MIRA INFORM REPORT

Report No. :	313640.2
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	RATNAGIRI CHEMICALS PRIVATE LIMITED
Registered Office :	611 and 612, 6^th Floor, Raheja Arcade, Sector - 11, CBD Belapur, Navi Mumbai – 400614, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.02.1991
Com. Reg. No.:	11-60227
Capital Investment / Paid-up Capital :	Rs. 30.000 Million
CIN No.: [Company Identification No.]	U24110MH1991PTC060227
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14212C
PAN No.: [Permanent Account No.]	AAACR7604J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Organic and Inorganic Chemicals of TBHQ and BHA, Terpiary Beutyl Hydroquinone and Beutylated Hydroxy Anisole, BHT, etc.
No. of Employees :	108 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Exist

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 – 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

Rating Agency Name	CRISIL
Rating	Long term rating = “D”
Rating Explanation	Lowest- credit-quality and low prospects of recovery.
Date	14.10.2014

Rating Agency Name	CRISIL
Rating	Short term rating = “D”
Rating Explanation	Instruments with this rating are in default or expected to be in default on maturity.
Date	14.10.2014

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. Jems Ambrose
Designation :	Manager in Commerce and Logistics
Contact No.:	91-8691001406
Date :	07.04.2015

LOCATIONS

Registered / Head Office :	611 and 612, 6^th Floor, Raheja Arcade, Sector - 11, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India
Tel. No.:	91-22-27563035/ 27570191/ 27570236
Mobile No.:	91-8691001406 (Mr. Jems Ambrose)
Fax No.:	91-22-27570060
E-Mail :	corporate@ratnagiri-chemicals.com md@ratnagiri-chemicals.com marketing@ratnagiri-chemicals.com logistics@ratnagiri-chemicals.com corporate@ratnagiri-chemicals.com exim@ratnagiri-chemicals.com
Website :	http://www.ratnagiri-chemicals.com
Area :	1000 Sq. ft.
Location :	Owned
Locality :	Commercial
Factory :	Plot No.C-39, M.I.D.C., Lote Parshuram Industrial Estate, Lote, District – Ratnagiri – 615722, Maharashtra, India
Tel No. :	91-2356-272117
Fax No. :	91-2356-272650
Location :	Owned

DIRECTORS

AS ON 27.09.2013

Name :	Mr. Prabhala Venkata Ramana Rao
Designation :	Managing director
Address :	Flat No.102, 1^st Floor, ONYX-II, Plot No.36/ 37, Union Park, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	21.06.1957
Date of Appointment :	11.02.1991
DIN No.:	00938265
Name :	Mr. Ratnakumari Prabhala
Designation :	Director
Address :	Flat No.102, 1^st Floor, ONYX-II, Plot No.36/ 37, Union Park, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	17.07.1967
Date of Appointment :	16.10.1998
DIN No.:	00938485

KEY EXECUTIVES

Name :	Mr. Jems Ambrose
Designation :	Manager in Commerce and Logistics

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares
P.V. Ramana Rao	152765
Asha Mishra	12715
Trailokya Mishra	26410
Girija Mishra	4680
P. Bhaskaram	3320
P. Ratnakumari	73400
P. Sita Mahalaxmi	2150
Subrat Kumar Mishra	300
Subyaschi Mishra	5550
Jollyrani Mohapatra	350
Supreeti Mishra (Through F and N/G)	950
Swagatika Mishra (Through F and N/G)	1070
Kuntala Mishra	300
P. Ananta Bhaskar Sarma (Through F and N/G)	3090
P. Surjana (Through F and N/G)	2950
Mishra Financial Services Limited, India	10000
Total	300000

AS ON 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	3.00
Directors or relatives of Directors	97.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Organic and Inorganic Chemicals of TBHQ and BHA, Terpiary Beutyl Hydroquinone and Beutylated Hydroxy Anisole, BHT, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Organic and Inorganic Chemicals [But from last 2 years they have not done any export]
Countries :	· China · Italy · Singapore · South America · Malaysia
Imports :
Products :	Raw Material [Hydroquinone, Catechol, Para-Cresol and Phenol]
Countries :	· China · Italy · France
Terms :
Selling :	L/C and Credit (60 Days)
Purchasing :	L/C and Credit (60 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Camlin Fine Sciences Limited, Mumbai
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers, OEMs and Manufacturer

Reference:	Solve Zeynep Chemicals Limited, China
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Clean Science Technologies Private Limited, Pune

No. of Employees :

108 (Approximately)

Bankers :

· Punjab National Bank

Shivaji Path Branch, Shivaji Path ,Thane West, Thane - 400602, Maharashtra, India

Facilities :

Cash Credit = Rs. 160.000 Million (From Punjab National Bank)

SECURED LOAN	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG TERM BORROWINGS
From Bank
Tata Capital Limited [Secured against hypothecation of Equipment’s]	2.040	4.756
Punjab National Bank, Thane [Secured against equitable mortgage of immovable property of directors]	8.272	9.828
Kotak Mahindra Prime Limited [Secured against hypothecation of motor car]	0.000	0.099
SHORT TERM BORROWINGS
Cash Credit A/c with Punjab National Bank, Thane [Against hypothecation of stocks and book debts]	98.229	59.365
Packing Credit A/c with Punjab National Bank, Thane [Preshipment Credit secured against hypothecation of stocks]	49.564	45.000
Punjab National Bank, Thane (West) [Post Shipment Credit secured against export bill discounting]	3.622	20.914
Total	161.727	139.962

