MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	JAY CHEMICAL INDUSTRIES LIMITED
Registered Office :	Jay House, Near Saffron Building Panchvati, Ellisbridge, Ahmedabad - 380 006, Gujarat, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.03.2000
Com. Reg. No.:	04-037683
Capital Investment / Paid-up Capital :	Rs.143.340 Millions
CIN No.: [Company Identification No.]	U24119GJ2000PLC037683
IEC No.:	0888017031
TAN No.: [Tax Deduction & Collection Account No.]	AHNJ00516F
PAN No.: [Permanent Account No.]	AAACJ7628J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Dyes, Intermediates, Garments, Construction Chemicals, Textile Auxiliary.
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 4150000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having a satisfactory track record. There appears sharp dip in profit of the company in 2012. However, overall financial position of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are slow but 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

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	CARE
Rating	Long Term Bank Facilities =BBB
Rating Explanation	Moderate credit quality and average credit risk.
Date	04.01.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities =A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	04.01.2013

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 :	Jay House, Near Saffron Building Panchvati, Ellisbridge, Ahmedabad-380 006, Gujarat, India
Tel. No.:	91-79-26423363
Fax No.:	91-79-26425763
E-Mail :	cs@jaychemical.com daksheshmachhar@jaychemical.com alpeshshah@jaychemical.com nimishvaya@yahoo.com info@jaychemical.com manishitandon@jaychemical.com murarinari@jaychemical.com anshulagarwal@jaychemical.com
Website :	http://www.jaychemical.com
Area :	600 Sq. ft.
Location :	Owned
Factory 1 :	Plot No. 44, GIDC, Odhav, Ahmedabad - 382415, Gujarat, India
Tel. No.:	91-79-22873581
Fax No.:	91-79-22872383
Location :	Owned
Factory 2 :	GIDC, Khambhat, Ahmedabad, Gujarat, India
Location :	Owned
Factory 3 :	Located at Vatva, Ahmedabad, Gujarat, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Jayendrabhai Hiralal Kharawala

Designation :

Chairman and Managing Director

Address :

2, Spring Vally, Mohamadpura Road, B/H Karnavati Club," Bodakdev, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

18.02.1939

Qualification :

B.Sc (Chemistry)

Date of Appointment :

01.04.2009

DIN No.:

00077389

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	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Managing director	01-06-07	28-10-80	Amalgamated	NO
2	U65910GJ1982PTC005115	JAYENDRAKUMAR TRADING AND INVESTMENTS PRIVATE LIMITED	Director	07-08-90	07-08-90	Active	NO
3	U65910GJ1982PTC005114	JANMEJAY TRADING AND INVESTMENTS PRIVATE LIMITED	Director	07-08-90	07-08-90	Active	NO
4	U65910GJ1982PTC005117	JALDHARA TRADING AND INVESTMENTS PRIVATE LIMITED	Director	07-08-90	07-08-90	Strike off	NO
5	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	10-09-92	10-09-92	Active	NO
6	U74999GJ1996PTC030600	JAYSON CREATIVE SOURCE PRIVATE LIMITED	Director	30-08-96	30-08-96	Strike off	NO
7	U29199GJ1996PLC029914	ODHAV ENVIRO PROJECTS LIMITED	Director	27-03-97	27-03-97	Active	NO
8	U65910GJ1982PTC005113	GREEVA TRADING AND INVESTMENTS PRIVATE LIMITED	Director	03-04-99	03-04-99	Active	NO
9	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Managing director	01-04-09	31-03-00	Active	NO
10	U74140GJ2008PTC055674	JAY CORPORATE MANAGEMENT PRIVATE LIMITED	Director	15-12-08	15-12-08	Active	NO

Name :

Mr. Greeven Jayendrakumar Kharawala

Designation :

Managing director

Address :

2, Spring Vally, Mohamadpura Road, B/H Karnavati Club," Bodakdev, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

