MIRA INFORM REPORT

Report Date :

22.10.2012

IDENTIFICATION DETAILS

Name :	CLASSIC SOLVENTS PRIVATE LIMITED
Registered Office :	601, 6^th Floor, 349, Business Point, Western, Express Highway, Andheri (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.09.1984
Com. Reg. No.:	11-034006
Capital Investment / Paid-up Capital :	Rs.6.502 Millions
CIN No.: [Company Identification No.]	U29120MH1984PTC034006
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10701F
PAN No.: [Permanent Account No.]	AAACC1703B
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in Marketing/ Sales and Distribution of Various types of Chemicals (Organic, Inorganic and Solvents).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 330000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 normal 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
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	(Long term Rating) BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation, it carry moderate credit risk.
Date	February, 2012

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/ Corporate Office :	601, 6^th Floor, 349, Business Point, Western, Express Highway, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-42452222
Mobile No.:	91-9821017746 (Mr. Dhiren P. Bhuta)
Fax No.:	91-22-42452232
E-Mail :	tvm@classicsolvents.com dpb@classicsolvents.com cspl@classicsolvents.com
Website :	www.classicsolvents.com
Branches :	Located at: · Ahmedabad · Delhi · Kolkata · Surat

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Dhiren Pranlal Bhuta

Designation :

Managing Director

Address :

71, Chiranjeev, Gulmohur Road No. 4, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

25.01.1960

Date of Appointment :

13.09.1984

DIN No.:

00465856

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29120MH1984PTC034006	Classic Solvents Private Limited	Managing director	13-09-84	13-09-84	-	Active	NO
2	U67120MH1995PTC091845	Acumen Share Services Private Limited	Director	25-08-95	25-08-95	-	Active	NO
3	U17290MH2007PTC170171	Manan Cotsyn Private Limited	Director	20-04-07	20-04-07	18-05-09	Active	NO
4	U45200MH2007PTC172939	Manan Infrastructure and Development Private Limited	Director	07-08-07	07-08-07	-	Active	NO
5	U17219MH2008PTC183221	Unicolour Textiles Private Limited	Director	05-06-08	05-06-08	-	Active	NO
6	U45400MH2008PTC187323	Manan Amity Realtors Private Limited	Director	07-10-08	07-10-08	-	Active	YES
7	U17120MH2010PTC204509	Divine Titanium Private Limited	Director	19-06-10	19-06-10	-	Active	NO

Name :

Mrs. Beena Dhiren Bhuta

Designation :

Director

Address :

71, Chiranjeev, Gulmohur Road No. 4, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

06.04.1965

Date of Appointment :

03.09.1995

DIN No.:

00465909

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29120MH1984PTC034006	Classic Solvents Private Limited	Director	03-09-95	03-09-95	Active	NO
2	U17120MH2010PTC204509	Divine Titanium Private Limited	Director	19-06-10	19-06-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	99.87
Other top fifty shareholders	0.13
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in Marketing/ Sales and Distribution of Various types of Chemicals (Organic, Inorganic and Solvents).

Products :

Products Description	Item Code No.
Chemical – Titanium Dixide	320111

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· YES Bank Limited

9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

· The Vysya Bank Limited

Mandvi Branch, Natha Street, Mumbai – 400009, Maharashtra, India

· Corporation Bank –

221/223, Samuel Street, Masjid Bunder, Mandvi, Mumbai – 400003, Maharashtra, India

· Corporation Bank

Qutabi Mansions, 375, Narsi Natha Street, Mandvi, Mumbai – 440009, Maharashtra, India

· ICICI Bank Limited, Delhi

· Citi Bank N.A.

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	0.854	0.436
Working capital loans banks secured	50.520	48.721
Total	51.374	49.157
NOTES: · Car loan has been taken from Mahendra and Mahendra Finance and SBI. Respective car loan is Hypothecated against respective Car. · Cash credit Facility from corporation bank is secured against hypothecation of stock, book debts, (present and future), first charge on fixed assets of company and personal guarantee of directors. Cash credit facility from Yes Bank is secured against Godowns and personal property of directors.
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	42.995	19.926
Total	42.995	19.926

Banking Relations :	--
Auditors :
Name :	Dushyant Parekh and Associates Chartered Accountant
Address :	204, Anjani Complex, 2^nd Floor, Pareira Hill Road, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-40051560
Telefax No.:	91-22-28231660
Resi. :	91-22-26842442
PAN No. :	AAAPP8316Q
Subsidiary :	· Divine Titanium Private Limited
Entities over which key managerial personnel or their relatives exercises significant influence:	· Unicolour Textiles Private Limited. - Common Director · Manan Infrastructure and Development - Common Director Krish Chem – Director is a Partner · Classic Auto Paints - Director is a partner Ashirwad Agencies - Director is a partner

