MIRA INFORM REPORT

Report Date :

10.02.2014

IDENTIFICATION DETAILS

Name :	CHEMIKLEEN (INDIA) PRIVATE LIMITED
Registered Office :	C-115, Naraina Industrial Area, Phase-I, New Delhi - 110028
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.06.1972
Com. Reg. No.:	55-006169
Capital Investment / Paid-up Capital :	Rs.2.320 Millions
CIN No.: [Company Identification No.]	U74995DL1972PTC006169
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of a range of toiletries and cleaning preparations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 48000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. It is having a moderate track record. Management has filed the latest financials of 2013 with the government department, but the same are not available with us. The company has incurred a loss from its operation during 2012. However, trade relations are improving. Business is active. Payment terms are reported as slow but correct. The company can be considered for small business dealings 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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.

LOCATIONS

Registered Office :	C-115, Naraina Industrial Area, Phase-I, New Delhi – 110028, India
Tel. No.:	91-11-45418555/ 25799547
Fax No.:	Not Available
E-Mail :	rcbhardwaj06@gmail.com anupambhardwaj13@gmail.com achyut@chemikleen.in chemikleen@sify.com achyutbhardwaj@rediffmail.com
Website :	http://chemikleen.in

DIRECTORS

As on: 29.09.2012

Name :	Mr. Anupam Bhardwaj
Designation :	Managing Director
Address :	D-1/53, Paschimi Marg, Vasant Vihar, New Delhi – 110057, India
Date of Birth/Age :	05.09.1966
Date of Appointment :	31.03.2013
DIN No.:	00972138
Name :	Mr. Swadesh Bhardwaj
Designation :	Director
Address :	D-1/53, Paschimi Marg, Vasant Vihar, New Delhi – 110057, India
Date of Birth/Age :	22.07.1941
Date of Appointment :	29.06.1972
DIN No.:	0120741
Name :	Achyut Bhardwaj
Designation :	Director
Address :	D-1/53, Paschimi Marg, Vasant Vihar, New Delhi – 110057, India
Date of Birth/Age :	26.06.1975
Date of Appointment :	29.09.2007
DIN No.:	01207386

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Ramesh Chand Bhardwaj	14273
Achyut Bhardwaj	2598
Swadesh Bhardwaj	1670
Sanative India (Private) Limited, India	50
Anupam Bhardwaj	3244
Pushpa Joshi	170
Smriti Bhardwaj	128
Diksha Bhardwaj	254
Divya Bhardwaj	175
Jaya Bhardwaj	634
Rita Sharma	4
Total	23200

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	0.22
Directors or relatives of directors	99.78
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of a range of toiletries and cleaning preparations.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Chinatrust Commercial Bank, 604, Mercantile House, 15, K.G. Marg, New Delhi - 110001, India

· Punjab National Bank, Naraina Vihar, New Delhi - 110028, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERMBORROWINGS
Term Loans from Banks	0.404	0.970
SHORT TERMBORROWINGS
Loans repayable on demand
Working Capital Loans from Banks	12.204	10.555
Total	12.608	11.525

Notes:

a) Secured Term Loans from banks are secured by hypothecation of vehicles and machinery and are repayable over a period of 3 years from the date of grant.

b) Working Capital Loans from Punjab National Bank referred above is secured by hypothecation of Stocks of Raw Materials, Packing Materials, Work in progress, Finished Goods, Consumable Stores, Receivables, etc. inclusive of stocks lying with fabricators/ processors/ in transit and other current assets, hypothecation of all movable assets part of Fixed Assets except Vehicles. Interest rate payable on Loan is 15.75%p.a.

Banking Relations :	--
Auditors :
Name :	Sandeep Kalra and Company Chartered Accountants
Address :	206, D.R. Chambers, 12/56, D.B. Gupta Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-41548985-86
PAN No.:	ABFFS3164D

