MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	COLOURTEX INDUSTRIES LIMITED (w.e.f. 20.03.2007)
Formerly Known As :	COLOURTEX INDUSTRIES PRIVATE LIMITED PANDESARA DYES AND INTERMEDIARIES PRIVATE LIMITED
Registered Office :	S. No.80, Bhestan, G.I.D.C., Pandesar, Surat – 394 221, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.10.1989
Com. Reg. No.:	04-012922
Capital Investment / Paid-up Capital :	Rs.37.500 millions
CIN No.: [Company Identification No.]	U24231GJ1989PLC012922
TAN No.: [Tax Deduction & Collection Account No.]	SRTP00070A
PAN No.: [Permanent Account No.]	AABCP6359B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Acid Dyes and Inter Mediates for Textile, Rubber, Plastic, Leather and Paint Industries.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 14297000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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

LOCATIONS

Registered Office :	S. No.80, Bhestan, G.I.D.C., Pandesar, Surat – 394 221, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	colourtexind@drdcs.net mitul.naik@colourtex.co.in
Website :	www.colourtex.co.in
Head Quarter :	Survey No.91, Opposite Navin Fluorine Industries, Bhestan – 395 023, Surat, Gujarat, India
Tel. No.:	91-261-2897800/ 801/ 802
Fax No.:	91-261-2892364/ 2890080
E-Mail :	info@colourtex.co.in
Factory 1:	Survey No.74/79/80, Plot No.158/15 to 19, 19, 438-1, 2, 3, 4, Bhestan G.I.D.C., Pandesara, Surat – 394 221, Gujarat, India
Tel. No.:	91-261-2891428/ 2891429/ 2897800/ 801/ 802
Fax No.:	91-261-2890080/ 2892364
E-Mail :	colourtex@vsnl.com sales.surat@colourtex.co.in colourtexind@drdcs.net info@colourtex.co.in
Website :	www.colourtex.co.in
Area :	69000 Sq. mtrs. (Land area – 80000 Sq. mtrs.)
Location :	Owned
Factory 2 :	Kim, Karanj, Bhestan, District Surat, Gujarat, India
Factory 3 :	Survey No.75/50/80, Plot No.158, Bhestan, GIDC, Pandesara, Surat – 394 221, Gujarat, India
Overseas Office 1 :	Colourtex Inc. 8000 Corporate Lane Drive, Suite # 105, Charlotte, NC 28226, USA
Tel. No.:	+ 1 704 540 1528
Fax No.:	+ 1 704 540 1529
E-Mail :	ctxdyes@bellsouth.net
Overseas Office 2 :	Colourtex (Asia Pacific) Limited Unit 01, 11/F, Technology Plaza, 651, King's Road, North Point, Hong Kong.
Tel. No.:	+852 35273633
Fax No.:	+852 35273661
E-Mail :	richardchow@colourtexap.com
Branch Office :	Located at: v Ahmedabad v Bhilwara v Chandigarh v Chennai v Ghaziabad v Ichhalkaranji v Mumbai v Tirupur
Sales Office :	Located at: v Bangalore v Delhi v Gorakhpur v Hyderabad v Kanpur v Kolkata

DIRECTORS

As on 30.09.2011

Name :

Mr. Vishadkumar Jayantilal Jariwala

Designation :

Director (Finance Control)

Address :

4, Etka, Opposite Trinidhi Apartment, Ghad Dod Road, Surat – 395 007, Gujarat, India

Date of Birth/Age :

26.09.1975

Date of Appointment :

29.12.1994

DIN No.:

