MIRA INFORM REPORT

Report Date :

01.07.2014

IDENTIFICATION DETAILS

Name :	NAVDEEP CHEMICALS PRIVATE LIMITED
Registered Office :	5th Floor, New Excelsior Building, A.K. Nayak Marg, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.02.1978
Com. Reg. No.:	11-020113
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U24100MH1978PTC020113
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09572D
PAN No.: [Permanent Account No.]	AAACN0294L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 610000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The company possesses an above average financial profile marked by a modest net worth, low gearing and robust debt protection metrics. Management has reported a slight improvement in its sales volume as well as net profitability during financial year 2013. The rating also takes into consideration the modest scale of operations, susceptibility of its margins to volatility in raw material prices and the working capital intensive nature of operations. However, trade relation seems to be fair. Business is active. Payment terms are reported as usually correct. In view of promoters expensive experience, the subject can be considered for business dealing 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	29.04.2014

Rating Agency Name	CRISIL
Rating	Short term Rating “A3”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	29.04.2014

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 DENIED BY

Name :	Asmita Parsikar
Designation :	Finance Manager
Contact No.:	Not Available
Date :	20.06.2014

LOCATIONS

Registered Office :	5th Floor, New Excelsior Building,  A.K Nayak Marg, Fort, Mumbai - 400 001, Maharashtra, India
Tel. No.:	91-22- 22074160/ 22074157 / 22074158 / 22074159
Fax No.:	91-22- 22074199
E-Mail :	navdeepchem@eth.net navdeepank@dishnetdsl.net asmita@navdeep.com
Website :	http://www.navdeep.com
Corporate Office :	166, Bora Bazaar Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22613855/ 22074160
Fax No.:	91-22-22074199
E-Mail :	navdeepchem@eth.net
Website :	http://www.navdeep.com
Factory :	Plot No. 430, Plot No. 409, Plot No. 1105 GIDC, Ankleshwar, Gujarat, India

DIRECTORS

As on: 20.09.2013

Name :

Mr. Deepak Vijaysinh Bhimani

Designation :

Managing Director

Address :

26, CCI Chambers, 4^th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth :

31.08.1939

Date of Appointment :

01.02.1978

Voter ID No.:

MT/04/019/258719S

DIN No.:

00276661

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	U24100MH1978PTC020113	NAVDEEP CHEMICALS PRIVATE LIMITED	Managing director	01/02/1978	01/02/1978	-	Active	NO
2	U65990MH1989PTC051896	INVESTMENT CORPORATION (RATLAM) PRIVATE LIMITED	Director	01/12/1991	01/12/1991	-	Strike off	NO
3	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
4	U24110MH1983GAP029243	INDIAN SPECIALITY CHEMICAL MANUFACTURERS' ASSOCIATION	Director	06/09/2006	06/09/2006	-	Active	NO
5	L74999MH1964PLC012878	EXCEL CROP CARE LIMITED	Director appointed in casual vacancy	16/07/2008	16/07/2008	-	Active	NO
6	U70102MH2007PTC170614	YASHDEEP CHEMICALS (INDIA) PRIVATE LIMITED	Director	24/11/2008	24/10/2008	-	Active	NO

Name :

Mr. Amit Deepak Bhimani

Designation :

Whole Time Director

Address :

26, CCI Chambers, 4^th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth :

16.11.1967

Date of Appointment :

01.03.1995

Voter ID No.:

MT/04/019/258719

DIN No.:

00146763

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	U24100MH1978PTC020113	NAVDEEP CHEMICALS PRIVATE LIMITED	Whole-time director	06/05/1996	06/05/1996	-	Active	NO
2	U65990MH1989PTC051896	INVESTMENT CORPORATION (RATLAM) PRIVATE LIMITED	Director	05/09/1997	05/09/1997	-	Strike off	NO
3	U70102MH2007PTC170614	YASHDEEP CHEMICALS (INDIA) PRIVATE LIMITED	Director	24/11/2008	24/10/2008	-	Active	NO

Name :

Mrs. Sandhya Deepak Bhimani

Designation :

Director

Address :

26, CCI Chambers, 4^th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai – 400020, Maharshtra, India

Date of Birth :

21.12.1944

Date of Appointment :

01.02.1978

DIN No.:

