MIRA INFORM REPORT

Report Date :

25.02.2012

IDENTIFICATION DETAILS

Name :	GUJARAT MULTI GAS BASE CHEMICAL PRIVATE LIMITED
Registered Office :	Opposite ONGC Colony, Palavasana, Mehsana – 384002, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.01.1989
Com. Reg. No.:	04-011795
Capital Investment / Paid-up Capital :	Rs.14.003 Millions
CIN No.: [Company Identification No.]	U24231GJ1989PTC011795
TAN No.: [Tax Deduction & Collection Account No.]	AHMG02138D
PAN No.: [Permanent Account No.]	AABCG1283D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of various specialty chemicals in the field of Zeolites, Molecular Sieves, Clays and Silica and Silicates
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 628000
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.

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 :	Opposite ONGC Colony, Palavasana, Mehsana – 384002, India
Tel. No.:	91-2762-225566 / 225577 / 225599
Fax No.:	91-2762-225544
E-Mail :	gujaratmulti@gmail.com dashrathbhaipatel@gmail.com manekmin@sancharnet.in
Branches :	Located at : Ahmedabad Delhi Mumbai

DIRECTORS

As on 29.09.2011

Name :

Mr. Dashrathbhai Patel

Designation :

Director

Address :

2223, Mane – Madhav, Drive Hill, Bhavnagar, Gujarat, India

Date of Birth/Age :

24.10.1950

Date of Appointment :

19.01.1989

DIN No.:

00323495

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	U24231GJ1989PTC011795	GUJARAT MULTI GAS BASE CHEMICAL PRIVATE LIMITED	Director	19/01/1989	19/01/1989	-	Active	NO
2	U24110GJ1991PTC015369	MANEK CHEMICALS PRIVATE LIMITED	Director	8/4/1991	8/4/1991	-	Active	NO
3	U73100GJ2005PTC046402	MANEK INDUSTRIAL RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	11/7/2005	11/7/2005	-	Active	NO

Name :

Mr. Chirag Dashrath Patel

Designation :

Director

Address :

63, Krishna Society, Jail Road, Mehsana, Gujarat, India

Date of Birth/Age :

21.02.1977

Date of Appointment :

20.06.2004

DIN No.:

00323456

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	U24231GJ1989PTC011795	GUJARAT MULTI GAS BASE CHEMICAL PRIVATE LIMITED	Director	20/06/2004	20/06/2004	-	Active	NO
2	U24110GJ1991PTC015369	MANEK CHEMICALS PRIVATE LIMITED	Director	20/06/2004	20/06/2004	-	Active	NO
3	U73100GJ2005PTC046402	MANEK INDUSTRIAL RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	11/7/2005	11/7/2005	-	Active	NO

Name :

Mr. Kamlesh Dashrath Patel

Designation :

Director

Address :

63, Krishna Society, Jail Road, Mehsana. Gujarat, India

Date of Birth/Age :

08.05.1975

Date of Appointment :

20.06.2004

DIN No.:

00323518

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	U24110GJ1991PTC015369	MANEK CHEMICALS PRIVATE LIMITED	Director	20/06/2004	20/06/2004	15/11/2011	Active	NO
2	U24231GJ1989PTC011795	GUJARAT MULTI GAS BASE CHEMICAL PRIVATE LIMITED	Director	20/06/2004	20/06/2004	15/11/2011	Active	NO
3	U73100GJ2005PTC046402	MANEK INDUSTRIAL RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	11/7/2005	11/7/2005	-	Active	NO
4	U24299GJ2009PTC056569	MANEK ACTIVE CLAY PRIVATE LIMITED	Director	9/4/2009	9/4/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Dashrathbhai Vitthaldas Patel	386884
Kiritbhai Vitthaldas Patel	34500
Vitthalbhai Madhavdas Patel	50
Dahiben Dashrathbhai Patel & Urmilaben Dashrathbhai Patel	198743
Harshadkumar Khushaldas Patel	0
Indiraben Vitthalbhai Patel	0
Kanubhai Jethabhai Patel	5001
Keshavlal Lakhudas Patel	0
Thakor Babuji Kachraji	5001
Gangaram Ambalal Patel	0
Ganpatbhai N. Patel	0
Rameshbhai Jethabhai Patel	105739
Vinodkumar Vithalbhai Patel	10
Mathurbhai Mohandas Patel	1
Narottambhai Shivaramdas Patel	1
Prabhudas Mohandas Patel	1
Ramjibhai Mohandas Patel	1
Somabhai Mulchanddas Patel	1
Truptiben Vinodkumar Patel	1
Kamleshkumar Dashrathbhai Patel	51
Govindbhai Vitthaldas Patel-Huf	70265
Dashrathbhai Vitthaldas Patel-Huf	84383
Urmilaben D. Patel	30529
Shri Vinodbhai Vithaldas (Huf)	49578
Chiragbhai Dashrathbhai Patel	334157
Artiben Kamleshbhai	20000
Avaniben Chiragbhai	75400
TOTAL	1400297

