MIRA INFORM REPORT

Report Date :

14.06.2012

IDENTIFICATION DETAILS

Name :	SAGAR SPECIALITY CHEMICALS PRIVATE LIMITED
Registered Office :	Office No. 18, Rawal Chambers, 3^rd Floor, 339/341 Samuel Street, Mumbai – 400003, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.02.1999
Com. Reg. No.:	11-118276
Capital Investment / Paid-up Capital :	Rs.7.341 Millions
CIN No.: [Company Identification No.]	U27100MH1999PTC118276
Legal Form :	Private Limited Liability Company
Line of Business :	Importer of Chemicals
No. of Employees :	6 (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 120000
Status :	Satisfactory
Payment Behaviour :	Usually correct
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.

INFORMATION PARTED BY

Name :	Mr. Ravindra Sampat
Designation :	Director
Contact No.:	91-9821138714
Date :	13.06.2012

LOCATIONS

Registered Office :	Office No. 18, Rawal Chambers, 3^rd Floor, 339/341 Samuel Street, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23439154 / 23402573 / 66312365 / 2515 9975 / 2612 0993 / 23420529
Mobile No.:	91-9821138714 (Mr. Ravindra Sampat)
Fax No.:	91-22-23411231 / 2340573
E-Mail :	sagarint@bom5.vsnl.net.in
Website :	www.sagarspecialitychemicals.com
Area :	267Sq. ft.
Location :	Owned
Branches :	Devkaran Nivas, 3^rd Floor, 283, Samuel Street, Vadgadi, Mumbai - 400003, Maharashtra, India
Godowns :	Bhiwandi, B4 Satguru Compounds, Ranal Village
Area :	1750 Sq. fts.
Location :	Owned

DIRECTORS

As on 19.09.2011

Name :	Mr. Uday L Sampat
Designation :	Director
Address :	304 Urvashi, 16 Besant Streetm Santacruz (West), Mumbai - 400 054, Maharashtra, India
Date of Birth/Age :	01.02.1947
Date of Appointment :	10.02.1999
DIN No.:	00347826
Name :	Mr. Ravindra L Sampat
Designation :	Director
Address :	D-54, Godrej Grenvelle Park, L B S Marg, Ghatkopar (W), Mumbai - 400 086, Maharashtra, India
Date of Birth/Age :	06.03.1953
Date of Appointment :	10.02.1999
DIN No.:	00347954
Name :	Mrs. Rekha R Sampat
Designation :	Director
Address :	D-54, Godrej Grenvelle Park, L B S Marg, Ghatkopar (W), Mumbai - 400 086, Maharashtra, India
Date of Birth/Age :	17.12.1957
Date of Appointment :	10.02.1999
DIN No.:	00347993
Name :	Mrs. Chetna U Sampat
Designation :	Director
Address :	304, Urvashi, 16 Besant Street, Santacruz (W), Mumbai - 400 054, Maharashtra, India
Date of Birth/Age :	29.05.1954
Date of Appointment :	10.02.1999
DIN No.:	00347875

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Shares
Chetna U Sampat	335010
Ravindra L. Sampat	335029
Uday Laxmidas Sampat	32030
Rekha Ravindra Sampat	32011
Bharti P. Udeshi	1
Kirti (Ravindra Sampat) Nikhil Paleja	1
Laxmidas V. Sampat	1
Pratap Udeshi	1
Ravindra Laxmidas Sampat (HUF)	1
Uday L. Sampat (HUF)	1
Total	734086

As on 19.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer of Chemicals
Products :	· Synthetic Amourphous Silica- Hp-21 · Trimellitic Anhydride 99.5% · Quinoline 97% · Sodium Persulphate · Para Benzo Quinone · Potassium Persulphate Tech · N-Dodecyl Mercaptan · Mersolate H-95% (Flakes) · Iso Decanol · Itaconic Acid 100% · Catechol (Pyrocatechol) · Glycolic Acid 70% Tech · Dicyclopentadiene
Imports :
Products :	Chemicals
Countries :	· Germany · Japan
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· S. J. Shah and Company

