MIRA INFORM REPORT

Report Date :

10.03.2014

IDENTIFICATION DETAILS

Name :	PRESCIENT COLOR LIMITED
Registered Office :	Gat No. 1162, Pirangut Village, Taluka – Mulshi, District Pune – 412108, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.06.2006
Com. Reg. No.:	25-128651
Capital Investment / Paid-up Capital :	Rs. 100.000 Millions
CIN No.: [Company Identification No.]	U24229PN2006PLC128651
TAN No.: [Tax Deduction & Collection Account No.]	PNEP10646G
PAN No.: [Permanent Account No.]	AADCP9591P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Plastic Color, Master Batches.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 320000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Sudarshan Chemical Industries Limited”. It is an established company having moderate track record. The rating reflects moderate financial risk profile marked by continuous accumulated losses that company has incurred over year and below average financial performance. However, trade relations are fair. Business is active. Payment terms are 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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. Mahesh Karela
Designation :	Supply Chain Management
Contact No.:	91-20-66521509
Date :	03.03.2014

LOCATIONS

Registered Office/ Factory :	Gat No. 1162, Pirangut Village, Taluka – Mulshi, District Pune – 412108, Maharashtra, India
Tel. No.:	91-20-66521509/ 66521529/ 26058888
Fax No.:	91-20-66521500/ 26058222
E-Mail :	contact@prescientcolor.com gaurav.deshmukh@prescientcolor.com rohit.rathi@prescientcolor.com
Website :	http://www.prescientcolor.com
Area :	3 Acres
Location :	Owned

DIRECTORS

AS ON 27.05.2013

Name :

Mr. Rohit Kishor Rathi

Designation :

Managing director

Address :

C-4, Abhimanshree Society, Pashan Road, Pune – 411008, Maharashtra, India

Date of Birth/Age :

09.08.1974

Qualification :

B.S. Chemical Engineering, MBA

Date of Appointment :

01.04.2009

PAN No.:

ABDPR2555D

DIN No.:

00018654

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	U17119MH1940PTC003210	RATHI BROTHERS PRIVATE LIMITED	Director	30/09/1997	30/09/1997	Active	NO
2	U65993PN1982PTC026385	LAXMINARAYAN FINANCE PRIVATE LIMITED	Director	30/09/1997	30/09/1997	Active	NO
3	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	Active	NO
4	U74900PN2008PTC131279	AUGUST PURIFICATION SYSTEMS PRIVATE LIMITED	Director	16/01/2008	16/01/2008	Strike off	NO
5	U24229PN2006PLC128651	PRESCIENT COLOR LIMITED	Managing director	01/04/2009	01/04/2009	Active	NO

Name :

Mr. Kishor Laxminarayan Rathi

Designation :

Director

Address :

C-4, Abhimanshree Society, Pashan Road, Pune – 411008, Maharashtra, India

Date of Birth/Age :

27.10.1938

Qualification :

B.Sc. (Tech), MA (Chem)

Date of Appointment :

23.06.2006

DIN No.:

00018567

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	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Director	31/10/1975	31/10/1975	-	Active	NO
2	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Director	27/10/2013	29/06/1995	-	Active	NO
3	U65993PN1982PTC026385	LAXMINARAYAN FINANCE PRIVATE LIMITED	Director	30/09/1997	30/09/1997	-	Active	NO
4	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
5	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
6	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
7	U28939PN1996PTC098813	I.W.TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	22/09/2000	22/09/2000	31/05/2013	Active	NO
8	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
9	U13000PN1998PTC013000	RATHI MIXERS PRIVATE LIMITED	Director	22/03/2003	22/03/2003	-	Active	NO
10	U24229PN2006PLC128651	PRESCIENT COLOR LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
11	U74900PN2008PTC131279	AUGUST PURIFICATION SYSTEMS PRIVATE LIMITED	Director	16/01/2008	16/01/2008	-	Strike off	NO
12	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
13	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO

Name :

Mr. Pradeep Ramwilas Rathi

Designation :

Director

Address :

2, Boat Club Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

20.05.1953

Qualification :

M.S. (Chemical Engineering), MBA

Date of Appointment :

23.06.2006

DIN No.:

