MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Name :	SUNSHINE FINE CHEMSOL INDIA PRIVATE LIMITED
Registered Office :	E-2/104, Ganga Village, Hadapsar, Pune – 411028, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.02.2006
Com. Reg. No.:	11-022003
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U24129PN2006PTC022003
TAN No.: [Tax Deduction & Collection Account No.]	PNES22122C
PAN No.: [Permanent Account No.]	AAJCS6669M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Chemicals, Fertilizers, Agricultural Chemicals, Ammonium Humate, Isoproturon Chemicals etc.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 41000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management of the company has failed to file 2011-12 financials with the government department. However, from the previous year record it seems that the company has been successful in wipping off its accumulated losses of the previous year. However, the company is still improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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.

INFORMATION PARTED BY

Name :	Mr. Rajendra Murlidhar More
Designation :	Director
Contact No.:	91-9011056347
Date :	12.01.2013

LOCATIONS

Registered Office/ Residency Address :	E-2/104, Gang a Village, Hadapsar, Pune – 411028, Maharasahtra, India
Tel. No.:	91-20-24281026
Mobile No.:	91-9011056347 (Mr. Rajendra Murlidhar More)
Fax No.:	91-20-24281026
E-Mail :	sunshinfine_cem@sifymail.com
Location :	Owned
Corporate Office :	S. No. 567, ‘Anant Aadhar’, Dropati Apartment, Vastu Nagar Co-op Hsg. Society, Bibvewadi-Market Yard, Lulla Nagar Bibvewadi Road, Near Jhala Complex, Pune – 411037, Maharashtra, India
Factory :	Gate No.133, Singapore , Purandar, Pune, Maharashtra, India
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Sachin Shankar Yadav

Designation :

Director

Address :

E-2/104, Gagna Village, Hadapsar, Pune – 411028, Maharasahtra, India

Date of Birth/Age :

26.08.1973

Date of Appointment :

04.02.2006

DIN No.:

01770709

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	U24129PN2006PTC022003	SUNSHINE FINE CHEMSOL INDIA PRIVATE LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
2	U15203PN2009PTC133686	SUNRISE MILK PRODUCTS PRIVATE LIMITED	Director	24/03/2009	24/03/2009	-	Active	NO

Name :

Mr. Rajendra Murlidhar More

Designation :

Director

Address :

1-13, State Bank Nagar, Near Chaitraban Nursery, Bibwewadi, Pune – 411037, Maharasahtra, India

Date of Birth/Age :

01.06.1963

Date of Appointment :

14.02.2007

DIN No.:

01770719

Name :

Mrs. Rupali Sachin Yadav

Designation :

Director

Address :

E-2/104, Gagna Village, Hadapsar, Pune – 411028, Maharasahtra, India

Date of Birth/Age :

01.06.1978

Date of Appointment :

14.02.2006

DIN No.:

01770721

Name :

Mrs. Beena Rajendra More

Designation :

Director

Address :

N-8, SBI Nagar, Sr. No. 666, Bibwewadi, Pune – 411037, Maharasahtra, India

Date of Birth/Age :

07.12.1970

Date of Appointment :

14.02.2006

DIN No.:

01770722

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sachin Shankar Yadav	996000
Rajendra Murlidhar More	2000
Rupali Sachin Yadav	1000
Beena Rajendra More	1000
TOTAL	1000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Chemicals, Fertilizers, Agricultural Chemicals, Ammonium Humate, Isoproturon Chemicals etc.

Products :

Product Description	Item code No.
Hydrogen Cynamide	3808.2
Chlormequat Chloride	3808.2
Alpha Napthyl Acetic	3808.2

Imports :

Products :

Raw Materials

Countries :

• Japan
• China

Terms :

Selling :

Cash and Credit (30 days)

Purchasing :

L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and Others

No. of Employees :

30 (Approximately)

Bankers :

• HDFC Bank, Pune, Maharasahtra, India

• State Bank of Bikaner and Jaipur, Shop No. 82/2A Shree Gajalaxmi Society Sahakar Nagar, Pune – 411009, Maharashtra, India

Tel No.: 91-20-24228040/ 24224158

Email: abbj10526@sbbj.co.in

Website: www.sbbjbank.com

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of Bikaner and Jaipur Term Loan	4.210	3.053
State Bank of Bikaner and Jaipur Cash Credit A/c	1.595	2.061
Total	5.805	5.114

Banking Relations :	--
Auditors :
Name :	Rajendra Kumar and Jain Chartered Accountants
Address :	Office No.7, Vertex Plaza, Behind Shivaji Statue, Near Darpan Hotelm Market Yard, Pune – 411037, Maharashtra, India
PAN.:	ACXPJ3448A
Entity where Key Management Personnel (KMP) has significance influence :	Aditya Bharat Gas Agency

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.143	0.000	0.000
4] (Accumulated Losses)		0.000	(0.079)	(0.327)
NETWORTH		10.143	9.921	(0.227)
LOAN FUNDS
1] Secured Loans		5.805	5.114	0.000
2] Unsecured Loans		0.300	0.000	8.401
TOTAL BORROWING		6.105	5.114	8.402
DEFERRED TAX LIABILITIES		0.075	0.053	0.000
TOTAL		16.323	15.088	8.174
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.703	7.528	6.188
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.179	3.993	1.238
	Sundry Debtors	3.027	1.612	0.000
	Cash & Bank Balances	0.272	0.171	1.082
	Other Current Assets	0.099	1.352	0.278
	Loans & Advances	0.227	0.503	0.063
Total Current Assets		8.804	7.631	2.661
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.209	0.187	0.763
	Other Current Liabilities	0.099	0.070	0.160
	Provisions	0.000	0.000	0.000
Total Current Liabilities		1.308	0.257	0.923
Net Current Assets		7.496	7.374	1.738
MISCELLANEOUS EXPENSES		0.124	0.186	0.248
TOTAL		16.323	15.088	8.174

