MIRA INFORM REPORT

Report No. :	315074
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	CHEMGEMS (INDIA) PRIVATE LIMITED
Registered Office :	Rajarghat (North) Tangra Kolkata – 700105, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.01.1197
Com. Reg. No.:	21-082632
Capital Investment / Paid-up Capital :	Rs.13.424 Million
CIN No.: [Company Identification No.]	U24112WB1997PTC082632
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Leather bags and accessories and Trader of chemicals.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 210000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

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 PARTED BY

Name :	Mr. Joy
Designation :	Purchase Department
Contact No.:	91-33-23298920

LOCATIONS

Registered Office :	Rajarghat (North) Tangra Kolkata – 700105, West Bengal, India
Tel. No.:	91-33-23298920
Fax No.:	91-33-23297487
E-Mail :	info@paddarca.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Hari Narayan Rathi

Designation :

Director

Address :

336, Canal Street, B Block, 1^st Floor, Kolkata – 700048, West Bengal, India

Date of Birth/Age :

16.03.1955

Date of Appointment :

19.01.1997

DIN No.:

01379286

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	U24112WB1997PTC082632	CHEMGEMS (INDIA) PRIVATE LIMITED	Director	19/01/1997	19/01/1997	-	Active	NO
2	U19129WB2007PTC120917	CANTON LEATHER COLLECTIONS PRIVATE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
3	U74140WB1993PTC059170	NISCHINTA ADVISORY SERVICES PRIVATE LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO

Name :

Meena Devi Rathi

Designation :

Diretor

Address :

197, Ram Krishnapur Lane, Howrah – 711102, West Bengal, India

Date of Birth/Age :

01.04.1961

Date of Appointment :

08.11.2010

DIN No.:

01964539

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	U74140WB1993PTC059170	NISCHINTA ADVISORY SERVICES PRIVATE LIMITED	Director	15/06/1999	15/06/1999	-	Active	NO
2	U19129WB2007PTC120917	CANTON LEATHER COLLECTIONS PRIVATE LIMITED	Director	02/01/2008	02/01/2008	-	Active	NO
3	U24112WB1997PTC082632	CHEMGEMS (INDIA) PRIVATE LIMITED	Director	08/11/2010	08/11/2010	-	Active	NO

Name :

Mr. Saraswati Devi Rathi

Designation :

Director

Address :

197, Ram Krishnapur Lane, Howrah – 711102, West Bengal, India

Date of Birth/Age :

15.08.1937

Date of Appointment :

12.01.2011

DIN No.:

03382722

Name :

Mr. Kishor Kumar Rathi

Designation :

Director

Address :

197, Ram Krishnapur Lane, Howrah – 711102, West Bengal, India

Date of Birth/Age :

20.07.1960

Date of Appointment :

19.01.1997

DIN No.:

01379270

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	U24112WB1997PTC082632	CHEMGEMS (INDIA) PRIVATE LIMITED	Director	19/01/1997	19/01/1997	-	Active	NO
2	U24119WB2006PTC110441	RATHI CHEMPELS PRIVATE LIMITED	Director	05/07/2006	05/07/2006	-	Active	NO

Name :

Mr. Gaurav Rathi

Designation :

Director

Address :

336, Canal Street, B Block, 1^st Floor, Kolkata – 700048, West Bengal, India

Date of Birth/Age :

04.11.1984

Date of Appointment :

14.12.2011

DIN No.:

01964488

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	U19129WB2007PTC120917	CANTON LEATHER COLLECTIONS PRIVATE LIMITED	Director	02/01/2008	02/01/2008	-	Active	NO
2	U24112WB1997PTC082632	CHEMGEMS (INDIA) PRIVATE LIMITED	Director	14/12/2011	14/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Joy
Designation :	Purchase Department

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Hari Narayan Rathi	2600
Sarita Rathi	219500
Sri Narayan Mercantiles Private Limted	80000
Dewdrops Mercantiles Private Limited	20000
One Stop Commosales Private Limited	30000
Vico Syntex Private Limited	30000
Extralinks Tie Up Private Limited	30000
One Point Commercial Private Limited	30000
K and K Computers Private Limited	20000
Baisakhi Commercial Private Limited	50000
Ankh Commercial Private Limited	50000
Hi Tech Investment Private Limited	50000
Mukta Commosales Private Limited	20000
Rama Pachisia	4800
Piyush Rathi	7200
Kishor Kumar Rathi	13100
Laxmi Narayan Gupta	10000
Asha Rathi	29100
Jayshree Rathi	59100
D.L.Chandak	10000
Kanhaiyalal Rathi HUF	15000
Kishor Kumar Rathi HUF	15000
Saurav Rathi	6200
Gaurav Rathi	66800
Suchi Rathi	2000
Ashok Kumar Rathi	1000
Kanhaiya Lal Rathi	1000
Nischinta Advisory Services Private Limited	469000
Karnani Kumar Narendra	1000
Total	1342400

