MIRA INFORM REPORT

Report Date :

07.03.2007

IDENTIFICATION DETAILS

Name :	KIRI DYES AND CHEMICALS PRIVATE LIMITED

Registered Office :	53, Manek Baug Society, Ambawadi, Ahmedabad – 380 015, Gujarat

Country :	India

Financials (as on) :	31.03.2006

Date of Incorporation :	14.05.1998

Com. Reg. No.:	04-34094

CIN No.: [Company Identification No.]	U24231GJ1998PTC034094

TAN No.: [Tax Deduction & Collection Account No.]	AHMK01019E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Synthetic Organic Dyestuffs and Intermediates

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having fine track. Directors are reported as experienced, respectable and having resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	53, Manek Baug Society, Ambawadi, Ahmedabad – 380 015, Gujarat
Tel. No.:	91-79-25894477 / 25835297 / 26730802
Fax No.:	91-79-25834960 / 26769529
E-Mail :	exports@kiridyes.com
Website :	http://www.kiridyes.com
Area :	1000 sq. ft
Location :	(Owned)

Factory 1 :	Plot No. 299/1/A, Near Water Tank, Phase II, GIDC Estate, Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-25894477/ 25835297
Fax No.:	91-79-25834960/ 26569529
E-Mail :	exports@kiridyes.com
Location :	Owned

Factory 2 :	10/8, Valu Via-Vinzol, District – Descroi, Ahmedabad
Area :	2539 sq. ft
Location :	Owned

Branches :	7^th Floor, Hasubhai Chaber, Ashram Road, Ellisbridge, Ahmedabad
Tel. No.:	91-79-26574321
Fax No.:	91-79-26574373-74
E-Mail :	export@kiridyes.com
Location :	Owned

DIRECTORS

Name :	Mr. Pravinbhai Amritlal Kiri
Designation :	Whole Time Director
Address :	53, Manek Baug Society, Ambawadi, Ahmedabad-380 006, Gujarat
Date of Birth/Age :	01.11.1945
Date of Appointment :	14.05.1998

Name :	Mr. Manishbhai Pravinbhai Kiri
Designation :	Whole Time Director
Address :	53, Manek Baug Society, Ambawadi, Ahmedabad-380 006, Gujarat
Date of Birth/Age :	26.12.1972
Date of Appointment :	14.05.1998

Name :	Mrs. Arunaben Pravinbhai Kiri
Designation :	Whole Time Director
Address :	53, Manek Baug Society, Ambawadi, Ahmedabad-380 006, Gujarat
Date of Birth/Age :	29.10.1942
Date of Appointment :	14.05.1998

Name :	Mr. Bipinchandra R. Patel
Designation :	Director
Address :	44, Mithila Society, Ambavadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.03.1945
Date of Appointment :	01.09.2006
PAN No. :	00407106
Other Directorship :	Ami Pigments Private Limited – Director CIN No. : U36998GJ1997PTC032218

KEY EXECUTIVES

Name :	Mr. R. S. Shah
Designation :	Company Secretary
Address :	B-3, Deepkunj Flats, Near Purnanand Ashram, Navjivan Post, Ahmedabad - 380014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders		No. of Shares
Mr. Pravinbhai Amritlal Kiri		849900
Mrs. Arunaben Pravinbahi Kiri		150100
Mr. Manish Pravinbhai Kiri		50000
Pravinbhai Amritlal Kiri (HUF)		100000

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Synthetic Organic Dyestuff and Intermediates

Products with ITC Code :	¯ Synthetic Organic Dyestuff – 320429 ¯ Dyes ¯ Chemicals ¯ Intermediates

Imports :
Countries :	Europe, U.S.A. and Germany

Terms :
Purchasing :	L/C

GENERAL INFORMATION

No. of Employees :

Bankers :

· State Bank of India, Vatva Industrial Estate Branch, Ahmedabad – 382 445,Gujarat

· State Bank of India, Mumbai

· Bank of Baroda, Rakhial, Gujarat

· Bank of Baroda Kaligram

· Bank of Baroda Ahmedabad, Gujarat

· Bank of Baroda, Mumbai

· State Bank of Saurashtra, Ahmedabad, Gujarat

· State Bank of Saurashtra, Mumbai


Banking Relations :	Satisfactory

Auditors :
Name :	Vimal D Shukla and Company Chartered Accountants
Address :	22, Akruti Society, Satellite Road, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26445335

