MIRA INFORM REPORT

Report No. :	354121
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	SATYAJIT CHEMICALS PRIVATE LIMITED
Registered Office :	Office No. 205/206-A, Devavrata, Sector - 17, Vashi, Navi Mumbai- 400703, Maharashtra
Tel. No.:	91-22-61331900
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.09.1979
Com. Reg. No.:	11-021661
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U24230MH1979PTC021661
IEC No.:	0396057411
TAN No.: [Tax Deduction & Collection Account No.]	MUMS09285D
PAN No.: [Permanent Account No.]	AABCS0019B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Fine Chemicals, Agro Chemicals, Water Treatment Chemical and Organic Chemical. (Confirmed by management)
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 53000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1979. It is an established company having satisfactory track record. The rating derives strength from the experienced and qualified management team as reflected by the established position in the chemical business and association with reputed customer base. The ratings further derive strength from the satisfactory financial risk profile of company characterized by healthy operational activities, moderate capital structure and above average debt coverage indicators. The ratings however are constrained by working capital intensive nature of operations and susceptibility of profitability margins to volatility in raw material prices and foreign exchange fluctuation. However, trade relations are fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company 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 (GENERAL DETAILS)

Name :	Mr. Dhaivat Rajesh Diwanji
Designation :	Director
Contact No.:	91-22-61331900
Date :	09.12.2015

LOCATIONS

Registered Office :	Office No. 205/206-A, Devavrata, Sector - 17, Vashi, Navi Mumbai- 400703, Maharashtra, India
Tel. No.:	91-22-61331900
Fax No.:	91-22-61331999
E-Mail :	info@satyajit.co
Website :	www.satyajit.co
Area :	750 sq. ft.
Location :	Rented
Locality :	Commercial
Factory/ Warehouse :	Located At : Taloja, Navi Mumbai, Maharashtra, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Rajesh Jagdish Diwanji

Designation :

Director

Address :

1301/A, Govind Complex, Sector – 14, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

16.01.1947

Date of Appointment :

05.09.1979

DIN No.:

00297538

Name :

Mr. Purvish Rajesh Diwanji

Designation :

Director

Address :

1301/A, Govind Complex, Sector – 14, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

25.06.1977

Date of Appointment :

01.10.2008

DIN No.:

02338626

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	U24230MH1979PTC021661	SATYAJIT CHEMICALS PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
2	U01403MH2014PLC256581	SAHYADRI AGRO RETAILS Limited	Additional director	26/02/2015	26/02/2015	-	Active	NO

Name :

Mr. Dhaivat Rajesh Diwanji

Designation :

Director

Address :

1301/A, Govind Complex, Sector – 14, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

21.12.1979

Date of Appointment :

01.10.2008

DIN No.:

02338654

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares	%age holding
Rajesh J Diwanji	800	80.00
Purvish R Diwanji	60	6.00
Kala P Diwnaji	40	4.00
Dhaviat R Diwanji	60	6.00
Payal D Diwanji	40	4.00
Total	1000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Fine Chemicals, Agro Chemicals, Water Treatment Chemical and Organic Chemical. (Confirmed by management)

Products :

Item Code No.	Product Description
99884210	Basic chemicals manufacturing

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Middle East
• Spain
• United States of America
• European Countries

Imports :

Products :

Raw Material

Countries :

• China
• Singapore

Terms :

Selling :

Cash / L/C / Cheque

Purchasing :

Cash / L/C / Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Akash Warehousing Company
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

• Aniket Enterprises
• B.D. Desai and Company
• Beater Engineering Works
• Navalakha Translines
• Om Sai Ram Caterers
• Shaman Wheels Private Limited
• Vodafone India Limited
• Siba Design House
• Solar Oil Company
• Patil Parcal Service

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

No. of Employees :

15 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Person Name (With Designation)	Sector-17, Vashi, Mumbai, Maharashtra, India
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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Kotak Bank Limited
• State Bank of India
• The Saraswat Co-operative Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loans
ICICI Bank Car Loan (Secured against Motor car)	0.968	1.178
Less: Current maturities	(0.231)	0.000
Total	0.737	1.178

