MIRA INFORM REPORT

Report No. :	355998
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	KUSA CHEMICALS PRIVATE LIMITED
Registered Office :	101, Varun Apartment, Dattatray Road, Santacruz (West), Mumbai - 400054, Maharashtra
Tel. No.:	91-22-26601422/23
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	19.07.1983
Com. Reg. No.:	11-030449
Capital Investment / Paid-up Capital :	Rs.16.468 Million
CIN No.: [Company Identification No.]	U24110MH1983PTC030449
IEC No.:	0388223596
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK2777R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of Manufacturing of speciality chemicals and additives used by different industries viz. petroleum, textile, pharmaceutical etc. [Registered Activity]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 1983 and it is engaged in the manufacturing of chemicals and additives. Rating takes into consideration company’s established track record of business operations supported by its satisfactory financial profile along with favorable gap between trade payables to its receivables and sound debt coverage indicators. However, rating strength is partially offset by volatile profitability margins arising out of volatility in the raw material prices and working capital-intensive nature of operations leading to leveraged capital structure of the company. Trade relations are reported to be fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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 DENIED BY

Name :	Mr. Vikas Patel
Designation :	Director
Contact No.:	91-9820373260
Date :	21.12.2015

LOCATIONS

Registered Office :	101, Varun Apartment, Dattatray Road, Santacruz (West), Mumbai - 400054, Maharashtra
Tel. No.:	91-22-26601422/23
Mobile No.:	91-9820373260 [Mr. Vikas]
Fax No.:	91-22-26601423
E-Mail :	info@kusachem.com vikesh@kusachem.com
Website:	www.kusachem.com
Location :	Owned
Factory:	Survey No. 126, Godhra-Halol Highway, At and Post Popatpura, District Panchmahal - 389340, Gujarat, India
Tel. No.:	91-2672-25017750199
Fax No.:	91-2672-251334

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Ishwarbhai Vithalbhai Patel

Designation :

Director

Address :

501, Sea Princes Apartment, Plot No. 20, Juhu Tara Road, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

03.06.1950

Date of Appointment :

19.07.1983

DIN No.:

01441178

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	U24110MH1983PTC030449	KUSA CHEMICALS PRIVATE LIMITED	Director	19/07/1983	19/07/1983	-	Active	NO
2	U25209GJ1996PTC029335	KRISHNA BARRELS PRIVATE LIMITED	Additional director	25/03/2010	25/03/2010	20/09/2010	Active	NO

Name :

Mr. Vikesh Ishwarbhai Patel

Designation :

Director

Address :

501, Sea Princes Apartment, Plot No. 20, Juhu Tara Road, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

19.04.1981

Date of Appointment :

18.12.2006

DIN No.:

01930777

PAN No.:

AGDPP0122F

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	U24110MH1983PTC030449	KUSA CHEMICALS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	-	Active	NO
2	U25209GJ1996PTC029335	KRISHNA BARRELS PRIVATE LIMITED	Additional director	25/03/2010	25/03/2010	20/09/2010	Active	NO
3	U74999MH2015PTC263657	UDANTA ENTERPRISES PRIVATE LIMITED	Director	22/04/2015	22/04/2015	-	Active	NO

Name :

Mrs. Ratnavali Ishwarbhai Patel

Designation :

Director

Address :

601, Sea Princes Apartment, Plot No. 20, Juhu Tara Road, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

30.07.1955

Date of Appointment :

05.06.2006

DIN No.:

01930747

PAN No.:

AACPP4142J

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Ishwar V. Patel	75280	45.71
Ratnavali Patel	43492	26.41
Namrata Patel	700	0.43
Vikesh Patel	700	0.43
Ishwarbhai V. Patel - HUF	44510	27.03
Total	164682	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the business of Manufacturing of speciality chemicals and additives used by different industries viz. petroleum, textile, pharmaceutical etc. [Registered Activity]
Products :	Speciality Chemicals Petroleum Textile Pharmaceutical Etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

• Castrol India Limited
• Hindustan Petroleum Corporation Limited. 
• Indian Oil Corporation Limited.
• Bharat Petroleum Corporation Limited
• Bharat Shell Limited
  Wyeth Limited.
  Colgate Palmolive India Limited
• Nipa Chemicals Limited
• Valvoline Cummins Limited
• Hi Shine Inks Private Limited
  Aventis Pharma Limited
• Marico Limited
  Lanxess ABS
• Avalon Cosmetics Private Limited
• Reckittbenckiser
• Ciba Specialty Chemicals
• Total Fina Elf India Limited
  Tide Water Oil.Co.I. Limited.
• Lubrizol India Limited
• Indian Petrochemicals Limited