Associates :	BSB Dyechem Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9525000	Equity Shares	Rs. 10/- each	Rs. 95.250 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		95.250	11.500	11.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		156.176	168.424	136.830
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		251.426	179.924	148.330
LOAN FUNDS
1] Secured Loans		359.345	192.720	193.296
2] Unsecured Loans		0.000	3.736	8.536
TOTAL BORROWING		359.345	196.456	201.832
DEFERRED TAX LIABILITIES		6.800	5.800	0.000

TOTAL		617.571	382.180	350.162

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		177.909	87.015	78.300
Capital work-in-progress		6.655	0.000	0.000

INVESTMENT		2.196	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	192.050	182.152	150.757
	Sundry Debtors	274.505	193.534	6.934
	Cash & Bank Balances	19.462	27.690	15.559
	Other Current Assets	11.918	37.664	219.533
	Loans & Advances	31.308	7.609	6.402
Total Current Assets		529.243	448.649	399.185
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	93.577	149.765	125.160
	Provisions	5.108	3.750	2.200
Total Current Liabilities		98.685	153.515	127.360
Net Current Assets		430.558	295.134	271.825

MISCELLANEOUS EXPENSES		0.253	0.031	0.037

TOTAL		617.571	382.180	350.162

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		399.704	763.821	785.860
Sale of goods manufactured		512.043	0.000	0.000
Other Income		14.154	0.000	0.000
Total Income		925.901	763.821	785.860

Profit/(Loss) Before Tax		49.810	34.145	26.375
Provision for Taxation		0.000	2.550	3.006
Profit/(Loss) After Tax		49.810	31.595	23.369

Earnings in Foreign Currency :
	Export Earnings	N.A.	454.297	609.611
	Commission Earnings	N.A.	0.000	0.000
	Other Earnings	N.A.	0.000	0.000
Total Earnings		N.A.	454.297	609.611

Total Imports		N.A.	82.651	96.694

Total Expenditure		876.091	729.677	759.484

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	5.37	4.46	4.52

Net Profit Margin (PBT/Sales)	(%)	5.37	4.90	4.64

Return on Total Assets (PBT/Total Assets}	(%)	7.04	14.33	13.10

Return on Investment (ROI) (PBT/Networth)		0.19	0.35	0.39

Debt Equity Ratio (Total Liability/Networth)		1.82	1.50	2.06

Current Ratio (Current Asset/Current Liability)		5.36	2.03	1.57

LOCAL AGENCY FURTHER INFORMATION

History :

Subject’s Registered Office was shifted from 7^th Floor, Hasubhai Chambers, Townhall, Ellisbridge, Ahmedabad – 380006, Gujarat to the present address w.e.f. 01^st February, 2007.

Fixed Assets

Ø Land

Ø Building

Ø Plant and Machinery

Ø Electric Installation

Ø Furniture

Ø Laboratory Equipment

Ø Aquaguard

Ø Car

Ø Computer

Ø Fan

Ø Fax Machines

Ø Scooter

Ø Telephone Line

Ø Air Condition

Ø ETP

Ø Electronic Typewriter

Ø Pump, Pipes and Pipe Fitting

Ø Vessel

Ø Hundai Car

Ø Fire Equipments

Ø Mineral Water Plant

Ø Packing Machine

Ø Spectrometer

Ø Xerox Machines

Ø Toyota Car

Ø Water cooler

Ø Tata Indica

Ø Freeze

Form 8 Particular for creation or modification of charges

Corporation identity number or foreign company registrations number of the company	U24231GJ1998PTC034094
Name of the company	KIRI DYES AND CHEMICALS PRIVATE LIMITED
Address	53, Manek Baug Society, Ambawadi, Ahmedabad – 380 015, Gujarat
This Form is for	Modification of charge
Type of Charges	Immovable Property
Particular of the charge holder	State Bank of India Vatva Industrial Estate Branch, Vatva, Ahmedabad – 382445, Gujarat, India
Nature or description of the instrument creating charge	Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits
Date of the instrument creating charge	10.10.2006
Amount Secure by the charge	Rs. 523.300 millions
Brief of the principal terms and conditions and extent and operation of the charge	As prescribed by banks from time to time Term Loan : 6 monthly installment of Rs. 0.833 million to commence from November 2006 C. C. repayable on demand Raw material 25%, SIP 30%, Finished Goods 25%, Book Debts 40% Pari Passu charge in favour of participating banks Total credit limits of consortium banks Rs. 523.300 millions as follows : State Bank of India – 338.300 millions, Bank of India : Rs. 110.000 millions and Oriental Bank of Commerce : Rs. 75.000 millions
Modification charge Charge identification number of the charge to be modified	80014322
Particulars of the Present Modification	The SBI has enhanced credit facilities for further sum of Rs. 50.400 millions, making total consortium advance facilities to the extent of Rs. 523.300 millions
Short particulars of the property charged	All piece of leasehold land at 1. Plot No. 299/1/A, R. S. No. 416 [Paiki] & 410 [Paiki], ADM 3767 sq. mts. [2] Plot No. 299/1/B, R. S. No. 416 [Paiki], ADM 2050 sq. mts. [3] Plot No. 10/8, R. S. No. 416 [Paiki], ADM 2539 sq. mts. at Vatva Ind. Estate, Vinzol, Tal. Dascroi, Sub. Dist. Ahmedabad – 5 [Narol], Dist. Ahmedabad, and [4] Plot ADM. 45773 sq. mts. At block no. 396, 399, 400-a, 400-B, 401, 402, 403 and 404 of Vil. Dufhwada, Tal. Padra, Dist. Baroda

