MIRA INFORM REPORT

Report No. :	336535
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	SUDESH CHEMICALS PRIVATE LIMITED
Registered Office :	Suniral A/22, Swastk Society, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-26561460
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.07.1990
Com. Reg. No.:	04-014072
Capital Investment / Paid-up Capital :	Rs.4.814 Million
CIN No.: [Company Identification No.]	U24110GJ1990PTC014072
IEC No.:	0805017402
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00123E
PAN No.: [Permanent Account No.]	AACCS6777P
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of chemical products.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 27000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses moderate operational performance and it has reported low profitability margins. Rating further constrained on account of company’s moderate financial risk profile marked by small networth base and leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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	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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mrs. Yogeshwari
Designation :	Accountant
Contact No.:	91-79-26561460
Date :	12.08.2015

LOCATIONS

Registered / Head Office :	Suniral A/22, Swastk Society, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26561460
Fax No.:	91-79-26420517
E-Mail :	admin@shreechemgroup.com info@shreechemgroup.com
Factory :	Block No.245, Zak-Kadadara Road, Village Zak, Ta: Dehgam, District: Gandhinagar – 382325, Gujarat, India
Tel. No.:	91-2718-247163 / 64

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Bhadrikbhai Subodhchandra Merchant
Designation :	Director
Address :	Sumiral, 22/A, Swastik Society, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	10.11.1953
Date of Appointment :	23.07.1990
DIN No.:	01443198
Name :	Mr. Deshal Bhadrik Merchant
Designation :	Director
Address :	Sumiral, 22/A, Swastik Society, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	29.09.1985
Date of Appointment :	01.12.2003
DIN No.:	01443206
Name :	Mrs. Usha Gautambhai Merchant
Designation :	Director
Address :	Sumiral, 22/A, Swastik Society, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	12.03.1957
Date of Appointment :	23.07.1990
DIN No.:	00477565

KEY EXECUTIVES

Name :	Mrs. Yogeshwari
Designation :	Accountant
Name :	Mr. Ramesh
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Bhadrikbhai Subodhchandra Merchant	20176
Smitaben B Merchant	3780
Deshal B Merchant	15288
Bhadrik S Merchant (HUF)	490
Gautam S Merchant	546
Ushaben G Merchant	4384
Dhruvil G Merchant	3471
Shreechem Corporation	1
Shreepharma chem	1
Total	48137

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Trading of chemical products.
Products :	Chemical Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque
Purchasing :	Cash, Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

15 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch :	Usmanpura Branch, Ahmedabad, Gujarat, 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 Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

· State Bank of India

· Textile Traders Co-operative Bank

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
From others
Kotak Mahindra Prime Limited	0.649	0.896
Short Term Borrowings
Loans repayable on demand
From banks	10.919	0.000
From others	0.355	17.210
Total	11.923	18.106

Auditors :
Name :	Janak Shah and Associates Chartered Accountants
Address :	S/1, Diamond Square, Navjivan Press Road, Near Rajiv Gandhi Underbridge, Ahmedabad – 380014, Gujarat, India
Telefax :	91-79-27544969
E-mail :	janakshahca@gmail.com
PAN No.:	ACUPS1903H
Memberships :	Not Divulged
Collaborators :	Not Divulged
Related Party :	Shreechem Corporation

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48137	Equity Shares	Rs.100/- each	Rs.4.814 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	4.814	4.814	4.814
(b) Reserves & Surplus	4.794	3.912	3.515
(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)	9.608	8.726	8.329
(3) Non-Current Liabilities
(a) long-term borrowings	11.534	8.801	6.248
(b) Deferred tax liabilities (Net)	0.040	0.040	0.040
(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)	11.574	8.841	6.288
(4) Current Liabilities
(a) Short term borrowings	11.274	17.210	12.321
(b) Trade payables	8.418	9.140	18.378
(c) Other current liabilities	2.013	1.332	0.455
(d) Short-term provisions	0.726	0.541	0.755
Total Current Liabilities (4)	22.431	28.223	31.909
TOTAL	43.613	45.790	46.526
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.757	4.457	3.635
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.259	6.275	2.855
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.016	10.732	6.490
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.179	11.457	9.199
(c) Trade receivables	23.629	22.972	30.502
(d) Cash and cash equivalents	0.766	0.629	0.035
(e) Short-term loans and advances	0.023	0.000	0.300
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	35.597	35.058	40.036
TOTAL	43.613	45.790	46.526

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	136.336	82.359	84.813
		Other Income	0.851	0.715	0.608
		TOTAL (A)	137.187	83.074	85.421
Less	EXPENSES
		TOTAL (B)	135.899	82.477	84.232
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				1.189
Less	FINANCIAL EXPENSES (D)				0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				1.189
Less	DEPRECIATION/ AMORTISATION (F)				0.434
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1.288	0.597	0.755
Less	TAX (H)		0.406	0.200	0.291
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.882	0.397	0.464
	Earnings Per Share (Rs.)		4.59	3.04	--

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 (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.65	0.48	0.55
Operating Profit Margin (PBDIT/Sales)	(%)	NA	NA	1.40
Return on Total Assets (PBT/Total Assets}	(%)	2.95	1.30	1.62
Return on Investment (ROI) (PBT/Networth)		0.13	0.07	0.09
Debt Equity Ratio (Total Debt /Networth)		2.37	2.98	2.23
Current Ratio (Current Asset/Current Liability)		1.59	1.24	1.25

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	4.814	4.814	4.814
Reserves & Surplus	3.515	3.912	4.794
Net worth	8.329	8.726	9.608
long-term borrowings	6.248	8.801	11.534
Short term borrowings	12.321	17.210	11.274
Total borrowings	18.569	26.011	22.808
Debt/Equity ratio	2.229	2.981	2.374

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	84.813	82.359	136.336
		(2.893)	65.539

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	84.813	82.359	136.336
Profit	0.464	0.397	0.882
	0.55%	0.48%	0.65%

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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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%	--
28	Estimation for coming financial year	No
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances from related parties	10.885	7.230
Other loans and advances	0.000	0.675
Total	10.885	7.905

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10156000	17/06/2013 *	30,000,000.00	BANK OF BARODA	USMANPURA BRANCH,, 3, SATYAVADI SOCIETY, USMANPURA, AHMEDABAD, GUJARAT - 380014, INDIA	B81714347

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Computers

· Office Equipment

· Vehicles

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.64.83
UK Pound	1	Rs.101.00
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		29

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.