MIRA INFORM REPORT

Report No. :	344442
Report Date :	13.10.2015

IDENTIFICATION DETAILS

Name :	CROWN INK AND CHEMICAL COMPANY
Registered Office :	307-B, Sussex Industrial estate, D.K. Cross Road, Byculla (East), Mumbai – 400027, Maharashtra
Tel. No.:	91-22-66578358
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment:	2000
Capital Investment / Paid-up Capital :	Rs. 3.943 Million
TIN No.:	27390038000V
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer and Importer of Printing Ink.
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 11000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Crown Inks and Chemicals was established as partnership firm in the year 2000. It is engaged into manufacturing and importing of printing inks. The rating on firm’s takes into account on declined in its sales turnover characterised by loss from its operation during FY-15 and modest coverage indicators. The rating also factors in the leveraged capital structure which many further stretch and have adverse impact on the firm’s profitability. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In a view of aforesaid, the firm can be considered for business dealing with some cautions.

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	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. Nayani
Designation :	Finance Controller
Contact No.:	91-9833884223
Date :	09.10.2015

LOCATIONS

Registered Office / Warehouse :	307-B, Sussex Industrial estate, D.K. Cross Road, Byculla (East), Mumbai – 400027, Maharashtra, India
Tel. No.:	91-22-66578358
Fax No.:	Not Available
E-Mail :	pnayani@gmail.com

PARTNERS

Name :	Mr. Shiraz Merchant
Designation :	Partner
Name :	Mrs. Firoza Merchant
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Nayani
Designation :	Finance Controller

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Printing Ink.
Products :	Printing Ink
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Countries :	Korea
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

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 :

End Users and OEM’s

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 :

18 (Approximately)

Bankers :

Bank Name	Excellent Co-op Bank
Branch	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)	Cash Credit = Rs. 10.000 Million TL = Rs. 5.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Axis Bank
• ICICI Bank

Auditors :

Name :

Contractor Nayak and Kishnadwala

Chartered Accountants

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

• Gazelle Promotions (Plot No EL 87, TTC Industrial Area, MIDC Mahape, Navi Mumbai, Maharashtra, India )
• Gazelle Enterprise
• Gazelle Printers
• Butterfly Corporation (Formerly Known as Prodigy Promotion)
• Apurva Printers

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment :
Owned :	Rs. 3.943 Million
Borrowed :	--
Total :	Rs. 3.943 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		3.943	14.499
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.943	14.499
LOAN FUNDS
1] Secured Loans		11.216	2.794
2] Unsecured Loans		0.200	0.200
TOTAL BORROWING		11.416	2.994
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		15.359	17.493
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.700	0.818
Capital work-in-progress		0.000	0.000
INVESTMENT		0.075	0.075
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.583	0.768
	Sundry Debtors	9.320	10.923
	Cash & Bank Balances	0.304	0.059
	Other Current Assets	2.500	2.500
	Loans & Advances	2.022	2.621
Total Current Assets		14.729	16.871
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.145	0.271
	Provisions	0.000	0.000
Total Current Liabilities		0.145	0.271
Net Current Assets		14.584	16.600
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		15.359	17.493

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	13.530	17.816
	Other Income	0.113	0.038
	TOTAL	13.643	17.854
Less	EXPENSES
	Cost of Goods Sold	11.013	14.488
	Established Expenses	1.052	2.112
	Interest to others	1.213	0.797
	Partners Remuneration	0.150	0.073
	Interest to others Capital Account	0.276	0.276
	TOTAL	13.704	17.746
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(0.061)	0.108
Less/ Add	DEPRECIATION/ AMORTISATION	0.131	0.144
	PROFIT/ (LOSS) BEFORE TAX	(0.192)	(0.036)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(0.192)	(0.036)

The above information has been parted by Mr. Nayani (Finance Controller)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	(1.42)	(0.20)
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.00
Debt Equity Ratio (Total Debt /Networth)		2.90	0.21
Current Ratio (Current Asset/Current Liability)		42.69	35.82

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	14.499	3.943
Reserves & Surplus	0.000	0.000
Net worth	14.499	3.943
long-term borrowings	2.794	11.216
Short term borrowings	0.200	0.200
Total borrowings	2.994	11.416
Debt/Equity ratio	0.206	2.895

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	17.816	13.530
	--	(24.057)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	17.816	13.530
Profit	(0.036)	(0.192)
	(0.20%)	(1.42%)

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	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	No
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 two years	Yes
30	Major shareholders, if available	No
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

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.64.72
UK Pound	1	Rs.99.29
Euro	1	Rs.73.59

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.