MIRA INFORM REPORT

Report Date :

17.02.2014

IDENTIFICATION DETAILS

Name :	SUBHASH CHEMICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	481/4B, Shahu College Road, Shri Kripa Housing Society, Smit Kiran, Parvati Darshan, Pune – 411009, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.03.2011
Com. Reg. No.:	11-138977
Capital Investment / Paid-up Capital :	Rs. 0.101 Million
CIN No.: [Company Identification No.]	U24100PN2011PTC138977
TAN No.: [Tax Deduction & Collection Account No.]	PNES31496D
PAN No.: [Permanent Account No.]	AAPCS5594R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of highest quality personal care ingredients and specialty chemicals.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 25000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has achieved decent profitability from its operational activities during the financial year 2013. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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 – 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.

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.

INFORMATION DECLINED

MANAGEMENT NON COOPERATIVE (91-20-66356800)

LOCATIONS

Registered Office :	481/4B, Shahu College Road, Shri Kripa Housing Society, Smit Kiran, Parvati Darshan, Pune – 411009, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bharat@subhashchemicals.com sales@subhashchemicals.com
Website :	www.subhashchemicals.com
Corporate Headquarters :	‘S’ Block, Shed W-2, M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-66356800
Fax No.:	91-20-66356899
US Office :	13255 Copland Ct, Silver Spring, MD 20904, USA

DIRECTORS

As on 30.09.2013

Name :

Mr. Kishore Premsukh Jhamvar

Designation :

Director

Address :

481/4B, Shahu College Road, Shri Kripa Housing Society, Smit Kiran, Parvati Darshan, Pune – 411009, Maharashtra, India

Date of Birth/Age :

13.05.1943

Date of Appointment :

23.03.2011

DIN No.:

00211225

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	U70102MH1992PTC067035	HARI ESTERS PRIVATE LIMITED	Director	02/06/1992	02/06/1992	-	Active	NO
2	U24100PN2011PTC138977	SUBHASH CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO

Name :

Mrs. Sandhya Jamvar Kishore

Designation :

Director

Address :

481/4B, Shahu College Road, Shri Kripa Housing Society, Smit Kiran, Parvati Darshan, Pune – 411009, Maharashtra, India

Date of Birth/Age :

05.07.1953

Date of Appointment :

23.03.2011

DIN No.:

00211277

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	U70102MH1992PTC067035	HARI ESTERS PRIVATE LIMITED	Director	21/01/2005	21/01/2005	-	Active	NO
2	U24100PN2011PTC138977	SUBHASH CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO

Name :

Mr. Bharat Kishore Jhamvar

Designation :

Director

Address :

481/4B, Shahu College Road, Shri Kripa Housing Society, Smit Kiran, Parvati Darshan, Pune – 411009, Maharashtra, India

Date of Birth/Age :

21.07.1972

Date of Appointment :

23.03.2011

DIN No.:

00211297

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	U70102MH1992PTC067035	HARI ESTERS PRIVATE LIMITED	Director	21/01/2005	21/01/2005	-	Active	NO
2	U24100PN2011PTC138977	SUBHASH CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO

Name :

Mr. Samar Kishore Jhamvar

Designation :

Director

Address :

801 B, Deepali, St. Cyril Road, Bandra (West), Mumbai 400050, Maharashtra, India

Date of Birth/Age :

18.05.1973

Date of Appointment :

23.03.2011

DIN No.:

00211320

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	U70102MH1992PTC067035	HARI ESTERS PRIVATE LIMITED	Director	02/06/1992	02/06/1992	-	Active	NO
2	U24100PN2011PTC138977	SUBHASH CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	% age
Kishor Jhamvar	7500	74.26
Sandhya Jhamvar	800	7.92
Bharat Jhamvar	850	8.42
Samar Jhamvar	850	8.42
Vinod Jhamvar	100	0.99
Total	10100	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of highest quality personal care ingredients and specialty chemicals.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· The Royal Bank of Scotland N.V., 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

· Indusind Bank Limited, 2401, Thimayya Road, Cantonment, Pune - 411001, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Loans payable on demand Cash credit from Royal Bank of Scotland	0.000	0.236
Total	0.000	0.236

Banking Relations :	--
Auditors :
Name :	R. G. Tanksale and Company Chartered Accountants
Address :	"Yashodhan", First Floor, C. S. No. 476/7, Sadar Bazar, Satara – 415001, Maharashtra, India
Tel. No.:	91-2162-237589/239509
E-Mail :	rgtanksale@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AAJPT9263H

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,100	Equity Shares	Rs. 10/- each	Rs. 0.101 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.101	0.101
(b) Reserves & Surplus	62.267	31.620
(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)	62.368	31.721
(3) Non-Current Liabilities
(a) long-term borrowings	89.072	84.759
(b) Deferred tax liabilities (Net)	0.129	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	31.000	28.500
Total Non-current Liabilities (3)	120.201	113.259
(4) Current Liabilities
(a) Short term borrowings	0.000	0.236
(b) Trade payables	23.429	26.793
(c) Other current liabilities	0.791	0.765
(d) Short-term provisions	2.536	2.257
Total Current Liabilities (4)	26.756	30.051
TOTAL	209.325	175.031
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.207	20.129
(ii) Intangible Assets	0.080	0.080
(iii) Capital work-in-progress	0.026	0.146
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.193
(d) Long-term Loan and Advances	38.671	32.345
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	64.985	52.894
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	35.811	41.365
(c) Trade receivables	59.547	61.775
(d) Cash and cash equivalents	43.512	14.371
(e) Short-term loans and advances	0.528	3.203
(f) Other current assets	4.942	1.423
Total Current Assets	144.340	122.137
TOTAL	209.325	175.031

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012
SALES
	Income	325.651	269.543
	Other Income	1.856	1.033
	TOTAL	327.507	270.576
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	282.562	221.386
PROFIT BEFORE TAX		44.945	48.422
TAX		14.298	16.808
PROFIT AFTER TAX		30.647	31.614
Earnings Per Share (Rs.)		3034.36	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	9.36	11.68
Net Profit Margin (PBT/Sales)	(%)	13.80	17.96
Return on Total Assets (PBT/Total Assets}	(%)	21.47	27.82
Return on Investment (ROI) (PBT/Networth)		0.72	1.53
Debt Equity Ratio (Total Debt /Networth)		1.43	2.68
Current Ratio (Current Asset/Current Liability)		5.39	4.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.101	0.101
Reserves & Surplus	31.620	62.267
Net worth	31.721	62.368
long-term borrowings	84.759	89.072
Short term borrowings	0.236	0.000
Total borrowings	84.995	89.072
Debt/Equity ratio	2.679	1.428

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)
Sales	269.543	325.651
		20.816

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(INR)	(INR)
Sales	269.543	325.651
Profit	31.614	30.647
	11.73%	9.41%

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 two years	Yes
12]	Profitability for last two 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	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 LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Deposits from member and their relatives	89.072	84.759
Total	89.072	84.759

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10447694	07/08/2013	67,000,000.00	INDUSIND BANK LIMITED	2401, THIMAYYA ROAD, CANTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B84332998

FIXED ASSETS

· Leasehold Land

· Factory building

· Plant and Machinery

· Furniture and Fixture

· Goodwill

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.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.87.18

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.