MIRA INFORM REPORT

Report Date :

23.04.2013

IDENTIFICATION DETAILS

Name :	VISWAAT CHEMICALS LIMITED
Formerly Known As :	VISWAAT CHEMICALS PRIVATE LIMITED (w.e.f.09.12.1997) VISWAT CHEMICALS DEALERS PRIVATE LIMITED
Registered Office :	Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad (East), Mumbai – 400097, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.07.1996
Com. Reg. No.:	11-100815
Capital Investment / Paid-up Capital :	Rs. 43.410 Millions
CIN No.: [Company Identification No.]	U51496MH1996PLC100815
TAN No.: [Tax Deduction & Collection Account No.]	MUMV09746C
PAN No.: [Permanent Account No.]	AAACV4184B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Speciality Chemicals for Leather, Textile, Pharmaceuticals, Cosmetics, Refinery, Paints and Speciality surfactants.
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 916000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having 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 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : (CRISIL) BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	November 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.

LOCATIONS

Registered / Corporate Office :	Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad (East), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-32452211/ 28740365/ 2341/ 32409612
Fax No.:	91-22-28745321
E-Mail :	viswaat@vsnl.com info@viswaatchem.com viswaat@mtnl.net.in
Website :	http://www.viswaatchem.com
Factory :	Plot No. N1, Additional Ambernath MIDC, Maharashtra, India

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Vinesh Vivek Shetty
Designation :	Managing director
Address :	902, Beach Classic, Versova, Seven Bunglows, Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	16.09.1979
Qualification :	B.Com, MBA
Date of Appointment :	25.02.2005
PAN No.:	AVKPS0666D
DIN No.:	00474985
Name :	Mr. Vipin Kumar Jain
Designation :	Director
Address :	43, Venus, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	04.08.1966
Date of Appointment :	29.09.1997
DIN No.:	00165410
Name :	Mr. Bhaskar Monu Shetty
Designation :	Whole-time director
Address :	1101, Wellington, Hiranandani Estate, Patlipada, Thane (West) – 400607, Maharashtra, India
Date of Birth/Age :	01.06.1957
Qualification :	M.Com, DFM, DMM, LLB
Date of Appointment :	27.01.2003
PAN No.:	AAEPS7364P
DIN No.:	00347059
Name :	Hari Prasanna Shetty
Designation :	Whole-time director
Address :	Flat No. 305, Building No. 2, Dheeraj Enclave, Opposite W E Highway, Borivali (East), Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	01.11.1965
Qualification :	B.E (Mech, MFM)
Date of Appointment :	11.10.2005
PAN No.:	AECPS2770K
DIN No.:	00475019
Name :	Mr. Haridwar Singh
Designation :	Director
Address :	32, Vigyan Nagar Society, Bavdhan Khurd, NDA Road, Pune – 411021, Maharashtra, India
Date of Birth/Age :	31.03.1944
Qualification :	M.Sc, PHD
Date of Appointment :	24.07.2006
DIN No.:	00475047
Name :	Bollya Vivek Shetty
Designation :	Whole-time director
Address :	902, Beach Classic, Versova Seven Bungalows, Andheri-West, Mumbai, Maharashtra, India
Date of Birth/Age :	03.10.1949
Qualification :	M.Com
Date of Appointment :	02.07.2007
PAN No.:	AAKPS5390R
DIN No.:	00947091
Name :	Mr. Arvind Inder Malhotra
Designation :	Director
Address :	703, Shreenathji, 16, Cross Road, Khar, Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	25.01.1947
Qualification :	B.Com
Date of Appointment :	01.08.2000
PAN No.:	AAGPM0682C
DIN No.:	01312057
Name :	Mr. Venkatesh Charan
Designation :	Director
Address :	# 460, 11th Main, R M V Extn, Sadashivanagar, 023 Bangalore, Karnataka, India
Date of Birth/Age :	05.04.1980
Qualification :	B. com (PGDMS)
Date of Appointment :	17.02.2011
PAN No.:	AFEPC4073N
DIN No.:	03093496

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 27.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	76.68
Directors or relatives of directors	21.51
Other top fifty shareholders	1.81
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Speciality Chemicals for Leather, Textile, Pharmaceuticals, Cosmetics, Refinery, Paints and Speciality surfactants.

Products :

ITC Code	Product Descriptions
38011129	speciality chemicals to industries like Leather, Textile, Pharmaceutical, Refinery, Agro, Fertilizer, Paper, Paints & Inks, Personal Care, Construction, Electroplating, etc.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production Kgs.
Speciality Chemicals	MT	720	720	1335980 (including captive consumption of 860730 kgs and previous year 194964 kgs)
Surfactants	MT	6000	6000	8447221 (including captive consumption of 3536991 kgs and previous year 1504321 kgs )
Leather Chemicals	MT	12000	12000	10365413 (including captive consumption of 4815365 kgs and previous year 3900380kgs)
Textile Chemicals	MT	4800	4800	3057141 (including captive consumption of 409471kgs and previous year 1046297kgs )
Others	--	--	--	1991286

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Maharashtra, Dr. Ambedkar Road Branch, 167/A, Poonawadi, Mumbai - 400014, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	75.512	57.419
Long-term maturities of finance lease obligations	0.636	2.025
Loans repayable on demand from banks	228.396	146.320
Total	304.544	205.764

Banking Relations :	--
Auditors :
Name :	S. K. Shetty and Associates Chartered Accountants
Address :	D-101, Galaxy Heights, Goregaon Link Road, Opposite Bangur Nagar, Goregaon West, Mumbai – 400104, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AALFS5141D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,340,997	Equity Shares	Rs. 10/- each	Rs. 43.410 Millions

