MIRA INFORM REPORT

Report Date :

01.03.2014

IDENTIFICATION DETAILS

Name :	NITREX CHEMICALS INDIA LIMITED
Formerly Known As :	QUEST INTERNATIONAL INDIA PRIVATE LIMITED
Registered Office :	1212-13, Ansal Tower, 38 Nehru Palce, New Delhi – 110019, Delhi
Country :	India
Financials (as on) :	30.09.2011
Date of Incorporation :	07.02.2001
Com. Reg. No.:	55-109548
Capital Investment / Paid-up Capital :	Rs.497.862 Millions
CIN No.: [Company Identification No.]	U00000DL2001PLC109548
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Industrial Chemicals and Nitrocellulose.
No. of Employees :	9 (Approximately) (Only Delhi)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 2400000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate trade record. The management has failed to file its financial with government department for the year 2012 and 13. As per previous financial of 2011, the company has achieved decent profitability from its operation and recovered its accumulated losses. However, trade relations are fair. Business is active. Payment terms are unknown. 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.

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 :	Mr. Mahendra Lodha
Designation :	Director
Contact No.:	91-9375325663
Date :	22.02.2014

LOCATIONS

Registered Office / Head Office / Regional Offices 1 :	1212-13, Ansal Tower, 38, Nehru Palce, New Delhi – 110019, Delhi, India
Tel. No.:	91-11-49114911
Mobile :	91-9375325663 (Mr. Mahendra Lodha)
Fax No.:	91-11-49114922
E-Mail :	j.bhatia@nitrex.in b.lal@nitrex.in
Website :	http://www.nitrex.in
Location :	Owned
Factory 1:	Near Waterworks, Village Agrama, District Valsad 396 001, Gujarat, India
Tel. No.:	91-2632-254001
Fax No.:	91-2632-249564
E-Mail :	s-vijay@ici.com
Factory 2:	Located At · Jhagadia
Regional Office 2:	2/24 Happy House, Vakola, Santa Cruz (East) , Mumbai 400 055, Maharashtra, India
Tel. No.:	91-22-26672261
Fax No.:	91-22-26672233
E-Mail :	shilpas@bol.net.in
Regional Office 3:	E-5, HIG Flats, Adyar Apartments, Kottur Garden, Chennai – 600085, Tamilandu, India
Tel. No.:	91-44-24470265
Fax No.:	91-11-49114922
E-Mail :	pathanjali@vsnl.com
Consignment Agents :	Delhi KRS Chemical Company 20-A Ansari Market, Daryaganj, New Delhi 110 002, India Contact: Kamal Kapor Tel: 91-11-23275491 Fax: 91-11-23280977 E mail: krskamal@bol.net.in Vishal Distributors (Private) Limited A-17 Mansarovar Park, Shahdra, Delhi, India Contact : Sudhir Malik Tel: 91-11-22134893 Fax: 91-11-22282048 E mail: maliksudhir@hotmail.com Asia Chemicals Limited G.T. Road, Ghaziabad, Uttar Pradesh, India Contact: Srinagesh Tel: 91-120-24702853 Fax: 91-120-24700709 E mail: acl@cjnet4u.com Mumbai Pradip Corporation, D/3 Jeevan Jyoti, 18/20 Cawasji Patel Street, Fort, Mumbai 400 001, India Contact: Rajendra Mashru / Kunal Mashru Tel: 91-22-28348518 /56311100 Fax: 91-22-28228079 / 22871910 E mail: sales@pradipcorporation.com Chennai R N Iyer and Son 33 Brahmin Street, Old Pallavaram, Chennai 600 117, India Contact: Mr K Sundar Tel: 91-44-22474910 Email: trendpoly@vsnl.com Kolkata Mohta Brothers (Private) Limited Mohta House, 29 Strand Road, Kolkata 700 001, India Contact: M K Mohta Tel: 91-33-22431251 Fax: 91-33-22433252 E mail: aditi@cal.vsnl.net.in

DIRECTORS

AS ON 30.12.2011

Name :

Mr. Mahendra Gumanmal Lodha

Designation :

Director

Address :

85, Sunrise Park, Opposite Drive-in-Road, Thaltej, Ahmedabad 380 054, Gujarat, India

Date of Birth/Age :

04.08.1956

Date of Appointment :

28.11.2008

DIN No.:

