MIRA INFORM REPORT

Report Date :

28.12.2013

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) :	31.03.2013
Date of Incorporation :	09.07.1996
Com. Reg. No.:	11-100815
Capital Investment / Paid-up Capital :	Rs. 49.519 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 and Exporter of Speciality Chemicals for Leather, Textile, Pharmaceuticals, Cosmetics, Refinery, Paints and Speciality Surfactants.
No. of Employees :	350 (Approximately)

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 1050000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is well-established company having satisfactory track record. There appears dip in profit of the company during the financial year 2013. However, the rating reflect Viswaat’s established market position in the chemicals business, supported by diversified product and customer profiles, and its above-average financial profile. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	July 12, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	July 12, 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 PARTED BY

Name :	Mr. Bhaskar Shetty
Designation :	Director
Contact No.:	91-9821417280
Date :	26.12.2013

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/ 30052255
Mobile No.:	91-9821417280 (Mr. Bhaskar Shetty)
Fax No.:	91-22-28745321
E-Mail :	viswaat@vsnl.com info@viswaatchem.com viswaat@mtnl.net.in lrshetty@viswaatchem.com
Website :	http://www.viswaatchem.com
Area :	1700 Sq. ft
Location :	Owned
Factory :	Plot No. N1, Additional Ambernath MIDC, Anand Nagar, Thane – 421506, Maharashtra, India
Tel. No.:	91-251-2620046/ 48
Regional Office :	12^th Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India
Tel. No.:	91-44-24741503/ 39131203

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 :

15.07.2011

PAN No.:

AVKPS0666D

DIN No.:

00474985

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	U51109AS1988PLC002942	GANGA FINANCE LIMITED	Director	30/03/2002	30/03/2002	Under Process of Striking off	NO
2	U67120MH1986PTC040334	SWATI HOLDING AND LEASING PRIVATE LIMITED	Director	14/01/2005	14/01/2005	Active	NO
3	U51496MH1996PLC100815	VISWAAT CHEMICALS LIMITED	Managing director	15/07/2011	25/02/2005	Active	NO

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

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	U45200MH1995PTC088722	SUYASH HOLDING AND ESTATE DEVELOPERS PRIVATE LIMITED	Director	07/08/1995	07/08/1995	-	Active	NO
2	U51496MH1996PLC100815	VISWAAT CHEMICALS LIMITED	Director	29/09/1997	29/09/1997	-	Active	NO
3	L72200MH1999PLC119247	SUBHKAM VENTURES INDIA LIMITED	Director	30/09/2006	04/02/2006	-	Amalgamated	NO
4	U45400MH2007PTC175904	RIVERTOP PROPERTIES PRIVATE LIMITED	Director	15/11/2007	15/11/2007	-	Active	NO
5	U45400MH2007PTC176151	ANR PROPERTIES PRIVATE LIMITED	Director	23/11/2007	23/11/2007	-	Active	NO
6	U45200MH1970PLC012966	SHREE NIRMAL COMMERCIAL LIMITED	Director	18/07/2008	18/07/2008	28/01/2009	Active	NO
7	U74140MH2006PTC163409	SUBHKAM CAPITAL VENTURES Private LIMITED	Director	29/09/2008	05/08/2008	-	Active	NO
8	U67120MH1995PTC093556	SUBHKAM VENTURES (I) PRIVATE LIMITED	Director	30/09/2008	25/08/2008	-	Active	NO
9	U45200MH2005PTC156385	WAVES HOUSING PRIVATE LIMITED	Director	17/09/2012	06/03/2012	-	Active	NO
10	U45201MH2006PTC162461	HEAVENLY HOUSING PRIVATE LIMITED	Director	17/09/2012	06/03/2012	-	Active	NO

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 :

27.01.2009

PAN No.:

AAEPS7364P

DIN No.:

00347059

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	U51496MH1996PLC100815	VISWAAT CHEMICALS LIMITED	Whole-time director	27/01/2009	27/01/2003	Active	NO

