MIRA INFORM REPORT

Report No. :	332421
Report Date :	20.07.2015

IDENTIFICATION DETAILS

Name :	REDA CHEMICALS INDIA PRIVATE LIMITED
Registered Office :	Grace Chambers, 403, A Wing, Next to Gurudwara, Chakala Signal, Andheri Kurla Road, Andheri (East), Mumbai – 400 099, Maharashtra
Tel. No.:	91-22-26879478
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	16.08.2011
Com. Reg. No.:	11-220981
Capital Investment / Paid-up Capital :	Rs.49.900 million
CIN No.: [Company Identification No.]	U24100MH2011FTC220981
IEC No.:	0311067140
TAN No.: [Tax Deduction & Collection Account No.]	MUMR28628F
PAN No.: [Permanent Account No.]	AAFCR4616P
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of chemical and speciality chemicals also providing marketing research.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of "Reda Industrial Materials FZE" UAE. Company was incorporated on 16th August, 2011 and it is having moderate track record. As management failed to file the financials documents for the year ended 31.03.2014 to statutory authorities. And the documents are not been available from any sources. As per available financial record of 2013, the company has incurred continues losses from its operational activities over the past two years, due to which company has reported accumulate losses marked by its negative reserves. However, rating take in account on financials and managerial support receive from its holding company. Trade relations are fair. Business is active. Payment terms are reported to be slow. The company can be considering 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 – 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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Karim Smadi
Designation :	Director
Contact No.:	91-97143325100
Date :	20.07.2015

LOCATIONS

Registered Office :	Grace Chambers, 403, A Wing, Next to Gurudwara, Chakala Signal, Andheri Kurla Road, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-26879478
Mobile No.:	91-97143325100 (Mr. Karim Smadi)
Fax No.:	91-22-26879479
E-Mail :	karim.smadi@redachem.com abdulqadir.shah@redachem.com
Website :	http://www.redachem.com
Location :	Rented
Warehouse:	Arham Anmol Projects Rpviate Limited., Near Presidency School, NAshik Mumbai Byepass Road, Village Walshind, Bhiwandi, Thane – 421302, Maharashtra, India

DIRECTORS

AS ON 23.06.2014

Name :

Mr. Karim Smadi

Designation :

Director

Address :

Bin Humoodah Real Estate Company, Near Raza Abbas Villa, Al Jumeria STR DM. 31 Dubai, UAE 332-77

Date of Birth/Age :

23.03.1971

Date of Appointment :

16.08.2011

DIN No.:

03560051

Name :

Mr. Tarik Kamal Usmani

Designation :

Director

Address :

VPO Raiganj, Ghaziapur – 271 830, Uttar Pradesh, India

Date of Birth/Age :

10.08.1963

Date of Appointment :

16.08.2011

DIN No.:

03573668

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24100MH2011FTC220981	Reda Chemicals India Private Limited	Director	16-08-11	16-08-11	-	Active	NO
2	U24290DL2012PTC238505	SSPL Polymers Private Limited	Director	06-07-12	06-07-12	-	Active	NO

Name :

Mr. Manish Vishnu Khandekar

Designation :

Additional director

Address :

B-502, So-Om Apartment, Sant Ramdas Marg, Mulund East, Mumbai - 400081, Maharashtra, India

Date of Appointment :

07.11.2014

DIN No.:

06999266

KEY EXECUTIVES

Name :	Mr. Niyati Shah
Designation :	Secretary
Address :	602, New Vaishali Chs, Narsing Lane,, Malad(West), Mumbai - 400064, Maharashtra, India
Date of Appointment :	10.11.2014
PAN No:	BTCPS7879B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.06.2014

Names of Shareholders	No. of Shares
Reda Industrial Material FZE, UAE	9729460
Organics Processing and Technologies FZE, UAE	230000
Total	9959460

AS ON 21.09.2014

Names of Shareholders	No. of Shares
Reda Industrial Material FZE, UAE	1741950
Total	1741950

AS ON 30.06.2015

Names of Shareholders	No. of Shares
Reda Industrial Material FZE, UAE	1528488
Total	1528488

Equity Share Break up (Percentage of Total Equity)

