MIRA INFORM REPORT

Report No. :	349090.2
Report Date :	16.11.2015

IDENTIFICATION DETAILS

Name :	SATVIK POLYCHEM PRIVATE LIMITED
Registered Office :	203, Charan Paduka Apartments, 120/839, Lajpat Nagar, Kanpur – 208005, Uttar Pradesh
Tel. No.:	91-512-2242126/ 2127/ 2221686-2314
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.07.2009
Com. Reg. No.:	20-037750
Capital Investment / Paid-up Capital :	Rs. 3.670 Million
CIN No.: [Company Identification No.]	U74900UP2009PTC037750
IEC No.:	0609004646
TAN No.: [Tax Deduction & Collection Account No.]	KNPS03841F
PAN No.: [Permanent Account No.]	AANCS1781L
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Chemicals.
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 257000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2009 and is engaged in the business as a trader and importer of chemicals. It has moderate track record. As per financial of the year 2014, the company’s total revenue has increased approximately 4 times to its previous year record of Rs. 209.93 Million but it has not reflected to its profitability margins which has decreased to 0.15% against its previous year record of 0.39% during the year under review. Rating further remains constrained on account of company’s moderate financial risk profile with weak capital structure marked by its high debt size of the company. Moreover assets of the company are not owned and it is on rented basis. Trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, 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.

HENKEL RATING

HENKEL’s Rating :

400 (High risk) 450 (Very high risk)

Credit Rating	Henkel Rating (Customer Risk Assesment- CRA)
Mira Inform	Risk Category	Credit Limit	Description
Aaa	100	Inter Company, credit limit not required	Very low risk (blue ships)
Aa	200, 201	(120% of Gross Annualised Sales/365)*Credit Term.	Low risk
A	300, 301	(100% of Gross Annualised Sales/365)*Credit Term.	Moderate risk
Ba	350	(90% of Gross Annualised Sales/365)*Credit Term.	Significant risk
B	400	(80% of Gross Annualised Sales/365)*Credit Term.	High risk
	450		Very high risk
Ca or C	500*	NIL/ Legal/ Bad/No Transaction	Doubtful accounts
	007*	NIL	Small unrated customers
	009*	NIL	Inactive customers
	999*	Initially First Invoice vales, CRA will be done and based on report the CL would get revised.	New customer

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Rajesh Agarwal
Designation :	Director
Contact No.:	91-9415043428
Date :	10.11.2015

LOCATIONS

Registered/ Admin Office :	203, Charan Paduka Apartments, 120/839, Lajpat Nagar, Kanpur – 208005, Uttar Pradesh, India
Tel. No.:	91-512-2242126/ 2127/ 2221686-2314
Mobile No.:	91-9415043428 [Mr. Rajesh Agarwal]
Fax No.:	91-512-2242126/ 27/ 2221686
E-Mail :	renna1234@rediffmail.com shanico@rediffmail.com info@satvikpolychem.com satvikpolychem.com@gmail.com satvikpolychem@gmail.com
Website :	http://www.satvikpolychem.com
Area :	1200 Sq. ft.
Location :	Rented
Locality :	Commercial cum Residential
Warehouse 1 :	256, Moja Pakri, Kisan Nagar, Kanpur – 209304, Uttar Pradesh, India
Warehouse 2 :	78/793, Pargana Jalalabad, Ghaziabad – 201001, Uttar Pradesh, India
Area :	63000 Sq. ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Rajesh Agarwal
Designation :	Director
Address :	117/M/41, Kakadeo, Kanpur – 208019, Uttar Pradesh, India
Date of Birth/Age :	23.05.1970
Date of Appointment :	08.07.2009
PAN No.:	AEAPA1394M
DIN No.:	02694481
Name :	Mrs. Sangita Agarwal
Designation :	Director
Address :	117/M/41, Kakadeo, Kanpur – 208019, Uttar Pradesh, India
Date of Birth/Age :	20.06.1971
Date of Appointment :	08.07.2009
DIN No.:	02690143
Name :	Mrs. Saroj Goenka
Designation :	Director
Address :	117/M/41, Kakadeo, Kanpur – 208019, Uttar Pradesh, India
Date of Birth/Age :	06.05.1951
Date of Appointment :	08.07.2009
PAN No.:	ACTPG3872D
DIN No.:	02690150
Name :	Mr. Sita Ram Goenka
Designation :	Director
Address :	117/M/41, Kakadeo, Kanpur – 208019, Uttar Pradesh, India
Date of Birth/Age :	01.06.1946
Date of Appointment :	08.07.2009
DIN No.:	02694479

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sita Ram Goenka	12000
Amit Goenka	52000
Rajesh Kumar Agarwal	52000
Saroj Devi Goenka	52000
Anju Goenka	12000
Sangita Agarwal	12000
Canary Tradecom Private Limited, India	40000
Magnolia Vinimay Private Limited, India	10000
Gangotri Complex Consultants Private Limited, India	42000
Preview Vinimay Private Limited, India	12000
Glorious Holdings Private Limited, India	14500
Baghbaan Mercantile Private Limited, India	37500
Pawan Putra Investment Advisory Private Limited, India	12000
Kirti Tracon Private Limited, India	7000
Total	367000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	52.32
Other top fifty shareholders	47.68
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Chemicals.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :
Products :	Chemicals
Countries :	· China · Taiwan · South Korea
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Jubilant Life Science Limited, Gajraula, Uttar Pradesh, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Giriraj Foils Private Limited, Mathura, Uttar Pradesh, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

18 (Approximately)

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Govind Nagar, Kanpur, Uttar Pradesh, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-562-4012884 [Continuously Ringing]
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

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· State Bank of Patiala

Birhana Road, Kanpur - 208001, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Term loans from banks	136.074	28.914
Total	136.074	28.914

Banking Relations :	--
Auditors :
Name :	Sharad Nigam and Company Chartered Accountants
Address :	G-5, Radha Vallabh Appartment,120/ 500 (27), Lajpat Nagar, Kanpur, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AADFS1458E
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
367,000	Equity Shares	Rs. 10/- each	Rs. 3.670 Million

FINANCIAL DATA

[all figures are in Rupees Million]

NOTE: FINANCIAL ATTACHED

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3.670	3.670	3.670
Reserves & Surplus	28.764	29.589	86.464
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	32.434	33.259	90.134
Long-term borrowings	0.000	27.846	50.909
Short term borrowings	0.000	28.914	136.074
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total borrowings	0.000	56.760	186.983
Debt/Equity ratio	0.000	1.707	2.075

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 Revenue	54.895	209.933	1009.963
		282.426	381.088

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 Revenue	54.895	209.933	1009.963
Profit	0.476	0.825	1.575
	0.87%	0.39%	0.16%

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	Yes
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	Yes
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	No
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10383223	30/08/2013 *	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B87977146

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from others	50.909	27.846
Total	50.909	27.846

FIXED ASSETS:

· Land

· Office equipment

· Computer equipments

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 records 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. 66.14
UK Pound	1	Rs. 100.55
Euro	1	Rs. 71.26

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	HNA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	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		31

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.