MIRA INFORM REPORT

Report No. :	329532
Report Date :	27.06.2015

IDENTIFICATION DETAILS

Name :	CERAFLUX INDIA PRIVATE LIMITED
Registered Office :	F-59 and 60, MIDC, Gokul Shirgaon, Kolhapur – 416234, Maharashtra
Tel. No.:	91-231-2671008
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.06.1995
Com. Reg. No.:	11-090024
Capital Investment / Paid-up Capital :	Rs.19.704 Million
CIN No.: [Company Identification No.]	U51909MH1995PTC090024
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	KLPC00644A
PAN No.: [Permanent Account No.]	AAACC7442H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing and selling of Foundry Chemicals and Fluxes, Master Alloys and Refractory Shapes and also trading of Ceramic Foam Filters.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established private limited company incorporated in the year 1995, having satisfactory track record. Rating takes into consideration sound financial risk profile backed by steady increase in operating income and healthy profitability reported by the company. Rating also takes into consideration strong track record of the promoters in the foundry chemicals business. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term= BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	June, 2015

Rating Agency Name	ICRA
Rating	Short term= A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	June, 2015

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. Uddhav Sakpal
Designation :	General Manager
Contact No.:	91-9922445471
Date :	27.06.2015

LOCATIONS

Registered Office/ Factory 1 :	F-59 and 60, MIDC, Gokul Shirgaon, Kolhapur – 416234, Maharashtra, India
Tel. No.:	91-231-2671008 / 2672075
Mobile No.:	91-9922445471 (Mr. Udya Sakpal)
Fax No.:	91-231-2671091
E-Mail :	milikul@rediffmail.com fin@ceraflux.com ceraflux@sancharnet.in marketing@ceraflux.com cerafluxindia@dataone.in ceraflux@bsnl.in fin@ceraflux.com
Website :	http://www.ceraflux.com
Area :	7000 Sq. Ft.
Location :	Owned
Locality :	Industrial
Factory 2 :	C-4, MIDC, Gokul Shirgaon, Kolhapur – 410234, Maharashtra, India
Branch Office :	Located at : Ahmedabad Aurangabad Bangalore Chennai Coimbatore Delhi Faridabad Hyderabad Pune Silvassa
Overseas Office :	Located at : Belgium

DIRECTORS

AS ON 25.09.2014

Name :	Mr. Uday Bhaskar Thite
Designation :	Director
Address :	C S 553 / 1/ 1, Flat No. G – 1, Narayan Vihar, Rajendra Nagar Road, Kolhapur, Maharashtra, India
Qualification :	Mechanical Engineering
Date of Birth :	29.09.1954
Date of Appointment :	28.06.1995
DIN No.:	00006773
Name :	Mr. Sanjeev Purushottam Tungatkar
Designation :	Director
Address :	C 5, Jayant Residency, Mali Colony Takala, Kolhapur – 416008, Maharashtra, India
Qualification :	Mechanical Engineering
Date of Birth :	13.04.1962
Date of Appointment :	28.06.1995
DIN No.:	00006770
Name :	Mr. Vilas Balasaheb Jadhav
Designation :	Director
Address :	Flat No. G – 1, Shrikripa, Apartment, Plot No. 46, Rajendra, Kolhapur, Maharashtra, India
Qualification :	B.S.C.
Date of Birth :	31.03.1956
Date of Appointment :	01.07.1999
DIN No.:	00008086
Name :	Mr. Satish Rajiv Kadukar
Designation :	Director
Address :	F / 4, Narayan Vihar Opposite Water Tank, Rajendra Nagar, Kolhapur, Maharashtra, India
Qualification :	Mechanical Engineering
Date of Birth :	16.03.1969
Date of Appointment :	14.01.2004
DIN No.:	00006764

KEY EXECUTIVES

Name :	Mr. Uddhav Sakpal
Designation :	General Manager

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Names of Shareholders	No. of Shares
Sajeev Tungatkar	720093
Uday Thite	717169
Vilas Jadhav	197734
Satish Kadukar	333241
Arvind Gosavi	2
Vasant P Tapaswi	4
Sanjiwani Avchat	4
Snehmaee Bhonde	4
Shivaji Gund	4
Shashikant Purandare	4
Balkrishna Tungatkar	4
Nitin Kadam	200
Abhijit Taralkar	200
Rahul Tungatkar	200
Uday Nigade	200
Gopal Bhawar	200
Sameer Kumar Ghosh	200
Jayant Jadhav	200
Amar Gharmode	200
Rajeshkumar Khare	3
Swati Awate	3
Maitrayie Kajarekar	2
Vrinda Gosavi	2
Sunanda Khare	2
Rajendra Rajguru	2
Chetan Mantri	2
Vaishali Mantri	2
Uddhav Sankpal	200
Pankaj Nikam	100
Pravin Nair	100
Kiran Suryawashi	100
Total	1970381

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing and selling of Foundry Chemicals and Fluxes, Master Alloys and Refractory Shapes and also trading of Ceramic Foam Filters.

Products :

Item Description	Item Code No.
Foundry Flux / Chemicals	3824400090
Article of Cement	68114090
Plaster Unwrought Aluminium	76012090

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Ceramic Fluxes and Foundry Chemicals

Countries :

• Africa
• Gulf Countries
• USA
• Germany
• Malaysia

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash, Advance Payment, Credit

Purchasing :

Cash, Advance Payment, Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	J. V. Chem India
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 :

Company Name :	Hindalco Industries Limited
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 :

150 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch :	Shivaji Udyam Nagar, Kolhapur, Maharashtra, India
Person Name (With Designation) :	Ms. Jayshree (Deputy Manager)
Contact Number :	91-231-2658276
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Ms. Jayshree (Deputy Manager) she denied to provide her opinion about subject company.

