MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	GLIDE CHEM PRIVATE LIMITED
Registered Office :	S-39, 1^st Floor, Janta Market, Rajouri Garden, New Delhi - 110027
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.05.1998
Com. Reg. No.:	55-094129
Capital Investment / Paid-up Capital :	Rs.45.397 Millions
CIN No.: [Company Identification No.]	U24211DL1998PTC094129
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polymer Products, Pharma Excipients, Food Ingredients, Specialty Chemicals, Diagnostic Kits etc.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to low profitability and low reserves. However, trade relations are fair. Business is active. Payment terms are 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sunil Kumar Jha
Designation :	Accounts Manager
Contact No.:	91-9818604558
Date :	16.12.2014

LOCATIONS

Registered Office :	S-39, 1^st Floor, Janta Market, Rajouri Garden, New Delhi – 110027, India
Tel. No.:	91-11-45566556
Mobile No.:	91-9810063493 (Mr. Jitendra Kohli)
Fax No.:	91-11-45566566
E-Mail :	zhaglide@gmail.com glide@dga.in
Website :	www.glideindia.com
Location :	Rented
Factory 1 :	D/10, NSEZ, Noida - 201305, Uttar Pradesh, India
Location :	Owned
Factory 2 :	Located At Sonepat, Haryana, India
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Gaganpreet Singh Duggal

Designation :

Director

Address :

J5/168, Rajouri Garden, New Delhi, 110027, India

Date of Birth/Age :

06.09.1968

Qualification :

Bachelor in Pharmacy

Date of Appointment :

28.05.1998

DIN No.:

01211869

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	U24211DL1998PTC094129	GLIDE CHEM PRIVATE LIMITED	Director	28/05/1998	28/05/1998	-	Active	NO
2	U85191DL2006PTC151289	LKG PHARMA SPECIALITY INGREDIENTS PRIVATE LIMITED	Director	26/07/2006	26/07/2006	18/02/2008	Strike off	NO
3	U01403DL2006PTC156756	NANZ MED SCIENCE PHARMA PRIVATE LIMITED	Director	19/12/2006	19/12/2006	09/02/2008	Active	NO

Name :

Mr. Jitendra Singh Kohli

Designation :

Director

Address :

J-7/114, Rajouri Garden, New Delhi, 110027, India

Date of Birth/Age :

30.01.1955

Qualification :

B. Sc.

Date of Appointment :

09.10.2000

DIN No.:

00217975

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	U24211DL1998PTC094129	GLIDE CHEM PRIVATE LIMITED	Director	09/10/2000	09/10/2000	-	Active	NO
2	U85191DL2006PTC151289	LKG PHARMA SPECIALITY INGREDIENTS PRIVATE LIMITED	Director	26/07/2006	26/07/2006	18/02/2008	Strike off	NO

KEY EXECUTIVES

Name :	Mr. Sunil Kumar Zha
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Jitendra Singh Kohli	1785740
Gursharan J Kohli	214260
Gaganpreet Singh Duggal	1785673
Balveen Kaur	214327
Total	4000000

Names of Shareholders (Preference Shares)	No. of Shares
Central Chemical Inc. Japan	539749
Total	539749

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	11.89
Directors or relatives of Directors	88.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Polymer Products, Pharma Excipients, Food Ingredients, Specialty Chemicals, Diagnostic Kits etc.
Products :	Polymer Products Pharma Excipients Food Ingredients Specialty Chemicals Diagnostic Kits etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	US South American Countries European Countries South East Asian Countries Middle East
Imports :
Products :	Raw Material
Countries :	Japan China Chili
Terms :
Selling :	Credit
Purchasing :	Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

75 (Approximately)

Bankers :

Banker Name	HDBC Bank
Branch Address	Punjabi Bagh Brach, Delhi, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Central Bank of India (Bank O/d) (Secured against T66 Flat and S 39 Property)	40.725	26.289
Central Bank of India(Term Loan) (secured against Rai factory)	2.280	0.000
HDFC Bank Limited(Car Loan) Secured Against cars	1.361	2.510
ICICI Bank Limited Secured Against cars	1.447	0.000
Standard chartered Bank Secured Against N8 Rajouri Garden)	34.954	22.972
Loan From LIC (Secured Against LIC Keyman policy)	0.758	1.237
Total	81.525	53.008

