MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	BELCHEM INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	69-A Poona Link Road, Chaki Naka, Kalyan (East), Thane-421306, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.02.1986
Com. Reg. No.:	11-038883
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U99999MH1986PTC038883
TAN No.: [Tax Deduction & Collection Account No.]	MUMB12094F/ MUMB13350B
PAN No.: [Permanent Account No.]	AABCB2608K/ AABCB2608K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer, Exporter and Supplier of Specialty and Fine Chemicals.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 56000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, 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 DECLINED BY

Name :	Mr. Amit
Designation :	Director
Date :	16.01.2012

LOCATIONS

Registered Office/ Factory :	69-A Poona Link Road, Chaki Naka, Kalyan (East), Thane-421306, Maharashtra, India
Tel. No.:	91-251-2358204/ 05/ 24102278
Mobile No. :	91-9967188873 (Mr. Nishit Lakhani)
Fax No.:	91-251-2352924/ 24102288
E-Mail :	belchemindia@hotmail.com contact@belchem.com amit@blchem.com
Website :	http://www.belchem.com
Area :	10000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Nimish Arun Doshi
Designation :	Director
Address :	Jyot, 2^nd Floor, Irla Bridge, S.V. Road, Vile Parle (West), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	24.10.1968
Qualification :	B.com
Date of Appointment :	20.08.2011
DIN No.:	03620193
Name :	Mr. Amit Gunvant Hemani
Designation :	Director
Address :	243/3, Wardhaman Society, Sion Matunga Road, Mumbai-400022, Maharashtra, India
Date of Birth/Age :	16.07.1971
Qualification :	B.Com, M.B.A
Date of Appointment :	06.04.1998
DIN No.:	00404397

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	U51900MH1956PTC009875	CHUNILAL PRABHUDAS AND COMPANY (BOMBAY) PRIVATE LIMITED	Director	26-12-94	26-12-94	01-08-08	Active	NO
2	U67120MH1995PTC084762	DHARSONS SHARESHOPPE PRIVATE LIMITED	Director	20-01-95	20-01-95	06-06-08	Active	NO
3	U99999MH1986PTC038883	BELCHEM INDUSTRIES (INDIA) PRIVATE LIMITED	Director	06-04-98	06-04-98	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Amit Gunvant Hemani	375
Gunvant Jamnadas Hemani (HUF)	300
Amit Gunvant Hemiani (HUF)	260
Sangeeta Gunvant Hemani	1000
Namrata Amit Hemani	300
Virushi Amit Hemani	130
Vivaan Amit Hemani	130
Vivaan Hemani Family Trust, India	5
Total	2500

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	99.80
Others	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer, Exporter and Supplier of Specialty and Fine Chemicals.

Products :

Product Description	ITC Code
Trichloro Carbnilide	3.4.4
DMDMH	--

Agencies Held :

Aktivsauerstoff GMBH, Germany

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Tricholoro carbanilide	Kg	109407
DMDMH	Kg	19651

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

· Corporation Bank, Abdul Rahman Street Branch, Mumbai-400003 Maharashtra, India

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans from Share Holders	5.599	7.876
Total	5.599	7.876

Banking Relations :	--
Auditors :
Name :	H J Mehta and Associates Chartered Accountant
Address :	Shop No-4, Panchsheel Building, Nath Pai Nagar, Opposite Vidya Bhavan School, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Tel. No.:	91-22-32946898
Mobile No.:	91-9821261193
Fax No.:	91-22-25068664
E-Mail :	cahjmehta@gmail.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500	Equity Shares	Rs.1000/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500	Equity Shares	Rs.1000/- each	Rs. 2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.678	11.836	10.233
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.178	14.336	12.733
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		5.599	7.876	10.507
TOTAL BORROWING		5.599	7.876	10.507
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		19.777	22.212	23.240
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.135	7.623	8.997
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.917	0.349	0.002
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.768	6.218	5.183
	Sundry Debtors	14.077	8.700	10.975
	Cash & Bank Balances	2.376	2.273	3.053
	Other Current Assets	0.193	0.215	0.232
	Loans & Advances	2.747	6.107	4.614
Total Current Assets		27.161	23.513	24.057
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.583	2.750	4.428
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	6.853	6.523	5.390
Total Current Liabilities		15.436	9.273	9.818
Net Current Assets		11.725	14.240	14.241
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		19.777	22.212	23.240

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	59.179	56.562	60.456
		Other Income	NA	NA
		TOTAL	NA	NA	60.456
Less	EXPENSES
		Office Expenses	NA	NA	55.788
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	55.788
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.634	4.703	4.668
Less/ Add	DEPRECIATION/ AMORTISATION		2.533	2.341	2.087
	PROFIT BEFORE TAX		0.101	2.362	2.581
Less	TAX		0.093	0.759	0.874
	PROFIT AFTER TAX		0.008	1.603	1.707
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	31.355	39.707	39.345
	TOTAL EARNINGS		31.355	39.707	39.345
	IMPORTS
		Raw Materials	19.127	22.199	18.061
	TOTAL IMPORTS		19.127	22.199	18.061
	Earnings Per Share (Rs.)		3.55	641.37	682.65

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	2.82
Net Profit Margin (PBT/Sales)	(%)	0.17	4.18	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.29	7.50	7.81
Return on Investment (ROI) (PBT/Networth)		0.01	0.16	0.20
Debt Equity Ratio (Total Liability/Networth)		1.48	1.20	1.60
Current Ratio (Current Asset/Current Liability)		1.76	2.54	2.45

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors for Goods	7.908	2.555	4.008
Sundry Creditors for expenses	0.675	0.195	0.419
Total	8.583	2.750	4.427

PERFORMANCE:-

The turnover of the company has increased by around 5% as compared to last year. But due to high input costs, the profitability could not be maintained during the year. However they are of the opinion that they would be able to maintain the profitability of the company in the future.

FORM 8

Name of the company	BELCHEM INDUSTRIES (INDIA) PRIVATE LIMITED
Presented By	Jointly by company and Chare Holder
1) Date and description of instrument creating the change	Memorandum of Deposit of Title Deeds Dated 19.10.2005
2) Amount secured by the charge/amount owing on the securities of charge	Limit Rs. 24.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Equitable Mortgage of Plot of Land Bearing Sy. No. 69 A, Plot No. 6l, An Area AD Measuring 1004 Sq. war Situated at Village Tisgaon, Taluka Kalyan, District Thane
4) Gist of the terms and conditions and extent and operation of the charge.	Term and Conditions as per Agreement
5) Name and Address and description of the person entitled to the charge.	Corporation Bank, Abdul Rahman Street Branch, Mumbai-400003 Maharashtra, India

FIXED ASSETS:

· Air Conditioner

· Boiler

· Building

· Computer Printer

· Computer System

· Electric Fittings

· Furniture and Fixtures

· Lab Instruments

· Land

· Office Equipments

· Plant and Machinery

· R and D

· Instrument

· Motor Car

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. 51.65
UK Pound	1	Rs. 79.09
Euro	1	Rs. 65.31

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.