MIRA INFORM REPORT

Report Date :

25.07.2013

IDENTIFICATION DETAILS

Name :	TYTAN ORGANICS PRIVATE LIMITED
Registered Office :	3^rd Floor, Sunama House, August Kranti Marg, Mumbai-400026, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.10.1991
Com. Reg. No.:	11-063639
Capital Investment / Paid-up Capital :	Rs.7.118 Millions
CIN No.: [Company Identification No.]	U24100MH1991PTC063639
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals and Intermediates.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has failed to file its financials with the government department after 2010. Mr. Rakesh, from the finance department has provided general information but denied to disclose any financial detail. As per old verified, the company is found to have huge accumulated losses which heavily exceed the net worth and huge external borrowings. The liquidity is found to be fully eroded. However, business is active. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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.

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 (GENERAL DETAILS)

Name :	Mr. Rakesh
Designation :	Finance Department
Contact No.:	91-22-61597500
Date :	24.07.2013

LOCATIONS

Registered / Corporate Office :	3^rd Floor, Sunama House, August Kranti Marg, Mumbai-400026, Maharashtra, India
Tel. No.:	91-22-23851825 / 23851833 / 23885129 / 23886256 / 61597500
Fax No.:	91-22-23851767
E-Mail :	hemant_yeram@tytanorganics.com contact_us@tytanorganics.com
Website :	www.tytanorganics.com
Factory 1/ Head Office :	C-146, Trans Thane Creek Industrial Area, Pawne, Thane Belapur Road, Thane-400613, Maharashtra, India
Tel. No.:	91-22-64573300 / 27686684 / 27686685 / 27670803 / 27671839 / 27671744
Fax No.:	91-22-27671744
Factory 2 :	T-29, Taloja Industrial Area, MIDC Taloja, Taluka Panvel, District Raigad – 410208, Maharashtra, India
Tel. No.:	91-22-27401028
Fax No.:	91-22-27401029
Overseas Plant Office :	Post Box 41605, Hamriyah Free Zone, Sharjah, UAE
Tel. No.:	91-971-6-5260433 / 5260435

DIRECTORS

As on 30.09.2010

Name :	Mr. Cyrus Maneck Bahadurji
Designation :	Director
Address :	2/3, Spenta Co-Operative Housing Society Limited, Gibbs Road, Malabar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	24.01.1958
Date of Appointment :	16.10.1991
DIN No.:	00064818
Name :	Mrs. Tanaz Cyrus Bahadurji
Designation :	Director
Address :	2/3, Spenta Co-Operative Housing Society Limited, Gibbs Road, Malabar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	27.12.1956
Date of Appointment :	16.10.1991
DIN No.:	00064961
Name :	Mr. Anil Malhotra
Designation :	Nominee Director
Address :	Flat No. 411, Nestle Apartment, Mombay Dyeing Mill Compound, Worli, Mumbai-400013, Maharashtra, India
Date of Birth/Age :	25.02.1954
Date of Appointment :	04.03.2010
DIN No.:	03133593

MAJOR SHAREHOLDERS

As on 30.09.2010

Names of Shareholders	No. of Shares
Cyrus Maneck Bahadurji	342500
Tanaz Cyrus Bahadurji	7500
Mazda Middle East (FZE), UAE	361767
Total	711767

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage Of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Directors or relatives of Directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals and Intermediates.
Exports :
Products :	Finished Good
Countries :	· USA Middle East Far East
Imports :
Products :	Raw Material
Countries :	· Russia China
Terms :
Selling :	Credit
Purchasing :	Credit and Depend

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

Information declined by management

Bankers :

· Central Bank of India, Industrial Finance Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India

Central Bank of India, Nariman Point Branch, Chander Mukhi, Ground Floor,Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Central Bank of India
Cash Credit/ Overdraft	82.722	66.678
Packing Credit	3.707	3.999
Term Loan	162.577	152.550
Post Shipment Loan	33.433	13.189
From Other Banks
Car Loan Secured Against Assets Purchased Under The Scheme	0.836	1.545
From Finance Companies :
Car Loan Secured Against Assets Purchased Under The Scheme	0.978	1.403
Interest Accrued And Due	1.647	1.714
Total	285.900	241.078
Note : 1. Cash Credit/ Overdraft and Post Shipment Loan are secured by Assignment of lease of MIDC land and first charge over all the assets of the Company, pledge of the shares of the Company under the same management, by an equitable mortgage of Land and Building situated at Pawne and Tatoja, hypothecation of Plant and Machinery and personal guarantee by the Directors. 2. Cash Credit/ Overdraft and Packing Credit are further secured by hypothecation of Inventories and Book Debts. 3. Post Shipment Loan is further secured by export documents.

