MIRA INFORM REPORT

Report Date :

17.03.2012

IDENTIFICATION DETAILS

Name :	CHEMCRUX ENTERPRISES LIMITED
Formerly Known :	CHEMCRUX INDIA LIMITED
Registered Office :	T- 7, National Plaza, R.C. Dutt Road, Vadodara – 390 007, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.04.1996
Com. Reg. No.:	04-029329
Capital Investment / Paid-up Capital :	Rs. 16.001 Millions
CIN No.: [Company Identification No.]	U01110GJ19996PLC029329
TAN No.:[Tax Deduction & Collection Account No.]	BRDC00331C
PAN No.: [Permanent Account No.]	AABCC1803D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of intermediates for bulk drugs and dyes such as ortho chloro benzoic acid, para chloro benzoic acid, 3-nitro 4-chloro benzoic acid, 2,4-dichlorobenzoic acid, etc.
No. of Employees :	70 (Approximately)

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 170000
Status :	Usually Correct
Payment Behaviour :	Satisfactory
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

INFORMATION PARTED BY

Name :	Mr. Girish
Designation :	Director
Contact No.:	91-9825207955

LOCATIONS

Registered Office :	T- 7, National Plaza, R. C. Dutt Road, Vadodara - 390 007, Gujarat, India
Tel. No.:	91-265-2344803/ 2358903/ 2344803
Mobile No.:	91-9825207955 (Mr. Girish)
Fax No.:	91-265-2332910
E-Mail :	girish@chemcrux.com sanjay@chemcrux.com jayconsultancy@hotmail.com girishshah@chemcrux.com
Website :	http://www.chemcrux.com
Area :	500sq fit
Location :	Owned
Factory :	4712-14, GIDC, Road South 10, Ankleshwar–393 002, Gujarat, India
Tel. No.:	91-2646-221427/ 239737
Fax No.:	91-2646-251469
E-Mail :	sanjay@chemcrux.com info@chemcrux.com
Area :	66000 sq. fit
Location :	Leased

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sanjay Yashwantrao Marathe
Designation :	Managing Director
Address :	A – 73, Shrinathdham Duplex, Near Urmi Crossing, Akota, Vadodara – 390 007, Gujarat, India
Date of Birth/Age :	05.01.1956
Qualification :	B.E. (Chem), M. Tech (IIT)
Date of Appointment :	15.04.1996
DIN No.:	01316388

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01110GJ1996PLC029329	CHEMCRUX ENTERPRISES LIMITED	Managing director	01-01-10	15-04-96	Active	NO
2	U29197GJ2005PLC047281	SPENT ACID RECYCLERS LIMITED	Director	14-12-05	14-12-05	Active	NO

Name :	Ms. Siddhi Girish Shah
Designation :	Director
Address :	Gokul, 12, Parijatak Society, Tandalja Road, Baroda – 390 020, Gujarat, India
Date of Birth/Age :	18.01.1961
Date of Appointment :	31.12.1999
DIN No.:	00469138

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01110GJ1996PLC029329	CHEMCRUX ENTERPRISES LIMITED	Director	31-12-99	31-12-99	Active	NO
2	U72200GJ2000PTC037681	SIDHDHI INFOSYS PRIVATE LIMITED	Director	31-03-00	31-03-00	Strike off	NO

Name :	Ms. Neela Sanjay Marathe
Designation :	Director
Address :	A – 73, Shrinathdham Duplex, Near Urmi Crossing, Akota, Vadodara – 390 007, Gujarat, India
Date of Birth/Age :	30.11.1961
Date of Appointment :	31.12.1999
DIN No.:	00469204

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01110GJ1996PLC029329	CHEMCRUX ENTERPRISES LIMITED	Director	31-12-99	31-12-99	Active	NO
2	U72200GJ2000PTC037681	SIDHDHI INFOSYS PRIVATE LIMITED	Director	31-03-00	31-03-00	Strike off	NO

Name :	Mr. Girish Champaklal Shah
Designation :	Whole Time Director
Address :	Gokul, 12, Parijatak Society, Tandalja Road, Vadodara – 390020, Gujarat, India
Date of Birth/Age :	29.06.1956
Qualification :	B.E. (Chem), D.I.I. Sc. (IM)
Date of Appointment :	15.04.1996
DIN No.:	00469291

