MIRA INFORM REPORT

Report No. :	323339
Report Date :	20.05.2015

IDENTIFICATION DETAILS

Name :	K K CHEMPRO (INDIA) PRIVATE LIMITED
Registered Office :	442, Neo Corporate Plaza, A-Wing, Ramchandra Lane, Extension, Opposite Kapol Wadi, Malad (West), Mumbai- 400064, Maharashtra
Tel. No.:	91-22-32672298 / 28441272
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.05.2008
Com. Reg. No.:	11-182345
Capital Investment / Paid-up Capital :	Rs.1.250 Million
CIN No.: [Company Identification No.]	U24100MH2008PTC182345
IEC No.:	0309005191
TAN No.: [Tax Deduction & Collection Account No.]	MUMK18185G
PAN No.: [Permanent Account No.]	AADCK3820C
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the trading of products of various chemicals mainly under the distributorship agreement with Dow Corning and 3M.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 :	Exist
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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.

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. Sumant Agarwal
Designation :	Director
Contact No.:	91-250-2454013
Date :	20.05.2015

LOCATIONS

Registered Office :	442, Neo Corporate Plaza, A-Wing, Ramchandra Lane, Extension, Opposite Kapol Wadi, Malad (West), Mumbai- 400064, Maharashtra
Tel. No.:	91-22-32672298 / 28441272
Fax No.:	91-22-28441272
E-Mail :	kkchemicals@gmail.com sumant.agarwal@kkchemindia.com
Website :	www.kkchemicalsindustries.com
Factory :	No.F7,F8,F9, Naa, Padmavati Complex, Anjur Road, Bhiwandi, Thane, Maharashtra, India
Location :	Owned
Head Office :	Plot No. 8, GAVL Society, Near Kwality Engineering, Gorai Pada, Vasai- East, District Thane-401208, Maharashtra, India
Tel. No.:	95-250-3296582/ 6450868/ 2457300
Fax No.:	95-250-2454013
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :	Mr. Sumant Deendayal Agarwal
Designation :	Director
Address :	Kishore CHS Limited, ‘A’ Wing, 2^nd Floor, Dutta Mandir Road, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	03.05.1972
Qualification :	B.E (Chemical)
Date of Appointment :	17.05.2008
DIN No.:	02037020
Name :	Mr. Nitin Sethi
Designation :	Director
Address :	A-64, Manali Building No. 1, Evershine Nagar, Malad (West), Mumbai-400064, Maharashtra, India
Date of Birth/Age :	11.07.1971
Qualification :	B.E. (Chemical) PGDM (Adv Marketing)
Date of Appointment :	17.05.2008
DIN No.:	01952813
Name :	Mr. Mukesh Kishorilala Gupta
Designation :	Director
Address :	73/74, Manali Building No. 5, Evershine Naar, Malad (West), Mumbai-400064, Maharashtra, India
Date of Birth/Age :	11.07.1965
Qualification :	B.Com
Date of Appointment :	17.05.2008
DIN No.:	00372861

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Sumant Agarwal	22800
Nitin Sethi	22800
Mukesh Gupta	5000
Mukesh Gupta HUF	17800
Insai Fashions Private Limited, India	31600
Total	100000

Names of Shareholders (Preference Shares)	No. of Shares
Duke Business Private Limited, India	12500
Olive Overseas Private Limited, India	12500
Total	25000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	32.00
Directors or relatives of Directors	68.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the trading of products of various chemicals mainly under the distributorship agreement with Dow Corning and 3M.
Products :	Speciality Silicone Products Speciality Softeners For Fabrics Mould Release Agents Silicone Based Mould Release Agents Industrial Defoamera Tetrasulfide Silane Industrial Antifoams, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Pakistan Bangladesh Middle East Countries
Imports :
Products :	Raw Material
Countries :	USA Germany
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Dow Corning India Private Limited
Name of the Person :	Mr. Vinod
Contact No.:	91-9920081662
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

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 :

25 (Approximately)

Bankers :

Banker Name	Citi Bank N.A
Branch Address	Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 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

• Corporation Bank, Nariman Point Branch, 1st Floor, Earnest House, Nariman Point, Mumbai - 400021, Maharashtra, India

• ICICI Bank, Vasai Branch, Thane, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Vehicle loan from State Bank of India	0.675	0.000
Term Loan from Bank
From HDFC Bank	0.000	0.506
SHORT TERM BORROWING
Working capital by way of cash credit from CITI Bank	22.200	20.445
Buyer credit from CITI Bank	20.000	0.000
Short term Loan from CITI Bank	0.000	2.900
Total	42.875	23.851

Auditors :
Name :	AIMV and Associates Chartered Accountants
Address :	G-1, Sushila Palace, Opposite Swagat Hall, Borivali (East), Mumbai – 400066, Maharashtra, India
Tel. No. :	91-22-32920015
Fax No. :	91-22-28638328
E-mail :	ca.aimv@gmail.com
PAN No.:	AATFM0822H
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	K.K. Chemicals Industries

