MIRA INFORM REPORT

Report Date :

25.03.2014

IDENTIFICATION DETAILS

Name :	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED
Registered Office :	1, Dorf Ketal Tower, D' Monte Street, Orlem, Malad (West), Mumbai - 400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.05.1992
Com. Reg. No.:	11-066726
Capital Investment / Paid-up Capital :	Rs. 842.132 Millions
CIN No.: [Company Identification No.]	U24100MH1992PTC066726
TAN No.: [Tax Deduction & Collection Account No.]	MUMD04225E
PAN No.: [Permanent Account No.]	AAACD3819P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 7140000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Dorf-Ketal Group Company. It is a well-established and reputed company having a fine track record. Latest financial of 2013 could not be made available from government department. As per available financial of 2012, overall financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be regular. The company can be considered for business dealings 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : A
Rating Explanation	Adequate credit quality and average credit risk.
Date	December 11, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	December 11, 2013

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

MANAGEMENT NON CO-OPERATIVE (91-22-28880420)

LOCATIONS

Registered Office / Marketing and Sales Department :	1, Dorf Ketal Tower, D’ Monte Street, Orlem, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-28880420/ 421/ 422/ 423/ 28833900/ 28828374/ 28833901
Fax No.:	91-22-28813655/ 28882366
E-Mail :	kajalm@dorfketal.co.in ashokrao@dorfketal.co.in vaspuja21@yahoo.in ueries.india@dorfketal.com vijaymalpani@dorfketal.co.in queries.india@dorfketal.com
Website :	http://www.dorfketal.com
Corporate Office :	11104 West Airport Suite 125, Stafford, TX 77477, USA
Tel. No.:	832-351-3492/351-3497
Fax No.:	832-351-3498
E-Mail :	ramaswamy@dorfketalusa.com
Factory 1 :	W-165, MIDC, Taloja Chemical Zone, Taluka Panvel, District Raigad, Maharashtra, India
Factory 2:	Plot Survey No. 141, Near Water Treatment Plants of HPSEZ, Mundra, Kutch -370 421, Gujarat, India
Factory 3:	100 Percent Eou S.N.no. 130/1, Jayantibhai Desai Marg, Village Dadra, Silvassa Dadra Nagar and Haveli 396191
Overseas Offices :	Located at: · Brazil · Netherlands · USA · Kingdom of Bahrain · China · Singapore

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sudhir Vijayaraghav Menon

Designation :

Managing director

Address :

501, Swapna Lok, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

27.06.1963

Qualification :

Chemical Engg., LLB, MBA

Date of Appointment :

09.07.1995

PAN No.:

AAJPM4604R

DIN No.:

02487658

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	Company/ LLP Status	Defaulting status
1	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Managing director	09/07/1995	09/07/1995	Active	NO
2	U24119MH1988PTC046283	SUDHA ORGANICS PRIVATE LIMITED	Managing director	06/08/1997	06/08/1997	Active	NO
3	U29196MH1984PTC033331	PERFECT SCALES COMPANY PRIVATE LIMITED	Managing director	10/02/1999	10/02/1999	Active	NO
4	U15540MH2005PTC153849	FOBEOZ INDIA PRIVATE LIMITED	Managing director	08/06/2005	08/06/2005	Active	NO
5	U24249MH2005PTC158039	BEETA FLAVOUR AND CHEMICALS INDIA PRIVATE LIMITED	Managing director	14/12/2005	14/12/2005	Active	NO
6	U55101MH2007PTC170292	LA JAWAAB FOODS PRIVATE LIMITED	Managing director	25/04/2007	25/04/2007	Active	NO
7	U24233MH2010PTC198273	DORF KETAL SPECIALITY CATALYST PRIVATE LIMITED	Director	01/01/2010	01/01/2010	Active	NO

Name :

Mr. Subodh Vijayaraghava Menon

Designation :

Director

Address :

401, Swapna Lok, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

08.08.1971

Qualification :

