MIRA INFORM REPORT

Report No. :	311342
Report Date :	13.03.2015

IDENTIFICATION DETAILS

Name :	ISLAND VEER CHEMIE PRIVATE LIMITED
Registered Office :	A-4, Co-operative Industrial Estate, Balanagar, Hyderabad – 500037, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.11.1993
Com. Reg. No.:	016526
Capital Investment / Paid-up Capital :	Rs.1.500 Million
CIN No.: [Company Identification No.]	U24110TG1993PTC016526
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of chemical products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. Financial position of the company is sound. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. . 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

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 31-03-2014.

LOCATIONS

Registered Office / Factory :	A-4, Co-operative Industrial Estate, Balanagar, Hyderabad – 500037, Telangana, India
Tel. No.:	91-40-23775286 / 23774210/1063/4064
Fax No.:	91-40-23775285 / 23770205
E-Mail :	info@veerchemie.com ranveer@veerchemie.com ivc@ivchyd.com
Website :	http://www.veerchemie.com

DIRECTORS

AS ON 27.09.2014

Name :

Amnon Parizat

Designation :

Director

Address :

135-Bacon Road, Old Westbury, Newyork 11568, USA

Date of Birth/Age :

05.08.1955

Date of Appointment :

04.11.1993

DIN No.:

02842930

Name :

Prem Swarup Devulapalli

Designation :

Alternate director

Address :

B-5, Banjara Arcot Apartment, West Marredpally, Secunderabad – 500026, Telangana, India

Date of Birth/Age :

23.03.1956

Date of Appointment :

04.06.2001

DIN No.:

00263545

Name :

Lakshmana Rao Pappula

Designation :

Director

Address :

6-2-229/1 Sri Dharma, Sasta Nilayam, Kukatpally, Hyderabad, Telangana, India

Date of Birth/Age :

08.09.1941

Date of Appointment :

04.11.1993

DIN No.:

00168419

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	U24119TG1984PTC004649	RASULA CHEMICALS PVT LTD	Director	23/04/1984	23/04/1984	-	Active	NO
2	U24110TG1993PTC016526	ISLAND VEER CHEMIE PVT LTD	Director	04/11/1993	04/11/1993	-	Active	NO
3	U72200TG2009PTC063565	SuMed Technologies Private Limited	Managing director	19/08/2010	06/05/2009	-	Active	NO
4	U29296TG2010PTC071110	VMF ENGINEERS PRIVATE LIMITED	Director	08/11/2010	08/11/2010	-	Active	NO

Name :

Venkata Narasimha Raju Datla

Designation :

Director

Address :

Flat 202, Sri Sai Ram Homes, Engineer Colony, Yella Reddy Guda, Hyderabad, Telangana, India

Date of Birth/Age :

01.03.1951

Date of Appointment :

04.11.1993

DIN No.:

00168560

KEY EXECUTIVES

Name :	K R Natarajan
Designation :	Practicing Company Secretary
Address :	4-A, Vinod’s Susheel Residency, 10-2-278/1, Road No.11, West Marredpally, Secunderabad – 500026, Telangana, India
Mobile No.:	91-9885163418
Qualification :	B.Com, FICWA, FCS

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2014

Names of Shareholders	No. of Shares
P V Ranveer	5
K Rayapa Raju	5
BON Development LLC, USA	51
P Rukmani	5
K K Indumati	5
DVK Investments Private Limited, India	12
P V Ranveer HUF	11
Rayapa Raju HUF	6
Total	100

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2014

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	51.00
Bodies corporate	12.00
Other top fifty shareholders	37.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of chemical products.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	M Bhaskara Rao and Company Chartered Accountants
Address :	5-D, 5^th Floor, Kautilya, 6-3-652, Somajiguda, Hyderabad – 500082, Telangana, India
Tel. No.:	91-40-23311245/23393900
Fax No.:	91-40-23399248
Email:	Mbr_co@eth.net
PAN N Income-tax PAN of auditor or auditor's firm :	AADFM4831E
Memberships :	--
Collaborators :	--
Holding Company :	BON Development LLC, USA

