MIRA INFORM REPORT

Report Date :

03.05.2013

IDENTIFICATION DETAILS

Name :	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED [w.e.f. 27.01.2011]
Formerly Known As :	ARDOR ENTERPRISES PRIVATE LIMITED
Registered Office :	B/1001-4, Primum House, B/H Handloom House Ashram Road, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.08.2009
Com. Reg. No.:	04-057712
Capital Investment / Paid-up Capital :	Rs.700.000 Millions
CIN No.: [Company Identification No.]	U24100GJ2009PTC057712
TAN No.: [Tax Deduction & Collection Account No.]	AHMA09116C
PAN No.: [Permanent Account No.]	AAHCA8573G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer in DDB, Caustic Soda and Other Chemicals.
No. of Employees :	47 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 4000000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a part of Ardor Group. Subject is a well established company having a satisfactory track record. The performance capability appears to be high. Financially company is performing well. Subject gets good supports from its holding companies. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. In view of strong holdings the company can be considered 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB [Cash Credit]
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	01.03.2013

Rating Agency Name	CRISIL
Rating	A3+ [Short Term]
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	01.03.2013

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.

INFORMATION PARTED BY

Name :	Mr. Yogesh Shah
Designation :	Accounts Department
Contact No.:	91-79-26584511

LOCATIONS

Registered Office :	B/1001-4, Primum House, B/H Handloom House Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26584511-14
Fax No.:	91-79-26584515
E-Mail :	vmasso@yahoo.co.in krshah68@gmail.com vyas4you@gmail.com ardor.enterprises@ardor-group.com
Website :	http://www.ardor-group.com
Marketing Office :	602, X’trium, Chakla Andheri-Kurla Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel No.:	91-22-67507777
Fax No.:	91-22-67507788
Sales Office :	13, Avishkar Building, 1^st Floor, Plot No. 204, Ward No. 12/B, Gandhidham, Kutch-370201, Gujarat, India
Tel No.:	91-2836-226387
Fax No.:	91-2836-226387

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Fenilbhai Bharatbhai Shah
Designation :	Director
Address :	301- Heritage Crescent, Opposite Shantinketan Bunglows, S.G. Highway, Prahladnagar, Ahmedabad – 380051, Gujarat, India
Date of Appointment :	30.08.2009
DIN No.:	00044522
Name :	Mr. Gitaben Bharatbhai Shah
Designation :	Director
Address :	A/11, Northview Appartment, Near St. Xaziers Collage, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Appointment :	01.04.2011
DIN No.:	00049071
Name :	Mr. Bharatbhai Ratanshi Shah
Designation :	Director
Address :	301- Heritage Crescent, Opposite Shantinketan Bunglows, S.G. Highway, Prahladnagar, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	13.06.1948
Date of Appointment :	04.08.2009
DIN No.:	02438343
Name :	Mr. Rajesh Narottamdas Sanghvi
Designation :	Director
Address :	1401, Royal Empire, Shashtri Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Appointment :	01.04.2011
DIN No.:	03425583
Name :	Mr. Ashish Mahavir Tawakley
Designation :	Additional Director
Address :	705/706, Indradarshan II, Building No.14, Off Ling road, Oshiwara, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Appointment :	01.04.2011
DIN No.:	03425619

KEY EXECUTIVES

Name :	Mr. Yogesh Shah
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Fenilbhai Bharatbhai Shah	6363559
Gitaben Bharatbhai Shah	6363559
Janki F. Shah	6363559
Bharatbhai Ratanshi Shah	6364704
Jinal B. Shah	6363559
Arodr In Fin Private limited, India	6363510
Ardor Structures Private Limited, India	6363510
Greenland Infracon Private Limited, India	6363510
Infinium Det Chem Private Limited, India	6363510
Jayco Synthetics Private Limited, India	6363510
Ardor International Private Limited, India	6363510
TOTAL	70000000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	54.54
Directors or relatives of directors	45.46
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer in DDB, Caustic Soda and Other Chemicals.
Imports :
Products :	Finished Goods
Countries :	China Dubai Singapore
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

47 [Approximately]

Bankers :

· State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Navjivan O.P., Ahmedabad-380014, Gujarat, India

· Central Bank of India, Mid Corporate Branch, Central Bank Building, Lal Darwaja, Ahmedabad-380001, Gujarat, India

· Axis Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Secured Loan	0.000	129.110
TOTAL	0.000	129.110
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Unsecured Loan	0.000	268.870
TOTAL	0.000	268.870

