MIRA INFORM REPORT

Report No. :	316458
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	K.M.B. ORGANIC CHEMICALS PRIVATE LIMITED
Registered Office :	26, Kukar Khera, Opposite Road No.8, VKI Area, Jaipur – 302013, Rajasthan
Tel. No.:	91-141-2730118
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.04.1989
Com. Reg. No.:	17-004918
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U24117RJ1989PTC004918
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 :	Trader of Chemicals.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating is constrained due to company’s limited scale of activities, increasing debts and low networth. Further, liquidity seems to be under pressure. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for 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 – 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 (GENERAL DETAILS)

Name :	Mr. Kailash Agarwal
Designation :	Accounts Manager
Contact No.:	91-9829132764
Date :	08.04.2015

LOCATIONS

Registered Office :	26, Kukar Khera, Opposite Road No.8, VKI Area, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-2730118
Mobile No.:	91-9829132764 (Mr. Kailash Agarwal) 91-9829530990 (Mr. Pramod Agarwal)
Fax No.:	Not Available
E-Mail :	rameshcjainassociatesca@yahoo.co.in kcagarwal9@yahoo.in
Warehouse :	61, Maruti Colony, Near Chordia Petrol Pump, Jaipur – 302029, Rajasthan, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Kailash Agarwal

Designation :

Director

Address :

283, Bageria House, Ramehswar Dham, Murlipura, Jaipur - 302013, Rajasthan, India

Date of Birth/Age :

06.12.1959

Date of Appointment :

01.07.2004

DIN No.:

00601865

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	U24117RJ1989PTC004918	K.M.B. ORGANIC CHEMICALS PRIVATE LIMITED	Director	01-07-2004	01-07-2004	-	Active	NO
2	U25209RJ2013PTC041548	S B C POLYPIPES PRIVATE LIMITED	Director	19-02-2013	19-02-2013	17-11-2014	Active	NO

Name :

Mrs. Sangeeta Bhageria

Designation :

Director

Address :

283, Bageria House, Ramehswar Dham, Murlipura, Jaipur - 302013, Rajasthan, India

Date of Birth/Age :

12.05.1967

Date of Appointment :

01.01.1998

DIN No.:

00601938

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	U24117RJ1989PTC004918	K.M.B. ORGANIC CHEMICALS PRIVATE LIMITED	Director	01-01-1998	01-01-1998	-	Active	NO
2	U18101RJ2006PTC023089	RANI DADI TEXTILE AND PROCESSOR PRIVATE LIMITED	Director	13-09-2006	13-09-2006	-	Active	NO
3	U25209RJ2013PTC041548	S B C POLYPIPES PRIVATE LIMITED	Director	19-02-2013	19-02-2013	17-11-2014	Active	NO

Name :

Mrs. Ruchi Agarwal

Designation :

Director

Address :

283, Bhageria House, Opposite Kedia Palace, Rameshwardham, Murlipura, Jaipur - 302013, Rajasthan, India

Date of Birth/Age :

13.04.1986

Date of Appointment :

29.09.2012

DIN No.:

05244752

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	U24117RJ1989PTC004918	K.M.B. ORGANIC CHEMICALS PRIVATE LIMITED	Director	29-09-2012	17-03-2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Kailash Agarwal
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Kailash Agarwal	1600
Pramod Agarwal	1790
Ruchi Agarwal	10
Sangeeta Bhageria	10
Sanjeev Agarwal	1490
Shashikant Agarwal	100
Total	5000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Chemicals.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
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

· Kiri Industries Limited

Ahmedabad, Gujarat, India

· Amit Chemicals

· Goyal Traders

· Nitin Dye Chem

· Rainbow Chemicals Co.

· Roop Rang Industries

· Vijay Dye Chem

Customers :

Wholesalers, Retailers and End Users

Reference:	Not Divulged
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

· Durga Dye Chem

· Hindustan Prints

· Rajat Udyog

· Safari Prints

· Vishal Udyog

· Super Chemicals

No. of Employees :

10 (Approximately)

Bankers :

Bank Name:	State Bank of Bikaner and Jaipur
Branch:	Road No. 5, VKI Area, Jaipur, Rajasthan, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

Vidhyanagar, Jaipur, Rajasthan, India

OD = Rs. 10.000 Million

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans from Banks Term Loans from ICICI Bank	0.000	1.930
Car Loan from HDFC Bank	0.105	0.383
SHORT TERM BORROWINGS
Working Capital Loans from Banks HDFC Bank OD Account	7.235	0.000
Total

