MIRA INFORM REPORT

Report Date :

25.06.2014

IDENTIFICATION DETAILS

Name :	MEGHMANI INDUSTRIES LIMITED
Formerly Known As :	PATEL AGRO CHEM LIMITED
Registered Office :	Plot No.27, Phase I, GIDC Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.02.1993
Com. Reg. No.:	04-019013
Capital Investment / Paid-up Capital :	Rs. 45.000 Millions
CIN No.: [Company Identification No.]	U29199GJ1993PLC019013
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00395D
PAN No.: [Permanent Account No.]	AABCM0535G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Dyes, Agro Chemicals and Intermediates.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of Meghmani Group. It is a well-established and reputed company having fine track record. The financial position of the company is good. Networth of the company is decent. Trade relations are reported as fair. Business is active. Payment terms are regular and as per commitment. The company can be considered good for business dealings 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	CRISIL
Rating	Long term rating : A
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	October 23, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	October 23, 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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Niranjan
Designation :	Import-Export Manager
Contact No.:	91-79-26569901
Date :	23.06.2014

LOCATIONS

Registered Office/ Factory 1 :	Plot No.27, Phase I, GIDC Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25833381/ 25897793
Fax No.:	91-79-26463999/ 25834588/ 25893495
E-Mail :	vshekhar@meghmani.com alkesh@meghmanidyes.com meghmaniad1@sancharnet.in helpdesk@meghmani.com exports@meghmani.com jbrahma@meghmanidyes.com jignesh@meghmanidyes.com
Website :	http://www.meghmani.com
Corporate Office :	203-204, White Cross, 15 Patel Society, Gulbai Tekra Road, Panchvati, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26569901/ 26562827/ 26467511/ 26562827
Fax No.:	91-79-26422600/ 26463999
Factory 2 :	Block No. 401, Village Chharodi, Taluka Sanand, District Ahmedabad – 382170, Gujarat, India
Tel. No.:	91-2717-273204/ 273284
Fax No.:	91-2717-273117
Factory 3 :	SEZ Unit, Plot No. Z-6, Special Economic, Zone Bharuch, Dehej-392130, Gujarat, India
Other Factories :	Also located at: v Panoli v Ankleshwar

DIRECTORS

AS ON 29.07.2013

Name :	Mr. Natwarlal Meghjibhai Patel
Designation :	Managing director
Address :	6-B, Ashok Vatika No.1, Opposite Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	01.06.1953
Qualification :	M.Sc.
Date of Appointment :	01.11.2011
PAN No.:	AAUPP1727H
DIN No.:	00027540
Name :	Mr. Rameshbhai Meghjibhai Patel
Designation :	Managing director
Address :	No.54, Shreenath Park Society, Behind Avishkar Party Plot, Manekbaug, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.03.1956
Qualification :	B.A.
Date of Appointment :	01.11.2011
PAN No.:	ABHPP4316J
DIN No.:	00027637
Name :	Mr. Lalitbhai Kantibhai Patel
Designation :	Director
Address :	31, Park Hill, Near Narmada Vasahat, Opposite Karnavati Club, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	15.02.1967
Qualification :	B.Com
Date of Appointment :	22.02.1993
PAN No.:	ACNPP2094C
DIN No.:	00011773
Name :	Mr. Keyur Balkrishna Thakkar
Designation :	Director
Address :	L-14/265, Satyagraha Chhavani Society, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	06.04.1968
Qualification :	B.Com., FCA
Date of Appointment :	24.09.2007
DIN No.:	01490623
Name :	Mr. Saroj Narayan Mohanty
Designation :	Director
Address :	C-103, West View CHS, Plot No.6, Sector 2, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	27.01.1953
Qualification :	M.Sc.
Date of Appointment :	27.06.2011
DIN No.:	03413326

KEY EXECUTIVES

Name :	Mr. Niranjan
Designation :	Import-Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.07.2013

Names of Shareholders	No. of Shares
Natwarlal Meghjibhai Patel	897250
Bhartiben Natwarlal Patel	212500
Disha Natwarlal Patel	25000
Ankit Natwarlal Patel	215000
Rameshbhai Meghjibhai Patel	790000
Kalpanaben Rameshbhai Patel	7500
Karan Rameshbhai Patel	82500
Vaishakhi Rameshbhai Patel	20000
Amitaben Kantibhai Patel	886750
Lalit Kantibhai Patel	140500
Jagrutiben Lalit Patel	7500
Ganpatbhai Meghjibhai Patel	288750
Praful Ganpatbhai Patel	3000
Shardaben Popatbhai Patel	512250
Popatbhai Meghjibhai Patel	15250
Anil Popatbhai Patel	7500
Prashant Popatbhai Patel	5000
Kuverben Ishwerbhai Patel	337250
Anand Patel	12750
Darshan Anand Patel	10000
Haribhai Meghjibhai Patel	1500
Ravi Haribhai Patel	10375
Kiranbhai Manshukhbhai Patel	11875
Total	4500000

AS ON 29.07.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Dyes, Agro Chemicals and Intermediates.

