MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	AMPACET SPECIALITY PRODUCTS PRIVATE LIMITED
Registered Office :	408, B Wing, Everest Chambers, Kurla Road, Marol Naka, Andheri (East), Mumbai-400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.03.2010
Com. Reg. No.:	11-200706
Capital Investment / Paid-up Capital :	Rs.139.291 Millions
CIN No.: [Company Identification No.]	U25209MH2010FTC200706
TAN No.: [Tax Deduction & Collection Account No.]	MUMA36916F
PAN No.: [Permanent Account No.]	AAICA2806P
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Plastic Colours, Master Batches, Colour Concentrates and Additive Concentrates, Chemicals, Pigments, Natural and Synthetic Resins, Moulding Powder.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company and yet to established itself gradually. The company has started its commercial business activities from May 2011. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 DECLINED BY

Name :	Mr. Alwin
Designation :	Finance Manager
Date :	09.01.2012

LOCATIONS

Registered Office :	408, B Wing, Everest Chambers, Kurla Road, Marol Naka, Andheri (East), Mumbai-400059, Maharashtra, India.
Tel. No.:	91-22-66779933
Fax No.:	91-22-28562266
E-Mail :	sanjay@sdaadvisors.com jeanbernard.schifflers@ampacet.com comsanjay@sdaadvisors.com alwin.salins@ampacet.com
Website :	http://www.ampacet.com
Factory :	D-276, 277 Ranjangaon Industrial Area, Shirur – 412220, Maharashtra , India

DIRECTORS

As on 09.09.2011

Name :

Mr. Sanjaykumar Rasiklal Doshi

Designation :

Director

Address :

17, Narendra Apartment, Old Nagardas Road, Andheri (E), Mumbai-400069, Maharashtra, India

Date of Birth/Age :

27.03.1968

Date of Appointment :

10.03.2010

DIN No.:

00004274

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	U74140MH2007PTC169571	SDA Advisors Private Limited	Director	12-10-07	12-10-07	-	Active	NO
2	U25209MH2010FTC200706	Ampacet Speciality Products Private Limited	Director	10-03-10	10-03-10	-	Active	NO
3	U72900MH2010PTC202737	VIS Research Private Limited	Alternate director	10-08-10	04-05-10	19-05-11	Active	NO
4	L74140GJ1994PLC023672	GCV Services Limited	Additional director	30-03-11	30-03-11	12-08-11	Active	NO

Name :

Mr. Wipawadee Paopaka

Designation :

Director

Address :

119/29-30, Wuttakad Road, Taladphlu Sub-District, Thonburi District, Bangkok-10600

Date of Birth/Age :

17.11.1976

Date of Appointment :

10.03.2010

DIN No.:

02856750

Name :

Mr. Udomsri Sakdiarpa

Designation :

Director

Address :

479/46, Moo 12, Nongprue Sub-District, Banglamung District, Chonburi Province-20260

Date of Birth/Age :

14.05.1967

Date of Appointment :

10.03.2010

DIN No.:

02856919

Name :

Mr. Yves Achille Jacques Carette

Designation :

Director

Address :

Lot No. 7, Burapha Golf, 281 Moo 4, Tambon Bung, Sriracha, Chonburi-20110

Date of Birth/Age :

03.11.1954

Date of Appointment :

10.03.2010

DIN No.:

02881789

Name :

Mr. Jean Bernard Joseph Raymond Schifflers

Designation :

Director

Address :

Lot No. 32, Burapha Golf, 281 Moo 4, Tambon Bung, Sriracha, Chonburi-20110

Date of Birth/Age :

26.11.1962

Date of Appointment :

10.03.2010

DIN No.:

02881806

Name :

Rudi Raymond Joseph Scheman

Designation :

Additional Director

Address :

64/19, Moo4, Pluakdaeng, Rayong 21140, Thailand

Date of Birth/Age :

22.09.1964

Date of Appointment :

21.05.2010

DIN No.:

03072306

Name :

Amnon Kones

Designation :

