MIRA INFORM REPORT

Report No. :	320699
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	C. J. SHAH AND COMPANY
Registered Office :	105, Bajaj Bhavan, 10^th Floor, Nariman Point, Mumbai – 400021, Maharashtra
Tel No.:	91-22-22826969
Country :	India
Financials (as on) :	31.03.2013
Year of Establishment:	1972
Capital Investment / Paid-up Capital :	Rs.2967.179 Million
TIN No.:	27670366482
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMC00017D
PAN No.: [Permanent Account No.]	AAAFC5600N
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader and Exporter of Chemicals.
No. of Employees :	85 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established partnership concern having moderate track record. Ms. Dipti (Accountant) has provided us with general information and denied to disclose the financial details about the subject to us. Trade relations are fair. Business is active. Payment terms are reported to be unknown. The concern can be considered for business dealings with some cautions.

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Dipti
Designation :	Accountant
Contact No.:	91-22-43436969

LOCATIONS

Registered Office :	105, Bajaj Bhavan, 10^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-43436969
Fax No.:	91-22-22028716/ 22882789/ 20287
E-Mail :	cjshah@bom3.vsnl.net.in arun@cjshahgroup.com
Website :	http://www.cjshahgroup.com
Area :	2000 sq. ft.
Location :	Owned
Marketing Office :	809, Hemcot, Opposite Capital Commercial Centre, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26584950
Area :	850 Sq. ft.
Location :	Owned
Warehouse :	126/ F, Survey No.166, Nundali Talaw, Bhiwandi, Maharashtra, India
Location :	Rented

PARTNERS

Name :	Mr. Apurva Shah
Designation :	Partner
Date of Birth/Age :	42 Years
Qualification :	B. Com
Name :	Mr. Ashit Shah
Designation :	Partner
Date of Birth/Age :	39 Years
Qualification :	B. Com

KEY EXECUTIVES

Name :	Ms. Dipti
Designation :	Accountant

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Chemicals.
Products :	Chemicals
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Chemicals
Countries :	USA China
Imports :
Products :	Chemicals
Countries :	USA Singapore UAE
Terms :
Selling :	Cheque and Credit (30 Days)
Purchasing :	Cheque and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Eastman Chemical India Private Limited

Customers :

Wholesalers, Retailers, End Users

• Kansai Nerolac Paints Limited

No. of Employees :

85 (Approximately)

Bankers :

Bank Name	Union Bank of India
Branch	109, Khand Bazar Branch, Kazi Syed Street, Mumbai – 400003, Maharashtra, India
Person Name (With Designation)	Mr. Ankur
Contact Number	91-22-23422390
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)	Fund and Non Fund= Rs.1250.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :

Name :

Rajendra and Company

Chartered Accountants

Address :

Nariman Point, Mumbai, Maharashtra, India

Memberships :

Not Divulged

Collaborators :

Not Divulged

Sister Concern:

Name :	Ashit Enterprises
Address :	105, Bajaj Bhavan, 10^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Line of Business :	Trader, Exporter and Importer of Chemicals.

CAPITAL STRUCTURE

As on 31.03.2013

Capital Investment :
Owned :	Rs.2967.179 Million
Borrowed :	---
Total :	Rs.2967.179 Million

FINANCIAL DATA

[all figures are in Rupees Million]

Particulars	31.03.2014
Sales Turnover (Approximately)	Not Divulged

The above information has been denied by Ms. Dipti (Accountant).

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		2967.179	2874.864
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2967.179	2874.864
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.223	0.223
TOTAL BORROWING		0.223	0.223
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2967.402	2875.087
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.776	59.426
Capital work-in-progress		0.000	0.000
INVESTMENT		88.842	52.490
DEFERRED TAX ASSETS		4.150	3.727
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2417.281	2601.490
	Sundry Debtors	7237.733	5673.027
	Cash & Bank Balances	1124.792	959.020
	Other Current Assets	0.000	0.000
	Loans & Advances	2282.168	1914.513
Total Current Assets		13061.974	11148.050
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8328.805	6738.734
	Other Current Liabilities	0.000	0.000
	Provisions	1918.535	1649.872
Total Current Liabilities		10247.340	8388.606
Net Current Assets		2814.634	2759.444
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2967.402	2875.087

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	30772.898	26259.441
		Other Income	132.588	133.134
		TOTAL	30905.486	26392.575
Less	EXPENSES
		Cost of Goods Sold	28498.474	24196.143
		Storage Charges	270.229	187.397
		Salaries and Bonus	26.562	23.892
		Coolie, Cartage and Octroi (Net of Refund)	124.652	112.080
		Travelling Expenses	1.639	1.218
		Foreign Travelling Expenses	0.867	0.277
		Conveyance	1.919	1.230
		Rent	1.141	0.616
		Electricity Expenses	1.130	0.899
		Telephone Expenses	1.499	1.342
		Printing and Stationery	1.637	1.590
		Insurance Expenses	16.599	12.592
		Vehicle Expenses	0.919	1.107
		Legal and Professional Fees	6.119	3.427
		Audit Fees	0.225	0.225
		Donations	1.472	1.491
		Bank and Stamping Charges	21.050	25.035
		Sundry Expenses	24.163	33.175
		Brokerage and Commission	42.098	36.010
		Advertisement	0.243	0.164
		Packing Expenses	4.647	8.013
		Sales Tax	699.239	511.790
		Service Tax Paid	14.418	40.227
		Sales Promotion Expenses	3.879	3.541
		Finance Charges	0.577	0.432
		Banks	1.125	0.418
		Loss on Sales of Assets	0.943	0.679
		Salary to Partners	0.900	0.900
		LIC Reyman Policy Premium	4.590	4.590
		Provision for Income tax	330.000	340.000
		Deferred Tax	(0.423)	(1.628)
		Wind Mill Expenses	2.903	2.742
		STT Paid	0.195	0.385
		S.T. Paid on Ass. Demand	0.137	0.667
		Sale Tax Assessment Dues	0.890	0.738
		Excess Provision Written Back	(0.063)	0.000
		TOTAL	30106.594	25553.404
	PROFIT BEFORE DEPRECIATION		798.892	839.171
Less	DEPRECIATION/ AMORTISATION		7.675	8.011
	NET PROFIT		791.217	831.160

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.56	3.15
Operating Profit Margin (PBIDT/Sales)	(%)	2.57	3.17
Return on Total Assets (PBT/Total Assets}	(%)	6.03	7.41
Return on Investment (ROI) (PBT/Networth)		0.27	0.29
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.27	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million
Share Capital	2874.864	2967.179
Reserves & Surplus	0.000	0.000
Net worth	2,874.864	2,967.179
Secured Loans	0.000	0.000
Unsecured Loans	0.223	0.223
Total borrowings	0.223	0.223
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million
Sales	26259.441	30772.898
		17.188

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million
Sales	26259.441	30772.898
Profit	831.16	791.217
	3.17%	2.57%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

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.63.20
UK Pound	1	Rs.91.01
Euro	1	Rs.69.34

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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 unfavorable 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.