MIRA INFORM REPORT

Report Date :

07.05.2014

IDENTIFICATION DETAILS

Name :	CHEMICO CHEMICALS PRIVATE LIMITED

Registered Office :	341, Functional Industrial Area, Patparganj, Delhi – 110092

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	16.03.1984

Com. Reg. No.:	55-017720

Capital Investment / Paid-up Capital :	Rs.75.000 Million

CIN No.: [Company Identification No.]	U74899DL1984PTC017720

TAN No.: [Tax Deduction & Collection Account No.]	DELC06058D

PAN No.: [Permanent Account No.]	AAACC0213A

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter Antimony Based Chemical and Inorganic Salt.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1200000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be decent. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	June 06, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and high credit risk
Date	June 06, 2013

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 PARTED BY (GENERAL DETAILS)

Name :	Ms. Anjani
Designation :	Company Secretary
Contact No.:	91-11-42141363
Date:	05.05.2014

LOCATIONS

Registered Office :	341, Functional Industrial Area, Patparganj, Delhi – 110092, India
Tel. No.:	91-11-22167148 / / 22143146 / 42141363 / 22143971 / 45204520
Mobile No.:	91-9810005428 (Mr. B.K.Jain) 91-9810075571 (Mr. Rajnish Jain)
Fax No.:	91-11-22167149
E-Mail :	kkgheiandco@rediffmail.com chemico@del2.vsnl.net.in rajnish@chemicochemicals.com chemico@chemicochemicals.com
Website :	http://www.chemicochemicals.com

Factory :	51/7-9, Site 4, Industrial Area, Gazidbad, India

DIRECTORS

As on 23.09.2013

Name :

Bimal Kumar Jain

Designation :

Director

Address :

D-9, Vivek Vihar, Delhi – 110095, India

Date of Birth/Age :

10.01.1950

Date of Appointment :

28.09.1990

DIN No.:

00204260

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	U24139DL1987PTC028836	ELOCHEM INDIA PRIVATE LIMITED	Director	06/08/1987	06/08/1987	-	Strike off	NO
2	U74899DL1984PTC017720	CHEMICO CHEMICALS PRIVATE LIMITED	Director	28/09/1990	28/09/1990	-	Active	NO
3	U17114DL1997PLC084759	CHEMICO SYNTHETICS LIMITED	Director	02/04/2012	30/01/1997	-	Active	NO
4	U50101DL2001PTC110119	ELEGANT CARS PRIVATE LIMITED	Director	22/03/2001	22/03/2001	-	Active	NO
5	U27310DL2007PTC161696	ARIHANT MACFAB PRIVATE LIMITED	Director	05/04/2007	05/04/2007	10/03/2011	Active	NO

Name :

Mr. Rajnish Jain

Designation :

Director

Address :

D-9, Vivek Vihar, Delhi – 110095, India

Date of Birth/Age :

12.02.1973

Date of Appointment :

02.04.1994

DIN No.:

00204423

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	U74899DL1984PTC017720	CHEMICO CHEMICALS PRIVATE LIMITED	Director	02/04/1994	02/04/1994	-	Active	NO
2	U17114DL1997PLC084759	CHEMICO SYNTHETICS LIMITED	Director	30/01/1997	30/01/1997	12/03/2012	Active	NO
3	U50101DL2001PTC110119	ELEGANT CARS PRIVATE LIMITED	Director	22/03/2001	22/03/2001	-	Active	NO
4	U74899DL1986PTC024161	ARHANT DYE CHEM PRIVATE LIMITED	Director	22/09/2006	22/09/2006	-	Active	NO
5	U27310DL2007PTC161696	ARIHANT MACFAB PRIVATE LIMITED	Director	05/04/2007	05/04/2007	10/03/2011	Active	NO

Name :

Mrs. Kusum Jain

Designation :

Director

Address :

D-9, Vivek Vihar, Delhi – 110095, India

Date of Birth/Age :

15.03.1955

Date of Appointment :

01.11.1911

DIN No.:

00393673

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	U17114DL1997PLC084759	CHEMICO SYNTHETICS LIMITED	Whole-time director	02/04/2012	30/01/1997	-	Active	NO
2	U74899DL1986PTC024161	ARHANT DYE CHEM PRIVATE LIMITED	Director	01/07/1997	01/07/1997	-	Active	NO
3	U27310DL2007PTC161696	ARIHANT MACFAB PRIVATE LIMITED	Director	05/04/2007	05/04/2007	10/03/2011	Active	NO
4	U74899DL1984PTC017720	CHEMICO CHEMICALS PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Anjani
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2013

Names of Shareholders	No. of Shares
Bimal Kumar Jain	217500
Rajnish Kumar Jain	375000
Rashmi Kumar Jain	1250
Kusum Kumari Jain	147500
B.K.Jain HUF	8750
Total	750000

As on 23.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter Antimony Based Chemical.

Products :

· Antimony Trioxide High Tint

· Antimony Trioxide Catalytic Grade

· Antimony Trioxide Catalytic Grade Wetted With 4% Meg

· Antimony Trioxide Catalytic Grade 'Vhp 999'

· Antimony Trioxide Wetted With Dop / Didp

· Potassium Pyro Antimonate – Powder

· Sodium Antimonate

· Molybdenum Trioxide

· Zinc Hydroxy Stannate

· Zinc Stannate-Znsno3.

