MIRA INFORM REPORT

Report Date :

01.04.2014

IDENTIFICATION DETAILS

Name :	SOLAR COLOURANTS (INDIA) PRIVATE LIMITED
Registered Office :	B-303, Dharam Palace, Shantivan, Borivali (East), Mumbai – 400066, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.10.1994
Com. Reg. No.:	11-081820
Capital Investment / Paid-up Capital :	Rs. 0.103 Million
CIN No.: [Company Identification No.]	U24220MH1994PTC081820
TAN No.: [Tax Deduction & Collection Account No.]	MUMS19458F
PAN No.: [Permanent Account No.]	AAACS7123B
Legal Form :	Private Limited Liability Company
Line of Business :	To manufacture, process use, manipulate, buy sell, import, export and deal in all kinds of chemicals, fine chemicals, dyes, dyestuffs, paints, colours, pigments, vainishes, inks.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 5000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has filed the financial statement up till F.Y. 2011. However, the financial statements as on F. Y. 2011 could not be made available from the government department. As per available, the company seems to be a small company in its field. Its scale of activities are limited during 2010. Payment terms are reported as unknown. In view of unavailability of requisite information, the company can be considered for business dealings with great caution. Mr. Ankit Shah, the director denied to provide any information of the subject to us.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 DENIED BY

Name :	Mr. Ankit Shah
Designation :	Director
Contact No.:	91-9820452929
Date :	25.03.2014

LOCATIONS

Registered Office :	B-303, Dharam Palace, Shantivan, Borivali (East), Mumbai – 400066, Maharashtra, India
Tel. No.:	91-2525-645115
Mobile No.:	91-9820452929 (Mr. Ankit Shah)
Fax No.:	Not Available
E-Mail :	gspchem@gmail.com mahajan@retrotchemical.com

DIRECTORS

As on: 30.09.2011

Name :	Mr. Ankit Gautam Shah
Designation :	Director
Address :	B – 303, Dharam Palace, Shantivan, Borivali (East), Mumbai – 400066, Maharashtra, India
DIN No.:	01810831
Name :	Mrs. Nirmala Gautam Shah
Designation :	Director
Address :	B – 303, Dharam Palace, Shantivan, Borivali (East), Mumbai – 400066, Maharashtra, India
DIN No.:	01810832

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Nirmala Gautam Shah	875
Ankit Gautam Shah	155
Total	1030

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To manufacture, process use, manipulate, buy sell, import, export and deal in all kinds of chemicals, fine chemicals, dyes, dyestuffs, paints, colours, pigments, vainishes, inks.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	D J Mehta and Company Chartered Accountants
Address :	3, Sharda Estate, Near Vazira Naka, L. T. Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28997960 / 28900542
PAN No.:	AACPM0822M

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1030	Equity Shares	Rs.100/- each	Rs. 0.103 Million

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		0.103	0.103	0.103
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.148	0.507	0.213
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.251	0.610	0.316
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		7.200	3.400	5.550
TOTAL BORROWING		7.200	3.400	5.550
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.451	4.010	5.866
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.500	4.912	2.367
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.052	0.041	0.102
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.650	1.203	1.027
	Sundry Debtors	6.223	1.470	0.589
	Cash & Bank Balances	0.445	0.270	1.583
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.860	1.237	0.668
Total Current Assets		13.178	4.180	3.867
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.163	2.859	0.205
	Other Current Liabilities	0.969	2.149	0.241
	Provisions	0.147	0.115	0.024
Total Current Liabilities		9.279	5.123	0.470
Net Current Assets		3.899	(0.943)	3.397
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.451	4.010	5.866

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL (A)	26.211	18.535	8.491
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	24.830	17.472	7.919
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.381	1.063	0.572
Less	FINANCIAL EXPENSES (D)		0.065	0.187	0.389
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.316	0.876	0.183
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.655	0.404	0.182
	PROFIT BEFORE TAX (E-F) (G)		0.661	0.472	0.001
Less	TAX (H)		0.021	0.096	0.000
	PROFIT AFTER TAX (G-H) (I)		0.640	0.376	0.001
	Earnings Per Share (Rs.)		621.36	365.05	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.44	2.02	0.01
Return on Total Assets (PBT/Total Assets}	(%)	3.73	5.19	0.01
Return on Investment (ROI) (PBT/Networth)		0.52	0.77	0.00
Debt Equity Ratio (Total Debt/Networth)		5.76	5.57	17.56
Current Ratio (Current Asset/Current Liability)		1.42	0.81	8.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2008	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.103	0.103	0.103
Reserves & Surplus	0.213	0.507	1.148
Net worth	0.316	0.610	1.251
Secured Loans	0.000	0.000	0.000
Unsecured Loans	5.550	3.400	7.200
Total borrowings	5.550	3.400	7.200
Debt/Equity ratio	17.563	5.574	5.755

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2008	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8.491	18.535	26.211
		118.290	41.414

NET PROFIT MARGIN

Net Profit Margin	31.03.2008	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8.491	18.535	26.211
Profit	0.001	0.376	0.640
	0.01%	2.03%	2.44%

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	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2010	As on 31.03.2009
Directors and Shareholders	7.200	3.400
Total	7.200	3.400

Note: The Registered Office of the company has been shifted from 4, A/B Arihant, Opposite Anupam Cinema, Goregaon (East), Mumbai – 400063, Maharashtra, India, to the present address w.e.f. 14.11.2007.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90243292	05/08/1996	500,000.00	THE JANAKALYAN SAHAKARI BANK LIMITED	VIVEK DARSHAN; SINDHI SOCIETY, OPP. BHAKTI BHAVAN; CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	-

OPERATIONS:

During the year Company has achieved sales turnover of Rs. 26.200 millions only. Further during the year the Company has earned Net Profit after Tax of Rs. 0.640 million after providing for Depreciation amounting to Rs.0.655 million, Provision for Taxation of Rs. 0.032 million and Deffered Tax Assets of Rs. 0.011 million.

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. 60.10
UK Pound	1	Rs. 99.85
Euro	1	Rs. 82.58

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.