00189397

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	U24100MH1978PTC020113	NAVDEEP CHEMICALS PRIVATE LIMITED	Whole-time director	01/02/1978	01/02/1978	-	Active	NO
2	U70102MH2007PTC170614	YASHDEEP CHEMICALS (INDIA) PRIVATE LIMITED	Director	24/11/2008	24/10/2008	-	Active	NO

Name :

Mr. Chandrahas Charandas Dayal

Designation :

Director

Address :

B-7, Arun Narayan Dhabolkar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

31.01.1944

Date of Appointment :

08.08.1991

DIN No.:

00178583

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	U74140MH1984PTC033364	DAYAL AND LOHIA FINANCE CONSULTANTS PRIVATE LIMITED	Director	06/07/1984	06/07/1984	26/02/2008	Active	NO
2	U65990MH1989PTC054474	MATURE TRADING AND INVESTMENTS PRIVATE LIMITED	Director	19/11/1990	19/11/1990	-	Active	NO
3	U24100MH1978PTC020113	NAVDEEP CHEMICALS PRIVATE LIMITED	Director	08/08/1991	08/08/1991	-	Active	NO
4	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	16/07/1992	16/07/1992	-	Active	NO
5	U67190MH1994PTC079806	SYNCHROFIN SERVICES PRIVATE LIMITED	Director	22/07/1994	22/07/1994	-	Active	NO
6	U67120MH1993PTC071371	RASEERA INVESTMENTS PRIVATE LIMITED	Director	08/02/1995	08/02/1995	-	Active	NO
7	L74999MH1922PLC000997	GAMMON INDIA LIMITED	Director	29/03/1995	29/03/1995	-	Active	NO
8	U45200MH1995PTC091282	TREETOPS HOUSING AND ESTATE DEVELOPERS PRIVATE LIMITED	Director	03/06/1996	03/06/1996	02/03/2009	Active	NO
9	U25200MH1985PLC060434	CHEMSTAR ORGANICS (INDIA) LIMITED	Director	24/05/1997	24/05/1997	-	Under liquidation	NO
10	U72200MH1998PLC115320	PACIFIC NETPRO LIMITED	Director	11/06/1998	11/06/1998	-	Active	NO
11	U29290MH1998PTC116945	SPECTRUM INFORMATIVE SERVICES PRIVATE LIMITED	Director	25/02/1999	25/02/1999	-	Active	NO
12	U45203MH1999PLC122565	STFA PILING (INDIA) LIMITED	Director	12/06/2000	12/06/2000	-	Active	NO
13	U45200MH1999PLC122317	COCHIN BRIDGE INFRASTRUCTURE COMPANY LIMITED	Director	28/02/2003	28/02/2003	-	Active	NO
14	U42200MH2002PLC138442	GAMMON AND BILLIMORIA LIMITED	Director	27/12/2004	27/12/2004	-	Active	NO
15	L45203MH2001PLC131728	GAMMON INFRASTRUCTURE PROJECTS LIMITED	Director	19/09/2005	19/09/2005	-	Active	NO
16	U45203MH2005PLC155016	MUMBAI NASIK EXPRESSWAY LIMITED	Director	26/09/2006	29/06/2006	-	Active	NO
17	U45200MH2006PLC159107	GAMMON PROJECTS DEVELOPERS LIMITED	Director	29/06/2007	18/12/2006	04/10/2007	Active	NO
18	U45309MH2007PLC171578	GAMMON LOGISTICS LIMITED	Director	12/06/2007	12/06/2007	04/10/2007	Active	NO
19	U45203DL2001PLC112518	RAJAHMUNDRY EXPRESSWAY LIMITED	Director	30/09/2008	04/10/2007	-	Active	NO
20	U45203DL2001PLC112508	ANDHRA EXPRESSWAY LIMITED	Director	30/09/2008	04/10/2007	-	Active	NO
21	U74999MH2001PTC130980	EASYLINK AGENCIES AND SERVICES PRIVATE LIMITED	Additional director	16/11/2010	16/11/2010	-	Active	NO
22	U45203AP2001PTC038955	VIZAG SEAPORT PRIVATE LIMITED	Director	01/07/2011	14/03/2011	-	Active	NO

Name :

Mr. Ramnik Keshavlal Kapadia

Designation :

