MIRA INFORM REPORT

Report Date :

26.06.2012

IDENTIFICATION DETAILS

Name :	C.J. CHEMICALS PRIVATE LIMITED
Registered Office :	3-6-369/A/20, Street No. 1, Himayathnagar, Hyderabad-500029, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012 [Provisional]
Date of Incorporation :	13.09.1996
Com. Reg. No.:	01-025206
Capital Investment / Paid-up Capital :	Rs.7.450 Millions
CIN No.: [Company Identification No.]	U24110AP1996PTC025206
TAN No.: [Tax Deduction & Collection Account No.]	HYDC01075E
PAN No.: [Permanent Account No.]	AAACC8246P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Textile Chemicals.
No. of Employees :	Not Available

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 110000
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 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 :	3-6-369/A/20, Street No. 1, Himayathnagar, Hyderabad-500029, Andhra Pradesh, India
Tel. No.:	91-40-40670000 (20 Lines) / 27662681 / 27606314
Fax No.:	91-40-27662681
E-Mail :	askrco@yahoo.com admin@cjchemicals.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Pankaj Choadhry

Designation :

Managing Director

Address :

602, Sphniy Apartments, 3-6-369/B/3, Himayathnagar, Hyderabad-500029, Andhra Pradesh, India

Date of Birth/Age :

14.08.1963

Date of Appointment :

13.09.1996

Din No.:

00184696

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	Company/ LLP Status	Defaulting status
1	U24110AP1996PTC025206	C. J. CHEMICALS PRIVATE LIMITED	Director	13-09-96	13-09-96	Active	NO
2	U51909AP2003PTC040382	CARSON EXPORTS PRIVATE LIMITED	Director	29-01-03	29-01-03	Active	NO

Name :

Srivatsa Janaswamy

Designation :

Director

Address :

1-2-8/11, Do Macaguda, Hyderabad-500029, Andhra Pradesh, India

Date of Birth/Age :

02.12.1961

Date of Appointment :

13.09.1996

Din No.:

00463811

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Pankaj Choadhry	2150
Srivatsa Janaswamy	2150
Total	4300

As on 18.02.2012

Names of Allottees	No. of Shares
Pankaj Choadhry	31000
Srivatsa Janaswamy	39200
Total	70200

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Trader of Textile Chemicals.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, 5-9-30/31 to 34, 1^st Floor, New MLA Quarters Lane, Basheerbagh, Hyderabad-500063, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2012 [Provisional]	31.03.2011
	[Rs. in Millions]
Term Loan Bank of India		3.011
Cash Credit Bank of India a. Secured by hypothecation of building b. Secured by hypothecation of stocks and books debts and personal guarantee of directors of the company	9.514	6.025
Car loan from HDFC against hypothecation of car		0.576
Total	9.514	9.612
Unsecured Loan
From Barclays Bank	2.476	3.113
From Others		0.200
Total	2.476	3.313

Banking Relations :	--
Auditors :
Name :	S. Daga and Company Chartered Accountants
Address :	403, Paigah Plaza, Basheerbagh, Hyderabad-500063, Andhra Pradesh, India
Pan No.:	AAGFS3672J

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4300	Equity Shares	Rs.100/- each	Rs.0.430 Million

After 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74500	Equity Shares	Rs.100/- each	Rs.7.450 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 [Provisional]	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.450	0.430	0.430
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21.545	18.505	15.007
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.995	18.935	15.437
LOAN FUNDS
1] Secured Loans		9.514	9.612	5.207
2] Unsecured Loans		2.476	3.313	1.298
TOTAL BORROWING		11.990	12.925	6.505
DEFERRED TAX LIABILITIES		0.790	0.790	0.691
TOTAL		41.775	32.650	22.633
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.038	10.732	10.417
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	1.974	4.410	3.426
	Sundry Debtors	73.360	84.194	73.476
	Cash & Bank Balances	1.492	7.379	5.923
	Other Current Assets	3.519	2.180	1.430
	Loans & Advances	8.790	8.005	13.041
Total Current Assets		89.135	106.168	97.296
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.398	82.865	78.686
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	1.385	6.394
Total Current Liabilities		57.398	84.250	85.080
Net Current Assets		31.737	21.918	12.216
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.775	32.650	22.633

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 [Provisional]	31.03.2011	31.03.2010
	SALES
		Income	290.671	501.173	396.647
		Other Income	11.338	10.223	9.055
		TOTAL (A)	302.009	511.396	405.702
Less	EXPENSES
		Cost of Goods Sold	270.340	461.047	360.331
		Salaries and Allowances	6.028	7.015	5.476
		Selling and Administrative Expenses	18.762	35.629	33.145
		TOTAL (B)	295.130	503.691	398.952
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.879	7.705	6.750
Less	FINANCIAL EXPENSES (D)		3.145	2.263	1.681
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.734	5.442	5.069
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.694	0.527	0.602
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3.040	4.915	4.467
Less	TAX (H)		0.000	1.418	1.531
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.040	3.497	2.936
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		3.040	3.497	2.936
	Earnings / (Loss) Per Share (Rs.)		40.81	813.39	682.88

KEY RATIOS

PARTICULARS		31.03.2012 [Provisional]	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.00	0.68	0.72
Net Profit Margin (PBT/Sales)	(%)	1.05	0.98	1.13
Return on Total Assets (PBT/Total Assets}	(%)	3.07	4.20	4.15
Return on Investment (ROI) (PBT/Networth)		0.10	0.26	0.29
Debt Equity Ratio (Total Liability/Networth)		2.39	5.13	5.93
Current Ratio (Current Asset/Current Liability)		1.55	1.26	1.14

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90134762
Corporate identity number of the company	U24110AP1996PTC025206
Name of the company	C. J. CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3-6-369/A/20, Street No. 1, Himayathnagar, Hyderabad-500029, Andhra Pradesh, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Bank of India, 5-9-30/31 to 34, 1^st Floor, New MLA Quarters Lane, Basheerbagh, Hyderabad-500063, Andhra Pradesh, India
Email	basheerbagh.hyderabad@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation Cum Loan Agreement
Date of instrument Creating the charge	04.10.2010
Amount secured by the charge	Rs.30.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 2.00% Over BPLR 14.50 Terms of Repayment On Demand Margin 1. 25% against Raw material, Finished goods 2. 25% against Stores 3.25% against goods in process 4. 40% against Book-debts outstanding of 2 or 3 months Extent and Operation of the charge 1. All tangible movable property of the Company including in particular various types of dye and chemicals lying at borrowers godown and or in transit and/or where so ever situate.
Short particulars of the property charged	All tangible movable assets including in particular various types of dyes and chemicals lying at borrowers premises and/or in transit and/or in wheresoever’s situate. Book Debts of the Company
Date of latest modification prior to the present modification	27.11.2007
Particulars of the present modification	Extension of equitable mortgage by way of increased limits of CC and LC as follows. Particulars Existing Revised (In Millions) 1. CC 5.000 7.500 2. LC 3.000 22.500 3. BG 0.500 0.500 _________ _________ Total 8.500 30.500

FIXED ASSETS:

· Furniture

· Vehicles

· Cycle

· Electrical Fittings

· Air Condition

· Pager

· Cellular Phones

· Television

· Building

· Generator

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.56.53
UK Pound	1	Rs.88.09
Euro	1	Rs.70.83

INFORMATION DETAILS

Report Prepared by :

TPT

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.