MIRA INFORM REPORT

Report Date :

05.01.2013

IDENTIFICATION DETAILS

Name :	ROSSARI BIOTECH (INDIA) PRIVATE LIMITED
Registered Office :	401, Omega, Main Street - Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.01.1997
Com. Reg. No.:	11-105584
Capital Investment / Paid-up Capital :	Rs. 0.711 million
CIN No.: [Company Identification No.]	U24100MH1997PTC105584
TAN No.: [Tax Deduction & Collection Account No.]	MUMR15313E
PAN No.: [Permanent Account No.]	AABCR2094R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Textile Chemicals.
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 190000
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 term 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

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 :	401, Omega, Main Street, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra India
Tel. No.:	91-22-25709200/ 25709201
Fax No.:	91-22-25709210
E-Mail :	rossari@vsnl.com advt@rossarimail.com enquiry@rossarimail.com rossari@vsnl.net hardshad@rossarimail.com charisunnil2001@gmail.com rbbform8@hdfcbank.com
Website :	http://www.rossari.com
Factory 1 :	Plot No. 10,11 and Survey No. 9011, Kumbharwadi, Village Nairoli, Dadranagar Haveli, Silvasa – 396235, Valsad , India
Factory 2 :	Sillod, 431135, Aurangabad

DIRECTORS

As on 31.07.2012

Name :	Mr. Sunil Srinivasan Chari
Designation :	Director
Address :	B-902, Vallncia, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Date of Birth/Age :	05.12.1965
Date of Appointment :	31.01.1997
DIN No.:	00149083
Name :	Mr. Edward Alphanso Menezes
Designation :	Director
Address :	601/602, Gem House, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Date of Birth/Age :	31.10.1960
Date of Appointment :	31.01.1997
DIN No.:	00149205

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.07.2012

Names of Shareholders	No. of Shares
Mr. Edward A. Menezes	32750
Mr. Sunil S. Chari	33250
Mr. Mikhali Menzes	2800
Mrs. Usha S. Chari	1000
Mr. Yash Chari	300
Mr. Sunil Chari (HUF)	1000
Total	71100

Equity Share Break up (Percentage of Total Equity)

As on 31.07.2012

Category	Percentage
Directors or relatives of Directors	98.60
Other	1.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Textile Chemicals.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West) Mumbai – 400013, Maharashtra, India

Facilities :

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From director	0.230	0.230
From Shareholders	0.114	0.114
Total	0.344	0.344

Banking Relations :	----
Auditors :
Name :	BGM and Company Chartered Accountants
Address :	111.Exim Link, Opp. Container Yard, Mulund-Goregoan Link Road, Nahur (West), Mumbai- 400078 Maharashtra India
Tel. No.:	Not Available
PAN No.:	AFHPM4329J

CAPITAL STRUCTURE

As on 31.07.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Millions
150000	Preference Shares	Rs.10/- each	Rs. 1.500 Millions
	Total		Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71100	Equity Shares	Rs.10/- each	Rs. 0.711 Million

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		0.711	0.711	0.711
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		49.110	46.554	44.545
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.821	47.265	45.256
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.344	0.344	0.114
TOTAL BORROWING		0.344	0.344	0.114
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		50.165	47.609	45.370
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.567	2.921	3.527
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		47.508	44.767	28.082
DEFERRED TAX ASSETS		0.183	0.183	0.173
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.274	0.975	8.923
	Cash & Bank Balances	0.746	0.334	4.928
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.685	0.900	0.761
Total Current Assets		1.705	2.209	14.612
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.067	0.034	0.467
	Other Current Liabilities	1.577	1.577	0.122
	Provisions	0.154	0.860	0.435
Total Current Liabilities		1.798	2.471	1.024
Net Current Assets		(0.093)	(0.262)	13.588
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		50.165	47.609	45.370

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	NA
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.084	2.844	1.944
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.373	0.463	0.556
	PROFIT BEFORE TAX (E-F) (G)		2.711	2.381	1.388
Less	TAX (I)		0.155	0.372	0.017
	PROFIT AFTER TAX (G-I) (J)		2.556	2.009	1.405
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.649	29.640	28.235
	BALANCE CARRIED TO THE B/S		34.205	31.649	29.640
	Earnings Per Share (Rs.)		38.13	28.25	19.76

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)		NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.06	0.46	0.07
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.03
Debt Equity Ratio (Total Liability/Networth)		0.04	0.06	0.02
Current Ratio (Current Asset/Current Liability)		0.94	0.89	14.27

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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100MH1997PTC105584
Name of the company	ROSSARI BIOTECH (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	401, Omega, Main Street, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10199952
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013, Maharashtra, India E-mail ID : rbbform8@hdfcbank.com
Nature of instrument creating charge	Memorandum recording past transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	13.05.2011
Amount secured by the charge	Rs. 243.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time . Extent and Operation of the charge The Company accorded & gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs.2435 Lacs granted by Bank to Neutron Impex Pvt Ltd & Rossari Specialities of Rs.2360 Lacs & Rs.75 Lacs respectively ("the Borrowers"), together with principal, interest, liquidated damages, costs, charges & expenses. Others
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable Property being Office No 401, Omega Building Main Street, Hiranandani Garden, Powai, Mumbai - 400076
Date of instrument modifying the charge	01.03.2011
Particulars of the present modification	The equitable mortgage/charge shall now stand increased from Rs.107.5 Millions to Rs.243.5 Millions in favour the Bank.

FIXED ASSETS:

• Furniture and fixture

• Office equipment

• Motor Vehicles

• Computer

• Electric installation

• Office premises

• Telephones

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.54.84
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

SPN

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
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.