MIRA INFORM REPORT

Report No. :	343490
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	CHEMSPARK INDIA PRIVATE LIMITED

Registered Office :	A-301 Arjun Centre 3rd Floor B S Devshi Marg, Govandi (East), Mumbai – 400088, Maharashtra
Tel. No.:	91-22-25552832/25505948/42150217

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.05.2000

Com. Reg. No.:	11-126528

Capital Investment / Paid-up Capital :	Rs. 0.200 Million

CIN No.: [Company Identification No.]	U24219MH2000PTC126528

IEC No.:	0300031319

TAN No.: [Tax Deduction & Collection Account No.]	MUMC12391B

PAN No.: [Permanent Account No.]	AABCC3922D

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Importer of Cosmetics Raw Material

No. of Employees :	10 (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

Maximum Credit Limit :	USD 97000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 2000 having satisfactory track. It is engaged in the business as a trader and importer of cosmetics raw materials. The company possesses an above average financial risk profile marked by healthy net worth position and comfortable liquidity profile of the company. Further, the rating also takes into consideration good profit margin of the company and favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment. In view of long track record and acceptable financial base, 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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. Sanjay Tawakley
Designation :	Director
Contact No.:	91-22-25552832
Date :	05.10.2015

LOCATIONS

Registered Office :	A-301 Arjun Centre 3rd Floor B S Devshi Marg, Govandi (East), Mumbai – 400088, Maharashtra, India
Tel. No.:	91-22-25552832/25505948/42150217
Fax No.:	91-22-25569171
E-Mail :	Chemspark1@gmail.com accounts@chempark.in sales@chemspark.in
Website :	www.chemspark.in

Branch Office :	Located at : Vidhyavihar, Mumbai, Maharashtra, India

Warehouse :	Located at : Bhiwandi, Mumbai

DIRECTORS

As on 30.09.2014

Name :

Mr. Sanjay Jagdish Tawakley

Designation :

Director

Address :

501, 5th Floor, Sahyadri Neelkanth Valley, 7th Road, Rajawadi, Ghatkopar East, Mumbai-400077, Maharashtra, India

Date of Birth/Age :

05.06.1961

Date of Appointment :

16.05.2000

DIN No.:

00561389

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	U51900MH1991PTC062293	ARYAN DYE-CHEM PVT LTD	Director	01/07/1991	01/07/1991	-	Active	NO
2	U51900MH1996PLC096009	ARYAN INTERNATIONAL LIMITED	Director	08/01/1996	08/01/1996	-	Strike off	NO
3	U24219MH2000PTC126528	CHEMSPARK INDIA PRIVATE LIMITED	Director	16/05/2000	16/05/2000	-	Active	NO
4	U72200MH2000PTC127578	ARYAN BUSINESS SOLUTIONS PRIVATE LIMITED	Director	05/07/2000	05/07/2000	-	Active	NO
5	U74210MH1992PTC065362	ARYAN CONSULTANCY SERVICES PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Strike off	NO

Name :

Mr. Shailesh Charandas Ganatra

Designation :

Director

Address :

202, Neehar, Khokhani Lane, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

25.11.1960

Date of Appointment :

16.05.2000

DIN No.:

00561415

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	U51900MH1991PTC062293	ARYAN DYE-CHEM PVT LTD	Director	01/07/1991	01/07/1991	-	Active	NO
2	U51900MH1996PLC096009	ARYAN INTERNATIONAL LIMITED	Director	08/01/1996	08/01/1996	-	Strike off	NO
3	U24219MH2000PTC126528	CHEMSPARK INDIA PRIVATE LIMITED	Director	16/05/2000	16/05/2000	-	Active	NO
4	U72200MH2000PTC127578	ARYAN BUSINESS SOLUTIONS PRIVATE LIMITED	Director	05/07/2000	05/07/2000	-	Active	NO
5	U74210MH1992PTC065362	ARYAN CONSULTANCY SERVICES PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Strike off	NO

Name :

Mrs. Rashmi Shailesh Ganatra

Designation :

Director

Address :

202, Neehar, Khokhani Lane, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

13.04.1960

Date of Appointment :

01.12.2003

DIN No.:

00561468

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	U51900MH1991PTC062293	ARYAN DYE-CHEM PVT LTD	Director	01/07/1991	01/07/1991	-	Active	NO
2	U74210MH1992PTC065362	ARYAN CONSULTANCY SERVICES PRIVATE LIMITED	Director	12/02/1992	12/02/1992	17/08/2010	Strike off	NO
3	U24219MH2000PTC126528	CHEMSPARK INDIA PRIVATE LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO

Name :

Mrs. Archana Sanjay Tawakley

Designation :

Director

Address :

501, 5th Floor, Sahyadri Neelkanth Valley, 7th Road, Rajawadi, Ghatkopar East, Mumbai-400077, Maharashtra, India

Date of Birth/Age :

03.08.1965

Date of Appointment :

01.12.2003

DIN No.:

