MIRA INFORM REPORT

Report No. :	335543
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	IMPEX CHEMICAL CORPORATION
Registered Office :	7, Devkaran Mansion, 1^st Floor, 24 Vithaldas Lane, Princess Street, Mumbai – 400002, Maharashtra
Tel. No.:	91-22-22014864
Country :	India
Financials (as on) :	31.03.2014
Year of establishment :	14.10.1958
Capital Investment / Paid-up Capital :	Rs. 16.162 Million
IEC No.:	0392043459
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAAFI0493H
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader and Importer of Sartomer SR-350, 1-Microposit S 1813 G2, P84 Polymide Powder, Silver Granulas Pellets, Single Crystal Products, Malononitrile, (MDN), AFM Cantilevers, Boron Trifloride Monoethylamine Complex 1, 2-Dimethylimidazole, Pyrogallol, Ionic Liquids, Macrocyclics Products, Nonivamide, Tungsten Crucibles, Diphenylamine, Sputtering Targets etc.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 partnership concern incorporated during the year 1958 having a satisfactory track record. General financial position of the concern is normal and acceptable for business dealings. Further the rating also takes into consideration long track record of business operation. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of long track record and acceptable financial base, the concern can considered normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 :	Tejas B. Vora
Designation :	Partner
Contact No.:	91-9320014864
Date :	05.08.2015

LOCATIONS

Registered Office :	7, Devkaran Mansion, 1^st Floor, 24 Vithaldas Lane, Princess Street, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22014864
Mobile No.:	91-9320014864 91-9820308395 (Tejas B. Vora)
Fax No.:	91-22-22053834
E-Mail :	impexchm@vsnl.com
Location :	Rented

PARTNERS

Name :	Mr. Balvant K. Vora
Designation :	Partner
Address :	A-503, 5^th Floor, S.V.Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	29.07.1951
Qualification :	Graduate
Experience :	30 Years
Name :	Mr. Tejas B. Vora
Designation :	Partner
Address :	A-503, 5^th Floor, S.V.Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	29.08.1979
Qualification :	Graduate
Experience :	15 Years
Name :	Mrs. Bhagirathi K Vora
Designation :	Partner
Address :	A-503, 5^th Floor, S.V.Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	26.04.1932

BUSINESS DETAILS

Line of Business :	Trader and Importer of Sartomer SR-350, 1-Microposit S 1813 G2, P84 Polymide Powder, Silver Granulas Pellets, Single Crystal Products, Malononitrile, (MDN), AFM Cantilevers, Boron Trifloride Monoethylamine Complex 1, 2-Dimethylimidazole, Pyrogallol, Ionic Liquids, Macrocyclics Products, Nonivamide, Tungsten Crucibles, Diphenylamine, Sputtering Targets etc.
Products :	Organic and Inorganic Chemicals for R and D Laboratory and Industries Bio-Chemicals Solvents Pharmaceuticals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Iolitec Ionic Liquids GMBH Sartomer Asia Limited Labor Chemie Apolda
Countries :	Germany China
Terms :
Selling :	Credit (30 days)
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :

Reference :	Indentor of Lonza Limited, Switzerland – Chemet
Name of the Person :	M.K. Kachroo and Mihir Shah (Senior Marketing Manager)
Contact No.:	91-22-26045601/66802222
Since How Long Known :	6 Years
Experience :	Not Divulged
Maximum Limit Dealt :	Imported once in FY 2009 Rs. 0.700 Million (Approximately)

Customers :

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

No. of Employees :

