MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	ASSOCIATED DYE STUFF PRIVATE LIMITED
Registered Office :	C – D, 8^th Floor, Center Point, Ambawadi, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.03.2000
Com. Reg. No.:	04 - 037659
Capital Investment / Paid-up Capital :	Rs.9.009 Millions
CIN No.: [Company Identification No.]	U24119GJ2000PTC037659
TAN No.: [Tax Deduction & Collection Account No.]	AACCA4885C
PAN No.: [Permanent Account No.]	ARSPS2485A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Textile and Leather Dye.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 :	C – D, 8^th Floor, Center Point, Ambawadi, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-25831354
Fax No.:	91-79-25890702
E-Mail :	aic@aicdyes.com IIvora@hotmail.com aci@acidyes.com ganham@bankofbaroda.com hit_esh71@rediffmail.com
Area :	7000 Sq. Yrds
Location :	Owned
Factory :	Plot No. A-1/5, GIDC, Phase I, Vatva, Ahmedabad - 382 445, Gujarat, India
Tel. No.:	91-79-25831062 / 1354 / 25890702
Fax No.:	91-79-25890702
E-Mail :	hrsaic@wilnetonline.net
Area :	50000 sq.fts
Location :	Leased

DIRECTORS

As on 30.09.2011

Name :

Mr. Vishal Hemendrabhai shah

Designation :

Director

Address :

2, Jain Nagar Society, Paldi, Ahmedabad – 380 007, Gujarat, India

Date of Appointment :

29.03.2000

DIN No.:

00375844

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	U24231GJ1987PTC009312	VISHAL INTERMEDIATES PRIVATE LIMITED	Director	10/8/1993	10/8/1993	-	Active	NO
2	U24119GJ2000PTC037659	ASSOCIATED DYESTUFF PRIVATE LIMITED	Director	29/03/2000	29/03/2000	-	Active	NO
3	U30000GJ2000PTC038609	ASSOCIATED TECHNOLOGIES PRIVATE LIMITED	Director	8/9/2000	8/9/2000	-	Active	NO
4	U24100GJ2012PTC068662	ASSOCIATED COLOURS INDUSTRIES PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO

Name :

Mr. Viral Hemendrabhai Shah

Designation :

Director

Address :

2, Jain Nagar Society, Paldi, Ahmedabad – 380 007, Gujarat, India

Date of Birth/Age :

26.09.1976

Date of Appointment :

29.03.2000

DIN No.:

00375878

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	U24231GJ1987PTC009312	VISHAL INTERMEDIATES PRIVATE LIMITED	Director	23/10/1996	23/10/1996	-	Active	NO
2	U24119GJ2000PTC037659	ASSOCIATED DYESTUFF PRIVATE LIMITED	Director	29/03/2000	29/03/2000	-	Active	NO
3	U30000GJ2000PTC038609	ASSOCIATED TECHNOLOGIES PRIVATE LIMITED	Director	8/9/2000	8/9/2000	-	Active	NO
4	U24100GJ2012PTC068662	ASSOCIATED COLOURS INDUSTRIES PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vidyaben Hemendrabhai Shah	306134
Vishal Hemendrabhai Shah	297133
Viral Hemendrabhai Shah	297133
Vishal Hemendrabhai Shah – Karta of Hemendrabhai R. Shah HUF	100
Ramanlal Will Trust	100
Vishal Hemendrabhai Shah – Karta of Viral Hemendrabhai Shah HUF	100
Manushi Vishal Shah	100
Viral Hemendrabhai Shah – Karta of Viral Hemendrabhai Shah HUF	100
Total	900900

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Textile and Leather Dye.

Products :

Item Code No. (ITC Code)	Product Description
320414	Direct Dyes and preparation Based Thereon

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity
Dyes	Kgs.	1200000
Vinyle Sulphone	Kgs.	1620000

Particulars	Unit	Actual Production
Dyes	Kgs.	1405202
Vinyle Sulphone	Kgs.	571220
Sulpho O.A.V.S.	Kgs.	21093
Pigment Blue 15:3	Kgs.	3200

Including of 276688 Kgs. Used for captive consumption P.Y.227462 Kgs.

