MIRA INFORM REPORT

Report No. :	347577
Report Date :	03.11.2015

IDENTIFICATION DETAILS

Name :	MAHA SAI FINE CHEMICALS
Registered Office :	Plot No. 38 and 39, Sy. No. 860, IDA Bhongir, Under APIIC-IALA, Bhongir, Nalgonda – 508116, Telangana
Mobile No.:	91-8019526573 [Mrs. Ankita B.K.]
Country :	India
Financials (as on) :	30.06.2015 [Provisional]
Year of Establishment :	2007
Capital Investment :	Rs. 36.360 Million
TIN No.:	28274616286
PAN No.: [Permanent Account No.]	ABYPB0183A
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturing and Selling of Solvents, Chemicals and Intermediaries.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern started in the year 2007 having satisfactory track record. Subject is engaged in manufacturing and selling of solvents, chemical and intermediaries. The concern is performing well. General financial position of the concern is normal and acceptable for business dealings. Proprietor is reported to be experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The concern can be considered normal 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mrs. Ankita B.K.
Designation :	Assistant Manager
Contact No.:	91-8019526573
Date :	02.11.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 38 and 39, Sy. No. 860, IDA Bhongir, Under APIIC-IALA, Bhongir, Nalgonda – 508116, Telangana, India
Tel. No.:	Not Available
Mobile No.:	91-8019526573 [Mrs. Ankita B.K.]
Fax No.:	Not Available
Area :	2790.69 Sq. Yard
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Rudra Nagesh Bala
Designation :	Proprietor
Address :	H. No. 19-1-86, Near Railway Gate, China Mamidipalli, Narasapur - 534201, Andhra Pradesh, India
Date of Birth/Age :	22.01.1968
Qualification :	M. Sc in Organic Chemistry
Experience :	15 Years
PAN No.:	ABYPB0183A

KEY EXECUTIVES

Name :	Mrs. Ankita B.K.
Designation :	Assistant Manager

BUSINESS DETAILS

Line of Business :	Manufacturing and Selling of Solvents, Chemicals and Intermediaries.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Credit [60 Days]
Purchasing :	Credit [30 Days]

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Wholesalers and Retailers

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

40 (Approximately)

Bankers :

Bank Name:	Allahabad Bank
Branch:	Himayat Nagar, Hyderabad, Andhra Pradesh, India
Person Name (with Designation):	Mrs. Suvidha Joshi [Assistant General Manager]
Contact Number:	91-40-27638798
Name of Account Holder:	Maha Sai Fine Chemicals
Account Number:	50040627431 [Term Loan = Rs.2.500 Million] 50130453347 [Term Loan = Rs.2.500 Million] 50040621508 [CC = Rs. 20.000 Million]
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	2 Term Loans of Rs. 2.500 Million each and CC of Rs. 20.000 Million
Account Operation:	Current Account
Remarks: Satisfactory track record

Facilities :

SECURED LOANS	30.06.2015 (Rs. In Million)	31.03.2015 (Rs. In Million)
Allahabad Bank OCC	16.915	20.444
Allahabad Bank TL-I	0.440	1.856
Allahabad Bank TL-II	1.600	0.000
SBH Housing Loan	1.898	0.000
SBH Narsapur	7.661	0.977
SBH Vehicle Loan	0.000	0.896
SBH Surakshit Loan	0.000	7.068
City Bank Home Loan	0.000	1.867
Total	28.514	33.108

Auditors :
Name :	Y.R. Reddy and Company Chartered Accountants
Address :	Hyderabad, Andhra Pradesh, India
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.06.2015 [PROVISIONAL]

PARTICULARS	AMOUNT IN MILLION
Capital	36.070
Add: Net Profit	1.315
	-------------
Total	37.385
Less: Drawings	1.025
	-------------
TOTAL	36.360