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65024	Equity Shares	Rs.100/- each	Rs.6.502 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		6.502	6.502	6.502
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		74.804	60.310	48.706
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.306	66.812	55.208
LOAN FUNDS
1] Secured Loans		51.374	49.157	35.204
2] Unsecured Loans		42.995	19.926	12.088
TOTAL BORROWING		94.369	69.083	47.292
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		175.675	135.895	102.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.369	5.035	5.674
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.684	0.584	0.585
DEFERREX TAX ASSETS		0.415	0.233	0.106
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	128.374	85.355	31.549
	Sundry Debtors	182.975	156.078	125.423
	Cash & Bank Balances	27.447	13.118	6.127
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.266	6.741	20.516
Total Current Assets		363.062	261.292	183.615
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	187.987	126.155	83.623
	Other Current Liabilities	5.868	5.094	3.857
	Provisions	0.000	0.000	0.000
Total Current Liabilities		193.855	131.249	87.480
Net Current Assets		169.207	130.043	96.135
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		175.675	135.895	102.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	NA	1075.379	891.831
Less	EXPENSES
		TOTAL	NA	1056.913	876.960
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		22.326	18.466	14.871
Less/ Add	DEPRECIATION/ AMORTISATION		0.877	1.009	0.939
	PROFIT BEFORE TAX		21.449	17.457	13.932
Less	TAX		6.955	5.853	4.828
	PROFIT AFTER TAX		14.494	11.604	9.104
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.606	48.002	38.898
	BALANCE CARRIED TO THE B/S		74.100	59.606	48.002
	IMPORTS VALUE		NA	NA	58.505
	Earnings Per Share (Rs.)		222.90	178.46	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.08	1.02
Return on Total Assets (PBT/Total Assets}	(%)	5.82	6.55	7.36
Return on Investment (ROI) (PBT/Networth)		0.26	0.26	0.25
Debt Equity Ratio (Total Liability/Networth)		3.54	3.00	2.44
Current Ratio (Current Asset/Current Liability)		1.87	1.99	2.10

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 two 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	Yes
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	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	Yes

NOTE:

The Registered office of the company has been shifted from, 51, Danyasthan Street, 2^nd Floor, Room No.29, Mumbai – 400003, Maharashtra, India, to the present address w.e.f. 30.11.2011.

WORKING REVIEW

The company is deploying it s resources in the best possible way to increase business volumes and plans to achieve increased turnover in the current year. The directors expects satisfactory performance during the year, and in terms of the ambitious goals set for the current year, the Directors are hopeful of achieving higher profits in the current year.

BACKGROUND

The Company was incorporated on 13/09/1984. The Company is engaged in the business of trading mainly in Pigments, Chemicals and Solvents etc.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10286975
Corporate identity number of the company	U29120MH1984PTC034006
Name of the company	CLASSIC SOLVENTS PVT LTD
Address of the registered office or of the principal place of business in India of the company	601, 6th Floor, 349, Business Point, Western Express Highway, Andheri (East), Mumbai – 400069, Maharashtra, India tvm@classicsolvents.com
Type of charge	Immovable Property Any interests in immovable property
Particular of charge holder	Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India shareholders@yesbank.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit of Title Deeds dated 21/09/2012
Date of instrument Creating the charge	21/09/2012
Amount secured by the charge	Rs.130.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest CC-5% and WCDL - 4% above YBL Base Rate Respectively Commission/ Pricing on LC / LUT - 1% p.a and Commission on BG - 1.5% p.a plus applicable taxes or as may be decided from time to time Terms of Repayment CC- Tenor - 12 Months WCDL- Tenor - Upto 90 days LC - sight - Tenor - 180 days LC - Usance - 90 days LuT for Buyers credit - Tenor - 180 days BG- Tenor - 15 months Margin NA Extent and Operation of the charge Pari passu charges on properties mortgaged with Corporation Bank to secure working facilities amounting to INR 130 MM provided by Yes Bank Limited
Short particulars of the property charged	All that Land and Godown admeasuring about 2400 Sq. ft bearing Sub Plot No. 1, Shed No. 6, S. No. 120/2, Arihant Compound @ village Purna, Taluq Bhiwandi, District Thane, Subdivision and Sub registration Office Bhiwandi and Division and District Thane. Warehouse No. A-249 Adm. 557 Sq. Ft. on 2nd Floor of Building No. A, Antop Hill Warehousing Co. Ltd, Vidyalankar Collage Road, Wadala (East), Mumbai – 400037 All that Land and Godown admeasuring about 2500 Sq. ft bearing GPH No. 683/4 of Shed No. 7 @ Arihant Compound constructed on land bearing S/no. 121/6 @ village Purna, Taluq Bhiwandi, District Thane All that Land and Godown admeasuring about 2500 Sq. ft bearing GPH No. 683/5 of Shed No. 7 @ Arihant Compound constructed on land bearing S/no. 121/6 @ village Purna, Taluq Bhiwandi, District Thane. Flat No : 175 admeasuring 49.38sq mtrs on 3rd Floor in Building H/9 in Snehankoor Cooperative Housing Society, Borivali, Flat No 602 6th Floor, Building No : 02 , C Wing Juhu Mumbai , Office No 601, 6th Floor, Building 349 Andheri East, Mumbai Office No 602, 6th Floor, Building 349, Andheri East Mumbai.
Date of latest modification prior to the present modification	25/04/2011
Particulars of the present modification	Working Capital Limit is enhanced from Rs.100.000 Millions to Rs.130.000 Millions by creating Pari Passu charge on the Immovable properties mortgage with Corporation Bank.

FIXED ASSETS

· Factory Building

· Plant and Machinery

· Computer

· Furniture and Fixtures

· Vehicles

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.53.72
UK Pound	1	Rs.86.14
Euro	1	Rs.70.17

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.