MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	JAY CHEMICAL INDUSTRIES LIMITED
Registered Office :	Jay House, Near Saffron Building, Panchvati, Ellisbridge, Ahmedabad – 380 006, Gujarat
Country :	India
Financials (as on) :	31.03.2013
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 of reactive, direct and acid dyestuffs for textile applications, also dye intermediates and phthalocyanine based pigments.
No. of Employees :	Information declined by the management.

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 4541000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a flagship company of the Gujarat-based Kharawala Group. Mr. Jayendra H. Kharawala in 1967 promoted the subject as a proprietorship concern and was subsequently incorporated as a public limited company in 2000. It is an established company having satisfactory track. Management has seen an increase in its scale of operations along with the improvement in the profitability during 2013. The ratings also take into consideration the susceptibility of its margins to volatility in its raw material prices and working capital intensive nature of the operations. However, trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of long and established track record of the promoters in the industry, the subject can be considered for business dealings at usual trade terms and condition.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities=BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	03.01.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities=A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	03.01.2014

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 BY

Name :	Mr. Ashish
Designation :	Accounts Executive
Name :	Mr. Murari Nair
Designation :	HR Head
Contact No.:	91-79-26423363
Date :	05.04.2014

LOCATIONS

Registered Office/ Head 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 – 382 415, 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
Sales Network :	Located at: · Bihar · Delhi · Himachal Pradesh · Jammu and Kashmir · Karnataka · Madhya Pradesh · Orissa · West Bengal · Punjab · Andhra Pradesh · Haryana · Maharashtra · Gujarat · Tamilnadu · Rajasthan · Uttar Pradesh
Agency Network :	Located at: · Argentina · Austria · Bangladesh · Brazil · Egypt · Germany · Greece · Guatemala · Iran · Italy · Mexico · Pakistan · Peru · Portugal · Sri Lanka · Syria · Switzerland · Turkey · U.K. · USA
Representative Office :	Located at: · Germany · Turkey · Italy · Singapore · U.K. · Honduras
Sales Presence :	Located at: · China · Colombia · DR · Ecuador · Ethiopia · Hong Kong · Indonesia · Japan · Korea · Nepal · South Africa · Singapore · Taiwan · Thailand · Tunisia · Venezuela · Vietnam · Australia

DIRECTORS

AS ON 05.09.2013

Name :

Mr. Jayendrabhai Hiralal Kharawala

Designation :

Managing Director

Address :

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

Date of Birth/Age :

18.02.1939

Qualification :

B. Sc. (Chemistry)

Date of Appointment :

01.04.2009

PAN No.:

ABMPK6325P

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Managing director	01/06/2007	28/10/1980	-	Amalgamated	NO
2	U65910GJ1982PTC005115	JAYENDRAKUMAR TRADING AND INVESTMENTS PRIVATE LIMITED	Director	07/08/1990	07/08/1990	-	Active	NO
3	U65910GJ1982PTC005114	JANMEJAY TRADING AND INVESTMENTS PRIVATE LIMITED	Director	07/08/1990	07/08/1990	-	Active	NO
4	U65910GJ1982PTC005117	JALDHARA TRADING AND INVESTMENTS PRIVATE LIMITED	Director	07/08/1990	07/08/1990	-	Strike off	NO
5	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	10/09/1992	10/09/1992	-	Active	NO
6	U74999GJ1996PTC030600	JAYSON CREATIVE SOURCE PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Strike off	NO
7	U29199GJ1996PLC029914	ODHAV ENVIRO PROJECTS LIMITED	Director	27/03/1997	27/03/1997	-	Active	NO
8	U65910GJ1982PTC005113	GREEVA TRADING AND INVESTMENTS PRIVATE LIMITED	Director	03/04/1999	03/04/1999	-	Active	NO
9	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Managing director	01/04/2009	31/03/2000	-	Active	NO
10	U74140GJ2008PTC055674	JAY CORPORATE MANAGEMENT PRIVATE LIMITED	Director	15/12/2008	15/12/2008	-	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.

