MIRA INFORM REPORT

Report No. :	353241
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	BHARAT CHEMICALS
Registered Office :	18/A, Krishna Niwas, Road No. 1, Scheme No. 6, Opposite Aryan College, Sion (East), Mumbai – 400022, Maharashtra
Tel. No.:	91-22-24092737
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	09.07.1982 (Note: Mr. Shantibhai Vora, Partner has earlier claimed that the subject was established in the year 1972 but now Mr. Vijyabhai, Manager confirmed that the year of establishment is 09.07.1982)
Capital Investment / Paid-up Capital :	Rs. 58.921 Million
IEC No.:	0391005596
TAN No.: [Tax Deduction & Collection Account No.]	MUMB13689E
PAN No.: [Permanent Account No.]	AABFB1665K
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of Bulk Drug.(Confirmed by management)
No. of Employees :	85 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a partnership concern established in the year 1982 having satisfactory track. The concern has achieved decent sales turnover marked by satisfactory profitability margin for the FY2015. Rating takes into consideration comfortable capital structure and low borrowings. Trade relations are fair. Business is active. Payments are usually correct. The concern can be considered 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.

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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Vijaybhai
Designation :	Manager
Contact No.:	91-22-24092737
Date :	03.12.2015

LOCATIONS

Registered Office :	18/A, Krishna Niwas, Road No. 1, Scheme No. 6, Opposite Aryan College, Sion (East), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24092737
Fax No.:	91-22-24091442
E-Mail :	marketing@bharatchemicals.net
Website :	http://www.bharatchemicals.net
Location :	Rented
Locality :	Commercial
Factory :	Plot No. L-30, MIDC, Tarapur, Tal. Boisor, Dist. Thane – 401506, Maharashtra, India

PARTNERS

Name :	Ms. Kanchenbaen Shantilal Vora
Designation :	Partner
Name :	Mr. Shantilal Shivaji Vora
Designation :	Partner
Name :	Mr. Santosh Vora
Designation :	Partner
Name :	Mr. Paresh Shashikant Shah
Designation :	Partner
Name :	Dhanvallabh Ventures LLP
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Vijaybhai
Designation :	Manager

BUSINESS DETAILS

Line of Business :	Manufacturer of Bulk Drug.(Confirmed by management)
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	America USA
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Radiant – Organics Private Limited – Mumbai, Maharashtra, India
Name of the Person :	Mr. Kinjal (Accounts Department)
Contact No.:	91-22-26604645
Since How Long Known :	10 Years
Experience :	Excellent
Maximum Limit Dealt :	2 Years
Remark :	Mr. Kinjal gave positive response about subject company inpayment behavior, overall its good company.

Customers :

Reference :	Geno Pharmaceuticals Limited – Goa
Name of the Person :	Not Divulged
Contact No.:	91-832-2257216
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	They are not responding properly.

No. of Employees :

85 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Shivaji Park (Branch), Dadar (West), Mumbai – 400078, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-24452618
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)	Ringing

Auditors :
Name :	Raman Shah and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	--
Collaborators :	--
Sister Concern :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Capital Investment :
Owned :	Rs. 58.921 Million (Estimated)
Borrowed :	--
Total :	Rs. 58.921 Million (Estimated)

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital	58.921	57.340
2] Share Application Money	0.000	0.000
3] Reserves & Surplus	0.000	0.000
4] (Accumulated Losses)	0.000	0.000
NETWORTH	58.921	57.340
LOAN FUNDS
1] Secured Loans	28.420	41.810
2] Unsecured Loans	35.706	48.076
TOTAL BORROWING	64.126	89.886
DEFERRED TAX LIABILITIES	0.000	0.000
TOTAL	123.047	147.226
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	47.934	46.010
Capital work-in-progress	0.000	0.000
INVESTMENT	0.000	0.000
DEFERREX TAX ASSETS	0.965	0.937
CURRENT ASSETS, LOANS & ADVANCES
Total Current Assets	94.631	111.197
Less : CURRENT LIABILITIES & PROVISIONS
Total Current Liabilities	20.483	10.918
Net Current Assets	74.148	100.279
MISCELLANEOUS EXPENSES	0.000	0.000
TOTAL	123.047	147.226

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	526.237	669.500
		Other Income	21.606	21.278
		TOTAL	547.843	690.778
Less	EXPENSES
		Cost of goods sold	481.900	609.299
		Manufacturing Expenses	24.511	32.823
		Office and Admin Expenses	4.637	3.766
		Selling and Distri. Expenses	2.930	2.525
		TOTAL	513.978	648.413
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		33.865	42.365
Less	FINANCIAL EXPENSES		19.791	24.933
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14.074	17.432
Less/ Add	DEPRECIATION/ AMORTISATION		6.480	6.269
	NET PROFIT		7.594	11.163

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	1.44	1.67
Operating Profit Margin (PBIDT/Sales)	(%)	6.44	6.33
Return on Total Assets (PBT/Total Assets}	(%)	10.24	11.13
Return on Investment (ROI) (PBT/Networth)		0.13	0.19
Debt Equity Ratio (Total Debt /Networth)		1.09	1.57
Current Ratio (Current Asset/Current Liability)		4.62	10.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	57.340	58.921
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	57.340	58.921
Secured Loan	41.810	28.420
Unsecured Loan	35.706	48.076
Current Maturities of Long Term Debt	0.000	0.000
Total borrowings	77.516	76.496
Debt/Equity ratio	1.352	1.298

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	669.500	526.237
		-21.399

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	669.500	526.237
Profit	11.163	7.594
	1.67%	1.44%

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	No
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	No
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 two 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

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 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. 66.84
UK Pound	1	Rs. 101.04
Euro	1	Rs. 73.05

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	AMT
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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.