MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	CERAFLUX INDIA PRIVATE LIMITED
Registered Office :	F – 59, MIDC, Gokul Shirgaon, Kolhapur – 410234, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.06.1995
Com. Reg. No.:	25-90024
Capital Investment / Paid-up Capital :	Rs. 14.768 Millions
CIN No.: [Company Identification No.]	U51909MH2005PTC090024
TAN No.: [Tax Deduction & Collection Account No.]	KLPC00644A
PAN No.: [Permanent Account No.]	AAACC7442H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ceramic Fluxes, Foundry Chemicals etc.
No. of Employees :	150 Approximately (In office + In factory)

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 242000
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.

INFORMATION PARTED BY

Name :	Mr. Uday
Designation :	Finance Manager
Contact No.:	91-9922445471
Date :	17.03.2012

LOCATIONS

Registered Office/ Factory 1 :	F – 59, MIDC, Gokul Shirgaon, Kolhapur – 410234, Maharashtra, India
Tel. No.:	91-231-2671352/2671008/2672175/2672075/3090250
Mobile No.:	91-9922445471 (Mr. Uday)
Fax No.:	91-231-2671091
E-Mail :	fin@ceraflux.com ceraflux@sancharnet.in marketing@ceraflux.com cerafluxindia@dataone.in ceraflux@bsnl.in fin@ceraflux.com
Website :	www.ceraflux.com
Location :	Owned
Factory 2 :	C-4, MIDC, Gokul Shirgaon, Kolhapur – 410234, Maharashtra
Branches :	Located at : Ahmedabad Aurangabad Bangalore Belgium Chennai Coimbatore Delhi Faridabad Hyderabad Pune Silvasa

DIRECTORS

As on 18.08.2011

Name :

Mr. Uday Bhaskar Thite

Designation :

Director

Address :

C S 553 / 1/ 1 Flat No. G – 1, Narayan Vihar, Kesaba Karveer, Kolhapur, Maharashtra

Date of Birth/Age :

29.09.1954

Date of Appointment :

28.06.1995

DIN No.:

00006773

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909MH1995PTC090024	Ceraflux India Private Limited	Director	28-06-95	28-06-95	-	Active	NO
2	U27203PN2005PTC020618	Altech Alloys India Private Limited	Director	25-04-05	25-04-05	-	Active	NO
3	U24119PN2005PTC021507	Thermochem Processes Private Limited	Director	29-09-10	14-11-09	-	Active	NO

Name :

Mr. Sanjeev Purushottam Tungatkar

Designation :

Director

Address :

C 5, Jayant Residency, Mali Colony Takala, Kolhapur – 416008, Maharashtra, India

Date of Birth/Age :

13.04.1962

Date of Appointment :

28.06.1995

DIN No.:

00006770

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909MH1995PTC090024	Ceraflux India Private Limited	Director	28-06-95	28-06-95	-	Active	NO
2	U27203PN2005PTC020618	Altech Alloys India Private Limited	Director	25-04-05	25-04-05	-	Active	NO
3	U24119PN2005PTC021507	Thermochem Processes Private Limited	Director	29-09-10	14-11-09	-	Active	NO

Name :

Mr. Vilas Balasaheb Jadhav

Designation :

Director

Address :

C S 380/2A, E Ward, C – 5, Jayant Residency, Mali Colony, Takala, Kolhapur, Maharashtra

Date of Birth/Age :

31.03.1956

Date of Appointment :

01.07.1999

DIN No.:

00008086

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909MH1995PTC090024	Ceraflux India Private Limited	Director	01-07-99	01-07-99	-	Active	NO
2	U27203PN2005PTC020618	Altech Alloys India Private Limited	Director	25-04-05	25-04-05	-	Active	NO
3	U24119PN2005PTC021507	Thermochem Processes Private Limited	Director	29-09-10	14-11-09	-	Active	NO

Name :

Mr. Satish Rajiv Kadukar

Designation :

Director

Address :

Flat No. F / 4, S No. 559/1, Narayan Vihar, D. R. Bhosale Nagar, Kolhapur, Maharashtra

Date of Birth/Age :

16.03.1969

Date of Appointment :

14.01.2004

DIN No.:

00006764

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909MH1995PTC090024	Ceraflux India Private Limited	Director	14-01-04	14-01-04	-	Active	NO
2	U27203PN2005PTC020618	Altech Alloys India Private Limited	Director	25-04-05	25-04-05	-	Active	NO
3	U24119PN2005PTC021507	Thermochem Processes Private Limited	Director	29-09-07	01-06-07	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Uday
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.08.2011

