MIRA INFORM REPORT

Report Date :

05.12.2012

IDENTIFICATION DETAILS

Name :	CHOWDHRY RUBBER AND CHEMICAL PRIVATE LIMITED
Registered Office :	19/310/40, Old Rohtak Road, Shehzada Bagh, New Delhi – 110035
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.06.2008
Com. Reg. No.:	55-179126
Capital Investment / Paid-up Capital :	Rs. 26.826 Millions
CIN No.: [Company Identification No.]	U74120DL2008PTC179126
TAN No.: [Tax Deduction & Collection Account No.]	DELC10657D
PAN No.: [Permanent Account No.]	AADCC3892Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all types of rubbers and chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 183000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financial is missing from government department. However from the previous year record the company seems to be having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term : (ICRA) B+
Rating Explanation	ICRA has suspended the rating of the due to lack of informations.
Date	July 2012

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 :	19/310/40, Old Rohtak Road, Shehzada Bagh, New Delhi – 110035, India
Tel. No.:	91-11-23656680/ 23659055/ 23658709/ 23646374/ 23645081
Fax No.:	91-11-23646014
E-Mail :	fbd@crcc.in sales@crcc.in accounts@crcc.in info@crcc.in crcc@vsnl.com
Website :	http://www.crcc.in
Sales Office :	1403, Pan Mandi, Sadar Bazar, Delhi – 110006, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Deepak Chaddha

Designation :

Director

Address :

B2, Raja Garden, New Delhi – 110015, India

Date of Birth/Age :

26.06.1956

Date of Appointment :

05.06.2008

DIN No.:

00761971

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	U74999HR1974PTC007316	SUPER TRACKFAST PRIVATE LIMITED	Director	09/10/2003	09/10/2003	02/06/2008	Active	NO
2	U28939DL2007PTC160900	FLOWMECH AUTOMATION PRIVATE LIMITED	Director	28/03/2007	28/03/2007	-	Active	NO
3	U74120DL2008PTC179126	CHOWDHRY RUBBER AND CHEMICAL PRIVATE LIMITED	Director	05/06/2008	05/06/2008	-	Active	NO

Name :

Mr. Anshoo Chaddha

Designation :

Director

Address :

B2, Raja Garden, New Delhi – 110015, India

Date of Appointment :

05.06.2008

DIN No.:

00761986

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	U74999HR1974PTC007316	SUPER TRACKFAST PRIVATE LIMITED	Director	15/11/2003	15/11/2003	01/06/2008	Active	NO
2	U27106DL2005PTC137026	CANDID METALS PRIVATE LIMITED	Additional director	24/04/2007	24/04/2007	12/02/2008	Active	NO
3	U17121DL2008PTC173451	GIRIRAJ COATED FAB PRIVATE LIMITED	Director	11/04/2008	11/04/2008	13/02/2012	Active	NO
4	U74120DL2008PTC179126	CHOWDHRY RUBBER AND CHEMICAL PRIVATE LIMITED	Director	05/06/2008	05/06/2008	-	Active	NO

Name :

Mr. Anshdeep Chaddha

Designation :

Director

Address :

B2, Raja Garden, New Delhi – 110015, India

Date of Birth/Age :

02.07.1985

Date of Appointment :

05.06.2008

DIN No.:

00762001

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	U74999HR1974PTC007316	SUPER TRACKFAST PRIVATE LIMITED	Director	09/10/2003	09/10/2003	27/05/2008	Active	NO
2	U74120DL2008PTC179126	CHOWDHRY RUBBER AND CHEMICAL PRIVATE LIMITED	Director	05/06/2008	05/06/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Deepak Chaddha	1822634
Anshoo Chaddha	505000
Anshdeep Chaddha	355000
Total	2682634

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of all types of rubbers and chemicals.

GENERAL INFORMATION

Suppliers :

Ø AKS Enterprises

Ø Arya Rubbers

Ø Aman Trading Company

Ø Allied Polychem Private Limited

Ø Asian Latex Limited

Ø B.K. Kapur and Company

Ø ICRA Limited

Ø J.K. Associates

Ø Mars Synthetics Private Limited

Ø Kunal Calcium Limited

Ø Systematic Services

Ø Vinesh Kumar Jain and Company

Ø Vinayak Corporation

Ø Yuno Polychem Private Limited

Customers :

Ø Ace Footmark Private Limited

Ø Aar Aay Products Private Limited

Ø Acro Paints Limited

Ø Aero Industries

Ø Ahuja Continental Limited

Ø Amco Polymers

Ø APPL Industries Limited

Ø Asian Rubber Industries

Ø Auto Flex Private Limited

Ø Bright Autoplast Limited

Ø Bhumika Polycab PVy Limited

Ø Cemcon Casting Private Limited

Ø Chadha Rubber Private Limited

Ø Chowdhry Industries

Ø Delton Cables Limited

No. of Employees :

Not Available

Bankers :