00018577

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	U70101WB1988PTC045839	GPSK CAPITAL PRIVATE LIMITED	Director	27/02/1995	27/02/1995	-	Active	NO
2	L74999MH1995PLC087643	LAHOTI OVERSEAS LIMITED	Director	02/06/1995	02/06/1995	07/02/2014	Active	NO
3	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Managing director	08/11/1995	08/11/1995	-	Active	NO
4	L24100MH1972PLC016149	THIRUMALAI CHEMICALS LIMITED	Director	27/07/1999	27/07/1999	17/09/2013	Active	NO
5	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
6	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
7	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
8	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
9	U17119MH1940PTC003210	RATHI BROTHERS PRIVATE LIMITED	Director	22/03/2003	22/03/2003	-	Active	NO
10	U28939PN1996PTC098813	I.W.TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29/09/2003	29/09/2003	31/05/2013	Active	NO
11	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
12	U24229PN2006PLC128651	PRESCIENT COLOR LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
13	U65910PN1982PTC026387	PRR FINANCE PRIVATE LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
14	U24114PN2003PTC018532	CLEAN SCIENCE AND TECHNOLOGY PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Active	NO
15	U13000PN1998PTC013000	RATHI MIXERS PRIVATE LIMITED	Director	12/03/2007	12/03/2007	-	Active	NO
16	L29150PN1989PLC054143	SANGHVI MOVERS LIMITED	Director	27/07/2007	12/04/2007	-	Active	NO
17	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	10/05/2007	10/05/2007	-	Active	NO
18	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
19	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO
20	U92100MH2002PLC137947	BHARAT BUSINESS CHANNEL LIMITED	Director	11/10/2012	11/10/2012	-	Active	NO

Name :

Mr. Narayandas Jagannath Rathi

Designation :

Director

Address :

113/3, Koregaon Park, Lane No.4 A, Pune – 411001, Maharashtra, India

Date of Birth/Age :

18.05.1935

Qualification :

M.Com, MBA

Date of Appointment :

23.06.2006

DIN No.:

00018597

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	U65999MH1982PTC026381	NJR FINANCE PRIVATE LIMITED	Director	30/09/1996	30/09/1996	-	Active	NO
2	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
3	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
4	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
5	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	28/09/2001	28/09/2001	-	Active	NO
6	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
7	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Director	16/08/2010	30/01/2003	-	Active	NO
8	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
9	U24229PN2006PLC128651	PRESCIENT COLOR LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
10	U28939PN1996PTC098813	I.W.TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	22/03/2007	22/03/2007	31/05/2013	Active	NO
11	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
12	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO

Name :

Mr. Rajesh Balkrishna Rathi

Designation :

Director

Address :

94/13/34, Lane No.11, Prabhat Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

13.11.1968

Qualification :

BE Mech, MBA

Date of Appointment :

23.06.2006

DIN No.:

00018628

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	U17119MH1940PTC003210	RATHI BROTHERS PRIVATE LIMITED	Director	30/09/1997	30/09/1997	-	Active	NO
2	U65999PN1982PTC026383	BALKRISHNA RATHI FINANCE PRIVATE LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
3	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
4	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
5	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
6	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
7	U24229PN2006PLC128651	PRESCIENT COLOR LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
8	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Whole-time director	23/05/2008	23/05/2008	-	Active	NO
9	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
10	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO
11	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Director	29/09/2012	30/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahesh Karela
Designation :	Supply Chain Management
Name :	Mr. Gaurav Rajiv Deshmukh
Designation :	Secretary
Address :	E-104, Ramyanagari Housing Society, Bibwewadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	09.05.1986
Date of Appointment :	02.05.2013
PAN No.:	BCEPD5161L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.05.2013

Names of Equity Shareholders	No. of Shares
Sudarshan Chemical Industries Limited, India	5999994
Dara N. Damania	1
Kishore L. Rathi	1
Narayandas J. Rathi	1
Pradeep R. Rathi	1
Shrikrishna N. Inamdar	1
Rajesh B. Rathi	1
Total	6000000

Names of Preference Shareholder	No. of Shares
Sudarshan Chemical Industries Limited, India	400000
Total	400000

AS ON 27.05.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Color, Master Batches.

Products/ Services :

ITC Code No.	Product Descriptions
32041900	Organic Colouring Matter

Exports :

Products :

Finished Goods

Countries :

· Indonesia

· South Africa

· Europe

Imports :

Products :

Raw Material

Countries :

· China

· Singapore

· Indonesia

· Europe

· Middle East

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

110 (Approximately)

Bankers :

· Standard Chartered Bank

90, M G Road, Fort, Mumbai - 400001, Maharashtra, India

· Bank of Maharashtra

Corporate Finance Branch, 1183/A, F.C. Road, Pune - 411005, Maharashtra, India

· ICICI Bank Limited

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	50.941	0.000
Rupee term loans from others	0.117	0.303
SHORT TERM BORROWINGS
Working capital loans from banks	52.365	22.480
Other loans and advances	0.000	0.659
Total	103.423	23.442