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Girish Champaklal Shah	800040
Sanjay Yashwant Marathe	800040
Neela Sanjay Marathe	10
Siddhi Girish Shah	10
Girish Champaklal Shah [HUF]	7
Sanjay Yashwant Marathe [HUF]	20
Alkesh Champaklal Shah	10
Rita Vihan Parikh	1
Nirman Dilipkumar Joshi	1
Shaileshkumar Hasmukhlal Patel	1
Total	1600140

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of intermediates for bulk drugs and dyes such as ortho chloro benzoic acid, para chloro benzoic acid, 3-nitro 4-chloro benzoic acid, 2,4-dichlorobenzoic acid, etc.
Exports :
Countries :	Europe
Imports :
Products :	Raw Materials
Countries :	Europe
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Customers :

Manufacturer and Trader

· Shri Krishna Drugs Limited

· Gtca Limited

No. of Employees :

70 (Approximately)

Bankers :

· State Bank of India,

SME Branch, Opposite Shreyas School, Manjalpur, Vadodara-390011, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
For Working Capital
SBI Manjalpur A/c Cash Credit Account	8.556	8.242
SBI A/C – 30780870754 (Stand by Line of Credit)	0.000	1.216
SBI A/C – 30779409730 (Working Capital Demand Loan)	0.000	0.907
SBI LC A/C – 56387007396	1.820	0.396
SBI A/C – 31297607414	1.200	0.000
SBI PCFC A/C – 31159472621	7.685	0.000
For Term Loan
SBI New TL Project A/C 31165708840	9.540	0.000
SBI Manjapur – Term Loan – 00000056072879326	5.013	7.050
For Vehicle Loan
Kotak Mahindra (Vehicle Hypothecation Loan)	0.686	1.600
Total	34.500	19.411
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	2.970	2.970
From Shareholders – S Y Marathe (HUF)	0.140	0.140
From Others	2.000	2.000
Total	5.110	5.110

Banking Relations :	--
Auditors :
Name :	Naresh and Company Chartered Accountants
Address :	201, City Enclave, Near Baroda High School, Opposite Polo Ground, Vadodara – 390 001, Gujarat, India
PAN No.:	AACPM7575C

CAPITAL STRUCTURE

AS ON 30.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1600140	Equity Shares	Rs.10/- each	Rs.16.001 Millions

NOTE:

Of which 1600000 Equity shares issued against purchased of business, otherwise than by cash

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		16.001	16.001	16.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.642	24.947	18.507
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.643	40.948	34.508
LOAN FUNDS
1] Secured Loans		34.500	19.411	20.881
2] Unsecured Loans		5.110	5.110	5.251
TOTAL BORROWING		39.610	24.521	26.132
DEFERRED TAX LIABILITIES		3.411	2.917	2.443
TOTAL		87.664	68.386	63.083
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.377	47.980	46.106
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.467	0.467	0.467
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.995	10.177	12.356
	Sundry Debtors	27.762	28.463	13.998
	Cash & Bank Balances	1.254	1.463	1.374
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.683	11.528	6.513
Total Current Assets		63.694	51.631	34.241
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.084	25.608	13.574
	Other Current Liabilities	2.929	2.313	1.869
	Provisions	2.861	3.771	2.299
Total Current Liabilities		36.874	31.692	17.742
Net Current Assets		26.820	19.939	16.499
MISCELLANEOUS EXPENSES		0.000	0.000	0.011
TOTAL		87.664	68.386	63.083

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	124.300	149.735	87.571
		Other Income	1.072	0.658	0.783
		TOTAL (A)	125.372	150.393	88.354
Less	EXPENSES
		Raw Material Consumed	73.853	79.784	43.497
		Manufacturing Expenses	28.787	26.904	21.532
		Employees Cost	12.411	11.441	9.118
		Administrative Expenses	3.409	7.012	4.965
		Selling and Distribution Expenses	1.407	3.500	0.242
		Increase / (Decrease) in Stock	(7.879)	5.093	(2.883)
		TOTAL (B)	111.988	133.734	76.471
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.384	16.659	11.883
Less	FINANCIAL EXPENSES (D)		3.319	3.211	3.280
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.065	13.448	8.603
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.476	3.152	2.955
	PROFIT BEFORE TAX (E-F) (G)		6.589	10.296	5.648
Less	TAX (H)		2.428	3.388	1.860
	PROFIT AFTER TAX (G-H) (I)		4.161	6.908	3.788
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.947	18.507	15.186
Less	APPROPRIATIONS
		Proposed Dividend	0.400	0.400	0.400
		Tax on Dividend	0.066	0.068	0.067
	BALANCE CARRIED TO THE B/S		28.642	24.947	18.507
	EXPORT VALUE		21.897	42.452	0.925
	IMPORTS VALUE		3.502	9.238	6.940
	Earnings Per Share (Rs.)		2.60	4.32	2.37