FINANCIAL DATA

[all figures are in Rupees Million]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2015 [Provisional] [3 Months]	31.03.2015 [Provisional] [12 Months]	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Capital Account		36.360	36.071	34.088	32.486
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		36.360	36.071	34.088	32.486
LOAN FUNDS
1] Secured Loans		28.514	33.108	26.389	26.584
2] Unsecured Loans		2.712	5.711	7.503	4.696
TOTAL BORROWING		31.226	38.819	33.892	31.280
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		67.586	74.890	67.980	63.766
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.516	10.884	12.605	14.620
Capital work-in-progress		0.000	0.000	0.000	0.000
Immovable Properties		13.600	13.600	13.600	13.600
INVESTMENT		0.000	0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.524	16.422	14.959	8.679
	Sundry Debtors	30.345	35.937	28.733	27.648
	Cash & Bank Balances	0.246	0.228	0.224	0.699
	Other Current Assets	0.000	0.000	0.000	0.000
	Loans & Advances	0.000	0.567	0.524	0.524
Total Current Assets		45.115	53.154	44.440	37.550
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.045	2.128	2.096	1.259
	Other Current Liabilities	0.000	0.055	0.055	0.050
	Provisions	0.600	0.565	0.514	0.695
Total Current Liabilities		1.645	2.748	2.665	2.004
Net Current Assets		43.470	50.406	41.775	35.546
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		67.586	74.890	67.980	63.766

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2015 [Provisional] [3 Months]
	SALES
		Sales	43.805
		Job work	7.145
		TOTAL (A)	50.950
Less	EXPENSES
		Cost of Goods sold	39.431
		Freight	1.022
		Wages	1.545
		Power and Fuel	1.712
		Advertising	0.375
		Salaries	0.942
		Business Promotion	0.158
		Conveyance	0.245
		Factory Maintenance	0.206
		Miscellaneous	0.204
		Office Maintenance	0.122
		Repairs and Maintenance	0.434
		Other Expenses	1.489
		TOTAL (B)	47.885
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.065
Less	FINANCIAL EXPENSES (D)		0.783
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.282
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.367
	PROFIT BEFORE TAX (E-F) (G)		1.915
Less	PROVISION FOR TAX (H)		0.600
	PROFIT AFTER TAX (G-H) (I)		1.315

	PARTICULARS		31.03.2015 [Provisional] [12 Months]	31.03.2014	31.03.2013
	SALES
		Sales	79.654	71.956	82.280
		Job work Receipts	35.973	33.777	21.513
		TOTAL (A)	115.627	105.733	103.793
Less	EXPENSES
		Operational Expenses	98.006	90.169	87.689
		Administrative Expenses	8.812	7.181	8.527
		TOTAL (B)	106.818	97.350	96.216
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.809	8.383	7.577
Less	FINANCIAL EXPENSES (D)		3.318	3.125	2.647
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.491	5.258	4.930
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.721	2.015	1.923
	PROFIT BEFORE TAX (E-F) (G)		3.770	3.243	3.007
Less	PROVISION FOR TAX (H)		0.565	0.514	0.694
	PROFIT AFTER TAX (G-H) (I)		3.205	2.729	2.313

KEY RATIOS

PARTICULARS		30.06.2015 [Provisional] [3 Months]	31.03.2015 [Provisional] [12 Months]	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.00	4.02	3.79	2.81
Operating Profit Margin (PBDIT/Sales)	(%)	7.00	11.05	11.65	9.21
Return on Total Assets (PBT/Total Assets}	(%)	2.77	4.86	4.59	4.57
Return on Investment (ROI) (PBT/Networth)		0.05	0.10	0.10	0.09
Debt Equity Ratio (Total Liability/Networth)		0.86	1.08	0.99	0.96
Current Ratio (Current Asset/Current Liability)		27.43	19.34	16.68	18.74

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Capital Account	32.486	34.088	36.071
Reserves & Surplus	0.000	0.000	0.000
Net worth	32.486	34.088	36.071
Secured Loans	26.584	26.389	33.108
Unsecured Loans	4.696	7.503	5.711
Total borrowings	31.280	33.892	38.819
Debt/Equity ratio	0.963	0.994	1.076

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	82.280	71.956	79.654
		-12.547	10.698

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	82.280	71.956	79.654
Profit after Tax	2.313	2.729	3.205
	2.81%	3.79%	4.02%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years and 3 Months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years and 3 Months	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLION)

PARTICULARS	30.06.2015 [Provisional]	31.03.2015
ICICI Loan	0.500	0.000
Standard Chartered Bank	0.000	0.988
Bajaj Finserve Loan	0.454	1.277
Religare Finvest	0.000	0.755
Capital First	1.252	1.435
Magma Fincorp Limited	0.506	1.256
Total	2.712	5.711

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

(RS. IN MILLION)

