MIRA INFORM REPORT

Report Date :

11.11.2014

IDENTIFICATION DETAILS

Name :	VIDHI DYESTUFFS MANUFACTURING LIMITED
Registered Office :	E/27, Commerce Centre, 78, Tardeo Road, Mumbai - 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.01.1994
Com. Reg. No.:	11-076156
Capital Investment / Paid-up Capital :	Rs. 49.945 Millions
CIN No.: [Company Identification No.]	L24110MH1994PLC076156
TAN No.: [Tax Deduction & Collection Account No.]	MUMV04639F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Trading of Synthetic Food Colours and also Trading in Chemicals.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The ratings continue to reflect VDML’s established position in the food – colours market supported by fair profitability levels and sound liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES:

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

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	17.01.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A3”
Rating Explanation	Moderate degree of safety and high credit risk.
Date	17.01.2014

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. Mitesh
Designation :	Business Development Director
Contact No.:	91-9820610566
Date :	11.11.2014

LOCATIONS

Registered / Administrative Office :	E/27, Commerce Centre, 78, Tardeo Road, Mumbai - 400034, Maharashtra, India
Tel. No.:	91-22-23514349/ 23522864/ 6347/ 56602188 / 40734747 (30 Lines) / 66602187 / 40734718 / 40734712
Fax No.:	91-22-23521980
E-Mail :	vidhi@bom4.vsnl.net.in
Website :	www.vidhifoodcolours.com
Location :	Owned
Locality :	Commercial
Factory 1 :	Plot No. 59-B, MIDC, Dhatav, Roha, District Raigad - 402109, Maharashtra, India
Tel. No.:	91-2194-263873
Owned:	Owned
Factory 2:	Plot No. 68, MIDC Dhatav, District Raigad - 402116, Maharashtra, India
Marketing and Distribution Networks :	Located at: · Algeria · Argentina · Australia · Austria · Brazil · Bolivia · Bulgaria · Belgium · Chile · Canada · Czech Republic · China · Cyprus · Columbia · Egypt · EI Salvador · France · Germany · Guatemala · Greece · Ghana · Holland · Hungary · Indonesia · Iran · Israel · Italy · Japan · Jordan · Kenya · Malaysia · Mauritius · Mexico · Norway · New Zealand · Netherland · Pakistan · Paraguay · Portugal · Peru · Philippines · Poland · Russia · South Africa · Switzerland · South Korea · Spain · Tanzania · Thailand · The Netherlands · Turkey · U K · Uruguay · Ukraine · USA · Venezuela · Vietnam

DIRECTORS

As on: 30.09.2013

Name :	Mr. Bipin Madhavji Manek
Designation :	Chairman and Managing Director
Address :	Flat No. 12, Somerset House, Off Bhulabhai Desai Road, Warden Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	07.06.1956
Date of Appointment :	19.01.1994
Name :	Mr. Mihir B. Manek
Designation :	Joint Managing Director
Address :	Flat No. 12, Somerset House, Off Bhulabhai Desai Road, Warden Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	08.03.1982
Date of Appointment :	31.07.2006
Name :	Mrs. Pravina Bipin Manek
Designation :	Director
Address :	Flat No. 12, Somerset House, Off Bhulabhai Desai Road, Warden Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	29.02.1956
Qualification :	B. A.
Experience :	19 Years of rich experience in the Business of food colour.
Date of Appointment :	19.01.1994
Name :	Mr. Vijay Krishnaswamirao Atre
Designation :	Director
Address :	54 Jaivijay Society, Western Express Highway, Vile Parle (East), Mumbai - 400099, Maharashtra, India
Date of Birth/Age :	06.04.1925
Date of Appointment :	02.05.1995
Name :	Mr. Prafulchandra Anantlal Shah
Designation :	Director
Address :	4 Apsara Apartment, Kishorkumar Ganguli Marg, 14 C Juhu Tara Road, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	13.11.1933
Date of Appointment :	06.01.2003
Name :	Mr. Chetan P. Bavishi
Designation :	Director
Date of Birth/Age :	29.02.1960
Qualification :	B. Com.
Experience :	28 years of rich experience
Date of Appointment :	06.01.2003
Name :	Mr. Niren Dinkerrai Desai
Designation :	Director
Address :	22/2 Navrang Building, Pedder Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	12.12.1956
Date of Appointment :	10.05.2005