29.09.1974

Qualification :

B. Sc, Management Course from Harvard

Date of Appointment :

01.04.2009

DIN No.:

00358381

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	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	30-09-92	30-09-92	Active	NO
2	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Managing director	01-09-95	01-09-95	Amalgamated	NO
3	U74999GJ1996PTC030600	JAYSON CREATIVE SOURCE PRIVATE LIMITED	Director	30-08-96	30-08-96	Strike off	NO
4	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Managing director	01-04-09	31-03-00	Active	NO
5	U93090GJ2007NPL050142	NOVEL SPENT ACID MANAGEMENT	Director	02-03-07	02-03-07	Active	NO
6	U74140GJ2008PTC055674	JAY CORPORATE MANAGEMENT PRIVATE LIMITED	Director	15-12-08	15-12-08	Active	NO

Name :

Mr. Shambhunath Sushilkumar Chakraverty

Designation :

Whole-time director

Address :

B-71, Venus Apartment, B/h Ashima Tower, Vastrapur, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

20.08.1942

Qualification :

Graduate

Date of Appointment :

01.04.2009

PAN No.:

AACPC5697F

DIN No.:

00689059

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	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01-04-09	01-04-05	Active	NO

Name :

Mr. Bipinbhai Rughnathbhai Patel

Designation :

Whole-time director

Address :

44, Mithila Society, Opposite Shreyash Foundation, Ambawadi, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

01.03.1945

Date of Appointment :

01.10.2008

PAN No.:

ACZPP0043K

DIN No.:

01186974

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U36998GJ1997PTC032218	AMI PIGMENTS PRIVATE LIMITED	Director	14-05-98	14-05-98	-	Active	NO
2	L24231GJ1998PLC034094	KIRI INDUSTRIES LIMITED	Director	01-09-06	01-09-06	26-04-10	Active	NO
3	L24110GJ1986PLC009003	BODAL CHEMICALS LIMITED	Director	29-09-07	14-08-07	-	Active	NO
4	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01-10-08	01-10-08	-	Active	NO
5	U91110GJ2012NPL070701	CONFEDERATION OF INDIAN CLUBS	Director	23-07-12	23-07-12	-	Active	NO

Name :

Mr. Ravi Babulal Kabra

Designation :

Whole-time director

Address :

83C, Satyagrah Chhavni, Lane No.15, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

12.05.1976

Qualification :

MBA

Date of Appointment :

01.04.2009

PAN No.:

ADKPK9389F

DIN No.:

00080979

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	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Director	30-03-03	30-03-03	Amalgamated	NO
2	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01-04-09	30-03-03	Active	NO
3	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	01-11-05	01-11-05	Active	NO

Name :

Mr. Dakshesh Mohanlal Machhar

Designation :

Whole-time director

Address :

Block No. 212, Anmol Park, Plot No. 10, Bopal, Ahmedabad – 380 058, Gujarat, India

Date of Birth/Age :

29.09.1966

Qualification :

B.Com.

Date of Appointment :

01.04.2009

PAN No.:

ABWPM1392E

DIN No.:

00081032

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	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Director	30-03-03	30-03-03	Amalgamated	NO
2	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01-04-09	30-03-03	Active	NO
3	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	01-11-05	01-11-05	Active	NO

Name :

Mr. Kantibhai Hirabhai Patel

Designation :

Director

Address :

26, Mahasukhnagar C H S L-2, Vibhag-1, Jain Derasar, Satellite, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

03.09.1946

Date of Appointment :

26.09.2008

DIN No.:

02325787

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51101GJ1984PTC006663	ORLEY LABORATORIES PRIVATE LIMITED	Director	15-09-08	15-09-08	22-03-10	Active	NO
2	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Director	26-09-08	26-09-08	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	31-07-09	24-10-08	-	Active	NO
4	U74140GJ2010PTC060526	K H PATEL LABOUR CONSULTANCY PRIVATE LIMITED	Director	03-05-10	03-05-10	-	Active	NO
5	U20299GJ1983PLC005945	SUNDEK INDIA LIMITED	Director	30-09-10	01-06-10	-	Active	NO
6	L21010GJ1986PLC008772	RAINBOW PAPERS LIMITED	Director	27-09-11	12-08-10	-	Active	NO

KEY EXECUTIVES

Name :	Bhavina Rupesh Acharya
Designation :	Secretary
Date of Birth/Age :	07.02.1986
Date of Appointment :	01.12.2011
PAN No.:	AZQPA3302C
Name :	Mr. Dave Ablard
Designation :	Global Head – Marketing
Name :	Mr. Alpesh Shah
Designation :	General Manager – Finance
Name :	Mr. Dakshesh Machhar
Designation :	General Manager – International Division
Name :	Mr. Ravi Kabra
Designation :	General Manager
Name :	Mr. Murari Nair
Designation :	Dy. General Manager

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Jayendrabhai Hiralal Kharawala	8705530
Greeven Jayendrakumar Kharawala	1503390
Mokshadaben G. Kharawala	50290
Ushaben J. Kharawala	1624760
Jay Infa Trade Private Limited, India	49500
J. H. Kharawala, HUF	1799530
Ravi Kabra	100
G J Kharawala, HUF	600000
Greeva Trading and Investments Private Limited, India	100
Janmejay Trading and Investments Private Limited, India	395
Jayendrakumar Trading and Investments Private Limited, India	395
Total	14333990

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Bodies corporate	0.35
Directors or relatives of Directors	99.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Dyes, Intermediates, Garments, Construction Chemicals, Textile Auxiliary.

Products :

Item Code No:	Production Description
32041650	Reactive Blue
32041650	Reactive Black GL/GR
32041630	Reactive Red ME4BL
32041630	Reactive Dyes

PRODUCTION STATUS (AS AT 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production [In Qty.]
Dyes	MT	26000	18671
Intermediates	MT	11500	8013
Auxiliary	MT	2000	2541

GENERAL INFORMATION

No. of Employees :

Not available

Bankers :

· Bank of Baroda, Ashram Road Branch, Vallabh Sadan Bhavan, Opposite Gujarat Chamber of Commercial and Industrial, Ashram Road, Ahmedabad – 380 006, Gujarat, India

· Export-Import Bank of India, Floor 21, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· Axis Bank, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat, India

· State Bank of Hyderabad

· Dena Bank

· Exim Bank

· Bank of Hyderabad

· Bank of India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	722.455	662.240
Short Term Borrowings
Loan Repayable on Demand	1241.806	1027.942
Total	1964.261	1690.182

NOTE :

Secured by Hypothecation of Plant and Machinery, Movable Assets, Current Assets, Equitable Mortgage of Land and Building and Personal guarantee of Directors.

Banking Relations :	--
Auditors 1 :
Name :	Shah and Nagori Chartered Accountants
Address :	T-1, Dhaval Complex, Behind Navrangpura Post Office, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26565206/66312129
Auditors 2 :
Name :	Nimish Vayawala Chartered Accountant
Address :	1,Vasupujya Flat, 1 Navpad Society, Opposite Amul Society, Paldi, Ahmedabad, Gujarat, India
Associate Companies :	· Jay Infa Trade Private Limited, India CIN No.: U51909GJ1990PTC014227 · Jay Enterprise, India · Jushika Corporation, India · Prem Chemical Industries, India · Ronuk Dyes and Chemical, India · The India Textile Products, India · Greeva, India · Jayendrakumar and Company, India
Subsidiary Company :	Solunaris GMBH, Germany

