MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	ANJARIA ENVIRO TECH PRIVATE LIMITED
Registered Office :	Plot No. 2920, New “J” Type Area, Phase 1, GIDC, Vapi-396195, Gujarat.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.03.1998
Com. Reg. No.:	04-033779
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U36999GJ1998PTC033779
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of carbonates, hydroxides, magnesium salt, carbonates, etc.
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 14000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management have fail to file the financial detail with government department for the year 2010-2011. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. 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

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 :	Plot No. 2920, New J Type Area, Phase 1, GIDC, Vapi-396195, Gujarat, India.
Tel. No.:	91-260-2431831 / 2434542 / 6533542
Mobile No.:	91-9824171715 (Mr. Hasit Anjariya)
Fax No.:	91-260-2434542
E-Mail :	info@anjaria.co.in anjariyaenvito@dataone.in
Website :	http://www.anjaria.co.in
Area :	17000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Bharat Vishnuprasad Anjaria
Designation :	Director
Address :	Plot No. 235, GIDC, Vapi, Valsad-396195, Gujarat, India.
Date of Birth/Age :	12.07.1938
Date of Appointment :	04.03.1998
DIN No.:	00545842
Name :	Mr. Hasit Bharat Anjaria
Designation :	Director
Address :	Plot No. 235, GIDC, Vapi, Valsad-396195, Gujarat, India.
Date of Birth/Age :	01.03.1969
Date of Appointment :	04.03.1998
DIN No.:	00545800

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Bharat Vishnuprasad Anjaria	500
Hasit Bharat Anjaria	500
Total	1000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of carbonates, hydroxides, magnesium salt, carbonates, etc.
Products :	Copper sulphate Copper Nitrate Manganese Sulphate Zinc Chloride Zinc Sulphate Copper Carbonate

GENERAL INFORMATION

Suppliers :

• Bilag Industries Limited
• Deepak Chlorices Private Limited
• Hindaleo Industries Limited
• Shiv Shakti Acid and Chemicals
• Hiren Chemicals
• SMP Chemicals
• Pristine Industries

Customers :

• Asha Cellalose (India) Private Limited
• Piyush Transport
• Rotam India Limited
• VAL Organice Private Limited
• Supreet Chemicals Group
• Newtech Polymers (India) Private Limited
• OGS Sales
• Perfect Industrial and Marine Products
• Walplast Products Private Limited

No. of Employees :

Not Available

Bankers :

• Development Credit Bank Limited, 301, Trade Plaza, 414, Veer Savarkar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India.
• Bank of India
• HDFC Bank Limited
• ICICI Bank
• Kotak Mahindra Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Development Credit Bank- Term Loan	2.784	3.084
Development Credit Bank Limited- overdraft a/c	4.371	4.367
ICICI Bank car loan (secured by hypothecation of motor car)	0.000	0.025
Total	7.155	7.476
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Form Bank Financial Institutions
ICICI Bank – Overdraft A/C	0.934	0.935
Barclays Bank	0.820	1.167
Cholamandala DBS Finance Limited	0.273	0.624
HDFC Bank Limited	0.433	1.347
Kotak Mahindra Bank Limited	0.414	0.944
Form Director
Bharat V. Anjaria	0.288	0.040
Hasit B. Anjaria	0.692	0.364
Form Corporate Bodies	0.842	0.000
Form Others
Nita B. Anjaria	0.270	0.000
Priti B. Anjaria	0.035	0.000
Shruti B. Anjaria	0.090	0.000
Rupande H. Anjaria	0.055	0.020
Total	5.146	5.441

Banking Relations :	--
Auditors :
Name :	Thakur Pate and Goryawala Chartered Accountants
Address :	307/308, Heena Arcde, Char Rasta, Vapi - 396195, Gujarat, India.
Tel. No.:	91-260-2423034
PAN.:	AAAFT1039N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		1.800	0.500	0.489
3] Reserves & Surplus		1.714	5.048	4.772
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.614	5.648	5.361
LOAN FUNDS
1] Secured Loans		7.155	7.476	0.164
2] Unsecured Loans		5.146	5.441	6.168
TOTAL BORROWING		12.301	12.917	6.332
DEFERRED TAX LIABILITIES		0.536	0.447	0.447
BANK		0.000	0.000	0.651
TOTAL		16.451	19.012	12.791
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.898	17.616	13.673
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.093	0.071
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.020	1.262	0.433
	Sundry Debtors	1.594	6.005	3.608
	Cash & Bank Balances	0.691	0.005	0.000
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.938	1.577	0.913
Total Current Assets		5.243	8.849	4.954
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.912	6.318	3.675
	Other Current Liabilities	7.788	1.107	2.218
	Provisions	0.000	0.133	0.026
Total Current Liabilities		10.700	7.558	5.919
Net Current Assets		(5.457)	1.291	(0.965)
MISCELLANEOUS EXPENSES		0.009	0.012	0.012
TOTAL		16.451	19.012	12.791

