MIRA INFORM REPORT

Report No. :	332616
Report Date :	17.07.2015

IDENTIFICATION DETAILS

Name :	AMRIT POLYCHEM PRIVATE LIMITED
Registered Office :	404, Gurukrupa, 133, Kazi Sayed Street, Masjid Bunder, Mumbai – 400003, Maharashtra
Tel. No.:	91-22-66312476/ 66312876
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.03.2012
Com. Reg. No.:	11-228844
Capital Investment / Paid-up Capital :	Rs. 37.579 Million
CIN No.: [Company Identification No.]	U24233MH2012PTC228844
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAKCA4057E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Chemicals Dyes and Intermediates.
No. of Employees :	30 (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 150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. For the financial year ended 2014, company has achieved above average sales turnover growth but it has failed to maintained profitability margins and reported low profitability margins at 0.54%. Rating further constrained on account of company’s moderate financial risk profile marked by low reserves and leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of leverage balance sheet profile, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Hemal Parikh
Designation :	Accounts Manager
Contact No.:	91-9819366604
Date :	16.07.2015

LOCATIONS

Registered/ Head Office :	404, Gurukrupa, 133, Kazi Sayed Street, Masjid Bunder, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-66312476/ 66312876/ 23435233
Mobile No.:	91-9819366604 (Mr. Hemal Parikh)
Fax No.:	91-22-23424347
E-Mail :	appl@ymail.com
Website :	http://www.amritchem.com
Location :	Owned
Sales Office 1 :	6, Laxmi Bhuvan, 3rd Golibar Road, T.P.S. III, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-26195965/ 26178662/ 26195967
Fax No.:	91-22-26160374
E-Mail :	amritchem_mumbai@rediffmail.com ambrish_amritchem@rediffmail.com amritchem@vsnl.com
Sales Office 2 :	Shop No.3, Patel Terrace, D Aghadi Nagar, Near Pump House, Andheri (East), Mumbai – 400093, Maharashtra, India
Factory :	30 and 31 Hitel Industrial Estate, Alialo Village, Palghar (West), Maharashtra, India
Branch Offices :	Located at: · Chennai · Ahmedabad · Daman

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Mukesh Amritlal Bakhai
Designation :	Director
Address :	303, Regal Apartment, Near Khira Nagar, S.V. Road, Santacruz, Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	15.08.1959
Date of Appointment :	28.03.2012
PAN No.:	AGEPB1081G
DIN No.:	03052303
Name :	Mr. Ambrish Mukesh Bakhai
Designation :	Director
Address :	303, Regal Apartment, Near Khira Nagar, S.V. Road, Santacruz, Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	01.04.1987
Date of Appointment :	28.03.2012
PAN No.:	AMUPB6642B
DIN No.:	03086867
Name :	Mrs. Leena Mukesh Bakhai
Designation :	Director
Address :	303, Regal Apartment, Near Khira Nagar, S.V. Road, Santacruz, Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	25.06.1963
Date of Appointment :	28.03.2012
PAN No.:	AFHPB5547B
DIN No.:	05147469
Name :	Akshar Mukesh Bakhai
Designation :	Director
Address :	303, Regal Apartment, Near Khira Nagar, S.V. Road, Santacruz, Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	02.02.1990
Date of Appointment :	28.03.2012
PAN No.:	ATYPB6161E
DIN No.:	05170281

KEY EXECUTIVES

Name :	Mr. Hemal Parikh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Mukesh Amritlal Bakhai	2799993
Leena Mukesh Bakhai	525000
Ambrish Mukesh Bakhai	82250
Akshar Mukesh Bakhai	82250
Ramesh Amritlal Bakhai	3500
Nirmal Amritlal Bakhai	3500
Hemal Rasiklal Parekh	3500
Alliance Plastics [FZE], UAE	257868
Boman Irani	1
Labhumati R. Parekh	1
Manglaben P. Chitalia	1
Milton Construction LLP, India	1
Rehmanbhai [Partner of Patel Developers]	1
Rasiklal M. Parekh	1
Mukesh H. Mehta	1
Total	3757868

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.86
Directors or relatives of directors	93.04
Other top fifty shareholders	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Chemicals Dyes and Intermediates.

