MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	GITANJALI CHEMICALS PRIVATE LIMITED
Registered Office :	Madhukunj Ground Floor, Shankar Ghanekar Marg, Prabhadevi, Mumbai -400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.03.1980
Com. Reg. No.:	11-022341
Capital Investment/ Paid-up Capital:	Rs.7.200 Millions
CIN No.: [Company Identification No.]	U24110MH1980PTC022341
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08395C
PAN No.: [Permanent Account No.]	AAACG1427G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Organic Industrial Chemicals
No. of Employees:	Not Available

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 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears dip in the profitability. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 Office :	Madhukunj Ground Floor, Shankar Ghanekar Marg, Prabhadevi, Mumbai -400025, Maharashtra, India
Tel. No.:	91-22-24320921/ 22/ 23/ 43555888
Fax No.:	91-22-24320924
E-Mail :	msaboo898@yahoo.co.in gcpl@bom3@vsnl.net.in
Website :	http://www.bcipl.com
Area :	6000 sq. ft
Location :	Owned
Factory :	F-35, MIDC Area, Jalgaon - 425003, Maharashtra, India
Tel. No.:	91-257-2210041/ 2212027
Area :	7 acres
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :

Mr. Surendra Kumar Mohatta

Designation :

Director

Address :

31, Lotus Court, 14, J Tata Road, Churchgate, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

01.09.1955

Date of Appointment :

28.11.2009

DIN No.:

00388893

Other Directorships :

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	U65993MH1980PLC192516	KIDDERPORE HOLDINGS LIMITED	Director	22/10/1981	22/10/1981	08/11/2010	Active	NO
2	U24100MH1986PTC041751	BENZO CHEM INDUSTRIES PRIVATE LIMITED	Managing director	01/01/2012	01/12/1986	-	Active	NO
3	U25190MH1987PTC042850	GAURAV CHEMICALS (INDIA) PRIVATE LIMITED	Director	11/03/1987	11/03/1987	-	Active	NO
4	L14101RJ1945PLC000283	ASSOCIATED STONE INDUSTRIES (KOTAH) LIMITED	Director	27/10/2003	27/10/2003	31/03/2007	Active	NO
5	U92100MH2004PTC149507	FAMOUS DIGITAL STUDIOS PRIVATE LIMITED	Director	11/11/2004	11/11/2004	15/03/2010	Active	NO
6	U17100RJ2001PLC017036	VAST TEXTILES LIMITED	Director	21/02/2007	21/02/2007	24/10/2008	Active	NO
7	U24110MH1980PTC022341	GITANJALI CHEMICALS PRIVATE LIMITED	Director	28/11/2009	28/11/2009	-	Active	NO
8	U45200MH2008PTC185103	MTITANIUM ACCOMMODATION PRIVATE LIMITED	Director	12/09/2011	20/08/2010	-	Active	NO

Name :

Mrs. Madhu Surendra Mohatta

Designation :

Director

Address :

31, Lotus Court, 14, J Tata Road, Churchgate, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

18.10.1956

Date of Appointment :

15.03.1980

DIN No.:

00544078

Name :

Mrs. Ishita Mohatta

Designation :

Director

Address :

31, Lotus Court, 14, J Tata Road, Churchgate, Mumbai - 400020, Maharashtra, India

Date of Appointment :

03.10.2008

DIN No.:

01835174

Name :

Mr. Pawankumar Deora

Designation :

Additional Director

Address :

B-501 Ackruti Creations, Sir P.M. Road Extension, Pramanik Co-Operative Housing Society Limited, Vile Parle East, Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

20.01.1959

Date of Appointment :

30.04.2010

DIN No.:

03175269

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Ravi Kumar Mohatta	7000
Surendra Kumar Mohatta	7000
Madhu Mohatta	7000
Vimladevi Mohatta	7000
Girdharilal Mohatta	4000
Satyawatidevi Mohatta	1000
Ravi Kumar Mohatta HUF	7000
Surendra Kumar Mohatta HUF	7000
Madhu Mohatta	4360
Gaurav Mohatta	7000
Gaurav Rubber Works Private Limted, India	400
Surendra Kumar Mohatta	7000
Ravi Kumar Mohatta	6240
Total	72000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	0.56
Directors or relatives of directors	99.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Organic Industrial Chemicals

Products :

Product Description	ITC Code
Various organics and Inorganic products	2908
Various organics and Inorganic products	2913

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Shishu Mandir Building, 12, G. S. Lane, Parel, Mumbai - 400012, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loans from Banks	9.776	17.323
Export Packing Credit	10.500	0.000
Working Capital Facilities (From Canara Bank)	16.709	6.861
Total	36.985	24.184
Note: The working capital facility from Canara Bank is secured by hypothecation of stocks of raw material, stock in-process, Semi finished and finished goods and book debts and further secured by equitable mortgage of Land and building, Plant and Machinery at Jalgaon and guaranteed by directors of the company in their personal capacity
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Share holders and Directors	75.829	64.254
Total	75.829	64.254

Banking Relations :	--
Financial Institution :	Maharashtra State Financial Corporation, Sandeep Apartment, Trimbak Road, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	M. Saboo and Company Chartered Accountants
Address :	002/D-9, Yogi Nagar, Eksar Road, Borivali (West), Mumbai-400091, Maharashtra, India
Tel. No.:	91-22-28980943/ 28983624
PAN No.:	AKMPS8826N