5 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	S.V Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Person Name (With Designation)	Mr. Joshi - Manager
Contact Number	91-22-28072102/7784
Name of Account Holder	Impex Chemical Corporation
Account Number	03970400000626
Account Since (Date/Year of Account Opening)	17.09.2008
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit Rs. 11.500 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	S.B. Gabhawalla and Company Chartered Accountant
Address :	802/803, Sunteck Grandeur, Opposite Andheri Subway, S V Road, Andheri West, Mumbai – 400058, Maharashtra, India
Tel. No.:	91-80-66515100/5151
Fax No.:	91-80-66515150
E-Mail :	sunil@sbgco.in prakash@sbgco.in
Memberships :	--
Collaborators :	--
Sister Concern :	Lab-Chemie Industries - Address : 412, 4^th Floor, New Sonal Link Industrial Estate, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India - Line of Business : Trading of Chemicals Vipul Enterprises - Address : 412, 4^th Floor, New Sonal Link Industrial Estate, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India - Line of Business : Trading of Chemicals

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs. 16.162 Million (Estimated)
Borrowed :	--
Total :	Rs. 16.162 Million (Estimated)

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		16.162	14.505
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		16.162	14.505
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		3.215	1.750
TOTAL BORROWING		3.215	1.750
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		19.377	16.255
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.506	0.590
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.586	2.492
	Sundry Debtors	11.864	12.348
	Cash & Bank Balances	11.365	1.450
	Other Current Assets	5.983	0.277
	Loans & Advances	0.172	2.742
Total Current Assets		31.970	19.309
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	13.099	3.287
	Provisions	0.000	0.357
Total Current Liabilities		13.099	3.644
Net Current Assets		18.871	15.665
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		19.377	16.255

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	47.136	51.546
		Other Income	0.163	0.021
		TOTAL	47.299	51.567
Less	EXPENSES
		Indirect expenses	5.112	0.006
		Advertisement expenses	0.000	0.022
		Audit fees expenses	0.000	0.188
		Bank charges	0.000	0.033
		Bank commission	0.000	0.242
		Bonus expenses	0.000	0.049
		Cartage and hamali expenses	0.000	0.141
		Commission expenses	0.000	0.066
		Conveyance expenses	0.000	0.141
		Digital Signature Expenses	0.000	0.005
		Discount and Diff Expenses	0.000	0.319
		Donation	0.000	0.005
		Electricity expenses	0.000	0.015
		Employee proff. tax	0.000	0.005
		Fees and subscrip. exp	0.000	0.001
		Other expenses	1.902	6.025
		Cost of goods sold	39.557	43.431
		TOTAL	46.571	50.582
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.728	0.985
Less/ Add	DEPRECIATION/ AMORTISATION		0.096	0.115
	NET PROFIT		0.632	0.870

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.34	1.69
Return on Total Assets (PBT/Total Assets}	(%)	3.35	5.55
Return on Investment (ROI) (PBT/Networth)		0.04	0.06
Debt Equity Ratio (Total Debt /Networth)		0.19	0.12
Current Ratio (Current Asset/Current Liability)		2.44	5.30

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	14.505	16.162
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	14.505	16.162
Secured	0.000	0.000
Unsecured	1.750	3.215
Current Maturities of Long Term Debt	0.000	0.000
Total borrowings	1.750	3.215
Debt/Equity ratio	0.121	0.199

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	51.546	47.136
		-8.555

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	51.546	47.136
Profit	0.870	0.632
	1.69%	1.34%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	------
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	------
33	Market information	------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

TRADE REFERENCES

• Shashikant Sayar and Bros

Faiz E Qutbi 375, Narsi Natha Street, 3^rd Floor, Mumbai – 400009, Maharashtra, India

Mr. Dhaval – 91-22-66312360/61/62; 92234-32363

• Powder Pack Chem

Door No. A2- 604, Soni Park, Of Link Road, Chiku Wadi, Borivali West, Mumbai – 400092, Maharashtra, India

Mr. Devang Tel: 91-22-66379262/ 93204-33236

• Memba Chem Industries Private Limited

19, M.J. Cooperative Housing Society, Ground Floor, 187, Shamaldas Gandhi Marg, Princess Street, Mumbai – 400002, Maharashtra, India

Mr. Anil Valia – 91-22-66312457/ 9224-32457

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. 63.76
UK Pound	1	Rs. 99.60
Euro	1	Rs. 69.71

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.