MIRA INFORM REPORT

Report Date :

29.04.2013

IDENTIFICATION DETAILS

Name :	SOUJANYA COLOR PRIVATE LIMITED
Registered Office :	C-35/C-36, T.T.C. Industrial Area, M.I.D.C. Pawane, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.06.2008
Com. Reg. No.:	11-183907
Capital Investment / Paid-up Capital :	Rs. 30.100 Millions
CIN No.: [Company Identification No.]	U24100MH2008PTC183907
TAN No.: [Tax Deduction & Collection Account No.]	PNES23573E
PAN No.: [Permanent Account No.]	AAMCS0859G
Legal Form :	Subject is Engaged in the Business of Manufacturing of Pigment Dispersion
Line of Business :	Private Limited Liability Company
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 333000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The external borrowing appears to be huge which act as a threat to the liquidity. However, trade relations are reported to be fair. Business is active. Payments are 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit :B- (Crisil has suspended its rating B- due to lack of information)
Date	February 2013

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/Corporate Office/Factory :	C-35/C-36, T.T.C. Industrial Area, M.I.D.C. Pawane, Navi Mumbai – 400 613, Maharashtra, India
Tel. No.:	91-22-41711234/ 41711213
Fax No.:	91-22-41711209
E-Mail :	swaminathan@soujanya.com info@soujanya.com tisai105ajay@sify.com ranadecs@gmail.com
Website :	www.soujanya.com

DIRECTORS

As on : 29.09.2012

Name :

Mrs. Priyamvada Ashesh Bhumkar

Designation :

Director

Address :

Vasant Vihar Complex, Row House No. 33/34, Pokhran Road No. 2, Majiwade, Thane – 400 601, Maharashtra, India

Date of Birth :

02.07.1962

Date of Appointment :

24.06.2008

DIN No. :

00726138

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	U01991MH1988PTC048901	SAUJESH CHEMICALS PRIVATE LIMITED	Director	21-09-88	21-09-88	-	Active	NO
2	U51900MH1991PTC062843	SOUJANYA ENTERPRISES PRIVATE LIMITED	Director	26-12-92	26-12-92	-	Active	NO
3	U24100MH2008PTC183907	SOUJANYA COLOR PRIVATE LIMITED	Director	24-06-08	24-06-08	-	Active	NO

Name :

Mrs. Asha Chidanand Bhumkar

Designation :

Director

Address :

Vasant Vihar Complex, Row House No. 33/34, Pokhran Road No. 2, Majiwade, Thane – 400 601, Maharashtra, India

Date of Birth :

21.07.1942

Date of Appointment :

24.06.2008

DIN No. :

01055858

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	U01991MH1988PTC048901	SAUJESH CHEMICALS PRIVATE LIMITED	Director	21-09-88	21-09-88	-	Active	NO
2	U51900MH1991PTC062843	SOUJANYA ENTERPRISES PRIVATE LIMITED	Director	07-08-91	07-08-91	-	Active	NO
3	U24100MH2008PTC183907	SOUJANYA COLOR PRIVATE LIMITED	Director	24-06-08	24-06-08	-	Active	NO

Name :

Mr. Ashesh Chidanand Bhumkar

Designation :

Director

Address :

Vasant Vihar Complex, Row House No. 33/34, Pokhran Road No. 2, Majiwade, Thane – 400 601, Maharashtra, India

Date of Birth :

27.12.1961

Date of Appointment :

24.06.2008

DIN No. :

02203709

Name :

Mr. Jashan Ashesh Bhumkar

Designation :

Director

Address :

Vasant Vihar Complex, Row House No. 33/34, Pokhran Road No. 2, Majiwade, Thane – 400 601, Maharashtra, India

Date of Appointment :

15.04.2010

DIN No. :

03033461

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Chidanand Jayram Bhumkar	903000
Asha Chidanand Bhumkar	903000
Priyamvada Ashesh Bhumkar	602000
Ashesh Chidanand Bhumkar	150500
Soujanya Bhumkar	150500
Soujanya Enterprises Private Limited, India	150500
Saujesh Chemicals Private Limited, India	150500
Total	3010000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Bodies corporate	10.00
Directors or relatives of Directors	90.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is Engaged in the Business of Manufacturing of Pigment Dispersion

