MIRA INFORM REPORT

Report No. :	318532
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	AKASH PUROCHEM PRIVATE LIMITED
Registered Office :	1/3 Kandhari Colony, 2nd Road, Chembur, Mumbai-400071, Maharashtra
Tel. No.:	91-22-25211186
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.10.1986
Com. Reg. No.:	11-041136
Capital Investment / Paid-up Capital :	Rs. 0.950 Million
CIN No.: [Company Identification No.]	U24200MH1986PTC041136
IEC No.:	0304051624
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA9261A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ammonium Chloride, Ammonium Sulphate, Ammonium Carbonate, etc
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 31000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External Borrowings of the company seems to be huge during 2014. However, trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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. Vipul Shah
Designation :	Director
Contact No.:	91-9867252610
Date :	05.05.2015

LOCATIONS

Registered Office :	1/3 Kandhari Colony, 2nd Road, Chembur, Mumbai-400071, Maharashtra, India
Tel. No. :	91-22-25211186/ 25215048
Mobile No. :	91-9322231817/ 9320231817/ 9320331817- (Mr. Vinit Shah) 91-9867252610 (Mr. Vipul Shah)
Fax No. :	91-22-25210934
E-Mail :	umang_bom7@yahoo.co.in vipul@vsnl.com
Website :	www.akashpurochem.net http://www.akashpurochem.co.in http://www.akashpurochem.in
Area :	800 Sq. ft.
Location :	Owned

Factory :	Located at: · Punvel · Talkoja
Branch Office :	Masjid Bunder, Mumbai, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vipul Premchand Shah

Designation :

Director

Address :

1/5, Kandhari Colony, 2nd Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

18.10.1970

Date of Appointment :

22.07.1996

DIN No. :

01297439

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	U24200MH1986PTC041136	AKASH PUROCHEM PRIVATE LIMITED	Director	22-07-1996	22-07-1996	Active	NO
2	U24239MH1983PTC030037	MERCURY PHARMACHEM INDUSTRIES PRIVATE LIMITED	Director	16-10-2007	16-10-2007	Active	NO

Name :

Mr. Pramod Vitthal Pashte

Designation :

Director

Address :

MMA 355/5, Bharat Sevak Samaj, Rahivashi Sangh, Ghatala, Chembur, Mumbai - 400 071, Maharashtra, India

Date of Birth/Age :

01.06.1968

Date of Appointment :

01.10.2009

DIN No. :

02902556

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	U24200MH1986PTC041136	AKASH PUROCHEM PRIVATE LIMITED	Director	29-09-2012	01-10-2009	30-03-2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Vipul Shah
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Vinit P. Shah	2083	21.93
Vinit P. Shah	2131	22.43
Urmila P. Shah	2765	29.11
Harsha V. Shah	1261	13.27
Neeta V. Shah	1260	13.26
Total	9500	100.00

As on 30.09.2014

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 :	Manufacturer and Exporter of Ammonium Chloride, Ammonium Sulphate, Ammonium Carbonate, etc
Products :	· Ammonium Chloride · Calcium Chloride · Ferrous Sulphate · Mono Sodium Phosphate · Sodium Thiosulphate · Potassium Acetate, etc
Brand Names :	---
Agencies Held :	---
Exports :
Products :	Chemicals
Countries :	· Thailand · Vietnam · Turkey
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash and Credit [30 days, 60 days and 90 days]
Purchasing :	Cash and Credit [30 days, 60 days and 90 days]

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

End Users and OEMs

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name:	The Cosmos Co-Operative Bank Limited
Branch:	Chembur Branch, Mumbai-400071, Maharashtra, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

The Shamrao Vihtal Co-Operative Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Term Loan From HDFC Bank (Secured by hypothecation of Motor Car)	0.343	0.459
Term Loan From Industrial Bank (Secured by hypothecation of Bike)	0.023	0.000
SHORT TERM BORROWINGS
Cash Credit From Cosmos Co-Operative Bank	0.992	1.757
Term Loan From HDFC Bank	0.108	0.088
Term Loan From Industrial Bank	0.016	0.000
Total	1.482	2.304