Banking Relations :	--
Auditors :
Name :	Amarendra Athalye And Company Chartered Accountants
Address :	Office No.9, 2^nd Floor, Chitralekha Chambers, Ideal Colony, Kothrud, Pune - 411038, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABWPA4607J
Holding Company :	Sudarshan Chemical Industries Limited [L24119PN1951PLC008409]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions
400,000	Preference Shares	Rs. 100/- each	Rs. 40.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions
400,000	Preference Shares	Rs. 100/- each	Rs. 40.000 Millions
	Total		Rs. 100.000 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	100.000	100.000	100.000
(b) Reserves & Surplus	(20.257)	(37.414)	(46.672)
(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)	79.743	62.586	53.328
(3) Non-Current Liabilities
(a) long-term borrowings	51.058	139.803	72.838
(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	2.218	1.819	1.260
Total Non-current Liabilities (3)	53.276	141.622	74.098
(4) Current Liabilities
(a) Short term borrowings	101.715	23.139	52.421
(b) Trade payables	26.901	37.810	40.673
(c) Other current liabilities	26.338	22.394	34.477
(d) Short-term provisions	2.908	2.469	2.172
Total Current Liabilities (4)	157.862	85.812	129.743
TOTAL	290.881	290.020	257.169
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	107.360	113.294	123.228
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.866	1.345	1.336
(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	3.388	1.429	1.430
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	111.614	116.068	125.994
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.990	72.052	57.400
(c) Trade receivables	79.694	79.139	50.022
(d) Cash and cash equivalents	3.666	6.943	2.802
(e) Short-term loans and advances	8.917	15.818	20.951
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	179.267	173.952	131.175
TOTAL	290.881	290.020	257.169

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	511.748	423.132	344.705
		Other Income	0.611	1.068	1.380
		TOTAL (A)	512.359	424.200	346.085
Less	EXPENSES
		Cost of Materials Consumed	346.278	292.478	236.048
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.187	1.616	(1.511)
		Employees benefits expense	38.585	32.693	25.008
		Other expenses	75.621	55.778	50.672
		TOTAL (B)	460.671	382.565	310.217
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.688	41.635	35.868
Less	FINANCIAL EXPENSES (D)		21.431	19.552	20.514
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.257	22.083	15.354
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.100	12.824	11.703
	PROFIT BEFORE TAX (E-F) (G)		17.157	9.259	3.651
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		17.157	9.259	3.651
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.447	3.333	4.548
	IMPORTS
		Raw Materials	124.503	112.862	48.371
	Earnings Per Share (Rs.)		2.86	1.54	1.00

Expected Sales (2013-2014): Rs. 550.000 Millions

The above information has been parted by Mr. Mahesh Karela (Supply Chain Management)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.35	2.18	1.05
Net Profit Margin (PBT/Sales)	(%)	3.35	2.19	1.06
Return on Total Assets (PBT/Total Assets}	(%)	5.92	3.21	1.43
Return on Investment (ROI) (PBT/Networth)		0.22	0.15	0.07
Debt Equity Ratio (Total Debt/Networth)		1.92	2.60	2.35
Current Ratio (Current Asset/Current Liability)		1.14	2.03	2.46

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	100.000	100.000	100.000
Reserves & Surplus	(46.672)	(37.414)	(20.257)
Net worth	53.328	62.586	79.743
long-term borrowings	72.838	139.803	51.058
Short term borrowings	52.421	23.139	101.715
Total borrowings	125.259	162.942	152.773
Debt/Equity ratio	2.349	2.603	1.916

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	344.705	423.132	511.748
		22.752	20.943

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	344.705	423.132	511.748
Profit	3.651	9.259	17.157
	1.06%	2.19%	3.35%

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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10378563	31/10/2013 *	308,200,000.00	BANK OF MAHARASHTRA	CORPORATE FINANCE BRANCH, 1183/A, F.C. ROAD, PUNE - 411005,  MAHARASHTRA, INDIA	B89434641

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	0.000	139.500
SHORT TERM BORROWINGS
Loans and advances from others	49.350	0.000
Total	49.350	139.500

OPERATIONS:

During the year, the Company achieved a turnover of Rs. 512.300 Millions as against Rs. 424.200 Millions achieved during the previous year thereby showing an increase of 21%. Company has made a profit of Rs. 16.200 Millions during the year. However, total carry forward loss stands at Rs. 21.100 Millions. Management is confident of wiping out this loss in the next one or two financial years.

This year has been, for the most part, as per budget and expectations. Structured initiative programs in the coming year will be focused on ongoing improvements in cost efficiencies and increase in internal expertise in niche applications.

OUTLOOK FOR FUTURE:

The long and medium term outlook for the company remains positive given that there is a continuous increase in the market size and market share of the company’s products. In the near term, volatility in polymer and other raw material pricing or foreign exchange rates can affect the company’s results.

Barring unforeseen circumstances, the Company should post better results in the coming year.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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. 60.99
UK Pound	1	Rs. 102.07
Euro	1	Rs. 84.53

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.