Banking Relations :	--
Auditors :
Name :	Kalyaniwala and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127, M. G. Road, Mumbai – 400001, Maharashtra, India
PAN.:	91-22-56347640
Holding Company:	Tytan Combine FZE
Subsidiary :	Titan Organic Chemicals (Middle East) FZE (from 6^th November 2007)

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
711767	Equity Shares	Rs.10/- each	Rs.7.118 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		7.118	7.118	7.118
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.256	3.256	3.256
4] (Accumulated Losses)		(313.280)	(284.106)	(223.071)
NETWORTH		(302.906)	(273.732)	(212.697)
LOAN FUNDS
1] Secured Loans		285.900	241.078	277.449
2] Unsecured Loans		55.762	55.762	67.527
TOTAL BORROWING		341.662	296.840	344.976
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		38.756	23.108	132.279
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		256.592	20.319	25.428
Capital work-in-progress		0.000	225.886	187.613
INVESTMENT		2.009	2.009	2.009
DEFERREX TAX ASSETS		1.264	18.435	1.647
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.357	12.848	22.415
	Sundry Debtors	107.008	108.372	157.713
	Cash & Bank Balances	2.272	5.752	15.815
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	87.149	83.938	94.144
Total Current Assets		226.786	210.910	290.087
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	282.581	264.118	248.235
	Other Current Liabilities	160.147	183.686	118.704
	Provisions	5.167	6.647	7.566
Total Current Liabilities		447.895	454.451	374.505
Net Current Assets		(221.109)	(243.541)	(84.418)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		38.756	23.108	132.279

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	349.583	375.886	524.865
		Other Income	0.806	17.869	1.316
		TOTAL (A)	350.389	393.755	526.181
Less	EXPENSES
		Manufacturing Expenses	225.496	283.796	271.939
		Purchase of Traded Goods	0.099	36.097
		Expenses	123.231	129.897
		(Increase) / Decrease in Inventories	(15.416)	3.824
		Increase / (Decrease) in Excise Duly on Inventory Change	0.194	(0.107)
		Prior year adjustment	2.517	(5.482)
		TOTAL (B)	336.121	448.025	271.939
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.268	(54.270)	(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)		23.939	16.116
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(9.671)	(70.386)	(254.242)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.333	6.632	7.537
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(12.004)	(77.018)	(261.779)
Less	TAX (H)		17.171	(15.983)	0.832
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(29.175)	(61.035)	(262.611)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(285.106)	(224.071)	(38.540)
	BALANCE CARRIED TO THE B/S		(314.281)	(285.106)	(224.071)
	EARNINGS IN FOREIGN CURRENCY
		Export of goods at FOB value	193.433	170.790	263.337
		Freight	3.577	4.555	7.578
		Insurance	0.058	0.065	0.069
		Interest	1.936	7.615	0.000
		Guarantee Commission	0.324	0.000	0.000
	TOTAL EARNINGS		199.328	183.025	270.984
	Earnings/ (Loss) Per Share (Rs.)		(40.99)	(85.75)	(368.96)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(8.33)	(15.50)	(49.91)
Net Profit Margin (PBT/Sales)	(%)	(3.43)	(20.49)	(49.88)
Return on Total Assets (PBT/Total Assets}	(%)	(2.48)	(33.31)	(82.97)
Return on Investment (ROI) (PBT/Networth)		0.04	0.28	1.23
Debt Equity Ratio (Total Debt/Networth)		(1.13)	(1.08)	(1.62)
Current Ratio (Current Asset/Current Liability)		0.51	0.46	0.77

LOCAL AGENCY FURTHER INFORMATION

NOTE:

CURRENT MATURITIES OF LONG TERM DEBT: NOT AVAILABLE

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	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	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80001774	08/11/2012	369,600,000.00	CENTRAL BANK OF INDIA	Industrial Finance Branch, Chander Mukhi, Ground Floor, Nariman Point,, Mumbai, Maharashtra - 400021, India	B65047938
2	80001236	25/11/2012	369,600,000.00	CENTRAL BANK OF INDIA	Industrial Finance Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai, Maharashtra - 400021, India	B65047243

NOTE

The registered office of the company has been shifted from 7, Nowraji Mansion, 31, Wodehouse Road, Mumbai-400039, Maharashtra, India to the present address w.e.f. 03.11.2008

UNSECURED LOAN:

Particulars	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Directors and Relatives	55.762	55.762
Total	55.762	55.762

FIXED ASSETS:

· Leasehold land

· Factory building

· Plant and machinery

· Furniture and fixtures

· Vehicles

· Laboratory equipments

· Data processing 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 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.59.45
UK Pound	1	Rs.91.24
Euro	1	Rs.78.44

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		16

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.