MIRA INFORM REPORT

Report Date :

30.07.2012

IDENTIFICATION DETAILS

Name :	KAMSONS CHEMICALS PRIVATE LIMITED
Registered Office :	Unit No. 7, Guru Gobind Singh Industrial Estate, Near Jay Coach, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.04.1996
Com. Reg. No.:	11-99064
Capital Investment / Paid-up Capital :	Rs.1.000 million
CIN No.: [Company Identification No.]	U24100MH1996PTC099064
IEC No.:	0397025033
TAN No.: [Tax Deduction & Collection Account No.]	MUMK08312D
PAN No.: [Permanent Account No.]	AAACK3433A
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Industrial Chemicals.
No. of Employees :	Approximately 55 (In office – 15, In factory – 40)

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 130000
Status :	Satisfactory
Payment Behaviour :	Regular
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 dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE1B
Rating Explanation	SE1B = Having Moderate safety in financial obligation.
Date	24.11.2011

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Unit No. 7, Guru Gobind Singh Industrial Estate, Near Jay Coach, Off Western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-26854728/ 26854808
Fax No.:	91-22-26854438
E-Mail :	info@kamsons.com navinmehra@kamsons.net response@kamsons.com deepsoffice@gmail.com navinmehra@gmail.com
Website :	http://www.kamsons.com
Area :	1000 sq ft
Location :	Owned
Factory :	Plot No. A /726, MIDC, TTC Industrial Area, Village Mahape, Thane-Belapur Road, Navi Mumbai, District Thane, Maharashtra, India.
Tel. No.:	91-22-27780768
Fax No.:	91-22-26854438
Area :	2000 sq Fts.
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Navin Raman Mehra
Designation :	Director
Address :	19, Gulab Apartment, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	02.05.1964
Qualification :	BSC(TECH)
Date of Appointment :	23.04.1996
DIN No.:	01266845
Name :	Mr. Ramankumar Lalchand Mehra
Designation :	Director
Address :	19/20, Gulab Apartment, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	13.10.1935
Qualification :	BSC(TECH)
Date of Appointment :	23.04.1996
DIN No.:	01266770
Name :	Mr. Kunal Mehra
Designation :	Additional Director
Address :	19/20, Gulab Apartment, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.08.1993
Date of Appointment :	02.04.2012
DIN No.:	05267266
Name :	Mr. Kamlesh Raman Mehra
Designation :	Director
Address :	19, Gulab Apartment, 14-B, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	01.08.1943
Date of Appointment :	02.05.2012
DIN No.:	05281170

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Raman Lalchand Mehra	51000
Navin Raman Mehra	24700
Ravin Raman Mehra	18100
Kamlesh Mehra	4500
Raman Lalchand Mehra HUF	100
Preeti Raman Mehra	100
Shehzarine R. Mehra	100
Abhay Shah	100
Renuka P. Popli	100
Prem P. Popli	100
Prem P. Popli HUF	100
Dilip Shah	100
Romit Shah	100
Paresh Shah	100
Tarlika A. Shah	100
Himatlal Shah	100
Dilip Shah HUF	100
Labhuben H. Shah	100
Abhay M Shah (HUF)	100
Abhay M Shah (HUF)	100
Nayana R Thokor	100
Total	100000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	98.40
Others	1.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Industrial Chemicals.

Products :

Products Description	Item Code No.
Chemical- Acrylic Polymers	3906.90

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Acrylic Polymers Emulsions	MT/Per Month	NA	NA	2928672.00

GENERAL INFORMATION

No. of Employees :

Approximately 55 (In office – 15, In factory – 40)

Bankers :

