MIRA INFORM REPORT

Report No. :	307213
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	EASTERN CHEMICALS (MUMBAI) PRIVATE LIMITED
Registered Office :	601, 6^th Floor, Morya Landmark-II, Oshiwara Link Road, Opposite Infinity Mall, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.04.2006
Com. Reg. No.:	11-161395
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U24119MH2006PTC161395
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 an established company having satisfactory track record. General financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 – 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.

LOCATIONS

Registered Office :	601, 6^th Floor, Morya Landmark-II, Oshiwara Link Road, Opposite Infinity Mall, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No. :	91-22-67365900
Fax No. :	91-22-67365999/ 26734813
E-Mail :	info@easternchemicals.in eastern10@vsnl.com
Website :	http://www.easternchemicals.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Dhiren Chandulal Shah

Designation :

Director

Address :

53, Hatkesh Society, N.S. Road, No.7, JVPD Scheme, 3, Sailab Apartments, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

23.11.1960

Date of Appointment :

26.04.2006

DIN No. :

00255333

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	U24230MH1986PTC040989	ALVAETRA LABORATORIES PRIVATE LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO
2	U63000MH1997PTC108028	SAURABH DESAI EXPORTS PRIVATE LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO
3	U24119MH2006PTC161395	EASTERN CHEMICALS (MUMBAI) PRIVATE LIMITED	Director	26/04/2006	26/04/2006	-	Active	NO
4	U51397MH2007PTC174485	SIGN PHARMA TRADE SERVICES PRIVATE LIMITED	Director	25/09/2007	25/09/2007	-	Active	NO

Name :

Mr. Chandulal Pitambardas Shah

Designation :

Director

Address :

53, Hatkesh Society, N.S. Road, No.7, JVPD Scheme, 3, Sailab Apartments, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

27.10.1928

Date of Appointment :

26.04.2006

DIN No. :

00373646

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	U24200MH1980PTC023204	PEARIM PHARMACEUTICALS PRIVATE LIMITED	Director	17/10/1980	17/10/1980	-	Active	NO
2	U24119MH2006PTC161395	EASTERN CHEMICALS (MUMBAI) PRIVATE LIMITED	Director	26/04/2006	26/04/2006	-	Active	NO

Name :

Mrs. Chhaya Dhiren Shah

Designation :

Director

Address :

53, Hatkesh Society, N.S. Road, No.7, JVPD Scheme, 3, Sailab Apartments, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

02.04.1971

Date of Appointment :

03.12.2010

DIN No. :

03330513

Name :

Dhairya Dhiren Shah

Designation :

Director

Address :

Shiv Kumud, Flat No.3, 53, Hatkesh Society, N.S. Road, No.7, JVPD Scheme, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

31.12.1994

Date of Appointment :

01.01.2014

DIN No. :

06828072

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Dhiren Chandulal Shah	3400	34.00
Chandulal Pitambardas Shah	3500	35.00
Taraben C, Shah	1500	15.00
Chhaya Dhiren Shah	1500	15.00
Eastern Chemicals HUF, India	100	1.00
Total	10000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Chemicals.
Products :	Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	China Thailand
Imports :
Countries :	China
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	ING Vysya Bank Limited
Branch Address	Shop No.3, 4 and 5, Sunshine Building, Shastrinagar, Lokhandwala, Andheri (West), Mumbai – 400 053, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
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)	Not Available

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400 021, Maharashtra, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan from HDFC Bank Limited - Secured against hypothecation of Vehicle and guaranteed by Directors. (Repayable in 48 equal monthly instalments, last instalment falling due on October, 2015. Interest rate as 31.03.2014 – 13% p.a.)	0.173	0.440
SHORT TERM BORROWINGS
Working Capital Loans from Bank Nature of Security Working Capital loans from Banks are secured against the hypothecation by way of first and exclusive of present and future current assets inclusive of all stocks and book debts and equitable mortgage of the office premises (immovable property) and personal guarantee of Directors and their related parties.	7.939	4.487
Total	8.112	4.927

