MIRA INFORM REPORT

Report No. :	322265
Report Date :	15.05.2015

IDENTIFICATION DETAILS

Name :	RANK ORGANICS CHEMICAL PRIVATE LIMITED
Registered Office :	44/2201, Pranav CHS Limited, Gandhi Nagar, Western Express Highway, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-2525-272731
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.04.1998
Com. Reg. No.:	11-114680
Capital Investment / Paid-up Capital :	Rs.1.801 Million
CIN No.: [Company Identification No.]	U24110MH1998PTC114680
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR1427Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Dealer of Chemicals compounds and chemicals products.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company reported steady business performance during FY2014. It has sound profitability and good liquidity position during year under review. Trade relations reported to be fair. Business is active. Payments are reported to be usually correct. Subject can be considered for small 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

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. Sham Nemlekar
Designation :	Director
Contact No.:	91-9821125942
Date :	13.05.2015

LOCATIONS

Registered Office :	44/2201, Pranav CHS Limited, Gandhi Nagar, Western Express Highway, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-2525-272731
Mobile No.:	91-9821125942 (Mr. Sham Nemlekar)
Fax No.:	91-2525-260151
E-Mail :	rankorganics@gmail.com
Website :	www.rankorganics.com
Factory :	Plot No. N-85, Tarapur MIDC, Boisar, Thane 401506, Maharashtra, India
Tel. No.:	91-22-66379291
Fax No.:	91-22-22064524

DIRECTORS

As on 26.09.2014

Name :

Mr. Nandkumar Gopal Nemlekar

Designation :

Director

Address :

402, Royal Link, Prit Sagar Compound, Link Road, Borivali West, Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

31.01.1953

Date of Appointment :

29.04.1998

DIN No.:

01712444

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	U24100MH1988PTC046300	ENKAY ORGANICS PRIVATE LIMITED	Director	23/02/1988	23/02/1988	-	Active	NO
2	U24110MH1998PTC114680	RANK ORGANICS CHEMICAL PRIVATE LIMITED	Director	29/04/1998	29/04/1998	-	Active	NO

Name :

Mr. Sham Gopal Nemlekar

Designation :

Director

Address :

C-7, Mandvi Building, Devidas Road, Borivali West, Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

07.05.1950

Date of Appointment :

29.04.1998

DIN No.:

01793844

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	U24100MH1988PTC046300	ENKAY ORGANICS PRIVATE LIMITED	Director	23/02/1988	23/02/1988	-	Active	NO
2	U24110MH1998PTC114680	RANK ORGANICS CHEMICAL PRIVATE LIMITED	Director	29/04/1998	29/04/1998	-	Active	NO

KEY EXECUTIVES

Name :	Sudhanwa S Kalamkar and Associates
Designation :	Company Secretaries
Address :	B-1/12, Vijay Wadi Niwas CHS Limited, Lokmanya Tilak Road, Mulund East, Mumbai – 400081, Maharashtra, India

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Neeta Jain	50000	27.75
Pushpak Jain	50000	27.75
Naresh Jain	50000	27.75
Nandkumar G Nemlekar	27050	15.02
Sham G. Nemlekar	3100	1.72
Total	180150	100.00

As on 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	16.74
Other top fifty shareholders	83.26
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Dealer of Chemicals compounds and chemicals products.
Products :	Triprolidine Hydrochloride Sodium Stearyl Fumarate Heametinics o Iron Sucrose o Iron Sorbitol o Iron Dextran o Iron(III) Hydroxy Polymaltose
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Reference :	Not Divulged
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 :

40 (Approximately)

Bankers :

Banker Name	Bank of Maharashtra
Branch Address	Dr. Ambedkar Road Branch , Raja Shivaji Viddyalaya, Hindu Colony, Six Lane, Dadar (East), Mumbai - 400014, Maharashtra, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan (Secured against Machinery)	3.842	5.321
Car Loan from Bank (Secured against Car)	0.000	0.114
Total	3.842	5.435

Auditors :
Name :	Dargar and Company Chartered Accountants
Address :	58, Maharashtra Bhavan, 4th Floor, Near Handloom House, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAHPD2444G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

