MIRA INFORM REPORT

Report Date :

03.11.2012

1. Summary Information

		Country	India
Company Name	AKIN CHEMICALS PRIVATE LIMITED	Principal Name 1	Mr. Sevantilal Jivanlal Parekh
Status	Satisfactory	Principal Name 2	Mr. Vishal Vinod Somani
		Registration #	11-109677
Street Address	Jash Chambers, 5^th Floor, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India
Established Date	29.07.1997	SIC Code	--
Telephone#	91-22-22660015	Business Style 1	Trader
Fax #	91-22-22666962	Business Style 2	--
Homepage	http://www.akinchemicals.com	Product Name 1	Chemical
# of employees	255 (Approximately	Product Name 2	Solvents
Paid up capital	Rs. 2,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors (100%)	Banking	ICICI Bank Limited
Public Limited Corp.	NO	Business Period	15 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	620,692,000	Current Liabilities	422,180,000
Inventories	61,884,000	Long-term Liabilities	125,043,000
Fixed Assets	15,123,000	Other Liabilities	28,399,000
Deferred Assets	309,000	Total Liabilities	575,622,000
Invest& other Assets	319,000	Retained Earnings	120,705,000
		Net Worth	122,705,000
Total Assets	698,327,000	Total Liab. & Equity	698,327,000
Total Assets (Previous Year)	401,499,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	--	Net Profit	28,573,000
Sales(Previous yr)	1249,250,000	Net Profit(Prev.yr)	26,754,000

IDENTIFICATION DETAILS

Name :	AKIN CHEMICALS PRIVATE LIMITED
Registered Office :	Jash Chambers, 5^th Floor, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.07.1997
Com. Reg. No.:	11-109677
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U51496MH1997PTC109677
TAN No.: [Tax Deduction & Collection Account No.]	MUMA19270G
PAN No.: [Permanent Account No.]	AACCA4152E
Legal Form :	Private limited Liability Company.
Line of Business :	Trader of Chemical and Solvents.
No. of Employees :	255 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 490000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of the Akin Group. It was established as a partnership firm during 1971 as ‘Shree Trading Corporation’ and during 1997 it got converted into a private limited company. It is having satisfactory track. It has diversified clientele base. Trade relations are reported as decent. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+(Long Term Rating)
Rating Explanation	Moderate risk of default
Date	10.10.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Jash Chambers, 5^th Floor, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22660015 / 40985000 / 22612156
Fax No.:	91-22-22666962 / 22666973 / 40985005 / 40985050
E-Mail :	om.bang@akinchemicals.com info@akinchemicals.com
Website :	http://www.akinchemicals.com
Area :	3500 Sq. ft
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sevantilal Jivanlal Parekh
Designation :	Director
Address :	Bhartiya Bhavan, 5^th Floor, 72, Marine Drive, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	21.07.1932
Date of Appointment :	23.04.2003
DIN No.:	00010767

