MIRA INFORM REPORT

Report No. :	503387
Report Date :	13.04.2018

IDENTIFICATION DETAILS

Name :	RAJLAXMI CHEMTECH (INDIA) PRIVATE LIMITED
Registered Office :	Office No.236, Aarthik Bhavan, 3rd Floor, Near Bombay Garage Petrol Pump, Gondal Road, Rajkot - 360002, Gujarat
Tel. No.:	91-281-2226211
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	09.11.2010
Com. Reg. No.:	04-062853
Capital Investment / Paid-up Capital :	INR 10.581 Million
CIN No.: [Company Identification No.]	U24100GJ2010PTC062853
IEC No.: [Import-Export Code No.]	Not Applicable [As informed by the management that firm does not have export and import]
TIN No.:	24090704061
GSTN : [Goods & Service Tax Registration No.]	24AAFCR0057A1Z1
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCR0057A
Legal Form :	Private Limited Liability Company
Line of Business :	· Trader and Importer of Chemicals. [Confirmed by Management] · Subject is engaged in business of Trading of all Industrial Fuel. [Registered Activity]
No. of Employees :	20 [Approximately]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010. It is a Trader and Importer of Chemicals. For the financial year 2017, the company has achieved 66.58% growth in its revenue as compared to previous year but has reported low profit margin of 0.24%. The rating takes into consideration the satisfactory financial profile of the company marked by comfortable networth base along with average debt coverage indicators. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. NOTE: The correct name of the company is “Rajlaxmi Chemtech India Private Limited”.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 13.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Kaushik Pratapray Kalyani
Designation :	Director
Contact No.:	91-9825800954
Date :	12.04.2018

LOCATIONS

Registered Office :	Office No.236, Aarthik Bhavan, 3rd Floor, Near Bombay Garage Petrol Pump, Gondal Road, Rajkot - 360002, Gujarat, India
Tel. No.:	91-281-2226211
Mobile No.:	91-9825800954 [Mr. Kaushik Pratapray Kalyani]
Fax No.:	91-281-2226211
E-Mail :	rajlaxmichemtech@gmail.com
Location:	Owned
Locality:	Commercial
Branch Office:	8, Gaytri Nagar, Sector 5, Hiren Magri, Girwa, Udaipur, Rajasthan, India
Other Branch Offices:	Located at: · Madhya Pradesh · Indore · Rajasthan

DIRECTORS

AS ON: 31.03.2017

Name :	Mr. Kaushik Pratapray Kalyani
Designation :	Director
Address :	Silver Stone 6 7, Plot No - 12, Nana Mava Road, Rajkot - 360005, Gujarat, India
Date of Birth:	14.09.1979
Date of Appointment :	09.11.2010
DIN No.:	01722789
Name :	Mr. Satish Jaysukhbhai Thummar
Designation :	Director
Address :	Flat No 201, Gyatri Archana Jagannath Chowk, Opposite Big B Azar, Rajkot 360007, Gujarat, India
Date of Birth:	03.05.1986
Date of Appointment :	09.11.2010
DIN No.:	03279857

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	% age holding
Kaushik Pratapray Kalani	404040	38.19
Satish J Thummar	449040	42.44
Sejalben Kaushikbhai Kalyani	30000	2.84
Pratapay Chunilal Kalani	45000	4.25
Nirupaben Pratapray Kalani	15000	1.42
Jaysukhbhai Kurjibhai Thummar	20000	1.89
Vimalaben Jaysukhbhai Thummar	30000	2.84
Vimalaben Jaysukhbhai Thummar	10000	0.95
Meghaiben Satisbhai Thummar	20000	1.89
Jayeshbhai Kurjibhai Thummar	20000	1.89
Kurjibhai RAmjibhai Thummar	15000	1.42
Total	1058080	100.00

AS ON: 30.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Individual/Hindu Undivided Family - Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Trader and Importer of Chemicals. [Confirmed by Management]

· Subject is engaged in business of Trading of all Industrial Fuel. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
99611711	Wholesale Trading of Chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Chemicals

Countries :

Italy

Terms :

Selling :

Advance Payment, L/C, Cheque and Credit

Purchasing :

Advance Payment, L/C, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Bherunath Energy Private Limited

· G S E C Limited

· Gastrade International

· Gulati Udyog

· Jainam Industries Private Limited

· Sahyog Sales Corporation, etc.

Customers :

Retailers and End Users

· Baba Agency

· Bothra Metals and Alloy Limited

· Bothra Metals and Alloy Limited - Sangli

· Gulati Udyog - Unit II

· IVRCL Limited

· Jay Shiv Aluminium Private limited, etc.

No. of Employees :

20 [Approximately]

Bankers :

Bank Name:	Axis Bank Limited
Branch:	Bhakti Nagar Branch, Rajkot-360002, Gujarat, India
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	IFSC No.: UTIB0001662
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

· Dena Bank

Dhebar Road Branch, Rajkot - 360001, Gujarat, India

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Non-convertible debentures
Loan against property from ICICI Bank	2.048	0.000
SHORT TERM BORROWINGS
Working capital loans from banks
Rupee loans	49.473	49.129
Total	51.521	49.129

Auditors :
Name :	R. Harsoda and Associates Chartered Accountants
Address :	206/207 Arthik Bhavan, Near Bombay Garage Petrolpupm, Gondal Road, Rajkot - 360002, Gujarat
Tel. No.:	91-281-2230290
E-Mail :	rharsodacoca@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AAOFR5976Q
Memberships :	Not Available
Collaborators :	Not Available
Associate Companies :	· Rajlaxmi Chemicals · Maruti Logistics