00012920

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	U67120MH1995PTC090839	AMFIN FINSER (INDIA) PRIVATE LIMITED	Director	20/07/1995	20/07/1995	-	Converted to LLP and dissolved	NO
2	U74140MH1992PTC068093	DISHA INFIN CONSULTANTS PVT LTD	Director	27/05/1996	27/05/1996	-	Active	NO
3	U45201GJ1992PLC017794	SHYAM COTSYN INDIA LTD	Director	07/04/1997	07/04/1997	04/08/2008	Active	NO
4	L74899DL1987PLC029184	TULIP STAR HOTELS LIMITED	Director	13/05/1998	13/05/1998	-	Active	NO
5	L23200MH1985PLC035187	RAMA PETROCHEMICALS LTD	Director	15/06/1998	15/06/1998	-	Active	NO
6	U14102GJ1991PTC015933	Amazon Textiles Pvt. Ltd.	Director	30/10/1999	30/10/1999	-	Active	NO
7	U60230GJ1991PTC016571	NITREX LOGISTICS PRIVATE LIMITED	Director	30/11/1999	30/11/1999	-	Active	NO
8	U17119GJ1998PTC034719	RAJDHANI TEXTILES PRIVATE LIMITED	Director	19/06/2000	19/06/2000	-	Active	NO
9	U67120GJ1994PLC022633	Edelweiss Stock Broking Limited	Director	19/03/2001	19/03/2001	21/01/2008	Amalgamated	NO
10	U74990GJ1996PTC031188	RASNA PROCESSORS PRIVATE LIMITED	Director	14/08/2001	14/08/2001	-	Active	NO
11	L18101PB1999PLC022452	RAINBOW DENIM LIMITED	Director	12/10/2001	12/10/2001	-	Active	NO
12	L27110GJ1989PLC011748	STEELCO GUJARAT LIMITED	Director	31/07/2003	31/07/2003	-	Active	NO
13	U74140GJ2004PTC043458	DISHAINFIN ADVISOR PRIVATE LIMITED	Director	13/01/2004	13/01/2004	-	Active	NO
14	L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	Director	29/12/2005	29/12/2005	-	Amalgamated	NO
15	U55101BR1964PLC000737	BIHAR HOTELS LIMITED	Director	08/01/2006	08/01/2006	30/01/2010	Active	NO
16	L26942WB1937PLC009086	KALYANPUR CEMENTS LTD	Director	21/09/2012	23/02/2007	-	Active	NO
17	U67190MH2005PTC157235	SIRIUS FINANCIAL SERVICES PRIVATE LIMITED	Director	26/09/2009	08/08/2008	-	Active	NO
18	U00000DL2001PLC109548	NITREX CHEMICALS INDIA LIMITED	Director	28/11/2008	11/08/2008	-	Active	NO
19	U65993MH2002PTC138233	ELATE INVESTMENT AND HOLDINGS PRIVATE LIMITED	Director	01/01/2009	01/01/2009	-	Active	NO
20	L24110GJ1987PLC009484	METROCHEM INDUSTRIES LIMITED	Director	29/09/2010	19/02/2010	-	Amalgamated	NO
21	U74899MH2000PTC243438	Radiant Life Care Private Limited	Director	28/09/2011	25/08/2011	-	Active	NO
22	U45201GJ2006PTC048178	PINAL INFRASTRUCTURE PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO

Name :

Mr. M. R .Rajaram

Designation :

Director

Address :

H2/E-123, DLF City, Phase 5, Gurgaon 122 002, Haryana, India

Date of Birth/Age :

15.03.1946

Date of Appointment :

07.02.2001

DIN No.:

00161064

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	L24292WB1954PLC021516	Akzo Nobel India Limited	Director	19/07/2007	01/06/1997	01/11/2009	Active	NO
2	U73100MH1976NPL019199	ICI INDIA RESEARCH AND TECHNOLOGY CENTRE	Director	23/06/2000	23/06/2000	-	Active	NO
3	U00000DL2001PLC109548	NITREX CHEMICALS INDIA LIMITED	Director	07/02/2001	07/02/2001	-	Active	NO
4	U24299WB2005PTC106272	PMC RUBBER CHEMICALS INDIA PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
5	U24220AP1985PLC023791	POLYINKS LIMITED	Director	04/08/2007	15/12/2006	03/02/2009	Amalgamated	NO
6	U74910TN2008PTC067924	PROXIMA CORPORATE SERVICES PRIVATE LIMITED	Director	25/07/2009	08/12/2008	-	Active	NO

Name :

