MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	DYNA GLYCOLS PRIVATE LIMITED
Registered Office :	106/108, Shivam Chambers, S. V. Road, Goregaon (West), Mumbai – 400062, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.09.2006
Com. Reg. No.:	11-164262
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U24119MH2006PTC164262
TAN No.: [Tax Deduction & Collection Account No.]	mumD14428B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceuticals Chemicals.
No. of Employees :	30 (Approximately) [In Office – 3 and In Factory – 25]

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. G. S. Mariya
Designation :	Manager
Contact No.:	91-9909008957
Date :	13.02.2012

LOCATIONS

Registered Office :	106/108, Shivam Chambers, S V Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-26764099/26764172/73
Mobile No.:	91-9833992569 [Mr. Francises] 91-9909008957 [Mr. G. S. Mariya]
Fax No.:	91-22-26764054
E-Mail :	office@ykdesai.com ykdesai@mtnl.net.in hildose@vsnl.com dynaglyco@vsnl.net dynaglycols@bsnl.in
Area :	2500 Sq. ft
Location :	Owned
Factory :	Plot No. 260-B, Sector 4, SEZ, kandla, Gandhidham-370220, Gujarat, India
Tel No.:	91-2836-253086/87/658201
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Thiam Kiat Hock Soo Gan

Designation :

Director

Address :

No. 26 Batu Jalan Tanjung Tualang, Batu Malaysia 31400

Date of Birth/Age :

31.07.1965

Date of Appointment :

10.01.2007

Din No.:

00444774

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U92419MH2006PTC163171	Gelkaps Sports Private Limited	Director	19-08-06	19-08-06	Active	NO
2	U24119MH2006PTC164262	Dyna Glycols Private Limited	Director	10-01-07	10-01-07	Active	NO

Name :

San Sue Cheong Kai Ho

Designation :

Director

Address :

51 Jalan Chin HWA, Chateau Garden, Ipoh Malaysia 30250

Date of Birth/Age :

29.09.1949

Date of Appointment :

10.01.2007

Din No.:

00455010

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24239AP2006PTC050034	Hovid Life Science Private Limited	Director	04-05-06	04-05-06	Active	YES
2	U92419MH2006PTC163171	Gelkaps Sports Private Limited	Director	21-08-06	21-08-06	Active	NO
3	U24119MH2006PTC164262	Dyna Glycols Private Limited	Director	10-01-07	10-01-07	Active	NO
4	U24293UP2007PTC033889	Khard Carotech Private Limited	Director	14-09-07	14-09-07	Active	YES

Name :

Mr. Zubin Keki Gandhi

Designation :

Director

Address :

Hari Niwas 1^st Floor, 19 Mathew Road, Opera House, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

30.11.1968

Date of Appointment :

10.01.2007

Din No.:

00664632

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24119GA1990PTC001099	Venus Ethoxyethers Private Limited	Director	10-12-90	10-12-90	Active	NO
2	U24119GA1994PTC001573	Grand Organics Private Limited	Director	05-10-06	05-10-06	Active	NO
3	U24119MH2006PTC164262	Dyna Glycols Private Limited	Director	10-01-07	10-01-07	Active	NO
4	U24239MH2009PTC192677	Avesta Pharma Private Limited	Director	30-11-09	30-11-09	Active	NO
5	U45203MH2010PTC208644	Lucerne Developers Private Limited	Director	07-10-10	07-10-10	Active	NO

Name :

Kersi Homi Tangri

Designation :

Director

Address :

Flat No. 4, Fiona Plot No. 176, Juhu Tara Road, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

03.12.1963

Date of Appointment :

01.09.2006

Din No.:

01215877

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17110MH1979PTC021185	Chemagis India Private Limited	Director	27-07-06	27-07-06	Active	NO
2	U24119MH2006PTC164262	Dyna Glycols Private Limited	Director	01-09-06	01-09-06	Active	NO
3	U92412MH2008PTC183389	Skirmish Paintball India Private Limited	Director	10-06-08	10-06-08	Active	NO
4	U24239MH2009PTC192677	Avesta Pharma Private Limited	Director	25-05-09	25-05-09	Active	NO
5	U45200MH1978PTC020141	Firoze Estates Private Limited	Director	27-09-10	05-08-10	Active	NO

KEY EXECUTIVES

Name :	Mr. G. S. Mariya
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kersi Homi Tangri	45000
Zubin Keki Gandhi	45000
Mahesh Hakmichand Doshi	45000
Amol Ashok Walke	45000
Venkateshwalru	10000
Suryadevara Srinivass	10000
Gelkaps Sports Private Limited, India	200000
Total	400000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	50.00
Directors or relatives of Directors	22.50
Other top fifty shareholders	27.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceuticals Chemicals.
Exports :
Products :	Pharmaceuticals Chemicals
Countries :	· Pakistan · US · Turkey · Australia
Imports :
Products :	Raw Material
Countries :	Taiwan
Terms :
Selling :	Depends
Purchasing :	Depends

