MIRA INFORM REPORT

Report Date :

11.09.2013

IDENTIFICATION DETAILS

Name :	MEGHMANI INDUSTRIES LIMITED
Formerly Known As :	PATEL AGRO CHEM LIMITED
Registered Office :	Plot No.27, Phase I, GIDC Industrial Estate, Vatva, Ahmedabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.02.1993
Com. Reg. No.:	04-019013
Capital Investment / Paid-up Capital :	Rs.45.000 Millions
CIN No.: [Company Identification No.]	U29199GJ1993PLC019013
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00395D
PAN No.: [Permanent Account No.]	AABCM0535G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Dyes, Agro Chemicals and Intermediates.
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 5409000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a part of Meghmani Group. It is a well established and reputed company having fine track records. The company has incurred loss during 2012. However, the financial position of the company appears to be good and healthy. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A [Long Term]
Rating Explanation	Adequate degree of safety and low credit risk
Date	16.10.2012

Rating Agency Name	CRISIL
Rating	A1 [Short Term]
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	16.10.2012

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.

INFORMATION DECLINED

Management non co-operative [91-79-26467511 / 26569901]

LOCATIONS

Registered Office/ Factory 1 :	Plot No.27, Phase I, GIDC Industrial Estate, Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-25833381/ 25897793
Fax No.:	91-79-26463999/ 25834588/ 25893495
E-Mail :	vshekhar@meghmani.com alkesh@meghmanidyes.com meghmaniad1@sancharnet.in helpdesk@meghmani.com exports@meghmani.com jbrahma@meghmanidyes.com
Website :	http://www.meghmani.com
Corporate Office :	203-204, White Cross, 15 Patel Society, Gulbai Tekra Road, Panchvati, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26569901/ 26562827/ 26467511/ 26562827
Fax No.:	91-79-26422600/ 26463999
Factory 2 :	Block No. 401, Village Chharodi, Taluka Sanand, District Ahmedabad – 382 170, Gujarat, India
Tel. No.:	91-2717-273204/ 273284
Fax No.:	91-2717-273117
Factory 3 :	SEZ Unit, Plot No. Z-6, Special Economic, Zone Bharuch, Dehej-392130, Gujarat, India
Factory :	Also Located At: v Panoli v Ankleshwar

DIRECTORS

AS ON 31.07.2012

Name :

Mr. Natwarlal Meghjibhai Patel

Designation :

Managing Director

Address :

6-B, Ashok Vatika No.1, Opposite Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad – 380 058, Gujarat, India

Date of Birth/Age :

01.06.1953

Qualification :

M.Sc.

Date of Appointment :

01.11.2011

Din No.:

00027540

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	Company/ LLP Status	Defaulting status
1	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01/11/2011	22/02/1993	Active	NO
2	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26/12/1994	26/12/1994	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	01/04/2009	02/01/1995	Active	NO
4	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	13/03/2008	21/07/1999	Active	NO
5	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	27/01/2000	27/01/2000	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	Active	NO
7	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	Active	NO
8	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	Active	NO
9	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	25/07/2008	25/07/2008	Active	NO
10	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2009	27/02/2009	Active	NO
11	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	Active	NO

Name :

Mr. Rameshbhai Meghjibhai Patel

Designation :

Managing Director

Address :

No.54, Shreenath Park Society, Behind Avishkar Party Plot, Manekbaug, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

01.03.1956

Qualification :

B.A.

Date of Appointment :

01.11.2011

Din No.:

00027637

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	Company/ LLP Status	Defaulting status
1	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01/11/2011	22/02/1993	Active	NO
2	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	01/04/2009	02/01/1995	Active	NO
3	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	13/03/2008	21/07/1999	Active	NO
4	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12/09/2001	12/09/2001	Active	NO
5	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	17/09/2002	Active	NO
6	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21/03/2003	21/03/2003	Active	NO
7	U45209GJ2005NPL046417	VATVA INDUSTRIAL ESTATE INFRASTRUCTURE DEVELOPMETN LIMITED	Director	13/07/2005	13/07/2005	Active	NO
8	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	Active	NO
9	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	Active	NO
10	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	Active	NO

Name :

Mr. Lalit Kantilal Patel

Designation :

Director

Address :

31, Park Hill, Near Narmada Vasahat, Opposite Karnavati Club, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

15.02.1967

Designation :

B.Com.