Mr. Gautam Mithalal Jain

Designation :

Director

Address :

7, Nandi Hill, Near Bhav Birjar Temple, Opposite ISRO, Satellite, Ahmedabad 380 015, Gujarat, India

Date of Birth/Age :

18.06.1952

Date of Appointment :

28.11.2008

DIN No.:

00160167

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	U19200MH1982PTC028438	PRECISION FOOTCARE PVT LTD	Director	30/01/1985	30/01/1985	11/01/2011	Converted to LLP and dissolved	NO
2	U29308GJ1984PTC006918	EXIMCO ELECTRONICS (INDIA) PVT LTD	Director	20/06/1986	20/06/1986	11/12/2010	Converted to LLP and dissolved	NO
3	U74999GJ1991PTC015487	AMAZE TRADING AND INVESTMENT PRIVATE LIMITED	Director	22/04/1991	22/04/1991	29/01/2011	Active	NO
4	U65910GJ1991PTC015488	MAIDEN TRADEFIN PRIVATE LIMITED	Director	22/04/1991	22/04/1991	-	Active	NO
5	U74999GJ1991PTC015502	WORSHIP TRADING PRIVATE LIMITED	Director	23/04/1991	23/04/1991	29/01/2011	Active	NO
6	L24110GJ1987PLC009484	METROCHEM INDUSTRIES LIMITED	Managing director	20/11/1992	20/11/1992	-	Amalgamated	NO
7	L65910GJ1984PLC007181	METROCHEM CAPITAL TRUST LIMITED	Director	15/09/1994	15/09/1994	-	Active	NO
8	U51900MH1993PTC074372	HARVEST TRADE FINVEST P LTD	Director	03/05/1995	03/05/1995	10/02/2014	Active	NO
9	U24231GJ1981PTC004389	ANIL DYE-CHEM INDUSTRIES PRIVATE LIMITED	Director	01/09/1995	01/09/1995	-	Active	NO
10	U24100GJ2007PTC051201	BARODA TEXTILE EFFECTS Private Limited	Director	25/06/2007	25/06/2007	30/06/2009	Active	NO
11	U00000DL2001PLC109548	NITREX CHEMICALS INDIA LIMITED	Director	28/11/2008	11/08/2008	-	Active	NO
12	U45400GJ2007PTC051729	ORNET INFRASTRUCTURE PRIVATE LIMITED	Director	29/10/2009	29/10/2009	29/11/2013	Active	NO
13	U65910GJ1991PTC015499	BLOOM INVESTMENT AND TRADING PRIVATE LIMITED	Director	21/09/2011	27/11/2010	-	Active	NO
14	U65910GJ1991PTC015501	PROGRESSIVE INVATRADE PRIVATE LIMITED	Director	21/09/2011	27/11/2010	-	Active	NO
15	U65910GJ1991PTC015572	CHARM TRADING AND INVESTMENT PRIVATE LIMITED	Director	21/09/2011	11/12/2010	-	Active	NO
16	U65910GJ1991PTC015503	SPARKLING TRADEFIN PRIVATE LIMITED	Director	22/09/2011	11/12/2010	-	Active	NO
17	U24231GJ1992PTC017248	MINERVA DYECHEM INDUSTRIES PVT LTD	Director	22/09/2011	11/12/2010	-	Active	NO
18	U65910GJ1991PTC015498	SEARCH INVATRADE PRIVATE LIMITED	Director	22/09/2011	21/01/2011	-	Active	NO
19	U45201GJ2011PTC065348	DK METRO PROCON PRIVATE LIMITED	Nominee director	01/04/2012	09/05/2011	-	Active	NO
20	L21010MH1992PLC069527	METROGLOBAL LIMITED	Managing director	12/11/2011	14/09/2011	-	Active	NO
21	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Nominee director	01/04/2013	01/04/2013	-	Active	NO
22	U73100GJ2013NPL077804	SANJIVNI MEDISURGE & RESEARCH FOUNDATION	Director	09/12/2013	09/12/2013	-	Active	NO
23	U45200GJ2013PTC077867	TAKSHASHILA METRO INFRASPACE PRIVATE LIMITED	Director	12/12/2013	12/12/2013	-	Active	NO
24	L24110GJ1989PLC012441	AKSHARCHEM (INDIA ) LIMITED	Additional director	21/01/2014	21/01/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.12.2011 (EQUITY SHAREHOLDER)

