MIRA INFORM REPORT

Report No. :	354157
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	VDH CHEM TECH PRIVATE LIMITED
Registered Office :	H-5, Near Sanjay Park, Shakarpur, New Delhi - 110092
Tel. No.:	91-11-22843138
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	14.03.2011
Com. Reg. No.:	55-215740
Capital Investment / Paid-up Capital :	Rs.4.450 Million
CIN No.: [Company Identification No.]	U24100DL2011PTC215740
IEC No.:	0512091617
TAN No.: [Tax Deduction & Collection Account No.]	MRTV02129B
PAN No.: [Permanent Account No.]	AADCV5897J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, Supplier and Exporter of Industrial Chemicals. (Confirmed by management)
No. of Employees :	20 (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 18200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2011. It is the manufacture, supplier and exporter of industrial chemicals. For the financial year ended 2015, the company has performed an average operational activity marked by improvement in sales turnover along with profitability margin of 1.3%. The company has modest financial base marked by weak debt protection metrics along with unfavourable gap between trade payables and receivables. Business is active. Payments are slow but correct. The company can be considered for business dealings with some cautions.

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. Chan Preet Singh
Designation :	Director
Contact No.:	91-9716011313
Date :	10.12.2015

LOCATIONS

Registered Office :	H-5, Near Sanjay Park, Shakarpur, New Delhi - 110092
Tel. No.:	91-11-22843138
Mobile No.:	91-9716011313 (Mr. Chan Preet Singh)
Fax No.:	91-11-22843138
E-Mail :	bkkapurco@rediffmail.com vdhchemtech@gmail.com info@vdhchemtech.com
Website :	http://www.vdhchemtech.com
Location:	Owned
Locality:	Commercial
Factory :	H - 127 to H - 144, M.G. Road Industrial Area, Phase - 1, Ghaziabad - 201015, Uttar Pradesh, India
Tel. No.:	91-120-6453993

DIRECTORS

AS ON 30.09.2015

Name :

Guneet Singh

Designation :

Director

Address :

R - 9/53, Raj Nagar, Ghaziabad - 201001, Uttar Pradesh, India

Date of Appointment :

14.03.2011

DIN No.:

00402296

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	U24239DL2002PTC116768	VDH ORGANICS PRIVATE LIMITED	Managing director	29/08/2002	29/08/2002	-	Active	NO
2	U24249DL2008PTC183708	WHITE ROSE AROMATICS PRIVATE LIMITED	Director	25/09/2008	25/09/2008	-	Strike off	NO
3	U24100DL2011PTC215740	VDH CHEM TECH PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO
4	U45400DL2013PTC247886	ASHUTOSH INFRABUILD PRIVATE LIMITED	Additional director	08/08/2013	08/08/2013	-	Active	NO

Name :

Sanjay Gupta

Designation :

Director

Address :

B-110, Preet Vihar, New Delhi - 110092, India

Date of Appointment :

14.03.2011

DIN No.:

00796324

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	U45201DL2004PTC129982	BG ASSOCIATES PRIVATE LIMITED	Director	15/10/2004	15/10/2004	-	Active	NO
2	U24100DL2011PTC215740	VDH CHEM TECH PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO

Name :

Chan Preet Singh

Designation :

Director

Address :

R-9/53, Raj Nagar, Ghaziabad - 201001, Uttar Pradesh, India

Date of Appointment :

14.03.2011

DIN No.:

03290553

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	U24239DL2002PTC116768	VDH ORGANICS PRIVATE LIMITED	Director	23/10/2010	23/10/2010	-	Active	NO
2	U24100DL2011PTC215740	VDH CHEM TECH PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO

Name :

Madhur Goel

Designation :

Director

Address :

B-126, Preet Vihar, New Delhi - 110092, India

Date of Appointment :

14.03.2011

DIN No.:

03442004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Chan Preet Singh	62500
Ramandeep Singh	59990
Guneet Singh	72500
Sanjay Gupta	62500
Madhur Goel	2500
Vinay Gupta	62500
Dinesh Kumar	105000
Utsav Goel	17500
Prabha Tondon	100

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2015

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture, Supplier and Exporter of Industrial Chemicals. (Confirmed by management)
Products :	Meta Cresol Butylated Hydroxytoluene (BHT) Butylated Hydroxyanisole (BHA) 2-Tert-Butyl-4-Methylphenol 4,6-DI-Tert-Butyl-M-Cresol Para Chloro Meta Cresol Meta Para Cresol Para Cresol Tertiary Butyl Hydroquinone (TBHQ) 2-Tert-Butyl-5-Methylphenol
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Saudi Arabia Middle East Asia Sri Lanka Bangladesh
Imports :
Products :	Raw Material
Countries :	South Africa Germany China
Terms :
Selling :	Cheque
Purchasing :	Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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

Retailers, End Users

No. of Employees :

20 (Approximately)

Bankers :

Bank Name	AXIS BANK LTD.
Branch	C-58, Preet Vihar Branch, New Delhi, india
Person Name (With Designation)	Not Available
Contact Number	91-11-22014245
Name of Account Holder	VDH Chem Tech Private Limited
Account Number	911020017504242
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	No one is responding properly.