Additional Director

Address :

111, Rewa Apartments, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

23.10.1938

Date of Appointment :

19.04.2008

DIN No.:

02180684

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 20.09.2013

Names of Shareholders	No. of Shares
Amit Deepak Bhimani	7289
Amit Deepak Bhimani	3867
Amit Deepak Bhimani	19940
Amit Deepak Bhimani HUF	1500
Chaula Amit Bhimani	4341
Yash Amit Bhimani	241
Mira Amit Bhimani	55
Sandhya Deepak Bhimani	38393
Sandhya Deepak Bhimani	8135
Deepak Vijaysinh Bhimani HUF	51447
Deepak Vijaysinh Bhimani	62624
Shachi Deepak Bhimani	2168
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on: 20.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Chemicals.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Alkely Aryl Sulphonic Acid and ITS Derivatives	Kgs	8400000	7512736
Fatty Acid Derivatives	Kgs	940000	382362
Textile Finishing Chemicals	Kgs	1100000	297641
Oil Field Chemicals	Kgs	1940000	17781
Others	Kgs	3630000	670144

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Bank of Baroda Sir. P.M. Road, Laxmi Building, Fort, Mumbai – 400 001, Maharashtra, India · Kotak Mahindra Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	G. M. Kapadia and Company Chartered Accountants
Address :	Tamarind House, 36-B, Tamarind Lane, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66775555
Fax No.:	91-22-66775500
PAN No.:	AAAFG4713G
Enterprises over which Key Management Personnel have significant influence:	Yashdeep Chemicals (India) Private Limited

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	20.000
(b) Reserves & Surplus	134.797	106.149	85.289
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	154.797	126.149	105.289
(3) Non-Current Liabilities
(a) long-term borrowings	27.862	40.870	43.347
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.647	3.298	0.000
Total Non-current Liabilities (3)	34.509	44.168	43.347
(4) Current Liabilities
(a) Short term borrowings	36.645	32.619	31.082
(b) Trade payables	67.482	69.691	76.752
(c) Other current liabilities	22.705	22.695	18.085
(d) Short-term provisions	11.178	15.928	7.142
Total Current Liabilities (4)	138.010	140.933	133.061
TOTAL	327.316	311.250	281.697
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	94.520	106.582	110.555
(ii) Intangible Assets	2.506	3.705	3.900
(iii) Capital work-in-progress	2.321	2.471	5.108
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.268	0.038	0.038
(c) Deferred tax assets (net)	6.721	1.590	2.206
(d) Long-term Loan and Advances	8.834	7.653	6.888
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	115.170	122.039	128.695
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.850	29.210	32.322
(c) Trade receivables	110.850	115.242	88.293
(d) Cash and cash equivalents	32.833	13.778	10.099
(e) Short-term loans and advances	32.437	30.909	22.288
(f) Other current assets	0.176	0.072	0.000
Total Current Assets	212.146	189.211	153.002
TOTAL	327.316	311.250	281.697

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	529.900	539.706	425.381
		Other Income	NA	6.514	0.338
		TOTAL (A)	NA	546.220	425.719
Less	EXPENSES
	Cost of Materials Consumed			277.307	223.773
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade			0.645	(5.120)
	Employees benefits expense			53.118	44.108
	Other expenses			124.728	102.703
	TOTAL (B)		NA	455.798	365.464
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		86.203	90.421	60.255
Less	FINANCIAL EXPENSES (D)		13.132	17.261	14.548
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.071	73.160	45.707
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.071	23.038	31.706
	PROFIT BEFORE TAX (E-F) (G)		52.000	50.122	23.936
Less	TAX (H)		15.369	21.115	10.019
	PROFIT AFTER TAX (G-H) (I)		36.631	29.007	13.917
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		70.251	52.391	52.850
Add	PRIOR PERIOD ADJUSTMENT		0.000	0.000	(0.064)
Less	APPROPRIATIONS
		Transfer to General Reserve	3.650	3.000	1.550
		Dividend	6.850	7.000	1.827
		Tax on Dividend	1.133	1.147	11.000
		TOTAL	11.633	11.147	14.377
	BALANCE CARRIED TO THE B/S		95.249	70.251	52.391
	IMPORTS OF RAW MATERIALS		NA	52.059	58.132
	Earnings Per Share (Rs.)		183.155	145.03	69.59

