MIRA INFORM REPORT

Report Date :

21.05.2012

IDENTIFICATION DETAILS

Name :	LEO CHEMO PLAST PRIVATE LIMITED
Registered Office :	B-126, Ghatkopar Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai-400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.11.1994
Com. Reg. No.:	11-083143
Capital Investment / Paid-up Capital :	Rs. 10.000 millions
CIN No.: [Company Identification No.]	U24110MH1994PTC083143
TAN No.: [Tax Deduction and Collection Account No.]	MUML02256C
Legal Form :	Private Limited Liability Company
Line of Business :	Importer of Chemical Products.
No. of Employees :	28 (In office 20 and In branch 8) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 700000
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 :	B-126, Ghatkopar Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai-400086, Maharashtra, India
Tel. No.:	91-22-25008040 / 7941 / 7242 / 67969270 / 9271 / 9272 / 4027900
Fax No.:	91-22-25008356
E-Mail :	leochemo@bom5.vsnl.net.in info@leochemo.com prascs12@yahoo.co.in
Website :	http://www.leochemo.com
Area :	1700 sq. ft.
Location :	Owned
Warehouse :	A-11, Sadguru Complex No. 1, Rehnal Village, Taluka – Bhiwandi, District Thane – 421305, Maharashtra, India
Branch Office 1 :	Vyapar Bhavan, Mumbai, Maharashtra, India
Area :	10,000 sq. ft.
Location :	Owned
Branch Office 2:	Also Located At: · Vadodara

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Hitesh Chandulal Mehta
Designation :	Director
Address :	B-126, Ghatkopar Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai– 400 086, Maharashtra, India
Date of Birth/Age :	14.08.1958
Date of Appointment :	21.11.1994
DIN No.:	00228649
Name :	Mr. Sudhir Chandulal Mehta
Designation :	Director
Address :	B-126, Ghatkopar Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
Date of Birth/Age :	16.01.1967
Date of Appointment :	21.11.1994
DIN No.:	00228773

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sudhir C. Mehta	496000
Hitesh C. Mehta	496000
Chandulal J. Mehta	2000
Drushti H. Mehta	1000
Sachi H. Mehta	1000
Zeel S. Mehta	1000
Dhyey S. Mehta	1000
Beena H. Mehta	1000
Rupal S. Mehta	1000
Total	1000000

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 :	Importer of Chemical Products.
Products :	1-4 Butane Diol 1-6 Hexane Diol 2 Ethyl Hexanoic Acid 2 Ethyl Hexyl Acrylate (2EHA) 2-Hydroxyethyl Methacrylate Acetonitrile Acrylamide Acrylic Acid Adipic Acid Allyl Alcohol Allyl Chloride Amino Ethyl Ethanolamine Beta Naphthol Bisphenol-A Butylc Cellosolve

GENERAL INFORMATION

No. of Employees :

28 (In office 20 and In branch 8) (Approximately)

Bankers :

• Citi Bank, Trent Hose, 2^nd Floor, G Block, Plot No C60, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, Maharashtra, India
• ICICI Bank Limited
• HSBC Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans secured
Working capital loans banks secured	104.863	104.177
Other debt secured	0.000	0.061
Total	104.863	104.238
Notes: (A) ICICI Bank Limited - Cash Credit A/C 33.155 Millions HSBC Limited 29.118 Millions Citi Bank N.A. 42.589 Millions Total 104.863 Millions (B) ICICI Bank Limited - Cash Credit A/C 37.058 Millions HSBC Limited 28.108 Millions Citi Bank N.A. 39.010 Millions Total 104.177 Millions
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other Debts Unsecured	116.496	99.513
Total	116.496	99.513

Banking Relations :	--
Auditors :
Name :	Rasiklal Shah and Associates Chartered Accountants
Address :	412 Vypar Bhavan, 49 P D Mello Road, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23485314
Fax No.:	91-22-23485313
Pan No.: :	AAAFR4168A