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70101MH1962PTC012323	SHYAM ESTATES PRIVATE LIMITED	Director	12/04/1962	12/04/1962	-	Active	NO
2	U65990MH1962PTC012356	FISALCON PRIVATE LIMITED	Director	18/05/1962	18/05/1962	-	Active	NO
3	U45200MH1970PLC012966	SHREE NIRMAL COMMERCIAL LIMITED	Director	13/08/1970	13/08/1970	-	Active	NO
4	U63022GJ1947PTC000286	AHMEDABAD ICE AND COLD STORAGE PRIVATE LIMITED	Director	07/05/1971	07/05/1971	01/11/2011	Active	NO
5	U24110MH1971PTC171672	SHYAM CHEMICALS PRIVATE LIMITED	Director	07/05/1971	07/05/1971	-	Active	NO
6	U37100MH1984PTC034250	UNI RECYCLER PRIVATE LIMITED	Director	11/10/1984	11/10/1984	-	Active	NO
7	U27200MH1985PTC035691	VENTURE ROCYCLERS AND HOLDINGS PRIVATE LIMITED	Director	21/05/1985	21/05/1985	-	Active	NO
8	L28100MH1968PLC014156	ORICON ENTERPRISES LIMITED	Director	13/08/1985	13/08/1985	-	Active	NO
9	U24298MH1987PTC042601	MODERN SALT WORKS PRIVATE LIMITED	Director	05/03/1987	05/03/1987	14/10/2011	Active	NO
10	U74210MH1982PTC028606	SUPER MARKETING SERVICES PRIVATE LIMITED	Director	10/04/1990	10/04/1990	01/03/2012	Active	NO
11	U22219MH1920PLC000697	G CLARIDGE AND COMPANY LIMITED	Director	30/11/1990	30/11/1990	-	Active	NO
12	U67120MH1994PTC078483	BLUE-NILE FINVEST PRIVATE LIMITED	Director	01/09/1994	01/09/1994	28/11/2011	Active	NO
13	U45200MH1990PTC058161	MASCOT CONSTRUCTIONS PRIVATE LIMITED	Director	01/03/1998	01/03/1998	-	Active	NO
14	U55200MH1968PLC013933	THE DUKES RETREAT LIMITED	Director	08/03/1998	08/03/1998	-	Active	NO
15	U25206MH1998PLC113694	CLARIDGE MOULDED FIBRE LIMITED	Director	06/04/1998	06/04/1998	09/11/2011	Active	NO
16	U35301MH1999PLC122386	SHINRAI AUTO SERVICES LIMITED	Director	26/10/1999	26/10/1999	-	Active	NO
17	U65990MH2000PTC129186	BENCHMARK ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/10/2000	16/10/2000	24/11/2011	Active	NO
18	U35110MH1952PLC009445	UNITED SHIPPERS LIMITED	Managing director	01/11/2011	01/04/2003	-	Active	NO
19	U51496MH1997PTC109677	AKIN CHEMICALS PRIVATE LIMITED	Director	23/04/2003	23/04/2003	-	Active	NO
20	U50103MH2004PLC149394	USL AUTO SERVICES LIMITED	Director	04/11/2004	04/11/2004	-	Active	NO
21	U70100MH2005PLC153538	DHARAMTAR INFRASTRUCTURE LIMITED	Director	26/05/2005	26/05/2005	-	Active	NO
22	U63010MH2006PLC158655	USL NMM LOGISTICS LIMITED	Director	05/01/2006	05/01/2006	-	Active	NO
23	U60231RJ1946PTC000371	THE UNITED MERCANTILE COMPANY PRIVATE LIMITED	Director	05/05/2006	05/05/2006	-	Active	NO
24	L11200MH2005PLC154793	GREAT OFFSHORE LIMITED	Additional director	16/10/2006	16/10/2006	20/11/2008	Active	NO
25	U29299GJ1962PTC001143	FAIR FREEZE INDUSTRIES PRIVATE LIMITED	Director	07/05/2007	07/05/2007	-	Strike off	NO
26	U01409MH2007PTC172033	ELIAN AGRICULTURAL HOLDINGS AND SERVICES PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Strike off	NO
27	U65990MH1990PTC056450	PRACTICAL FINANCIAL SERVICES PRIVATE LIMITED	Director	11/08/2008	16/11/2007	-	Active	NO
28	U92411MH1933PLC002813	THE CRICKET CLUB OF INDIA LIMITED	Director	27/12/2007	27/12/2007	-	Active	NO
29	U63012MH2006PLC162952	CGU LOGISTIC LIMITED	Director appointed in casual vacancy	18/12/2008	18/12/2008	-	Active	NO
30	U74900MH2007PLC174107	USL PACKAGING LIMITED	Director	30/09/2009	09/01/2009	-	Active	NO
31	U51430MH2008PTC178376	DHARAMTAR CEMENT PRIVATE LIMITED	Director	30/09/2009	29/01/2009	-	Active	NO
32	U51900MH1982PTC027365	MORGANITE TRADING COMPANY PRIVATE LIMITED	Director	29/09/2009	01/06/2009	-	Active	NO
33	U29260GJ1996PTC054866	KUSTERS CALICO MACHINERY PRIVATE LIMITED	Director	13/08/2009	13/08/2009	-	Active	NO
34	U74999MH2010PLC202450	SUJAN AND AKIN INTERTANK TERMINAL LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO

Name :	Mr. Vishal Vinod Somani
Designation :	Director
Address :	Bharti Bhavan, 1^st Floor, Flat No. 5, 72, N. S. Road, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	13.07.1976
Date of Appointment :	23.04.2003
DIN No.:	00182426

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51900MH1951PTC008377	VIKRAM TRADING COMPANY PRIVATE LIMITED	Director	16/08/2001	16/08/2001	Active	NO
2	U51496MH1997PTC109677	AKIN CHEMICALS PRIVATE LIMITED	Director	23/04/2003	23/04/2003	Active	NO

Name :	Mr. Rajesh Kumar Tapuriah
Designation :	Director
Address :	82, Sujata, Little Gibbs Road, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	06.01.1965
Date of Appointment :	01.07.1998
DIN No:	00203841

