MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	PEEKAY AGENCIES PRIVATE LIMITED
Registered Office :	7/1, Lord Sinha Road, Lords 506, Kolkata 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.08.1981
Com. Reg. No.:	21-033997
Capital Investment / Paid-up Capital :	Rs.0.355 million
CIN No.: [Company Identification No.]	U51420WB1981PTC033997
TAN No.: [Tax Deduction & Collection Account No.]	CALP00499C
PAN No.: [Permanent Account No.]	AABCP5428M
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Importer of Chemicals
No. of Employees :	11 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 100036
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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Sandeep
Designation :	Accountant

LOCATIONS

Registered Office :	7/1, Lord Sinha Road, Lords 506, Kolkata 700071, West Bengal, India
Tel. No.:	91-33-22829483 / 9485 / 6730/3049
Fax No.:	91-33-22826727 / 1729
E-Mail :	bharat@vsnl.in
Location :	Owned

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Pawan Goenka
Designation :	Director
Date of Birth/Age :	02.11.1958
Date of Appointment :	20.08.1981
DIN No.:	00657484
Name :	Mr. Anant Goenka
Designation :	Director
Date of Birth/Age :	29.12.1981
Date of Appointment :	22.11.2007
DIN No.:	00657505
Name :	Mr. Raghav Goenka
Designation :	Director
Date of Birth/Age :	10.11.1987
Date of Appointment :	12.07.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Pawan Kumar Goenka	100
Anant Goenka	11000
Shanti Devi Goenka	7300
Kripa Goenka	3000
Pramod Kumar Goenka	100
Renu Agarwal	10
Raghav Goenka	14000
Total	35510

AS ON 29.09.2011

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

BUSINESS DETAILS

Line of Business :

Dealer and Importer of Chemicals

Products :

Item Code No. (ITC Code)	291719.01
Product Description	Maleic Acid

Exports :

Products :

Chemicals

Countries :

Bangladesh, Nepal, Singapore

Imports :

Products :

Chemicals

Countries :

China, Sweden

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Customers :

• Wholesaler
• Manufacturer

No. of Employees :

11 Approximately

Bankers :

· Bank of Baroda, Camac Street Branch, 3B Camac Street, Kolkata 700016, West Bengal, India

· ICICI Bank Limited, Chowringhee Branch, Kolkata, West Bengal, India

· Axis Bank

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
From Bank (against mortgage of debtors, inventory, office and godown premises)	19.150	10.423
Total	19.150	10.423
UNSECURED LOAN
From Directors	20.068	9.220
From Companies	18.949	21.928
From Share Holders	0.000	1.206
Total	39.017	32.354

Banking Relations :	-
Auditors :
Name :	Lalit Mohan Tyagi and Company Chartered Accountant
Address :	7/1 Lord Sinha Road, Lords 5511, Kolkata 700071, West Bengal, India
Tel. No.:	91-2282-7982/3838/3839
E-Mail :	lam@satyam.net.in

CAPITAL STRUCTURE

AS ON 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity shares	Rs.10/- Each	Rs.1.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35510	Equity shares	Rs.10/- Each	Rs.0.355 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		0.355	0.355	0.355
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.654	19.508	14.899
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.009	19.863	15.254
LOAN FUNDS
1] Secured Loans		19.150	10.423	0.000
2] Unsecured Loans		39.017	32.354	34.529
TOTAL BORROWING		58.167	42.777	34.529
DEFERRED TAX LIABILITIES		0.632	0.301	0.192
TOTAL		83.808	62.941	49.975
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.768	12.829	8.733
Capital work-in-progress		0.000	0.000	2.756
INVESTMENT		0.956	0.956	0.957
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.417	38.741	30.944
	Sundry Debtors	51.757	78.690	43.270
	Cash & Bank Balances	0.567	0.181	0.489
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.970	15.325	9.025
Total Current Assets		159.711	132.937	83.728
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.537	78.255	42.496
	Other Current Liabilities	1.408	0.159	0.296
	Provisions	7.682	5.367	3.407
Total Current Liabilities		89.627	83.781	46.199
Net Current Assets		70.084	49.156	37.529
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		83.808	62.941	49.975

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	523.386	432.529	336.851
		Other Income		5.092	6.706
		TOTAL (A)	523.386	437.621	343.557
Less	EXPENSES
		Cost of Sales	515.594	406.297	321.374
		Payment to and provision for employee		1.574	1.243
		Other Expenses		22.412	16.538
		TOTAL (B)	515.594	430.283	339.155
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.792	7.338	4.402
Less/ Add	DEPRECIATION/ AMORTISATION		NA	0.660	0.744
	PROFIT BEFORE TAX		7.792	6.678	3.658
Less	TAX		2.647	2.069	0.987
	PROFIT AFTER TAX		5.145	4.609	2.671
	Earnings Per Share (Rs.)		144.90	129.81	75.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.98	1.05	0.78
Net Profit Margin (PBT/Sales)	(%)	1.48	1.54	1.09
Return on Total Assets (PBT/Total Assets}	(%)	4.52	4.58	3.96
Return on Investment (ROI) (PBT/Networth)		0.31	0.33	0.24
Debt Equity Ratio (Total Liability/Networth)		5.93	6.38	5.29
Current Ratio (Current Asset/Current Liability)		1.78	1.58	1.82

