MIRA INFORM REPORT

Report Date :

12.07.2013

IDENTIFICATION DETAILS

Name :	AQUAPHARM CHEMICALS PRIVATE LIMITED (w.e.f. 21.04.1981)
Formerly Known As :	VIKRAM ION EXCHANGERS PRIVATE LIMITED
Registered Office :	9^th and 10ht Floor, Amar Synergy, 12B, Sadhu Vaswani Road, Pune - 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.03.1974
Com. Reg. No.:	11-017243
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U24231MH1974PTC017243
PAN No.: [Permanent Account No.]	AAECA7014R
Legal Form :	Private Limited Liability Company
Line of Business :	The Company Produces and Sells Chemicals.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4580000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has seen a dip in its net profitability during 2012. However, the financial and liquidity position appears to be strong and healthy. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitment. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB +
Rating Explanation	Moderate degree of safety regarding timely servicing of financial obligations and moderate credit risks.
Date	14.03.2013

Rating Agency Name	CRISIL
Rating	Short term rating : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	14.03.2013

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 :	9^th and 10ht Floor, Amar Synergy, 12B, Sadhu Vaswani Road, Pune - 411001, Maharashtra, India
Tel. No.:	91-20-66090000
Fax No.:	91-20-26053396
E-Mail :	aquapharm@vsnl.com ghatpande.s@aquapharm.net soni.a@aquapharm.net
Website :	http://www.aquapharm-india.com
Area :	800 sq ft (Approximately)
Location :	Owned
Head Office :	3^rd Floor, Atur Chambers, 2-A Moledina Road , Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-66090000
Fax No.:	91-20-26053396
E-Mail :	intlsales@aquapharm.net sales@aquapharm.net techsupport@aquapharm.net
Factory 1 :	At and Near Village Pirangut Village, Taluka Mulshi, Pune - 412 108, Maharashtra, India
Tel. No.:	91-2139-22883 / 22792
Fax No.:	91-2139-22362
Area :	10665 sq ft
Location :	Owned
Factory 2 :	K-3/ 1, 2 and 3, Additional Mahad M.I.D.C. Area, Mahad Raigad – 402 302, Maharashtra, India
Area :	53547 sq ft
Location :	Owned
R and D Office :	S-1, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra, India
Branch Office :	Located At: · Delhi · Chennai · Baroda · Kolkata

DIRECTORS

As on : 20.07.2012

Name :

Mr. Nitin Raoji Bhai Desai

Designation :

Chairman cum Managing Director

Address :

457, Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

01.11.1943

Qualification :

Graduate

Date of Appointment :

30.08.1980

PAN NO :

AAAHD7774E

Din No.:

00140239

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	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Director	30-08-80	30-08-80	-	Active	NO
2	U67120PN1983PTC029447	DESONS HOLDINGS AND FINANCE PRIVATE LIMITED	Director	01-03-83	01-03-83	-	Active	NO
3	U55101MH1973PLC016960	DESAI BROTHERSLIMITED	Managing director	01-04-12	01-10-89	-	Active	NO
4	U85110PN1996PLC099499	SAHYADRI HOSPITALS LIMITED	Director	14-06-96	14-06-96	-	Active	NO
5	U70102PN2007PTC130273	DESONS INVESTMENTS PRIVATE LIMITED	Director	07-06-07	07-06-07	-	Amalgamated	NO
6	U65993PN1976ULT018893	AJINKYA INVESTMENT AND TRADING COMPANY	Director	29-09-08	04-08-08	08-05-12	Active	NO
7	U65910PN2009PTC133658	DESONS FINVEST PRIVATE LIMITED	Director	17-03-09	17-03-09	-	Active	NO
8	U15400PN2009PTC133749	DESAI FOODS PRIVATE LIMITED	Director	06-04-09	06-04-09	-	Active	NO
9	U85100PN2011PTC139130	KONKAN MEDICAL SERVICES PRIVATE LIMITED	Director	28-09-12	09-04-11	-	Active	NO
10	L24230GJ1995PLC025878	CADILA HEALTHCARE LIMITED	Director	19-07-11	06-05-11	-	Active	NO