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 :

15.07.2011

PAN No.:

AECPS2770K

DIN No.:

00475019

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	U51496MH1996PLC100815	VISWAAT CHEMICALS LIMITED	Whole-time director	15/07/2011	11/10/2005	Active	NO

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

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	U51496MH1996PLC100815	VISWAAT CHEMICALS LIMITED	Director	24/07/2006	24/07/2006	-	Active	NO
2	U41000DL1992PLC047372	SMS PARYAVARAN LIMITED	Director	28/09/2007	28/03/2007	07/03/2011	Active	NO

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 :

02.07.2010

PAN No.:

AAKPS5390R

DIN No.:

00947091

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	U51496MH1996PLC100815	VISWAAT CHEMICALS LIMITED	Whole-time director	02/07/2010	02/07/2007	-	Active	NO
2	U51109AS1988PLC002942	GANGA FINANCE LIMITED	Director	30/09/2009	11/02/2009	12/03/2012	Under Process of Striking off	NO

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

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	U80220MH1997PLC112535	IL & FS EDUCATION & TECHNOLOGY SERVICES LIMITED	Director	19/01/1998	19/01/1998	Active	NO
2	U51496MH1996PLC100815	VISWAAT CHEMICALS LIMITED	Director	01/08/2000	01/08/2000	Active	NO
3	U74999MH1946PTC005120	GOLDBERG INDIA PRIVATE LIMITED	Director	06/08/2007	06/08/2007	Active	YES

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 :

22.09.2011

PAN No.:

AFEPC4073N

DIN No.:

03093496

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	U67190KA2010PTC054451	AEQUITAS CAPITAL PRIVATE LIMITED	Director	14/07/2010	14/07/2010	Active	NO
2	U67120MH1986PTC040334	SWATI HOLDING AND LEASING PRIVATE LIMITED	Director	20/08/2010	20/08/2010	Active	NO
3	U51496MH1996PLC100815	VISWAAT CHEMICALS LIMITED	Director	22/09/2011	17/02/2011	Active	NO

Name :

Mr. Shashikant Shetty

Designation :

Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

NOTE: 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 and Exporter 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.

Exports :

Products :

Finished Goods

Countries :

· Indonesia

UAE

China

Turkey

They export to more than 20 countries.

Imports :

Products :

Raw Material

Countries :

· Malaysia

Korea

Taiwan

Terms :

Selling :

L/C, Cash, Credit and CAD

Purchasing :

L/C, Cash and Credit

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

Suppliers :

Reliance Industries Limited

Customers :

End Users

· Huntsman India Private Limited

No. of Employees :

350 (Approximately)

Bankers :

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

Bank of Baroda

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS
Term loans from banks		75.512
Long-term maturities of finance lease obligations		0.636
SHORT TERM BORROWINGS
Loans repayable on demand from banks		228.396
Total	NA	304.544

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 31.03.2013

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
4,951,897	Equity Shares	Rs. 10/- each	Rs. 49.519 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.519	43.410	40.361
(b) Reserves & Surplus	213.575	185.641	145.937
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	263.094	229.051	186.298
(3) Non-Current Liabilities
(a) long-term borrowings	70.681	76.148	59.444
(b) Deferred tax liabilities (Net)	26.223	21.017	18.011
(c) Other long term liabilities	26.442	24.671	19.905
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	123.346	121.836	97.360
(4) Current Liabilities
(a) Short term borrowings	306.569	233.396	153.893
(b) Trade payables	293.885	181.259	131.606
(c) Other current liabilities	68.518	67.166	49.974
(d) Short-term provisions	10.165	10.627	12.853
Total Current Liabilities (4)	679.137	492.448	348.326
TOTAL	1065.577	843.335	631.984
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	282.361	226.097	209.439
(ii) Intangible Assets	0.502	0.601	0.000
(iii) Capital work-in-progress	47.221	35.510	4.482
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.492	10.928	0.422
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.321	13.781	8.991
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	344.897	286.917	223.334
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	128.944	98.868	65.897
(c) Trade receivables	517.444	397.120	311.075
(d) Cash and cash equivalents	35.031	34.766	7.306
(e) Short-term loans and advances	37.227	23.151	24.054
(f) Other current assets	2.034	2.513	0.318
Total Current Assets	720.680	556.418	408.650
TOTAL	1065.577	843.335	631.984

