MIRA INFORM REPORT

Report No. :	299996
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	ZIRCONIUM CHEMICALS PRIVATE LIMITED
Registered Office :	4, Vikram Jyoti CHS, Deonar, Mumbai – 400088, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.02.1995
Com. Reg. No.:	11-085342
Capital Investment / Paid-up Capital :	Rs. 4.800 Millions
CIN No.: [Company Identification No.]	U24110MH1995PTC085342
TAN No.: [Tax Deduction & Collection Account No.]	MUMZ00324C
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Zirconium Sulphate, Ammonium Zirconium Carbonate, Zirconium Oxychloride, Zirconium Oxide, Zirconium Basic Carbonate, Zirconium Nitrate Solution etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 49900
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company 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.

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 DECLINED BY

Name :	Ms. Rekha Garg
Designation :	Manager
Contact No.:	91-22-25559251
Date :	10.01.2015

LOCATIONS

Registered Office :	4, Vikram Jyoti CHS, Deonar, Mumbai – 400088, Maharashtra, India
Tel. No.:	91-22-25559251/ 65164928/ 27410928/ 25584532
Fax No.:	91-22-25584532/ 27410928
E-Mail :	zirconiumchemicals@rediffmail.com
Factory :	V-7, MIDC Taloja, Navi Mumbai, Maharashtra, India
Tel. No.:	91-22-27410928

DIRECTORS

AS ON 23.08.2014

Name :	Mr. Ranbahadur Ramkishore Singh
Designation :	Director
Address :	5, Evershine Apartment No.1, Versova Road, Andheri [West], Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	30.05.1943
Date of Appointment :	07.02.1995
DIN No.:	01868338
Name :	Mr. Narendra Kumar Garg
Designation :	Director
Address :	4, Vikram Jyoti CHS, Deonar, Mumbai – 400088, Maharashtra, India
Date of Birth/Age :	31.03.1954
Date of Appointment :	28.03.1999
DIN No.:	00368584
Name :	Mr. Sathivilas Narayanan Kartha Sasidharankartha
Designation :	Director
Address :	Cochin Minerals and Rutile Limited, P.B. No. 73, XVIII/219, Market Road, Alaye – 683101, Kerala, India
Date of Birth/Age :	09.12.1952
Date of Appointment :	07.02.1995
DIN No.:	00856417
Name :	Mr. Kansingh Ramsingh Rajpurohit
Designation :	Director
Address :	A12, Greenland CHS Limited, Sector 16A, Vashi, Navi Mumbai, Maharashtra, India
Date of Appointment :	28.03.1999
DIN No.:	00652857
Name :	Mrs. Anita Ramkanwar Garg
Designation :	Director
Address :	4, Vikram Jyoti CHS, Deonar, Mumbai – 400088, Maharashtra, India
Date of Birth/Age :	29.01.1958
Date of Appointment :	07.02.1995
DIN No.:	00368585
Name :	Mr. Sunil Gulab Chand Sharda
Designation :	Director
Address :	604, Swaroop Enclave, Near Bhakti Mandir, Panchpakhadi, Thane – 400602, Maharashtra, India
Date of Birth/Age :	27.03.1973
Date of Appointment :	07.02.1995
DIN No.:	00592625
Name :	Mr. Ram Kanwar Garg
Designation :	Director
Address :	4, Vikram Jyoti CHS, Deonar, Mumbai – 400088, Maharashtra, India
Date of Birth/Age :	07.01.1930
Date of Appointment :	07.02.1995
DIN No.:	00644462

KEY EXECUTIVES

Name :	Ms. Rekha Garg
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.08.2014

Names of Shareholders	No. of Shares
Ram Kanwar Garg	1200
Ranbahadur Ramkishore Singh	4250
Sathivilas Narayanan Kartha Sasidharankartha	7250
Gulab Chand Sharda	6100
Anita Ramkanwar Garg	2550
Neeta Singh	750
Yogesh Singh	700
Shobha Singh	800
Devesh Singh	800
Rajesh Singh	500
Shakuntala Sharda	700
Mukesh Sharda	250
Sunil Sharda	750
Vijaya Laxmi Maru	100
Purshotam Das Maru	100
Kartha Jaya S.	750
Rekha Jain	2100
Anil Gupta	1000
Veena Jain	1300
Needhi Garg	650
Priti Garg	550
Rekha Garg	3550
Garg Narendra Kumar	1800
Sunita Singh	100
Yogesh Singh HUF	100
Kansingh Rajpurohit	300
Hanumant Rajpurohit	7700
Anuradha Shah	1300
Total	48000