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100	Equity Shares	Rs.15000/- each	Rs.1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100	Equity Shares	Rs.15000/- each	Rs.1.500 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	1.500	1.500	1.500
(b) Reserves & Surplus	275.855	243.813	216.994
(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)	277.355	245.313	218.494
(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	0.361	0.316	0.286
Total Non-current Liabilities (3)	0.361	0.316	0.286
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	15.769	9.382	13.232
(c) Other current liabilities	5.299	4.291	5.083
(d) Short-term provisions	125.354	92.844	133.990
Total Current Liabilities (4)	146.422	106.517	152.305
TOTAL	424.138	352.146	371.085
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.184	19.894	23.215
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.037	0.000	0.372
(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)	2.185	2.103	1.796
(d) Long-term Loan and Advances	3.242	3.253	2.181
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.648	25.250	27.564
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	69.052	52.019	42.859
(c) Trade receivables	107.514	93.637	71.826
(d) Cash and cash equivalents	96.164	86.227	102.852
(e) Short-term loans and advances	21.105	21.539	12.058
(f) Other current assets	105.655	73.474	113.926
Total Current Assets	399.490	326.896	343.521
TOTAL	424.138	352.146	371.085

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	425.300	372.700	332.127
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	90.338	78.276	77.226
Less/ Add	DEPRECIATION/ AMORTISATION	4.224	5.121	5.891
	PROFIT/ (LOSS) BEFORE TAX	86.114	73.155	71.335
Less	TAX	28.918	24.693	23.979
	PROFIT/ (LOSS) AFTER TAX	57.196	48.462	47.356
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	157.912	136.094	114.458
Less	APPROPRIATIONS
	Transfer to General Reserve	5.800	5.000	4.800
	Provision for Dividend	21.500	18.500	18.000
	Tax on Dividend	3.654	3.144	2.920
	BALANCE CARRIED TO THE B/S	184.154	157.912	136.094
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	171.648	180.385	154.650
	TOTAL EARNINGS	171.648	180.385	154.650
	IMPORTS
	Raw Materials	114.690	105.786	86.707
	TOTAL IMPORTS	114.690	105.786	86.707
	Earnings / (Loss) Per Share (Rs.)	571960.00	484624.00	473567.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	13.45	13.00	14.26
Operating Profit Margin (PBIDT/Sales)	(%)	21.24	21.00	23.25
Return on Total Assets (PBT/Total Assets}	(%)	20.41	20.90	19.34
Return on Investment (ROI) (PBT/Networth)		0.31	0.30	0.33
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.73	3.07	2.26

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	1.500	1.500	1.500
Reserves & Surplus	216.994	243.813	275.855
Share Application money pending allotment	0.000	0.000	0.000
Net worth	218.494	245.313	277.355
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	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	332.127	372.700	425.300
		12.216	14.113

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	332.127	372.700	425.300
Profit	47.356	48.462	57.196
	14.26%	13.00%	13.45%

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	No
24]	Banking facility details	No
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	No
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	90133721	09/11/1994	11,000,000.00	ANDHRA BANK	PRAKASHAMNAGAR BRANCH, BEGUMPET, HYDERABAD, ANDHR  A PRADESH - 500016, INDIA	-

CONTINGENT LIABILITIES

PARTICULARS	31.03.2014 Rs. in million	31.03.2013 Rs. in million
Guarantees / Counter guarantees issued and outstanding	1.000	1.000
Export obligation under DEEC scheme	0.946	Nil
Bond liability towards Excise Duty against duty free removal	0.914	5.802

OPERATIONS

During the year, the company achieved a turnover of Rs.425.300 Million as compared to Rs.372.700 Million made in the previous year.

Production of cesium compounds to be low due to non-availability of further supplies of pollucite. The demand for 5 – Amino Tetrazole has also come down.

FIXED ASSETS

• Land
• Factory Building
• Electrical Installation
• Plant and Machinery
• Pipes and Fittings
• Lab Equipment
• Miscellaneous Equipments
• Furniture and Fixtures
• Computers
• 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 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.62.57
UK Pound	1	Rs.93.57
Euro	1	Rs.65.95

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		64

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.