Name :

Mr. Vishnu Khushaldas Mangwani

Designation :

Managing Director

Address :

242, Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

01.07.1933

Qualification :

Inter Science

Date of Appointment :

02.03.1974

PAN NO :

ABAPM6828K

Din No.:

00352161

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	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Managing director	02-03-74	02-03-74	-	Active	NO
2	U72200PN2000PTC014910	BHAGEETA ENTERPRISES PRIVATE LIMITED	Director	22-05-00	22-05-00	-	Strike off	NO
3	U91110PN2003PLC017601	INTERNATIONAL SINDHU CHAMBER OF COMMERCE	Director	15-01-03	15-01-03	-	Active	NO
4	U65990PN2008PTC132526	VEEKAY INFIN AND HOLDINGS PRIVATE LIMITED	Director	31-07-08	31-07-08	-	Active	NO

Name :

Mrs. Vimal Vishnu Mangwani

Designation :

Joint Managing Director

Address :

303, Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

13.09.1956

Qualification :

B.Sc., MBA

Date of Appointment :

01.07.2008

PAN NO :

ABAPM6827G

Din No.:

00352180

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	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Managing director	01-07-08	11-11-91	-	Active	NO
2	U65990PN2008PTC132526	VEEKAY INFIN AND HOLDINGS PRIVATE LIMITED	Director	31-07-08	31-07-08	-	Active	NO
3	U24299PN2009PTC133793	AQUENTA CHEMICALS PRIVATE LIMITED	Director	16-04-09	16-04-09	-	Active	NO

Name :

Mr. Sanjay Jasubhai Desai

Designation :

Director

Address :

14, Dr. Koyaji Road, Pune –411 001, Maharashtra, India

Date of Birth/Age :

08.05.1960

Qualification :

Graduate

Date of Appointment :

28.12.1998

Din No.:

00140307

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	U85110PN1996PLC099499	SAHYADRI HOSPITALS LIMITED	Director	14-06-96	14-06-96	29-09-08	Active	NO
2	U67120PN1983PTC029447	DESONS HOLDINGS AND FINANCE PRIVATE LIMITED	Director	01-04-98	01-04-98	-	Active	NO
3	U55101MH1973PLC016960	DESAI BROTHERSLIMITED	Whole-time director	01-04-12	01-04-98	-	Active	NO
4	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Director	28-12-98	28-12-98	-	Active	NO
5	U50102PN1991PTC060310	RAJHARI CARRIERS AND FINANCE PRIVATE LIMITED	Director	06-09-00	06-09-00	10-11-09	Active	NO
6	U70102PN2007PTC130273	DESONS INVESTMENTS PRIVATE LIMITED	Director	14-01-08	14-01-08	-	Amalgamated	NO
7	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	28-06-08	28-06-08	-	Active	NO
8	U65993PN1976ULT018893	AJINKYA INVESTMENT AND TRADING COMPANY	Director	29-09-08	04-08-08	08-05-12	Active	NO
9	U65910PN2009PTC133658	DESONS FINVEST PRIVATE LIMITED	Director	17-03-09	17-03-09	-	Active	NO
10	U15400PN2009PTC133749	DESAI FOODS PRIVATE LIMITED	Director	06-04-09	06-04-09	-	Active	NO
11	U85100PN2011PTC139130	KONKAN MEDICAL SERVICES PRIVATE LIMITED	Director	28-09-12	09-04-11	-	Active	NO
12	U74900PN2012NPL144986	WORLD PRESIDENTS ORGANISATION PUNE CHAPTER	Director	08-10-12	08-10-12	-	Active	NO

Name :

Mr. Dharmesh Vishin Mangwani

Designation :

Managing Director

Address :

209, Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

16.04.1963

Qualification :

B.Com

Date of Appointment :

13.12.2010

Din No.:

00467962

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	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Managing director	13-12-10	28-10-99	-	Active	NO
2	U72200PN2000PTC014910	BHAGEETA ENTERPRISES PRIVATE LIMITED	Director	22-05-00	22-05-00	08-05-07	Strike off	NO
3	U91110PN2005NPL020305	YOUNG PRESIDENTS ORGANIZATION (PUNE CHAPTER)	Director	30-09-06	30-09-06	-	Active	NO
4	U65990PN2008PTC132526	VEEKAY INFIN AND HOLDINGS PRIVATE LIMITED	Director	31-07-08	31-07-08	-	Active	NO
5	U24299PN2009PTC133793	Aquenta Chemicals Private Limited	Director	16-04-09	16-04-09	-	Active	NO
6	U29299PN2005PTC021445	DelVal Flow Controls Private Limited	Nominee director	25-03-13	25-03-13	-	Active	NO

Name :

Mr. Subramanian Padmanabhan

Designation :

Director

Address :

30, Vishrambaug Society, Senapati Bapat Road, Pune – 411 016, Maharashtra, India

Date of Birth/Age :

01.09.1939

Date of Appointment :

14.09.2005

Din No.:

00001207

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	U40100MH1994PLC128291	VIDEOCON POWER LIMITED	Director	22-12-94	22-12-94	-	Active	NO
2	L99999MH1989PLC052233	TREND ELECTRONICS LIMITED	Director	18-08-95	18-08-95	30-03-10	Active	NO
3	U99999MH1995PLC131152	KAIL LIMITED	Director	23-08-95	23-08-95	02-02-12	Active	NO
4	U29302PN1996PLC104800	APPLICOMP (INDIA) LIMITED	Director	31-12-96	31-12-96	05-01-12	Active	NO
5	U40105GA1996PLC007246	GOA ENERGY LIMITED	Director	01-08-97	01-08-97	13-03-12	Active	NO
6	U99999MH1996PLC128289	VIDEOCON ENERGY HOLDINGS LIMITED	Director	01-08-97	01-08-97	-	Active	NO
7	U67120MH1995PLC133952	VIDEOCON VCR SECURITIES LIMITED	Director	24-06-98	24-06-98	29-09-08	Strike off	NO
8	U55101MH1973PLC016960	DESAI BROTHERSLIMITED	Director	01-04-99	01-04-99	-	Active	NO
9	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Director	25-09-02	25-09-02	-	Active	NO
10	L34103PN1944PLC020842	PREMIER LIMITED	Director	24-12-02	24-12-02	-	Active	NO
11	L99999MH1964PLC012835	ASIAN ELECTRONICS LIMITED	Director	25-11-03	25-11-03	05-11-08	Active	NO
12	L99999MH1986PLC103624	VIDEOCON INDUSTRIES LIMITED	Director	31-03-06	01-06-05	-	Active	NO
13	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Director	14-09-05	14-09-05	-	Active	NO
14	L28910PN1990PLC056985	RAJKUMAR FORGE LIMITED	Director	24-04-06	24-04-06	-	Active	NO
15	L29150PN1989PLC054143	SANGHVI MOVERS LIMITED	Director	02-09-06	02-09-06	-	Active	NO
16	L34102PN1958PLC011172	FORCE MOTORS LIMITED	Director	30-09-06	30-09-06	-	Active	NO
17	U40102MH2007PTC171813	PIPAVAV ENERGY PRIVATE LIMITED	Director	19-06-07	19-06-07	-	Active	NO
18	U51395MH2003PLC143371	NEXT RETAIL INDIA LIMITED	Director	26-09-08	09-12-07	06-01-12	Active	NO
19	U40300MH2010PTC201493	CHHATTISGARH POWER VENTURES PRIVATE LIMITED	Director	28-06-11	14-05-10	-	Active	NO

Name :

Mr. Bimal Natubhai Desai

Designation :

Director

Address :

AMI 4, Purna Prasad Extension, Race Course, Bangalore – 560 001, Karnataka, India

Date of Birth/Age :

13.04.1959

Date of Appointment :

02.07.2010

Din No.:

00141120

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	U55101MH1973PLC016960	DESAI BROTHERS LIMITED	Whole-time director	01-04-12	22-06-01	-	Active	NO
2	U24231GJ1999PLC035441	TROIKAA PHARMACEUTICALS LIMITED	Director	29-03-05	29-03-05	-	Active	NO
3	U70102PN2007PTC130273	DESONS INVESTMENTS PRIVATE LIMITED	Director	07-06-07	07-06-07	-	Amalgamated	NO
4	U67120PN1983PTC029447	DESONS HOLDINGS AND FINANCE PRIVATE LIMITED	Director	14-01-08	14-01-08	-	Active	NO
5	U65910PN2009PTC133658	DESONS FINVEST PRIVATE LIMITED	Director	17-03-09	17-03-09	-	Active	NO
6	U15400PN2009PTC133749	DESAI FOODS PRIVATE LIMITED	Director	06-04-09	06-04-09	-	Active	NO
7	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Director	02-07-10	16-11-09	-	Active	NO
8	U85100PN2011PTC139130	KONKAN MEDICAL SERVICES PRIVATE LIMITED	Director	28-09-12	09-04-11	-	Active	NO

MAJOR SHAREHOLDERS

As on: 20.07.2012

Names of Shareholders	No. of Shares
Vishnu Khushaldas Mangwani	19551
Kamal V. Mangwani	27180
Natuhubhai H. Desai	5436
Bimal N. Desai (HUF)	10869
Sanjay J. Desai (HUF)	7248
Nitin R. Desai (HUF)	15219
Vimal Mangwani	42029
Desons Holdings Private Limited, India	6522
Nitin R. Desai	7369
Dharmesh V. Mangwani	49274
Sanjana S. Desai	7248
Meena N. Desai	10993
Sheetal R. Navani	7248
Natubhai Desai HUF	2535
Ameeta Patel	7245
Parul Desai	7245
Veena Desai	7248
Sarojben Desai	7245
Prisha Desai	7245
Nirupamaben J Desai	7245
Ranna Desai	7245
Sanjay Desai	6159
Divya Vimal Mangwani	7245
Poonam Mangwani	3269
Priyanka Vimal Mangwani	726
Kirti Dharmesh Mangwani	726
J.H. Desai Will Sanjana Prisha Trust, India	5436
Naman Family Trust, India	3500
Rudra Family Trust, India	3500
TOTAL	300000

Equity Share Break up (Percentage of Total Equity)

As on: 20.07.2012

Category	Percentage
Bodies corporate	2.17
Directors or relatives of Directors	97.83
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company Produces and Sells Chemicals.

Products :

PRODUCT DESCRIPTION	ITC CODE
Organo phosphonates	293100.90
Formulations	382590.00
Biocides	293100.90

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Organophosphonates	MT	49280*	32175.99
Dispersants and Biocides	MT	2600	437.34
Formulation	MT	4000	1483.62
Others	MT	--	20355.40

NOTE: (*) Capacity has been increased due to change in Production process cycle.

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· Corporation Bank, Industrial Finance Branch, 14, Mumbai Pune Road, Wakadewadi, Pune – 411 003, Maharashtra, India

· The Cosmos Co-operative Bank Limited, 269/270, Saniwar Peth, Laxmi Road Branch, Pune - 411 030, Maharashtra, India

· State Bank of India, IFB Branch

· Bank of Baroda

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
LONG TERM BORROWINGS
Rupee term loans from banks (Indian rupee loan from Banks - secured By Hypothecation of respective vehicles)	2.887	1.540
Foreign currency term loans from banks (Foreign currency loan from banks - secured by equitable mortgage of fixed assets of the company and floating charge over all other assets of the company) (The loan carries interest @ Libor plus 7.75 % p.a. to 8.00% p.a. The loan is repayable in 4 to 5 years in quarterly installments.)	107.548	68.203
Rupee term loans from others (Loan from other parties - secured By Hypothecation of respective vehicles.)	1.905	2.446
SHORT TERM BORROWINGS
Working capital loans from banks (Working capital loans secured by hypothecation of raw materials, W.I.P., finished goods, sundry debtors and further secured by personal guarantees of the Directors of the Company.)	174.445	192.468
Total	286.785	264.657