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72000	Equity Shares	Rs.100/- each	Rs.7.200 Millions

Note:

Out of the above 54000 Equity Shares fully paid up have been issued as Bonus Shares by capitalising General Reserve

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		7.200	7.200	7.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		69.399	64.903	59.881
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		76.599	72.103	67.081
LOAN FUNDS
1] Secured Loans		36.985	24.184	20.925
2] Unsecured Loans		75.829	64.254	57.217
TOTAL BORROWING		112.814	88.438	78.142
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		189.413	160.541	145.223
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		82.845	79.406	52.655
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		13.206	4.881	4.881
DEFERREX TAX ASSETS		1.514	0.637	0.162
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.590	46.889	33.348
	Sundry Debtors	76.622	43.477	63.789
	Cash & Bank Balances	4.200	6.296	1.296
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	39.195	42.710	22.271
Total Current Assets		149.607	139.372	120.704
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	35.835	44.901	18.378
	Other Current Liabilities	0.135	0.090	0.039
	Provisions	21.817	18.823	14.851
Total Current Liabilities		57.787	63.814	33.268
Net Current Assets		91.820	75.558	87.436
MISCELLANEOUS EXPENSES		0.028	0.059	0.089
TOTAL		189.413	160.541	145.223

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	316.536	255.571	247.362
		Other Income	1.933	2.586	2.616
		TOTAL (A)	318.469	258.157	249.978
Less	EXPENSES
		Purchases	0.173	1.114	0.054
		Raw Material Consumed	189.669	141.523	132.728
		Manufacturing Expenses	30.631	36.066	29.438
		Employee's Cost	16.724	13.312	11.450
		Other Expenses	43.933	41.786	38.579
		Preliminary Expenses	0.031	0.031	0.031
		Increase/(Decrease) in Stocks	7.403	(5.417)	(9.187)
		TOTAL (B)	288.564	228.415	203.093
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.905	29.742	46.885
Less	FINANCIAL EXPENSES (D)		11.511	10.028	7.297
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.394	19.714	39.588
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.095	9.582	6.673
	PROFIT BEFORE TAX (E-F) (G)		8.299	10.132	32.915
Less	TAX (H)		3.000	3.900	10.856
	PROFIT AFTER TAX (G-H) (I)		5.299	6.232	22.059
Less	PROVISION FOR DEFERRED TAX		(0.877)	(0.474)	0.686
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.945	20.474	5.786
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	5.000	5.000
		Dividend	1.400	1.440	1.440
		Tax on Dividend	0.239	0.245	0.245
	BALANCE CARRIED TO THE B/S		19.992	20.495	20.474
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	202.134	152.778	159.010
	TOTAL EARNINGS		202.134	152.778	159.010
	Earnings Per Share (Rs.)		73.60	86.56	306.37

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.66	2.41	8.82
Net Profit Margin (PBT/Sales)	(%)	2.62	3.96	13.31
Return on Total Assets (PBT/Total Assets}	(%)	3.57	4.63	18.99
Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.49
Debt Equity Ratio (Total Liability/Networth)		2.23	2.11	1.66
Current Ratio (Current Asset/Current Liability)		2.59	2.18	3.63

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

OPERATIONS:

The Company has achieved a sales turnover of Rs.318.468 Millions and earned a profit of Rs. 8.300 Millions.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U24110MH1980PTC022341
Name of the company	GITANJALI CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Madhukunj Ground Floor, Shankar Ghanekar Marg, Prabhadevi, Mumba - 400025, Maharashtra, India E-mail: msaboo898@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10175601
Type of charge	Immovable property
Particular of charge holder	Canara Bank, Shishu Mandir Building, 12, G. S. Lane, Parel, Mumbai - 400012, Maharashtra, India E-mail: vlaxman@vsnl.com
Nature of instrument creating charge	Letter Evidencing Deposit of Title Deeds to be used where additional limit is granted on the very security (inclusive of third party property already given to the Bank).
Date of instrument Creating the charge	11.06.2011
Amount secured by the charge	Rs.91.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as may be stipulated by Bank from time to time. Terms of Repayment Working Capital facility shall be repayable on Demand Term Loan shall be repayable in suitable installment. Margin As may be stipulated by Bank from time to time. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank, all the company's Assets as described in Column No.15 below, as security for due payment of the credit facilities together with interest, costs and other charges payable by company to the Bank. Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plot No.F35, admg. 10464 square meters, together with Factory Bldg. Structure at Village Mehrun and within the limits of Jalgaon Municipal Council, Taluka Jalgaon.
Date of instrument modifying the charge	02.03.2010
Particulars of the present modification	The mortgage/charge now stands increased from Rs.70.100 Millions to Rs.91.000 Millions in favour of the Bank against the mortgage of immovable property at Plot No.F35, admg. 10464 square meters, together with Factory Building. Structure at Village Mehrun and within the limits of Jalgaon Municipal Council, Taluka Jalgaon.

FIXED ASSETS:

· Leasehold Land

· Advance for Office at Fort

· Factory Building

· Main Plant and Machinery

· Miscellaneous Plant and Machinery

· Computer

· Electrical Installation

· Office Equipments

· Furniture and Fixtures

· Vehicles

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.55.66
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	YES
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.