MIRA INFORM REPORT

Report Date :

09.08.2014

IDENTIFICATION DETAILS

Name :	PARAS DYES AND CHEMICALS PRIVATE LIMITED (w.e.f. 12.10.2010)
Formerly Known As :	PARAS CHEMDYE PRIVATE LIMITED
Registered Office :	B-82, Defence Colony, New Delhi – 110024
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.08.2010
Com. Reg. No.:	55-207172
Capital Investment / Paid-up Capital :	Rs.33.500 Millions
CIN No.: [Company Identification No.]	U24100DL2010PTC207172
TAN No.: [Tax Deduction & Collection Account No.]	DELP17388A
PAN No.: [Permanent Account No.]	AAFCP6057L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Dealer in Chemicals.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 860000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated during the year 1982 as a partnership concern with the name “Paras Dyes and Chemicals” and later during the year 2010 it got converted into private limited. It is an established company having moderate track record. There seems huge growth in the profit of the company during 2013 however, profit margin of the company is low. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits=BB+
Rating Explanation	Moderate risk of default.
Date	November, 2013

Rating Agency Name	ICRA
Rating	Non fund based limits=A4+
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	November, 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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-11-41550600)

LOCATIONS

Registered Office/ Head Office/ Administrative Office :	B-82, Defence Colony, New Delhi – 110024, India
Tel. No.:	91-11-41550600-03/ 41550700-04/ 43206000
Fax No.:	91-11-41551611-12
E-Mail :	info@parasdyes.com paraspetroplast@gmail.com
Website :	http://www.parasdyes.com
Warehouse :	Delhi Godown Plot No. 95-96, Mohmed Pur, Village: Karala, Delhi – 110081, India Tel: 91-1125951461, 25951790 Fax: 91-11-25951461 Area: 4200 sq. yds. Plot No. 101-102, Mohmed Pur, Village: Karala, Delhi – 110081, India Tel: 91-11-25951461, 25951790 Fax: 91-11-25951461 Area: 2500 sq. yds. Ghaziabad Godown B-22/3, Site-I, B.S. Road, Industrial Area, Ghaziabad, Uttar Pradesh, India Tel: 91-120-2866756, 2866765 Fax: 91-120-2866765 Area: 1200 sq. yds. Sonepat Godown Khasra No. 51/6/1/2/2, Kharkhoda, Sonepat, Haryana, India Tel: 91-130-2550419, 2550420 Fax: 91-1264-550420 Area: 1200 sq. yds. Ambica Godown Ambica Compound, Survey No. 178,179,180, Purna Village, Bhiwandi, District Thane – 421302, Maharashtra, India
Branches :	Located at: · Mumbai · Baroda · Sonepat · Ghaziabad · Hyderabad

DIRECTORS

AS ON 28.08.2013

Name :

Mr. Pravesh Jain

Designation :

Director

Address :

House No.40, 15 A Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

01.08.1965

Date of Appointment :

17.08.2010

DIN No.:

00247230

PAN No.:

AAFPJ9427M

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	U74899DL1993PLC055293	BAHUBALI DYES LIMITED	Director	18/01/1996	18/01/1996	-	Active	NO
2	U74899DL1990PTC039335	PUSHPANJALI COMMERCIAL PRIVATE LIMITED	Director	07/12/2002	07/12/2002	-	Active	NO
3	U74899DL1988PTC032827	RAJDHANI PAINTS PVT LTD	Director	01/10/2003	01/10/2003	-	Active	NO
4	U74140DL1993PTC052521	BLISS CONSULTANTS PRIVATE LIMITED	Director	08/09/2004	08/09/2004	22/09/2008	Active	NO
5	U24100DL2010PTC207172	PARAS DYES & CHEMICALS PRIVATE LIMITED	Director	17/08/2010	17/08/2010	-	Active	NO

Name :

Mr. Sarthak Jain

Designation :

Director

Address :

House No.40, 15 A Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

04.02.1983

Date of Appointment :

17.08.2010

DIN No.:

00247235

PAN No.:

AEQPJ5803G

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	U74899DL1990PTC039335	PUSHPANJALI COMMERCIAL PRIVATE LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
2	U74899DL1993PLC055293	BAHUBALI DYES LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO
3	U74140DL1993PTC052521	BLISS CONSULTANTS PRIVATE LIMITED	Director	08/09/2004	08/09/2004	22/09/2008	Active	NO
4	U24100DL2010PTC207172	PARAS DYES & CHEMICALS PRIVATE LIMITED	Director	17/08/2010	17/08/2010	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 28.08.2013

