MIRA INFORM REPORT

Report Date :

18.03.2013

IDENTIFICATION DETAILS

Name :	CHOKSEY CHEMICALS PRIVATE LIMITED
Formerly Known As :	THE MINERAL MINING COMPANY PRIVATE LIMITED
Registered Office :	111, Industrial Area, Sion (East), Mumbai – 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.11.1943
Com. Reg. No.:	11-019661
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U24100mh1943PTC019661
TAN No.: [Tax Deduction & Collection Account No.]	MUMC11041C
PAN No.: [Permanent Account No.]	AAACC6303K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Construction Chemicals, Sealants, Admixtures, Waterproof and Protective Coatings.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 183000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears loss in the current year. The company recorded modest scale of operation. The external borrowings seem to be increasing which effect the liquidity position. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B+ [Long Term]
Rating Explanation	Having high risk of default regarding timely regarding of financial obligation.
Date	January 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/ Head Office :	111, Industrial Area, Sion (East), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24090124 / 0127 / 0325
Fax No.:	91-22-24072949
E-Mail :	info@chokseychem.com contact@chokseychem.com choksey@bom3.vsnl.net.in sanjaym@chokseychem.com mgassociates@vsnl.com bhaumik@chokseychem.com bhaumik.vyas@chokseychem.com
Website :	www.chokseychem.com
Factory :	Located at Taloja, District Raigad, Maharashtra, India
Branch Office :	Located At : Ø Bangalore Ø Delhi Ø Guwahati Ø Indore Ø Kolkata Ø Jaipur Ø Ahmedabad

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Girish Champaklal Choksey

Designation :

Chairman cum Managing Director

Address :

Geetanjali, 9N, Gamadia Cross Road, Gamadevi, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

21.10.1942

Date of Appointment :

31.12.1973

DIN No.:

00246196

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	U24100MH1943PTC019661	CHOKSEY CHEMICALS PRIVATE LIMITED	Director	31/12/1973	31/12/1973	-	Active	NO
2	U01100MH1937PLC002657	HINDUSTAN MINERAL PRODUCTS COMPANY LIMITED	Managing director	01/01/2008	01/07/1974	-	Active	NO
3	U67120MH1979PTC021878	BHUVANTRAY INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	12/11/1979	12/11/1979	-	Active	NO
4	U51900MH1982PTC026918	AQUAMARINE TRADING AND INVESTMENTS PRIVATE LIMITED	Director	14/04/1982	14/04/1982	-	Active	NO
5	U65994MH1983PLC030231	SAMMELAN INVESTMENT AND TRADING LIMITED	Director	25/03/1985	25/03/1985	-	Active	NO
6	U67120MH1985PTC037298	HMP MINERALS PRIVATE LIMITED	Director	29/08/1985	29/08/1985	-	Active	NO
7	U99999MH1986PTC041343	JOSHIMATHA TRADING AND INVESTMENT PRIVATE LIMITED	Director	22/10/1986	22/10/1986	-	Active	NO
8	U51900MH1986PTC041339	DHUMRAVARNA TRADING AND INVESTMENT PRIVATE LIMITED	Director	27/07/1987	27/07/1987	06/03/2008	Active	NO
9	U65990MH1980PTC022146	DHUMRAKETU INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	27/07/1987	27/07/1987	-	Active	NO
10	U51900MH1987PTC042478	HARIDWAR TRADING AND INVESTMENTS PRIVATE LIMITED	Director	27/07/1987	27/07/1987	-	Active	NO
11	U65990MH1986PTC041344	BELT TRADING AND INVESTMENT PRIVATE LIMITED	Director	30/08/1988	30/08/1988	06/03/2008	Active	NO
12	U65990MH1979PTC021043	PROPYCON TRADING AND INVESTMENTS PRIVATE LIMITED	Director	30/08/1988	30/08/1988	-	Active	NO
13	U67120MH1979PTC021881	SALDHAR INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	30/08/1988	30/08/1988	-	Active	NO
14	U67120MH1987PTC042475	FOREST HILLS TRADING AND INVESTMENTS PRIVATE LIMITED	Director	30/08/1988	30/08/1988	-	Active	NO
15	U67120MH1986PLC040436	CONS HOLDING LIMITED	Director	28/07/1989	28/07/1989	-	Active	NO
16	U70102MH1991PTC059982	AMISHA BUILDCON PRIVATE LIMITED	Director	30/03/1991	30/03/1991	03/09/2011	Active	NO
17	U65990MH1980PTC022197	GAURIPUTRA INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	30/03/1991	30/03/1991	-	Active	NO
18	L99999MH1986PLC039199	APCOTEX INDUSTRIES LIMITED	Director	25/11/1992	25/11/1992	-	Active	NO
19	L51900MH1978PLC020725	DHOOT INDUSTRIAL FINANCE LIMITED	Director	30/10/2001	30/10/2001	-	Active	NO
20	U65990MH1979PTC021042	ABHIRAJ TRADING AND INVESTMENTS PRIVATE LIMITED	Director	09/03/2007	09/03/2007	-	Active	NO
21	U17117GJ1992PLC038686	COLORTEK (INDIA) LIMITED	Director	30/03/2007	30/03/2007	-	Active	NO
22	U92199MH2005PTC151707	CYBELE PARADISE PRIVATE LIMITED	Director	21/11/2007	17/09/2007	-	Active	NO
23	U93090MH2007NPL171491	MUMBAI ANGEL VENTURE MENTORS	Director	22/01/2010	22/01/2010	-	Active	NO