PARTICULARS	31.03.2014
INCOME FROM HOUSE PROPERTY
LET OUT
Address: D. No. 19-1-26/1, Ward No. 31, Chinamamidapalli, Narsapur - 534275, Andhra Pradesh, India
Annual Rent		0.720
Less: House Tax		0.038
		------------
Annual Value		0.682
Less: Standard Deduction u/s 24(a)	0.205
Interest u/s 24(b)	1.233	1.438
		------------
TAXABLE INCOME FROM HOUSE PROPERTY		(0.756)
SELF OCCUPIED HOUSE
Address: H. No. B-142, Prakruti Nivas, Opposite Air Force Academy, Annavaram Mandal, Medak District - 502313, Andhra Pradesh, India
Annual Value		0.000
Less: Interest u/s 24(b)		0.150
		------------
PROFITS AND GAINS FROM BUSINESS AND PROFESSION			3.243
Profit before Tax as per Profit and Loss Account		3.243
Add: Depreciation Disallowed		2.015
		------------
		5.258
Less: Allowed Depreciation		2.015
		------------
		3.243
INTER-HEAD ADJUSTMENT OF LOSSES U/S 71
House Property Loss set off from Business Income			(0.906)
			------------
Gross Total Income			2.337
Less: Deductions under Chapter VIA
80C Deduction		0.100
80D Medical Insurance Premia		0.015
		------------
Total Deductions			0.115
			------------
Total Income			2.222
Total Income rounded off u/s 288A			2.222
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.200 Million	0.000
Tax on Rs. 0.300 Million (0.500 – 0.200) @ 10%	0.030
Tax on Rs. 0.500 Million (1.000 – 0.500) @ 20%	0.100
Tax on Rs. 1.222 Million (2.222 – 1.000) @ 30%	0.367
Tax on Rs. 2.222 Million		0.497
		------------
		0.497
Add: Education Cess @ 2%		0.009
		------------
		0.506
Add: Secondary and Higher Education Cess @ 1%		0.005
		------------
		0.511
Less: Tax Deducted at Source
Collection at Source from any Scrap	0.325
Contractors and Sub-Contractors	0.163	0.488
		------------
		0.023
Add: Interest Payable
Interest u/s 234A	0.001
Interest u/s 234B	0.001
Interest u/s 234C	0.001	0.003
		------------
		0.026
Tax Payable		0.026
Tax Rounded off u/s 288B		0.026
		------------
Detail of deduction u/s 80C
80C	0.100
	------------
Total	0.100

------------------------------------------------------------------------------------------------------------------------------

PROFITABILITY STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 [Projected]
1	Sales	175.000
	Total	175.000
2	COST OF SALES
	Purchases	120.000
	Add: Opening stock	16.422
	Add: Other Expenses	30.000
	Sub-total	166.422
	Less: Closing Stock	17.500
	Cost of Sales	148.922
3	Gross Profit	26.078
4	Selling, General & Administrative Expenses	12.500
5	Operating Profit before interest & Depreciation	13.578
6	Interest
	CC	5.600
	TL	0.267
7	Depreciation	1.600
8	Operating profit after interest and depreciation	6.111
9	Add: Other Income	0.000
10	Income before Tax	6.111
11	Provision for Tax	1.222
12	Surplus	4.889

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 [Projected]
	CURRENT LIABILITIES
1	Cash Credit / Overdraft	35.000
	[From Applicant Bank]
2	Loans from Other Banks	0.000
3	Short Term Loans [From Friends and Relatives]	3.500
4	Sundry Creditors	3.000
5	Advance Payment from Customers	0.000
6	Provision for Taxation	1.222
7	Dividend Payable	0.000
8	Any Statutory Liabilities	0.000
9	Other Current Liabilities	2.000
10	TOTAL CURRENT LIABILITIES	44.722
	TERM LOANS
11	Term Loans	5.000
12	TOTAL TERM LOANS	5.000
13	TOTAL OUTSIDE LIABILITIES	49.722
	NETWORTH
14	Capital	35.820
15	Add: Surplus	4.889
	Add: Additions	0.000
	Less: Drawings	1.300
16	NETWORTH	39.409
17	TOTAL LIABILITIES	89.131
	CURRENT ASSETS
18	Cash & Bank balances	0.296
19	Other Deposit	0.030
20	Investments	0.000
21	Receivables	39.000
22	Stock in hand	20.000
23	Other Current Assets	0.000
24	TOTAL CURRENT ASSETS	59.326
	FIXED ASSETS
25	Gross Block	31.405
26	Depreciation	1.600
27	NET BLOCK	29.805
28	Other Current Assets	0.000
29	TOTAL ASSETS	89.131
	VITAL RATIOS
30	Tangible Net worth	39.409
31	Net Working Capital	14.604
32	Net working Capital	1.33
33	Total Outside Liabilities / Net worth	1.26

