MIRA INFORM REPORT

Report No. :	357639
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	SRI VASAVI CHEMICAL CORPORATION
Registered Office :	H. No. 8-3-949/1/1, Flat No. 303, Sri Sai Ram Estate Apartments, Nagarjuna Nagar, Ameerpet, Hyderabad - 500073, Telangana
Tel. No.:	91-40-66757730, 66757760
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation:	17.02.2003
Capital Investment / Paid-up Capital :	Rs.177.906 Million
TIN No.:	36800196140
IEC No.:	0904010759
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AATFS3879E
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader of Chemicals such as Cyclohexane, ISO Propyle Alcohol, Ethyl Acetate, Methylene Chloride, Chloroform, Tolune, etc. (Confirmed by Management)
No. of Employees :	11 (Approximately) (In Office : 7, In Factory / Godown: 4)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a partnership concern established in the year 2003. It has satisfactory track. For the financial year ended 2015, the concern has healthy scale of operations marked by decent top line growth along with profitability margin of 1.3%. The concern has strong financial base along with low debt levels. 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 :	Mrs. Sharda
Designation :	Accountant
Contact No.:	91-9849803444
Date :	02.12.2015

LOCATIONS

Registered Office :	H.No.8-3-949/1/1, Flat No.303, Sri Sai Ram Estate Apartments, Nagarjuna Nagar, Ameerpet, Hyderabad - 500073, Telangana, India
Tel. No.:	91-40-66757730, 66757760
Mobile No.:	91-9849000569 (Mr. T.Venugopala Rao) 91-9849803444 (Mrs. Sharda)
Fax No.:	91-40-66757780
E-Mail :	info@svccorp.co.in
Area :	850 Sq. ft.
Location :	Rented
GODOWN.1:	Plot No.3, D.No.5-9-263/1C, R.G. Nagar, Prashanth Nagar, Kukatpally, Hyderabad-500072, Telangana, India
Area :	1122 Sq. ft.
Location :	Rented
GODOWN:2:	5-9-264/4, Plot No.55, R.G. Nagar, Prashanth Nagar, Kukatpally, Hyderabad-500072 Telangana, India
Tel. No.:	040-66756630, 66757760
Fax No.:	040-66757780
E-Mail :	info@svccorp.co.in
Area :	2580 Sq. ft.
Location :	Rented

PARTNERS

Name :	Mr. T.Venugopala Rao
Designation :	Partner
Address :	1-10-91, Street No.11, Ashok Nagar, Post Office Lane, Hyderabad - 500020, Telangana, India
Date of Birth/Age :	24.11.1960
Qualification :	M.Com
Experience :	30 Years
Name :	Mrs. T.Lakshmi
Designation :	Partner
Address :	1-10-91, Street No.11, Ashok Nagar, Post Office Lane, Hyderabad - 500020, Telangana, India
Date of Birth/Age :	29.080.1964
Qualification :	B.A
Experience :	13 Years

KEY EXECUTIVES

Name :	Mrs. Sharda
Designation :	Accountant

BUSINESS DETAILS

Line of Business :	Trader of Chemicals such as Cyclohexane, ISO Propyle Alcohol, Ethyl Acetate, Methylene Chloride, Chloroform, Tolune, etc. (Confirmed by Management)
Product with Brand Names :	Cyclohexane – Reliance Industries Limited ISO Propyle Alcohol – Deepak Fertilizers and Petro Chemicals Corporation Limited and International solvents and Chemical Company Ethyl Acetate – Pentokey Organy India Limited and Jubliant Life Sciences Limited Methylene Chloride – Chemplast Sanmar Limited Chloroform – Gowra Petrochem Pvt Ltd & Chemplast Sanmar Limited Tolune – Hazel Mercantile Limited, Deepak Fertilizers & Petro Chemicals Corporation Limited Phosphorus Oxy Chloride – Sandhya Industrial Chemicals
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	L/C and Credit (60, 120 Days)
Purchasing :	Cash and Credit (30,60,90 Days)

PRODUCTION STATUS NOT AVAILABLE AS ON 31.03.2015

Particulars	Installed Capacity	Actual Production
Repacking of Cyclohexane, Tolune, Acetone. (No manufacturing activity involved only repacking and relabeling) as per excise rules, repacking and re-labeling is considered as deemed manufacture.	Not Available	Not Available

GENERAL INFORMATION

Suppliers :

• Chemplast Sanmar Limited, Chennai, Tamil Nadu, India, Mr. Rajaram, (91-9840289174)
• International Solvents and Chemical Company, Mumbai, Maharashtra, India, (Mrs. Hansa, 91-9322211108) (Continuously Busy)
• Sandhya Industrial Chemicals, Mumbai, Maharashtra, India, (Mr. Upadyay 91-9920392815)
• Gowra Petrochem Private Limited, Secundrabad, Telangana, India (Mr. Prasad 91-40-27846275)

Reference :	Jubiliant Life Sciences Limited, Hyderabad, Telangana, India
Name of the Person :	Mr. T.N.L.V. Rao, (Marketing Department)
Contact No.:	91-9849515056
Since How Long Known :	9 Years
Maximum Limit Dealt :	Not Divulged
Experience :	Product Quality Delivery Behavior Good Overall
Remark:	As claimed by Mr. T.N.V. Rao (Marketing Department) that he is satisfied with subject company

