MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	NOBLE ALCHEM PRIVATE LIMITED
Registered Office :	415, Kucha Brij Nath, Chandhni Chowk, Delhi – 110006
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.10.1999
Com. Reg. No.:	55-101897
Capital Investment / Paid-up Capital :	Rs.9.472 Millions
CIN No.: [Company Identification No.]	U74899DL1999PTC101897
Legal Form :	Private Limited liability company
Line of Business :	Manufacturer, Exporter and Suppliers of Potassium Silicate, Potassium Titanate etc.
No. of Employees :	40 (Approximately) (In Office – 10 + In Factory – 30)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 170000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – 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. Rohan Gupta
Designation :	Key Executive
Contact No.:	91-9981213000
Date :	22.03.2013

LOCATIONS

Registered Office :	415, Kucha Brij Nath, Chandhni Chowk, Delhi – 110006, India
Tel No.:	Not Available
Mobile No.:	91-9981213000 (Mr. Rohan Gupta)
Fax No.:	Not Available
E-Mail :	silicate@noblealchem.com
Branch Office :	203, Rivali Apartment 135, Vaikunth Dham Colony, Indore – 452001, Madhya Pradesh, India
Tel No.:	91-731-4059555
Area :	2000 Sq. Ft.
Location :	Owned
Factory 1 :	6 NC Colony, Rohatak Road, Bhiwani-127 021, Haryana, India
Area :	5000 Sq. Ft.
Location :	Owned
Factory 2 :	SKM Stone, Village and Post Halwas, Bhiwani-127 021, Haryana, India
Area :	7000 Sq. Ft.
Location :	Owned
Correspondence Address:	G-20, City Center, 570, M. G. Road, Indore-452 001, Madhya Pradesh, India

DIRECTORS

As on 27.09.2012

Name :	Mr. Kailash Chand Gupta
Designation :	Director
Address :	6, M. C. Colony, Rohitak Road, Bhiwani-127021, Haryana, India
Date of Birth/Age :	10.02.1964
Qualification :	LLB
Date of Appointment :	08.10.1999
DIN No.:	00245270
Name :	Mr. Parhlad Rai Gupta
Designation :	Director
Address :	Murari Cinema Road, Opposite Gaushala Market, Bhiwani-127021, Haryana, India
Date of Birth/Age :	04.02.1961
Qualification :	B. Com
Date of Appointment :	08.10.1999
DIN No.:	00250411
Name :	Ms. Nisha Gupta
Designation :	Director
Address :	401, Ganeshwari Apartment, Saket Nagar, Manishpuri Extension, Indore-450018, Madhya Pradesh, India
Date of Birth/Age :	06.06.1958
Date of Appointment :	08.10.1999
DIN No.:	00237051

KEY EXECUTIVES

Name :	Mr. Rohan Gupta
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Kailash Chand Gupta	548579
Parhlad Rai Gupta	61675
Nisha Gupta	23638
Kamla Gupta	27952
Uma Hetampuria	15000
Pista Devi	6000
Raj Kumar	4000
Noble Cholorocham (Private ) Limited , India	167500
Pooja Agarwal	12900
Naresh Agarwal	13500
Krishan Kumar	12200
Anju Gupta	8400
Mani Devi	3900
Rohan Gupta	1700
Astha Finvest Limited, India	2500

As on 27.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	17.95
Directors or relatives of directors	75.04
Other top fifty shareholders	7.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Suppliers of Potassium Silicate, Potassium Titanate etc.
Exports :
Products :	Finished Goods
Countries :	South Arabia US Malaysia Turkey
Imports :
Products :	Raw Material
Countries :	Russia Australia South Africa
Terms :
Selling :	L/C, Cash and Credit / Depend
Purchasing :	L/C, Cash and Credit / Depend

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
Potassium Silicate	MT	9785.408

GENERAL INFORMATION

Customers :

End Users and OEM’s

• D and H India Limited

No. of Employees :

40 (Approximately) (In Office – 10 + In Factory – 30)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