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM BANK FINANCE-METHOD I

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 [Projected]
1	Total Current Assets [Analysis of Balance Sheet Item No. 24]	59.326
2	Total Current Liabilities [Analysis of Balance Sheet Item No. 10 other than Bank borrowings]	9.722
3	Current Liabilities	49.604
4	Maximum stipulated net working Capital - 25% of W.C. Gap	12.401
5	Actual/Projected Net Working Capital	14.604
6	Item 3 minus item 4	37.203
7	Item 3 minus item 5	35.000
8	MAXIMUM PERMISSIBLE BANK FINANCE [Item 6 or 7 whichever is lower]	35.000
9	Excess borrowings, if any representing short fall in NWC	0.000

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. BALLA RUDRA NAGESH

(RS. IN MILLION)

Liabilities	Amount	Assets	Amount
To Banks / Other Institutions		Cash in hand	0.200
CC Allahabad Bank	17.135	Cash in Bank	0.260
Housing Loans [SBH]	1.898	Paid up in LIC Policy	0.100
Term Loans Allahabad Bank	1.489	Debtors/ Receivables	0.500
Bank	0.319
		Land & Buildings	33.807
		Gold Ornaments	0.400
NETWORTH	15.926	Others	1.500
Total	36.767	Total	36.767

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. BALLA GANGA BHAVANI [GUARANTOR]

(RS. IN MILLION)

Liabilities	Amount	Assets	Amount
To Banks / Other Institutions	0.000	Cash in hand	0.150
		Cash in Bank	0.300
		Paid up in LIC Policy	0.200
		Debtors/ Receivables	0.300
		Land & Buildings	3.500
		Gold Ornaments	1.000
NETWORTH	5.450
Total	5.450	Total	5.450

------------------------------------------------------------------------------------------------------------------------------

COMPANY BACKGROUND

Subject is a Chemical company located at Bhongir IDA Nalgonda, which is about 25 km from Hyderabad city.

The firm was established in 2006 by Mr. Balla Rudra Nagesh who is Master Degree Holder in Organic Chemistry from Andhra University and has worked under Mylan Laboratories and Nagarjuna Chemicals for 15 years, and also has a vast experience in the pharma chemical field. The concerned company deals with major Pharma companies like Natco Pharma, Aurobindo Pharma, Paramila Enterprises, Mylan Labs (formerly Matrix) Zenara Pharmacy Limited and also deals with chemicals companies like Bharath Chemicals, Anugraha Chemicals, Darein Formulations Private Limited, Venkar chemIcals etc for the distillation business.

The company is having a work force of more than 40 employees at present. The production capacity of the company is around 500 to 600 tonnes per month and majorly supplied to different Pharma companies at Rs 50 to 60 Rs per kg and also the second grade solvents is produced about 100 tonnes per month are supplied to paint manufacturing companies locally in Hyderabad @ Rs 30 to 35 per Kg.

The credentials of the party in the market is very good and branch is also expecting to obtain further business and potential leads from the party as they are dealing with many companies and firm located in IDA form more than 10 years with good market goodwill in the sector industry.

TECHNICAL: The company procures Raw materials like Methanol, Thf, EA(Ethyl Astute) Toolin from companies like NATCO Pharma, Piramala Enterprises, Mylan Laboratories, Aurobindo Pharma and takes up the distillation process of the above different chemicals and in turn supplies to companies like, Prathik Enterprises Hyderabad, 2 Apolo Traers Hyderabad, 3 Padmavathi Chemicals Limited, 4 Balaji Industries.

The concerned firm undertakes the distillation process of the chemicals in different stages and removes the unwanted moisture contents in the chemicals and distils (purifies) the chemicals.

Chemicals Like THF takes 48 Hours of Distillation process, Methanol takes l0 to 12 hours of Distillation process and chemicals like EA (Ethyl Astute) 24 hours of distillation process for removal of moisture contents and impurities found in chemicals The final products will be tested by the chemical/pharma companies and later only will be purchased by those companies.