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term Borrowings
Axis bank Cash Credit Limit (Secured against hypothecation of Store and all other current assets of the company and equitable of company factory, land and building)	14.573	0.000
Total	14.573	0.000

Auditors :
Name :	B.K.Kapur and Company Chartered Accountants
Address :	17, Navyug Market, Ghaziabad – 201001, Uttar Pradesh, India
Tel. No.:	91-120-2790947 / 2790951
PAN No. :	AAFFB2355L
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
445000	Equity Shares	Rs.10/- each	Rs.0.445 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.450	0.100	0.100
(b) Reserves & Surplus	1.926	0.433	(0.086)
(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)	6.376	0.533	0.014
(3) Non-Current Liabilities
(a) long-term borrowings	39.687	44.533	19.425
(b) Deferred tax liabilities (Net)	0.097	0.066	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)	39.784	44.599	19.425
(4) Current Liabilities
(a) Short term borrowings	14.573	0.000	0.000
(b) Trade payables	0.759	0.220	7.812
(c) Other current liabilities	36.665	36.505	0.022
(d) Short-term provisions	10.729	1.022	0.000
Total Current Liabilities (4)	62.726	37.747	7.834
TOTAL	108.886	82.879	27.273
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.729	24.156	13.006
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	8.603
(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	0.450	0.450	0.377
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	25.179	24.606	21.986
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.966	31.495	4.965
(c) Trade receivables	33.649	20.839	0.000
(d) Cash and cash equivalents	1.239	0.334	0.312
(e) Short-term loans and advances	10.853	5.605	0.010
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	83.707	58.273	5.287
TOTAL	108.886	82.879	27.273

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	112.494	28.946	0.000
	Other Income	0.099	0.000	0.000
	TOTAL	112.593	28.946	0.000
Less	EXPENSES
	Cost of Materials Consumed	102.528	30.753	0.000
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(19.982)	(11.294)	0.000
	Employees benefits expense	1.548	0.350	0.000
	Other expenses	20.140	6.863	0.023
	TOTAL	104.234	26.672	0.023
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8.359	2.274	(0.023)
Less	FINANCIAL EXPENSES	3.779	0.825	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	4.580	1.449	(0.023)
Less/ Add	DEPRECIATION/ AMORTISATION	2.276	0.644	0.000
	PROFIT/ (LOSS) BEFORE TAX	2.304	0.805	(0.023)
Less	TAX	0.811	0.153	0.000
	PROFIT/ (LOSS) AFTER TAX	1.493	0.652	(0.023)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3.288	4.611	NA
	TOTAL EARNINGS	3.288	4.611	NA
	IMPORTS
	Raw Materials	46.485	27.638	NA
	TOTAL IMPORTS	46.485	27.638	NA
	Earnings / (Loss) Per Share (Rs.)	3.36	65.22	(2.32)

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

The above information has been parted by Mr. Chan Preet Singh.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
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		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.33	2.25	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	7.43	7.86	0.00
Return on Total Assets (PBT/Total Assets}	(%)	2.12	0.97	(0.12)
Return on Investment (ROI) (PBT/Networth)		0.36	1.51	(1.64)
Debt Equity Ratio (Total Debt /Networth)		8.51	83.55	1387.50
Current Ratio (Current Asset/Current Liability)		1.33	1.54	0.67

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	4.450
Reserves & Surplus	(0.086)	0.433	1.926
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.014	0.533	6.376
long-term borrowings	19.425	44.533	39.687
Short term borrowings	0.000	0.000	14.573
Total borrowings	19.425	44.533	54.260
Debt/Equity ratio	1,387.500	83.552	8.510

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.000	28.946	112.494
			288.634

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	28.946	112.494
Profit	0.652	1.493
	2.25%	1.33%

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	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	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

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Loans From Related Parties
From related parties	11.265	5.729
From body corporates	28.422	29.954
From shareholders	0.000	8.850
Total	39.687	44.533

INDEX OF CHAGRES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10515629	28/08/2015 *	40,000,000.00	AXIS BANK LTD.	2ND FLOOR, RED FORT CAPITAL, PARSVNATH TOWERS, GOLE MARKET, BHAI VEER SINGH MARG, NEW DELHI - 110001, INDIA	C62889332

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and machinery
• Office equipment
• Electric installation
• Computers

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.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	TRI
Analysis Done by :	GYT
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--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.