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.10/- each	Rs.1.250 million
25000	Preference Shares	Rs.10/- each	Rs.0.250 million
	Total		Rs.1.500 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million
25000	Preference Shares	Rs.10/- each	Rs.0.250 million
	Total		Rs.1.250 million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	1.250	1.250	1.250
(b) Reserves & Surplus	50.933	41.916	33.681
(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)	52.183	43.166	34.931
(3) Non-Current Liabilities
(a) long-term borrowings	8.990	8.569	7.980
(b) Deferred tax liabilities (Net)	0.686	0.094	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.954	0.812	0.473
Total Non-current Liabilities (3)	10.630	9.475	8.453
(4) Current Liabilities
(a) Short term borrowings	42.200	23.345	17.126
(b) Trade payables	39.323	38.604	36.679
(c) Other current liabilities	2.128	2.663	3.570
(d) Short-term provisions	0.352	0.558	4.448
Total Current Liabilities (4)	84.003	65.170	61.823
TOTAL	146.816	117.811	105.207
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.984	8.207	8.353
(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	0.081	0.081	0.081
(c) Deferred tax assets (net)	0.000	0.000	0.031
(d) Long-term Loan and Advances	0.007	0.187	0.077
(e) Other Non-current assets	2.029	2.114	2.966
Total Non-Current Assets	25.101	10.589	11.508
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.870	33.167	24.679
(c) Trade receivables	66.821	61.443	58.319
(d) Cash and cash equivalents	7.997	7.552	3.347
(e) Short-term loans and advances	0.653	1.516	0.395
(f) Other current assets	3.374	3.544	6.959
Total Current Assets	121.715	107.222	93.699
TOTAL	146.816	117.811	105.207

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income (Gross)	300.684	268.229	258.310
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	13.446	12.848	13.643
Less	TAX	4.429	4.614	4.216
	PROFIT/ (LOSS) AFTER TAX	9.017	8.234	9.427
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	18.916	5.590	5.862
	TOTAL EARNINGS	18.916	5.590	5.862
	CIF Value of Imports	18.478	34.328	27.317
	Earnings / (Loss) Per Share (Rs.)	72.14	65.87	75.42

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
- Towards Vehicle Loans	0.159	0.219	0.255
- HDFC Bank Limited	0.506	1.087	0.928
Total	0.665	1.306	1.183
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.00	3.07	3.65
Return on Total Assets (PBT/Total Assets}	(%)	9.16	10.91	12.98
Return on Investment (ROI) (PBT/Networth)		0.26	0.30	0.39
Debt Equity Ratio (Total Debt/Networth)		0.99	0.77	0.75
Current Ratio (Current Asset/Current Liability)		1.45	1.65	1.52

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.250	1.250	1.250
Reserves & Surplus	33.681	41.916	50.933
Net worth	34.931	43.166	52.183
long-term borrowings	7.980	8.569	8.990
Short term borrowings	17.126	23.345	42.200
Current Maturities of Long Term Debt	1.183	1.306	0.665
Total borrowings	26.289	33.220	51.855
Debt/Equity ratio	0.753	0.770	0.994

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)
Income (Gross)	258.310	268.229	300.684
		3.840	12.100

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income (Gross)	258.310	268.229	300.684
Profit	9.427	8.234	9.017
	3.65%	3.07%	3.00%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay Presentation Date : 20.02.2015
Lodging No. :	CEXAL/46/2015	Failing Date:-	20.02.2015	Reg. No.:-	CEXA/99/2015	Reg. Date:-	23.04.2015
Petitioner:-	THE COMMISSIONER OF CENTRAL EXCISE		Respondent:-	K. K. CHEMPRO (INDIA) PRIVATE LIMITED
Petn.Adv:-	SUCHITRA KAMBLE (I2836)		Resp. Adv.:	PDS LEGAL (826)
District:-	MUMBAI
Bench:-	SINGLE		Category:-	CENTRAL EXCISE APPEAL (CEXA)
Status:-	Pre-Admission		Stage:-	FOR REJECTION (ORIGINAL SIDE MATTERS)
Last Date:-	23.04.2015
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act. :	Central Excise and Salt Act			Under Section 35G

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advances from related parties
From Directors	0.458	0.458
From Relatives	7.857	7.605
Total	8.315	8.063

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10305415	04/03/2015 *	76,000,000.00	Citi Bank N.A.	First International Financial Centre (FIFC), Plot  No. C-54 & 55, G- Block, BKC, Bandra (E), Mumbai,  Maharashtra - 400051, INDIA	C50428515

* Date of charge modification

OPERATIONS

The Gross income rose to Rs. 300.600 Million from Rs. 268.200 Million in same period last year registering growth of over 12%, besides showing profit growth by 9% to Rs. 9.017 Million. The company is exploring the marketing of newer products to increase its presence in market

GENERAL INFORMATION

Subject is a private company domiciled in India and incorporated under the provisions of the Companies Act, 1956. It shares are not listed on any stock exchange. The company is engaged in the trading of products of various chemicals mainly under the distributorship agreement with Dow Corning and 3M. The company caters to both domestic and international markets.

FIXED ASSETS

· Office Premises and Building

· Vehicles

· Office Equipment

· Computer and Printers

· Furniture and Fixtures

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.63.68
UK Pound	1	Rs.99.72
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--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	YES
--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		46

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.