MIRA INFORM REPORT

Report No. :	345988
Report Date :	19.10.2015

IDENTIFICATION DETAILS

Name :	HINDUSTAN GUM AND CHEMICALS LIMITED
Registered Office :	Birla Colony, Bhiwani -127021, Haryana
Tel. No.:	91-1664-243891
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.02.1962
Com. Reg. No.:	05-007739
Capital Investment / Paid-up Capital :	Rs.9.000 Million
CIN No.: [Company Identification No.]	U24299HR1962PLC007739
IEC No.:	0588080942
TAN No.: [Tax Deduction & Collection Account No.]	RTKH01672G
PAN No.: [Permanent Account No.]	AAACH7214E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, exporter of guar gum, guar gum powder and hydrocolloids.
No. of Employees :	3500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 55000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was set up as a joint venture between Stein-Hall, USA (presently, Solvency India Holding Inc. USA [Solvay]) and the M. P. Birla group, India in equal ownership in 1962. It is primarily engaged in the manufacturing of guar gum products/ other hydrocolloids and has three manufacturing units situated in Haryana, Rajasthan and Gujarat. It has fine track record. There is drastic dip in its revenue as well as profit of the company during FY2014. However, it possesses a healthy financial risk profile marked by strong networth base, comfortable overall gearing and liquidity position. The rating also takes into consideration experienced promoters and management team and its established market position. Trade relations are fair. Business is active. Payment are regular and as per commitment. The company 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

Rating Agency Name	CARE
Rating	Long term bank facilities: “A+”
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	30.12.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A1+”
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	30.12.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. J. K. Soni
Designation :	Account Manager
Contact No.:	91-9896554111
Date :	17.10.2015

LOCATIONS

Registered/ Head Office/ Factory 1 :	Birla Colony, Bhiwani -127021, Haryana, India
Tel. No.:	91-1664-243891/ 243892/ 243894/ 243811/ 243214
Fax No.:	91-1664-243813
E-Mail :	jksoni@hindustangum.com ashokdepura@hindustangum.com bhiwani@hindustangum.com hichem@vsnl.com
Website :	http://www.hindustangum.com
Factory 2:	E-282-283, Phase H, MIA, Basin, Jodhpur - 342005, Rajasthan, India
Tel. No.:	91-291-2740954/ 2740309/ 2745281
Fax No.:	91-291-245282
Factory 3 :	Plot No-780, Viramgam, Ahmedabad - 382150, Gujarat, India
Tel. No.:	91-2715-234218/ 234318/ 234289
Fax No.:	91-2715-233800

DIRECTORS

AS ON 01.09.2014

Name :

Mr. Dhanraj Bansal

Designation :

Director

Address :

Universal Cable Limited, Birla Vikas, Satna – 485005, Madhya Pradesh, India

Date of Birth/Age :

01.08.1939

Qualification :

M.SC

Date of Appointment :

21.11.2008

DIN No.:

00050612

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	L31300MP1983PLC002134	VINDHYA TELELINKS LIMITED	Director	06-11-1987	06-11-1987	-	Active	NO
2	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Director	29-06-2012	24-10-1992	-	Active	NO
3	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	21-11-2008	30-09-2006	-	Active	NO
4	U24134DL2007PTC159596	HITEK DERIVATIVES & POLYMERS PRIVATE LIMITED	Director	22-02-2007	22-02-2007	03-03-2008	Active	NO
5	U31300UP1987PTC008657	UNIVERSAL TELELINKS PRIVATE LIMITED	Director	31-07-2007	16-06-2007	-	Active	NO
6	U33200GA2009PTC006140	BIRLA FURUKAWA FIBRE OPTICS Private Limited	Director	23-07-2009	23-07-2009	-	Active	NO
7	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	28-06-2012	05-05-2012	-	Active	NO
8	U31300MP1989PTC005550	UNIVERSAL ELECTRICALS PRIVATE LIMITED	Director	12-08-2014	19-05-2014	-	Active	NO

