MIRA INFORM REPORT

Report Date :

12.09.2012

IDENTIFICATION DETAILS

Name :	MAS ADDITIVES PRIVATE LIMITED
Registered Office :	204, Blue Rose Industrial Estate, Western Express Highway, Borivali, Mumbai - 400066, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.02.2008
Com. Reg. No.:	11-179417
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24100MH2008PTC179417
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Chemicals.
No. of Employees :	17 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 91000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a successor of proprietor firm started in the year 1991 as a ‘Mas Chemical’. Later on February, 2008 it got converted into private limited company. It is having satisfactory track record. Performance capability seems to be increasing. Trade relations are reported to be fait. Business is active. Payments are reported to be usually correct and as per commitments. 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
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.

INFORMATION PARTED BY

Name :	Mr. Mangesh
Designation :	Accountant
Contact No.:	91-22-32448705
Date :	11.09.2012

LOCATIONS

Registered Office :	204, Blue Rose Industrial Estate, Western Express Highway, Borivali, Mumbai - 400066, Maharashtra, India
Tel. No.:	91-22-28545733/ 32448705/ 28545734
Mobile No.:	91-9821096911 (Mr. Manish Shah)
Fax No.:	91-22-28545735
E-Mail :	deepsoffice@gmail.com maschemicals@hatway.com maschemicals@vsnl.net deepsoffice@yahoo.com
Area :	2500 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 16.08.2011)

Name :	Mr. Manish Anant Shah
Designation :	Director
Address :	C/104, Rajesh Nagar, Sai Baba Nagar, Borivli (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	21.05.1972
Date of Appointment :	25.02.2008
DIN No.:	01958752
Name :	Mrs. Tejal Manish Shah
Designation :	Director
Address :	C/104, Rajesh Nagar, Sai Baba Nagar, Borivli (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	11.06.1973
Date of Appointment :	25.02.2008
DIN No.:	01958792
Name :	Mr. Anatrai N. Shah
Designation :	Director
Address :	C/104, Rajesh Nagar, Sai Baba Nagar, Borivli (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	25.03.1936
Date of Appointment :	25.02.2008
DIN No.:	01958819

KEY EXECUTIVES

Name :	Mr. Mangesh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 16.08.2011)

Names of Shareholders	No. of Shares
Manish Anant Shah	6000
Tejal Manish Shah	3000
Anatrai Shah	1000
Total	10000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Chemicals.
Imports :
Products :	Chemicals
Countries :	· Europe · China · Malaysia · Korea · Japan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Matsue Limited

Customers :

End Users

· Cheminox Enterprise

· Finoplast

No. of Employees :

17 (Approximately)

Bankers :

· The Saraswat Co-operative Bank Limited

SME Vile Parle Branch, Bholanath Co-operative Housing Society, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Saraswat Bank – OD Account (Secured against Stock and Debtors)	0.000	4.845
Total	0.000	4.845
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Unsecured Deposit	0.200	0.000
Loan from Related Parties
-Loan from Directors	3.578	3.154
-Loan from other	9.241	7.438
Total	13.019	10.592

Banking Relations :	--
Auditors :
Name :	R. G. Varaiya and Associates Chartered Accountant
Address :	274, Chitalia House, Dr. Cawasji Hormusji Street, Marine Lines (East), Mumbai – 400002, Maharashtra, India
Tele/Fax No.:	91-22-22054493/ 94
PAN No.:	AAGFR5320J
E-Mail :	casolution@varaiya.com

CAPITAL STRUCTURE

(AS ON 16.08.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.564	11.797	3.150
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.664	11.897	3.250
LOAN FUNDS
1] Secured Loans		0.000	4.845	0.000
2] Unsecured Loans		13.019	10.592	8.840
TOTAL BORROWING		13.019	15.437	8.840
DEFERRED TAX LIABILITIES		0.144	0.074	0.010
TOTAL		35.827	27.408	12.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.421	4.618	0.066
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.025
DEFERREX TAX ASSETS		0.025	0.025	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	53.111	52.904	5.259
	Sundry Debtors	0.000	0.000	28.662
	Cash & Bank Balances	17.821	16.658	1.761
	Other Current Assets	0.133	0.428	4.346
	Loans & Advances	11.982	6.217	0.000
Total Current Assets		83.047	76.207	40.028
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	40.236	44.719	25.278
	Other Current Liabilities	0.056	2.753	1.276
	Provisions	11.384	5.984	1.484
Total Current Liabilities		51.676	53.456	28.038
Net Current Assets		31.371	22.751	11.990
MISCELLANEOUS EXPENSES		0.010	0.014	0.019
TOTAL		35.827	27.408	12.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	308.789	183.609	88.694
Less	EXPENSES
		TOTAL	292.552	170.398	84.050
	PROFIT BEFORE TAX		16.237	13.211	4.644
Less	TAX		5.470	4.564	1.494
	PROFIT AFTER TAX		10.767	8.647	3.150
	Earnings Per Share (Rs.)		1076.70	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	400.000

Expected Sales (2012-13): Rs.500.000 Millions

The above information has been parted by Mr. Mangesh.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.26	7.20	5.24
Return on Total Assets (PBT/Total Assets}	(%)	18.56	16.35	11.58
Return on Investment (ROI) (PBT/Networth)		0.72	1.11	1.43
Debt Equity Ratio (Total Liability/Networth)		2.85	5.79	11.35
Current Ratio (Current Asset/Current Liability)		1.61	1.43	1.43

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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS

During the financial year, the company has earned a net profit of Rs.0.070 Million.

TRADE REFERENCE:

· Cheminox Enterprise

· Finoplast

· Matsue Limited

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10107920
Corporate identity number of the company	U24100MH2008PTC179417
Name of the company	MAS ADDITIVES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	204, Blue Rose Industrial Estate, Western Express Highway, Mumbai – 400066, Maharashtra, India deepsoffice@gmail.com
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	The Saraswat Cooperative Bank Limited SME Vile Parle Branch, Bholanath Co-operative Housing Society, Subhash Road, Vile Parle East, Mumbai – 400057, Maharashtra, India s_sukhtankar@saraswatbank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation for Enhanced D/A L/C Limit ( Supplementary Deed) Agreement of Interchangeability of limits between LC and CC
Date of instrument Creating the charge	25/07/2012
Amount secured by the charge	Rs.140.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Nil Terms of Repayment On demand Margin 20% in tem deposit upto Rs.90.000 Millions 30% in term deposit above Rs.90.000 Millions Extent and Operation of the charge This is LC limit with sub limit of Rs.30.000 Millions for cash credit limit Interchangeability facility between LC and CC and vice verse to be extended upto maximum limit of Rs.30.000 Millions
Short particulars of the property charged	Hypothecation of goods tangible movable property (both present and future) belonging to the borrower and lying and being at the borrowers place of business at Stores and Shift, Kanchan Com Anjurphata, Ranal Village Bhiwandi or Swapnil warehousing Corp Godown no 15 Bharma Compound Ranal Village Bhiwandi.
Date of latest modification prior to the present modification	10/10/2011
Particulars of the present modification	LC limit enhanced from Rs.90.000 Millions to Rs.140.000 Millions (additional Rs.50.000 Millions). Interchangeability facility between LC and CC and vice verse to be extended upto maximum limit of Rs.30.000 Millions

FIXED ASSETS:

· Computer

· Mobile

· Blue Rose Office

· Sony LCD TV and DVD

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.55.34
UK Pound	1	Rs.88.50
Euro	1	Rs.70.74

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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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.