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		165.905	137.782	115.399
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		175.905	147.782	125.399
LOAN FUNDS
1] Secured Loans		104.863	104.238	31.851
2] Unsecured Loans		116.496	99.513	78.032
TOTAL BORROWING		221.359	203.751	109.883
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		397.264	351.533	235.282
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.486	15.464	12.050
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.125	0.125	0.125
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	175.352	195.787	87.950
	Sundry Debtors	451.965	439.938	312.554
	Cash & Bank Balances	20.919	14.094	22.823
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	61.272	43.110	31.418
Total Current Assets		709.508	692.929	454.745
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	297.950	319.850	206.103
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	27.905	37.135	25.535
Total Current Liabilities		325.855	356.985	231.638
Net Current Assets		383.653	335.944	223.107
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		397.264	351.533	235.282

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	1359.356	1252.119
		Other Income		15.855	3.388
		TOTAL (A)	NA	1375.211	1255.507
Less	EXPENSES
		Cost of Goods Sold	NA	1234.685	1108.414
		Administrative Expenses		50.581	84.938
		Selling Expenses		43.787	41.507
		TOTAL (B)	NA	1329.053	1234.859
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			46.158	20.648
			NA
Less	FINANCIAL EXPENSES (D)			10.297	14.765
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			35.861	5.883
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	1.878	1.863
	PROFIT BEFORE TAX (E-F) (G)		43.022	33.983	4.020
Less	TAX (H)		14.500	11.600	1.805
	PROFIT AFTER TAX (G-H) (I)		28.522	22.383	2.215
Less	PROVISION FOR EARLIER YEAR WRITTEN OFF		0.000	0.000	0.017
Add	EXCESS PROVISION		0.053	0.000	0.000
Less	SHORT PROVISION		0.307	0.000	0.000
Less	SHORT REFUND RECEIVED		0.145	0.000	0.000
	PROFIT FOR THE YEAR		28.123	22.383	2.198
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		137.781	115.398	113.200
	BALANCE CARRIED TO THE B/S		165.904	137.781	115.398
	EARNINGS IN FOREIGN CURRENCY		2.338	4.981	5.700
	Earnings Per Share (Rs.)		28.52	22.38	2.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.63	0.18
Net Profit Margin (PBT/Sales)	(%)	NA	2.50	0.32
Return on Total Assets (PBT/Total Assets}	(%)	5.95	4.80	0.86
Return on Investment (ROI) (PBT/Networth)		0.24	0.23	0.03
Debt Equity Ratio (Total Liability/Networth)		3.11	3.79	2.72
Current Ratio (Current Asset/Current Liability)		2.18	1.94	1.96

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	Yes
8. No. of Employees	Yes
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	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

FORM 8

Corporate identity number of the company	U24110MH1994PTC083143
Name of the company	LEO CHEMO PLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-126, Ghatkopar Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	10085519
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Citi Bank, Trent Hose, 2^nd Floor, G Block, Plot No C60, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, Maharashtra, India
Email	vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Deed of Modification
Date of instrument Creating the charge	03.06.2010
Amount secured by the charge	Rs.70.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate as may be determined by the Citi bank N.A. from time to time Terms of Repayment On Demand Margin As may be stipulated by bank from time to time Extent and Operation of the charge The Borrower hypothecates to and in favour of the Bank on the current assets more particularly by way of first charge (on pari passu basis with ICICI Bank Limited and Citibank N.A.) as security for the repayment of Rs.170.000 Millions, together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the Company to the Citibank N.A.
Short particulars of the property charged	Hypothecation of first pari passu charge on the current assets of the Company both present and future.
Date of latest modification prior to the present modification	18.11.2008
Particulars of the present modification	Citibank N.A. has now increased the credit facilities from Rs.150.000 millions to Rs.107.000 millions

FIXED ASSETS

• Office Premises
• Furniture and Fixtures
• Telephone Instrument
• Photo Copy Machine
• Office Equipments
• Godown

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. 54.87
UK Pound	1	Rs. 86.46
Euro	1	Rs. 69.48

INFORMATION DETAILS

Information Gathered by :	DPT
Report Prepared by :	--

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.