MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	MEGHMANI FINECHEM LIMITED
Registered Office :	CH/1, CH/2, GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch - 392 130 Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.09.2007
Com. Reg. No.:	04-051717
Capital Investment / Paid-up Capital :	Rs.615.500 Millions
CIN No.: [Company Identification No.]	U24100GJ2007PLC051717
TAN No.: [Tax Deduction & Collection Account No.]	BRDM02927B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Basic Chemicals (Caustic Soda Lye).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 5300000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Meghmani Organics Limited. It is well established and a reputed company, directors are reported to be experienced. Company is having satisfactory track. But, there appears some accumulated loss recorded by the company. However, networth appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of strong holding company can be considered 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	CARE
Rating	BBB- (Long Term Bank Facilities)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	October, 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/ Factory :	CH/1, CH/2, GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch - 392 130 Gujarat, India
Tel. No.:	91-2642-256677
Fax No.:	Not Available
E-Mail :	kamlesh.mehta@meghmani.com helpdesk@meghmani.com
Website :	www.meghamani.com

DIRECTORS

As on 29.06.2012

Name :

Mr. Jayantibhai Meghjibhai Patel

Designation :

Director

Address :

“Kruti”, L-18/359, Satygrah Chhavani, Society, Satelite, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

01.03.1952

Date of Appointment :

11.09.2007

DIN No.:

00027224

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	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
2	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	01/04/2009	02/01/1995	-	Active	NO
3	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
4	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
5	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
6	U24119GJ2008PTC055152	MEGHMANI LABCHEM PRIVATE LIMITED	Director	01/10/2008	01/10/2008	29/01/2010	Active	NO
7	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO
8	U24100GJ2012PTC068558	TRIENCE SPECIALITY CHEMICALS PRIVATE LIMITED	Director	11/01/2012	11/01/2012	-	Active	NO

Name :

Mr. Ashishbhai Natawarlal Soparkar

Designation :

Director

Address :

L-13/246, Satygrah Chhavani, Society, Satelite, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

25.12.1952

Date of Appointment :

11.09.2007

DIN No.:

00027480

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	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
2	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	01/04/2009	02/01/1995	-	Active	NO
3	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Managing director	27/01/2000	27/01/2000	-	Active	NO
4	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
5	U92410GJ1973GAP002446	RAJPATH CLUB LIMITED	Additional director	15/02/2010	04/11/2006	30/09/2010	Active	NO
6	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
7	U24119GJ2008PTC055152	MEGHMANI LABCHEM PRIVATE LIMITED	Director	01/10/2008	01/10/2008	29/01/2010	Active	NO
8	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	18/08/2010	-	Active	NO
9	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Natwarlal Meghjibhai Patel

Designation :

Director

Address :

6 B ashok Vatika No.1 Opposite Ekta Farm, Bodkdev, Ahmedabad – 380 058, Gujarat, India

Date of Birth/Age :

01.06.1953

Date of Appointment :

11.09.2007

DIN No.:

00027540

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01/11/2011	22/02/1993	-	Active	NO
2	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	01/04/2009	02/01/1995	-	Active	NO
4	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	13/03/2008	21/07/1999	-	Active	NO
5	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
7	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
8	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
9	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	25/07/2008	25/07/2008	-	Active	NO
10	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2009	27/02/2009	-	Active	NO
11	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Rameshbhai Meghjibhai Patel

Designation :

Director

Address :

54, Shrinath Society B/h Manekbaug, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

01.06.1956

Date of Appointment :

11.09.2007

DIN No.:

00027637

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01/11/2011	22/02/1993	-	Active	NO
2	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	01/04/2009	02/01/1995	-	Active	NO
3	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	13/03/2008	21/07/1999	-	Active	NO
4	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12/09/2001	12/09/2001	-	Active	NO
5	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	17/09/2002	-	Active	NO
6	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
7	U45209GJ2005NPL046417	VATVA INDUSTRIAL ESTATE INFRASTRUCTURE DEVELOPMETN LIMITED	Director	13/07/2005	13/07/2005	-	Active	NO
8	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
9	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
10	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Anandbhai Ishwarbhai Patel