· Abhyudaya Co-operative Bank Limited,

Administrative Office, K.K. Tower, Abhyudaya Bank Lane, Off G.D. Ambekar Marg, Parel Village, Mumbai - 400012, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Security against Hypothecation of Stock, Book Debts and FD)
Working capital loan from schedule Bank
Abhyudaya Co-operative Bank Limited	32.504	8.262
Abhyudaya Co-operative Bank Limited – Post Shipment Finance ($ 109880.17)	4.879	--
Abhyudaya Co-operative Bank Limited – Pre Shipment Finance	2.922	--
Abhyudaya Co-operative Bank Limited – FCCI ($ 129101.93)	5.732	--
(Secured against Mercedes Benz)
Kotak Mahindra Bank Prime Limited	1.167	--
Total	47.204	8.262
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors, Shareholders and their relatives	14.835	17.893
Interests accrued and due on the above Loans	1.224	--
Total	16.059	17.893

Banking Relations :	--
Auditors :
Name :	N. D. Mehta and Associates Chartered Accountants
Address :	Balkrishna Chambers, Office No. 18, 2^nd Floor, 1/4, Issaji Street, Vadgadi, Mumbai – 400 003, Maharashtra, India
Tel. No.:	91-22-23441661/23441635
Fax No.:	91-22-23441635
E-Mail :	ndmehtaassociates@rediffmail.com
PAN No.:	AABCD2785P

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		32.150	27.563	22.427
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.150	28.563	23.427
LOAN FUNDS
1] Secured Loans		47.204	8.262	11.022
2] Unsecured Loans		16.059	17.893	17.871
TOTAL BORROWING		63.263	26.155	28.893
DEFERRED TAX LIABILITIES		0.198	0.123	0.085
TOTAL		96.611	54.841	52.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.312	5.449	4.618
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.375	0.375
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.580	7.465	5.244
	Sundry Debtors	78.325	57.321	36.183
	Cash & Bank Balances	40.718	33.748	34.311
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.275	7.332	4.127
Total Current Assets		142.898	105.866	79.865
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	51.973	54.563	30.529
	Other Current Liabilities	1.041	0.026	0.025
	Provisions	2.085	2.260	1.900
Total Current Liabilities		55.099	56.849	32.454
Net Current Assets		87.799	49.017	47.411
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		96.611	54.841	52.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	322.458	206.858	169.564
		Other Income	NA	1.969	1.423
		TOTAL (A)	NA	208.827	170.987
Less	EXPENSES
		Consumption of Materials		160.594	121.393
		Trading Purchase Cost		6.617	5.425
		Personnel Cost		9.925	9.529
		Manufacturing Expenses		17.472	21.790
		Administrative Expenses		1.130	0.587
		Selling and Distribution Expenses		2.671	2.895
		Loss on Sale of Assets		0.005	0.000
		Preliminary Expenses written off		0.001	0.002
		Prior period income		[0.125]	[0.034]
		TOTAL (B)		198.290	161.587
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	10.537	9.400
Less	FINANCIAL EXPENSES (D)			2.338	2.721
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			8.199	6.679
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.763	0.922
	PROFIT BEFORE TAX (E-F) (G)			7.436	5.757
Less	TAX (H)			2.301	1.900
	PROFIT AFTER TAX (G-H) (I)		4.588	5.135	3.857
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	22.427	18.570
	BALANCE CARRIED TO THE B/S		NA	27.562	22.427
	Earnings Per Share (Rs.)		45.88	51.35	38.57

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.45	2.26
Net Profit Margin (PBT/Sales)	(%)	NA	3.59	3.40
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.68	6.81
Return on Investment (ROI) (PBT/Networth)		NA	0.26	0.25
Debt Equity Ratio (Total Liability/Networth)		3.57	2.91	2.62
Current Ratio (Current Asset/Current Liability)		2.59	1.86	2.46

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
Promoter’s Background	Yes
No. of Employees	Yes
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 in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Passport No of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No

FINANCIAL PERFORMANCE:

During the year, company has earned net profit after tax of Rs.4.588 Millions

REVIEW OF OPERATIONS:

During the year, the company achieved turnover of Rs.322.458 Millions against Rs.206.858 Millions in previous year.