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		43.410	40.361	33.791
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		185.641	145.937	98.530
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		229.051	186.298	132.321
LOAN FUNDS
1] Secured Loans		304.544	205.764	189.805
2] Unsecured Loans		5.000	7.573	26.301
TOTAL BORROWING		309.544	213.337	216.106
DEFERRED TAX LIABILITIES		21.017	18.011	11.696
TOTAL		559.612	417.646	360.123
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		226.698	209.439	142.141
Capital work-in-progress		35.510	4.482	0.000
INVESTMENT		10.928	0.422	0.422
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.867	65.897	52.593
	Sundry Debtors	397.120	311.075	229.034
	Cash & Bank Balances	34.766	7.306	38.497
	Other Current Assets	2.513	0.318	0.000
	Loans & Advances	36.932	33.045	18.957
Total Current Assets		570.198	417.641	339.081
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	181.259	131.606	106.956
	Other Current Liabilities	91.837	69.879	0.000
	Provisions	10.626	12.853	14.565
Total Current Liabilities		283.722	214.338	121.521
Net Current Assets		286.476	203.303	217.560
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		559.612	417.646	360.123

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1462.847	1161.650	955.799
		Other Income	2.643	2.173	1.595
		TOTAL (A)	1465.490	1163.823	957.394
Less	EXPENSES
		Cost of materials consumed	1153.123	899.725
		Purchases of stock-in-trade	15.310	2.300
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(28.779)	(16.111)
		Employee benefit expense	92.400	74.697
		Other expenses	118.962	111.792
		TOTAL (B)	1351.016	1072.403	887.802
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		114.474	91.420	69.592
Less	FINANCIAL EXPENSES (D)		41.323	25.463	20.906
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.151	65.957	48.686
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.032	13.652	11.046
	PROFIT BEFORE TAX (E-F) (G)		56.119	52.305	37.640
Less	TAX (H)		18.478	17.570	13.211
	PROFIT AFTER TAX (G-H) (I)		37.641	34.735	24.429
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		120.809	89.827	68.550
Less	APPROPRIATIONS
		Final Dividend	N.A.	3.229	2.703
		Tax on Dividend		0.524	0.449
	BALANCE CARRIED TO THE B/S		N.A.	120.809	89.827
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	339.041	157.589	49.623
	Earnings Per Share (Rs.)		9.32	10.27	7.23

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.57	2.98	2.55
Net Profit Margin (PBT/Sales)	(%)	3.84	4.50	3.94
Return on Total Assets (PBT/Total Assets}	(%)	7.04	8.34	7.82
Return on Investment (ROI) (PBT/Networth)		0.25	0.28	0.28
Debt Equity Ratio (Total Debt/Networth)		1.35	1.15	1.63
Current Ratio (Current Asset/Current Liability)		2.01	1.95	2.79

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	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	Yes
32]	PAN 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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Intercorporate borrowings	5.000	7.500
Loans and advances from related parties	0.000	0.073
Total	5.000	7.573

Note:

The registered office of the company has been shifted from 'Triveni Mith Chowki, Malad-Marve Road, Malad (East), Mumbai – 400064, Maharashtra, India to the present w.e.f.20.09.2007

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51496MH1996PLC100815
Name of the company	VISWAAT CHEMICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad (East), Mumbai – 400097, Maharashtra, India Email: viswaat@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	90155402
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	Bank of Maharashtra, Dr. Ambedkar Road Branch, 167/A, Poonawadi, Mumbai - 400014, Maharashtra, India Email: bom45@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of record of equitable mortgage (Modification cum Extension of Mortgage Charge)
Date of instrument Creating the charge	16.10.2012
Amount secured by the charge	Rs. 630.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated or may be stipulated by Bank from time to time Terms of Repayment The Borrower shall pay on demand the whole of the principle amount together with interest & cost.. Margin As stipulated or may be stipulated by Bank from time to time. Extent and Operation of the charge a) To secure on First Charge basis over the Borrower Company's factory and land and building situated at Plot No.N-1 Additional Ambernath Industrial Area MIDC for existing BOM Term Loans and b) To secure on Second Pari Pasu charge basis over the Borrower Company's factory land and building situate at Plot No. N-1 Additional Ambernath Industrial Area, MIDC for the Fund based and Non Fund based Working Capital Facilities of BOM and BOB
Short particulars of the property charged	Equitable Mortgage of immovable property being, all that piece and parcel of land known as Plot No. N-1 in the Additional Ambernath Industrial Area of MIDC within the village limits of Jambivali and within the limits of Ambernath Municipal Council, Taluka Ulhasnagar, District Thane containing by ad measurements 14798 sq. mtrs or thereabouts, together with easement appurtenant thereto & building/s/ structures standing thereon or to be constructed hereafter, both present & future.
Date of Modification	05.03.2012
Particulars of the present modification	By present modification, Charge enhanced from Rs.545.000 Millions to Rs.630.000 Millions

CONTINGENT LIABILITIES:

Particulars	31.03.2011	31.03.2010
	(Rs. in Millions)
Bank Guarantee	6.718	6.718

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Office building

Ø Other building

Ø Plant and equipment

Ø Factory equipments

Ø Other plant and equipment

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Other equipments

Ø Computer software

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. 54.17
UK Pound	1	Rs. 82.45
Euro	1	Rs. 70.70

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.