Designation :

Director

Address :

54, Shrinath Society B/h Manekbaug, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

07.09.1962

Date of Appointment :

11.09.2007

DIN No.:

00027836

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	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	01/04/2009	02/10/1995	-	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21/07/1999	21/07/1999	-	Active	NO
3	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12/09/2001	12/09/2001	-	Active	NO
4	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
5	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
6	U93090GJ2007NPL050142	NOVEL SPENT ACID MANAGEMENT	Director	02/03/2007	02/03/2007	-	Active	NO
7	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
8	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO
9	U90000GJ2012PTC069814	CLUSTER ENVIRO PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO

Name :

Mr. Chinubhai Ramanlal Shah

Designation :

Director

Address :

402, Heritage Residency, B/h Prahladnagar Garden, S.G. Highway, Ahemdabad – 380 015, Gujarat, India

Date of Birth/Age :

04.06.1937

Date of Appointment :

28.07.2009

DIN No.:

00558310

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	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	28/04/1993	28/04/1993	01/04/2010	Active	NO
2	L55910GJ1992PLC018623	ARMAN FINANCIAL SERVICES LIMITED	Director	18/10/1994	18/10/1994	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	13/04/2000	13/04/2000	-	Active	NO
4	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Director	20/10/2000	20/10/2000	23/04/2008	Active	NO
5	U80302GJ2001PTC039156	GUJARAT EDUCATION AND TRANING COMPANY PRIVATE LIMITED	Director	10/01/2001	10/01/2001	12/02/2008	Active	NO
6	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
7	U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	Director	15/01/2002	15/01/2002	-	Active	NO
8	U24240GJ1980PLC003670	NIRMA LIMITED	Director	06/06/2002	06/06/2002	-	Active	NO
9	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LIMITED	Nominee director	03/09/2002	03/09/2002	08/09/2008	Active	NO
10	L51909WB1986PLC040098	GUJARAT NRE COKE LIMITED	Director	18/12/2003	18/12/2003	-	Active	NO
11	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
12	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	Director	18/08/2005	18/08/2005	-	Active	NO
13	U85110GJ2001PLC039758	NEFRON LIMITED	Director	24/10/2005	24/10/2005	07/04/2007	Active	NO
14	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Director	31/07/2006	31/07/2006	-	Active	NO
15	U74140GJ1995PLC027080	SALINE AREA VITALISATION ENTERPRISE LIMITED	Director	22/08/2006	22/08/2006	-	Active	NO
16	U24110GJ1995PTC025307	DOSHION PRIVATE LIMITED	Director	04/11/2006	04/11/2006	-	Active	NO
17	L40100GJ1996PLC030533	ADANI POWER LIMITED	Director	25/09/2008	25/04/2008	01/07/2012	Active	NO
18	L27100GJ1993PLC020552	SHILP GRAVURES LIMITED	Director	08/08/2009	30/07/2008	-	Active	NO
19	U40100GJ2008PLC054425	ABELLON CLEANENERGY LIMITED	Director	23/11/2009	10/12/2008	-	Active	NO
20	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	28/07/2009	25/03/2009	-	Active	NO

Name :

Mr. Balkrishna Tulsidas Thakkar

Designation :

Director

Address :

L-14/265, Satygrah Chhavani, Society, Satelite, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

13.10.1946

Date of Appointment :

28.07.2009

DIN No.:

00430220

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	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	13/04/2000	13/04/2000	-	Active	NO
2	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	28/07/2009	25/03/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.06.2012