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

Shri Pravinbhai Kiri

1) Date and description of instrument creating the change

Memorandum of entry dated 19.03.2001

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 121.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the immovable properties of the cum including land, building etc. situated Plot No. 299/1/A, in the Vatva Industries Area / Estate consisting of revenue No . 416 (Paiki) and 410 (Paiki) within village limit of Vonzol of Dascroi Tax in the sub district of Ahmedabad – 5(Nari Containing by admeasurements 3767 sq. mtr. Thereabouts toetherwith all or superstructure standing thereon)

4) Gist of the terms and conditions and extent and operation of the charge.

Following facilities will be covered.

	Rs in millions
Export packing Credit	27.000
Foreign Bills Discounting Purchase	48.000
Term Loan - I	10.000
Letter of Credit	30.000
Bank Guarantee	2.500
Term Loan - II	4.000
	121.500

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Memorandum of entry dated 26.02.2004

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge by way of equitable mortgage of the properties described in Point No. 3 above is further extended to secure enhanced various credit limits of Rs. 123.517 millions making total charge of Rs. 35.900 millions. The company has also offered by way of equitable mortgage and has created security by the memorandum of entry dated 26.02.2004 on the property described in 7^th schedule to secure the original and additional credit limits aggregating to Rs. 35.900 millions in addition to the property described in memorandum of entry dated 06.09.2002. the brief description of the properties is as follows :

All the piece of leasehold land as Plot No. 10/8, Vatva Ind. Area, R S No. 418/p, Vil. Vinzol, Ta. Dascroi, Dist. Ahmedabad adm. 2539 sq. mtrs. together with any superstructures thereon more particularly described in the 7^th schedule.

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

Shri Pravinbhai Kiri

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 15.09.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 5.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All Goods, movables Book-debts, raw materials and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 2.75 % p.a. above State Bank of India, rate subject to minimum of rate of 15.75 %

Margin :

Raw materials stock : 25 %

Finished goods and working process : 40 %

Inland and Export D A Bill : Nil

Sub Limits within overall limit of Rs. 5.500 millions

Demand cash credit : Rs. 1.500 millions

Discounting of Inland and export Rs. 4.000 millions and other export bills

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Supplimental General Agreement for grant of SIA and hypothecation of goods, book debts and other assets dated 26.02.2004

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge extended to further secure the additional working capital limit of Rs. 75.000 millions. The Total charge now stands at Rs. 342.500 millions.

Notes :

Charge include mortgage – Sec 124 A description of instrument that is to say whether trust deed, mortgage or debenture should also be given .

“Person entitled to the charge” will include mortgage.

Amount or rate percent of the commission, allowance or discount paid or made other directly or indirectly by the company toany person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally or procuring or agreeing subscription whether absolutely or conditional for any of the debentures included in this return should be given item No 4

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 15.09.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 5.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All Goods, movables Book-debts, raw materials and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 2.75 % p.a. above State Bank of India, rate subject to minimum of rate of 15.75 %

Margin :

Raw materials stock : 25 %

Finished goods and working process : 40 %

Inland and Export D A Bill : Nil

Syblimits within overall limit of Rs. 5.500 millions

Demand cash credit : Rs. 1.500 millions

Discounting of Inland and export Rs. 4.000 millions

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Supplimental General Agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 04.02.1999

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original change extended to further secure the additional working capital finance of Rs. 6.500 millions total charge now stands at Rs. 12.000 millions

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 04.02.1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 10.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Present and future goods, book debts, movable and other assets including documents of title to goods and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 1 % p.a. above State Bank of India, rate subject to minimum of rate of 13.75 %

Repayment :

In quarterly installments of Rs. 0.500 millions each. First installment to be paid at the end of one year from the date of first disbursement.