Date of Appointment :

22.02.1993

Din No.:

00011773

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	Company/ LLP Status	Defaulting status
1	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Director	22/02/1993	22/02/1993	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21/07/1999	21/07/1999	Active	NO
3	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	Active	NO
4	U24100GJ2007PLC051935	MEGHMANI SPECIALTY CHEMICALS LIMITED	Director	10/10/2007	10/10/2007	Active	NO
5	U24231GJ1993PTC020229	SYNERGY CHLORINATION PRIVATE LIMITED	Director	27/10/2007	27/10/2007	Active	NO
6	U24100GJ2007PLC051763	UNISON INDUSTRIES LIMITED	Director	22/09/2008	25/08/2008	Active	NO
7	U67120GJ2009PTC058361	ALB STOCK BROKING PRIVATE LIMITED	Director	15/10/2009	15/10/2009	Active	NO
8	U24100GJ2012PTC068727	UNIWORTH ENTERPRISES PRIVATE LIMITED	Director	23/01/2012	23/01/2012	Converted to LLP	NO
9	AAA-6362	NAVRATAN SPECIALTY CHEMICALS LLP	Designated Partner	23/09/2011	23/09/2011	Active	NO
10	AAB-4707	UNIWORTH ENTERPRISES LLP	Designated Partner	18/04/2013	18/04/2013	Active	NO

Name :

Mr. Keyur Balkrishna Thakkar

Designation :

Director

Address :

L-14/265, Satyagraha Chhavani Society, Satellite Road, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

06.04.1968

Qualification :

B.Com., FCA

Date of Appointment :

24.09.2007

Din No.:

01490623

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	Company/ LLP Status	Defaulting status
1	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Director	24/09/2007	10/04/2007	Active	NO
2	U67120GJ2009PTC058361	ALB STOCK BROKING PRIVATE LIMITED	Director	26/10/2009	26/10/2009	Active	NO

Name :

Ms. Saroj Narayan Mohanty

Designation :

Additional Director

Address :

C-103, West View CHS, Plot No.6, Sector 2, Charkop, Kandivali (West), Mumbai – 400 067, Maharashtra, India

Date of Birth/Age :

27.01.1953

Qualification :

M.Sc.

Date of Appointment :

27.06.2011

Din No.:

03413326

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	Company/ LLP Status	Defaulting status
1	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Director	27/06/2011	31/01/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.07.2012

Names of Shareholders	No. of Shares
Natwarlal Meghjibhai Patel	897250
Bhartiben Natwarlal Patel	212500
Disha Natwarlal Patel	25000
Ankit Natwarlal Patel	215000
Rameshbhai Meghjibhai Patel	790000
Kalpanaben Rameshbhai Patel	7500
Karan Rameshbhai Patel	82500
Vaishakhi Rameshbhai Patel	20000
Amitaben Kantibhai Patel	886750
Lalit Kantibhai Patel	140500
Jagrutiben Lalit Patel	7500
Ganpatbhai Meghjibhai Patel	288750
Praful Ganpatbhai Patel	3000
Shardaben Popatbhai Patel	512250
Popatbhai Meghjibhai Patel	15250
Anil Popatbhai Patel	7500
Prashant Popatbhai Patel	5000
Kuverben Ishwerbhai Patel	337250
Anand Patel	12750
Darshan Anand Patel	10000
Haribhai Meghjibhai Patel	1500
Ravi Haribhai Patel	10375
Kiranbhai Manshukhbhai Patel	11875
TOTAL	4500000

AS ON 31.07.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturing of Dyes, Agro Chemicals and Intermediates.