Auditors :
Name :	Nair and Nair Associates Chartered Accountants
Address :	107/108, Om Rachna CHS, Sector 17, Vashi, Navi Mumbai-400705, Maharashtra
Tel. No.:	91-22-40137000 (4 Lines)
Fax No.:	91-22-40137000
E-Mail :	nna@nairca.com
Website :	www.nairca.com
PAN N Income-tax PAN of auditor or auditor's firm :	AADFN0372K
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs. 0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	18.444	16.689	15.957
(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)	18.544	16.789	16.057
(3) Non-Current Liabilities
(a) long-term borrowings	0.737	1.178	0.000
(b) Deferred tax liabilities (Net)	0.000	0.223	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)	0.737	1.401	0.000
(4) Current Liabilities
(a) Short term borrowings	5.750	7.010	9.419
(b) Trade payables	32.518	33.038	17.024
(c) Other current liabilities	0.515	0.211	0.744
(d) Short-term provisions	2.148	0.745	1.383
Total Current Liabilities (4)	40.931	41.004	28.570
TOTAL	60.212	59.194	44.627
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.186	5.085	4.799
(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	0.423	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.609	5.085	4.799
(2) Current assets
(a) Current investments	3.340	7.210	0.000
(b) Inventories	22.716	21.470	14.285
(c) Trade receivables	21.451	17.547	16.522
(d) Cash and cash equivalents	1.803	1.597	2.661
(e) Short-term loans and advances	4.104	6.112	6.187
(f) Other current assets	0.189	0.173	0.173
Total Current Assets	53.603	54.109	39.828
TOTAL	60.212	59.194	44.627

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	174.728	207.698	132.502
		Other Income	3.089	0.216	NA
		TOTAL (A)	177.817	207.914	NA
Less	EXPENSES
		Cost of Materials Consumed	141.317	182.997
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.246)	(7.185)
		Employees benefits expense	12.641	8.502
		Other expenses	20.470	21.286
		TOTAL (B)	173.182	205.600	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		4.635	2.314	NA
Less	FINANCIAL EXPENSES (D)		0.165	0.475	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.470	1.839	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.901	1.107	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.569	0.732	3.153
Less	TAX (H)		0.814	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.755	0.732	3.153
	EARNINGS IN FOREIGN CURRENCY		14.264	NA	NA
	Earnings / (Loss) Per Share (Rs.)		1754.97	732.01	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.231	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.00	0.35	2.38
Operating Profit Margin (PBIDT/Sales)	(%)	2.65	1.11	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.27	1.24	7.07
Return on Investment (ROI) (PBT/Networth)		0.14	0.04	0.20
Debt Equity Ratio (Total Debt /Networth)		0.36	0.49	0.59
Current Ratio (Current Asset/Current Liability)		1.31	1.32	1.39

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	0.100
Reserves & Surplus	15.957	16.689	18.444
Net worth	16.057	16.789	18.544
long-term borrowings	0.000	1.178	0.737
Short term borrowings	9.419	7.010	5.750
Current maturities of long-term debts	0.000	0.000	0.231
Total borrowings	9.419	8.188	6.718
Debt/Equity ratio	0.587	0.488	0.362

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	132.502	207.698	174.728
		56.751	(15.874)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	132.502	207.698	174.728
Profit	3.153	0.732	1.755
	2.38%	0.35%	1.00%

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	Yes
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	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

NOTE: Registered office of the company has been shifted from A-713 TTC Industrial Area, MIDC Mahape, Navi Mumbai-400709, Maharashtra, India to the present address w.e.f. 13.09.2012

UNSECURED LOAN

Particular	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Directors Current Account
Rajesh Diwanji	0.025	0.205
Dhaivat Diwanji	2.466	2.013
Purvish Diwanji	3.259	2.409
Others
Kala P Diwnaji	0.000	1.350
Payal D Diwanji	0.000	1.033
Total	5.750	7.010

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80046450	30/11/2009 *	19,900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A77180958

* Date of charge modification

FIXED ASSETS

• Computer
• Motor Car
• Mobile
• Trade Mark
• Plant and Machinery
• Electrical Fittings
• Furniture and Fixtures

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.66.99
UK Pound	1	Rs.101.78
Euro	1	Rs.73.46

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAS
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	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		49

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.