MIRA INFORM REPORT

Report Date :

01.02.2012

IDENTIFICATION DETAILS

Name :	CJS SPECIALTY CHEMICALS PRIVATE LIMITED
Registered Office :	105, Bajaj Bhavan, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.09.2008
Com. Reg. No.:	11-186710
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24110MH2008PTC186710
TAN No.: [Tax Deduction & Collection Account No.]	MUMC16346B
PAN No.: [Permanent Account No.]	AADCC4791N
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor and Importer of Bulk Solvents, Chemicals, Pharmaceuticals, Plastic and Speciality Chemicals.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 153000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is processing well. 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.

INFORMATION PARTED BY

Name :	Mr. Ashish Shah
Designation :	Director
Contact No.:	91-9820443008
Date :	31.01.2012

LOCATIONS

Registered Office :	105, Bajaj Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-67826969
Mobile No.:	91-9820443008 (Mr. Ashish Shah)
Fax No.:	91-22-67826999/ 22852529/ 22028716
E-Mail :	falguni@cjshahgroup.com cjshah@bom3@vsnl.net.in legal@rajendraco.com ashish@cjshahgroup.co.in
Location :	Owned
Warehouse :	Located at : Bhiwandi, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashish Prakash Shah

Designation :

Director

Address :

Flat No. D-24, Mahindra Park, Lal Bhadur Shastri Marg, Ghatkopar (W), Mumbai-400086, Maharashtra, India

Date of Birth/Age :

02.08.1978

Date of Appointment :

12.09.2008

DIN No.:

00675159

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	U24117MH2006PTC165033	SDK CHEMICALS (INDIA) PRIVATE LIMITED	Director	03-10-06	03-10-06	-	Active	NO
2	U24110MH2008PTC186710	C J S SPECIALTY CHEMICALS PRIVATE LIMITED	Director	12-09-08	12-09-08	-	Active	NO

Name :

Mr. Dharmesh Kishan Mange

Designation :

Director

Address :

11/160, Sindhi Society, Chembur, Mumbai-400071, Maharashtra, India

Date of Birth/Age :

02.06.1980

Date of Appointment :

12.09.2008

DIN No.:

00675179

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	U24117MH2006PTC165033	SDK CHEMICALS (INDIA) PRIVATE LIMITED	Director	03-10-06	03-10-06	-	Active	NO
2	U24110MH2008PTC186710	C J S SPECIALTY CHEMICALS PRIVATE LIMITED	Director	12-09-08	12-09-08	-	Active	NO

Name :

Mr. Ashit Mahesh Shah

Designation :

Director

Address :

1403, Peasant Palace, Narayan Dhabolkar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

07.12.1973

Date of Appointment :

12.09.2008

DIN No.:

02007618

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	U51397MH2003PTC139971	MAHESH CHEMIDRUGS TRADING PRIVATE LIMITED	Director	09-04-03	09-04-03	-	Active	NO
2	U24110MH2008PTC186710	C J S SPECIALTY CHEMICALS PRIVATE LIMITED	Director	12-09-08	12-09-08	-	Active	NO

Name :

Mr. Apurva Mahesh Shah

Designation :

Director

Address :

1403, Peasant Palace, Narayan Dhabolkar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

17.07.1971

Date of Appointment :

12.09.2008

DIN No.:

02007622

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	U51397MH2003PTC139971	MAHESH CHEMIDRUGS TRADING PRIVATE LIMITED	Director	09-04-03	09-04-03	-	Active	NO
2	U24110MH2008PTC186710	C J S SPECIALTY CHEMICALS PRIVATE LIMITED	Director	12-09-08	12-09-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Apurva Mahesh Shah	3600
Ashit Mahesh Shah	2400
Ashish Prakash Shah	2000
Dharmesh Kishan Mange	2000
TOTAL	10000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor and Importer of Bulk Solvents, Chemicals, Pharmaceuticals, Plastic and Speciality Chemicals.
Imports :
Products :	Bulk Solvents, Chemicals, Pharmaceuticals, Plastic and Speciality Chemicals
Countries :	Germany Japan China Europe
Terms :
Selling :	L/C and Credit (60-90 Days)
Purchasing :	L/C and Credit (60-90 Days)

GENERAL INFORMATION

Customers :

Paint Companies

• Asian Paints
• Neralac

No. of Employees :

15 (Approximately)

Bankers :

• Union Bank of India , Mumbai, Maharashtra, India
• Standard Chartered Bank, Crescenzo, 3A, F, Plot No.C-38 and 39, G-Block, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan from Directors	161.941	117.343
Total	161.941	117.343

