MIRA INFORM REPORT

Report Date :

13.02.2012

IDENTIFICATION DETAILS

Name :	BELAMI FINE CHEMICALS PRIVATE LIMITED
Registered Office :	29, Gopal Bhuvan ,2^nd Floor, 199, Princess Street, Mumbai- 400002, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.1973
Com. Reg. No.:	035076
Capital Investment/ Paid-up Capital:	Rs.0.250 million
CIN No.: [Company Identification No.]	U24110MH1973PTC035076
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11442E
PAN No.: [Permanent Account No.]	AAACB2987J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Biological stains , indicators, Intermediates etc
No. of Employees:	25 (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 90000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and well 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

INFORMATION PARTED BY

Name :	Mr. Mitran Vakil
Designation :	Director
Contact No.:	91-9820082132
Date :	06.02.2012

LOCATIONS

Registered Office :	29, Gopal Bhuvan ,2^nd Floor, 199, Princess Street, Mumbai- 400002, Maharashtra , India
Tel. No.:	91-22-22051092 / 22051093
Mobile No.:	91-9820082132 (Mr. Mitran) , 91-9920164301 (Mr. Jagdish Mehta)
Fax No.:	91-22-22019611
E-Mail :	belami@vsnl.com
Website :	www.belamifinechem.com
Location :	Owned
Administrative Office :	1 Kasturi Building 30 Popatwadi, Kalbadevi Road, Mumbai- 400002, Maharashtra, India
Factory :	C – 308, Ttc Industrial Area , Thane , Belapur Road, Navi Mumbai, Mumbai – 400705, Maharashtra , India.

DIRECTORS

(As on 30.09.2011)

Name :

Mr. Sandeep Chimanlal Vasa

Designation :

Director

Address :

58- B , Walkeshwar Road, Krishna Niwas, 3^rd Floor, Mumbai- 400006, Maharashtra, India

Date of Birth/Age :

28.10.1963

Date of Appointment :

01.12.2007

DIN No:

01648263

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	U24110MH1973PTC035076	BELAMI FINE CHEMICALS PVT LTD	Director	01-12-07	01-12-07	-	Active	NO
2	U28992MH1980PTC022591	TINYCHEM SPECIALITIES PRIVATE LIMITED	Director	30-09-11	14-09-11	-	Active	NO

Name :

Mr. Parag Bipin Jhaveri

Designation :

Director

Address :

62-A, Skyscraper, Breach Candy, Waren Road, Malabar Hill, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

20.11.1965

Date of Appointment :

01.12.2007

DIN No:

00299669

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	U29263MH1954PTC009425	SAMUEL DRACUP AND SONS (INDIA) PVT LTD	Director	10-10-02	10-10-02	-	Dissolved	NO
2	U24110MH1973PTC035076	BELAMI FINE CHEMICALS PVT LTD	Director	01-12-07	01-12-07	-	Active	NO
3	U28992MH1980PTC022591	TINYCHEM SPECIALITIES PRIVATE LIMITED	Director	30-09-11	14-09-11	-	Active	NO

Name :

Mrs Pallavi Mitran Vakil

Designation :

Director

Address :

26/ 45- D, Venus Apartments, R.G Thadani Marg, Worli Sea Face, Mumbai- 400018, Maharashtra, India

Date of Birth/Age :

27.08.1968

Date of Appointment :

01.06.1998

DIN No:

01648258

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	U24110MH1973PTC035076	BELAMI FINE CHEMICALS PVT LTD	Director	01-06-98	01-06-98	-	Active	NO

Name :

Mr. Mitran Dinker Vakil

Designation :

Director

Address :

26/ 45- D, Venus Apartments, R.G Thadani Marg, Worli Sea Face, Mumbai- 400018, Maharashtra, India

Date of Birth/Age :

14.07.1964

Date of Appointment :

01.09.1986

DIN No:

01648220

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	U24110MH1973PTC035076	BELAMI FINE CHEMICALS PVT LTD	Director	01-09-86	01-09-86	-	Active	NO

Name :

Mr. Manoj Anil Shah

Designation :

Director

Address :

Block no. 4, Savitri Niwas, 163-D Purandare Park, Dr. Ambedkar Road, Dadat TT , Mumbai- 400014, Maharashtra , India

Date of Birth/Age :

12.01.1963

Date of Appointment :

01.06.1998

Name :

Mr. Jagdish Natwarlal Mehta

Designation :

Director

Address :

7, Gurukrupa, 65- F, Linking Road, Santacruz (West), Mumbai 400054, Maharashtra, India.

