MIRA INFORM REPORT

Report No. :	346902
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	PAARI CHEM RESOURCES
Registered Office :	M-1, Faiz-E-Qutbi, 375, Narsi Natha Street, Masjid Bunder, Mumbai – 400009, Maharashtra
Tel. No.:	91-22-66717450/ 51/ 52/ 53
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.05.2009
Capital Investment / Paid-up Capital :	Rs.121.171 Million
IEC No.:	0309010713
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AADHP0660A
Legal Form :	Sole Proprietary Concern
Line of Business :	Trading and Importing of Petro Chemicals.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 350000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established on 25^th May, 2009 as proprietorship concern and is having satisfactory track record. Mr. Sachin, Accountant of the concern has provided the information to us. It is engaged in trading and importing of petro chemicals. The rating is constrained on concern decline in sales turnover for the year 2014 from its previous year 2013. However, rating take in account decent experienced of its proprietor and track record of the concern. Trade relation are fair. Business is active. Payments are reported to be slow but corrected. In view aforesaid, concern can be considered for business dealings with 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	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. Sachin
Designation :	Accountant
Contact No.:	91-22-60717450

LOCATIONS

Registered Office :	M-1, Faiz-E-Qutbi, 375, Narsi Natha Street, Masjid Bunder, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-66717450/ 51/ 52/ 53
Mobile No.:	91-9820034229 (Mr. Parimal Doshi)
Fax No.:	91-22-66717454
E-Mail :	paarichchem@gmail.com paarichem@gmail.com  pcr.mum@gmail.com
Website :	http://www.paarichemresources.com
Area :	200 sq. ft.
Location :	Owned
Corporate Office 1 :	216, Rajasthan Technical Institute Building, Patanwala Estate, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
Area :	10000 sq. ft.
Location :	Owned
Branch Office / Corporate Office 2 :	711, Reena Complex, Near Natuji Steel, Opposite Vidya Vihar Bus Stop, Vidya Vihar (West), Mumbai – 400 086, Maharashtra, India
Tel No:	91-22-66717450/51/52
Fax No.:	91-22-66717454
Email Id.:	paarichemresources@gamil.com paarichem@gmail.com
Area :	2000 sq. ft.
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Parimal Doshi
Designation :	Proprietor
Qualification :	Graduate

KEY EXECUTIVES

Name :	Mr. Sachin
Designation :	Accountant

BUSINESS DETAILS

Line of Business :	Trading and Importing of Petro Chemicals.
Products :	· Acrylates · Acrylic Acid (Glacial) · Ethylene Amines · Chlorinated Solvents · Esters  · Pharmaceutical Solvents · Chiral Products · Potassium Products · Resins   · Tertiary Butanol
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Chemicals
Countries :	· Belgium · Japan · Korea · Malaysia · China · Taiwan
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / 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 :

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 :

20 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Mandvi Branch
Person Name (With Designation)	Not Divulged
Contact Number	91-22-23420561
Name of Account Holder	Not Divulged
Account Number	04030200001137 (Confirmed by Mr. Sachin (Accountant)
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

Auditors :

Name :

C.J. Shah and Company

Chartered Accountants

Address :

Masjid Bunder, Mumbai – 400 009, Maharashtra, India

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

Not Available

CAPITAL STRUCTURE

CAPITAL INVESTMENT:

Particular	31.03.2014 (Rs. in million)	Particular	31.03.2014 (Rs. in million)
To Bank	7.795	By Opening Balance	103.775
To Sales Tax (A.Y. 2013-14)	1.244
To Installments – Kotak Mahindra Bank	1.616	By Net Profit A/c	28.051
To Closing Balance	121.171
	131.826		131.826

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		121.171	103.775	89.621
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		121.171	103.775	89.621
LOAN FUNDS
1] Secured Loans		69.161	84.014	146.022
2] Unsecured Loans		131.290	153.291	113.994
TOTAL BORROWING		200.451	237.305	260.016
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
ADVANCE PAYMENT RECEIVED		0.000	0.000	29.500
TOTAL		321.622	341.080	379.137
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.489	1.399	1.566
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		51.975	40.400	37.100
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.358	231.297	172.285
	Sundry Debtors	304.051	334.094	227.266
	Cash & Bank Balances	4.121	2.108	0.007
	Other Current Assets	13.054	8.670	2.775
	Loans & Advances	0.014	0.000	7.181
Total Current Assets		505.598	576.169	409.514
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	232.767	273.878	65.757
	Other Current Liabilities	4.673	3.010	0.000
	Provisions	0.000	0.000	3.286
Total Current Liabilities		237.440	276.888	69.043
Net Current Assets		268.158	299.281	340.471
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		321.622	341.080	379.137

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	1533.070	1547.600
		Other Income	12.983	5.420
		TOTAL	1546.053	1553.020
Less	EXPENSES
		Cost of Goods Sold	1453.697	1469.517
		Administrative, Financial and Selling Expenses	64.054	54.152
		TOTAL	1517.751	1523.669
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		28.302	29.351
Less	DEPRECIATION/ AMORTISATION		0.250	0.223
	NET PROFIT		28.052	29.128

	PARTICULARS		31.03.2012
	SALES
		Income	918.906
		Sales Return	(2.984)
		Branch Sales	53.784
		Other Income	11.530
		TOTAL	981.236
Less	EXPENSES
		Transportation and Carriage	2.109
		Bank Charges	3.709
		Warehousing Expenses	2.180
		Bank Interest	5.774
		Interest on loan	16.074
		Currency Gain and Loss	9.905
		Brokerage Charges	2.222
		Cost of Goods Sold	927.491
		Other Expenses	4.644
		TOTAL	974.108
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.128
Less	DEPRECIATION / AMORTISATION		0.194
	NET PROFIT		6.934

Particulars	31.03.2015 (Unaudited)
Sales Turnover (Approximately)	1460.000

The above information has been parted by Mr. Sachin (Accountant)

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.83	1.88	0.75
Return on Total Assets (PBT/Total Assets}	(%)	5.53	5.04	1.69
Return on Investment (ROI) (PBT/Networth)		0.23	0.28	0.08
Debt Equity Ratio (Total Debt /Networth)		1.65	2.29	2.90
Current Ratio (Current Asset/Current Liability)		2.13	2.08	5.93

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	89.621	103.775	121.171
Reserves & Surplus	0.000	0.000	0.000
Net worth	89.621	103.775	121.171
Secured Loans	146.022	84.014	69.161
Unsecured Loans	113.994	153.291	131.290
Total borrowings	260.016	237.305	200.451
Debt/Equity ratio	2.901	2.287	1.654

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	918.906	1547.600	1533.070
		68.418	(0.939)

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	918.906	1547.600	1533.070
Net Profit	6.934	29.128	28.052
	0.75%	1.88%	1.83%

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	Yes
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)	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	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 four 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	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

FIXED ASSETS

· Air Conditioner

· Office Premises

· Computers

· Furniture and Fixtures

· Electrical and Fitting

· Office Equipment

· Mobile and Security Camera

· Motor Car

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.64.88
UK Pound	1	Rs.99.88
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAH
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	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		42

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.