MIRA INFORM REPORT

Report Date :

16.12.2013

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) :	31.03.2013
Date of Incorporation :	23.05.2002
Com. Reg. No.:	04-040774
Capital Investment / Paid-up Capital :	Rs.23.805 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 :	Trader, Dealer and Importer of all types of Colours, Chemicals, Dyes etc.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 620000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Rating)
Rating Explanation	Moderate risk of default regarding timely services and high credit risk.
Date	21.11.2013

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	21.11.2013

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.

INFORMATION PARTED BY

Name :	Mr. Dharmesh
Designation :	Accountant
Contact No.:	91-79-40328880
Date :	13.12.2013

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 tulsidyechem@gmail.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: 29.09.2012

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 Birth/Age :

27.08.1961

Date of Appointment :

23.05.2002

DIN No.:

00378855

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

Name :

Mr. Mittul Rameshbhai Patel

Designation :

Director

Address :

Bansidhar House, Sardar Patel Nagar, Ahmedabad – 380006, Gujarat, India

Date of Birth/Age :

12.02.1979

Date of Appointment :

23.05.2002

DIN No.:

01948959

PAN No.:

ABDPP0173B

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
4	U17123GJ2013PTC076916	DARSH CORPORATION PRIVATE LIMITED	Director	23/09/2013	23/09/2013	-	Active	NO

Name :

Mr. Shaunak Parikh Sandipbhai

Designation :

Director

Address :

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

Date of Birth/Age :

21.08.1986

Date of Appointment :

15.02.2012

DIN No.:

05201301

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	15/02/2012	15/02/2012	-	Active	NO
2	U17123GJ2013PTC076916	DARSH CORPORATION PRIVATE LIMITED	Director	23/09/2013	23/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dharmesh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Chaitaniya Puwar	120000
Gunvant Patel	38000
Mittul Patel HUF	66500
Mittul R. Patel	803325
Nilam S. Parikh	177800
Poddar Agro Company Private Limited	15000
Rameshwar Finvest Private Limited	20000
Ritu M. Patel	3500
Ruchir S. Patel HUF	109375
Sandip V. Parikh	339500
Shashijyoti Textiles Private Limited	15000
Shobhagya Cinimay Private Limited	25000
Tara Vinimay Private Limited	15000
Total	1748000

As on: 31.03.2013

Names of Allottees	No. of Shares
Sandip V Parikh and Ritu M Patel	445000
Total	445000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	5.00
Directors or relatives of Directors	95.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Dealer and Importer of all types of Colours, Chemicals, Dyes etc.
Exports:	Not Divulged
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users

No. of Employees :

35 (Approximately)

Bankers :

· State Bank of India, SME Branch, Law Garden, Zodiac Avenue, Opp. Commissioner's Bungalow, Ahmedabad - 380006, Gujarat, India

· Standard Chartered Bank, Ahmedabad, Gujarat, India

· HDFC Bank Limited, Mumbai, Maharashtra, India

· ICICI Bank Limited, Vadodara, Gujarat, India

· Kotak Mahindra Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Rupee term loans from banks	7.412	3.336
SHORT TERM BORROWINGS
Loans repayable on demand from banks	26.963	169.521
Total	34.375	172.857

Banking Relations :	--
Auditors :
Name :	Shashikant J. Shah Chartered Accountant
Address :	108, Hemkoot Building, Ashram Road, Ahmedabad, Gujarat, India
PAN No.:	ABIPS3405J
Other Related Parties :	· Tulsi Marketing · Shaily Dyes and intermediates

CAPITAL STRUCTURE

As on: 31.03.2013

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
2380500	Equity Shares	Rs.10/- each	Rs.23.805 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.805	17.480	17.480
(b) Reserves & Surplus	80.160	37.463	27.147
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	51.500	74.990	76.125
Total Shareholders’ Funds (1) + (2)	155.465	129.933	120.752
(3) Non-Current Liabilities
(a) long-term borrowings	54.216	35.117	14.623
(b) Deferred tax liabilities (Net)	0.000	0.000	0.105
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	54.216	35.117	14.728
(4) Current Liabilities
(a) Short term borrowings	26.963	169.521	0.000
(b) Trade payables	453.078	280.965	287.219
(c) Other current liabilities	0.005	4.763	128.117
(d) Short-term provisions	25.923	14.542	1.555
Total Current Liabilities (4)	505.969	469.791	416.891
TOTAL	715.650	634.841	552.371
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.123	12.517	15.773
(ii) Intangible Assets	0.000	0.000	0.132
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.426	0.304	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.549	12.821	15.905
(2) Current assets
(a) Current investments	0.741	0.741	0.741
(b) Inventories	75.141	53.886	72.606
(c) Trade receivables	577.097	533.129	416.604
(d) Cash and cash equivalents	43.046	30.711	30.917
(e) Short-term loans and advances	0.137	0.239	14.626
(f) Other current assets	3.939	3.314	0.972
Total Current Assets	700.101	622.020	536.466
TOTAL	715.650	634.841	552.371

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Income	2171.406	1823.944	1622.161
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	Office Expenses	NA	NA	NA
	Administrative Expenses
	Advertising Expenses
	TOTAL	NA	NA	NA
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		35.674	18.310	6.113
DEPRECIATION/ AMORTISATION		2.777	4.104	2.739
PROFIT BEFORE TAX		32.897	14.206	3.374
TAX		11.053	3.890	1.555
PROFIT AFTER TAX		21.844	10.316	2.075
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.042	8.727	6.652
BALANCE CARRIED TO THE B/S		40.886	19.042	8.727
IMPORTS
	Raw materials, stores and spares consumed	46.882	11.858	88.174
TOTAL IMPORTS		46.882	11.858	88.174
Earnings Per Share (Rs.)		9.18	5.90	1.19

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	1.51	0.78	0.21
Return on Total Assets (PBT/Total Assets}	(%)	4.60	2.24	0.61
Return on Investment (ROI) (PBT/Networth)		0.21	0.11	0.03
Debt Equity Ratio (Total Debt /Networth)		0.52	1.57	0.12
Current Ratio (Current Asset/Current Liability)		1.38	1.32	1.29

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	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	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	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.

UNSECURED LOAN:

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loans and advances from directors	46.804	31.781
Total	46.804	31.781

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10395846	15/12/2012	200,000,000.00	STATE BANK OF INDIA	SME BRANCH, LAW GARDEN, ZODIAC AVENUE, OPP. COMMISSIONER'S BUNGLOW, AHMEDABAD, Gujarat - 380006, INDIA	B65462632
2	10309604	04/10/2011	19,396,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B22308274
3	10130348	29/11/2011 *	372,500,000.00	STANDARD CHARTERED BANK	GROUND FLOOR, ABHIJEET-II, MITHAKALI SIX ROADS,NA  VRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA	B27013978
4	10130351	14/11/2011 *	372,500,000.00	STANDARD CHARTERED BANK	GROUND FLOOR, ABHIJEET-II, MITHAKALI SIX ROADS,NA  VRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA	B27750884

* Date of charge modification

FIXED ASSETS:

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

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.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	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		41

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.