MIRA INFORM REPORT

Report Date :

08.04.2013

IDENTIFICATION DETAILS

Name :	KAMSONS CHEMICALS PRIVATE LIMITED
Registered Office :	Unit No. 7, Guru Gobind Singh Industrial Estate, Near Jay Coach, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.04.1996
Com. Reg. No.:	11-099064
Capital Investment / Paid-up Capital :	Rs.1.000 million
CIN No.: [Company Identification No.]	U24100MH1996PTC099064
IEC No.:	0397025033
TAN No.: [Tax Deduction & Collection Account No.]	MUMK08312D
PAN No.: [Permanent Account No.]	AAACK3433A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Chemicals.
No. of Employees :	55 Approximately (In office = 15 and In factory = 40)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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 dealing 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	SE1B
Rating Explanation	SE1B = Having Moderate safety in financial obligation.
Date	24.11.2011

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 :	Unit No. 7, Guru Gobind Singh Industrial Estate, Near Jay Coach, Off Western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-26854728/ 26854808
Fax No.:	91-22-26854438
E-Mail :	info@kamsons.com navinmehra@kamsons.net response@kamsons.com deepsoffice@gmail.com navinmehra@gmail.com
Website :	http://www.kamsons.com
Area :	1000 sq ft
Location :	Owned
Factory :	Plot No. A /726, MIDC, TTC Industrial Area, Village Mahape, Thane-Belapur Road, Navi Mumbai, District Thane, Maharashtra, India.
Tel. No.:	91-22-27780768
Fax No.:	91-22-26854438
Area :	2000 sq Fts.
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Ramankumar Lalchand Mehra
Designation :	Director
Address :	19/20, Gulab Apartment, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	13.10.1935
Qualification :	BSC (TECH)
Date of Appointment :	23.04.1996
DIN No.:	01266770
Name :	Mr. Navin Raman Mehra
Designation :	Director
Address :	19, Gulab Apartment, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	02.05.1964
Qualification :	BSC (TECH)
Date of Appointment :	23.04.1996
DIN No.:	01266845
Name :	Mr. Kunal Mehra
Designation :	Additional Director
Address :	19/20, Gulab Apartment, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.08.1993
Date of Appointment :	02.04.2012
DIN No.:	05267266
Name :	Mr. Kamlesh Raman Mehra
Designation :	Director
Address :	19, Gulab Apartment, 14-B, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	01.08.1943
Date of Appointment :	02.05.2012
DIN No.:	05281170

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Raman Lalchand Mehra	51000
Navin Raman Mehra	24700
Ravin Raman Mehra	18100
Kamlesh Mehra	4500
Raman Lalchand Mehra (HUF)	100
Preeti Raman Mehra	100
Shehzarine R. Mehra	100
Abhay Shah	100
Renuka P. Popli	100
Prem P. Popli	100
Prem P. Popli (HUF)	100
Dilip Shah	100
Romit Shah	100
Paresh Shah	100
Tarlika A. Shah	100
Himatlal Shah	100
Dilip Shah HUF	100
Labhuben H. Shah	100
Abhay M Shah (HUF)	100
Abhay M Shah (HUF)	100
Nayana R Thokor	100
Total	100000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	98.40
Other	1.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Industrial Chemicals.

Products :

Products Description	Item Code No.
Chemical- Acrylic Polymers	3906.90

GENERAL INFORMATION

No. of Employees :

55 Approximately (In office = 15 and In factory = 40)

Bankers :

• Abhyudaya Co-operative Bank Limited, Administrative Office, K.K. Tower, Abhyudaya Bank Lane, Off G.D. Ambekar Marg, Parel Village, Mumbai - 400012, Maharashtra, India
• ICICI Bank Limited
• Kotak Mahindra Bank Prime Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term Loans from banks	0.686	1.167
Short Term Borrowings
Loans repayable on demand from banks (secured by hypothecation of stock, book debts and fixed deposits)	34.202	46.037
Total	34.888	47.204

Banking Relations :	--
Auditors :
Name :	N. D. Mehta and Associates Chartered Accountants
Address :	Balkrishna Chambers, Office No. 18, 2^nd Floor, 1/4, Issaji Street, Vadgadi, Mumbai – 400 003, Maharashtra, India
Tel. No.:	91-22-23441661/23441635
Fax No.:	91-22-23441635
E-Mail :	ndmehtaassociates@rediffmail.com
PAN.:	AABCD2785P

CAPITAL STRUCTURE

As on 31.03.2012

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
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting, period

Particulars	Number	Rs. In Millions
Shares outstanding at the beginning of the year	100000	1.000
Shares Issued during the year	0	0
Shares bought back during the year	0	0
Shares outstanding at the end of the year	100000	1.000

Shares in the company held by each shareholder holding more than 5 percent shares