GENERAL INFORMATION

No. of Employees :

70 (Approximately)

Bankers :

· Bank of Baroda, Gandhi Road Branch, P B No. 1, Ahmedabad – 380001, Gujarat, India

· Shreenath Co. Operative bank Limited

• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank of Baroda (Cash Credit, Packing Credit, FBP / FBD etc.)	83.798	69.179
Tata Capital Limited (Motor Car Loan)	6.281	0.000
Total	90.079	69.179
Notes:- Above credit facilities are secured against : (i) Hypothecation of stocks both present and future of raw materials, semi-finished goods, finished goods and book debts (ii) Extention of hypothecation of present and future movable plant and machinery of the company. (iii) Equitable mortgage of factory land and building situated at vatva Industrial Estate, Ahmedabad (iv) Personal guarantee of directors. (Rs. In Millions)
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Form Director and Shareholders	56.984	40.958
Total

Banking Relations :	--
Auditors :
Name :	N M Nagri and Company Chartered Accountants
Address :	E – 26, 5^th Floor, Capital Commercial Center, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26579652
Fax No.:	91-79-26577654
PAN.:	AABFN2680C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions
50000	Preference Shares	Rs.10/- each	Rs.0.500 Million
50000	Unclassified Shares	Rs.10/- each	Rs.0.500 Millions
	Total		Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900900	Equity Shares	Rs.10/- each	Rs.9.009 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		9.009	9.009	9.009
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.993	33.835	28.208
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		51.002	42.844	37.217
LOAN FUNDS
1] Secured Loans		90.079	69.179	31.401
2] Unsecured Loans		56.984	40.958	50.024
TOTAL BORROWING		147.063	110.137	81.425
DEFERRED TAX LIABILITIES		4.186	3.554	2.997
TOTAL		202.251	156.535	121.639
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		74.464	63.344	61.444
Capital work-in-progress		2.477	1.016	2.010
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.267	50.074	32.200
	Sundry Debtors	83.809	59.387	31.179
	Cash & Bank Balances	16.955	2.863	1.483
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	57.566	28.006	22.572
Total Current Assets		199.597	140.330	87.434
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.139	43.148	24.138
	Other Current Liabilities	3.068	2.802	3.991
	Provisions	3.090	2.215	1.140
Total Current Liabilities		74.297	48.165	29.269
Net Current Assets		125.300	92.165	58.165
MISCELLANEOUS EXPENSES		0.000	0.000	0.010
TOTAL		202.251	156.535	121.639

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	359.410	224.843	204.656
		Other Income	13.555	6.174	11.518
		TOTAL (A)	372.965	231.017	216.174
Less	EXPENSES
		Increase / (Decrease) in Stock	3.383	(3.388)	3.648
		Manufacturing and other Expenses	335.434	207.995	189.431
		TOTAL (B)	338.817	204.607	193.079
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.148	26.410	23.095
Less	FINANCIAL EXPENSES (D)		14.427	11.264	12.335
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.721	15.146	10.760
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.840	6.747	4.844
	PROFIT BEFORE TAX (E-F) (G)		11.881	8.399	5.916
Less	TAX (H)		3.723	2.772	1.945
	PROFIT AFTER TAX (G-H) (I)		8.158	5.627	3.971
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		33.225	27.598	23.627
	BALANCE CARRIED TO THE B/S		41.383	33.225	27.598
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	236.762	154.630	155.639
	TOTAL EARNINGS		236.762	154.630	155.639
	IMPORTS
		Raw Materials	16.197	32.292	57.244
	TOTAL IMPORTS		16.197	32.292	57.244
	Earnings Per Share (Rs.)		9.06	6.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.19	2.44	1.81
Net Profit Margin (PBT/Sales)	(%)	3.31	3.74	2.89
Return on Total Assets (PBT/Total Assets}	(%)	4.34	4.12	3.97
Return on Investment (ROI) (PBT/Networth)		0.23	0.20	0.18
Debt Equity Ratio (Total Liability/Networth)		4.34	3.69	2.97
Current Ratio (Current Asset/Current Liability)		2.69	2.91	2.99

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	Yes
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	No
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

Contingent Liabilities not provided for in respect of:

Rs. In Millions

Particulars	31.03.2011	31.03.2010
Outstanding Bank Guarantees issued by Bank of Baroda (against Margin Money of Rs.0.937 Million -P.Y.Rs.0.416 Million)	1.657	1.054
Outstanding Foreign Letters of Credit issued by Bank of Baroda in favour of foreign suppliers (Against Margin Money of Rs.1.245 Millions - P Y.Rs.1.831 Millions) (amount as certified by the Management)	4.889	9.906
Outstanding Foreign Currency Forward Contracts with Bank of Baroda (against Margin Money of Rs.1.819 Millions P.Y.Rs.0.520 Millions)	31.295	8.962

