MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	RESIL CHEMICALS PRIVATE LIMITED
Registered Office :	Unit No. 30, BCIE, Old Madras Road, Bangalore – 560016, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.04.1991
Com. Reg. No.:	18-041568
Capital Investment/ Paid-up Capital:	Rs.48.000 Millions
CIN No.: [Company Identification No.]	U51102KA1991PTC041568
TAN No.: [Tax Deduction & Collection Account No.]	CHER06503A
PAN No.: [Permanent Account No.]	AABCR2886H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporters and Importers of Chemicals, Finishing and Silicones for the Textile Industry
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1261000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are fair. Financial position of the company appears to be sound. Business is active. Payments are reported to be usually correct and as per commitment. 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 :	Unit No. 30, BCIE, Old Madras Road, Bangalore – 560016, Karnataka, India
Tel. No.:	Not Available
Fax No.:	91-80-28512054
E-Mail :	bangalore@resil.com vinay@resil.com
Website :	www.resil.com
Corporate Office :	No.28 and 30, BCIE, Old Madras Road, Bangalore -560016, Karnataka, India
Tel. No.:	91-80-43486100
Fax No.:	91-80-28512054
Marketing and Customer Support:	No.40 Graudacharpalya, Goshala Road, Mahavepur Post, Bangalore -560048, Karnataka, India
Tel. No.:	91-80-43486200
Fax No.:	91-80-28512475
E-Mail :	contact@resil.com
Factory :	Ø 101 Adbe villa, 1^st floor, Plot No. 99, Near Char Police Station SV Road, Khar West, Mumbai – 400052, Maharashtra, India Fax No. : 91-2256777351 Email : marketing@resil.com Ø Plot No. 6, Ranjit Towers, Pakhowal Road, Pakhowal Road, Ludhiana – 141002, Punjab, India Email : marketing@resil.com Ø #40, Garudacharpalya, Goshala Road, Mahadevpura Post, Bangalore- 560048, Karnataka, India Tel No. : 91-80-4348 6200 Fax NO. : 91-80-28512475/ 28512474 Email : contactus@resil.com Ø 108, Nutan Road Hous, B/4, Palanpur, Jakat Naka, Pal Road, Surat – 395003, Gujarat, India Mobile No. : 91-9825304310 Fax No. :91-261-3095790 Email : marketing@resil.Com

DIRECTORS

As on 14.07.2011

Name :

Mr. Mohan Shankaranarayanan Madathedattu

Designation :

Managing director

Address :

22.04.1955

Date of Birth/Age :

18, Sunny Brookes, Sarjapur Road, Bangalore-560 035, Karnataka, India

Date of Appointment :

18.04.1991

Din No.:

01072454

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	U25199TN1977PTC007364	APEX RUBBER PRIVATE LIMITED	Director	17/08/1977	17/08/1977	-	Strike off	NO
2	U24114KA1991PTC041568	RESIL CHEMICALS PRIVATE LIMITED	Managing director	18/04/1991	18/04/1991	-	Active	NO
3	U24297KA2000PTC028270	EPSILON CHEMICALS PRIVATE LIMITED	Director	12/12/2000	12/12/2000	-	Strike off	NO
4	U24232KA2010PTC052322	N9 WORLD TECHNOLOGIES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO

Name :

Mr. Vijayan Shankaranarayanan Madathetu

Designation :

Managing Director

Address :

T – 303, Ferns Court, No. 34, Viviani Road, Richards Town, Bangalore - 560 005, Karnataka, India

Date of Birth/Age :

30.03.1957

Date of Appointment :

18.04.1991

Din No.:

01072385

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	U25199TN1977PTC007364	APEX RUBBER PRIVATE LIMITED	Director	17/08/1977	17/08/1977	-	Strike off	NO
2	U24114KA1991PTC041568	RESIL CHEMICALS PRIVATE LIMITED	Managing director	18/04/1991	18/04/1991	-	Active	NO
3	U24297KA2000PTC028270	EPSILON CHEMICALS PRIVATE LIMITED	Director	12/12/2000	12/12/2000	-	Strike off	NO
4	U24232KA2010PTC052322	N9 WORLD TECHNOLOGIES PRIVATE LIMITED	Managing director	14/04/2010	29/01/2010	-	Active	NO

Name :

Mr. Sukumar Kunneth

Designation :

Director

Address :

No.22, Villa Del Mar, Sarjapura Road, Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

09.05.1935

Date of Appointment :

31.03.2003

Din No.:

00313896

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	U24114KA1991PTC041568	RESIL CHEMICALS PRIVATE LIMITED	Director	15/11/2002	15/11/2002	-	Active	NO
2	U45203KA2007PTC044599	SANA ESTATES & PROJECTS INDIA PRIVATE LIMITED	Director	6/12/2007	6/12/2007	-	Active	NO
3	U24232KA2010PTC052322	N9 WORLD TECHNOLOGIES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO

Name :

Mr. Rajeev Kizhakekanjirakatu Thangappannair

Designation :

Whole-time director

Address :