Products/ Services :

ITC Code No.	Product Descriptions
38083009	Pendimethalin

Exports :

Products :

Finished Goods

Imports :

Products :

Raw Material

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

· State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan PO, B/H Gujarat Vidyapith, Ahmedabad - 380014, Gujarat, India

· Dena Bank, 2nd Floor, Dena Laxmi Building, 188-A, Ashram Road, Navarangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	199.910	253.267
Working capital loans from banks [Corporate loan repayable in total 4 installment of Rs.10.000 Millions each per quarter and next total 3 installments of Rs.20.000 Millions each per quarter starting with April, 2013.]	60.000	100.000
SHORT TERM BORROWINGS
Term loans from banks	144.000	84.000
Working capital loans from banks	419.484	288.750
Total	823.394	726.017
LONG-TERM BORROWINGS Term Loan (I and II) taken from State Bank of India, Overseas Branch, Ahmedabad, against 1st exclusive charge of EM/Hypothecation of entire movable and immovable fixed assets, both present and future of the company, at unit SEZ situated at Plot No. Z-6, Dahej SEZ, Taluka – Vagra, District Bharuch, Gujarat as per details given as under. - 1st Term loan Repayable in total 50 installments of Rs.7.000 Millions each per month starting with January, 2012. - 2nd term loan Repayable in total 14 installments of Rs. 5.000 Millions each per quarter starting with April, 2013. SHORT TERM BORROWINGS Cash Credit/EPC/PCFC, FBD, ERB, CL, LC, BG and CEL Credit taken from State Bank of India, Overseas Branch, Ahmedabad and from HDFC Bank, Navrangpura Branch, Ahmedabad on pari passu basis, against hypothecation of the entire current assets and hypothecation of Plant and Machinery and further secured by equitable mortgage over the factory land and building situated at Block No.401, Village Chharodi, Tal. Sanand, District Ahmedabad and at Plot No. 27, Phase – I, GIDC Industrial Estate, Vatva, Ahmedabad. - Extention of charge on sole basis (Exclusive to SBI) on entire fixed assets, both present and future of the Company at unit SEZ situated at Plot No. Z-6, Dahej SEZ, Ta. Vagra, District Bharuch, Gujarat. - Corporate loan repayable in total 4 installment of Rs.10.000 Millions each per quarter and next total 3 installments of Rs.20.000 Millions each per quarter starting with April, 2013.

Banking Relations :	--
Auditors :
Name :	Balkrishna T. Thakkar and Company Chartered Accountants
Address :	6th Floor, “Saffron”, Near Bank of Baroda, Ambawadi , Ahmedabad – 380006, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAGPT9505M
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Meghmani Dyes and Intermediates Limited [U24110GJ1999PLC036306] · Meghmani Energy Limited [U40105GJ2006PLC048974] · Meghmani Organics Limited [L24110GJ1995PLC024052] · Tapasheel Enterprise · Meghmani Specialty Chemicals Limited [U24100GJ2007PLC051935] · Meghmani Chemicals · Patel Trading and Investment Company · Synergy Chlorination Private Limited [U24231GJ1993PTC020229] · Unison Industries Limited [U24100GJ2007PLC051763] · Fidelity Export Private Limited [U50101GJ1996PTC030122] · Vanguard Overseas Limited [U51909GJ2002PLC041575] · Meghmani Finechem Limited [U24100GJ2007PLC051717] · Navratan Specialty Chemicals LLP

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,500,000	Equity Shares	Rs. 10/- each	Rs. 45.000 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	45.000	45.000	45.000
(b) Reserves & Surplus	1356.455	1307.325	1421.933
(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)	1401.455	1352.325	1466.933
(3) Non-Current Liabilities
(a) long-term borrowings	602.839	708.871	225.431
(b) Deferred tax liabilities (Net)	26.030	32.562	23.131
(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)	628.869	741.433	248.562
(4) Current Liabilities
(a) Short term borrowings	563.484	372.750	127.190
(b) Trade payables	509.403	353.012	243.797
(c) Other current liabilities	26.642	25.895	28.271
(d) Short-term provisions	2.742	2.861	13.461
Total Current Liabilities (4)	1102.271	754.518	412.719
TOTAL	3132.595	2848.276	2128.214
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1131.623	870.389	427.625
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.335	212.435	347.009
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.005	0.005	12.002
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.561	26.265	14.831
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1164.524	1109.094	801.467
(2) Current assets
(a) Current investments	0.000	0.000	80.000
(b) Inventories	737.440	696.673	503.972
(c) Trade receivables	1051.869	848.362	602.148
(d) Cash and cash equivalents	46.553	61.311	80.425
(e) Short-term loans and advances	23.087	32.528	3.923
(f) Other current assets	109.122	100.308	56.279
Total Current Assets	1968.071	1739.182	1326.747
TOTAL	3132.595	2848.276	2128.214

