MIRA INFORM REPORT

Report No. :	299088
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	PRAKASH CHEMICALS AGENCIES PRIVATE LIMITED
Registered Office :	Prakash House, 39/40, Krishna Industrial Estate, Gorwa Road, Vadodara - 390016, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.08.2002
Com. Reg. No.:	04-041095
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U51496GJ2002PTC041095
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCP6646G
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Versatile Chemicals.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects moderate financial risk profile due to low profitability. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. Chetan Solanki
Designation :	Business Head
Contact No.:	91-9998034403
Date :	08.01.2015

LOCATIONS

Registered Office :	Prakash House, 39/40, Krishna Industrial Estate, Gorwa Road, Vadodara - 390016, Gujarat, India
Tel. No.:	91-265-3926000
Mob. No.:	91-9998034403 (Mr. Chetan Solanki)
Fax No.:	91-265-3926122/ 3926046
E-Mail :	chetan@prakashchemical.com vimal@prakashchemical.com pcapl@pcaplindia.com dilip@prakashchemicals.com pcpl@prakashchemicals.com export@prakashchemical.com info@prakashchemicals.com
Website :	http://www.prakashchemicals.co.in http://www.pcaplindia.com
Area :	1000 Sq. ft.
Location :	Owned
Warehouse 1:	Opposite Ranoli Railway Station, Ranoli, Baroda, Gujarat, India
E-Mail :	chetan@prakashchemicals.com
Warehouse 2:	Shed No :B/35, Survey No:182/2, Anand Industrial Estate, Narol, Ahmedabad, Gujarat, India
E-Mail :	dhavaldesai@prakashchemicals.com
Warehouse 3:	17-A, B and 18-B, Green Park, Surat- Navsari Road, Unn, Sachin, Surat, Gujarat, India
E-Mail :	manoj@prakashchemicals.com
Warehouse 4:	Sohil Ware House,Wade Compound, Anjur Val Gaon Road, Near Rahnal Village Off Mum-Agra Road, Bhiwandi, Thane, Maharashtra, India
E-Mail :	chetan@prakashchemicals.com
Branch Office :	Located At: · Ahmedabad · North Gujarat · Ankleshwar · Bharuch · Dahej · Vapi · Daman · Silvassa · Saurashtra · Mumbai · Surat

DIRECTORS

As on 27.09.2014

Name :	Mr. Sudip Dilip Shah
Designation :	Managing director
Address :	15, Urmi Society, Baroda Productivity Road, Baroda – 390020, Gujarat, India
Date of Birth/Age :	13.07.1982
Date of Appointment :	01.05.2004
DIN No. :	00308615
Name :	Mr. Dilip Kumarpal Shah
Designation :	Managing Director
Address :	15, Urmi Society, Baroda Productivity Road, Baroda – 390020, Gujarat, India
Date of Birth/Age :	21.09.1956
Date of Appointment :	09.08.2002
PAN No. :	AFSPS8320Q
DIN No. :	00308782
Name :	Mr. Chirag Prakash Shah
Designation :	Director
Address :	57, Shreenagar Society, Shri Dinesh Mill Road, Baroda – 390020, Gujarat, India
Date of Birth/Age :	12.10.1973
Date of Appointment :	28.09.2002
DIN No. :	00308856
Name :	Mr. Hardik Suryakant Shah
Designation :	Director
Address :	5, Sriniketan Society, Jetalpur Road, Baroda – 390005, Gujarat, India
Date of Birth/Age :	02.03.1977
Date of Appointment :	28.09.2002
DIN No. :	00315509
Name :	Mr. Manish Kumarpal Shah
Designation :	Director
Address :	3, Spring Valley, Productivity Road, Baroda, Gujarat, India
Date of Birth/Age :	13.12.1967
Date of Appointment :	09.08.2002
DIN No. :	00315521
Name :	Mr. Hitesh Chandrakant Shah
Designation :	Director
Address :	1, Bhagyalaxmi Society, Near Akota Garden, Baroda, Gujarat, India
Date of Birth/Age :	17.07.1958
Date of Appointment :	28.09.2002
DIN No. :	00315534
Name :	Mr. Prakash Chunilal Shah
Designation :	Director
Address :	57, Shreenagar Society, Shri Dinesh Mill Road, Baroda – 390020, Gujarat, India
Date of Birth/Age :	03.11.1945
Date of Appointment :	09.08.2002
DIN No. :	00382086
Name :	Mr. Atul Chandrakant Shah
Designation :	Director
Address :	21, Charotar Society, Old Padra Road, Baroda – 390020, Gujarat, India
Date of Birth/Age :	10.11.1959
Date of Appointment :	28.09.2002
DIN No. :	00411580
Name :	Mr. Pinakin Kumarpal Shah
Designation :	Director
Address :	7, Nandanvan Colony, Near Akota Stadium, Baroda – 390020, Gujarat, India
Date of Birth/Age :	18.09.1961
Date of Appointment :	28.09.2002
DIN No. :	00411629

KEY EXECUTIVES

Name :	Mr. Chetan Solanki
Designation :	Business Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares
Prakashbhai Shah	6250
Dilipbhai Shah	4250
Atul Shah	6250
Pinakin Shah	6249
Manish Shah	6249
Chirag Shah	6249
Hardik Shah	6253
Hitesh Shah	6249
Dilipbhai Shah	1
Sudip Shah	2000
Total	50000

As on 27.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Versatile Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
292141	Aniline
291510	Formic Acid
283410	Sodium Nitrite

Agencies Held :

