MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	ADCON PRODUCTS PRIVATE LIMITED
Registered Office :	Plot No.1707, Phase III, GIDC, Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.08.2008
Com. Reg. No.:	04-054879
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U52310GJ2008PTC054879
TIN No.:	Not Available
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, Exporter and Importer of Reactive Dyes.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 17000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by low profit margin, modest net worth and increased in the borrowing of the company during 2014. However, 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 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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. Ankit Pravinchandra Gupta
Designation :	Director
Contact No.:	91-9974732203
Date :	19.12.2014

LOCATIONS

Registered Office/ Factory :	Plot No.1707, Phase III, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25892111
Mobile No.:	91-9974732203 (Mr. Ankit Pravinchandra Gupta)
Fax No.:	91-79-25892110
E-Mail :	sales@adcongroup.com ankitadcon@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Ashutosh Vijayprakash Goel

Designation :

Additional Director

Address :

A/2, Krupa Riddhi Apartment, Drive In Road, Udgam School Lane, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

17.04.1963

Date of Appointment :

27.02.2009

DIN No.:

00107104

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	U24117GJ2004PTC043835	ADCON COLOURS PRIVATE LIMITED	Whole-time director	23/03/2004	23/03/2004	23/07/2008	Active	NO
2	U31909GJ2004PTC045093	ADCON AUTOMATION PRIVATE LIMITED	Managing director	06/12/2004	06/12/2004	01/04/2009	Active	NO
3	U52310GJ2008PTC054879	ADCON PRODUCTS PRIVATE LIMITED	Additional director	27/02/2009	27/02/2009	-	Active	NO

Name :

Mr. Ankit Pravinchandra Gupta

Designation :

Director

Address :

26, Laxmi Nagar Society, At-Patan, Patan - 384265, Gujarat, India

Date of Birth/Age :

07.09.1989

Date of Appointment :

01.10.2010

DIN No.:

02566299

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	U31909GJ2004PTC045093	ADCON AUTOMATION PRIVATE LIMITED	Additional director	28/02/2009	28/02/2009	27/08/2011	Active	NO
2	U52310GJ2008PTC054879	ADCON PRODUCTS PRIVATE LIMITED	Director	01/08/2011	01/10/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Amrish Vijayprakash Goel	9960
Ratna Amrish Goel	10
Aparn Paravinchandra Gupta	10
Ashutosh V Goel	39950
Amrish V Goel HUF	10
Ashtosh V Goel HUF	10
Anjali Siddharth Sharma	10
Aditi Ashutosh Goel	10
Sadhna Sharma	10
Shyam Sunder Sharma	10
Kunal Sharma	10
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Reactive Dyes.

Products :

Product Description	Item Code No. (ITC Code)
Dyes	24114

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

• Bangladesh
• US
• Brazil
• Egypt
• Turkey

Imports :

Products :

Raw Material

Countries :

• China
• Honduras

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	K. Bodiwala and Company, Gujarat, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Colorant, Gujarat, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

30 (Approximately)

Bankers :

Union Bank of India, Shop No.1 To 7,Divya Bhoomi Avenue, L G Hospital Road, Maninagar, Ahmedabad - 380008, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
From Others	1.682	0.025
SHORT TERM BORROWINGS
Working Capital Loan From Banks	13.137	3.657
Total	14.819	3.682

Notes:

Short Term Borrowings

Working Capital Loans are secured by hypothecation of present and future stock of raw materials, Stock in Process, finished Goods, Stores and Spares, Book Debts, Outstanding Monies Receivable, Claims, Bills and Material In Transit etc.

5.2 Working Capital Loans are secured by Mortgage Charge on the property situated at Plot No. 1707, GIDC, Vatva, Ahmedabad which is in the name of Printex Industries.

