1. Summary Information

		Country	India
Company Name	PROSIL SILICONES PRIVATE LIMITED	Principal Name 1	Mr. Rajnish Kumar Jain
Status	Moderate	Principal Name 2	Mr. Pankaj Kumar Jain
		Registration #	04-046932
Street Address	E-13, GIDC, Manjusar, Ta: Savli, Savli-391775, Gujarat, India
Established Date	18.10.2005	SIC Code	--
Telephone#	91- 265-2771713	Business Style 1	Manufacturer
Fax #	91- 265-2771707	Business Style 2	Trader
Homepage	www.prosill.in	Product Name 1	Prosil Fluids
# of employees	--	Product Name 2	Other Pharmaceuticals Products
Paid up capital	Rs. 17,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 10%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	7 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (27)
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	41,265,000	Current Liabilities	29,445,000
Inventories	6,677,000	Long-term Liabilities	28,393,000
Fixed Assets	29,869,000	Other Liabilities	353,000
Deferred Assets	0	Total Liabilities	58,191,000
Invest& other Assets	193,000	Retained Earnings	2,813,000
		Net Worth	19,813,000
Total Assets	78,004,000	Total Liab. & Equity	78,004,000
Total Assets (Previous Year)	66,035,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	78,340,000	Net Profit	(7,000)
Total Income (Previous yr)	59,759,000	Net Profit(Prev.yr)	456,000

MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	PROSIL SILICONES PRIVATE LIMITED
Registered Office :	E-13, GIDC, Manjusar, Ta: Savli, Savli-391775, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.10.2005
Com. Reg. No.:	04-046932
Capital Investment / Paid-up Capital :	Rs. 17.000 millions
CIN No.: [Company Identification No.]	U24110GJ2005PTC046932
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Prosil Fluids and Other Pharmaceuticals Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 79000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears loss in the year 2011. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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	SE 2B (NSIC)
Rating Explanation	Financial strength is moderate and performance capacity is high
Date	October, 2011

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 :	E-13, GIDC, Manjusar, Ta: Savli, Savli-391775, Gujarat, India
Tel. No.:	91- 265-2771713 / 5598183
Mob. No.:	91-9869433200 (Mr. Rajnish Jain)
Fax No.:	91- 265-2771707
E-Mail :	vyasrutvij@yahoo.co.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajnish Kumar Jain

Designation :

Director

Address :

148, M. G. Road, Bombay bazar,, Khandwa, 450001, Madhya Pradesh

Date of Birth/Age :

10.01.1974

Date of Appointment :

18.10.2005

DIN No.:

01743125

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	U24110GJ2005PTC046932	PROSIL SILICONES PRIVATE LIMITED	Director	18/10/2005	18/10/2005	-	Active	NO
2	U24239GJ2008PTC053054	SECURE PERSONALCARE PRIVATE LIMITED	Director	26/02/2008	26/02/2008	01/04/2010	Active	NO

Name :

Mr. Pankaj Kumar Jain

Designation :

Director

Address :

15, Divyalok Soc opp, Deluxe soc, Nizampura, Baroda-390002, Gujarat

Date of Birth/Age :

03.01.1970

Date of Appointment :

18.10.2005

DIN No.:

01743158

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	U24110GJ2005PTC046932	PROSIL SILICONES PRIVATE LIMITED	Director	18/10/2005	18/10/2005	-	Active	NO
2	U24239GJ2008PTC053054	SECURE PERSONALCARE PRIVATE LIMITED	Director	26/02/2008	26/02/2008	01/04/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Pankaj Bharatlal Jain	506600
Rajnish Bharatlal Jain	506800
Bharatlal Gendalal Jain	506600
Sohatl Bharatlal Jain	180000
Total	1700000

Allottee as on 01.02.2012

Names of Allottee	No. of Shares
Mr. Rajnish Bharatlal Jain	750000
Total	750000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Prosil Fluids and Other Pharmaceuticals Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda

Nizampura Branch, Vadadara, Vadodara - 390002, Gujarat, India

· State Bank of India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
State Bank of India – Term Loan	13.677	16.327
State Bank of India – Car Loan	0.000	0.066
State Bank of India – OD Account	9.022	9.033
Total	22.699	25.426
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loan from Directors	1.087	0.656
Loan from Others	4.607	4.866
Total	5.694	5.522