Auditors :
Name :	M P Reddy and Associates Chartered Accountants
Address :	609, Sunshine, Shastri Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26311931/ 26311961
Fax No.:	91-22-26394225
E-Mail :	mpreddy@bom5.vsnl.net.in
PAN No.:	AATFM0820F
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.100/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.100/- each	Rs. 30.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	30.000	30.000	27.240
(b) Reserves & Surplus	32.719	31.970	24.754
(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)	62.719	61.970	51.994
(3) Non-Current Liabilities
(a) Long-term borrowings	21.668	33.266	27.037
(b) Deferred tax liabilities (Net)	9.904	9.973	9.050
(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)	31.572	43.239	36.087
(4) Current Liabilities
(a) Short term borrowings	151.415	126.179	90.630
(b) Trade payables	32.795	44.942	34.424
(c) Other current liabilities	24.406	10.541	9.194
(d) Short-term provisions	2.965	2.900	3.117
Total Current Liabilities (4)	211.581	184.562	137.365
TOTAL	305.872	289.771	225.446
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.637	72.179	76.675
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.803	3.979	2.741
(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	2.165	0.764	1.165
(e) Other Non-current assets	0.945	0.945	0.945
Total Non-Current Assets	75.550	77.867	81.526
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	149.811	117.803	88.412
(c) Trade receivables	57.947	74.185	41.475
(d) Cash and cash equivalents	0.865	0.596	0.030
(e) Short-term loans and advances	20.858	18.348	12.634
(f) Other current assets	0.841	0.972	1.369
Total Current Assets	230.322	211.904	143.920
TOTAL	305.872	289.771	225.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	275.479	398.321	216.441
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		0.745	11.185	6.996
Less	TAX		(0.004)	3.970	2.179
	PROFIT AFTER TAX		0.749	7.215	4.817
	Earnings Per Share (Rs.)		2.50	24.05	17.68

Expected Sales (2014-2015): Rs. 200.000 Million (Due to Market Fluctuation)

The above information has been parted by Mr. Jems Ambrose (Manager in Commerce and Logistics)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.27	1.81	2.23
Return on Total Assets (PBT/Total Assets}	(%)	0.25	3.91	3.14
Return on Investment (ROI) (PBT/Networth)		0.01	0.18	0.13
Debt Equity Ratio (Total Debt/Networth)		2.76	2.57	2.26
Current Ratio (Current Asset/Current Liability)		1.09	1.15	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	27.240	30.000	30.000
Reserves & Surplus	24.754	31.970	32.719
Net worth	51.994	61.970	62.719
Long-term borrowings	27.037	33.266	21.668
Short term borrowings	90.630	126.179	151.415
Total borrowings	117.667	159.445	173.083
Debt/Equity ratio	2.263	2.573	2.760

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	216.441	398.321	275.479
		84.032	-30.840

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	216.441	398.321	275.479
Profit	4.817	7.215	0.749
	2.23%	1.81%	0.27%

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%	Yes
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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	Yes
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

LITIGATION DETAILS

Bench:- Bombay
Presentation Date:- 04/12/2014
Lodging No. :	CPL/916/2014		Filing Date:-	04/12/2014
Petitioner:-	M/S. AARTI INDUSTRIES LIMITED	Respondent:-	M/S. RATNAGIRI CHEMICALS PRIVATE LIMITED
Petn.Adv:-	VIKAS KISAN MAHAGARE (I3682)
District:-	MUMBAI
Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	COMPANY PETITION U/SEC 433,434,439 OF COMPANIES ACT
Last Date:-	11/12/2014	Stage:-
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY & SR. MASTER
Act. :	Companies Act & Rules 1956		Under Section 433, 434

OBSERVATION POINTS

Date of Visit	06.04.2014
Name Board	Sighted
Location	Difficult
Landmark (If any)	UCO Bank
Total Floors of the Building	7
Subject situated on	6^th Floor
Locality	Commercial
Area of Premises	1000 Sq. ft.
Area	Upmarket
No. of Employees seen at premises	15
Visibility of Items	· Telephone · Fax Machine · Telex · Computers · Air Conditioner · Office Equipment · Xerox Machine
Furniture items sighted	Yes
Proof of Visit	Photo

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10193017	25/11/2009	12,500,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A75729459
2	90151296	24/12/2012 *	155,000,000.00	PUNJAB NATIONAL BANK	SHIVAJI PATH BRANCH, SHIVAJI PATH ,THANE WEST, THANE, MAHARASHTRA - 400602, INDIA	B66111295

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG TERM BORROWINGS
From Financial Institutions	6.054	13.281
From Others	5.302	5.302
SHORT TERM BORROWINGS
From Others	0.000	0.900
Total	11.355	19.482

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Laboratory Equipments

· Computers

· Office Equipments

· Furniture and Fixtures

· Telephone Instruments

· Motor Car

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 records 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. 62.16
UK Pound	1	Rs. 92.73
Euro	1	Rs. 68.23

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		18

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.