Auditors :
Name :	MZSK and Associates Chartered Accountants
Address :	1^st Floor, Alankar Cinema Building, Pune – 411001, Maharashtra, India
PAN No.:	AACFK3470E
Subsidiary company :	Aquapharm Chemicals (Hong Kong) Limited
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	· Veekay Infin and Holdings Private Limited, India · Desai Brothers Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Desons Holdings and Finance Private Limited, India

CAPITAL STRUCTURE

As on: 20.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000
(b) Reserves & Surplus	1116.588	1066.351
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1146.588	1096.351
(3) Non-Current Liabilities
(a) long-term borrowings	114.982	75.612
(b) Deferred tax liabilities (Net)	19.715	27.153
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	5.523	5.934
Total Non-current Liabilities (3)	140.220	108.699
(4) Current Liabilities
(a) Short term borrowings	830.011	720.342
(b) Trade payables	243.669	270.324
(c) Other current liabilities	215.289	185.779
(d) Short-term provisions	242.749	134.362
Total Current Liabilities (4)	1531.718	1310.807
TOTAL	2818.526	2515.857
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	607.852	624.261
(ii) Intangible Assets	7.152	0.000
(iii) Capital work-in-progress	13.126	23.898
(iv) Intangible assets under development	1.287	0.000
(b) Non-current Investments	60.874	0.873
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	133.372	125.041
(e) Other Non-current assets	0.844	0.000
Total Non-Current Assets	824.507	774.073
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	446.646	385.084
(c) Trade receivables	575.031	702.722
(d) Cash and cash equivalents	790.206	547.314
(e) Short-term loans and advances	176.044	103.167
(f) Other current assets	6.092	3.497
Total Current Assets	1994.019	1741.784
TOTAL	2818.526	2515.857

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000
2] Share Application Money		0.000
3] Reserves & Surplus		871.722
4] (Accumulated Losses)		0.000
NETWORTH		901.722
LOAN FUNDS
1] Secured Loans		133.131
2] Unsecured Loans		467.685
TOTAL BORROWING		600.816
DEFERRED TAX LIABILITIES		34.475
TOTAL		1537.013
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		428.169
Capital work-in-progress		53.631
INVESTMENT		0.873
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	386.288
	Sundry Debtors	548.597
	Cash & Bank Balances	436.519
	Other Current Assets	0.000
	Loans & Advances	274.911
Total Current Assets		1646.315
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	260.168
	Other Current Liabilities	117.528
	Provisions	214.279
Total Current Liabilities		591.975
Net Current Assets		1054.340
MISCELLANEOUS EXPENSES		0.000
TOTAL		1537.013

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	2395.850	2356.026	2291.629
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2121.916	2073.749	1820.913
	PROFIT BEFORE TAX		273.934	282.277	470.716
Less	TAX		84.461	17.683	40.910
	PROFIT AFTER TAX		189.473	264.594	429.806
	IMPORTS
		Raw Materials	NA	996.489	907.100
		Capital Goods	NA	0.798	7.623
	TOTAL IMPORTS		NA	997.287	914.723
	Earnings Per Share (Rs.)		631.58	881.98	1432.69

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.91	11.23	18.76
Return on Total Assets (PBT/Total Assets}	(%)	9.99	11.33	22.69
Return on Investment (ROI) (PBT/Networth)		0.24	0.26	0.52
Debt Equity Ratio (Total Debt /Networth)		0.82	0.73	0.67
Current Ratio (Current Asset/Current Liability)		1.30	1.33	2.78

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	---------
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

NOTE: The registered office of the company has been shifted from S-1, MIDC, Bhosari, Pune-411026, Maharashtra, India to the present address w.e.f. 10.12.2011.