Ø Canara Bank, Sadar Bazar, Delhi – 110006, India

Ø HDFC Bank Limited

Ø ING Vysya Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Canara Bank O/D a/c	87.776	41.468
HDFC Bank (Innova)	0.030	0.371
HDFC Bank (Eicher)	0.179	0.337
ING Vysya Bank (Eicher)	0.217	0.394
HDFC Bank (Magna)	0.359	0.000
Canara Bank Pajero	0.752	1.315
Total	89.313	43.885
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Relatives	40.900
From others	9.820
Total	50.720	40.660

Banking Relations :	--
Auditors :
Name :	Rakesh Kailash and Associates Chartered Accountants
Address :	1203/81, 1 Floor, Shanti Nagar, Tri Nagar, New Delhi – 110035, India
Tel. No.:	91-11-27383903
E-Mail :	rakeshjainca@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AAKFR9404R

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,682,634	Equity Shares	Rs.10/- each	Rs. 26.826 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		26.826	14.826	14.826
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.005	8.062	0.830
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		45.831	22.888	15.656
LOAN FUNDS
1] Secured Loans		89.313	43.885	35.822
2] Unsecured Loans		50.720	40.660	29.858
TOTAL BORROWING		140.033	84.545	65.680
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		185.864	107.433	81.336
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.993	12.581	11.830
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.449	10.113	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.177	32.402	24.400
	Sundry Debtors	261.425	158.335	140.855
	Cash & Bank Balances	16.519	1.212	8.264
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.919	6.013	3.698
Total Current Assets		373.040	197.962	177.217
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	191.493	107.505	107.392
	Other Current Liabilities	8.073	5.553	0.000
	Provisions	0.301	0.316	0.489
Total Current Liabilities		199.867	113.374	107.881
Net Current Assets		173.173	84.588	69.336
MISCELLANEOUS EXPENSES		0.249	0.151	0.170
TOTAL		185.864	107.433	81.336

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	588.205	362.821	70.402
		Other Income	N.A.	N.A.	N.A.
		TOTAL	N.A.	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	N.A.
	PROFIT BEFORE TAX		16.721	10.793	1.319
Less	TAX		5.645	3.562	0.489
	PROFIT AFTER TAX		11.076	7.231	0.830
	Earnings Per Share (Rs.)		4.13	4.88	0.56

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	2.84	2.97	1.87
Return on Total Assets (PBT/Total Assets}	(%)	4.34	5.13	0.70
Return on Investment (ROI) (PBT/Networth)		0.36	0.47	0.08
Debt Equity Ratio (Total Liability/Networth)		7.42	8.65	11.09
Current Ratio (Current Asset/Current Liability)		1.87	1.75	1.64

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	Yes
18]	Major customers	Yes
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	Yes
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	No
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	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74120DL2008PTC179126
Name of the company	CHOWDHRY RUBBER & CHEMICAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	19/310/40, Old Rohtak Road, Shehzada Bagh, New Delhi – 110035, India Email: fbd@crcc.in
This form is for	Modification of charge
Charge identification number of the modified	10143825
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Canara Bank, Sadar Bazar, Delhi – 110006, India Email: ca_rcg@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement dated 18.08.2012
Date of instrument Creating the charge	18.08.2012
Amount secured by the charge	Rs. 155.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 7.25% p.a. above Base Rate of the Bank ie 17.75% p.a. at present at monthly rest. Terms of Repayment Payable on demand. Margin 25% against stocks and 40% against book-debts upto 150 days. Extent and Operation of the charge 100% Others To secure all amounts payable under enhanced OCC/ODBD limit of Rs. 155.000 Millions granted to/enjoyed by the Company.
Short particulars of the property charged	Hypothecation of whole of the borrower's present and future stocks of raw-materials, goods-in-process of manufacture and all finished and manufactured goods and articles such as Rubber and Chemical items, Rubber Chemical together with all stores, components and spares now lying or hereafter stored at Company's factory, godowns and/or other premises at 677/1-2-3, Village Ghevra, Delhi, Daya Basti, Delhi, 221, MIE, Bahadurgarh, Ghaziabad, Faridabad, Bhiwadi or at any other place(s) including those in transit and all of the borrower's present and future book-debts, outstanding monies receivables, claims, bills, rights to or in moveable properties and moveable assets.
Date of latest modification prior to the present modification	14.02.2012
Particulars of the present modification	The charge on stock of all goods and book-debts of the Company - both present and future stands enhanced from Rs. 105.000 Millions to Rs. 155.000 Millions to secure all amounts payable under enhanced OCC/ODBD limit of Rs. 155.000 Millions granted to/enjoyed by the Company together with all interests, costs, charges, expenses etc. Interest rate stands changed to 7.25% p.a. above Base Rate of the Bank ie 17.75% p.a. at present at monthly rest. Other terms and conditions remained the same.

FIXED ASSETS:

Ø Ghevra Property

Ø Office Equipment

Ø Furniture and Fixtures

Ø Air Conditioner

Ø Cars

Ø Motor Cycle

Ø Computer

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 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. 54.95
UK Pound	1	Rs. 88.42
Euro	1	Rs. 71.71

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.