MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	BK CHEMTECH ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	No.1, Jeremiah Road, Mosque Road, Frazer Town, Bangalore – 560005, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.09.2008
Com. Reg. No.:	08-047775
Capital Investment / Paid-up Capital :	Rs.0.200 Million
CIN No.: [Company Identification No.]	U29297KA2008PTC047775
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRB07595A
PAN No.: [Permanent Account No.]	AADCB5710A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of trading of industrial chemical, cosmetics, domestic cleaners and industrial cleaners and also engaged in rendering testing and certification services and consultancy services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scales of activities are limited. The rating is constrained on account of company’s moderate operational risk profile marked by small business operations and small net worth of the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings with some 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-80-41657945)

LOCATIONS

Registered Office :	No.1, Jeremiah Road, Mosque Road, Frazer Town, Bangalore – 560005, Karnataka, India
Tel. No.:	91-80-41657945
Fax No.:	91-80-41657946
E-Mail :	info@kbengineering.in admin@bkengineering.in khan_n27@yahoo.com
Website :	http://www.bkengineering.in

DIRECTORS

As on 26.09.2014

Name :

Angelo Battigelli

Designation :

Director

Address :

Via San Bernardo 31.B, Tavagnacco, NA, Italy

Date of Birth/Age :

30.06.1947

Date of Appointment :

06.10.2010

DIN No.:

03169740

Name :

Mr. Hansraj Narayan

Designation :

Director

Address :

4.2 Berlie Street Cross, Bangalore - 560025, Karnataka, India

Date of Birth/Age :

04.05.1946

Date of Appointment :

30.01.2012

DIN No.:

05186136

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	U29297KA2008PTC047775	BK CHEMTECH ENGINEERING (INDIA) PRIVATE LIMITED	Director	12/09/2012	30/01/2012	-	Active	NO

Name :

Carmen Da Costa

Designation :

Director

Address :

N.12, Haydon Manor, 2 C, Eagles Street, Langford Town, Shanti Nagar, Bangalore - 560025, Karnataka, India

Date of Birth/Age :

19.12.1951

Date of Appointment :

30.01.2012

DIN No.:

05212105

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	U29297KA2008PTC047775	BK CHEMTECH ENGINEERING (INDIA) PRIVATE LIMITED	Director	12/09/2012	27/02/2012	-	Active	NO

Name :

Mr. Joseph Nicholas Jacob

Designation :

Additional Director

Address :

Flat 301, Favourite Residency, Old No. 98, New No. 281, Wheeler Road, Cooke Town, Bangalore - 560005, Karnataka, India

Date of Birth/Age :

09.09.1946

Date of Appointment :

15.02.2013

DIN No.:

06414513

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders	No. of Shares	% of Holding
Angelo Battigelli	8000	40.00
Servaas Lab Inc., USA	10000	50.00
Ihasanulla Khan	1000	5.00
Mohsmmed Khaleelulla	1000	5.00
Total	20000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Directors or relatives of Directors	40.00
Other top fifty shareholders	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of trading of industrial chemical, cosmetics, domestic cleaners and industrial cleaners and also engaged in rendering testing and certification services and consultancy services.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Information denied by management
Bankers :	Not Divulged
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants Chartered Accountants
Address :	# 424, 4th C Main, 6th Cross, OMBR Layout, Banaswadi, Bangalore – 560043, Karnataka, India
PAN No.:	AABFV9555E
Memberships :	--
Collaborators :	--
Associated Company :	Servaas Lab Inc., USA

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.200	0.200	0.200
(b) Reserves & Surplus	1.241	0.474	(1.364)
(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)	1.441	0.674	(1.164)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.975	1.345	0.913
(c) Other current liabilities	1.949	2.467	13.135
(d) Short-term provisions	0.000	0.299	0.000
Total Current Liabilities (4)	2.924	4.111	14.048
TOTAL	4.365	4.785	12.884
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.339	0.222	0.237
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.036	0.076	0.000
(d) Long-term Loan and Advances	0.463	0.907	0.311
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.838	1.205	0.548
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.985	0.000	0.000
(c) Trade receivables	0.373	0.608	0.699
(d) Cash and cash equivalents	1.962	2.348	3.300
(e) Short-term loans and advances	0.148	0.624	8.312
(f) Other current assets	0.059	0.000	0.025
Total Current Assets	3.527	3.580	12.336
TOTAL	4.365	4.785	12.884

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		31.138	48.460	20.349
		Other Income		0.050	0.393	0.450
		TOTAL (A)		31.188	48.853	20.799
Less	EXPENSES
		Purchase of Stock-in-trade		21.846	34.989	16.231
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(0.985)	0.000	0.000
		Employee Benefits Expenses		3.725	3.478	2.558
		Other Expenses		7.285	8.489	3.040
		Prior Period Items		(1.894)	(0.0120	1.183
		TOTAL (B)		29.977	46.944	23.012
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1.211	1.909	(2.213)
Less	FINANCIAL EXPENSES (D)			0.002	0.027	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1.209	1.882	(2.213)
Less	DEPRECIATION/ AMORTISATION (F)			0.071	0.066	0.048
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			1.138	1.816	(2.261)
Less	TAX (H)			0.371	(0.022)	0.032
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			0.767	1.838	(2.293)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			0.125	(1.713)	0.580
	BALANCE CARRIED TO THE B/S			0.892	0.125	(1.713)
	EARNINGS IN FOREIGN CURRENCY
			Export of goods	28.395	45.440	NA
			Export of services	2.743	2.862	NA
			Expenses reimbursed	0.000	0.200	NA
	TOTAL EARNINGS			31.138	48.502	NA
	Earnings / (Loss) Per Share (Rs.)			23.35	91.88	(114.65)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.46	3.79	(11.27)
Operating Profit Margin (PBIDT/Sales)	(%)	3.89	3.94	(10.88)
Return on Total Assets (PBT/Total Assets}	(%)	26.29	38.56	(17.55)
Return on Investment (ROI) (PBT/Networth)		0.79	2.69	1.94
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.21	0.87	0.88

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.200	0.200	0.200
Reserves & Surplus	(1.364)	0.474	1.241
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(1.164)	0.674	1.441
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	20.349	48.460	31.138
		138.144	(35.745)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	20.349	48.460	31.138
Profit	(2.293)	1.838	0.767
	(11.27%)	3.79%	2.46%

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	Yes
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	No
24]	Banking facility details	No
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

COMPANY INFORMATION:

Subject is a private limited company incorporated on September 15, 2008. The company is currently engaged in the business of trading of industrial chemical, cosmetics, domestic cleaners and industrial cleaners. It is also engaged in rendering testing and certification services and consultancy services.

NO CHARGES EXIST FOR THE COMPANY

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.61.87
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.