The rejected products will undergo a second stage of distillation and excess moisture contents and impurities to be removed and later final products will be sold. The company also produces mixed solvent. which is purchased by paint manufacturing companies and wooden warmish manufacturing companies and turpentine manufacturing companies.

MARKETING ARRANGEMENTS

The Company starts with the distillation process only against the work order as concerned such the company is assured of buyers for the outputs and only deals with reputed clients in Hyderabad and Andhra Pradesh and Bangalore.

The company is located in an Industrial area situated very close to Hyderabad city at Vijayawada-Warangal highway; as such transportation and other facilities like procurement of raw material and disposal of finished goods are easy.

FUTURE OUTLOOK

Position of the Industry in the present economy

The company has a bright prospect in the present scenario as it is located very close to the Hyderabad city which is called a Pharma city of the country, with about 40% of the world’s total production takes place.

Hyderabad is also known as the Bulk drug capital of India, with nearly one third of India’s bulk drug production is done in Hyderabad.

The main clients of the concerned distillation units are bulk Drug manufacturing companies. This makes it easier and for supplying materials to those companies as transportation cost would be minimal as majority of the Bulk Drug manufacturing are located in Hyderabad.

Having positioned in a wider market the concerned company deals with companies with top Indian pharmaceuticals companies which has their production and distribution units. As such getting never clients into the business very easy. And also future expansion would also be an easier as there is a wider established Pharma/ Chemical market in Hyderabad region.

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

(GENERAL DETAILS)

Title of Account

Maha Sai Fine Chemicals

Limits Proposed/ Sanctioned

350 lacs CCOL [Take over with Enhancement]

Name of Property Owner

Maha Sai Fine Chemicals

Relationship with borrower / applicant

Proprietor

Document Details

Nature of Document

Sale Deed

Document No., Registration Date, SRO and Consideration

11224/2006 dated 30.10.2006, Bhongir

Extent of land

As per title deed	As per actual possession
2790.69 Sq. yd.	2790.69 Sq. yd.

Whether the access to property is mentioned in title deeds

Yes

Whether original documents produced for verification? If not

No (Presently at Allahabad Bank Himayat Nagar Branch)

Property Details

Nature of Property offered as security

Industrial land with factory machinery and shed

Total built in area in case of building and year of construction [Mention class of construction, renovation works etc.]

--

Door No., Ward and Street

Plot No. 38 and 39

Measurement of site or extent of land

2790.69 Sq. yd.

Survey No. and Village

860

Taluk, District and State

Nalgonda (D), Telangana

Boundaries Items No. 1

	As per Primary Doc.	As per Verification
North	Plot No. 40	Plot No. 40, of Mr. Kamal Lodha
South	Plot No. 37	Plot No. 37 of S P Jain
East	60 ft wide road	60 ft wide road
West	Plot No. 43 and 44	Dhanalakshmi Chemical Industries

Identification of Property

Locality

IDA Bhongir

Building name, if any

No name

Nearby Landmark

Dolphin Hotel

Direction from the landmark

Towards IDA

Approx. Distance from the landmark

0.5 km

Mention type of access to the property (Pathway, private road, tarred road etc.)

Accessible both for four wheeler and heavy vehicles, having Tar Roads with drainage facilities.

Local body within which the property is situated

Bhongir Industrial Area Local Authority

Latest Property Tax Receipt No.

--

Latest Land Tax Receipt No.

--

Is property free hold/ leasehold

Freehold

Whether property is self occupied

Self Occupied

Is property fully or partly let out

NA

If letout nature of agreement and rent

NA

Whether Agreement verified

NA

Any kudikidappu in the property

No

Annual letting out value or yield

---

If occupied by owner, amount of rent that can be received

NA

Brief description of the property offered as security

The property offered as security is a Industrial Land (With factory) under Plot No. 38 and 39 under Survey No.860 measuring 2790.69 Sq. Yd. situated at Bhongir IDA Bhongir, Nalgonda (D) Telangana

Consisting of factory, Office building, machinery, lab, Boilers 3 nos. (3 tones, 1 tone and half tons capacity each), 5 nos SS columns with reactors and condenser, 4 nos of SS Storage Tanks and 4 nos of MS storage Tanks, and generators and other storage units with fully compounded walls.

Present Valuation of the property with basis of Valuation [Separate valuations to be given for buildings and land]

Land: 2790.69 Sq. yd. * 8000	22.326
Add: Factory Building and Shed with ACC Roofing 3994.38 Sq. ft. * 400	1.598
Less: Dep @ 20%	0.320
	----------------
Total	23.604

Indicate the value and possibility of getting buyers in case of forced sale

There is direct access to the property; the property is in a Developed Industrial area of Bhongir Nalgonda (D). There will be ready buyers in case of forced sale.

