MIRA INFORM REPORT

Report Date :

12.02.2013

IDENTIFICATION DETAILS

Name :	NEW ALLIANCE DYE CHEM PRIVATE LIMITED
Registered Office :	Ram Krishna Niwas, Prathana Samaj Road, Vile Parle East, Mumbai - 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.06.1986
Com. Reg. No.:	11-040229
Capital Investment / Paid-up Capital :	Rs. 0.986 Million
CIN No.: [Company Identification No.]	U24100MH1986PTC040229
TAN No.: [Tax Deduction & Collection Account No.]	MUMN05966C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bromides, Cuprous Bromide, Oxalates etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears a dip in the profitability of the company. However, net worth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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 – 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

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.

LOCATIONS

Registered Office :	Ram Krishna Niwas, Prathana Samaj Road, Vile Parle East, Mumbai - 400057, Maharashtra, India
Tel. No.:	91-22-26171907/ 26182909
Fax No.:	91-22-26171908
E-Mail :	nadc@vsnl.com
Website :	www.newalliance.biz
Factory:	K-63, MIDC, Tarapur, Post Boisar, District Thane-401506, Maharashtra, India
Tel. No.:	91-2525-273009

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Praful Anant Sompurkar
Designation :	Chairman cum Managing director
Address :	19, Parag, Bank of Baroda Housing Society, Vile Parle (East), Mumbai-400099, Maharashtra, India
Date of Birth/Age :	11.12.1949
Date of Appointment :	26.06.1986
DIN No.:	00828307
Name :	Ms. Kirti Praful Sompurkar
Designation :	Director
Address :	19, Parag, Bank of Baroda Housing Society, Vile Parle (East), Mumbai-400099, Maharashtra, India
Date of Birth/Age :	06.04.1950
Date of Appointment :	17.09.1999
DIN No.:	02896201

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Praful Anant Sompurkar	615
Kirti Praful Sompurkar	4810
Anand Praful Sompurkar	2680
Arvind Praful Sompurkar	1751
TOTAL	9856

AS ON 28.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Bromides, Cuprous Bromide, Oxalates etc.

Products :

ITC Code	Product Descriptions
29173990	EDTA

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

NKGSB Co-operative Bank Limited, Mulji Raghavji Co-operative Housing Society, Adarsha Building, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loans
From Banks
Term Loan from NKGSB Bank Limited T/L No.370 (Secured by hypothecation of factory building and further personal guarantee of directors)	2.176	3.661
Term Loan from NKGSB Bank Limited T/L No.379 (Secured by hypothecation of plant and machinery and further personal guarantee of directors)	1.613	1.926
Term Loan from NKGSB Bank Limited T/L No.415 (Secured by hypothecation of factory building and further personal guarantee of directors)	1.839	1.392
Term Loan from NKGSB Bank Limited T/L No.430 (Secured by hypothecation of plant and machinery and further personal guarantee of directors)	1.494	1.660
Term Loan from NKGSB Bank Limited T/L No.443 (Secured by hypothecation of factory building and further personal guarantee of directors)	2.124	0.000
Term Loan from NKGSB Bank Limited T/L No.430 (Secured by hypothecation of plant and machinery and further personal guarantee of directors)	1.726	0.000
Auto Loan from NKGSB Bank Limited C/L No.61	0.383	0.582
TOTAL	11.355	9.221

Banking Relations :	--
Auditors :
Name :	Ladha and Ladha Chartered Accountants
Address :	3/312 Navjivan Society, Lamington Road, Mumbai – 400008, Maharashtra, India
PAN No.:	AAAFL4121F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9856	Equity Shares	Rs.100/- each	Rs. 0.986 Million