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	27.18
Directors or relatives of Directors	32.06
Other top fifty shareholders	39.27
Others	1.49
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Leather bags and accessories and Trader of chemicals.
Products :	Leather Bags Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Australia Germany European Countries Italy Spain Netherland
Imports :
Products :	Chemical
Countries :	China
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

600 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, Alipore, 24/1/1, Alipore Road, Kolkata – 700027, West Bengal, India
• ING Vysya Bank Limited, 4/1, Middleton Street, Sikkim House, Kolkata – 700071, West Bengal, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
ING Vysya Bank Term Loan	45.144	0.000
ING Vysya Bank Term Loan (Against Hypothecation Fixed Assets of the Company created out of Term Loan)	10.300	14.339
SHORT TERM BORROWING
Bank Overdraft
ING Vysya Bank Limited (C/C)	24.907	5.968
ING Bank Packing Credit Loan
Princep Street Branch, Kolkata ING P.C.Loan	7.967	3.963
Total	88.318	24.270

Auditors :
Name :	K. K. Poddar And Associates Chartered Accountants
Address :	135A,B.R.B. Basu Road, 2nd Floor, Kolkata – 700001, West Bengal, India
PAN No.:	AAJFK8005A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs.17.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1342400	Equity Shares	Rs.10/- each	Rs.13.424 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	13.424	10.204	10.204
(b) Reserves & Surplus	62.871	43.184	40.585
(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)	76.295	53.388	50.789
(3) Non-Current Liabilities
(a) long-term borrowings	55.444	14.339	10.150
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.978	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	55.444	15.317	10.150
(4) Current Liabilities
(a) Short term borrowings	81.565	61.122	59.778
(b) Trade payables	41.274	50.999	41.225
(c) Other current liabilities	12.696	12.515	8.866
(d) Short-term provisions	3.044	1.170	1.065
Total Current Liabilities (4)	138.579	125.806	110.934
TOTAL	270.318	194.511	171.873
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	117.946	38.404	25.514
(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	1.200	1.200	1.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	119.146	39.604	26.714
(2) Current assets
(a) Current investments	5.199	3.617	2.364
(b) Inventories	21.549	37.971	34.425
(c) Trade receivables	107.940	104.322	101.472
(d) Cash and cash equivalents	1.062	1.504	2.334
(e) Short-term loans and advances	3.853	4.189	2.134
(f) Other current assets	11.569	3.304	2.430
Total Current Assets	151.172	154.907	145.159
TOTAL	270.318	194.511	171.873

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	263.567	241.831	228.535
	Other Income	10.735	5.010	4.400
	TOTAL	274.302	246.841	232.935
Less	EXPENSES
	Cost of Materials Consumed	177.353	187.322	182.670
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	16.421	(3.545)	(0.906)
	Employees benefits expense	11.195	9.519	8.374
	Other expenses	42.498	37.253	30.828
	TOTAL	247.467	230.549	220.966
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	26.835	16.292	11.969
Less	FINANCIAL EXPENSES	16.197	11.907	8.039
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	10.638	4.385	3.930
Less/ Add	DEPRECIATION/ AMORTISATION	0.787	0.599	0.484
	PROFIT/ (LOSS) BEFORE TAX	9.851	3.786	3.446
Less	TAX	3.044	1.187	1.065
	PROFIT/ (LOSS) AFTER TAX	6.807	2.599	2.381
	Earnings / (Loss) Per Share (Rs.)	5.07	1.94	1.77

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.58	1.07	1.04
Operating Profit Margin (PBDIT / Sales)	(%)	10.18	6.74	5.24
Return on Total Assets (PBT/Total Assets}	(%)	3.66	1.96	2.02
Return on Investment (ROI) (PBT/Networth)		0.13	0.07	0.07
Debt Equity Ratio (Total Debt /Networth)		1.80	1.41	1.38
Current Ratio (Current Asset/Current Liability)		1.09	1.23	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.204	10.204	13.424
Reserves & Surplus	40.585	43.184	62.871
Net worth	50.789	53.388	76.295
long-term borrowings	10.150	14.339	55.444
Short term borrowings	59.778	61.122	81.565
Total borrowings	69.928	75.461	137.009
Debt/Equity ratio	1.377	1.413	1.796

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	228.535	241.831	263.567
		5.818	8.988

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	228.535	241.831	263.567
Profit	2.381	2.599	6.807
	1.04%	1.07%	2.58%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
From Director	15.010	15.990
From Share Holders	10.683	9.615
From Corporate Bodies	22.998	25.586
Total	48.689	51.189

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10516128	31/07/2014	40,200,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, Maharashtra - 411035, INDIA	C17498809
2	10454589	08/09/2014 *	299,378,000.00	ING VYSYA BANK LIMITED	4/1,MIDDLETON STREET, SIKKIM HOUSE, KOLKATA, West Bengal - 700071, INDIA	C45405099
3	10299987	08/09/2014 *	159,000,000.00	ING VYSYA BANK LIMITED	4/1, MIDDLETON STREET, SIKKIM HOUSE, KOLKATA, West Bengal - 700071, INDIA	C44439412

* Date of charge modification

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.62.59
UK Pound	1	Rs.92.45
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	PNM

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.