Banking Relations :	--
Auditors :
Name :	Deepak Gulati and Associates Chartered Accountant
Address :	23, Hanuman Road, Connaught Place, New Delhi - 110001, India
PAN No.:	AAGFD4650H
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	Rs.10/- each	Rs.47.500 Millions
600000	Preference Shares	Rs.10/- each	Rs.6.000 Millions
	Total		Rs.53.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions
539749	Preference Shares	Rs.10/- each	Rs.5.397 Millions
	Total		Rs.45.397 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	45.397	45.397	40.000
(b) Reserves & Surplus	21.047	16.585	11.350
(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)	66.444	61.982	51.350
(3) Non-Current Liabilities
(a) long-term borrowings	89.575	61.987	68.095
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.099	1.036	1.254
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	91.674	63.023	69.349
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	80.161	76.240	69.655
(c) Other current liabilities	1.412	1.817	1.526
(d) Short-term provisions	1.329	1.292	1.341
Total Current Liabilities (4)	82.902	79.349	72.522
TOTAL	241.020	204.354	193.221
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.349	48.425	36.587
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.991	1.928	4.529
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	69.340	50.353	41.116
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.894	30.421	40.694
(c) Trade receivables	120.453	106.113	93.873
(d) Cash and cash equivalents	0.000	1.027	2.802
(e) Short-term loans and advances	5.576	2.551	3.057
(f) Other current assets	14.757	13.889	11.679
Total Current Assets	171.680	154.001	152.105
TOTAL	241.020	204.354	193.221

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
GROSS RECIEPT		611.401	567.675	NA
GROSS PROFIT		45.838	39.550	NA
OTHER EXPENSES		29.210	23.377	NA
FINANCE CHARGES		10.041	8.492	NA
DEPRECIATION		1.699	2.287	NA
PROFIT BEFORE INTEREST & DEPRECIATION		8.605	8.610	NA
NET PROFIT BEFORE TAX		6.906	6.323	NA
PROVISION FOR TAX		1.316	1.290	NA
NET PROFIT AFTER TAX		4.462	5.235	3.407
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.584	11.349	7.972
APPROPRIATIONS		0.000	0.000	0.030
	Short Provision P.Y.
BALANCE CARRIED TO THE B/S		21.046	16.584	11.349
Earnings / (Loss) Per Share (Rs.)		0.98	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	1.35	1.00	1.33
Current Ratio (Current Asset/Current Liability)	2.07	1.94	2.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	40.000	45.397	45.397
Reserves & Surplus	11.350	16.585	21.047
Share Application money pending allotment	0.000	0.000	0.000
Net worth	51.350	61.982	66.444
Long Term borrowings	68.095	61.987	89.575
Short Term borrowings	0.000	0.000	0.000
Total borrowings	68.095	61.987	89.575
Debt/Equity ratio	1.326	1.000	1.348

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 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	No
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 LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
From Directors	5.380	5.692
From Others	0.500	0.500
Loans from Banks and Others
Barclays Bank	2.170	2.787
Total	8.050	8.979

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10524284	23/09/2014	4,500,000.00	The Hongkong and Shanghai Banking Corporation Limited	25, Barakhamba Road, New Delhi, Delhi - 110001, India	C26587345
2	10501491	02/05/2014	116,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	25, Barakhamba Road, New Delhi, Delhi - 110001, India	C05308002
3	10272389	18/02/2011	7,600,000.00	Central Bank Of India	70 Janpath, New Delhi, Delhi - 110001, India	B08170334
4	10199053	08/07/2013 *	49,500,000.00	Central Bank Of India	70-Janpath, New Delhi, Delhi - 110001, India	B80942428
5	90057951	08/07/2013 *	45,000,000.00	Central Bank Of India	70-Janpath, New Delhi, Delhi - 110001, India	B80941636
6	90057843	08/07/2013 *	98,448,000.00	Central Bank Of India	70-Janpath, New Delhi, Delhi - 110001, India	B80940125
7	80057678	19/01/2010 *	1,000,000.00	Central Bank Of India	70, Janpath, New Delhi, Delhi - 110001, India	A78334380
8	90056943	30/07/2004 *	2,000,000.00	Central Bank Of India	70, Janpath, New Delhi, Delhi, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	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		30

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.