Names of Shareholders (Equity Shares)	No. of Shares
Ganapati Rathinam	1
Dinesh Tiwari	1
Aradhana Chatterjee	1
Sanjay Agarwal	1
Amul Niphadkar	4000
Sharat Tripathi	10000
Anand Thiyagarajan	32000
Dish Infin Consultants Private Limited	120000
Samir Ashta	120000
Pankaj Chadha	190000
Nitrex Chemicals Employee Stock Option Trust	424000
Mehndra Lodha	840000
Rasna Processors Private Limited	2000000
Sirius Fianical Services Private Limited	5750000
Nitrex Mauritius Limited	8350000
Total	17840004

AS ON 30.12.2011 (PREFERENCE SHAREHOLDER)

Names of Shareholders (Preference Shares)	No. of Shares
Nitrex Mauritius Limited	1200000
Nitrex Mauritius Limited	7000000
CDC GROUP PLC.	4000000
CDC GROUP PLC.	270000
CDC GROUP PLC.	450000
CDC GROUP PLC.	450000
CDC GROUP PLC.	7830000
IDBI Limited	10746200
Total	31946200

AS ON 30.12.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	46.80
Bodies corporate	44.11
Directors or relatives of Directors	4.71
Other top fifty shareholders	4.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Chemicals and Nitrocellulose.

Product :

Item Code No. (ITC Code)	Product Description
391220	Cellulose Nitrate

PRODUCTION STATUS (As on 31.09.2009)

Particulars	Installed Capacity
Valsad	6000
Jhagadia	2000

Note: Installed Capacity in Value and or quantity being a technical matter and the higher capacity installed and the permissibility there of is as certified by the managements.

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Sun Chemical Group SPA

No. of Employees :

9 (Approximately) (Only Delhi)

Bankers :

· Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India

· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuff Parade, Mumbai-400005, Maharashtra, India

Facilities :

Secured Loan	30.09.2011 (Rs. in Millions)	30.09.2010 (Rs. in Millions)
Rupee Term Loans From Banks	120.150	255.000
Foreign Currency term Loans From Banks	135.412	371.253
Working Capital Loans From Banks	0.000	64.833
Interest Accrued Due Other Debts Secured	0.172	70.624
Total	255.734	761.710

Secured Loan

Rupee Term Loans from Banks -Standard Chartered Bank - Secured by pari passu first charge on fixed assets of manufacturing facility at Jhagadia

Foreign Currency Term Loans:- [ECB of USD 3,100,000 From Standard Chartered Bank - Secured by pari passu first charge on fixed assets of manufacturing facility at Jhagadia ]

Working Capital Loan from Standard Chartered Bank

Interest Accrued but not due on Term Loans:- [ Secured by first charge over fixed assets at Valsad and Jhagadia]

Banking Relations :	--
Auditors :
Name :	Hitesh Prakash Shah and Comapny Chartered Accountants
Address :	105, 1^st Floor, Sakar –I, Near Gandhigram Railway, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26586683/85
Fax No.:	91-79-26586684
PAN.:	APGPS0174L
Subsidiaries :	· Excelex Biopolymers Private Limited CIN No.: U24119DL2006PTC153535
Associates :	· Nitrex Mauritius Limited · Sirius Financial Services Private Limited · Rasna Processors Private Limited · Mehta Lodha and Company

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
17940000	Equity Shares	Rs.10/- each	Rs.179.400 Millions
32000000	Preference Shares	Rs.10/- each	Rs.320.000 Millions
	Total		Rs.499.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17840004	Equity Shares	Rs.10/- each	Rs.178.400 Millions
31946200	Preference Shares	Rs.10/- each	Rs.319.462 Millions
	Total		Rs.497.862 Millions

Note:

Preference Shares 1,200,000 issued in 2007 – 08 are fully convertible into equity shares at the conversion price of Rs.25 per shares. The earliest date of conversion is 3 years from the date of allotment i.e. October 9, 2010

Preference Shares 7,000,000 issued in 2008-09 are fully convertible into equity shares and the converted equity shares rank parri – passu to the existing equity shares capital. The earliest date of conversion is 3 years from the date of allotment i.e. September 17, 2011

Preference Shares 13,000,000 issued in 2009-10 are fully convertible into equity shares and the converted equity shares rank parri – passu to the existing equity shares capital. The conversion is excersiable at any at the option of the shareholders.

