MIRA INFORM REPORT

Report Date :

12.07.2013

IDENTIFICATION DETAILS

Name :	AFCO INDUSTRIAL AND CHEMICALS LIMITED
Formerly Known As :	CHAWLA CHEMICAL INDUSTRIES LIMITED
Registered Office :	9, Wallace Street, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.02.1983
Com. Reg. No.:	11-012744
Capital Investment / Paid-up Capital :	Rs.7.605 Millions
CIN No.: [Company Identification No.]	U24110MH1983PLC012744
PAN No.: [Permanent Account No.]	AABCA0100B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Electronic Components.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Plans to close down
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “The Bombay Burmah Trading Corporation Limited”. It is an established company having moderate track record. There appears an accumulated loss recorded during 2012 due to which reserve has been eroded. However, Mr. Alok from accounts department has confirmed that the company is temporarily active and servicing the existing orders only due to which the sales turnover is low as the management is planning to close down the unit. However, business is temporarily active. Payment terms are slow. The company can be considered for business dealings on a safe and secured 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.

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 DECLINED BY

Name :	Mr. Alok
Designation :	Account Department
Contact No.:	91-22-25785651
Date :	11.07.2013

LOCATIONS

Registered Office :	9, Wallace Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22079351
Fax No.:	91-22-22071612
E-Mail :	bbtcl@bom2.vsnl.net.in
Factory :	Plot No. 2, Kanjur Village Road, Kanjur Marg (East), Mumbai - 400042, Maharashtra, India
Tel. No.:	91-22-25785651/ 25782852
Fax No.:	91-22-25784389

DIRECTORS

As on: 16.08.2012

Name :	Mr. Ashok Panjwani
Designation :	Director
Address :	402, Daisylea Apartment, Mount Pleasant Road, Malbar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	28.09.1956
Qualification :	B Com , CA
Date of Appointment :	10.11.2006
DIN No.:	00025754
Name :	Mr. Nitin Hariyantlal Datanwala
Designation :	Director
Address :	Cosmopolis, 21, L. D. Ruparel Marg, Malbar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	29.11.1951
Qualification :	B Com , CA, CS
Date of Appointment :	10.11.2006
DIN No.:	00047544
Name :	Ms. Jayshree Ramasubramanian
Designation :	Director appointed in casual vacancy
Address :	A/6, Aishwarya Co-Operative Society, Shastri Nagar, Dombivli West, Mumbai – 421202, Maharashtra, India
Date of Birth/Age :	18.04.1966
Qualification :	B Com, CA
Date of Appointment :	18.03.2009
DIN No.:	00081620

KEY EXECUTIVES

Name :	Mr. Alok
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 16.08.2012

Names of Shareholders	No. of Shares
The Bombay Burmah Trading Corporation Limited, India	76038
Anil Kumar Hirjee	2
Rameshchandra Shantilal Gandhi	2
Nitin Hariyantlal Datanwala	2
Vasant Anandrao Dhume	2
Shailesh Ramesh Dalvi	2
Dhirendra J. Paleja jointly held with The Bombay Burmah Trading Corporation Limited, India	2
Total	76050

Equity Share Break up (Percentage of Total Equity)

As on: 16.08.2012

Category	Percentage
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Electronic Components.

Products :

Product Description	ITC Code
Heat Sink	85489000

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	1st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
PAN No.:	AAAFB9852F
Associates :	Inor Medical Products Limited CIN No.: U51100MH1972PLC016213
Holding Company :	Bombay Burmah Trading Corporation Limited CIN No.: L99999MH1863PLC000002

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 Millions
50000	11.5% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.5.000 Millions
	Total		Rs.13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76050	Equity Shares	Rs.100/- each	Rs.7.605 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.605	7.605
(b) Reserves & Surplus	(1.738)	(1.704)
(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)	5.867	5.901
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.799	1.554
Total Non-current Liabilities (3)	1.799	1.554
(4) Current Liabilities
(a) Short term borrowings	2.940	4.338
(b) Trade payables	0.546	0.373
(c) Other current liabilities	0.540	0.255
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	4.026	4.966
TOTAL	11.692	12.421
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.050	2.056
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	3.526	3.526
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.201	0.201
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	5.777	5.783
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1.638	1.436
(c) Trade receivables	1.178	0.813
(d) Cash and cash equivalents	2.829	1.567
(e) Short-term loans and advances	0.095	2.759
(f) Other current assets	0.175	0.063
Total Current Assets	5.915	6.638
TOTAL	11.692	12.421

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.605
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(1.320)
NETWORTH		6.285
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		6.914
TOTAL BORROWING		6.914
DEFERRED TAX LIABILITIES		0.000
TOTAL		13.199
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.070
Capital work-in-progress		0.000
INVESTMENT		3.526
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.429
	Sundry Debtors	4.057
	Cash & Bank Balances	0.495
	Other Current Assets	0.000
	Loans & Advances	3.803
Total Current Assets		9.784
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.196
	Other Current Liabilities	0.599
	Provisions	1.386
Total Current Liabilities		2.181
Net Current Assets		7.603
MISCELLANEOUS EXPENSES		0.000
TOTAL		13.199

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	6.044	6.249	6.472
		Other Income	0.183	0.279	0.428
		TOTAL (A)	6.227	6.528	6.900
Less	EXPENSES
		Cost of materials consumed	2.113	1.996
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(0.263)	0.006
		Employee benefit expense	0.872	1.022
		Other expenses	3.485	3.490
		TOTAL (B)	6.207	6.514	7.360
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.020	0.014	(0.460)
Less	FINANCIAL EXPENSES (D)		0.007	0.004	0.001
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.013	0.010	(0.461)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.046	0.054	0.063
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.033)	(0.044)	(0.524)
Less	TAX (H)		0.000	0.340	0.121
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.033)	(0.384)	(0.645)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.704)	(1.320)	(0.675)
	BALANCE CARRIED TO THE B/S		(1.737)	(1.704)	(1.320)
	Earnings/ (Loss) Per Share (Rs.)		(0.44)	(5.05)	(8.48)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.53)	(5.88)	(9.35)
Net Profit Margin (PBT/Sales)	(%)	(0.55)	(0.70)	(8.10)
Return on Total Assets (PBT/Total Assets}	(%)	(0.40)	(0.49)	(4.42)
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.01)	(0.08)
Debt Equity Ratio (Total Debt/Networth)		0.50	0.74	1.10
Current Ratio (Current Asset/Current Liability)		1.47	1.34	4.49

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Dues to Micro and Small Enterprises	0.000	0.000
Dues to others	0.546	0.373
Total	0.546	0.373	0.196

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

The Company reported a Turnover of Rs.6.698 Millions as compared to Rs.7.037 Millions in the previous year. The Company incurred a nominal loss of Rs. 0.033 Million as compared to Rs. 0.384 Million in the previous year. All efforts are being made to increase the Turnover and the profitability of the Company.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Loans repayable on demand from others (Repayable on demand)	2.940	4.338
Total	2.940	4.338

FIXED ASSETS

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Land

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.59.64
UK Pound	1	Rs.90.14
Euro	1	Rs.77.99

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.