MIRA INFORM REPORT

Report Date :

05.04.2012

IDENTIFICATION DETAILS

Name :	STANDARDCON PRIVATE LIMITED
Registered Office :	339/341, Samuel Street, Rawal Chambers, 4^th Floor, Mumbai – 400003, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.1998
Com. Reg. No.:	11-117419
Capital Investment / Paid-up Capital :	Rs. 2.338 Millions
CIN No.: [Company Identification No.]	U51900MH1998PTC117419
TAN No.: [Tax Deduction & Collection Account No.]	MUMS27544G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Exporter of Lake Colors and Food Colors and assortment of Solvent Dyes, Acid Dyes, Pigment Powders, Basic Dyes etc.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 14980
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Javadsha .H. Varaiya
Designation :	Director
Contact No.:	91-9323087138
Date :	13.03.2012

LOCATIONS

Registered Office / Head Office :	339/341, Samuel Street, Rawal Chambers. 4^th Floor, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-66312479 / 23428704
Mobile No.:	91-9323087138 / 9322894067 / 9323132280 (Mr. Javadsha .H. Varaiya)
Fax No.:	91-22-23421198
E-Mail :	javadsha@standardcon.com sales@standardcon.com
Website :	www.standardcon.com
Area :	500 sq.ft
Location :	Owned
Factory :	Plot No. D – 14/5, Turbhe, M.I.D.C (T.T.C) Area, Chemical – Alkali Society, Navi Mumbai , India
Tel. No.:	91-22-27633228
Area :	7000 sq.ft
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Pravinchandra Babulal Shah
Designation :	Director
Address :	301, Bharat Apartment, 11 Juhu Lane, Andheri (west) Mumbai – 400058, Maharashtra
Date of Birth/Age :	24.03.1940
Qualification:	B S C
Date of Appointment :	10.12.1998
DIN No.:	00181714

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L24110MH1972PLC015857	VIPUL DYECHEM LIMITED	Director	21-06-72	21-06-72	Active	NO
2	U51900MH1979PTC021579	VIP CHEM PRIVATE LIMITED	Director	21-08-79	21-08-79	Active	NO
3	U24299MH1985PLC038264	JAYAPRIYA CHEMICAL INDUSTRIES LIMITED	Director	06-12-85	06-12-85	Active	NO
4	U51900MH1998PTC117419	STANDARDCON PRIVATE LIMITED	Director	10-12-98	10-12-98	Active	NO
5	U74900MH2007PTC173873	SUDOKU COMMERCIAL SERVICES PRIVATE LIMITED	Director	14-07-10	14-07-10	Active	NO

Name :	Ms. Jaya Pravinchandra Shah
Designation :	Director
Address :	301, Bharat Apartment, 11 Juhu Lane, Andheri (west) Mumbai – 400058, Maharashtra
Date of Birth/Age :	03.03.1942
Qualification :	B.A
Date of Appointment :	10.12.1998
DIN No.:	02483981

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1979PTC021579	VIP CHEM PRIVATE LIMITED	Director	29-05-89	29-05-89	Active	NO
2	U24299MH1985PLC038264	JAYAPRIYA CHEMICAL INDUSTRIES LIMITED	Director	05-03-92	05-03-92	Active	NO
3	U51900MH1998PTC117419	STANDARDCON PRIVATE LIMITED	Director	10-12-98	10-12-98	Active	NO
4	U74900MH2007PTC173873	SUDOKU COMMERCIAL SERVICES PRIVATE LIMITED	Director	14-07-10	14-07-10	Active	NO

Name :	Mr. Javadsha Hasmukhray Varaiya
Designation :	Director
Address :	Flat G – 201, 2^nd Floor, Vardhmam Nagar, Dr, Rajendra Prasad Road, Mulund (west), Mumbai – 400080, Maharashtra
Date of Birth/Age :	30.04.1967
Qualification:	M. Tech
Date of Appointment :	15.01.2001
DIN No.:	02544576