01219759

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	U51900MH1991PTC062293	ARYAN DYE-CHEM PVT LTD	Director	01/07/1991	01/07/1991	-	Active	NO
2	U74210MH1992PTC065362	ARYAN CONSULTANCY SERVICES PRIVATE LIMITED	Director	12/02/1992	12/02/1992	17/08/2010	Strike off	NO
3	U24219MH2000PTC126528	CHEMSPARK INDIA PRIVATE LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Sanjay Jagdish Tawakley	5000	25.00
Shailesh Charandas Ganatra	5000	25.00
Archana Sanjay Tawakley	5000	25.00
Rashmi Shailesh Ganatra	5000	25.00
Total	20000	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 and Importer of Cosmetics Raw Material

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :
Products :	Raw Material
Countries :	China

Terms :
Selling :	Cash/ L/C / Credit

Purchasing :	Cash/ L/C / Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Shanghai Fine Chemicals Company Limited, China
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 :	Glenmark Pharmaceutical Limited
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	Corporation Bank
Branch	Govandi (East), Mumbai, 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)	Rs.50.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Corporation Bank , Near King Circle Station SIES High School Comp., Matunga (C.R.), Mumbai - 400019, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Secured by hypothecation of vehicle	0.378	0.891

Short-term borrowings
Loans and advances from directors	22.900	22.550
Loans against fixed deposit	9.300	6.004
Total	32.578	29.445


Banking Relations :	--

Auditors :
Name :	A. L. Kapani and Company Chartered Accountants
Address :	106, B Wing, Damji Shamji Corporate Square, Mellville Estate, Pant Nagar, Ghatkopar (East), Mumbai – 400075, Maharashtra, India
Tel. No.:	91-22-25009101/02
Email :	arunkapani@alkapani.com incometax@alkapani.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFA8196C

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

20,000	Equity Shares	Rs.10/- each	Rs. 0.200 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	0.200	0.200	0.200
(b) Reserves & Surplus	33.736	27.227	23.732
(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)	33.936	27.427	23.932

(3) Non-Current Liabilities
(a) long-term borrowings	0.378	0.891	1.345
(b) Deferred tax liabilities (Net)	0.140	0.140	0.140
(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)	0.518	1.031	1.485

(4) Current Liabilities
(a) Short term borrowings	32.200	28.554	23.904
(b) Trade payables	22.597	13.106	19.440
(c) Other current liabilities	22.183	12.630	21.593
(d) Short-term provisions	1.314	0.034	0.745
Total Current Liabilities (4)	78.294	54.324	65.682

TOTAL	112.748	82.782	91.099

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.171	1.586	2.099
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.000	6.000	6.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.016	0.016	0.016
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.228	0.255	0.178
(e) Other Non-current assets	6.378	3.850	1.568
Total Non-Current Assets	13.793	11.707	9.861

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.036	11.895	12.340
(c) Trade receivables	27.039	19.305	18.679
(d) Cash and cash equivalents	34.793	25.814	25.524
(e) Short-term loans and advances	0.070	0.046	0.352
(f) Other current assets	24.017	14.015	24.343
Total Current Assets	98.955	71.075	81.238

TOTAL	112.748	82.782	91.099

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		86.780	172.229
		Other Income		6.768	5.485
		TOTAL	127.000	93.548	177.714

Less	EXPENSES
		TOTAL	NA	88.399	166.550

	PROFIT BEFORE TAX		NA	5.149	11.164

Less	TAX		NA	1.655	3.800

	PROFIT AFTER TAX		6.508	3.494	7.364

	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	0.798	2.602	0.000
	TOTAL EARNINGS		0.798	2.602	0.000

	CIF Value of Imports		82.682	56.481	134.421

	Earnings Per Share (Rs.)		325.45	174.71	368.24

Particulars

31.03.2015

Sales Turnover (Approximately)

170.000

Expected Sales 2015-2016: Rs.200.000 Million

The above information has been parted by Mr. Sanjay Tawakley (Director)

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) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.12	4.03	4.28

Return on Total Assets (PBT/Total Assets}	(%)	118.99	6.71	13.12

Return on Investment (ROI) (PBT/Networth)		3.74	0.19	0.47

Debt Equity Ratio (Total Debt /Networth)		0.96	1.07	1.06

Current Ratio (Current Asset/Current Liability)		1.26	1.31	1.24

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	0.200	0.200	0.200
Reserves & Surplus	23.732	27.227	33.736
Net worth	23.932	27.427	33.936

long-term borrowings	1.345	0.891	0.378
Short term borrowings	23.904	28.554	32.200
Total borrowings	25.249	29.445	32.578
Debt/Equity ratio	1.055	1.074	0.960

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 Income	177.714	93.548	127.000
		(47.360)	35.759

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 Income	177.714	93.548	127.000
Profit	7.364	3.494	6.508
	4.14%	3.73%	5.12%

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	No
17]	Details of sister concerns	No
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
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 four 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	No
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	90145146	27/07/2011 *	40,000,000.00	Corporation Bank	Near King Circle Station SIES High School Comp., Matunga (C.R.), Mumbai, Maharashtra - 400019, INDIA	B18728444

* Date of charge modification

FIXED ASSETS

Computer
Fax
Scanner
Air conditioner
Laptop
Printer
Vehicle
Refrigerator
CD Writer

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 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.65.29
UK Pound	1	Rs.99.31
Euro	1	Rs.73.39

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	DIV

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	6
--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	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		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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit