MIRA INFORM REPORT

Report Date :

07.04.2014

IDENTIFICATION DETAILS

Name :	VISRUDH ORGANICS PRIVATE LIMITED
Registered Office :	Plot No .141/2/B, G.I.D.C. Estate, Ankleshwar – 393002, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.04.1999
Com. Reg. No.:	04-035891
Capital Investment / Paid-up Capital :	Rs. 13.712 Millions
CIN No.: [Company Identification No.]	U24117GJ1999PTC035891
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dyes and Pigments.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 101000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 – 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Mrunal Kodia
Designation :	Marketing Manager
Contact No.:	91-2646-221155
Date :	03.04.2014

LOCATIONS

Registered Office/ Factory :	Plot No .141/2/B, G.I.D.C. Estate, Ankleshwar – 393002, Gujarat, India
Tel. No.:	91-2646-221155
Fax No.:	91-2646-252893
E-Mail :	accounts@nilkanthgroup.co.in info@nilkanthgroup.co.in
Website :	http://www.nilkanthgroup.co.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vipulbhai Vallabhbhai Gajera

Designation :

Managing director

Address :

B-8-402, Alkapuri Society, GIDC, Ankleshwar – 393002, Gujarat, India

Date of Birth/Age :

05.07.1958

Date of Appointment :

01.08.2012

DIN No.:

00030338

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	U24119GJ1990PTC013623	NILKANTH ORGANICS PRIVATE LIMITED	Managing director	01/08/2012	12/04/1990	Active	NO
2	U24117GJ1999PTC035891	VISRUDH ORGANICS PRIVATE LIMITED	Managing director	01/08/2012	29/04/1999	Active	NO
3	U73100GJ2005PLC046186	ANKLESHWAR RESEARCH AND ANALYTICAL INFRASTRUCTURE LIMITED	Director	06/06/2005	06/06/2005	Active	NO
4	U24110GJ2005PTC046313	NEEL PIGMENTS PRIVATE LIMITED	Managing director	25/06/2012	23/06/2005	Active	NO
5	U72200GJ1994PLC023786	ENVIRO TECHNOLOGY LIMITED	Director	29/09/2011	27/06/2011	Active	NO
6	U45300GJ1997PLC032696	BHARUCH ENVIRO INFRASTRUCTURE LIMITED	Director	29/09/2011	27/06/2011	Active	NO
7	U99999GJ2000NPL037236	NARMADA CLEAN TECH LIMITED	Nominee director	26/07/2011	26/07/2011	Active	NO

Name :

Mrs. Bhavna Vipul Gajera

Designation :

Director

Address :

B-8-402, Alkapuri Society, GIDC, Ankleshwar – 393002, Gujarat, India

Date of Birth/Age :

01.07.1961

Date of Appointment :

29.09.2012

DIN No.:

00030381

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	U24117GJ1999PTC035891	VISRUDH ORGANICS PRIVATE LIMITED	Director	29/09/2012	29/04/1999	Active	NO

Name :

Mr. Vasudevbhai Vallabhbhai Gajera

Designation :

Director

Address :

24, Avishkar Society, Near Amardeep Society, New Colony, GIDC, Ankleshwar – 393002, Gujarat, India

Date of Birth/Age :

10.10.1974

Date of Appointment :

29.04.1999

DIN No.:

00030436

KEY EXECUTIVES

Name :	Mr. Mrunal Kodia
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	71.70
Other top fifty shareholders	28.30
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Dyes and Pigments.
Exports :
Products :	Finished Goods
Countries :	v Pakistan v Mexico v Argentina v Germany v Indonesia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Chemicals	TPA	NA	1000.00	1069.83

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

v Kotak Mahindra Bank Limited

v HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans From Banks	0.000	0.519
Total	0.000	0.519