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loans – from banks	8.421	11.218
Short Term Borrowings
From banks - cash credit	105.456	92.020
From banks – SLC	3.522	0.000
Loans and advances from others	8.205	8.143
Total	125.604	111.381

Auditors :
Name :	Deepika Kumbhojkar Chartered Accountants
Address :	103, 1^st Floor, Kalpataru Plaza 1086 / A, E Ward, Opposite Hemkiran Disel, Rajaram Road, Kolhapur – 416001, Maharashtra, India
PAN No. :	AABFG2326E
Memberships :	Not Divulged
Collaborators :	Not Divulged
Related Party :	· Altech Alloys India Private Limited · Thermochem Processes Private Limited · Ceral Transline · Enpro Enterorises

CAPITAL STRUCTURE

AS ON 25.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1970381	Equity Shares	Rs.10/- each	Rs.19.704 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	19.704	14.768	14.768
(b) Reserves & Surplus	86.484	79.418	62.016
(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)	106.188	94.186	76.784
(3) Non-Current Liabilities
(a) long-term borrowings	8.997	13.730	17.167
(b) Deferred tax liabilities (Net)	8.223	6.649	5.803
(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)	17.220	20.379	22.970
(4) Current Liabilities
(a) Short term borrowings	117.183	100.163	96.870
(b) Trade payables	55.334	35.436	37.533
(c) Other current liabilities	13.589	14.386	7.399
(d) Short-term provisions	1.153	1.728	1.722
Total Current Liabilities (4)	187.259	151.713	143.524
TOTAL	310.667	266.278	243.278
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	81.701	73.843	69.948
(ii) Intangible Assets	0.474	0.594	0.000
(iii) Capital work-in-progress	4.139	3.389	0.078
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.381	1.381	1.118
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.975	3.278	3.148
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	92.670	82.485	74.292
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.793	64.471	58.277
(c) Trade receivables	134.320	102.104	99.693
(d) Cash and cash equivalents	11.461	9.863	9.030
(e) Short-term loans and advances	13.528	6.892	1.474
(f) Other current assets	3.895	0.463	0.512
Total Current Assets	217.997	183.793	168.986
TOTAL	310.667	266.278	243.278

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		526.594	461.308	453.622
		Other Income		2.791	0.790	0.899
		TOTAL (A)		529.385	462.098	454.521
Less	EXPENSES
		Cost of Materials Consumed			313.661	332.445
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade			3.768	(12.670)
		Employee Benefits Expenses			30.151	25.485
		Other Expenses			58.751	58.331
		TOTAL (B)		491.784	406.331	403.591
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				55.767	50.930
Less	FINANCIAL EXPENSES (D)				17.238	14.996
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			37.601	38.529	35.934
Less	DEPRECIATION/ AMORTISATION (F)			4.300	4.944	4.193
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			33.301	33.585	31.741
Less	TAX (H)			11.360	11.012	10.305
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			21.941	22.573	21.436
Add	Previous Years’ Balance Brought Forward			0.000	0.000	0.000
Less	APPROPRIATIONS
			Transfer to General Reserve	2.194	2.257	2.144
			Interim Dividend	10.367	2.954	2.954
			Proposed Dividend		1.477	1.477
			Tax on Dividend		0.741	0.735
	BALANCE CARRIED TO THE B/S			9.380	15.144	14.126
	EARNINGS IN FOREIGN CURRENCY			44.361	33.601	44.046
	Earnings Per Share (Rs.)			11.00	15.00	15.00

Particulars	31.03.2015
Sales Turnover (Approximately)	654.000

The above information has been parted by Mr. Uddhav

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	6.219	7.116	3.549
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	4.17	4.89	4.73
Operating Profit Margin (PBDIT/Sales)	(%)	NA	12.09	11.23
Return on Total Assets (PBT/Total Assets)	(%)	10.91	12.84	13.11
Return on Investment (ROI) (PBT/Networth)		0.31	0.36	0.41
Debt Equity Ratio (Total Debt /Networth)		1.25	1.28	1.53
Current Ratio (Current Asset/Current Liability)		1.16	1.21	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	14.768	14.768	19.704
Reserves & Surplus	62.016	79.418	86.484
Net worth	76.784	94.186	106.188
long-term borrowings	17.167	13.730	8.997
Short term borrowings	96.870	100.163	117.183
Current Maturities of Long term debt	3.549	7.116	6.219
Total borrowings	117.586	121.009	132.399
Debt/Equity ratio	1.531	1.285	1.247

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	453.622	461.308	526.594
		1.694	14.152

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	453.622	461.308	526.594
Profit	21.436	22.573	21.941
	4.73%	4.89%	4.17%

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	Yes
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	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 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	Yes
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans and advances from other than related parties	0.308	1.111
Loans and advances from related parties	0.268	1.401
Total	0.576	2.512

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10544835	02/01/2015	16,560,000.00	DBS Bank Ltd	Amit Plaza 199/4, 1st Floor, Gandhinagar, Main Road, Kolhapur, Maharashtra - 416119, India	C41334897
2	10454811	28/11/2013 *	177,000,000.00	State Bank of India	Udyam Nagar Industrial Estate Branch, Udyam Nagar, Kolhapur, Maharashtra - 416008, India	B92471226

*Date of modification Charges

FIXED ASSETS:

· Leasehold Land

· Factory Building

· Factory Shed

· Office Building / Roads

· Plant and machinery

· Electrical Installation

· Office Equipment

· Moulds and Patterns

· Furniture

· Computer

· Commercial Vehicle

· Motor car

· Two Wheeler

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.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	NKT

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
--PROFITABILITY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.