Products :

ITC CODE NO.	PRODUCT DESCRIPTION
29215109	O.P.D.A
380831009	Atrazine
3014	Hexaconazole

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Installed Capacity	Actual Production
Agrochemicals Basics	M.T.	3000	1441.33
Solid Formulations	M.T.	NA	2376.09
Liquid Formulations	K.L.	NA	2527.41
Dyes and Others	M.T.	2100	319.48

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information denied by the management

Bankers :

• State Bank of India, Vatva Industrial Estate Branch, Vatva, Ahmedabad-382445, Gujarat, India
• State Bank of India, 4^th Floor, MID Corporation Administration Unit, Local Head Office Building, Bhadra, Ahmedabad-380001, Gujarat, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• State Bank of India, Overseas Branch, 3^rd Floor, Amrit Jayanti Bhavan, Navjivan PO, Behind Gujarat Vidyapith, Ahmedabad-380014, Gujarat, India
• Dena Bank, 2^nd Floor, Dena Laxmi Building, 188-A, Ashram Road, Navarangpura, Ahmedabad-380009, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	253.267	105.379
Working capital loans from banks	100.000	0.000
Short Term Borrowings
Working capital loans from banks	288.750	127.190
Term loans from others	84.000	0.000
TOTAL	726.017	232.569

Banking Relations :	--
Auditors :
Name :	Balkrishna T. Thakkar and Company Chartered Accountants
Address :	602, Saffron, Ambawadi, Ahmedabad – 380 015, Gujarat, India
PAN No:	AAGPT9505M
Other Related Parties :	· Meghmani Dyes and Intermediates Limited [U24110GJ1999PLC036306] · Meghmani Energy Limited [U40105GJ2006PLC048974] · Meghmani Organics Limited [L24110GJ1995PLC024052] · Meghmani Specialty Chemicals Limited [U24100GJ2007PLC051935] · Synergy Chlorination Private Limited [U24231GJ1993PTC020229] · Unison Industries Limited [U24100GJ2007PLC051763] · Fidelity Export Private Limited [U50101GJ1996PTC030122] · Vanguard Overseas Limited [U51909GJ2002PLC041575] · Meghmani Finechem Limited [U24100GJ2007PLC051717] · Navratan Specialty Chemicals LLP · Meghmani Chemicals · Tapasheel Enterprise · Patel Trading and Investment Company

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 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	45.000	45.000
(b) Reserves & Surplus	1307.325	1421.933
(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)	1352.325	1466.933
(3) Non-Current Liabilities
(a) long-term borrowings	708.871	225.431
(b) Deferred tax liabilities (Net)	32.562	23.131
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	741.433	248.562
(4) Current Liabilities
(a) Short term borrowings	372.750	127.190
(b) Trade payables	353.012	243.797
(c) Other current liabilities	25.895	28.271
(d) Short-term provisions	2.861	13.461
Total Current Liabilities (4)	754.518	412.719
TOTAL	2848.276	2128.214
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	870.389	427.625
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	212.435	347.009
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.005	12.002
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	26.265	14.831
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1109.094	801.467
(2) Current assets
(a) Current investments	0.000	80.000
(b) Inventories	696.673	503.972
(c) Trade receivables	848.362	602.148
(d) Cash and cash equivalents	61.311	80.425
(e) Short-term loans and advances	32.528	3.923
(f) Other current assets	100.308	56.279
Total Current Assets	1739.182	1326.747
TOTAL	2848.276	2128.214

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		45.000
2] Share Application Money		0.000
3] Reserves & Surplus		1180.752
4] (Accumulated Losses)		0.000
NETWORTH		1225.752
LOAN FUNDS
1] Secured Loans		68.411
2] Unsecured Loans		124.224
TOTAL BORROWING		192.635
DEFERRED TAX LIABILITIES		28.124
TOTAL		1446.511
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		416.631
Capital work-in-progress		59.812
INVESTMENT		92.758
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	490.380
	Sundry Debtors	495.820
	Cash & Bank Balances	165.839
	Other Current Assets	0.000
	Loans & Advances	121.068
Total Current Assets		1273.107
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	209.664
	Other Current Liabilities	125.577
	Provisions	60.556
Total Current Liabilities		395.797
Net Current Assets		877.310
MISCELLANEOUS EXPENSES		0.000
TOTAL		1446.511

