MIRA INFORM REPORT

Report Date :

29.09.2012

IDENTIFICATION DETAILS

Name :	DESMO EXPORTS LIMITED
Registered Office :	C-108, TTC Industrial Area, Pawane MIDC, Navi Mumbai-400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.02.1993
Com. Reg. No.:	11-070652
Capital Investment/ Paid-up Capital:	Rs.39.123 Millions
CIN No.: [Company Identification No.]	U51397MH1993PLC070652
TAN No.: [Tax Deduction & Collection Account No.]	MUMD11792E
PAN No.: [Permanent Account No.]	AABCD0271E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Chemicals and HMs.
No. of Employees:	28 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB / Negative [Cash Credit]
Rating Explanation	Moderate risk of default.
Date	13.12.2011

Rating Agency Name	CRISIL
Rating	A4+ [Short Term Bank Loan]
Rating Explanation	Minimal degree of safety. It carry very high credit risk and are susceptible to default.
Date	13.12.2011

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/Factory :	C-108, TTC Industrial Area, Pawane MIDC, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22-27654062/27652473/27634390
Fax No.:	91-22-27801853
E-Mail :	info@desmoexports.com
Websites :	www.desmoexports.com
Area :	830 sq. ft
Location:	Owned
Corporate Office :	125, Arenja Arcade, Sector- 17, Vashi, Navi Mumbai- 400705, Maharashtra, India
Tel. No.:	91-22-61317500 (100 Lines) / 27654062 / 24652473/27880365
Fax No.:	91-22-27801853
E-Mail :	info@desmoexports.com sales@desmoexports.com
Website :	http://www.desmoexports.com
Area :	275 sq. ft.
Location:	Owned
Administration Office:	204, Swasti House, 70, Kazi Sayed Street, Mumbai – 400033, Maharashtra, India
Branch Office :	Located At: · Ahmedabad · New Delhi · Chennai

DIRECTORS

AS ON 16.09.2011

Name :

Mr. Jitendra Devki Yadav

Designation :

Director

Address :

2B – 16, Sector – 10, Koperkhairne, Navi Mumbai-400708, Maharashtra, India

Date of Birth/Age :

10.01.1967

Date of Appointment :

01.07.2003

Din No.:

00632185

Name :

Mrs. Rachana Dilip Jindal

Designation :

Director

Address :

J – 21, Row House No. 5, Sector – 6, Vashi, New Mumbai-400703, Maharashtra, India

Date of Birth/Age :

11.11.1968

Date of Appointment :

07.07.2007

Din No.:

00632366

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	Company/ LLP Status	Defaulting status
1	U64100MH1986PTC041768	SPECTRUM COMMUNICATION PRIVATE LIMITED	Director	01/04/1997	01/04/1997	Active	NO
2	U70101WB1991PTC051429	MANGAL JYOTI NIKET PRIVATE LIMITED	Director	01/04/1997	01/04/1997	Not Available for eFiling	NO
3	U70101MH1991PTC148731	MANGALJYOTI NIKET PRIVATE LIMITED	Director	14/02/2001	14/02/2001	Active	NO
4	U65990MH1994PTC080773	DESMO CAPITAL AND FINANCE PRIVATE LIMITED	Director	12/10/2003	12/10/2003	Active	NO
5	U51397MH1993PLC070652	DESMO EXPORTS LIMITED	Director	07/07/2007	07/07/2007	Active	NO
6	U51101MH2000PTC125076	DIVYARATNA AGROTECH PRIVATE LIMITED	Director	22/12/2007	22/12/2007	Active	NO

Name :

Mr. Dilipkumar Mishrilal Jindal Jindal

Designation :

Director

Address :

J – 21, Rh – V, Sector – 6, Vashi, New Mumbai-400703, Maharashtra, India

Date of Birth/Age :

21.02.1964

Date of Appointment :

09.08.2002

Din No.:

01093009

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	U70101WB1991PTC051429	MANGAL JYOTI NIKET PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Not Available for eFiling	NO
2	U64100MH1986PTC041768	SPECTRUM COMMUNICATION PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
3	U70101MH1991PTC148731	MANGALJYOTI NIKET PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
4	U51397MH1993PLC070652	DESMO EXPORTS LIMITED	Managing director	31/08/2011	09/08/2002	-	Active	NO
5	U65990MH1994PTC080773	DESMO CAPITAL AND FINANCE PRIVATE LIMITED	Director	12/03/2003	12/03/2003	-	Active	NO
6	U24110MH2000PTC127401	AINA CHEM PRIVATE LIMITED	Director	26/05/2003	26/05/2003	12/03/2012	Active	NO
7	U51101MH2000PTC125076	DIVYARATNA AGROTECH PRIVATE LIMITED	Director	22/12/2007	22/12/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.09.2011

Names of Shareholders	No. of Shares
Dilip M Jindal	2467740
Rachna Dilip Jindal	861580
Krishna Jindal	44966
Mishrilal Jindal	448616
Shobha Agarwal	1000
Jitendra Yadav	1000
Dilip M Jindal (HUF)	87400
TOTAL	3912302

AS ON 31.03.2012

Names of Allottees	No. of Shares
Dilip M. Jindal	3549898
Rachana D. Jindal	467800
Mishrilal Jindal	50000
Dilip M. Jindal HUF	20000
Dilip M. Jindal	1504660
Rachana D. Jindal	332345
Krishna Jindal	11242
Mishrilal Jindal	124654
Jitendra Yadav	250
Dilip M. Jindal HUF	26850
TOTAL	6087699

AS ON 16.09.2011

Category	Percentage
Directors or relatives of directors	99.98
Other top fifty shareholders	0.02
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals and HMs.

Products :

PRODUCT DESCRIPTION	ITEM CODE NUMBER
Citic Acid	241
DCDA	241
Glycer	241
Gum Rosin	241
Hydrogen Peroxide	241
Maliec Anhydride	241
N-Butanol	241
Paraffin Wax	241
Phosphoric Acid	241
Potassium Hydroxide	241
Propylene Glycol	241
Soda Ash	241
Soduim Sulphate Anhydrous	241
STPP	241

PRODUCTION STATUS [AS ON : 31.03.2010]

Particulars	Installed Capacity	Actual Production
Industrial Solvents	4000 (KL)	313.497 MT

GENERAL INFORMATION

No. of Employees :

28 (Approximately)

Bankers :

· ICICI Bank Limited – Landmark Race Cource Circle, Alkapuri, Vadodara – 390015, Gujarat, India

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

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks secured	51.079	51.634
Foreign currency loans banks secured	(A)215.639	0.000
TOTAL	266.718	51.634
NOTE: (A) (Secured against Hypothecation of current Assets , Movable properties and receivables with personal Gute of Dir) [100400]
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks unsecured	7.974	9.627
Rupee term loans financial institutions unsecured	5.844	2.575
Other debt unsecured	(A)7.254	0.527
TOTAL	21.072	12.729

NOTE: (A) Loan taken from Jindal Enterprise, an Associate Company

Banking Relations :	--
Auditors :
Name :	Chaplot and Company Chartered Accountants
Address :	105, Shreeji Arcade, Above HDFC Bank, Tilak Raod, Dombivali (East), Thane-421201, Maharashtra, India
Tel. No.:	91-251-2420718
PAN No:	AAMPC9697D
Related Parties :	· Mangaljyoti Niket Private Limited [U70101MH1991PTC148731] · Spectrum Communication Private Limited [U64100MH1986PTC041768] · Divyaratna Agrotech Private Limited [U51101MH2000PTC125076] · Jindal Enterprises