CONTINGENT LIABILITIES NOT PROVIDED IN ACCOUNTS: (AS ON 31.03.2010)

1. Outstanding letter of Credit Rs.1.837 millions.

2. Property Tax payable to NMMC to the extent of Rs.0.624 million.

3. Cess payable to NMMC to the extent of Rs.4.900 millions.

FORM 8:

Corporate identity number of the company	U24100MH1996PTC099064
Name of the company	KAMSONS CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 7, Guru Gobind Singh Industrial Estate, Near Jay Coach, Off Western Express Highway, Goregaon (East), Mumbai– 400 063, Maharashtra, India info@kamsons.net
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property
Particular of charge holder	Abhyudaya Co-operative Bank Limited, Administrative Office, K.K. Tower, Abhyudaya Bank Lane, Off G.D. Ambedkar Marg, Parel Village, Mumbai – 400 012, Maharashtra, India E-Mail: loans@abhyudayabank.net
Nature of instrument creating charge	Agreement for FBP/FBD/FBN Facility (Agreement for foreign bill purchase/ discount/ Negotiation)
Date of instrument Creating the charge	23.05.2011
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest Rate of Interest: @ 10% p.a. with monthly rests or at such other rate as may be decided by the bank from time to time Margin As may be decried form time to time by the bank. Extent and Operation of the charge To Secure the due repayment of the FBP/FBD/FBN facility of Rs.30.000 Millions, together with interest, costs, charges and expenses thereon, granted by the bank to the company.
Short particulars of the property charged	Documents of title to goods, including railway receipts, bills of lading, motor transport receipts, airways bills, composite receipts etc. or other documents and goods represented thereby.

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electrical Installations

· Air Conditioner Machine

· Office Equipment

· Lab Equipment

· Furniture and Fixture

· Motor Car (Esteem LX I, Esteem LX II, Ford Ikon)

· Computer

WEBSITE DETAILS:

PROFILE:

Subject was incorporated in 1974, is one of the manufacturers of acrylic resins and emulsions in the country.  Having the plants in and around Mumbai, they produce a wide array of acrylic polymers to cater to construction, paper, textile, and paint and leather industry.  They always strive to set new standards in terms of delivery, service, technical support and customer awareness.

Realizing the emergence of acrylic and polyurethane polymers as the backbone of the above industries, they emphasize on continuous R&D for niche as well as new generation products.

In Addition to being a trend-setter in several fields, they aim to build long-term partnerships with their customers by adding value to their business.  Their well equipped laboratory and their team of highly experienced analysts, enables them to handle complex technical problems related to the development of innovative products.  They are particularly sensitive to quality and environmental issues, and they actively support the industry-wide "Responsible Care" initiative.  Many of their products are formulated to meet the most demanding ecological requirements of today and tomorrow, and they have a continuing mission to guarantee that they follow the best industry practices in all their operations.

Their plant at Navi Mumbai caters to several industries such as Textile, Paint, Speciality Coatings, Paper Leather, Packaging and Construction Chemicals.  Their products here range from acrylic resins for adhesives (Paper Industry) and building protection coatings (construction chemicals) to Styrene co-polymer resins (Paint industry).

In 1996, a major breakthrough was achieved by the development of Water Based Acrylic Co-Polymers for use as an Admixture for cementatious systems.  They also introduced a range of state of the art products for Paint Applications, which have been well received by the Paint industry.

They have also successfully developed Polyurethane two component solvent based adhesives for Lamination of various substrates such as Polyester BOPP, HDPE, Aluminium foil, Paper used in packaging industry.

Their recent success has been the development of acrylics for eco-friendly water based Over Print Varnishes (OPV), equivalent to emulsions currently being imported into the country.  With the introduction of these Emulsions, they hope to establish a satisfactory import substitute.

In tune with the global trend of replacing solvent based polymer systems with eco friendly water-based systems, they, at company are gearing their selves to meet this challenge.  Their research and development activities aim at constantly upgrading and improving their products to meet these requirements.

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.55.41
UK Pound	1	Rs.86.93
Euro	1	Rs.68.10

INFORMATION DETAILS

Report Prepared by :

NIT

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	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		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.