MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	RAY CHEMICALS PRIVATE LIMITED
Registered Office :	HIG 2000, Ray House, Next To Yelahanka New Town Poice Station, Bangalore-560064, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.09.1991
Com. Reg. No.:	08-012343
Capital Investment / Paid-up Capital :	Rs. 9.500 millions
CIN No.: [Company Identification No.]	U24111KA1991PTC012343
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemical.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

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	Term Loan: BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	October, 2012

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 (GENERAL DETAILS)

Name :	G. B. Reddy
Designation :	Finance Manager
Contact No.:	91-80-28461647
Date :	15.05.2013

LOCATIONS

Registered Office :	HIG 2000, Ray House, Next To Yelahanka New Town Poice Station, Bangalore-560064, Karnataka, India
Tel. No.:	91-80-23348902 / 28461647 / 32722028 / 32721968 / 28561041 / 42
Fax No.:	91-80-28566630 / 23348902
E-Mail :	grvauditor@gmail.com accounts@rlfinechem.com sales@rlfinechem.com anjan@rlfinechem.com
Website :	www.rlfinechem.com
Location :	Rented
Factory :	Located at · Bangalore

DIRECTORS

As on 29.09.2012

Name :

Anjan Kumar Roy

Designation :

Whole-time director

Address :

No. 335, 14^th Cross, Sadashivnagar, Bangalore-560080, Karnataka, India

Date of Birth/Age :

01.10.1953

Date of Appointment :

20.11.1992

DIN No.:

01032834

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	U24111KA1991PTC012343	RAY CHEMICALS PRIVATE LIMITED	Whole-time director	20-11-92	20-11-92	-	Active	NO
2	U24230KA2010PTC054629	PHLOEM PHARMA PRIVATE LIMITED	Director	30-07-10	30-07-10	-	Active	NO
3	U24100KA2011PTC059846	R.L.FINE CHEM PRIVATE LIMITED	Director	02-08-11	02-08-11	-	Active	NO

Name :

Trishna Roy

Designation :

Whole-time director

Address :

No. 335, 14^th Cross, Sadashivnagar, Bangalore-560080, Karnataka, India

Date of Birth/Age :

05.09.1982

Date of Appointment :

05.10.2001

DIN No.:

01032842

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	U24111KA1991PTC012343	RAY CHEMICALS PRIVATE LIMITED	Whole-time director	05-10-01	05-10-01	-	Active	NO
2	U24230KA2010PTC054629	PHLOEM PHARMA PRIVATE LIMITED	Director	30-07-10	30-07-10	-	Active	NO
3	U24100KA2011PTC059846	R.L.FINE CHEM PRIVATE LIMITED	Director	02-08-11	02-08-11	-	Active	NO

Name :

Ms. Tanushree Roy

Designation :

Whole-time director

Address :

No. 335, 14^th Cross, Sadashivnagar, Bangalore-560080, Karnataka, India

Date of Birth/Age :

22.05.1987

Date of Appointment :

30.09.2005

DIN No.:

01032851

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	U24111KA1991PTC012343	RAY CHEMICALS PRIVATE LIMITED	Whole-time director	30-09-05	30-09-05	-	Active	NO
2	U24230KA2010PTC054629	PHLOEM PHARMA PRIVATE LIMITED	Director	28-03-12	28-03-12	-	Active	NO

Name :

Ms. Sumitra Roy

Designation :

Whole-time director

Address :

No. 335, 14^th Cross, Sadashivnagar, Bangalore-560080, Karnataka, India

Date of Birth/Age :

27.10.1957

Date of Appointment :

24.09.1991

DIN No.:

01086754

KEY EXECUTIVES

Name :	G. B. Reddy
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sumitra Roy	13010
Anjan Roy	885380
Trishan Roy	40955
Tanushree Roy	10655
Total	950000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemical.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

90 (Approximately)

Bankers :

· State Bank of India SME Branch, No. 179, S C Road, Kumara Park, Seshadripuram, Bangalore - 560020, Karnataka, India

· State Bank of India, SSI Branch, Kumara Park, 179, S C Road, Seshadripuram, Bangalore - 560020, Karnataka, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From State Bank of India -Term Loan [Secured by hypothecation of fixed assets of the company]	30.963	34.563
From State Bank of India -Cash Credit Loan [Secured by hypothecation of Stocks and Receivable]	12.722	12.874
-EPC Loan [Secured by hypothecation of Export Receivables]	8.175	6.282
Total	51.860	53.719

Banking Relations :	--
Auditors :
Name :	G R Venkatanarayana Chartered Accountant
Address :	No. 618, 75^th Cross, 6^th Block, Rajajinagar, Bangalore-560010, Karnataka, India
Tel. No.:	91-80-23404921 / 64537325
Fax No.:	91-80-23500525
E-Mail :	grvauditor@gmail.com grvenkat@sify.com
PAN No.:	AAAFG5658A
Sisters Concern :	Ray Chem