CAPITAL STRUCTURE

AS ON 16.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000001	Equity Shares	Rs.10/- each	Rs.100.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3912302	Equity Shares	Rs.10/- each	Rs.39.123 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		39.123	39.123	19.562
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		31.557	26.070	34.759
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		70.680	65.193	54.321
LOAN FUNDS
1] Secured Loans		266.718	51.634	52.318
2] Unsecured Loans		21.072	12.729	0.022
TOTAL BORROWING		287.790	64.363	52.340
DEFERRED TAX LIABILITIES		1.440	1.617	0.000
TOTAL		359.910	131.173	106.661
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.249	20.984	5.159
Capital work-in-progress		9.426	0.000	0.000
INVESTMENT		0.100	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	153.707	112.235	43.957
	Sundry Debtors	161.137	92.488	66.411
	Cash & Bank Balances	66.119	28.425	5.065
	Other Current Assets	32.181	18.492	0.000
	Loans & Advances	24.099	14.333	25.621
Total Current Assets		437.243	265.973	141.054
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.105	133.887
	Other Current Liabilities	24.327	17.441	24.628
	Provisions	11.850	4.539	14.924
Total Current Liabilities		109.282	155.867	39.552
Net Current Assets		327.961	110.106	101.502
MISCELLANEOUS EXPENSES		0.174	0.083	0.000
TOTAL		359.910	131.173	106.661

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1113.403	725.747	563.690
		Other Income	17.888	20.885	8.220
		TOTAL (A)	1131.291	746.632	571.910
Less	EXPENSES
		Cost of Goods Sold	866.446	554.466	400.714
		Custom Duty	44.569	41.821	29.226
		Clearing and Forwarding Charges	29.041	29.391	12.533
		Direct Expenses	95.416	58.374	69.844
		Contract Charges Paid	0.000	0.000	1.117
		Mvat/ CST Paid	24.766	13.782	14.217
		Payment and Provision For Employees	8.055	4.921	1.502
		Sales and Administrative Expenses	14.602	10.684	11.157
		Donation	0.617	0.550	0.700
		TOTAL (B)	1083.512	713.989	541.010
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.779	32.643	30.900
Less	FINANCIAL EXPENSES (D)		21.178	13.431	7.891
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.601	19.212	23.009
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.222	2.225	0.787
	PROFIT BEFORE TAX (E-F) (G)		21.379	16.987	22.222
Less	TAX (H)		7.074	5.825	8.308
	PROFIT AFTER TAX (G-H) (I)		14.305	11.162	13.914
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.070	34.759	NA
	APPROPRIATIONS
		Proposed Dividend on Equity Shares	3.912	0.000	NA
		Tax on Dividend	0.650	0.000	NA
		Provision For Income Tax For Earlier Years	4.256	0.290	NA
	BALANCE CARRIED TO THE B/S		31.557	45.631	NA
	Earnings Per Share (Rs.)		3.65	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.26	1.49	2.43
Net Profit Margin (PBT/Sales)	(%)	1.92	2.34	3.94
Return on Total Assets (PBT/Total Assets}	(%)	4.65	5.92	15.20
Return on Investment (ROI) (PBT/Networth)		0.30	0.26	0.41
Debt Equity Ratio (Total Liability/Networth)		5.62	3.37	1.69
Current Ratio (Current Asset/Current Liability)		4.00	1.71	3.57

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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CONTINGENT LIABILITIES IN RESPECT OF FOLLOWING CORPORATE GUARANTEES GIVEN BY THE COMPANY VIZ

			31.03.2011
	Particulars of Guarantee given to	Credit facility Amount	Amount (Rs. in Millions )
1	Kotak Mahindra Bank against Term Loans given to Mr. Dilipkumar Mishrilal Jindal.	Term Loan	Rs.30.000
2	Standard Chartered Bank against Banking Facilities to M/s. Mangal Jyoti Niket Pvt. Ltd.	L/C. Credit/ Buyer Credit Overdraft Limit Forex Forward LER	Rs. 17.500 Rs. 17.500 Rs. 4.950
3	I D B I Bank against Banking Facilities to M/s. Divyaratna Agrotech Pvt Ltd	L/C. Credit/ Buyer Credit Overdraft Limit	Rs.30.000 Rs.20.000

