MIRA INFORM REPORT

Report Date :

19.10.2012

IDENTIFICATION DETAILS

Name :	ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED
Registered Office :	12/2881, Altret House, Saiyedpura Main Road, Saiyendpura, Surat – 395003, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.07.2004
Com. Reg. No.:	04-044442
Capital Investment / Paid-up Capital :	Rs. 29.940 millions
CIN No.: [Company Identification No.]	U24299GJ2004PTC044442
TAN No.: [Tax Deduction & Collection Account No.]	SRTA01907D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of Water Treatment Chemicals, Hygienic and Products, Cleaning Chemicals.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 289000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears slight dip in the sales of the company during 2011. Profits have improved during this year. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The 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
4Moderate	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

Name :	Mr. Mitesh Pathale
Designation :	Account Manager
Contact No.:	91-261-2451807
Date :	15.10.2012

Name :	Mr. Husen
Designation :	Coordinator
Contact No.:	Not Divulged
Date :	15.10.2012

LOCATIONS

Registered Office/ Factory/ Corporate Office:	12/2881, Altret House, Saiyedpura Main Road, Saiyendpura, Surat – 395003, Gujarat, India
Tel. No.:	91-261-2451807/ 2451808/ 2451809
Mobile No.:	91-9879104450 (Mr. Raj Sham Lokhandwala)
Fax No.:	91-261-2434517
E-Mail :	m_pathak@altret.com trends@altret.com bhagatjr@hotmail.com customercare@altret.com a_lokhandwala@altret.com
Website :	www.altret.com
Location :	owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Akbar Bakirbhai Lokhnadwala

Designation :

Managing director

Address :

34, Sarajan Society, Opp. Sargam Shopping Centre, , Ichhanath , Surat- 07, Gujarat, India

Qualification :

B.Com

Date of Appointment :

01.04.2005

PAN No.:

AAFPL 5321 C

DIN No.:

01923177

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	U45200GJ1992PTC017796	ALTRET CHEMICALS PRIVATE LIMITED	Director	10/06/1992	10/06/1992	-	Active	NO
2	U24299GJ2004PTC044442	ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED	Managing director	01/04/2005	01/04/2005	-	Active	NO
3	U02429GJ2006PLC049007	ALTRET BIO-TECH LIMITED	Director	14/08/2008	14/08/2008	01/09/2010	Active	NO
4	U40107GJ2008PLC055389	ALTRET GREENFUELS LIMITED	Managing director	31/03/2011	10/11/2008	-	Active	NO

Name :

Mrs. Shabnam Lokhandwala

Designation :

Director

Name :

Mr. Mohamadd Rupawala

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Mitesh Pathale
Designation :	Account Manager
Name :	Mr. Husen
Designation :	Coordinator

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sam Bakirbhai Lokhnadwala	437000
Sabnam Akbar Lokhnadwala	409000
Akbar Bakirbhai Lokhnadwala	1449500
Kaniza Sam Lokahndwala	110000
Raj Sam Lokahndwala	49000
Sakina Sheesh Lokahndwala	410000
Sheesh Bakirbhai Lokahndwala	27500
Zenab AN Rangoonwala	500
Dr. Rehana Salim Channiwala	1000
Bhadrashil Krishnakant Navidolatwala	100
Dipika Krishnakant Navidolatwala	100
Krishnakant Laxmichand Navidolatwala	100
L.B. Navidolatwala (HUF)	100
Kairavi Krishnakant Navidolatwala	100
Hafizullah Baiq	100000
Total	2994000

LIST OF ALLOTTEES AS ON 15.03.2012

Names of Shareholders	No. of Shares
Krishnakant L. Navidolatkwala	40000
L. B. Navidolatwala (HUF)	80000
Dipika K. Navidolatwala	40000
Bhadrashil K. Navidolatwala	40000
Kairavi K. Navidolatwala	6000
Total	206000

LIST OF ALLOTTEES AS ON 31.03.2012

Names of Shareholders	No. of Shares
Akbar Bakirbhai Lokhnadwala	500847
Total	500847

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 exporter of Water Treatment Chemicals, Hygienic and Products, Cleaning Chemicals.
Products :	Hygiene Care Products ( Cleaning Products ) for good house keeping Wide Range of Varsatile Products for Industrial water treatment for Boilers and Cooling Towers. Combustion Monitoring Chemicals + Fuel Additives ( For Solid and Liquid Fuels) Performnce Chemicals Base on Surfactants.
Exports :
Products :	Water Treatment Chemicals Cleaning Chemicals
Countries :	Thailand Soudi Arabia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers:

• C M Chemicals
• Ambition Graphics
• Anand Diaries Private Limited
• Angel Products
• Arvind Chemicals Indutries
• Asim Bakhshi
• Atlas Chemicals
• Caltech Engineering Services
• Chem-Pack Industries
• Delta Blowpack Industries
• Elite Fragrances Corporation
• G.B. Rubber Products
• Gati Limited
• Gayatree Chemical Industries
• Geeta Electric Mart
• Indira Sales Agency
• Inter Plastica Private Limited
• J.S. Corrupack Private Limited
• Jagdamba Enterprise
• Joy Agro-Chem Industries

Customers :

Wholesalers, End Users and OEM’s

• AIS
• Alchem
• Alembic
• Amrit Bio Group
• Amtek
• Apollo Hospitals
• Astral Lighting
• Bayer
• Best
• Bilag
• Altret Greenfuels Private Limited
• Amar Agency
• Chemox Enterprises
• Devansh Enterprise
• Foram Distributor
• Jyoti Enterprise
• Multiclean Solutions
• Patel Enterprise
• Mother Sales
• Priviorganics Limited