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

Memorandum of entry creating he equitable mortgage by deposit of documents of title deeds dated 06.02.1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 22.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

4) Gist of the terms and conditions and extent and operation of the charge.

Following facilities will be covered.

	Rs in millions
Export packing Credit	1.500
Foreign Bills Discounting Purchase	7.500
Medium Term Loan	10.000
Letter of Credit	2.500
Bank Guarantee	0.500
Total	22.000

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 15.09.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 5.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All Goods, movables Book-debts, raw materials and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 2.75 % p.a. above State Bank of India, rate subject to minimum of rate of 15.75 %

Margin :

Raw materials stock : 25 %

Finished goods and working process : 40 %

Inland and Export D A Bill : Nil

Syblimits within overall limit of Rs. 5.500 millions

Demand cash credit : Rs. 1.500 millions

Discounting of Inland and export Rs. 4.000 millions

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Supplimental General Agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 20^th May, 2000

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original change extended to further secure the additional working capital finance of Rs. 30.500 millions. Total charge now stands at Rs. 42.500 millions

Margin : 25 % on raw material, semi finished and finished goods.

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 20^th May, 2000

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 4.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Present and future goods, book debts, movable and other assets including documents of title to goods and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 3 % p.a. above State Bank of India, rate subject to minimum of rate of

15 %

Repayment :

In quarterly installments of Rs. 25.000 millions each. First installment to be paid at the end of one year from the date of June 2000

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

Memorandum of entry creating he equitable mortgage by deposit of documents of title deeds dated 06.02.1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 22.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the immovable properties of the cum including land, building etc. situated Plot No. 299/1/A, in the Vatva Industries Area / Estate consisting of revenue No . 416 (Paiki) and 410 (Paiki) within village limit of Vonzol of Dascroi Tax in the sub district of Ahmedabad – 5 (Nari Containing by admeasurements 3767 sq. mtr. Thereabouts toetherwith personal immovable of the Directors of the company)

4) Gist of the terms and conditions and extent and operation of the charge.

Following facilities will be covered.

	Rs in millions
Export packing Credit	1.500
Foreign Bills Discounting Purchase	7.500
Medium Term Loan	10.000
Letter of Credit	2.500
Bank Guarantee	0.500
Total	22.000

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Memorandum of Entry by way of Extension dated 22^nd May, 2000

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge by way of mortgage of immovable assets created to secure various limits aggregating to Rs. 22.000 millions is now further extended to secure additional working capital and term loan facilities of Rs. 34.500 millions the total charge now stands at Rs. 56.600 millions

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 15.09.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 5.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All Goods, movables Book-debts, raw materials and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 2.75 % p.a. above State Bank of India, rate subject to minimum of rate of 15.75 %

Margin :

Raw materials stock : 25 %

Finished goods and working process : 40 %

Inland and Export D A Bill : Nil

Syblimits within overall limit of Rs. 5.500 millions

Demand cash credit : Rs. 1.500 millions

Discounting of Inland and export Rs. 4.000 millions

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Supplimental General Agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 19.03.2001

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original change extended to further secure the additional working capital finance of Rs. 65.000 millions. Total charge now stands at Rs. 107.500 millions

Margin : L/C and Guarantee 25 % on raw material, semi finished and finished goods 25 %.

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

Memorandum of entry dated 19.03.2001

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 121.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the immovable properties of the cum including land, building etc. situated Plot No. 299/1/A, in the Vatva Industries Area / Estate consisting of revenue No . 416 (Paiki) and 410 (Paiki) within village limit of Vonzol of Dascroi Tax in the sub district of Ahmedabad – 5 (Nari Containing by admeasurements 3767 sq. mtr. Thereabouts toetherwith all or any superstructure standing thereon)

4) Gist of the terms and conditions and extent and operation of the charge.

Following facilities will be covered.

	Rs in millions
Export packing Credit	27.000
Foreign Bills Discounting Purchase	48.000
Medium Term Loan	10.000
Letter of Credit	30.000
Bank Guarantee	2.500
Total	4.000
	121.500

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date and brief description of instrument modifying the charge

Memorandum of Entry by way of Extension dated 6^th September, 2002

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge by way of equitable mortgage of the properties described in point no. 3, above is further extended to secure enhanced various credit limits of Rs. 113.983 millions making total charge of Rs. 235.483 millions. The equitable mortgage and has created security on the Memorandum of Entry dated 9.6.2002 on the property described in 5^th Schedule to secure the original and additional credit limits aggregating to Rs. 235.483 millions. The brief description of the properties is As Follows:

All the immovable properties of the cum including land, building etc. situated Plot No. 299/1/B, in the Vatva Industries Area / Estate consisting of revenue No . 416 (Paiki) and 410 (Paiki) within village limit of Vonzol of Dascroi Tax in the sub district of Ahmedabad – 5 (Nari Containing by admeasurements 2050 sq. mtr. Thereabouts toetherwith all or any superstructure standing thereon

Website Details Attached:

Profile:

Kiri Dyes and Chemicals Private Limited is one of the foremost manufacturers and suppliers of high quality dyes and intermediates in the dyestuff industry. Through innovation, dedication to total quality and consumer satisfaction, as well as commitment to research and development, they have succeeded in meeting the needs of a broad range of customers worldwide.

