MIRA INFORM REPORT

Report No. :	312076
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	CHEMTRADE OVERSEAS PRIVATE LIMITED
Registered Office :	A-404, Bhaveshwar Arcade, L.B.S. Marg, Opposite Shreyas Cinema, Ghatkopar (West), Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.11.2007
Com. Reg. No.:	11-176122
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U74900MH2007PTC176122
TAN No.: [Tax Deduction & Collection Account No.]	MUMC15980G
PAN No.: [Permanent Account No.]	AADCC2181Q
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Chemicals and Pharmaceutical Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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 company having satisfactory track record. Profit margin of the company is low. However, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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.

LOCATIONS

Registered Office / Admin Office :	A-404, Bhaveshwar Arcade, L.B.S. Marg, Opposite Shreyas Cinema, Ghatkopar (West), Mumbai – 400086, India
Tel. No.:	91-22-61447736/ 61447777/ 25004533
Fax No.:	91-22-67551134
E-Mail :	accounts@chemtrade.in mehtamihir921@gmail.com
Website :	www.chemtrade.in
Warehouse :	Located at · Bhiwandi, Thane, Maharashtra, India
Admin. Office :	1006, Damaji Shamji Corporate Square, Nr Kanara Business Centre, Laxmi Nagar, Ghatkopar (East), Mumbai – 400075, Maharashtra, India
Tel. No.:	91-22-6144 7777 (Board)
Fax No.:	91-22-6144 7740
E-Mail :	info@chemtrade.in
Branch Office 1 :	213, 2^nd Floor, Sai Commercial Complex, Plot No. 16, Ward No. 12/A, Gandhidham – 370201, Gujarat, India
Tel. No.:	91-2836-231408
Branch Office 2 :	432, Vikram Tower, Sapna Sangeeta Road, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-22-61447777 (Board)
Fax No.:	91-22-61447700

DIRECTORS

As on 30.09.2013

Name :

Mr. Jatin Bhupendra Shah

Designation :

Director

Address :

1306/07, Ajitnath Neelkanth Enclave, L.B.S. Marg, Ghatkopar (West), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

30.12.1970

Date of Appointment :

23.11.2007

PAN No.:

AACPS9842A

DIN No.:

00999871

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	Company/ LLP Status	Defaulting status
1	U24239TG2005PTC047317	INTER LABS (INDIA) PRIVATE LIMITED	Director	27-11-2005	27-11-2005	Active	NO
2	U74900MH2007PTC176122	CHEMTRADE OVERSEAS PRIVATE LIMITED	Director	23-11-2007	23-11-2007	Active	NO
3	U15531MH2007PTC167640	MORYA GRAIN DISTILLERIES PRIVATE LIMITED	Director	01-03-2012	15-03-2008	Active	NO

Name :

Mr. Niraj Bhupendra Shah

Designation :

Director

Address :

601, Shivam, 212, R.N. Narkar Road, Opposite Swimming Pool, Ghatkopar (East), Mumbai – 400075, Maharashtra, India

Date of Birth/Age :

28.09.1973

Date of Appointment :

23.11.2007

PAN No.:

AACPS9827K

DIN No.:

01679225

Name :

Ms. Swati Viral Shah

Designation :

Director

Address :

215/601, Arunoday 90 Feet Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

04.12.1980

Date of Appointment :

01.09.2008

PAN No.:

ALLPS4725Q

DIN No.:

02294921

Name :

Mr. Ashish Kirtikumar Shah

Designation :

Director

Address :

215/601, Arunodaya Darshan, 90 Feet Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

21.07.1976

Date of Appointment :

01.09.2008

PAN No.:

ABGPS4763D

DIN No.:

02294940

Name :

Ms. Seema Ashish Shah

Designation :

Director

Address :

215/601, Arunodaya Darshan, 90 Feet Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

09.11.1978

Date of Appointment :

01.09.2008

PAN No.:

ARYPS0219E

DIN No.:

02294990

Name :

Mr. Viral Kirtikumar Shah

Designation :

Director

Address :

215/601, Arunodaya Darshan, 90 Feet Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

06.11.1979

Date of Appointment :

01.09.2008

PAN No.:

ALMPS3064P

DIN No.:

02295037

Name :

Ms. Krupa Niraj Shah

Designation :

Director

Address :

601, Shivam, 6th Floor, R N Narkar Road, Ghatkopar (East), Mumbai – 400075, Maharashtra, India

Date of Birth/Age :

17.07.1974

Date of Appointment :

01.09.2008

PAN No.:

AVSPS5993B

DIN No.:

02295114

Name :

Ms. Gomathi Jatin Shah

Designation :

Director

Address :

1306, Neelkanth Enclave, LBS Marg, Ghatkopar (West), Mumbai - 400086, Maharashtra, India

Date of Birth/Age :

06.06.1972

Date of Appointment :

01.09.2008

PAN No.:

ARVPS2886A

DIN No.:

02295196

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Jatin B. Shah	37500	12.50
Niraj B. Shah	37500	12.50
Ashish K. Shah	37500	12.50
Seema A. Shah	37500	12.50
Viral K. Shah	37500	12.50
Swati V. Shah	37500	12.50
Gomathi J. Shah	37500	12.50
Krupa N. Shah	37500	12.50
Total	300000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Chemicals and Pharmaceutical Products.

