MIRA INFORM REPORT

Report Date :

29.02.2012

IDENTIFICATION DETAILS

Name :	KETUL CHEM PRIVATE LIMITED
Registered Office :	114/115/116, Dattani Trade Centre, Borivli (W), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.01.1990
Com. Reg. No.:	11-54903
Capital Investment / Paid-up Capital :	Rs.114.932 Millions
CIN No.: [Company Identification No.]	U24110MH1990PTC054903
TAN No.: [Tax Deduction & Collection Account No.]	MUMK11039A MUMK06265A
PAN No.: [Permanent Account No.]	AAACK5766A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Solvents and Chemicals.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 810000
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

INFORMATION PARTED BY

Name :	Mr. K D Shah
Designation :	Accounts Head
Contact No.:	91-9867368611

LOCATIONS

Registered Office :	114/115/116, Dattani Trade Centre, Borivli (W), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66841111 / 28904994 / 28014994 / 28904996
Mobile No.:	91-9867368611 [Mr. K D Shah]
Fax No.:	91-22-28905941 / 28015941
E-Mail :	ketul@bom8.vsnl.net.in ketulchem@yahoo.co.in
Area :	2000 sq. ft.
Location :	Owned
Branch Office :	Popular Plaza Office No. Plot No.14/15, Sector 1-A, Gandhidham, Kutch-370201, Gujarat, India
Fax No.:	91-2836-233803
Godown :	· Plot No.1706/B, GIDC, Ankleshwar Industrial Area, Ankleshwar – 393002, Gujarat, India Tel No.: 91-264-6223568 · Plot No.1003/2, 3^rd Phase, Vapi Industrial Area, GIDC, Vapi – 396195, Gujarat, India Tel No.: 91-260-2435299 · Plot No.T-66, Tarapur Industrial Area, MIDC, Boisar, Maharashtra, India Tel No.: 91-2525-270347

DIRECTORS

As on 29.09.2011

Name :

Mr. Hasmukh Chunilal Shah

Designation :

Whole Time Director

Address :

A/302, Pleasant Palace, Sodawala Lane, Borivli (W), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

14.08.1958

Qualification :

MSC

Date of Appointment :

05.01.1990

DIN No. :

00283508

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	U24110MH1990PTC054903	KETUL CHEM PRIVATE LIMITED	Director	05-01-90	05-01-90	Active	NO
2	U24100MH1996PTC097430	P H SOLVENTS AND CHEMICALS PRIVATE LIMITED	Director	19-02-96	19-02-96	Active	NO
3	U60210GJ2003PTC042756	KDAC CHEM PRIVATE LIMITED	Whole-time director	16-06-05	16-06-05	Active	NO
4	U65993MH2004PTC147857	PALLADIUM TRADING AND INVESTMENTS PRIVATE LIMITED	Director	03-01-06	03-01-06	Active	NO
5	U74999MH2010PTC208921	FERVID AGRO TRADE PRIVATE LIMITED	Director	13-10-10	13-10-10	Strike off	NO

Name :

Mr. Bhupendra Chunilal Shah

Designation :

Whole Time Director

Address :

C/202, Pleasant Palace, Sodawala Lane, Borivli (W), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

27.06.1961

Qualifications :

B. Com

Date of Appointment :

20.11.1993

DIN No. :

00834321

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	U24110MH1990PTC054903	KETUL CHEM PRIVATE LIMITED	Director	20-11-93	20-11-93	Active	NO
2	U24100MH1996PTC097430	P H SOLVENTS AND CHEMICALS PRIVATE LIMITED	Director	19-02-96	19-02-96	Active	NO

KEY EXECUTIVES

Name :	Mr. K D Shah
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Hasmukh Chunilal Shah	3905990
Hasmukh Chunilal Shah HUF	132970
Prerna Hasmukh Shah	2039590
Bhupendra Chunilal Shah	2558950
Bhupendra Chunilal Shah HUF	1166143
Tanu Bhupendra Shah	80010
Chanpaben Chunilal Shah	462010
Taraben Kantilal Shah	69171
Indiraben C. Shah	53351
Anju A. Shah	25010
P. H. Solvents and Chem. Private Limited, India	1000000
Total	11493195

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Solvents and Chemicals.
Imports :
Products :	Raw Material and Finished Goods
Countries :	· China · Taiwan
Terms :
Selling :	L/C / Cash and Credit
Purchasing :	L/C / Cash and Credit

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

50 [Approximately]

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· Development Credit Bank Limited

· HDFC Bank Limited

· State Bank of India

· Barclays Bank

· Citi Bank

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Directors loans	2.565	(0.583)
Other debts	257.583	202.792
Total	260.148	202.209

NOTE:

· Unsecured loan includes loan from other than directors and share holders

· Unsecured loan includes loan from other than directors, their relatives and share holders.

