MIRA INFORM REPORT

Report No. :	306123
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	PAARI CHEM RESOURCES
Registered Office :	M-1, Faiz-E-Qutbi, 375, Narsi Natha Street, Masjid Bunder, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.05.2009
Capital Investment :	Rs.121.171 Millions
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader and Importer of Petro Chemicals.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 350000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The concern can be considered for business dealing at usual trade terms and condition.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Parimal Doshi
Designation :	Proprietor
Contact No.:	91-22-66717450
Date :	16.01.2015

LOCATIONS

Registered Office :	M-1, Faiz-E-Qutbi, 375, Narsi Natha Street, Masjid Bunder, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-66717450/ 51/ 52/ 53
Mobile No.:	91-9820034229 (Mr. Parimal Doshi) 91-9223433267 (Mr. Jasmin Joshi)
Fax No.:	91-22-66717454
E-Mail :	paarichchem@gmail.com
Area :	200 sq. ft.
Location :	Owned
Corporate Office :	216, Rajasthan Technical Institute Building, Patanwala Estate, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
Area :	10000 sq. ft.
Location :	Owned
Branch Office :	711, Reena Complex, Near Natuji Steel, Opposite Vidya Vihar Bus Stop, Vidya Vihar (West), Mumbai – 400 086, Maharashtra, India
Area :	2000 sq. ft.
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Parimal Doshi
Designation :	Proprietor
Qualification :	Graduate

BUSINESS DETAILS

Line of Business :	Trader and Importer of Petro Chemicals.
Products :	· Metha Acrylic Acid ( MAA ) · Acrylic Acid (Glacial) · Ethylene Di amine (EDA) · Trichloroethylene ( TCE ) · Perchloroethylene (PCE) · D(-) Tartaric Acid · Di Methyl Sulfoxide ( DMSO ) · Di Methyl Formamide · Tertiary Butanol
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	· Chemicals
Countries :	· Belgium · Japan · Korea · Malaysia · China · Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Aayudh Consultancy
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· A-One Carriers

· Biren Modi

· Damani Computers

· Ekal Enterprise

· Naresh and Company

· Paper Print

· Akin Chemicals Private Limited

· C. J. Shah and Company

Customers :

Reference :	Anuj Chemicals
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Anushka Chemicals

· Arco Chem

· Balaji Enterprises

· Champion Enterprises

· Cure Chem

· Darshan Chem

· Hritik Chemicals Private Limited

· Kaiav Remedies Private Limited

· New Tech Polychem Private Limited

· Padmavati Enterprise

· Rirnpro India

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Mandvi Branch
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)	Fund and Non-Fund Based: Rs.250.000 millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· HDFC Bank Limited

Banking Relations :	---
Auditors :
Name :	C.J. Shah and Company Chartered Accountants
Address :	Masjid Bunder, Mumbai – 400 009, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Sister Concerns:	Not Available

CAPITAL STRUCTURE

CAPITAL INVESTMENT:

Particular	31.03.2014 (Rs. in millions)	Particular	31.03.2014 (Rs. in millions)
To Bank	7.795	By Opening Balance	103.775
To Sales Tax (A.Y. 2013-14)	1.244
To Installments – Kotak Mahindra Bank	1.616	By Net Profit A/c	28.051
To Closing Balance	121.171
	131.826		131.826

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		121.171	103.775	89.621
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		121.171	103.775	89.621
LOAN FUNDS
1] Secured Loans		69.161	84.014	146.022
2] Unsecured Loans		131.290	153.291	113.994
TOTAL BORROWING		200.451	237.305	260.016
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
ADVANCE PAYMENT RECEIVED		0.000	0.000	29.500
TOTAL		321.622	341.080	379.137
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.489	1.399	1.566
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		51.975	40.400	37.100
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.358	231.297	172.285
	Sundry Debtors	304.051	334.094	227.266
	Cash & Bank Balances	4.121	2.108	0.007
	Other Current Assets	13.054	8.670	2.775
	Loans & Advances	0.014	0.000	7.181
Total Current Assets		505.598	576.169	409.514
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	232.767	273.878	65.757
	Other Current Liabilities	4.673	3.010	0.000
	Provisions	0.000	0.000	3.286
Total Current Liabilities		237.440	276.888	69.043
Net Current Assets		268.158	299.281	340.471
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		321.622	341.080	379.137

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	1533.070	1547.600
		Other Income	12.983	5.420
		TOTAL	1546.053	1553.020
Less	EXPENSES
		Cost of Goods Sold	1453.697	1469.517
		Administrative, Financial and Selling Expenses	64.054	54.152
		TOTAL	1517.751	1523.669
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		28.302	29.351
Less	DEPRECIATION/ AMORTISATION		0.250	0.223
	NET PROFIT		28.052	29.128

	PARTICULARS		31.03.2012
	SALES
		Income	918.906
		Sales Return	(2.984)
		Branch Sales	53.784
		Other Income	11.530
		TOTAL	981.236
Less	EXPENSES
		Transportation and Carriage	2.109
		Bank Charges	3.709
		Warehousing Expenses	2.180
		Bank Interest	5.774
		Interest on loan	16.074
		Currency Gain and Loss	9.905
		Brokerage Charges	2.222
		Cost of Goods Sold	927.491
		Other Expenses	4.644
		TOTAL	974.108
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.128
Less	DEPRECIATION / AMORTISATION		0.194
	NET PROFIT		6.934

Expected Sales (2014-2015): Rs.1540.000 millions

The above information has been parted by Mr. Parimal Doshi (Proprietor).

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.83	1.88	0.75
Return on Total Assets (PBT/Total Assets}	(%)	5.53	5.04	1.69
Return on Investment (ROI) (PBT/Networth)		0.23	0.28	0.08
Debt Equity Ratio (Total Debt /Networth)		1.65	2.29	2.90
Current Ratio (Current Asset/Current Liability)		2.13	2.08	5.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	89.621	103.775	121.171
Reserves & Surplus	0.000	0.000	0.000
Net worth	89.621	103.775	121.171
Secured Loans	146.022	84.014	69.161
Unsecured Loans	113.994	153.291	131.290
Total borrowings	260.016	237.305	200.451
Debt/Equity ratio	2.901	2.287	1.654

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	918.906	1547.600	1533.070
		68.418	(0.939)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	918.906	1547.600	1533.070
Net Profit	6.934	29.128	28.052
	0.75%	1.88%	1.83%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FIXED ASSETS

· Air Conditioner

· Office Premises

· Computers

· Furniture and Fixtures

· Electrical and Fitting

· Office Equipment

· Mobile and Security Camera

· Motor Car

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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		44

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.