MIRA INFORM REPORT

Report Date :

17.09.2012

7

IDENTIFICATION DETAILS

Name :	CEYENAR CHEMICALS PRIVATE LIMITED
Registered Office :	Ceyenar Complex, 371 – AA, Ward No. XVI, M.C. Road, Annankunnu Road, Kottayam – 686 001, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.06.1991
Com. Reg. No.:	09-006078
Capital Investment / Paid-up Capital :	Rs. 0.300 Million
CIN No.: [Company Identification No.]	U24249KL1991PTC006078
TAN No.: [Tax Deduction & Collection Account No.]	TVDC00587G
PAN No.: [Permanent Account No.]	AAACC8714C
Legal Form :	Private Limited Liability Company
Line of Business :	Marketers of rubber chemicals and a rubber industry consultant.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 210000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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

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 :	Ceyener Complex, 371-AA, Ward No. XVI, M.C. Road, Annankunu Road, Kottyam – 686001, Kerala, India
Tel. No.:	91-481-2304464 / 2304461
Fax No.:	91-481-2569226 / 2562996
E-Mail :	rubchem@ceyenar.com rubchem@ceyenar.org rubber@ceyenar.org
Website :	http://www.ceyenar.com
Head Office :	Land and Air Mail : 3, Dr. Sundarimohan Avenue, Kolkata - 700 014, West Bengal, India
Tel. No.:	91- 33- 22897420, 65216047
Fax No.:	91- 33- 22897555
E-Mail :	rubchem@vsnl.net
Corporate Office :	Ceyenar Complex, P.B No.- 233, Ceyenar Complex, Annankuna Road, Kottyam, - 686001, Kerala India
Branches :	Located At Calicurt Manjeri Thrissur Kochi Chennai Kolkata

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajagopal Narayanapillai

Designation :

Chairman Cum Managing Director

Address :

Chenganattu Madom, Old Seminary Road, Chungam, Kottayam – 686 001, Kerala, India

Date of Birth/Age :

31.07.1962

Date of Appointment :

30.07.2006

DIN No.:

00201212

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	U25191KL1997PTC011573	MARC RUBBER COMPONENTS PRIVATE LIMITED	Managing director	1/9/2003	1/9/2003	-	Strike off	NO
2	U24249KL1991PTC006078	CEYENAR CHEMICALS PRIVATE LIMITED	Managing director	30/07/2006	30/07/2006	-	Active	NO

Name :

Ms. Tara Nair

Designation :

Director

Address :

Narayana Mangalam, Old Seminary Road, Chungam, Kottayam – 686 001, Kerala, India

Date of Birth/Age :

08.04.1960

Date of Appointment :

16.06.1961

DIN No.:

00201234

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	U24249KL1991PTC006078	CEYENAR CHEMICALS PRIVATE LIMITED	Director	14/06/1991	14/06/1991	-	Active	NO
2	U25191KL1997PTC011573	MARC RUBBER COMPONENTS PRIVATE LIMITED	Director	24/06/1997	24/06/1997	-	Strike off	NO

Name :

Ms. Veena Nair

Designation :

Director

Address :

Chenganattu Madom, Old Seminary Road, Chungam, Kottayam – 686 001, Kerala, India

Date of Birth/Age :

27.07.1970

Date of Appointment :

30.07.2006

DIN No.:

00591111

Name :

Mr. Ananthu Narayan

Designation :

Director

Address :

Narayana Mangalam, Old Seminary Road, Chungam, Kottayam – 686 001, Kerala, India

Date of Birth/Age :

31.08.1984

Date of Appointment :

30.07.2006

DIN No.:

0590864

Name :

Mr. Vishnu Narayan

Designation :

Director

Address :

Narayana Mangalam, Old Seminary Road, Chungam, Kottayam – 686 001, Kerala, India

Date of Birth/Age :

11.03.1982

Date of Appointment :