Expected Sales (2011-2012): Rs. 170.000 Millions

The above information has been parted by Mr. Girish.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.32	4.59	4.29
Net Profit Margin (PBT/Sales)	(%)	5.30	6.88	6.45
Return on Total Assets (PBT/Total Assets}	(%)	5.31	10.34	7.03
Return on Investment (ROI) (PBT/Networth)		0.15	0.25	0.16
Debt Equity Ratio (Total Liability/Networth)		1.79	1.44	1.34
Current Ratio (Current Asset/Current Liability)		1.73	1.63	1.93

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. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
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	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

OPERATIONS:

During the year, Gross Income of the Company declined to Rs. 133.251 Millions against Rs. 145.300 Millions of previous year. This is reflected in the act that Net Profit after Tax reduced to Rs.4.161 Millions against Rs. 6.908 Millions of the previous year.

The Company has been continuing to put thrust on minimizing the operating costs thereby to generate more surpluses in coming years.

TRADE REFRENCES:

· Shri Krishna Drugs Limited

· Gtca Limited

FORM 8

Corporate identity number of the company	U01110GJ1996PLC029329
Name of the company	CHEMCRUX ENTERPRISES LIMITED
Address of the registered office or of the principal place of business in India of the company	T- 7, National Plaza, R.C. Dutt Road, Vadodara – 390 007, Gujarat, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, SME Branch, Opposite Shreyas School, Manjalpur, Vadodara – 390 011, Gujarat, India E-Mail: sbi.60387@sbi.co.in
Nature of instrument creating charge	Supplemental Agreement of Loan Cum Hypothecation
Date of instrument Creating the charge	10.04.2010
Amount secured by the charge	Rs. 48.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest WC - 1% above SBAR I.E. 12.75% P.A., WCDL - 8% P.A. Fixed, SLC - 2% above SBAR I.E. 13.75% P.A. TL I and II - 1.50% above SBAR I.E. 13.25% P.A. Terms of repayment WC - On Demand, Existing TL - As Per Original Sanction, New TL - Repayable In 42 Monthly Installments. Margin RM - SIP - FG - 25%, BD (90 days cover period) - 50%, L/C and BG - 25%, TL - 18.52% Extent and operation of the charge Hypothecation of entire Current Assets including all type of stocks, Receivables and Other Current Assets and Hypothecation of Plant and Machinery and Other Assets created or to be created out of the Term Loan Finance and located / lying at Plot No. 4712 - 14, GIDC, Ankleshwar.
Short particulars of the property charged (Including location of the property)	Hypothecation of entire Current Assets including all type of stocks, Receivables and Other Current Assets and Hypothecation of Plant and Machinery and Other Assets created or to be created out of the Term Loan Finance and located / lying at Plot No. 4712 - 14, GIDC, Ankleshwar.
Charge identification number of the charge to be modified	90112580
Date of instrument modifying the charge	29.05.2009
Particulars of the present modification	By this execution the Charge extended to cover enhancement in Cash Credit of Rs.9.000 Millions and Open Term Loan (Fresh) of Rs.11.000 Millions, thus the Aggregate Charge extended from Rs.28.500 Millions to Rs.48.500 Millions.

FIXED ASSETS:

· Land

· GIDC Quarter

· Factory Building

· Office Equipment

· Plant and Machinery

· Electrical Installation

· Motor Car

· Vehicles

· Furniture and Fixtures

· Office Premises

· Computer

· Pollution Control Plant

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.50.31
UK Pound	1	Rs.79.05
Euro	1	Rs.65.83

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
-	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.