MIRA INFORM REPORT

Report No. :	485321
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	AZELIS (INDIA) PRIVATE LIMITED (w.e.f.03.11.2011)
Formerly Known As :	MARIGOLD INTERNATIONAL PRIVATE LIMITED (w.e.f.28.10.2002) MAYESH CHEMICAL ENTERPRISES PRIVATE LIMITED
Registered Office :	Unit No.801-B, 8th Floor, Liberty Tower, Plot No K-10, Kalwa Industrial Area, Airoli, Navi Mumbai – 400708, Maharashtra
Tel. No.:	91-22-61294700
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.03.1978
Com. Reg. No.:	11-093450
Capital Investment / Paid-up Capital :	INR 8.761 Million
CIN No.: [Company Identification No.]	U99999MH1978PTC093450
IEC No.:	Not Divulged
GSTIN/UIN:	27AADCM2921J1ZI
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCM2921J
Legal Form :	Private Limited Liability Company
Line of Business :	· Indenting Agent and Distributors of Chemicals and Pharmaceuticals. · Trader of Chemicals, Pharma, Polymer and Coating. [Registered Activity] Manufacturer and Dealer of Chemicals, Chemical Compound and Chemical Products. [As per Memorandum of Association]
No. of Employees :	Information denied by the management

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 53370
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1978. It is a subsidiary of Azelis SA. The company is a trader of chemicals, pharma, polymer and coating. For the financial year ended 2017, the company has achieved a fair growth of 20.98% in its revenue as compared to the previous year but has incurred losses. Rating is constrained on account of decline in the company’s reserve due to huge accumulated losses and high debt balance sheet profile. Business is active. Payments are reported 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 : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
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 13.01.2018

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 DENIED BY

Name :	Mr. Ravi
Designation :	Sales Department
Contact No.:	91-22-61294700
Date :	12.01.2018

LOCATIONS

Registered Office :	Unit No.801-B, 8th Floor, Liberty Tower, Plot No K-10, Kalwa Industrial Area, Airoli, Navi Mumbai – 400708, Maharashtra, India
Tel. No.:	91-22-61294700
Fax No.:	91-22-61294747
E-Mail :	aparna.khurana@azelis.com neelam.august@gmail.com
Website :	https://www.azelis.com

DIRECTORS

AS ON 31.03.2017

Name :	Mrs. Aparna Lalit Khurana
Designation :	Managing Director
Address :	B-59, Anjali Kiran Co-Op Housing Society Nehru Road, Opposite Canara Bank, Vakola, Santacruz [East], Mumbai – 400055, Maharashtra, India
Date of Appointment :	01.12.2016
DIN No.:	07668269
Name :	Mr. Hardeep Singh Kalsi
Designation :	Director
Address :	Flat No.1, Plot No.90, Tulsi Angan, Sector 12, Vashi, Navi Mumbai - 400703, Maharashtra, India
Date of Birth/Age :	31.01.1965
Date of Appointment :	04.12.2013
DIN No.:	06447685
Name :	Mr. Laurent Nataf
Designation :	Additional Director
Address :	39, Boulevard Suchet 75016 Paris 75016 FR
Date of Appointment :	01.12.2016
DIN No.:	07668302

KEY EXECUTIVES

Name :	Mr. Ravi
Designation :	Sales Department

MAJOR SHAREHOLDERS

AS ON 27.09.2017

Names of Shareholders	No. of Shares
Azelis SA, Luxembourg	87609
Azelis Benelux NV, Luxembourg	1
Total	87610

AS ON 27.09.2017

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Promoters- Body corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Indenting Agent and Distributors of Chemicals and Pharmaceuticals.

· Trader of Chemicals, Pharma, Polymer and Coating.

[Registered Activity]

Manufacturer and Dealer of Chemicals, Chemical Compound and Chemical Products. [As per Memorandum of Association]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Trading of chemicals, pharma, polymers, coating, etc.	99611730

Brand Names :

· ADAPCO© 

· DeWolf Chemical

· Glenn

· GMZ

· MARCOR

· Monson

· PT Hutchins

· Red River Specialties

· Ribelin

· Ross Organic

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

The Hongkong and Shanghai Banking Corporation Limited

Facilities :

(INR In Million)

SECURED LOANS	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Term Loans
From Banks Secured against hypothecation of vehicles	0.530	0.888
SHORT TERM BORROWING
Loans repayable on demand	45.811	8.679
Overdraft from Bank	105.103	138.500
Total	151.444	148.067

Auditors :
Name :	Mehta and Parmar Chartered Accountants
Address :	730, Ecstacy Commercial Building, Citi of Joy, Mulund West, Mumbai – 400080, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAHFM0618F
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Azelis SA
Company under same management :	· Azelis Japan · Azelis Shanghai · Azelis Hong Kong · Azelis Deusctland GMBH · Azelis Australia Pty · Azelis Canada · Azelis UK
Group Company :	Azelis Corporate Services NV

CAPITAL STRUCTURE

AFTER 27.09.2017

Authorised Capital : INR 30.000 Million

Issued, Subscribed & Paid-up Capital : INR 18.010 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	INR 100/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
87610	Equity Shares	INR 100/- each	INR 8.761 Million

