MIRA INFORM REPORT

Report No. :	336658
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	SIGMA SOLVENTS PRIVATE LIMITED

Registered Office :	1502, Adonis, Raheja Acropolis ll, Behind Telecom Factory, Deonar, Mumbai – 400088, Maharashtra
Tel. No.:	91-251-2471367

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	26.04.1988

Com. Reg. No.:	11-047155

Capital Investment / Paid-up Capital :	Rs.12.000 Million

CIN No.: [Company Identification No.]	U24100MH1988PTC047155

TAN No.: [Tax Deduction & Collection Account No.]	MUMS08346C

PAN No.: [Permanent Account No.]	AAACS0672D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Chemicals

No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company incorporated in 1988 and it is the manufacturer of chemicals. It has moderate track record. The company possesses moderate operational performance and it has incurred huge losses from its operational activities. Rating further remain constrained on account of company’s moderate financial risk profile marked by negative reserves and leverage balance sheet of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Salim Memon
Designation :	Director
Contact No.:	91-9320138030
Date :	12.08.2015

LOCATIONS

Registered Office :	1502, Adonis, Raheja Acropolis ll, Behind Telecom Factory, Deonar, Mumbai – 400088, Maharashtra, India
Tel. No.:	91-251-2471367
Mobile No.:	91-9320138030 (Salim)
Fax No.:	91-251-2424277
E-Mail :	salim@sigmasolvents.com mj.kapadia@yahoo.com salim@sigmasolvents.com pai@sigmasolvents.com
Website :	http://www.sigmasolvents.com
Location :	Owned
Locality :	Commercial

Reach Out Location :	Plot No.A-39/40, MIDC Phase – 1, Dombivli (East), District – Thane – 421203, Maharashtra, India
Tel. No.:	91-251-2471367
Fax No.:	91-251-2424277
E-Mail :	ssworks@sigmasolvents.com

DIRECTORS

As on 30.09.2013

Name :	Mr. Salim Dawood Memon
Designation :	Managing Director
Address :	G-1, Dattaguru Co-operative Housing Society, Deonar, Mumbai – 400088, Maharashtra, India
Date of Birth/Age :	06.12.1946
Date of Appointment :	26.04.1988
DIN No.:	00903766

Name :	Mrs. Sanam Salim Memon
Designation :	Additional Director
Address :	G-1, Dattaguru Co-operative Housing Society, Deonar, Mumbai – 400088, Maharashtra, India
Date of Birth/Age :	23.03.1958
Date of Appointment :	09.07.2008
DIN No.:	02252598

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Salim Dawood Memon	504520	42.04
Sanam Salim Memon	501080	41.76
Saad Salim Memon	42600	3.55
Benazir Salim Memon	108160	9.01
Sana Salim Memon	43640	3.64
Total	1200000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals

Products :	Beta Phenyl Ethyl Amine 3-Ethoxy Propyl Amine 3-Methoxy Propyl Amine Dimethyl Amino Propyl Amine Methyl Amino Propyl Amine Dimethyl Dipropylene Triamine Isopropoxy Propyl Amine Cyclohexyl Amino Propylamine Sigmafloat

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Chemicals
Countries :	China UK

Imports :	Not Divulged

Terms :
Selling :	Cash, Advance Payment and Cheque

Purchasing :	Cash, Advance Payment and Cheque

PRODUCTION STATUS NOT AVAILABLE

Particulars

Unit

Licensed Capacity

(M.T.)

Installed Capacity

Actual Production

2013-2014 (M.T.)

Short Chain Amines

N.A

900

351-59

Industrial Bye-Products

N.A

299.65

GENERAL INFORMATION

Suppliers :

Reference :

Vibhi International (Mumbai)

Name of the Person :

Mr. Vikas (Partner)

Contact No.:

91-9820146383

Since How Long Known :

3 Years

Maximum Limit Dealt :

Rs. 60.000 Million

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

We had a word with Mr. Vikas (Partner) he inform that they are satisfy with their payment behavior. Overall subject company have very good track record with their supplier.

Customers :

Reference :

IPCA Laboratories (Mumbai)

Name of the Person :

Mr. Manoj Jayawant (Seniour Manager)

Contact No.:

91-9322282086

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall

Remark:

We had a word with Mr. Manoj (Seniour Manager) he denied to provide only information about the subject company

No. of Employees :

35 (Approximately)

Bankers :

Bank Name	Central Bank of India
Branch	Bandra Kurla Complex Branch, Bendra (East), Mumbai – 400051, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-26590966
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	The number is continuously ringing

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Secured loan from Banks and Financial Institutions
Axis Bank Car Loan	0.531	0.657
SICOM Investment and Finance Limited – Medium Term Loan	10.000	10.000
SICOM Investment and Finance Limited – Revolving Short Term Loan -I	5.000	5.000
SICOM Investment and Finance Limited - Revolving Short Term Loan -III	4.987	5.000
Central Bank of India – Cash Credit Account	25.011	20.180
Central Bank of India Term loan I	9.614	7.389
Central Bank of India Term Loan II	3.735	0.000

Total	58.878	48.226


Financial Institution :	Sicom Investments and Finance Limited, 442, Solitaire Corporate Park, Building No. 4, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India

