MIRA INFORM REPORT

Report Date :

07.09.2012

IDENTIFICATION DETAILS

Name :	AMI RIDDHI CHEM PRIVATE LIMITED
Registered Office :	Office No. 3, Gokul Apartment, Haridas Nagar, Shimpoli Road, Borivali West, Mumbai – 400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.12.2007
Com. Reg. No.:	11-176931
Capital Investment / Paid-up Capital :	Rs. 6.150 Millions
CIN No.: [Company Identification No.]	U24100MH2007PTC176931
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Dealer of Pharmaceutical Chemical
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 57000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. 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 with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 :	Ms. Prachi
Designation :	Accountant
Contact No.:	91-22-28992241
Date :	06.09.2012

LOCATIONS

Registered Office :	Office No. 3, Gokul Apartment, Haridas Nagar, Shimpoli Road, Borivali West, Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28992241/ 28991423
Fax No.:	91-22-28981316
E-Mail :	bhavesh@joshinair.com info@amiriddhient.com
Website :	http://www.amiriddhient.com
Location :	Owned

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Vijay Chunilal Sheth
Designation :	Director
Address :	203, Setu Apartment , Saibaba Nagar, Sagar Complex Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	05.08.1961
Date of Appointment :	19.12.2007
DIN No.:	01909556
Name :	Mrs. Bhavna Vijay Sheth
Designation :	Director
Address :	203, Setu Apartment , Saibaba Nagar, Sagar Complex Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	08.06.1963
Date of Appointment :	19.12.2007
DIN No.:	01909587
Name :	Mrs. Darshana Pradip Sheth
Designation :	Director
Date of Appointment :	05.08.2011
DIN No.:	03597396

KEY EXECUTIVES

Name :	Ms. Prachi
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Vijay Chunilal Sheth	461250
Bhavna Vijay Sheth	153750
Total	615000

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Dealer of Pharmaceutical Chemical
Imports :
Products :	Raw Material
Countries :	UK
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ø C.J. Shah and Company

Customers :

End Users

Ø IPCa Lab. Private Limited

No. of Employees :

10 (Approximately)

Bankers :

Ø Bank of Baroda, BFS Branch. Mathru Ashish Building, S.V. Road, Kandivili (West), Mumbai – 400067, Maharashtra, India

Ø Kotak Mahindra Bank

Facilities :

CC – Rs. 40.000 Millions (Bank of Baroda)

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
A : Car Loans
Motor Car Loan From Kotak Mahindra Bank Secured against hypothecation of Honda City	0.490	0.737
B : Cash Credit :
Loan from Bank of Baroda Loans mentioned above are secured by hypothecation of book debts, stock and Office Premises	30.250	30.589
Total	30.740	31.326
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Shareholders	0.138	0.123
From Others	0.000	1.700
Total	0.138	1.823

Banking Relations :	--
Auditors :
Name :	Joshi Nair and Associates Chartered Accountants
Address :	201-A, Mangal Arambh, Off S. V Road, Near Kora Kendra, Borivali West, Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28339292/ 42469292
Fax No.:	91-22-28339293/ 42469293
E-Mail :	jna@joshinair.com
Website :	www.joshinair.com
Income-tax PAN of auditor or auditor's firm :	AACFJ8750C

CAPITAL STRUCTURE

AFTER 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs. 10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,215,000	Equity Share	Rs.10/- each	Rs. 12.150 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
615000	Equity Shares	Rs. 10/- each	Rs. 6.150 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
615000	Equity Share	Rs.10/- each	Rs. 6.150 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		6.150	6.150	2.150
2] Share Application Money		6.000	0.000	0.000
3] Reserves & Surplus		2.234	1.103	0.608
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.384	7.253	2.758
LOAN FUNDS
1] Secured Loans		30.740	31.326	18.100
2] Unsecured Loans		0.138	1.823	7.399
TOTAL BORROWING		30.878	33.149	25.499
DEFERRED TAX LIABILITIES		0.000	0.010	0.004
TOTAL		45.262	40.412	28.261
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.658	1.158	0.227
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.000	3.440
DEFERREX TAX ASSETS		0.022	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.555	38.322	17.295
	Sundry Debtors	52.073	52.480	33.583
	Cash & Bank Balances	2.184	0.838	0.055
	Other Current Assets	0.000	0.000	0.547
	Loans & Advances	3.852	2.089	0.258
Total Current Assets		108.664	93.729	51.738
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.025	53.831	26.918
	Other Current Liabilities	0.000	0.000	0.249
	Provisions	1.568	0.661	0.000
Total Current Liabilities		65.593	54.492	27.167
Net Current Assets		43.071	39.237	24.571
MISCELLANEOUS EXPENSES		0.011	0.017	0.023
TOTAL		45.262	40.412	28.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	N.A.	N.A.	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.037	1.188
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.364	0.144
	PROFIT BEFORE TAX (E-F) (G)		1.673	1.044
Less	TAX (H)		0.542	0.549
	PROFIT AFTER TAX (G-H) (I)		1.131	0.495
	Earnings Per Share (Rs.)		1.84	0.80

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	1.52	1.10	N.A.
Return on Investment (ROI) (PBT/Networth)		0.12	0.14	N.A.
Debt Equity Ratio (Total Liability/Networth)		6.71	12.08	19.10
Current Ratio (Current Asset/Current Liability)		1.66	1.72	1.90

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors for Goods	63.516	53.270
Sundry Creditors for Expenses	0.509	0.561
Sundry Creditors	64.025	53.831	26.918

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 two 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	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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100MH2007PTC176931
Name of the company	AMI RIDDHI CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Office No. 3, Gokul Apartment Haridas Nagar, Shimpoli Road, Borivali West, Mumbai – 400092, Maharashtra, India Email ID: bhavesh@joshinair.com
This form is for	Modification of charge
Charge identification number of the modified	10106195
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Ibb Branch, Mathru Ashish Building, S.V Road, Kandivali (West), Mumbai – 400067, Maharashtra, India Email ID: intmum@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Supplemental composite agreement of hypothecation of goods, book debts, movable machinery and vehicles.
Date of instrument Creating the charge	04.06.2012
Amount secured by the charge	Rs. 50.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest To pay interest on the cash credit limit at the rate of 6.25% over base Rate of the Bank per annum with monthly rests. Terms of Repayment As Per Agreement Margin Stocks, book-debts and moveable machinery - 25% Letter of credit facility - 25% Extent and Operation of the charge As per agreement Others N.A
Short particulars of the property charged	Borrower's stocks of raw materials, stock in process, finished goods, consumable spares and packing materials, all the book - debts, movable machinery, vehicles, stocks and all the stores and spare parts both present and future.
Date of latest modification prior to the present modification	23.09.2010
Particulars of the present modification	Enhancement of Cash Credit Cum Letter of Credit Limit from Rs. 45.000 Millions To Rs. 50.000 Millions

TRADE REFERENCES:

Ø IPCA Laboratories Private Limited

Ø C.J. Shah and Company

FIXED ASSETS:

Ø Furniture and Fixture

Ø Electrical Installation

Ø Motor Car

Ø Computers and Software

Ø Printer

Ø Mobile Phones

Ø Air Conditioner

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 records 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. 55.97
UK Pound	1	Rs. 89.02
Euro	1	Rs. 70.61

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--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		30

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.