MIRA INFORM REPORT

Report Date :

30.12.2014

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) :	31.03.2013
Date of Incorporation :	23.11.2007
Com. Reg. No.:	11-176122
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U74900MH2007PTC176122
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMC15980G
PAN No.: [Permanent Account No.]	AADCC2181Q
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporters of Chemicals and Pharmaceutical Products.
No. of Employees :	20 (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 88000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its latest financial i.e. 2014 with the government department. As per available financial of 2013, the profit margin of the company seems to be low, borrowings of the company has also increased However, trade relations are reported as fair. Business is active. Payments terms 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 – 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. Kamlesh
Designation :	Accountant
Contact No.:	91-022-61447736
Date :	27.12.2014

LOCATIONS

Registered Office / Admin Office :	A – 404, Bhaveshwar Arcade, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
Tel. No.:	91-22-61447736/61447777
Fax No.:	91-22-67551134
E-Mail :	accounts@chemtrade.in
Website :	www.chemtrade.in
Warehouse :	Bhiwandi, Thane, Maharashtra, India
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 30.09.2013

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

KEY EXECUTIVES

Name :	Mr. Kamlesh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Age
Jatin B Shah	37500	12.50
Niraj B Shah	37500	12.50
Ashish K Shah	37500	12.50
Seema A Shah	37500	12.50
Viral H Shah	37500	12.50
Swati V Shah	37500	12.50
Gomathi J Shah	37500	12.50
Krupa N Shah	37500	12.50
TOTAL	300000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporters 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

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

v Chemicals

Countries :

v USA

v China

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Modi Chem, - Borivali, Mumbai Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Retailers and End Users

Reference :	Sanjay Chemicals India Private Limited, Mumbai – 40009, Maharashtra, India
Name of the Person :	Masjid
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	Ghatkopar (East) Branch
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)	Denied to provide contract details

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
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)	0.341	0.329
Short-term borrowings
Loans repayable on demand from banks (Secured against hypothecation of Stock-in-trade and Book Debt)	38.498	21.816
Total	38.839	22.145

Auditors :
Name :	K.F. Doshi And Company Chartered Accountants
Address :	504, Dalamal Chambers, 29, New Marine Lines, Churchgate, Mumbai-400020, Maharashtra, India
PAN No.:	AAAPD4410F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available
Relatives of Key management personnel :	Interlabs India Private Limited (JV Chem) Arihant Colourants

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.000	0.900	0.900
(b) Reserves & Surplus	27.881	20.918	14.808
(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)	30.881	21.818	15.708
(3) Non-Current Liabilities
(a) long-term borrowings	0.341	0.329	0.000
(b) Deferred tax liabilities (Net)	0.184	0.019	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.525	0.348	0.000
(4) Current Liabilities
(a) Short term borrowings	67.682	28.064	33.820
(b) Trade payables	391.859	399.781	379.545
(c) Other current liabilities	61.634	53.050	21.269
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	521.175	480.895	434.634
TOTAL	552.581	503.061	450.342
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.272	1.340	0.450
(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	1.000	1.000
(c) Deferred tax assets (net)	1.001	0.000	0.017
(d) Long-term Loan and Advances	0.050	0.050	0.050
(e) Other Non-current assets	6.225	5.555	3.642
Total Non-Current Assets	21.548	7.945	5.159
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	49.371	126.041	88.840
(c) Trade receivables	462.474	347.355	344.951
(d) Cash and cash equivalents	11.956	10.889	7.878
(e) Short-term loans and advances	0.219	7.003	3.360
(f) Other current assets	7.013	3.828	0.154
Total Current Assets	531.033	495.116	445.183
TOTAL	552.581	503.061	450.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	2261.100	1657.900	1158.400
		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		9.978	8.919	8.538
Less	TAX		3.015	2.810	2.472
	PROFIT AFTER TAX		6.963	6.109	6.066
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.917	14.808	8.743
	BALANCE CARRIED TO THE B/S		27.880	30.918	14.808
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	1.208	NA
	TOTAL EARNINGS		NA	1.208	NA
	Earnings Per Share (Rs.)		23.21	20.36	20.22

Particulars	31.03.2014
Sales Turnover	2050.000

The above information has been parted by Mr. Kamlesh.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.31	0.37	0.52
Operating Profit Margin (PBITD/Sales)	(%)	100.00	100.00	100.00
Return on Total Assets (PBT/Total Assets}	(%)	1.81	1.78	1.90
Return on Investment (ROI) (PBT/Networth)		0.32	0.41	0.54
Debt Equity Ratio (Total Debt /Networth)		2.20	1.30	2.15
Current Ratio (Current Asset/Current Liability)		1.02	1.03	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.900	0.900	3.000
Reserves & Surplus	14.808	20.918	27.881
Net worth	15.708	21.818	30.881
long-term borrowings	0.000	0.329	0.341
Short term borrowings	33.820	28.064	67.682
Total borrowings	33.820	28.393	68.023
Debt/Equity ratio	2.153	1.301	2.203

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1158.400	1657.900	2261.100
		43.120	36.383

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1158.400	1657.900	2261.100
Profit	6.066	6.109	6.963
	0.52%	0.37%	0.31%

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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 LOAN

(Rs. In Million)

Particular	As on 31.03.2013	As on 31.03.2012
Short-term borrowings
Loans and advances from related parties	29.184	6.248
Total	29.184	6.248

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10138374	26/09/2014 *	250,000,000.00	CANARA BANK	BRANCH: 77, PRABHA, R B MEHTA ROAD, GHATKOPAR - E,  MUMBAI, Maharashtra - 400077, INDIA	C34353649

* Date of charge modification

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.63.63
UK Pound	1	Rs.98.97
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

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