MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	RADHA MADHAV SURFACTANTS PRIVATE LIMITED
Registered Office :	202, New Ashirwad Square, Sosyo Circle, Udhna Magdalla Road, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.03.2010
Com. Reg. No.:	04-059826
Capital Investment / Paid-up Capital :	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U24100GJ2010PTC059826
TAN No.: [Tax Deduction & Collection Account No.]	SRTR05603D
PAN No.: [Permanent Account No.]	AAECR6936M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Detergent Chemicals like Linear Alkyl Benzene Sulphonic Acid, Spent Sulphuric Acid etc.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Reserves of the company seem to be low. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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 – 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 (GENERAL DETAILS)

Name :	Mr. Shyam Hareshbhai Tharnariwala
Designation :	Director
Contact No.:	91-261-3114161
Date :	29.12.2014

LOCATIONS

Registered Office :	202, New Ashirwad Square, Sosyo Circle, Udhna Magdalla Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-3114161
Mobile No.:	91-9328821302 (Mr. Manoj)
Fax No.:	91-261-2630256
E-Mail :	account@rmspl.biz sales.rmspl@gmail.com
Factory :	Shed No. 6138, Road No. 61, GIDC No. 61, GIDC Sachin, Surat, Gujarat, India
Tel. No.:	91-261-2397540

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Shyam Hareshbhai Tharnariwala
Designation :	Director
Address :	40, Nilam Society, Near Shardayatan School, Piplod, Surat – 395007, Gujarat India
Date of Appointment :	10.03.2010
DIN No.:	02939200
Name :	Mrs. Dipali Shyam Tharnariwala
Designation :	Director
Address :	40, Nilam Society, Near Shardayatan School, Piplod, Surat – 395007, Gujarat India
Date of Birth/Age :	21.01.1983
Date of Appointment :	07.04.2012
DIN No.:	05259997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Shyam Hareshbhai Tharnariwala	300000	75.00
Dipali Shyam Tharnariwala	100000	25.00
Total	400000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Detergent Chemicals like Linear Alkyl Benzene Sulphonic Acid, Spent Sulphuric Acid etc.
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· HDFC Bank Limited

Surat, Gujarat, India

· The Surat Peoples Co-Operative Bank Limited

Surat - 395001, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Vehicle loans from Banks and financial institutions	0.730	0.000
SHORT TERM BORROWINGS
Working Capital Indian rupee loans from banks	2.771	3.824
Vehicle loans from bank and financial institutions	0.290	0.000
Total	3.791	3.824
SHORT TERM BORROWINGS The credit facilities are availed from HDFC Bank and are secured by hypothecation of inventory and Book debts. It is collaterally secured by way of equitable mortgage over Factory Land, Building and Plant and Machinery of Radhamadhav Surfactants Private Limited at Block No. 202, Sachin GIDC, Surat.

Banking Relations :	--
Auditors :
Name :	SNK and Company Chartered Accountants
Address :	SNK House, 31-Adarsh Society, Opposite Seventh Day Adventist High School, Surat – 395001, Gujarat, India
Tel. No.:	91-261-2656273/ 4/ 3299540/ 7
Income-tax PAN of auditor or auditor's firm :	AAJFS8455L
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400,000	Equity Shares	Rs. 10/- each	Rs. 4.000 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	4.000	1.500	0.300
(b) Reserves & Surplus	1.094	0.357	(0.003)
(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)	5.094	1.857	0.297
(3) Non-Current Liabilities
(a) Long-term borrowings	3.138	0.000	0.000
(b) Deferred tax liabilities (Net)	4.154	0.873	0.000
(c) Other long term liabilities	1.000	1.675	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	8.292	2.548	0.000
(4) Current Liabilities
(a) Short term borrowings	3.061	3.824	0.000
(b) Trade payables	16.843	2.936	1.100
(c) Other current liabilities	0.015	0.154	0.001
(d) Short-term provisions	0.474	0.093	0.050
Total Current Liabilities (4)	20.393	7.007	1.151
TOTAL	33.779	11.412	1.448
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.290	1.182	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.990	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	0.000	0.000	0.000
(e) Trade receivables	1.566	0.111	0.000
(f) Other Non-current assets	1.342	0.045	0.000
Total Non-Current Assets	17.188	1.338	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.020	1.351	0.000
(c) Trade receivables	12.163	7.387	0.144
(d) Cash and cash equivalents	0.990	0.999	0.244
(e) Short-term loans and advances	0.026	0.000	0.951
(f) Other current assets	1.392	0.337	0.109
Total Current Assets	16.591	10.074	1.448
TOTAL	33.779	11.412	1.448

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	83.827	47.185	2.928
		Other Income	0.000	0.000	0.004
		TOTAL (A)	83.827	47.185	2.932
Less	EXPENSES
		Purchases of Stock-in-Trade	77.404	45.508	2.895
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.669)	(1.351)	0.000
		Employees benefits expense	2.572	1.245	0.000
		Operating expenses	1.194	0.315	0.039
		Sales and Administration	1.153	0.569	0.000
		TOTAL (B)	81.654	46.286	2.934
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.173	0.899	(0.002)
Less	FINANCIAL EXPENSES (D)		0.546	0.351	0.001
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.627	0.548	(0.003)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.399	0.188	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.228	0.360	(0.003)
Less	TAX (H)		0.380	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.848	0.360	(0.003)
	Earnings/ (Loss) Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.01	0.76	-0.10
Operating Profit Margin (PBDIT/Sales)	(%)	2.59	1.91	-0.07
Return on Total Assets (PBT/Total Assets}	(%)	6.07	3.19	-0.21
Return on Investment (ROI) (PBT/Networth)		0.24	0.19	-0.01
Debt Equity Ratio (Total Debt/Networth)		1.22	2.06	0.00
Current Ratio (Current Asset/Current Liability)		0.81	1.44	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.300	1.500	4.000
Reserves & Surplus	(0.003)	0.357	1.094
Net worth	0.297	1.857	5.094
Long-term borrowings	0.000	0.000	3.138
Short term borrowings	0.000	3.824	3.061
Total borrowings	0.000	3.824	6.199
Debt/Equity ratio	0.000	2.059	1.217

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2.928	47.185	83.827
		1,511.510	77.656

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2.928	47.185	83.827
Profit/ (Loss)	(0.003)	0.360	0.848
	(0.10%)	0.76%	1.01%

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)	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10489095	04/04/2014	5,000,000.00	THE SURAT PEOPLES CO-OPERATIVE BANK LIMITED	THE SURAT PEOPLES CO-OPERATIVE BANK LIMITED, SURAT, GUJARAT - 395001, INDIA	C03148269
2	10489096	04/04/2014	12,500,000.00	THE SURAT PEOPLES CO-OPERATIVE BANK LIMITED	THE SURAT PEOPLES CO-OPERATIVE BANK LIMITED, SURAT, GUJARAT - 395001, INDIA	C03148665

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
From Directors and their relatives	2.408	0.000
Total	2.408	0.000

RESULT OF OPERATIONS

During the year, the Revenue from Operations of the company has been increased from Rs. 47.185 Millions to Rs. 83.827 Millions. Consequently the Profit before taxes of the Company has increased from Rs. 0.360 Million to Rs. 1.228 Millions. The directors are hopeful for much better results in subsequent years.

FIXED ASSETS:

· Land

Plant and Machinery

Computer and Software

Office Equipments

Electric Fittings

Furniture and Fixture

Vehicles

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. 63.75
UK Pound	1	Rs. 98.88
Euro	1	Rs. 77.32

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.