Name :

Mr. Ankur Girish Choksey

Designation :

Managing director

Address :

Geetanjali, 9N, Gamadia Road, Cumbala Hill, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

04.08.1969

Date of Appointment :

03.08.1995

DIN No.:

00246144

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	U24100MH1943PTC019661	CHOKSEY CHEMICALS PRIVATE LIMITED	Managing director	03/08/1995	03/08/1995	Active	NO
2	U01100MH1937PLC002657	HINDUSTAN MINERAL PRODUCTS COMPANY LIMITED	Director	22/12/1995	22/12/1995	Active	NO
3	U18101MH2001PTC130896	CHOKSEY STRUCTURAL ENGINEERING PRIVATE LIMITED	Director	15/02/2001	15/02/2001	Dormant	NO
4	U67120MH1985PTC037298	HMP MINERALS PRIVATE LIMITED	Director	24/12/2002	24/12/2002	Active	NO
5	U92199MH2005PTC151707	CYBELE PARADISE PRIVATE LIMITED	Managing director	02/03/2005	02/03/2005	Active	NO
6	U51900MH1982PTC026918	AQUAMARINE TRADING AND INVESTMENTS PRIVATE LIMITED	Director	02/09/2006	30/11/2005	Active	NO
7	U17117GJ1992PLC038686	COLORTEK (INDIA) LIMITED	Director	30/03/2007	30/03/2007	Active	NO
8	U55101MH2007PTC172946	MIRABEL ENTERTAINMENT PRIVATE LIMITED	Nominee director	24/03/2009	24/03/2009	Active	NO

Name :

Mr. Amit Champaklal Choksey

Designation :

Director

Address :

Geetanjali, 9N, Gamadia Road, Off Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

14.10.1954

Date of Appointment :

28.09.1994

DIN No.:

00001470

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	U65994MH1983PLC030231	SAMMELAN INVESTMENT AND TRADING LIMITED	Director	25/03/1985	25/03/1985	-	Active	NO
2	U99999MH1986PTC041343	JOSHIMATHA TRADING AND INVESTMENT PRIVATE LIMITED	Director	27/07/1987	27/07/1987	-	Active	NO
3	U65990MH1979PTC021042	ABHIRAJ TRADING AND INVESTMENTS PRIVATE LIMITED	Director	27/07/1987	27/07/1987	-	Active	NO
4	U51900MH1982PTC026918	AQUAMARINE TRADING AND INVESTMENTS PRIVATE LIMITED	Director	30/03/1988	30/03/1988	-	Active	NO
5	U51900MH1986PTC041339	DHUMRAVARNA TRADING AND INVESTMENT PRIVATE LIMITED	Director	30/08/1988	30/08/1988	25/07/2011	Active	NO
6	U51900MH1987PTC042459	LAXMANJHULA TRADING AND INVESTMENTS PRIVATE LIMITED	Director	30/08/1988	30/08/1988	-	Under liquidation	NO
7	U67120MH1979PTC021878	BHUVANTRAY INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	30/08/1988	30/08/1988	-	Active	NO
8	U67120MH1986PLC040436	CONS HOLDING LIMITED	Director	28/07/1989	28/07/1989	-	Active	NO
9	U70102MH1991PTC059982	AMISHA BUILDCON PRIVATE LIMITED	Director	03/03/1991	03/03/1991	04/01/2010	Active	NO
10	U65990MH1980PTC022197	GAURIPUTRA INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	30/03/1991	30/03/1991	06/03/2008	Active	NO
11	L65990MH1981PLC024860	AEONIAN INVESTMENTS COMPANY LIMITED	Director	17/06/1992	17/06/1992	-	Active	NO
12	U24114MH1972PLC015706	MAZDA COLOURS LIMITED	Managing director	01/04/2008	01/04/1993	-	Active	NO
13	U24100MH1943PTC019661	CHOKSEY CHEMICALS PRIVATE LIMITED	Director	28/09/1994	28/09/1994	-	Active	NO
14	L99999MH1986PLC039199	APCOTEX INDUSTRIES LIMITED	Director	21/11/1997	21/11/1997	-	Active	NO
15	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Director	21/04/2005	21/04/2005	-	Active	NO
16	U65990MH1986PTC041344	BELT TRADING AND INVESTMENT PRIVATE LIMITED	Director	02/09/2009	03/10/2008	25/07/2011	Active	NO

Name :

Mr. Atul Champaklal Choksey

Designation :

Director

Address :

Geetanjali, 9N, Gamadia Road, Off Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

17.10.1951

Date of Appointment :

25.03.1994

DIN No.:

00002102

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	U92411MH1933PLC002813	THE CRICKET CLUB OF INDIA LIMITED	Director	23/07/1987	23/07/1987	27/12/2007	Active	NO
2	U67120MH1982PLC028510	TRIVIKRAM INVESTMENTS AND TRADING COMPANY LIMITED	Director	30/09/1987	30/09/1987	-	Active	NO
3	L51900MH1981PLC023737	TITAN TRADING AND AGENCIES LIMITED	Director	30/09/1987	30/09/1987	-	Active	NO
4	L99999MH1986PLC039199	APCOTEX INDUSTRIES LIMITED	Director	23/01/1991	23/01/1991	-	Active	NO
5	U24114MH1972PLC015706	MAZDA COLOURS LIMITED	Director	30/11/1992	30/11/1992	-	Active	NO
6	U24100MH1943PTC019661	CHOKSEY CHEMICALS PRIVATE LIMITED	Director	25/03/1994	25/03/1994	-	Active	NO
7	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	11/11/1997	11/11/1997	-	Active	NO
8	U65990MH1996PLC101004	SHYAMAL FIN-VEST (INDIA) LIMITED	Director	05/06/1998	05/06/1998	-	Active	NO
9	U51900MH1997PLC109127	APCO ENTERPRISES LIMITED	Director	05/06/1998	05/06/1998	-	Active	NO
10	U72900MH1999PTC123170	APCOSOFT PRIVATE LIMITED	Director	20/12/1999	20/12/1999	-	Strike off	NO
11	U65993MH1999PLC123191	IDFC ASSET MANAGEMENT COMPANY LIMITED	Director	21/12/1999	21/12/1999	22/05/2008	Active	NO
12	L25100MH1958PLC011041	CEAT LIMITED	Director	28/01/2000	28/01/2000	-	Active	NO
13	L15140MH1988PLC049208	MARICO LIMITED	Director	18/07/2002	18/07/2002	-	Active	NO
14	U91990MH2010NPL211312	W P ORGANISATION (MUMBAI CHAPTER)	Director	23/12/2010	23/12/2010	31/03/2011	Active	NO
15	U67120MH1979PTC021881	SALDHAR INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	08/08/2011	27/06/2011	-	Active	NO
16	U65990MH1979PTC021043	PROPYCON TRADING AND INVESTMENTS PRIVATE LIMITED	Director	18/08/2011	27/06/2011	-	Active	NO
17	U65990MH1980PTC022146	DHUMRAKETU INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	09/08/2011	27/06/2011	-	Active	NO

