MIRA INFORM REPORT

Report Date :

14.11.2013

IDENTIFICATION DETAILS

Name :	POWER ADDITIVES (INDIA) PRIVATE LIMITED
Registered Office :	4, Anil Chambers, 9 AB Samhita Complex, Behind Sakinaka Tele Exchange, Sakinaka, Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.10.2000
Com. Reg. No.:	11-129047
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U25209MH2000PTC129047
TAN No.: [Tax Deduction & Collection Account No.]	MUMP20999G
PAN No.: [Permanent Account No.]	AACCP9068J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Additives and Chemicals.
No. of Employees :	7 (Approximately) [Contract Workers = 8]

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 56000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has failed to file its financial with government department after 2011. As per previous financial reserves of the company appears to be low. However, trade relations are fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution. Note: Profit and Loss of the company is not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Shrikant
Designation :	Account Manager
Contact No.:	91-9821565801
Date :	09.11.2013

LOCATIONS

Registered Office :	4, Anil Chambers, 9 AB Samhita Complex, Behind Sakinaka Tele Exchange, Sakinaka, Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-28561720 / 21 / 22 / 23
Mobile No.:	91-9821565801 (Mr. Shrikant)
Fax No.:	91-22-28561719 / 18
E-Mail :	powerindia@poweradditives.com poweradd@vsnl.in power@bol.net.in
Website :	http://www.poweradditives.com
Area:	1000 Sq. ft.
Location :	Owned
Factory :	Opposite Sudarshan Park, N H Near 8, Gopalpura, Anand – 388 370, Gujarat, India
Area:	5000 Sq. ft.
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :	Mr. Ishwarbhai Govardhanbhai Machhi
Designation :	Director
Address :	Maruti Nandan, Near Khodyar Flour Mills, Nana Bazar, Vallabh Vidya Nagar, Anand - 388120, Gujarat, India
Date of Birth/Age :	16.09.1953
Date of Appointment :	09.12.2004
DIN No.:	00046685
Name :	Mr. Kamleshkumar Bhailalbhai Patel
Designation :	Director
Address :	Near Post Office, Chikhodra, Anand – 388320, Gujarat, India
Date of Birth/Age :	27.02.1962
Date of Appointment :	09.12.2004
DIN No.:	00075769
Name :	Mr. Gupteshwar Brahmesh Patel
Designation :	Director
Address :	A/3, Monisha Triplex Bunglows X Rd. 4, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	26.04.1988
Date of Appointment :	24.12.2008
DIN No.:	02414193
Name :	Mr. Someshwar Brahmesh Patel
Designation :	Director
Address :	A/3, Monisha Triplex Bunglows X Rd. 4, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	24.05.1985
Date of Appointment :	24.12.2008
DIN No.:	02414828

KEY EXECUTIVES

Name :	Mr. Shrikant
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Brahmesh S Patel	80000
Bhailal D Patel	650
Kamlesh Bhailal Patel	500
Shardaben Bhailal Patel	500
Brahmesh Somani Patel – HUF	90000
Meena Brahmesh Patel	80000
Someshwar Brahmesh Patel	80000
Gupteshwar Brahmesh Patel	80000
S and G Patel Trust	20000
B and M Patel Trust	68250
Krishna K Patel	50
Kewal K. Patel	50
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Additives and Chemicals.
Exports :
Products :	Additives
Countries :	Dubai UK
Imports :
Products :	Chemicals
Countries :	Sri Lanka Singapore Malaysia
Terms :
Selling :	Credit (90 Days)
Purchasing :	L/C

GENERAL INFORMATION

Customers :

• Kothari Agro Private Limited
• Kedar Metal

No. of Employees :

7 (Approximately) [Contract Workers = 8]

Bankers :

State Bank of India, Midc Andheri (East) Branch, Plot No.B-1, Central Road, Andheri (East),, Mumbai - 400093, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loans Funds	11.308	14.541
Total	11.308	14.541

Banking Relations :	--
Auditors :
Name :	A. R. Bhalja and Company Chartered Accountants
Address :	401, Rang Mahal 212/216, Samuel Street, Mumbai - 400003, Maharashtra, India
PAN No.:	AABPB9543L

CAPITAL STRUCTURE

After: 30.09.2011

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
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

As on: 31.03.2011

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
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.232	3.503	2.872
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.232	8.503	7.872
LOAN FUNDS
1] Secured Loans		11.308	14.541	3.971
2] Unsecured Loans		26.552	31.950	15.957
TOTAL BORROWING		37.860	46.491	19.928
DEFERRED TAX LIABILITIES		0.003	0.003	0.003
TOTAL		52.095	54.997	27.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.388	7.330	3.761
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	30.675	27.565	15.297
	Sundry Debtors	37.692	37.488	34.532
	Cash & Bank Balances	3.614	3.566	1.940
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.695	6.958	3.032
Total Current Assets		81.676	75.577	54.801
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	36.640	27.270	30.148
	Provisions	0.329	0.640	0.611
Total Current Liabilities		36.969	27.910	30.759
Net Current Assets		44.707	47.667	24.042
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		52.095	54.997	27.803

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	96.000	85.000

The above information has been parted by Mr. Shrikant.

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Debt /Networth)	2.66	5.47	2.53
Current Ratio (Current Asset/Current Liability)	2.21	2.71	1.78

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

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 two 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	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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2011	As on 31.03.2010
Loans Funds	26.552	31.950
Total	26.552	31.950

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10235625	28/03/2011 *	42,000,000.00	STATE BANK OF INDIA	MIDC ANDHERI (EAST) BRANCH, PLOT NO.B-1, CENTRAL  ROAD, ANDHERI (EAST), MUMBAI, Maharashtra - 400093, INDIA	B09352519

* Date of charge modification

FIXED ASSETS:

• Motor Car
• Mobile Phone
• Computer
• Plant and Machinery
• Office Furniture and Fixture
• Scooter
• Cycle
• Tractor

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 records 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.63.65
UK Pound	1	Rs.101.17
Euro	1	Rs.85.55

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	RAJ

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	2
--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		26

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.