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1761.325	1939.837	1528.655
		Other Income	14.273	10.592	16.608
		TOTAL (A)	1775.598	1950.429	1545.263
Less	EXPENSES
		Cost of materials consumed	1257.796	1145.031	886.047
		Purchases of stock-in-trade	156.764	102.075	164.687
		Employee benefit expense	60.587	42.046	34.038
		Other expenses	367.002	395.554	165.560
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(55.245)	(54.823)	0.000
		TOTAL (B)	1786.904	1629.883	1250.332
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(11.306)	320.546	294.931
Less	FINANCIAL EXPENSES (D)		43.234	2.907	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(54.540)	317.639	294.931
Less/ Add	DEPRECIATION/ AMORTISATION (F)		59.585	36.567	26.321
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(114.125)	281.072	268.610
Less	TAX (H)		0.482	29.431	66.561
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(114.607)	251.641	202.049
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1109.933	898.765	745.108
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	30.013	30.000
		Interim / Proposed Dividend	0.000	9.000	6.750
		Final Dividend	0.000	0.000	9.000
		Dividend Distribution Tax	0.000	1.460	2.642
	BALANCE CARRIED TO THE B/S		995.326	1109.933	898.765
	EARNINGS IN FOREIGN CURRENCY		740.513	718.346	NA
	IMPORTS
		Raw Materials	NA	NA	633.179
		Capital Goods	NA	NA	15.498
		Stores Consumption	NA	NA	3.301
	TOTAL IMPORTS		NA	NA	651.978
	Earnings / (Loss) Per Share (Rs.)		(25.47)	55.92	44.90

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(6.45)	12.90	13.08
Net Profit Margin (PBT/Sales)	(%)	(6.47)	14.49	17.57
Return on Total Assets (PBT/Total Assets}	(%)	(4.33)	15.89	15.90
Return on Investment (ROI) (PBT/Networth)		(0.08)	0.19	0.22
Debt Equity Ratio (Total Debt/Networth)		0.80	0.24	0.48
Current Ratio (Current Asset/Current Liability)		2.31	3.21	3.22

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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10363110	27/06/2012	60,000,000.00	DENA BANK	2ND FLOOR, DENA LAXMI BUILDING, 188A, ASHRAM ROAD, NAVARANGPURA, AHMEDABAD - 380009, GUJARAT, INDIA	B42674184
2	10148356	13/08/2009 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	A69011583
3	90102662	30/03/2012 *	1,226,700,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN PO, B/H GUJARAT VIDYAPITH, AHMEDABAD - 380014, GUJARAT, INDIA	B37954781
4	90100400	30/03/2012 *	1,226,700,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN PO, B/H GUJARAT VIDYAPITH, AHMEDABAD - 380014, GUJARAT, INDIA	B37886322
* Date of charge modification

HIGH COURT OF GUJARAT

CIVIL APPLICATION NO. 352 OF 2010

IN TAX APPEAL/ 1731/ 2010( DISPOSED ) ON : 12/03/2012

Status : PENDING (Converted from : ST/1150/2010) CCIN No : 001073201000352

Last Listing Date: 12/03/2012

Coram: HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

S. NO.

NAME OF THE PETITIONER

ADVOCATE ON RECORD

1

COMMISSIONER

MR YN RAVANI for: Applicant(s) 1

S. NO.

NAME OF THE RESPONDANT

ADVOCATE ON RECORD

1

MEGHMANI INDUSTRIES LIMITED

MR PARESH M DAVE for :Respondent(s) 1

Presented On	: 07/04/2010	Registered On	: 07/04/2010
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 22 times
StageName	: FOR ADMISSION TAXATION MATTERS
Act	CENTRAL EXCISES AND SALT ACT, 1944

