MIRA INFORM REPORT

Report No. :	503103
Report Date :	14.04.2018

IDENTIFICATION DETAILS

Name :	SILCO AUXICHEM (INDIA) PRIVATE LIMITED
Registered Office :	Ground Floor, Plot No. 34, Ruparel House, Road, No. 2, Scheme No.6, Sion Chs Limited, Sion (East), Mumbai-400022, Maharashtra
Tel. No.:	91-22-24019104
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	22.10.1993
Com. Reg. No.:	11-074665
Capital Investment / Paid-up Capital :	INR 0.108 Million
CIN No.: [Company Identification No.]	U24110MH1993PTC074665
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACS8319P
TIN No.:	27580010105
GSTN : [Goods & Service Tax Registration No.]	27AAACS8319P1ZR
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Polymers, Dyes, Chemicals, Solvents and Intermediates and Others Such Items. [Registered Activity]
No. of Employees :	Not Divulged

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 128400
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1993 and it is Manufacturer and Trader of Polymers Chemical, Dyes. For the financial year 2017, the company has achieved modest revenue from its operations and average profit margin during the year. The company possesses moderate financial risk profile marked by low capital base and low solvency position. Rating further gets constrained on account its small scale of its business operations reflects by its low revenue base. However, these rating weakness gets partially offset by its considerable experienced of its promoters. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : 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 14.04.2018

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 DECLINED

MANAGEMENT NON-COOPERATIVE [91-22-24019104]

[91-9321119104] number is continuously ringing

LOCATIONS

Registered Office :	Ground Floor, Plot No. 34, Ruparel House, Road, No. 2, Scheme No.6, Sion Chs Limited, Sion (East), Mumbai-400022, Maharashtra, India
Tel. No.:	91-22-24019104
Fax No.:	91-22-24018428
E-Mail :	rocasrajanco@gmail.com matappl@gmail.com

DIRECTORS

AS ON: 31.03.2017

Name :

Mrs. Priti Ashwin Sanghvi

Designation :

Wholetime Director

Address :

Ruparel House, 3rd Floor, Plot No. 34, Road No. 2 Scheme No. 6, Sion CHS Limited, Sion (East) Mumbai 400022, Maharashtra, India

Date of Birth/Age :

29.12.1953

Date of Appointment :

22.10.1993

DIN No.:

00220471

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U70100MH1995PTC089533	MATA POLYMERS PRIVATE LIMITED	16/06/1995

Name :

Mr. Ashwin Pravinchandra Sanghvi

Designation :

Managing Director

Address :

Ruparel House, 3rd Floor, Plot No. 34, Road No. 2 Scheme No. 6, SION CHS Ltd, Sion (East), Mumbai-400022, Maharashtra, India

Date of Birth/Age :

02.03.1952

Date of Appointment :

22.10.1993

DIN No.:

00221174

Other Directorship :

CIN/FCRN	Company Name	Begin Date
L15310MH1991PLC064563	RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED	26/09/2005
U70100MH1995PTC089533	MATA POLYMERS PRIVATE LIMITED	06/11/2000

Name :

Mr. Mitap Ashwin Sanghvi

Designation :

Wholetime Director

Address :

Ruparel House, 3rd Floor, Plot No. 34, Road No. 2 Scheme No. 6, Sion CHS Ltd, Sion (East), Mumbai-400022, Maharashtra, India

Date of Birth/Age :

02.11.1980

Date of Appointment :

09.11.1998

DIN No.:

00221210

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U70100MH1995PTC089533	MATA POLYMERS PRIVATE LIMITED	09/11/1998

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holdings
Ashwin Pravinchandra Sanghvi	200	18.52
Priti Ashwin Sanghvi	200	18.52
Ashwin Pravinchandra Sanghvi HUF	200	18.52
Mitap Ashwin Sanghvi	330	30.56
Mitap Ashwin Sanghvi HUF	150	13.88
Total	1080	100.00

AS ON: 29.09.2017

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Polymers, Dyes, Chemicals, Solvents and Intermediates and Others Such Items. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
99611711	Trading in Chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

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):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

Auditors :
Name :	K.S. Maheshwari and Company Chartered Accountants
Address :	203, Shreepad Darshan, 2nd Floor, Ayre Road, Dombivli East, Mumbai- 421201, Maharashtra, India
PAN No.:	AAEFK5932B
Memberships :	Not Available
Collaborators :	Not Available
Entities Over which Significant influence was exercised by Key Management Personnel :	N I Parekh and Co.

