MIRA INFORM REPORT

Report No. :	344958
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	VOLKEM CHEMICAL LLP
Registered Office :	B/5, Rajratna Industrial Estate, Near American Spring Works, Liberty Garden Road, Mumbai – 400064, Maharashtra
Mobile No.:	91-8048078597 [Mrs. Raksha Mehta]
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.06.2011
Capital Investment :	Rs. 5.647 Million
LLPIN No.:	AAA-5207
IEC No.:	0311027083
TIN No.:	27800854563
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAIFV9026D
Legal Form :	Limited Liability Partnership
Line of Business :	Manufacturer and Exporter of Food Colours, Oleoresins and Nutraceutical Products.
No. of Employees :	Not Divulged

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 16000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 2011 as a Limited Liability Partnership Firm and it is having a moderate track record. The firm has achieved sales turnover of Rs. 16.500 Million and profit of Rs. 0.904 Million with sound profitability margin. However, rating is constrained on firm’s moderate financial profile, low capital base and limited track record of its operational history. 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 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.

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 DECLINED BY

Name :	Mrs. Raksha Mehta
Designation :	Partner
Contact No.:	91-8048078597
Date :	13.10.2015

LOCATIONS

Registered Office :	B/5, Rajratna Industrial Estate, Near American Spring Works, Liberty Garden Road, Mumbai – 400064, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-8048078597 [Mrs. Raksha Mehta]
Fax No.:	Not Available
E-Mail :	mitul.mehta@kolorjetchemicals.com
Website :	http://www.volkem.com

PARTNERS

AS ON 31.03.2015

Name :

Mrs. Raksha Bharat Mehta

Designation :

Designated Partner

Address :

B-1206, 12th LR. Whispering Heights Ivory Prop. Mind Space, Chincholi Bunder Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Appointment :

15.06.2011

DPIN No.:

00484573

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	Company/ LLP Status	Defaulting status
1	U24110MH1995PTC086546	KOLORJET CHEMICALS PRIVATE LIMITED	Director	16-03-1995	16-03-1995	Active	NO
2	AAA-5207	VOLKEM CHEMICAL LLP	Designated Partner	15-06-2011	15-06-2011	Active	NO

Name :

Mr. Mitul Bharat Mehta

Designation :

Designated Partner

Address :

B-1206, Whispering Heights, Mind Space, Chincholi Bunder Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Appointment :

15.06.2011

DPIN No.:

02184302

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	Company/ LLP Status	Defaulting status
1	U24110MH1995PTC086546	KOLORJET CHEMICALS PRIVATE LIMITED	Director	30-09-2013	01-04-2008	Active	NO
2	AAA-5207	VOLKEM CHEMICAL LLP	Designated Partner	15-06-2011	15-06-2011	Active	NO

Name :

Mrs. Rachna Mehta

Designation :

Designated Partner

Address :

B-1206, Whispering Heights, Mind Space, Chincholi Bunder Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Appointment :

31.08.2011

DPIN No.:

03610775

OBLIGATION OF CONTRIBUTION DETAILS

AS ON 31.03.2015

Total Obligation of Contribution of Partners of the LLP	Obligation of contribution (Rs. in million)
Raksha Bharat Mehta	0.050
Mitul Bharat Mehta	0.050

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Food Colours, Oleoresins and Nutraceutical Products.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
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 :

Reference:	Not Divulged
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 :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 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

· ICICI Bank Limited

Facilities :

--

Banking Relations :	--
Auditors :
Name :	S.H. Bathiya and Associates Chartered Accountants
Address :	2, Tardeo AC Market, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23523811/ 40045494
E-Mail :	vks@shbathiya.com info@shbathiya.com
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

PARTNERS CONTRIBUTION

AS ON 31.03.2014

PARTICULARS	AMOUNT IN MILLION
Raksha Bharat Mehta	2.470
Mitul Bharat Mehta	3.059
Rachna Mehta	0.118
Total	5.647

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) Partners Capital	5.647	0.516	0.348
(b) Reserves & Surplus	0.000	(0.311)	(0.195)
(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)	5.647	0.205	0.153
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	1.215	0.000	0.000
(b) Trade payables	9.562	0.000	0.000
(c) Other current liabilities	0.018	0.005	0.012
(d) Short-term provisions	0.525	0.000	0.000
Total Current Liabilities (4)	11.320	0.005	0.012
TOTAL	16.967	0.210	0.165
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.008	0.010	0.011
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.008	0.010	0.011
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.820	0.000	0.000
(c) Trade receivables	12.833	0.000	0.000
(d) Cash and cash equivalents	0.190	0.020	0.154
(e) Short-term loans and advances	0.019	0.000	0.000
(f) Other current assets	0.097	0.180	0.000
Total Current Assets	16.959	0.200	0.154
TOTAL	16.967	0.210	0.165

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	16.528	0.012	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	16.528	0.012	0.000
Less	EXPENSES
		Purchases of Stock-in-Trade	17.854	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.820)	0.000	0.000
		Employees benefits expense	0.000	0.000	0.000
		Other expenses	1.064	0.126	0.195
		TOTAL (B)	15.098	0.126	0.195
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.430	(0.114)	(0.195)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.430	(0.114)	(0.195)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.001	0.002	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.429	(0.116)	(0.195)
Less	TAX (H)		0.525	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.904	(0.116)	(0.195)

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 flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.47	(966.67)	0.00
Operating Profit Margin (PBDIT/Sales)	(%)	8.65	(950.00)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	8.42	(55.24)	(118.18)
Return on Investment (ROI) (PBT/Networth)		0.25	(0.57)	(1.27)
Debt Equity Ratio (Total Liability/Networth)		0.22	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.50	44.44	12.83

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)
Partners Capital	0.348	0.516	5.647
Reserves & Surplus	(0.195)	(0.311)	0.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.153	0.205	5.647
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	1.215
Total borrowings	0.000	0.000	1.215
Debt/Equity ratio	0.000	0.000	0.215

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	0.000	0.012	16.528
			1,37,633.333

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	0.000	0.012	16.528
Profit/ (Loss)	(0.195)	(0.116)	0.904
		-966.67%	5.47%

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	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)	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 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	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: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
R.B. Exports	0.015	0.000
Bharat Mehta	1.200	0.000
Total	1.215	0.000

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. 65.02
UK Pound	1	Rs. 99.89
Euro	1	Rs. 73.92

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	--
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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.