Names of Shareholders	No. of Shares
Sajeev Tungatkar	540014
Uday Thite	537821
Vilas Jadhav	147534
Satish Kadukar	249905
Arvind Gosavi	1
Vasant P Tapaswi	3
Sanjiwani Avchat	3
Snehmaee Bhonde	3
Sushila Thakar	1
Shivaji Gund	3
Shashikant Purandare	3
Balkrishna Tungatkar	3
Nitin Kadam	150
Abhijit Taralkar	150
Rahul Tungatkar	150
Uday Nigade	150
Gopal Bhawar	150
Sameer Kumar Ghosh	150
Jayany Jadhav	150
Amar Gharmode	150
Rajeshkumar Ghosh	2
Swati Awate	2
Maitrayie Kajarekar	1
Vrinda Gosavi	1
Ramesh Wadhawani	50
Noori Wadhawani	50
Heena Wadhawani	50
Sunanda Khare	1
Rajendra Rajguru	1
Chetan Mantri	1
Vaishali Mantri	1
Uddhav Sankpal	150
TOTAL	1476804

Equity Share Break up (Percentage of Total Equity)

As on 18.08.2011

Category	Percentage
Directors or relatives of Directors	99.90
Other top fifty shareholders	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Ceramic Fluxes, Foundry Chemicals etc.

Products :

Item Description	Item Code No.
Foundry Flux / Chemicals	3824400090
Article of Cement	68114090
Plaster Unwrought Aluminium	76012090

Exports :

Products :

Ceramic Fluxes

Countries :

• USA
• Sri Lanka
• Bangladesh

Imports :

Products :

Raw Material

Countries :

• China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Shree Niwas Chemicals

Customers :

Wholesalers, Retailers

Nalco

Ferro Industries

• Ghatge Patil Industries Limited
• Punjab Tractors Limited
• Shri Ram Foundry Limited
• Saroj Iron Industries Private Limited
• Mantri Mettalics Private Limited
• Marvelous Metals Private Limited
• Menon and Menon Limited
• Kirloskar Brothers Limited
• Mayura Steels Private Limited

Non Ferrous Industries

• Hindallo Industries Limited
• National Aluminium Company Limited
• Bharat Aluminium Company Limited
• Madras Aluminium Company Limited
• Jindal Aluminium Limited
• Meta Copper Limited
• Meta Copper Limited
• Sundaram Clayton Limited
• Banco Aluminium Limited
• Tata Motors Limited
• Kirloskar Oil engines Limited
• Federal Mogal Goetze India Limited
• Menon Piston Limited
• Varun Aluminium Industries Limited
• Jayhind Industries Limited
• Apar Ltd. Sterlite Industries Limited
• Hiren Industries Limited
• India Pistons Limited

No. of Employees :

150 Approximately (In office + In factory)

Bankers :

• Janata Sahakari Bank Limited Pune, Kolhapur Branch, 1436, C Ward, Laxmipuri, Kolhapur – 416002, Maharashtra, India
• HDFC Bank Limited
• State Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan
Term Loan From HDFC Bank Limited (Secured by hypothecation of Vehicles	87.500	1.082
Term Loan From State Bank of India (Secured by Equitable Mortgage of Building and Plant and Machinery)		23.778
Cash Credit Loan		0.000
State Bank of India (Secured by hypothecation of stock and book debts)		43.138
Total	87.500	67.998
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholders/ Director and Relatives	3.920	1.730
Total	3.920	1.730

Banking Relations :	--
Auditors :
Name :	Ramesh Chandra Tatoba Chaugule Chartered Accountant
Address :	Kunte and Chagule, Ayodhya Towers, Building No.1, Dabholkar Corner, Station Road, Kolhapur – 416001, Maharashtra, India
PAN.:	AALPC7614F
Sister Concern :	Ultec Alloys India Private Limited
Membership :	Institute of Indian Foundrymen, M.C.C.IA., Aluminium Association of India National Chemical Laboratory, CHEMEXIL Alucast

