MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	ACI INDUSTRIAL ORGANIC PRIVATE LIMITED
Registered Office :	114 - A Jolly Bhawan No 110, New Marine Lines, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.03.1998
Com. Reg. No.:	11-114072
Capital Investment / Paid-up Capital :	Rs.9.000 Millions
CIN No.: [Company Identification No.]	U24110MH1998PTC114072
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Chemical.
No. of Employees :	16 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 33000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company possesses a moderate financial profile marked by modest networth base comprising of relatively low reserves position along with leveraged capital structure. Management has witnessed a better growth in its total income, whereas has reported a loss from its limited scale of operations during FY14. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with caution.

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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 PARTED BY

Name :	Mr. Prakash Patel
Designation :	Accounts Head
Contact No.:	91-265-3062741
Date :	01.12.2014

LOCATIONS

Registered Office :	114 - A Jolly Bhawan No 110, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	vsm@hathway.com info@aciedta.com aashish.amin@gmail.com
Website :	www.aciedta.com
Factory :	A1-47-485, G.I.D.C., Nandesari – 391340, Vadodara, Gujarat, India
Tel. No. :	91-265-3062741 / 42 / 43 (Office) 91-265-3062744 (Factory)

DIRECTORS

As on 30.09.2014

Name :

Padma Vinodchandra Mehta

Designation :

Director

Address :

3 - 176, Samrat Ashok Society, 8^th Floor, 7, R.R. Thakkar Marg, Walkeshvar, Mumbai - 400006, Maharashtra, India

Date of Appointment :

20.03.1998

DIN No. :

01071882

Name :

Aashish Rameshchandra Amin

Designation :

Director

Address :

Aasish, 14, Vrindavan Colony, Off. Race Course Circle, Near Amrakunj Society, Vadodara - 390023, Gujarat, India

Date of Appointment :

20.03.1998

DIN No. :

01780598

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	U24110MH1992PTC069531	AKSHAR ORGANICS PVT LTD	Director	13/11/92	13/11/92	-	Active	NO
2	U24110MH1998PTC114072	ACI INDUSTRIAL ORGANIC PRIVATE LIMITED	Director	20/03/98	20/03/98	-	Active	NO
3	U74999GJ1997PLC032975	NANDESARI ENVIRONMENT CONTROLS LIMITED	Director	07/08/99	07/08/99	-	Active	NO
4	U72200GJ2000PTC038023	ALPHA @ NETSOFT PRIVATE LIMITED	Director	01/10/00	01/10/00	-	Strike off	NO
5	U45208GJ2006NPL048978	NANDESARI WATER AND UTILITIES LIMITED	Director	01/09/06	01/09/06	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prakash Patel
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Aashish R. Amin	270000	30.00
Savitaben R. Amin	180000	20.00
Mamoj Gandhi	135000	15.00
Padma V. Mehta	112500	12.50
Sangeeta P. Mehta	90000	10.00
Ramesh M. Amin (HUF)	112500	12.50
Total	900000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Chemical.
Products :	Chemical
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	UAE
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	R. K. Exim Private Limited
Name of the Person :	Mrs. Chitra (Director)
Contact No.:	91-79-66316670
Since How Long Known :	2003
Experience :	Good
Maximum Limit Dealt :	Rs. 2.000 Millions (Monthly)
Remark :	They gave us a positive response about the subject company. As claimed by Mrs. Chitra they are satisfied with their payment behavior.

Customers :

Reference :	Satyajeet Chemical Private Limited
Name of the Person :	Not Divulged
Contact No.:	91-22-61331900
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	--

v Dr. Reddy’s Laboratories Limited

v VVF Limited

v Godrej Consumer Products Limited

v O.N.G.C Limited

v Jocil Limited

v Clariant Chemicals India Limited (Roha)

v Kores India Limited.

v Westren Drugs Limited

v Colourtex Industrias Ind. Limited

v GrenualsInd. Limited

v Globle Calcium

v Glamer Cosmetics Private Limited

v K B Enterprises.

v Indian Acrylic Limited

v Century Rayon.

v Indian Rayon

v Green Planet Industries (Dubai) 

v Virchow Laboratories

v Wipro Limited

No. of Employees :

16 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Alkapuri Branch, Opposite Petrol Pump, R C Dutt Road, Vadodara - 390007, Gujarat, India
Person Name (With Designation)	Mr. Jha Mrs. Esha
Contact Number	91-265-2344026
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans – From Banks	0.000	0.019
SHORT TERM BORROWINGS
Loans repayable on demand from Bank
From Bank (CC and Car Loan)	26.340	27.820
Total	26.340	27.839

