MIRA INFORM REPORT

Report Date :

10.09.2012

IDENTIFICATION DETAILS

Name :	WILLOWOOD CHEMICALS PRIVATE LIMITED
Registered Office :	12/1 Lindsay Street, Kolkata - 700087, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.12.2006
Com. Reg. No.:	21-112085
Capital Investment/ Paid-up Capital:	Rs.7.185 Millions
CIN No.: [Company Identification No.]	U24232WB2006PTC112085
TAN No.: [Tax Deduction & Collection Account No.]	CALW02980F
Pan No.:	AAACW6775D
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Agro Chemicals
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 500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of the ‘Willowood Group.” It is an established company having satisfactory track. Trade relations are reported as decent. Business is active. Payments are reported to usually correct. 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

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 :	12/1 Lindsay Street, Kolkata - 700087, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bkb@bjaingroup.com
Corporate Office:	12/1, Nellie Sengupta Sarani, Kolkata – 700087, West Bengal, India
Tel No.:	91-33-30281748/49/50
Fax No.:	91-33-30281747

DIRECTORS

As on 10.09.2011

Name :

Mr. Parikshit Mundhra

Designation :

Director

Address :

57, Diamond Harbour Road, Ideal Towers, Block – B, Flat No. 2G, Kolkata – 700023, West Bengal, India

Date of Birth/Age :

17.03.1976

Date of Appointment :

12.12.2006

Din No.:

00795907

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	U24121RJ1999PTC016023	WILLOWOOD AGRO CHEM PRIVATE LIMITED	Director	07/11/2006	07/11/2006	15/12/2011	Active	NO
2	U24232WB2006PTC112085	WILLOWOOD CHEMICALS PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
3	U51109WB2006PTC112212	CANDID VYAPAAR PRIVATE LIMITED	Director	22/02/2007	22/02/2007	-	Active	NO
4	U24231GJ1989PTC012252	SHREEJI PESTICIDES PVT LTD	Director	22/01/2010	22/01/2010	-	Active	NO
5	U70100WB2010PTC140824	SOUTH CITY BELAIR PROPERTY MANAGEMENT PRIVATE LIMITED	Additional director	18/07/2011	18/07/2011	-	Active	NO
6	U74999WB2011PTC166751	WILLOWOOD CROP SCIENCES PRIVATE LIMITED	Director	24/08/2011	24/08/2011	-	Active	NO

Name :

Mr. Hitesh Bagri

Designation :

Director

Address :

C/O Dwarka Das Bagri, EMP -42/702, Thakur Village, Kandivali (East) Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

25.12.1988

Date of Appointment :

19.06.2009

Din No.:

02670867

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	U24232WB2006PTC112085	WILLOWOOD CHEMICALS PRIVATE LIMITED	Director	19/06/2009	19/06/2009	-	Active	NO
2	U24231GJ1989PTC012252	SHREEJI PESTICIDES PVT LTD	Director	22/01/2010	22/01/2010	-	Active	NO
3	U74999WB2011PTC166751	WILLOWOOD CROP SCIENCES PRIVATE LIMITED	Director	24/08/2011	24/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2011

Names of Shareholders	No. of Shares
Parikshit Mundhra	237300
Hitesh Bagri	1000
Vijay Mohan Das Mundhra (HUF)	26000
Vijay Mohan Das Mundhra	453400
Gawar Devi Mundhra	100
Anita Das Mundhra	100
Supriya Das Mundhra	100
Shreevardhan Das Mundhra	100
Sushma Das Bagri	100
Anupama Mohan Mundhra	100
Parikshit Mundhra (HUF)	100
Deepika Mundhra (HUF)	100
Total	718500

As on 31.03.2012

Names of Shareholders	No. of Shares
Parikshit Mundhra	43000
Hitesh Bagri	40000
Total	83000

As on 10.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Agro Chemicals
Products:	· Acetamiprid · BPMC · Buperfezin · Carborthaloni · Cartap · Chlorthalonil · Ethrephon · Fenosaprop –p –Ethyl · Gibberelic Acid · Gly Phosate · Imazethapyr

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower parel (West) Mumbai – 400013, Maharashtra, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India

· Citi Bank, Kanak Building, 41 Chowringhee Road, Kolkata – 700071, West Bengal, India

Facilities :