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountant
Address :	1311 Dalamal Tower, 211, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22855770
Fax No.:	91-22-22834243
E-Mail :	contact@rajendraco.com
PAN.:	AAAFR1878D
Associates/Subsidiaries :	C J Shah and Company Address: 105, Bajaj Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India Activity: Trader of Chemicals Ashit Enterprises Address: 105, Bajaj Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.252	11.717	0.278
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.352	11.817	0.378
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		161.941	117.343	2.048
TOTAL BORROWING		161.941	117.343	2.048
DEFERRED TAX LIABILITIES		0.077	0.000	0.000
TOTAL		200.370	129.160	2.426
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.638	1.422	0.086
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.011	0.007
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	130.342	94.596	0.000
	Sundry Debtors	143.148	82.482	0.000
	Cash & Bank Balances	11.602	6.253	1.858
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.167	3.941	0.653
Total Current Assets		308.259	187.272	2.511
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	91.370	52.889	0.022
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	20.157	6.656	0.156
Total Current Liabilities		111.527	59.545	0.178
Net Current Assets		196.733	127.727	2.333
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		200.370	129.160	2.426

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	577.964 (Gross Receipt)	234.871	0.000
		Commission Income	NA	0.000	2.101
		TOTAL (A)	NA	234.871	2.101
Less	EXPENSES
		Purchase of Goods	NA	293.340	0.000
		Administrative Expenses		12.725	1.616
		Variation in Stock		(94.596)	0.000
		TOTAL (B)	NA	211.469	1.616
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	23.402	0.485
Less	FINANCIAL EXPENSES (D)		NA	5.404	0.051
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.383	17.998	0.434
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.260	0.064	0.006
	PROFIT BEFORE TAX (E-F) (G)		40.123	17.934	0.428
Less	TAX (H)		13.588	6.495	0.150
	PROFIT AFTER TAX (G-H) (I)		26.535	11.439	0.278
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.717	0.278	0.000
	BALANCE CARRIED TO THE B/S		38.252	11.717	0.278
	EARNINGS IN FOREIGN CURRENCY		1.652	NA	NA
	VALUE OF IMPORT CIF BASIS		386.033	213.559	NA
	Earnings Per Share (Rs.)		2653.49	1143.90	27.81

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.47	13.23
Net Profit Margin (PBT/Sales)	(%)	NA	7.64	NA
Return on Total Assets (PBT/Total Assets}	(%)	12.86	9.50	16.48
Return on Investment (ROI) (PBT/Networth)		1.05	1.52	1.13
Debt Equity Ratio (Total Liability/Networth)		7.13	14.97	5.89
Current Ratio (Current Asset/Current Liability)		2.76	3.15	14.11

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Small, Micro and Medium Enterprise	0.000	0.000	0.000
Other than SSI Undertaking	91.370	52.889	0.022
TOTAL	91.370	52.889	0.022

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	Yes
Reasons For Variation<>20%	--
Estimation for coming financial year	No
Capital in Business	Yes
Details of Sister Concern	Yes
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	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

REVIEW OF OPERATIONS:

During the year the company has gross receipts of Rs.577.964 Millions as against Rs.329.487 Millions in the previous year. The company has earned more profit compared to last year profit. The management of the company continues to focus on operational efficiencies, reduction of cost at all levels and better working capital management to ensure higher profits in the future.

FORM 8

Corporate identity number of the company	U24110MH2008PTC186710
Name of the company	C J S SPECIALTY CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	105, Bajaj Bhavan, Nariman Point, Mumbai-400021, Maharasahtra, India Email: falguni@cjshahgroup.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Standard Chartered Bank, Crescenzo, 3A, F, Plot No.C-38 and 39, G-Block, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India Email : Nilesh.Babar@sc.com
Nature of instrument creating charge	Unattested Memorandum of Hypothication
Date of instrument Creating the charge	04.11.2011
Amount secured by the charge	Rs.110.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Credit facilities: interest/commission- as agreed by and with the bank from time to time Terms of Repayment: As agreed by and with the bank from time to time Margin: AS applicable, if any. Extent and Operation of Charge: The bank having charge on security given by the company as per Unattested Memorandum of Hypothecation.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of charge on all present and future book debts, outstanding Money receivable, all present and future stock, mare particularly described in Schedule of Hypothecation Agreement

FIXED ASSETS

· Air Conditioner

· Computers

· Furniture and Fixtures

· Motor Cars

· Printers

· Office Equipments

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.49.68
UK Pound	1	Rs.78.17
Euro	1	Rs.65.52

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		49

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.