MIRA INFORM REPORT

Report No. :	321293
Report Date :	06.05.2015

IDENTIFICATION DETAILS

Name :	SANCHI CHEMICALS PRIVATE LIMITED
Registered Office :	412-A, City Centre, Indore – 452001, Madhya Pradesh
Tel. No.:	91-731-2430097
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.12.1988
Com. Reg. No.:	10-004971
Capital Investment / Paid-up Capital :	Rs.0.850 Million
CIN No.: [Company Identification No.]	U24132MP1988PTC004971
TAN No.: [Tax Deduction & Collection Account No.]	BPLS03859C
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of dyestuff and dyestuff intermediates.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 38000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its latest financial with government department for FY2014. As per available financials of 2013, the company has incurred operational loss. However, reserves of the company is fair. Trade relations seem to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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.

INFORMATION PARTED BY

Name :	Mr. Ashok
Designation :	Account Department
Contact No.:	91-731-2430097
Date :	05.05.2015

LOCATIONS

Registered Office :	412-A, City Centre, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2430097 / 2535587
Mobile No.:	91-9713061307 (Mr. P. N. Pathak)
Fax No.:	91-731-2535587
E-Mail :	sanchichem@hotmail.com
Website :	http://www.sanchichem.com
Factory :	Plot No 8 J, Sector-3, Pitampura Industrial Area, District – Dhar – 454574, Madhya Pradesh, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vimal Singh Ghorawat

Designation :

Director

Address :

402, Morya House, 16/2, New Palasia, Indore – 452001, Madhya Pradesh, India

Date of Appointment :

28.12.1992

DIN No.:

00802094

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	U24132MP1988PTC004971	SANCHI CHEMICALS PVT LTD.	Director	28/12/1992	28/12/1992	-	Active	NO
2	U24232MP1993PTC007710	SANCHI ORGANICS PVT LTD	Director	31/05/1993	31/05/1993	25/02/2014	Active	NO
3	U24110MP1995PTC009658	MN GlobEx Private Limited	Director	04/07/1995	04/07/1995	-	Active	NO

Name :

Mr. Mahal Chand Ghorawat

Designation :

Additional Director

Address :

A/5 Cameron Heights, 403/404, Sundervan Complex, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Appointment :

17.02.2014

DIN No.:

01209172

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	U24110MP1995PTC009658	MN GlobEx Private Limited	Director	04/07/1995	04/07/1995	-	Active	NO
2	U24132MP1988PTC004971	SANCHI CHEMICALS PVT LTD.	Additional director	17/02/2014	17/02/2014	-	Active	NO

Name :

Mr. Keshav Dutt Sharma

Designation :

Director

Address :

Plot No. 713, Sector III, Pitham Pur, Dhar

Date of Appointment :

01.09.2005

DIN No.:

01228818

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	U24132MP1988PTC004971	SANCHI CHEMICALS PVT LTD.	Director	01/09/2005	01/09/2005	-	Active	NO
2	U24232MP1993PTC007710	SANCHI ORGANICS PVT LTD	Director	01/10/2005	01/10/2005	31/05/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. P. N. Pathak
Designation :	Manager
Name :	Mr. Ashok
Designation :	Account Department

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Vimal Singh Ghorwat	3750	44.12
Manak Chand Rathod	3750	44.12
Sumit Ghorawat	500	5.88
Kartik M. Rathod	500	5.88
Total	8500	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of dyestuff and dyestuff intermediates.
Products :	Dyestuff Dyestuff Intermediates
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Pakistan Srilanka USA UK West Indies
Imports :
Products :	Raw Material
Countries :	China Indonesia Singapore
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Aarti Industries
Name of the Person :	Mr. Rajesh Vora
Contact No.:	91-22-67976666
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Colosp Plus Dyes
Name of the Person :	Mr. Ashish (Partner)
Contact No.:	91-9825130180
Since How Long Known :	5 Years
Maximum Limit Dealt :	Rs.4.000 Monthly (Approximately)
Experience :	Product Quality Delivery Behaviour Excellent Overall
Remark :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch :	Branch, 13, Old Plasia, A.B. Road, Indore – 452008, Madhya Pradesh, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
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 :	Not Divulged

Facilities :

SECURED LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
Short Term Borrowings
Other loans and advances
Bank of Baroda CC	10.149	10.136
Term loans	0.000	0.052
Total	10.149	10.188

