MIRA INFORM REPORT

Report No. :	349240
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	SWAN INDUSTRIES PRIVATE LIMITED
Formerly known as :	SWAN INDUSTRIES LIMITED
Registered Office :	106, Nav Jeevan Chambers, G-4, Vinoba Marg, C-Scheme, Jaipur – 302001, Rajasthan
Tel. No.:	91-744-2366079
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.11.1984
Com. Reg. No.:	17-019590
Capital Investment / Paid-up Capital :	Rs.7.311 Million
CIN No.: [Company Identification No.]	U74999RJ1984PTC019590
IEC No.:	1394007591
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCS9218A
Legal Form :	Private Limited Liability Company
Line of Business :	Traders and importer of PVC Resin Chemical.
No. of Employees :	20 (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

Maximum Credit Limit :	USD 270000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1984. It is a trader, exporter and importer of Polyvinyl chloride (PVC) resin chemical. The name of the company has changed from SWAN INDUSTRIES LIMITED to SWAN INDUSTRIES PRIVATE LIMITED with effect from 27^th February 2015. The company has recorded increase in its sales turnover as compared to the previous year marked by satisfactory profitability margin. Rating takes into consideration company’s long business track record, adequate net worth base and favourable gap between trade payables and receivables. However, rating is constrained on account of moderate debt levels of 2 times of its net worth. Trade relations are fair. Business is active. Payments are slow but 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.

HENKEL RATING

HENKEL’s Rating :

350 (Significant 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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Lalchand Jain
Designation :	Manager
Contact No.:	91-744-2366079
Date :	26.11.2015

LOCATIONS

Registered Office :	106, Nav Jeevan Chambers, G-4, Vinoba Marg, C-Scheme, Jaipur – 302001, Rajasthan
Tel. No.:	91-744-2366079
Mobile No.:	91-9414177642 (Susheel)
Fax No.:	91-744-2363403
E-Mail :	lcjain.sil@gmail.com swaninfo@gmail.com
Location :	Owned
Locality :	Commercial
Warehouse :	Gala No. 21, Amni-Nasar Industrial Estate, 66 KVA Road, Amli, Silvassa – 396230, Dadra and Nagar Haveli, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Lakhpat Rai Jain

Designation :

Whole-Time Director

Address :

623, Shastri Nagar, Dadabari, Kota - 324007, Rajasthan, India

Date of Birth/Age :

19.12.1942

Date of Appointment :

01.04.2013

DIN No.:

00378669

Name :

Mr. Subhash Jain

Designation :

Whole-Time Director

Address :

54, New Grain Mandi, Udyog Marg, Kota - 324007, Rajasthan, India

Date of Birth/Age :

04.08.1968

Date of Appointment :

01.10.2012

DIN No.:

00104012

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	U74999RJ1984PTC019590	SWAN INDUSTRIES Private Limited	Whole-time director	01/10/2012	29/09/2001	-	Active	NO
2	U14101RJ1995PTC009597	KASLIWAL MARBLES PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
3	U70101RJ2005PTC020779	SAJAN LANDCON PRIVATE LIMITED	Director	05/10/2005	05/10/2005	24/11/2011	Active	NO
4	U45201RJ2007PTC024260	GREEN VALLEY REALMART PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Strike off	NO
5	U45201RJ2007PTC024259	GREEN VALLEY LANDCON PRIVATE LIMITED	Director	20/04/2007	20/04/2007	23/06/2012	Active	NO

Name :

Mr. Susheel Jain

Designation :

Managing Director

Address :

54, New Grain Mandi, Udyog Marg, Kota - 324007, Rajasthan, India

Date of Birth/Age :

19.06.1965

Date of Appointment :

01.08.2012

DIN No.:

00378678

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	U74999RJ1984PTC019590	SWAN INDUSTRIES Private Limited	Managing director	01/08/2012	07/02/1990	-	Active	NO
2	U67120RJ1994PLC008672	SRSL SECURITIES LIMITED	Director	30/12/1994	30/12/1994	18/01/2007	Active	NO
3	U14101RJ1995PTC009597	KASLIWAL MARBLES PRIVATE LIMITED	Director	28/02/1995	28/02/1995	-	Active	NO
4	L17117RJ1994PLC008964	SHREE RAJASTHAN TEXCHEM LTD.	Director	16/05/1995	16/05/1995	-	Amalgamated	NO
5	U70101RJ2005PTC020779	SAJAN LANDCON PRIVATE LIMITED	Director	05/10/2005	05/10/2005	24/11/2011	Active	NO
6	L24302RJ1979PLC001948	SHREE RAJASTHAN SYNTEX LTD	Director	26/09/2009	19/12/2006	-	Active	NO
7	U45201RJ2007PTC024260	GREEN VALLEY REALMART PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Strike off	NO
8	U45201RJ2007PTC024259	GREEN VALLEY LANDCON PRIVATE LIMITED	Director	20/04/2007	20/04/2007	23/06/2012	Active	NO

Name :

Mr. Vinod Kumar Ladia

Designation :

Director

Address :

Shyam Kunj Pulla, Bhuwana Road, N.H 8, Udaipur - 313004, Rajasthan, India

Date of Birth/Age :

