MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	NITREX CHEMICALS INDIA LIMITED
Formerly Known As :	QUEST INTERNATIONAL INDIA PRIVATE LIMITED
Registered Office :	1213-1212, Ansal Tower, 38, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.02.2001
Com. Reg. No.:	55-109548
Capital Investment / Paid-up Capital :	Rs. 497.862 Millions
CIN No.: [Company Identification No.]	U00000DL2001PLC109548
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF7820L
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Trader of Nitro Cellouse.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1900000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company’s moderate financial risk profile marked by low reserves levels and dip in profit of the company during financial year 2013. 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. NOTE: The Company has changed its financial year from 12 Months (Ranging from 01^st October 2010 to 30^th September 2011) to 18 Months (Ranging from 01^st October 2011 to 31^st March 2013).

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

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.

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. Chirag Mehta
Designation :	Finance Head
Contact No.:	91-0740-5732987
Date :	25.11.2014

LOCATIONS

Registered/ Head Office :	1212-13, Ansal Tower, 38 Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-49114911
Mobile No.:	91-7405732987 (Mr. Chirag Mehta)
Fax No.:	91-11-49114922
E-Mail :	contact@nitrex.in b.lal@nitrex.in
Website :	http://www.nitrex.in
Factory :	Near Water Works, Village Abrama, District Valsad - 396001, Gujarat, India
Tel. No.:	91-2632-227166
Fax No.:	91-2632-249564
Factory 2 :	Jagdia, Bharuch, Gujarat, India
Godown :	Located at : v Ahmedabad v Mumbai v Chennai v Faridabad v Gaziabad
Regional Offices :	Located at: v New Delhi v Mumbai  v Chennai

DIRECTORS

As On 30.12.2011

Name :

Mr. Gautam Mithalal Jain

Designation :

Director

Address :

7, Nandi Hill, Near Bhav Nirjar Temple, Opposite ISRO Satellite, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

18.06.1952

Date of Appointment :

28.11.2008

DIN No.:

00160167

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	U19200MH1982PTC028438	PRECISION FOOTCARE PRIVATE LIMITED	Director	30/01/1985	30/01/1985	11/01/2011	Converted to LLP and dissolved	NO
2	U29308GJ1984PTC006918	EXIMCO ELECTRONICS (INDIA) PRIVATE LIMITED	Director	20/06/1986	20/06/1986	11/12/2010	Converted to LLP and dissolved	NO
3	U74999GJ1991PTC015487	AMAZE TRADING AND INVESTMENT PRIVATE LIMITED	Director	22/04/1991	22/04/1991	29/01/2011	Active	NO
4	U65910GJ1991PTC015488	MAIDEN TRADEFIN PRIVATE LIMITED	Director	22/04/1991	22/04/1991	-	Active	NO
5	U74999GJ1991PTC015502	WORSHIP TRADING PRIVATE LIMITED	Director	23/04/1991	23/04/1991	29/01/2011	Active	NO
6	L24110GJ1987PLC009484	METROCHEM INDUSTRIES LIMITED	Managing director	20/11/1992	20/11/1992	-	Amalgamated	NO
7	L65910GJ1984PLC007181	METROCHEM CAPITAL TRUST LIMITED	Director	15/09/1994	15/09/1994	-	Active	NO
8	U51900MH1993PTC074372	HARVEST TRADELINK PRIVATE LIMITED	Director	03/05/1995	03/05/1995	10/02/2014	Active	NO
9	U24231GJ1981PTC004389	ANIL DYE-CHEM INDUSTRIES PRIVATE LIMITED	Director	01/09/1995	01/09/1995	-	Active	NO
10	U24100GJ2007PTC051201	BARODA TEXTILE EFFECTS PRIVATE LIMITED	Director	25/06/2007	25/06/2007	30/06/2009	Amalgamated	NO
11	U00000DL2001PLC109548	NITREX CHEMICALS INDIA LIMITED	Director	28/11/2008	11/08/2008	-	Active	NO
12	U45400GJ2007PTC051729	ORNET INFRASTRUCTURE PRIVATE LIMITED	Director	29/10/2009	29/10/2009	29/11/2013	Active	NO
13	U65910GJ1991PTC015499	BLOOM INVESTMENT AND TRADING PRIVATE LIMITED	Director	21/09/2011	27/11/2010	-	Active	NO
14	U65910GJ1991PTC015501	PROGRESSIVE INVATRADE PRIVATE LIMITED	Director	21/09/2011	27/11/2010	-	Active	NO
15	U65910GJ1991PTC015572	CHARM TRADING AND INVESTMENT PRIVATE LIMITED	Director	21/09/2011	11/12/2010	-	Active	NO
16	U65910GJ1991PTC015503	SPARKLING TRADEFIN PRIVATE LIMITED	Director	22/09/2011	11/12/2010	-	Active	NO
17	U24231GJ1992PTC017248	MINERVA DYECHEM INDUSTRIES PRIVATE LIMITED	Director	22/09/2011	11/12/2010	-	Active	NO
18	U65910GJ1991PTC015498	SEARCH INVATRADE PRIVATE LIMITED	Director	22/09/2011	21/01/2011	-	Active	NO
19	U45201GJ2011PTC065348	DK METRO PROCON PRIVATE LIMITED	Nominee director	01/04/2012	09/05/2011	-	Active	NO
20	L21010MH1992PLC069527	METROGLOBAL LIMITED	Managing director	12/11/2011	14/09/2011	-	Active	NO
21	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Nominee director	01/04/2013	01/04/2013	-	Active	NO
22	U73100GJ2013NPL077804	SANJIVNI MEDISURGE & RESEARCH FOUNDATION	Director	09/12/2013	09/12/2013	-	Active	NO
23	U45200GJ2013PTC077867	TAKSHASHILA METRO INFRASPACE PRIVATE LIMITED	Director	12/12/2013	12/12/2013	-	Active	NO

