MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	CHEMTRADE OVERSEAS PRIVATE LIMITED
Registered Office :	A – 404, Bhaveshwar Arcade, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.11.2007
Com. Reg. No.:	11-176122
Capital Investment / Paid-up Capital :	Rs. 0.900 Million
CIN No.: [Company Identification No.]	U74900MH2007PTC176122
TAN No.: [Tax Deduction & Collection Account No.]	MUMC15980G
PAN No.: [Permanent Account No.]	AADCC2181Q
Legal Form :	Private Limited Liability Company
Line of Business :	Importers, Exporters, and Trader of Chemicals and Pharmaceutical Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 87000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The profitability appears to be low but the performance capability is high. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2B
Rating Explanation	High performance capability and moderate financial strength
Date	26.07.2012

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

Name :	Mr. Ashish Kirtikumar Shah
Designation :	Director
Contact No.:	91-22-61447721
Date :	21.06.2013

LOCATIONS

Registered Office / Admin Office :	A – 404, Bhaveshwar Arcade, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
Tel. No.:	91-22-67551122 / 67551133 / 67551155 / 25004533
Mobile No.:	91-9820056350 (Mr. Ashish Kirtikumar Shah)
Fax No.:	91-22-67551134
E-Mail :	info@chemtrade.in sales@chemtrade.in chemtrade@vsnl.com mehtamihir921@gmail.com
Website :	www.chemtrade.in
Branch Office 1 :	49, Patel Chamber, Plot No. 41, Sector 9, Ghandidham–370 201, Gujarat, India
Tel. No.:	91-2836-231408
Fax No.:	91-2836-231408
Branch Office 2 :	432, Vikram Tower, Sapna Sangeeta Road, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-22-61447777
Fax No.:	91-22-61447700

DIRECTORS

As on 29.09.2012

Name :

Mr. Jatin B. Shah

Designation :

Director

Address :

1306/ 07, Ajitnath Neelkanth Enclave, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

30.12.1970

Date of Appointment :

23.11.2007

DIN No.:

00999871

PAN No.:

AACPS9842A

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	U24239AP2005PTC047317	INTER LABS (INDIA) PRIVATE LIMITED	Director	27-11-05	27-11-05	-	Active	NO
2	U74900MH2007PTC176122	CHEMTRADE OVERSEAS PRIVATE LIMITED	Director	23-11-07	23-11-07	-	Active	NO
3	U15531MH2007PTC167640	MORYA GRAIN DISTILLERIES PRIVATE LIMITED	Director	01-03-12	15-03-08	-	Active	NO

Name :

Mr. Ashish Kirtikumar Shah

Designation :

Director

Address :

215/ 601, Arunodaya Darshan, 90 Feet Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

21.07.1976

Date of Appointment :

01.09.2008

DIN No.:

02294940

PAN No.:

ABGPS4763D

Name :

Mr. Niraj B. Shah

Designation :

Director

Address :

601, Shivam, 212, R.N. Narkar Road, Opposite Swimming Pool, Ghatkopar (East), Mumbai – 400 075, Maharashtra, India

Date of Birth/Age :

28.09.1973

Date of Appointment :

23.11.2007

DIN No.:

01679225

PAN No.:

AACPS9827K

Name :

Ms. Seema A. Shah

Designation :

Director

Address :

215/ 601, Arunodaya Darshan, 90 Feet Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

09.11.1978

Date of Appointment :

01.09.2008

PAN No.:

ARYPS0219E

Name :

Mr. Viral Shah

Designation :

Director

Address :

215/ 601, Arunodaya Darshan, 90 Feet Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

06.11.1979

Date of Appointment :

01.09.2008

PAN No.:

ALMPS3064P

Name :

Ms. Swati V Shah

Designation :

Director

Address :

215-601, Arunoday 90 Feet Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

04.12.1980

Date of Appointment :

01.09.2008

DIN No.:

02294921

PAN No.:

ALLPS4725Q

Name :

Ms. Gomathi J Shah

Designation :

Director

Address :

1306, Neelkanth Enclave, LBS Marg, Ghatkopar (West), Mumbai-400086, Maharashtra, India

Date of Birth/Age :

06.06.1972

Date of Appointment :

01.09.2008

DIN No.:

02295196

PAN No.:

ARVPS2886A

Name :

Ms. Krupa N Shah

Designation :

Director

Address :

601, Shivam, 6th Floor, R N Narkar Road, Ghatkopar (East), Mumbai-40075, Maharashtra, India

Date of Birth/Age :

17.07.1974

Date of Appointment :

01.09.2008

DIN No.:

02295114

PAN No.:

AVSPS5993B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Jatin B Shah	15000
Niraj B Shah	10000
Ashish K Shah	15000
Seema A Shah	10000
Viral H Shah	10000
Swati V Shah	10000
Gomathi J Shah	10000
Krupa N Shah	10000
TOTAL	90000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importers, Exporters, and Trader of Chemicals and Pharmaceutical Products.

