MIRA INFORM REPORT

Report Date :

29.04.2013

IDENTIFICATION DETAILS

Name :	HINDPRAKASH INTERNATIONAL PRIVATE LIMITED [w.e.f. 07.05.2007]
Formerly Known As :	HIND PRAKASH INTERNATIONAL TRADING PRIVATE LIMITED
Registered Office :	201, Hindprakash House, Plot No. 10/6, Phase-I , GIDC, Vatva, Ahmedabad- 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.01.2003
Com. Reg. No.:	04-041909
Capital Investment / Paid-up Capital :	Rs.368.266 Millions
CIN No.: [Company Identification No.]	U51909GJ2003PTC041909
TAN No.: [Tax Deduction & Collection Account No.]	AHMH00851E
PAN No.: [Permanent Account No.]	AABCH2318A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Distributor and Importer of Dyes and Dyes Intermediates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 2000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is part of Hindprakash Group. It is an established company having moderate track record. The reserves of the company seems to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A4 (Short Term Non Fund Based – Letter of Credit)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	10.07.2012

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 :	201, Hindprakash House, Plot No. 10/6, Phase-I , GIDC, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-65127841/42/39827000 (10 Lines)
Fax No.:	91-79-66317200/39827100
E-Mail :	snn@hindprakash.com info@hindprakash.com aka@hindprakash.com
Website :	http://www.hindprakash.com
Area :	Owned Building
Ware house :	Vatva Ahmedabad, Gujarat, India
Area :	Owned- Medium Size

DIRECTORS

As on: 29.09.2012

Name :	Mr. Santosh Narayan Nambiar
Designation :	Director
Address :	C-001, Sagun JJyotee” B/h, Dhananjay Tower, 100 Feet Road, Shyamal Road, Satelitt, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	17.10.1970
Qualification :	B. Com
Date of Appointment :	28.01.2003
DIN No.:	00144542
PAN No.:	ABDPN6872B
Voter Id No.:	GJ/10/073/009572
Name :	Mr. Sanjay Prakash Mangal
Designation :	Director
Date of Birth/Age :	18.05.1972
Date of Appointment :	09.11.2011
DIN No.:	02825484
Voter Id No.:	IIE0977474
Name :	Mr. Vipin Prakash Mangal
Designation :	Director
Date of Birth/Age :	25.12.1967
Date of Appointment :	09.11.2011
PAN No.:	ABLPM2843F
DIN No.:	02825511
Voter Id No.:	IIE2433803

MAJOR SHAREHOLDERS

As on: 29.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	11.44
Directors or relatives of Directors	79.68
Other top fifty shareholders	8.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Distributor and Importer of Dyes and Dyes Intermediates.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Central Bank of India, Mid Corporate Finance Branch, 1st Floor, Central Bank Building, Lal Darwaja, Ahmedabad - 380001, Gujarat, India
• State Bank of India, Lal Darwaja, Main Branch, Bhadra, Ahmedabad - 380001, Gujarat, India
• The Hongkong and Shanghai Banking Corporation, APJ Chambers, Ground Floor, BH New Excelsior Cinema, 3 Wallace Street, Fort, Mumbai - 400001, Maharashtra, India
• Vijaya Bank, Industrial Finance Branch, Kamdhenu Complex, Ambawadi, Ahmedabad - 380015, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Other loans and advances	2.856	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	86.106	156.293
Total	88.962	156.293

Banking Relations :	--
Auditors :
Name :	Kedia and Kedia Associates Chartered Accountants
Address :	205, Kaling, 2^nd Floor, Near Mount Carmel School, B/H B. J. House, off Ashram Road, Ahmedabad, Gujarat-380009, India
Tel. No.:	91-79-26579971
Fax No.:	91-79-26579971
E-Mail :	kediaca@sancharnet.in
PAN No.:	AABFK7236R
Relatives of Key management Personnel :	Ahmedabad Sales Global Sales Govinda Enterprises Karnavati Enterprisess Shankeshwar Enterprises Transasia Corporation Vallabh Sales
Associate :	Sunflower Industries Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Hindprakash Corporationpvt Limited Hindprakash Exim Private Limited Hindprakash Lons En Industries Private Limited Hindprakash Singapore Pte Limited Hindprakash Tradelink Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
49500000	Equity Shares	Rs.10/- each	Rs.495.000 Millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36826620	Equity Shares	Rs.10/- each	Rs.368.266 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		368.266	126.268	64.020
2] Share Application Money		0.000	0.000	6.748
3] Reserves & Surplus		137.195	38.979	39.563
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		505.461	165.247	110.331
LOAN FUNDS
1] Secured Loans		88.962	156.293	119.228
2] Unsecured Loans		43.671	32.181	42.280
TOTAL BORROWING		132.633	188.474	161.508
DEFERRED TAX LIABILITIES		0.390	0.000	0.185
TOTAL		638.484	353.721	272.024
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.932	28.757	19.103
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		54.212	54.212	10.005
DEFERREX TAX ASSETS		0.000	0.003	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.541	61.535	47.478
	Sundry Debtors	741.546	325.715	305.605
	Cash & Bank Balances	23.569	2.255	37.145
	Other Current Assets	63.640	32.441	0.000
	Loans & Advances	21.178	134.066	156.165
Total Current Assets		990.473	556.012	546.393
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	373.722	260.759	184.089
	Other Current Liabilities	49.409	19.322	114.993
	Provisions	18.003	5.182	4.431
Total Current Liabilities		441.134	285.263	303.513
Net Current Assets		549.340	270.749	242.880
MISCELLANEOUS EXPENSES		0.000	0.0000	0.036
TOTAL		638.484	353.721	272.024

