MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	TYCHE CHEM LIMITED
Registered Office :	Flat No. 201, B Block, Aditya Hill Top, Veterinary Colony, Shaikpet Village and Mandal, Hyderabad-500008, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.12.2000
Com. Reg. No.:	01-035876
Capital Investment / Paid-up Capital :	Rs.3.500 Millions
CIN No.: [Company Identification No.]	U24231AP2000PLC035876
TAN No.: [Tax Deduction & Collection Account No.]	HYDT01085A
PAN No.: [Permanent Account No.]	AABCT3078P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	To Trade, Manufacture, Buy, Sell Offer Consultancy, Import and Export, Act as Commission Agents and Generally Deal with all types of Chemicals, Pharmaceuticals, Drugs and Intermediates.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 480300
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active payments 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

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.

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 co-operative [91-40-23541688]

LOCATIONS

Registered Office :	Flat No. 201, B Block, Aditya Hill Top, Veterinary Colony, Shaikpet Village and Mandal, Hyderabad-500008, Andhra Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	tychechem_tnk@rediffmail.com
Hyderabad Office :	H.C. 21/A, Road No. 9, Film Nagar, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Tel. No.:	91-40-23541688/23541139/23541156
Factory :	Paidiparru, Tanuku-534211, West Godavari District, Andhra Pradesh, India

DIRECTORS

AS ON 30.09.2013

Name :

Vegesina Venkata Kanaka Subba Raju

Designation :

Director

Address :

Plot No. 62, Flat No. 302, Jyothi Mahal, Road No. 6, Srinagar Colony, Hyderabad-500073, Andhra Pradesh, India

Date of Birth/Age :

05.01.1965

Date of Appointment :

14.12.2000

Din No.:

02177801

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	U24233AP2008PTC059985	EVER HEALTH LIFE SCIENCES PRIVATE LIMITED	Director	04-07-2008	04-07-2008	Active	NO
2	U24231AP2000PLC035876	TYCHE CHEM LIMITED	Director	26-09-2012	19-03-2012	Active	NO

Name :

Subbaraju Venkata Kanaka Vegesna

Designation :

Director

Address :

40-3-14, Krishna Nagar, Labbipet, Vijaywada-520010, Andhra Pradesh, India

Date of Birth/Age :

16.08.1974

Date of Appointment :

19.03.2012

Din No.:

02284913

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	U24231AP2000PLC035876	TYCHE CHEM LIMITED	Director	14-12-2000	14-12-2000	Active	NO
2	U05005AP1991PLC012814	SIRIS AQUA LIMITED	Director	22-12-2012	29-12-2011	Active	NO
3	U15122KA2010PTC053056	MADHAVI EDIBLE BRAN OILS (RAICHUR) PRIVATE LIMITED	Director	29-09-2012	20-02-2012	Active	NO

Name :

Mr. Sai Rama Raju Nallapa Raju

Designation :

Director

Address :

1-2-36/4B, As Raju Nagar, Nizampet Road, Kukatpally, Hyderabad-500085, Andhra Pradesh, India

Date of Birth/Age :

17.12.1968

Date of Appointment :

27.02.2012

Din No.:

05273501

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	U24231AP2000PLC035876	TYCHE CHEM LIMITED	Director	26-09-2012	27-02-2012	Active	NO
2	U72200AP2000PTC035903	SILVER OAK TECHNOLOGIES PRIVATE LIMITED	Director	29-09-2012	22-03-2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
G. Sandeep Raju	84275
G. Rama Raju	10500
G. Vijaya Kumari	10500
G. Ganesh Kumar	212625
G. Ammanna Raju	10500
G. Fiza	10500
Subbaraju Venkata Kanaka Vegesna	10500
Ananthsena Reddy	100
Satyanaryana Patnaik	100
Ramachandra Raju	100
V. Swarnalatha	100
Ashish Uniyal	100
M. Murali Reddy	100
TOTAL	350000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	To Trade, Manufacture, Buy, Sell Offer Consultancy, Import and Export, Act as Commission Agents and Generally Deal with all types of Chemicals, Pharmaceuticals, Drugs and Intermediates.
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