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14333990	Equity Shares	Rs. 10/- each	Rs.143.340 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	143.340	143.340
(b) Reserves & Surplus	895.936	875.803
(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)	1039.276	1019.143
(3) Non-Current Liabilities
(a) long-term borrowings	762.499	702.611
(b) Deferred tax liabilities (Net)	168.326	152.806
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	21.270	18.512
Total Non-current Liabilities (3)	952.095	873.929
(4) Current Liabilities
(a) Short term borrowings	1241.806	1027.942
(b) Trade payables	1048.625	785.024
(c) Other current liabilities	278.965	204.199
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	2569.396	2017.165
TOTAL	4560.767	3910.237
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1530.773	1327.382
(ii) Intangible Assets	0.000	0.259
(iii) Capital work-in-progress	420.543	260.703
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	45.182	42.048
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	49.411	51.665
(e) Other Non-current assets	67.956	3.016
Total Non-Current Assets	2113.865	1685.073
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1056.826	957.716
(c) Trade receivables	1059.565	887.642
(d) Cash and cash equivalents	67.845	107.676
(e) Short-term loans and advances	208.022	207.493
(f) Other current assets	54.644	64.637
Total Current Assets	2446.902	2225.164
TOTAL	4560.767	3910.237

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		143.340
2] Share Application Money		0.000
3] Reserves & Surplus		760.346
4] (Accumulated Losses)		0.000
NETWORTH		903.686
LOAN FUNDS
1] Secured Loans		1391.208
2] Unsecured Loans		24.498
TOTAL BORROWING		1415.706
DEFERRED TAX LIABILITIES		133.068
TOTAL		2452.460
APPLICATION OF FUNDS
Goodwill on Consolidation		0.518
FIXED ASSETS [Net Block]		1217.066
Capital work-in-progress		45.125
INVESTMENT		11.909
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	689.969
	Sundry Debtors	827.638
	Cash & Bank Balances	100.780
	Other Current Assets	0.000
	Loans & Advances	242.738
Total Current Assets		1861.125
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	645.811
	Provisions	40.912
Total Current Liabilities		686.723
Net Current Assets		1174.402
MISCELLANEOUS EXPENSES		3.440
TOTAL		2452.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3576.640	3475.318	3188.715
		Other Income	21.518	39.259	3.870
		TOTAL (A)	3598.158	3514.577	3192.585
Less	EXPENSES
		Cost of Materials Consumed	2136.695	2185.537
		Changes in Inventories of Finished goods, work-in-progress and stock-in-trade	(47.856)	(238.352)
		Employee Benefit Expenses	219.453	180.875
		Extraordinary Items	(0.396)	0.122
		Prior Period Items	0.000	0.059
		Exceptional Items	0.000	(1.046)
		Other Expenses	966.128	985.372
		TOTAL (B)	3274.024	3112.567	2722.538
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		324.134	402.010	470.047
Less	FINANCIAL EXPENSES (D)		182.082	131.101	123.151
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		142.052	270.909	346.896
Less/	DEPRECIATION/ AMORTISATION (F)		117.589	99.513	83.996
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		24.463	171.396	262.900
Less	TAX (H)		4.330	55.940	102.885
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		20.133	115.456	160.015
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		816.576	701.120	541.105
	BALANCE CARRIED TO THE B/S		836.709	816.576	701.120
	EARNINGS IN FOREIGN CURRENCY
		Export on goods of FOB Basis	NA	1765.143	1674.693
	TOTAL EARNINGS		NA	1765.143	1674.693
	IMPORTS
		Raw Materials	NA	524.719	479.837
		Capital Goods and Consumables	NA	562.729	7.002
	TOTAL IMPORTS		NA	1087.448	486.839
	Earnings Per Share (Rs.)		1.40	8.05	11.16

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.56	3.29	5.01
Net Profit Margin (PBT/Sales)	(%)	0.68	4.93	5.02
Return on Total Assets (PBT/Total Assets}	(%)	0.62	4.82	8.54
Return on Investment (ROI) (PBT/Networth)		0.02	0.17	0.29
Debt Equity Ratio (Total Debt /Networth)		1.93	1.70	1.57
Current Ratio (Current Asset/Current Liability)		0.95	1.10	2.71

