MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	AMORPHOS CHEMICALS PRIVATE LIMITED
Registered Office :	E-1/15, 2^nd Floor, Sector – 7, Rohini, Delhi – 110085, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.12.1993
Com. Reg. No.:	55-056531
Capital Investment / Paid-up Capital :	Rs.40.000 millions
CIN No.: [Company Identification No.]	U74899DL1993PTC056531
TAN No.: [Tax Deduction & Collection Account No.]	DELA04803B
PAN No.: [Permanent Account No.]	AAACA4938L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject provides integrated solutions for Construction Chemicals and Raw Materials.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 190000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves appear to be insufficient. However, trade relations are reported as fair. Business is active. Payments terms are unknown. The company can be considered for business dealings with some caution. Note: Profit and loss statement is not made available.

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

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Yogesh Agarwal
Designation :	Director
Contact No.:	91-9811224356
Date :	01.10.2012

LOCATIONS

Registered Office/ Corporate Office :	E-1/15, 2^nd Floor, Sector – 7, Rohini, Delhi – 110085, Delhi, India
Tel. No.:	91-11-27296596/ 47096831/ 47096832/ 47096833/ 47096834
	91-9811224356 (Mr. Yogesh Agarwal) 91-9718575094 (Mr. Niaz Ahmad)
Fax No.:	91-11-47096835/ 47011659/ 27296589
E-Mail :	caashok110@gmail.com amorphosedelhi@gmail.com
Website :	www.amorphos.co.in
Branches :	DEHRADUN Shop No. 7, Village Kandal, Opp. Green Land Public School, Bhaniyawala, Dehradun Rishikesh Highway, Dehradun-248 140, Uttrakhand MUMBAI Office No. 110, Swastik Plaza, Near Voltas Co., Pokharan Road No.2, Subhash Nagar, Thane (West)-400601, Maharashtra, India Contact No.:92-22-40241108 E-mail : amorphosmumbai@gmail.com KOLKATA Premises No.5, Hide Road, Kolkata – 700043, West Bangal Contact No. : 91-33-24210405 E-mail : amorphoscalcutta1@gmail.com VAPI Plot No. 316, Center Point, Shop No. 101, Shopping Center, 1st Floor, 40 Shed Area, GDIC, Vapi-396195, Gujarat E-mail : amorphosvapi@gmail.com CHENNAI 4/9, Circular Road United India Colony, Kodambakkam, Chennai - 600 024, Tamilnadu, India Contact No. : 91-44-43565286 E-mail : amorphoschennai@gmail.com MORBI Shop No.-18, 1st Floor, Ceramic Plaza-2, 8A National Highway, Morbi-363642, Gujarat E-mail : amorphosvapi@gmail.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Yogesh Kumar Aggarwal

Designation :

Managing Director

Address :

K 3D, Saket, New Delhi – 110017, Delhi, India

Date of Birth/Age :

25.11.1965

Date of Appointment :

20.12.1993

DIN No.

01317635

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	U74899DL1993PTC056531	AMORPHOS CHEMICALS PRIVATE LIMITED	Managing director	20/12/1993	20/12/1993	-	Active	NO
2	U74950DL2001PTC110147	AMORPHOS PACKAGING PRIVATE LIMITED	Director	01/11/2007	01/11/2007	01/12/2011	Active	NO
3	U51909DL2011PTC216358	MS HARI OM TRADING COMPANY PRIVATE LIMITED	Additional director	04/04/2011	04/04/2011	-	Active	NO
4	L24119DL1995PLC071851	AMORPHOS INDUSTRIES LIMITED	Managing director	04/06/2011	04/06/2011	-	Active	NO

Name :

Ms. Sapna Agarwal

Designation :

Director

Address :

K 3D, Saket, New Delhi – 110017, Delhi, India

Date of Birth/Age :

05.11.1966

Date of Appointment :

16.03.2006

DIN No.

00052272

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	U74999UP1969PTC003256	VAISH BROTHERS AND COMPANY PRIVATE LIMITED	Director	18/10/2004	18/10/2004	-	Active	NO
2	U74899DL1993PTC056531	AMORPHOS CHEMICALS PRIVATE LIMITED	Director	16/03/2006	16/03/2006	-	Active	NO
3	U24100DL2008PTC177091	AQUASHIELD CHEMTECH PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active	NO
4	U51909DL2011PTC216358	MS HARI OM TRADING COMPANY PRIVATE LIMITED	Additional director	04/04/2011	04/04/2011	-	Active	NO
5	L24119DL1995PLC071851	AMORPHOS INDUSTRIES LIMITED	Director	20/09/2011	04/06/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kumar yoghesh Agarwal	334950
Sapna Agarwal	32700
Jai Kishan Dass Agarwal	50
Aman Vaish	50
Rajeev Vaish	2150
Aditya Agarwal	100
NDH Port Folio and Leasing Private Limited, India	10000
Corporate International Financial Services Limited, India	5000
Agarwal Port Folio Services Limited, New Delhi	8000
NDH Securities and Finance Private Limited, New Delhi	7000
Total	400000

List of Allotment (As on 12.07.2012)

Names of Shareholders	No. of Shares
Kumaryoghesh Agarwal	80000
Sapna Agarwal	9500
Aditya Agarwal	500
Total	90000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	92.50
Other	7.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject provides integrated solutions for Construction Chemicals and Raw Materials.
Imports :
Products :	Raw Materials
Countries :	China Korea Russia
Terms :
Selling :	Credit
Purchasing :	L/C / Credit (30 days)

GENERAL INFORMATION

No. of Employees :

40 (Approximately)

Bankers :

