MIRA INFORM REPORT

Report Date :

08.04.2013

IDENTIFICATION DETAILS

Name :	MARDIA CHEMICALS LIMITED

Registered Office :	501, Mangal Murti, 5^th Floor, Ashram Road, Ahmedabad – 380006, Gujarat

Country :	India

Date of Incorporation :	20.12.1979

Com. Reg. No.:	04-003584

Capital Investment / Paid-up Capital :	Rs. 0.000 Million

CIN No.: [Company Identification No.]	L99999GJ1979PLC003584

PAN No.: [Permanent Account No.]	AABCM8626J

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer of dyes, dye intermediates, and other related chemicals.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

<10

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

Status :	Under Liquidation

Payment Behaviour :	--

Litigation :	Exists

Comments :	Subject is a company which was incorporated in the year 1979. The management has confirmed that the subject company is closed since last 10 years. The status of the company appears to “Under Liquidation” in the Registrar of Companies. The company cannot be considered for business dealings.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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

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.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-79-30000099)

LOCATIONS

Registered Office :	501, Mangal Murti, 5^th Floor, Ashram Road, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-30000099
Fax No.:	Not Available

DIRECTORS

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

Manufacturer of dyes, dye
intermediates, and other related chemicals.

GENERAL INFORMATION

No. of Employees :	Not Available

Bankers :	Not Available


Banking Relations :	--

Auditors :	Not Available

CAPITAL STRUCTURE

Authorised Capital : Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 0.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

NOT AVAILABLE

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
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	Yes
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	No
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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	No

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

CIVIL APPLICATION No. 88 of 2013

In OFFICIAL LIQUDATOR REPORT/ 218/ 2008( PENDING )

Status: PENDING CCIN No: 001073201300088

Next Listing Date: 10/04/2013

Coram: - HONOURABLE MR.JUSTICE G.B.SHAH

S.NO.

Name of the Petitioner

Advocate On Record

ICICI BANK LIMITED

SINGHI & CO for: Applicant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

OFFICIAL LIQUIDATOR OF M/S. MARDIA CHEMICALS LIMITED

COURT RECEIVER

RASIKLAL S MARDIA

OFFICIAL LIQUIDATOR for :Respondent(s) 1
MS AMEE YAJNIK for :Respondent(s) 1
NOTICE NOT RECD BACK for :Respondent(s) 2
NOTICE SERVED for :Respondent(s) 3

Presented On : 11/01/2013 Registered On : 31/01/2013

Bench Category : SINGLE BENCH District : AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed : 5 times

Stage Name : FOR REGULAR ADMISSION - ADJOURNED MATTERS

OFFICE OBJECTION

Filing Stage
Filing Stage

· WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?

· WHETHER THE ORGINAL POSITIONS OF THE PARTIES STATED ?

Classification	SJ - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - DELETION OF PARTY
Act	COMPANIES ACT, 1956

OFFICE DETAILS

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

11/01/2013

MEMO OF APPEAL/PETITION/SUIT

SINGHI & CO ADVOCATE
for PETITIONER(s) 1

SINGHI & CO:1

01/04/2013

MEMO OF APPEAL/PETITION/SUIT

MS AMEE YAJNIK ADVOCATE
for RESPONDENT(s) 1

MS AMEE YAJNIK:1

COURT PROCEEDINGS

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	01/02/2013	51	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
2	26/02/2013	51	-	FOR ORDERS	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
3	05/03/2013	51	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
4	11/03/2013	51	-	OFFICE OBJECTION REMOVED	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
5	28/03/2013	51	4	FOR REGULAR ADMISSION - ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
6	10/04/2013	51	-	FOR REGULAR ADMISSION - ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	View	Download
1	CIVIL APPLICATION/88/2013	HONOURABLE MR.JUSTICE G.B.SHAH	26/02/2013	N	N	View	Download
2	CIVIL APPLICATION/88/2013	HONOURABLE MR.JUSTICE G.B.SHAH	05/03/2013	N	N	View	Download