Products :

Item Code No. (ITC Code)	Product Description
29051100	Methanol
29031500	Ethtlene Dichloride
29160000	Methyl Acryalte

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Divulged

Bankers :

Canara Bank, 112, Jayachamarajendra Road, Banglore, 560 002, Branch: 77, Prabha, R B Mehta Road, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from others (Secured against hypothecation of Verna Car and guarantee of directors. The rate of interest is 11.73% per annum. The loan is repayable in 36 equal monthly instalments of Rs. 0.029 Million upto 05.05.2015. b) Secured against hypothecation of Verna Car and guarantee of directors. The rate of interest is 11.75% per annum. The loan is repayable in 36 equal monthly instalments of Rs. 0.027 Million upto 07.05.2014)	0.080	0.341
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Secured against hypothecation of Stock-in-trade and Book Debt)	41.629	38.498
Total	41.709	38.839

Banking Relations :	--
Auditors :
Name :	K.F. Doshi and Company Chartered Accountants
Address :	504, Dalamal Chambers 29, New Marine Lines, Churchgate, Mumbai – 400020, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPD4410F
Memberships :	--
Collaborators :	--
Other Related Party :	· Jinay Enterprise · Arihant Colourants

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,00,000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,00,000	Equity Shares	Rs.10/- each	Rs. 5.000 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	5.000	3.000	0.900
(b) Reserves & Surplus	49.495	27.881	20.918
(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)	54.495	30.881	21.818
(3) Non-Current Liabilities
(a) long-term borrowings	0.081	0.341	0.329
(b) Deferred tax liabilities (Net)	0.129	0.184	0.019
(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)	0.210	0.525	0.348
(4) Current Liabilities
(a) Short term borrowings	94.545	67.682	28.063
(b) Trade payables	393.886	391.859	399.782
(c) Other current liabilities	72.745	61.635	53.050
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	561.176	521.176	480.895
TOTAL	615.881	552.582	503.061
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.855	14.272	1.340
(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	1.001	1.001	1.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.050	0.050
(e) Other Non-current assets	6.157	6.225	5.555
Total Non-Current Assets	21.013	21.548	7.945
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	83.770	49.371	126.041
(c) Trade receivables	493.676	462.474	347.355
(d) Cash and cash equivalents	7.611	11.956	10.889
(e) Short-term loans and advances	1.694	0.219	7.003
(f) Other current assets	8.117	7.014	3.828
Total Current Assets	594.868	531.034	495.116
TOTAL	615.881	552.582	503.061

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	2051.800	2261.200	1657.900
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		9.601	9.978	8.919
Less	TAX		2.980	3.015	2.810
	PROFIT AFTER TAX		6.621	6.964	6.109
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.881	20.917	14.808
	BALANCE CARRIED TO THE B/S		34.502	27.881	30.918
	EARNINGS IN FOREIGN CURRENCY		0.000	1.208	1.208
	Earnings Per Share (Rs.)		13.24	23.21	20.36

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.32	0.31	0.37
Return on Total Assets (PBT/Total Assets}	(%)	1.56	1.81	1.78
Return on Investment (ROI) (PBT/Networth)		0.18	0.32	0.41
Debt Equity Ratio (Total Debt/Networth)		1.74	2.20	1.30
Current Ratio (Current Asset/Current Liability)		1.06	1.02	1.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.900	3.000	5.000
Reserves & Surplus	20.918	27.881	49.495
Net worth	21.818	30.881	54.495
long-term borrowings	0.329	0.341	0.081
Short term borrowings	28.063	67.682	94.545
Total borrowings	28.392	68.023	94.626
Debt/Equity ratio	1.301	2.203	1.736

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1657.900	2261.200	2051.800
		36.389	-9.261

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1657.900	2261.200	2051.800
Profit	6.109	6.964	6.621
	0.37%	0.31%	0.32%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
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	Yes
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	Yes
24]	Banking facility details	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10544755	23/01/2015	10,100,000.00	DBS BANK LTD	2ND FLOOR, SHRI AMBICA AUTO, PLOT NO.10, GIDC BHA TPORE, SURAT, GUJARAT - 394510, INDIA	C41306481
2	10138374	26/09/2014 *	250,000,000.00	CANARA BANK	BRANCH: 77, PRABHA, R B MEHTA ROAD, GHATKOPAR (EAST), MUMBAI, MAHARASHTRA - 400077, INDIA	C34353649

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from directors	10.077	8.359
Loans and advances from others	42.840	20.825
Total	52.917	29.184

FIXED ASSETS

Tangible Assets

· Buildings

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Vehicles

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.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MRI

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		42

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.