• Standard charted Bank, 10, Parliament street Branch, New Delhi - 110001, India
• The Hongkong and shanghai Banking corporation Limited, New Delhi, India
• Chinatrust Commercial Bank A-1/16, Wenger House, Rajiv Chowk, Connaught Place,, New Delhi - 110001, Delhi, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Vehicles Loans Factoring Limit with HSBC Bank Factoring Limit with BIBBY Financial Services Bills Discounted from China Trust Comm. Bank C.C. Limit with China Trust Commercial Bank (Against Hypothecation of Stock and Book Debts) Standard charted Bank	4.412 42.416 33.946 2.074 14.306	4.898 22.675 14.566 1.749 15.130
Total	97.154	59.018
Note: 1. Vehicle loans are secured by hypothecation of vehicles that have been acquired. Amount due within one year Rs.1.505 millions (Previous year Rs.1.140 millions). 2.CC Limit with Chinatrust Commercial Bank is against hypothecation of stock and book debts 3. Loan Against Property is secured against personal land and building of directors
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Others than Banks and Financial Institutions	1.079	2.049
From Banks and Financial Institutions	10.843	9.019
Total	11.922	11.068
Note: 1. Amount due within one year Rs.10.628 millions. Maximum amount outstanding at any time during the year Rs.90.441 millions

Banking Relations :	--
Auditors :
Name :	Ashok Abhineet and Associates Chartered Accountant
Address :	501, Sharp Bhavan, Commercial Complex, Azadpur, Delhi – 110033, Delhi, India
PAN No :	AAGPJ0497A

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
490000	Equity Shares	Rs.100/- each	Rs.49.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
490000	Equity Shares	Rs.100/- each	Rs.49.000 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		40.000	17.500	8.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.421	5.624	3.326
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		48.421	23.124	11.826
LOAN FUNDS
1] Secured Loans		97.154	59.018	22.000
2] Unsecured Loans		11.922	11.068	23.544
TOTAL BORROWING		109.076	70.086	45.544
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		157.497	93.210	57.370
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.335	6.029	3.216
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.000	2.000	2.400
DEFERREX TAX ASSETS		0.149	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.961	24.340	10.315
	Sundry Debtors	251.546	128.102	91.705
	Cash & Bank Balances	3.367	6.829	5.111
	Other Current Assets	0.252	0.000	0.000
	Loans & Advances	21.911	26.807	5.608
Total Current Assets		348.037	186.078	112.739
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	143.127	72.728	52.705
	Other Current Liabilities	54.129	25.818	6.345
	Provisions	2.768	2.351	1.935
Total Current Liabilities		200.024	100.897	60.985
Net Current Assets		148.013	85.181	51.754
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		157.497	93.210	57.370

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	381.052	245.591
		Other Income	NA	0.626	2.243
		TOTAL	NA	381.678	247.834
Less	EXPENSES
		Office Expenses	NA	NA	244.856
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	244.856
	PROFIT BEFORE TAX		NA	NA	2.978
Less	TAX		NA	NA	1.185
	PROFIT AFTER TAX		NA	NA	1.793
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	1.616
Less	Income tax related to earlier Years		NA	NA	0.055
Less	Differed Tax		NA	NA	0.033
Less	Transfer to General Reserve		NA	NA	2.500
	BALANCE CARRIED TO THE B/S		NA	NA	0.821
	EARNINGS IN FOREIGN CURRENCY
		FOB Export Earnings	NA	NA	0.653
	TOTAL EARNINGS		NA	NA	0.653
	IMPORTS
		Capital Trading Items	NA	NA	31.541
		Traded Goods	NA	NA	31.541
	TOTAL IMPORTS		NA	NA	63.082
	Earnings Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	0.72
Net Profit Margin (PBT/Sales)	(%)	NA	NA	1.21
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	2.56
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.25
Debt Equity Ratio (Total Liability/Networth)		6.38	7.39	9.01
Current Ratio (Current Asset/Current Liability)		1.74	1.84	1.85

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last one 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	Yes
20]	Export / Import details (if applicable)	Yes
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

Note:

The registered office address of the company has been shifted from Plot No.48, Near MCD Health Centre, Badli Village, New Delhi – 110042, Delhi, India to present w.e.f. 01.04.2010

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1993PTC056531
Name of the company	AMORPHOS CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E-1/15, 2^nd Floor, Sector-7, Rohini, Delhi – 110085, Delhi, India caashok110@gmail.com
This form is for	Creation of charge
Type of charge	Book debts (Other) 1st and Excl. Charge Over C/Assets Except B/Debts
Particular of charge holder	Standard charted Bank, 10, Parliament street Branch, New Delhi - 110001, India sme.form8@sc.com
Nature of instrument creating charge	Hypothecation Agreement.
Date of instrument Creating the charge	11.05.2012
Amount secured by the charge	Rs.140.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Facility Letter Dated 10.05.2012 Terms of Repayment As Per Facility Letter Dated 10.05.2012 Margin As Per Facility Letter Dated 10.05.2012 Extent and Operation of the charge First and exclusive charge over current assets except book debts financed by Bibby financial services India private limited First pari passu charge over book debts to the extent financed by Bibby financial services private limited
Short particulars of the property charged	Hypothecation by way of first and exclusive charge over current assets except book debts financed by Bibby financial services India private limited Stored or to be stored at company's Godowns or premises or wherever else the same may be. Hypothecation by way of first pari passu charge over book debts to the extent financed by Bibby financial services private limited

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.51.98
UK Pound	1	Rs.83.68
Euro	1	Rs.67.20

INFORMATION DETAILS

Information Gathered by :	SLP
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		32

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

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.