B. Sc.

Date of Appointment :

12.05.1992

PAN No.:

AAAPM6916D

DIN No.:

00972842

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	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Director	12/05/1992	12/05/1992	-	Active	NO
2	U24119MH1988PTC046283	SUDHA ORGANICS PRIVATE LIMITED	Director	06/08/1997	06/08/1997	-	Active	NO
3	U29196MH1984PTC033331	PERFECT SCALES COMPANY PRIVATE LIMITED	Director	10/02/1999	10/02/1999	-	Active	NO
4	U15540MH2005PTC153849	FOBEOZ INDIA PRIVATE LIMITED	Director	08/06/2005	08/06/2005	-	Active	NO
5	U24249MH2005PTC158039	BEETA FLAVOUR AND CHEMICALS INDIA PRIVATE LIMITED	Director	14/12/2005	14/12/2005	-	Active	NO
6	U55101MH2007PTC170292	LA JAWAAB FOODS PRIVATE LIMITED	Director	25/04/2007	25/04/2007	-	Active	NO
7	U45400MH2007PTC169683	ANKUR REALTY PRIVATE LIMITED	Director	09/05/2008	09/05/2008	15/11/2009	Active	NO
8	U24233MH2010PTC198273	DORF KETAL SPECIALITY CATALYST PRIVATE LIMITED	Director	01/01/2010	01/01/2010	-	Active	NO

Name :

Mr. Perumangode Neelkandhan Ramaswamy

Designation :

Director

Address :

501, Sand Pebble Off, Veeradesai Road, 3^rd Azad Lane, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

22.12.1970

Date of Appointment :

12.05.1992

PAN No.:

AAAPR4696R

DIN No.:

02480775

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	Company/ LLP Status	Defaulting status
1	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Director	12/05/1992	12/05/1992	Active	NO
2	U15540MH2005PTC153849	FOBEOZ INDIA PRIVATE LIMITED	Director	08/06/2005	08/06/2005	Active	NO

Name :

Mr. Aniparambil Vijayaraghava Menon

Designation :

Director

Address :

203, Swing Building, Opposite Nutun School, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Appointment :

26.02.1996

PAN No.:

AADPM5584B

DIN No.:

00019770

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	Company/ LLP Status	Defaulting status
1	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Director	26/02/1996	26/02/1996	Active	NO
2	L24230MH1990PLC059299	BDH INDUSTRIES LIMITED	Director	24/01/2005	24/01/2005	Active	NO

Name :

Mrs. Padmaja Vijayraghavan Menon

Designation :

Director

Address :

203, Swing Building, Opposite Nutun School, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

01.06.1940

Date of Appointment :

26.02.1996

PAN No.:

AMIPM8138M

DIN No.:

02501009

Name :

Mr. Mahesh Subramanyya Subramaniyam

Designation :

Director

Address :

A/3, 104 Raunat Park, Pohhram Road No. 2, Kokani Pada, Thane (West), Thane – 400610, Maharashtra, India

Date of Birth/Age :

16.09.1968

Date of Appointment :

31.03.2003

PAN No.:

AKJPS5615A

DIN No.:

02507158

Name :

Mr. Pramod Menon

Designation :

Director

Address :

701, 7^th Floor, Sand Pebble Off, Veeradesai Road, 3^rd Azad Lane, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

04.01.1967

Date of Appointment :

01.04.2007

PAN No.:

AAHPM718P

DIN No.:

02529703

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	Company/ LLP Status	Defaulting status
1	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Director	01/04/2007	01/04/2007	Active	NO
2	U29196MH1984PTC033331	PERFECT SCALES COMPANY PRIVATE LIMITED	Additional director	04/03/2013	04/03/2013	Active	NO
3	U24119MH1988PTC046283	SUDHA ORGANICS PRIVATE LIMITED	Additional director	04/03/2013	04/03/2013	Active	NO
4	U24249MH2005PTC158039	BEETA FLAVOUR AND CHEMICALS INDIA PRIVATE LIMITED	Additional director	02/05/2013	02/05/2013	Active	NO