Banking Relations :	--
Auditors :
Name :	Joshi Nair and Associates Chartered Accountant
Address :	A-201, Mangal Arambh, Off S V Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Tel. No.:	91-22-28339292 / 42469292
Fax No.:	91-22-28339293 / 42469293
E-Mail :	jna@joshinair.com
Website:	http://www.joshinair.com

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11493195	Equity Shares	Rs.10/- each	Rs.114.932 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		114.932	114.932	114.932
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		89.913	69.049	55.034
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		204.845	183.981	169.966
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.094
2] Unsecured Loans		260.148	202.209	200.839
TOTAL BORROWING		260.148	202.209	200.933
DEFERRED TAX LIABILITIES		1.497	1.356	1.296
TOTAL		466.490	387.546	372.195
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.918	14.443	12.451
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.564	0.500	0.774
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	208.795	75.094	63.274
	Sundry Debtors	573.946	506.987	452.232
	Cash & Bank Balances	54.985	16.410	6.812
	Other Current Assets	2.039	1.843	40.919
	Loans & Advances	39.747	25.905	0.000
Total Current Assets		879.512	626.239	563.237
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	416.892	248.737	185.241
	Other Current Liabilities	10.735	3.329	5.876
	Provisions	4.877	1.570	13.150
Total Current Liabilities		432.504	253.636	204.267
Net Current Assets		447.008	372.603	358.970
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		466.490	387.546	372.195

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES [Approximately]		2800.000	2500.000	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		32.493	24.528	11.171
Less/ Add	DEPRECIATION/ AMORTISATION		1.087	0.861	0.756
	PROFIT BEFORE TAX		31.406	23.667	10.415
Less	TAX		10.400	8.000	3.581
	PROFIT AFTER TAX		21.006	15.667	6.834
	IMPORTS
		Raw Materials	573.539	512.577	246.273
	Earnings Per Share (Rs.)		1.83	1.36	0.59

Expected Sales (2011-12) : Rs.3000.000 Millions.

The above information has been parted by Mr. K D Shah.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	3.50	3.69	1.81
Return on Investment (ROI) (PBT/Networth)		0.15	0.13	0.06
Debt Equity Ratio (Total Liability/Networth)		3.38	2.53	2.38
Current Ratio (Current Asset/Current Liability)		2.03	2.42	2.76

LOCAL AGENCY FURTHER INFORMATION

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	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
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	Yes
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	--

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24110MH1990PTC054903
Name of the company	KETUL CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	114/115/116, Dattani Trade Centre, Borivli (W), Mumbai – 400 093, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10070246
Type of charge	Immovable property
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
Nature of instrument creating charge	No instrument was executed but on the 29th day of April 2011 a mortgage was created by the Borrower in favour of ICICI Bank in respect of the Borrowers immoveable properties in order to create security thereon as and by way of a mortgage by constructive delivery pursuant to the Resolution passed by the Borrower on the 2nd April 2011.
Date of instrument Creating the charge	29.04.2011
Amount secured by the charge	Rs.330.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction terms as amended from time to time Terms of Repayment on demand Margin As per Sanction terms as amended from time to time Extent and Operation of the charge 1) Equitable mortgage of Office premises no. 114,at Dattani Trade Centre, Borivali (W), Mumbai -400 092, Maharashtra India 2) Equitable mortgage of unit no. 1003/02, phase no. 3, Vapi Industrial Area, GIDC, Vapi, Gujarat, India 3) Equitable mortgage of unit of Ketul Chem Private Limited, 1706/13, GIDC, Ankleshwar, Gujarat, India Others Declarations dated-28th April 2011 and Mortgage created on 29th April 2011 for three properties at Borivili, Vapi and Ankleshwar. Additional facility of Rs.55.000 millions is being secured by present modification and this amount can be viewed in clause-2 B at page no-4 of all three Memorandum of Entries.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) Equitable mortgage of Office premises no. 114,at Dattani Trade Centre, Borivali (W), Mumbai -400 092, Maharashtra, India 2) 3) Equitable mortgage of unit no. 1003/02, phase no. 3, Vapi Industrial Area, GIDC, Vapi, Gujarat, India 4) 5) Equitable mortgage of unit of Ketul Chem Private Limited, 1706/13, GIDC, Ankleshwar, Gujarat, India
Particulars of the present modification	Vide this modification charge is being registered over borrowers immovable properties situated at 1) Office premises no. 114, at Dattani Trade Centre, Borivali (W), Mumbai -400 092, 2) Unit no. 1003/02, phase no. 3, Vapi Industrial Area, GIDC, Vapi and 3) unit of Ketul Chem Private Limited, 1706/13, GIDC, Ankleshwar, both present and future, for additional working capital limits of Rs.55.000 millions. Now the total amount secured has become Rs.330.000 millions.

FIXED ASSETS:

· Land

· Building

· Godown

· Office Premises

· Type Writer

· Weighing Machine

· Furniture and Fixtures

· Pager

· EPBAX

· Computer

· Printer

· Fax Machibe

· Air Conditioner

· Fire Extinguisher

· Mobile Phone

· Car (Maruti)

· Car (Lancer)

· Plot Vapi

· Aqua Guard

· Storage Tanks

· Motor Bike

· Office Premises (Vapi)

· Plot (Ankleshwar)

· Office Premises (Ankleshwar)

· Car (Skoda)

· Car (Centro)

· Car (Honda Jazz)

· Car (Honda Accord)

· Vending Machine

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.49.14
UK Pound	1	Rs.77.85
Euro	1	Rs.66.06

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	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.