MIRA INFORM REPORT

Report Date :

05.03.2014

IDENTIFICATION DETAILS

Name :	IDEAL CHEMI PLAST PRIVATE LIMITED
Registered Office :	Plot No. A-2, M.I.D.C, Badlapur, Kulgaon, District Thane - 421503, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.03.2004
Com. Reg. No.:	11-145135
Capital Investment / Paid-up Capital :	Rs. 0.900 Million
CIN No.: [Company Identification No.]	U25200MH2004PTC145135
TAN No.: [Tax Deduction & Collection Account No.]	PNEI04317F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Chemicals.
No. of Employees :	Not Divulged

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 280000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has failed to file the financials after the year 2011 with the government department. Mr. Sudhir K. Pande (the Manager) and Mr. Raghuram K. Rao (the Director) denied to disclose any information of the subject to us. As per the available financial of 2011, the company possesses a favorable financial profile marked by adequate position of the reserves. Further, the management has seen an increase in its sales volume during the year under review. Trade relations appear to be fair. Business is active. Payment terms are reported as unknown. In view of unavailability of updated financial information, the subject can be considered for business dealings with great 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 – 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 BY

Name :	Mr. Raghuram K. Rao
Designation :	Director
Contact No.:	91-251-2697206
Date :	04.03.2014

LOCATIONS

Registered Office :	Plot No. A-2, M.I.D.C, Badlapur, Kulgaon, District Thane - 421503, Maharashtra, India
Tel. No.:	91-251-2672577/ 2697206
Mobile No.:	91-9822358177 (Mr. Sudhir K. Pande)
Fax No.:	91-251-2695204
E-Mail :	raokr@idealchemiplast.net raokr@vsnl.net

DIRECTORS

AS ON 27.09.2011

Name :

Mr. Raghavendra Govind Joshi

Designation :

Director

Address :

32/629, Suyog CHS, Samata Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

25.02.1945

Date of Appointment :

17.03.2004

DIN No.:

00406664

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	Company/ LLP Status	Defaulting status
1	U99999MH1989PTC052177	RAJLAXMI RESINS PRIVATE LIMITED	Director	13/06/1989	13/06/1989	Active	NO
2	U25200MH2004PTC145135	IDEAL CHEMI PLAST PRIVATE LIMITED	Director	17/03/2004	17/03/2004	Active	NO

Name :

Mr. Arvindkumar Chimanlal Bhatt

Designation :

Director

Address :

304, Yogesh Apartment, Near Swimming Pool, Mumbai Pune Road, Kalwa, Thane – 400606, Maharashtra, India

Date of Birth/Age :

16.11.1947

Date of Appointment :

01.04.2005

DIN No.:

00499394

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	Company/ LLP Status	Defaulting status
1	U99999MH1989PTC052177	RAJLAXMI RESINS PRIVATE LIMITED	Director	13/06/1989	13/06/1989	Active	NO
2	U25200MH2004PTC145135	IDEAL CHEMI PLAST PRIVATE LIMITED	Director	01/04/2005	01/04/2005	Active	NO

Name :

Mr. Vishwas Vishnu Puranik

Designation :

Director

Address :

245-B, Pasayadan AM Road, Kulgaon, Badlapur, Thane – 421503, Maharashtra, India

Date of Birth/Age :

30.11.1950

Date of Appointment :

01.07.2004

DIN No.:

01731785

Name :

Mr. Raghuram Kavu Rao

Designation :

Director

Address :

Flat No. 4, Samarth Duplex Housing, Purandare Colony, Sindhigate, Kalyan (West), Kalyan, Thane – 421301, Maharashtra, India

Date of Birth/Age :

06.12.1953

Date of Appointment :

17.03.2004

DIN No.:

01760978

KEY EXECUTIVES

Name :	Mr. Sudhir K. Pande
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Raghuram Kavu Rao	22500	25.00
Vishwas Vishnu Puranik	22500	25.00
Arvindkumar Chimanalal Bhatt	22500	25.00
Raghavendra Govind Joshi	22500	25.00
Total	90000	100.00

