MIRA INFORM REPORT

Report Date :

25.02.2012

IDENTIFICATION DETAILS

Name :	MADHU SILICA PRIVATE LIMITED
Registered Office :	53, 55, 56 – B, G.I.D.C, Chitra Industrial Estate, Bhavnagar – 364004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.10.1987
Com. Reg. No.:	04-010073
Capital Investment / Paid-up Capital :	Rs.48.000 Millions
CIN No.: [Company Identification No.]	U24299GJ1987PTC010073
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Precipitated Silicas.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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/ Head Office :	53, 55, 56 – B, G.I.D.C, Chitra Industrial Estate, Bhavnagar – 364004, Gujarat, India
Tel. No.:	91-278-2445415/37, 2446263/ 6161
Fax No.:	91- 278 - 2446159
E-Mail :	madhusilica@madhusulica.com
Website :	http://www.madhusilica.com
Marketing Offices :
	Delhi Office : 1104, Devika Tower, 6-Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-4654222-5/6/7/8
Fax No.:	91-11-46542229
E-Mail :	anilarora@madhusilica.com madhusilicadelhi@airtelbroadband.in
	Mumbai Office : 6, "Suyog", Gokhala Road (N), Dadar, Mumbai, India
Tel. No.:	91-22-24323065/ 28221770/ 24228865
Fax No.:	91-22-28376184
E-Mail :	baleri@vsnl.com

DIRECTORS

As on 04.06.2011

Name :

Mr. Rameshchandra Vinaychand Shah

Designation :

Managing director

Address :

1890-4/1 Vasudha, Opposite Akash Ganga Flats, New Rupani Circle, Bhavnagar - 364001, Gujarat, India

Date of Birth/Age :

14.08.1945

Date of Appointment :

20.10.1987

DIN No.:

00062983

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	U24299GJ1987PTC010073	Madhu Silica Private Limited	Managing director	20/10/1987	20/10/1987	-	Active	NO
2	U65910GJ1991PTC015449	Darshak Finstock Private Limited	Director	16/04/1991	16/04/1991	-	Active	NO
3	U45201GJ1996PTC030805	Madhu Research and Development Centre Private Limited	Director	25/09/1996	25/09/1996	-	Strike off	NO
4	U24110GJ1990PTC014727	Aquagel Chemicals Private Limited	Managing director	8/09/1998	8/09/1998	-	Active	NO
5	L27310GJ1972PLC002033	Steel Cast Limited	Director	18/06/2003	18/06/2003	-	Active	NO
6	U45200GJ2011PTC067273	Rushil Infrastructure Private Limited	Director	27/09/2011	27/09/2011	-	Active	NO

Name :

Mr. Darshak Rameshchandra Shah

Designation :

Director

Address :

1890-A/1 Vasudha, Opposite Akash Ganga Flats, Rupani Circle, Bhavnagar – 364002, Gujarat, India

Date of Birth/Age :

02.01.1974

Date of Appointment :

02.09.1997

DIN No.:

00063063

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	U65910GJ1991PTC015449	Darshak Finstock Private Limited	Director	7/02/1996	7/02/1996	-	Active	NO
2	U24299GJ1987PTC010073	Madhu Silica Private Limited	Director	2/09/1997	2/09/1997	-	Active	NO
3	U24110GJ1990PTC014727	Aquagel Chemicals Private Limited	Director	1/09/2002	1/09/2002	-	Active	NO
4	U45201GJ1996PTC030805	Madhu Research and Development Centre Private Limited	Director	4/08/2008	28/03/2008	-	Strike off	NO
5	U45200GJ2011PTC067273	Rushil Infrastructure Private Limited	Director	27/09/2011	27/09/2011	-	Active	NO

Name :

Mr. Udaykant Labhshankar Mehta

Designation :

Director

Address :

102- Panna Tower, Plot No. 1940-B, Rupani, Bhavnagar – 364002, Gujarat, India

Date of Birth/Age :

26.09.1920

Date of Appointment :

20.11.1987

DIN No.:

00063083

Name :

Mr. Dattatray Anant Vartak

Designation :

Director

Address :

202, B Wing, Alok Apartment, Mahant Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

15.12.1934

Date of Appointment :

20.11.1987

DIN No.:

00085059

Name :