Gujarat Alkalies and Chemicals Limited

Exports :

Products :

Dyes and Chemicals

Countries :

· Brazil

· Europe

· Egypt

· Turkey

Imports :

Products :

Dyes and Chemicals

Countries :

· Malaysia

· Thailand

· China

Terms :

Selling :

Cash, L/C and Credit (30 Days)

Purchasing :

Cash, L/C and Credit (30 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

OEM’s, Manufacturer and End Users

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	Navayard Branch, Indulal Yagnik Trust Building Opposite Chhani Jakat Naka, Vadodara - 390002, Gujarat, India
Name of the Person (with Designation):	NOT DIVULGED
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.837	3.517
SHORT TERM BORROWINGS
Loans repayable on demand from banks	119.482	63.825
Total	120.319	67.342
PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	0.865	0.527
Loans and advances from others	6.172	6.985
Total	7.037	7.512

Auditors :
Name :	C R Sharedalal and Company Chartered Accountants
Address :	101-102, 1^st Floor, Parishram, 5/B, Rashmi Society, MIthakhali Six Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAAFC6902F
Subsidiary Company :	· Prakash Chemicals International Private Limited CIN No.: U24231GJ2002PTC040891 · Shah International FZE · Prakash Chemicals Europe BV(Netherland)

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 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	0.500	0.500	0.500
(b) Reserves & Surplus	65.874	58.993	50.486
(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)	66.374	59.493	50.986
(3) Non-Current Liabilities
(a) Long-term borrowings	7.874	11.030	11.898
(b) Deferred tax liabilities (Net)	2.821	2.514	1.892
(c) Other long term liabilities	0.067	0.037	0.037
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	10.762	13.581	13.827
(4) Current Liabilities
(a) Short term borrowings	119.482	63.825	67.596
(b) Trade payables	230.362	139.618	118.223
(c) Other current liabilities	6.502	5.448	5.226
(d) Short-term provisions	2.098	1.763	1.752
Total Current Liabilities (4)	358.444	210.654	192.797
TOTAL	435.580	283.728	257.610
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.948	36.848	38.484
(ii) Intangible Assets	0.579	0.781	0.187
(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	7.751	7.752	7.752
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.271	10.672	8.702
(e) Other Non-current assets	0.524	0.487	0.457
Total Non-Current Assets	55.073	56.540	55.582
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	24.990	17.986	33.278
(c) Trade receivables	326.993	177.864	146.328
(d) Cash and cash equivalents	18.860	23.100	13.693
(e) Short-term loans and advances	9.664	8.238	8.729
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	380.507	227.188	202.028
TOTAL	435.580	283.728	257.610

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	1391.209	1078.444	756.862
Less	EXPENSES
		TOTAL	1378.595	1063.052	748.179
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.614	15.392	8.683
Less/ Add	DEPRECIATION/ AMORTISATION		2.533	2.412	2.048
	PROFIT/ (LOSS) BEFORE TAX		10.081	12.980	6.635
Less	TAX		3.200	4.473	2.425
	PROFIT/ (LOSS) AFTER TAX		6.881	8.507	4.210
	EARNINGS IN FOREIGN CURRENCY		37.110	8.554	13.189
	IMPORTS
		Raw Materials	NA	NA	109.472
	TOTAL IMPORTS		NA	NA	109.472
	Earnings / (Loss) Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.36	4.70	2.66
Return on Investment (ROI) (PBT/Networth)		0.15	0.22	0.13
Debt Equity Ratio (Total Debt/Networth)		1.92	1.26	1.56
Current Ratio (Current Asset/Current Liability)		1.06	1.08	1.05

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	50.486	58.993	65.874
Net worth	50.986	59.493	66.374
long-term borrowings	11.898	11.030	7.874
Short term borrowings	67.596	63.825	119.482
Total borrowings	79.494	74.855	127.356
Debt/Equity ratio	1.559	1.258	1.919

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)
Total Income	756.862	1078.444	1391.209
		42.489	29.002

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	756.862	1078.444	1391.209
Profit	4.210	8.507	6.881
	0.56%	0.79%	0.49%

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 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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10246186	14/05/2014 *	136,400,000.00	BANK OF BARODA	NAVAYARD BRANCH, INDULAL YAGNIK TRUST BLDG., OPP. CHHANI JAKAT NAKA, VADODARA, GUJARAT - 390002, INDIA	C05553417
2	10103898	21/04/2014 *	136,400,000.00	BANK OF BARODA	NAVAYARD BRANCH, INDULAL YAGNIK TRUST BLDG., OPP. CHHANI JAKAT NAKA, VADODARA, GUJARAT - 390002, INDIA	C05553664
3	10018039	24/08/2006	30,000,000.00	BANK OF BARODA	NAVAYARD BRANCH, NAVAYARD, VADODARA, GUJARAT - 390002, INDIA	A04234860
4	90110755	01/07/2004	9,000,000.00	BANK OF BARODA	NAVAYARD BRANCH, OPP. CHAMAN JAKAT NAKA; CHHANI ROAD, BARODA, GUJARAT - 390002, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS

31.03.2013 (Rs. In Millions)

31.03.2012 (Rs. In Millions)

CHANGE OF ADDRESS

The registered office of the company has been shifted from Induchacha House, Opposite Chhani Octroi Naka, Baroda – 390002, Gujarat, India to the present address w.e.f. 01.06.2011.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)
Counter Guarantees	5.600
Letter of Credit issued by Bank of Baroda	12.034

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Brands and Trade Marks

· Computer Software

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.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.