Customers :

End Users

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 :

11 (Approximately) (In Office : 7, In Factory /Godown: 4)

Bankers :

Bank Name	Axis Bank Limited
Branch	Begumpet, Hyderabad, Telangana, India
Person Name (With Designation)	Not Divulged
Contact Number	91-9959933099 (Continuously Ringing)
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)	Cash Credit = Rs.85.000 Million and LCBD – Rs.60.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :

Name :

G.Papa Rao (Proprietor)

Chartered Accountants

Address :

6-3-662, Flat No.1, Sri Sai Sakthi Apartment, Jafar Ali Bagh, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Telangana, India

Tel. No.:

91-40-23327745

E-Mail :

gprao.associates@gmail.com

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

Not Available

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment :
Owned :	Rs.177.906 Million
Borrowed :	--
Total :	Rs.177.906 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.032015	31.03.2014
SHAREHOLDERS FUNDS
1] Partner Capital		177.906	148.169
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		177.906	148.169
LOAN FUNDS
1] Secured Loans		62.145	82.373
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		62.145	82.373
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		240.051	230.542
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.398	1.368
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.606	8.585
	Sundry Debtors	355.686	391.704
	Cash & Bank Balances	0.247	0.222
	Other Current Assets	0.726	0.508
	Loans & Advances	7.446	6.316
Total Current Assets		370.711	407.335
Less : CURRENT LIABILITIES & PROVISIONS		121.634	168.867
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	10.424	9.294
Total Current Liabilities		132.058	178.161
Net Current Assets		238.653	229.174
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		240.051	230.542

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	1055.781	874.639
		Other Income	1.830	0.989
		TOTAL	1057.611	875.628
Less	EXPENSES
		Cost of Raw Materials	955.987	784.181
		Freight	4.872	10.023
		Excise Duty paid	2.565	2.457
		Salary	2.792	2.613
		Bank Charges	0.392	0.996
		Electricity Expenses	0.040	0.035
		Sales Tax Paid	36.830	33.543
		Employers Contribution to PF	0.456	0.455
		Interest on Capital	17.607	14.142
		Interest paid to Bank	7.309	4.820
		Partners Remuneration	2.700	2.700
		Carriage Outwards	0.122	0.073
		Conveyance	0.017	0.017
		Insurance	0.089	0.103
		Office Maintenance	0.138	0.132
		Postage and Telephone	0.182	0.181
		Printing and stationery	0.101	0.205
		Rates and Taxes	0.211	0.097
		Rent	0.834	0.801
		Audit Expenses	0.100	0.090
		Consultancy charges	0.201	0.184
		Staff Welfare	0.631	0.557
		Festival Expenses	0.106	0.151
		Travelling Expenses	0.150	0.042
		Vehicle Maintenance	0.421	0.396
		Business Promotion	0.167	0.043
		Sundry Balances Written Off	0.047	0.127
		General Expenses	0.028	0.037
		TOTAL	1035.095	859.201
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		22.516	16.427
Less	DEPRECIATION/ AMORTISATION		0.248	0.275
	PROFIT BEFORE TAX		22.268	16.152
Less	TAX (H)		7.603	5.529
	PROFIT AFTER TAX		14.665	10.623

Projected Turnover for the Current year (2015-2016): Rs.1100.000 Million

Projected Net profit for the Current Year (2015-2016): Rs.16.384 Million

The above information has been parted by Mr. T. Venugopala Rao (Partner).

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	1.39	1.21
Return on Total Assets (PBT/Total Assets}	(%)	9.28	7.00
Return on Investment (ROI) (PBT/Networth)		0.13	0.07
Debt Equity Ratio (Total Debt /Networth)		0.35	0.56
Current Ratio (Current Asset/Current Liability)		2.81	2.29

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Partner Capital	148.169	177.906
Reserves & Surplus	0.000	0.000
Net worth	148.169	177.906
Secured Loans	82.373	62.145
Unsecured Loans	168.867	121.634
Total Loans	251.240	183.779
Debt/Equity ratio	1.696	1.033

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	874.639	1055.781
	28.828	20.710

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	874.639	1055.781
Net Profit	10.624	14.665
	1.21%	1.39%

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	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)	No
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	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
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

TRADE REFERENCES

• Shodana Laboratories Limited, 6B, 6^th Floor, Krishsapphire, Madhapur, Hyderabad-500081, Telangana, India, Contact Person: Mr.Madhusudan / 91-40-6646360 Extension: 209.(Not Working)

• Everest Organics Limited, Plot No.127 & 128, Lake View Plaza, Opposite Madhapur Police Station Road, Amar Co-Operative Society, Madhapur, Hyderabad - 500033, Telangana, India. Contact Person: GPVS Dora / 91-9440409996

• MSN Laboratories Limited, C-24, Industrial Estate, Sanath Nagar, Hyderabad - 500018, Telangana, India, Contact Person: S.Sridhar Reddy / 91-40-30438628

• Natco Pharma Limited, Natco House, Road No.2, Banjara Hills, Hyderabad - 500033, Telangana, India. Contact Person: J. Sunitha / 91-40-23547531, (Remark: as claimed by Mrs. J. Sunitha (Officer) that she is satisfied with the subject company).

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 records 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.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.85

INFORMATION DETAILS

Information gathered by :	KMN
Analysis Done by :	TRI
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

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