KEY EXECUTIVES

Name :	Mr. Mitesh
Designation :	Business Development Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	32101000	64.27
Sub Total	32101000	64.27
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	32101000	64.27
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1972707	3.95
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	10885466	21.79
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	4573316	9.16
Any Others (Specify)	412511	0.83
Non Resident Indians	196039	0.39
Clearing Members	191472	0.38
Directors & their Relatives & Friends	25000	0.05
Sub Total	17844000	35.73
Total Public shareholding (B)	17844000	35.73
Total (A)+(B)	49945000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	49945000	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Names of Shareholders	No. of Shares	Percentage of Holding
Bipin M Manek	1,41,10,333	28.25
Pravina B Manek	1,79,90,667	36.02
Total	3,21,01,000	64.27

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Names of Shareholders	No. of Shares	Percentage of Holding
Deepika Ganatra	1062316	2.13
Total	1062316	2.13

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Synthetic Food Colours and also Trading in Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
32.04.19	Synthetic Organic Colouring Matters
32.05.00	Colour Lakes

Brand Names :

“VIDHI”

Agencies Held :

--

Exports :

Products :

Food Colours

Countries :

• Europe
• Australia
• Africa

Imports :

Products :

Raw Materials Chemicals

Countries :

• Taiwan
• China
• Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Manufacturer

No. of Employees :

40 (Approximately)

Bankers :

· Vijaya Bank, Overseas Branch, Maker Chambers-Iv, Nairman Point,
Mumbai - 400021, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· Bank of India

Facilities :

Secured Loan	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
LONG TERM BORROWINGS:
TERM LOANS FROM BANKS
HDFC Bank	0.000	3.925
Vijaya bank	14.161	15.810
TERM LOANS FROM OTHERS
Bajaj Allianz Life Insurance Company Limited	7.771	7.629
SHORT TERM BORROWINGS:
REPAYABLE ON DEMAND – FROM BANKS
HDFC Bank	36.356	25.752
Vijaya Bank	347.886	311.048
Standard Chartered Bank	18.193	46.748
Total	424.367	410.912

Banking Relations :	--
Auditors :
Name :	Bhuta Shah and Company Chartered Accountants
Address :	901, regent chambers, Nariman point, Mumbai – 400021, Maharashtra, india
Tel. No.:	91-22-22832626
Fax No.:	91-22-22832727
E-Mail :	mail@bhutashah.com
Website :	www.bhutashah.com
Membership :	--
Enterprises over which key management personnel have significant influence :	Arjun Food Colorants Manufacturing Private Limited Trident Colours and Chemicals

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000,000	Equity Shares	Re.1/- each	Rs. 60.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
50,034,000	Equity Shares	Re.1/- each	Rs. 50.034 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49,945,000	Equity Shares	Re.1/- each	Rs. 49.945 Millions
	Add: Forfeited Shares		Rs. 0.075 Million
	Total		Rs.50.020 Millions

NOTE

i. Rights of Equity Shareholders

The Company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.

ii. The reconciliation of the number of shares outstanding is set out below:

Particulars	31.03.2014
Shares outstanding at the beginning of the year	49.945
Shares issued during the year	--
Shares bought back during the year	--
Shares outstanding at the end of the year	49.945

iii. Details of shareholders holding more than 5% shares in the company

Name of Shareholder	31.03.2014
	No. of Shares	% of Holding
Bipin M. Manek	14,110,333	28.25
Pravina B. Manek	17,990,667	36.02

