MIRA INFORM REPORT

Report Date :

30.12.2013

IDENTIFICATION DETAILS

Name :	ALTIS FINECHEM PRIVATE LIMITED (w.e.f. 15.12.2004)
Formerly Known As :	DHRUV INTERMEDIATES PRIVATE LIMITED
Registered Office :	F 72/73, 1^st Floor, Akashganga Complex, Near S T Bus Stand, Himatnagar - 383001, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.12.2004
Com. Reg. No.:	04-045152
Capital Investment/ Paid-up Capital:	Rs.9.863 Million
CIN No.: [Company Identification No.]	U24110GJ2004PTC045152
TAN No.: [Tax Deduction & Collection Account No.]	AHMD02878B
PAN No.: [Permanent Account No.]	AACCD0786H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer and Exporter of Bulk Drugs of Quinine Sulphate and Quinine Dihydrochloride, 3 Nitro Phthalic Acid.
No. of Employees:	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 50000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealing at usual trade term 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 DENIED BY

Name :	Mr. Dinesh Patel
Designation :	Director
Contact No.:	91-7698045799
Date :	09.12.2013

LOCATIONS

Registered Office :	F 72/73, 1^st Floor, Akashganga Complex, Near S T Bus Stand, Himatnagar - 383001, Gujarat, India
Tel. No.:	91--2770-240713
Mobile No.:	91-7698045799 ( Mr. Dinesh Patel) 91-7698044799 ( Mr. Ratilal Patel )
Fax No.:	91-2770-240713
E-Mail :	altisfinechem@gmail.com parth_dyes@icenet.com dipl_1512@yahoo.co.in
Location :	Owned
Factory 1 :	Near Katwad Patya, Behind VRN Ceramic Ltd. At. Dalpur, Taluka Prantij, Himatnagar - 383120, Gujarat, India
Tel. No.:	91-2772-324183/ 2770-240713
Area :	17500 Square Meters
Location :	Owned

DIRECTORS

AS ON: 30.09.2013

Name :

Mr. Ratilal Kacharabhai Patel

Designation :

Director

Address :

AT – Pruthvipura, Post – Ankala, Talukar – IDAR, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

27.04.1968

Date of Appointment :

01.01.2005

DIN No :

00461803

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110GJ2004PTC045152	ALTIS FINECHEM PRIVATE LIMITED	Director	01-01-05	01-01-05	-	Active	NO
2	U26933GJ1995PTC027509	NIJANAND CERAMICS PRIVATE LIMITED	Additional director	20-10-09	20-10-09	24-06-11	Active	NO
3	U24230GJ2010PTC063311	BIOTRON LIFE SCIENCE PRIVATE LIMITED	Director	21-12-10	21-12-10	-	Active	NO

Name :

Mr. DineshKumar Amichandbhai Patel

Designation :

Director

Address :

AT – Budhiya, Post: Badoli, TA – IDAR, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

01.06.1966

Date of Appointment :

15.12.2004

DIN No :

00334505

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110GJ2004PTC045152	ALTIS FINECHEM PRIVATE LIMITED	Director	15-12-04	15-12-04	-	Active	NO
2	U26933GJ1995PTC027509	NIJANAND CERAMICS PRIVATE LIMITED	Additional director	20-10-09	20-10-09	24-06-11	Active	NO

Name :

Mr. GirishKumar Kacharabhai Patel

Designation :

Director

Address :

AT – Pruthvipura, Post – Ankala, Talukar – IDAR, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

30.06.1972

Date of Appointment :

15.12.2004

DIN No :

00461797

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26933GJ1995PTC027509	NIJANAND CERAMICS PRIVATE LIMITED	Director	22-02-99	22-02-99	27-10-09	Active	NO
2	U24110GJ2004PTC045152	ALTIS FINECHEM PRIVATE LIMITED	Director	15-12-04	15-12-04	-	Active	NO
3	U26933GJ2008PTC052576	CRYSTAL CERAMIC INDUSTRIES PRIVATE LIMITED.	Director	16-01-10	01-12-08	01-04-11	Active	NO
4	U28112GJ2011PTC068066	MARK ALLOYS PRIVATE LIMITED	Director	02-12-11	02-12-11	-	Active	NO