UNSECURED LOAN:

(Rs in Millions)

Particulars	31.03.2012	31.03.2011
LONG TERM BORROWINGS
Deferred sales tax loan (Deferred sales tax loan is interest free and payable in yearly installments based on respective sales tax assessments.)	2.642	3.423
SHORT TERM BORROWINGS
Foreign currency term loans from banks (Buyers credit loans are repayable on respective due dates. These loans are supported by letter of undertaking given by Bank)	432.966	344.924
Loans repayable on demand from others (Unsecured loans and advances from related parties are repayable on demand and carries interest @ 12% p.a.)	222.600	182.950
Total	658.208	531.297

OPERATIONS:

Some of the highlights of this year’s operations are as follows-

· Total export sales during the year were Rs. 1844.200 Millions (Last year Rs. 1870.600 Millions) and Domestic sales were Rs. 493.000 Millions (Last Year 428.000 Millions). Thus there is a marginal drop in export sales whereas domestic sales have shown an increase of about 15% over previous year.

· Mahad plant continues to be a major contributor to the company’s operations. About 83% of the total sales were from Mahad (about Rs. 1940.000 Millions)

· During the year the company incurred a total capital expenditure of about Rs. 57.500 Millions Out of this, about Rs. 8.600 Millions were spent on new ERP (SAP 6.0 version) system, which has been successfully implemented during the year.

SUBSIDIARY COMPANY:

During the year, the Company established a 100% subsidiary company, Aquapharm Chemicals (Hong Kong) Limited in Hong Kong. This has been done to take care of buying and selling of materials from China.

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U24231MH1974PTC017243
Name of the company	AQUAPHARM CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	9^th and 10ht Floor, Amar Synergy, 12B, Sadhu Vaswani Road, Pune-411001, Maharashtra, India Email : soni.a@aquapharm.net
This form is for	Creation of charge
Type of charge	· Book debts · Movable Property [not being pledge]
Particular of charge holder	Corporation Bank, Industrial Finance Branch, 14, Mumbai Pune Road, Wakadewadi, Pune – 411 003, Maharashtra, India Email: cb502@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Common Deed of hypothecation of movables / assets /debts Agreement for Term Loans- Both documents constitute single charge.
Date of instrument Creating the charge	03.01.2012
Amount secured by the charge	Rs. 130.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.65% p.a. being 4.00% p.a. over and above Base Rate which is 10.65% p.a. at present (Floating). Terms of Repayment Repayable in 4 years after initial moratorium period of 9 months in 16 Quarterly Installments of Rs. 8.125 Millions each. Monthly interest to be paid separately as and when due. Extent and Operation of the charge Exclusive first charge by hypothecation of movable fixed assets such as plant and machinery, Equipments, Boiler, Chimney, water plant, pilot plant, laboratory equipments, Application Development Centre, Bhugaon, ETP, Granulator for Powder, Reactors, Condensers, Agitators, Equipments etc. acquired or to be acquired under expansion project of Mahad and Pirangut Units situated at Plot K 3/3, MIDC Industrial Area and Mulshi Taluka, Pune District respectively.... Others : Fresh Term Loan sanctioned vide letter ref No CDS/CSI/GP/MC/392/2009-10 dated 21-01-2010 and revalidation of limits vide letter No. CDS/CSI/GP/MC/241/2011-12 dated 01-11-2011.
Short particulars of the property charged	Exclusive first charge by hypothecation of movable fixed assets such as plant and machinery, Equipments, Boiler, Chimney, water plant, pilot plant, laboratory equipments, Application Development Centre, Bhugaon, ETP, Granulator for Powder, Reactore, Condensers, Agitators, Equipments etc. acquired or to be acquired under expansion project of Mahad and Pirangut Units situated at Plot K 3/3, MIDC Industrial Area and Mulshi Taluka, Pune District respectively

FIXED ASSETS

· Freehold land

· Leasehold Land

· Building

· Plant and Machinery

· Technical Know-How

· Electrical Installation

· Vehicles

· Furniture and Fittings

· Data Processing Machines

· 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. 59.64
UK Pound	1	Rs. 90.14
Euro	1	Rs. 77.98

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.