Ms. Neepa Udaykant Mehta

Designation :

Director

Address :

102- Panna Tower, Plot No. 1940-B, Rupani, Bhavnagar – 364001, Gujarat, India

Date of Birth/Age :

26.01.1968

Date of Appointment :

01.09.2007

DIN No.:

01780860

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	U24299GJ1987PTC010073	Madhu Silica Private Limited	Director	17/09/2007	1/09/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.06.2011

Names of Shareholders	No. of Shares
Ramesh V Shah	67201
Ramesh V. Shah (HUF)	87063
Kalpanaben R. Shah	56902
Darshak R Shah	79639
Reena D. Shah	13419
R.V. Shah Family Trust	24000
Darshak Finstock Private Limited, India	30030
Bharat P. Raut	9600
Bharat P. Raut (HUF)	1440
Vidya B. Raut	7680
Manas B. Raut	480
Udavkant Mehta	23614
Udaykant L .Mehta/ Ragini A Dhru	1152
Udaykant L.Mehta / Jhankhana V. Vora	1152
ShriU daykant L. Mehta Klalyan P. Vora	1152
Udaykant L.Mehta / Shivani T. Mehta	1152
Udaykant L.Mehta / Neepa U. Mehta	1123
Ragini A Dhru / Avinash V. Dhru	1250
Jhankhana V. Vora / Viral C. Vora	2083
Kalyani P. Vohra / Prakash A. Vohra	1250
Shivani T Mehta / Tushar H. Mehta	1250
Neepa U. Mehta/Charumati U. Mehta	1999
Dattarai A Vartak	4214
Ajita Patil	10772
Prasad D. Vartak	4214
Shardaben Shastry	17576
Ramesh R. Shastry	16449
Nalini S. Shastry	2509
Vaibhav S. Shastry	2422
Chetana S. Shastry	2421
Chitra R. Shastry	4792
Total	480000

As on 04.08.2011

Names of Allottee	No. of Shares
Ramesh V Shah	40000
Ramesh V. Shah (HUF)	46000
Kalpanaben R. Shah	32400
Darshak R Shah	48987
Reena D. Shah	6710
R.V. Shah Family Trust	12000
Darshak Finstock Private Limited, India	15015
Udaykant Mehta	8000
Udaykant L Mehta and Ragini A Dhru	400
Shri Udaykant L.Mehta and Dhankhana V. Vora	400
Udaykant L.Mehta and Kalyani P. Vora	400
Udaykant L. Mehta and Shivani T. Mehta	400
Udaykant L. Mehta and Neepa U. Mehta	400
Ragini A Dhru and Avinash V. Dhru	450
Jhankhana V. Vora and Viral C. Vora	1280
Kalyani P. Vohra and Prakash A. Vohra	769
Kalyani P. Vohra and Prakash A. Vohra	750
Shivani T. Mehta and Tushar H. Mehta	1230
Neepa U. Mehta and Charumati U. Mehta	1650
Dattarai A Vartak	1700
Ajita Patil	1650
Prasad D. Vartak	4388
Shardaben Shastry	8225
Chitra R. Shastry	6796
Total	240000

Equity Share Break up (Percentage of Total Equity)

As on 04.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others
Bodies corporate	6.25
Directors or relatives of Directors	80.13
Other top fifty shareholders	13.62
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Precipitated Silicas.
Products :	Precipitated Silica

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Precipitated Silica / Sodium Alumina Silicate (300 days – 3 Shift Basis)	Kgs.	NA	37000000	36055200

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakhali Six Roads, Ahmedabad – 380006, Gujarat, India

· State Bank of Saurashtra, Cenitra Industrial Estate Branch, Chitra, Bhavnagar, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loan banks	239.866	46.000
Foreign currency loans	43.691	15.489
Working Capital loans	28.491	0.000
Total	312.048	61.489
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Public Deposits	20.925	12.161
Other Debts	26.941	20.116
Total	47.866	32.277

Banking Relations :	--
Auditors :
Name :	P.G. Hemani and Company Chartered Accountants
Address :	ARISTO, 2^nd Floor, Near Radha Mandir, Waghwadi Road, Bhavnagar – 364 001, Gujarat, India
Tel. No.:	91-278-2423379/ 2426080
E-Mail :	krshahcal@rediffmail.com
PAN.:	AAEFD1906A
Associates :	· Aquagel Chemicals Private Limited CIN No.: U24110GJ1990PTC014727 · Madhu R and D Centre Private Limited · Darshak Finstock Private Limited CIN No.: U65910GJ1991PTC015449