Name :

Mr. Pravinbhai Parshottambhai Patel

Designation :

Director

Address :

AT – Rampur, Post: Ganthiyol, TA – IDAR, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

30.04.1967

Date of Appointment :

15.12.2004

DIN No :

00345634

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110GJ2004PTC045152	ALTIS FINECHEM PRIVATE LIMITED	Director	15-12-04	15-12-04	-	Active	NO
2	U28112GJ2011PTC068066	MARK ALLOYS PRIVATE LIMITED	Director	02-12-11	02-12-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2013

Name of Shareholder	Nos. of Shares
Dineshkumar Amichandbhai Patel	28100
Girishkumar Kacharabhai Patel	79500
Pravinbhai Parshottamdas Patel	71950
Amrutbhai Punjabhai Patel	6950
Anjanaben Pravinbhai Patel	52600
Bhagwatiben Mahendrabhai Patel	34500
Bharatbhai Madhabhai Patel	22600
Chetanaben Devendrabhai Patel	7450
Chetanaben Ketanbhai Patel	10350
Dineshbhai Amrutbhai Patel	8350
Dineshbhai A. Patel (H.U.F)	46050
Girishbhai K. Patel (H.U.F)	28700
Hansaben Pankajbhai Patel	17000
Harshadbhai Narayanbhai Patel	7650
Hasmukhbhai Kacharabhai Patel	7400
Jigar Dipakkumar Patel	9000
Jyotsanaben Girishbhai Patel	17300
Kantibhai Mohanbhai Patel	17900
Ketanbhai Amrutbhai Patel	7900
Krishnaben Dineshbhai Patel	16300
Khemiben Kacharabhai Patel	20400
Krishnaben Rajendrabhai Patel	19600
Mahendrabhai A. Patel (H.U.F)	64300
Manibhai Devabhai Patel	30000
Mukeshbhai Dhulabhai Patel	23700
Mukeshbhai Vasantbhai Patel	7750
Naresskumar Maganbhai Patel	20000
Neelamben Harshadbhai Patel	21550
Neerupaben Pankajbhai Patel	19890
Neetaben Nareshbhai Patel	21750
Pravinbhai P. Patel (H.U.F)	16200
Rajendrakumar Sankarlal Patel	38200
Ratibhai K. Patel (H.U.F)	48200
Rekhaben Ratilal Patel	16100
Sanjaybhai Kantibhai Patel	22900
Shantaben Amichandbhai Patel	17350
Vandanaben Hasmukhbhai Patel	7500
Vasantbhai Vitthalbhai Patel	19200
Ashokbhai Khemabhai Patel	4065
Vasantbhai Hirabhai Patel	21000
Ratibhai Kacharabhai Patel	25000
Yoginiben Ashokbhai Patel	4065
TOTAL	986270

AS ON: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer and Exporter of Bulk Drugs of Quinine Sulphate and Quinine Dihydrochloride, 3 Nitro Phthalic Acid.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Central Bank of India, HLCC Area Branch, Near Vijay Charrasta, Navrangpura, Ahmedabad - 380009, Gujarat, India
• Central Bank of India
• State Bank of India
• Bank of Baroda – Ahmedbad
• Punjab National Bank – Himatnagar
• Kotak

Facilities :

Secured Loan Particular	As on 31.03.2013 (Rs In Millions)	As on 31.03.2012 (Rs In Millions)
Car Term Loan	0.417	0.758
Working Capital Loans from From Bank : Central Bank of India [Secured by way of Hypothecation of present and future stock of raw materials, stock in process, finished goods, stores and spares, book debts, and Guarantee of Directors and equitable mortgage of factory lane A Building ]	15.921	3.277
Total	16.338	4.035
Unsecured Loan Particular	As on 31.03.2013 (Rs In Millions)	As on 31.03.2012 (Rs In Millions)
From Directors and Their Relative	3.921	2.797
From Shareholders	5.304	4.215
Total	9.225	7.012

