MIRA INFORM REPORT

Report Date :

27.04.2013

IDENTIFICATION DETAILS

Name :	GHARDA CHEMICALS LIMITED
Registered Office :	48 Hill Road, Bandra (West), Mumbai – 400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 [Profit and Loss]
Date of Incorporation :	06.03.1967
Com. Reg. No.:	11-013688
Capital Investment / Paid-up Capital :	Rs.6.451 Millions [As on 31.03.2011]
CIN No.: [Company Identification No.]	U24110MH1967PLC013688
TAN No.: [Tax Deduction & Collection Account No.]	MUMG00454G
PAN No.: [Permanent Account No.]	AAACG1255E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Pesticides, Intermediates, Weedicides, Formulations, Veterinary Drugs, Plant Nutrients and Polymers.
No. of Employees :	1500 (In Office 300 and In Factory 1200) Approximately

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 27900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established and a reputed company having fine track record. Financial positions of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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

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	A1 + [Foreign Bill Discounting]
Rating Explanation	Very strong degree of safety it carry lowest credit risk.
Date	April 2013

Rating Agency Name	CRISIL
Rating	A+ [Cash Credit]
Rating Explanation	Adequate degree of safety it carry low credit risk.
Date	April 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.

LOCATIONS

Registered Office / Head Office :	48 Hill Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Tel. No.:	91-22-33065600 (30 lines)
Fax No.:	91-22-26404224
E-Mail :	ghardaho@gharda.com polymer@gharda.com gclimd@giasbmol.vsnl.net.in michael@gharda.com ghardadom@gharda.com asnawal@gharda.com
Website :	http://www.gharda.com http://www.ghardapolymers.com
Location :	Owned
Group European Office :	Croydon, CR9 6AD, England
Tel. No.:	+44 -208-6554103
Fax No.:	+44-208-6554102
Group U.S Office :	660, Newtobn, Yardley Road, Suit 106, Newton, PA 18940, USA
Tel. No.:	+1 -215-9689474
Fax No.:	+1 -215-9689474
Factory 1 :	Dombivali Plant: B-27, Phase I, MIDC, Dombivli (East), District Thane – 421 203, Maharashtra
Tel. No.:	91-251-2440001 / 04 / 5690760 /5690761/5690762
Fax No.:	91-251-2472777 / 5690770
E-Mail :	ghardadom@Gharda.Com
Factory 2 :	Lote Plant D-1/2, MIDC, Lote Parshuram, Taluka – Khed, District – Ratnagiri, Maharashtra
Tel. No.:	91-2356-272252 / 254 /189 / 272018
Fax No.:	91-2356-272190
E-Mail :	ghardalote@Gharda.Com
Factory 3 :	Panoli Plant: Plot No. 3525 - 27 GIDC Industrial Estate, Panoli – 394 116, District – Bharuch, Gujarat
Tel. No.:	91-2646-272152 / 186 / 272575 – 78 / 272186
Fax No.:	91-2646-272141
E-Mail :	ghardapan@Gharda.Com
Factory 4 :	Ankleshwar Plant Post Box No. 90, Plot No. 805-806, GIDC Estate, Ankleshwar – 393 002, Gujarat
Tel. No.:	91-2646-222271/251472/250305
Fax No.:	91-2646-250116
E-Mail :	ghardaankl@Gharda.Com
Factory 5 :	Phase II Industrial Estate, Samba-184121, Jammu and Kashmir, India
Overseas Office :	· 115, Obtuse Hill, Brookfield, CT 06804, United States of America Tel. No.: + 1 203 740 1600 Fax No.: + 1 203 740 2501 E-Mail: ghardaus@gharda.com · 660 Newton Yardley Road, Suite 106, Newtown, PA 18940, USA Tel No: 215-9689474 Fax No: 215-9689574 Email: ghardaus@gharda.com · Crydon, CR9 6AD, England Tel No: 44-208-6554103 Fax No.: 44-208-6554102 Agrochemicals Holbrook House, 72, Lower Addiscombe Road, Croydon CR9 6AD, England, United Kingdom Tel. No.:+ 44-208-6554103 Fax No.:+ 44-208-6554102 E-Mail: ghardauk@gharda.com adam.leniewski@ghraduk.co.uk Polymers Palon International, P. O. Box 4080-2003, EB Haarlem, The Netherlands Tel. No.: 31 23 5401077 Fax No.: 31 23 5401247 E-Mail: palon@wxs.nl

DIRECTORS

AS ON 28.09.2012

Name :

Dr. Hormusji Keki Gharda

Designation :

Managing Director

Address :

48 Hill Road, Bandra (W), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

25.09.1929

Date of Appointment :

06.03.1967

Din No.:

