MIRA INFORM REPORT

Report Date :

06.11.2012

Summary Information

		Country	India
Company Name	DEVANSH CHEMICALS PRIVATE LIMITED	Principal Name 1	Mr. Arun Gupta
Status	Satisfactory	Principal Name 2	Mr. Lokesh Kumar Arora
		Registration #	55-200801
Street Address	1/147, Kunti Marg, Gali No. - 1,Vishwas Nagar, Shahdara, Delhi – 110032, India
Established Date	26.03.2010	SIC Code	--
Telephone#	91-11-22383294	Business Style 1	Trader
Fax #	Not Available	Business Style 2
Homepage	--	Product Name 1	PVC Pipes
# of employees	Not Available	Product Name 2	PVC Garden Pipes
Paid up capital	Rs.8,129,700/-	Product Name 3	Rigid PVC Pipes
Shareholders	Directors or relatives of Directors –100.00%	Banking	Vijaya Bank
Public Limited Corp.	No	Business Period	2 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	91,803,000	Current Liabilities	43,771,000
Inventories	17,179,000	Long-term Liabilities	13,964,000
Fixed Assets	160,000	Other Liabilities	4,000
Deferred Assets	0,000	Total Liabilities	57,739,000
Invest& other Assets	0,000	Retained Earnings	43,273,000
		Net Worth	51,403,000
Total Assets	109,142,000	Total Liab. & Equity	109,142,000
Total Assets (Previous Year)	49,953,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	590,329,000	Net Profit	1,452,000
Sales(Previous yr)	381,484,000	Net Profit(Prev.yr)	757,000

IDENTIFICATION DETAILS

Name :	DEVANSH CHEMICALS PRIVATE LIMITED

Registered Office :	1/147, Kunti Marg, Gali No. - 1,Vishwas Nagar, Shahdara, Delhi – 110032

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	26.03.2010

Com. Reg. No.:	55-200801

Capital Investment / Paid-up Capital :	Rs.8.130 Millions

CIN No.: [Company Identification No.]	U24233DL2010PTC200801

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of PVC Pipes, PVC Garden Pipes, Rigid PVC Pipes, PVC Casing Pipe, PVC Conduit Pipe.

No. of Employees :	Not Available

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 200000

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 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

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

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 :	1/147, Kunti Marg, Gali No. - 1,Vishwas Nagar, Shahdara, Delhi – 110032, India
Tel. No.:	91-11-22383294
Mobile No.:	91-9811445429 (Mr. Arun Gupta)
Fax No.:	Not Available
E-Mail :	jkmanocha@yahoo.com

DIRECTORS

As on 10.09.2011

Name :	Mr. Arun Gupta
Designation :	Director
Address :	H. No. 1/1884, Mansarver Park, New Modern Shahdara, Delhi – 110032, India
Date of Birth/Age :	26.07.1981
Date of Appointment :	26.03.2010
DIN No.:	02969103

Name :	Mr. Lokesh Kumar Arora
Designation :	Director
Address :	75, South Anarkali, Delhi – 110051, India
Date of Birth/Age :	25.10.1969
Date of Appointment :	26.03.2010
DIN No.:	02972431

Name :	Mrs. Teena Gupta
Designation :	Director
Address :	H. No. 1/1884, Mansarver Park, New Modern Shahdara, Delhi – 110032, India
Date of Birth/Age :	13.03.1980
Date of Appointment :	26.03.2010
DIN No.:	02969151

Name :	Mr. Bharti Arora
Designation :	Director
Address :	House No -75, Street No – 31, Krishna Nagar, South Anarkali, Delhi – 110051, India
Date of Birth/Age :	21.12.1971
Date of Appointment :	26.03.2010
DIN No.:	02972426

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2011

Names of Shareholders		No. of Shares
Arun Gupta		83258
Lokesh Kumar Arora		241742
Teena Gupta		12500
Bharti Arora		12500
Total		350000

As on 10.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of PVC Pipes, PVC Garden Pipes, Rigid PVC Pipes, PVC Casing Pipe, PVC Conduit Pipe.