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VALUATION REPORT

(GENERAL DETAILS)

Title of Account

Balla Rudra Nagesh

Limits Proposed/ Sanctioned

Housing Loan 1.898 Million [Takeover]

Name of Property Owner

Balla Rudra Nagesh

Relationship with borrower / applicant

Self

Document Details

Nature of Document

Sale Deed

Document No., Registration Date, SRO and Consideration

3308/2009 dated 07.09.2009, Rs. 1.000 Million

Extent of land

As per title deed	As per actual possession
204 Sq. yd.	204 Sq. yd.

Whether the access to property is mentioned in title deeds

Yes

Whether original documents produced for verification? If not

Yes

Property Details

Nature of Property offered as security

Duplex Residential House

Total built in area in case of building and year of construction [Mention class of construction, renovation works etc.]

1450 Sq. ft., year of construction 2007, Super class construction

Door No., Ward and Street

B-143

Measurement of site or extent of land

204 Sq. yd.

Survey No. and Village

Sy. No. 251/Aa, 216, 196/A, 196/E, 215/A, 200, 201, 219/1A, 219/2A, 219/3A, 219/AA, 219/F, 208, 202, 2015, 206, 209, 214/A, 210, 212, 19, 207, 213 of Annaram (V).

Taluk, District and State

Jinnaram (M) Medak (D), Telangana

Boundaries Items No. 1

	As per Primary Doc.	As per Verification
North	40 ft wide road	40 ft wide road
South	Plot No. 143(part) and Plot No.B-166(part)	Plot No. 143
East	Plot No.141	Plot No.141
West	Plot No.B-165	Plot No.165

Identification of Property

Locality

Prakruti Nivas, Annaram (V) Jinnaram (M) Medak

Building name, if any

Sai Nivas

Nearby Landmark

Opposite Air Force Academy

Direction from the landmark

Towards Gandmaisamma on right side

Approx. Distance from the landmark

300 Mts from Air Force Academy gate

Mention type of access to the property (Pathway, private road, tarred road etc.)

The above property is assessable for both four wheeler and heavy vehicles having tar roads with drainage facilities.

Local body within which the property is situated

Annaram (Panchyat)

Latest Property Tax Receipt No.

--

Latest Land Tax Receipt No.

--

Is property free hold/ leasehold

Freehold

Whether property is self occupied

Self Occupied

Is property fully or partly let out

NA

If letout nature of agreement and rent

NA

Whether Agreement verified

NA

Any kudikidappu in the property

No

Annual letting out value or yield

---

If occupied by owner, amount of rent that can be received

NA

Brief description of the property offered as security

The property offered as security is a Residential Duplex house of Plot No. B-142, admeasuring 204 Sq. Yd. situated at Annaram (V) Jinnaram (M) Medak (D) Telangana

Residential Duplex House is of 1450 Sq. ft., where Ground floor consist of 2 bedroom with attached toilet and bathroom. One hall and a kitchen, floors are fully tiled and a four wheeler parking facilities inside the compound wall.

First Floor consist of one Bed room, one store Room and one leaving room.

Both first and ground floor are fitted with tiles and windows and doors are made of teak woods and also ceiling, entire house is fully compounded with compound walls on all the side.

Having parking facilities for both two and four wheelers.

Present Valuation of the property with basis of Valuation [Separate valuations to be given for buildings and land]

Land: 204 Sq. yd. * 8500	1.734
Add: Ground Floor 850 Sq. ft. * 1700	1.445
Add: First Floor 600 Sq. ft. * 1500	0.900
Less: Dep @ 10%	0.234
	----------------
Total	3.845

Indicate the value and possibility of getting buyers in case of forced sale

There is direct access to the property; the property is in a Developed Gated community of prakruthi Nivas at Annaran (V) Jinnaram (M) Medak (D) Opposite Air Force Academy. There will be ready buyers in case of forced sale.

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FIXED ASSETS

· Furniture and Fittings

· Land

· Factory Buildings

· Plant and Machinery

· Vehicles

· Generator

· Electronic Equipment

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 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. 65.48
UK Pound	1	Rs. 101.06
Euro	1	Rs. 72.22

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.