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2259.080	1761.326	1939.838
		Other Income	9.351	14.273	10.592
		TOTAL (A)	2268.431	1775.599	1950.430
Less	EXPENSES
		Cost of materials consumed	1302.279	1257.796	1145.031
		Purchases of stock-in-trade	185.914	174.017	102.075
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	27.801	(72.498)	(54.824)
		Employee benefit expense	68.011	60.587	42.046
		Other expenses	483.300	367.002	395.554
		TOTAL (B)	2067.305	1786.904	1629.882
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		201.126	(11.305)	320.548
Less	FINANCIAL EXPENSES (D)		84.211	43.234	2.907
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		116.915	(54.539)	317.641
Less/ Add	DEPRECIATION/ AMORTISATION (F)		74.256	59.585	36.568
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		42.659	(114.124)	281.073
Less	TAX (H)		(6.471)	0.484	29.432
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		49.130	(114.608)	251.641
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		995.325	1109.933	898.765
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	30.013
		Proposed Dividend	0.000	0.000	9.000
		Tax on Dividend	0.000	0.000	1.460
	BALANCE CARRIED TO THE B/S		1044.455	995.325	1109.933
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1471.343	740.513	718.346
	Earnings/ (Loss) Per Share (Rs.)		10.92	(25.47)	55.92

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.17	(6.45)	12.90
Net Profit Margin (PBT/Sales)	(%)	1.89	(6.48)	14.49
Return on Total Assets (PBT/Total Assets}	(%)	1.37	(4.33)	15.89
Return on Investment (ROI) (PBT/Networth)		0.03	(0.08)	0.19
Debt Equity Ratio (Total Debt/Networth)		0.83	0.80	0.24
Current Ratio (Current Asset/Current Liability)		1.79	2.31	3.21

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	45.000	45.000	45.000
Reserves & Surplus	1421.933	1307.325	1356.455
Net worth	1466.933	1352.325	1401.455
long-term borrowings	225.431	708.871	602.839
Short term borrowings	127.190	372.750	563.484
Total borrowings	352.621	1081.621	1166.323
Debt/Equity ratio	0.240	0.800	0.832

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	1939.838	1761.326	2259.080
		(9.202)	28.260

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	1939.838	1761.326	2259.080
Profit/ (Loss)	251.641	(114.608)	49.130
	12.97%	(6.51%)	2.17%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

TAX APPEAL No. 2067 of 2009

Status: PENDING ( Converted from : ST/2295/2009 ) CCIN No: 001092200902067

Last Listing Date: 30/11/2013

Coram: - HONOURABLE MR.JUSTICE M.R. SHAH

HONOURABLE MR.JUSTICE R.P.DHOLARIA

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX CENTRAL - I

MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

MEGHMANI INDUSTRIES LIMITED

MRS SWATI SOPARKAR for :Opponent(s) 1

Presented On : 02/07/2009 Registered On : 02/07/2009

Bench Category : DIVISION BENCH District : AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed : 135 times

Stage Name : FOR FINAL HEARING

Act	INCOME-TAX ACT, 1961

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

02/07/2009

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) 1

20

MRS MAUNA M BHATT:1

2

15/08/2009

VAKALATNAMA

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) 1

-

MRS MAUNA M BHATT:1

3

15/08/2009

VAKALATNAMA

MRS SWATI SOPARKAR ADVOCATE
for RESPONDENT(s) 1

-

MRS SWATI SOPARKAR:1

4

18/04/2011

VAKALATNAMA

MRS SWATI SOPARKAR ADVOCATE
for RESPONDENT(s) 1

5

MRS SWATI SOPARKAR:1

Linked Matters

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/2069/2009	PENDING	-	- · HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA
2	TAX APPEAL/2071/2009	PENDING	-	- · HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	13/04/2011	5	-	TAX APPEALS - GROUP B MATTERS	FIXED RULE / ADMIT	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
2	30/11/2013	5	96	FOR FINAL HEARING	NEXT DATE NOT GIVEN	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	View	Download
1	TAX APPEAL/2067/2009	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI	27/04/2011	N	ORDER	Download	Download

Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	28/04/2011	O/15919/2011	27/04/2011	03/05/2011	04/05/2011	Delivered	ORDER
2	MRS MAUNA M BHATT	ORDINARY	14/06/2011	O/20636/2011	13/06/2011	05/10/2011	-	Notified	ORDER

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10363110	27/06/2012	60,000,000.00	DENA BANK	2ND FLOOR, DENA LAXMI BUILDING, 188-A, ASHRAM ROAD, NAVARANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B42674184
2	10148356	13/08/2009 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A69011583
3	90102662	11/01/2014 *	1,298,400,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN,  NAVJIVAN PO, B/H GUJARAT VIDYAPITH, AHMEDABAD, GUJARAT - 380014, INDIA	B95903126
4	90100400	11/01/2014 *	1,298,400,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN,  NAVJIVAN PO, B/H GUJARAT VIDYAPITH, AHMEDABAD, GUJARAT - 380014, INDIA	B95902862

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate borrowings	277.555	246.230
Loans and advances from related parties	65.374	109.374
Total	342.929	355.604

FIXED ASSETS:

· Office building

· Factory building

· Factory equipments

· Other pollution reduction equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Computer equipments

· Other equipments

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. 60.11
UK Pound	1	Rs. 102.32
Euro	1	Rs. 81.75

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.