MIRA INFORM REPORT

Report Date :

20.06.2013

IDENTIFICATION DETAILS

Name :	AKASH PUROCHEM PRIVATE LIMITED
Registered Office :	1/3, Kandhari Colony, 2^nd Road, Chembur (East), Mumbai-400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.10.1986
Com. Reg. No.:	11-041136
Capital Investment / Paid-up Capital :	Rs. 0.950 Million
CIN No.: [Company Identification No.]	U24200MH1986PTC041136
TAN No.: [Tax Deduction & Collection Account No.]	MUMA18964B / MUMA13095F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Exporter of Chemicals (Inorganic and Phosphate)
No. of Employees :	59 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 33000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company seems to be low. The external borrowing appears to be huge. However, trade relations are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 PARTED BY

Name :	Miss Madhuri
Designation :	Sales Executive
Contact No.:	91-9320231817
Date :	20.06.2013

LOCATIONS

Registered Office :	1/3, Kandhari Colony, 2^nd Road, Chembur (East), Mumbai - 400071, Maharashtra, India
Tel. No.:	91-22-64564850 / 51/ 52/ 60
Mobile No.:	91-9320231817 (Miss Madhuri)
Fax No.:	91-22-25210934
E-Mail :	vinipul@vsnl.com sachin@sachinfcs.com umang_bom7@yahoo.co.in
Website :	www.akashpurochem.net
Area :	800 Sq. ft.
Location :	Owned
Factory :	Located at: Punvel Talkoja
Branch Office :	Masjid Bunder, Mumbai, Maharashtra, India.

DIRECTORS

As on: 30.09.2012

Name :

Mr. Vipul Premchand Shah

Designation :

Director

Address :

1 /5, Kandhari Colony, 2^nd Road, Chembur, Mumbai-400071, Maharashtra, India.

Date of Birth/Age :

18.10.1970

Date of Appointment :

22.07.1996

DIN No.:

01297439

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	U24200MH1986PTC041136	Akash Purochem Private Limited	Director	22/07/1996	22/07/1996	-	Active	NO
2	U24239MH1983PTC030037	Mercury Pharmachem Industries Private Limited	Director	16/10/2007	16/10/2007	-	Active	NO

Name :

Mr. Pramod Vitthal Pashte

Designation :

Additional Director

Address :

MMA 355/5, Bharat Sevak Samaj, Rahivashi Sangh, Ghatala, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

01.06.1968

Date of Appointment :

29.09.2012

DIN No.:

02902556

KEY EXECUTIVES

Name :	Miss Madhuri
Designation :	Sales Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Premchand Shah	2083
Premchand Shah	2131
Premchand Shah	2765
Vinit P. Shah	1261
Vinit P. Shah	1260
Total	9500

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and Exporter of Chemicals (Inorganic and Phosphate)
Products :	Chemicals Ammonium Chloride Calcium Chloride Ferrous Sulphate Ferrous Sulphate Mono Sodium Phosphate Ammonium Sulphate Calcium Nitrate Magnesium Chloride Potassium Suphate Potassium Nitrate Ammonium Carbonate Ferric choride Di Ammonium Chloride Sodium Phosphate Magnesium Chloride Sodium Thiosulphate Potassium Acetate Zinc Sulphate Sodium Chloride Manganese Sulphate Sodium Phosphate Sodium Acetate Potassium Phosphate Zinc Sulphate Heptahydrate, etc.
Exports :
Products :	Inorganic Phosphate Chemicals
Countries :	· Asians Country · Kuwait
Imports :
Products :	Raw Material
Countries :	China Japan Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

59 (Approximately)

Bankers :

• Cosmos Co-operative Bank Limited, Chembur Branch, Richmond Heights, Central Avenue Road, Gr. Floor, Plot no.239, Chembur, Mumbai- 400071, Maharashtra, India.
• Bharat Co-operative Bank Limited
• The Shamrao Vihtal Co-Operative Bank limited, Mulund (West), Mumbai – 400080, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Cash Credit	0.316	1.652
Total	0.316	1.652