Auditors :
Name :	M.J. Kapadia and Company Chartered Accountant
Address :	E/21, Sitaram Building, 2^nd Floor, Market Road, Opposite Phule Market, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-23436462/ 23449373
Fax No.:	91-22-23436461
E-Mail :	mj.kapadia@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACPK1522H

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1200000	Equity Shares	Rs.10/- each	Rs.12.000 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	12.000	12.000	12.000
(b) Reserves & Surplus	(7.118)	(3.659)	1.718
(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)	4.882	8.341	13.718

(3) Non-Current Liabilities
(a) long-term borrowings	62.978	55.126	18.583
(b) Deferred tax liabilities (Net)	0.000	0.000	0.899
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.593	0.594	0.593
Total Non-current Liabilities (3)	63.571	55.720	20.075

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	15.000
(b) Trade payables	39.241	13.368	4.967
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	39.241	13.368	19.967

TOTAL	107.694	77.429	53.760

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.583	9.631	9.856
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	18.388	5.829	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)	2.848	1.484	0.000
(d) Long-term Loan and Advances	7.598	6.961	2.281
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	37.417	23.905	12.137

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.816	20.515	18.584
(c) Trade receivables	28.748	21.297	17.371
(d) Cash and cash equivalents	0.318	0.172	0.775
(e) Short-term loans and advances	0.436	0.503	3.686
(f) Other current assets	13.959	11.037	1.207
Total Current Assets	70.277	53.524	41.623

TOTAL	107.694	77.429	53.760

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOATAL NET SALES	91.708	86.191	80.056

Less	TOTAL EXPENSES	96.528 (Including Depreciation and Finance)	85.092	73.878

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		1.099	6.178

Less	FINANCIAL EXPENSES (D)		7.523	4.217

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(6.424)	1.961

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.335	1.298

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(4.820)	(7.759)	0.663

Less	TAX (H)	(1.360)	(2.383)	(0.212)

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(3.460)	(5.376)	0.875

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	(4.240)	1.137	0.262

	Balance Carried to the B/S (J+K+L-M)	(7.700)	(4.239)	1.137

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	4.873	4.237	4.237
	TOTAL EARNINGS	4.873	4.237	4.237

	Earnings / (Loss) Per Share (Rs.)	2.88	4.48	0.72

Particulars

31.03.2015

Sales Turnover

121.400

Expected Sales (2015-2016) : Rs.150.000 Million

The above information has been parted by Mr. Salim Memon (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(3.77)	(6.24)	1.09

Operating Profit Margin (PBIDT/Sales)	(%)	NA	1.28	7.72

Return on Total Assets (PBT/Total Assets}	(%)	(5.57)	(11.07)	1.23

Return on Investment (ROI) (PBT/Networth)		(0.99)	(0.93)	0.05

Debt Equity Ratio (Total Debt /Networth)		12.90	6.61	2.45

Current Ratio (Current Asset/Current Liability)		1.79	4.00	2.08

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	12.000	12.000	12.000
Reserves & Surplus	1.718	(3.659)	(7.118)
Net worth	13.718	8.341	4.882

long-term borrowings	18.583	55.126	62.978
Short term borrowings	15.000	0.000	0.000
Total borrowings	33.583	55.126	62.978
Debt/Equity ratio	2.448	6.609	12.900

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	80.056	86.191	91.708
		7.663	6.401

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	80.056	86.191	91.708
Profit	0.875	(5.376)	(3.460)
	1.09%	(6.24%)	(3.77%)

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	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
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

NOTE: Registered office of the company has been shifted from G-1, Dattaguru CO OPHSG SOC, Denoar, Mumbai – 400088, Maharashtra, India to the present address w.e.f. 24.11.2008

FINANCIAL RESULTS:

The operations of the company were satisfactory and net sales have increased to Rs. 91.708 Million as compared to Rs. 86.191 Million of the previous year. The Company has incurred loss of Rs. 3.460 Million for the year against the loss of Rs. 5.377 Million in the previous year.

BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENT

The Financial Statement of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under section 211 (3C) of the Companies Act, 1956, (the 1956 Act) which continue to be applicable in respect of section 133 of the Companies Act, 2013 (the 2013 Act) in terms of general circular 15/2013 dated 13 September, 2013 of the Corporate Affairs and the relevant provisions of the 1956 Act/2013 Act, as applicable. The principals Statement have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statement of consistent with those followed in the previous year.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan from Director	0.000	1.100
Loan from Financial Institution	0.100	0.800
Loan from Friends and Related Parties	4.000	5.000
Total	4.100	6.900

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10363577	13/09/2013 *	49,000,000.00	CENTRAL BANK OF INDIA LIMITED	Bandra - Kurla Complex Branch, Bandra - East, Mumbai, Maharashtra - 400051, INDIA	B89506596
2	10294449	05/07/2011	30,000,000.00	SICOM INVESTMENTS and FINANCE LIMITED	442, SOLITAIRE CORPORAT PARK,, BUILDING NO.4, CHA KALA, ANDHER (E),, MUMBAI, Maharashtra - 400093, I NDIA	B15879703

FIXED ASSETS

Land
Goodwill
Factory Building
Plant and Machinery
Air Conditioner
Office Equipment
Furniture and Fixture
Computer
Motor Car
Scooter

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.64.82
UK Pound	1	Rs.101.00
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	HNA

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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		26

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.