Date of Appointment :

01.04.2009

PAN No.:

ADEPK7004P

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	30/09/1992	30/09/1992	-	Active	NO
2	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Managing director	01/09/1995	01/09/1995	-	Amalgamated	NO
3	U74999GJ1996PTC030600	JAYSON CREATIVE SOURCE PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Strike off	NO
4	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Managing director	01/04/2009	31/03/2000	-	Active	NO
5	U93090GJ2007NPL050142	NOVEL SPENT ACID MANAGEMENT	Director	02/03/2007	02/03/2007	-	Active	NO
6	U74140GJ2008PTC055674	JAY CORPORATE MANAGEMENT PRIVATE LIMITED	Director	15/12/2008	15/12/2008	-	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 :

M. Sc. (Tech)

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01/04/2009	01/04/2005	-	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

Qualification :

B.A. ( Eco. ), LLB

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	14/05/1998	14/05/1998	-	Active	NO
2	L24231GJ1998PLC034094	KIRI INDUSTRIES LIMITED	Director	01/09/2006	01/09/2006	26/04/2010	Active	NO
3	L24110GJ1986PLC009003	BODAL CHEMICALS LIMITED	Director	29/09/2007	14/08/2007	-	Active	NO
4	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01/10/2008	01/10/2008	-	Active	NO
5	U91110GJ2012NPL070701	CONFEDERATION OF INDIAN CLUBS	Director	23/07/2012	23/07/2012	-	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 (Finance)

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Director	30/03/2003	30/03/2003	-	Amalgamated	NO
2	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01/04/2009	30/03/2003	-	Active	NO
3	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	01/11/2005	01/11/2005	-	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. Sc.

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Director	30/03/2003	30/03/2003	-	Amalgamated	NO
2	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01/04/2009	30/03/2003	-	Active	NO
3	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	01/11/2005	01/11/2005	-	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	15/09/2008	15/09/2008	22/03/2010	Active	NO
2	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	31/07/2009	24/10/2008	-	Active	NO
4	U74140GJ2010PTC060526	K H PATEL LABOUR CONSULTANCY PRIVATE LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO
5	U20299GJ1983PLC005945	SUNDEK INDIA LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO
6	L21010GJ1986PLC008772	RAINBOW PAPERS LIMITED	Director	27/09/2011	12/08/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mesut Isik
Designation :	Area Sales Manager - Turkey
Name :	Mr. Ashish
Designation :	Accounts Executive
Name :	Mr. Murari Nair
Designation :	HR Head

MAJOR SHAREHOLDERS

AS ON 05.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Jayendrabhai Hiralal Kharawala	8705530	60.73
Greeven Jayendrakumar Kharawala	1503390	10.48
Mokshadaben G. Kharawala	50290	0.35
Ushaben J. Kharawala	1624760	11.33
Jay Infa Trade Private Limited, India	49500	0.34
J.H. Kharawala - HUF	1799530	12.55
Ravi Babulal Kabra	100	*
G.J. Kharawala - HUF	600000	4.18
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	100.00

*the percentage of holding totals 0.04%

AS ON 05.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.35
Directors or relatives of directors	99.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of reactive, direct and acid dyestuffs for textile applications, also dye intermediates and phthalocyanine based pigments.

Products :

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

PRODUCTION STATUS (AS ON 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 :

Information declined by the management.

Bankers :

· Bank of Baroda, Ashram Road Branch, Vallabh Sadan Bhavan, OppositeGujarat 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

· Bank of Hyderabad

· Bank of India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee Term Loans from Banks (Secured by Hypothecation of Plant and Machinery, Movable Assets, Current Assets, Equitable Mortgage of Land and Building and Personal guarantee of Directors.)	626.013	722.455
SHORT TERM BORROWINGS
Rupee Term Loans from Banks (Secured by Hypothecation of Plant and Machinery, Movable Assets, Current Assets, Equitable Mortgage of Land and Building and Personal guarantee of Directors.)	1467.433	1241.806
Total	2093.446	1964.261