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	INR 10/- each	INR 11.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1058080	Equity Shares	INR 10/- each	INR 10.581 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.581	10.581	10.581
(b) Reserves & Surplus	13.386	11.937	10.445
(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)	23.967	22.518	21.026
(3) Non-Current Liabilities
(a) Long-term borrowings	2.048	0.000	0.000
(b) Deferred tax liabilities (Net)	0.151	0.120	0.107
(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)	2.199	0.120	0.107
(4) Current Liabilities
(a) Short term borrowings	50.188	49.429	52.396
(b) Trade payables	34.214	12.675	37.262
(c) Other current liabilities	3.284	3.213	0.299
(d) Short-term provisions	0.732	0.740	0.632
Total Current Liabilities (4)	88.418	66.057	90.589
TOTAL	114.584	88.695	111.722
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.123	4.130	4.041
(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	5.123	4.130	4.041
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.593	0.068	3.441
(c) Trade receivables	75.854	57.932	96.091
(d) Cash and cash equivalents	3.296	4.069	4.606
(e) Short-term loans and advances	8.613	22.372	3.527
(f) Other current assets	0.105	0.124	0.016
Total Current Assets	109.461	84.565	107.681
TOTAL	114.584	88.695	111.722

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	616.862	370.313	371.067
		Other Income	0.863	3.730	2.494
		TOTAL	617.725	374.043	373.561
Less	EXPENSES
		Cost of Materials Consumed
		Purchases of Stock-in-Trade	591.891	344.815	352.199
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(21.525)	3.374	4.251
		Employees benefits expense	3.057	2.758	0.099
		Other expenses	35.149	14.417	8.750
		TOTAL	608.572	365.364	365.299
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		9.153	8.679	8.262
Less	FINANCIAL EXPENSES		6.504	6.343	6.157
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.649	2.336	2.105
Less/ Add	DEPRECIATION/ AMORTISATION		0.469	0.107	0.222
	PROFIT BEFORE TAX		2.180	2.229	1.883
Less	TAX		0.703	0.703	0.600
	PROFIT AFTER TAX		1.477	1.526	1.283
	Earnings Per Share (INR)		1.40	1.44	1.21

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.137	0.000	0.000
Cash generated from operations	4.390	9.515	1.059
Net Cash flow/ used from Operating Activities	4.363	9.481	0.555

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	44.88	57.10	94.52
Account Receivables Turnover (Income / Sundry Debtors)	8.13	6.39	3.86
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	21.10	13.42	38.62
Inventory Turnover (Operating Income / Inventories)	0.42	127.63	2.40
Asset Turnover (Operating Income / Net Fixed Assets)	1.79	2.10	2.04

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.79	0.74	0.81
Debt Equity Ratio (Total Liability / Networth)	2.19	2.20	2.49
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.69	2.93	4.31
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.21	0.18	0.19
Interest Coverage Ratio (PBIT / Financial Charges)	1.41	1.37	1.34

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.24	0.41	0.35
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.29	1.72	1.15
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.16	6.78	6.10

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.24	1.28	1.19
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.99	1.28	1.15
G-Score Ratio Financial (Networth / Total Assets)	0.21	0.25	0.19
G-Score Ratio Debt (Debts / Equity Capital)	4.95	4.67	4.95
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.24	1.28	1.19

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	10.581	10.581	10.581
Reserves & Surplus	10.445	11.937	13.386
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21.026	22.518	23.967
long-term borrowings	0.000	0.000	2.048
Short term borrowings	52.396	49.429	50.188
Current Maturities of Long term debt	0.000	0.000	0.137
Total borrowings	52.396	49.429	52.373
Debt/Equity ratio	2.492	2.195	2.185

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	371.067	370.313	616.862
		(0.203)	66.579

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	371.067	370.313	616.862
Profit	1.283	1.526	1.477
	0.35%	0.41%	0.24%

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	Yes
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 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G30088298	100066383	ICICI BANK LIMITED	25/11/2016	-	-	2200000.0	ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROADVADODARAGU390007IN
2	C31803091	10524043	AXIS BANK LIMITED	04/10/2014	22/10/2014	-	49500000.0	SHIVALIK-5, GROUND FLOOR, G-2B, GONDAL MAIN ROAD,NEAR MAKKAM CHOWK, BHAKTI NAGARRAJKOTGJ360002IN
3	C26934141	10266007	DENA BANK	31/12/2010	27/09/2012	10/10/2014	35000000.0	DHEBAR ROAD BRANCHRAJKOTGJ360001IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
Loans and advances from related parties	0.715	0.300
Total	0.715	0.300

COMPANY OVERVIEW

The company having its registered office at Office No. 236, Aarthik Bhavan, 3^rd Floor, Near Bombay Garage Petrol Pump, Gondal Road Rajkot - 360002, Gujarat, India is engaged in business of trading of all industrial fuel since 2010. The company is having branches at Udaipur, Rajasthan and Indore, Madhya Pradesh.

PERFORMANCE REVIEW

During the year, the company has earned total income of INR 617.726 million as compared to total income of INR 374.013 million of previous year. Likewise, profit after tax in current year is INR 1.477 million during the current year as compared to profit of INR 1.526 million in previous year.

FIXED ASSETS:

· Godown Building

· Office Building

· Computer

· Weighting Scale

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	INR
US Dollar	1	INR 65.35
UK Pound	1	INR 92.70
Euro	1	INR 80.80

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	VAR
Report Prepared by :	ARC

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.