MIRA INFORM REPORT

Report Date :

11.05.2013

IDENTIFICATION DETAILS

Name :	NIDAAN CHEMICALS PRIVATE LIMITED
Registered Office :	84 GIDC Phase I, Vatva, Ahmedabad – 382245, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.11.1986
Com. Reg. No.:	04-9147
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U24110GJ1986PTC009147
TAN No.: [Tax Deduction & Collection Account No.]	AHMN00115D
PAN No.: [Permanent Account No.]	AAACN5182H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fine Chemicals
No. of Employees :	Not Available

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 27000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The reserves of the company seems to deteriorating. The external borrowing seems to be huge. 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

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. Shailesh
Designation :	Accountant Department
Contact No.:	91-79-25831709
Date :	10.05.2013

LOCATIONS

Registered Office/Factory :	84 GIDC Phase I, Vatva, Ahmedabad – 382245, Gujarat, India
Tel. No.:	91-79-25831709 / 25831816 / 25832997/26604384
Fax No.:	91-79-25896044
E-Mail :	nidaanchem@icenet.net nidaanchem@dataone.in pradip@pradiprshah.com
Area :	5000 Sq. ft.
Location :	Owned

DIRECTORS

Name :	Mr. Birendra Balbhadra Shah
Designation :	Chairman and Managing Director
Address :	190, Manekbaug Society, Behind Manekabaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	11.03.1962
Date of Appointment :	07.11.1986
Din No:	00309387
Name :	Mr. Kanan Birendra Shah
Designation :	Director
Address :	190, Manekbaug Society, Behind Manekabaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	15.10.1965
Date of Appointment :	28.02.2002
Din No :	00589577
Name :	Mr. Anand Birendra Shah
Designation :	Director
Address :	190, Manek Baug Society, Behind Manekbaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	21.11.1988
Date of Appointment :	01.06.2008
Din No :	02087893
Name :	Mr. Raj Birendra Shah
Designation :	Director
Address :	190, Manekbaug Society, Behind Manekabaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	01.06.1993
Date of Appointment :	29.09.2012
Din No :	03577236

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Balbhadra Shah	25000
Birendra Shah	50122
Kanan Shah	24878
Balbhadra Shah (Preference Shares)	150000
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Fine Chemicals

Products :

ITEM CODE	PRODUCT DESCRIPTION
2902	Fine Chemicals

Imports :

Products :

Chemicals

Countries :

· Japan

· USA

· China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (31.03.2011)

Particulars	Licensed Capacity	Installed Capacity
Musk Xylol	NA	300 M/T

GENERAL INFORMATION

Customers :

End Users, Wholesalers and Retailers

No. of Employees :

Not Available

Bankers :

Not Divulged

Facilities :

SECURED LOANS	31.03.2012	31.03.2011
Term Loan From Bank (1.Secured by way of 2.Hypothecation of Vehicles. Repayment Terms : Repayment of Loan is by way of 36 equated monthly installments (EMI))	2.114	0.705
Total	2.114	0.705

Auditors :
Name :	Pradip R. Shah and Company Chartered Accountants
Address :	203, ‘Akansha’, 2^nd Floor, Navrangpura, Railway Crossing, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26466575/26569342 /91-79-26746518
Fax No.:	91-79-26466575
E-Mail :	pradip@adl.vsnl.net.in pradip_shah@vsnl.com pradipp@pradiprshah.com
PAN No.:	AAKFP1232H

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/-each	Rs. 1.000 Millions
150000	Preference Shares	Rs. 10/-each	Rs. 1.500 Millions
	Total		Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/-each	Rs. 1.000 Millions
150000	Preference Shares	Rs. 10/-each	Rs. 1.500 Millions
	Total		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		4.422	6.589	7.176
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.922	9.089	9.676
LOAN FUNDS
1] Secured Loans		2.114	0.705	0.319
2] Unsecured Loans		26.269	17.862	25.173
TOTAL BORROWING		28.383	18.567	25.492
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		35.305	27.656	35.168
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.595	6.280	6.490
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERRED TAX ASSETS		4.735	3.817	3.921
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.722	10.838	8.925
	Sundry Debtors	20.798	14.633	15.565
	Cash & Bank Balances	0.244	2.747	6.143
	Other Current Assets	0.000	0.024	0.000
	Loans & Advances	1.534	1.524	7.282
Total Current Assets		36.298	29.766	37.915
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.981	10.996	6.756
	Other Current Liabilities	0.264	1.134	1.074
	Provisions	0.083	0.082	5.333
Total Current Liabilities		13.328	12.212	13.163
Net Current Assets		22.970	17.554	24.752
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		35.305	27.656	35.168

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	114.564	116.032
Less	EXPENSES
		TOTAL	114.451	114.859
	PROFIT BEFORE TAX		0.113	1.173
Less	TAX		0.700	(0.670)
	PROFIT AFTER TAX		(0.587)	1.843
	Earnings Per Share (Rs.)		NA	NA

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	144.300	110.000

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

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	(0.51)	1.59
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.31	2.64
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	0.12
Debt Equity Ratio (Total Debt /Networth)		4.10	2.04	2.63
Current Ratio (Current Asset/Current Liability)		2.72	2.44	2.88

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one years	Yes
12]	Profitability for last three years	No
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)	Yes
21]	Market information	--------------------
22]	Litigations that the firm / promoter involved in	--------------------
23]	Banking Details	No
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

BUSINESS OPERATIONS AND FINANCIAL PERFORMANCE :

There has been marginal decline in sales during the year. Due to higher cost, profatibility was under pressure.

UNSECURED LOAN :

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loans and Advance from related parties	26.150	17.603
Loans repayable on demand from Banks	0.119	0.259
Total	26.269	17.862

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. 54.54
UK Pound	1	Rs. 84.19
Euro	1	Rs. 71.11

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.