AS ON 27.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturing of Chemicals.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· HDFC Bank Limited

Corporation Bank

State Bank of India

Facilities :

SECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Secured Loans	1.001	1.001
Total	1.001	1.001

Banking Relations :	--
Auditors :
Name :	S N Phadke Chartered Accountant
Address :	1, Ground Floor, Shriniwasdham CHS, Opposite Neelam Sweet Mart, Kulgaon [East], Badlapur – 421503, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAXPP2258C

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90,000	Equity Shares	Rs. 10/- each	Rs. 0.900 Million

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		0.900	0.900	0.900
2] Share Application Money		0.024	0.024	0.024
3] Reserves & Surplus		69.149	46.929	22.186
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		70.073	47.853	23.110
LOAN FUNDS
1] Secured Loans		1.001	1.001	1.923
2] Unsecured Loans		14.721	8.609	9.114
TOTAL BORROWING		15.722	9.610	11.037
DEFERRED TAX LIABILITIES		0.022	0.002	0.017
TOTAL		85.817	57.465	34.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.745	13.436	12.002
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.269	23.181	12.990
	Sundry Debtors	89.970	76.819	55.008
	Cash & Bank Balances	19.241	5.780	1.696
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.978	25.852	8.015
Total Current Assets		188.458	131.632	77.709
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.967	74.380	51.482
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	15.429	13.237	4.082
Total Current Liabilities		116.396	87.617	55.564
Net Current Assets		72.062	44.015	22.145
MISCELLANEOUS EXPENSES		0.010	0.014	0.017
TOTAL		85.817	57.465	34.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	525.767	402.626	243.233
		Other Income	2.288	NA	NA
		TOTAL	528.055	NA	NA
Less	EXPENSES
		TOTAL	489.860	NA	NA
	PROFIT BEFORE TAX		38.195	NA	NA
Less	TAX		15.975	NA	NA
	PROFIT AFTER TAX		22.220	24.743	5.625
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	70.942	66.522	30.200
	Earnings Per Share (Rs.)		246.89	274.92	62.50

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.21	NA	NA
Net Profit Margin (PBT/Sales)	(%)	7.26	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	18.89	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.55	NA	NA
Debt Equity Ratio (Total Debt/Networth)		0.22	0.20	0.48
Current Ratio (Current Asset/Current Liability)		1.62	1.50	1.40

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. in Millions)	(Rs. in Millions)	(Rs. in Millions)
Share Capital	0.900	0.900	0.900
Share Application Money	0.024	0.024	0.024
Reserves & Surplus	22.186	46.929	69.149
Net worth	23.110	47.853	70.073
Secured Loans	1.923	1.001	1.001
Unsecured Loans	9.114	8.609	14.721
Total borrowings	11.037	9.610	15.722
Debt/Equity ratio	0.478	0.201	0.224

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. in Millions)	(Rs. in Millions)	(Rs. in Millions)
Sales	243.233	402.626	525.767
		65.531	30.584

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. in Millions)	(Rs. in Millions)	(Rs. in Millions)
Sales	243.233	402.626	525.767
Profit	5.625	24.743	22.220
	2.31%	6.15%	4.23%

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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Loan from Shareholders and Directors	14.721	8.609
Total	14.721	8.609

FINANCIAL RESULTS:

During the 7th year of operation, the company has achieved Sales Turnover to the tune of Rs 525.767 Millions and had made profit of Rs. 22.220 Millions after providing for depreciation & Income Tax. The Board of Directors is taking every possible effort to achieve increased in the sales turnover for increasing the profit.

FIXED ASSETS:

· Shed and Electrical Install

Machinery

Computer and Software

Furniture and fixtures

Car

Lab Equipment

Office Equipment

Electric cabin

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. 61.90
UK Pound	1	Rs. 103.26
Euro	1	Rs. 85.14

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

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
DEFAULTERS
--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.