MIRA INFORM REPORT

Report Date :

19.03.2013

IDENTIFICATION DETAILS

Name :	BELCHEM INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	69-A Poona Link Road, Chakki Naka, Kalyan (East), Thane - 421306, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.02.1986
Com. Reg. No.:	11-038883
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U99999MH1986PTC038883
TAN No.: [Tax Deduction & Collection Account No.]	MUMB12094F/ MUMB13350B
PAN No.: [Permanent Account No.]	AABCB2608K/ AABCB2608K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Specialty and Fine Chemicals.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 62000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. It has achieved better growth in its turnover and profits during 2012. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

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. Bansal
Designation :	Accounts Department
Contact No.:	91-22-24102278
Date :	15.03.2013

LOCATIONS

Registered Office/ Factory :	69-A Poona Link Road, Chakki Naka, Kalyan (East), Thane - 421306, Maharashtra, India
Tel. No.:	91-251-2358204/ 05/ 24102278
Mobile No. :	91-9967188873 (Mr. Nishit Lakhani)
Fax No.:	91-251-2352924/ 23442211
E-Mail :	belchemindia@hotmail.com contact@belchem.com amit@belchem.com
Website :	http://www.belchem.com
Area :	10000 sq. ft.
Location :	Owned
Head Office :	C-122, Antop Hill, Warehousing Complex, Wadala [East], Mumbai – 400037, Maharashtra, India
Tel. No.:	91-22-24102278
Fax No.:	91-22-24102288
E-Mail :	sales@belchem.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Amit Gunvant Hemani
Designation :	Director
Address :	243/3, Wardhaman Society, Sion Matunga Road, Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	16.07.1971
Date of Appointment :	06.04.1998
DIN No.:	00404397
Name :	Mr. Nimish Arun Doshi
Designation :	Director
Address :	Jyot, 2nd Floor, Irla Bridge, S.V. Road, Vileparle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	24.10.1968
Date of Appointment :	20.08.2011
DIN No.:	03620193

KEY EXECUTIVES

Name :	Mr. Bansal
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Hemani Gunvant Amit	375
Hemani Jamnadas Gunvant (H.U.F.)	300
Hemani Gunvant Amit (H.U.F.)	260
Hemani Gunvant Sangeeta	1000
Hemani Amit Namrata	300
Hemani Amit Virushi	130
Hemani Amit Vivaan	130
Vivaan Hemani Family Trust, India	5
Total	2500

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.80
Others	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Specialty and Fine Chemicals.
Terms :
Selling :	Cash and Credit (30 Days-60 Days)
Purchasing :	Cash and Credit (30 Days-60 Days)

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Actual Production
Tricholoro carbanilide	Kg	127441
DMDMH	Kg	88217

GENERAL INFORMATION

Customers :	Industries
No. of Employees :	50 (Approximately)
Bankers :	Corporation Bank, Abdul Rahman Street Branch, Mumbai - 400003 Maharashtra, India [Tel No.: 91-22-23424407]

Banking Relations :	--
Auditors :
Name :	H. J. Mehta and Associates Chartered Accountants
Address :	Shop No. 4, Panchsheel Building, Nathpai Nagar, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Tel. No.:	91-22-25068664/ 32946898
Mobile No.:	91-9821261193
Fax No.:	91-22-25068664
E-Mail :	cahjmehta@gmail.com hemant@cahjmehta.com
Income-tax PAN of auditor or auditor's firm :	AADFH5290E

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500	Equity Shares	Rs. 1000/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,500	Equity Shares	Rs. 1000/- each	Rs. 2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.942	11.678	11.836
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.442	14.178	14.336
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		8.220	5.599	7.877
TOTAL BORROWING		8.220	5.599	7.877
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		23.662	19.777	22.213
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.495	7.136	7.623
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		1.221	0.917	0.349
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.576	7.767	6.218
	Sundry Debtors	11.321	12.674	8.700
	Cash & Bank Balances	6.743	2.376	2.274
	Other Current Assets	0.004	0.000	0.216
	Loans & Advances	3.644	4.246	6.107
Total Current Assets		31.288	27.063	23.515
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.419	7.908	2.751
	Other Current Liabilities	1.027	4.153	0.000
	Provisions	2.896	3.278	6.523
Total Current Liabilities		14.342	15.339	9.274
Net Current Assets		16.946	11.724	14.241
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23.662	19.777	22.213

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue	83.787	59.418	56.562
		Other Income	N.A.	N.A.	N.A.
		TOTAL	N.A.	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	N.A.
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.820	2.634	4.703
Less/ Add	DEPRECIATION/ AMORTISATION		1.987	2.533	2.341
	PROFIT/ (LOSS) BEFORE TAX		1.833	0.101	2.362
Less	TAX		0.569	0.259	0.759
	PROFIT/ (LOSS) AFTER TAX		1.264	(0.158)	1.603
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	38.147	31.355	39.707
	IMPORTS
		Material Imported	32.713	19.127	22.199
	Earnings/ (Loss) Per Share (Rs.)		505.51	(63.40)	641.37

Expected Sales (2012-2013): Rs. 100.000 Millions

The above information has been parted by Mr. Bansal (Accounts Department)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	2.19	(0.27)	4.18
Return on Total Assets (PBT/Total Assets}	(%)	4.98	0.30	7.59
Return on Investment (ROI) (PBT/Networth)		0.12	0.01	0.16
Debt Equity Ratio (Total Debt/Networth)		0.53	0.39	0.55
Current Ratio (Current Asset/Current Liability)		2.18	1.76	2.54

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
Trade payables	(Rs. In Millions)
Other than Acceptances	10.419	7.908	2.751

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and Advance from Related Parties	8.220	5.599
Total	8.220	5.599

FIXED ASSETS:

Ø Freehold Land

Ø Buildings

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Vehicles

Ø 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. 54.29
UK Pound	1	Rs. 81.94
Euro	1	Rs. 70.02

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.