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74210MH1982PTC028606	SUPER MARKETING SERVICES PRIVATE LIMITED	Director	10/04/1990	10/04/1990	Active	NO
2	U24200MH1989PTC051145	TRADEBASE CHEMICALS PRIVATE LIMITED	Director	15/07/1990	15/07/1990	Active	NO
3	U17299WB1995PTC074350	INTER VERITAS PRIVATE LIMITED	Director	19/09/1995	19/09/1995	Active	NO
4	U51496MH1997PTC109677	AKIN CHEMICALS PRIVATE LIMITED	Director	01/07/1998	01/07/1998	Active	NO
5	U51909WB1991PTC053238	VAIKUNTH TRADING COMPANY PRIVATE LIMITED	Director	04/11/2004	04/11/2004	Active	NO
6	U24110MH1971PTC171672	SHYAM CHEMICALS PRIVATE LIMITED	Director	01/10/2005	01/10/2005	Active	NO
7	U74999MH2010PLC202450	SUJAN AND AKIN INTERTANK TERMINAL LIMITED	Director	27/04/2010	27/04/2010	Active	NO
8	U63000MH2011PTC220614	AKIN LOGISTICS AND SERVICES PRIVATE LIMITED	Director	06/08/2011	06/08/2011	Active	NO
9	U63022GJ1947PTC000286	AHMEDABAD ICE AND COLD STORAGE PRIVATE LIMITED	Director	01/11/2011	01/11/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sevantilal J. Parekh	12400
S N Somani HUF	12500
Vinodkumar Somani HUF	9375
Maheshkumar Somani HUF	200
Parekh S. Sarla and Parekh J. Sevantilal	37450
Ankit Somani and Somani Sharad	3750
Sharad Somani and Somani Poonam	2523
Somani Dushyant and Somani Mahesh	5000
Somani Manjushree and Somani Mahesh	375
Somani Mahesh and Somani Manjushree	3800
Tapuriah Smita and Tapuriah Rajeshkumar	15450
Kalyani Manjula and Kalyani S. K.	50
Tapuriah Indiradevi and Tapuriah Madanlal	2000
Tapuriah Madanlal and Tapuriah Indiradevi	5000
Tapuriah Madanlal and Tapuriah Indiradevi	5000
Aman B. P. and Samira Amin	50
Somani Manjushree and Somani Mahesh	5610
Vishal Somani and Garima Somani	5621
Sharad Somani and Somani Poonam	610
Poonam Somani and Sharad Somani	610
Ankit Somani and Somani Poonam	10000
Sujata Parekh and Sevantilal Jivanlal Parekh	10085
Tapuriah Indiradevi	12520
Rajesh Kumar Tapuriah	12400
Tapuriah Smita	5000
Madanlal Tapuriah HUF	60
Tapuriah Smita and Manjushree Somani	49
Rajesh Kumar Tapuriah and Somani Manjushree	1
Mahesh Somani and Dushyant Somani	11
Vaikunth Trading Company Private Limited, India	22500
TOTAL	200000

AS ON 30.09.2011

Names of Allottees	No. of Shares
Shree Narain Somani	195000
Vishal Somani and Garima Somani and Ranjana Somani	97500
Manjushree Somani and Mahesh Somani	10000
Mahesh Somani HUF	20000
Dushyant Somani and Mahesh Somani	20000
Mahesh Somani	44500
Puja Somani and Dushyant Somani	2500
Dushyant Somani HUF	500
Sujata Parekh Kumar and and Sevantilal J Parekh	130000
Sevantilal J Parekh	130000
Sarla S Parekh and Sevantilal J Parekh	130000
Indiradevi Tapuriah	275000
Vaikunth Trading Company Private Limited, India	160000
Interveritas Private Limited, India	65000
Smita Tapuriah	20000
TOTAL	1300000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Trader of Chemical and Solvents.
Products :	· Alcohols · Monomers · Olefins · Aliphatic Solvents · Chlorinated Solvents · Plasticizers · Ketones · Esters · Hydrocarbons · Glycol Ethers · Aromatic · Acids · Other Chemicals

GENERAL INFORMATION

No. of Employees :

255 (Approximately)

Bankers :

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

· The Federal Bank Limited, Fort Branch, 32, Bombay Samachar Marg, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other debt secured	27.885	2.053
TOTAL	27.885	2.053
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other debt unsecured	97.158	64.892
TOTAL	97.158	64.892

Banking Relations :	--
Auditors :
Name :	S. G. Kabra and Company Chartered Accountant
Address :	Wavell House, 1^st Floor, 1^st Dhobi Talao Lane, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22010708 / 22004533
Fax No.:	91-22-22001497
E-Mail :	info@sgkabra.com
Website:	http://www.sgkabra.com
PAN No.:	AAVFS3106L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

