MIRA INFORM REPORT

Report Date :

16.07.2013

IDENTIFICATION DETAILS

Name :	GUJARAT DYESTUFF INDUSTRIES PRIVATE LIMITED
Registered Office :	16, Aaryans Corporate Park, Nr. Shilaj Railway Crossing, Thaltej, Ahmedabad – 380059, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.05.1981
Com. Reg. No.:	04-004378
Capital Investment / Paid-up Capital :	Rs. 9.625 millions
CIN No.: [Company Identification No.]	U24110GJ1981PTC004378
PAN No.: [Permanent Account No.]	AAACG5478P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Woven Products, PP Woven Fabric, PE Woven Fabric, Sacks, Liner Bags, PP/ HDPE Woven Sacks, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 390000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of the Gujarat Dyestuff Group. It is an established company having a satisfactory track record. Profit margin is low. However, the overall financial position is sound. Trade relations are reported as fair. Business is active. Payment terms are usually 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 21, 2012

Rating Agency Name	CRISIL
Rating	Short term rating: “A3+”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	August 21, 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 :	16, Aaryans Corporate Park, Nr. Shilaj Railway Crossing, Thaltej, Ahmedabad – 380059, Gujarat, India
Tel. No.:	91-79-65459265 / 65459266 / 65459267
Fax No.:	Not Available
E-Mail :	kayathwal@gdipl.com

DIRECTORS

AS ON 29.09.2012

Name :	Parmeshwaridevi Jagdishprasad Tibrewal
Designation :	Director
Address :	10, Aaryavrat-IV, Opposite YMCA Club Sarkhej-Gandhinagar Highway, Makarba, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	26.08.1943
Date of Appointment :	06.11.1997
PAN No.:	AATPT7891D
DIN No.:	00145584
Name :	Mr. Rajesh Jagdishprasad Tibrewal
Designation :	Director
Address :	10, Aaryavrat-IV, Opposite YMCA Club Sarkhej-Gandhinagar Highway, Makarba, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	15.06.1967
Date of Appointment :	06.11.1997
PAN No.:	ABAPT5780B
DIN No.:	00145623
Name :	Mr. Alpeshkumar Tripathi
Designation :	Director
Address :	E-202, Asavari Complex, Opposite Karnavati Club, Behind Fun Republic Cinema, Satellite, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	03.08.1970
Date of Appointment :	30.09.2010
PAN No.:	00170278

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Equity Shareholders	No. of Shares
Jagdish Tibrewal	36800
Rajesh Tibrewal	139000
Parmeshwari Tibrewal	86700
Sunita Tibrewal	116750
Karan Tibrewal	124500
Naman Tibrewal	120000
Rajesh Tibrewal – HUF	24400
Jagdish Prasad Tibrewal c/o Jagdish Prasad Tibrewal HUF	227500
Sunder Shyam Tibrewal	46850
Total	922500

Names of Preference Shareholders	No. of Shares
Karan Tibrewal	40000
Total	40000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Woven Products, PP Woven Fabric, PE Woven Fabric, Sacks, Liner Bags, PP/ HDPE Woven Sacks, etc.

Products/ Services :

ITC Code No.	Product Descriptions
39232100	Packaging Product

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity
Packaging products	MT	9600
Antifab Masterbatches	MT	6000
Printing Ink/Retarder	MT	300

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India, Maninagar Branch, Maninagar, Ahmedabad – 380008, Gujarat, India

Bank of India, S.M.Road Branch, 26-29 Galaxy Mall, Near Shiromani Complex, S.M. Road, Ahmedabad – 380015, Gujarat, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Short term borrowings
Working capital loans from banks	102.133	91.862
Total	102.133	91.862

Banking Relations :	--
Auditors :
Name :	Kedia and Kedia Associates Chartered Accountants
Address :	205, Kaling, Near Mount Carmel School, Ashram Road, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AABFK7236R
Enterprises over which key management personnel / their relatives exercise significant influence :	· MMT Polypacks Private Limited (MMTPPL) Add Value International Private Limited (AIPL)