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	15.905	3.918	2.330
		Other Income	0.134	0.007	0.044
		TOTAL (A)	16.039	3.925	2.374
Less	EXPENSES
		Cost of Sales	10.525	1.402	2.686
		Administrative and Other Expenses	3.328	1.253
		Prior Period Items	0.000	(0.002)
		TOTAL (B)	13.853	2.653	2.686
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.186	1.272	(Including Financial Expense and Deprecation)
Less	FINANCIAL EXPENSES (D)		0.833	0.187
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.353	1.085
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.149	0.745
	PROFIT BEFORE TAX (E-F) (G)		0.204	0.340	(0.312)
Less	TAX (H)		(0.019)	0.092	0.012
	PROFIT AFTER TAX (G-H) (I)		0.223	0.248	(0.324)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.079)	(0.327)	NA
	BALANCE CARRIED TO THE B/S		0.144	(0.079)	NA
	Earnings Per Share (Rs.)		0.22	0.25	(32.37)

Particulars	31.03.2012
Sales Turnover (Approximately)	22.500

Expected Sales ( 2012-13) : Rs. 30.000 Millions

The above information has been parted by Mr. Rajendra Murlidhar Gupta – Director

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.38	6.32	(13.14)
Net Profit Margin (PBT/Sales)	(%)	1.28	8.67	13.39
Return on Total Assets (PBT/Total Assets}	(%)	1.15	2.24	(3.53)
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	1.37
Debt Equity Ratio (Total Liability/Networth)		0.73	0.54	(41.08)
Current Ratio (Current Asset/Current Liability)		6.73	29.69	2.88

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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
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

OPERATION

The company has achieved improvement in its sales turnover at Rs.15.905 millions as compared to Rs.3.918 millions in the previous year. The company achieved a net profit of Rs.0.223 million for the year report as compared to net profit of Rs.0.248 million in the previous year

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24129PN2006PTC022003
Name of the company	SUNSHINE FINE CHEMSOL INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E-2/104, Gagna Village, Hadapsar, Pune – 411028, Maharasahtra, India Email: sunshinefine_cem@sifymail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10198990
Type of charge	Book Debts Movable Property (not being pledge) Floating Charges
Particular of charge holder	State Bank of Bikaner and Jaipur, Gajalaxmi Society, Sahkar Nagar – 1, Opposite Shinde High School, Parvati Area, Pune – 411009, Maharashtra, India Email: sbbj10526@sbbj.co.in
Nature of instrument creating charge	Supplemental agreement of Loan-Cum-Hypothecation Dated 28th March,2011
Date of instrument Creating the charge	28.03.2011
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC:@4.50%above Base Rate pr. effect rate 12.75% p.a.2.TL-@5.25% above Base Rate present eff. rate13.50%p.a. 3.Inland LC/FLC As per Bank exists terms for LC. Subject to change from time to time. Terms of Repayment: 1 Cash credit is available for 12 month. Repayable on demand 2 Term Loan is repayable 72 monthly installments of Rs.0.096 millions each, with first installment commencing on 06/01/2011 and the last installment falling due on 06/12/2016 3. Letter of Credit - Bills received under LC should be promptly retired by the Company on presentation/due date (maximum 120 days). Margin: Cash credit Raw material : Imported 25% Raw material : Indigenous 25% Semi-Finished Goods 50% Finished Goods 25% Term loan: margin: As stipulated in Agreement. Letter of Credit - 25% by way of cash/TDR duly discharged in bank's favour. Extent and Operation of charge: First charge over the entire current assets and fixed assets of the Company. Others: All other terms as per the Letter of Arrangement dated 17-12-2009, Agreement of Loan for Over All Limits dated 17-12-2009, Agreement of Loan-Cum-Hypothecation dated 17-12-2009, Guarantee Agreement dated 28-3-2011, supplemental agreement dated 28-3-2011 and the Bank's sanction letter for non-fund based limit dated 31-12-2010 shall be applicable and binding.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Present and future stocks, raw materials, goods, book debts, other current assets in the possession or control of the Borrowers wherever lying, stored or kept and Chemicals, e.g. calcium cyanamide copper sulphate, ammonium molybdate, ferrous sulphate, manganese sulphate, chermequet chloride, jeevan, bordo. sunrich gold, chemsol nutri, HDPE Sch B of Hypothecation agreement Machinery, vehicles and other equipment items as per Annexure B and C to Sch B of Hypothecation Agreement located at the Company's factory or wherever lying, stored or kept
Particulars of the present modification	The amount secured has been increased from Rs.6.500 millions to Rs.10.000 millions by santion of additional facility by way of Letter of Credit Limit of Rs.3.500 millions as detailed below: Cash credit Existing Rs.2.200 millions Term Loan Existing Rs.4.300 millions Letter of Credit Limit (Inland/ Foreign) – New Rs.3.500 Millions Total Rs.10.000 Millions

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	0.300	0.000
Total	0.300	0.000

FIXED ASSETS

• Land
• Building
• Furniture
• Bore Machine
• Electrical Equipment and Fittings
• Laboratories Equipments
• Machinery
• Chilling Plant
• Mobile
• Pump
• Shed
• Telephone
• Computer
• Safety Equipment

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. 53.77
UK Pound	1	Rs. 85.14
Euro	1	Rs. 71.57s

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
TOTAL		28

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.