MIRA INFORM REPORT

Report No. :	301188
Report Date :	05.01.2015

IDENTIFICATION DETAILS

Name :	SHAKTI CHEMICALS
Registered Office :	103, Mandvi Navjivan,121, Kazi Sayed Street, Masjid, Mumbai – 400003, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment ::	1996
Com. Reg. No.:	ACIPG 6959 LEI 002
Capital Investment / Paid-up Capital :	Rs.131.868 Millions
IEC No.:	0397085559
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	ACIPG 6959 L
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader and Importer of Chemicals and Solvents.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 proprietary concern having satisfactory track record. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitments. The concern can be considered normal 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.

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. Tejas Doshi
Designation :	Account Department
Contact No.:	91-22-66313003
Date :	30.12.2014

Name :	Mr. Pritesh A. Gandhi
Designation :	Employee
Contact No.:	91-9223433310
Date :	30.12.2014

LOCATIONS

Registered Office :	103, Mandvi Navjivan,121, Kazi Sayed Street, Masjid, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-66313300/3003/3004,23408264
Mob No.:	91-9223433310 (Mr. Pritesh A. Gandhi)
Fax No.:	91-022-3424488
E-Mail :	shaktichemicals@hotmail.com
Web Site :	http://www.shaktichemicals.net
Area :	200 Sq. Ft.
Location :	Owned
Locality :	Commercial

SOLE PROPRIETOR

Name :	Mr. Nehal Kumar Hasmukh Gandhi
Designation :	Proprietor
Date of Birth/Age :	41 Years
Qualification :	Graduate

KEY EXECUTIVES

Name :	Mr. Tejas Doshi
Designation :	Account Department

BUSINESS DETAILS

Line of Business :	Trader and Importer of Chemicals and Solvents.
Products :	v Chemicals v Solvents
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	v Chemicals v Solvents
Countries :	v China v Taiwan v Europe v USA v Japan v Thailand v Malaysia v Korea, etc.
Terms :
Selling :	Cash and Credit, Advance (60 Days)
Purchasing :	Cash and Advance, L/C (90 Days)

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers and End Users

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

No. of Employees :

10 (Approximately)

Bankers :

· Standard Chartered Bank, Churchgate Branch, Mumbai, Maharashtra, India

· HDFC Bank Limited

· Bank of Baroda

Banker Name	ICICI Bank Limited
Branch Address	Churchgate Branch, Mumbai, 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)	Cash Credit: Rs.30.000 Millions (Form ICICI Bank Limited) and Rs.35.000 Millions (From Standard Chartered Bank)
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	P.M. Nayak and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on: 31.03.2013

Capital Investment :
Owned :	Rs.131.868 millions
Borrowed :	--
Total :	Rs.131.868 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2014
Sales Turnover (Approximately)	1289.200

The above information has been parted by Mr. Tejas Doshi.

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		131.868	102.774
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		131.868	102.774
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		43.280	51.336
TOTAL BORROWING		43.280	51.336
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		175.148	154.110
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.159	12.161
Capital work-in-progress		0.000	0.000
INVESTMENT		1.345	1.345
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	106.084	100.631
	Sundry Debtors	242.066	222.946
	Cash & Bank Balances	0.793	1.967
	Other Current Assets	9.897	5.062
	Loans, Advances & Deposits	42.855	43.972
Total Current Assets		401.695	374.578
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	201.265	205.580
	Other Current Liabilities & Provisions	38.786	28.394
Total Current Liabilities		240.051	233.974
Net Current Assets		161.644	140.604
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		175.148	154.110

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	1144.316	1125.453
		Other Income	15.662	10.194
		TOTAL	1159.978	1135.647
Less	EXPENSES
		Cost of goods sold	1069.065	1037.416
		Custom Duty	17.128	8.719
		Loading / Unloading Charge	0.462	0.570
		Clearing and Forwarding Charge	10.204	13.095
		Commission on purchase	0.257	0.743
		Expenses on Purchase	0.259	1.350
		Clearing Agency Charges	1.593	1.494
		Short Lifting on Sales	0.570	0.000
		Rate Difference	0.106	0.000
		Transportation and Freight	3.349	4.550
		Exchange rate Difference	9.819	17.924
		Professional Tax	0.022	0.014
		Warehouse Charges	1.248	1.510
		Telephone Charges	0.134	0.139
		Bank Charges	1.036	1.786
		Printing and Stationery	0.036	0.053
		Conveyance	0.027	0.031
		Miscellaneous Expenses	0.016	0.015
		Rent Office	0.515	0.620
		Postage and Courier	0.022	0.020
		Car Expenses	0.094	0.103
		Insurance Charges	0.609	0.482
		Bank Interest	5.052	4.603
		Service Tax	0.351	0.121
		Interest on Loan	5.079	5.649
		Travelling Expenses	0.060	0.128
		Professional Fees	0.332	0.332
		Salary	1.398	1.196
		Commission on Sale	0.509	0.334
		Brokerage	4.613	4.602
		Administrative and Managerial Charge	0.072	0.072
		Electricity Expenses	0.092	0.040
		Sales Tax - Others	0.110	0.872
		Entertainment Expenses	0.051	0.066
		Diwali Presentation / Laxmi Pooja Expenses	0.000	0.040
		Repairs and Maintenance	0.020	0.016
		Advertisement	0.035	0.006
		Testing Expenses	0.063	0.006
		LC Expresses	3.690	3.371
		Interest on Late Payment	0.000	0.268
		Donation	0.005	0.006
		Forwarding Expenses	0.000	0.003
		LC Discounting Charges	0.156	0.000
		Discount Expenses	0.123	0.000
		Storage Container Charge	3.641	0.447
		Society Maintenance Expenses	0.038	0.039
		Motor Car Loan Interest paid	0.000	0.000
		Loss on Dollar Forward Booking	0.000	0.000
		TOTAL	1142.061	1112.851
	PROFIT BEFORE/ (LOSS) TAX, DEPRECIATION AND AMORTISATION		17.917	22.796
Less/ Add	DEPRECIATION/ AMORTISATION		0.204	0.222
	NET PROFIT/ (LOSS)		17.713	22.574

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	1.53	1.99
Net Profit Margin (PBT/Sales)	(%)	1.55	2.01
Return on Total Assets (PBT/Total Assets}	(%)	4.28	5.84
Return on Investment (ROI) (PBT/Networth)		0.13	0.22
Debt Equity Ratio (Total Debt/Networth)		0.33	0.50
Current Ratio (Current Asset/Current Liability)		1.67	1.60

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

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	1125.453	1144.316	1289.200
		1.676	12.661

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	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 two years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	No
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	No
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	No

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.63.74
UK Pound	1	Rs.98.87
Euro	1	Rs.77.32

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RSM
Report Prepared by :	ANU

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	6
--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		47

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.