FINANCIAL DATA

[all figures are 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	8.761	8.761	8.761
(b) Reserves & Surplus	9.919	50.579	73.871
(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)	18.680	59.340	82.632
(3) Non-Current Liabilities
(a) long-term borrowings	0.530	0.888	1.209
(b) Deferred tax liabilities (Net)	0.412	0.148	0.133
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.748	1.612	1.140
Total Non-current Liabilities (3)	3.690	2.648	2.482
(4) Current Liabilities
(a) Short term borrowings	150.914	147.179	62.524
(b) Trade payables	32.477	15.658	54.167
(c) Other current liabilities	19.252	11.787	3.464
(d) Short-term provisions	3.774	3.087	0.063
Total Current Liabilities (4)	206.417	177.711	120.218
TOTAL	228.787	239.699	205.332
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.649	1.745	2.552
(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	3.431	3.606	1.308
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.080	5.351	3.860
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.480	20.460	39.847
(c) Trade receivables	188.019	200.121	153.760
(d) Cash and cash equivalents	1.325	1.177	3.196
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.883	12.590	4.669
Total Current Assets	212.707	234.348	201.472
TOTAL	228.787	239.699	205.332

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2017	31.03.2016	31.03.2015
	SALES
			Revenue from Operations	247.126	204.267	145.007
			Other Income	13.203	10.143	9.229
			TOTAL (A)	260.329	214.410	154.236
Less	EXPENSES
			Purchase of Stock-in-trade	208.144	153.645	160.713
			Changes in Inventories	(2.020)	19.387	(37.191)
			Employee Benefits Expenses	39.845	22.769	18.469
			Other Expenses	33.920	30.728	12.156
			TOTAL (B)	279.889	226.529	154.147
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(19.560)	(12.119)	0.089
Less	FINANCIAL EXPENSES (D)			17.872	10.188	9.298
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(37.432)	(22.307)	(9.209)
Less	DEPRECIATION/ AMORTISATION (F)			2.964	0.970	0.273
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(40.396)	(23.277)	(9.482)
Less	TAX (H)			0.264	0.015	0.445
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(40.660)	(23.292)	(9.927)
	EARNINGS IN FOREIGN CURRENCY
		Revenue from Commission		0.919	1.764	1.382
		Services		13.199	10.113	8.985
	TOTAL EARNINGS			14.118	11.877	10.367
	CIF VALUE OF IMPORTS
		Trading Purchases		208.144	153.645	160.713
	Earnings / (Loss) Per Share (INR)			(464)	(266)	(113)

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	10.463	(83.892)	(48.537)
Net Cash used in Operating Activities	10.463	(83.892)	(48.537)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	277.70	357.59	387.03
Account Receivables Turnover (Income / Sundry Debtors)	1.31	1.02	0.94
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	56.95	37.20	123.02
Inventory Turnover (Operating Income / Inventories)	(0.87)	(0.59)	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	(1.55)	(6.94)	0.03

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.90	0.75	0.59
Debt Equity Ratio (Total Liability / Networth)	8.11	2.50	0.77
Current Liabilities to Networth (Current Liabilities / Net Worth)	11.05	2.99	1.45
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.68	0.03	0.03
Interest Coverage Ratio (PBIT / Financial Charges)	(1.09)	(1.19)	0.01

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(16.45)	(11.40)	(6.85)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(17.77)	(9.72)	(4.83)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(217.67)	(39.25)	(12.01)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.03	1.32	1.68
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.92	1.20	1.34
G-Score Ratio Financial (Networth / Total Assets)	0.08	0.25	0.40
G-Score Ratio Debt (Debts / Equity Capital)	17.29	16.90	7.27
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.03	1.32	1.68

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

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	8.761	8.761	8.761
Reserves & Surplus	73.871	50.579	9.919
Share Application money pending allotment	0.000	0.000	0.000
Net worth	82.632	59.340	18.680
Long-term borrowings	1.209	0.888	0.530
Short term borrowings	62.524	147.179	150.914
Total borrowings	63.733	148.067	151.444
Debt/Equity ratio	0.771	2.495	8.107

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	145.007	204.267	247.126
		40.867	20.982

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	145.007	204.267	247.126
Profit/ (Loss)	(9.927)	(23.292)	(40.660)
	-6.85%	-11.40%	-16.45%

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	Yes
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

INDEX OF CHARGES:

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G46735726	100061676	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	16/11/2016	16/06/2017	-	220000000.0	52/60, MAHATMA GANDHI ROADFORTMUMBAIMH400001IN
2	Y10484291	90356533	DENA BANK	28/07/1983	-	-	300000.0	ADVANC DEPT.17; HORNIMAN CIRCLE; FORTBOMBAYMHIN
3	Y10484287	90356529	DENA BANK	04/02/1982	-	-	260000.0	ADVANC DEPT.17; HORNIMAN CIRCLE; FORTBOMBAYMHIN
4	Y10484280	90356522	DENA BANK	18/05/1979	-	-	600000.0	ADVANC DEPT.17; HORNIMAN CIRCLE; FORTBOMBAYMHIN
5	Y10484279	90356521	DENA BANK	14/04/1979	-	-	735000.0	ADVANC DEPT.17; HORNIMAN CIRCLE; FORTBOMBAYMHIN
6	G30132591	10417915	KOTAK MAHINDRA BANK LIMITED	14/03/2013	01/12/2014	08/11/2016	185000000.0	MITTAL TOWERS,A-WING,GROUND FLOOR,210 NARIMAN POINT,MUMBAIMH400021IN

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

During the year the revenue from business operations has marginally increased by 21% while the income from other sources has increased by 30%. However the rise in operational expenses has also marginally increased by 23% as a result of which the increased revenues has not been able to substantially increase the profitability of the Company.

The Directors are reviewing options to grow the business as well as substantially reduce the costs so as to create profits in the forthcoming years.

FIXED ASSETS:

· Computers

· Furniture and Fixture

· Office Equipments

· Electrical Installation

· Leasehold Equipment

· Vehicles

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 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53

INFORMATION DETAILS

Information Gathered by :	SHAL
Analysis Done by :	NIY
Report Prepared by :	BVA

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.