MIRA INFORM REPORT

Report Date :

22.09.2012

IDENTIFICATION DETAILS

Name :	PARTH CHEM IMPEX PRIVATE LIMITED
Registered Office :	B/1602, Kailash Tower, Near Kamla Nagar, M G Road, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.02.2005
Com. Reg. No.:	11-151492
Capital Investment / Paid-up Capital :	Rs.7.128 Millions
CIN No.: [Company Identification No.]	U51496MH2005PTC151492
TAN No.: [Tax Deduction & Collection Account No.]	MUMP19601B
PAN No.: [Permanent Account No.]	AADCP4839L
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Importer of Chemical solvent used for Industries
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some dip in the sales turnover and profits during 2011. However, 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 caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = D
Rating Explanation	Default
Date	04.06.2012

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = D
Rating Explanation	Default
Date	04.06.2012

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Surekha
Designation :	Account Executive
Contact No.:	91-22-28686920
Date :	21.09.2012

LOCATIONS

Registered Office :	B/1602, Kailash Tower, Near Kamla Nagar, M G Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-40235050 / 28686924
Fax No.:	91-22-23432917
E-Mail :	parthchem@sify.com ambrishdoshi@gmail.com parthchem@gmail.com
Website :	http://www.parth-chem-impex-private.tradenote.net
Location :	Owned

DIRECTORS

As on 20.09.2011

Name :	Mr. Mehul Chandrakant Bhutta
Designation :	Director
Address :	A/41, Sahil, 4^th Floor, Behind Dev Nagar, Saibaba Nagar, Extension Road, Kandivali (West), Mumbai-400067, Maharashtra, India
Date of Birth/Age :	26.08.1976
Qualification :	B Com
Date of Appointment :	22.02.2005
DIN No.:	00431243
Name :	Mr. Ambrish Bhikalal Doshi
Designation :	Director
Address :	B/1602, Kailash Tower, Near Kamla Nagar, M G Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	31.07.1964
Date of Appointment :	18.01.2009
DIN No.:	02710492

KEY EXECUTIVES

Name :	Ms. Surekha
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders	No. of Shares
Mehul Chandrakant Bhuta	414500
Krishna Chandrakant Bhuta	62500
Atul Prataprai Rawal	6430
Ambrish Bhikhalal Doshi	66570
Aakar Engineering and Manufacturing Company Limited, India	102500
Fintech Communication Limited, India	60300
Total	712800

As on 22.03.2012

Names of Allottee	No. of Shares Allotted
Ambrish Bhikhalal Doshi	24500
Falgun Ambrish Doshi	12000
Mayuri Mehul Bhuta	29900
Mehul Chandrakant Bhuta	21000
Total	87400

As on 30.03.2012

Names of Allottee	No. of Shares Allotted
Chandrakant Kantilal Bhuta	21000
Krishna Chandrakant Bhuta	17900
Mayuri Mehul Bhuta	55000
Total	93900

As on 20.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	22.84
Directors or relatives of Directors	77.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer and Importer of Chemical solvent used for Industries

Products :

Product Description	ITC Code
S.T. P. P.	2835.0000
Sturene Monomer	2902.500
Phenol	2907.1100

Imports :

Products :

Chemical Solvents

Countries :

China

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

5 (Approximately)

Bankers :

• Tamilnad Mercantile Bank Limited, Garodia House, First Floor, 101-104, Kazi Sayed Street, Masjid, Mumbai-400003, Maharashtra, India
• Bank of Baroda, Masjid Bunder
• State Bank of India, Samuel Street Branch, Rawal Chembers, Musjid Bunder (West), Mumbai 400003, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank of Baroda-59	0.000	0.204
Bank of Baroda - 132 (Both Secured against Stock, Debtors and Immovable properties of Directors and their relatives)	0.000	11.240
State Bank of India (Secured against Stock, Debtors and Immovable properties of Directors and their relatives)	84.425	61.683
HDFC Bank Car Loan 12239316	0.293	0.460
HDFC Bank Car Loan 12239576 (Secured against Motor Car)	0.234	0.367
Total	84.952	73.954
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Banks
Barclays Bank PLC	0.000	1.062
Cholamandalam DBS Finance Limited	0.000	0.600
HDFC Business Loan	0.000	0.408
Kotak Mahindra Bank Limited	0.000	0.931
Standard Chartered Bank	0.000	0.322
From Directors and Relative
Mr. Mehul C.Bhuta	3.857	2.409
Mr. Chandrakant K.Bhuta	1.909	0.008
Mr. Mayuri M.Bhuta	1.520	0.652
Mrs. Krishan M.Bhuta	1.186	0.084
Mitchem Corporation	1.000	1.000
Ambrish Doshi	0.917	0.000
Falguni Doshi	1.255	0.254
Victory Impex	0.500	0.500
Total	12.144	8.230