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	50.020	50.020	50.020
(b) Reserves & Surplus	309.168	272.829	241.342
(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)	359.188	322.849	291.362
(3) Non-Current Liabilities
(a) long-term borrowings	21.932	27.364	40.319
(b) Deferred tax liabilities (Net)	11.758	11.126	5.883
(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)	33.690	38.490	46.202
(4) Current Liabilities
(a) Short term borrowings	402.435	383.548	332.938
(b) Trade payables	170.752	147.694	126.910
(c) Other current liabilities	29.525	27.933	27.378
(d) Short-term provisions	7.124	7.533	1.514
Total Current Liabilities (4)	609.836	566.708	488.740
TOTAL	1002.714	928.047	826.304
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	179.430	192.519	130.812
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	42.330
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.256	1.256	1.256
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.338	8.734	14.411
(e) Other Non-current assets	0.000	0.322	6.127
Total Non-Current Assets	190.024	202.831	194.936
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	263.804	210.424	143.061
(c) Trade receivables	435.479	369.376	331.577
(d) Cash and cash equivalents	34.217	38.358	51.949
(e) Short-term loans and advances	66.992	92.704	95.859
(f) Other current assets	12.198	14.354	8.922
Total Current Assets	812.690	725.216	631.368
TOTAL	1002.714	928.047	826.304

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1407.832	1177.680	1125.117
		Other Income	23.621	25.524	22.440
		TOTAL (A)	1431.453	1203.204	1147.557
Less	EXPENSES
		Cost of Materials Consumed	507.980	530.719	385.976
		Purchases of Stock-in-Trade	550.525	425.656	515.286
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.317)	(57.271)	8.909
		Employees benefits expense	24.330	21.320	18.577
		Other expenses	193.575	156.369	121.335
		TOTAL (B)	1267.093	1076.793	1050.083
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		164.360	126.411	97.474
Less	FINANCIAL EXPENSES (D)		53.367	45.518	38.041
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		110.993	80.893	59.433
Less	DEPRECIATION/ AMORTISATION (F)		19.747	17.273	9.443
	PROFIT BEFORE TAX (E-F) (G)		91.246	63.620	49.990
Less	TAX (H)		31.501	22.143	16.253
	PROFIT AFTER TAX (G-H) (I)		59.745	41.477	33.737
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	719.175	495.149
	IMPORTS
		Raw Materials	282.343	176.259	130.231
		Trading Purchases of Chemicals	412.947	422.729	430.519
	TOTAL IMPORTS		695.290	598.988	560.750
	Earnings Per Share (Rs.)		1.19	0.83	0.67

Expected Sales (2014-2015): Rs.1750.000 Millions

The above information has been parted by Mr. Mitesh.

QUARTERLY / SUMMARISED RESULTS

Particulars (Rs. Millions)	Jun 2014
Audited / Unaudited	UnAudited
Net Sales	407.600
Total Expenditure	357.000
PBIDT (Excl OI)	50.600
Other Income	2.500
Operating Profit	53.100
Interest	13.200
PBDT	40.000
Depreciation	3.500
Profit Before Tax	36.500
Tax	12.100
Profit After Tax	24.400

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	4.17	3.45	2.94
Net Profit Margin (PBT/Sales)	(%)	6.48	5.40	4.44
Return on Total Assets (PBT/Total Assets}	(%)	9.11	6.86	6.39
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.17
Debt Equity Ratio (Total Debt/Networth)		1.18	1.27	1.28
Current Ratio (Current Asset/Current Liability)		1.33	1.28	1.29

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	50.020	50.020	50.020
Reserves & Surplus	241.342	272.829	309.168
Net worth	291.362	322.849	359.188
long-term borrowings	40.319	27.364	21.932
Short term borrowings	332.938	383.548	402.435
Total borrowings	373.257	410.912	424.367
Debt/Equity ratio	1.281	1.273	1.181

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	1125.117	1177.680	1407.832
		4.672	19.543

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	1125.117	1177.680	1407.832
Profit	33.737	41.477	59.745
	3.00%	3.52%	4.24%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT ARE NOT AVAILABLE.