AS ON 23.08.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Zirconium Sulphate, Ammonium Zirconium Carbonate, Zirconium Oxychloride, Zirconium Oxide, Zirconium Basic Carbonate, Zirconium Nitrate Solution etc.
Products/ Services :	· Zirconium Sulphate Powder · Zirconium Basic Sulphate · Zirconium Sulphate · Zirconium Oxide and Hydroxide · Zirconium Nitrate and Acetate Solution · Zirconium Carbonate · Zirconium Oxychloride
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Hemant Chavan and Associates Chartered Accountants
Address :	B-311, Om Rachana CHS, 3rd Floor, Sector-17, Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-41279475
Income-tax PAN of auditor or auditor's firm :	AFVPC2455B
Associates/Subsidiaries :`	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48,000	Equity Shares	Rs. 100/- each	Rs. 4.800 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	4.800	4.800	4.800
(b) Reserves & Surplus	12.670	12.122	11.272
(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)	17.470	16.922	16.072
(3) Non-Current Liabilities
(a) Long-term borrowings	4.880	4.163	4.163
(b) Deferred tax liabilities (Net)	0.001	0.000	0.000
(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)	4.881	4.163	4.163
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.112
(b) Trade payables	4.650	10.607	9.288
(c) Other current liabilities	1.968	2.292	2.396
(d) Short-term provisions	2.911	1.843	1.930
Total Current Liabilities (4)	9.529	14.742	13.726
TOTAL	31.880	35.827	33.961
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.587	10.137	9.961
(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	0.010	0.010	0.010
(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	0.203	0.190	0.190
Total Non-Current Assets	9.800	10.337	10.161
(2) Current assets
(a) Current investments	6.684	0.000	1.230
(b) Inventories	4.814	5.706	4.859
(c) Trade receivables	7.401	11.852	15.950
(d) Cash and cash equivalents	2.255	6.762	0.921
(e) Short-term loans and advances	0.926	1.170	0.840
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	22.080	25.490	23.800
TOTAL	31.880	35.827	33.961

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including Financial and Depreciation Expenses]	8.286	10.695
Less	FINANCIAL EXPENSES (D)			0.628	0.638
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			7.658	10.057
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.508	1.770
	PROFIT BEFORE TAX (E-F) (G)		5.379	6.150	8.287
Less	TAX (H)		1.715	1.954	2.561
	PROFIT AFTER TAX (G-H) (I)		3.664	4.196	5.726
	Earnings Per Share (Rs.)		76.33	87.42	119.29

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	16.88	17.17	24.41
Return on Investment (ROI) (PBT/Networth)		0.31	0.36	0.52
Debt Equity Ratio (Total Debt/Networth)		0.28	0.25	0.27
Current Ratio (Current Asset/Current Liability)		2.32	1.73	1.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.800	4.800	4.800
Reserves & Surplus	11.272	12.122	12.670
Net worth	16.072	16.922	17.470
Long-term borrowings	4.163	4.163	4.880
Short term borrowings	0.112	0.000	0.000
Total borrowings	4.275	4.163	4.880
Debt/Equity ratio	0.266	0.246	0.279

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
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	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 COMPANY 

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Deposits from Directors and Relatives	4.163
Total	4.163

FIXED ASSETS:

· Office Premises

· Staff Quarter

· Electrical Equipments

· Furniture and Fixture

· Computers

· Office Equipments

· Air Conditioner

· Tools and Equipment

· Typewriter

· Weighting Scale

· Welding Machine

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. 61.89
UK Pound	1	Rs. 93.92
Euro	1	Rs. 72.01

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	BVA

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
--PROFITABILIRY	1~10	5
--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	NO
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.