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Licensed Capacity	Installed Capacity (KL)	Actual Production (Ltrs )
Colorants	NOT APPLICABLE	4000 KL (On the basis of single shift working and is as certified by the management, not verified by Auditors)	2096663 Ltrs

GENERAL INFORMATION

Customers :

Paint Manufacturing Company

No. of Employees :

Not Available

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India

· Union Bank of India, Kaprubavadi Branch, Dhan Laxmi Industrial Estate, Gokul Nagar, Old Agra Road, Thane (West), Thane – 400 601, Maharashtra, India

Facilities :

Rs in Millions

Secured Loans	31.03.2012	31.03.2011
Term Loan
From Bank (secured by mortgage of assets purchased under the term loan, hypothecation of specific assets and further guarantee by director)	105.221	156.426
Vehicles Loans (secured by charge on vehicles purchased out of the said loan)	0.427	0.268
Loans Repayable on Demand Cash Credit (secured against stocks and book debts and further by guarantee of director)	74.987	57.476
Total	180.635	214.170

Note :

Loan Facility	Interest Rate	Tenure of Loan	Total EMls
Working Capital Term Loan	BBR+3.50%	12 months	12
Term Loans	BBR+3.75%	36 to 60 months	36-60
Foreign Currency Term Loan	lY L1BOR+5%	60 months	20
Car Loans	11.59%	60 months	60

Auditors :
Name :	A.J. Shah and Company Chartered Accountants
Address :	Fort Chambers, C-Blocks, 65, tamarind Lane, Fort, Mumbai-4000023, India
Tel No :	91-11-43483800/22653998/22653879
Fax No :	91-11-43483801/22657122
Email :	ajshahco@ajshah.com
PAN No.:	AAAFA3817F

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/-each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3010000	Equity Shares	Rs. 10/-each	Rs. 30.100 Millions

NOTE :

Of the above shares 3010000 Equity shares of Rs. 10/-each were issued as fully paid up to partners of erstwhile partnership firm on conversion as per part IX of the companies act, 1956

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		30.100	30.100	30.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.028	29.467	21.670
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		83.128	59.567	51.770
LOAN FUNDS
1] Secured Loans		180.635	214.170	238.645
2] Unsecured Loans		151.146	155.598	139.965
TOTAL BORROWING		331.781	369.768	378.610
DEFERRED TAX LIABILITIES		0.856	1.295	5.293
TOTAL		415.765	430.630	435.673
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		362.771	360.626	284.321
Capital work-in-progress		0.000	19.417	84.987
INVESTMENT		0.164	2.060	1.460
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.951	57.824	47.944
	Sundry Debtors	191.004	109.613	84.742
	Cash & Bank Balances	5.052	6.668	15.404
	Other Current Assets	0.950	0.243	1.696
	Loans & Advances	16.624	10.783	30.244
Total Current Assets		278.581	185.131	180.030
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	127.906	61.957	100.986
	Other Current Liabilities	93.287	72.587	6.039
	Provisions	4.558	2.060	8.328
Total Current Liabilities		225.751	136.604	115.353
Net Current Assets		52.830	48.527	64.677
MISCELLANEOUS EXPENSES		0.000	0.000	0.228
TOTAL		415.765	430.630	435.673

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	684.123	517.037	388.661
		Other Income		1.869	1.563
		TOTAL	684.123	518.906	390.224
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	656.270	515.027	365.427
	PROFIT BEFORE TAX		27.853	3.879	24.797
Less	TAX		4.293	(3.917)	8.327
	PROFIT AFTER TAX		23.560	7.796	16.470
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	5.201
	BALANCE CARRIED TO THE B/S		NA	NA	21.671
	EARNINGS IN FOREIGN CURRENCY		0.000	76.632	59.720
	IMPORTS
		Raw Materials and Components	NA	34.079	13.524
		Capital Goods	NA	0.000	2.136
	TOTAL IMPORTS		NA	34.079	15.660
	Earnings Per Share (Rs.)		7.83	2.59	5.47

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.44	1.50	4.21
Net Profit Margin (PBT/Sales)	(%)	NA	0.75	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.34	0.71	5.34
Return on Investment (ROI) (PBT/Networth)		0.33	0.06	0.48
Debt Equity Ratio (Total Debt /Networth)		3.99	6.21	7.31
Current Ratio (Current Asset/Current Liability)		1.23	1.35	1.56

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	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE :

The Registered Office of the company has been shifted from 103/104, Sita Vihar, D Wing, Damani Estate, LBS Marg, Thane – 400 602, Maharashtra, India to the present address w.e.f. 19.04.2010.

