MIRA INFORM REPORT

Report Date :

12.02.2014

IDENTIFICATION DETAILS

Name :	EMERALD ALCHYMICUS PRIVATE LIMITED
Registered Office :	705, The Corporate Centre, Nirmal Lifestyles, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.01.2003
Com. Reg. No.:	11-138599
Capital Investment / Paid-up Capital :	Rs. 27.543 Millions
CIN No.: [Company Identification No.]	U24100MH2003PTC138599
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Speciality Chemicals.
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 150000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has failed to file its financial with government department for the year 2012 and 13. As per previous financial records of 2011, the rating reflects modest scale of operations, intense competitive pressures in the industry and weak financial risk profile and low profitability margins. However, Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – 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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits: “B-“
Rating Explanation	Risk prone credit quality and high risk of default.
Date	December 2013

Rating Agency Name	ICRA
Rating	Non-Fund Based Limits: “A4“
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December 2013

INFORMATION DENIED BY

Name :	Mr. Sunil Nare
Designation :	Account Executive
Contact No.:	91-22-25628060
Date :	11.02.2014

LOCATIONS

Registered Office :	705, The Corporate Centre, Nirmal Lifestyles, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25628060/ 61/ 62
Fax No.:	91-22-25628065
E-Mail :	sales@emeraldalchy.com pnachane@emeraldalchy.com sonalkotharics@gmail.com
Website :	www.emeraldalchymicus.com

DIRECTORS

As on 10.06.2011

Name :

Prasant Bhalchandra Nachane

Designation :

Director

Address :

1102/C, Jalaram Park, LBS Marg, Bhandup, Mumbai – 400078, Maharashtra, India

Date of Birth/Age :

30.06.1978

Date of Appointment :

24.02.2004

DIN No.:

01747138

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	U24100MH2003PTC138599	EMERALD ALCHYMICUS PRIVATE LIMITED	Director	24-02-04	24-02-04	-	Active	NO
2	U70100MH2008PTC186194	KALINGA REALTY PRIVATE LIMITED	Director	26-08-08	26-08-08	-	Active	NO
3	U74900MH2008PTC186686	KALINGA INCEPTUM PRIVATE LIMITED	Director	11-09-08	11-09-08	20-01-12	Active	NO
4	U74999MH2008PTC187883	EMERALD VITRO MURO PRIVATE LIMITED	Director	31-10-08	31-10-08	-	Active	NO
5	U51495MH2009PTC191200	TIME POLLYEURETHANE PRIVATE LIMITED	Director	24-03-09	24-03-09	20-05-09	Active	NO
6	U60231MH2012PTC226145	KALINGA ALIQUAM LOGISTICS PRIVATE LIMITED	Director	17-01-12	17-01-12	-	Active	NO

Name :

Mr. Karkhanis K. Shrradha

Designation :

Director

Address :

B/1106, Kalinga Nirmal Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

12.08.1966

Date of Appointment :

05.01.2011

Name :

Mr. Karkhanis S. Ketan

Designation :

Director

Address :

B/1106, Kalinga Nirmal Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

29.07.1962

Date of Appointment :

12.11.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.06.2011

NAME OF SHAREHOLDER	No. Of Shares
Karkhanis K Shrradha	267,300
Biwalkar R Vijay	25,100
Ajay M Rambhia Huf	100
Jagdish P Dudakia Huf	100
Deshpande M Jayant	100
Baru Mahendra Kirti	100
Atha N Kishor	100
Mohan L Bhanushali Huf	100
Hariharan Revati	100
Jha Kumar Ashish	100
Jha S Chandrakant	100
Dedhia P Vijayaben	100
Katira R Atul	100
Sanghavi J Bharti	100
Karania Hitesh Daksha	100
Shah R Girish	100
Ratnani P Hansa	100
Gandhi S Hitesh	100
Thakkar A Kaushalya	100
Mulji D Majethia Huf	100
Motiwala R Pragna	100
Jadhav Taljaram Vijay	100
Shah Girish Ramesh	100
Gangani D Vasant	100
Jha V Shantinath	150,000
Mate R Anjali	100,000
Shantinath Jha Huf	600,000
Rao Umesh	40,000
Deshpande J Vilas	44,000
Deshpande Vilas Huf	34,200
Karkhanis Shyamsunder	34,500
Shyamsunder Karkhanis Huf	22,500
Patankar Rajesh	35,000
Deshpande Jayant	4,500
Karkhanis S Ketan	41,500
Ketan Karkhanis Huf	16,500
Jayant Deshpande Huf	10,000
Nachane B Prashant	127,000
Ravindra N Mate	250,000
Sunderashan T.S.	950,000
Total	2,754,300

As on 14.11.2011

Name of Allottee	Number of shares allotted
Kettan S. Karkhanis	50000
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 10.06.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Speciality Chemicals.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Fort University Branch, Agra Building, 119, M. G. Road, Fort, Mumbai – 400001, Maharashtra, India