Director

Address :

14975 24 Ave, Surrey Bc, V4pln9, Canada

Date of Birth/Age :

07.09.1956

Date of Appointment :

21.05.2010

DIN No.:

03075440

Name :

Mr. Alwin Godfrey Salins

Designation :

Director

Address :

Flat No. B-2-201, Yellow Blossom SNO 50 B T, Kawade Road, Ghorpadi, Pune-411036, Maharashtra, India

Date of Birth/Age :

16.10.1969

Date of Appointment :

04.09.2010

DIN No.:

03213774

KEY EXECUTIVES

Name :	Mr. Alwin
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.09.2011

Names of Shareholders	No. of Shares
Ampacet Cyprus Limited, Cyprus	13929094
Ampacet Investment II SARL	1
TOTAL	13929095

As on 17.10.2011

Names of Allottee	No. of Shares Allotted
Ampacet Cyprus Limited, Cyprus	4073212
TOTAL	4073212

Equity Share Break up (Percentage of Total Equity)

As on 09.09.2011

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Colours, Master Batches, Colour Concentrates and Additive Concentrates, Chemicals, Pigments, Natural and Synthetic Resins, Moulding Powder.
Products :	Plastic Colours Master Batches Colour Concentrates Additive Concentrates Chemicals Pigments Natural and Synthetic Resins Moulding Powder.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Fully convertible debentures unsecured	40.183	0.000
Other debt unsecured	221.340	0.000
Interest accrued due other debt unsecured	4.070	0.000
Total	265.593	0.000

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountant
Address :	Engineering Centre, 6th floor, 9 Matthew Road, Opera House, Mumbai 400004, Maharashtra, India
PAN.:	AAAFW4298E
Holding Company :	Ampacet Cyprus Limited, CYPRUS
Associate	Ampacet Thailand Company Limited Ampacet Belgium Sprl Ampacet Investment II Sarl

CAPITAL STRUCTURE

As on 09.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18002307	Equity Shares	Rs.10/- each	Rs.180.023 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13929095	Equity Shares	Rs.10/- each	Rs.139.291 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		139.291	139.291
2] Share Application Money		50.156	0.000
3] Reserves & Surplus		22.143	22.288
4] (Accumulated Losses)		(30.983)	0.000
NETWORTH		180.607	161.579
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		265.593	0.000
TOTAL BORROWING		265.593	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		446.200	161.579
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		66.991	0.000
Capital work-in-progress		312.019	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		12.876	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.714	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	62.142	161.579
	Other Current Assets	0.000	0.000
	Loans & Advances	53.826	0.000
Total Current Assets		233.682	161.579
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.699	0.000
	Other Current Liabilities	91.383	0.000
	Provisions	0.286	0.000
Total Current Liabilities		179.368	0.000
Net Current Assets		54.314	161.579
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		446.200	161.579

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL (A)	0.000
Less	EXPENSES
		Office Expenses	37.449
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	37.449
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(37.449)
Less	FINANCIAL EXPENSES (D)		6.175
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(43.624)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.236
	PROFIT BEFORE TAX (E-F) (G)		(43.859)
Less	TAX (I)		(12.876)
	PROFIT AFTER TAX (G-I) (J)		(30.983)
	Earnings Per Share (Rs.)		(2.22)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(14.59)	NA
Return on Investment (ROI) (PBT/Networth)		(0.24)	NA
Debt Equity Ratio (Total Liability/Networth)		2.46	0.00
Current Ratio (Current Asset/Current Liability)		1.30	0.00

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs.in million)

Particulars	31.03.2011	31.03.2010
Due to Small, Micro Enterprise	0.000	0.000
Due Others	87.699	0.000
TOTAL	87.699	0.000

FIXED ASSETS

• Freehold Land
• Building Improvement
• Factory Building
• Plant and Machinery
• Vehicle
• Computer Equipment
• Furniture and Fixture

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 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.52.23
UK Pound	1	Rs.80.84
Euro	1	Rs.66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		22

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.