Name :

Mr. Kailash Chand Mittal

Designation :

Director

Address :

Challenger Tower-1, Flat No 1903-04, Thakur Village, Kandivali (East), Mumbai - 400101, Maharashtra, India

Date of Birth/Age :

23.05.1938

Date of Appointment :

03.12.2013

DIN No.:

00049841

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	U67200MH2003PTC143312	JLT INDEPENDENT INSURANCE BROKERS PRIVATE LIMITED	Director	11-12-2009	11-12-2009	Active	NO
2	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	03-12-2013	03-12-2013	Active	NO

Name :

Mr. Hans Ulrich Bohi

Designation :

Director

Address :

Sehlossshalds, Burglen 8575, Burglen, Switzerland

Date of Birth/Age :

28.11.1924

Date of Appointment :

01.06.1972

DIN No.:

00225333

Name :

Mr. Harbans Lal Chawla

Designation :

Alternative Director

Address :

B-1/318, Janakpuri, New Delhi - 110058, India

Date of Birth/Age :

31.08.1933

Qualification :

MA

Date of Appointment :

10.11.2011

DIN No.:

00251164

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	U67120DL2004PTC128499	SAVVY SHARES TRADERS PRIVATE LIMITED	Director	20-08-2004	20-08-2004	Active	NO
2	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	10-11-2011	30-09-2006	Active	NO

Name :

Michel Maurice Ybert

Designation :

Director

Address :

16, Ridley Park, Singapore, 248488, Singapore

Date of Birth/Age :

19.01.1951

Qualification :

HEC Graduate

Date of Appointment :

12.11.2003

DIN No. :

00319148

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	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	12-11-2003	12-11-2003	-	Active	NO
2	U24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Director	13-02-2004	13-02-2004	-	Active	NO
3	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Director	23-08-2013	27-12-2012	14-11-2014	Active	NO

Name :

Mr. Harsh Vardhan Lodha

Designation :

Director

Address :

8, National Tower, 13, Loudon Street, Kolkata - 700017, West Bengal, India

Date of Birth/Age :

13.02.1967

Qualification :

CA

Date of Appointment :

05.05.2004

DIN No.:

00394094

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	L74999WB1919PLC003516	ALFRED HERBERT (INDIA) LTD	Director	20-09-1990	20-09-1990	-	Active	NO
2	U21012DL1990PTC102759	SICPA INDIA PRIVATE LIMITED	Director	11-03-1994	11-03-1994	-	Active	NO
3	L26942OR1949PLC000185	OCL INDIA LIMITED	Director	26-02-1996	26-02-1996	12-05-2008	Active	NO
4	U25199TN1955PLC000740	FENNER (INDIA) LIMITED	Director	18-03-1996	18-03-1996	-	Amalgamated	NO
5	U65999WB1995PTC068123	SWISS INDIA FINANCIAL SERVICES COMPANY PRIVATE LIMITED	Director	21-03-1996	21-03-1996	-	Active	NO
6	L01132WB1919PLC003334	BIRLA CORPORATION LIMITED	Director	23-04-1996	23-04-1996	-	Active	NO
7	U68192WB1983PLC036273	MANORAJ INVESTMENT LIMITED	Alternate director	20-05-1996	20-05-1996	28-02-2012	Active	NO
8	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	24-04-1998	24-04-1998	-	Active	NO
9	U74140WB1981PLC033942	ELCO CONSULTANTS LIMITED	Alternate director	09-01-2001	09-01-2001	19-09-2014	Active	NO
10	U29261WB1982PLC034537	CITY CONSULTANTS LIMITED	Alternate director	09-02-2001	09-02-2001	19-09-2014	Active	NO
11	U74140WB1983PLC036275	ADVANCE BUSINESS SERVICES LIMITED	Alternate director	16-02-2001	16-02-2001	19-09-2014	Active	NO
12	U24114WB1982PLC034581	HARSH CHEMICALS LIMITED	Alternate director	16-02-2001	16-02-2001	06-10-2014	Active	NO
13	U74140WB1983PLC036276	CENTRAL BUSINESS SERVICES LIMITED	Alternate director	16-02-2001	16-02-2001	19-09-2014	Active	NO
14	U70109WB1995PLC074449	PUNJAB PRODUCE HOLDINGS LIMITED	Director	08-04-2004	08-04-2004	-	Active	NO
15	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	05-05-2004	05-05-2004	-	Active	NO
16	L31300MP1983PLC002134	VINDHYA TELELINKS LIMITED	Director	05-05-2004	05-05-2004	-	Active	NO
17	U70200WB1995PTC074504	MAZBAT PROPERTIES PRIVATE LIMITED	Director	14-06-2004	14-06-2004	-	Active	NO
18	U67120WB1995PTC074450	MAZBAT INVESTMENTS PRIVATE LIMITED	Director	14-06-2004	14-06-2004	-	Active	NO
19	U51109WB1942PTC075039	BARODA AGENTS AND TRADING CO. PRIVATE LIMITED	Director	15-06-2004	15-06-2004	-	Active	NO
20	U74999WB1937PTC025402	THE PUNJAB PRODUCE AND TRADING CO. PRIVATE LIMITED	Director	15-06-2004	15-06-2004	-	Active	NO
21	U28939WB1942PTC025403	GWALIOR WEBBING CO. PRIVATE LIMITED	Director	15-06-2004	15-06-2004	-	Active	NO
22	U65993WB1951PTC019688	EAST INDIA INVESTMENT CO PRIVATE LIMITED	Director	15-06-2004	15-06-2004	-	Active	NO
23	U24134DL2007PTC159596	HITEK DERIVATIVES AND POLYMERS PRIVATE LIMITED	Director	22-02-2007	22-02-2007	03-03-2008	Active	NO
24	U31300UP1987PTC008657	UNIVERSAL TELELINKS PRIVATE LIMITED	Director	31-07-2007	16-06-2007	25-09-2014	Active	NO
25	U24231TN1992PLC062306	J.K. FENNER (INDIA) LIMITED	Director	27-12-2007	18-10-2007	-	Active	NO
26	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Director	29-10-2007	29-10-2007	-	Active	NO
27	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	02-08-2014	30-06-2008	-	Active	NO
28	U74140WB2001PTC093908	ONEWORLD RESOURCES PRIVATE LIMITED	Director	29-09-2009	17-10-2008	-	Active	NO
29	U33200GA2009PTC006140	BIRLA FURUKAWA FIBRE OPTICS PRIVATE LIMITED	Director	23-07-2009	23-07-2009	-	Active	NO
30	AAC-2063	LA CREME DE LA CREME SERVICES LLP	Designated Partner	24-03-2014	24-03-2014	-	Active	NO

Name :

Mr. Mohammed Hossain Beyad

Designation :

Director

Address :

259, Prospect Plains Road, Cranbury NJ 08512, USA

Date of Birth/Age :

28.11.1950

Qualification :

PHD Chemical Technology

Date of Appointment :

13.06.2007

DIN No.:

00897567

Name :

Mr. Shashank Madan Mohan

Designation :

Director

Address :

C-14, IFS Apartments, Mayur Vihar, Phase 1, Delhi, India

Date of Birth/Age :

27.07.1944

Qualification :

MSC Physics

Date of Appointment :

13.06.2007

DIN No.:

01569514

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	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	13-06-2007	13-06-2007	Active	NO
2	L74899DL1987PLC026607	BHARTIYA INTERNATIONAL LIMITED	Director	08-09-2014	30-07-2007	Active	NO
3	U74140DL2007PTC171354	UTOPIA MANAGEMENT SERVICES (INDIA) PRIVATE LIMITED	Director	30-09-2008	13-12-2007	Active	NO