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations (Net)	1765.366	1462.847	1161.650
		Other Income	20.783	2.643	2.173
		TOTAL (A)	1786.149	1465.490	1163.823
Less	EXPENSES
		Cost of materials consumed	1405.730	1153.123	899.725
		Purchases of stock-in-trade	21.239	15.310	2.300
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(10.425)	(28.779)	(16.111)
		Employee benefit expense	98.124	92.400	74.697
		Other expenses	149.906	118.962	111.792
		TOTAL (B)	1664.574	1351.016	1072.403
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		121.575	114.474	91.420
Less	FINANCIAL EXPENSES (D)		52.255	41.323	25.463
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.320	73.151	65.957
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.720	17.032	13.652
	PROFIT BEFORE TAX (E-F) (G)		47.600	56.119	52.305
Less	TAX (H)		16.189	18.478	17.570
	PROFIT AFTER TAX (G-H) (I)		31.411	37.641	34.735
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	339.041	157.589
	Earnings Per Share (Rs.)		7.23	9.32	10.27

Expected Sales (2013-2014): Rs. 2500.000 Millions

The above information has been parted by Mr. Bhaskar Shetty (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.76	2.57	2.98
Net Profit Margin (PBT/Sales)	(%)	2.70	3.84	4.50
Return on Total Assets (PBT/Total Assets}	(%)	4.68	7.04	8.34
Return on Investment (ROI) (PBT/Networth)		0.18	0.25	0.28
Debt Equity Ratio (Total Debt/Networth)		1.43	1.35	1.15
Current Ratio (Current Asset/Current Liability)		1.06	1.13	1.17

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10317299	19/10/2011	20,000,000.00	BANK OF MAHARASHTRA	DR. AMBEDKAR ROAD BRANCH, RAJA SHIVAJI VIDYALAYA, HINDU COLONY, SIX LANE, DADAR (EAST), MUMBAI - 400014, MAHARASHTRA, INDIA	B25171448
2	90158225	20/06/2008 *	149,900,000.00	BANK OF MAHARASHTRA	DR.AMBEDKAR ROAD BRANCH, RAJA SHIVAJI VIDYA SANKUL, HINDU COLONY, SIX LANE, DADAR (EAST), MUMBAI - 400014, MAHARASHTRA, INDIA	A50264977
3	90155402	10/10/2013 *	633,600,000.00	BANK OF MAHARASHTRA	DR.AMBEDKAR ROAD BRANCH, 167/A, POONAWADI, MUMBAI - 400014, MAHARASHTRA, INDIA	B87269296
4	90157999	21/08/2002	9,000,000.00	ORIENTAL BANK OF COMMERCE	BOMBAY BAZAR BUILDING, MUMBAI - 400054, MAHARASHTRA, INDIA	-
5	90157426	24/02/2000	400,000.00	ORIENTAL BANK OF COMMERCE	BOMBAY BAZAR BUILDING, MUMBAI - 400054, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS
Intercorporate borrowings		5.000
Loans and advances from related parties		0.000
Total	NA	5.000

CHANGE OF ADDRESS:

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.

TRADE REFERENCES

· Reliance Industries Limited

Huntsman India Private Limited

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 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. 62.06
UK Pound	1	Rs. 102.03
Euro	1	Rs. 85.27

INFORMATION DETAILS

Information Gathered by :	HNA
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
--PROFITABILITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.