Name :

Mr. Prashant Girish Choksey

Designation :

Director

Address :

Geetanjali, 9N, Gamadia Road, Off Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

07.08.1970

Date of Appointment :

31.03.2010

DIN No.:

00172025

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	U24100MH1943PTC019661	CHOKSEY CHEMICALS PRIVATE LIMITED	Director	31/03/2010	03/08/1995	-	Active	NO
2	U67120MH1985PTC037298	HMP MINERALS PRIVATE LIMITED	Director	18/10/2002	18/10/2002	-	Active	NO
3	U01100MH1937PLC002657	HINDUSTAN MINERAL PRODUCTS COMPANY LIMITED	Managing director	01/10/2010	18/10/2002	-	Active	NO
4	U70109MH2005PTC156669	CASA BELLA DEVELOPERS PRIVATE LIMITED	Director	07/10/2005	07/10/2005	28/03/2012	Active	NO
5	U67120MH1979PTC021878	BHUVANTRAY INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	02/09/2006	30/11/2005	-	Active	NO
6	U45201MH2006PTC164643	CASA BELLA REALTY PRIVATE LIMITED	Director	15/09/2006	15/09/2006	-	Active	NO
7	U17117GJ1992PLC038686	COLORTEK (INDIA) LIMITED	Managing director	01/10/2010	30/03/2007	-	Active	NO
8	U93090MH2007NPL171491	MUMBAI ANGEL VENTURE MENTORS	Whole-time director	09/06/2007	09/06/2007	-	Active	NO
9	U70102MH2007PTC167432	ROCKSTAR ESTATE PRIVATE LIMITED	Director	30/07/2008	11/06/2007	-	Active	NO
10	U64203AP2005PTC047908	APALYA TECHNOLOGIES PRIVATE LIMITED	Additional director	04/11/2008	04/11/2008	-	Active	NO
11	U70102MH1991PTC059982	AMISHA BUILDCON PRIVATE LIMITED	Director	04/09/2011	29/06/2009	-	Active	NO
12	U72900KA2009PTC049675	MOBILEMOTION TECHNOLOGIES PRIVATE LIMITED	Additional director	19/07/2011	19/07/2011	-	Active	NO

Name :

Mr. Jaykumar Gandalal Chhowala

Designation :

Director

Address :

2C, Sonawala Building, Flat No. 8, 4^th Floor, Tardeo, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

08.10.1932

Date of Appointment :

24.06.1981

DIN No.:

02405020

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Kaur Shashi Kaur jointly with Chander Suresh	5
Kaur Chander Ramesh jointly with Kaur Neerum	13
Chhowala G Pravin	9
Parikh V Uday jointly with Parikh B Vasant, Parikh V Avantika Tushar	7
Choksey C Girish jointly with Choksey G Sunita	582
Choksey G Sunita jointly with Choksey C Girish	464
Kabra D Madhusudan jointly with Kabra G Hemant	10
Kaur Devi Rani jointly with Kaur Madanlal	7
Lukmani B M.	5
Nanvati V Bhupendra jointly with Nanavati B Pratima	9
Samant P Nilkant jointly with Samant N Anand	5
Samant P Nilkant jointly with Samant N Leela	5
Parikh H Hansa	6
Raghu S C	2
Choksey G Ankur jointly with Choksey C Girish, Choksey G Sunita	43
Choksey Girish Ankur jointly with Choksey Ankur Hiloni	951
Choksey C Girish (H U F) jointly with Choksey G Sunita	91
Choksey G Prashant jointly with Choksey G Sunita	45
Choksey G Ankur (HUF) jointly with Choksey C Girish	2
Aquamarine Trading and Investments Private Limited, India	930
Gauriputra Investment and Trading Company Private Limited, India	465
Choksey Ankur Hiloni jointly with Choksey G Ankur	1260
Choksey Girish Prashant jointly with Choksey Prashant Pooja	15
Choksey Prashant Pooja jointly with Choksey Girish Prashant	25
Vartak K Sashikant jointly with Suhas Shashikant Vartak	20
Naresh P Choksey	5
Rita Ashok Parekh jointly with Parekh A Janaki, Parekh A Devak	5
Choksey J Bharat jointly with Choksey B. Meena	5
Nanavati V Balvant jointly with Nanavati Balwantrai Vipul, Ushma Vipul Nanavati	9
TOTAL	5000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	27.90
Directors or relatives of directors	68.00
Other top fifty shareholders	4.10
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Construction Chemicals, Sealants, Admixtures, Waterproof and Protective Coatings.
Products :	Ø Sealants Ø Membranes Ø Caulks and adhesives Ø Waterproofing coatings Ø Anticorrosive coatings Ø Water repellants Ø Special products Ø Tile adhesives Ø Cement modifiers Ø Admixtures Ø Surface treatments Ø Repairs and rehabilitation Ø Floor coatings Ø Wood coatings Ø Non-slip floor solutions Ø Engg products