Products :

Item Code No. (ITC Code)	29051100
Product Description	Methanol
Item Code No. (ITC Code)	29031500
Product Description	Ethtlene Dichloride
Item Code No. (ITC Code)	29160000
Product Description	Methyl Acryalte

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Canara Bank, 112, Jayachamarajendra Road, Bangalore-560002, Branch-77, Prabha, R B Mehta Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India

· HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from others (Secured against hypothecation of Verna Car. The rate of interest is 11.75% per annum. The loan is repyable in 36 equal monthly instalments of Rs.0.027 Millions upto 07.05.2014)	0.329	0.000
Short-term borrowings
Loans repayable on demand from banks (Secured against hypothecation of Stock-in-trade and Book Debt)	21.816	12.129
Total	22.145	12.129

Banking Relations :	---
Auditors :
Name :	K.F. Doshi And Company Chartered Accountants
Address :	504, Dalamal Chambers, 29, New Marine Lines, Churchgate, Mumbai-400020, Maharashtra, India
Tel. No.:
PAN No.:	AAAPD4410F
Relatives of Key management personnel :	· Interlabs India Private Limited (JV Chem) · Arihant Colourants

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.10/- each	Rs. 0.900 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.10/- each	Rs. 0.900 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	0.900	0.900
(b) Reserves & Surplus	20.918	14.808
(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)	21.818	15.708
(3) Non-Current Liabilities
(a) long-term borrowings	0.329	0.000
(b) Deferred tax liabilities (Net)	0.019	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.348	0.000
(4) Current Liabilities
(a) Short term borrowings	28.064	33.820
(b) Trade payables	399.781	379.545
(c) Other current liabilities	53.050	21.269
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	480.895	434.634
TOTAL	503.061	450.342
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.340	0.450
(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	1.000	1.000
(c) Deferred tax assets (net)	0.000	0.017
(d) Long-term Loan and Advances	0.050	0.050
(e) Other Non-current assets	5.555	3.642
Total Non-Current Assets	7.945	5.159
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	126.041	88.840
(c) Trade receivables	347.355	344.951
(d) Cash and cash equivalents	10.889	7.878
(e) Short-term loans and advances	7.003	3.360
(f) Other current assets	3.828	0.154
Total Current Assets	495.116	445.183
TOTAL	503.061	450.342

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.900
2] Share Application Money		0.000
3] Reserves & Surplus		8.743
4] (Accumulated Losses)		0.000
NETWORTH		9.643
LOAN FUNDS
1] Secured Loans		18.812
2] Unsecured Loans		11.943
TOTAL BORROWING		30.755
DEFERRED TAX LIABILITIES		0.030
TOTAL		40.428
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.494
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.861
	Sundry Debtors	197.855
	Cash & Bank Balances	5.592
	Other Current Assets	0.000
	Loans & Advances	24.982
Total Current Assets		285.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	221.199
	Other Current Liabilities	21.317
	Provisions	2.850
Total Current Liabilities		245.366
Net Current Assets		39.924
MISCELLANEOUS EXPENSES		0.010
TOTAL		40.428

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	1657.900	1158.400	853.600
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		8.919	8.538	9.212
Less	TAX		2.810	2.472	2.861
	PROFIT AFTER TAX		6.109	6.066	6.351
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.808	8.743	2.392
	BALANCE CARRIED TO THE B/S		30.918	14.808	8.743
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.208	NA	NA
	TOTAL EARNINGS		1.208	NA	NA
	Earnings Per Share (Rs.)		67.88	67.40	70.57

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.78	1.90	3.22
Return on Investment (ROI) (PBT/Networth)		0.41	0.54	0.96
Debt Equity Ratio (Total Debt /Networth)		1.30	2.15	3.19
Current Ratio (Current Asset/Current Liability)		1.03	1.02	1.16

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Loans and advances from related parties	6.248	21.691
Total	6.248	21.691

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74900MH2007PTC176122
Name of the company	CHEMTRADE OVERSEAS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A – 404, Bhaveshwar Arcade, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India mehtamihir921@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10138374
Type of charge	· Book debts · Floating charge
Particular of charge holder	Canara Bank, 112, Jayachamarajendra Road, Bangalore-560002, Branch-77, Prabha, R B Mehta Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India managermcity0236@canbank.co.in
Nature of instrument creating charge	Supplemental common hypothcation agreement
Date of instrument Creating the charge	04.12.2012
Amount secured by the charge	Rs.95.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Stipulated by the Bank from time to time Terms of Repayment As Stipulated by the Bank from time to time Margin As Stipulated by the Bank from time to time Extent and Operation of the charge The Bank has sanctioned additional limit of Rs.40.000 Millions, thereby enhancing the limits from Rs.55.000 Millions to Rs.95.000 Millions. To Secure the repayment of the said enhanced limit of Rs.95.000 Millions with interest, the Company has created charge in favour of the Bank by way of Hypothecation of Stock and Book Debts. Others Cash Credit / OD/ BD : Rs. 50.000 Millions Letter of Credit : Rs. 45.000 Millions Total : Rs. 95.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation on Stocks and Books Debts
Date of instrument modifying the charge	03.12.2012
Particulars of the present modification	The Bank has sanctioned additional limit of Rs.40.000 Millions, thereby enhancing the limits from Rs. 55.000 Millions to Rs. 95.000 Millions. To Secure the repayment of the said enhanced limit of Rs. 95.000 Millions with interest, the Company has created charge in favour of the Bank by way of Hypothecation of Stock and Book Debts.

FIXED ASSETS

· Furniture and fixtures

· Vehicles

· Office 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 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.59.73
UK Pound	1	Rs.91.82
Euro	1	Rs.78.23

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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

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.