Preference Shares - 10,746,200 issued in 2010-11 are optionally convertible Cumulative Redeemable Preference

Share into equity shares if default in redeem on 31st March 2022 and the converted equity shares rank parri-passu to the existing equity share capital.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011 (12 Months)	30.09.2010 (18 Months)	31.03.2009 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		497.862	390.400	252.000
2] Share Application Money		0.000	0.000	8.400
3] Reserves & Surplus		83.168	(254.816)	23.500
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		581.030	135.584	283.900
LOAN FUNDS
1] Secured Loans		255.734	761.710	888.752
2] Unsecured Loans		101.635	7.737	11.402
TOTAL BORROWING		357.369	769.447	900.154
DEFERRED TAX LIABILITIES		28.969	61.881	73.403
TOTAL		967.368	966.912	1257.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		557.334	655.857	803.332
Capital work-in-progress		99.898	116.691	93.852
INVESTMENT		99.683	99.683	99.682
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.656	94.051	102.147
	Sundry Debtors	127.751	164.923	168.242
	Cash & Bank Balances	34.991	2.346	0.813
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	112.127	83.061	83.298
Total Current Assets		392.525	344.381	354.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	149.274	231.143	223.642
	Other Current Liabilities	9.901	9.255	6.562
	Provisions	23.485	9.302	11.621
Total Current Liabilities		182.660	249.700	241.825
Net Current Assets		209.865	94.681	112.675
MISCELLANEOUS EXPENSES		0.588	0.000	0.000
PROFIT AND LOSS ACCOUNT		0.000	0.000	147.916
TOTAL		967.368	966.912	1257.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011 (12 Months)	30.09.2010 (18 Months)	31.03.2009 (12 Months)
	SALES
		Income	1396.249	1538.423	756.923
		Other Income	175.768	27.128	39.002
		TOTAL	1572.017	1565.551	795.925
Less	EXPENSES
		Cost Of Sales	0.000	0.000	523.483
		Material Changes In Inventories	856.480	1061.177	0.000
		Staff Cost	0.000	0.000	91.947
		Manufacturing service costs	146.062	203.198	0.000
		Employee related expenses	71.474	96.998	0.000
		Administrative selling other expenses	78.816	161.254	118.039
		Exceptional Income Expenses	(101.266)	(38.478)	65.407
		TOTAL	1051.567	1484.149	798.876
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		520.450	81.402	(2.951)
Less	FINANCIAL EXPENSES		24.071	77.585	93.865
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		496.379	3.817	(96.816)
Less/ Add	DEPRECIATION/ AMORTISATION		178.464	145.657	97.073
	PROFIT (LOSS) BEFORE TAX, PRIOR PERIOD ITEMS		317.915	(141.840)	(193.889)
Less/ Add	PRIOR PERIOD ITEMS BEFORE TAX		0.183	0.083	2.916
	PROFIT/(LOSS) BEFORE TAX		317.732	(141.923)	(196.805)
Less	TAX		(20.265)	(11.522)	(3.306)
	PROFIT/(LOSS) AFTER TAX		337.997	(130.401)	(193.499)
	BALANCE CARRIED TO THE B/S		29.668	(278.317)	(147.916)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Export Earnings	516.876	548.730	265.265
	TOTAL EARNINGS		516.876	548.730	265.265
	IMPORTS
		Raw Materials	54.213	38.951	71.574
	TOTAL IMPORTS		54.213	38.951	71.574
	Earnings/(Loss) Per Share (Rs.)
	Basic		18.95	(7.35)	(16.60)
	Diluted		6.89	(7.35)	(16.60)

KEY RATIOS

PARTICULARS		30.09.2011 (12 Months)	30.09.2010 (18 Months)	31.03.2009 (12 Months)
PAT / Total Income	(%)	21.50	(8.33)	(24.31)
Net Profit Margin (PBT/Sales)	(%)	22.77	(9.23)	(26.00)
Return on Total Assets (PBT/Total Assets}	(%)	33.45	(14.19)	(17.00)
Return on Investment (ROI) (PBT/Networth)		0.55	(1.05)	(0.69)
Debt Equity Ratio (Total Liability/Networth)		0.62	5.67	3.17
Current Ratio (Current Asset/Current Liability)		2.15	1.38	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	30.09.2010	30.09.2011
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	252.000	390.400	497.862
Reserves & Surplus	23.500	(254.816)	83.168
Share Application Money	8.400	0.000	0.000
Net worth	283.900	135.584	581.030
Secured Loans	888.752	761.710	255.734
Unsecured Loans	11.402	7.737	101.635
Total borrowings	900.154	769.447	357.369
Debt/Equity ratio	3.171	5.675	0.615