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Construction Chemicals	MT/ KL	N.A.	6400	3566

GENERAL INFORMATION

Customers :

Ø AFCONS Infrastructure Limited

Ø Larson and Toubro Limited

Ø Hindustan Construction Company

Ø Reliance Constructions Company

Ø Simplex Concrete Piles (India) Limited

Ø Gammon (India) Limited

Ø Kalpataru Constructions

Ø B.G. Shirke Construction Technology Private Limited

Ø ACC - RMC Div

Ø B. Seenaiah Constructions Private Limited

Ø Airforce Station - All India

Ø Godrej - RMC Div

Ø Hindustan Aeronautics Limited

Ø MC Duramix - RMC Div

Ø Nuclear Power Corporation Limited

Ø National Sport Council of India – Worli

Ø Indian Navy

Ø Delhi Metro Railway Corporation (DMRC)

No. of Employees :

Not Available

Bankers :

Ø Punjab National Bank, Large Corporate Branch, V. N. Road, Fort, Mumbai – 400023, Maharashtra, India

Ø State Bank of Hyderabad

Ø ICICI Bank Limited

Ø HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan Bajaj Finance Limited	29.055	0.000
Vehicles Loans
HDFC Bank	0.116	0.556
ICICI Bank	0.240	0.784
Kotak Mahindra Prime Limited	2.169	3.256
Cash Credit State Bank of Hyderabad	30.104	52.834
TOTAL	61.684	57.430
NOTES: The Cash Credit facility from State Bank of Hyderabad is secured by hypothecation of stocks, book debts and registered equitable mortgage over fixed assets of the company at Taloja Factory The Term Loan facility taken from Bajaj Finance Limited carries Interest rate of 13.25% and the same is secured by charge on the property at Kurla shown as capital work in progress. The loan is repayable in equated monthly installments of Rs. 0.467 Million each in 10 years from the date of disbursement The vehicle loans are secured by the respective motor cars purchased from the said vehicle loans which are repayable in equated monthly installments.

Banking Relations :	--
Financial Institution :	Bajaj Finance Limited, Akurdi Pune, Mumbai Pune Road, Pune-411035, Maharashtra, India
Auditors :
Name :	Ashok R. Shah and Company Chartered Accountants
Address :	21, Mehsana Mension, Tejpal Road, Vile Parle (East), Mumbai – 400056, Maharashtra, India
PAN No:	AAQPS3714B
Other Related Parties :	Gamma Coatings Private Limited Kamson Chemicals Private Limited Makwell Plasticizer Private Limited Pliogrin Resins and Chem Private Limited Shivam Packaging Ind. Private Limited The Hindustan Minerals Products Company Limited [The HMP Co. Limited] Cybele Paradise Private Limited Aquamarine Trading and Investments Private Limited Bhuvantary Investments and Trading Company Private Limited Joshimath Trading and Investments Private Limited Gauriputra Investments and Trading Company Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12500	Equity Shares	Rs.1000/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.1000/- each	Rs.5.000 Millions