Banking Relations :	--
Auditors :
Name :	Vipul and Manish Associates Chartered Accountant
Address :	204, Tilakraj, Above ICICI Bank, Near Surya Rath, Panchvati, Ahmedabad – 380015, Gujarat, India
Tel No.:	91-79-26730650 / 26730675
Mobile No.:	91-9727735731
Email:	vmasso@yahoo.co.in
PAN No:	AACFV2807J
Associates : [As on 31.03.2010]	· Ardor International Private Limited · Ardor In-Fin Private Limited · Matrix International · Ardor Structures Private Limited · Infimum Det-chem Private Limited · Jayco Synthetics Private Limited · Ardor Chemicals · J. B. Chemicals

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs.700.000 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		700.000	250.000	67.500
2] Share Application Money		175.000	279.500	20.000
3] Reserves & Surplus		125.772	24.870	1.062
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1000.772	554.370	88.562
LOAN FUNDS
1] Secured Loans		0.000	129.110	198.365
2] Unsecured Loans			268.870	44.322
TOTAL BORROWING		0.000	397.980	242.687
DEFERRED TAX LIABILITIES		0.793	0.070	0.000
TOTAL		1001.565	952.420	331.249
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.910	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.905	24.899	9.933
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories			87.475
	Sundry Debtors			224.468
	Cash & Bank Balances	3850.094		0.384
	Other Current Assets		924.961	0.000
	Loans & Advances			9.601
Total Current Assets		3850.094		321.928
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2851.434		1.479
	Other Current Liabilities			0.000
	Provisions			0.000
Total Current Liabilities		2851.434		1.479
Net Current Assets		998.660	924.961	320.449
MISCELLANEOUS EXPENSES		0.000	1.650	0.867
TOTAL		1001.565	952.420	331.249

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			263.238
		Other Income			1.460
		TOTAL	7776.113	2057.820	264.698
Less	EXPENSES
		Cost of Goods sold	7620.508	2021.938	260.976
		Office and Administrative Expenses			1.744
		Preliminary Expenses Written off			0.216
		TOTAL	7620.508 [Including Financial Expenses and Depreciation]	2021.938 [Including Financial Expenses and Depreciation]	262.936 [Including Depreciation]
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				1.762
Less	FINANCIAL EXPENSES				0.170
	PROFIT / (LOSS) BEFORE TAX		155.625	35.882	1.592
Less	TAX		54.722	12.071	0.530
	PROFIT / (LOSS) AFTER TAX		100.903	23.811	1.062
	Earnings / (Loss) Per Share (Rs.)		1.89	1.97	0.91

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.30	1.15	0.40
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.60
Return on Total Assets (PBT/Total Assets}	(%)	4.04	NA	0.49
Return on Investment (ROI) (PBT/Networth)		0.15	0.06	0.02
Debt Equity Ratio (Total Liability/Networth)		2.85	0.72	2.76
Current Ratio (Current Asset/Current Liability)		1.35	NA	217.67

LOCAL AGENCY FURTHER INFORMATION

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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U24100GJ2009PTC057712
Name of the company	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B/1001-4, Primum House, B/H Handloom House Ashram Road, Ahmedabad – 380009, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	Central Bank of India, Mid Corporate Branch, Central Bank Building, Lal Darwaja, Ahmedabad-380001, Gujarat, India Email: bmahme3874@centralbank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation Date 29/10/2012
Date of instrument Creating the charge	29.10.2012
Amount secured by the charge	Rs.50.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16% (Base Rate + 5.50%) Terms of Repayment 90 Days Margin Fund Base : Stock 25%, Book Debts 35% Non Fund Base: 20% Cash Margin Extent and Operation of the charge By way of Hypothecation of Current Assets mentioned in first schedule to the Agreement of Hypothecation date 29/10/2012to secure Adhoc Limit of Rs.50.000 Millions.
Short particulars of the property charged	The whole of the current assets of the borrower namely, Stocks of raw Materials, Stock In Progress, Semi finished Goods, purchased or to be purchased, with loose tools and consumables Stores and spares and the stocks acquired/to be acquired under inland/import L/C transaction, Bills receivable and book debts and documents of title to goods, etc. and all other movable present and future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continue of the security of these present be brought into or upon or be stored or be in or about the borrowers various factories, premises, and godowns in the state of Gujarat or elswhere the same may be or held by any party to the order or disposition of the Borrowers or in the course of transit or on high seas or on order or delivery, however and wheresoever’s in the passion of the borrower and either by way of substitution or addition.

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] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.74
UK Pound	1	Rs.83.54
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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.