MIRA INFORM REPORT

Report No. :	320367
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	RISHABH METALS AND CHEMICALS PRIVATE LIMITED
Registered Office :	4^th Floor, Eros Theatre Building, J T Road, Churchgate, Mumbai – 400020, Maharashtra
Tel No. :	91-22-40370000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.06.1983
Com. Reg. No.:	11-030239
Capital Investment / Paid-up Capital :	Rs.1.057 Million
CIN No.: [Company Identification No.]	U24110MH1983PTC030239
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMR06683F
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Chemicals, Instrument and Equipments.
No. of Employees :	35 (Approximately)

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

Maximum Credit Limit :	USD 224000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment 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

Rating Agency Name	ICRA
Rating	Term Loan = BB+
Rating Explanation	Moderate risk of default
Date	May 2014

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 :	Mrs. Laxmi
Designation :	Accountant
Contact No.:	91-22-40370000
Date :	29.04.2015

LOCATIONS

Registered Office :	4^th Floor, Eros Theatre Building, J T Road, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-40370000
Fax No.:	91-22-22047101
E-Mail :	rishabh@rmc.in accounts@rmc.in arv@rmc.in msmktg@rmc.in env@rmc.in director@rmc.in sales@rmcpl.com
Website :	http://www.rmcpl.com http://www.rmc.in
Location :	Rented
Factory :	Gat No.213, Village Bhambori, Taluka Dharangaon, District Jalgaon – 425001, Maharashtra, India
Email :	icm@rmc.in
Branch Office :	6/3, Khandesh Mill Shopping Complex, Jalgaon – 425001, India
Tel. No.:	91-257-2226657

DIRECTORS

As on 30.09.2014

Name :

Mr. Rishabh R. Jain

Designation :

Director

Address :

Eros Theatre Builidng, J The Road, 4^th Floor, Churchgate, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

12.08.1980

Qualification :

BE (Production), MS Computers and MBA (Finance)

Date of Appointment :

04.01.2007

DIN No.:

01474843

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	U51900MH1985PTC036232	PLYMOUTH TRADING COMPANY PRIVATE LIMITED	Director	18/11/2002	18/11/2002	-	Active	NO
2	U24110MH1975PLC028168	SIDDHARTH CARBOCHEM PRODUCTS LIMITED	Director	04/01/2007	04/01/2007	-	Active	NO
3	U24110MH1983PTC030239	RISHABH METALSANDCHEMICALS PRIVATE LIMITED	Director	04/01/2007	04/01/2007	-	Active	NO
4	U40105MH2009PLC190050	CRESCENT ENERGY LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO
5	U74999MH2009PTC196578	JALGAON FRANCHISEES PRIVATE LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
6	U01403MH2010PTC203555	KISAN AGRO MART PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
7	U74120MH2013PTC250944	MJ Productions Private Limited	Director	11/12/2013	11/12/2013	-	Active	NO
8	AAA-1377	KHANDESH RETAIL LLP	Body corporate as Designated Partner	20/05/2010	20/05/2010	-	Active	NO

Name :

Mr. Ashesh Ramesh Jain

Designation :

Executive Director

Address :

4^th Floor, Eros Theatre Building, J T Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

17.07.1974

Qualification :

BE (Chemical), MBA (Executive Management Program, IIM Ahmedabad), MS (Polymers, University of Akron (Ohio)

Date of Appointment :

30.09.1994

DIN No.:

01763020

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	U24110MH1983PTC030239	RISHABH METALSANDCHEMICALS PRIVATE LIMITED	Director	01/01/1994	01/01/1994	-	Active	NO
2	U24110MH1975PLC028168	SIDDHARTH CARBOCHEM PRODUCTS LIMITED	Managing director	01/04/2011	22/06/2005	-	Active	NO
3	U70100MH2004PTC147665	CRESCENT PROPERTIES PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
4	U63040MH2007PLC175245	CRESCENT  ENTERTAINMENT & TOURISM LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
5	U45202MH2008PTC188868	CRESCENT RESIDENCY PRIVATE LIMITED	Director	12/12/2008	12/12/2008	-	Active	NO
6	U40105MH2009PLC190050	CRESCENT ENERGY LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO
7	U40101MH2010PTC209326	JALGAON ENERGY PRIVATE LIMITED	Director	22/10/2010	22/10/2010	-	Active	NO
8	U51900MH1985PTC036232	PLYMOUTH TRADING COMPANY PRIVATE LIMITED	Director	29/09/2012	01/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Laxmi
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
PTCPL, India	52850	50.00
RRPL, India	52850	50.00
Total	105700	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Chemicals, Instrument and Equipments.
Products :	Chemicals, Instrument and Equipments
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	USA Bangladesh
Imports :
Products :	Raw Material
Countries :	China UK Hong Kong
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Balaji Amines Limited, Solapur
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	Buchanan Liberaty India Limited, Thane
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

