MIRA INFORM REPORT

Report No. :	306219
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	INDIAN ION EXCHANGE & CHEMICALS LIMITED

Registered Office :	D-64, Diamond Park, Gidc, Naroda, Ahmedabad – 382330, Gujarat, India.

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	11.12.2009

Com. Reg. No.:	04-058839

Capital Investment / Paid-up Capital :	Rs.0.500 Millions

CIN No.: [Company Identification No.]	U29198GJ2009PLC058839

TAN No.: [Tax Deduction & Collection Account No.]	AHMI0140G

PAN No.: [Permanent Account No.]	AACCI2242R

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged mainly in trading of Water Treatment/Purification Plant and its related Equipments.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 15000

Status :	Small Company

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Comments :	Subject is a small company in its field. Its scale of activities are limited. Profitability of the company is low. However, trade relations are reported to be fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mrs. Bina Vyas.
Designation :	Director
Contact No.:	91-9909911116
Date :	03.02.2015

LOCATIONS

Registered Office / Factory :	D-64, Diamond Park, G.I.D.C. Naroda, Ahmedabad – 382330, Gujarat, India.
Tel. No.:	91-9725213682/22819067/68
Mobile No.:	91-9725213682 (Ms. Vimal Sukhwani) (Marketing Officer)
Fax No.:	91-79-67770203/22819067/22819068
E-Mail :	export@indianionexchange.com
Website :	http://www.indianionexchande.com www.bottingindia.com
Location :	Owned

Corporate Office :	D – 11, First Floor, Diamond Park, G>I.D.C, Naroda, Ahmedabad – 382330, Gujarat, India
Fax No. :	91-79-22819065

DIRECTORS

As on 30.09.2014

Name :	Mr. Bhavin Baldevprasad Vyas
Designation :	Director
Address :	Plot No.283/A, Sector 1/C, Gandhinagar – 382001, Gujarat.
Date of Birth/Age :	21.03.1971
Date of Appointment :	11.12.2009
DIN No.:	02733886

Name :	Binabahen Jitendra Vyas
Designation :	Director
Address :	Plot No.283/a, Sector 1/c, Gandhinagar – 382001, Gujarat
Date of Birth/Age :	29.08.1968
Date of Appointment :	11.12.2009
DIN No.:	02733891

Name :	Mr. Jitendrakumar Baldevprasad Vyas
Designation :	Director
Address :	283-A, Sector-1 C, Gandhinagar – 382007, Gujarat
Date of Birth/Age :	28.11.1965
Date of Appointment :	11.12.2009
DIN No.:	02749073

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Jitendrakumar Vyas	15000
Bhavin Vyas	10000
Binaben Vyas	10000
Bhartiben Vyas	10000
Rashmika Vyas	4999
Bijal Joshi	1

Total	50000

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 engaged mainly in trading of Water Treatment/Purification Plant and its related Equipments.

Products :	Dialysis Water Treatment System Waste Water Treatment Plant Dialysis Water Treatment Plant Drinking Water Treatment Plant Water Ro System Softener Plant Water Softener Water Softener Plants RO Plant Industrial RO Plant RO Plant SS Pressure Pump Set with Carboneter Automatic Form Fill Seal Machine Rotary Bottle Washing Machines Blow Mold Machine Glass Filling and Sealing Machine Volumetric Syrup Filler Machine Soda Water Bottle Washing Machine Filler Machine

Exports :
Products :	Finished Goods
Countries :	Africa Dubai Sri Lanka Malaysia

Imports :
Products :	Raw Material
Countries :	USA

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ahimsa Industries Private Limited
Aira Pnecumatics
Air Tech Engineers
Ambica Air System
GEM Air Compressor (India) Private Limited
Jay Pumps Private Limited
Jems Engineering Company

Reference :	Filmatech company Private Limited, Mumbai
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 :

End Users

Indian Health Care INC.
]Hindustan Supplier
Aqua Fresh Health Care
Aqua Ocean Company
Chukiral Enterprises Private Limited
Gujarat Alkalie and Chemical Limited
Havells India Limited

