MIRA INFORM REPORT

Report Date :

20.06.2014

IDENTIFICATION DETAILS

Name :	ARIES ORGANICS PRIVATE LIMITED
Registered Office :	Plot No.441, Phase – II, G.I.D.C., Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.03.1995
Com. Reg. No.:	04-024832
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U24117GJ1995PTC024832
TAN No.: [Tax Deduction & Collection Account No.]	AHMA05744E
PAN No.: [Permanent Account No.]	AAACA9557B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Synthetic Organic Dyes.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 749000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealing at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short term bank facilities: “A3” (Suspended)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	19.11.2013

Reason for Suspension: No furnished information required by care.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Hitesh Patel
Designation :	Accounts Manager
Contact No.:	91-9909993191

LOCATIONS

Registered Office/ Factory :	Plot No.441, Phase – II, G.I.D.C., Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-25833164/ 25891164/ 27482591
Mobile No. :	91-9909993191 (Mr. Hitesh Patel)
Fax No.:	91-79-25830535/ 25831578
E-Mail :	prahladlpatel@yahoo.com ariesdye@dataone.in account@ariesgroup.in
Area :	3000 sq.m
Location:	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Kantilal Ishwarlal Patel

Designation :

Director

Address :

10-11, Manichandra Society, Part-IV, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Appointment :

01.03.1995

DIN No.:

00050544

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24117GJ1995PTC024832	ARIES ORGANICS PRIVATE LIMITED	Director	01/03/1995	01/03/1995	Active	NO
2	U24239GJ2007PTC050349	ARIES BIOTECH PRIVATE LIMITED	Director	28/03/2007	28/03/2007	Active	NO
3	U24100GJ2009PTC056815	ARIES COLORCHEM PRIVATE LIMITED	Director	05/05/2009	05/05/2009	Active	NO

Name :

Mr. Arish Kantilal Patel

Designation :

Director

Address :

10-11, Manichandra Society, Part-IV, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Appointment :

20.11.2004

DIN No.:

00050565

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	U24117GJ1995PTC024832	ARIES ORGANICS PRIVATE LIMITED	Director	20/11/2004	20/11/2004	-	Active	NO
2	U24239GJ2007PTC050349	ARIES BIOTECH PRIVATE LIMITED	Director	28/03/2007	28/03/2007	-	Active	NO
3	U24100GJ2007PLC051763	UNISON INDUSTRIES LIMITED	Director	18/09/2007	18/09/2007	27/08/2008	Active	NO
4	U24100GJ2009PTC056815	ARIES COLORCHEM PRIVATE LIMITED	Director	05/05/2009	05/05/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hitesh Patel
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Kantilal I. Patel	45000	15.00
Taraben K. Patel	90000	30.00
Arish K. Patel	150000	50.00
Kantilal I. Patel HUF	15000	5.00
Total	300000	100.00

As on 30.09.2013

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 of Synthetic Organic Dyes.

Products :

Item Code No. (ITC Code)	Product Description
32041218	Synthetic Organic Dyes

Products :

Organic Dyes

Countries :

· USA

· Dubai

· Turkey

· Spain

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash, Credit, L/C, DA and DP

Purchasing :

Cash, Credit, DA and DP

PRODUCTION STATUS (AS ON 31.03.2013)

Particular	Unit	Actual Production
S.O. Dyes	MT	2226

GENERAL INFORMATION

Suppliers :

Gurudev Dyestuff India Private Limited

Customers :

Chemische Fabrik Trade BV

No. of Employees :

40 (Approximately)

Bankers :

· State Bank of India, S.G. Highway Branch, Opposite Gurudwara, Thaltej, Ahmedabad – 380059, Gujarat, India

· State Bank of India, Vatva Industrial Estate Branch, GIDC Vatva, Ahmedabad - 382445, Gujarat, India

Facilities :

Fund and Non-Fund based limits: Rs. 70.000 Millions

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
State Bank of India (Export Packing Credit)	33.067	20.280
State Bank of India (Bill Discount) (Secured by Hypothecation of St)	16.611	0.000
Total	49.678	20.280

Banking Relations :	--
Auditors :
Name :	Prahlad L Patel and Company Chartered Accountants
Address :	1 2^nd Floor Sun Comlex, Near Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No. :	91-79-26562070
Income-tax PAN of auditor or auditor's firm :	AAMPP2304C

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 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	3.000	3.000	3.000
(b) Reserves & Surplus	184.268	155.539	179.851
(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)	187.268	158.539	182.851
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	49.678	20.280	35.408
(b) Trade payables	33.781	28.629	17.834
(c) Other current liabilities	1.081	1.159	1.608
(d) Short-term provisions	3.136	28.301	2.245
Total Current Liabilities (4)	87.676	78.369	57.095
TOTAL	274.944	236.908	239.946
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.798	17.927	20.304
(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	0.005	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.297	5.177	4.865
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	21.100	23.109	25.174
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.794	39.974	28.140
(c) Trade receivables	153.503	128.977	149.290
(d) Cash and cash equivalents	17.492	15.328	13.316
(e) Short-term loans and advances	25.990	29.483	24.026
(f) Other current assets	0.065	0.037	0.000
Total Current Assets	253.844	213.799	214.772
TOTAL	274.944	236.908	239.946

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	451.854	365.895	479.817
		Other Income	1.659	1.781	1.798
		TOTAL	453.513	367.676	482.833
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		25.715	21.015	44.419
	EARNINGS IN FOREIGN CURRENCY		436.014	348.162	471.888
	Earnings / (Loss) Per Share (Rs.)		85.72	70.05	148.06

Expected Sales (2013-2014): Rs. 600.000 Millions

The above information has been parted by Mr. Hitesh Patel (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.67	5.72	9.22
Debt Equity Ratio (Total Debt/Networth)		0.27	0.13	0.19
Current Ratio (Current Asset/Current Liability)		2.90	2.73	3.76

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	3.000	3.000	3.000
Reserves & Surplus	179.851	155.539	184.268
Net worth	182.851	158.539	187.268
long-term borrowings	0.000	0.000	0.000
Short term borrowings	35.408	20.280	49.678
Total borrowings	35.408	20.280	49.678
Debt/Equity ratio	0.194	0.128	0.265

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	479.817	365.895	451.854
		(23.743)	23.493

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	479.817	365.895	451.854
Profit	44.419	21.015	25.715
	9.26%	5.74%	5.69%

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	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	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10089354	25/11/2011 *	71,000,000.00	STATE BANK OF INDIA	VATVA IND. ESTATE BRANCH, GIDC VATVA, AHMEDABAD - 382445, GUJARAT, INDIA	B27581842

* Date of charge modification

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.00
UK Pound	1	Rs.102.05
Euro	1	Rs.81.71

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	VNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	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		47

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.