MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	TULSI DYECHEM PRIVATE LIMITED
Registered Office :	401, ATP Arcade, Near National Handloom, Behind Samartheshwar Mahadev Temple, C.G. Road, Ahmedabad – 380 006, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.05.2002
Com. Reg. No.:	04-040774
Capital Investment / Paid-up Capital :	Rs.17.480 millions
CIN No.: [Company Identification No.]	U24114GJ2002PTC040774
TAN No.: [Tax Deduction & Collection Account No.]	AHMT00887F
PAN No.: [Permanent Account No.]	AABCT6769P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer, Exporter, Trader and Dealer of all types of Colours, Chemicals, Dyes etc.
No. of Employees :	30 (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 483000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has gained in their sales turnover but the profitability of the company remains low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB (Cash Credit)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	October, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	401, ATP Arcade, Near National Handloom, Behind Samartheshwar Mahadev Temple, C.G. Road, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26582031/ 40328880
Mobile No.:	91-9327021348 (Mr. Sandip Parikh)
Fax No.:	91-79-26581879
E-Mail :	shailydyes@rediffmail.com
Area :	1500 sq. ft
Location :	Owned
Administrative Office :	406, Hemkut Building, Opposite Capital Commercial Centre, Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-27972619

DIRECTORS

As on 30.09.2011

Name :

Mr. Sandip Vallabhdas Parikh

Designation :

Director

Address :

37, Vaibhav Bunglows, Part-II, Near Sun-N-Step Club, Sola Road, Ahmedabad, Gujarat, India

Date of Appointment :

23.05.2002

DIN No.:

00378855

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24114GJ2002PTC040774	TULSI DYECHEM PRIVATE LIMITED	Director	23/05/2002	23/05/2002	-	Active	NO
2	U14100GJ2008PTC053115	SHLOK ENTERPRISES PRIVATE LIMITED	Director	29/02/2008	29/02/2008	-	Active	NO
3	U24100GJ2010PTC059367	DIPSI CHEMICALS AND INDUSTRIES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO

Name :

Mr. Mittul Rameshbhai Patel

Designation :

Director

Address :

9, Tilak Apartment, Near Nalanda Hotel, Mithakali, Ahmedabad, Gujarat, India

Date of Appointment :

23.05.2002

DIN No.:

01948959

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24114GJ2002PTC040774	TULSI DYECHEM PRIVATE LIMITED	Director	23/05/2002	23/05/2002	-	Active	NO
2	U14100GJ2008PTC053115	SHLOK ENTERPRISES PRIVATE LIMITED	Director	29/02/2008	29/02/2008	-	Active	NO
3	U24100GJ2010PTC059367	DIPSI CHEMICALS AND INDUSTRIES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mittul R. Patel	812700
Sandip V. Parikh	339500
Ritu M. Patel	3500
Chaitaniya Puwar	120000
Gunvant Patel	38000
Nilam S. Parikh	177800
Mittul Patel HUF	66500
Shobhagya Cinimay Private Limited	25000
Shashijyoti Textiles Private Limited	15000
Poddar Agro Company Private Limited	15000
Rameshwar Finvest Private Limited	20000
Tara Vinimay Private Limited	15000
Ruchir S. Patel HUF	100000
Total	1748000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer, Exporter, Trader and Dealer of all types of Colours, Chemicals, Dyes etc.

GENERAL INFORMATION

No. of Employees :

30 (Approximately)

Bankers :

v Standard Chartered Bank, Ground Floor, Abhijeet-II, Mithakali Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat, India

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri Branch, Vadodara – 390 015, Gujarat, India

v Kotak Mahindra Bank

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Working capital loans banks secured	125.619	32.324
Total	125.619	32.324

Unsecured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans directors unsecured	7.797	25.566
Total	7.797	25.566

Banking Relations :	--
Auditors :
Name :	Shashikant J. Shah Chartered Accountant
Address :	108, Hemkoot Building, Ashram Road, Ahmedabad, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ABIPS3405J

