MIRA INFORM REPORT

Report No. :	516649
Report Date :	25.06.2018

IDENTIFICATION DETAILS

Name :	DHALOP CHEMICALS PRIVATE LIMITED
Registered Office :	A 603/604, Sterling CHSL A3-A4, Sundervan Complex, Lokhandwala Road, Andheri (West), Mumbai – 400053, Maharashtra
Tel. No.:	91-22-26744281/82
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	08.06.1995
CIN No.: [Company Identification No.]	U24100MH1995PTC089298
Capital Investment / Paid-up Capital :	INR 0.500 Million
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACD2258G
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of dye and chemicals (Registered Activity)
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 :

A

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1995. The company is a trader of dyes and chemicals. As per the financial records of 2017, the company has achieved a massive growth in its revenue as compared to the previous year’s revenue and has reported an average net profit margin of 1.70%. The company possesses satisfactory financial position marked by sufficient net worth base along with comfortable liquidity parameter. Rating takes into consideration the company’s favourable Earnings Per Share (EPS) of INR 117.48 as against its Face Value (FV) of INR 10. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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 31-03-2018.

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 25.06.2018

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 :	Ms. Siddhi
Designation :	Office Executive
Contact No.:	91-22-26744281
Date :	25.06.2018

LOCATIONS

Registered Office :	A 603/604, Sterling CHSL A3-A4 Sundervan Complex, Lokhandwala Road, Andheri (West), Mumbai – 400053, Maharashtra
Tel. No.:	91-22-26744281/82
Fax No.:	91-22 26744280
E-Mail :	exim@oswaludhyog.com
Website :	http://www.dhalopchemicals.com

DIRECTORS

As on 31.03.2018

Name :	Mr. Bharat Hirachand Punamiya
Designation :	Director
Address :	A/502, Rishi Tower, Opposite Gulfam Hotel Ghartan Pada, Dahisar (East), Mumbai 400068, Maharashtra, India
Date of Birth/Age :	28.10.1966
Date of Appointment :	01.06.2004
DIN No.:	00228350
Name :	Mr. Kartik Rathod
Designation :	Director
Address :	A-5, 403/404, Cameron Heights, Sundervan Complex, Lokhandwala Road, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	19.08.1987
Date of Appointment :	15.03.2013
PAN No.:	AITPR6557Q
DIN No.:	03053877

KEY EXECUTIVES

Name :	Ms. Siddhi
Designation :	Office Executive

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Bharat Hirachand Punamiya	200	0.40
Kartik Manakchand Rathod	49800	99.60
Total	50000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of dye and chemicals (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
32129020	Pigments(Incl Metlc Powdr & Flks) Dsprsd In Non-Aqs Media,In Lqd;Stmpng Foil;Dys & Othr Colrng Matr In Pckng Fr Retail Sale
NIC Code No.	Products/Services Description
2011	Dyes And Other Coloring Product

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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 :

Banker Name :	Not Divulged
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	Sunil Modi and Associates Chartered Accountants
Address :	A-401, Shivhara, Opposite Muncipal Hospital, Carter Road No.2, Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-28700125/ 28700409/ 65706382
Income-tax PAN of auditor or auditor's firm :	AAFPM4742C
Memberships :	Not Available
Collaborators :	Not Available
Other related parties :	· Oswal Udhyog · Rathod Rasayan

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	INR 10/- each	INR 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	INR 10/- each	INR 0.500 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	0.500	0.500	0.500
(b) Reserves & Surplus	11.286	5.412	2.552
(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)	11.786	5.912	3.052
(3) Non-Current Liabilities
(a) long-term borrowings	0.080	22.080	0.129
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.080	22.080	0.129
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	21.325	25.665	13.933
(c) Other current liabilities	23.712	5.537	2.274
(d) Short-term provisions	0.404	0.000	0.223
Total Current Liabilities (4)	45.441	31.202	16.430
TOTAL	57.307	59.194	19.611
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.252	0.041	0.051
(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)	0.006	0.002	0.001
(d) Long-term Loan and Advances	0.353	0.919	0.511
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.611	0.962	0.563
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.335	19.411	10.150
(c) Trade receivables	30.770	34.386	7.852
(d) Cash and cash equivalents	6.273	3.553	0.932
(e) Short-term loans and advances	4.318	0.882	0.114
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	56.696	58.232	19.048
TOTAL	57.307	59.194	19.611

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	344.908	149.534	85.311
	Other Income	1.160	0.090	0.543
	TOTAL	346.068	149.624	85.854
Less	EXPENSES
	Purchases of Stock-in-Trade	280.222	138.569	83.050
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4.076	(9.261)	(8.464)
	Employees benefits expense	16.669	7.118	4.268
	Other expenses	35.286	9.985	5.445
	TOTAL	336.253	146.411	84.299
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	9.815	3.213	1.555
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.815	3.213	1.555
Less/ Add	DEPRECIATION/ AMORTISATION	0.093	0.010	0.003
	PROFIT/ (LOSS) BEFORE TAX	9.722	3.203	1.552
Less	TAX	3.848	0.343	0.482
	PROFIT/ (LOSS) AFTER TAX	5.874	2.860	1.070
	Earnings / (Loss) Per Share (INR)	117.48	57.19	21.40

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 flows 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)	32.56	83.93	33.59
Account Receivables Turnover (Income / Sundry Debtors)	11.21	4.35	10.86
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	27.78	67.60	61.23
Inventory Turnover (Operating Income / Inventories)	0.64	0.17	0.15
Asset Turnover (Operating Income / Net Fixed Assets)	38.95	78.37	30.49

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.79	0.90	0.84
Debt Equity Ratio (Total Liability / Networth)	0.01	3.73	0.04
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.86	5.28	5.38
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.02	0.01	0.02
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.70	1.91	1.25
Return on Total Assets ((PAT / Total Assets) * 100)	%	10.25	4.83	5.46
Return on Investment (ROI) ((PAT / Networth) * 100)	%	49.84	48.38	35.06

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.25	1.87	1.16
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.91	1.24	0.54
G-Score Ratio Financial (Networth / Total Assets)	0.21	0.10	0.16
G-Score Ratio Debt (Debts / Equity Capital)	0.16	44.16	0.26
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.25	1.87	1.16

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	0.500	0.500	0.500
Reserves & Surplus	2.552	5.412	11.286
Net worth	3.052	5.912	11.786
long-term borrowings	0.129	22.080	0.080
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.129	22.080	0.080
Debt/Equity ratio	0.042	3.735	0.007

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	85.311	149.534	344.908
		75.281	130.655

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	85.311	149.534	344.908
Profit	1.070	2.860	5.874
	1.25%	1.91%	1.70%

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	Yes
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

GENERAL INFORMATION

The company is trading company of dye and chemicals

COMPANY'S PERFORMANCE AND STATE COMPANY'S AFFAIRS

The Sales Turnover has increased to INR 344.908 million for the year ended 31st march, 2017 as compare to INR 149.624 million for the Financial Year ended 31st march, 2017. The next profit for the year after providing for taxes increased to INR 5.874 million as compared to INR 2.860 million.

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and Advances from related Parties	0.080	22.080
Total	0.080	22.080

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS

· Printer

· Mobile Phone

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 records 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 67.77
UK Pound	1	INR 89.96
Euro	1	INR 78.86

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	NIY
Report Prepared by :	JYTK

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.