MIRA INFORM REPORT

Report Date :

03.02.2012

IDENTIFICATION DETAILS

Name :	DHOOT INDUSTRIAL FINANCE LIMITED SAMPOORNA TRADERS (A DIVISION OF DHOOT INDUSTRIAL FINANCE LIMITED)
Registered Office :	504, Raheja Centre, 214, Nariman Point, Mumbai-400006, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.10.1978
Com. Reg. No.:	11-020725
Capital Investment / Paid-up Capital :	Rs. 54.200 Millions
CIN No.: [Company Identification No.]	L51900MH1978PLC020725
TAN No.: [Tax Deduction & Collection Account No.]	MUMD09696B
PAN No.: [Permanent Account No.]	AAACD1836A
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges
Line of Business :	Traders and Dealers of industrial chemicals, caustic soda lye, caustic soda flakes, sulphuric acid and hydrochloric acid.
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 1220000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	504, Raheja Centre, 214, Nariman Point, Mumbai-400006, Maharashtra, India
Tel. No.:	91-22-22845050 / 22835152
Fax No.:	91-22-22871155
E-Mail :	samptrade@gmail.com
Website :	www.dhootfinance.com

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Rajpoal Dhoot
Designation :	Chairman
Name :	Mr. Rohit Kumar Dhoot
Designation :	Managing Director
Name :	Mr. S. Venkatachalam
Designation :	Director
Name :	Mr. Abhay Firodia
Designation :	Director
Name :	Mr. Girish C. Choksey
Designation :	Director
Name :	Mr. Rajesh M. Loya
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	1,572,900	29.02
Any Others (Specify)	1,547,464	28.55
Directors/Promoters & their Relatives & Friends	1,547,464	28.55
Sub Total	3,120,364	57.57
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3,120,364	57.57
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	46,700	0.86
Financial Institutions / Banks	600	0.01
Central Government / State Government(s)	1,000	0.02
Sub Total	48,300	0.89
(2) Non-Institutions
Bodies Corporate	386,737	7.14
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1,324,213	24.43
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	523,730	9.66
Any Others (Specify)	16,656	0.31
Non Resident Indians	10,456	0.19
Foreign Corporate Bodies	6,200	0.11
Sub Total	2,251,336	41.54
Total Public shareholding (B)	2,299,636	42.43
Total (A)+(B)	5,420,000	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
Total (A)+(B)+(C)	5,420,000	-

BUSINESS DETAILS

Line of Business :	Traders and Dealers of industrial chemicals, caustic soda lye, caustic soda flakes, sulphuric acid and hydrochloric acid.
Products :	Trading and Power

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity
KW Commercial Units	1925

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank

· Axis Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Banks & Financial Institutions :
1. Cash Credit: Secured by first charge against Book Debts and inland Documentary Bills of the Company	7.698	57.265
2. Foreign Currency Term Loan: Secured against all movable, immovable assets and book debts which are relating to power division and Pledge of certain shares of the Company	9.652	17.532
3. Other Loans:
a) Secured against Hypothecation of vehicles owned by the Company	0.000	0.264
b) Secured against Pledge of certain Shares of the Company	30.094	64.272
Total	47.444	139.333
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
1. From Body Corporate	5.400	12.500
2. From Shareholder	8.600	0.000
Total	14.000	12.500

Banking Relations :	--
Auditors :
Name :	Bansi S. Mehta and Company Chartered Accountant
Address :	Mumbai, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5420000	Equity Shares	Rs.10/- each	Rs. 54.200 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		54.200	54.200	54.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		252.699	199.360	174.790
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		306.899	253.560	228.990
LOAN FUNDS
1] Secured Loans		47.444	139.333	123.963
2] Unsecured Loans		14.000	12.500	2.900
TOTAL BORROWING		61.444	151.833	126.863
DEFERRED TAX LIABILITIES		16.544	19.081	21.655
TOTAL		384.887	424.474	377.508
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		57.236	66.602	80.061
Capital work-in-progress		2.349	2.349	1.082
INVESTMENT		122.109	155.156	125.504
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	160.429	174.166	44.846
	Sundry Debtors	152.527	219.395	198.905
	Cash & Bank Balances	0.788	0.739	34.558
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	90.236	23.996	39.266
Total Current Assets		403.980	418.296	317.575
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	132.059	179.899	128.457
	Other Current Liabilities	42.252	10.763	3.545
	Provisions	26.476	27.267	14.712
Total Current Liabilities		200.787	217.929	146.714
Net Current Assets		203.193	200.367	170.861
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		384.887	424.474	377.508

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	2011.057	1208.342	1045.217
		Other Income	71.618	19.458	84.312
		TOTAL (A)	2082.675	1227.800	1129.529
Less	EXPENSES
		Cost of Sales	1968.748	1281.330	936.973
		Operations and Administrative Expenses	16.030	20.801	27.178
		Increase / (Decrease) in Stock	13.737	(129.320)	128.062
		TOTAL (B)	1998.515	1172.811	1092.213
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		84.160	54.989	37.316
Less	FINANCIAL EXPENSES (D)		9.474	9.094	20.016
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		74.686	45.895	17.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.512	11.399	13.165
	PROFIT BEFORE TAX (E-F) (G)		65.174	34.496	4.135
Less	TAX (H)		11.835	9.926	0.818
	PROFIT AFTER TAX (G-H) (I)		53.339	24.570	3.317
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		180.531	155.961	156.183
	BALANCE CARRIED TO THE B/S		233.870	180.531	159.500
	Earnings Per Share (Rs.)		9.84	4.53	0.61