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of various specialty chemicals in the field of Zeolites, Molecular Sieves, Clays and Silica and Silicates

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank Of India, Mehsana Branch, Nr. Lions Hospital, Jail Road,, Mehsana - 384002, Gujarat, India
• H.D.F.C.Bank Limited
• Axis Bank, Mumbai
• Urban Bank
• ICICI Bank Limited
• State Bank of India
• UTI Bank
• Mehsana Urban Co-op Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of India – Hypothecation (Cash Credit Against Hypothecation Of Raw Material, Stock In Process And Finished Goods, Book debts and Personal Guarantees Of Directors.)	24.210	13.764
Term Loan II from Bank of India (Secured against plant and machinery and land and building)	0.000	2.052
Term Loan III from Bank of India (Secured against plant and machinery and land and building)	28.931	42.258
Term Loan IV from Bank of India (Secured against plant and machinery and land and building)	12.858	20.009
Bank of India Car Loan (Secured against BMW Car)	1.963	2.307
Bank of India Car Loan (Fortuner Car Loan)	1.750	0.000
Term Loan VIII from Bank of India (Secured against plant and machinery and land and building)	17.849	0.000
Total	87.561	80.390
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Form Companies
Manek Chemicals Private Limited	0.425	9.484
Manek Mineral Export Limited	0.661	0.661
From Directors and Shareholder and their Relatives
Avaniben Chiragbhai Patel	0.657	0.593
Babuji Kachraji Thakor	0.362	0.362
D.V Patel HUF	0.063	0.057
Govindbhai V. Patel HUF	0.104	0.104
Mathurbhai Mohandas Patel	1.174	1.173
Patel Transport	0.000	0.170
V.V. Patel HUF	0.172	0.156
D.V. Patel (BMW Car Deposit)	1.168	0.570
D.V. Patel	0.000	0.132
C.D Patel (Fortuner Car Deposit)	0.265	0.000
Total	5.051	13.462

Banking Relations :	--
Auditors :
Name :	Rangani and Patel Chartered Accountant
Address :	22,Swastik Chambers, Navjivan Press Lane, Income Tax, Ashram Road, Ahmedabad – 380014, Gujarat, India
PAN.:	91-79-27542491 / 30082491-95

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/-each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,400,297	Equity Shares	Rs.10/-each	Rs.14.003 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		14.003	14.003	14.003
2] Share Application Money		0.130	0.130	0.130
3] Reserves & Surplus		142.776	114.445	83.701
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		156.909	128.578	97.834
LOAN FUNDS
1] Secured Loans		87.561	80.390	101.811
2] Unsecured Loans		5.051	13.462	17.841
TOTAL BORROWING		92.612	93.852	119.652
DEFERRED TAX LIABILITIES		36.339	32.478	28.353
TOTAL		285.860	254.908	245.839
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		234.297	214.975	217.163
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.907	10.122	7.407
	Sundry Debtors	59.788	59.611	1.268
	Cash & Bank Balances	1.815	1.096	43.702
	Other Current Assets	0.000	0.000	0.254
	Loans & Advances	32.411	10.050	17.714
Total Current Assets		105.921	80.879	70.345
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.833	27.913	27.665
	Other Current Liabilities			1.261
	Provisions	14.681	13.208	12.936
Total Current Liabilities		54.514	41.121	41.862
Net Current Assets		51.407	39.758	28.483
MISCELLANEOUS EXPENSES		0.056	0.075	0.093
TOTAL		285.860	254.908	245.839