00437172

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	U24110MH1967PLC013688	GHARDA CHEMICALS LIMITED	Managing director	06/03/1967	06/03/1967	Active	NO
2	U99999MH1974PTC017629	GHARDA PESTICIDES PRIVATE LIMITED	Director	19/07/1974	19/07/1974	Active	NO
3	U99999MH1974PTC017627	GHARDA INVESTMENT COMPANY PRIVATE LIMITED	Director	19/07/1974	19/07/1974	Active	NO
4	U99999MH1974PTC017925	GARDA CONSULTANTS PRIVATE LIMITED	Director	16/11/1974	16/11/1974	Active	NO
5	U74210MH1977GAT019689	GHARDA SCIENTIFIC RESEARCH FOUNDATION	Director	08/06/1977	08/06/1977	Active	NO
6	U24299GJ1980PLC003929	GUJARAT INSECTICIDE LIMITED	Managing director	30/08/1980	30/08/1980	Active	NO
7	U91110MH1990GAT056015	GHARDA RESEARCH FOUNDATION	Director	30/03/1990	30/03/1990	Active	NO
8	U85100MH1991GAT061430	GHARDA MEDICAL & ADVANCED TECHNOLOGIES FOUNDATION	Director	26/04/1991	26/04/1991	Active	NO

Name :

Mrs. Keki Aban Gharda

Designation :

Director

Address :

48 Hill Road, Bandra (W), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

04.03.1992

Date of Appointment :

17.09.1986

Din No.:

00437508

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	U99999MH1974PTC017629	GHARDA PESTICIDES PRIVATE LIMITED	Director	19/07/1974	19/07/1974	Active	NO
2	U99999MH1974PTC017627	GHARDA INVESTMENT COMPANY PRIVATE LIMITED	Director	19/07/1974	19/07/1974	Active	NO
3	U99999MH1974PTC017925	GARDA CONSULTANTS PRIVATE LIMITED	Director	16/11/1974	16/11/1974	Active	NO
4	U24110MH1967PLC013688	GHARDA CHEMICALS LIMITED	Director	17/09/1986	17/09/1986	Active	NO
5	U91110MH1990GAT056015	GHARDA RESEARCH FOUNDATION	Director	30/03/1990	30/03/1990	Active	NO
6	U85100MH1991GAT061430	GHARDA MEDICAL & ADVANCED TECHNOLOGIES FOUNDATION	Director	26/04/1991	26/04/1991	Active	NO
7	U74210MH1977GAT019689	GHARDA SCIENTIFIC RESEARCH FOUNDATION	Director	16/06/1999	16/06/1999	Active	NO

Name :

Mrs. Almitra Hoshang Patel

Designation :

Director

Address :

50 Kothnur, Bagalpur Road, Bangalore- 560 077, Karnataka, India

Date of Birth/Age :

01.03.1936

Date of Appointment :

24.11.2008

Din No.:

00960457

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	U65990MH1981PTC024682	P AND R SIDHWA HOLDINGS PVT LTD	Director	24/06/1981	24/06/1981	26/02/2011	Active	NO
2	U85110KA1976PTC002977	RING CHEMICALS PRIVATE LIMITED	Director	03/04/1997	03/04/1997	-	Strike off	NO
3	U24110MH1967PLC013688	GHARDA CHEMICALS LIMITED	Director	24/11/2008	13/12/2007	-	Active	NO
4	U74210MH1977GAT019689	GHARDA SCIENTIFIC RESEARCH FOUNDATION	Director	30/06/2010	30/06/2010	-	Active	NO
5	U74999PN2006PTC128454	PROTOGENIA ADVISORS PRIVATE LIMITED	Director	23/02/2011	23/02/2011	04/04/2011	Active	NO

Name :

Mr. Dhananjay Thakorbhai Desai

Designation :

Director

Address :

Nakshatra 3^rd Floor, Vajifdar Street, Halar, Valsad-396001, Gujarat, India

Date of Birth/Age :

23.08.1942

Date of Appointment :

13.08.2007

Din No.:

00049574

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	U24231GJ1979PTC003529	SHREE SULPHURICS PRIVATE LIMITED	Director	07/05/1997	07/05/1997	-	Active	NO
2	L25200GJ1981PLC004375	ECOPLAST LIMITED	Alternate director	20/01/2006	20/01/2006	-	Active	NO
3	U24299GJ1980PLC003929	GUJARAT INSECTICIDE LIMITED	Director	15/12/2007	13/08/2007	-	Active	NO
4	U24110MH1967PLC013688	GHARDA CHEMICALS LIMITED	Director	13/12/2007	13/08/2007	-	Active	NO
5	U24230GJ1983PTC006157	SIDMAK LABORATORIES (INDIA) PRIVATE LIMITED	Director	25/09/2008	06/02/2008	-	Active	NO
6	U17000MH1997PTC105076	GELNOVA LABORATORIES (INDIA) PRIVATE LIMITED	Director	29/09/2010	15/10/2009	-	Active	NO
7	U85191PN2009NPL134917	VASANTA INSTITUTE OF AYURVEDA	Director	05/11/2009	05/11/2009	-	Active	NO
8	U24200MH1998PTC115774	PHARMA BASE INDIA PRIVATE LIMITED	Alternate director	20/01/2010	20/01/2010	28/10/2010	Active	NO
9	U70102MH2009PTC196238	SILVER STREAM PROPERTIES PRIVATE LIMITED	Director	30/09/2010	18/03/2010	-	Active	NO
10	U85100MH1991GAT061430	GHARDA MEDICAL & ADVANCED TECHNOLOGIES FOUNDATION	Director	10/04/2010	10/04/2010	-	Active	NO
11	U74210MH1977GAT019689	GHARDA SCIENTIFIC RESEARCH FOUNDATION	Director	30/06/2010	30/06/2010	-	Active	NO
12	U74120MH2011PTC212012	RUTH FINVEST PRIVATE LIMITED	Director	08/01/2011	08/01/2011	-	Active	NO

Name :

Shenoy Katapadikar Diwakar

Designation :

Whole Time Director

Address :

1004, Awesome Heights, Thunga Village, Andheri, Mumbai-400072, Maharashtra, India

Date of Birth/Age :

23.10.1962

Date of Appointment :

28.09.2012

Din No.:

05155840

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	U24110MH1967PLC013688	GHARDA CHEMICALS LIMITED	Whole-time director	28/09/2012	13/12/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Michael Raj
Designation :	Company Secretary
Address :	B2 Greenfield Chs Lady Fatima Road Poinsur, Kandivali, Mumbai-400067, Maharashtra, India
Date of Birth/Age :	26.11.1967
Date of Appointment :	16.11.2009
Pan No.:	ADEPA1413G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	57.00
Directors or relatives of directors	11.00
Other top fifty shareholders	32.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Pesticides, Intermediates, Weedicides, Formulations, Veterinary Drugs, Plant Nutrients and Polymers.

Products :

ITEM CODE	PRODUCT DESCRIPTION
380810.29	Cypermethrin Technical
380810.29	Chlorpyriphos
380810.22	Isoproturon Technical

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity *	Actual Production #
Anilofos	Tons	1000 per annum	--	--
Pesticides, intermediates and weedicides	Kgs	--	22508000	16287739
Formulations	Kgs Ltrs	--	2000000 8000000	2141292 7741274
Veterinary drugs	Kgs	--	50000	18752
Plant nutrients	Ltrs	--	--	152000
Pigment	Kgs	--	220000	66363
Third Party Manufacturing	Ltrs	--	--	2579072

NOTE:

* As registered with Director General of Trade and Development. / Secretariat for Industrial Assistance except for Anilofos and as certified by Management and accepted by Auditors, being a technical matter. Installed capacity in respect of multipurpose plants is determined on the basis of product mix, for the year.

# Production excludes captive consumption and samples.

GENERAL INFORMATION

No. of Employees :

1500 (In Office 300 and In Factory 1200) Approximately

Bankers :

· Canara Bank, Hill Road, Bandra West, Mumbai – 400 050, Maharashtra, India

· Canara Bank, CSB, Dalamal Tower, Nariman point, CBI BOB, UCO and KVB Member Banks, Mumbai – 400 021, Maharashtra, India

· Bank of Baroda

· Central Bank of India, Flora Fountain Branch, Mumbai – 400 023, Maharashtra, India

· Central Bank of India, Mumbai Main Office, MG Road, Fort, Mumbai – 400 023, Maharashtra, India

· State Bank of India, State Bank Bhavan, Madame Cama Road, Nariman Point, Mumbai-400021, Maharashtra, India

· Karur Vyasya Bank Limited

· HSBC Bank

· ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working Capital Loans from Banks	328.168	166.868
Interest accrued and due	0.317	0.000
TOTAL	328.485	166.868

Banking Relations :	--
Financial Institution :	Societe Generale, Maker chambers IV, Nariman point, Mumbai – 400 021, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
PAN No:	AADFD2337G
Associates / Subsidiaries [As on 31.03.2011] :	· Gujarat Insecticides Limited [CIN No.: U24299GJ1980PLC003929] Post Box No. 90, Plot No. 805-806, GIDC Estate, Ankleshwar - 393 002, Gujarat, India · Gharda USA Inc, USA · Gharda Australia Inc · Gharda Australia Pty Limited, Australia · Gharda Argentina Pty Limited, Argentina · Gharda Investment Syndicate · Gharda Insecticides Limited, Ankaleshwar · Gharda Generics Inc.