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1748000	Equity Shares	Rs.10/- each	Rs.17.480 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1748000	Equity Shares	Rs.10/- each	Rs.17.480 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		17.480	17.480	16.580
2] Share Application Money Pending Allotment		76.125	0.000	0.000
3] Reserves & Surplus		27.147	25.072	12.436
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		120.752	42.552	29.016
LOAN FUNDS
1] Secured Loans		125.619	32.324	24.790
2] Unsecured Loans		7.797	25.566	22.723
TOTAL BORROWING		133.416	57.890	47.513
DEFERRED TAX LIABILITIES		0.105	0.362	0.005
TOTAL		254.273	100.804	76.534
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.798	4.432	1.419
Capital work-in-progress		2.976	0.000	0.000
INVESTMENT		1.713	0.888	1.146
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.606	12.912	40.319
	Sundry Debtors	416.604	278.731	91.525
	Cash & Bank Balances	30.917	18.252	7.767
	Other Current Assets	0.000	0.636	0.437
	Loans & Advances	14.626	0.686	2.796
Total Current Assets		534.753	311.217	142.844
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	287.220	201.347	67.987
	Other Current Liabilities	9.324	12.879	0.289
	Provisions	1.555	1.654	0.750
Total Current Liabilities		298.099	215.880	69.026
Net Current Assets		236.654	95.337	73.818
MISCELLANEOUS EXPENSES		0.132	0.147	0.151
TOTAL		254.273	100.804	76.534

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	1622.161	101.244	77.865
	Other Income	NA	933.358	NA
	TOTAL	NA	1034.602	NA
EXPENSES
	Office Expenses	NA	1027.399	NA
	Administrative Expenses
	Advertising Expenses
	TOTAL	NA	1027.399	NA
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.113	7.203	2.592
DEPRECIATION/ AMORTISATION		2.739	0.594	0.174
PROFIT BEFORE TAX		3.374	6.609	2.418
TAX		1.555	1.654	0.750
PROFIT AFTER TAX		2.075	4.597	1.668
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.652	2.118	4.450
Appropriation of Profit for Bonus		0.000	0.000	4.000
BALANCE CARRIED TO THE B/S		8.727	6.651	2.118
EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	29.595	0.000
TOTAL EARNINGS		0.000	29.595	0.000
IMPORTS
	Raw materials, stores and spares consumed	88.174	88.174	52.298
TOTAL IMPORTS		88.174	88.174	52.298
Earnings Per Share (Rs.)		1.19	2.63	1.01

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.44	NA
Net Profit Margin (PBT/Sales)	(%)	0.21	6.53	3.11
Return on Total Assets (PBT/Total Assets}	(%)	0.50	2.09	1.68
Return on Investment (ROI) (PBT/Networth)		0.03	0.16	0.08
Debt Equity Ratio (Total Liability/Networth)		3.57	6.43	4.02
Current Ratio (Current Asset/Current Liability)		1.79	1.44	2.07

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 involved in	--
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	No
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	No
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Note:

The Registered Address of the company has been shifted from 406, Hemkut Building, Opposite Capital Commercial Centre, Ashram Road, Ahmedabad – 380 009, Gujarat, India to the present address w.e.f. 28.11.2009.

PERFORMANCE:

During the year, the company's performance was moderate. The company achieved excellent turnover of Rs.1622.161 millions (P.Y.Rs.101.244 millions), resulting into Net Profit after tax of Rs.2.075 millions (P.Y. Rs.4.597 millions)

The Main objective of the company is to manufacture, import, and export, trade and deal in all types of Colours, Chemicals, Dyes etc.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24114GJ2002PTC040774
Name of the company	TULSI DYECHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	401, ATP Arcade, Near National Handloom, Behind Samartheshwar Mahadev Temple, C.G. Road, Ahmedabad – 380 006, Gujarat, India E-Mail: shailydyes@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	10130351
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Standard Chartered Bank, Ground Floor, Abhijeet-II, Mithakali Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat, India E-Mail: sme.form8@sc.com
Nature of description of the instrument creating or modifying the charge	Supplemental Hypothecation Agreement of Stock and Book Debts and Machinery dated 14.11.2011
Date of instrument Creating the charge	14.11.2011
Amount secured by the charge	Rs.372.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As Agreed by and with the bank from time to time Terms of Repayment: As Agreed by and with the bank from time to time Margin: As per bank's sanction Extent and Operation of the charge: First Exclusive Charge on Securities for Rs.372.500 millions
Short particulars of the property charged	Hypothecation on (a) Exclusive first Charge on All the Stock in trade both present and future consisting of Raw Material, Goods in Process and Finished Goods of manufacturing and other merchandize (b) All the present and future book debts, outstanding moneys receivables, claims and bills (c) All movable fixed assets
Date of latest modification prior to the present modification	22.10.2010
Particulars of the present modification	By Present Modification, the earlier created charge of Rs.320.500 millions is further enhanced to Rs.372.500 millions against the security of hypothecation by way of first and exclusive charge.

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 organizationor 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.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--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.