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1998PTC117419	STANDARDCON PRIVATE LIMITED	Director	15-01-01	15-01-01	Active	NO

Name :	Ms. Kavita Javadsha Varaiya
Designation :	Director
Address :	Flat G – 201, 2^nd Floor, Vardhmam Nagar, Dr, Rajendra Prasad Road, Mulund (west), Mumbai – 400080, Maharashtra
Date of Birth/Age :	13.10.1968
Date of Appointment :	01.04.2011
DIN No.:	03465277

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1998PTC117419	STANDARDCON PRIVATE LIMITED	Director	01-04-11	01-04-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Kavita Javadsha Varaiya	15000
Jaya Pravinchandra Shah	218700
Pravinchandra Babulal Shah	100
Total	233800

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Exporter of Lake Colors and Food Colors and assortment of Solvent Dyes, Acid Dyes, Pigment Powders, Basic Dyes etc.

Products :

Item Code No. (ITC Code)	Product Description
3205.00	Lake Colour and Chemicals

Terms :

Selling :

L/C, Credit

Purchasing :

Credit

GENERAL INFORMATION

Suppliers :

Prakash Enterprises

Customers :

Manufacturer

No. of Employees :

25 (Approximately)

Bankers :

· Vijaya Bank, Mandvi Branch, Avasar Building, 77/81, Kazi Sayed Street, Mandvi, Mumbai – 400003, Maharashtra, India.

· HDFC Bank

Facilities :

Over Draft Rs. 2.500 Millions (From Vijaya Bank)

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Vijaya Bank Secured by way of hypothecation and Mor. of assets and personal guarantee of directors	1.863	1.752
HDFC (For car)	0.280	0.000
Total	2.143	1.752
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Director	0.000	0.000
Form Other	8.053	6.941
Total	8.053	6.941

Banking Relations :
Auditors :
Name :	A.D. Lalwani and Associates Chartered Accountant
Address :	4 – A, Ground floor, D.T.C., Goregaonkar Lane, Attached to Central Cinema, Charni Road (east), Mumbai – 400004, Maharashtra, India
Tel. No.:	91-23865363 / 23811714
Pan No.:	AAEFA9378B
Associates/Subsidiaries :	Vipul Dye Chem limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
233800	Equity Shares	Rs.10/- each	Rs. 2.338 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.338	2.338	2.338
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.407	0.375	0.670
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.745	2.713	3.008
LOAN FUNDS
1] Secured Loans		2.142	1.752	2.514
2] Unsecured Loans		8.053	6.941	8.128
TOTAL BORROWING		10.195	8.693	10.642
DEFERRED TAX LIABILITIES		0.011	0.607	0.000
TOTAL		13.951	12.013	13.650
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.447	3.871	4.059
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.812	1.979	2.876
	Sundry Debtors	7.098	5.197	3.648
	Cash & Bank Balances	0.026	0.040	0.097
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.032	4.526	5.185
Total Current Assets		16.968	11.742	11.806
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.610	2.301	1.996
	Other Current Liabilities	0.066	0.839	0.030
	Provisions	0.788	0.523	0.314
Total Current Liabilities		7.464	3.663	2.340
Net Current Assets		9.504	8.079	9.466
MISCELLANEOUS EXPENSES		0.000	0.063	0.125
TOTAL		13.951	12.013	13.650

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	28.650	20.121	17.621
		Other Income	0.182	0.105	0.177
		TOTAL (A)	28.832	20.226	17.798
Less	EXPENSES
		Office Expenses
		Administrative Expenses	27.527	19.100	17.048
		Advertising Expenses
		TOTAL (B)	27.527	19.100	17.048
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.305	1.126	0.750
Less	FINANCIAL EXPENSES (D)		0.315	0.389	0.280
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.990	0.737	0.470
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.304	0.259	0.287
	PROFIT BEFORE TAX (E-F) (G)		0.686	0.478	0.183
Less	TAX (H)		(0.346)	0.773	0.072
	PROFIT AFTER TAX (G-H) (I)		1.032	(0.295)	0.111
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.075)	0.220	0.208
	EARNINGS IN FOREIGN CURRENCY		5.716	3.783	--
	Earnings Per Share (Rs.)		4.41	1.26	0.48

Expected Sales (2011 - 2012) : Rs 42.000 Millions.

