vadodara – 390007, Gujarat, India	75000
Nila Hasmukh Shah	15, Dhanushya Society, Sama Road, Vadodara – 390007, Gujarat, India	75000
Kumud Shantilal Shanghvi	8^th Floor, Abhay Building, NS 9^th Cross Road, Juhu, Vile Parle (West), Mumbai – 400049, Maharashtra, India	10
Viditi Investment Private Limited, India	F.P. 145, Ram Mandir Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India	799200
Khyati Financial Serviecs Private Limited, India	3, Narayn Building, 23, L.N. Road, Dadar (East), Mumbai – 400014, Maharashtra, India	367000
Total		9167000

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	89.64
Directors or relatives of directors	8.73
Other top fifty shareholders	1.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Acetylene Carbon Black, Polymer Compound.

Products :

ITC Code	Product Descriptions
2803	Acetylene Carbon Black
3901	Polymer Compound

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
ACB	MT	3500	3500	2320
Polymer	MT	6000	2400	878

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	0.000	(A) 2.086
Total	0.000	2.086
Note: (A) This loans includes Loan from ICICI Bank Ltd (Cash Credit Facilities are secured against FDR)
Unsecured Loans	31.03.2011	31.03.2010 s
	(Rs. In Millions)
Deferred sales tax loan unsecured	56.678	56.678
Other debt unsecured	(A) 71.603	50.706
Total	128.281	107.384
Note: (A) This Unsecured Loan is relating to Loans from Body Corporates/Members

Banking Relations :	--
Auditors :
Name :	Valia and Timbadia Chartered Accountants
Address :	Room No. 32, 3rd Floor.Trinity Chambers,117, Bora Bazar Street. Fort. Mumbai-400 001, Maharashtra, India
Tel. No.:	91-22 - 2269 2624 / 2269 9664 Off / 2409 5981 Resi
Fax No.:	91-22- 2264 1937
Income-tax PAN of auditor or auditor's firm :	AAAFV2769H

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
29999000	Equity Shares	Rs. 10/- each	Rs.299.990 Millions
100		Rs. 100/- each	Rs.0.010 Million
	Total		Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9167000	Equity Share	Rs.10/- each	Rs.91.670 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		91.670	91.670	91.670
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		192.360	179.923	152.310
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		284.030	271.593	243.980
LOAN FUNDS
1] Secured Loans		0.000	2.086	2.902
2] Unsecured Loans		128.281	107.384	160.272
TOTAL BORROWING		128.281	109.470	163.174
DEFERRED TAX LIABILITIES		56.485	62.244	65.830
TOTAL		468.796	443.307	472.984
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		276.170	302.999	311.879
Capital work-in-progress		0.076	0.076	0.076
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.528	35.074	56.964
	Sundry Debtors	88.221	61.361	76.212
	Cash & Bank Balances	9.551	6.213	1.467
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	129.589	112.888	86.409
Total Current Assets		271.889	215.536	221.052
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.779	9.649	10.978
	Other Current Liabilities	25.725	29.320	30.120
	Provisions	45.835	36.335	18.925
Total Current Liabilities		79.339	75.304	60.023
Net Current Assets		192.550	140.232	161.029
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		468.796	443.307	472.984

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	366.754	348.660	442.327
		Other Income	NA	0.640	0.047
		TOTAL (A)	NA	349.300	442.374
Less	EXPENSES
		(Increase)/ Decrease in Stock	NA	29.117	105.234
		Material Consumptions	NA	144.719	145.188
		Indirect Taxes	NA	16.901	17.676
		Personnel Expenses	NA	13.689	12.440
		Operational Expenses	NA	66.711	60.879
		TOTAL (B)	NA	271.137	341.417
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	78.163	100.957
Less	FINANCIAL EXPENSES (D)		NA	7.496	23.484
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.837	70.667	77.473
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.660	26.957	26.390
	PROFIT BEFORE TAX (E-F) (G)		16.177	43.710	51.083
Less	TAX (H)		3.741	16.097	8.478
	PROFIT AFTER TAX (G-H) (I)		12.436	27.613	42.605
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		129.923	102.310	59.705
	BALANCE CARRIED TO THE B/S		142.359	129.923	102.310
	Earnings Per Share (Rs.)		1.36	3.01	4.65

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	7.91	9.63
Net Profit Margin (PBT/Sales)	(%)	4.41	12.54	11.55
Return on Total Assets (PBT/Total Assets}	(%)	5.95	20.28	23.11
Return on Investment (ROI) (PBT/Networth)		0.06	0.16	0.21
Debt Equity Ratio (Total Liability/Networth)		0.73	0.68	0.91
Current Ratio (Current Asset/Current Liability)		3.43	2.86	3.68

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

During the current year, the turnover of the Company decreased to Rs. 366.754 Millions, as compared to Rs.348.660 Millions achieved during the previous year. Consequently, the profit before tax, for the year, decreased to Rs. 16.177 Millions against Rs. 43.711 Millions for the previous year. Further, the profit after tax was Rs. 12.436 Millions for the year, as compared to Profit after tax of Rs.27.613 Millions for the corresponding previous year.

CONTINGENT LIABILITIES NOT PROVIDED FOR

PATICULARS	31.03.2011
Guarantees given by the Company	0.907
Income tax disputed Liabilities for A Y 200809	9.666

FIXED ASSETS

• Land
• Office Building
• Factory Building
• Plant and Machinery
• Furniture and Fixture
• Equipment
• Cycles
• A/c System
• Motor Car

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.55.38
UK Pound	1	Rs.87.79
Euro	1	Rs.69.47

INFORMATION DETAILS

Report Prepared by :

KVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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

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.