Banking Relations :	--
Auditors :
Name :	ANB and Company Chartered Accountants
Address :	501, 5th Floor, Aalin Complex, Opposite Gujarat Vidyapith, Near Rambha Complex, Ashram Road, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAYFA1715G
Memberships :	--
Collaborators :	--
Subsidiaries, Fellow Subsidiaries and Associates :	Adcon Products Printex Industries

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

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	0.500	0.500	0.500
(b) Reserves & Surplus	5.307	4.350	3.769
(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)	5.807	4.850	4.269
(3) Non-Current Liabilities
(a) long-term borrowings	11.332	8.062	9.015
(b) Deferred tax liabilities (Net)	0.036	0.013	0.010
(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)	11.368	8.075	9.025
(4) Current Liabilities
(a) Short term borrowings	13.137	3.657	8.969
(b) Trade payables	54.971	30.814	34.597
(c) Other current liabilities	1.420	2.571	2.542
(d) Short-term provisions	0.700	0.829	0.903
Total Current Liabilities (4)	70.228	37.871	47.011
TOTAL	87.403	50.796	60.305
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.752	1.865	1.853
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.192	0.108
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.008
Total Non-Current Assets	4.752	2.057	1.969
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.345	9.179	9.921
(c) Trade receivables	52.190	32.306	33.891
(d) Cash and cash equivalents	7.128	1.209	4.460
(e) Short-term loans and advances	4.988	6.045	10.064
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	82.651	48.739	58.336
TOTAL	87.403	50.796	60.305

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		216.905	104.574	106.758
		Other Income		1.186	3.329	1.529
		TOTAL (A)		218.091	107.903	108.287
				(Raw Material Prices Increase)
Less	EXPENSES
		Cost of Materials Consumed		203.679	91.118	90.570
		Purchase of Stock-in-trade		9.107	5.053	6.424
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(9.127)	(0.942)	(0.312)
		Employee Benefits Expenses		4.899	4.373	3.899
		Other Expenses		5.785	4.786	4.762
		TOTAL (B)		214.343	104.388	105.343
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			3.748	3.515	2.944
Less	FINANCIAL EXPENSES (D)			1.838	2.341	1.546
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1.910	1.174	1.398
Less	DEPRECIATION/ AMORTISATION (F)			0.521	0.311	0.311
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			1.389	0.863	1.087
Less	TAX (H)			0.432	0.283	0.375
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			0.957	0.580	0.712
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			4.349	3.769	3.057
	BALANCE CARRIED TO THE B/S			5.306	4.349	3.769
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	30.430	42.540	3.896
	TOTAL EARNINGS			30.430	42.540	3.896
	Earnings / (Loss) Per Share (Rs.)			19.13	11.61	14.24

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.44	0.55	0.67
Operating Profit Margin (PBIDT/Sales)	(%)	1.73	3.36	2.76
Return on Total Assets (PBT/Total Assets}	(%)	1.59	1.71	1.81
Return on Investment (ROI) (PBT/Networth)		0.24	0.18	0.25
Debt Equity Ratio (Total Debt /Networth)		4.21	2.42	4.21
Current Ratio (Current Asset/Current Liability)		1.18	1.29	1.24

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	0.500	0.500	0.500
Reserves & Surplus	3.769	4.350	5.307
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4.269	4.850	5.807
Long Term borrowings	9.015	8.062	11.332
Short Term borrowings	8.969	3.657	13.137
Total borrowings	17.984	11.719	24.469
Debt/Equity ratio	4.213	2.416	4.214

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
Sales	106.758	104.574	216.905
		(2.046)	107.418

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	106.758	104.574	216.905
Profit	0.712	0.580	0.957
	0.67%	0.55%	0.44%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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%	Yes
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
From Directors	3.050	3.447
From Shareholders	6.600	4.590
Total	9.650	8.037

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10342826	22/03/2012	22,500,000.00	Union Bank of India	Shop No.1 to7,Divya Bhoomi Avenue, L G Hospital Road, Maninagar, Ahmedabad, Gujarat - 380008, India	B35294560
2	10343006	22/03/2012	22,500,000.00	Union Bank of India	Shop No.1 to7,Divya Bhoomi Avenue, L G Hospital Road, Maninagar, Ahmedabad, Gujarat - 380008, India	B35386226

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.18
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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

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

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

RATING EXPLANATIONS

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

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

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