The above information has been parted by Mr. Javadsha .H. Varaiya.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.57	(1.45)	0.62
Net Profit Margin (PBT/Sales)	(%)	2.39	2.37	1.03
Return on Total Assets (PBT/Total Assets}	(%)	3.20	3.06	1.15
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.06
Debt Equity Ratio (Total Liability/Networth)		4.72	4.77	4.31
Current Ratio (Current Asset/Current Liability)		2.27	3.20	5.04

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	--------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last two years	Yes
12. Profitability for last three years	No
13. Reasons for variation <> 20%	---------
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	----------
22. Litigations that the firm / promoter involved	----------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	-----------
26. Buyer visit details	-----------
27. Financials, if provided	No
28. Incorporation details, if applicable	-----------
29. Last accounts filed at ROC	-----------
30. Major Shareholders, if available	-----------

OPERATION:

During the year company is doing well. The Turnover of the company is growing steadily, with export orders received from additional merchant exporters. As compare to last year turnover of Rs. 20.121 Millions company has achieved Rs.28.650 Millions.

PROSPECT:

The prospects of the company are very good. The company hopes to achieve is better results during the ensuing year. The company has already taped LX export as well as local market. Company is also trying to get entry into remaining international markets with the help of various certifications like ISO, Kosher and Halal.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90146231
Corporate identity number of the company	U51900MH1998PTC117419
Name of the company	STANDARDCON PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	339/341, Samuel Street, Rawal Chambers, 4^th Floor, Mumbai – 400003, Maharashtra
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	Vijaya Bank, Mandvi Branch, Avasar Building, 77/81, Kazi Sayed Street, Mandvi, Mumbai – 400003, Maharashtra
Nature of instrument creating charge	Supplementary Agreement Memorandum (All the Agreement Constitute a single charge)
Date of instrument Creating the charge	12.01.2009
Amount secured by the charge	Rs. 2.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As stipulated by bank from time to time Terms of repayment As stipulated by bank from time to time Margin As stipulated by bank from time to time Extent and operation of the charge First charge (Present and Future) = Total Limit of Rs. 2.500 Millions and/or as stipulated by bank from time to time. Other As stipulated by bank from time to time and as per agreement attached and as per sanction letter of the bank.
Short particulars of the property charged (Including location of the property)	First charge (Present and Future) (1) Hypothecation of all stock / goods / inventories. (2) Hypothecation of all Book debts and Receivables including hypothecation of export documentary bills. (3) Hypothecation of all Plant and machinery, Fixtures, Implements, Fittings and other installations, Furniture, Vehicles, Computers and all other articles and things. (4) Hypothecation of all current, movable and fixed assets. (5) Emtd of factory Land and building situated at Plot no D-14/5, MIDC (TTC area), chemical and Alkali industries and warehousing co. operative society limited, Navi Mumbai-400705
Particulars of the present modification	By this modification limit enhanced to Rs. 2.500 Millions, Security given by original charge and modification will be continued for this modification also, as per sanction letter of the bank.

Fixed Assets:

· Land and Building

· Factory Premises

· Plant and Machinery

· Electrical Fitting

· Computer

· Vehicle – Car

Trade Reference:

· Prakash Enterprises

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. 51.04
UK Pound	1	Rs. 81.08
Euro	1	Rs. 67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
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
TOTAL		30

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	Capability to overcome financial difficulties seems comparatively below average.	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
-	NB	New Business	-

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.