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs. 9.500 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		9.500	9.500	9.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.245	40.845	33.015
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		62.745	50.345	42.515
LOAN FUNDS
1] Secured Loans		51.860	53.719	36.538
2] Unsecured Loans		0.000	0.000	14.096
TOTAL BORROWING		51.860	53.719	50.634
DEFERRED TAX LIABILITIES		2.696	2.746	2.499
TOTAL		117.301	106.810	95.648
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		107.185	99.452	71.666
Capital work-in-progress		0.000	9.430	6.383
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.822	17.141	9.565
	Sundry Debtors	37.712	23.627	19.447
	Cash & Bank Balances	1.038	1.394	0.326
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.525	12.204	12.295
Total Current Assets		72.097	54.366	41.633
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.613	24.131	12.327
	Other Current Liabilities	24.971	27.670	1.951
	Provisions	6.397	4.637	9.756
Total Current Liabilities		61.981	56.438	24.034
Net Current Assets		10.116	(2.072)	17.599
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		117.301	106.810	95.648

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	167.741	121.350	92.678
		Other Income	3.484	0.063	0.675
		TOTAL	171.225	121.413	93.353
Less	EXPENSES
		TOTAL	150.961	105.817	82.299
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		20.264	15.596	11.054
Less/ Add	DEPRECIATION/ AMORTISATION		2.776	3.919	3.214
	PROFIT BEFORE TAX		17.488	11.677	7.840
Less	TAX		5.299	3.847	3.216
	PROFIT AFTER TAX		12.189	7.830	4.624
	EARNINGS IN FOREIGN CURRENCY		78.008	50.113	31.005
	IMPORTS		8.107	11.944	3.413
	Earnings / (Loss) Per Share (Rs.)		12.83	8.24	4.87

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.12	6.45	4.95
Net Profit Margin (PBT/Sales)	(%)	10.43	9.62	8.46
Return on Total Assets (PBT/Total Assets}	(%)	9.75	7.59	6.92
Return on Investment (ROI) (PBT/Networth)		0.28	0.23	0.18
Debt Equity Ratio (Total Debt/Networth)		0.83	1.07	1.19
Current Ratio (Current Asset/Current Liability)		1.16	0.96	1.73

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)	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]	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	Yes

NOTE

The registered office of the company has been shifted from No. 335, 14^th Cross, Sadashivanagar, Bangalore-560080, Karnataka, India to the present address w.e.f. 10.01.2008

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24111KA1991PTC012343
Name of the company	RAY CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	HIG 2000, Ray House, Next To Yelahanka New Town Poice Station, Bangalore-560064, Karnataka, India E-mail: grvauditor@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80010243
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of India SME Branch, No. 179, S C Road, Kumara Park, Seshadripuram, Bangalore - 560020, Karnataka, India E-mail: rjr.cs69@gmail.com
Nature of instrument creating charge	Supplemental agreement of loan cum-hypothecation sme-4 and letter of confirmation for extension of mortgage by deposit of title deeds sme-8 (both pertain to the same charge)
Date of instrument Creating the charge	07.07.2012
Amount secured by the charge	Rs. 84.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate Of Interest WCL : At 3.25% Above Br, Effective Rate 13.25%.P.A With Monthly Rests. TL : At 7.50% Above Br, Effective Rate 17.50%.P.A With Monthly Rests. Penal INT : Max 2% P.A. Over The Normal Rate. Terms Of Repayment Wcl : On Demand. Advance Is For A Period Of 12 Months. TL - As Per Existing Terms Of Sanction. Margin RM/EPC/Receivables : 25% LC/BG : 10% Extent And Operation Of The Charge Exclusive First Charge On The Assets Of The Company And To The Full Extent. Others Cash Credit (Stocks) Rs. 12.500 millions; Cash Credit (Receivables) Rs. 15.500 millions; Term Loan Rs. 49.000 millions; LC Rs. 6.500 millions BG Rs. 0.500 millions; Total Rs. 84.000 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypo. of company's present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components, furniture and fittings; other movables, plant and machinery,etc., 1). All that piece and parcel of converted Immovable property in Sy. No.49/2 Measuring about 4 acres & Sy. No.50/1 Measuring 1 acres 28 guntas, Situated at Bisuvanahalli Village, Kasaba Hobli, Doddaballapura Taluk, Bangalore Rural District. Bangalore converted to non-agricultural Industrial purposes vide official memorandam bearing No. ALN(D) SR 80/2005-06 & ALN (D) CR 3/2007-08 dated 17.10.2007 issued by the Deputy Commissioner, Bangalore Rural District, Bangalore. 2). All that piece and parcel of converted Immovable Property in Industrial Site No.41, formed in KHB Industrial area, Yelahanka New Town, Bangalore 560064 in all Measuring 2135.45 sq. mtrs. and building constructed thereon.
Date of instrument modifying the charge	15.04.2011
Particulars of the present modification	The amount secured by the charge stands increased to Rs. 84.000 millions. The securities described and detailed in col no 15 herein above continue for the enhanced limit. All other terms and conditions remain unchanged.

FIXED ASSETS

· Borewell

· Computers

· Computer – Laptop

· Electrical Installation

· Equipments

· Factory Building

· Fire Fighting Equipments

· Furniture and Fixtures

· High Efficiency Boiler

· Laboratory Equipments

· Land

· Motor Cars

· Office Equipments

· Plant and Machinery

· Pollution Control Equipments

· R and D Equipments

· Technical Know-How

· Weighing Scale

· Research and Development

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.54.63
UK Pound	1	Rs.83.67
Euro	1	Rs.71.02

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.