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3206.070	1470.554	1428.880
		Other Income
		TOTAL	3206.070	1470.554	1428.880
Less	EXPENSES
		Office Expenses	3158.132	1450.041	1403.881
		Administrative Expenses
		Advertising Expenses
		TOTAL	3158.132	1450.041	1403.881
	PROFIT BEFORE TAX		47.938	20.513	24.999
Less	TAX		13.762	7.652	8.065
	PROFIT AFTER TAX		34.176	12.861	16.934
Less	APPROPRIATIONS
		Proposed Dividend on Preferences Shares @ 1%	0.000	0.000	0.050
		Proposed Dividend on Equity Shares @ Rs.0.20 per Shares	7.365	2.525	1.180
		Tax on Dividend	1.195	0.419	0.209
	BALANCE CARRIED TO THE B/S		25.616	9.917	15.495
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	20.478	25.665	46.448
	TOTAL EARNINGS		20.478	25.665	46.448
	IMPORTS
		Direct Import of Traded Goods (Paid in Foreign Currency Terms)	NA	NA	722.845
		Claim, Discounts and Damages Paid	NA	NA	12.897
		Highseas Purchases of Imported Traded Goods	NA	NA	15.881
	TOTAL IMPORTS		NA	NA	751.623
	Earnings Per Share (Rs.)		0.93	1.05	2.88

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.07	0.87	1.19
Return on Total Assets (PBT/Total Assets}	(%)	4.68	3.51	4.42
Return on Investment (ROI) (PBT/Networth)		0.09	0.12	0.23
Debt Equity Ratio (Total Debt /Networth)		0.26	1.14	0.68
Current Ratio (Current Asset/Current Liability)		2.25	1.95	1.80

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

NOTE:

The registered office of the company has been shifted from Hind Prakash House, Ground Floor, Kalyan Society, Near M.G. Inmithakhali, Ahmedabad-380 009, Gujarat, India to the present address w.e.f. 01.05.2008.

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Loans repayable on demand from others	39.671	26.795
Interoperate borrowings	4.000	5.386
Total	43.671	32.181

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909GJ2003PTC041909
Name of the company	HINDPRAKASH INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201, 'Hindprakash' House, Plot No.10/6, Phase-I, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India aka@hindprakash.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10386521
Type of charge	Immovable property
Particular of charge holder	Central Bank of India, Mid Corporate Finance Branch, 1st Floor, Central Bank Building, Lal Darwaja, Ahmedabad – 380001, Gujarat, India bmahme3874@centralbank.co.in
Nature of instrument creating charge	Deed of Rectification
Date of instrument Creating the charge	29.10.2012
Amount secured by the charge	Rs.300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR + 3.00% p.a. (presently 13.50% p.a.) Terms of Repayment Repayable on demand Margin 1) FB: CC & ODBD - 25% 2) NFB: (Import/Inland Sight / Usance Letter of Credit, Usance 120 Day, 90 days DA/DP Basis) L/C on DP - 10%, L/C on DA - 25% Extent and Operation of the charge Charges already created earlier in favour of bank shall continue under operation of charge in order to secure following financial assistance aggregating to Rs. 300.000 Millions. together with interest and all other moneys payable by the Company to the bank: 1) CC and ODBD – 200.000 Millions. (Book debts up to 90 days) 2) Import/Inland Sight / Usance Letter of Credit, Usance 120 Day, 90 days DA/DP Basis – 90.000 Millions. 3) Forward Contract Limit – 10.000 Millions. Total – 300.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	No change in particulars of properties earlier charged.
Particulars of the present modification	There is no change in amount of financial assistance covered under the said charge. All other terms and conditions also remain unchanged.

FIXED ASSETS:

• Free Hold Land
• Lease Hold Land
• Factory Building
• Building
• Plant and Machinery
• Vehicles
• Computer
• Computer Software
• Furniture and Fixtures

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.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

RAJ

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.