Banking Relations :	--
Auditors :
Name :	K.K. Patel and Associates Chartered Accountant
Address :	F – 2nd Floor, Akash Ganga Complex, NR. S.T. Stand, Himatnanagar - 383001, Gujarat, India
PAN No:	AGPPP6687D

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
986270	Equity Share	Rs.10/- each	Rs.9.862 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	9.863	9.863	9.863
(b) Reserves & Surplus	6.789	6.489	3.473
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	16.652	16.352	13.336
(3) Non-Current Liabilities
(a) long-term borrowings	9.642	7.771	7.081
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.00
Total Non-current Liabilities (3)	9.642	7.771	7.081
(4) Current Liabilities
(a) Short term borrowings	15.921	3.276	1.343
(b) Trade payables	2.427	6.535	9.655
(c) Other current liabilities	6.732	8.311	12.084
(d) Short-term provisions	0.582	1.742	0.484
Total Current Liabilities (4)	25.662	19.864	23.566
TOTAL	51.956	43.987	43.983
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.188	15.892	15.356
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.350	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.390	0.466	0.116
Total Non-Current Assets	15.928	16.358	15.472
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.521	13.932	5.109
(c) Trade receivables	1.118	6.777	14.799
(d) Cash and cash equivalents	8.435	0.576	1.701
(e) Short-term loans and advances	3.954	6.344	6.580
(f) Other current assets	0.000	0.000	0.322
Total Current Assets	36.028	27.629	28.511
TOTAL	51.956	43.987	43.983

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	24.812	102.129	56.410
		Other Income	NA	0.506	0.535
		Job Work	0.026	0.000	0.000
		TOTAL (A)	NA	102.635	56.945
Less	EXPENSES
		Cost of Material consumed		97.808	46.086
		Purchased of Stock-in-trade		0.000	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	NA	(6.147)	2.811
		Employee benefit expenses		0.800	0.400
		Other expenses		4.154	3.144
		TOTAL (B)	NA	96.615	52.441
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.006	6.020	4.504
Less	FINANCIAL EXPENSES (D)		2.641	1.596	1.710
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.365	4.424	2.794
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.941	0.887	0.663
	PROFIT BEFORE TAX (E-F) (G)		0.424	3.537	2.131
Less	TAX (I)		0.124	0.521	0.303
	PROFIT AFTER TAX (G-I) (J)		0.300	3.016	1.828
	Earnings Per Share (Rs.)		0.30	3.06	1.85

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	0.50	3.21
Net Profit Margin (PBT/Sales)	(%)	1.71	3.46	3.78
Return on Total Assets (PBT/Total Assets}	(%)	0.82	10.96	4.85
Return on Investment (ROI) (PBT/Networth)		0.03	0.22	0.16
Debt Equity Ratio (Total Debt/Networth)		1.54	0.68	0.63
Current Ratio (Current Asset/Current Liability)		1.40	1.39	1.21

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	No
8]	No. of employees	No
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	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	No
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	No

NOTE

Registered office of the company has been shifted from C/1, 5520, Phase-III GIDC Vatva, Near Trikampura Pattia, Ahmedabad – 382445, Gujarat, India to the present address w.e.f. 01.10.2008

OPERATION

The Directors are regretted to inform that the turnover of the subject during the year decreased from 95.768 Millions to 24.812 Millions. During the year under review the subject has earned Net profit of Rs. 0.300 million as against Rs. 3.016 Millions in the previous year.

FIXED ASSETS

• Electrical Installation
• Building and Contraction
• Plant and Machinery
• Mobile Instrument
• Computer Peripherals
• E T Plant
• Furniture and Fixtures
• Laboratory Equipment
• Land Purchase
• Tools
• R O Plant
• Weight Seal Machine
• Fire Fitting Equipments
• Air conditioner

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 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.62.06
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	Yes
--AFFILIATION	YES/NO	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		27

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.