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
960000	Equity Shares	Rs. 10/- each	Rs. 9.600 millions
40000	Preference Shares	Rs. 10/- each	Rs. 0.400 million
	Total		Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
922500	Equity Shares	Rs. 10/- each	Rs. 9.225 millions
40000	Preference Shares	Rs. 10/- each	Rs. 0.400 million
	Total		Rs. 9.625 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.625	9.625
(b) Reserves & Surplus	87.657	79.368
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	97.282	88.993
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.108	0.108
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.108	0.108
(4) Current Liabilities
(a) Short term borrowings	102.133	91.862
(b) Trade payables	6.988	27.930
(c) Other current liabilities	2.786	1.889
(d) Short-term provisions	5.980	3.171
Total Current Liabilities (4)	117.887	124.852
TOTAL	215.277	213.953
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.533	41.167
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	2.028
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	2.784	2.935
(d) Long-term Loan and Advances	5.462	5.500
(e) Other Non-current assets	0.001	0.313
Total Non-Current Assets	43.780	51.943
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	83.531	59.768
(c) Trade receivables	71.167	85.972
(d) Cash and cash equivalents	4.734	4.021
(e) Short-term loans and advances	4.718	4.725
(f) Other current assets	7.347	7.524
Total Current Assets	171.497	162.010
TOTAL	215.277	213.953

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.625
2] Share Application Money		0.000
3] Reserves & Surplus		74.905
4] (Accumulated Losses)		0.000
NETWORTH		84.530
LOAN FUNDS
1] Secured Loans		103.614
2] Unsecured Loans		0.000
TOTAL BORROWING		103.614
DEFERRED TAX LIABILITIES		0.000
TOTAL		188.144
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.157
Capital work-in-progress		3.861
INVESTMENT		0.000
DEFERRED TAX ASSETS		2.535
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.573
	Sundry Debtors	72.729
	Cash & Bank Balances	13.719
	Other Current Assets	0.767
	Loans & Advances	16.053
Total Current Assets		154.841
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.008
	Other Current Liabilities	5.209
	Provisions	2.033
Total Current Liabilities		15.250
Net Current Assets		139.591
MISCELLANEOUS EXPENSES		0.000
TOTAL		188.144

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	1162.489	1170.453	925.510
Less	EXPENSES
		TOTAL	1139.595	1152.699	908.495
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		22.894	17.754	17.015
Less/ Add	DEPRECIATION/ AMORTISATION		8.341	9.738	10.385
	PROFIT BEFORE TAX		14.553	8.016	6.630
Less	TAX		5.145	2.435	1.973
	PROFIT AFTER TAX		9.408	5.581	4.657
Less	APPROPRIATIONS
		Dividend Proposed	0.963	0.963	0.501
		Tax on Proposed Dividend	0.156	0.156	0.083
	EARNINGS IN FOREIGN CURRENCY		4.658	2.857	6.718
	Earnings Per Share (Rs.)		10.15	6.00	5.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.81	0.48	0.50
Return on Total Assets (PBT/Total Assets}	(%)	6.85	3.84	3.37
Return on Investment (ROI) (PBT/Networth)		0.15	0.09	0.08
Debt Equity Ratio (Total Debt/Networth)		1.05	1.03	1.23
Current Ratio (Current Asset/Current Liability)		1.45	1.82	10.15

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	No
34]	External Agency Rating, if available	Yes

NOTE

The registered office of the company has been shifted from B 214, Popular Center, Near Shyamal Raw House, satellite Road, Ahmedabad – 380015, Gujarat, India to the present address w.e.f. 01.09.2011

OPERATIONS

During the year, revenue from operations and other receipts amounted to Rs.1162.489 millions (Previous Year Rs. 1170.453 millions). Net profit after tax was Rs. 9.408 millions (P.Y. Rs.5.581 millions).

Despite the substained top line, the bottom line, excluding revenue from one time printing job work, could not be increased due to the tough market conditions like continuous increase in the raw material prices, the impact of which could not be passed on fully to customers due to sluggish demand and tough competition. However the directors are confident that the same will improve in the years to come.

FINANCE

The company is in comfortable position for meeting its working capital needs and certain capital expenditure. Though, the company’s focus is to meet most of the requirement through internal accruals; the increased need for working capital is financed by Bank borrowings. Besides, the company continues to strive for reduction in the cost of borrowings in significant manner.

FIXED ASSETS:

Land

Buildings

Factory Building

Plant and Equipment

Factory Equipments

Furniture and Fixtures

Vehicles

Office Equipment

Computer Equipments

Other 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.59.39
UK Pound	1	Rs.89.90
Euro	1	Rs.77.73

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.