GENERAL INFORMATION

Suppliers :

· K.R. Computer

· LG Chem Limited

· Nikhil Cable

· Unison Overseas

No. of Employees :

Not Available

Bankers :

Vijaya Bank, Loni Road Branch, New Delhi - 110032, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Vijaya Bank	8.396	0.000
Total	8.396	0.000

Unsecured Loan	As on 31.03.2012	As on 31.03.2011

Arun Gupta		6.419
Bharti Aroa		7.206
Lokesh Kumar Arora	5.568	0.241
Sudesh Rani Arora		2.149
Teena Gupta		0.704
Yogesh Kumar Arora		4.326
Total	5.568	21.045


Banking Relations :	--

Auditors :
Name :	J.K Manocha and Associates Chartered Accountants
Address :	27/55, Street No. 8, Vishwas Nagar, Shahdara, Delhi – 110032, India
PAN.:	AGDPM0903B

CAPITAL STRUCTURE

As on 27.09.2012

Authorised Capital : Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.9.130 Millions

As on 31.03.2012

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

812970	Equity Shares	Rs.10/- each	Rs. 8.130 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		8.130	3.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		43.273	5.996
4] (Accumulated Losses)		0.000	0.000
NETWORTH		51.403	9.496
LOAN FUNDS
1] Secured Loans		8.396	0.000
2] Unsecured Loans		5.568	21.045
TOTAL BORROWING		13.964	21.045
DEFERRED TAX LIABILITIES		0.004	0.006

TOTAL		65.371	30.547

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.160	0.219
Capital work-in-progress		0.00	0.000

INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.179	17.570
	Sundry Debtors	70.980	20.632
	Cash & Bank Balances	18.345	5.656
	Other Current Assets	0.112	0.149
	Loans & Advances	2.366	5.727
Total Current Assets		108.982	49.734
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.884	18.976
	Other Current Liabilities	0.887	0.430
	Provisions	0.000	0.000
Total Current Liabilities		43.771	19.406
Net Current Assets		65.211	30.328

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		65.371	30.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	590.329	381.484
		Other Income	0.779	0.428
		TOTAL (A)	591.108	381.912

Less	EXPENSES
		Office Expenses
		Administrative Expenses	584.976	378.190
		Advertising Expenses
		TOTAL (B)	584.976	378.190

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.132	3.722

Less	FINANCIAL EXPENSES (D)		3.965	2.614

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.167	1.108

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.059	0.020

	PROFIT BEFORE TAX (E-F) (G)		2.108	1.088

Less	TAX (H)		0.656	0.331

	PROFIT AFTER TAX (G-H) (I)		1.452	0.757

	Earnings Per Share (Rs.)		1.79	2.15

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	0.25	0.20

Net Profit Margin (PBT/Sales)	(%)	0.36	0.29

Return on Total Assets (PBT/Total Assets}	(%)	1.93	2.18

Return on Investment (ROI) (PBT/Networth)		0.04	0.11

Debt Equity Ratio (Total Liability/Networth)		1.12	4.26

Current Ratio (Current Asset/Current Liability)		2.49	2.56

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	No
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 two 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	Yes
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	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24233DL2010PTC200801
Name of the company	DEVANSH CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1/147, Kunti Marg, Gali No. - 1,Vishwas Nagar, Shahdara, Delhi – 110032, India jkmanocha@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10264781
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Vijaya Bank, Loni Road Branch, New Delhi - 110032, India del.loniroad6022@vijayabank.co.in
Nature of instrument creating charge	Charge documents dated 20.08.2011
Date of instrument Creating the charge	20.08.2011
Amount secured by the charge	Rs.90.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+5.00% i.e. 15.65% at present Terms of Repayment Repayment on demand Margin ON STOCK 25% ON BOOK DEBTS 50% FLC CASH MARGIN 20% Extent and Operation of the charge Modification of charge id 10264781 on enhancement of limit
Short particulars of the property or asset(s) charged (including complete address and location of the property)	75, South Anarkali Som Bazar Gali No 13 V. Khureji Khas Delhi - 110051 residential property (140sqyards) owned by Lokesh Arora 1/147 Kunti Marg Vishwas Nagar Shahdra Delhi-110032 constructed property 50sqyards owned by Bharti Arora w/o Lokesh Arora 1/2080 Plot No 56 Ram Nagar Shahdra Delhi-110032 residential property 200 sq yards owned by Mr. Arun Gupta and Mr. Loveen Gupta s/o Mr.. R K Gupta 43. FCGECHBS Limited, Surya Niketan Vikas Marg Shahdra Delhi-110092 229.17 sq yards residential property owned by Mr. R K Gupta
Particulars of the present modification	Rs. In Millions Particulars Existing Limit Modified Limit CCH 5.500 10.000 FLC 50.000 80.000

FIXED ASSETS

· Machinery

· Furniture and Fixtures

· Computer

· Scooter

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.54.08
UK Pound	1	Rs.86.69
Euro	1	Rs.69.37

INFORMATION DETAILS

Report Prepared by :

NTH

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	NO
--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.

MIRA INFORM REPORT

17.179

70.980

18.345

0.112

2.366

108.982

42.884

0.887

0.000

43.771

65.211

Unit