Names of Shareholders	No. of Shares
Meghmani Organics Limited, India	35182333
Jayantibhai Meghjibhai Patel	550100
Ashishbhai Natawarlal Soparkar	825100
Natwarlal Meghjibhai Patel	850100
Rameshbhai Meghjibhai Patel	550100
Anandbhai Ishwarbhai Patel	852600
Maulik Jayantibhai Patel	1650100
Deval Ashish Soparkar	137600
Ankit Natwarlal Patel	1400100
Karana Rameshbhai Patel	440100
Darshan Anandbhai Patel	82600
Taraben Jayantibhai Patel	275000
Kruti Jayantibhai Patel	275000
Nayana Ashish Soparkar	275000
Ruchi Ashish Soparkar	137500
Kaushal Ashish Soparkar	1375000
Bhartiben Natwarlal Patel	200000
Disha Natwarlal Patel	300000
Kalpanaben Rameshbhai Patel	385000
Vaishakhi Rameshbhai Patel	275000
Nayana Anandbhai Patel	82500
Chintan Anandbhai Patel	82500
International Finance Corporation, USA	15366666
Total	61549999

As on 29.06.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	24.97
Bodies corporate	57.16
Directors or relatives of directors	17.87
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Basic Chemicals (Caustic Soda Lye).

Products :

Item Code No.	Product Description
3008	Caustic Soda

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Caustic Soda	MT	201,600	119,000	89,265
Chlorine Gas	MT	178,620	105,435	79,089
Hydrogen Gas	‘000 NM	56,448	33,320	24,994
Hydrochloric Acid	MT	69,120	40,800	16,423
Sodium Hypochlorite	MT	16,200	9,563	1,807
Captive Power Plant	MW	378,000	336,000	263,363

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v ICICI Bank Limited, J.M.C. House, Opposite Parimal Garden, Ambawadi, Ahmedabad – 380 009, Gujarat, India

v Standard Chartered Bank, Abhijeet II Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380 006 Gujarat, India

v State Bank of India

v Bank of Maharashtra

v State Bank of Bikaner and Jaipur

v Karur Vysya Bank

v Bank of India

v Standard Chartered Bank, United Kingdom

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans :-
From Banks	1987.161	2057.566
From Other Parties (current maturities of term loans Rs.279.625 millions)	1562.589	828.193
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks	148.598	208.408
From Other Parties	0.000	0.000
Total	3698.348	3094.167

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Banks (Current maturities of unsecured long term borrowings Rs.210.000 millions)	90.000	300.000
Total	90.000	300.000

Banking Relations :	--
Auditors :
Name :	Patel and Khandwala Chartered Accountants
Address :	202, Akik Building, Mithakhali, Ahmedabad, Gujarat, India
PAN No.:	AAEFP0241L
Holding Company :	Meghmani Organics Limited CIN No.: L24110GJ1995PLC024052
Enterprise in which directors and KMP have significant influence :	v Meghmani Dyes and Intermediates v Meghmani Industries Limited v Meghmani Pigments v Meghmani Unichem LLP v Matangi Industries v Vidhi Gibal Chemicals Limited v Meghmani Energy Limited v Tapsheel Enterprise

CAPITAL STRUCTURE

After 29.06.2012

Authorised Capital : Rs.1000.000 millions

Issued, Subscribed & Paid-up Capital : Rs.707.600 millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions
2500000	Preference Shares	Rs.100/-each	Rs.250.000 Millions
	Total		Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
61549999	Equity Shares	Rs.10/- each	Rs.615.500 Millions

A. Reconciliation of No. of Shares

Particulars	In Nos.
	As at 31^st March, 2012
Opening Balance	61,549,999
Addition during the year	--
Deduction during the year	--
As at March 31, 2012	61,549,999

B. Details of Shareholding

Particulars	In Nos.
	As at 31^st March, 2012
Number of Shares held by
Holding Company (Meghmani Organics Limited)	35,182,333
Shareholders holding more than 5% shares
(a) International Finance Corporation	15,366,666