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CASE DETAILS:

LITIGATION DETAILS
Bench:- Bombay
Lodging No.:-	ITXAL/516/2010	Filing Date:-	02/03/2010	Reg. No.:-	ITXA/3468/2010	Reg. Date:-	07/06/2010
Petitioner:-	THE COMMISSIONER OF INCOME TAX		Respondent:-	VIDHI DYESTUFFS MANUFACTURING LTD.
Petn.Adv:-	SURESH KUMAR		Resp. Adv.:	SUBHASH S. SHETTY
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Admitted(Unready)		Stage:-	FOR ADMISSION - FRESH
Last Date:-	14/11/2011
Last Coram:-	HON'BLE SHRI JUSTICE J.P. DEVADHAR HON'BLE SHRI JUSTICE A.R. JOSHI
Act. :	Income Tax Act,1961			Under Section 260A

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10204274	22/10/2011 *	165,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B26618587
2	90166743	22/03/2002	55,500,000.00	VIJAYA BANK	OVERSEAS BR. MAKER CHAMBER-5 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
3	90163471	20/08/2014 *	606,500,000.00	VIJAYA BANK	OVERSEAS BRANCH,MAKER CHAMBERS-IV, NAIRMAN POINT,  MUMBAI - 400021, MAHARASHTRA, INDIA	C19974567
4	90163381	30/09/1996 *	5,000,000.00	SICOM LIMITED	NIRMAL 1ST FLOOR NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-

UNAUDITED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014

Sr. No.	Particulars			Rs in Millions
				Quarter ended
				30.06.2014
				(Unaudited)
1	(a) Net Sales/Income from Operations			402.595
	(b)Other Operating Income			4.999
	Total Income From Operations (Net)			407.594
2	Expenditure
	(a)		Cost of Materials Consumed	146.163
	(b)		Purchases of Stock-in-Trade	117.596
	(c)		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	22.676
	(d)		Employees benefits expense	6.815
	(e)		Depreciation and amortization expense	3.476
	(f )		Other expenses	63.727
			TOTAL (B)	360.453
3	Profit from operation before other income, interest and other exceptional items(1-2)			47.141
4	Other Income			2.508
5	profit before interest and exceptional items(3+4)			49.649
6	Interest			13.162
7	Profit after interest but before exceptional items(5-6)			36.487
8	Exceptional Items			--
9	Profit(+)/Loss(-) from Ordinary Activities before tax (7-8)			36.487
10	Tax Expenses			12.077
11	Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10)			24.410
12	Extra Ordinary Items			--
13	Net Profit(+)/Loss(-) for the period (1112)			24.410
14	Paid-up Equity Share Capital Rs.1/ per share			50.020
15	Reserves excluding revaluation reserves			--
16		Earning Per Share
(a)		Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		0.49
(b)		Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		0.49
17		Public Shareholding
		Number of Shares		17819000
		Percentage of Shareholding		35.68
18		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		---
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		---
		Percentage of Shares (as a % of the total share capital of the Company)		---
		b) Non-encumbered
		Number of shares		32126000
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100.00
		Percentage of Shares (as a % of the total share capital of the Company)		64.32
		Particulars		3 months ended 30.06.2014
		INVESTOR COMPLAINTS
		Pending at the beginning of the quarter		NIL
		Received during the quarter		NIL
		Disposed off during the quarter		NIL
		Remaining unresolved at the end of the quarter		NIL

Notes:

1. The above Unaudited results are reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 14, 2014.

2. The Statutory Auditors of the Company have carried out a Limited Review of the results for the quarter ended June 30, 2014.

3. The Company's main activity is manufacturing and trading of food colors and chemicals which is only business segment, as per AS 17 issued by The Institute of Chartered Accountants of India.

4. Company is working towards achieving maximum licensed capacity utilization by additions / modifications in its present manufacturing setup.

5. Consequent to the company adopting useful lives of fixed assets as prescribed in Part C of Schedule II of the Companies Act 2013, which has come into effect from April 01, 2014 the depreciation change of the quarter ended June 30, 2014 is lower by Rs 15,10,526 /- and the adjustments to accumulated balance of retained earning is Rs 10,79,580/.

6. Previous period's figures have been regrouped / reclassified, wherever necessary to make them comparable.

FIXED ASSETS

· Land

· Building

· Furniture and Fixtures

· Office Premises

· Office Equipments

· Plant and Machinery

· Computers

· Tele phones

· Vehicles

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 judgment 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.61.45
UK Pound	1	Rs.97.76
Euro	1	Rs.76.68

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--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	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.