Auditors :
Name :	Nagori Nuwal and Company Chartered Accountants
Address :	229, Starlit Tower, 29, Y. N. Road, Indore – 452001, Madhya Pradesh, India
PAN No.:	AABFN3164D
Membership :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8500	Equity Shares	Rs.100/- each	Rs.0.850 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.850	0.850	0.850
(b) Reserves & Surplus	12.346	12.367	12.298
(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)	13.196	13.217	13.148
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.363	2.439	2.468
(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)	2.363	2.439	2.468
(4) Current Liabilities
(a) Short term borrowings	14.472	14.548	14.859
(b) Trade payables	16.251	15.422	8.804
(c) Other current liabilities	1.767	0.000	0.851
(d) Short-term provisions	0.520	1.545	1.436
Total Current Liabilities (4)	33.010	31.515	25.950
TOTAL	48.569	47.171	41.566
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.820	12.279	12.978
(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	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.702
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.820	12.279	13.680
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.323	15.452	7.019
(c) Trade receivables	12.663	13.573	16.515
(d) Cash and cash equivalents	0.716	0.569	0.451
(e) Short-term loans and advances	4.047	5.298	3.901
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	36.749	34.892	27.886
TOTAL	48.569	47.171	41.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	16.671	27.138
		Other Income	1.900	0.369
		TOTAL (A)	18.571	27.507	39.152
Less	EXPENSES
		Cost of Materials Consumed	14.394	21.950
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(4.365)	(7.008)
		Employee Benefits Expenses	1.288	1.474
		Other Expenses	4.790	8.474
		TOTAL (B)	16.107	24.890	38.932
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.464	2.617
Less	FINANCIAL EXPENSES (D)		1.714	1.706
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.750	0.911
Less	DEPRECIATION/ AMORTISATION (F)		0.716	0.811
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.034	0.100	0.220
Less	TAX (H)		0.055	0.031	0.083
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.021)	0.069	0.137
	Earnings / (Loss) Per Share (Rs.)		(2.55)	8.16	16.07

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	(0.13)	0.25	NA
Operating Profit Margin (PBDIT/Sales)	(%)	14.78	9.64	NA
Return on Total Assets (PBT/Total Assets)	(%)	0.07	0.21	0.53
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	0.02
Debt Equity Ratio (Total Debt /Networth)		1.10	1.10	1.13
Current Ratio (Current Asset/Current Liability)		1.11	1.11	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	0.850	0.850	0.850
Reserves & Surplus	12.298	12.367	12.346
Net worth	13.148	13.217	13.196
long-term borrowings	0.000	0.000	0.000
Short term borrowings	14.859	14.548	14.472
Total borrowings	14.859	14.548	14.472
Debt/Equity ratio	1.130	1.101	1.097

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	39.152	27.507	18.571
		(29.743)	(32.486)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	39.152	27.507	18.571
Profit	0.137	0.069	(0.021)
	0.35%	0.25%	(0.11%)

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 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	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
Short Term Borrowings
Book Overdraft
Bank of Baroda , Current Account	0.096	0.144
Loans and advances from related parties
From directors	4.167	4.156
Loans and advances from others
Froom others	0.060	0.060
Total	4.323	4.360

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10078717	04/07/2007	5,500,000.00	Bank of Baroda	Ab Road, 13,Old Palasia, Indore, Madhya Pradesh - 452001, India	A28461648
2	10001827	17/04/2006	2,000,000.00	Bank of Baroda	Ab Road, 13,Old Palasia, Indore, Madhya Pradesh - 452001, India	A00648402
3	90209987	12/08/2005 *	680,000.00	Bank of Baroda	A.B. Road Branch, Indore, Madhya Pradesh, India	-
4	90208874	30/05/2001	2,500,000.00	Bank of Baroda	A. B. Road Branch, Indore, Madhya Pradesh, India	-
5	90208259	28/04/2009 *	19,500,000.00	Bank of Baroda	Ab Road, 13,Old Palasia, Indore, Madhya Pradesh - 452001, India	A63551451
6	90205375	05/08/1998	500,000.00	Bank of Baroda	A.B. Road Branch, A. B. Road, Indore, Madhya Pradesh, India	-

*Date of modification Charges

FIXED ASSETS:

· Leasehold Land

· Site Developments

· Building

· Plant and Machinery

· ETP Plant

· Electrical Installations

· Furniture and Fixture

· Vehicles

· Computer and Fax

· Office

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.63.52
UK Pound	1	Rs.95.96
Euro	1	Rs.70.54

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.