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23200	Equity Shares	Rs.100/- each	Rs.2.320 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.320	2.320
(b) Reserves & Surplus	9.690	11.283
(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)	12.010	13.603
(3) Non-Current Liabilities
(a) long-term borrowings	0.423	0.992
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	7.390	7.390
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.813	8.382
(4) Current Liabilities
(a) Short term borrowings	12.204	10.555
(b) Trade payables	3.138	3.215
(c) Other current liabilities	3.254	2.544
(d) Short-term provisions	0.207	0.113
Total Current Liabilities (4)	18.803	16.427
TOTAL	38.626	38.412
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.749	18.642
(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	0.000	0.000
(c) Deferred tax assets (net)	0.649	1.596
(d) Long-term Loan and Advances	0.030	0.030
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	17.428	20.268
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.777	6.390
(c) Trade receivables	6.734	8.738
(d) Cash and cash equivalents	0.322	0.350
(e) Short-term loans and advances	6.365	2.666
(f) Other current assets	0.000	0.000
Total Current Assets	21.198	18.144
TOTAL	38.626	38.412

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.320
2] Share Application Money		0.000
3] Reserves & Surplus		23.980
4] (Accumulated Losses)		(11.681)
NETWORTH		14.619
LOAN FUNDS
1] Secured Loans		6.161
2] Unsecured Loans		1.047
TOTAL BORROWING		7.208
DEFERRED TAX LIABILITIES		0.000
OTHER LIABILITIES		7.390
TOTAL		29.217
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.732
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		1.785
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.480
	Sundry Debtors	8.317
	Cash & Bank Balances	0.539
	Other Current Assets	0.000
	Loans & Advances	0.843
Total Current Assets		15.179
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.583
	Other Current Liabilities	2.733
	Provisions	0.163
Total Current Liabilities		6.479
Net Current Assets		8.700
MISCELLANEOUS EXPENSES		0.000
TOTAL		29.217

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	29.887	26.664	21.938
		Other Income	0.148	0.982	0.344
		TOTAL (A)	30.035	27.646	22.282
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	26.423	24.235	18.794
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.612	3.411	3.488
Less	FINANCIAL EXPENSES (D)		1.853	1.835	0.905
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.759	1.576	2.583
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.718	0.573	0.338
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.041	1.003	2.245
Less	TAX (H)		1.167	0.388	1.224
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.126)	0.615	1.021
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(11.067)	(11.682)	(12.703)
	BALANCE CARRIED TO THE B/S		(11.193)	(11.067)	(11.682)
	Earnings/ (Loss) Per Share (Rs.)		(0.54)	26.49	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(042)	2.22	4.58
Net Profit Margin (PBT/Sales)	(%)	3.48	3.76	10.23
Return on Total Assets (PBT/Total Assets}	(%)	2.74	2.72	6.62
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.15
Debt Equity Ratio (Total Debt/Networth)		1.05	0.85	0.49
Current Ratio (Current Asset/Current Liability)		1.13	1.10	2.34

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	No
10]	Designation of contact person	No
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	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	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 Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERMBORROWINGS
Long Term Loans from Directors and their Relatives, Shareholders	0.019	0.022
Total	0.019	0.022

OPERATIONS AND ACCOUNTS

Sales and Other Income were Rs. 30.035 Millions as compared to Rs. 27.646 Millions in the previous year. There was Profit before Tax of Rs. 1.041 Millions as compared to Rs. 1.003 Millions in the previous Year. However due to reversal of deferred tax asset created in earlier years on accumulated losses/ MAT, there was Loss after Tax of Rs. 0.126 Million in the current year as compared to Profit after tax of Rs. 0.615 Million in the previous year.

OUTLOOK

With expected increase in sales, the Company hopes to substantially improve its performance in the ongoing year.

CORPORATE INFORMATION

Subject ('the Company') was incorporated in India in 1972 and registered under the Indian Companies Act, 1956. The Subject is in the FMCG business comprising home and personal care products.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10361359	16/05/2012	584,497.00	PUNJAB NATIONAL BANK	NARAINA VIHAR, NEW DELHI, DELHI - 110028, INDIA	B41926684
2	10234723	12/12/2011 *	12,000,000.00	PUNJAB NATIONAL BANK	NARAINA VIHAR, NEW DELHI, DELHI - 110028, INDIA	B30150684
3	10234726	06/08/2010	500,000.00	PUNJAB NATIONAL BANK	NARAINA VIHAR, NEW DELHI, DELHI - 110028, INDIA	A92090778

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Building

· Plant and Machinery

· Computer

· Tools

· Vehicles

· Furniture and Fixtures

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.62.31
UK Pound	1	Rs.101.78
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

VRN

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
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		27

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.