Products/ Services :

ITC Code No.	Product Descriptions
39072010	Ether (Alcohols)

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Nigeria

· Dubai

Imports :

Products :

Raw Material

Countries :

· Japan

· Korea

· China

· Thailand

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Nippon Polyurethane
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 :

Wholesalers and Retailers

Reference:	Nilkamal Limited, Mumbai
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 :

30 (Approximately)

Bankers :

Bank Name:	Indian Overseas Bank
Branch:	111/115, Gulabi House Branch, Kazi Sayed Street, Mandvi, Mumbai - 400003, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-22-23427510/ 23400286 [Ringing]
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 :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from directors	49.104	67.031
Loans and advances from others	61.018	65.886
SHORT TERM BORROWINGS
Loans repayable on demand from banks	89.256	0.000
Total	199.378	132.917

Auditors :
Name :	B.P.L Associates Chartered Accountants
Address :	Office No. 602, Neelyog Square, 6th Floor Fame Adlab Theatre, Opposite Station, Jawahar Road, Junctin R B Mehta Road, Ghatkopar [East], Mumbai 400077, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACPB4758N
Memberships :	--
Collaborators :	--
Other Related Parties :	· Akshar Plastchem Investments Private Limited · Mukon Construction Private Limited
Fellow Subsidiary company :	Pramukh Poly Products

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,757,868	Equity Shares	Rs. 10/- each	Rs. 37.579 Millions

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	37.579	35.000
(b) Reserves & Surplus	15.822	6.422
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	53.401	41.422
(3) Non-Current Liabilities
(a) Long-term borrowings	110.122	132.917
(b) Deferred tax liabilities (Net)	0.036	0.013
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	110.158	132.930
(4) Current Liabilities
(a) Short term borrowings	99.145	0.000
(b) Trade payables	329.787	190.487
(c) Other current liabilities	27.374	175.405
(d) Short-term provisions	2.212	0.000
Total Current Liabilities (4)	458.518	365.892
TOTAL	622.077	540.244
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.194	28.966
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	13.194	28.966
(2) Current assets
(a) Current investments	0.054	0.087
(b) Inventories	152.110	126.223
(c) Trade receivables	362.642	342.703
(d) Cash and cash equivalents	2.946	2.024
(e) Short-term loans and advances	19.709	6.521
(f) Other current assets	71.422	33.720
Total Current Assets	608.883	511.278
TOTAL	622.077	540.244

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	1298.113	1148.935
		Other Income	9.026	3.990
		TOTAL	1307.139	1152.925
Less	EXPENSES
		TOTAL	1300.750	1143.016
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.389	9.909
Less/ Add	DEPRECIATION/ AMORTISATION		0.296	0.290
Add	EXTRAORDINARY ITEMS		4.251	0.000
	PROFIT BEFORE TAX		10.344	9.619
Less	TAX		3.378	3.264
	PROFIT AFTER TAX		6.966	6.355
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.422	0.000
Add	SHARE PREMIUM		2.836	0.000
Less	OTHER		0.402	0.113
	BALANCE CARRIED TO THE B/S		15.822	6.242
	Earnings Per Share (Rs.)		1.85	1.78

Expected Sales (2014-2015): Rs. 1390.000 Million

The above information has been parted by Mr. Hemal Parikh (Accounts Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	123.538
Cash generated from operations	NA	NA
Net Cash flow from (used in) Operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.54	0.55
Operating Profit Margin (PBDIT/Sales)	(%)	0.49	0.86
Return on Total Assets (PBT/Total Assets}	(%)	1.66	1.78
Return on Investment (ROI) (PBT/Networth)		0.19	0.23
Debt Equity Ratio (Total Liability/Networth)		3.92	6.19
Current Ratio (Current Asset/Current Liability)		1.33	1.40

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	35.000	37.579
Reserves & Surplus	6.422	15.822
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	41.422	53.401
Long-term borrowings	132.917	110.122
Short term borrowings	0.000	99.145
CURRENT MATURITIES OF LONG-TERM DEBTS	123.538	0.000
Total borrowings	256.455	209.267
Debt/Equity ratio	6.191	3.919

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1148.935	1298.113
		12.984

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1148.935	1298.113
Profit	6.355	6.966
	0.55%	0.54%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10390914	07/02/2013 *	234,000,000.00	INDIAN OVERSEAS BANK	111/115 GULABI HOUSE, KAZI SAYED STREET, MANDVI, MUMBAI, MAHARASHTRA - 400003, INDIA	B77228518

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances	9.889	0.000
Total	9.889	0.000

OPERATIONS

This being the 2nd year of operation of the company. During the year sales and other incomes of the company as Rs.1307.139 Millions with a net Profit of Rs 10.345 Millions. The directors are making all their efforts and confident of better performance for the following financial year 2013-2014.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 63.50
UK Pound	1	Rs. 99.17
Euro	1	Rs. 69.39

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		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.