KDC production facilities are strategically located in the heart of chemical industrial zone, which provides comparative ease and convenience to effectively utilize the Common Effluent Treatment Plant to further treat outlets. Centralized administration is established in highly commercial area of the city, Ahmedabad.

History - Strength in the foundation

Based on more than 30 years of experience in exporting dyes and intermediates to more than 30 countries all over the world (Taiwan, Japan, Korea, Germany, U. K., U. S. A., Australia..... to name a few). Pravin Kiri, a successful and accomplished businessman, President of Kiri Dyes and Chemicals Private Limited, set up independent dyes manufacturing unit in Ahmedabad, India. His exploration and development of many innovative concepts, products and technologies in the field of dye manufacturing is the heart of the strength of Kiri Dyes and Chemicals Private Limited.

Business Philosophy and Beliefs

Strongly believe in developing partnership with affiliated organizations and customers.

Strongly believe in long term relations and business tie-up.

Strongly believe in mutual growth and support for bright prospects of KDC customers and KDC itself.

Committed to the best business practices with affiliated concerns.

Products:

Total KDC Production Land : 8000 square yards.

Total buildup Area: 3500 square yards.

Total Manufacturing Capacity : 2700 MT/Year.

Reactive Dyes : 75% of the total capacity.

Acid & Direct Dyes : 25% of the total capacity.

Cost Effective and Large-Scale manufacturing.

Products - exceeds customer expectations

KDC has one of the most extensive product line in the world of dyes and intermediates. KDC product range comprises of more than 120 dyestuffs for textiles, leather, paint and printing-ink industries with total production capacity of more than 2700 MT per annum. KDC supplies Reactive, Acid, and Direct Dyes as well as Dye-Intermediates in various forms like Standardized Spray Dried / Tray Dried - Powder / Granular, Crude and Reserve Osmosis. KDC products are attractive to many clients since they customize solutions to the customers needs. Their operations caster to the customer's needs at every stage of business.

Environment:

Safety and the Environment - Highest Priority

Nothing is more important than the safety of our people and out communities. They integrate environmental considerations into their business decisions, and they design or modify their products and processes to minimize their environmental, health and safety impact. Demonstrating their management as well as individual level of commitment to safeguarding the environment. Kiri Dyes and Chemicals Private Limited maintains the highest level of compliance with all applicable environmental regulations, especially Gujarat Pollution Control Board where their plants are located. KDC has one of the advanced and effective effluent treatment plant to ensure required outlet norms. High marks and appreciation for our zero - discharge products by representatives, government agencies and environmental groups are evidences of their leadership for pure and healthy environment. Thus it is justified that development and environment can go together.

At KDC, quality control encompasses raw material sourcing, production processing, final product analysis and documentation order processing and delivery. This commitment to quality control enforces their company to provide consistent products to meet their exact specifications.

Throughout the production process, the utmost care is taken to ensure rigorous standardized tests and adhere to strict specifications. KDC's quality control policy guarantees that customers are supplied only with products that meet the highest quality standards. KDC products have been successfully recognized standards. KDC products have been successfully recognized nationally as well as internationally - KDC quality speaks for itself.

This internationally recognized and popular products of KDC are Kiri Direct(Kirect) Turquoise Blues, Kiractive Hot, Cold, High Exhaustive and Bifunctional Reactive Dyes, Kiri Acid Blacks, Kiri pigments and intermediates for reactive dyes.

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	Indian Rupees
US Dollar	1	Rs.44.50
UK Pound	1	Rs.85.86
Euro	1	Rs.58.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

MIRA INFORM REPORT

192.050

182.152

150.757

274.505

193.534

6.934

19.462

27.690

15.559

11.918

37.664

219.533

31.308

529.243

93.577

149.765

5.108

3.750

98.685

430.558

271.825

5.37

4.46

5.37

4.90

7.04

14.33

0.19

0.35

1.82

1.50

5.36

2.03

Unit