00076314

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ1989PTC013039	Jaycol Industries Private Limited	Director	16-08-93	16-08-93	-	Amalgamated	NO
2	U24231GJ1988PTC010367	CTX Dyestuffs Private Limited	Director	10-09-93	10-09-93	-	Active	NO
3	U24299GJ1982PTC005533	Colour Synthe Industries Private Limited	Director	12-01-94	12-01-94	-	Amalgamated	NO
4	U24231GJ1989PTC012917	Colourtex Exports Private Limited	Director	18-07-94	18-07-94	-	Amalgamated	NO
5	U24231GJ1989PLC012922	Colourtex Industries Limited	Director	29-12-94	29-12-94	-	Active	NO
6	U24114GJ1982PLC066278	Colourtex Limited	Director	02-06-97	02-06-97	-	Amalgamated	NO
7	U72200MH2000PTC124590	Coconut Softwares Private Limited	Director	31-10-00	31-10-00	26-10-07	Active	NO
8	U24124GJ2000PTC039091	VI Col Private Limited	Director	07-12-02	07-12-02	-	Amalgamated	NO
9	U45201GJ2003PTC042773	Dhanesh Enterprise Private Limited	Director	21-08-03	21-08-03	-	Active	NO
10	U24114GJ2004PTC043554	CTX Lifescience Private Limited	Director	05-02-04	05-02-04	-	Active	NO
11	U17119GJ2003PTC042080	Parth Prints Private Limited	Director	15-12-06	15-12-06	-	Amalgamated	NO
12	U24100GJ2010PTC059677	Cora Fine Chem Private Limited	Director	23-02-10	23-02-10	-	Amalgamated	NO
13	U17120GJ2010PTC060198	Venus Silk Private Limited	Director	07-04-10	07-04-10	-	Active	NO
14	U17120MH2011PTC217053	Conac Textiles Private Limited	Director	04-05-11	04-05-11	-	Active	NO
15	U17200MH2011PTC220063	JTJ Chemicals Private Limited	Director	22-07-11	22-07-11	-	Active	NO

Name :

Mr. Jayantilal Thakordas Jariwala

Designation :

Managing Director

Address :

3, Etka, Opposite Trinidhi Apartment, Ghad Dod Road, Surat – 395 001, Gujarat, India

Date of Birth/Age :

04.11.1943

Date of Appointment :

03.03.2011

DIN No.:

00110103

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	U24114GJ1982PLC066278	Colourtex Limited	Director	15-11-83	15-11-83	Amalgamated	NO
2	U24231GJ1988PTC010367	CTX Dyestuffs Private Limited	Managing director	03-03-11	22-09-89	Active	NO
3	U24231GJ1989PTC012917	Colourtex Exports Private Limited	Director	23-10-89	23-10-89	Amalgamated	NO
4	U24231GJ1989PTC013037	Anthracol Dyes and Intermedicates Private Limited	Director	22-11-89	22-11-89	Amalgamated	NO
5	U27100GJ1974PTC002605	Vijay Foundry and Machine Works Private Limited	Director	20-05-00	20-05-00	Active	NO
6	U63022GJ1995PTC026971	Colourtex Marketing Private Limited	Director	01-01-03	01-01-03	Amalgamated	NO
7	U24114GJ2004PTC043554	CTX Lifescience Private Limited	Managing director	03-03-11	02-03-11	Active	NO
8	U45201GJ2003PTC042773	Dhanesh Enterprise Private Limited	Managing director	03-03-11	02-03-11	Active	NO
9	U24231GJ1989PLC012922	Colourtex Industries Limited	Managing director	03-03-11	02-03-11	Active	NO

Name :

Mr. Kanakkumar Jayantilal Jariwala

Designation :

Director (Procurement)

Address :

3, Etka, Opposite Trinidhi Apartment, Ghad Dod Road, Surat – 395 001, Gujarat, India

Date of Birth/Age :

17.11.1973

Date of Appointment :

18.01.1994

DIN No.:

00110182

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	U24114GJ1982PLC066278	Colourtex Limited	Director	10-09-93	10-09-93	Amalgamated	NO
2	U24231GJ1989PLC012922	Colourtex Industries Limited	Director	18-01-94	18-01-94	Active	NO
3	U24231GJ1989PTC012917	Colourtex Exports Private Limited	Director	18-07-94	18-07-94	Amalgamated	NO
4	U24231GJ1991PTC016030	Jaytee Chem Private Limited	Director	29-12-94	29-12-94	Amalgamated	NO
5	U24299GJ1982PTC005533	Colour Synthe Industries Private Limited	Director	02-01-95	02-01-95	Amalgamated	NO
6	U24231GJ1989PTC013039	Jaycol Industries Private Limited	Director	01-03-95	01-03-95	Amalgamated	NO
7	U27100GJ1974PTC002605	Vijay Foundry and Machine Works Private Limited	Director	20-05-00	20-05-00	Active	NO
8	U17119GJ1981PTC004517	Vakharia Silk Mills Private Limited	Director	01-08-00	01-08-00	Amalgamated	NO
9	U63022GJ1995PTC026971	Colourtex Marketing Private Limited	Director	01-01-03	01-01-03	Amalgamated	NO
10	U45201GJ2003PTC042773	Dhanesh Enterprise Private Limited	Director	21-08-03	21-08-03	Active	NO
11	U24114GJ2004PTC043554	CTX Lifescience Private Limited	Director	05-02-04	05-02-04	Active	NO
12	U17119GJ2003PTC042080	Parth Prints Private Limited	Director	15-12-06	15-12-06	Amalgamated	NO
13	U24231GJ1988PTC010367	CTX Dyestuffs Private Limited	Director	30-09-11	02-03-11	Active	NO
14	U24224GJ2011PTC066072	Vipan Colour Chemicals Private Limited	Director	28-06-11	28-06-11	Active	NO
15	U52310GJ2011PTC066082	Colourtex Chemicals Private Limited	Director	29-06-11	29-06-11	Active	NO

Name :

Mr. Maheshchandra Dhansukhlal Kabutarwala

Designation :

Director (Engineering and Project)

Address :

4, Etka Society, Opposite Mamta Apartment, Ghad Dod Road, Surat – 395 001, Gujarat, India

Date of Birth/Age :

16.11.1965

Date of Appointment :

22.09.1993

DIN No.:

00110317

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	U24231GJ1989PTC013037	Anthracol Dyes and Intermedicates Private Limited	Director	25-11-89	25-11-89	Amalgamated	NO
2	U24231GJ1989PLC012922	Colourtex Industries Limited	Director	22-09-93	22-09-93	Active	NO
3	U24299GJ1982PTC005533	Colour Synthe Industries Private Limited	Director	16-11-99	16-11-99	Amalgamated	NO
4	U05003GJ2007PTC050627	Km Indigos Private Limited	Director	23-04-07	23-04-07	Amalgamated	NO
5	U45203GJ2007SGC051232	Pandesara Infrastructure Limited	Director	20-04-09	20-04-09	Active	NO

Name :

Mr. Pravinchandra Dhansukhlal Kabutarwala

Designation :

Director (Operating and HRD)

Address :

4, Etka Society, Opposite Mamta Apartment, Ghad Dod Road, Surat – 395 001, Gujarat, India

Date of Birth/Age :

03.10.1956

Date of Appointment : 

23.10.1989

DIN No.:

00110351

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	U24299GJ1982PTC005533	Colour Synthe Industries Private Limited	Director	24-09-82	24-09-82	Amalgamated	NO
2	U24231GJ1989PLC012922	Colourtex Industries Limited	Director	23-10-89	23-10-89	Active	NO
3	U24231GJ1989PTC013039	Jaycol Industries Private Limited	Director	16-08-93	16-08-93	Amalgamated	NO
4	U24231GJ1989PTC012917	Colourtex Exports Private Limited	Director	02-10-95	02-10-95	Amalgamated	NO
5	U24231GJ1988PTC010367	CTX Dyestuffs Private Limited	Director	02-10-95	02-10-95	Active	NO
6	U27100GJ1974PTC002605	Vijay Foundry and Machine Works Private Limited	Director	20-05-00	20-05-00	Active	NO
7	U17119GJ1981PTC004517	Vakharia Silk Mills Private Limited	Director	01-08-00	01-08-00	Amalgamated	NO
8	U45201GJ2003PTC042773	Dhanesh Enterprise Private Limited	Director	21-08-03	21-08-03	Active	NO
9	U24114GJ2004PTC043554	CTX Lifescience Private Limited	Director	05-02-04	05-02-04	Active	NO
10	U24100GJ2010PTC059677	Cora Fine Chem Private Limited	Director	23-02-10	23-02-10	Amalgamated	NO
11	U17120GJ2010PTC060198	Venus Silk Private Limited	Director	07-04-10	07-04-10	Active	NO
12	U17120MH2011PTC217053	Conac Textiles Private Limited	Director	04-05-11	04-05-11	Active	NO
13	U17200MH2011PTC220063	JTJ Chemicals Private Limited	Director	22-07-11	22-07-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Jayantilal Jariwala	1000443
Kanakkumar Jariwala	380000
Vishadkumar Jariwala	380000
Rameshchandra Kabutarwala	358583
Pravinchandra Kabutarwala	328701
Bipinchandra Kabutarwala	355595
Maheshchandra Kabutarwala	328701
Bhavesh Kabutarwala	1106
Jenish Kabutarwala	751
Ketan Kabutarwala	751
Jagrutiben Kabutarwala	126
Urmilaben Jariwala	3975
Hemlataben Kabutarwala	2399
Ishwariben Kabutarwala	306
Ushaben Kabutarwala	1580
Shyam Kabutarwala	125
Shilpa Jariwala	3200
Jyotiben Jariwala	2935
Jay Kabutarwala	125
Krunal Kabutarwala	323
Urmila Asumati Trust (Proprietor of Shree Corporation Trustee-Jayantilal Thakordas), India	275
Total	3150000

Names of Shareholders (Preference Shares)	No. of Shares
Jayantilal Jariwala	48000
Kanakkumar Jariwala	36000
Vishadkumar Jariwala	36000
Rameshchandra Kabutarwala	60000
Pravinchandra Kabutarwala	60000
Bipinchandra Kabutarwala	48000
Maheshchandra Kabutarwala	48000
Bhavesh Kabutarwala	12000
Jenish Kabutarwala	24000
Ketan Kabutarwala	24000
Jagrutiben Kabutarwala	24000
Urmilaben Jariwala	24000
Hemlataben Kabutarwala	24000
Ishwariben Kabutarwala	24000
Ushaben Kabutarwala	12000
Shyam Kabutarwala	24000
Shilpa Jariwala	12000
Jyotiben Jariwala	24000
Jay Kabutarwala	24000
Krunal Kabutarwala	12000
Total	600000

As on 26.11.2011

Names of Allottees (Equity Shares)	No. of Shares
Jayantilal Jariwala	18602
Kanakkumar Jariwala	11835
Vishadkumar Jariwala	10464
Rameshchandra Kabutarwala	9085
Pravinchandra Kabutarwala	7312
Bipinchandra Kabutarwala	6876
Maheshchandra Kabutarwala	6408
Bhavesh Kabutarwala	1275
Jenish Kabutarwala	2056
Ketan Kabutarwala	1562
Jagrutiben Kabutarwala	650
Urmilaben Jariwala	2056
Hemlataben Kabutarwala	1275
Ushaben Kabutarwala	1119
Urmila Asumati Trust (Proprietor of Shree Corporation Trustee-Jayantilal Thakordas), India	6
Total	80581

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Acid Dyes and Inter Mediates for Textile, Rubber, Plastic, Leather and Paint Industries.

Products :

Product	Item Code No.
Synthetic Organic Dyes	3204
Other Organic Dyes	2942
Other Organic Surface Active Agent	3402

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Actual Production
S.O. Dyes	44362692
Dyes Intermediates	8138371
Dispersing Agents	234440
Organic Surface Active Agents	131158
Misc. Chemical Products	6142681
Intermediates	21305794
Mineral Fuel, Oils, etc.	179490
Articles of iron or steel	34875
Waste and Scrap	321395
Articles of Plastics	--