OFFICE DETAILS

S. NO.

FILING DATE

DOCUMENT NAME

ADVOCATE NAME

COURT FEE ON DOCUMENT

DOCUMENT DETAILS

1

07/04/2010

APPLICATION

MR YN RAVANI ADVOCATE
for PETITIONER(s) 1

20

MR YN RAVANI:1

2

15/08/2010

VAKALATNAMA

MR PARESH M DAVE ADVOCATE
for RESPONDENT(s) 1

-

MR PARESH M DAVE:1

3

15/08/2010

VAKALATNAMA

MR YN RAVANI ADVOCATE
for PETITIONER(s) 1

-

MR YN RAVANI:1

4

15/12/2010

VAKALATNAMA

MR PARESH M DAVE ADVOCATE
for RESPONDENT(s) 1

5

MR PARESH M DAVE:1

5

16/12/2010

APPEARANCE NOTE

MR PARESH M DAVE ADVOCATE
for RESPONDENT(s) 1

-

MR PARESH M DAVE:1

LINKED MATTERS

S. NO.	CASE DETAIL	STATUS NAME	DISPOSAL DATE	ACTION/CORAM
1	MISC. CIVIL APPLICATION/100/2010	DISPOSED	21/07/2010	CA DISPOSED OF · HONOURABLE MR.JUSTICE D.A.MEHTA · HONOURABLE MS.JUSTICE HARSHA DEVANI

COURT PROCEEDINGS

S. NO.

NOTIFIED DATE

COURT CODE

BOARD SR. NO.

STAGE

ACTION

CORAM

1

24/06/2010

1

-

FOR ADMISSION TAXATION MATTERS

NEXT DATE

· HONOURABLE MR.JUSTICE D.A.MEHTA

· HONOURABLE MS.JUSTICE HARSHA DEVANI

2

23/12/2010

1

-

FOR URGENT ADMISSION TAXATION MATTERS

NEXT DATE

· HONOURABLE MR.JUSTICE JAYANT PATEL

· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

3

24/11/2011

1

-

FOR URGENT ADMISSION TAXATION MATTERS

NEXT DATE

· HONOURABLE MR.JUSTICE AKIL KURESHI

· HONOURABLE MS JUSTICE SONIA GOKANI

4

15/12/2011

1

-

FOR URGENT ADMISSION TAXATION MATTERS

NEXT DATE

· HONOURABLE MR.JUSTICE AKIL KURESHI

· HONOURABLE MS JUSTICE SONIA GOKANI

5

12/03/2012

1

-

FOR URGENT ADMISSION TAXATION MATTERS

NEXT DATE

· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

· HONOURABLE MR.JUSTICE J.B.PARDIWALA

6

14/03/2012

1

-

FOR URGENT ADMISSION TAXATION MATTERS

NEXT DATE

· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

· HONOURABLE MR.JUSTICE J.B.PARDIWALA

AVAILABLE ORDERS

S. NO.

CASE DETAILS

JUDGE NAME

ORDER DATE

CAV

JUDGMENT/ORDER

1

CIVIL APPLICATION/319/2010

· HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA

· HONOURABLE MR.JUSTICE AKIL KURESHI

15/12/2010

N

ORDER

2

CIVIL APPLICATION/319/2010

· HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA

· HONOURABLE MR.JUSTICE AKIL KURESHI

04/10/2010

N

ORDER

3

CIVIL APPLICATION/205/2010

· HONOURABLE MR.JUSTICE D.A.MEHTA

· HONOURABLE MS.JUSTICE HARSHA DEVANI

22/04/2010

N

ORDER

4

CIVIL APPLICATION/316/2010

· HONOURABLE MR.JUSTICE D.A.MEHTA

· HONOURABLE MS.JUSTICE HARSHA DEVANI

30/09/2010

N

ORDER

5

CIVIL APPLICATION/319/2010

· HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA

· HONOURABLE MR.JUSTICE K.M.THAKER

25/11/2010

N

ORDER

6

CIVIL APPLICATION/206/2010

· HONOURABLE MR.JUSTICE D.A.MEHTA

· HONOURABLE MS.JUSTICE HARSHA DEVANI

22/04/2010

N

ORDER

7

CIVIL APPLICATION/319/2010

· HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA

· HONOURABLE MR.JUSTICE K.M.THAKER

18/11/2010

N

ORDER

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Intercorporate deposits	246.230	20.000
Loans and advances from directors	109.374	100.052
TOTAL	355.604	120.052

FIXED ASSETS:

· Land

· Staff Quarters

· Factory Buildings

· Office Building

· Furniture

· Plant and Machinery

· Electrical and Fittings

· Office Equipments

· Motor Cars

· Effluent Plant

· Other Vehicles

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 records 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.64.21
UK Pound	1	Rs.100.83
Euro	1	Rs.85.21

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.