Auditors :
Name :	Girish L. Shethia Chartered Accountants
Address :	402 / B, Krishna Building, Neelkanth Vihar, Shahid Bhagat Kanwar Ram Marg, Vidhya Vihar, Mumbai – 400077, Maharashtra, India
Tel. No. :	91-22-66333501 / 66333502
Mobile No. :	91-9769638418
Fax No. :	91-22-66333506
PAN No. :	AADPS1944E
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	Akshar Organics Private Limited Address: Nandesari – 391340, Vadodara, Gujarat, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.000	9.000	9.000
(b) Reserves & Surplus	2.624	2.681	2.505
(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)	11.624	11.681	11.505
(3) Non-Current Liabilities
(a) long-term borrowings	20.075	20.226	15.315
(b) Deferred tax liabilities (Net)	0.173	0.173	0.218
(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)	20.248	20.399	15.533
(4) Current Liabilities
(a) Short term borrowings	26.340	27.820	19.414
(b) Trade payables	27.772	23.131	24.621
(c) Other current liabilities	5.532	7.078	2.167
(d) Short-term provisions	0.000	0.000	0.009
Total Current Liabilities (4)	59.644	58.029	46.211
TOTAL	91.516	90.109	73.249
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.840	9.405	10.541
(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	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.923	0.906	0.899
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.764	10.312	11.441
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.805	48.475	39.371
(c) Trade receivables	16.375	18.143	17.517
(d) Cash and cash equivalents	0.152	0.079	0.099
(e) Short-term loans and advances	9.092	11.883	4.821
(f) Other current assets	1.328	1.217	0.000
Total Current Assets	81.752	79.797	61.808
TOTAL	91.516	90.109	73.249

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	102.625	160.870	79.587
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	102.601	160.613	79.540
	PROFIT/ (LOSS) BEFORE TAX		0.024	0.257	0.047
Less	TAX		0.081	0.081	0.109
	PROFIT/ (LOSS) AFTER TAX		(0.057)	0.176	(0.062)
	CIF VALUE OF IMPORTS		0.000	23.331	32.841
	Earnings / (Loss) Per Share (Rs.)		(0.06)	0.19	(0.07)

Expected Sales (2014-2015): Rs.170.000 Millions

The above information has been parted by Mr. Prakash Patel

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.03	0.29	0.06
Return on Investment (ROI) (PBT/Networth)		0.00	0.02	0.00
Debt Equity Ratio (Total Debt/Networth)		3.99	4.11	3.02
Current Ratio (Current Asset/Current Liability)		1.37	1.38	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.000	9.000	9.000
Reserves & Surplus	2.505	2.681	2.624
Net worth	11.505	11.681	11.624
long-term borrowings	15.315	20.226	20.075
Short term borrowings	19.414	27.820	26.340
Total borrowings	34.729	48.046	46.415
Debt/Equity ratio	3.019	4.113	3.993

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	79.587	160.870	102.625
		102.131	(36.206)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	79.587	160.870	102.625
Profit	(0.062)	0.176	(0.057)
	(0.08%)	0.11%	(0.06%)

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advance from Directors	1.600	2.255
Loans and advances from related parties	11.875	11.352
Other Loans and Advance	6.600	6.600
Total	20.075	20.207

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10029487	07/12/2006	3,000,000.00	BANK OF BARODA	ALKAPURI, BARODA, Gujarat - 390007, INDIA	A07714009
2	90149819	17/09/2001	1,200,000.00	BANK OF BARODA	ALKAPURI, R.D.DUTT ROAD, BARODA, Gujarat, INDIA	-
3	90152353	15/06/2012 *	30,000,000.00	BANK OF BARODA	ALKAPURI BRANCH, OPP.PETROL PUMP, R C DUTT ROAD, ALKAPURI, VADODARA, Gujarat - 390007, INDIA	B42072413
4	90150667	30/05/2012 *	30,000,000.00	BANK OF BARODA	ALKAPURI BRANCH, OPP.PETROL PUMP, R C DUTT ROAD, ALKAPURI, VADODARA, Gujarat - 390007, INDIA	B42071613

* Date of charge modification

FIXED ASSETS

Tangible Assets

œ Land

œ Building

œ Plant and Machinery

œ Equipment’s

œ Furniture and Fixture

œ Vehicles

œ Computers

Intangible Assets

œ Patent

œ Technical Know How

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	ANK

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	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.