MIRA INFORM REPORT

Report Date :

27.04.2013

IDENTIFICATION DETAILS

Name :	BALMUKUND CHEMICALS PRIVATE LIMITED
Registered Office :	505, Narsinh Natha Street, Mumbai - 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.07.2004
Com. Reg. No.:	11-147318
Capital Investment / Paid-up Capital :	Rs.42.937 Millions
CIN No.: [Company Identification No.]	U24100MH2004PTC147318
TAN No.: [Tax Deduction & Collection Account No.]	MUMB15678F
PAN No.: [Permanent Account No.]	AACCN7260L
Legal Form :	Information declined by the management.
Line of Business :	Trader of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company is good. Trade relations are reported as decent. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	21.01.2013

Rating Agency Name	CRISIL
Rating	A3+ (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	21.01.2013

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 DECLINED BY

Name :	Mr. Pankaj Modi
Designation :	Finance Head

Name :	Mr. Sanjeev Shah
Designation :	Accounts Officer
Contact No.:	91-33-40650024-29
Date :	26.04.2013

LOCATIONS

Registered Office :	505, Narsinh Natha Street, Mumbai - 400009, Maharashtra, India
Tel. No.:	91-22-65092760/ 23452629
Fax No.:	91-22-23472629
E-Mail :	aippl@vsnl.net balmukundchem@vsnl.net
Area :	500 Sq. ft.
Location :	Owned
Corporate/Head Office :	Crescent Towers, 229, AJC Bose Road, Kolkata – 700 020, West Bengal, India
Tel. No.:	91-33-22834327
Fax No.:	91-33-22830428
Area :	800 Sq. ft.
Location :	Owned

DIRECTORS

As on: 28.09.2012

Name :	Mr. Alok Ramgopal Agarwaol
Designation :	Director
Address :	9, Hungerford Street, Flat 1D, Kolkata – 700 017, West Bengal, India
Date of Birth/Age :	11.11.1970
Qualification :	Chemical Engineer
Date of Appointment :	05.07.2004
PAN No.:	AGSPA0659B
DIN No.:	01956365
Name :	Mrs. Poonam Agarwaol
Designation :	Director
Address :	229, AJC Bose Road, Aarya Industrial Private Limited, Flat GA1, Crescent Towers, L.L. Rai SA, Kolkata – 700 020, West Bengal, India
Date of Birth/Age :	11.10.1975
Date of Appointment :	05.07.2004
PAN No.:	AGRPA8145P
DIN No.:	01956427

MAJOR SHAREHOLDERS

As on: 28.09.2012

Names of Shareholders	No. of Shares
Aarya Industrial Products Private Limited, India	590000
Alok Ramgopal Agarwaol	1675470
Poonam Agarwaol	1832317

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies corporate	14.00
Directors or relatives of Directors	86.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Chemicals.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· State Bank of India, SME Branch, New Alipore, 63, Nalini Ranjan Avenue, Block-F, Kolkata – 700 053, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowing
Term loans	204.485	207.939
Total	204.485	207.939
Note: 1. Hypothecation of company entire other fixed assets both current and future. 2. Equitable mortgage of office at 375, Narshi natha Street, Mumbai in the name of director. 3. Equitable mortgage apartment in kolkatta in the name of the company 4. Assignment of SBI Life Policy in the name of the directors. 5. Lien of Recurring Deposit of Rs. 0.030 per month in the name of the company. 6. Personal Guarantee of directors 7. Overdraft account with State Bank of India, 8. Corporate Guarantee of M/s Aarya Industrial Pdts Private Limited

Banking Relations :	--
Auditors :
Name :	N. G. Jain and Company Chartered Accountants
Group Concern :	Aarya Industrial Pdts Private Limited

CAPITAL STRUCTURE

After : 28.09.2012

Authorised Capital : Rs.91.100 Millions

Issued, Subscribed & Paid-up Capital : Rs.59.013 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5510000	Equity Shares	Rs.10/- each	Rs.55.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4293697	Equity Shares	Rs.10/- each	Rs.42.937 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		42.937	33.687	16.487
2] Share Application Money		160.789	36.616	101.304
3] Reserves & Surplus		228.158	156.586	80.175
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		431.884	226.889	197.966
LOAN FUNDS
1] Secured Loans		204.485	207.939	109.702
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		204.485	207.939	109.702
DEFERRED TAX LIABILITIES		(0.006)	0.027	0.000
TOTAL		636.363	434.855	307.668
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		120.353	42.518	42.873
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		27.700	26.700	23.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	236.748	161.236	88.347
	Sundry Debtors	649.033	356.162	353.180
	Cash & Bank Balances	73.827	40.395	17.965
	Other Current Assets	8.298	10.668	0.000
	Loans & Advances	63.060	24.200	4.543
Total Current Assets		1030.966	592.661	464.035
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	508.394	205.238	205.238
	Other Current Liabilities	5.085	0.994	5.793
	Provisions	29.177	20.792	11.409
Total Current Liabilities		542.656	227.024	222.440
Net Current Assets		488.310	365.637	241.595
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		636.363	434.855	307.668

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3251.936	2353.813	1723.066
		Other Income	NA	NA	7.547
		TOTAL	NA	NA	1730.613
Less	EXPENSES
		(Increase)/ Decrease in Stock	NA	NA	(34.374)
		Purchase			1705.168
		Selling, Distribution and Other Expenses			20.069
		Preliminary Expenses written off			0.000
		TOTAL	NA	NA	1690.863
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	NA	39.750
Less	INTEREST		NA	NA	12.571
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		60.203	33.732	27.179
Less/ Add	DEPRECIATION/ AMORTISATION		0.375	0.422	0.523
	PROFIT BEFORE TAX		59.828	33.311	26.656
Less	TAX		16.006	8.500	6.500
	PROFIT AFTER TAX		43.822	24.811	20.156
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		65.268	40.458	20.302
	BALANCE CARRIED TO THE B/S		109.090	65.268	40.458
	Earnings Per Share (Rs.)		10.21	7.37	12.23

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	1.16
Net Profit Margin (PBT/Sales)	(%)	1.84	1.42	1.55
Return on Total Assets (PBT/Total Assets}	(%)	5.20	5.24	5.26
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.13
Debt Equity Ratio (Total Debt/Networth)		0.47	0.92	0.55
Current Ratio (Current Asset/Current Liability)		1.90	2.61	2.09

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS:

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Creditors due others	508.394	205.238	205.238
Total	508.394	205.238	205.238

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	No
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	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

WORKING RESULTS:

The company achieved sales of 3251.936 Millions during the year (Previous Year Rs.2353.813 Millions).Financial Year 2011-12 was better as the Company achieved an increase of approx 38.16 % in turnover compared to previous year. Profit after tax for financial year 2010-11 was Rs. 43.822 Millions as compared to Rs. 24.811 Millions in previous year.

FIXED ASSETS:

· Furniture and Fixtures

· Motor Car

· Computer

· Fax Machine

· Air Conditioner

· Land and Building

· Office Space

· Furniture and Fitting

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.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.68

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.