MIRA INFORM REPORT

Report No. :	322484
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	RAJLAXMI CHEMTECH (INDIA) PRIVATE LIMITED
Registered Office :	Office No.236, Aarthik Bhavan, Third Floor, Near Bombay Garage Petrol Pump, Gondal Road, Rajkot – 360002, Gujarat
Tel. No.:	91-281-2226211
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.11.2010
Com. Reg. No.:	04-062853
Capital Investment / Paid-up Capital :	Rs. 10.581 Million
CIN No.: [Company Identification No.]	U24100GJ2010PTC062853
TAN No.: [Tax Deduction & Collection Account No.]	RKTR02903F
PAN No.: [Permanent Account No.]	AAFCR0057A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Chemicals.
No. of Employees :	10 (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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low. Reserves of the company also seems to be low during 2014. However, trade relations are reported as fair. Business is active. Payments 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

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

Name :	Mr. Satish
Designation :	Director
Contact No.:	91-281-2226211
Date :	14.05.2015

LOCATIONS

Registered Office :	Office No.236, Aarthik Bhavan, Third Floor, Near Bombay Garage Petrol Pump, Gondal Road, Rajkot – 360002, Gujarat, India
Tel. No.:	91-281-2226211
Fax No.:	91-281-2226211
E-Mail :	rajlaxmichemtech@gmail.com
Branch Office:	8, Gaytri Nagar, Sector 5, Hiran Magri, Girwa, Udaipur, Rajasthan, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Kaushik Pratapray Kalyani
Designation :	Director
Address :	Paras, 10-Gayatri Nagar, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	14.09.1979
Date of Appointment :	09.11.2010
DIN No.:	01722789
Name :	Mr. Satish Jaysukhbhai Thummar
Designation :	Director
Address :	Flat No. 201, Gyatri Archana, Jagannath Chowk, Opposite Big Bazar, Rajkot – 360007, Gujarat, India
Date of Birth/Age :	03.05.1986
Date of Appointment :	09.11.2010
DIN No.:	03279857

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Kaushik Pratapray Kalyani	380265	35.94
Satish Jaysukhbhai Thummar	472815	44.69
Sejalben Kaushik Kalyani	30000	2.84
Pratapray Chunilal Kalyani	45000	4.25
Nirupaben Pratapray Kalyani	15000	1.42
Jaysukhbhai Thummar	20000	1.89
Vimalaben Jaysukhbhai Thummar	30000	2.84
Meghaiben Thummar	10000	0.95
Jayeshbhai Thummar	20000	1.89
Jayshreeben Jayeshbhai Thummar	20000	1.89
Kurjibhai Ramjibhai Thummar	15000	1.42
Total	1058080	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Chemicals.
Products :	--
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and credit
Purchasing :	Cash and credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Eassr Oil Limited, Jamnagar, Gujarat, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	A S R Multimetal Private Limited, Jamnagar, Gujarat, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name	Dena Bank
Branch	Dhebar Road, Rajkot, Gujarat, 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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Cash Credit from Dena Bank	34.874	33.976
Total	34.874	33.976

Auditors :
Name :	R. Harsoda and Company Chartered Accountants
Address :	206/207 Aarthik Bhavan, Near Bombay Garage Petrol Pump, Gondal Road, Rajkot – 360002, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACIPH0536L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.10/- each	Rs. 11.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1058080	Equity Shares	Rs.10/- each	Rs. 10.581 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	10.581	5.581	5.581
(b) Reserves & Surplus	9.390	8.237	7.140
(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)	19.971	13.818	12.721
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.089	0.070	0.050
(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)	0.089	0.070	0.050
(4) Current Liabilities
(a) Short term borrowings	35.874	33.976	17.018
(b) Trade payables	35.648	15.628	23.417
(c) Other current liabilities	0.193	0.085	0.104
(d) Short-term provisions	0.885	0.820	0.793
Total Current Liabilities (4)	72.600	50.509	41.332
TOTAL	92.660	64.397	54.103
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.140	4.237	4.347
(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	0.000
(e) Other Non-current assets	0.058	0.065	0.116
Total Non-Current Assets	4.198	4.302	4.463
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.693	11.230	9.041
(c) Trade receivables	58.163	36.440	34.185
(d) Cash and cash equivalents	6.590	6.812	2.513
(e) Short-term loans and advances	14.026	2.281	1.482
(f) Other current assets	1.990	3.332	2.417
Total Current Assets	88.462	60.095	49.638
TOTAL	92.660	64.397	54.101

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	281.962	400.969	375.282
	Other Income	NA	2.831	(5.626)
	TOTAL (A)	NA	403.800	369.656
Less	EXPENSES
	TOTAL (B)	NA	398.424	365.141
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	NA	5.376	4.515
Less	FINANCIAL EXPENSES (D)	NA	3.579	2.871
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1.537	1.797	1.644
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.163	0.110	0.093
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.374	1.687	1.551
Less	TAX (H)	0.220	0.590	0.479
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.154	1.097	1.072
	Earnings / (Loss) Per Share (Rs.)	1.09	NA	NA

Particulars	3103.2015
Sales Turnover (Approximately)	350.000

Expected Sales (2015-2016) : Rs.500.000 Million

The above information has been parted by Mr. Satish

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.41	0.27	0.29
Operating Profit Margin (PBIDT/Sales)	(%)	NA	1.34	1.20
Return on Total Assets (PBT/Total Assets}	(%)	1.48	2.62	2.87
Return on Investment (ROI) (PBT/Networth)		0.07	0.12	0.12
Debt Equity Ratio (Total Debt /Networth)		1.80	2.46	1.34
Current Ratio (Current Asset/Current Liability)		1.22	1.19	1.20

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	5.581	5.581	10.581
Reserves & Surplus	7.140	8.237	9.390
Net worth	12.721	13.818	19.971
long-term borrowings	0.000	0.000	0.000
Short term borrowings	17.018	33.976	35.874
Total borrowings	17.018	33.976	35.874
Debt/Equity ratio	1.338	2.459	1.796

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	375.282	400.969	281.962
		6.845	(29.680)

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	375.282	400.969	281.962
Profit	1.072	1.097	1.154
	0.29%	0.27%	0.41%

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	Yes
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)	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

REVIEW OF OPERATION

The company has achieved revenue from operation of Rs. 281.962 Million as compared to overall performance of Rs. 401.611 million previous year. Likewise, profit before depreciation was Rs. 1.537 Million as compared to that of previous year of Rs. 1.848 Million. Net profit after taxation was Rs. 1.154 Million as compared to Rs. 1.097 Million of previous year. The directors expect further increase in sales and profitability of the company in the year to come.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
From friends and relatively	1.000	0.000
Total	1.000	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10524043	22/10/2014 *	49,500,000.00	AXIS BANK LIMITED	SHIVALIK-5, GROUND FLOOR, G-2B, GONDAL MAIN ROAD, NEAR MAKKAM CHOWK, BHAKTI NAGAR, RAJKOT, GUJARAT - 360002, INDIA	C31803091

* Date of charge modification

FIXED ASSETS

• Weighning Scale
• Godown Building
• Office Building

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.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--AFFILIATION	YES/NO	NO
--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.