• State Bank of Patiala, Main Branch, Railway Road, Bhiwani – 127 021, Haryana, India

Facilities :

Overdraft Facilities : Rs.25.000 Millions (From HDFC Bank Limited)

Secured Loans :	As on 31.03.2012 Rs. In Millions	As on 31.03.2011 Rs. In Millions
Term Loan	24.427	14.470
Auto Loan From HDFC	0.000	0.016
Total	24.427	14.486

Banking Relations :
Auditors :
Name :	N. D. Gupta and Company Chartered Accountants
Address :	14, 1^st Floor, Clock Tower, Bhiwani-127021, Haryana, India
PAN No.:	ADCPG3260D

CAPITAL STRUCTURE

As on 31.03.2012

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
947244	Equity Shares	Rs.10/- Each	Rs.9.472 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		9.472	9.472	9.472
2] Share Application Money		0.015	0.015	0.000
3] Reserves & Surplus		33.025	30.464	17.846
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.512	39.951	27.318
LOAN FUNDS
1] Secured Loans		24.427	14.486	14.067
2] Unsecured Loans		18.672	10.015	10.074
TOTAL BORROWING		43.099	24.501	24.141
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		85.611	64.452	51.459
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.879	5.678	60.300
Capital work-in-progress		0.768	4.549	0.768
INVESTMENT		0.384	0.577	0.748
DEFERREX TAX ASSETS		0.131	0.356	0.250
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.541	8.600	7.089
	Sundry Debtors	56.436	46.895	41.361
	Cash & Bank Balances	4.706	2.814	1.545
	Other Current Assets	24.080	21.967	0.000
	Loans & Advances	16.361	4.028	4.293
Total Current Assets		111.124	84.304	54.288
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.284	12.350	9.639
	Other Current Liabilities	16.629	15.997	0.582
	Provisions	0.762	2.665	0.414
Total Current Liabilities		36.675	31.012	10.635
Net Current Assets		74.449	53.292	43.653
MISCELLANEOUS EXPENSES		0.000	0.000	0.027
TOTAL		85.611	54.452	51.459

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Gross Receipt	165.917	150.025	143.524
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.347	12.281	4.637
Less	FINANCIAL EXPENSES (D)		3.764	2.340	2.146
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.583	9.941	2.491
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.735	1.629	1.444
	PROFIT BEFORE TAX (E-F) (G)		1.848	8.312	1.047
Less	TAX (H)		0.861	2.412	0.296
	PROFIT AFTER TAX (G-H) (I)		0.987	5.900	0.751
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.171	1.271	0.520
	BALANCE CARRIED TO THE B/S		8.158	7.171	1.271
	Earnings Per Share (Rs.)		1.04	NA	0.79

Expected Sales (2012-2013) : Rs.280.000 Millions

The above information has been parted by Mr. Rohan Gupta.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.53	9.24	1.74
Return on Investment (ROI) (PBT/Networth)		0.04	0.21	0.04
Debt Equity Ratio (Total Debt/Networth)		1.01	0.61	0.88
Current Ratio (Current Asset/Current Liability)		3.03	2.72	5.11

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

DETAILS OF UNSECURED LOANS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Unsecured Loan	18.672	10.015
Total	18.672	10.015

NOTE:

Registered office of the company has been shifted from 415, Kucha Brij Nath, Chandhani Chowk, New Dehli-110 006, Delhi, India to the present address.

OPERATION AND PROGRESS:

During the year the company has made gross turnover/ Receipts at Rs.165.917 Millions as compared to Rs.150.025 Millions in preceding year registering growth of 1.19% Net profit before taxes has also decrease by Rs.6.463 Millions at Rs.1.848 Millions from Rs.8.312 Millions in the previous year. Provision of income tax made Rs.0.636 Million compared to Rs.2.515 Millions in the preceding year.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture

· Tanker

· Car

· Computer

· Cycle

· Electrical Equipment

· Lab 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 records 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.54.10
UK Pound	1	Rs.82.47
Euro	1	Rs.70.49

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.