Banking Relations :	--
Auditors :
Name :	Atul C. Bheda and Company Chartered Accountants
Address :	23, Saraswati Sadan, 1^st Floor, 113, Keshavji Naik Road, Chinch Bunder, Mumbai-400009, Maharashtra, India.
PAN No.:	AAEFA9530H
Associates :	Prime Chemicals Shree Chemicals Vinipul Enterprises Vinipul Builders and Developers Mercury Pherma Chem Industrial Private Limited

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9500	Equity Shares	Rs.100/- each	Rs. 0.950 Million

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	0.950	0.950
(b) Reserves & Surplus	7.539	6.568
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.118	0.140
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	39.590	18.415
(b) Trade payables	40.794	58.758
(c) Other current liabilities	4.783	2.887
(d) Short-term provisions	0.450	0.000
TOTAL	94.224	87.718
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.332	3.147
(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	0.100	0.076
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.779	6.001
(e) Other Non-current assets	0.032	0.037
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	36.603	39.499
(c) Trade receivables	47.631	33.774
(d) Cash and cash equivalents	2.513	1.987
(e) Short-term loans and advances	2.162	3.192
(f) Other current assets	0.072	0.005
TOTAL	94.224	87.718

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.450
2] Share Application Money		0.000
3] Reserves & Surplus		4.301
4] (Accumulated Losses)		0.000
NETWORTH		4.751
LOAN FUNDS
1] Secured Loans		1.487
2] Unsecured Loans		23.257
TOTAL BORROWING		24.744
DEFERRED TAX LIABILITIES		0.139
TOTAL		29.634
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.880
Capital work-in-progress		0.000
INVESTMENT		0.076
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.980
	Sundry Debtors	23.529
	Cash & Bank Balances	0.132
	Other Current Assets	0.000
	Loans & Advances	13.320
Total Current Assets		71.961
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.259
	Other Current Liabilities	0.000
	Provisions	1.033
Total Current Liabilities		44.292
Net Current Assets		27.669
MISCELLANEOUS EXPENSES		0.009
TOTAL		29.634

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	153.140	124.258	131.555
		Other Income	NA	3.070	4.992
		TOTAL	NA	127.328	136.547
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	126.186	134.947
	PROFIT BEFORE TAX		1.499	1.142	1.600
Less	TAX		NA	0.375	0.505
	PROFIT AFTER TAX		NA	0.767	1.095
	IMPORTS
		Raw Materials	NA	13.200	7.292
	TOTAL IMPORTS		NA	13.200	7.292
	FOB Value of Exporter		NA	0.368	51.764
	Earnings Per Share (Rs.)		NA	170.47	243.37

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.60	0.80
Net Profit Margin (PBT/Sales)	(%)	0.98	0.91	1.21
Return on Total Assets (PBT/Total Assets}	(%)	1.59	1.30	2.17
Return on Investment (ROI) (PBT/Networth)		0.18	0.15	0.33
Debt Equity Ratio (Total Debt/Networth)		4.66	2.44	5.21
Current Ratio (Current Asset/Current Liability)		1.03	0.98	1.62

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loans and advance from related parties	39.274	16.763
Total	39.274	16.763

FINANCIAL RESULTS

During the year, the Company achieved the sales of Rs. 153.139 Millions as compared to Rs. 124.258 Millions in the previous year. There is net profit before tax of Rs. 1.499 Millions as compared to net profit of Rs. 1.142 Millions in the previous year. Your directors are optimistic about the future of the Company.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Boiler
• Computer
• Telephone
• Air Conditioner
• Furniture and Fixtures
• Motor Car

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. 58.74
UK Pound	1	Rs. 91.99
Euro	1	Rs. 78.70

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	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		33

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.