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	30.09.2010	30.09.2011
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Sales	756.923	1,538.423	1,396.249
		103.247	(9.242)

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	30.09.2010	30.09.2011
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Sales	756.923	1,538.423	1,396.249
Profit After Tax	(193.499)	(130.401)	337.997
	(25.56%)	(8.48%)	24.21%

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	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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

Registered office of the company has been shifted from D-43, South Extension- II, New Delhi – 110049, India to the present address w.e.f. 24.05.2010

UNSECURED LOANS

Particulars	30.09.2011 (Rs. in Millions)	30.09.2010 (Rs. in Millions)
Financial Leas Obligation (Repayable within one year – Rs.1.629 Millions (Previous Years Rs.2.851 Millions))	6.108	7.737
Other Debt	95.526	0.000
Total	101.634	7.737

RESULTS OF OPERATIONS

This is the seventh fiscal year (12 months) of Company’s operations and it has generated Sales of Rs.1382.930 Million and incurred Profit before Tax of Rs. 317.730 Million. The results of the Previous and Current Financial Year are being reported here under.

On account of sincere efforts made by the management, increase in finished goods price and reduction in input prices, the financial performance of the company has improved sharply in comparison to previous period. The income from operation increased to Rs. 1382.930 Million in FY2010-11 as against Rs. 1523.240 Million (annualized Rs. 1015.490 Million) in FY 2010-11 showing an increase of Rs. 367.440 Million (36% increase on annualized basis). Similarly, PBIDT also increased to Rs. 522.170 Million in FY 2010-11 as against of Rs. 82.160 Million (annualized Rs. 54.770 Million) in FY 2010-11 showing increase of Rs. 467.400 Million (853% increase on annualized basis).Similarly, cash accruals also increased to Rs. 496.220 Million in FY 2010-11 as against Rs. 3.740 Million (annualized Rs. 2.490 Million) in FY2010-11 showing increase of Rs.493.930 Million ( 19854% increase on annualized basis).

BUSINESS REVIEW

The operations during the period, though encouraging but remained moderate on account of two major incidents took place at Valsad unit. There was a major accident in Digesters on 21st August 2011 and also there was flood on 29thAugust 2011. As a result, production level hampered for more than 5-6 months, otherwise the operations at unit located in Valsad would have been much improved. The improvement in operations was possible due to rate stability in raw materials, reduction in interest cost and favorable foreign exchange rates. These factors together have significantly contributed to the profits earned by the Company. Directors are working upon an improvement plan. The renewal agreement for the water storage for Valsad manufacturing site is under process, the said agreement will have substantial effects on the viability of the enterprises. The management is planning to replace 3 centrifuges with one centrifuge and a result of the such replacement, the productivity will improve and electricity consumption will reduce.

At Jhagadia, Bharuch Eco Aqua Limited has expanded the capacity of common fluent treatment plant (CEPT), as a result, the company is working for re-commissioning of JME unit as main operating unit in next fiscal year. The Company recruited more than 100 employees who are well experienced and with their great efforts, hard work and dedication, the Company is in the position to recommence its trial production for Phase II from next year. The Company had incurred sizable expenditure to recommence the production. Due to the reasons mentioned above and till the time JME project become fully operational with alternate feedstock, the short to medium term performance of the company may face little pressure.

Fixed Assets

Tangible Assets:

• Land – Freehold
• Land – Leasehold
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• D P Machine
• Rolling Stock

Intangible Assets:

• Goodwill
• Technical Know-How

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10400153	16/01/2013	170,500,000.00	Standard Chartered Bank	(acting as an Security Agent) C D U, NARAIN MANZI  L, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001,  INDIA	B66957630
2	10399992	16/01/2013 *	150,000,000.00	Standard Chartered Bank	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA  KHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B67052498
3	10045756	16/01/2013 *	135,000,000.00	Standard Chartered Bank	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA  KHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B66957374
4	10023795	17/01/2013 *	170,500,000.00	Standard Chartered Bank	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA  KHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B66705880
5	80036582	14/01/2013 *	150,000,000.00	Standard Chartered Bank	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA  KHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B66710161

* Date of charge modification

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.61.93
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	SNT

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	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--EPF	YES/NO	NO
--RBI	YES/NO	NO
TOTAL		32

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.