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
4000	Equity Shares	INR 100/- each	INR 0.400 Million
1000	Unclassified Sales	INR 100/- each	INR 0.100 Million
	Total		INR 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1080	Equity Shares	INR 100/- each	INR 0.108 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	0.108	0.108	0.108
(b) Reserves & Surplus	44.845	43.657	41.901
(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)	44.953	43.765	42.009
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.065
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.005
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.070
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.105	0.137	0.508
(d) Short-term provisions	0.000	0.000	0.835
Total Current Liabilities (4)	0.105	0.137	1.343
TOTAL	45.058	43.902	43.422
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.080	0.127	0.168
(ii) Intangible Assets	0.000	0.005	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	20.197	19.697	19.796
(c) Deferred tax assets (net)	0.005	0.040	0.042
(d) Long-term Loan and Advances	0.208	0.643	0.270
(e) Other Non-current assets	0.000	0.000	0.089
Total Non-Current Assets	20.490	20.512	20.365
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.526	0.607
(c) Trade receivables	0.000	0.089	0.000
(d) Cash and cash equivalents	20.343	20.399	22.450
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	4.225	2.376	0.000
Total Current Assets	24.568	23.390	23.057
TOTAL	45.058	43.902	43.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	0.132	0.082	0.098
		Other Income	2.492	2.483	9.857
		TOTAL	2.624	2.565	9.955
Less	EXPENSES
		Changes in Inventories	0.526	0.080	0.062
		Other expenses	0.320	0.208	0.273
		TOTAL	0.846	0.288	0.335
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1.778	2.277	9.620
Less	FINANCIAL EXPENSES		0.004	0.045	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1.774	2.232	9.620
Less/ Add	DEPRECIATION/ AMORTISATION		0.052	0.037	0.058
	PROFIT/ (LOSS) BEFORE TAX		1.722	2.195	9.562
Less	TAX		0.535	0.422	1.903
	PROFIT/ (LOSS) AFTER TAX		1.187	1.773	7.659
	Earnings/ (Loss) Per Share (INR)		1099.00	1641.00	7091.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
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

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	0.00	396.16	0.00
Account Receivables Turnover (Income / Sundry Debtors)	0.00	0.92	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	0.00	4.33	15.85
Asset Turnover (Operating Income / Net Fixed Assets)	22.23	17.25	57.26

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.00	0.00	0.03
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.00	0.00	0.03
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	444.50	50.60	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	899.24	2162.20	7815.31
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.63	4.04	17.64
Return on Investment (ROI) ((PAT / Networth) * 100)	%	2.64	4.05	18.23

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	233.98	170.73	17.17
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	233.98	166.89	16.72
G-Score Ratio Financial (Networth / Total Assets)	1.00	1.00	0.97
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.60
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	233.98	170.73	17.17

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	0.108	0.108	0.108
Reserves & Surplus	41.901	43.657	44.845
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	42.009	43.765	44.953
long-term borrowings	0.065	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.065	0.000	0.000
Debt/Equity ratio	0.002	0.000	0.000

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	0.098	0.082	0.132
		(16.327)	60.976

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	0.098	0.082	0.132
Profit	7.659	1.773	1.187
	7815.31%	2162.20%	899.24%

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	No
8	Designation of contact person	No
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	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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 EXISTS FOR COMPANY

CHANGE OF ADDRESS:

The Registered address of the company has been shifted from Dhiraj Building, R No. 7, Ground Floor, Old Nagardas Road, Andheri, Mumbai-400069, Maharashtra, India to the present address w.e.f 19.01.2009

COMPANY OVERVIEW:

Subject is a Private Company domiciled in India and incorporated on 22.10.1993 under the provisions of the Companies Act, 1956. The company is engaged into manufacturing and trading of polymers, dyes, chemicals, Solvents and Intermediates and other such items.

FIXED ASSETS:

· Air conditioner

· Office Equipments

· Furniture and Fixture

· Mobile Phones

· Vehicles

· Computers

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 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	AKS
Analysis Done by :	NSG
Report Prepared by :	RUP

SCORE FACTORS

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	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.