No. of Employees :

Information declined by the management

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai- 400013, Maharashtra, India

Banker Name	Citibank N. A.
Branch Address	CITI Tower, 61, Dr. S. S. Rao Road, Parel, Mumbai - 400012, Maharashtra, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Loans repayable on demand	38.873	4.817
Total	38.873	4.817

Auditors :
Name :	Vasani and Thakkar Chartered Accountants
Address :	3 Radha Apartment, 1^st Floor, Teli Galli, Andheri (East), Mumbai – 400069, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFV1277E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
164682	Equity Shares	Rs.100/- each	Rs. 16.468 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	16.468	16.468	16.468
(b) Reserves & Surplus	420.192	342.703	253.554
(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)	436.660	359.171	270.022
(3) Non-Current Liabilities
(a) long-term borrowings	59.200	67.700	38.550
(b) Deferred tax liabilities (Net)	95.095	100.900	56.038
(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)	154.295	168.600	94.588
(4) Current Liabilities
(a) Short term borrowings	38.873	4.817	32.603
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	7.557	34.121	20.304
(d) Short-term provisions	92.500	77.530	45.400
Total Current Liabilities (4)	138.930	116.468	98.307
TOTAL	729.885	644.239	462.917
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	116.393	127.665	116.990
(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	52.763	17.331	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	3.193	4.537	3.247
(d) Long-term Loan and Advances	141.566	103.197	69.290
(e) Other Non-current assets	21.886	17.637	12.996
Total Non-Current Assets	335.801	270.367	202.523
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	116.231	130.786	82.260
(c) Trade receivables	229.627	208.302	159.999
(d) Cash and cash equivalents	32.072	19.992	12.289
(e) Short-term loans and advances	13.112	14.590	3.786
(f) Other current assets	3.042	0.202	2.060
Total Current Assets	394.084	373.872	260.394
TOTAL	729.885	644.239	462.917

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1051.459	1027.902
	Other Income	2.507	8.032
	TOTAL (A)	1053.966	1035.934	NA
Less	EXPENSES
	Cost of Materials Consumed	810.643	806.321
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.750)	(15.411)
	Employees benefits expense	7.969	3.259
	Other expenses	90.604	63.446
	TOTAL (B)	898.466	857.615	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	155.500	178.319
Less	FINANCIAL EXPENSES (D)	14.874	11.090
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	140.626	167.229	101.540
Less/ Add	DEPRECIATION/ AMORTISATION (F)	18.826	17.762	15.165
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	121.800	149.467	86.375
Less	TAX (H)	44.144	48.410	27.282
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	77.656	101.057	59.093
	Earnings / (Loss) Per Share (Rs.)	472.00	614.00	358.83

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 flows from (used in) operations	77.155	85.937	53.471

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	7.39	9.83	NA
Operating Profit Margin (PBIDT/Sales)	(%)	14.79	17.35	NA
Return on Total Assets (PBT/Total Assets}	(%)	18.07	24.02	18.79
Return on Investment (ROI) (PBT/Networth)		0.28	0.42	0.32
Debt Equity Ratio (Total Debt /Networth)		0.22	0.20	0.26
Current Ratio (Current Asset/Current Liability)		2.84	3.21	2.65

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	16.468	16.468	16.468
Reserves & Surplus	253.554	342.703	420.192
Net worth	270.022	359.171	436.660
Long-term borrowings	38.550	67.700	59.200
Short term borrowings	32.603	4.817	38.873
Total borrowings	71.153	72.517	98.073
Debt/Equity ratio	0.264	0.202	0.225

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	1027.902	1051.459
		2.292

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	1027.902	1051.459
Profit	101.057	77.656
	9.83%	7.39%

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	Yes
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	No
17	Details of sister concerns	No
18	Major suppliers	No
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 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	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 15\19 J K Industrial Estate Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f. 22.04.2013

GENERAL INFORMATIONS:

Subject is primarily engaged in the business of Manufacturing of speciality chemicals and additives used by different industries viz. petroleum, textile, pharmaceutical etc. The Company through its research and development department tries to manufacture ecofriendly products and the directors of the company have contributed majorly for such innovations. The company is an ISO certified company.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Loans and advances from related parties	59.200	67.700
Total	59.200	67.700

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10504030	27/12/2014 *	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI- 400013, MAHARASHTRA, INDIA	C41522830

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Motor vehicles
• Computer equipment’s
• Plant and equipment
• Furniture and fixtures
• 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.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAR
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.