Banking Relations :	--
Auditors :
Name :	Jayesh Shah and Associates Chartered Accountants
Address :	Block No.5, Parmar Building No.2, Paranjpe B. Scheme, Road No.1, Mumbai – 400 057, Maharashtra, India
Tel. No. :	91-22-26169097/ 26711182
Mobile No. :	91-9869287961
PAN No.:	AACFG4797Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	13.185	10.135	6.980
(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)	13.285	10.235	7.080
(3) Non-Current Liabilities
(a) Long-term borrowings	22.292	19.748	18.181
(b) Deferred tax liabilities (Net)	0.282	0.230	0.193
(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)	22.574	19.978	18.374
(4) Current Liabilities
(a) Short term borrowings	7.939	4.487	0.301
(b) Trade payables	13.781	8.379	6.203
(c) Other current liabilities	4.530	2.453	6.359
(d) Short-term provisions	0.320	0.201	0.721
Total Current Liabilities (4)	26.570	15.520	13.584
TOTAL	62.429	45.733	39.038
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.107	9.798	10.696
(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	0.001	0.001	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.040	0.007	0.015
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.148	9.806	10.711
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.852	8.356	0.000
(c) Trade receivables	47.054	23.594	22.731
(d) Cash and cash equivalents	1.085	3.285	5.333
(e) Short-term loans and advances	1.235	0.657	0.260
(f) Other current assets	0.055	0.035	0.003
Total Current Assets	53.281	35.927	28.327
TOTAL	62.429	45.733	39.038

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	84.210	41.009	37.864
		Other Income	1.473	1.967	2.598
		TOTAL	85.683	42.976	40.462
Less	EXPENSES
		TOTAL	81.081	38.248	35.691
	PROFIT/ (LOSS) BEFORE TAX		4.602	4.728	4.771
Less	TAX		1.551	1.573	1.239
	PROFIT/ (LOSS) AFTER TAX		3.051	3.155	3.532
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.835	6.780	3.298
Less	APPROPRIATIONS
		Transfer to General Reserve	0.100	0.100	0.050
	BALANCE CARRIED TO THE B/S		12.786	9.835	6.780
	EARNINGS IN FOREIGN CURRENCY
		Sales (C.I.F. value)	22.473	3.910	22.088
		Commission received (On Accrual Basis)	19.183	15.555	15.776
		Others	0.950	0.704	0.000
	TOTAL EARNINGS		42.606	20.169	37.864
	Earnings / (Loss) Per Share (Rs.)		305.10	315.50	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.62	7.69	9.33
Return on Total Assets (PBT/Total Assets}	(%)	7.37	10.34	12.22
Return on Investment (ROI) (PBT/Networth)		0.35	0.46	0.67
Debt Equity Ratio (Total Debt/Networth)		2.28	2.37	2.61
Current Ratio (Current Asset/Current Liability)		2.01	2.31	2.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	6.980	10.135	13.185
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7.080	10.235	13.285
Long Term borrowings	18.181	19.748	22.292
Short Term borrowings	0.301	4.487	7.939
Total borrowings	18.482	24.235	30.231
Debt/Equity ratio	2.610	2.368	2.276

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	37.864	41.009	84.210
		8.306	105.345

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	37.864	41.009	84.210
Profit	3.532	3.155	3.051
	9.33%	7.69%	3.62%

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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	No

NOTE:

The registered address of the company has been shifted from Laxmi Apartments, Bhagwanjimavji Building, 54/A, Jay Prakash Road, Near YWCA Hostel, Andheri (West), Mumbai – 400 056, Maharashtra to the present address w.e.f. 10.01.2010.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Related Parties
Chandulal P. Shah	3.152	3.365
Chandulal P. Shah H U F.	17.797	15.043
Dhiren C. Shah	0.200	0.700
Chhaya D. Shah (no repayment schedule is determined for unsecured borrowings from related parties)	0.970	0.200
Total	22.119	19.308

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10354196	08/11/2013 *	15,000,000.00	ING VYSYA BANK LIMITED	SHOP NO.3, 4 AND 5, SUNSHINE BUILDING, SHASTRINAGAR, LOKHANDWALA, ANDHERI (WEST), MUMBAI, MAHARASHTRA -  400053, INDIA	B93015196
2	10354134	08/11/2013 *	34,000,000.00	ING VYSYA BANK LIMITED	SHOP NO.3, 4 AND 5, SUNSHINE BUILDING, SHASTRINAGAR, LOKHANDWALA, ANDHERI (WEST), MUMBAI, MAHARASHTRA -  400053, INDIA	B91451773
3	10166367	09/07/2009	6,270,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A65518839

* Date of charge modification

FIXED ASSETS

· Office Premises

· Vehicles

· Computers

· Office and Other Equipments

· Air Conditioners

· Furniture and Fixtures

· Electric Installations

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.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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	4
--LEVERAGE	1~10	4
--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		43

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.