UCO Bank, 9th Lane, 1st Cross Road, Arundelpet, Guntur - 522002, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Car Loan From Company [Secured by the vehicle finance]	2.244	3.839
Short Term Borrowings
UCO Bank Cash Credit	26.310	29.405
UCO Bank LC Account	4.983	4.827
From Another Company	1.384	1.383
TOTAL	34.921	39.454

Banking Relations :	--
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	3-16C-40/1, Shanti Nagar, Kakinada-533003, Andhra Pradesh, India
PAN No:	AADFB8032G

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs.3.500 Millions

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	3.500	3.500	3.500
(b) Reserves & Surplus	116.581	113.468	112.183
(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)	120.081	116.968	115.683
(3) Non-Current Liabilities
(a) long-term borrowings	2.244	3.839	0.150
(b) Deferred tax liabilities (Net)	1.620	2.222	0.563
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.864	6.061	0.713
(4) Current Liabilities
(a) Short term borrowings	32.677	35.615	18.991
(b) Trade payables	43.347	53.447	35.462
(c) Other current liabilities	3.617	3.341	5.858
(d) Short-term provisions	1.874	0.945	2.208
Total Current Liabilities (4)	81.515	93.348	62.519
TOTAL	205.460	216.377	178.915
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.947	34.643	30.941
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.850	9.853	9.853
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	62.277	62.204	62.191
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	103.074	106.700	102.985
(2) Current assets
(a) Current investments	0.057	0.057	0.057
(b) Inventories	22.097	37.405	39.780
(c) Trade receivables	66.122	61.596	19.520
(d) Cash and cash equivalents	3.698	4.122	11.794
(e) Short-term loans and advances	10.412	6.497	4.779
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	102.386	109.677	75.930
TOTAL	205.460	216.377	178.915

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	200.573	211.534	171.191
	Processing Income	17.293	4.337	2.726
	Other Income	2.233	1.380	9.378
	TOTAL (A)	220.099	217.251	183.295
Less	EXPENSES
	Cost of Materials Consumed	143.635	159.507	125.656
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	11.732	2.387	(5.053)
	Employees benefits expense	6.332	6.007	5.698
	Other expenses	43.268	34.925	39.622
	TOTAL (B)	204.967	202.826	165.923
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	15.132	14.425	17.372
Less	FINANCIAL EXPENSES (D)	4.481	3.740	2.865
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	10.651	10.685	14.507
Less/ Add	DEPRECIATION/ AMORTISATION (F)	5.362	5.241	4.245
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	5.289	5.444	10.262
Less	TAX (H)	2.175	4.160	(0.491)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.114	1.284	10.753
	IMPORTS
	Raw Materials	40.948	45.054	42.577
	Components and Stores parts	0.000	0.000	0.000
	Capital Goods	0.000	0.000	0.000
	TOTAL IMPORTS	40.948	45.054	42.577
	Earnings / (Loss) Per Share (Rs.)
	- Basic	8.90	3.67	30.71
	- Diluted	8.57	3.53	29.53

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.41	0.59	5.87
Net Profit Margin (PBT/Sales)	(%)	2.64	2.57	5.99
Return on Total Assets (PBT/Total Assets}	(%)	2.70	2.64	6.07
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.09
Debt Equity Ratio (Total Debt/Networth)		0.29	0.34	0.17
Current Ratio (Current Asset/Current Liability)		1.25	1.17	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.500	3.500	3.500
Reserves & Surplus	112.183	113.468	116.581
Net worth	115.683	116.968	120.081
long-term borrowings	0.150	3.839	2.244
Short term borrowings	18.991	35.615	32.677
Total borrowings	19.141	39.454	34.921
Debt/Equity ratio	0.165	0.337	0.291

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	171.191	211.534	200.573
		23.566	(5.182)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	171.191	211.534	200.573
Profit	10.753	1.284	3.114
	6.28%	0.61%	1.55%

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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90388656	18/03/2011 *	35,000,000.00	UCO Bank	9th Lane, 1st Cross Road, Arundelpet, Guntur - 522002, Andhra Pradesh, India	B09928169

* Date of charge modification

FIXED ASSETS:

· Land

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computer

· Office Equipments

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 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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	6
--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		47

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.