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF STATEMENT TO TOTAL INCOME

DESMO EXPORTS LIMITED

(RS. IN MILLIONS)

Particulars	31.03.2011
Income From Business
Net Profit as per Profit and Loss Account		21.379
Add: Items Considered Separately/Disallowable
i) Depreciation as per Companies Act 1956 U/S 37	5.222
ii) Prior period expenses	0.176
iii) Penalty and fine	0.089
iv) Donation	0.617	6.104
		27.483
Less: Items Considered Separately/Allowable
i) Depreciation as per Income Tax Act 1961		4.801
GROSS TOTAL INCOME		22.682
Less: Deduction U/CH. VI-A U/S 80 G for Donation 50% of Rs.0.617 Million		0.308
NET ASSESSABLE INCOME		22.374
TAX PAYABLE ON ABOVE INCOME		6.712
Add: Surchage @ 7.5%		0.503
TOTAL TAX PAYABLES		7.215
Add: Education Cess @ 3%		0.216
NET TAX PAYABLES		7.432
DD: Interest u/s 234 (B)	0.000
Interest u/s 234 (C)	0.000	0.000
TOTAL TAX PAYABLE		7.432
Less: T.D.S. Receivables	0.184
Advance Tax Paid	1.300
Self Assessment Tax	0.000	1.484
BALANCE TAX PAYABLE		5.948

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2012	31.03.2013
	[Projected]
Gross Sales
Domestic Sales	1513.000	2300.000
Export Sales	0.000	0.000
Total	1513.000	2300.000
Less: Excise Duty	112.000	170.000
Net Sales	1401.000	2130.000
% age rise (+) or Fall (-) in Net Sales as compared to previous year	35.9%	52.1%
COST OF SALES
Raw Material (Including Stored and Other items used in the process of Manufacture)	1247.000	1857.000
Imported	927.000	1222.000
Indigenous	320.000	635.000
Other Spares
Imported	0.000	0.000
Indigenous	0.000	0.000
Other Manufacturing Expenses	120.000	182.000
Depreciation	05.000	06.000
Sub Total	1371.000	2045.000
Add: Opening Stock in Process	0.000	0.000
Sub Total	1371.000	2045.000
Deduct : Closing Stock in Process	0.000	0.000
Cost of Production	1371.000	2045.000
Add : Opening Stock of Finished Goods	154.000	241.000
Sub Total	1525.000	2286.000
Less: Closing Stock of Finished Goods	241.000	320.000
Sub Total (Total Cost of Sales)	1284.000	1966.000
Selling, General and Administrative Expenses	59.000	90.000
Sub total	1343.000	2057.000
Operating Profit before Interests	58.000	73.000
Interests	30.000	35.000
Interest on Fixed Loans/Term Loans	05.000	06.000
Other Interest	25.000	29.000
Operating Profit After Interests	28.000	38.000
Add: Other non-operating income	(09.000)	12.000
Deduct: Other non-operating expenses	0.000	0.000
Net of other non-operating income/expenses	(09.000)	12.000
Profit before Taxes	19.000	50.000
Less: Tax Provision
Income tax provision	06.000	13.000
Deferred tax liability	0.000	0.000
Deferred tax assets	0.000	0.000
Net Profit After Tax	13.000	38.000
Equity Dividend Paid	0.000	0.000
Retained Profit	13.000	38.000
Retained Profit/ Net profit (% age)	1.3	3.8

