MIRA INFORM REPORT

Report Date :

09.07.2012

IDENTIFICATION DETAILS

Name :	MAYFAIR BIOTECH PRIVATE LIMITED
Registered Office :	Plot No. 67A/68 Industrial Area, Mehatpur, Una-174315, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.08.2003
Com. Reg. No.:	06-026304
Capital Investment / Paid-up Capital :	Rs. 25.000 Millions
CIN No.: [Company Identification No.]	U24232HP2003PTC026304
TAN No.: [Tax Deduction & Collection Account No.]	PTLM12829F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Polymer emulsions, textile chemical, paper chemical, carpet chemical
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 210000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitment. 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. Anand
Designation :	Director
Contact No.:	91-9816619177
Date :	29.06.2012

LOCATIONS

Registered Office / Factory 1 :	Plot No. 67A/68 Industrial Area, Mehatpur, Una-174315, Himachal Pradesh, India
Tel. No.:	91-1975-232512
Mobile No.:	91-9816619177 (Mr. Anand)
Fax No.:	91-1975-232049
E-Mail :	mayfairbiotech_anand@yahoo.in
Corporate Office :	Mumbai, Maharashtra, India
Factory 2 :	Tarapur, Maharashtra, India
Branch Office :	Located At · Bangalore · Delhi

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Anand Ramachandran
Designation :	Managing Director
Address :	Ii-3, Karthik (B), Eastern Express Highway, Chheda Nagar, Chembur, Mumbai-400089, Maharashtra, India
Date of Birth/Age :	30.08.1960
Date of Appointment :	22.08.2003
DIN No.:	01221870

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH1985PTC036865	REMA ADHESIVE INDUSTRIES PRIVATE LIMITED	Director	17/07/1985	17/07/1985	01/10/2011	Active	NO
2	U24232HP2003PTC026304	MAYFAIR BIOTECH PRIVATE LIMITED	Managing director	22/08/2003	22/08/2003	-	Active	NO
3	U24110MH1986PTC040822	ESTER CHEMICALS PRIVATE LIMITED	Director	01/04/2007	01/04/2007	01/10/2011	Active	NO
4	U24100MH1990PTC055798	ANKIT PETROPRODUCTS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Under liquidation	NO

Name :	Mr. Chaman Singh Kapoor
Designation :	Director
Address :	Plot No.84 Industrial Area, Mehatpur, Una-174315, Himachal Pradesh, India
Date of Birth/Age :	26.06.1962
Date of Appointment :	07.04.2010
DIN No.:	02602346

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Anad Ramchandran	1985000
Prafulla Pant	25000
Sanjay Mahendru	25000
Hitesh Madaan	61800
Ajay Kapoor	15000
Inderjit Singh	15000
T Santhanam	10000
Ashok Ramchandran	6000
Kiran	43000
Nisha Madaan	66500
Meenaakshi Madaan	27700
Subahsh Madaan	185000
Ester Chemical Private Limited, India	10000
Reema Adhesive Industries Private Limited, India	10000
Ankit Petro Products Private Limited, India	15000
TOTAL	2500000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	1.40
Directors or relatives of Directors	98.60
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Polymer emulsions, textile chemical, paper chemical, carpet chemical

Products :

ITC CODE	PRODUCT
3903.90	PVA Emulsion

Exports :

Countries :

· Middle East Countries

· Africa

· Europe

Imports :

Products :

Raw Material

Countries :

· South Korea

· Singapore

· China

· South Africa

· Taiwan

· UK

Terms :

Selling :

L/C

Purchasing :

L/C

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Emulsions / Polymers Mehatpur Plant (Own Plant)	MT	8000	2839
Tarapur Plant (Take on Lease)	MT	1000	315
Plastisizers	MT	17000	--

GENERAL INFORMATION

Customers :

Distributors

No. of Employees :

40 (Approximately)

Bankers :

· Development Credit Bank Limited, 301, Delta Plaza, 414, Veer Savarkar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India

· State Bank of India

· HDFC Bank

· Citi Bank

· Indusind Bank

· Kotak Mahindra Bank

· ICICI Bank

Facilities :

Development Credit Bank Cash Credit Limit Rs. 90.000 Millions
Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Limits :
1) From State Bank of Patiala (Includes interest accrued-Nil, Previous Year Rs. 0.354 Million)	0.000	26.354
2) From Development Credit Bank (Includes interest accrued and due Rs. 0.365 million, previous year Rs. -Nil)	60.365	0.000
Total	60.365	26.354
Notes: (a) The loans stated at (i) above are secured by way of hypothecation of raw materials, work in process, finished goods, stores and spares, bill receivables, book debts and by 1^st change on fixed assets of the company in addition to the personal guarantees of the directors of the company. (b) The loans stated at (ii) above are secured by way of Equitable Mortgage of Leases hold land at Plot No 67A and 68 at Industrial Area, Mehatpur and hypothecation of plant machinery (Existing and Future) on paripassu basis with DIC Una. The loans are further secured by hypothecation of stocks of raw material, work in progress, finished goods and other current assets of company in addition to personal guarantee of directors of the company and corporate guarantee of M/s Ankit Petro Products Private Limited.
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans from friends and relatives
Ashok Ramachandaran	0.075	0.075
Ajay Kapoor	0.850	0.850
Anand Ramchandran	12.024	12.024
Trishta Fintrade Private Limited	4.100	4.100
Racinder Datyal	0.930	0.930
Savita	0.100	0.100
Rama Adhesives India Private Limited	0.495	0.495
Rexine House	2.500	2.500
Rocky Graphic Corporation	1.275	1.275
Star Polycoats Private Limited	1.310	1.310
Sunheri Lal Tej Prakash Private Limited	0.200	0.200
Varun Sales Corporation	0.600	0.600
Loans from Private Financial Institutions
Bajaj Finance Limited	1.492	1.119
Barclays	0.260	1.197
Citi Bank Loan	0.235	0.419
Future Money Loan	0.113	0.191
HDFC Bank Loan	0.594	1.088
HDFC Bank Loan (Auto Loan)	0.169	0.262
ICICI Car Loan (Logan)	0.168	0.287
Kotak Mahindra Loan (Maruti Car)	0.052	0.096
Tata Finance Limited	0.000	0.074
Magma Fincorp Limited	0.262	0.847
Indusind Bank	0.020	0.000
Kotak Mahindra B/L	2.500	0.000
Mahindra and Mahindra Finance Limited	0.215	0.000
Total	30.539	30.039