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U51420WB1981PTC033997
Name of the company	PEEKAY AGENCIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7/1, Lord Sinha Road, Lords 506, Kolkata 700071, West Bengal, India
This form is for	Modification of charge
Charge identification number of the modified	10113681
Type of charge	Immovable Property Others along with superstructure thereon and Immovable P and M
Particular of charge holder	Bank of Baroda, Address: Camac Street Branch, 3B Camac Street, Kolkata 700016, West Bengal, India Email: camacs@bankbaroda.com
Nature of description of the instrument creating or modifying the charge	Supplemental Memorandum of Entry Supplemental Memorandum of Entry Memorandum of Entry
Date of instrument Creating the charge	09.07.2010
Amount secured by the charge	Rs.115.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest and other charges will be paid as per terms and conditions of Sanction Letter. Presently ROI for Cash Credit - 1.50% above BPLR i.e. 13.50% p.a.w.m.r , however subject to change. Terms of Repayment The working capital limit shall be repayable on demand. Margin The borrower shall maintain appropriate margin as stipulated in the sanction terms, however the same is subject to change from time to time. Presently the applicable margin is CC - 25% on Stock and 30% on Book-debts LC - 15% in the form of FD Extent and Operation of the charge The security created under said Agreement shall operate by way of First Charge and as continuing security. Co. being mortgagor as well as Guarantor cum security provider created the aforesaid EMTD in favor of the Bank to secure the due repayment of the Credit facilities as sanctioned by the Bank to the tune of Rs.45.000 millions for M/S Bharat Mercantile Corporation, Rs. 15.000 millions to Peekay Dealer Pvt. Limited Rs.15.000 millions to M/S Multichemical Industries private Limited and Rs.40.000 millions to itself. Others The Co. hereby declares that all the charged property now existing are absolute property of and at the sole disposal of the Co. and free from any prior charge or encumbrance and undertakes that all future property shall like wise. The charged assets / property be kept at the Company risk and expense in good condition and fully insured against loss or damage by fire in the joint name of Co. and bank.
Short particulars of the property charged	The company created equitable mortgage by deposit of title deeds in respect of a) Office Space admeasuring 961 Sq. Ft. , bearing no. 506 situated on the 5th Floor of the building known as Lords, being premises no. 7/1, Lord Sinha Road, Kolkata-700071. b)Land admeasuring 8 cottahs 8 chittacks situate and lying at being Dag No. 128 ,129 on the eastern side, under C.S. Khatian No. 463, J.L. No. 40, Mouza Thanamauka, P.S. Sankrail, Near Hanskhali Bridge, Dist. Howrah with superstructure thereon. c) All that piece and parcel of sali land admeasuring 7+ 46 1/10+16 1/2 + 8 7/10 +10 = 88 3/10 Decimal situated within the jurisdiction of Dist. Registry Office Howrah, Addl. Dist. Sub- Registry office Domjur, within Mouza- Baniara under J.L. No. 26, R.S. Dag no. 1501,1502, 1504, 1505 and 1507 P.S. Domjur, Dist. -Howrah d) All that piece and parcel of sali land admeasuring more or less 4 and 1/5th decimal of land situated within the jurisdiction of Dist. Registry Office Howrah, Addl. Dist. Sub- Registry office Domjur, within Mouza-Baniara under J.L. No. 26, comprised within R S Dag No. 1500 appertaining to R.S. Khatian No. 428,P.S. Domjur, Dist. -Howrah alongwith superstructure thereon and immovable P and M both present and future
Particulars of the present modification	By this modification the overall limit secured by charge has been enhanced from Rs.45.000 millions to Rs.115.000 millions Further the company in addition to existing mortgage has created EMTD over land admeasuring 88 3/10 decimal and 4 1/5 decimal within Mouza- Baniara under J.L. No. 26, DRO - Howrah, ADSR- Domjur, P.S. Domjur, Dist. -Howrah Other terms and conditions save as modified above remain unchanged.

Fixed Assets:

· Office Building

· Motor Car

· Air conditioner

· Telephone

· Electric Insulation

· Type Writer

· Tube Well

· Office Equipments

· Television

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.49.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

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	YES
--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

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.