Name :

Mr. Ian Edward Brown

Designation :

Director

Address :

6, Green Lane Grove, Singapore

Date of Birth/Age :

19.05.1961

ACMA

Date of Appointment :

12.02.2014

DIN No.:

02427816

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	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	12-02-2014	21-11-2008	Active	NO
2	U24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Director	30-01-2009	30-01-2009	Active	NO
3	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Director	23-08-2013	27-12-2012	Active	NO

Name :

Mr. Prakash Raman

Designation :

Alternate Director

Address :

Sowdhagya 13/2 Old No 1094th Street, Karpagam Avenue, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

19.07.1971

Qualification :

BE Chemicals and MBA

Date of Appointment :

20.02.2013

DIN No.:

02596690

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	U74130GJ2005PTC062544	SOLVAY SPECIALITIES INDIA PRIVATE LIMITED	Managing director	01-04-2009	01-04-2009	Active	NO
2	U24120TG2001PTC036807	SOLVAY VISHNU BARIUM PRIVATE LIMITED	Director	14-09-2012	14-09-2012	Active	NO
3	U24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Director	23-08-2013	13-02-2013	Active	NO
4	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	20-02-2013	20-02-2013	Active	NO

Name :

Mr. Oliver Stephen Hufer

Designation :

Alternate Director

Address :

Krumme Laenge, 15, Bizen, 79589, Germany

Date of Birth/Age :

17.05.1968

Qualification :

Bechlor Degree in Economics

Date of Appointment :

14.06.2010

DIN No.:

03100056

Name :

Mr. Pu Chen

Designation :

Director

Address :

51, Hillview Avenue, 07-02, 669565, Singapore

Date of Birth/Age :

10.06.1963

Qualification :

Post Graduate (Chemistry), MBA

Date of Appointment :

12.02.2014

DIN No.:

02427677

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	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	12-02-2014	21-11-2008	Active	NO
2	U24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Alternate director	13-02-2013	26-03-2009	Active	NO
3	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Alternate director	13-02-2013	13-02-2013	Active	NO

Name :

Mr. Manoj Khullar

Designation :

Alternate Director

Address :

B-171, Ramprastha, Ghaziabad - 201011, Uttar Pradesh, India

Date of Birth/Age :

21.11.1970

Qualification :

Master of Buss. Administration and Chemical Engg

Date of Appointment :

20.02.2013

DIN No.:

06415392

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	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Director	23-08-2013	27-12-2012	Active	NO
2	U24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Managing director	01-01-2013	01-01-2013	Active	NO
3	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	20-02-2013	20-02-2013	Active	NO

Name :

Mr. Pierre Franck Marie Yves Valentin

Designation :

Director

Address :

62 Trevose Crescent 02-01, Trevose Park, 298063, Singapore

Date of Birth/Age :

29.06.1965

Qualification :

M.S.

Date of Appointment :

23.08.2013

DIN No.:

06450747

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	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Director	23-08-2013	27-12-2012	Active	NO
2	U24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Director	23-08-2013	13-02-2013	Active	NO
3	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	20-02-2013	20-02-2013	Active	NO

Name :

Mr. Oliver Touret

Designation :

Director

Address :

17, Gorden Way NJ Prinction, 08540, USA

Date of Birth/Age :

25.05.1961

Qualification :

PHD in Chemistry

Date of Appointment :

20.02.2013

DIN No.:

06478594

Name :

Mr. Brian Lewis Downward

Designation :

Director

Address :

Brtony, Chapel Close, Leigh Sint On, Malvern, WR 13, 52131, UK

Date of Birth/Age :

28.06.1959

Qualification :

BSc (H) combined Science

Date of Appointment :

20.02.2013

DIN No.:

06499525

KEY EXECUTIVES

Name :	Mr. J. K. Soni
Designation :	Account Manager

MAJOR SHAREHOLDERS

AS ON 01.09.2014

Names of Shareholders	No. of Shares
Solvay India Holding Inc., U.S.A	450000
Gwalior Webbing Company Private Limited, India	90000
The Punjab Produce and Trading Company Private Limited, India	90000
Baroda Agents and Trading Company Private Limited, India	90000
Eastern India Educational Institution, India	179396
Eastern India Educational Institution, India Having Jt. A/C. Shivnath Prasad	300
Eastern India Educational Institution, India Having Jt. A/C. Dau Lal Rathi	300
Eastern India Educational Institution, India Having Jt. A/C. Sushil Kumar Daga	1
Eastern India Educational Institution, India Having Jt. A/C H. V. Lodha	1
Eastern India Educational Institution, India Having Jt. A/C V. K. Sharda	1
Eastern India Educational Institution, India Having Jt. A/C Ashok Devpura	1
Total	900000

As on 01.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	30.00
Other top fifty shareholders	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter of guar gum, guar gum powder and hydrocolloids.
Products :	· Guar Gum · Guar Gum Powder · Hydrocolloids
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	· USA · China · Switzerland
Imports :	Not Divulged
Terms :
Selling :	RTGS
Purchasing :	RTGS

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

3500 (Approximately)

Bankers :

Banker Name :	Citibank N.A
Branch :	DLF Square, M Block, Jacaranda Marg, DLF City Phase - II, Gurgaon - 122002, Haryana, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

BNP Paribas, 1^st Floor, East Towers (Sood Towers), 25, Barakhamba Road, New Delhi - 110001, Delhi, India

State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi - 110001, Delhi, India

· UCO Bank

Punjab National Bank

AXIS Bank Limited

IDBI Bank Limited

Bank of Baroda

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans repayable on demand from banks	1305.919	844.354
Total	1305.919	844.354

Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	401-408, Pragati House 47-48, Nehru Place, New Delhi – 110019, India
PAN No.:	AAQFS6429R
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates :	· Solvay India Holding Inc, United States · Solvay (Zhangjiagang) Speciality Chemicals Co. Limited, China · Solvay Speciality Chemicals Asia Pacific Pte Limited, Singapore · Solvay USA Inc., United States · Rhodia Operations SAS, France · Rhodia Uruguay S.A., Uruguay

CAPITAL STRUCTURE

AS ON 01.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.000	9.000	9.000
(b) Reserves & Surplus	19168.192	17882.393	6539.017
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19177.192	17891.393	6548.017
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	105.813	75.962	54.302
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	32.898	29.026	27.729
Total Non-current Liabilities (3)	138.711	104.988	82.031
(4) Current Liabilities
(a) Short term borrowings	1305.919	903.006	3570.501
(b) Trade payables	253.746	310.284	262.136
(c) Other current liabilities	67.399	189.416	282.649
(d) Short-term provisions	589.858	5188.990	2511.771
Total Current Liabilities (4)	2216.922	6591.696	6627.057
TOTAL	21532.825	24588.077	13257.105
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1263.605	866.067	706.374
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	12.490	223.197	42.325
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2268.223	1864.378	4.378
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1539.081	92.309	61.840
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5083.399	3045.951	814.917
(2) Current assets
(a) Current investments	12705.597	13387.195	0.000
(b) Inventories	1380.191	2187.669	9932.399
(c) Trade receivables	1455.619	2749.840	1271.343
(d) Cash and cash equivalents	639.687	2403.291	9.225
(e) Short-term loans and advances	53.526	452.318	563.434
(f) Other current assets	214.806	361.813	665.787
Total Current Assets	16449.426	21542.126	12442.188
TOTAL	21532.825	24588.077	13257.105

