MIRA INFORM REPORT

Report No. :	340451
Report Date :	10.09.2015

IDENTIFICATION DETAILS

Name :	KIM CHEMICALS LIMITED

Formerly Known As :	KIM CHEMICALS PRIVATE LIMITED

Registered Office :	Anant Building, Ground Floor, 213-A, Princess Street, Mumbai – 400002, Maharashtra
Tel. No.:	91-22-22018671

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.03.1983

Com. Reg. No.:	11-029622

Capital Investment / Paid-up Capital :	Rs. 28.600 Million

CIN No.: [Company Identification No.]	U24110MH1983PLC029622

IEC No.:	0394063791

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of Toiletries, Luxury and Baby Products.

No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 1983 having a moderate track record. The rating reflects company moderate financial risk profile marked by low profit margin and low reserves level of the company. Further, the rating also takes into consideration unfavorable gap between trade payable and trade receivable. However} trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company 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.

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 PARTED BY

Name :	Ms. Vaishali Dhumal
Designation :	Accountant
Contact No.:	91-22-26467171
Date :	09.09.2015

LOCATIONS

Registered Office :	Anant Building, Ground Floor, 213-A, Princess Street, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22018671/ 22017947
Fax No.:	91-22-22061840
E-Mail :	vaishali@kimchemicals.com jbc@kimchemicals.com bkc@kimchemicals.com vaishali@kimchemicals.com
Website :	www.kimchemicals.com

Factory :	Plot G-13/16, M.I.D.C., Taloja – 410208, India
Telefax :	91-22-27411075 / 27410642 (Fax: Extn.28)

Branch Office:	402, Makhija Royale, S.V. Road, Khar (West), Mumbai - 400052, Maharashtra, India
Tel. No.:	91-22-26467171
Fax No.:	91-22-26484721

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Bhagwan Chandnani
Designation :	Managing director
Address :	A/63, Queens Park, Juhu Road, Santacruz-W, Mumbai-49 M.S., Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	06.10.1943
Date of Appointment :	10.04.1991
DIN No.:	01879373

Name :	Ms. Vaishali Mahadeo Dhumal
Designation :	Director/ Accountant
Address :	Ground Floor, Shop No.2, Cawasji Sona Building, 507/509 J.S.S. Road, Mumbai, 400002, Maharashtra, India
Date of Appointment :	10.02.2014
DIN No.:	06818151

Name :	Mr. Mahesh Chandnani
Designation :	Director
Address :	101, Mangal Savera, Meera Baug Road, Santacruz (West), Mumbai - 400054, Maharashtra, India
Date of Birth/Age :	25.08.1968
Date of Appointment :	19.04.1991
DIN No.:	02441029

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Bhagwan Chandnani		916300
Mahesh Chandnani		551900
Jayesh Bhagwan Chandnani		549400
Sangeeta B. Chandnani		337400
Ritika M. Chandnani		202500
Vinali J. Chandnani		250000
Yash M. Chandnani		52500
Total		2860000

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 Toiletries, Luxury and Baby Products.

Products :	Toiletries Luxury Baby Products

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Good
Countries :	USA Sri Lanka

Imports :
Products :	Raw Material
Countries :	China

Terms :
Selling :	Cash / Credit

Purchasing :	Cash / Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Affprd Freight Services Private Limited
Ashish Enterprise
Balaji Goods Carrier
Batliboi Impex Limited
Best Trading Company
Blue Sky Global Logistics
Bombino Exepress Private Limited
Dhabriya and Associates
H.C.Vishwakarma
Jai Bhavani Transport
Mahavir Hardware
Khar Gymkhana

Reference :	Aadarsh Electricals
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 OEMS

Viny Health and Beauty Products Inc
Ancient Pharma
Athharva Enterprises
Bipson Surgicals
B.K.International
Bros Scientifics
Chemico
Chetna Engineering Co
Eastwin Laboratories
Engilon Polymers
Hakim's Ayurvedic Beauty Care

Reference :	Incepta Pharmaceuticals 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 :

50 (Approximately)

Bankers :

Banker Name	Bank of Baroda Princess Street Branch, Mulji Jetha Building, 1st Floor, 185/187, Princess Street,, Mumbai - 400002, Maharashtra, India
Branch Address	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 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Bank Overdraft A/c Bank of Baroda CC A/c	1.076	0.000
Packing Credit A/c	8.857	1.058
Total	9.933	1.058

Auditors :
Name :	L.J.Kothari and Company Chartered Accountants
Address :	Gandhi Mansion, 3rd Floor, New Silk Bazar, Opp.Kalbadevi Head Post Office, Mumbai – 400002, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABPK8642B

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2860000	Equity Shares	Rs.10/- each	Rs. 28.600 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	28.600	28.500	19.000
(b) Reserves & Surplus	16.288	13.964	12.843
(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)	44.888	42.464	31.843

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.840	0.840	0.490
(c) Other long term liabilities	0.302	0.144	9.049
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.142	0.984	9.539

(4) Current Liabilities
(a) Short term borrowings	9.934	1.058	6.916
(b) Trade payables	35.912	57.616	22.190
(c) Other current liabilities	10.193	10.669	13.284
(d) Short-term provisions	0.705	0.683	0.583
Total Current Liabilities (4)	56.744	70.026	42.973

TOTAL	102.774	113.474	84.355

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.357	8.365	9.638
(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	7.658	12.246	12.134
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.015	20.611	21.772