· Chetan Enterprise

·

· C J Shah and Company

· Cure Chem

· Grand Organics Private Limited

· Hardware Trading Corpo

· Hindustan Speciality Private Limited

· Kalian Corporation

· Leo Chcmoplast Private Limited

· Lok Chemical

· Niti Chem Corporation

· Nikon Corporation

· C Specialities Private Limited

· Paivsh Chemical Corpo

· Pioneer Chemical India Private Limited

· Rajashree Enterprises

· Shree Vinayak Chemicals

· Sun Dye Chem

· Super Star Chemicals

· Tex Tan Dyes and Chemicals

Customers :

End Users

· Lakeland Chemicals India Limited

· Amol Chemicals and Polymers

· Advance Polymers

· AcrysilLtd (EOU)

· Cubne Speccillity Chemicals Private Limited

· Esteem Industries Private Limited

· Flora Chemicals

· GE India Industrial Private Limited

· Harshit Chemicals

· Hardik Dye Chem

· J Kiril and Bros

· K K poonja and Sons

· ICamsons Chemcials Private Limited

· Eoba chemi Private Limited (Tarapur)

· Mangal Chem

· Navpad Chemicals

· Nova Transfers Private Limited

· Padmavati Enterprises

· PNR Inpex

· Proton Polymers Private Limited

· Prabhat Trading Company

· Rotomac Electric Private Limited

· Rajni Chemical Indu Private Limited

· S D Fine Chem Limited Raroda

· Shore Auto Rubber E\ps P.L FOL: 100%

· Shreeji Dye Chem

· Sun Rasayan

· Sodium Metal Private Limited

· Srivilas Hydrotech Private Limited

· Viswat Chemicals Limited

· Vikram Enterprise

· V V Trading Agencies

No. of Employees :

6 (Approximately)

Bankers :

Punjab National Bank (International Banking Branch), Birya House, Bazargate Road, 265, Perin Nariman Street, Fort,, Mumbai - 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Punjab National Bank C/C A/C No. 53107	0.000	1.854
Total	0.000	1.854
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors
U. L. Sampal	0.808	0.833
Mrs. C U Sampat	0.449	0.449
R L Sampal	0.413	0.412
Rekha Sampat	0.358	0.357
From Others
Kruti N Paleja	0.436	0.580
L V Sampat	0.726	0.726
R L Sampat (HUF)	0.667	0.357
Sagar Sampat	0.340	0.341
Pratap Udeshi	0.105	0.105
U L Sampat (HUF)	1.351	1.029
Mrs. L L Sampat	0.523	0.323
Mrs. Bharti P Udeshi	0.080	0.075
Total	6.256	5.590

Banking Relations :	--
Auditors :
Name :	S.J. Bajaria and Company Chartered Accountants
Address :	115, Nagdevi Street, Office No.11, 3^rd Floor, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23434194 / 23434692
Fax No.:	91-22-23434692
E-Mail :	sjb_coca@yahoo.com bjb_st@yahoo.com
PAN.:	SSBPB3815D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
734086	Equity Shares	Rs.10/- each	Rs.7.341 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		7.341	7.341	7.341
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.134	20.655	18.516
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.475	27.996	25.857
LOAN FUNDS
1] Secured Loans		0.000	1.854	0.787
2] Unsecured Loans		6.256	5.590	6.629
TOTAL BORROWING		6.256	7.444	7.416
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.731	35.440	33.273
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.921	5.491	5.853
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.600	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.779	8.264	6.351
	Sundry Debtors	18.281	24.846	16.740
	Cash & Bank Balances	9.569	4.517	6.265
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.284	2.277	6.528
Total Current Assets		39.913	39.904	35.884
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.457	8.694	7.158
	Other Current Liabilities	0.626	0.304	0.301
	Provisions	1.620	0.957	1.005
Total Current Liabilities		8.703	9.955	8.464
Net Current Assets		31.210	29.949	27.420
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.731	35.440	33.273