Banking Relations :	--
Auditors :
Name :	Naveen Upadhyaya and Associates Chartered Accountant
Address :	Sanju Medical Store, Opposite District Hospital, Una-174303, Himachal Pradesh, India
Tel. No.:	91-1975-224365
Mobile No.:	91-9816145700
Pan No.:	AADFN1033H

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 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		25.000	25.000	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.979	19.575	10.855
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.979	44.575	35.855
LOAN FUNDS
1] Secured Loans		60.365	26.354	18.574
2] Unsecured Loans		30.539	30.039	31.257
TOTAL BORROWING		90.904	56.393	49.831
DEFERRED TAX LIABILITIES		0.075	0.000	0.000
TOTAL		144.958	100.968	85.686
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.669	32.925	38.351
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.543	8.376	7.951
	Sundry Debtors	105.911	57.219	35.805
	Cash & Bank Balances	4.259	14.886	17.625
	Other Current Assets	3.088	0.277	0.301
	Loans & Advances	0.191	0.097	0.000
Total Current Assets		142.992	80.855	61.682
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.128	7.879	10.775
	Other Current Liabilities	4.994	1.420	2.098
	Provisions	4.581	3.513	1.485
Total Current Liabilities		26.703	12.812	14.358
Net Current Assets		116.289	68.043	47.324
MISCELLANEOUS EXPENSES		0.000	0.000	0.011
TOTAL		144.958	100.968	85.686

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	238.686	134.787	80.250
		Other Income
		TOTAL	238.686	134.787	80.250
Less	EXPENSES
		Office Expenses	226.753	124.038	74.141
		Administrative Expenses
		Advertising Expenses
		TOTAL	226.753	124.038	74.141
	PROFIT BEFORE TAX		11.933	10.749	6.109
Less	TAX		2.529	2.029	0.829
	PROFIT AFTER TAX		9.404	8.720	5.280
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.575	10.855	NA
	BALANCE CARRIED TO THE B/S		28.979	19.575	NA
	EXPORT VALUE		1.907	0.000	0.000
	IMPORTS VALUE		12.038	0.000	0.000
	Earnings Per Share (Rs.)		3.76	3.49	2.11

Particulars	31.03.2012
Sales Turnover (Approximately)	350.000

Expected Sales (2012-2013) : Rs. 500.000 Millions

The above information has been parted by Mr. Anand.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.94	6.47	6.58
Return on Total Assets (PBT/Total Assets}	(%)	6.95	9.45	6.11
Return on Investment (ROI) (PBT/Networth)		0.22	0.24	0.17
Debt Equity Ratio (Total Liability/Networth)		2.18	1.55	1.79
Current Ratio (Current Asset/Current Liability)		5.35	6.31	4.30

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. Constructions of the firm	Yes
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
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	Yes
13. Reasons for variation <> 20%	------
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	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

OPERATIONS

During the year, the company has earned the Net Profit of Rs. 9.404 Millions compared to the Net Profit of Rs. 8.720 Millions in the previous year. The company is looking for better results in the next year.

FORM 8

Corporate identity number of the company	U24232HP2003PTC026304
Name of the company	MAYFAIR BIOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 67A/68 Industrial Area, Mehatpur, Una-174315, Himachal Pradesh, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10230166
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Development Credit Bank Limited, 301, Delta Plaza, 414, Veer Savarkar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India
Nature of instrument creating charge	Letter of Recording dated 07.08.2010
Date of instrument Creating the charge	07.08.2010
Amount secured by the charge	Rs. 90.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest N.A. Terms of repayment N.A. Margin N.A. Extent and operation of the charge The Charge is Operative and Modified to Rs. 90.000 Millions
Short particulars of the property charged (Including location of the property)	Hypothecation of present and future stock of RM, SIP, FG and Other Current Assets where so ever situated and entire Plant and Machinery at Una (HP) and any other place on pari-passu basis with DIC, Una (HP)
Particulars of the present modification	By this present modification, the limit of the charge remains unchanged and Charge is collaterally secured by Equitable Mortgage of Immovable Properties: 1. Freehold rights in industrial land bearing Plot No. 68, Industrial Area, Mehatpur Tehsil and District UNA, Himachal Pradesh on Lease from DIC Una Area of measuring 1000 Sq. mts. 2. Freehold rights in industrial land bearing Plot No. 67-A, Industrial Area, Mehatpur Tehsil and District UNA

FIXED ASSETS

· Air Condition

· Computer Sets

· Electrical Fittings

· Building

· Fire Fighting Equipments

· Furniture and Fixtures

· Laboratory Instruments

· Lease Hold Land

· Misc Fixed Assets

· Mobile Phones

· Motor Car

· Motor Cycle

· Plant and Machinery

· Storage Tank

· Tools Equipments

· Truck

· Motor Cycle Star City

· Mahinder Pic-Up

· Weighing Scales

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. 55.41
UK Pound	1	Rs. 86.04
Euro	1	Rs. 68.60

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPT

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	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	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		44

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.