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
64514	Equity Shares	Rs.100/- each	Rs.6.451 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.451	6.451
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		6990.179	6221.998
4] (Accumulated Losses)		0.000	0.000
NETWORTH		6996.630	6228.449
LOAN FUNDS
1] Secured Loans		328.485	166.868
2] Unsecured Loans		199.196	131.919
TOTAL BORROWING		527.681	298.787
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		7524.311	6527.236
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1629.546	1638.675
Capital work-in-progress		250.715	210.500
INVESTMENT		96.508	175.832
DEFERREX TAX ASSETS		76.541	120.322
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2372.239	2106.156
	Sundry Debtors	3236.630	2790.987
	Cash & Bank Balances	500.386	316.171
	Other Current Assets	511.032	465.515
	Loans & Advances	664.068	522.476
Total Current Assets		7284.355	6201.305
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1026.228	1081.427
	Other Current Liabilities	579.822	539.384
	Provisions	207.304	198.587
Total Current Liabilities		1813.354	1819.398
Net Current Assets		5471.001	4381.907
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		7524.311	6527.236

NOTE: Balance Sheet for the year 2012 is not available only Profit and Loss A/c is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	10582.599	9864.357	8948.481
		Other Income	174.656	93.155	327.732
		TOTAL (A)	10757.255	9957.512	9276.213
Less	EXPENSES
		Cost of materials consumed	5927.939	5364.537
		Purchases of stock-in-trade	558.194	323.912
		Employee benefit expense	1052.320	892.886
		Other expenses	2658.222	2201.199	7680.703
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1395.411)	(295.871)
		TOTAL (B)	8801.264	8486.663	7680.703
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1955.991	1470.849	1595.510
Less	FINANCIAL EXPENSES (D)		68.717	47.651	110.768
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1887.274	1423.198	1484.742
Less/ Add	DEPRECIATION/ AMORTISATION (F)		323.515	305.513	352.984
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1563.759	1117.685	1131.758
Less	TAX (H)		312.774	236.906	367.359
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1250.985	880.779	764.399
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	3259.516	2646.786
Less	APPROPRIATIONS
		Transfer to General Reserve	NA		76.440
		Dividend	NA	200.673	64.514
		Tax on Dividend	NA		10.715
	BALANCE CARRIED TO THE B/S		NA	3939.622	3259.516
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	4179.627	4324.682
	IMPORTS
		Raw Materials	NA	NA	918.772
		Stores & Spares	NA	NA	0.160
		Capital Goods	NA	NA	10.540
	TOTAL IMPORTS		NA	NA	929.472
	Earnings / (Loss) Per Share (Rs.)		19390.92	13652.52	11848.57

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.63	8.85	8.24
Net Profit Margin (PBT/Sales)	(%)	14.77	11.33	12.65
Return on Total Assets (PBT/Total Assets}	(%)	NA	12.54	14.44
Return on Investment (ROI) (PBT/Networth)		NA	0.16	0.18
Debt Equity Ratio (Total Debt/Networth)		NA	0.07	0.05
Current Ratio (Current Asset/Current Liability)		NA	4.02	3.41

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	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	Yes
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	No
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

CAST DETAILS

BENCH: BOMBAY

Stamp No.:- WPST/22978/2011 Filing Date:- 25/08/2011 Reg. No.:- WP/8178/2011 Reg. Date:- 04/10/2011

Petitioner:- MAHARASHTRA GENERAL KAMGAR UNION Respondent:- GHARDA CHEMICALS LIMITED

Petn. Adv.:- N.M. GANGULI

District:- MUMBAI

Bench:- SINGLE

Status:- ADMITTED (UNREADY)

Last Date:- 06/03/2012 Stage:- FOR ADMISSION - FRESH [CIVIL SIDE MATTERS]

Act :- INDUSTRIAL DISPUTE ACT, 1947

NOTE:

Registered office of the company has been shifted from 5/6, Jer Mansion, W P Varde Road, Off Turner Road, Bandra (West), Mumbai-400050, Maharashtra, India to the present address w.e.f. 11.10.2010.

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Fixed Deposits	199.196	131.919
TOTAL	199.196	131.919

fixed assets:-

· Leasehold Land

· Freehold Land and Property

· Buildings

· Plant and Machinery

· Computers

· Vehicles

· Furniture and Fixtures

· Office Equipments

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.82.99
Euro	1	Rs.70.62

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	Yes
--AFFILIATION	YES/NO	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		66

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.