Reference :	Rosewelly Group, Kolkata
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 :

100 (Approximately)

Bankers :

Bank Name	ICICI Bank Limited
Branch	Naroda Ahmedabad – Branch. Galaxy Avenue, Near Galaxy Talkies, Naroda-382330, Ahmedabad.
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

Auditors :
Name :	Biren V. Shah and Associates Chartered Accountants
Address :	53/Cotton Chawl, Panjarapole, Relief Road, Ahmedabad,– 380001, Gujarat-GJ, India.
Mobile No.:	91-8511979913
E-Mail :	biren.2511@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	BPXPS5191D

Memberships :	Not Available

Collaborators :	Not Available

Associates Entities :	Indian Ion Exchange and Chemical Industries Indian Ion Exchange India Water India Engineering Indian InfoTech INC Indian Healthcare INC

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500,000	Equity Shares	Rs.10/- each	Rs. 0.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Millions

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	0.500	0.500	0.500
(b) Reserves & Surplus	4.423	2.539	1.112
(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)	4.923	3.039	1.612

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.121	0.054	0.035
(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)	0.121	0.054	0.035

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	103.967	155.644	80.118
(c) Other current liabilities	105.056	0.394	0.395
(d) Short-term provisions	1.805	0.975	0.516
Total Current Liabilities (4)	210.828	157.013	81.029

TOTAL	215.872	160.106	82.676

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.760	26.046	12.865
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	33.698	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	0.000	0.000	0.000
(e) Other Non-current assets	0.035	0.070	0.104
Total Non-Current Assets	37.493	26.116	12.969

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.575	16.971	12.896
(c) Trade receivables	45.052	42.180	16.089
(d) Cash and Bank Balance	72.024	25.340	14.767
(e) Short-term loans and advances	3.247	49.499	25.955
(f) Other current assets	38.481	0.000	0.000
Total Current Assets	178.379	133.990	69.707

TOTAL	215.872	160.106	82.676

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	249.626	230.482	133.827
	Other Income	4.464	1.749	0.372
	TOTAL (A)	254.090	232.231	134.199

Less	EXPENSES
	Cost of Goods Sold	221.693	209.266
	Direct Expenses	0.868	0.814
	Administrative Expense	14.834	9.527	132.589
	Employees benefits expense	7.442	6.258
	Selling & Distribution Expense	5.669	3.768
	TOTAL (B)	250.506	229.633

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3.584	2.598	1.610
Less
	FINANCIAL EXPENSES (D)	0.071	0.023	0.018
Less
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3.513	2.575	1.592

	DEPRECIATION/ AMORTISATION (F)	0.753	0.394	0.304
Less/ Add
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.760	2.181	1.288

	TAX (I)	0.876	1.427	0.408
Less
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	1.884	0.754	0.880

	Earnings / (Loss) Per Share (Rs.)	37.68	28.54	17.61

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.75	0.33	0.66

Operating Profit Margin (PBIDT/Sales)	(%)	1.44	1.13	1.20

Return on Total Assets (PBT/Total Assets}	(%)	1.52	1.36	1.56

Return on Investment (ROI) (PBT/Networth)		0.56	0.72	0.80

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		0.85	0.85	0.86

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	0.500	0.500	0.500
Reserves & Surplus	1.112	2.539	4.423
Net worth	1.612	3.039	4.923

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	133.827	230.482	249.626
		72.224	8.306

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	133.827	230.482	249.626
Profit	0.880	0.754	1.884
	0.66%	0.33%	0.75%

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Building Wip
Air Condition
Camera
Computer
E Bike
EPBX Systum
Tea Machine
Refrigerator
Telephone
Furniture
Led T/V
Generator
Safe (Lock)
Welding

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.62.13
UK Pound	1	Rs.71.05
Euro	1	Rs.95.77

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	SUM

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.

MIRA INFORM REPORT

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