Bankers Charges Report as per Registry

Corporate identity number of the company	U24119GJ2000PTC037679
Name of the company	ASSOCIATED DYE STUFF PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C – D, 8^th Floor, Center Point, Ambawadi, Ahmedabad – 380006, Gujarat, India aic@aicdyes.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80004933
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Gandhi Road Branch, Gandhi Road, Ahmedabad – 380001, Gujarat, India ganham@bankofbaroda.com
Nature of instrument creating charge	SUPPLEMENTAL COMPOSITE AGREEMENT OF HYPOTHECATION OF GOODS, BOOK-DEBTS, MOVABLE MACHINERY & VEHICLES.
Date of instrument Creating the charge	02.02.2012
Amount secured by the charge	Rs.207.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest On Term Loan @4.50% Above Base Rate I.E. 13.50% P.A. On Cash Credit (Hypo. of Stock and Book Debts) @ 3.75% above Base Rate I.E. 12.75% P.A. on Packing Credit/PCFC(180) Days Cum FBP/FCBP Cum FBD/FCBD Terms of Repayment Term Loan Rs.37.500 Millions, Repayable Within 5 Years, C.C.Rs.32.500 Millions 12 Months,- Running Account Packing Credit/PCFC/FBP/FCBP Cum FBD/FCBD Rs.70.000 Millions - 12 Months (Reviewed Every Year). - Working Capital Facilities Under Export Gold Card Scheme Rs.14.000 Millions - The Facility Should Be Available For A Period Of 3 Year Subject To Annual Review, Import L/C Dp/Da (Usance 180 Days/Buyer's Credit (Foreign Currency) Rs.33.500 Millions - For 12 Months, PC/PCFC Cum, FBP/FBD/FCBP/FCBD (Usance 90 Days) ADHOC For 3 Months. Margin On Term Loan 32.50% On Factory Land And Building And 25% On Machinery And Equipment On Cash Credit - 25% On Stock and 25% On Book Debts. On PC/PCFC -10% On Fob Value Or Export Order. FBP/FBD - Nil Facilities Under Export Gold Card Scheme - As Applicable To Export Limit Import L/C. - 15% On Sub Limit - Bank Guarantee - 15% For Performance And Other General Purpose Guarantee - 100% For Financial And Disputed Guarantees. Extent and Operation of the charge The Company Has Deposited Title Deeds of Documents, Evidences, Deeds and Writing as Described In First Schedule In Respect of The Company's Immovable Properties Situated Bearing A-1/5, Type Shed No.05 of Plot No. 74/3 Together With All Plant and Machinery Furniture, Fittings, Lying And Attached to as Described In The Second Schedule Annexure, Company Has Hypo. To and In Favour of Bank Stock of Raw Materials Stock In Process, F. Goods Consu. Spares & Packing Materials. Vehicles All The Book Debts Others Personal Guarantee of Directors Shri Vishal Hemendra Shah and Shri Viral Hemendra Shah.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The company has deposited title deeds of documents, evidences, deeds and writing as described in first schedule in respect of the company's immovable properties situated bearing a-1/5,type shed no.05 of plot no. 74/3 together with all plant and machinery furniture, fittings, lying and attached to as described in the second schedule annexure, company has hypo. To and in favour of bank stock of raw materials stock in process, f. goods consu. spares & packing materials. Vehicles all the book debts
Date of instrument modifying the charge	28.03.2011
Particulars of the present modification	Various cr. facilities limits has been increased from Rs.187.500 Millions to Rs.207.500 Millions.by way of term loan of Rs.37.50 0 Millions .C.C. limit Rs.32.500 Millions remains same. packing credit/PCFC cum FBP/FCBP cum FBD/FCBD limit increase upto Rs.90.000 Millions from Rs.70.000 Millions. Export gold card scheme upto Rs.14.000 Millions. Import L/C. DP/DA buyer's credit (foreign currency) upto Rs.33.500. Millions thus overall credit facilities has been increased by Rs.20.000 Millions

Fixed Assets:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.54.68
UK Pound	1	Rs.86.52
Euro	1	Rs.69.86

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.