MIRA INFORM REPORT

Report No. :	343398
Report Date :	03.10.2015

IDENTIFICATION DETAILS

Name :	LASCO CHEMIE PRIVATE LIMITED
Registered Office :	10489, "Kalptaru Sadar Thana Road, Motia Khan, New Delhi – 110055
Tel. No.:	91-11-23618570
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.08.2007
Com. Reg. No.:	55-167320
Capital Investment / Paid-up Capital :	Rs.4.800 Million
CIN No.: [Company Identification No.]	U24233DL2007PTC167320
IEC No.:	0591000911
CIN No.: [Company Identification No.]	U24233DL2007PTC167320
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Chemical Pigments etc.
No. of Employees :	27 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 47000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2007 engaged in trading 'and importing of chemical pigments. For the financial year ended 2014, the company net profit was declined by 45.59% on the net profit of Rs. 1.303 Million as compared to previous year net profit of Rs. 2.396 Million. Rating remain constrained on account of company's moderate financial base marked by modest net worth along with weak debt protection metrics and high gearing ratio of the company. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing with some caution.

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 (GENERAL DETAILS)

Name :	Mr. Amit Jain
Designation :	Director
Contact No.:	91-11-23618570
Date :	02.10.2015

LOCATIONS

Registered Office :	10489, "Kalptaru Sadar Thana Road, Motia Khan, New Delhi – 110055, India
Tel. No.:	91-11-23618570
Fax No.:	Not Available
E-Mail :	info@lascochemie.com
Branch Offices :	Located at: v Calcutta v Gurgaon v Mumbai

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Tej Karan Jain
Designation :	Director
Address :	R-715, New Rajinder Nagar, New Delhi, 110060, India
Date of Birth/Age :	14.07.1951
Date of Appointment :	23.08.2007
DIN No.:	00114313
Name :	Mr. Amit Jain
Designation :	Director
Address :	R-715, New Rajinder Nagar, New Delhi, 110060, India
Date of Birth/Age :	18.08.1976
Date of Appointment :	23.08.2007
DIN No.:	01357346

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Amit Jain	300000	62.50
Tej Karan Jain	120000	25.00
Golden Era Merchants Private Limited, India	30000	6.25
Pugalia Vyapaar Private Limited, India	30000	6.25
Total	480000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	12.50
Directors or relatives of Directors	87.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Chemical Pigments etc.
Products :	Chemical Pigments
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Chemical Pigments
Countries :	v China v Korea v Taiwan v US v UK v Thailand v Switzerland
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash 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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference :	Not Divulged
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 :

27 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	14/15-F, Cannaught Place, New Delhi - 110001, India
Person Name (With Designation)	Not Divulged
Contact Number	91-11-23312899
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
Kotak Mahindra Prime Limited (Hypothecation of Car and Personal guarantee of directors)	2.104	3.444
Less: Transfer to Other Current Liabilities	1.459	1.341
SHORT TERM BORROWING
Union Bank of India, C.P., Branch, New Delhi (Secured by hypothecation of goods, stocks, raw material, plant and machinery, book debts and other installation present and future at the borrower’s premises.)	0.000	6.062
Union Bank of India, Hong Kong Branch (Buyer’s Credit secured by way of Bank Guarantee and letter of Credit subject to maximum period of 180 days alongwith interest payable thereon)	14.480	12.942
Total	15.125	21.107

Auditors :
Name :	O.P. Dadu and Company Chartered Accountants
Address :	24/4834, Ansari Raod, Daya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-23275482/ 23253645
Fax No.:	91-11-23253645
Income-tax PAN of auditor or auditor's firm :	AAAFO6584B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

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
480000	Equity Shares	Rs. 10/- each	Rs. 4.800 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	4.800	4.800	4.800
(b) Reserves & Surplus	11.618	10.315	7.919
(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)	16.418	15.115	12.719
(3) Non-Current Liabilities
(a) long-term borrowings	0.645	2.104	3.444
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.645	2.104	3.444
(4) Current Liabilities
(a) Short term borrowings	54.680	60.396	75.570
(b) Trade payables	12.911	31.519	13.803
(c) Other current liabilities	2.628	1.893	1.994
(d) Short-term provisions	0.000	0.874	0.027
Total Current Liabilities (4)	70.219	94.682	91.394
TOTAL	87.282	111.901	107.557
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.357	4.407	6.063
(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)	0.550	0.470	0.325
(d) Long-term Loan and Advances	0.120	0.120	0.120
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.027	4.997	6.508
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	59.725	50.001	41.755
(c) Trade receivables	15.574	21.893	24.804
(d) Cash and cash equivalents	6.437	3.566	3.618
(e) Short-term loans and advances	1.022	2.072	0.493
(f) Other current assets	0.497	29.372	30.379
Total Current Assets	83.255	106.904	101.049
TOTAL	87.282	111.901	107.557

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	222.112	176.223
		Other Income	NA	1.113	34.632
		TOTAL (A)	NA	223.225	210.855
Less	EXPENSES
		Purchases of Stock-in-Trade		208.352	135.393
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(8.247)	22.042
		Employees benefits expense		5.310	4.915
		Other expenses		6.530	9.961
		Exceptional Items		0.000	31.120
		TOTAL (B)	NA	211.945	203.431
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			11.280	7.424
Less	FINANCIAL EXPENSES (D)			6.385	6.169
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			4.895	1.255
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.471	2.069
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)			3.424	(0.814)
Less	TAX (H)			1.028	(0.204)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.303	2.396	(0.610)
	CIF VALUE OF IMPORTS		NA	98.077	107.862
	Earnings/ (Loss) Per Share (Rs.)		2.71	4.99	(1.27)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	1.08	-0.35
Operating Profit Margin (PBIDT/Sales)	(%)	NA	5.08	4.21
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.07	-0.76
Return on Investment (ROI) (PBT/Networth)		NA	0.23	-0.06
Debt Equity Ratio (Total Debt /Networth)		3.37	4.13	6.21
Current Ratio (Current Asset/Current Liability)		1.19	1.13	1.11

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	4.800	4.800	4.800
Reserves & Surplus	7.919	10.315	11.618
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	12.719	15.115	16.418
long-term borrowings	3.444	2.104	0.645
Short term borrowings	75.570	60.396	54.680
Total borrowings	79.014	62.500	55.325
Debt/Equity ratio	6.212	4.135	3.370

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	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 two 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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL RESULTS

The company has earned a net profit of Rs. 1.303 Million during the year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Directors	39.500	40.001
Others	0.700	1.392
Total	40.200	41.393

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10150040	16/03/2010 *	66,900,000.00	UNION BANK OF INDIA	14/15-F, CANNAUGHT PLACE, NEW DELHI, NEW DELHI, D ELHI - 110001, INDIA	A82243544

* Date of charge modification

FIXED ASSETS:

• Office and Other Equipments
• Generator
• Air Conditioner
• Computer
• Printer
• Vehicles
• Weighing Machine
• Mobile Phones
• Fire Extinguisher
• Fax Machine

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.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.08

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	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		28

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.