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

v Bank of Baroda, Parsi Sheri Branch, Surat – 395 003, Gujarat, India

v State Bank of India, Surat, Gujarat, India

v Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380 006, Gujarat, India

v IDBI Bank Limited, ESS EN House, Ghod Dod Road, Surat – 395 001, Gujarat, India

v Standard Chartered Bank, Surat, Gujarat, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	233.228	310.970
Working capital loans banks secured	923.589	678.925
Total	1156.817	989.895

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans directors unsecured	1897.928	2081.148
Total	1897.928	2081.148

Banking Relations :

--

Auditors :

Name 1 :

S.N.K. and Company

Chartered Accountants

Address :

45, Sai Nagar Society, Behind Bhulka Bhavan School, Adajan Road, Surat – 395 009, India

Tel. No.:

91-261-2656273-4, 6544791-2, 3299540-47

Fax No.:

91-261-2656868

E-Mail:

snk@snkca.com

snk@youtele.com

Website :

www.snkca.com

PAN No.:

AAJFS8455L

Subsidiaries :

CTX Dyestuffs Private Limited (CIN No.: U24231GJ1988PTC010367)

Related Parties :

v Colourtex

v Bhavin Textiles

v Bhavin Industries

v Vipan Industries

v CMC

v Coconut Software Private Limited (CIN No.: U72200MH2000PTC124590)

v CTX Lifescience Private Limited

v Colourtex Inc.

v Colourtex (Asia Pacific) Limited

v Coltex S. A.

v Shree Corporation

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
22,180,000	Equity Shares	Rs.10/- each	Rs.221.800 millions
7,650,000	Non-Convertible Redeemable Preference Shares	Rs.10/- each	Rs.76.500 millions
	Total		Rs.298.300 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,230,581	Equity Shares	Rs.10/- each	Rs.32.306 millions
600,000	Non-Convertible Redeemable Preference Shares	Rs.10/- each	Rs.6.000 millions
	Total		Rs.38.306 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
22,180,000	Equity Shares	Rs.10/- each	Rs.221.800 millions
7,650,000	Non-Convertible Redeemable Preference Shares	Rs.10/- each	Rs.76.500 millions
	Total		Rs.298.300 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,150,000	Equity Shares	Rs.10/- each	Rs.31.500 millions
600,000	Non-Convertible Redeemable Preference Shares	Rs.10/- each	Rs.6.000 millions
	Total		Rs.37.500 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		37.500	29.882	29.882
2] Share Capital Suspense		0.806	0.000	0.000
3] Reserves & Surplus		3535.833	2457.738	2250.094
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3574.139	2487.620	2279.976
LOAN FUNDS
1] Secured Loans		1156.817	989.895	604.667
2] Unsecured Loans		1897.928	2081.148	1449.426
TOTAL BORROWING		3054.745	3071.043	2054.093
DEFERRED TAX LIABILITIES		0.000	14.897	34.633
TOTAL		6628.884	5573.560	4368.702
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2202.515	2011.588	1905.674
Capital work-in-progress		317.042	122.165	88.464
INVESTMENT		26.516	62.563	62.563
DEFERRED TAX ASSETS		25.268	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2747.821	2043.169	1303.124
	Sundry Debtors	2781.394	2342.173	1507.251
	Cash & Bank Balances	210.893	101.118	112.809
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	944.155	708.069	591.528
Total Current Assets		6684.263	5194.529	3514.712
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2353.020	1599.258	1069.453
	Other Current Liabilities	112.246	76.844	42.293
	Provisions	161.493	141.193	90.987
Total Current Liabilities		2626.759	1817.295	1202.733
Net Current Assets		4057.504	3377.234	2311.979
MISCELLANEOUS EXPENSES		0.039	0.010	0.022
TOTAL		6628.884	5573.560	4368.702