AS ON 29.09.2012

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
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		120.705	92.832	66.780
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		122.705	94.832	68.780
LOAN FUNDS
1] Secured Loans		27.885	2.053	2.207
2] Unsecured Loans		97.158	64.892	68.691
TOTAL BORROWING		125.043	66.945	70.898
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		247.748	161.777	139.678
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.123	11.755	11.663
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.319	0.072	37.703
DEFERREX TAX ASSETS		0.309	0.188	0.100
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.884	97.567	3.652
	Sundry Debtors	491.086	192.588	147.191
	Cash & Bank Balances	99.119	65.383	38.662
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.487	33.946	27.085
Total Current Assets		682.576	389.484	216.590
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	422.180	203.443	96.201
	Other Current Liabilities	0.000	5.666	5.444
	Provisions	28.399	30.613	24.733
Total Current Liabilities		450.579	239.722	126.378
Net Current Assets		231.997	149.762	90.212
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		247.748	161.777	139.678

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	1249.250	1228.295
		Other Income		3.844	6.880
		TOTAL (A)	NA	1253.094	1235.175
Less	EXPENSES
		Cost of Goods Sold	NA	1108.393	1131.766
		Employees Remuneration and Benefits		13.474	8.567
		Administrative and Other Expenses		73.696	57.119
		TOTAL (B)	NA	1195.563	1197.452
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	57.531	37.723
Less	FINANCIAL EXPENSES (D)		NA	15.262	16.749
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	42.269	20.974
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	2.042	2.419
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		42.681	40.227	18.555
Less	TAX (H)		14.108	13.473	6.389
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		28.573	26.754	12.166
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	62.175	51.911
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	2.700	1.200
		Dividend	NA	0.600	0.600
		Tax on Dividend	NA	0.102	0.102
	BALANCE CARRIED TO THE B/S		NA	85.527	62.175
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	110.409
	Earnings Per Share (Rs.)		142.86	133.77	60.83

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.14	0.98
Net Profit Margin (PBT/Sales)	(%)	NA	3.22	1.51
Return on Total Assets (PBT/Total Assets}	(%)	6.11	10.03	8.13
Return on Investment (ROI) (PBT/Networth)		0.35	0.42	0.27
Debt Equity Ratio (Total Liability/Networth)		4.69	3.23	2.87
Current Ratio (Current Asset/Current Liability)		1.51	1.62	1.71

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
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 two 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 (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS

The Company’s performance during the year has been satisfactory.

FORM 8

Corporate identity number of the company	U51496MH1997PTC109677
Name of the company	AKIN CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Jash Chambers, 5^th Floor, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10283152
Type of charge	· Immovable property
Particular of charge holder	ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India
Nature of instrument creating charge	Vide Indenture of mortgage dated 29th June 2012 charge on immovable property at office premises situated at No. F 1C,5th Floor, Jash Chambers, P. M. Road, Fort, Mumbai ranking pari passu with Saraswat Cooperative Bank. has been modified to secure our enhanced working capital limits from Rs. 80 millions to Rs 180.000 millions
Date of instrument Creating the charge	26.06.2012
Amount secured by the charge	Rs. 180.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction terms Terms of repayment As per sanction terms Margin As per sanction terms Extent and operation of the charge Registered mortgage of office premises situated at No. F 1C, 5th Floor, Jash Chambers, P. M. Road, Fort, Mumbai owned by Akin Chemicals Private Limited of Rs. 23.000 millions ranking pari passu with Saraswat Cooperative Bank. Other As per sanction terms
Short particulars of the property charged (Including location of the property)	Office premises situated at No. F 1C, 5th Floor, Jash Chambers, P. M. Road, Fort, Mumbai owned by Akin Chemicals Private Limited of Rs. 23.000 millions ranking pari passu with Saraswat Cooperative Bank
Particulars of the present modification	Vide Indenture of mortgage dated 29th June 2012 charge on immovable property at office premises situated at No. F 1C,5th Floor, Jash Chambers, P. M. Road, Fort, Mumbai ranking pari passu with Saraswat Cooperative Bank. has been modified to secure their enhanced working capital limits from Rs. 80 millions to Rs 180.000 millions

FIXED ASSETS

· Office Premises

· Computer

· Motorcar

· Furniture and Fixture

· Fax Machine

· Xerox Machine

· Mobile Instruments

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 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. 53.66
UK Pound	1	Rs. 86.37
Euro	1	Rs. 69.24

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.