Item Code No. (ITC Code)	Product Description
28258000	Anti Troxide
28270000	Antimony Trichloride
81101000	Antimony Trioxide HP

Exports :

Products :

Finished Goods

Countries :

Russia
Saudi Arabia
Dubai
Middle East

Imports :

Products :

Raw Material

Countries :

South Africa

Terms :

Selling :

Cash and Credit, Cheque

Purchasing :

Cash and Credit, Cheque

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

State Bank of Bikaner and Jaipur, D-10, D Block, Shopping Centre, Vivek Vihar, Delhi – 110092, India.
ICICI Bank

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowing
Loan From Bank	3.059	2.413
	0.000	0.000
Short Term Borrowing	0.000	0.000
Loans from banks	17.102	1.237
Working capital Loan From Bank	49.307	58.386
Loans repayable on demand from banks	2.003	31.834
Total	71.471	93.870


Banking Relations :	---

Auditors :
Name :	K.K. Ghel and Company Chartered Accountant
Address :	806, Hemkunt House, 6 Rajendra Place, New Delhi – 110008, India
PAN No.:	AAAFK0011F
Tel. No.:	91-11-25714080, 25759511
Fax No.:	91-11-25759512
E-Mail :	kkgheiandco@rediffmail.com

Related Party:	Arhant Dye-Chem Private Limited. Elegant Cars Private Limited. Chemico Synthetics Limited.

CAPITAL STRUCTURE

As on 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs. 100/- Each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value		Amount

750000	Equity Shares	Rs. 100/- Each	Rs.75.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	75.000	75.000	30.000
(b) Reserves & Surplus	245.858	140.748	84.313
(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)	320.858	215.748	114.313

(3) Non-Current Liabilities
(a) long-term borrowings	3.059	2.412	3.650
(b) Deferred tax liabilities (Net)	1.705	1.628	1.370
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.791	0.658	0.600
Total Non-current Liabilities (3)	5.555	4.698	5.620

(4) Current Liabilities
(a) Short term borrowings	101.775	145.260	73.162
(b) Trade payables	5.806	7.219	9.682
(c) Other current liabilities	3.463	3.104	9.874
(d) Short-term provisions	79.335	95.016	125.683
Total Current Liabilities (4)	190.379	250.599	218.401

TOTAL	516.792	471.045	338.334

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.373	59.107	46.800
(ii) Intangible Assets	0.017	0.029	0.038
(iii) Capital work-in-progress	0.000	0.000	8.275
(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	43.205	42.361	2.281
(e) Other Non-current assets	91.110	17.224	0.000
Total Non-Current Assets	197.705	118.721	57.394

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.490	14.727	10.523
(c) Trade receivables	138.866	125.150	123.656
(d) Cash and cash equivalents	43.198	117.250	44.586
(e) Short-term loans and advances	74.295	94.907	102.175
(f) Other current assets	0.238	0.290	0.000
Total Current Assets	319.087	352.324	280.940

TOTAL	516.792	471.045	338.334

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011

	SALES		1104.700	1117.800	891.640
	Other Income		NA	NA
	Total Income		NA	NA	891.640

Less	EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL		NA	NA	693.268

	PROFIT BEFORE TAX		NA	NA	198.372

Less	TAX		NA	NA	67.622

	PROFIT AFTER TAX		157.135	83.948	130.750

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		76.751	20.316	NA

Add	EXCESS TAX PROVISION WRITTEN BACK		0.087	0.044	NA

Less	APPROPRIATIONS
		Provision of Income Tax	52.112	27.558	NA
	BALANCE CARRIED TO THE B/S		181.861	76.751	NA

	EARNINGS IN FOREIGN CURRENCY		NA	153.233	125.958

	IMPORTS		NA	818.520	472.954

	Earnings Per Share (Rs.)		209.51	122.00	526.00

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOANS

Particular	31.03.2013	31.03.2012
	(Rs. In Millions)
Short Term Borrowing
Loans From Directors	33.363	53.802
Total	33.363	53.802

OPERATIONS

The production capacity was enhanced by adding another furnace and expansion of bag house during the year. The exchange rate fluctuation coupled with volatile rates of Metal/Metal Ore in the international market created uncertainty about supplies & orders. Despite this with the optimal management of resources the co was able to achieve better results during the year. Financial Results the turnover of the company marginally increased from Rs 1104.700 Million in the previous year to Rs. 1117.800 Million during the year. The profit earned amounted to Rs. 157.100 Million as compared to Rs. 83.900 Million in the previous year.

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80001044	31/05/2012 *	180,000,000.00	STATE BANK OF BIKANER & JAIPUR	D-10, D BLOCK, SHOPPING CENTRE, VIVEK VIHAR, DELHI, DELHI - 110092, INDIA	B41666744
2	80001041	16/06/2005	33,750,000.00	STATE BANK OF BIKANER AND JAIPUR	D-10,SHOPPING CENTER, VIVEK VIHAR, NEW DELHI, DELHI - 110095, INDIA	-

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.60.20
UK Pound	1	Rs.101.68
Euro	1	Rs.83.55

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

Report Prepared by :	KVT

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.