MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	PARAS CHEMCARE PRIVATE LIMITED (w.e.f. 28.02.2007)
Formerly Known as:	PARAS CHEMPLAST PRIVATE LIMITED
Registered Office :	202, 2^nd Floor, Shivdutta, Topiwala Lane, Goregaon (West), Mumbai – 400062, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.03.1997
Com. Reg. No.:	106677
Capital Investment / Paid-up Capital :	Rs.0.962 Million
CIN No.: [Company Identification No.]	U74100MH1997PTC106677
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 131528
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company doing well. 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 for normal 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.

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 :	202, 2^nd Floor, Shivdutta, Topiwala Lane, Goregaon (West), Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-28711541
Fax No.:	91-22-28711543
E-Mail :	paras@paraschem.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Ajay Vinod Shah

Designation :

Director

Address :

5, Vireshwar Ashish, Church Road, Vile Parle West, Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

23.05.1961

Date of Appointment :

18.03.1997

DIN No.:

01083629

Name :

Mr. Bakul Rameshchandra Shah

Designation :

Director

Address :

A-13, Nilkanth Nagar, S V Road, Borivali West, Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

12.02.1961

Date of Appointment :

18.03.1997

DIN No.:

01083654

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	U74100MH1997PTC106677	PARAS CHEMCARE PRIVATE LIMITED	Director	18/03/1997	18/03/1997	-	Active	NO
2	AAA-4480	ADB CHEMCARE LLP	Designated Partner	15/04/2011	15/04/2011	-	Active	NO

Name :

Mr. Dhaval Mukundbhai Mehta

Designation :

Director

Address :

B-4, Tejal Apartment, 3^rd Floor, Sympoli Road, Borivali West, Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

24.02.1976

Date of Appointment :

18.03.1997

DIN No.:

01533999

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	U74100MH1997PTC106677	PARAS CHEMCARE PRIVATE LIMITED	Director	18/03/1997	18/03/1997	-	Active	NO
2	AAA-4480	ADB CHEMCARE LLP	Designated Partner	15/04/2011	15/04/2011	-	Active	NO

Name :

Mr. Jitesh Kantilal Mehta

Designation :

Director

Address :

Tara Apartment, 4th Floor, Flat No.401, S V Road, Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

13.02.1964

Date of Appointment :

18.03.1997

DIN No.:

01083764

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

NAME OF SHARE HOLDER	NO. OF SHARES
Bakul Rameshchandra Shah	6000
Ajay Vlnodchandra Shah	4000
Jitesh Kantilal Mehta	8000
Dhaval Mukundbhai Mehta	4000
Mukund Kantilal Mehta	10
Punam Mukundbhai Mehta	10
Varsha Jitesh Mehta	10
Varsha Jitesh Mehta Jitesh Kantilal Mehta	10
Rekhaben Vinodray Parekh	10
Profulchandra Mahipatray Mehta	10
Pankaj Rameshchandra Shah	10
Bhavana R Modi Rajesh Modi	10
Heena Bakul Shah	10
Kashmira Pankaj Shah	10
Damyanti Rameshchandra Shah	10
Bakul R. Shah Karta of Bakul R, Shah HUF	10
Nandini Ajay Shah	10
Tarulata Vinodchandra Shah	10
V.C.Shah Family Trust	10
Vinod C. Shah Karta of Vinod C. Shah HUF	10
Arvind Shah	10
Dipti Shah	8000
Urml Mukund Mehta Dhaval Mukund Mehta	10
Sejal Dhaval Mehta Dhaval Mukund Mehta	10
Mukund Kantilal Mehta Punam Mukund Mehta	4000
Punam Mukundbhai Mehta Dhaval Mukund Mehta	4000
Varsha Jitesh Mehta Jitesh Kantilal Mehta	4000
Heena Bakul Shah Bakul Rameshchandra Shah	18000
Nandini Ajay Shah Ajay Vlnodchandra Shah	9000
Ajay V. Shah Nandini Ajay Shah	11000
Ajay V. Shah Karta of Ajay V. Shah HUF	10
Rameshbhal J. Shah	1000
Urmilaben R. Shah	4000
Rameshchandra J. Shah Karta of Rameshchandra J. Shah HUF	4000
Mihir Shah	7010
Total	96210

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Chemicals.

Products :

ITC CODE NO.	PRODUCT/ SERVICES DESCRIPTION
Carbopal	3906.9090
Euperlen 4515	3402.9099
MP 40	3206.1900
TIO2 MT 100 Z	3206.1900
DL Alpha Tocopheryl	2936.2800

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citibank N.A., Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors and Share Holders	36.016	20.075
TOTAL	36.016	20.075

Banking Relations :	--
Auditors :
Name :	Mitul B. Shah and Associates Chartered Accountant
Address :	A-13, Shivdarshan, S.V.Road, Borivali-West, Mumbai – 400092, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96210	Equity Shares	Rs.10/- each	Rs.0.962 Million

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		0.962	0.962	0.962
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		31.920	31.297	29.406
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.882	32.259	30.368
LOAN FUNDS
1] Secured Loans		0.000	0.000	30.337
2] Unsecured Loans		36.016	20.075	19.700
TOTAL BORROWING		36.016	20.075	50.037
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		68.898	52.334	80.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.040	1.189	1.459
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.170	5.170	3.014
DEFERREX TAX ASSETS		0.199	0.034	0.004
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.436	24.177	43.369
	Sundry Debtors	44.520	40.854	61.046
	Cash & Bank Balances	3.710	8.079	0.198
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.265	22.022	12.640
Total Current Assets		136.931	95.132	117.253
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.585	25.308	27.330
	Other Current Liabilities	1.553	1.103	0.725
	Provisions	21.304	22.780	13.270
Total Current Liabilities		74.442	49.191	41.325
Net Current Assets		62.489	45.941	75.928
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		68.898	52.334	80.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	659.943	554.966	470.685
Less	EXPENSES
		TOTAL	633.355	534.605	458.131
	PROFIT BEFORE TAX		26.588	20.361	12.554
Less	TAX		9.136	7.251	4.436
	PROFIT AFTER TAX		17.452	13.110	8.118
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	20.741	14.123
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	1.500	1.500
		Dividend	NA	9.621	0.000
		Tax on Dividend	NA	1.598	0.000
	BALANCE CARRIED TO THE B/S		NA	21.132	20.741
	IMPORTS		485.454	375.867	343.257
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.871	1.769	0.843
	TOTAL EARNINGS		1.871	1.769	0.843
	Earnings Per Share (Rs.)		181.40	136.00	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.64	2.36	1.72
Return on Total Assets (PBT/Total Assets}	(%)	19.27	21.13	10.58
Return on Investment (ROI) (PBT/Networth)		0.81	0.63	0.41
Debt Equity Ratio (Total Liability/Networth)		3.36	2.15	3.01
Current Ratio (Current Asset/Current Liability)		1.84	1.93	2.84

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 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 (if applicable)	--
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	No
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

NOTE:

The registered office address of the company has been shifted from 13/380 Nirlon Society No 13ground Floor S V Road, Goregaon West, Mumbai – 400062, Maharashtra, India to present address w.e.f. 15.12.2008

CONTINGENT LIABILITY

Disputed demand of custom duty: Rs. 1.690 Millions

FIXED ASSETS:

· Air Conditioner

· Computer

· Office Equipment

· Furniture and Fixture

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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.