Banking Relations :	--
Auditors :
Name :	Chirag Tambedia And Company Chartered Accountants
Address :	9, Pruthvi Nagar, 1st Floor, Station Road, Bharuch – 392001, Gujarat, India
Tel. No.:	91-2642-263682
Income-tax PAN of auditor or auditor's firm :	ABFPT8052P
Group Companies :	v Nilkanth Organics Private Limited v Neel Pigments Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,371,162	Equity Shares	Rs. 10/- each	Rs. 13.712 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.712	8.702	8.702
(b) Reserves & Surplus	11.471	6.799	4.225
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	25.183	15.501	12.927
(3) Non-Current Liabilities
(a) long-term borrowings	3.390	5.448	4.645
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.390	5.448	4.645
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	59.522	52.004	32.349
(c) Other current liabilities	3.007	3.028	2.052
(d) Short-term provisions	2.252	1.411	1.002
Total Current Liabilities (4)	64.781	56.443	35.403
TOTAL	93.354	77.392	52.975
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.134	12.723	11.775
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.700	0.700	0.700
(c) Deferred tax assets (net)	0.452	0.461	0.267
(d) Long-term Loan and Advances	2.891	2.610	2.035
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.177	16.494	14.777
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.925	15.299	18.245
(c) Trade receivables	47.753	37.397	12.079
(d) Cash and cash equivalents	0.495	1.323	0.530
(e) Short-term loans and advances	11.993	6.857	7.311
(f) Other current assets	0.000	0.000	0.000
(g) Unamortised Expenses	0.011	0.022	0.033
Total Current Assets	74.177	60.898	38.198
TOTAL	93.354	77.392	52.975

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	171.899	93.561	50.700
		Other Income	0.541	0.009	0.153
		TOTAL (A)	172.440	93.570	50.853
Less	EXPENSES
		Cost of Materials Consumed	136.714	71.368	38.661
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.819	1.938	(6.942)
		Employees benefits expense	3.338	2.910	2.587
		Other expenses	19.480	10.283	11.337
		TOTAL (B)	162.351	86.499	45.643
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.089	7.071	5.210
Less	FINANCIAL EXPENSES (D)		1.249	1.098	0.594
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.840	5.973	4.616
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.000	2.225	2.065
	PROFIT BEFORE TAX (E-F) (G)		6.840	3.748	2.551
Less	TAX (H)		2.168	1.174	0.826
	PROFIT AFTER TAX (G-H) (I)		4.672	2.574	1.725
	Earnings Per Share (Rs.)		3.41	2.96	1.98

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.71	2.75	3.39
Net Profit Margin (PBT/Sales)	(%)	3.98	4.01	5.03
Return on Total Assets (PBT/Total Assets}	(%)	7.42	4.92	4.91
Return on Investment (ROI) (PBT/Networth)		0.27	0.24	0.20
Debt Equity Ratio (Total Debt/Networth)		0.13	0.35	0.36
Current Ratio (Current Asset/Current Liability)		1.15	1.08	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.702	8.702	13.712
Reserves & Surplus	4.225	6.799	11.471
Net worth	12.927	15.501	25.183
long-term borrowings	4.645	5.448	3.390
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.645	5.448	3.390
Debt/Equity ratio	0.359	0.351	0.135

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	50.700	93.561	171.899
		84.538	83.729

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	50.700	93.561	171.899
Profit	1.725	2.574	4.672
	3.40%	2.75%	2.72%

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	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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans Kotak Mahindra Bank Limited	1.433	3.564
Loan from Others Shareholders	1.957	1.365
Total	3.390	4.929

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from B-15, Nandanvan Cooperative Housing Society, B/H Ragini Cinema, Bhadkodra Road, Ankleshwar – 393002, Gujarat, India to the present address w.e.f.01.08.2012.

OPERATION

During the year, the company has achieved turnover of Rs. 171.898 Millions as compared to the turnover Rs. 93.561 Millions during the immediately preceding previous year resulting in an increase by 45.58%. However, margins have improved as compared to the immediately preceding year resulting into increase in profitability of the Company. The directors expect to be better in the ensuring year, barring unforeseen happenings.

FIXED ASSETS:

v Land

v Factory Building

v Office Building

v Office Equipments

v Mobile Phone

v Furniture and Fixture

v Factory Equipments

v Laboratory Equipment

v Plant and Machinery

v Electrical Installation

v Computer

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. 60.32
UK Pound	1	Rs. 100.04
Euro	1	Rs. 82.65

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.