Banking Relations :	--
Auditors :
Name :	Harsh Parikh and Associates Chartered Accountants
Address :	701/A, Wing Arihant Super Market, Near Lalbaug Crossing, Vadodara- 390011, Gujarat, India
E-Mail :	caharshparikh@gmail.com
PAN No.:	APGPP0110H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1700000	Equity Shares	Rs.10/- each	Rs. 17.000 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2750000	Equity Shares	Rs.10/- each	Rs. 27.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2450000	Equity Shares	Rs.10/- each	Rs. 24.500 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		17.000	2.800	2.800
2] Share Application Money		0.000	14.200	0.000
3] Reserves & Surplus		2.813	2.821	2.364
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.813	19.821	5.164
LOAN FUNDS
1] Secured Loans		22.699	25.426	24.911
2] Unsecured Loans		5.694	5.522	19.863
TOTAL BORROWING		28.393	30.948	44.774
DEFERRED TAX LIABILITIES		0.353	0.469	0.491
TOTAL		48.559	51.238	50.429
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.869	30.926	32.984
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.677	7.261	8.985
	Sundry Debtors	31.837	13.885	16.453
	Cash & Bank Balances	0.693	7.449	0.161
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.735	6.474	5.063
Total Current Assets		47.942	35.069	30.662
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.762	13.913	12.719
	Other Current Liabilities	0.158	0.044	0.065
	Provisions	0.525	0.840	0.493
Total Current Liabilities		29.445	14.797	13.277
Net Current Assets		18.497	20.272	17.385
MISCELLANEOUS EXPENSES		0.193	0.040	0.060
TOTAL		48.559	51.238	50.429

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	78.340	59.759	45.872
		Other Income
		TOTAL	78.340	59.759	45.872
Less	EXPENSES
		Office Expenses	78.047	54.657	40.828
		Administrative Expenses
		Advertising Expenses
		TOTAL	78.047	54.657	40.828
	PROFIT BEFORE TAX		0.293	0.958	0.469
Less	TAX		0.300	0.502	0.166
	PROFIT AFTER TAX		(0.007)	0.456	0.303
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	2.264	1.961
	BALANCE CARRIED TO THE B/S		NA	2.721	2.264
	Earnings Per Share (Rs.)		0.000	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.01)	0.76	0.66
Return on Total Assets (PBT/Total Assets}	(%)	0.38	1.45	0.74
Return on Investment (ROI) (PBT/Net worth)		0.01	0.05	0.09
Debt Equity Ratio (Total Liability/Net worth)		2.92	2.31	11.24
Current Ratio (Current Asset/Current Liability)		1.63	2.37	2.31

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)	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	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	Yes

NOTE:

The registered office of the company has been shifted from 105 1st Floor, Raj Castle, Opposite Kalpataru Super Market, Ellora Park, Vadodara, Gujarat, India to the present address w.e.f. 01.01.2009

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24110GJ2005PTC046932
Name of the company	PROSIL SILICONES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E-13, GIDC, Manjusar, Ta: Savli, Savli-391775, Gujarat, India Email: vyasrutvij@yahoo.co.in
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda Nizampura Branch, Vadadara, Vadodara - 390002, Gujarat, India Email: nizamp@bankofbaroda.com
Nature of instrument creating charge	Instrument relating to Deposit of Title Deeds.
Date of instrument Creating the charge	25.07.2011
Amount secured by the charge	Rs. 83.200 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest (1) Term Loan I : 5.00% above Base Rate i.e. 14.50% p.a. (2) Term Loan II : 5.00% above Base Rate i.e. 14.50% p.a. (3) Cash Credit : 4.25% above Base Rate i.e 13.75% p.a. (4) Inland / Foreign LC Terms of Repayment Repayable on Demand Margin Term Loan II:25% on Machinery and Equipments Cash Credit: 25% for RM, SIP, FG, Stores and Spares and Packing Materials 30% for Book debts up to 90 days. Inland/Foreign LC : 25% cash margin Extent and Operation of the charge First Charge on all the immovable Assests of the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plot no. E/30 in the Savli Industrial Estate RS No 1741/p, 1742/p, 1745/p and 1746/p within the village limits of Manjusar Taluka Savli, District Vadodara. In the Registration District Vadodara Sub Dist. Vadodara 2, Moje Sama RS No 111,112,116 and 117 paiki TPS No. 12, FP No 375 in Nanubhai Tower, Basement floor, Shop No. 45. In the Registration District Vadodara Sub Dist. Vadodara 2, Moje Sama RS No 111,112,116 and 117 paiki TPS No. 12, FP No 375 in Nanubhai Tower, Basement floor, Shop No. 46.

FIXED ASSETS:

· Air Compressor

· Air Conditioner

· Aqua Guard

· Bajaj Platina

· Carets

· Chilling Units

· Compounding Tank

· Computer

· Electric Insulation

· Electric Weighing

· Electric Installation

· Factory Building

· Factory Land

· Furniture and Fixture

· Lab Items

· Maruti Omni

· Mobile

· Office Equipment

· Office Premises

· Guest House

· Plant and Machinery

· Printer

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 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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.