Banking Relations :	--
Auditors 1 :
Name :	Shah and Nagori Chartered Accountants
Address :	T-1, Dhaval Complex, Behind Navrangpura Post Office, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26565206/66312129
PAN No.:	AACFS5758B
Auditors 2 :
Name :	Nimish Vayawala Chartered Accountant
Address :	1, Vasupujya Flat, 1, Navpad Society, Opposite Amul Society, Paldi, Ahmedabad – 380 007, Gujarat, India
PAN No.:	AAIPV6426D
Subsidiary Company :	Solunaris GmbH, Germany
Associate Companies :	· Jay Infa Trade Private Limited, India (CIN No.: U51909GJ1990PTC014227) · Jay Enterprise, India · Ronuk Dyes and Chemical, India · The India Textile Products, India · Greeva, India
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Jushika Corporation, India · Prem Chemical, India

CAPITAL STRUCTURE

AS ON 05.09.2013

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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	143.340	143.340	143.340
(b) Reserves & Surplus	991.804	895.936	875.803
(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)	1135.144	1039.276	1019.143
(3) Non-Current Liabilities
(a) Long-term borrowings	663.358	762.499	702.611
(b) Deferred tax liabilities (Net)	222.811	168.326	152.806
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	68.381	43.731	18.512
Total Non-current Liabilities (3)	954.550	974.556	873.929
(4) Current Liabilities
(a) Short term borrowings	1467.433	1241.806	1027.942
(b) Trade payables	1007.977	1026.164	785.024
(c) Other current liabilities	362.781	278.965	204.199
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	2838.191	2546.935	2017.165
TOTAL	4927.885	4560.767	3910.237
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2069.791	1530.773	1327.382
(ii) Intangible Assets	0.000	0.000	0.259
(iii) Capital work-in-progress	50.575	420.543	260.703
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	45.181	45.182	42.048
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.838	39.977	51.665
(e) Other Non-current assets	51.311	67.956	3.016
Total Non-Current Assets	2221.696	2104.431	1685.073
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	997.853	1056.826	957.716
(c) Trade receivables	1385.907	1059.565	887.642
(d) Cash and cash equivalents	54.852	67.845	107.676
(e) Short-term loans and advances	179.955	217.456	207.493
(f) Other current assets	87.622	54.644	64.637
Total Current Assets	2706.189	2456.336	2225.164
TOTAL	4927.885	4560.767	3910.237

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	4715.478	3576.599	3475.318
		Other Income	25.753	21.559	39.259
		TOTAL (A)	4741.231	3598.158	3514.577
Less	EXPENSES
		Cost of Materials Consumed	2725.904	2136.696	2185.537
		Changes in Inventories of Finished goods, work-in-progress and stock-in-trade	43.860	(47.856)	(238.352)
		Employee Benefit Expenses	298.525	219.452	180.875
		Exceptional Items	0.000	(0.396)	(1.046)
		Extraordinary Items	0.000	0.000	0.121
		Prior Period Items	0.000	0.000	0.059
		Other Expenses	1142.569	973.879	985.372
		TOTAL (B)	4210.858	3281.775	3112.566
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		530.373	316.383	402.011
Less	FINANCIAL EXPENSES (D)		236.871	174.331	131.101
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		293.502	142.052	270.910
Less/	DEPRECIATION/ AMORTISATION (F)		145.723	117.589	99.513
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		147.779	24.463	171.397
Less	TAX (H)		51.911	4.330	55.940
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		95.868	20.133	115.457
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		836.709	816.576	701.120
	BALANCE CARRIED TO THE B/S		NA	836.709	816.576
	EARNINGS IN FOREIGN CURRENCY
		Export on goods of FOB Basis	2394.759	1771.231	1765.143
	TOTAL EARNINGS		2394.759	1771.231	1765.143
	IMPORTS
		Raw Materials	NA	NA	524.719
		Capital Goods and Consumables	NA	NA	562.729
	TOTAL IMPORTS		NA	NA	1087.448
	Earnings Per Share (Rs.)		6.69	1.40	8.05