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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.909	49.289	38.111
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		45.909	54.289	43.111
LOAN FUNDS
1] Secured Loans		61.684	57.430	44.711
2] Unsecured Loans		17.652	17.677	8.937
TOTAL BORROWING		79.336	75.107	53.648
DEFERRED TAX LIABILITIES		0.152	0.258	0.239
TOTAL		125.397	129.654	96.998
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.878	24.745	18.632
Capital work-in-progress		31.672	19.339	0.000
INVESTMENT		4.265	4.265	3.428
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.767	47.064	32.399
	Sundry Debtors	77.837	87.492	85.730
	Cash & Bank Balances	23.487	12.314	7.249
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.267	4.695	18.375
Total Current Assets		154.358	151.565	143.753
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.660	48.500	40.319
	Other Current Liabilities	16.937	13.619	5.624
	Provisions	8.179	8.141	22.872
Total Current Liabilities		86.776	70.260	68.815
Net Current Assets		67.582	81.305	74.938
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		125.397	129.654	96.998

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	273.200 [Gross Sale]	280.889	275.336
		Other Income	NA	1.446	2.876
		TOTAL (A)	NA	282.335	278.212
Less	EXPENSES
		TOTAL (B)	NA	254.625	267.616
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.041	27.710	10.596
Less	FINANCIAL EXPENSES (D)		7.987	8.723	9.275
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2.946)	18.987	1.321
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.429	3.806	3.423
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(7.375)	15.181	(2.102)
Less	TAX (H)		(0.205)	2.995	(0.650)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(7.170)	12.186	(1.452)
Less/ Add	EARLIER YEAR ADJUSTMENTS		(1.210)	0.154	(0.912)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.575	16.897	19.261
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.500	0.000
		Proposed Dividend on Equity Share and Dividend Tax	0.000	1.162	0.000
	BALANCE CARRIED TO THE B/S		18.195	26.575	16.897
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	5.423	5.811	9.454
		Other Income	0.000	0.000	0.511
	TOTAL EARNINGS		5.423	5.811	9.965
	IMPORTS
		Raw Materials	26.117	28.530	32.182
		Goods Traded In	12.438	18.112	7.283
	TOTAL IMPORTS		38.555	46.642	39.465
	Earnings / (Loss) Per Share (Rs.)		(1675.91)	2468.03	(624.27)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	4.32	(0.52)
Net Profit Margin (PBT/Sales)	(%)	NA	5.40	(0.76)
Return on Total Assets (PBT/Total Assets}	(%)	(4.18)	8.61	(1.29)
Return on Investment (ROI) (PBT/Networth)		(0.16)	0.28	(0.05)
Debt Equity Ratio (Total Debt/Networth)		1.73	2.79	2.84
Current Ratio (Current Asset/Current Liability)		1.77	2.11	2.09

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	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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans From Director	4.880	0.880
Loans and Advances From Related Parties	12.772	16.797
TOTAL	17.652	17.677

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100MH1943PTC019661
Name of the company	CHOKSEY CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	111, Industrial Area, Sion (East), Mumbai– 411004, Maharashtra, India Email: bhaumik.vyas@chokseychem.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Bajaj Finance Limited, Akurdi Pune, Mumbai Pune Road, Pune – 411035, Maharashtra, India CIN No.: L65910MH1987PLC042961 Email: anant.damle@bajajfinserv.in
Nature of description of the instrument creating or modifying the charge	Loan Agreement
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs. 30.986 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.25 % p.a. Terms of Repayment Equated Monthly Installment of Rs. 0.467 Million for 120 Months Margin NIL Extent and Operation of the charge First and exclusive charge by way of Mortgage on Immovable property of Choksey Chemicals Private Limited and Gauriputra Investments and Trading Company Private Limited in favour of Bajaj Finance Limited as security for repayment of financial facilities granted by Bajaj finance Limited to the Borrowers.
Short particulars of the property charged	Office No.9, First Floor, 15 LBS, LBS Marg, Kurla (West), Mumbai-400070.

FIXED ASSETS:

Ø Lease Hold Land

Ø Plant and Machinery

Ø Building and Quarters

Ø Office Premises

Ø Furniture and Fixtures

Ø Office Equipments

Ø Electrical Installation

Ø Motor Vehicles

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.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.