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
	1^st Quarter	2^nd Quarter	3^rdQuarter
Net Sales	230.680	295.590	257.540
Total Expenditure	219.910	288.900	251.700
PBIDT (Excl OI)	10.770	6.690	5.840
Other Income	0.180	0.270	0.000
Operating Profit	10.950	6.960	5.840
Interest	2.240	2.490	2.120
Exceptional Items	0.000	0.000	0.000
PBDT	8.710	4.470	3.720
Depreciation	1.980	2.010	2.010
Profit Before Tax	6.720	2.460	1.710
Tax	1.660	(1.290)	0.190
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	5.060	3.750	1.520
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	5.060	3.750	1.520

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.56	2.00	0.29
Net Profit Margin (PBT/Sales)	(%)	3.24	2.85	0.40
Return on Total Assets (PBT/Total Assets}	(%)	14.13	7.11	1.04
Return on Investment (ROI) (PBT/Networth)		0.21	0.14	0.02
Debt Equity Ratio (Total Liability/Networth)		0.91	1.53	1.29
Current Ratio (Current Asset/Current Liability)		2.01	1.92	2.16

LOCAL AGENCY FURTHER INFORMATION

BUSINESS AND PERFORMANCE:

During the year, total income is Rs. 2068.938 Millions and the profit after tax is Rs. 53.338 Millions, compared to Rs. 1357.120 Millions and Rs. 24.570 Millions in last year respectively.

The Windmill has generated 22.26 Lacs Units

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT:

The Company is focused basically in the service sector.

Due to the depressed market condition company had decided to limit its exposure in financial services only to bill discounting activities and has increased its thrust in the trading activities. The turnover of trading activities in Industrial Chemicals and paper has steadily increased.

Of late company has also started trading in compressed gas, and expects to receive a handsome return from trading of this product.

SEGMENT WISE PERFORMANCE:

The company has only one segment that is trading activities.

OUTLOOK:

Due to increased focus on the trading activities, the company is confident that as the market conditions are improving and the company will gain from the impending recovery in the domestic economy.

FINANCIAL PERFORMANCE:

The company has achieved a total income of Rs. 2068.938 Millions during year and profit after tax is at Rs. 53.338 Millions as compared to Rs. 1357.120 Millions and Rs. 24.570 Millions in last year.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON DECEMBER 31, 2011

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.12.2011 (Unaudited)	30.09.2011 (Unaudited)	31.12.2011 (Unaudited)
1.	Net Sales/Income from Operations	257.542	295.868	784.270
2.	Expenditure
	a) (Increase) / Decrease in Stock in Trade	38.024	12.437	18.565
	b) Purchase of Traded Goods	210.231	273.155	731.794
	c) Employees Cost	0.231	0.222	0.634
	d) Depreciation	2.012	2.008	6.003
	e) Other Expenditure	3.223	3.086	9.529
	f) Total	253.721	290.908	766.525
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	3.821	4.960	17.745
4.	Other Income	--	0.000	--
5.	Profit Before Interest and Exceptional Items (3+4)	3.821	4.960	17.745
6.	Interest	2.115	2.493	6.848
7.	Profit After Interest but before Exceptional Items (5-6)	1.706	2.467	10.897
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	1.706	2.467	10.897
10.	Tax Expense
	a) Current tax	(0.752)	0.700	(2.302)
	b) Deferred tax	0.562	0.589	0.680
	Total	(0.190)	1.289	(0.563)
11.	Net Profit from Ordinary Activities after Tax (9-10)	1.516	3.756	10.334
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	1.516	3.756	10.334
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	54.200	54.200	54.200
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Earning Per share (EPS)
	Basic & Diluted EPS (Not Annualized) (in Rs.)	0.28	0.69	1.91
17.	Public Shareholding
	-Number of Shares	2299636	2299636	2299636
	- Percentage of Shareholding	42.43%	42.43%	42.43%
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	3120364	3120364	3120364
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%	100%	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	57.57%	57.57%	57.57%

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in millions)

Sl. No.	Particulars	Quarter Ended		Nine Months Ended
		31.12.2011	30.09.2011	31.12.2011
		(Unaudited)	(Unaudited)	(Unaudited)
1	Segment Revenue
	(a) Trading	255.385	289.261	771.840
	(b) Power Generation	0.857	4.939	9.160
	(c) Others	1.300	1.668	3.270
	Net Sales / Income from Operation	257.542	295.868	784.270
2	Segment Results (Profit)(+) / Loss (-) before tax and interest from each segment)
	(a) Trading	6.305	2.778	18.503
	(b) Power Generation	(0.880)	3.242	4.048
	(c) Others	0.941	1.026	2.237
	Total	6.366	7.046	24.788
	Less :Interest	2.115	2.493	6.848
	Less : Other Un-allocable Expenditure net off	2.545	2.086	7.044
	Net Profit Before Tax	1.706	2.467	10.896
3	Capital Employed (Segment Assets-Segment Liabilities)
	(a) Trading	123.715	133.533	123.715
	(b) Power Generation	40.577	39.999	40.577
	(c) Others	138.596	125.181	138.596
	Total	302.888	298.713	302.888
	Add : Un-allocated Corporate Assets - Liabilities	29.148	32.369	29.148
	TOTAL	332.036	331.082	332.036

Notes :

1. The above Financial results were reviewed by the Audit Committee and approved by the Board at its Meeting held on 31^st January 2012 and also Limited Review has been conducted by the Statutory Auditors.

2. Previous period figures have been regrouped / rearranged wherever necessary.

3. No shareholder complaint received / lying unsolved as on date

FIXED ASSETS

· Land

· Office Premises

· Wind Mill

· Furniture and Fixtures

· Air Conditioner

· Office Equipment

· Computers

· 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. 49.12
UK Pound	1	Rs. 77.84
Euro	1	Rs. 64.74

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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	4
--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	YES
--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
-	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.