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	52.136	59.862	39.457
(c) Trade receivables	5.138	14.454	13.483
(d) Cash and cash equivalents	17.730	14.052	5.762
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	12.755	4.495	3.881
Total Current Assets	87.759	92.863	62.583

TOTAL	102.774	113.474	84.355

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	170.174	161.088	130.942
	Other Income	2.062	5.748	3.052
	TOTAL (A)	172.236	166.836	133.994

Less	EXPENSES
	Cost of Materials Consumed	136.795	141.702	108.287
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	7.726	(20.404)	(5.111)
	Manufacturing & Other expenses	22.233	40.525	25.586
	TOTAL (B)	166.754	161.823	128.762

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	5.482	5.013	5.232

Less	FINANCIAL EXPENSES (D)	2.257	1.778	2.059

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3.225	3.235	3.173

Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.096	1.291	1.503

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.129	1.944	1.670

Less	TAX (H)	0.706	0.683	0.582

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.423	1.261	1.088

	EARNINGS IN FOREIGN CURRENCY	155.115	129.803	124.394

	CIF VALUE OF IMPORTS	84.104	92.674	86.256

	Earnings / (Loss) Per Share (Rs.)	0.50	0.44	0.57

Particulars

31.03.2015

Sales Turnover (Approximately)

163.600

The above information has been parted by Mr. Vaishali Dhumal

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) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.84	0.78	0.83

Operating Profit Margin (PBIDT/Sales)	(%)	3.22	3.11	4.00

Return on Total Assets (PBT/Total Assets}	(%)	2.07	1.71	1.98

Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.05

Debt Equity Ratio (Total Debt /Networth)		0.22	0.02	0.22

Current Ratio (Current Asset/Current Liability)		1.55	1.33	1.46

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	19.000	28.500	28.600
Reserves & Surplus	12.843	13.964	16.288
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	31.843	42.464	44.888

long-term borrowings	0.000	0.000	0.000
Short term borrowings	6.916	1.058	9.934
Total borrowings	6.916	1.058	9.934
Debt/Equity ratio	0.217	0.025	0.221

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	130.942	161.088	170.174
		23.022	5.640

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	130.942	161.088	170.174
Profit	1.088	1.261	1.423
	0.83%	0.78%	0.84%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
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 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	Yes
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

FINANCIAL RESULTS:

The company has earned a profit of Rs. 2.128 Million, this year, after depreciation, against Profit of Rs. 1.944 Million last year. Their turnover this year has increased to Rs. 170.100 Million against Rs. 161.000 Million in last year.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10086917	12/01/2008	2,250,000.00	BANK OF BARODA	PRINCESS STREET BRANCH, MULJI JETHA BUILDING,, 1 ST FLOOR, 185/187, PRINCESS STREET,, MUMBAI, MAHAR ASHTRA - 400002, INDIA	A31967953
2	10103164	08/11/2007	7,500,000.00	BANK OF BARODA	PRINCESS STREET BRANCH, MULJI JETHA BUILDING,, 1S T FLOOR, 185/187, PRINCESS STREET,, MUMBAI, MAHARA SHTRA - 400002, INDIA	A29483070
3	10007698	15/06/2006	2,500,000.00	BANK OF BARODA	PRINCESS STREET BRANCH, MULJI JETHA BUILDING,, 1S T FLOOR, 185/187, PRINCESS STREET,, MUMBAI, MAHARA SHTRA - 400002, INDIA	A01737717
4	10008392	06/06/2006	1,500,000.00	BANK OF BARODA	PRINCESS STREET BRANCH, MULJI JETHA BUILDING,, 1S T FLOOR, 185/187, PRINCESS STREET,, MUMBAI, MAHARA SHTRA - 400002, INDIA	A01738038
5	90242620	04/01/2005	5,000,000.00	BANK OF BARODA	DTREET BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
6	80005489	29/01/2015 *	72,250,000.00	BANK OF BARODA	BANDRA (WEST) BRANCH, 6, MEGHDOOT, JUNCTION OF, T URNER ROAD AND LINKING ROAD, BANDRA (WEST), MUMBAI , MAHARASHTRA - 400050, INDIA	C44728244
7	90223389	04/07/2003 *	2,000,000.00	BANK OF BARODA	PRINCESS STREET B RANCH, MUMBAI, MAHARASHTRA - 400 002, INDIA	-
8	90223269	16/07/2001	500,000.00	BANK OF BARODA	PRINCESS STREET B RANCH, MUMBAI, MAHARASHTRA - 400 002, INDIA	-
9	90223128	30/03/2000	500,000.00	BANK OF BARODA	PRINCESS STREET BRANCH, MUMBAI, MAHARASHTRA - 4000 02, INDIA	-
10	90222788	18/02/2015 *	72,250,000.00	BANK OF BARODA	BANDRA (WEST) BRANCH, 6, MEGHDOOT, JUNCTION OF, T URNER ROAD AND LINKING ROAD, BANDRA (WEST), MUMBAI , MAHARASHTRA - 400050, INDIA	C44592269

* Date of charge modification

FIXED ASSETS

Tangible Assets

Land
Building
Machinery
Computer
Lab Equipments
Elec.Installation
Furniture
Motor Car
Office Equipment
Air Conditioner

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.66.29
UK Pound	1	Rs.101.89
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	DIV

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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