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	370.388	336.184	284.316
		Other Income	10.137	NA
		TOTAL	380.525	NA
Less	EXPENSES
		Office Expenses	320.660	NA
		Administrative Expenses			NA
		Advertising Expenses
		TOTAL	320.660	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		59.865	63.004
Less/ Add	DEPRECIATION/ AMORTISATION		14.712	14.144	11.215
	PROFIT BEFORE TAX		45.153	48.860	NA
Less	TAX		16.822	18.116	NA
	PROFIT AFTER TAX		28.331	30.743	22.293
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		110.349	79.606	57.313
	BALANCE CARRIED TO THE B/S		138.680	110.349	79.606
	Earnings Per Share (Rs.)		20.23	21.98	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.45	NA	NA
Net Profit Margin (PBT/Sales)	(%)	12.19	14.53	NA
Return on Total Assets (PBT/Total Assets}	(%)	13.27	16.54	NA
Return on Investment (ROI) (PBT/Networth)		0.29	0.38	NA
Debt Equity Ratio (Total Liability/Networth)		0.94	1.05	1.65
Current Ratio (Current Asset/Current Liability)		1.94	1.97	1.68

LOCAL AGENCY FURTHER INFORMATION

OPERATION

This year the company has achieved highest turnover of Rs.370.388 millions which is 110% higher in comparison to previous year turnover of Rs.336.184 millions with the robust growth of Indian economy, the global demand is surging ahead. However, inflation rate, volatile forex market and the increasing cost of inputs are causing concern, still with the proper cost of borrowing based on a mix of sourcing the funds in rupee and forex procuring materials at the right time and proper cost, the company should be able to surmount these problem and come up with result that will make all the stakeholder proud.

FORM 8

Corporate identity number of the company	U24231GJ1989PTC011795
Name of the company	GUJARAT MULTI GAS BASE CHEMICAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Opp ONGC Colony, Palavasana, Mensana – 384002, Gujarat, India Email : gujaratmulti@gmail.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90096288
Type of charge	Immovable Property Movable Property Book Debts
Particular of charge holder	Bank Of India, Mehsana Branch, Nr. Lions Hospital, Jail Road,, Mehsana - 384002, Gujarat, India Email : mehsana.gandhingr@bankofindia.co.in
Nature of instrument creating charge	(1) hypothecation cum loan agreement dated 28.03.2011 (2) supplement memorandum of deposit of title deeds dated 28.03.2011 (3) general counter-guarantee and indemnity covering several guarantees within the sanction limit dated 28.03.2011 (4) term loan agreement-1 dated 28.03.2011 (5) term loan agreement-2 dated 28.03.2011 (6) supplemental term loan agreement when there is change in repayment schedule-1 and 2 dated 28.03.2011
Date of instrument Creating the charge	28.03.2011
Amount secured by the charge	Rs.449.300 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - (1) term loan-4% over base rate minimum 13.50% per annum with monthly rests (2) cash credit - 3.5% over base rate minimum 13% Terms of Repayment - as per hypothecation cum loan agreement dated 28.03.2011 Margin – (1) term loan-29.23% (2) term loan - 25% (3) cash credit- 25% of stock and 40% book debt Extent and Operation of the charge - as per the hypothecation agreement dated 28.03.2011 and supplemental memorandum of deposit of title deeds dated 28.03.2011
Short particulars of the property or asset(s) charged (including complete address and location of the property)	As per supplemental memorandum of deposit of title deeds dated 28.03.2011.
Date of instrument modifying the charge	30.07.2010
Particulars of the present modification	As per hypothecation cum loan agreement dated 28.03.2011 and supplemental memorandum of deposit of title deeds dated 28.03.2011.

FIXED ASSETS

• Land and Land Development
• Air Conditioner
• Air Cooler
• C.C.T.V.
• Computer
• Computer and Printer
• Cycle
• Electrical Installation
• Factory and Building
• Fax Machine
• Furniture and Fixture
• Indica
• Laboratory Equipments
• LML Scooter
• Mobile Telephone Instruments
• Multimedia Projector
• Plant and Machinery
• Refrigerator
• Reverse Osmosis Water Systems
• Road
• Sewing Machine
• Sony Handycamera
• Sony LCD T.V.
• Sony Recorder
• Staff Bus
• Sunny Zip
• Tata Indica Die
• Tea - Coffee Maker Machine
• Tele. Intercom Service
• Tube Well
• Vehicles
• Water Cooler
• Water tank
• Wind Mill
• Xerox Machine
• Time and Attendance Systems

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.49.07
UK Pound	1	Rs.77.19
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--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.