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	5.31	3.27
Net Profit Margin (PBT/Sales)	(%)	9.53	9.29	5.63
Return on Total Assets (PBT/Total Assets}	(%)	16.35	16.32	8.72
Return on Investment (ROI) (PBT/Networth)		0.34	0.40	0.23
Debt Equity Ratio (Total Debt/Networth)		0.42	0.58	0.71
Current Ratio (Current Asset/Current Liability)		1.54	1.34	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	20.000	20.000	20.000
Reserves & Surplus	85.289	106.149	134.797
Net worth	105.289	126.149	154.797
long-term borrowings	43.347	40.870	27.862
Short term borrowings	31.082	32.619	36.645
Total borrowings	74.429	73.489	64.507
Debt/Equity ratio	0.707	0.583	0.417

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	425.381	539.706	545.700
		26.876	1.111

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	425.381	539.706	545.700
Profit	13.917	29.007	36.631
	3.27%	5.37%	6.71%

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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

OPERATING RESULTS

During the year Company's sale grew from Rs. 529.900 Millions to Rs.545.700 Millions. The Company had a profit before tax Rs.52.000 Millions for the year as compared to Rs.50.100 Millions for the previous year. After having tremendous volatility in the commodities and the raw material Prices Company has still tried to maintain the turnover and the profitability ratio.

PROSPECTS

Though the rise weakening of rupee compare to dollar the prospects for exports stands good. Chemical Industries due to their inherent nature are expected to grow steadily. There is also revival for exports to the U.S and other countries. They also see further potential for growth of their products in the coming year.

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	ITXAL/1212/2012	Failing Date:-	14.08.2012	Reg. No.:-	ITXA/1025/2012	Reg. Date:-	13.09.2012
Petitioner:-	THE COMMISSIONER OF INCOME TAX		Respondent:-	M/S. NAVDEEP CHEMICALS PVT LTD.
Petn.Adv:-	SURESH KUMAR (0)		Resp. Adv.:	AASIFA KHANAM KHAN AND SATISH MODI
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Pre-Admitted		Stage:-	FOR ADMISSION
Last Date:-	10.03.2014
Last Coram:-	HON’BLE SHRI JUSTICE S.C.DHARMADHIKARI HON’BLE SHRI JUSTICE GIRISH S. KULKARNI
Act. :	Income Tax Act,1961			Under Section 260A

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481402	27/01/2014	100,330,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B97977979
2	10481184	27/01/2014	135,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B97885032
3	10436510	29/05/2013	100,330,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B79472106
4	90237359	24/03/2003 *	19,400,000.00	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD.	UDYOG BHAWAN, 5; FLOOR; BLOCK NO - 11 & 12; SEC -  11, GANDHINAGAR, Maharashtra - 382011, INDIA	-
5	90237193	04/03/1997	713,000.00	RAGHUVANSHI COOPERATIVE BANK LTD.	30/32; RANWADI KABADEVI ROAD, MUMBAI, Maharashtra,  INDIA	-
6	90237185	12/02/1997	1,955,000.00	RAGHUVANSHI COOPERATIVE BANK LTD.	30/32; RAMWASDI; -ST CROSS LANE, KALBADEVI ROAD,  MUMBAI, Maharashtra - 400002, INDIA	-
7	90237126	25/01/1994 *	2,700,000.00	BANK OF BAORDA	BORI BUNDER BRANCH, MUMBAI, Maharashtra - 400001,  INDIA	-
8	90233744	09/09/1992 *	1,560,000.00	GUJARAT STATE FINANCIAL CORPORATION	JALDARSHAN BUILDING, ASHRAM ROAD, AHMEDABAD, Guj  arat - 380009, INDIA	-

Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Building

· Plant and Equipment

· Furniture and Fixture

· Vehicle

· Office Equipment

· Scientific Research Equipment

· Laboratory Equipment

· Electrical Installations

· Computer

Intangible Assets

· Computer Software

· Licenses and Franchise

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.60.11
UK Pound	1	Rs.102.32
Euro	1	Rs.81.75

INFORMATION DETAILS

Information Gathered by :	HEN
Analysis Done by :	SUB
Report Prepared by :	JGT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	YES
--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	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.