CAPITAL STRUCTURE

After 04.06.2011

Authorised Capital : Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.54.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
480000	Equity Shares	Rs.100/- each	Rs.48.000 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		48.000	38.400	28.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1207.520	854.749	542.168
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1255.520	893.149	570.968
LOAN FUNDS
1] Secured Loans		312.048	61.489	140.352
2] Unsecured Loans		47.866	32.277	89.701
TOTAL BORROWING		359.914	93.766	230.053
DEFERRED TAX LIABILITIES		32.800	8.500	13.400
TOTAL		1648.234	995.415	814.421
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1051.165	573.123	446.975
Capital work-in-progress		0.000	0.000	1.765
INVESTMENT		177.022	12.810	1.480
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.425	32.190	44.300
	Sundry Debtors	451.452	382.696	281.119
	Cash & Bank Balances	14.728	12.595	19.306
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	159.782	131.590	120.576
Total Current Assets		670.387	559.071	465.301
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	163.312	84.213	70.409
	Other Current Liabilities	80.257	57.117	26.692
	Provisions	6.771	8.259	3.999
Total Current Liabilities		250.340	149.589	101.100
Net Current Assets		420.047	409.482	364.201
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1648.234	995.415	814.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		1800.031	1561.558	1255.728
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		561.753	456.023	240.001
Less	DEPRECIATION		92.406	103.691	64.771
	PROFIT BEFORE TAX		469.347	352.332	175.230
Less	TAX		113.420	89.411	44.365
	PROFIT AFTER TAX		355.927	262.921	130.865
	EXPORT VALUE		NA	NA	556.591
	IMPORTS
		Raw Materials	NA	2.055	1.289
	TOTAL IMPORTS		NA	2.055	1.289
	Earnings Per Share (Rs.)		741.51	547.75	454.39

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	26.07	22.56	13.95
Return on Total Assets (PBT/Total Assets}	(%)	27.26	38.49	19.17
Return on Investment (ROI) (PBT/Networth)		0.37	0.39	0.31
Debt Equity Ratio (Total Liability/Networth)		0.49	0.28	0.58
Current Ratio (Current Asset/Current Liability)		2.68	3.74	4.60

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U24299GJ1987PTC010073
Name of the company	MADHU SILICA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	53, 55,56 - B, G.I.D.C, Chitra Industrial Estate, Bhavnagar – 364004, Gujarat, India Email : madhusilica@madhusulica.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10156730
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakhali Six Roads, Ahmedabad – 380006, Gujarat, India Email : Avinash.Bahutule@sc.com
Nature of instrument creating charge	Supplemental to unattested memorandum of hypothecation
Date of instrument Creating the charge	17.07.2010
Amount secured by the charge	Rs.250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + Margin Terms of repayment Credit Bills: Maximum up to 180 days Export Invoice Financing : Maximum up to 180 days Import Letter of Credit : Maximum up to 360 days Margin As may be agreed with the bank from time to time Extent and operation of the charge First pari passu charge on current assets of the company in favour of bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All present and future: 1. Book debts, outstandings, money receivables, claims, bills due and owing to the company. 2. Stock in trade consisting of raw materials, finished goods, goods in process and other merchandise, being movable properties of the company, wheresoever lying / situated / stored etc.
Date of instrument modifying the charge	21/08/2009
Particulars of the present modification	By this modification limit enhanced up to Rs.250.000 Millions New Facility Structure for Limits

CONTIGNENT LIABILITIES :

A. Bills discounted with Bank Rs.NIL (Previous Year Rs.NIL/- )

B. Estimated amounts of contracts remaining to be executed on Capital Account and not provided for : Rs.50.000 Millions (Previous Year : Rs.400.000 Millions )

C. Advance paid against these contracts – NIL. (Previous Year – NIL )

FIXED ASSETS:

• Land
• Factory Building
• Office Flat at Delhi
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Pollution Control Equipments
• Micro Processor Control Systems
• Computer Equipment
• Laboratory Equipment

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	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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		64

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.