UNSECURED LOANS :

Rs In Millions

Particulars	31.03.2012	31.03.2011
Loan From Director	77.315	80.171
Loan from shareholder	73.831	75.427
Total	151.146	155.598

PERFORMANCE :

The turnover of the Company is increased Rs.684.123 Millions during the year as compared to Rs. 518.906 Millions during previous financial year. The Company has earned profit after tax of Rs.23.560 Millions as against net profit of Rs. 7.796 Millions during previous year.

The Director hope to achieve better results in the current year.

BUSINESS OUTLOOK :

The company remains the most preferred supplier of colorants to major players in the paints industry.

The company hopes to achieved higher turnover and better profits during the current year.

FINANCE :

The company has been regularly repaying the interest and principal amounts due against Term Loans on due dates

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U24100MH2008PTC183907
Name of the company	SOUJANYA COLOR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-35/C-36, T.T.C. Industrial Area, M.I.D.C. Pawane, Navi Mumbai – 400 613, Maharashtra, India Email : info@soujanya.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10303255
Type of charge	· Immovable property · Book debts · Movable property · Others (current assets and movable fixed assets)
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India
Nature of instrument creating charge	1. Supplementry Deed of Hypothecation. 2. Deed of Mortgage.
Date of instrument Creating the charge	08.11.2012
Amount secured by the charge	Rs. 392.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC-12.75%,WCTL-13%,MachineryTL/TL I/II-13.25%p.a.,Floating over the tenure of the facility. WCDL-As per bank policy. FCY TL-1year Libor plus 5%(excluding Hedging cost).. . Terms of Repayment : WCDL - Up to a maximum of 180days. Pre-Shipment - Maximum 180days. WCTL/BG - Maximum 36 Months. Machinery TL - Maximum 48Months. TL I - Maximum 48 Months or balance tenure which ever is lower. FCY TL - 12 months from the date of disbursement. TL II - Maximum 48 Months. BC - Maximum 90days. Forex Forward - Maximum 12 Months. Conditional WCDL - On such terms and conditions as deemed fit by the Bank. Margin : Post-Shipment - 10%. Machinery TL - 25%. LC - Minimum cash margin of 10% shall be provided upfront in the form of FD. Lien shall be marked on the FD in favour of the Bank. BG(Cash Margin)- Minimum cash margin of 10% shall be provided upfront in the form of FD.(100% cash margin for guarantees covering disputed liabilities). Lien shall be marked on the FD till such time as the BG is cancelled and returned to the Bank. Conditional WCDL - On such terms and conditions as deemed fit by the Bank. Extent and Operation of the charge : 1. First and exclusive charge by way of Hypothecation of Current assets & Movable fixed assets present and future of the Borrower, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Borrower. 2. First and exclusive charge by way of Mortgage of Immovable property of the Company, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Company. Others : BC - As per Bank's guidelines time to time. Conditional WCDL - As deemed fit by the Bank at the time of disbursement.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of Borrower's Current assets and Movable fixed assets both present and future as described in Schedule to the Supplementry Deed of Hypothecation. All that piece and parcel of land bearing Plot Nos.C-35 and C-36, adms.5366 sq. mtr and 6005sq.mtr,situated in TTC Industrial area, Pawane, Tal and District. Thane, more particularly described in Sch.II to the DOM.
Particulars of the present modification	Bank had granted facilities of Rs.347.500 Millions to the Borrower which was secured by way of Hypo. on Current assets and Moveable fixed assets and Mortgage on Immovable property of the Company. on 25/07/2011. Now bank has granted additional facilities of Rs.45.000 Millions by way of Hypothecation. and Mortgage and the said charge is modified and extended to the increased total facilities of Rs.392.500 Millions.

FIXED ASSETS :

· Air Conditioner

· Computers and Software

· Cycle

· Electrical Installation

· Factory Shed

· Furniture Fixtures

· Lab Equipment

· Motor Car

· Office Equipment

· Plant and Machinery

· Scooter

· Office Premises

· Industrial Land

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. 70.67

INFORMATION DETAILS

Report Prepared by :

NIS

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.