Date of Birth/Age :

19.12.1944

Date of Appointment :

20.09.1973

DIN No:

01981518

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	U24110MH1973PTC035076	BELAMI FINE CHEMICALS PVT LTD	Director	20-09-73	20-09-73	-	Active	NO

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Biological stains ,indicators, Intermediates etc
Products :	- Organic Chemicals - Inorganic Chemicals - Stain / Indicator Chemicals - Performance Chemicals etc
Exports :
Products :	Biological stains, Indicators, Intermediates etc
Countries :	Europe Brazil
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Ana Laboratories

· Atul Trading Company

· Chemate industries

· Manas Chemicals

· Shriran Packaging Industries

· Vikram Plasticizers

· Web Element

· Poonam impex

· Screen crafts

· Tolani Chemicals

Customers :

· Aakash Chemicals

· AFMSD

· J.A. Enterprises

· Central Ordinance Depot

· John Bolton

· Panreac

· Pathozyme Diagnostics

· K. Patel International

· Gee Lawson Chemicals

· Concord Biotech Limited

· MachSons Private Limited

·

No. of Employees :

25 (Approximately)

Bankers :

- State Bank of India

- Corporation Bank

(Amount in Millions)

Facilities :

Secured Loans	31.03.2011	31.03.2010
Overdraft facility ( Secured against pledge of Fixed assets)	0.000	0.000
State Bank of India	0.000	0.000
Corporation Bank	2.991	2.670
Total	2.991	2.670

Banking Relations :	--
Auditors :
Name :	Mr. Pravinchandra N. Shah Chartered Accountant
Address :	601-A, Niranjan Building, 99, Marine drive , Mumbai-400002, Maharashtra , India
PAN No.:	AAHPS3182J

CAPITAL STRUCTURE

(As on 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Share	Rs.100/- each	Rs.0.500 million
5,000	Preference Shares	Rs.100/- each	Rs.0.500 million
	Total		Rs.1.000 million

(As on 30.09.2011)

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,500	Equity Share	Rs.100/- each	Rs.0.250 million

FINANCIAL DATA

[all figures are in Rupees Millions]

.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.21010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.250	0.250	0.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.098	16.678	23.843
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.348	16.928	24.093
LOAN FUNDS
1] Secured Loans		2.991	2.670	1.588
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.991	2.670	1.588
DEFERRED TAX LIABILITIES		0.371	0.519	0.583
TOTAL		25.710	20.117	26.264
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.643	5.689	5.449
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.735	0.280	1.021
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.955	4.696	3.545
	Sundry Debtors	12.206	9.138	8.273
	Cash & Bank Balances	9.376	5.714	16.911
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.550	7.785	4.055
Total Current Assets		37.087	27.333	32.784
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.220	4.495	2.707
	Other Current Liabilities	7.324	3.248	2.134
	Provisions	4.210	5.443	8.148
Total Current Liabilities		17.754	13.186	12.989
Net Current Assets		19.333	14.147	19.795
MISCELLANEOUS EXPENSES		0.000	0.000	0.00
TOTAL		25.710	20.117	26.264

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	76.991	55.964	43.151
		Other Income	0.513	0.919	1.414
		TOTAL (A)	77.504	56.883	44.565
Less	EXPENSES
		Consumption of Raw materials	47.746	35.364	26.475
		Manufacturing expenses	6.393	4.611	4.253
		Operating Expenses	1.862	1.778	2.011
		Directors Remuneration	11.770	8.089	4.427
		Provision For Dimunition In The Value Of Investments	0.025	0.000	(0.118)
		Increase / Decrease in stocks	(0.051)	0.017	0.213
		TOTAL (B)	67.745	49.859	37.261
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.759	7.024	7.304
Less	FINANCIAL EXPENSES (D)		0.096	0.299	0.205
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.663	6.725	7.099
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.316	0.279	0.280
	PROFIT BEFORE TAX (E-F) (G)		9.347	6.446	6.819
Less	TAX (H)		2.762	1.911	2.198
	PROFIT AFTER TAX (G-H) (I)		6.585	4.535	4.621
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.153	10.868	11.406
Less	APPROPRIATIONS
		Special dividend	0.000	10.000	0.000
		Tax on Special Dividend	0.000	1.700	0.000
		Interim Dividend	1.000	0.000	4.000
		Tax on Interim Dividend	0.166	0.000	0.680
		General Reserve	0.725	1.550	0.475
	BALANCE CARRIED TO THE B/S		6.848	2.153	10.868
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.50	7.97	10.37
Net Profit Margin (PBT/Sales)	(%)	12.14	11.52	15.80
Return on Total Assets (PBT/Total Assets}	(%)	21.87	19.52	15.80
Return on Investment (ROI) (PBT/Networth)		0.42	0.38	0.28
Debt Equity Ratio (Total Liability/Networth)		0.93	0.94	0.61
Current Ratio (Current Asset/Current Liability)		2.09	2.07	2.52

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

Operations :

During the Year, the Gross Income has Gone up from Rs.56.882 millions to Rs 77.504 millions, An Increase Of 36.25%, Whereas The Net Profit Is Increased From Rs.4.534 millions to Rs 6.586 millions, An increase of 45.23% during the year, Both the sales and profits have exceeded the targets. The Performance Chemical Division(PCD) which was started in September -2007 has shown remarkable growth. The Board Name ‘Strata foam’ has been accepted well in the market. During the year this division added new clients many of whom are Multinational Entities. It has also started exporting to South East Asian and European Countries. The said Division is expected to perform well during the current year and increase the company’s profitability.

Fixed Assets :

- Goodwill

- Factory Building

- Office premises

- Electric Installations

- Office Equipments

- Furniture and Fixtures

- Computers

- Scooter

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.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.79

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--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.