C. Each equity shareholder has 1 voting right. All equity shareholders have equal dividend rights.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		615.500	615.500	615.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		709.578	708.693	1229.999
4] (Accumulated Losses)		0.000	0.000	(302.448)
NETWORTH		1325.078	1324.193	1543.051
LOAN FUNDS
1] Secured Loans		3698.348	3094.167	3790.520
2] Unsecured Loans		90.000	300.000	0.000
TOTAL BORROWING		3788.348	3394.167	3790.520
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5113.426	4718.360	5333.571
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4007.876	4391.741	4788.940
Capital work-in-progress		368.652	19.127	4.687
OTHER NON-CURRENT ASSETS		59.102	9.386	0.000
INVESTMENT		190.135	0.010	0.010
DEFERRED TAX ASSETS		197.192	254.382	155.328
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	145.222	111.923	52.060
	Sundry Debtors	285.228	226.707	94.848
	Cash & Bank Balances	139.113	41.601	11.717
	Other Current Assets	287.059	306.715	1.697
	Loans & Advances	180.126	97.277	476.100
Total Current Assets		1036.748	784.223	636.422
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	172.185	211.321	151.617
	Other Current Liabilities	569.846	508.973	99.417
	Provisions	4.248	20.215	0.782
Total Current Liabilities		746.279	740.509	251.816
Net Current Assets		290.469	43.714	384.606
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5113.426	4718.360	5333.571

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	2504.277	1738.091	848.841
		Other Income	27.927	7.140	26.675
		TOTAL (A)	2532.204	1745.231	875.516
Less	EXPENSES
		Cost of materials consumed	1297.016	955.576	740.460
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.303	(6.779)
		Employee benefits expense	66.529	60.213
		Other expenses	206.944	214.539
		TOTAL (B)	1570.792	1223.549	740.460
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		961.412	521.682	135.056
Less	FINANCIAL EXPENSES (D)		430.769	378.004	269.353
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		530.643	143.678	(134.297)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		472.568	461.051	323.478
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		58.075	(317.373)	(457.775)
Less	TAX (H)		57.190	(98.513)	(155.328)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.885	(218.859)	(302.447)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	52.581	27.990	NA
	TOTAL EARNINGS		52.581	27.990	NA
	Earnings/ (Loss) Per Share (Rs.)		0.01	(3.56)	(4.91)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.03	(12.54)	(34.54)
Net Profit Margin (PBT/Sales)	(%)	2.29	(18.26)	(53.93)
Return on Total Assets (PBT/Total Assets}	(%)	1.15	(6.13)	(8.44)
Return on Investment (ROI) (PBT/Networth)		0.04	(0.24)	(0.30)
Debt Equity Ratio (Total Liability/Networth)		3.42	3.12	2.62
Current Ratio (Current Asset/Current Liability)		1.39	1.06	2.53

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) 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 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	Yes
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

CONTINGENT LIABILITIES

Contingent Liabilities not provided for in the accounts:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)
In respect of Bank Guarantee	20.814	34.579
In respect of Letter of Credit	115.870	Nil
In respect of Letter of Credit	Nil	Nil

The estimated amount of contracts for expansion project of 20 MW of captive power plant remaining to be executed on capital accounts of Rs.185.401 millions (Previous Year: Rs.506.200 millions) is not provided for.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24100GJ2007PLC051717
Name of the company	MEGHMANI FINECHEM LIMITED
Address of the registered office or of the principal place of business in India of the company	CH/1, CH/2, GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch - 392 130 Gujarat, India E-Mail: kamlesh.mehta@meghmani.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating Charge Others
Particular of charge holder	Standard Chartered Bank, Abhijeet II Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380 006 Gujarat, India E-Mail: shivan.umashankar@sc.com
Nature of instrument creating charge	Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	16.02.2012
Amount secured by the charge	Rs.765.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: The rate of interest on each utilisation will be at Bank's margin of 280 bps per annum added to three months LIBOR/the cost of funds to the Bank for the period of the utilisation Terms of Repayment Repayment will be made on each repayment date with an amount which reduces the base currency amount of the outstanding aggregate Utilization by an amount equal to 7.143% in 14 quarterly installments after a moratorium of 21 months from the date of first disbursement (1st installment will become due in 21st month from the date of drawdown) of all Utilizations borrowed by the Borrower as at close of business in London on the last day of the Availability period Margin 280 bps per annum added to three months LIBOR/the cost of funds to the Bank for the period of the utilisation. Extent and Operation of the charge The Bank is having first pari-passu charge by way of hypothecation of all moveable fixed assets of the Borrower (both present and future) including without limitation its all moveable plant and machinery and Second pari-passu charge by way of hypothecation over current assets (both present and future) of the Borrower as more specifically described under Schedule of the attached Unattested Memorandum of Hypothecation. Others: The security by way of hypothecation has been created in f/o the Bank for securing the ECB facility to the extent of USD 15 Mio. granted to Meghmani Finechem Limited. For the purpose of filing Form 8, it is clarified that Facility Amount is repayable in USD, hence any repayment from sale/enforcement proceeds of abovesaid assets shall be made at prevailing foreign currency exchange rate, for conversion from Indian Rupees to USD at the time of repayment to ensure full repayment of the Facility Amount.
Short particulars of the property charged (Including location of the property)	First pari-passu charge on all present and future moveable fixed assets of the Company including without limitation its moveable plant and machinery etc. Second pari-passu charge on all present and future book debts, outstanding moneys receivables, claims and bills etc. Second pari-passu charge on all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing etc.