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.02	0.56	3.29
Net Profit Margin (PBT/Sales)	(%)	3.13	0.68	4.93
Return on Total Assets (PBT/Total Assets}	(%)	3.06	0.60	4.75
Return on Investment (ROI) (PBT/Networth)		0.13	0.02	0.17
Debt Equity Ratio (Total Debt /Networth)		1.88	1.93	1.70
Current Ratio (Current Asset/Current Liability)		0.95	1.00	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	143.34	143.34	143.34
Reserves & Surplus	875.803	895.936	991.804
Net worth	1019.143	1039.276	1135.144
Long-term borrowings	702.611	762.499	663.358
Short term borrowings	1027.942	1241.806	1467.433
Total borrowings	1,730.553	2,004.305	2,130.791
Debt/Equity ratio	1.698	1.929	1.877

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	3475.318	3576.599	4715.478
		2.914	31.843

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	3475.318	3576.599	4715.478
Profit	115.457	20.133	95.868
	3.32%	0.56%	2.03%

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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

STAMP NUMBER No.1115 of 2013

Status : PENDING

CCIN No : 001087201301115

Last Listing Date:

-

Coram

· -

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

S.NO.	Name of the Respondent	Advocate On Record
1	JAY CHEMICAL INDUSTRIES LIMITED

Presented On	: 17/04/2013	Registered On	: 17/04/2013
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 0 times
StageName	: ADMISSION (FRESH MATTERS)

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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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FIR Details

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Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA 290/AHD/2010	INCOME TAX APPELLATE TRIBUNAL, AHMEDABAD BENCH 'C'	VICE PRESIDENT AND ACCOUNTANT MEMBER	05/10/2012	AHMEDABAD
Detention Details

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	17/04/2013	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	6	MRS MAUNA M BHATT:1
2	17/04/2013	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	MRS MAUNA M BHATT:1

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Deposits from Others	35.220	31.180
Loans taken for Fixed Assets	2.125	8.864
Total	37.345	40.044

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10474050	18/01/2014	3,946,800,000.00	PNB INVESTMENT SERVIC LIMITED - SEC TRST OF BOB CONST BOB - SBH - AXIS - DENA AND EXIM	MOTOR SALES AND SERVICES BUILDING, NEAR RBI ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B94884491
2	10082281	13/01/2014 *	3,946,800,000.00	PNB INVESTMENT SERVIC LIMITED - SEC TRST OF BOB CONST BOB - SBH - AXIS - DENA AND EXIM	MOTOR SALES AND SERVICES BUILDING, NEAR RBI ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B94884236

* Date of charge modification

PERFORMANCE:

In recent past Dyes Industry is passing through its toughest time. During such difficult time Subject has strengthen its market penetration with its wide product range. When Dyestuff market is almost stagnant, subject has achieved 32% growth in top line taking its revenue to Rs.4741.231 millions in 2012-13 as compared to Rs.3598.158 millions.

While focusing on top line targets, subject has also taken several steps to improve its profitability. Through various cost control measures and constant monitoring of major expenses, subject has been successful in achieving major improvement in profit margins. The company has registered profit before tax (PBT) of Rs.147.779 millions for the financial year ending on 31^st March, 2013 as compared to PBT of Rs.24.067 millions which shows remarkable improvement in profit margins.

AUGMENTATION OF PRODUCTION FACILITIES

During the year, subject has successfully established manufacturing facilities for CPC and disperse dyes at its Khambhat Plant. CPC is one of the major intermediate product used in production of Dyes as well as pigments. While part of the CPC production to be captive consumption, additional production will available for sales in open market.

Subject is market leader in reactive dyes market globally. Reactive dyes is used for cotton fabric while disperse dyes is used for polyester fabric. Many times disperse dyes is used by same customers who are consumer of reactive dyes. Subject has already launched disperse dyes product range in the market and initial market response is quite encouraging.

While reactive dyes is going to be one of the major revenue contributor, CPC and disperse dyes will are going to be the growth driver in coming years.

SUBSIDIARY:

To capture the untapped market in Europe, the company had established a wholly owned subsidiary Solunaris GmbH in Germany in the year 2009-10. During initial years the company needed to make significant investments towards its business set up and market development. Whereas in the last financial year the subsidiary has outperformed in comparison to previous years and achieved a steady growth.

FIXED ASSETS:

· Building - Factory and Office

· Electric Installation

· Plant and Machinery

· R & 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 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.59.95
UK Pound	1	Rs.99.35
Euro	1	Rs.82.15

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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		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.