Name :

Mr. George Mciver Brannon

Designation :

Director

Address :

10405 Manly Chapel Hill, North Carolina-275178391, United States of America

Date of Birth/Age :

13.10.1951

Date of Appointment :

01.04.2010

DIN No.:

03033411

Name :

Mr. Matthew Harrison Knight

Designation :

Director

Address :

18, Maentel Drive, West Chester, PA USA 19382

Date of Appointment :

23.12.2011

DIN No.:

05164222

Name :

Mr. Akhilesh Bramhaprakash Bhargava

Designation :

Director

Address :

101, Gautam Parag Society, Lewis Wadi, Thane West – 400604, Maharashtra, India

Date of Birth/Age :

25.08.1956

Date of Appointment :

23.01.2012

DIN No.:

05199030

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares	% of Shareholding
Sudhir Menon	5378330	63.87%
Subodh Menon	2798211	33.23%
Ramaswamy Perumangode	26235	0.31%
Aniparambil Menon	4000	0.05%
Padamaja Menon	2040	0.02%
Mahesh Subramanium	2500	0.03%
Sudhir Menon HUF	209000	2.48%
Pramod Menon	1000	0.01%
Total	8421316	100.00%

AS ON 15.10.2012

Names of Allottees	No. of Shares
Sudhir Menon	2296832
Subodh Menon	1150320
Total	3447152

AS ON 05.08.2013

Names of Allottee	No. of Shares
Subodh Menon	1049528
Total	1049528

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, IFB, Natraj Building, 102, 1st Floor, 194, Sir M V Road Western Express Highway, Andheri (East), Mumbai - 400069, Maharashtra, India

· Citibank N. A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Other external commercial borrowings [Secured by Equitable mortgage of company's Land and Building at Plot no. J 11 MIDC Taloja and Buildings thereon And further secured by Personal Guarantee of the Directors of the Company, Sudhir Menon and Subodh Menon and Corporate Guarantee of Dorf Ketal Chemicals LLC, USA. The loan is repayable in 16 quarterly installments starting April 2010.]	59.470	103.811
Working capital loans from banks [Secured by Hypothecation of the Current Assets of the Company and Equitable Mortgage of company's a) Land and Building at Plot no. J 10/3 and J11 at MIDC Taloja, Panvel, Raigad. b) Plant and Machinery located at MIDC Taloja, Panvel, Raigad on Plot nos. W 165 B, J 10/3, J 10/2, W 166 B. c) Material handling, Storage facilities, Fire hydrant and other Systems. d) Other QC equipments, located at the above sites. e) Furniture and Fixtures. f) Office premises of the company at Nishita Apartment, Orlem, Malad (WEST). And further secured by Personal Guarantee of the Directors of the Company, Sudhir Menon and Subodh Menon and Corporate Guarantee of Dorf Ketal Chemicals LLC, USA. The loan is repayable in 20 monthly installments starting December 2010.]	0.000	3.874
Deposits from others	0.481	0.562
Loans and advances from directors	774.254	344.715
Loans and advances from others	4.692	4.692
Other loans and advances	20.462	12.717
	0
SHORT TERM BORROWINGS
Working capital loans from banks [Secured by Hypothecation of the Current Assets of the Company and Equitable Mortgage of the Company's a) Land and Building at Plot no. J 10/3 and J 10/1 at MIDC Taloja, Panvel, Raigad. b) Land and Building(Intec Polymers Division) at Plot no. 130/1 at Jayantibhai Desai Marg, Dadra. c) Office premises of the company at Nishita Apartment, Orlem, Malad (West). Hypothecation charge of a) Fixed Assets other than immoveable property mortgaged to Bank at Plot no. W-165 B, J 10/2, W-166 B at MIDC Taloja, Panvel, Raigad. b) Fixed Assets other than immoveable property mortgaged to Bank at Plot no. 130/1 at Jayantibhai Desai Marg, Dadra (Intec Polymers Division). c) Assets created out of FCTL from SBI, NY. And further secured by Personal Guarantee of the Directors of the Company, Sudhir Menon and Subodh Menon and Corporate Guarantee of Dorf Ketal Chemicals LLC, USA and Dorf Ketal Chemicals AG.]	630.289	514.688
Total	1489.647	985.059