Financial Institution :	HDB Financial Services Limited
Banking Relations :	--
Auditors :
Name :	Ramesh C. Jain and Associates Chartered Accountants
Address :	610, Bordi Ka Rasta, Kishanpole Bazar, Jaipur – 302003, Rajasthan, India
Tel. No.:	91-141-2324732/ 2322306
Income-tax PAN of auditor or auditor's firm :	AADFR2148B
Enterprises over which key managerial personnel are able to exercise significant influence :	· Shree Bhageria Chemical Co. · K.M.B. Industries · Rajasthan Green Fuels · Bhageria Overseas · Bhageria Agro

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs. 100/- each	Rs. 0.500 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	0.500	0.500	0.500
(b) Reserves & Surplus	0.259	0.257	0.235
(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)	0.759	0.757	0.735
(3) Non-Current Liabilities
(a) Long-term borrowings	1.762	4.479	2.972
(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)	1.762	4.479	2.972
(4) Current Liabilities
(a) Short term borrowings	7.235	0.000	0.000
(b) Trade payables	4.948	6.125	7.330
(c) Other current liabilities	1.210	1.326	0.684
(d) Short-term provisions	0.045	0.024	0.019
Total Current Liabilities (4)	13.438	7.475	8.033
TOTAL	15.959	12.711	11.740
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.550	1.913	1.094
(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	0.008	0.010
(d) Long-term Loan and Advances	0.532	0.032	0.036
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.118	1.953	1.140
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.028	0.917	0.805
(c) Trade receivables	10.393	8.966	9.688
(d) Cash and cash equivalents	0.381	0.199	0.066
(e) Short-term loans and advances	0.000	0.661	0.025
(f) Other current assets	0.039	0.015	0.016
Total Current Assets	13.841	10.758	10.600
TOTAL	15.959	12.711	11.740

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	20.060	23.287	21.701
Less	EXPENSES
		TOTAL	19.694	22.938	21.560
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.366	0.349	0.141
Less/ Add	DEPRECIATION/ AMORTISATION		0.363	0.317	0.139
	PROFIT BEFORE TAX		0.003	0.032	0.002
Less	TAX		0.001	0.010	0.001
	PROFIT AFTER TAX		0.002	0.022	0.001
	Earnings Per Share (Rs.)		0.40	4.40	0.20

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.02	0.25	0.02
Return on Investment (ROI) (PBT/Networth)		0.00	0.04	0.00
Debt Equity Ratio (Total Debt/Networth)		11.85	5.92	4.04
Current Ratio (Current Asset/Current Liability)		1.03	1.44	1.32

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	0.235	0.257	0.259
Net worth	0.735	0.757	0.759
Long-term borrowings	2.972	4.479	1.762
Short term borrowings	0.000	0.000	7.235
Total borrowings	2.972	4.479	8.997
Debt/Equity ratio	4.044	5.917	11.854

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)
Total Income	21.701	23.287	20.060
		7.308	(13.858)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	21.701	23.287	20.060
Profit	0.001	0.022	0.002
	0.00%	0.09%	0.01%

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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]	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

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10545644	28/01/2015	4,527,675.00	HDB FINANCIAL SERVICES LIMITED	RADHIKA, 2ND FLOOR, LAW GARDEN ROAD, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	C41694811
2	90074718	27/05/1996	200,000.00	STATE BANK OF BIKANER AND JAIPUR	JAIPUR, JAIPUR, RAJASTHAN, INDIA	-

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loan Related Parties
Abhishek Bhageria	0.022	0.019
Chouth Mal Bhageria	0.022	0.019
Nupur Bhageria	0.022	0.019
Tanya Bhageria	0.020	0.000
Pramod Bhageria	0.504	0.559
Sanjeev Bhageria	0.119	0.228
Shashikant Bhageria	0.076	0.067
Vikash Bhageria	0.000	0.020
Vishal Bhageria	0.268	0.542
Bhageria Agro	0.000	0.015
Bhageria Overseas	0.060	0.225
Rajasthan Green Fuels	0.000	0.380
Kailash Agarwal	0.494	0.022
Ruchi Agarwal	0.020	0.017
Sangeeta Agarwal	0.030	0.034
Total	1.657	2.166

FIXED ASSETS:

· Land and Building

· Machinery

· D.G. Set

· Tools and Equipments

· Motor Vehicles

· Furniture and Fixture

· Air Conditioner

· Cellular Phone

· 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 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. 62.33
UK Pound	1	Rs. 92.53
Euro	1	Rs. 67.60

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUC
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.