Rs. In Millions

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Working capital loans banks secured	46.200	0.000
Loans taken for vehicles secured	0.079	0.527
	46.279	0.527

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Working capital loans financial institutions unsecured	1.660	0.000
Working capital loans others unsecured	122.040	91.858
	123.700	91.858

Banking Relations :	--
Auditors :
Name :	B. Jain and Company Chartered Accountant
Address :	26 Strand Road, Kolkata – 700001, West Bengal, India
Pan No.:	AADFB4131C
Subsidiaries :	Shreeji Pesticides Private Limited CIN No.: U24231GJ1989PTC012252
Common Control Exists:	Willowood Agro Chem Private Limited

CAPITAL STRUCTURE

After 10.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
801500	Equity Shares	Rs.10/- each	Rs.8.015 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
718500	Equity Shares	Rs.10/- each	Rs.7.185 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		7.185	7.185	6.050
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		126.141	99.042	26.635
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		133.326	106.227	32.685
LOAN FUNDS
1] Secured Loans		46.279	0.527	0.935
2] Unsecured Loans		123.700	91.858	35.983
TOTAL BORROWING		169.979	92.385	36.918
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		303.305	198.612	69.603
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.861	2.378	2.729
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		83.092	83.092	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.691	78.271	67.876
	Sundry Debtors	484.715	263.202	154.057
	Cash & Bank Balances	6.557	1.787	5.927
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	51.158	39.619	31.362
Total Current Assets		652.121	382.879	259.222
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	405.405	228.763	150.836
	Other Current Liabilities	48.685	24.027	35.187
	Provisions	25.700	16.988	6.386
Total Current Liabilities		479.790	269.778	192.409
Net Current Assets		172.331	113.101	66.813
MISCELLANEOUS EXPENSES		0.021	0.041	0.061
TOTAL		303.305	198.612	69.603

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1868.487	1305.071	740.860
Less	EXPENSES		1824.603	1277.668	763.031
	PROFIT BEFORE TAX		43.884	27.403	11.147
Less	TAX		15.226	9.770	4.402
	PROFIT AFTER TAX		28.658	17.633	6.745
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.927	11.135	4.390
Less	APPROPRIATIONS
		Interim Dividend	0.719	0.000
		Transfer to General Reserve	2.866	0.000
		Proposed Dividend	0.719	0.719	NA
		Tax on Dividend	0.122	0.122
	BALANCE CARRIED TO THE B/S		52.159	27.927	11.135
	Earnings Per Share (Rs.)		39.89	29.00	19.82

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.53	1.35	0.91
Return on Total Assets (PBT/Total Assets}	(%)	6.27	7.11	4.26
Return on Investment (ROI) (PBT/Networth)		0.33	0.26	0.34
Debt Equity Ratio (Total Liability/Networth)		4.87	3.41	7.01
Current Ratio (Current Asset/Current Liability)		1.36	1.42	1.35

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

FORM 8

Corporate identity number of the company	U24232WB2006PTC112085
Name of the company	WILLOWOOD CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12/1 Lindsay Street, Kolkata - 700087, West Bengal, India Email: bkb@bjaingroup.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10246379
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower parel (West) Mumbai – 400013, Maharashtra, India Email: RBBform8@hdfcbank.com
Nature of instrument creating charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	26.07.2012
Amount secured by the charge	Rs. 280.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Term of Payment: On demand. Margin As may be stipulated by the Bank from time to time Extent and operation of the charge Hypothecation by way of Pari Passu charge on Company's Stocks, Book Debts etc, to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs.280.000 Millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank. Others: The charge created herein shall rank Pari Passu with charge created in favour of Citi Bank Limited
Short particulars of the property charged (Including location of the property)	Stock-in-trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights
Date of last modification prior to the present modification	30.11.2011
Particulars of the present modification	The Charge shall now stand increased from Rs.206.100 Millions to Rs.280.000 Millions against the security of Stocks and Book Debts of the Company.

Fixed Assets:

· Fire Extinguisher

· Honda Accords Car

· Mobile

· Motor Car

· Air Conditioner

· Refrigerator

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.55.52
UK Pound	1	Rs.88.49
Euro	1	Rs.70.20

INFORMATION DETAILS

Report Prepared by :

BYI

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	6
--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.