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	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]	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	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 1433 of2011To TAX APPEAL No. 1434 of 2011

Status : PENDING

( Converted from : ST/3172/2011 )

CCIN No : 001092201101433

Last Listing Date:

13/09/2012

Coram

· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS.JUSTICE HARSHA DEVANI

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX-II	MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.	Name of the Respondent	Advocate On Record
1	JAY CHEMICAL INDUSTRIES LTD	MR TEJ SHAH for :Opponent(s) 1

Presented On	: 08/11/2011	Registered On	: 08/11/2011
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 4 times
StageName	: FOR REGULAR ADMISSION

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Office Objection

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Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

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LowerCourt Details

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Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2011	VAKALATNAMA	MR TEJ SHAH ADVOCATE for RESPONDENT(s) 1	-	MR TEJ SHAH:1
2	15/08/2011	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	-	MRS MAUNA M BHATT:1
3	08/11/2011	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	6	MRS MAUNA M BHATT:1
4	08/11/2011	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	MRS MAUNA M BHATT:1
5	14/09/2012	VAKALATNAMA	MR TEJ SHAH ADVOCATE for RESPONDENT(s) 1	5	MR TEJ SHAH:1
Linked Matters

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	27/06/2012	9	-	ADMISSION (FRESH MATTERS)	NEXT DATE	· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA
2	13/09/2012	9	-	FOR REGULAR ADMISSION	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS.JUSTICE HARSHA DEVANI

UNSECURED LOANS:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Long Term Borrowings
Deposits from Others	31.180	27.936
Loans taken for Fixed Assets	8.864	12.435
Total	40.044	40.371

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10081172	19/01/2013 *	3,430,100,000.00	Axis Bank Limited	TRISHUL, 3RD FLOOR, OPP. SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD – 380 006, GUJARAT, INDIA	B69974194
2	10082281	20/12/2011 *	3,430,100,000.00	BANK OF BARODA	ASHRAM ROAD BRANCH, VALLABH SADAN BHAVAN, OPP. GUJARAT CHAMBER OF COMM. & IND., ASHRAM ROAD, AHMEDABAD – 380 006, GUJARAT, INDIA	B29853512

* Date of charge modification

THE YEAR IN NUMBERS:

There relentless efforts to push for growth in spite of tough market conditions have enabled us to stay in Profit Street. Subject has achieved revenue of Rs.3598.158 Millions as compare to Rs.3514.577 Millions in the previous year, a total increase of Rs. 83.581 Millions. The growth achieved in the revenue was set off by high input cost and the PBIDT during the year recorded at Rs. 315.284 Millions.

The company registered a profit before Tax, Exceptional and Extraordinary Items Rs.24.067 Millions for the financial year ending 31st March, 2012.

Keeping in subject business requirements and growth plans, the company has incurred Capital expenditure of Rs. 564.496 Millions.

Being environment friendly, subject has made most of investment to save environment, in which the company has completed technology up gradation of H Acid plant by installing Nitro mass separation Equipments and also introduce new process called Catalytic Hydrogenation Process, which reduce the generation of Effluents and bring cleaner technology.

SUBSIDIARY:

To capture the promising European market subject established a wholly owned subsidiary Solunaries GmbH in Germany in the year 2009-10. The subsidiary being in its infancy stage has made significant investments towards business set up and market development during the year. Once out of its formative stage, revenue is expected to flow against the various market development efforts and the subsidiary is expected to achieve a steady growth momentum.

FIXED ASSETS:

· Building Factory and Office

· Electric Installation

· Plant and Machinery

· R and D and Laboratory Equipment

· Effluent Plant

· Furniture and Fixtures

· Office Equipments

· Computer

· Vehicle

· Land

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.62.66
UK Pound	1	Rs.100.46
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.