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		16291.707	47436.742	28880.387
		Other Income		1065.568	1045.915	61.903
		TOTAL (A)		17357.275	48482.657	28942.290
Less	EXPENSES
		Cost of Materials Consumed		12365.877	20794.407	19765.912
		Purchase of Stock-in-trade		81.804	15.937	18.479
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		653.428	2166.271	(3290.899)
		Employee Benefits Expenses		227.909	210.170	185.648
		Other Expenses		1468.629	1282.905	2073.896
		Prior Period Items		0.000	0.000	0.163
		TOTAL (B)		14797.647	24469.690	18753.199
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			2559.628	24012.967	10189.091
Less	FINANCIAL EXPENSES (D)			43.485	169.344	167.724
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			2516.143	23843.623	10021.367
Less	DEPRECIATION/ AMORTISATION (F)			142.950	112.754	81.230
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			2373.193	23730.869	9940.137
Less	TAX (H)			539.851	7521.660	3212.065
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			1833.342	16209.209	6728.072
	EARNINGS IN FOREIGN CURRENCY
			FOB value of manufactured goods	14887.202	44680.529	25959.924
			traded goods	5.677	0.000	0.000
			other income	2.969	0.000	0.000
	TOTAL EARNINGS			14895.848	44680.529	25959.924
	IMPORTS
			Raw Materials	7.680	0.969	12.763
			components and spare parts	4.223	0.130	8.439
			Capital Goods	2.117	6.117	1.580
	TOTAL IMPORTS			14.020	7.216	22.782
	Earnings Per Share (Rs.)			2037.00	18010.00	7476.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	4347.512	30772.367	1427.021

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	11.25	34.17	23.30
Operating Profit Margin (PBDIT/Sales)	(%)	15.71	50.62	35.28
Return on Total Assets (PBT/Total Assets)	(%)	12.33	105.47	75.24
Return on Investment (ROI) (PBT/Networth)		0.12	1.33	1.52
Debt Equity Ratio (Total Debt /Networth)		0.07	0.05	0.55
Current Ratio (Current Asset/Current Liability)		7.42	3.27	1.88

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	9.000	9.000	9.000
Reserves & Surplus	6539.017	17882.393	19168.192
Net worth	6548.017	17891.393	19177.192
long-term borrowings	0.000	0.000	0.000
Short term borrowings	3570.501	903.006	1305.919
Total borrowings	3570.501	903.006	1305.919
Debt/Equity ratio	0.545	0.050	0.068

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	28880.387	47436.742	16291.707
		64.252	(65.656)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	28880.387	47436.742	16291.707
Profit	6728.072	16209.209	1833.342
	23.30%	34.17%	11.25%

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	No
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	No
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
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	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans repayable on demand from banks	0.000	58.652
Total	0.000	58.652

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10453361	18/09/2013	350,000,000.00	Citibank N.A	Dlf Square, M Block, Jacaranda Marg, Dlf City Phase - II, Gurgaon, Haryana - 122002, India	B86794120
2	10314819	09/09/2011	850,000,000.00	Axis Bank Limited	4/10, Opg House, Asaf Ali Road, New Delhi, Delhi - 110002, India	B24171514
3	10285776	06/03/2012 *	650,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B36416600
4	10115120	12/12/2011 *	685,000,000.00	State Bank of India	Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi, Delhi - 110001, India	B31486269
5	80062315	27/12/2011 *	600,000,000.00	BNP Paribas	1st Floor, East Towers (Sood Towers),, 25, Barakhamba Road,, New Delhi, Delhi - 110001, India	B29382942
6	80027070	10/09/2011 *	765,000,000.00	UCO Bank	Circular Road, Opp. Nehru Park, Bhiwani, Haryana - 127021, India	B24087157
7	80027155	19/04/1979	28,500,000.00	UCO Bank	Ghanta Ghar, Bhiwani, Haryana - 127021, India	-

*Date of modification Charges

FIXED ASSETS:

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Livestock

Railway Sidings

Intangible Assets

· Computer Software

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.64.97
UK Pound	1	Rs.100.55
Euro	1	Rs.73.99

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.