Flat No. C1-282, Sobha Hibiscus, Outer Ring Road, Belandur Sarjapur Road, Bangalore-560 103, Karnataka, India

Date of Birth/Age :

28.05.1957

Date of Appointment :

31.03.2003

Din No.:

01591008

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	U24297KA2000PTC028270	EPSILON CHEMICALS PRIVATE LIMITED	Whole-time director	30/09/2009	10/7/2001	-	Strike off	NO
2	U24114KA1991PTC041568	RESIL CHEMICALS PRIVATE LIMITED	Whole-time director	14/07/2011	31/03/2003	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.07.2011

Names of Shareholders	No. of Shares
Mr. Mohan Shankaranarayanan Madathedattu	1920000
Mr. Vijayan Shankaranarayanan Madathetu	1920000

As on 14.07.2011

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Exporters and Importers of Chemicals, Finishing and Silicones for the Textile Industry

Products :

Item Code No.	Product Description
319307000X	Textile Finishing Agent

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank Of India, Specialised Commercial Branch, Krishi Bhavan, First Floor, Hudson Circle, Bangalore – 560001, Karnataka, India

Facilities :

Rs. in Millions

SECURED LOAN	31.03.2011	31.03.2010
Loans from bank	59.231	42.200
Working capital loans	58.963	77.106
Term loans* [Amount repayable within one year Rs.0.018 Millions] (Secured by way of hypothecation of inventories, book debts and plant & machinery and by quotable mortgage of land and buildings of the company at K.R Puram and Bommasandra Industrial Estate and equitable mortgage of residential houses owned by the Company, Directors and their relatives and further by personal guarantees of the Directors and a relative of the Directors)
Loans from others
Vehicle Loans [Amount repayable within one year Rs.0.002 Millions ] (Secured by hypothecation of vehicles) (Registration of charges pending)	5.167	4.204
Total	123.361	123.510
UNSECURED LOAN	31.03.2011	31.03.2010
From others	1.100	1.100

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	887, 11^th Main, 4^th Cross Hal, 2^nd Stage, Bangalore – 560038, Karnataka, India
Pan No:	AABFV9555E
Associates/Subsidiaries :	N9 World Technologies Private Limited CIN No.:24232KA2010TC082322

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4800000	Equity Share	Rs.10/- each	Rs.48.000 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		48.000	48.000	18.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		267.312	192.426	158.336
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		315.312	240.426	176.336
LOAN FUNDS
1] Secured Loans		123.361	123.510	73.139
2] Unsecured Loans		1.100	1.100	1.100
TOTAL BORROWING		124.461	124.610	74.239
DEFERRED TAX LIABILITIES		7.393	6.434	5.332
TOTAL		447.166	371.470	255.907
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		227.478	202.030	71.317
Capital work-in-progress		2.876	4.389	36.996
Expenditure during construction period		0.000	0.000	9.108
INVESTMENT		3.810	1.750	0.335
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.568	115.930	58.200
	Assets held for disposal	0.000	0.000	1.225
	Sundry Debtors	195.042	187.268	161.206
	Cash & Bank Balances	12.257	10.059	14.061
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	44.924	32.993	29.667
Total Current Assets		369.791	346.250	264.359
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	75.776	97.595	84.550
	Other Current Liabilities	58.242	55.251	23.592
	Provisions	22.771	30.103	18.066
Total Current Liabilities		156.789	182.949	126.208
Net Current Assets		213.002	163.301	138.151
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		447.166	371.470	255.907

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		800.836	723.200	554.000
Less	TOTAL EXPENDIUTRE		655.923	567.500	470.900
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		Including Interest and Deprecation	155.700	83.100
Less	FINANCIAL EXPENSES (D)			8.800	10.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			146.900	72.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)			7.600	7.200
	PROFIT BEFORE TAX (E-F) (G)		144.913	139.300	65.300
Less	TAX (H)		43.149	47.100	25.800
	PROFIT AFTER TAX (G-H) (I)		101.764	92.200	39.500
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	9.500	3.900
	BALANCE CARRIED TO THE B/S		101.764	82.700	35.600
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	39.881	32.549
	TOTAL EARNINGS		NA	39.881	32.549
	IMPORTS
		Raw Materials	NA	33.692	37.838
	TOTAL IMPORTS		NA	33.692	37.838
	Earnings Per Share (Rs.)		21.70	19.20	21.89

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.70	12.75	7.13
Return on Total Assets (PBT/Total Assets}	(%)	24.26	25.41	7.69
Return on Investment (ROI) (PBT/Networth)		0.45	0.58	0.37
Debt Equity Ratio (Total Liability/Networth)		0.89	1.28	1.13
Current Ratio (Current Asset/Current Liability)		2.36	1.89	2.09

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	No
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Fixed Assets:

• Land
• Leasehold Improvements
• Buildings
• R and D Assets
• Furniture and Fixtures
• Computer
• Office Equipment
• Vehicles
• Plant and Machinery
• Lab Equipments
• Electrical Fittings

Intangible Assets

• Software

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.54.88
UK Pound	1	Rs.86.47
Euro	1	Rs.69.49

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		47

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.