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2012	31.03.2013
	[Projected]
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
From applicant Banks	0.000	0.000
From Other Banks	50.000	50.000
Of which BP and BD	0.000	0.000
Sub Total (A)	50.000	50.000
Short Term Borrowings from others	0.000	0.000
Sundry creditors [Trade]	345.000	412.000
Advance payments from customers/ deposits from dealers	0.000	0.000
Provision of taxes	18.000	20.000
Dividend Payable	0.000	0.000
Other Statutory Liabilities (Due within one year)	35.000	18.000
Deposits/ Installments of Term/ loans/DPGs/Debentures etc. (Due within one year)	0.000	0.000
Other current liabilities and provision (Due within one year)	0.000	0.000
	397.000	450.000
Sub – Total (B)
	447.000	550.000
Total Current Liabilities
TERM LIABILITIES
Debentures (Not Maturing within one year)	0.000	0.000
Unsecured Loans from Directors (Redeemable after one year)	0.000	0.000
Term Loans (Excluding Installment)	24.000	29.000
Deferred Installment (Due within one year)	0.000	0.000
Term deposit (repayable one year	0.000	0.000
Other Term Liabilities	0.000	0.000
Total Term Liabilities	24.000	29.000
Total of Outside Liabilities	472.000	578.000
Net Worth
Share Capital Account	59.000	89.000
General Reserve	0.000	0.000
Shares Premium Account	0.000	0.000
Balance in Profit and Loss A/C	44.000	82.000
Quasi Equity	13.000	20.000
Net Worth	117.000	191.000
TOTAL LIABILITIES	588.000	769.000
ASSETS
CURRENT ASSETS
Cash and Bank Balance	52.000	53.000
Fixed deposit with bank	0.000	0.000
Bank balances	52.000	53.000
Receivable Other than Exports	0.000	0.000
Installment of deferred receivable (due within one year)	0.000	0.000
Investment (Other than long term)	0.000	0.000
Govt. and other trustee securities	0.000	0.000
Fixed deposit with banks	0.000	0.000
Sundry Debtors	0.000	0.000
Domestic Receivable (including bills purchase)	212.000	298.000
Export Receivable (including bills purchase)	212.000	298.000
INVENTORY:	241.000	320.000
Raw materials (including stores and other item used in the process of manufacturing)	0.000	0.000
Imported	0.000	0.000
Indigenous	0.000	0.000
Stock – in – process	0.000	0.000
Finished Goods	241.000	320.000
Other Consumable Spares	0.000	0.000
Imported Consumables	0.000	0.000
Indigenous Consumables	0.000	0.000
Advances recoverable in cash or in kind	50.000	45.000
Advance to Suppliers of Raw materials and stores and spares	0.000	0.000
Advances Payments Taxes	0.000	0.000
Other current assets	0.000	0.000
TOTAL CURRENT ASSETS	555.000	716.000
FIXED ASSETS
Gross Block	46.000	76.000
Add: Capital Work in Progress	0.000	0.000
Total	46.000	76.000
Less: Accumulated Depreciation	20.000	26.000
NET BLOCK	27.000	51.000
Investment/ books debts/ advances/ exposits which are not current assets	0.000	0.000
Investment in subsidiary company	0.000	0.000
Others Investment	0.000	0.000
Others Debtors (6 month)	7.000	3.000
Security Deposits	0.000	0.000
Others	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS	7.000	30.000
Intangible assets	0.000	0.000
TOTAL ASSETS	588.000	769.000
Tangible Net Worth	117.000	191.000
Net Working Capital	108.000	166.000
Current Ratio	1.2	1.3
Total Outside Liabilities/ Tangible Net Worth	4.0	3.0
Total Term Liabilities / TNW	0.2	0.1

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

Particulars	31.03.2012	31.03.2013
	[Projected]
FIRST METHOD OF LENDING
Total Current Assets	555.000	716.000
Other Current Liabilities (Other than bank borrowings)	397.000	450.000
Working Capital Gap (WCG)	158.000	266.000
Minimum stipulated net working capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both methods)	139.000	179.000
Actual / projected net working capital	108.000	166.000
Item 3 minus item 4	19.000	87.000
Item 3 minus item 5	50.000	100.000
Maximum permissible bank finance (Item 6 or 7 whichever is lower)	19.000	87.000
Excess Borrowing Representing Short falling NWC	31.000	13.000

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF STATEMENT TO TOTAL INCOME

(MR. DILIP JINDAL)

JINDAL ENTERPRISES

(RS. IN MILLIONS)

Particulars	31.03.2011
INCOME FROM SALARY
Remuneration Received from Desmo Exports Limited		2.400
Remuneration Received from Divyaratna Agrotech Private Limited		0.600
Remuneration Received from Mangal Jyoti Niket Private Limited		0.600
		3.600
Less : Exempt U/s 10		0.000	3.600
INCOME FROM HOUSE PROPERTY
A] Income from Rent Received for Devrata Society Office	5.590
Less : Municipal Tax / Property Tax	0.069
	5.521
Less : Deduction u/s 24,
I) 30% of Rs. 5.521 millions for Repairs and Collection	1.656
II) Interest Paid to Bank on Borrowed Fund’s	0.000	3.865
B] Income from Rent Received for Sanpada Office
Less : Municipal Tax / Property Tax	6.750
Less : Deduction u/s24,
I) 30% of Rs. 5.521 millions for Repairs and Collection	2.025
II) Interest Paid to Bank on Borrowed Fund’s	2.881	1.844	5.709
INCOME FROM BUSINESS
Net Profit as per Profit and Loss Account		0.000
Less : Profit From Agricultural Land Sale		0.000	0.000
GROSS TOTAL INCOME			9.309
Less : Deduction u/c H. VI-A :
u/s 80 C LIP Paid		0.447
Restricted To Rs.			0.100
u/s 80 D Mediclain		0.029
Restricted To Rs.			0.015
u/s 80 G Donation		0.050
50% of Rs. 0.050 Millions			0.025
TOTAL ASSESSABLE INCOME			9.169
TAX POSITION
Tax Payable on above Income at Normal Rate			2.605
Add : Equation Cess @ 3%			0.078
TOTAL TAX PAYABLE			2.683
Add : Interest u/s 234 (A)		0.005
Interest u/s 234 (B)		0.016
Interest u/s 234 (C)		0.011	0.032
TOTAL TAX PAYABLE			2.715
Less : T.D.S.		2.266
Advance Tax Paid		0.150
Self Assessment Tax		0.299	2.715
NET TAX PAYABLE			0.000

(MR. DILIP JINDAL)

JINDAL ENTERPRISES

CAPITAL ACCOUNT

(RS. IN MILLIONS)

PARTICULARS	31.03.2011	PARTICULARS	31.03.2011
To Withdrawals for the Year	0.423	By Balance B/Fd.	41.238
To Life Insurance Premium	0.448	By Dividend	0.002
To Advance Tax Paid	0.150	By IT Refund	1.253
	0
To Expenses for Devrata Office Property Tax	0.070	By Gift Received
Interest and Charges to Bank	0.000	From Krishna Jindal	5.000
Other Expense for Devrata	0.256	From M L Jindal	5.000
	0
To Expenses for Sanpada Railway Station Office	0	By Remuneration Received
CIDCO Charges	0.168	From Desmo Exports	2.400
Interest and Charges to Bank	2.881
Other Expenses	0.223	By Remuneration Received
	0	From Divyaratna Agrotech	0.600
To Expanses for Niharika Avenue	0
Property Tax	0.038	By Remuneration Received
Other Expenses	0.062	From Mangal Jyoti Niket	0.600
	0
To Income Tax A. Y. 2008-2009	0.698	By Rent Income From
To Income Tax Paid (Block Assessment)	0.958	- Devrata Office	5.590
To Mediclain	0.029	- Sanpada Railway Station Premises	6.750
To Donation	0.050
To TDS	2.266	By Profit Transferred from Profit and Loss A/C	0.000
To Loss on Sale of Mutual Fund	0.025
To Balance C/Fd.	59.688
TOTAL	68.433	TOTAL	68.433

(MR. DILIP JINDAL)

JINDAL ENTERPRISES

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		59.688
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		59.688
LOAN FUNDS
1] Secured Loans		40.519
2] Unsecured Loans		35.286
TOTAL BORROWING		75.805
DEFERRED TAX LIABILITIES		0.000
TOTAL		135.493
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.667
Capital work-in-progress		0.000
INVESTMENT		16.509
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.437
	Sundry Debtors	10.369
	Cash & Bank Balances	0.314
	Other Current Assets	0.000
	Loans & Advances	36.234
Total Current Assets		61.354
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.546
	Other Current Liabilities	13.009
	Provisions	0.482
Total Current Liabilities		34.037
Net Current Assets		27.317
MISCELLANEOUS EXPENSES		0.000
TOTAL		135.493

JINDAL ENTERPRISES

PROFIT AND LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2011
	SALES
		Income	0.000
		Interest Income	3.419
		Misc. Income	0.000
		Closing Stock	14.437
		TOTAL (A)	17.856
Less	EXPENSES
		Opening – WIP / Stock	10.664
		Salary Paid	0.195
		Insurance	0.080
		Telephone, Mobile and Internet Charges	0.050
		Legal and Professional Fees	0.125
		Vehicle Expenses	0.128
		Travelling and Conveyance	0.041
		Property Tax	0.010
		Electricity Charges	0.003
		Business Promotion Expenses	0.013
		Misc. Expenses	0.076
		TOTAL (B)	11.385
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.471
Less	FINANCIAL EXPENSES (D)		6.023
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.448
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.448
	NET PROFIT TRASFERED TO PROPRIETOR’S CAPITAL ACCOUNT		0.000

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF STATEMENT TO TOTAL INCOME

(MRS. RACHANA D JINDAL)

(RS. IN MILLIONS)

Particulars	31.03.2011
INCOME FROM SALARY
Remuneration Received from Desmo Exports Limited	1.200
Less Deduction u/s 16
Profession Tax	(0.003)	1.197
INCOME FROM HOUSE PROPERTY
Office No.-130 Gross Annual Value	0.240
Less : Property Tax Paid	(0.005)
NET ANNUAL VALUE	0.235
Less : Standard Deduction @ 30%	(0.070)
	0.165
Office No. – 131 Gross Annual Value	0.240
Less : Property Tax Paid	(0.005)
NET ANNUAL VALUE	0.235
Less : Standard Deduction @ 30%	(0.070)
	0.165
INCOME TAXABLE UNDER HOUSE PROPERTY		0.330
INCOME FROM OTHER SOURCES
Interest Received from Loan	1.119
Bank Interest	0.001
Less : Expenses
Bank Charges	(0.005)
Legal Fees	(0.008)
Dividend	0.000
Less : Exempt	(0.000)	1.107
GROSS TOTAL INCOME		2.634
Less Deduction Under Chapter Via
80C L.I.C	0.089
P.P.F	0.062
80C Donation	0.050	(0.125)
TOTAL INCOME		2.509
TOTAL INCOME TO BE ROUNDED OFF U/S 288A OF THE INCOME TAX ACT, 1961		2.509

(MRS. RACHANA D JINDAL)

(RS. IN MILLIONS)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		27.359
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		27.359
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.526
TOTAL BORROWING		0.526
DEFERRED TAX LIABILITIES		0.000
TOTAL		27.885
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.736
Capital work-in-progress		0.000
INVESTMENT		6.675
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.112
	Other Current Assets	0.000
	Loans & Advances	15.375
Total Current Assets		15.487
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.013
Total Current Liabilities		0.013
Net Current Assets		15.474
MISCELLANEOUS EXPENSES		0.000
TOTAL		27.885

------------------------------------------------------------------------------------------------------------------------------

NET WORTH STATEMENT

(MR. DILIP M JINDAL)