DISSEMINATION OF INFORMATION ON DEBENTURES

Sr. No.	Name of the Issuer Company (“IC”)	Default, if any, to pay interest or redemption amount	Failure to create a charge on the assets	Revision of rating assigned to the debenture
1.	MARDIA CHEMICALS LIMITED	Yes, there are defaults – DT filed a Suit before Hon’ble Bombay High Court (being Suit No. 434 of 2003), Suit Settled	No failure; Secured	Not Applicable – Not Rated

WEBSITE DETAILS

PRESS RELEASE

ICICI BANK TAKES OVER MARDIA CHEMICALS UNIT UNDER NPA ACT

MUMBAI, NOVEMBER 28:, NOV 29 2002, 00:00 IST

ICICI Bank has taken possession of one of the units of Mardia Chemicals Limited located at Vatva in Ahmedabad district, as part of exercising its right as a lender under the Securitisation and Reconstruction Act, which was passed by both the Houses of Parliament recently.

"The bank has taken possession of the company’s unit at 7.30 pm on Wednesday after the order of the chief metropolitan magistrate, Vatva, in Ahmedabad district, allowing the same. The company owed about Rs 14500.000 Millions to over 20 banks, including about Rs 8000.000 Millions of principal," ICICI executive director S Mukherji said on Thursday. The lenders include major financial institutions like IDBI, ICICI, IFCI, UTI, LIC, GIC and IIBI. Talking to FE, Mr. Mukherji said that the bank had appointed Itcot (Industrial and Technical Consultancy Organisation of Tamil Nadu) as its technical consultant, and has taken insurance cover for the asset taken under possession so as to guard against any eventuality. The action of taking possession was delayed by three weeks as there were a lot of procedures to be followed, though the process was initiated immediately after the Supreme Court allowed the bank to do so, Mr. Mukherji said.

Mr. Mukherji said: "The initiation of action on the company will change the credit recovery scenario. Being the first to send the notice, we are also the first to initiate action on such a scale."

Despite many attempts, Ahmedabad-based Rasiklal S Mardia could not be contacted. Besides the Vatva unit, there are two other units of the company, one each at Ahmedabad and Mardianagar in Surendranagar district of Gujarat.

Ahmedabad-based Mardia Group topped the league tables of defaulters published by FE in August from the List of Loan Defaulters as on end-March 2001, published by the AIBEA, with Rs 10730.000 Millions. The other companies that have contributed to the debt burden of the group include Mardia Steels Limited (Rs 2010.000 Millions), Amar Dyechem Limited (Rs 260.000 Millions) and Mardia Leasing and Financial Services Limited (Rs 121.000 Millions), while Mardia Chemicals Limited had defaulted on Rs 7340.000 Millions as on March 31, 2001.

The company has earlier tried to pre-empt the takeover by the bank by approaching the Supreme Court seeking a stay on the notice issued by the bank and further action of taking possession by it after the mandatory expiry of 60 days period. However, the apex court has granted interim injunction on the part of ICICI, barring it from creating a third party interest (sale) on the assets, but allowed the FI to take possession of the company’s units under the Ordinance in force then.

In the meantime, both the Houses -- the Lok Sabha and Rajya Sabha -- have passed the Bill. Presidential assent is still pending on the Bill, before it formally becomes a statute.

Regular hearings of the case with the SC is scheduled to begin on Friday (November 29), and the process for sale of the unit taken possession could be initiated only after verdict on the case, Mr. Mukherji said.

ICICI Bank, which is the merged entity of ICICI Limited with its banking subsidiary ICICI Bank, issued a notice to the company in June 2002, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002.

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 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 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. 54.88
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.90

INFORMATION DETAILS

Information Gathered by :	PLK

Report Prepared by :	BVA

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.

MIRA INFORM REPORT

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