MIRA INFORM REPORT

Report No. :	339554
Report Date :	04.09.2015

IDENTIFICATION DETAILS

Name :	TRIDEV RESINS (INDIA) PRIVATE LIMITED
Registered Office :	Unit No. 9, Peninsula Centre, Dr. S S Rao Road, Behind Piramal Chambers, Parel (East), Mumbai – 400012, Maharashtra
Tel. No.:	91-260-6535709
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.04.2006
Com. Reg. No.:	11-160942
Capital Investment / Paid-up Capital :	Rs. 18.600 Million
CIN No.: [Company Identification No.]	U24224MH2006PTC160942
IEC No.:	0306008203
TAN No.: [Tax Deduction & Collection Account No.]	MUMT13009D
PAN No.: [Permanent Account No.]	AACCT4226A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Synthetic Resins and Acrylic Emulsions.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Abjijeet
Designation :	Accounts Executive
Contact No.:	91-22-40586725
Date :	04.09.2015

LOCATIONS

Registered Office :	Unit No. 9, Peninsula Centre, Dr. S S Rao Road, Behind Piramal Chambers, Parel (East), Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-40586725
Fax No.:	Not Available
E-Mail :	info@tridevresins.com
Factory :	Plot no. 136/E1,2 ND Phase GIDC Vapi, Dist. Valsad – 396195, Gujarat, India
Tel. No.:	91-260-6535410/6452157
Fax No.:	91-260-2401382
E-Mail :	info@tridevresins.com

DIRECTORS

AS ON 30.09.2014

Name :

Bhupendra Gopalji Sakaria

Designation :

Director

Address :

801/802, Plot No 294A, Saumitra Chs Limited, Bhimani Street, Matunga Cr, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

24.08.1939

Date of Appointment :

31.12.2007

DIN No.:

00142682

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	U51102MH2003PTC139400	ARIHANT CHEMICALS AND RESINS (INDIA) PRIVATE LIMITED	Director	28/02/2003	28/02/2003	29/07/2013	Active	NO
2	U91110MH1996NPL099079	INDIAN RESING MANUFACTURERS ASSOCIATION	Director	27/08/2004	27/08/2004	-	Active	NO
3	U24224MH2006PTC160942	TRIDEV RESINS (INDIA) PRIVATE LIMITED	Director	31/12/2007	31/12/2007	-	Active	NO
4	U24223MH2006PTC161044	ACR Resources Private Limited	Additional director	14/03/2008	14/03/2008	29/07/2013	Active	NO
5	U51490MH2005PTC155307	Arihant Pigments Private Limited	Director	11/11/2008	11/11/2008	-	Active	NO
6	U80902MH2010PTC205809	CHEMSTAR INFRA-SOLUTIONS PRIVATE LIMITED	Director	25/01/2011	25/01/2011	-	Active	NO
7	U24100GJ2010PTC062986	MICRO RESINS PRIVATE LIMITED	Director	29/07/2013	29/07/2013	-	Active	NO
8	AAC-1250	ARIHANT PIGMENTS & RESINS LLP	Designated Partner	26/02/2014	26/02/2014	-	Active	NO

Name :

Atikur Rehman Vakil Ahmed Ansari

Designation :

Director

Address :

104, Al-Hussein Palace, Godal Nagar, Vapi – 396191, Gujarat, India

Date of Birth/Age :

04.04.1978

Date of Appointment :

03.04.2006

DIN No.:

00292467

Name :

Vinod Rajvanshi Ojha

Designation :

Director

Address :

B-102, Anukul Complex,, Koparli Road, Valsad, Vapi – 396191, Gujarat, India

Date of Birth/Age :

17.01.1962

Date of Appointment :

25.08.2006

DIN No.:

00374768

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	U24224MH2006PTC160942	TRIDEV RESINS (INDIA) PRIVATE LIMITED	Director	25/08/2006	25/08/2006	-	Active	NO
2	U24223GJ2009PTC056593	CYTECH COATINGS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	13/11/2010	Active	NO
3	U24100GJ2010PTC062986	MICRO RESINS PRIVATE LIMITED	Director	22/11/2010	22/11/2010	-	Active	NO

Name :

Vinaykumar Vinod Oza

Designation :

Director

Address :

B/102, Anukul Complex, Near Ashadham School Koparli Road, Vapi – 396195, Gujarat, India

Date of Birth/Age :

19.02.1988

Date of Appointment :

03.04.2006

DIN No.:

02692678

Name :

Sandeep Vinod Ojha

Designation :

Director

Address :

B-202, Shraddha Co-Op Housing Society, Near Gunjan, Theater At/Po, Ta. Pardi, Dist. Valsad, Vapi – 396195, Gujarat, India

Date of Appointment :

20.11.2014

DIN No.:

03322098

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	U24100GJ2010PTC062986	MICRO RESINS PRIVATE LIMITED	Director	22/11/2010	22/11/2010	-	Active	NO
2	U24224MH2006PTC160942	TRIDEV RESINS (INDIA) PRIVATE LIMITED	Director	20/11/2014	20/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abjijeet
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holdings
Vinaykuar Oza	310000	16.67
Atikur Rehman	620000	33.33
Bhupendra G. Sakaria	620000	33.33
Sandip Vinodkumar Oza	310000	16.67
Total	1860000	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 :	Manufacturer, Exporter and Importer of Synthetic Resins and Acrylic Emulsions.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	USA Bangladesh
Imports :
Countries :	USA Japan
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

40 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Santacruz (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)	CC Rs. 20.000 Million
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
SHORT TERM BORROWING
Overdraft from banks	17.502	5.719
Bill discounting from banks	35.724	29.983
Total	53.226	35.702

Auditors :
Name :	P.M. Bagrecha and Company Chartered Accountant
Address :	208, Skylon Complex, 2^nd Floor, Near GIDC, Char Rasta, Silvassa Road, Vapi – 396195, Gujarat, India
PAN No.:	ABNPB5018M
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1860000	Equity Shares	Rs.10/- each	Rs. 18.600 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	18.600	18.600	15.000
(b) Reserves & Surplus	74.222	56.202	38.386
(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)	92.822	74.802	53.386
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	5.045
(b) Deferred tax liabilities (Net)	4.272	4.438	3.474
(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)	4.272	4.438	8.519
(4) Current Liabilities
(a) Short term borrowings	54.062	36.872	44.338
(b) Trade payables	80.752	50.813	65.282
(c) Other current liabilities	0.663	1.180	0.744
(d) Short-term provisions	2.326	11.581	7.747
Total Current Liabilities (4)	137.803	100.446	118.111
TOTAL	234.897	179.686	180.016
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.446	51.368	40.477
(ii) Intangible Assets	7.787	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	8.834
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.158	0.158	0.158
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.182
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	72.391	51.526	49.651
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	28.048	10.305	18.264
(c) Trade receivables	92.937	76.358	77.121
(d) Cash and cash equivalents	24.515	1.905	1.711
(e) Short-term loans and advances	15.561	32.064	23.330
(f) Other current assets	1.445	7.528	9.939
Total Current Assets	162.506	128.160	130.365
TOTAL	234.897	179.686	180.016

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013		31.03.2012
	SALES
	Income	394.753	369.962		294.972
	Other Income	5.711	5.188		NA
	TOTAL	400.464	375.150		NA
Less	EXPENSES
	Cost of Materials Consumed	303.994	284.091
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.515	0.803
	Manufacturing Expenses	10.649	10.005
	Employees benefits expense	12.899	13.240
	Other expenses	40.219	30.005
	TOTAL	369.276	338.144		NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	31.188	37.006		NA
Less	FINANCIAL EXPENSES	3.514	4.920		NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	27.674	32.086		NA
Less/ Add	DEPRECIATION/ AMORTISATION	2.915	2.372		NA
	PROFIT BEFORE TAX	24.759	29.714		20.419
Less	TAX	8.691	10.385		6.635
	PROFIT AFTER TAX	16.068	19.329		13.784
	Earnings Per Share (Rs.)	8.64	10.39		7.41
Particulars				31.03.2015
Sales Turnover (Approximately)				410.000

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) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.07	5.22	4.67
Operating Profit Margin (PBIDT/Sales)	(%)	7.90	10.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	10.55	16.55	11.94
Return on Investment (ROI) (PBT/Networth)		0.27	0.40	0.38
Debt Equity Ratio (Total Debt /Networth)		0.58	0.49	0.93
Current Ratio (Current Asset/Current Liability)		1.18	1.28	1.10

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	15.000	18.600	18.600
Reserves & Surplus	38.386	56.202	74.222
Share Application money pending allotment	0.000	0.000	0.000
Net worth	53.386	74.802	92.822
long-term borrowings	5.045	0.000	0.000
Short term borrowings	44.338	36.872	54.062
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	49.383	36.872	54.062
Debt/Equity ratio	0.925	0.493	0.582

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	294.972	369.962	394.753
		25.423	6.701

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	294.972	369.962	394.753
Profit	13.784	19.329	16.068
	4.67%	5.22%	4.07%

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	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 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

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans from directors	0.836	1.170
Total	0.836	1.170

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10428857	20/04/2013	88,000,000.00	BANK OF BARODA	PUSHPA KUNJ, NEHRU ROAD, SANTACRUZ (EAST), MUMBAI, Maharashtra - 400055, INDIA	B76174085
2	10367177	09/07/2012	88,000,000.00	Bank of Baroda	Santacruz (East) Branch, Pushp Kunj, Nehru Road,  Santacruz (East), Mumbai, Maharashtra - 400055,  INDIA	B44383651

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer

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. 66.23
UK Pound	1	Rs. 101.22
Euro	1	Rs. 74.33

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--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		48

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.