Calculation of Net Worth of Mr. Dilip M Jindal (Proprietor of Jindal Enterprises) Vashi, Navi Mumbai

Particulars	Rs. In Millions
ASSETS
Fixed Assets	91.667
Investments In Shares	16.509
Closing WIP (Stock) in Jindal Enterprises	14.437
Cash and Bank Balance	0.314
Sundy Debtors	10.369
Loans, Advances and Deposits	36.234	169.530
Secured Loan	40.519
Unsecured Loan	35.286
Other Current Liabilities and Provisions	34.037	109.842
NET WORTH (A-B)		59.688

------------------------------------------------------------------------------------------------------------------------------

NET WORTH STATEMENT

(MR. JITENDRA PRASAD DEVKI YADAV)

This is certifiy that the net worth of Mr. Jitendra D Yadav as on 31.03.2011 is Rupees 3.006 Millions only as per the state of computation of even date given below.

Particulars	Rs. In Millions
ASSETS
Flat Cost	0.227
FD with Banks	1.423
NSC	0.035
Advances and Receivables	1.211
Jewellery	0.189
Cash and Bank	0.073
(A)	3.158
LESS : LIABILITIES
Sundry Payables	0.008
OD with Bank	0.144
(B)	0.152
NET WORTH (A-B)	3.006

------------------------------------------------------------------------------------------------------------------------------

NET WORTH STATEMENT

(MRS. RACHANA JINDAL)

Particulars	Rs. In Millions
ASSETS (A)
Fixed Assets	5.736
Investments	6.675
Current Assets	15.487	27.898
LESS : LIABILITIES (B)
Loans	0.526
Current Liabilities	0.013	(0.539)
NET WORTH (A-B)		27.359

DETAILS OF FIXED ASSETS

Particulars	Rs. In Millions
Car Parking	0.225
Flat B-1902 Mahavir Amrut	4.542
Office Premises	0.969
TOTAL	5.736

DETAILS OF INVESTMENTS

Particulars	Rs. In Millions
P. P. F	0.278
Shares Investment	0.078
Shares – Mangal Jyoti	0.520
Divyaratna Agrotech Private Limited	2.000
Religare Securities Limited	0.001
Spectrum Communication Private Limited	0.160
Desmo Capital and Finance Private Limited	0.039
Desmo Exports Limited	3.598
TOTAL	6.674

DETAILS OF CURRENT ASSETS

Particulars	Rs. In Millions
Loans and Advances	15.347
Advance Electricity Charges	0.000
Cash In Hand	0.002
Bank Accounts	0.110
Deposits (Assets)	0.028
TOTAL	15.487

DETAILS OF LOANS

Particulars	Rs. In Millions
Unsecured Loans	0.526
TOTAL	0.526

DETAILS OF CURRENT LIABILITIES

Particulars	Rs. In Millions
Property Tax Payable	0.013
TOTAL	0.013

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS:

· Tankers

· Air Conditioner

· Boiler

· Computer

· D G Set

· Electrical Installation

· Factory Building

· Fax Machine

· Fire Fighting Equipments

· Furniture and Fixture

· Lease Hold Land

· Photocopier Machine

· Plant and Machinery

· Storage Tank

· Office equipment

· Tea/Coffee Machine

· Motor Bike

· Aquaguard booster

· Board camera

· UPS

· Television

AS PER WEB SITE DETAILS

PROFILE:

Subject established in the year 1993, is now one of the most reliable and capable chemical trading firms in chemical business community. The philosophy of customer satisfaction and long-term business enabled Subject to establish a solid business relationship with the leading suppliers and customers both in domestic and overseas

The Management of subject constitutes a Board Of Directors, with great experience and wisdom. "Excellence as a Foundation" and "WINNING as a Passion" is what describes their Managing Director Mr. Dilipkumar Jindal, who continuously steers his group companies to reinvent and redefine themselves

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.52.70
UK Pound	1	Rs.85.72
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT / DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.