· NKGSB Co-Operative Bank Limited, Alps Height, Ground Floor, Off Dr. R.P. Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Citi Bank Car Loan (Secured against hypothecation of motor car)		0.027
Kotak Mahndra Car Loan (Secured against hypothecation of motor car)	42.535	0.344
The N.K. G.S.B.- Term Loan (Office Premises)		1.746
The N.K. G.S.B.- Term Loan (Office Renovation)		0.564
The North Kanara G.S.B. Co. Op. Bank Ltd. (C/C) (Secured against hypothecation of stock, book debts, and other movable assets both present and future)		27.134
Total	42.535	29.815

Banking Relations :	--
Auditors :
Name :	Mehta and Parmar Chartered Accountants
Address :	14, Uday Building, 236-B, Ground Floor, Opposite Apna Bazaar, J.N. Road, Mulund (West), Mumbai – 400080, Maharashtra, India
PAN.:	AAHFM0618F

CAPITAL STRUCTURE

As on 10.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3995000	Equity Shares	Rs.10/- each	Rs.39.950 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2754300	Equity Shares	Rs.10/- each	Rs.27.543 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		27.543	26.143	26.143
2] Share Application Money		4.067	0.000	12.300
3] Reserves & Surplus		7.766	5.115	3.309
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		39.376	31.258	41.752
LOAN FUNDS
1] Secured Loans		42.535	29.815	51.417
2] Unsecured Loans		2.116	6.648	15.403
TOTAL BORROWING		44.651	36.463	66.820
DEFERRED TAX LIABILITIES		1.296	1.196	1.046
TOTAL		85.323	68.917	109.618
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.699	27.622	27.441
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.750	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.233	11.862	15.572
	Sundry Debtors	59.275	34.766	15.598
	Cash & Bank Balances	1.418	0.936	3.460
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.617	12.609	63.289
Total Current Assets		84.543	60.173	97.919
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.111	8.342	6.214
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.957	12.319	10.827
Total Current Liabilities		14.068	20.661	17.041
Net Current Assets		70.475	39.512	80.878
MISCELLANEOUS EXPENSES		1.049	1.033	1.199
TOTAL		85.323	68.917	109.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	308.059	96.200	207.529
		Other Income	NA	0.517	2.225
		TOTAL (A)	NA	96.717	209.754
Less	EXPENSES
		Increase/ Decrease in Stock		3.710	18.054
		Purchases		66.028	166.839
		Operational Expenses		12.663	11.681
		Sales, Administration and other Expenses	NA	8.107	7.223
		Preliminary Expenses w/off		0.000	0.057
		Deferred Revenue w/off		0.044	0.252
		Borrowing Cost		3.272	2.811
		TOTAL (B)		93.824	206.917
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.474	2.893	2.837
Less	FINANCIAL EXPENSES (D)		4.273	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.201	2.893	2.837
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.750	0.747	0.735
	PROFIT BEFORE TAX (E-F) (G)		3.451	2.146	2.102
Less	TAX (H)		0.800	0.341	0.351
	PROFIT AFTER TAX (G-H) (I)		2.651	1.805	1.751
	BALANCE CARRIED TO THE B/S		2.651	1.805	1.751
	IMPORTS
		CIF value of Imports	47.628	56.809	45.699
	TOTAL IMPORTS		47.628	56.809	45.699
	Earnings Per Share (Rs.)		0.96	0.69	0.67

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.87	0.83
Net Profit Margin (PBT/Sales)	(%)	1.12	2.23	1.01
Return on Total Assets (PBT/Total Assets}	(%)	3.51	2.44	1.67
Return on Investment (ROI) (PBT/Networth)		0.08	0.06	0.05
Debt Equity Ratio (Total Liability/Networth)		1.49	1.83	2.01
Current Ratio (Current Asset/Current Liability)		6.01	2.91	5.74

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	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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan from Directors, Shareholders and Banks	2.116	6.648
Total	2.116	6.648

NOTE:

The registered address of the company 14, Uday Building, Opposite Apna Bazar, 326, BJN Road, Mulund (West), Mumbai – 400080, Maharashtra, India has been shifted to the present address w.e.f. 27.02.2007

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10321283	05/10/2012 *	165,000,000.00	BANK OF BARODA	FORT UNIVERSITY BRANCH, AGRA BUILDING, 119, M. G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B61137188
2	10321286	05/10/2012 *	150,000,000.00	BANK OF BARODA	FORT UNIVERSITY BRANCH, AGRA BUILDING, 119, M. G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B61136867

* Date of charge modification

OUTLOOK:

The Board of Directors are optimistic of achieving sales target of Rs.450.000 Millions for the year on account of various tie-up for more products.

FIXED ASSETS

· Computers

· Office Equipments

· Furniture and Fixtures

· Air Conditioner

· Plant and Machinery

· Electrical Installation

· Office Premises

· Software

· Motor Car

· MIDC Land

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 records 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. 62.43
UK Pound	1	Rs. 102.48
Euro	1	Rs. 85.28

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	DPH

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	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.