Banking Relations :	--
Auditors :
Name :	S.S. Gajja and Company Chartered Accountants
Address :	9, Raj Mahal, Mathuradas Vissanji Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFS4063K
Subsidiary company :	· Perfect Scales Company Private Limited [U29196MH1984PTC033331] · Sudha Organics Private Limited [U24119MH1988PTC046283] · Dorf Ketal Chemicals, LLC · Dorf Ketal Chemicals B.V · Dorf Ketal Ltda, Brasil · Dorf Ketal AG, Switzerland · Dorf Ketal Speciality Catalyst Private Limited [U24233MH2010PTC198273] · DKSC LLC
Associate :	· Beeta Flavour and Chemicals India Private Limited · Fobeoz India Private Limited [U15540MH2005PTC153849] · Octel Dorf Ketal (India) Private Limited [U24299MH2001PTC133208]

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15,500,000	Equity Shares	Rs. 100/- each	Rs. 1550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,917,996	Equity Shares	Rs. 100/- each	Rs. 1291.800 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8,500,000	Equity Shares	Rs. 100/- each	Rs. 850.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,421,316	Equity Shares	Rs. 100/- each	Rs. 842.132 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	842.132	842.132
(b) Reserves & Surplus	943.364	777.031
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1785.496	1619.163
(3) Non-Current Liabilities
(a) long-term borrowings	859.358	470.371
(b) Deferred tax liabilities (Net)	133.828	123.230
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	993.186	593.601
(4) Current Liabilities
(a) Short term borrowings	881.485	640.194
(b) Trade payables	353.935	342.361
(c) Other current liabilities	191.352	290.757
(d) Short-term provisions	411.303	505.381
Total Current Liabilities (4)	1838.075	1778.693
TOTAL	4616.757	3991.457
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	903.894	820.981
(ii) Intangible Assets	235.493	143.531
(iii) Capital work-in-progress	78.900	14.254
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	400.298	352.938
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	456.589	406.344
(e) Other Non-current assets	1.912	2.868
Total Non-Current Assets	2077.086	1740.916
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	432.569	375.709
(c) Trade receivables	1799.082	1579.518
(d) Cash and cash equivalents	205.473	181.882
(e) Short-term loans and advances	94.346	90.432
(f) Other current assets	8.201	23.000
Total Current Assets	2539.671	2250.541
TOTAL	4616.757	3991.457

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		842.132
2] Share Application Money		0.000
3] Reserves & Surplus		607.920
4] (Accumulated Losses)		0.000
NETWORTH		1450.052
LOAN FUNDS
1] Secured Loans		692.651
2] Unsecured Loans		16.746
TOTAL BORROWING		709.397
DEFERRED TAX LIABILITIES		107.730
TOTAL		2267.179
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		901.680
Capital work-in-progress		17.367
INVESTMENT		51.438
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	265.655
	Sundry Debtors	1185.042
	Cash & Bank Balances	255.017
	Other Current Assets	0.000
	Loans & Advances	600.005
Total Current Assets		2305.719
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	262.716
	Other Current Liabilities	626.805
	Provisions	123.329
Total Current Liabilities		1012.850
Net Current Assets		1292.869
MISCELLANEOUS EXPENSES		3.825
TOTAL		2267.179

