MIRA INFORM REPORT

Report No. :	324727.2
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	VERTEX DYE - CHEM
Registered Office :	3 Neeldhara Apartment Devidas Lane, S.V.P. Road, Borivali (West), Mumbai – 400103, Maharashtra
Tel. No.:	91-22-65092900
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.03.1993
Capital Investment / Paid-up Capital :	Rs.40.042 Million
IEC No.:	0302022244
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AAAFV5305K
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader and Importer of Chemicals.
No. of Employees :	13 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. General financial position seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. Subject can be considered for business dealing 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 – 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

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. Chirag Vora
Designation :	Partner
Contact No.:	91-9821568935
Date :	27.05.2015

LOCATIONS

Registered Office :	3 Neeldhara Apartment Devidas Lane, S.V.P. Road, Borivali (West), Mumbai – 400103, Maharashtra, India
Tel. No.:	91-22-65092900
Mobile No.:	91-9821568935 (Mr. Chirag Vora)
Fax No.:	91-22-28938031
E-Mail :	vertexdyechem@gmail.com
Area :	Owned
Location :	Commercial
Warehouse :	Bhiwandi, Rahanal Village, Maharashtra, India
Location :	Rented
Branch Office :	Masjig Bunder, Mumbai, Maharashtra, India
Location :	Rented

PARTNERS

Name :	Mr. Pratik Vora
Designation :	Partner
Address :	B – 205, Shri Mangesh Apartment Devidas Lane, SVP Road, Borivali (W), Mumbai – 400103, Maharashtra, India
Date of Birth/Age :	46 years
Qualification :	B.Com
Experience :	25 Years
Name :	Mr. Chirag Vora
Designation :	Partner
Address :	B – 205, Shri Mangesh Apartment Devidas Lane, SVP Road, Borivali (W), Mumbai – 400103, Maharashtra
Date of Birth/Age :	43 years
Qualification :	B. Com
Experience :	23 Years

BUSINESS DETAILS

Line of Business :	Trader and Importer of Chemicals.
Products :	Chemicals
Brand Names :	Not Available
Agencies Held :	Ruchi Soya Industries K.L.J. Plasticizers Limited PCL Oil and Solvents Limited Gujarat Ambuja Exports Limited
Exports :	Not Available
Imports :
Products :	Chemicals
Countries :	· Belgium · Malaysia · Indonesia · USA · Thailand · Philippines · China · Japan · UK · Korea · Taivan · Denmark
Terms :
Selling :	Cash, Advance Payment and Credit (90 Days)
Purchasing :	Cash, Advance Payment and Credit (90 Days)

GENERAL INFORMATION

Suppliers :

Reference :

C. J. Shah and Company

Name of the Person :

Mr. Kirti (Accounts Department)

Contact No.:

91-22-43436969

Since How Long Known :

10 Year

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Maximum Limit Dealt :

Rs.4.000 Million

Remark :

Mr. Kirti Informed that they are satisfied with their payment behaviour.

Customers :

Retailers and End Users

Reference :

Venki Chem

Name of the Person :

Mr. Paresh (Proprietor

Contact No.:

91-9223433053

Since How Long Known :

23 Years

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Maximum Limit Dealt :

Rs.7.500 Million (Per Month)

Remark :

Mr. Paresh informed that they are satisfied with their product quality and delivery behaviour.

No. of Employees :

13 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Mandpeshwar Road Branch, Borivali (West), 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. 50.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Parag K Shah and Company Chartered Accountants
Address :	612, 6^th Floor, Topiwala Center, Off. S.V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Tel. No. :	91-22-28787842
E Mail :	sh_parag@hotmail.com
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs.40.042 Million
Borrowed :	---
Total :	Rs. 40.042 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partners Capital		40.042	35.310
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		40.042	35.310
LOAN FUNDS
1] Secured Loans		48.293	28.613
2] Unsecured Loans		7.721	3.977
TOTAL BORROWING		56.014	32.590
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		96.056	67.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.637	0.720
Capital work-in-progress		0.000	0.000
INVESTMENT		8.671	7.440
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.517	24.923
	Sundry Debtors	119.156	79.744
	Cash & Bank Balances	9.549	0.353
	Other Current Assets	0.000	0.000
	Loans & Advances	0.552	0.478
Total Current Assets		157.774	105.498
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		71.026	45.758
Net Current Assets		86.748	59.740
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		96.056	67.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	457.271	328.556
		Other Income	2.314	2.342
		TOTAL	459.585	330.898
Less	EXPENSES
		Material Consumed	435.245	310.202
		Direct Expenses	3.393	3.678
		Administrative Expenses	8.609	6.921
		TOTAL	447.247	320.801
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.338	10.097
Less	FINANCIAL EXPENSES		8.729	7.631
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.609	2.466
Less/ Add	DEPRECIATION/ AMORTISATION		0.107	0.135
	NET PROFIT		3.502	2.331

Particulars	31.03.2015
Sales Turnover (Approximately)	507.700

Expected Sales (2015-2016): Rs.570.000 Million

The above information has been parted by Mr. Chirag Vora (Partner).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.76	0.70
Return on Total Assets (PBT/Total Assets}	(%)	2.21	2.19
Return on Investment (ROI) (PBT/Networth)		0.09	0.07
Debt Equity Ratio (Total Debt/Networth)		1.40	0.92
Current Ratio (Current Asset/Current Liability)		2.22	2.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Partners’ Capital	35.310	40.042
Reserves & Surplus	0.000	0.000
Net worth	35.310	40.042
Secured Loans	28.613	48.293
Unsecured Loans	3.977	7.721
Total borrowings	32.590	56.014
Debt/Equity ratio	0.923	1.399

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	328.556	457.271
		39.176

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	328.556	457.271
Profit	2.331	3.502
	0.71%	0.77%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
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	No
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 two years	Yes
30	Major shareholders, if available	No
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

TRADE REFERENCES

Particulars
Venki Chem	Mr. Paresh	91-9223433053
Mody Enterprise	Mr. Amrish	91-9223433469
Kemco Corporation	Mr. Yogesh	91-9820080522
C. J. Shah and Company	Mr. Asif	91-9820078065

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 records 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.63.85
UK Pound	1	Rs.98.12
Euro	1	Rs.71.28

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	SAN
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.