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	22.751	22.112	25.235
		Other Income			0.047
		TOTAL (A)	22.751	22.112	25.282
Less	EXPENSES
		Consumption of materials			2.396
		Salaries, wages and other employee benefits			1.053
		Factory expenses			16.838
		Administrative and other expenses	22.450	18.494	2.116
		Selling and distribution expenses			0.084
		Miscellaneous expenses/other balances w/off			0.022
		Increases/ decrease in stock			(0.364)
		TOTAL (B)	22.450	18.494	22.145
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.301	3.618	3.137
Less	FINANCIAL EXPENSES/ INTEREST (D)		2.203	2.052	0.942
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.902)	1.566	2.195
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.449	1.137	1.730
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(3.351)	0.429	0.465
Less	TAX (H)		(0.017)	0.153	0.186
	PROFIT / (LOSS) AFTER TAX (G-I) (I)		(3.334)	0.276	0.279
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.448	3.172	2.893
	BALANCE CARRIED TO THE B/S		0.114	3.448	3.172
	Earnings/ (Loss) Per Share (Rs.)		(3334.18)	275.90	279.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(14.65)	1.25	1.10
Net Profit Margin (PBT/Sales)	(%)	NA	NA	1.84
Return on Total Assets (PBT/Total Assets}	(%)	(12.35)	1.62	2.50
Return on Investment (ROI) (PBT/Networth)		(0.93)	0.07	0.08
Debt Equity Ratio (Total Liability/Networth)		6.36	3.63	2.28
Current Ratio (Current Asset/Current Liability)		0.49	1.17	0.84

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	Yes
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	Yes
18]	Major customers	Yes
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	No

Note: The registered office of the company has been shifted from 137 Raghuvir Complex GIDC opposite Via Vapi-396195, Gujarat, India to the present address w.e.f. 21.01.2010

PERFORMANCE REVIEW:

The Total sales and other income of the company has increased to Rs.22.751 Millions during the financial year 2009-10 as against Rs.22.112 Millions during the financial 2008-09. The company’s major source of revenue till last year was received form United Phosphorus Limited. For conversion of its chemicals bye products into finished marketable product by purification. However during the year 2009-10 the company has stopped this activity and has been concentrating on its own production.

Accordingly the company’s sales of its own manufactured products has risen to Rs.22.413 Millions in 2009-10 form Rs.15.317 Millions 2008-09 and the aggregate turnover has also increased from 20.085 Millions in 2008-09 to Rs.23.203 Millions. However due to lower margin and higher administration Interest and Depreciation charges the company has posted a loss of Rs. 3.351 Millions

Fixed Assets

• Factory Building
• Furniture
• Computer System
• Office Equipment
• Communication Equipment
• Plant and Machinery
• Motor and Pumps
• Maruti 800
• Factory Equipments
• Cycle
• Electrification Work

AS PER WEBSITE

PROFILE

They are technocrats promoted technical services and specialty inorganic chemicals manufacturing company, headquatered at Vapi, Gujarat, India, led by Mr. Bharat Anjaria, Chartered Chemical Engineer and ably supported by Mr. Hasit Anjaria, Chartered Production Engineer.

Mr. Bharat Anjaria is a 1963 UDCT (Now UICT, Mumbai, India) Chemical Engineer and a Masters Degree Holder. After brief stints in Mumbai during early part of his career, he shifted base in 1971 to Vapi – then an upcoming industrial estate and has remained since, first as a technical consultant in the fields of projects consultancy as well as Environment Expert, and later, after joining of Mr. Hasit Anjaria to his team in 1998, forming this company and diversifying into Inorganic Specialty Chemicals manufacturing.

The company has its main manufacturing unit as well as administrative office at Vapi, Gujarat, India, which is a recognized chemical industrial estate and home to more than 2000 industries in various fields, and has world’s largest Common Effluent Treatment Plant as well as Solid Waste Disposal Facility.

The company has two main divisions – the technical services division and the manufacturing division

The technical services division focuses on the inherent strengths of the organization, viz. Chemical Plant Design and Projects Execution, Safety, Health and Environment (SHE) Advisories, Waste Management (and Recovery of Valuables) Advisories, Chartered Engineer Services, as well as Valuers of Fixed Assets.

The manufacturing division, established in 2006-07, focuses on specialty inorganic chemicals in the fields of aluminium, zinc and copper for applications as varied as catalyst manufacturing, cosmetics, rubber, plastics and paint, tiles, ceramic and glass industries, etc.

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 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

Report Prepared by :

NTH

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.