30.07.2006

DIN No.:

00600623

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rajagopal Narayanapillai	9000
Tara Nair	10000
Vishnu Narayan	5000
Ananthu Narayan	5000
Veena Nair	1000
Total	30000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Marketers of rubber chemicals and a rubber industry consultant.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of Travancore, Nagampadam Branch, Shaminthas Arcade, M.C. Road, S.H. Mount, Kottayam – 686 006, Kerala, India
• The South Indian Bank Limited, P.B. No.124, 275/ IX, Catholic Centre, Central Junction, K.K. Road, Kottayam – 686 001, Kerala, India
• ICICI Bank
• Canara Bank
• Federal Bank Limited
• Axis Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan From Banks: (Secured by Hypothecation of Fixed Assets of the Company Being Motor Vehicles, Jeep, Lorry Etc.)	1.926	1.496
Cash Credit From Banks: South Indian Bank Limited, Kottyam CC A/C No. 0037083000002579	34.002	9.866
Total	35.928	11.362
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Due To Directors:
Tara Nair	1.216	2.254
Due To Others
Balavalsalamenon	0.436	0.400
Gowri Raj	0.271	0.567
N. Radhakrishna Nair	0.617	0.566
R Balachandran	0.286	0.262
Sivan G Nair	0.459	0.421
Due To Associated Concerns
Ceyenar Rubbers	3.047	3.989
Total	6.332	8.459

Banking Relations :	--
Auditors :
Name :	K, Venkatachalam Aiyer and Company Chartered Accountants
Address :	Aditiya Commercial Arcade, M.C. Road, Nagambadom, Kottyam -686001, Kerala, India
PAN.:	AAEFK0880A
Related Parties :	· Ceyenar Associates (India Rubber and Chemicals) · Ceyenar Rubbers · Gowri Designer Garments

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 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		0.300	0.300	0.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.149	45.730	33.766
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.449	46.030	34.066
LOAN FUNDS
1] Secured Loans		35.928	11.362	1.508
2] Unsecured Loans		6.332	8.459	9.328
TOTAL BORROWING		42.260	19.821	10.836
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		95.709	65.851	44.902
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.629	3.816	4.195
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		30.653	24.603	3.632
DEFERREX TAX ASSETS		0.353	0.290	0.216
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.037	43.688	27.958
	Sundry Debtors	123.901	92.646	80.752
	Cash & Bank Balances	15.918	8.270	34.890
	Other Current Assets	3.847	3.676	3.452
	Loans & Advances	12.873	7.222	4.731
Total Current Assets		190.576	155.502	151.783
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	125.389	113.535	108.226
	Other Current Liabilities	5.113	4.825	6.073
	Provisions	0.000	0.000	0.625
Total Current Liabilities		130.502	118.360	114.924
Net Current Assets		60.074	37.142	36.859
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		95.709	65.851	44.902

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	785.550	635.132	701.495
		Other Income	NA	NA	NA
		Total (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.797	20.691	18.069
Less	FINANCIAL EXPENSES (D)		4.275	1.545	1.971
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.522	19.146	16.098
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.319	0.982	0.784
	PROFIT BEFORE TAX (E-F) (G)		11.203	18.164	15.314
Less	TAX (H)		3.784	6.200	NA
	PROFIT AFTER TAX (G-H) (I)		7.419	11.964	NA
	Import Value		25.744	8.487	9.983
	Earnings Per Share (Rs.)		247.30	398.80	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	5.74	11.40	9.82
Return on Investment (ROI) (PBT/Networth)		0.21	0.39	0.45
Debt Equity Ratio (Total Liability/Networth)		3.23	3.00	3.69
Current Ratio (Current Asset/Current Liability)		1.46	1.31	1.32

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 three 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	No

CONTINGENT LIABILITIES NOT PROVIDED FOR:- (As on 31.03.2011)