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Net Sales / Income from Operations	4113.300	3506.100	3020.400
		Dividend and other Income	36.800	144.100	218.200
		TOTAL (A)	4150.100	3650.200	3238.600
Less	EXPENSES
		TOTAL (B)	3585.900	3265.400	2800.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		564.200	384.800	438.400
Less	FINANCIAL EXPENSES (D)		242.300	104.900	141.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		321.900	279.900	297.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		97.000	77.000	55.000
	PROFIT BEFORE TAX (E-F) (G)		224.900	202.900	242.100
Less	TAX (H)		58.500	33.800	67.700
	PROFIT AFTER TAX (G-H) (I)		166.400	169.100	174.400
Add	PREVIOUS YEARS BALANCE BROUGHT FORWARD		744.900	575.800	401.400
	BALANCE CARRIED TO THE B/S		911.300	744.900	575.800
	Earnings Per Share (Rs.)		19.76	20.08	86.01

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.01	4.63	5.39
Net Profit Margin (PBT/Sales)	(%)	5.47	5.79	8.02
Return on Total Assets (PBT/Total Assets}	(%)	5.44	5.60	7.55
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.17
Debt Equity Ratio (Total Debt/Networth)		0.97	0.69	0.49
Current Ratio (Current Asset/Current Liability)		1.38	1.27	2.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	842.132	842.132
Reserves & Surplus	777.031	943.364
Net worth	1,619.163	1,785.496
long-term borrowings	470.371	859.358
Short term borrowings	640.194	881.485
Total borrowings	1,110.565	1,740.843
Debt/Equity ratio	0.686	0.975

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Net Sales / Income from Operations	3020.400	3506.100	4113.300
		16.081	17.318

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Net Sales / Income from Operations	3020.400	3506.100	4113.300
Profit	174.400	169.100	166.400
	5.77%	4.82%	4.05%

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	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	--
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]	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	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10426538	30/04/2013	3,228,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI (EAST), MUMBAI - 400069, MAHARASHTRA, INDIA	B75420760
2	10406786	18/02/2013	240,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	B69096329
3	10398009	28/12/2012	837,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI (EAST), MUMBAI - 400069, MAHARASHTRA, INDIA	B66226267
4	10398007	28/12/2012	1,040,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI (EAST), MUMBAI - 400069, MAHARASHTRA, INDIA	B66226200
5	10134700	19/12/2008	255,750,000.00	ABN AMRO BANK N. V.	74, SAKHAR BHAVAN, 7TH FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A53267076
6	90154378	25/04/2013 *	1,341,700,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI (EAST), MUMBAI - 400069, MAHARASHTRA, INDIA	B74577735

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Foreign currency term loans from banks	251.196	125.506
Total	251.196	125.506

REVIEW OF OPERATIONS

During the year, the Company registered a robust growth in Sales and Profit driven by contribution from new breakthrough products developed in house. The Company has made substantial investment in new plant and machinery.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
In respect of Bank Guarantees	80.899	69.400
In respect of Letter of Credit	64.565	121.220
In respect of Corporate Guarantee issued in favor of State bank of India New York for Working capital credit lines extended to Subsidiary Company Dorf Ketal Chemicals LLC.	202.500	202.500
In respect of Corporate Guarantee issued in favor of State bank of India New York for Term Loan extended to its Ultimate Subsidiary Dorf Ketal Speciality Catalyst LLC.	990.000	990.000
In respect of Corporate Guarantee issued in favor of State bank of India Mumbai for FC Term Loan extended to its Subsidiary Dorf Ketal Speciality Catalyst India Private Limited	247.500	247.500
In respect of Corporate Guarantee issued in favor of Axis Bank Limited for FC Term Loan extended to its Subsidiary Dorf Ketal Speciality Catalyst India Private Limited	495.000	495.000
In respect of Corporate Guarantee issued in favor of Axis Bank Limited for Working Capital extended to its Subsidiary Dorf Ketal Speciality Catalyst India Private Limited	300.000	300.000
Total	2380.464	2425.620

FIXED ASSETS:

· Land

· Buildings

· Office building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Goodwill

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.60.70
UK Pound	1	Rs. 100.10
Euro	1	Rs. 83.81

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.