Name of Shareholder	No. of Shares hold	% of Holding
Mr. Raman L Mehra	51000	51 %
Mr. Navin R Mehra	24700	24%
Mr. Ravin R Mehra	18100	20%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.433	32.150	27.563
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.433	33.150	28.563
LOAN FUNDS
1] Secured Loans		34.888	47.204	8.262
2] Unsecured Loans		17.856	14.835	17.893
TOTAL BORROWING		52.744	62.039	26.155
DEFERRED TAX LIABILITIES		0.163	0.198	0.123
TOTAL		97.340	95.387	54.841
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.799	8.312	5.449
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.375
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.812	10.580	7.465
	Sundry Debtors	78.459	78.325	57.321
	Cash & Bank Balances	47.469	40.718	33.748
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.618	11.454	7.332
Total Current Assets		143.358	141.077	105.866
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.167	51.427	54.563
	Other Current Liabilities	4.963	2.811	0.026
	Provisions	2.187	0.264	2.260
Total Current Liabilities		55.317	54.502	56.849
Net Current Assets		88.041	86.575	49.017
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		97.340	95.387	54.841

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	315.464	300.052	206.858
		Other Income			1.969
		TOTAL (A)	315.464	300.052	208.827
Less	EXPENSES
		Consumption of Materials			160.594
		Trading Purchase Cost			6.617
		Personnel Cost			9.925
		Manufacturing Expenses			17.472
		Administrative Expenses	289.137	286.584	1.130
		Selling and Distribution Expenses			2.671
		Loss on Sale of Assets			0.005
		Preliminary Expenses written off			0.001
		Prior period income			(0.125)
		TOTAL (B)	289.137	286.584	198.290
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.327	13.468	10.537
Less	FINANCIAL EXPENSES (D)		7.925	5.035	2.338
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.402	8.433	8.199
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.585	1.506	0.763
	PROFIT BEFORE TAX (E-F) (G)		16.817	6.927	7.436
Less	TAX (H)		5.534	2.339	2.301
	PROFIT AFTER TAX (G-H) (I)		11.283	4.588	5.135
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	22.427
	BALANCE CARRIED TO THE B/S		NA	NA	27.562
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	61.897	60.616	NA
	TOTAL EARNINGS		61.897	60.616	NA
	IMPORTS
		Raw Materials	39.680	12.289	NA
	TOTAL IMPORTS		39.680	12.289	NA
	Earnings Per Share (Rs.)		112.83	45.88	51.35

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.58	1.53	2.45
Net Profit Margin (PBT/Sales)	(%)	NA	NA	3.59
Return on Total Assets (PBT/Total Assets}	(%)	11.05	4.63	6.68
Return on Investment (ROI) (PBT/Networth)		0.38	0.21	0.26
Debt Equity Ratio (Total Debt /Networth)		1.19	1.87	0.92
Current Ratio (Current Asset/Current Liability)		2.59	2.59	1.86

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	No
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	No
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

CONTINGENT LIABILITIES NOT PROVIDED IN ACCOUNTS:

Rs. In Millions

Particular	31.03.2012
i) Outstanding letter of credit (Foreign)
1) M/S. Hanwha Chemical (Thailand)	4.314
2) M/S. BASF Petronas Chemicals	1.538
3) M/S. Dinowic PTE Limited	8.747
ii) Property tax payable to NMMC to the extent of	0.741

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Loans From other parties	12.527	3.509
Short Term Borrowings
Loans from directors, shareholders and other related parties	5.329	11.326
Total	17.856	14.835

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100MH1996PTC099064
Name of the company	KAMSONS CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 7, Guru Gobind Singh Industrial Estate, Near Jay Coach, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India info@kamsons.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10374751
Type of charge	Movable property (not being pledge)
Particular of charge holder	Abhyudaya Co-operative Bank Limited, Administrative Office, K.K. Tower, Abhyudaya Bank Lane, Off G.D. Ambekar Marg, Parel Village, Mumbai - 400012, Maharashtra, India loans@abhyudayabank.net
Nature of instrument creating charge	Agreement for Irrevocable Documentary Letter of Credit (Inland / Foreign) and Buyer's Credit.
Date of instrument Creating the charge	08.10.2012
Amount secured by the charge	Rs.150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be decided, from time to time, by the Bank. Margin As may be decided, from time to time, by the Bank. Extent and Operation of the charge To secure the due repayment of Letter of Credit / Buyer's Credit facility of Rs.150.000 Millions (enhanced from Rs.70.000 Millions), together with interest, all costs, charges and expenses etc. thereon, granted by the Bank to the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All, present and future, Stock/ Goods such as Butyl Acrylate, Soluryl-90, wannate HMDI, 2 EHA etc. and misc. items of the Company
Particulars of the present modification	By this modification, this charge over stock shall now also hold good to secure the due repayment of additional L/C limit of Rs.80.000 Millions granted to the Company. Hence, the aggregate L/C / Buyer's Credit limit, secured by charge, has been enhanced from Rs.70.000 Millions to Rs.150.000 Millions. Therefore, the overall charge now stands at Rs.150.000 Millions.

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electrical Installations

· Air Conditioner Machine

· Office Equipment

· Lab Equipment

· Furniture and Fixture

· Motor Car (Esteem LX I, Esteem LX II, Ford Ikon)

· Computer

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.54.88
UK Pound	1	Rs.83.54
Euro	1	Rs.70.90

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.