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	73.019	61.756	54.262
		Other Income	0.784	0.089	1.569
		TOTAL	73.803	62.845	55.831
Less	EXPENSES
		Office Expenses
		Administrative Expenses	68.106	59.067	52.589
		Advertising Expenses
		TOTAL	68.106	59.067	52.589
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.697	3.778	3.242
Less/ Add	DEPRECIATION/ AMORTISATION		0.597	0.682	0.551
	PROFIT BEFORE TAX		5.100	3.096	2.691
Less	TAX		1.620	0.957	1.079
	PROFIT AFTER TAX		3.480	2.139	1.612
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.655	18.516	16.903
	BALANCE CARRIED TO THE B/S		24.135	20.655	18.516
	Earnings Per Share (Rs.)		4.74	NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	85.000

Expected Sales (2012-13) : Rs.90.000 Millions

The above information has been parted by Mr. Ravindra Sampat

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.72	3.40	2.89
Net Profit Margin (PBT/Sales)	(%)	6.98	5.01	4.96
Return on Total Assets (PBT/Total Assets}	(%)	11.36	6.82	6.45
Return on Investment (ROI) (PBT/Networth)		0.16	0.11	0.10
Debt Equity Ratio (Total Liability/Networth)		0.48	0.62	0.61
Current Ratio (Current Asset/Current Liability)		4.59	4.01	4.24

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) Constitutions of the firm	Yes
4) Premises details	Yes
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	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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

DETAILS OF SUNDRY CREDITORS

(Rs. in millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors for Goods	6.299	8.565	6.951
Creditors for Expenses	0.158	0.129	0.207
Total	6.457	8.694	7.158

Note:

The registered office of the company has been shifted from 283, Samuel Street, R No. 29, Devkaran Niwas, 3^rd Floor, Mumbai – 400 003, Maharashtra, India to Raval Chambers 6, 2^nd Floor, Office 339, 341, Samuel Street, Vadgadi, Mumbai – 400 003, Maharashtra, India w.e.f. 01.04.2011

The registered office of the company has been again shifted from Raval Chambers 6, 2^nd Floor, Office 339, 341, Samuel Street, Vadgadi, Mumbai – 400 003, Maharashtra, India to present address w.e.f. 01.11.2011

PERFORMANCE OF THE COMPANY

The turnover of the company has increased from Rs.61.756 Millions to Rs.73.019 Millions, Net Profit has increased from Rs.3.096 Millions to Rs.5.099 Millions.

trade references:-

· Lakeland Chemicals India Limited

· S. J Shah and Shah

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27100MH1999PTC118276
Name of the company	SAGAR SPECIALITY CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Office No. 18, Rawal Chambers, 3^rd Floor, 339/341 Samuel Street, Mumbai – 400003, Maharashtra, India sagarint@bom5.vsnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90237380
Type of charge	· Immovable property · Any interest in immovable property
Particular of charge holder	Punjab National Bank (International Banking Branch), Birya House, Bazargate Road, 265, Perin Nariman Street, Fort, Mumbai – 400001, Maharashtra, India jpscs2007@gmail.com
Nature of instrument creating charge	Memorandum of Deposit of Title Deeds To Reate Equitable Mortgage In Favor of Bank For Rs.7.000 Millions.
Date of instrument Creating the charge	19.10.2011
Amount secured by the charge	Rs.7.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+4.5% P.A. Terms of Repayment Working Capital Limits Are Subject To Renewal At Annually. Margin STOCKS -25% BOOK DEBTS-40% Extent and Operation of the charge Rs.7.000 Millions and Operation of Charge on Immovable Property At Office No.18, Rawal Chamber ,Rang Rasayan Premises Chs Limited, 3rd Floor, 339/341, Samual Street, Mumbai -03
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable Property at office No.18, Rawal Chamber ,Rang Rasayan Premises Chs Ltd,3rd Floor, 339/341, Samual Street, Mumbai -03
Particulars of the present modification	By This Submission of Modification, The Company Has Created Charge On Immovable Property At Office No.18, Rawal Chamber ,Rang Rasayan Premises Chs Limited, 3rd Floor, 339/341, Samual Street, Mumbai -03 (In Addition To Prime Security) To Secure Bank For Rs.7.000 Millions.

Fixed assets

· Godowns

· Furniture

· Air Conditioners

· EPABX

· Mobile

· Fax machine

· Electric Equipment

· Computer

· 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.55.85
UK Pound	1	Rs.86.88
Euro	1	Rs.69.88

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

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	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	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.