AS ON 23.06.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of chemical and speciality chemicals also providing marketing research.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Chemicals
Countries :	China
Terms :
Selling :	Cash and Credit (30,60,90 Days)
Purchasing :	Cash and Credit (30,60,90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Reference :	Not Divulged
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 :

10 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	National House, Vile Parle (East), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-6606161 (Number Ringing)
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)	No Facilities
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountant
Address :	Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-61587200
Fax No.:	91-22-22673964
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFK7554R
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Reda Industrial Materials FZE
Enterprises over which Key Managerial Personnel having significant influence:	Organics Processing and Technologies FZE, UAE

CAPITAL STRUCTURE

AFTER 23.06.2014

Authorised Capital : Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 172.431 Million

AS ON 23.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9959460	Equity Shares	Rs.10/- each	Rs. 99.595Million

AS ON 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4990000	Equity Shares	Rs.10/- each	Rs. 49.900 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.900	23.000	0.000
(b) Reserves & Surplus	(28.696)	(10.582)	(3.318)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	34.517	7.000	7.144
Total Shareholders’ Funds (1) + (2)	55.721	19.418	3.826
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	27.845	3.068	0.049
(c) Other current liabilities	3.383	1.673	3.648
(d) Short-term provisions	0.019	0.019	0.000
Total Current Liabilities (4)	31.247	4.760	3.697
TOTAL	86.968	24.178	7.523
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.451	0.089	0.986
(ii) Intangible Assets	0.000	0.005	0.014
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.211	0.124	0.000
(d) Long-term Loan and Advances	1.387	1.251	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.049	1.469	1.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.087	12.546	0.000
(c) Trade receivables	32.531	2.436	0.000
(d) Cash and cash equivalents	13.721	5.889	5.679
(e) Short-term loans and advances	13.580	1.038	0.844
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	84.919	21.909	6.523
TOTAL	86.968	23.378	7.523

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES
	Income	77.998	10.941	0.000
	Other Income	NA	0.615	0.002
	TOTAL (A)	NA	11.556	0.002
Less	EXPENSES
	Purchases of Stock-in-Trade		17.164	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(12.546)	0.000
	Employees benefits expense		5.782	0.946
	Other expenses		7.539	2.156
	TOTAL (B)	NA	17.939	3.102
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		(6.383)	(3.100)
Less	FINANCIAL EXPENSES (D)		0.078	0.018
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(6.461)	(3.118)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.527	0.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(18.202)	(6.988)	(3.318)
Less	TAX (H)	(0.088)	0.276	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(18.114)	(7.264)	(3.318)
	IMPORTS
	Capital Goods	67.603	13.807	NA
	TOTAL IMPORTS	67.603	13.807	NA
	Earnings / (Loss) Per Share (Rs.)	(5.71)	(8.03)	NA

Particulars	31.12.2015	31.12.2014
Sales Turnover (Approximately)	100.000	150.000

The above information has been parted by Mr. Karim Smadi

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2013	31.12.2012	31.12.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT / Sales)	(%)	(23.22)	(66.39)	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	NA	(58.34)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(20.98)	(30.05)	(44.10)
Return on Investment (ROI) (PBT/Networth)		(0.33)	(0.36)	(0.87)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.72	4.60	1.76

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.000	23.000	49.900
Reserves & Surplus	-3.318	-10.582	-28.696
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	7.144	7.000	34.517
Net worth	3.826	19.418	55.721
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	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.000	10.941	77.998
			612.896

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.000	10.941	77.998
Profit	(3.318)	(7.264)	(18.114)
	--	(66.39%)	(23.22%)

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	No
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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three 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: NO CHARGES EXIST FOR COMPANY

COMPANY BACKGROUND:

Subject is a company incorporated on 16^th August 2011 in India under Companies Act, 1956. The Company has commenced business of chemical trading also provides marketing research activities. The Company is a subsidiary of Reda Industrial Materials FZE UAE. The Holding company holds 95% of the paid up capital of Company. The balance 5% is held by Organics Processing and Technology FZE.

FIXED ASSETS:

Tangible Assets

· Furniture and Fixtures

· Tools and Equipment

· Computers

Intangible Assets

· 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.63.49
UK Pound	1	Rs.99.43
Euro	1	Rs.69.14

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAS
Report Prepared by :	KVT

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	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	0
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.