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		0.986	0.986	0.986
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.181	34.510	27.135
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.167	35.496	28.121
LOAN FUNDS
1] Secured Loans		11.355	9.221	22.494
2] Unsecured Loans		5.400	5.235	3.000
TOTAL BORROWING		16.755	14.456	25.494
DEFERRED TAX LIABILITIES		0.042	0.000	0.000
TOTAL		56.964	49.952	53.615
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.999	18.771	16.474
Capital work-in-progress		3.154	0.000	0.000
INVESTMENT		1.092	0.773	0.773
DEFERREX TAX ASSETS		0.000	0.016	0.445
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.731	19.064	25.086
	Sundry Debtors	29.458	21.119	15.663
	Cash & Bank Balances	2.599	2.654	7.769
	Other Current Assets	0.019	0.000	0.000
	Loans & Advances	11.702	10.261	11.714
Total Current Assets		58.509	53.098	60.232
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.767	14.965	17.724
	Other Current Liabilities	3.348	3.066	0.460
	Provisions	4.675	4.675	6.125
Total Current Liabilities		27.790	22.706	24.309
Net Current Assets		30.719	30.392	35.923
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.964	49.952	53.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	158.240	124.373	95.734
		Other Income	1.586	0.849
		TOTAL	159.826	125.222	95.734
Less	EXPENSES
		Office Expenses	153.369	112.682	88.952
		Administrative Expenses
		Advertising Expenses
		TOTAL	153.369	112.682	88.952
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.457	12.540	6.782
Less/ Add	DEPRECIATION/ AMORTISATION		1.727	1.698	1.166
	PROFIT / (LOSS) BEFORE TAX		4.730	10.842	5.616
Less	TAX		NA	3.449	1.673
	PROFIT / (LOSS) AFTER TAX		NA	7.393	3.943
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	12.371	3.170
	TOTAL EARNINGS		NA	12.371	3.170
	IMPORTS		NA	71.961	43.171
	Earnings Per Share (Rs.)		--	750.07	400.07

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	5.90	4.12
Return on Total Assets (PBT/Total Assets}	(%)	5.88	15.08	7.32
Return on Investment (ROI) (PBT/Networth)		0.12	0.31	0.20
Debt Equity Ratio (Total Debt /Networth)		0.42	0.41	0.91
Current Ratio (Current Asset/Current Liability)		2.11	2.34	2.48

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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Loans from related Parties	5.400	5.235
TOTAL	5.400	5.235

FORM 8

Corporate identity number of the company	U24100MH1986PTC040229
Name of the company	NEW ALLIANCE DYE CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ram Krishna Niwasprathana Samaj Road, Vile Parle East, Mumbai – 400057, Maharashtra, India nadc@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	10253725
Type of charge	Book Debts Movable Property
Particular of charge holder	NKGSB Co-operative Bank Limited, Mulji Raghavji Co-operative Housing Society, Adarsha Building, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplemental deed of hypothecation for additional advances (cash credit limit of Rs.20.000 Millions)
Date of instrument Creating the charge	29.06.2012
Amount secured by the charge	Rs. 20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest Rate of interest: at plr-1.25% i.e. 13.25% p.a. And penal interest @ 2% over the normal rate of interest will be charged on defaulted loan from time to time Terms of repayment Repayment up to 30.06.2012 Margin Margin : 25% on stock and 40% on debtors Extent and operation of the charge As per supplemental deed of hypothecation for additional advances Total cash credit limit of Rs.15.000 millions (including adhoc limit of Rs.5.000 millions) on 12.07.2011, now adhoc limit reduced by 5.000 millions and cash credit limit enhanced by Rs. 10.000 millions total limit stands up to Rs. 20.000 millions
Short particulars of the property charged	1) Hypothecation in favour of the bank, all present and future stocks, goods, book debts and other movable assets referred to in the agreement "the said goods and assets" 2) Hypothecation of all the borrower goods and assets hypothecated and charged in favour of the bank continuing security by way of first charge for the due repayment on demand by the bank of all monies, including principal sums, interest, cost, charges, expenses and other monies payable by the borrower from time to time.
Date of latest modification prior to the present modification	12.07.2011
Particulars of the present modification	Last modified on 12.7.11 and regd. on 06.09.11,now by this present modification, the cash credit limit enhanced from Rs.10.000 Millions (reducing adhoc limit of Rs. 5.000 Millions) to Rs. 20.000 Millions the charge further secured by (1) hypothecation in favour of the bank, all present and future stocks, goods, book debts, other movable assets referred to "the said goods and assets (2) hypothecation of all the borrower goods and assets hypothecated The total cash credit limit stands up to Rs.20.000 Millions

FIXED ASSETS

· Leasehold Land

· Factory Building

· Plant and Machinery

· Steam Boiler

· Furniture and Fixtures

· Computer and Printers

· Vehicles

· Office 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. 53.67
UK Pound	1	Rs. 84.84
Euro	1	Rs. 71.86

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
TOTAL		44

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.