MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	ROSE SOLVENTS PRIVATE LIMITED (w.e.f. 29.03.2011)
Formerly Known As :	PADMAVATI MERCHANDISE PRIVATE LIMITED
Registered Office :	105, Bharuch Sadan 84-A, Devji Ratanhi Marg, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.06.2004
Com. Reg. No.:	11-146747
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U51490MH2004PTC146747
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Wholesalers of all kinds of Chemicals and Dyes.
No. of Employees :	Not Available

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 33000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Long term loans are increasing during 2012. 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 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B (Long Term Rating)
Rating Explanation	High risk of default.
Date	04.07.2012

Rating Agency Name	CRISIL
Rating	A4 (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	04.07.2012

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.

LOCATIONS

Registered Office :	105, Bharuch Sadan, 84-A, Devji Ratanhi Marg, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-66312440/ 23482063
Fax No.:	91-22-66313460
Email :	padmavati@padmavati.in
Website :	http://www.rosesolvent.com
Admin Office :	1864, Tungareshwar House, Opposite Saraswati Building, Tungareshwar Estate, Sativali, Vasai (East), District Thane – 401208, India
Tel. No.:	91-250-2480 027  / 2480 028 /23482063
Fax No.:	91-250-2480 544 / 66313460
E-Mail :	trade@rosesolvent.com
Branches :	Located at: Gandhidham, Kutch, Gjarat, India Hyderabad, India

DIRECTORS

As on: 28.09.2012

Name :	Mr. Rajeev Dinesh Shah
Designation :	Director
Address :	704- Kent Gardens CHS Limited, Factory Lane, Opposite Jambligali, Borivali West, Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	03.08.1976
Date of Appointment :	04.06.2004
DIN No.:	01151529
Name :	Mr. Dinesh Lalji Shah
Designation :	Director
Address :	1001, Kent Garden CHS Limited, Factory Lane, Jambligali, Borivali West, Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	07.04.1952
Date of Appointment :	04.06.2004
DIN No.:	01946998
Name :	Mr. Lalit Dinesh Shah
Designation :	Director
Address :	1001, Kent Garden CHS Limited, Factory Lane, Jambligali, Borivali West, Mumbai – 400092, Maharashtra, India
Date of Appointment :	01.04.2010
DIN No.:	03080021

MAJOR SHAREHOLDERS

As on: 28.09.2012

Names of Shareholders	No. of Shares
Rajeev Dinesh Shah	85000
Dinesh Lalji Shah	82500
Lalit Dinesh Shah	82500
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Wholesalers of all kinds of Chemicals and Dyes.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Bhat Bazar Branch, Anant Deep Chambers, 273/277, Narsi Natha Street,, Mumbai - 400009, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT-TERM BORROWINGS
Bank Over Draft	54.548	40.294
Motor Car Loan from UBI	0.384	0.705
Total	54.932	40.999

Banking Relations :	--
Auditors :
Name :	Anil H Haria and Company Chartered Accountants
Address :	11/12, Prem Bhavan, 234/36 Narsinatha Street, Masjid Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-65053635/ 23448135
PAN No.:	AAAPH0579H

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- 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		5.921	4.441	3.392
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.421	6.941	5.892
LOAN FUNDS
1] Secured Loans		54.932	40.999	37.644
2] Unsecured Loans		23.690	21.712	17.547
TOTAL BORROWING		78.622	62.711	55.191
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		87.043	69.652	61.083
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.030	1.236	1.512
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.522	17.512	16.313
	Sundry Debtors	91.949	119.758	116.775
	Cash & Bank Balances	3.086	2.227	0.712
	Other Current Assets	0.000	0.000	3.466
	Loans & Advances	8.130	5.353	1.113
Total Current Assets		137.687	144.850	138.379
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.116	74.867	77.824
	Other Current Liabilities	0.072	0.042	0.060
	Provisions	0.486	1.525	0.924
Total Current Liabilities		51.674	76.434	78.808
Net Current Assets		86.013	68.416	59.571
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		87.043	69.652	61.083

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	251.959	312.464	290.313
		Other Income	1.005	4.643
		TOTAL	252.964	317.107	290.313
Less	EXPENSES
		Office Expenses	250.971	315.302	289.290
		Administrative Expenses
		Advertising Expenses
		TOTAL	250.971	315.302	289.290
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.993	1.805	1.187
Less/ Add	DEPRECIATION/ AMORTISATION		0.205	0.276	0.164
	PROFIT BEFORE TAX		1.788	1.528	1.023
Less	TAX		0.308	0.480	0.321
	PROFIT AFTER TAX		1.480	1.048	0.702
	Earnings Per Share (Rs.)		5.92	4.19	2.81

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.59	0.33	0.24
Net Profit Margin (PBT/Sales)	(%)	0.71	0.49	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.29	1.05	0.73
Return on Investment (ROI) (PBT/Networth)		0.21	0.22	0.17
Debt Equity Ratio (Total Debt /Networth)		9.34	9.03	9.37
Current Ratio (Current Asset/Current Liability)		2.66	1.90	1.76

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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

OPERATIONS:

The Company has recorded sales of Rs.251.959 Millions and other income of Rs.1.005 Millions during the year ended 31st March, 2012

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loan From Related Parties
Dinesh Lalji Shah	16.030	21.696
Lai it Dinesh Shah	0.218	0.012
Rajeev Dinesh Shah	1.912	0.004
Landmark Developers	0.282	0.000
Others
Meghana Viresh Thakkar	0.023	0.000
Sagar Chawla	2.495	0.000
Sanjay B Ajmen: (HUF)	0.024	0.000
Suitanali Mahimwala	0.206	0.000
Vishal Praful Dedhia	2.500	0.000
Total	23.690	21.712

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U51490MH2004PTC146747
Name of the company	ROSE SOLVENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	105, Bharuch Sadan, 84-A, Devji Ratanhi Marg, Mumbai – 400009, Maharashtra, India padmavati@padmavati.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Union Bank of India, Bhat Bazar Branch, Anant Deep Chambers, 273/277, Narsi Natha Street, Mumbai – 400009, Maharashtra, India cbsbhatbazar@unionbankofindia.com
Nature of instrument creating charge	1.Hypothecation Agreement of Goods and Debts 2.Supplementary Agreement to Hypothecation Agreement of Goods and Debts (Both the above documents constitute a single charge)
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Usual Terms of Repayment On Demand. Margin As per sanction terms. Extent and Operation of the charge To secure Inland/Import LC (120 days) facility of Rs.10.000 Millions granted by the Bank to the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Borrower hereby Hypothecates by way of First Charge in favour of the Bank: A 1.Solvents Chemicals which expression shall include all raw materials, semi finished and finished goods consumable stores and spares and movable property of any kind now or at any time hereafter belonging to or at the disposal of the Borrower and which are now stored or being stored or which hereafter may from time to time be brought into or stored or be in or about the Borrower's premises or godown/s at Vasai and at other places hired by the Borrower for the purposes of storage in the Union of India and all other places of storage whatsoever at or at any other place in the Union of India or wherever else they may be 2.The Borrower's Book-Debts, , monies, deposits receivables, claims and bills contracts, securities investments which are now due and owing or which may at any time hereafter during the continuance of this security becoming due and owing to the Borrower in the course of its business by any person or party including any Government or any local or public body or authority (all of which are hereinafter collectively referred to as the said debts") B. That the Hypothecated Goods, Book-Debts and Movable Property covered by the Principal Hypothecation Agreement shall continue to be a security for the Bank

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.56.24
UK Pound	1	Rs.84.54
Euro	1	Rs.72.32

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--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	NO
--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.