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	11222.632	8565.791	7422.942
		Other Income	15.323	5.886	1.914
		TOTAL (A)	11237.955	8571.677	7424.856
Less	EXPENSES
		Consumption materials changes inventories	7852.957	5663.816	6605.441
		Manufacturing service costs	2143.571	1763.076
		Administrative selling other expenses	143.095	98.303
		TOTAL (B)	10139.623	7525.195	6605.441
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1098.332	1046.482	819.415
Less	INTEREST FINANCIAL CHARGES (D)		314.732	268.233	227.692
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		783.600	778.249	591.723
Less/ Add	DEPRECIATION/ AMORTISATION (F)		485.949	456.018	302.222
	PROFIT BEFORE TAX (E-F) (G)		297.651	322.231	289.501
Less	TAX (H)		105.728	114.586	117.250
	PROFIT AFTER TAX (G-H) (I)		191.923	207.645	172.251
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2447.950	2026.787	1854.536
	BALANCE CARRIED TO THE B/S		2639.859	2234.432	2026.787
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Direct Export	2906.222	2116.702	2348.176
	TOTAL EARNINGS		2906.222	2116.702	2348.176
	IMPORTS
		Raw Materials	2545.124	1744.387	1132.457
		Capital Goods	17.243	7.689	6.476
		Advance for Capital Goods	45.313	81.813	12.910
	TOTAL IMPORTS		2607.680	1833.889	1151.843
	Earnings Per Share (Rs.)		63.87	69.55	57.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.71	2.42	2.32
Net Profit Margin (PBT/Sales)	(%)	2.65	3.76	3.90
Return on Total Assets (PBT/Total Assets}	(%)	3.35	4.47	5.34
Return on Investment (ROI) (PBT/Networth)		0.08	0.13	0.13
Debt Equity Ratio (Total Liability/Networth)		1.59	1.96	1.43
Current Ratio (Current Asset/Current Liability)		2.54	2.86	2.92

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

OPERATIONS:

The performance of the company during the year 2010-11 was satisfactory compared to the previous year 2009-10. The company had a turnover of Rs.11526.566 millions for the year. The net profit of the company after providing depreciation and tax for the year was of Rs.197.044 millions.

PROSPECTS:

As the Government has announced the liberalized policies to accelerate industrial growth, the prospects of the company are bright.

SCHEME OF AMALGAMATION:

The Scheme of Amalgamation of K.M. Indigos Private Limited, Cora Fine Chem Private Limited, Colourtex Limited (Transferor Companies) with the Company (Transferee company) has been approved by the board, secured and unsecured creditors and shareholders of all the transferor companies and the final sanction by the Hon’ble High Court at Gujarat is awaited. However, as resolved by the directors of the company, the assets, liabilities and reserves of all the transferor companies are considered to be transferred and vested in the Company with effect from 1^st April, 2010 as per the provisions of the scheme and accordingly the accounts have been drawn giving effect to the same. In case, of non sanction of scheme of amalgamation by the Hon’ble High Court at Gujarat, the accounts shall be revised accordingly.

The Amalgamation has been accounted for under the “Pooling of Interest Method (Merger Method)” as prescribed by Accounting Standard (AS-14) issued by the Institute of Chartered Accountants of India. Accordingly, the assets and liabilities of all the transferor companies as at 1^st April, 2010 have been taken over at their book valued and the difference of Rs.12.567 millions arising on account of consideration paid by issue of equity shares of the company against the equity shares of the transferor companies is duly adjusted under the head ‘Amalgamation Reserve’ in ‘Reserves and Surplus’ in the balance sheet.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)
Guarantees issued by the Company’s Bankers on behalf of the Company
- Bank of Baroda	12.600
- IDBI Bank	1.000
Letter of Credit opened by banks
- IDBI Bank	22.300
Corporate guarantees/undertakings issued on behalf of third parties
- for Coconut Softwares Private Limited	0.000
Disputed Excise Duty and Other demands	6.016
Income Tax demands where the cases are pending at various stages of appeal with the authorities	14.098

FIXED ASSETS:

v Land

v Quarters

v Factory Building

v Furniture and Fixtures

v Office Equipment

v Vehicles

v Plant and Machinery

v Water Pollution Plant

v Water Pipeline

v Computer Equipment

v Wind Mill

v Excavator Loader

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.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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		58

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.