MIRA INFORM REPORT

Report Date :

22.11.2013

IDENTIFICATION DETAILS

Name :	TRIUMPH CHEMICALS PRIVATE LIMITED
Registered Office :	47/303, Manisha Nagar, Old Bombay Poona Road, Kalwa West, District – Thane, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.03.1997
Com. Reg. No.:	11-106682
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U24239MH1997PTC106682
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has not filed its financials with the government department after the year 2010. Mr. Vijay Dalvi, Director provided us all the general information and also provided the turnover figure however, it is not verified. As per available for the year (2010) the company seems to have achieved minimal turnover. Trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some cautions.

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	Mr. Vijay Kumar Dalvi
Designation :	Director
Contact No.:	91-9004038483
Date :	13.11.2013

LOCATIONS

Registered Office :	47/303, Manisha Nagar, Old Bombay Poona Road, Kalwa West, District – Thane, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9004038483 (Mr. Vijay Kumar Dalvi)
Fax No.:	Not Available
E-Mail :	vijaykumardalvi@yahoo.co.in triumphchem@gmail.com
Factory :	C-20, D-20, MIDC, Mahad Industrial Area, District Raigad , Maharashtra, India

DIRECTORS

(AS ON 30.09.2010)

Name :	Mrs. Pradnya Vijaykumar Dalvi
Designation :	Director
Address :	B-303, Shailendra Nagar, Dattakrupa Co-operative Housing Society, Dahisar (East), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	15.12.1965
Date of Appointment :	18.12.1997
DIN No.:	05162219
Name :	Mr. Ashok Dalvi
Designation :	Director
Name :	Mr. Vijaykumar Shamrao Dalvi
Designation :	Director
Address :	B-303, Shailendra Nagar, Dattakrupa Co-operative Housing Society, Dahisar (East), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	16.10.1960
Date of Appointment :	18.12.1997
DIN No.:	05162223

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Vijaykumar Shamrao Dalvi	83340
Pradnya Vijaykumar Dalvi	8330
Ashok Shamrao Dalvi	8330
Total	100000

(AS ON 30.09.2010)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

25 (Approximately)

Bankers :

· ICICI Bank Limited

Mahad, District Raigad, Maharashtra, India

· Shamrao Vithal Co-op Bank Limited

Borivali Branch, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loan from Bank	2.086	2.169
Cash Credit from Shamrao Vithal Co-op Bank	0.000	0.666
Total	2.086	2.835

Banking Relations :	--
Auditors :
Name :	Bharat J. Rughani and Company Chartered Accountants
Address :	B-103, Shilapan Apartment, Chincholi Bunder Road, Malad (East), Mumbai - 400064, Maharashtra, India
PAN No.:	AAAPR7015A

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	1.426	1.426
3] Reserves & Surplus		0.359	0.461	0.461
4] (Accumulated Losses)		0.000	(0.362)	(0.422)
NETWORTH		1.359	2.525	2.465
LOAN FUNDS
1] Secured Loans		2.209	2.835	2.982
2] Unsecured Loans		3.230	1.830	1.848
TOTAL BORROWING		5.439	4.665	4.830
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6.798	7.190	7.295
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.104	5.310	5.296
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.008	0.007	0.007
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.411	1.528	2.024
	Sundry Debtors	1.114	0.941	0.735
	Cash & Bank Balances	0.123	0.135	0.048
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.093	0.093	0.093
Total Current Assets		2.741	2.697	2.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.106	0.886	0.994
	Other Current Liabilities	0.036	0.034	0.021
	Provisions	0.000	0.000	0.000
Total Current Liabilities		1.142	0.920	1.015
Net Current Assets		1.599	1.777	1.885
MISCELLANEOUS EXPENSES		0.087	0.096	0.107
TOTAL		6.798	7.190	7.295

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	0.170	0.619
		Other Income	0.926	0.571
		TOTAL (A)	1.096	1.190
Less	EXPENSES
		Increase/ Decrees in Stock	0.025	0.558
		Material Cost	0.218	0.114
		Manufacturing Expenses	0.322	0.146
		Salary and Wages	0.025	0.002
		Administrative and Other Expenses	0.065	0.054
		Selling and Advertisement Expenses	0.010	0.005
		Cost of Borrowing	0.116	0.035
		TOTAL (B)	0.781	0.914
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.315	0.276
Less	FINANCIAL EXPENSES (D)		0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.315	0.276
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.206	0.216
	PROFIT BEFORE TAX (E-F) (G)		0.109	0.060
Less	TAX (H)		0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		0.109	0.060
Less/ Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.362)	(0.422)
	BALANCE CARRIED TO THE B/S		(0.253)	(0.362)
	Earnings Per Share (Rs.)		1.09	--

Particulars	31.03.2013	31.03.2012	31.03.2011
Sales Turnover (Approximately)	9.700	5.900	5.700
	Due to more order sales Increased

Expected Sales (2013-14): Rs.12.000 Millions

The above information has been parted by Mr. Vijay Dalvi.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.95	5.04	NA
Net Profit Margin (PBT/Sales)	(%)	64.12	9.69	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.39	0.75	NA
Return on Investment (ROI) (PBT/Networth)		0.08	0.02	NA
Debt Equity Ratio (Total Debt/Networth)		4.00	1.85	1.96
Current Ratio (Current Asset/Current Liability)		2.40	2.93	2.86

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last five years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
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 LOANS

Particulars	31.03.2010	31.03.2009
	(Rs. In Millions)
From Director	0.600	0.600
From Shareholders	0.377	0.377
Pradnya Dalvi	0.330	0.330
Vijaykumar Dalvi	1.922	0.522
Total	3.229	1.829

FINANCIAL RESULTS

The profit and loss account of the company shows a Net Profit amounting to Rs.0.109 Million

GENERAL REVIEW

The company‘s performance was not satisfactory during the year. The company could not achieve its turnover as well as it could not achieve its target of net profit. The directors are hopeful that the company shall be able to achieve its target of Net Profit in the to come. The future of the company seems to be bright.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10455788	28/09/2013	15,500,000.00	ALLAHABAD BANK	188, RAJESH CENTRE, 1ST FLOOR, S.V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	B87839783

FIXED ASSETS:

· Freehold Land

· Building

· Electrical Equipment

· Plant and Machinery

· Furniture

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.62.89
UK Pound	1	Rs.101.14
Euro	1	Rs.84.42

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.