FIXED ASSETS:

Tangible Assets:

v Leasehold Land

v Building

v Plant and Equipments

v Furniture and Fixtures

v Office Equipments

v Vehicles

v Capital Power Plant and Machinery

v Others (Computers)

Intangible Assets:

v GIDC Usage Right

WEBSITE DETAILS:

NEWS:

IFC TO INVEST IN MEGHMANI FINECHEM’S PLANT IN DAHEJ

PM News Bureau

Chemicals

Meghmani Finechem Limited, a subsidiary of Meghmani Organics Limited, a global producer of pigments and agrochemicals, has roped in International Finance Corporation, the private lending arm of the World Bank, as a strategic investor in its proposed Rs.5542.000 millions chlor-alkali project at Dahej, Gujarat. The plant will employ environmental-friendly and energy efficient membrane cell technology.

IFC will invest up to Rs.461.000 millions in Meghmani Finechem Limited., equal to 25 per cent equity of the project. This is the first project where IFC has gone beyond its normal investment norm of 20 per cent to close the financial gap. "The IFC investment is a vote of confidence in the potential and viability of this project. They are uniquely positioned also to help us develop environmental, health, social and safety management systems and practices at the new plant," said Ashish N. Soparkar, Managing Director, Meghmani Finechem Limited.

Besides equity investment, IFC is also providing Rs.800.000 millions as a long-term loan and will have the right to subscribe to warrants of up to Rs.50.000 millions.

For the project, MOL has acquired a 161-acre site at Dahej in Bharueh district, a strategic location for chemical and related industries. It also has in place communications, effluent treatment, power, and water and sanitation facilities. In addition, Dahej has a chemical port with jetties capable of handling gaseous, liquid and solid cargoes, and is well-connected by rail, road and sea.

Commercial production of phase-I of the project is targeted to commence by December 2008 or January 2009. Phase-II will comprise the production of derivative products with higher value-addition, and will be commissioned thereafter.

First announced in October last year, the project involves the development of a large-scale caustic chlorine complex that will produce caustic soda lye/flakes, chlorine gas and hydrogen gas in phase-I. Subsequent phases will involve downstream and derivative projects based on caustic and chlorine. These chemicals are used in a multitude of industries including pigments, pesticides, production of metals and resource materials, pulp and paper, petroleum and natural gas extraction, manufacture of organic chemicals, plastics, industrial solvents, water treatment chemicals, and pharmaceuticals.

According to Soparkar, on completion, the plant will provide a ready and captive source of some of the basic chemicals as the group consumes significant quantities of caustic soda, chlorine gas and derivatives of chlorine gas for its pigments and agrochemicals operations. The company's existing facilities are located at Vatva and Panoli (for pigments) and Chharodi and Ankleshwar (for agrochemicals) in Gujarat.

The complex is to utilise fourth generation membrane cell technology from Asahi Kasci Chemicals Corporation of Japan, an established technology provider for the manufacture of chlor-alkali chemicals in the world.

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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.