Banking Relations :	--
Auditors :
Name :	Harshad H Parekh and Company Chartered Accountants
Address :	1^st Floor, Casinath Building, A K Nayak, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-6240100 / 22071657
Mobile No.:	91-9987205060
Fax No.:	91-22-2070027
PAN.:	AAFFH2955Q
Sister Concern :	Parth Tradelinks Private Limited

CAPITAL STRUCTURE

After 20.09.2011

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
894100	Equity Shares	Rs. 10/- each	Rs. 8.941 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
712800	Equity Shares	Rs. 10/- each	Rs. 7.128 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		7.128	7.128	5.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50.633	43.676	15.195
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		57.761	50.804	20.695
LOAN FUNDS
1] Secured Loans		84.952	73.954	26.566
2] Unsecured Loans		12.144	8.230	32.760
TOTAL BORROWING		97.096	82.184	59.326
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		154.857	132.988	80.021
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.718	0.964	1.291
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.098	0.077	0.044
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.478	45.617	48.763
	Sundry Debtors	226.810	210.551	99.974
	Cash & Bank Balances	40.632	27.560	15.196
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.899	16.188	8.839
Total Current Assets		393.819	299.916	172.772
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	233.511	163.792	87.456
	Other Current Liabilities	2.667	1.549	4.929
	Provisions	3.600	2.628	1.756
Total Current Liabilities		239.778	167.969	94.141
Net Current Assets		154.041	131.947	78.631
MISCELLANEOUS EXPENSES		0.000	0.000	0.055
TOTAL		154.857	132.988	80.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	887.032	895.523	683.057
		Other Income	NA	11.453	NA
		TOTAL	NA	906.976	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	898.584	NA
		Advertising Expenses
		TOTAL	NA	898.584	NA
	PROFIT BEFORE TAX		10.537	8.392	6.816
Less	TAX		3.579	2.704	2.319
	PROFIT AFTER TAX		6.958	5.688	4.497
	EARNINGS IN FOREIGN CURRENCY		7.908	7.084	NA
	IMPORTS Values		26.7061	189.758	NA
	Earnings Per Share (Rs.)		9.76	7.98	8.99

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.63	NA
Net Profit Margin (PBT/Sales)	(%)	1.19	0.94	1.00
Return on Total Assets (PBT/Total Assets}	(%)	2.67	2.79	3.91
Return on Investment (ROI) (PBT/Networth)		0.18	0.16	0.33
Debt Equity Ratio (Total Liability/Networth)		5.83	4.92	7.42
Current Ratio (Current Asset/Current Liability)		1.64	1.79	1.83

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors for Goods	218.369	154.080	76.009
Sundry Creditors for Expenses	15.142	9.712	11.522
Total	233.511	163.792	87.531

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 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	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	Yes

NOTE:

The registered of the company has been shifted from 16, Rawal Chambers339/341, Samuel Street, Masjid Buder, Mumbai-400003, Maharashtra, India to present address w.e.f. 02.09.2011

CONTINGENT LIABILITIES NOT ASCERTAINED FOR (As on 31.03.2011)

The previous years figures have been regrouped or re-arranged wherever necessary to confirm to this year’s classification.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51496MH2005PTC151492
Name of the company	PARTH CHEM IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	16, Rawal Chambers 339/341, Samuel Street, Masjid Buder, Mumbai-400003, Maharashtra, India parthchem@sify.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10212961
Type of charge	Book Debts Others (Raw Material Finished Goods)
Particular of charge holder	State Bank of India, Samuel Street Branch, Rawal Chembers, Musjid Bunder (West), Mumbai 400003, Maharashtra, India sbi.60138@sbi.co.in
Nature of instrument creating charge	Supplemental Agreement of Loan Cum Hypothecation.
Date of instrument Creating the charge	24/02/2011
Amount secured by the charge	Rs.225.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 5.75% above base rate at present SBI base rate is 8.25% Present effective rate 14.00%. Terms of Repayment Repayment on demand Margin Raw material 25% Finished Goods 25% Book debts 40% Letter of credit cash margin 20% Extent and Operation of the charge Hypothecation of all present and future stocks of raw material goods book debts and vehicles and all other movable assets of the company already charge would continue as security for enhance limit.
Particulars of the present modification	The existing limit of Rs.150.000 Millions increased to Rs.225.000 millions. All other terms and conditions and security remain unchanged.

Fixed Assets:

• Office Equipment
• Computer
• Motor Vehicle

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 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.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.