35 (Approximately)

Bankers :

Corporation Bank – 1^st Floor, Earnest House, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Not Available

Auditors :
Name :	Kamani and Company Chartered Accountants
Address :	62/C/C, Peddar Road, Sunito Appartment, Mumbai – 400026, Maharashtra, India
Tel No.:	91-22-23891624
Mobile No.:	91-9821635565
Email :	v2_kamani@rediffmail.com
PAN No.:	AFYPK9209A
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Siddharth Carbochem Products Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
105700	Equity Shares	Rs.10/- each	Rs.1.057 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	1.057	1.057	1.057
(b) Reserves & Surplus	77.417	73.053	71.788
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	20.000	0.000
Total Shareholders’ Funds (1) + (2)	78.474	94.110	72.845
(3) Non-Current Liabilities
(a) long-term borrowings	10.067	18.850	23.076
(b) Deferred tax liabilities (Net)	0.970	1.019	1.320
(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)	11.037	19.869	24.396
(4) Current Liabilities
(a) Short term borrowings	57.590	34.829	39.474
(b) Trade payables	52.330	55.797	44.983
(c) Other current liabilities	2.659	2.019	1.660
(d) Short-term provisions	1.027	0.227	0.803
Total Current Liabilities (4)	113.606	92.872	86.920
TOTAL	203.117	206.851	184.161
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57.254	59.534	61.388
(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	0.000	0.000	0.856
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	57.254	59.534	62.244
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.804	40.595	38.624
(c) Trade receivables	81.471	56.570	56.553
(d) Cash and cash equivalents	10.809	37.741	12.838
(e) Short-term loans and advances	11.534	12.291	13.676
(f) Other current assets	0.245	0.120	0.226
Total Current Assets	145.863	147.317	121.917
TOTAL	203.117	206.851	184.161

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	520.186	280.934	240.084
Less	EXPENSES		510.775	275.312	218.478
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		9.411	5.622	21.606
Less	DEPRECIATION AND INTEREST		4.069	4.432	14.734
	PROFIT/(LOSS) BEFORE TAX		5.342	1.190	6.872
Less	TAX		0.978	(0.074)	2.123
	PROFIT/(LOSS) AFTER TAX		4.364	1.264	4.749
	Earnings / (Loss) Per Share (Rs.)		41.29	11.96	44.93

Particulars	31.03.2015
Sales Turnover (Approximately)	740.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.63	0.58	3.75
Return on Investment (ROI) (PBT/Networth)		0.07	0.01	0.09
Debt Equity Ratio (Total Debt /Networth)		0.86	0.57	0.86
Current Ratio (Current Asset/Current Liability)		1.28	1.59	1.40

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	1.057	1.057	1.057
Reserves & Surplus	71.788	73.053	77.417
Share Application money pending allotment	0.000	20.000	0.000
Net worth	72.845	94.110	78.474
Long Term borrowings	23.076	18.850	10.067
Short Term borrowings	39.474	34.829	57.590
Total borrowings	62.550	53.679	67.657
Debt/Equity ratio	0.859	0.570	0.862

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
Total Income	240.084	280.934	520.186
		17.015	85.163

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	240.084	280.934	520.186
Profit	4.749	1.264	4.364
	1.98%	0.45%	0.84%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	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	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	Yes

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10347669	06/03/2012	25,000,000.00	Corporation Bank	1st Floor, Earnest House,, Nariman Point, Mumbai, Maharashtra - 400021, India	B36999605
2	90226325	28/10/2014 *	132,825,000.00	Corporation Bank	1st Floor, Earnest House,, Nariman Point, Mumbai, Maharashtra - 400021, India	C34235556
3	90240739	12/09/2005 *	7,600,000.00	Corpotion Bank	Overseas Branch, Nariman Point, Mumbai, Maharashtra, India	-
4	90226652	03/07/1992	620,000.00	HDFC Bank Limited	169; Backbay Reclamation, Ramon House, Mumbai, Maharashtra, India	-
5	90225797	16/02/1991	1,800,000.00	Corporation Bank	Jalgaon, Mumbai, Maharashtra, India	-
6	90225772	12/08/1992 *	575,000.00	Corporation Bank	Jalgaon, Mumbai, Maharashtra, India	-
7	90225551	13/12/1985	1,325,000.00	Corporation Bank	Jalgaon, Mumbai, Maharashtra, India	-
8	90225536	06/02/1988 *	200,000.00	Corpotion Bank	Mangalore, Mangalore, Maharashtra, India	-
9	90225535	28/10/2014 *	132,825,000.00	Corpotion Bank	1st Floor,Earnest House, Nariman Point, Mumbai, Maharashtra - 400021, India	C34235333
10	90225526	07/01/1985	200,000.00	Corpotion Bank	Mangalore, Mangalore, Maharashtra, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.20
UK Pound	1	Rs.97.00
Euro	1	Rs.69.34

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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	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		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.