No. of Employees :

70 (Approximately)

Bankers :

• HDFC Bank , Surat Branch, Gujarat, India
• Surat People’s Co-Operative Bank Limited, Vasudhara, Parshisheri, Navapara, Surat-395003, Gujarat, India
• Axis Bank

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Surat Peoples Co-op Bank Limited Term loan for construction	0.000	0.000
Surat Peoples Co-op Bank Limited Term loan for plant and machinery	0.000	1.857
Surat Peoples Co-op. Bank Limited Working Capital Loan	0.000	10.079
Axis Bank Limited OD A/C	13.665	0.000
Axis Bank Term Loan A/c	3.441	0.000
Surat Peoples Co-op. Bank A/c. No. 11011 (All loans are secured by Equitable mortgage of Factory Land and Building and Plant and Machinery and Hypothecation of all types of stocks and book debts and the personal guarantee of all directors and certain relatives of Directors and certain Immovable property of the directors and relatives of directors and Hypothecation of Tata Bus and assignment of Insurance Policies)	0.000	5.048
Total	17.106	16.984
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Deposit From Suppliers And Dealers	1.188	1.115
From Directors And Shareholders And Group Company	9.421	6.632
Total	10.609	7.747

Banking Relations :	--
Auditors :
Name :	S.F. Baxi and Company Chartered Accountants
Address :	501, Liberty Chambers, Opposite Rushikesh Triveni Apartment, Nanpura, Timaliawad, Surat – 395001, Gujarat, India
Tel. No.:	91-261-2472065
Mob. No.:	91-9824100834
Email:	suhelbaxi@yahoo.com
PAN.:	ABIPB5913A

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2994000	Equity Shares	Rs.10/- each	Rs.29.940 Millions

AS ON 30.09.2011

Authorised Capital: Rs. 130.000 Millions

Issued, Subscribed & Paid-up Capital: Rs.57.143 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		29.940	52.341	14.340
2] Share Application Money		9.535	0.000	38.001
3] Reserves & Surplus		32.834	31.779	31.656
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		72.309	84.120	83.997
LOAN FUNDS
1] Secured Loans		17.106	16.984	21.032
2] Unsecured Loans		10.609	7.747	7.393
TOTAL BORROWING		27.715	24.731	28.425
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		100.024	108.851	112.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.376	73.021	74.429
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.598	12.862	10.230
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.844	14.969	16.173
	Sundry Debtors	11.580	9.748	13.457
	Cash & Bank Balances	0.554	0.999	0.193
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.932	2.603	2.167
Total Current Assets		32.910	28.319	31.990
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.989	3.759	2.986
	Other Current Liabilities	0.406	0.922	0.978
	Provisions	0.000	0.769	0.394
Total Current Liabilities		6.395	5.450	4.358
Net Current Assets		26.515	22.869	27.632
MISCELLANEOUS EXPENSES		0.535	0.099	0.131
TOTAL		100.024	108.851	112.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	52.273	54.319	53.374
		Other Income	0.476	0.123	0.236
		TOTAL	52.749	54.442	53.610
Less	EXPENSES
		Increase / decrease in stock	(0.568)	(0.049)	(1.184)
		Raw Material Consumed	12.542	15.038	13.375
		Trading and Manufacturing Expenses	12.419	8.633	8.591
		Administrative , Selling, and Distribution Expensess, And financial Expenses	22.939	25.799	27.422
		TOTAL	47.332	49.421	48.204
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.417	5.021	5.406
Less/ Add	DEPRECIATION/ AMORTISATION		4.018	4.488	5.048
	PROFIT BEFORE TAX		1.399	0.533	0.358
Less	TAX		0.000	0.080	0.040
	PROFIT AFTER TAX		1.399	0.453	0.318
Less	APPROPRIATIONS
		Proposed Dividend	0.299	0.287	0.143
		Provision fir Dividend Tax	0.045	0.043	0.022
	BALANCE CARRIED TO THE B/S		1.055	0.123	0.153
	Earnings Per Share (Rs.)		0.47	0.32	0.22

Expected Sales (2012-2013) : Rs.75.000 Millions

The above information has been parted by Mr. Mitesh (Account Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.65	0.83	0.59
Net Profit Margin (PBT/Sales)	(%)	2.68	0.98	0.67
Return on Total Assets (PBT/Total Assets}	(%)	1.34	0.53	0.34
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.004
Debt Equity Ratio (Total Liability/Networth)		0.47	0.36	0.39
Current Ratio (Current Asset/Current Liability)		5.15	5.20	7.34

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCE:

The company has raised its authorized share capital from Rs. 150.000 Millions To Rs 30.000 Millions And -raised fund by issue of equity shares. This has strengthened the position of the company.

FIXED ASSETS:

• Barcode Machine
• Borewell
• Cell phone
• Computers
• Electric Connection
• Electrification
• Factory Building
• Furniture
• Generator
• GMP System
• Lab Equipment
• Patent and Trademark
• Plant and Machinery
• Epbx
• Tata Starbus
• Doser
• Land
• Office Equipment
• Air Condition Machine
• Mold (5ltr) A/c.
• Honda City

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.52.97
UK Pound	1	Rs.85.45
Euro	1	Rs.69.46

INFORMATION DETAILS

Information Gathered by :	SLP
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.