MIRA INFORM REPORT

Report Date :

18.09.2014

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) :	31.03.2014
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 :	Manufacturer of Synthetic resins
No. of Employees :	72 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as 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 – 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 slow 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.

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 PARTED BY

Name :	Mr. Prakash Patil
Designation :	Account Manager
Contact No.:	91-251-2697206
Date :	13.09.2014

LOCATIONS

Registered Office / Factory :	Plot No A-2, M.I.D.C. Badlapur, Kulgaon, District – Thane – 421503, Maharashtra, India
Tel. No.:	91-251-2672577
Mobile No.:	91-9822358177 (Mr. Sudhir)
Fax No.:	91-251-2695204
E-Mail :	accounts@idealchemiplast.net
Area :	2214 Sq. Ft.
Location :	Owned

DIRECTORS

AS ON 26.09.2013

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	Date of cessation	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	Date of cessation	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) Thane – 421301, Maharashtra, India

Date of Birth/Age :

06.12.1953

Date of Appointment :

17.03.2004

DIN No. :

01760978

KEY EXECUTIVES

Name :	Mr. Prakash Patil
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 26.09.2013

Names of Shareholders	No. of Shares
Raghuram Kavu Rao	22500
Vishwas Vishnu	22500
Arvindkumar Chimanala Bhatt	22500
Raghavendra Govind Joshi	22500
Total	90000

As on 26.09.2013

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 of Synthetic resins
Exports :
Products :	Synthetic Resins
Countries :	· Qman · Nigeria · Srilanka · Kenya
Imports :
Products :	Raw Material
Countries :	· Sweden · USA
Terms :
Selling :	Cash, Credit, L/C, and Advance payment
Purchasing :	Cash, Credit, L/C, and Advance payment

GENERAL INFORMATION

Suppliers :

· Ketal Chem Private Limited

· C J Shah and Company

Customers :

· PPG Asian Paints Private Limited

No. of Employees :

72 (Approximately)

Bankers :

HDFC Bank, Kalyan Branch

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans
From Banks (Secured By Hypothetication of vehicles	NA	2.551
Total	NA	2.551

Banking Relations :	--
Auditors :
Name :	S N Phadke Chartered Accountants
Address :	1, Ground Floor, Shriniwasdham CHS, Opposite Neelam Sweet Mart, Kulgaon East, Badlapur – 421503, Maharashtra, India
PAN No.:	AAXPP2258C

CAPITAL STRUCTURE

As on 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.10/- each	Rs.0.900 Millions

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	0.900	0.900	0.900
(b) Reserves & Surplus	143.786	120.568	94.022
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.023
Total Shareholders’ Funds (1) + (2)	144.686	121.468	94.945
(3) Non-Current Liabilities
(a) long-term borrowings	29.262	11.662	10.594
(b) Deferred tax liabilities (Net)	0.118	0.118	0.037
(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)	29.380	11.780	10.631
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	148.758	122.749	124.034
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	19.169	14.991	13.483
Total Current Liabilities (4)	167.927	137.740	137.517
TOTAL	341.993	270.988	243.093
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.026	15.475	16.706
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.346	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.132	3.745	3.763
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20.158	19.566	20.469
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.492	45.286	41.069
(c) Trade receivables	157.892	132.037	124.406
(d) Cash and cash equivalents	15.745	3.921	3.803
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	85.706	70.178	53.346
Total Current Assets	321.835	251.422	222.624
TOTAL	341.993	270.988	243.093

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	917.009	765.668	662.774
	Other Income	1.530	0.000	0.000
	TOTAL (A)	918.539	765.668	662.774
Less	EXPENSES
	Cost of Materials Consumed	783.636	653.456	557.648
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.644)	(6.513)	1.847
	Employees benefits expense	40.187	12.881	9.899
	Other expenses	62.804	59.360	50.931
	TOTAL (B)	879.983	719.184	620.325
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	38.556	46.484	42.449
Less	FINANCIAL EXPENSES (D)	1.731	1.774	1.942
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	36.825	44.710	40.507
Less/ Add	DEPRECIATION/ AMORTISATION (F)	2.607	2.783	2.453
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	34.218	41.927	38.054
Less	TAX (H)	11.000	15.382	15.975
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	23.218	26.545	22.079
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	95.926	92.495
	TOTAL EARNINGS	NA	95.926	92.495
	IMPORTS
	C.I.F Value of Imports	NA	31.668	37.328
	TOTAL IMPORTS	NA	31.668	37.328
	Earnings / (Loss) Per Share (Rs.)	295.00	276.00	245.32

Expected Sales (2014-2015 ) : Rs. 1200.000 Millions

The above information has been parted by Mr. Prakash Patil (Account Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	2.53	3.47	3.33
Net Profit Margin (PBT/Sales)	(%)	3.73	5.48	5.74
Return on Total Assets (PBT/Total Assets}	(%)	10.01	15.49	15.65
Return on Investment (ROI) (PBT/Networth)		0.24	0.35	0.40
Debt Equity Ratio (Total Debt /Networth)		0.20	0.10	0.11
Current Ratio (Current Asset/Current Liability)		1.92	1.83	1.62

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	0.900	0.900	0.900
Reserves & Surplus	94.022	120.568	143.786
Share Application money pending allotment	0.023	0.000	0.000
Net worth	94.945	121.468	144.686
long-term borrowings	10.594	11.662	29.262
Short term borrowings	0.000	0.000	0.000
Total borrowings	10.594	11.662	29.262
Debt/Equity ratio	0.112	0.096	0.202

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	662.774	765.668	917.009
		15.525	19.766

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	662.774	765.668	917.009
Profit	22.079	26.545	23.218
	3.33%	3.47%	2.53%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No

INDEX OF CHARGES: No Charges Exist for Company

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Other loans and advances
From directors and their relatives	NA	9.111
Total	NA	9.111

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer

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 records 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. 60.95
UK Pound	1	Rs. 99.32
Euro	1	Rs. 78.96

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.