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Coster K – 10	Kg.	147412
Esteem – MFA	Kg.	282571
Infinity PK2731	Kg.	694374
PEG 200	Kg.	216815
PEG 300	Kg.	909395
Product – 22 – TM	Kg.	189966
Product – 4713	Kg.	248759
Product ATO 1002	Kg.	135517
Product – 48 – 90 – AH	Kg.	7325
Venoxy HXE	Kg.	291780

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

30 (Approximately) [In Office – 3 and In Factory – 25]

Bankers :

· ICICI Bank, Goregaon, Mumbai, Maharashtra, India

· ICICI Bank, Mindspace, Malad , Mumbai, Maharashtra, India

· Standard Chartered Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan From ICICI Bank [Secured against fixed assets of the company]	4.313	7.188
Cash Credit from ICICI Bank [Secured against Hypothecation of Stock and Book debts]	20.753	0.000
Total	25.066	7.188
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Directors	5.650	5.815
From Shareholders	24.118	0.000
In the nature of share application money pending compliance procedure	0.000	28.096
From Standard Chartered Bank	22.543	0.000
Total	52.311	33.911

Financial Institution:	3i Infotech Trusteeship Services Limited, 6^th Floor, Akruti Center Point, MIDC Central Road, Andheri East, Mumbai-400093, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	Y. K. Desai and Company Chartered Accountants
Address :	106, prospect Chambers, Dr. D N Road,, Fort, Mumbai –400001, Maharashtra, India
PAN.:	AACPD2467L
Associates:	· Gel Kaps Port Private Limited, India · Esteem Exthyotheres Private limited, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.367	13.882	0.100
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.367	17.882	4.100
LOAN FUNDS
1] Secured Loans		25.066	7.188	10.062
2] Unsecured Loans		52.311	33.911	26.030
TOTAL BORROWING		77.377	41.099	36.092
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		107.744	58.981	40.192
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.811	37.506	42.525
Capital work-in-progress		0.000	12.874	2.444
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.713	27.466	1.265
	Sundry Debtors	69.407	4.112	0.000
	Cash & Bank Balances	2.446	3.334	1.264
	Other Current Assets	0.470	0.463	0.453
	Loans & Advances	0.920	5.251	3.409
Total Current Assets		121.956	40.626	6.391
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	70.236	28.115	11.142
	Other Current Liabilities	4.787	3.910	0.000
	Provisions	0.000	0.000	0.026
Total Current Liabilities		75.023	32.025	11.168
Net Current Assets		46.933	8.601	(4.777)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		107.744	58.981	40.192

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	PROFIT / (LOSS) BEFORE TAX	12.484	16.282	0.127
Less	TAX	0.000	0.009	0.022
	PROFIT / (LOSS) AFTER TAX	12.484	16.273	0.105
Less	PRIOR PERIOD EXPENSES	0.000	2.491	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	13.882	0.100	(0.005)
	BALANCE CARRIED TO THE B/S	26.366	13.882	0.100
	Earnings / (Loss) Per Share (Rs.)	31.21	40.68	0.26

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.07	20.84	0.26
Return on Investment (ROI) (PBT/Networth)		0.41	0.91	0.03
Debt Equity Ratio (Total Liability/Networth)		5.02	4.09	11.53
Current Ratio (Current Asset/Current Liability)		1.63	1.27	0.57

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors For Expenses		5.311	1.200
Sundry Creditors For Capital Goods		1.438	8.018
Sundry Creditors For Goods	70.236	5.008	1.924
Sundry Creditors For Import Purchase		16.358	0.000
Total	70.236	28.115	11.142

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FINANCIAL PERFORMANCE

The company has had a flat growth in net profit during the concerned year as compared to previous year. However the directors are hopeful that the company will perform well in the forthcoming years.

FORM 8

Corporate identity number of the company	U24119MH2006PTC164262
Name of the company	DYNA GLYCOLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	106/108, Shivam Chambers, S. V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India Email Id : ykdesai@mtnl.net.in
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	3i Infotech Trusteeship Services Limited, 6^th Floor, Akruti Center Point, MIDC Central Road, Andheri East, Mumbai-400093, Maharashtra, India Email Id : prashant.joshi@3i-itsl.com
Nature of instrument creating charge	Mortgage Declaration
Date of instrument Creating the charge	19.03.2010
Amount secured by the charge	Rs.35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: I-BAR -2.75% p.a. and the Cash Credit Risk Premium prevailing on each day, plus applicable interest tax or other statutory levy, if any. LC: Commission as per CAL dated 2.03.2010 Terms of repayment On Demand Margin Cash Credit: Margins: Inventory: Uniform margin of 25% against all components of inventory Book debts: Cover period 90 days, margin 25% Letter of Credit (LC) Cash Margin: 10% Extent and operation of the charge Equitable Mortgage in respect of immovable fixed assets of the Company located at Plot No 268-B, Kandla Special Economic Zone, Gandhidham, Gujarat, India
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable Mortgage in respect of immovable fixed assets of the Company located at Plot No 268-B, Kandla Special Economic Zone, Gandhidham, Gujarat, India

FIXED ASSETS

· Bike

· Computer

· Digital Camera

· Electrical Equipments

· Fire Safety Equipments

· Factory Building

· Motor Car

· Plant and Machinery

· Printer

· Software

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.49.32
UK Pound	1	Rs.77.84
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.