06.12.1945

Date of Appointment :

07.02.1990

DIN No.:

00168257

Name :

Mr. Ashok Kumar Agarwal

Designation :

Director

Address :

701, Sweta Appartment, 117/H-1/499 Pandu Nagar, Kanpur - 200363, Uttar Pradesh, India

Date of Birth/Age :

01.07.1963

Date of Appointment :

30.03.1988

DIN No.:

00415778

Name :

Mr. Banwarilal Maheshwari

Designation :

Director

Address :

R. H. No. 4, Kia Park, Prathmesh Complex, Veera Desai Road, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

01.7.1965

Date of Appointment :

29.09.2007

DIN No.:

01918657

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	U74920MH1995PTC090109	ELITE SURVEYORS AND ADJUSTERS PRIVATE LIMITED	Director	30/06/1995	30/06/1995	-	Active	NO
2	U65900MH1997PTC108580	ROKAD INVESTMENTS PRIVATE LIMITED	Director	01/11/1999	01/11/1999	-	Dormant	NO
3	U74999RJ1984PTC019590	SWAN INDUSTRIES Private Limited	Director	29/09/2007	01/09/2007	-	Active	NO
4	U74120MH2013PTC243717	ROKAD SHARE BROKERS PRIVATE LIMITED	Director	28/05/2013	28/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Lalchand Jain
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Heeramani Devi Jain	33100
Sunil Kumar Jain	30000
Lakhpat Rai jain	52050
Susheel Jain	28850
Ashok kumar Agarwal	500
Subhash jain	31800
Manju Devi Jain	11800
Mamta Jain	33000
Swaraj Cont. & Supp. P. Ltd	170000
Sudhir Kumar Agarwal	1450
Anushree Agarwal	2950
Mamta Agarwal	1100
Abhishek Jain	70700
Animesh Jain	76800
Shradha jain	75800
Susheel kumar Jain (HUF)	3750
Kasliwal Marbles Pvt. Ltd.	36000
Priya Jain	31950
Abhishek Jain	10000
Tanmay Jain	29500
Total	731100

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	28.18
Directors or relatives of Directors	62.09
Other top fifty shareholders	9.73
Total	100.00

BUSINESS DETAILS

Line of Business :	Traders and importer of PVC Resin Chemical.
Products :	PVC Resin Chemical
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	USA
Imports :
Products :	Raw Material
Countries :	Taiwan
Terms :
Selling :	Cheque
Purchasing :	Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Vardhman Hoses Private Limited, Bhiwandi
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 :	Formosa Plastics Corporation – Taiwan
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 :

20 (Approximately)

Bankers :

Bank Name	HDFC Bank
Branch	Shopping Centre, Showroom No. 13/14, Jhalawar Road, (Br. Kota)
Person Name (With Designation)	Mr. Deepak Gupta (R.M)
Contact Number	91-7665566559
Name of Account Holder	Swan Industries Private Limited
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)	Cash Credit = Rs. 180.000 Million
Account Operation	Not Divulged
Remarks (If any)	Mr. Deepak Gupta gave positive response about subject company

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances	0.619	0.337
Short-term borrowings
Working Capital loan from bank	154.441	133.398
(Secured against hypothecation of stock and book debts and secured against immovable properties of directors and their relatives and FDR)
Total	155.060	133.735

Auditors :
Name :	Kishori Lal Jhanwar Chartered Accountants
Address :	S-23A,Shankar Ratan, Chambers Mangal Marg, Bapu Nagar, Jaipur, Rajasthan, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFK0738Q
Memberships :	Not Available
Collaborators :	Not Available
Other related parties :	Orient Bulk Carries Orient Road Lines
Associates :	Orient Fashions Kasliwal Marbles Private Limited U14101RJ1995PTC009597

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
731100	Equity Shares	Rs.10/- each	Rs.7.311 Million

FINANCIAL DATA

[all figures are in Rupees Million]

FINANCIAL DETAILS ATTACHED

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	7.311	7.311	7.311
Reserves & Surplus	63.242	76.231	87.156
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	70.553	83.542	94.467
long-term borrowings	4.363	20.584	41.938
Short term borrowings	154.082	133.398	154.441
Current Maturities Of Long-Term Debts	0.657	0.429	0.645
Total borrowings	159.102	154.411	197.024
Debt/Equity ratio	2.255	1.848	2.086

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	579.959	613.392	801.929
		5.765	30.737

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	579.959	613.392	801.929
Profit	3.529	12.989	10.925
	0.61%	2.12%	1.36%

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)	No
16	No. of employees
17	Details of sister concerns	No
18	Major suppliers	No
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
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

During the year the company achieved Total Turnover of Rs 804.601 Million as against previous year turnover of Rs 616.220 Million.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from directors	34.850	16.303
Loans and Advances from others	6.469	3.944
Total	41.319	20.247

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10111947	25/08/2014 *	292,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C23220379
2	10022646	13/10/2009 *	20,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	A72427594

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees	0.000	1.000

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• 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 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.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	AMT
Report Prepared by :	SUJ

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	3
--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	YES
--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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.