Names of Shareholders	No. of Shares	% of Holding
Pravesh Jain	2009000	59.97
Sarthak Jain	1341000	40.03
Total	3350000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 28.08.2013

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Dealer in Chemicals.
Products :	· Aromatic / Hydrocarbons · Alcohols · Acetates / Esters · Ketones · Monomers Acrylate · Acids · Amines · Chlorine Chemicals · Chlor Alkalies · Glycol / Glycol Ethers / Esters · Inorganic Pigments · Oleo Chemicals · Olefins · Plastic and Polymer · Fibre Intermediates · Carbonates · Anhydrides

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, SME Branch, A-5, Ring Road, South Extension Part-I, New Delhi – 110048, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from banks	80.835	72.736
Total	80.835	72.736

Banking Relations :	--
Auditors :
Name :	Ved Jain And Associates Chartered Accountants
Address :	33, 1^st Floor, Babar Road, Bengali Market, New Delhi – 110001, India
PAN No.:	AAAFV6040K

CAPITAL STRUCTURE

AS ON 28.08.2013

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
3350000	Equity Shares	Rs.10/- each	Rs.33.500 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	33.500	33.500	0.100
(b) Reserves & Surplus	182.537	170.560	0.000
(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)	216.037	204.060	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	150.000	150.000	0.000
(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)	150.000	150.000	0.000
(4) Current Liabilities
(a) Short term borrowings	80.835	72.736	0.822
(b) Trade payables	283.457	262.878	0.031
(c) Other current liabilities	5.820	5.156	0.000
(d) Short-term provisions	8.160	6.050	0.000
Total Current Liabilities (4)	378.272	346.820	0.853
TOTAL	744.309	700.880	0.953
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	113.487	95.724	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	3.301	0.199	0.000
(d) Long-term Loan and Advances	12.574	12.568	0.000
(e) Other Non-current assets	0.183	0.243	0.321
Total Non-Current Assets	129.545	108.734	0.321
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.783	52.692	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	49.880	29.031	0.385
(e) Short-term loans and advances	24.990	21.887	0.247
(f) Other current assets	512.111	488.536	0.000
Total Current Assets	614.764	592.146	0.632
TOTAL	744.309	700.880	0.953

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Gross Revenue	2130.593	2220.539	0.000
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	TOTAL	NA	NA	NA
PROFIT/ (LOSS) BEFORE EXTRAORDINARY ITEMS AND TAXES		14.984	9.784	(0.017)
EXTRAORDINARY ITEMS		(0.147)	0.000	0.000
LOSS ON SALE AND DISPOSAL OF ASSETS		2.373	(0.356)	0.000
PROFIT/ (LOSS) BEFORE TAX		17.210	9.428	(0.017)
TAX		5.058	5.851	0.000
PROFIT/ (LOSS) AFTER TAX		12.152	3.577	(0.017)
Earnings Per Share (Rs.)		3.58	1.07	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	2.32	1.35	-1.78
Return on Investment (ROI) (PBT/Networth)		0.08	0.05	-0.17
Debt Equity Ratio (Total Debt /Networth)		1.07	1.09	8.22
Current Ratio (Current Asset/Current Liability)		1.63	1.71	0.74

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	0.100	33.500	33.500
Reserves & Surplus	0.000	170.560	182.537
Net worth	0.100	204.060	216.037
long-term borrowings	0.000	150.000	150.000
Short term borrowings	0.822	72.736	80.835
Total borrowings	0.822	222.736	230.835
Debt/Equity ratio	8.220	1.092	1.068

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Gross Revenue	2,220.539	2,130.593
		(4.051)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Gross Revenue	2,220.539	2,130.593
Profit	3.577	12.152
	0.16%	0.57%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from directors	150.000	150.000
Total	150.000	150.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10316853	13/02/2012 *	500,000,000.00	STATE BANK OF INDIA	SME BRANCH, A-5 SOUTH EXTENSION PART-I, NEW DELHI, DELHI - 110048, INDIA	B35564418

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Plantations

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.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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		33

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.