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
180150	Equity Shares	Rs.10/- each	Rs.1.801 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	1.801	1.801	1.801
(b) Reserves & Surplus	25.484	22.911	19.291
(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)	27.285	24.712	21.092
(3) Non-Current Liabilities
(a) long-term borrowings	3.842	5.435	0.326
(b) Deferred tax liabilities (Net)	0.928	1.050	0.301
(c) Other long term liabilities	2.407	2.407	2.407
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	7.177	8.892	3.034
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	13.894	17.517	9.290
(c) Other current liabilities	3.711	2.637	2.847
(d) Short-term provisions	1.770	1.770	1.253
Total Current Liabilities (4)	19.375	21.924	13.390
TOTAL	53.837	55.528	37.516
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.736	14.601	5.130
(ii) Intangible Assets	0.133	0.133	0.157
(iii) Capital work-in-progress	0.000	0.000	2.875
(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	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.869	14.734	8.162
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.701	7.270	1.927
(c) Trade receivables	13.822	21.059	13.018
(d) Cash and cash equivalents	7.955	5.038	8.447
(e) Short-term loans and advances	0.424	0.457	0.367
(f) Other current assets	9.066	6.970	5.595
Total Current Assets	40.968	40.794	29.354
TOTAL	53.837	55.528	37.516

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL SALES AND OTHER REVENUE	41.287	46.444	41.948
Less	EXPENSES
	Manufacturing and Direct Expenses	23.153	25.677
	Personnel Expenses	5.269	6.928
	Administration Expenses and Other Expenses	4.396	3.579
	Selling and Distribution Expenses	2.541	3.479
	TOTAL	35.359	39.663	37.305
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	5.928	6.781	4.643
Less	FINANCIAL EXPENSES			0.007
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(Including Depreciation and Finance Expenses)		4.636
Less/ Add	DEPRECIATION/ AMORTISATION	2.194	1.535	0.962
	PROFIT/ (LOSS) BEFORE TAX	3.734	5.246	3.674
Less	TAX	1.161	1.627	1.261
	PROFIT/ (LOSS) AFTER TAX	2.573	3.619	2.413
	EARNINGS IN FOREIGN CURRENCY
	Income realised from Export Sales	12.588	23.308	21.149
	TOTAL EARNINGS	12.588	23.308	21.149
	Earnings / (Loss) Per Share (Rs.)	14.28	20.09	13.39

Particulars	31.03.2015
Sales Turnover (Approximately)	52.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	6.23	7.79	5.75
Operating Profit Margin (PBDIT / Total Income)	(%)	14.36	14.60	11.07
Return on Total Assets (PBT/Total Assets}	(%)	6.94	9.45	10.61
Return on Investment (ROI) (PBT/Networth)		0.14	0.21	0.17
Debt Equity Ratio (Total Debt /Networth)		0.14	0.22	0.02
Current Ratio (Current Asset/Current Liability)		2.11	1.86	2.19

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	1.801	1.801	1.801
Reserves & Surplus	19.291	22.911	25.484
Net worth	21.092	24.712	27.285
long-term borrowings	0.326	5.435	3.842
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.326	5.435	3.842
Debt/Equity ratio	0.015	0.220	0.141

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	41.948	46.444	41.287
		10.718	(11.104)

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	41.948	46.444	41.287
Profit	2.413	3.619	2.573
	5.75%	7.79%	6.23%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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

Note: Registered address has been shifted from the 28, Lohar Chawl, Mahim, Mumbai – 400016, Maharashtra, India to the present address w.e.f. 01.05.2012.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10365559	16/06/2012	9,000,000.00	BANK OF MAHARASHTRA	DR. AMBEDKAR ROAD BRANCH , RAJA SHIVAJI VIDDYALAYA , HINDU COLONY, SIX LANE, DADAR (EAST), MUMBAI - 400014,  Maharashtra, INDIA	B43651603

* Date of charge modification

FIXED ASSETS

• Computer and Hardware
• Furniture and Fixtures
• Lab Equipment’s
• Land and Building
• Office Equipment’s
• Plant and Machinery
• Vehicle

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.63.83
UK Pound	1	Rs.100.64
Euro	1	Rs.72.87

INFORMATION DETAILS

Information Gathered by :	SPY
Analysis Done by :	SUM
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		44

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.