Banking Relations :	--
Auditors :
Name :	Atul C. Bheda and Company Chartered Accountants
Address :	23, Saraswati Sadan, 1^st Floor, 113, Keshvaji Naik Road, Masjid Bunder, Mumbai- 400009, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFA9530H
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· Shree Chemicals · Vinipul Enterprises · Vinipul Builders and Developers · Mercury Pharma Chemical Industries Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9500	Equity Shares	Rs.100/- each	Rs. 0.950 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	0.950	0.950	0.950
(b) Reserves & Surplus	10.044	8.342	7.539
(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)	10.994	9.292	8.489
(3) Non-Current Liabilities
(a) Long-term Borrowings	0.366	0.459	0.000
(b) Deferred Tax Liabilities (Net)	0.007	0.059	0.118
(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)	0.373	0.518	0.118
(4) Current Liabilities
(a) Short term Borrowings	77.893	67.357	39.590
(b) Trade Payables	55.873	26.650	40.795
(c) Other Current Liabilities	8.443	4.512	4.784
(d) Short-Term Provisions	0.000	0.000	0.450
Total Current Liabilities (4)	142.209	98.519	85.619
TOTAL	153.576	108.329	94.226
II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets	0.000	0.000	0.000
(i) Tangible Assets	6.478	4.707	3.332
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital Work-in-progress	11.353	0.000	0.000
(iv) Intangible Assets under Development	0.000	0.000	0.000
(b) Non-Current Investments	0.100	0.100	0.100
(c) Deferred Tax Assets (net)	0.000	0.000	0.000
(d) Long-Term Loan and Advances	0.079	0.081	0.056
(e) Other Non-Current Assets	0.023	0.028	0.032
Total Non-Current Assets	18.033	4.916	3.520
(2) Current Assets
(a) Current Investments	0.000	0.000	0.000
(b) Inventories	53.830	46.436	36.602
(c) Trade Receivables	67.364	45.299	47.632
(d) Cash and Cash Equivalents	4.755	3.513	2.514
(e) Short-Term Loans and Advances	9.438	8.009	3.886
(f) Other Current Assets	0.156	0.156	0.072
Total Current Assets	135.543	103.413	90.706
TOTAL	153.576	108.329	94.226

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	232.115	134.074	153.139
		Other Income	0.321	0.295	NA
		TOTAL	232.436	134.369	NA
Less	EXPENSES
		TOTAL	230.072	133.195	NA
	PROFIT/ (LOSS) BEFORE TAX		2.364	1.174	1.499
Less	TAX		0.663	0.371	0.528
	PROFIT/ (LOSS) AFTER TAX		1.701	0.803	0.971
	Earnings/ (Loss) Per Share (Rs.)		179.08	84.54	38.84

Expected Sales (2014-2015): Rs. 150.000 Million

The above information has been parted by Mr. Vipul Shah (Director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.73	0.60	0.63
Return on Total Assets (PBT/Total Assets}	(%)	1.66	1.08	0.00
Return on Investment (ROI) (PBT/Networth)		0.22	0.13	0.00
Debt Equity Ratio (Total Debt/Networth)		7.12	7.30	4.66
Current Ratio (Current Asset/Current Liability)		0.95	1.05	1.06

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	0.950	0.950	0.950
Reserves & Surplus	7.539	8.342	10.044
Net worth	8.489	9.292	10.994
long-term borrowings	0.000	0.459	0.366
Short term borrowings	39.590	67.357	77.893
Total borrowings	39.590	67.816	78.259
Debt/Equity ratio	4.664	7.298	7.118

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	153.139	134.074	232.115
		-12.449	73.125

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	153.139	134.074	232.115
Profit	0.971	0.803	1.701
	0.63%	0.60%	0.73%

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10251289	29/10/2014 *	32,500,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	CHEMBUR BRANCH, RICHMOND HEIGHTS, CENTRAL AVENUE, RD, GROUND FLOOR, PLOT NO 239 CHEMBUR, MUMBAI-400071, MAHARASHTRA, INDIA	C36124873
2	90217356	31/10/1989	400,000.00	BANK OF MADURA LIMITED	62; ZAVER ROAD, MULUND (WEST), BOMBAY-400080, MAHARASHTRA, INDIA	-
3	90218863	03/02/1989	300,000.00	BANK OF MADURA LIMITED	62; ZAVER ROAD, MULUND (WEST), BOMBAY-400080, MAHARASHTRA , INDIA	-

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Loan and Advance From Related Parties	76.777	65.512
Total	76.777	65.512

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Furniture and Fixture

· Motor Car

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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		27

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.