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1476804	Equity Shares	Rs.10/- each	Rs. 14.768 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		14.768	13.268	8.836
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		45.746	33.111	29.295
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60.514	46.379	38.131
LOAN FUNDS
1] Secured Loans		87.500	67.998	51.479
2] Unsecured Loans		3.920	1.730	1.030
TOTAL BORROWING		91.420	69.728	52.509
DEFERRED TAX LIABILITIES		4.403	3.383	2.760
TOTAL		156.337	119.490	93.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.331	58.073	50.281
Capital work-in-progress		3.936	0.258	0.000
INVESTMENT		0.113	0.113	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.113
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.086	24.948	14.038
	Sundry Debtors	74.753	53.096	39.557
	Cash & Bank Balances	6.079	3.054	1.539
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.604	9.529	6.358
Total Current Assets		134.522	90.627	61.492
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		24.783	14.137
	Other Current Liabilities	41.964	3.751	2.648
	Provisions	1.601	1.047	1.701
Total Current Liabilities		43.565	29.581	18.486
Net Current Assets		90.957	61.046	43.006
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		156.337	119.490	93.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales (Net)	338.107	216.247	156.883
		Labour Charges	2.967	1.465
		Other Income	24.165	11.587
		TOTAL (A)	365.239	229.299	156.883 (Including Increase and Decrease in stock)
Less	EXPENSES
		Purchases	9.454	4.868	148.842
		Raw Material Consumed	231.802	139.468
		Manufacturing Expenses	53.709	34.754
		Administration and Selling Expenses	27.481	21.677
		Expenses on Employees	7.249	5.431
		Increase/ Decrease in Stock	(3.562)	(3.754)
		TOTAL (B)	326.133	202.444	148.842 (including financial charges)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.106	26.855
Less	FINANCIAL EXPENSES (D)		8.981	6.311
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.125	20.544	8.041
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.656	3.885	2.005
	PROFIT BEFORE TAX (E-F) (G)		26.469	16.659	6.036
Less	TAX (H)		9.192	8.824	0.481
	PROFIT AFTER TAX (G-H) (I)		17.277	10.835	5.555
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.021	2.483	0.114
Less	APPROPRIATIONS
		Interim Dividend	2.985	1.325	2.586
		Proposed Dividend Final	0.995	0.895	0.000
		Corporate Tax on Dividend	0.661	0.377	0.000
		Transfer to General Reserve	2.000	1.700	0.600
	BALANCE CARRIED TO THE B/S		19.657	9.021	2.483
	EARNINGS IN FOREIGN CURRENCY		NA	21.202	11.169
	IMPORTS
		Raw Materials	NA	10.532	4.479
		Resale	NA	2.763	4.267
	TOTAL IMPORTS		NA	13.295	8.746
	Earnings Per Share (Rs.)		11.70	8.17	6.29

Expected Sales (2011-2012): Rs.450.000 Millions

The above information has been parted by Mr. Uday (Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.73	4.73	3.54
Net Profit Margin (PBT/Sales)	(%)	7.83	7.70	NA
Return on Total Assets (PBT/Total Assets}	(%)	13.51	11.20	5.40
Return on Investment (ROI) (PBT/Networth)		0.44	0.36	0.16
Debt Equity Ratio (Total Liability/Networth)		2.23	2.14	1.86
Current Ratio (Current Asset/Current Liability)		3.09	3.06	3.33

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	NA	24.783	14.137

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	No
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

TRADE REFERENCES

• Nalco
• Shree Niwas Chemicals

FORM 8

Corporate identity number of the company	U51909MH1995PTC090024
Name of the company	CERAFLUX INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F – 59, MIDC, Gokul Shirgaon, Kolhapur – 410234, Maharasahtra, India Email : fin@ceraflux.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10310530
Type of charge	Immovable Property Any Interest in immovable Property
Particular of charge holder	Janata Sahakari Bank Limited Pune, Kolhapur Branch, 1436, C Ward, Laxmipuri, Kolhapur – 416002, Maharashtra, India Email : kolhapur@janatabankpune.com
Nature of instrument creating charge	A deed of hypothecation of plant and machinery / goods for hypothecating electrical furnace
Date of instrument Creating the charge	22.09.2011
Amount secured by the charge	Rs. 3.750 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 12.50% p.a Terms of Repayment : Repayable in 60 installments of Rs. 0.086 Millions each Margin: 25% Extent and operation of the charge : The charge shall remain in operation untill the full satisfaction of principle, interest, charges and other costs accrued thereon.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Electrical furnace
Particulars of the present modification	Hypothecation of electrical furnace of the company for securing a term loan (machinery) facility

FIXED ASSETS

• Land
• Factory Building
• Factory Shed New
• Office Building
• Plant and Machinery
• Electrical Installation
• Office Equipment
• Mould and Patterns
• Furniture
• Computer
• Vehicles
• 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.50.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

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	YES
--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.