1. Details of disputes pending against the company:-

Name of Statute	Nature of Duel	Amount wider dispute not yet deposited (Rs. in Millions)	Forum where the dispute ia pending.	Years to which the amount relates.
Kerala General Sales Tax Act, 1963	Sales Tax (Penalty)	0.087	Sales Tax Appellate Tribunal, KTM	1999-2000
Kerala General Sales Tax Act, 1963	Sales Tax	0.080	High Court of Kerala (Suo Motu Revisdonal Order)	1999-2000

Since the company does not expect any outflow of resource in the future embodying economic benefit, liability in respect of the same has not been provided in the books of accounts.

2. The company has given its property being 4 Acre 45.99 Cents of land situated at Nattakom Village shown as investment having a book value of Rs 3.627 Millions as security by creating an equitable mortgage in favour of State Bank of Travancore for the cash credit limit of Rs.25.000 Millions taken by M/s. Ceyenar Associates (trading under the name of India Rubber and Chemicals), a firm in which all Directors are partners. The terms and conditions on which the company has given this security for the cash credit limit availed by M/s. Ceyenar Associates (trading under the name of India Rubber and Chemicals) is prejudicial to the interest of the company, to the extent of the risk involved in offering the property offered as security

3. Bank Guarantee Rs. 11.500 Millions (South Indian Bank LImited, Kottayam CC A/C No. 0037083000002579)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24249KL1991PTC006078
Name of the company	CEYENAR CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ceyenar Complex, 371 – AA, Ward No. XVI, M.C. Road, Annankunnu Road, Kottayam – 686 001, Kerala, India rubchem@ceyenar.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90019798
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	The South Indian Bank Limited, P.B. No.124, 275/ IX, Catholic Centre, Central Junction, K.K. Road, Kottayam – 686 001, Kerala, India br0037@sib.co.in
Nature of instrument creating charge	1. Agreement of hypothecation 2. Letter confirming deposit of title deeds for creation
Date of instrument Creating the charge	30.12.2011
Amount secured by the charge	Rs.130.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CCOL: Base rate +2.50% (presently 13% p a) floating monthly For all other existing limits existing rates will continue Terms of Repayment CCOL: 12 months Margin CCOL: 25% LC : 10% Extent and Operation of the charge 1. Hypothecation of Stock of all types of Rubber and industrial rubber Chemicals, PVC granules, Plastics, PVC chemicals etc and all actionalble claims and Book Debts both present and future 2. EM of land admeasuring 39.34 Ares in Re Sy No 471/16/2,471/15/2 block no 18 of Nattakom village and 26.22 Ares in old Sy No 72/16A and 1/1, Re Sy No 149/9/1 and 160/1/1 of Perumpaikad village Kottayam taluk and district together with all buildings present and future
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of borrower's Stock including all types of rubber and industrial rubber Chemicals, PVC granules, Plastics, PVC chemicals and all actionalble claims and Book Debts both present and future EM of land admeasuring 39.34 ares in Re Sy No 471/16/2,471/15/2 block no 18 of Nattakom village&26.22 Ares in old Sy No 72/16A & 1/1, Re Sy No 149/9/1 and 160/1/1 of Perumpaikad village Kottayam taluk and Kottayam district together with all buildings present and future
Particulars of the present modification	Total limits enhanced to Rs 130.000 Millions The details of present limits are as follows 1. CCOL- Rs. 55.000 Millions (Enhanced from Rs. 35.000 Millions) 2. CCOL - Rs. 20.000 Millions ( Fresh) 3. ILC - Rs. 7.500 Millions ( Continuance) 4. ILC - Rs. 6.000 Millions ( Continuance) 5. BG - Rs. 11.500 Millions ( Continuance) 6. Import LC - Rs. 30.000 Millions ( Fresh)

FIXED ASSETS:

• Land
• Furniture and Fittings
• Office Equipments
• Plant and Machinery
• 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 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.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.