Name :

Mr. M. R. Rajaram

Designation :

Director

Address :

C 12/9, DLF City, Phase 5, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

15.03.1946

Qualification :

Chartered Accountant

Date of Appointment :

07.02.2001

PAN No.:

AFUPR0894L

DIN No.:

00161064

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	L24292WB1954PLC021516	AKZO NOBEL INDIA LIMITED	Director	19/07/2007	01/06/1997	01/11/2009	Active	NO
2	U73100MH1976NPL019199	ICI INDIA RESEARCH AND TECHNOLOGY CENTRE	Director	23/06/2000	23/06/2000	-	Active	NO
3	U00000DL2001PLC109548	NITREX CHEMICALS INDIA LIMITED	Director	07/02/2001	07/02/2001	-	Active	NO
4	U24299WB2005PTC106272	PMC RUBBER CHEMICALS INDIA PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
5	U24220AP1985PLC023791	POLYINKS LIMITED	Director	04/08/2007	15/12/2006	03/02/2009	Amalgamated	NO
6	U74910TN2008PTC067924	PROXIMA CORPORATE SERVICES PRIVATE LIMITED	Director	25/07/2009	08/12/2008	-	Active	NO

Name :

Mr. Mahendra Gumanmal Lodha

Designation :

Director

Address :

85, Sunrise Park, Opposite Drive-in-Road, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

04.08.1956

Date of Appointment :

28.11.2008

DIN No.:

00012920

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	U67120MH1995PTC090839	AMFIN FINSER (INDIA) PRIVATE LIMITED	Director	20/07/1995	20/07/1995	-	Converted to LLP and dissolved	NO
2	U74140MH1992PTC068093	DISHA INFIN CONSULTANTS PRIVATE LIMITED	Director	27/05/1996	27/05/1996	-	Active	NO
3	U45201GJ1992PLC017794	SHYAM COTSYN INDIA LTD	Director	07/04/1997	07/04/1997	04/08/2008	Active	NO
4	L74899DL1987PLC029184	TULIP STAR HOTELS LIMITED	Director	13/05/1998	13/05/1998	-	Active	NO
5	L23200MH1985PLC035187	RAMA PETROCHEMICALS LIMITED	Director	15/06/1998	15/06/1998	-	Active	NO
6	U14102GJ1991PTC015933	AMAZON TEXTILES PRIVATE LIMITED	Director	30/10/1999	30/10/1999	-	Active	NO
7	U60230GJ1991PTC016571	NITREX LOGISTICS PRIVATE LIMITED	Director	30/11/1999	30/11/1999	-	Active	NO
8	U17119GJ1998PTC034719	RAJDHANI TEXTILES PRIVATE LIMITED	Director	19/06/2000	19/06/2000	-	Active	NO
9	U67120GJ1994PLC022633	EDELWEISS STOCK BROKING LIMITED	Director	19/03/2001	19/03/2001	21/01/2008	Amalgamated	NO
10	U74990GJ1996PTC031188	RASNA PROCESSORS PRIVATE LIMITED	Director	14/08/2001	14/08/2001	-	Active	NO
11	L18101PB1999PLC022452	RAINBOW DENIM LIMITED	Director	12/10/2001	12/10/2001	-	Active	NO
12	L27110GJ1989PLC011748	STEELCO GUJARAT LIMITED	Director	31/07/2003	31/07/2003	-	Active	NO
13	U74140GJ2004PTC043458	DISHAINFIN ADVISOR PRIVATE LIMITED	Director	13/01/2004	13/01/2004	-	Active	NO
14	L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	Director	29/12/2005	29/12/2005	-	Amalgamated	NO
15	U55101BR1964PLC000737	BIHAR HOTELS LIMITED	Director	08/01/2006	08/01/2006	30/01/2010	Active	NO
16	L26942WB1937PLC009086	KALYANPUR CEMENTS LTD	Director	21/09/2012	23/02/2007	-	Active	NO
17	U67190MH2005PTC157235	SIRIUS FINANCIAL SERVICES PRIVATE LIMITED	Director	26/09/2009	08/08/2008	-	Active	NO
18	U00000DL2001PLC109548	NITREX CHEMICALS INDIA LIMITED	Director	28/11/2008	11/08/2008	-	Active	NO
19	U65993MH2002PTC138233	ELATE INVESTMENT AND HOLDINGS PRIVATE LIMITED	Director	01/01/2009	01/01/2009	-	Active	NO
20	L24110GJ1987PLC009484	METROCHEM INDUSTRIES LIMITED	Director	29/09/2010	19/02/2010	-	Amalgamated	NO
21	U74899MH2000PTC243438	RADIANT LIFE CARE PRIVATE LIMITED	Director	28/09/2011	25/08/2011	-	Active	NO
22	U45201GJ2006PTC048178	PINAL INFRASTRUCTURE PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO
23	U02000MH1978PLC020238	AMUL EXIM LIMITED	Additional director	20/02/2012	20/02/2012	-	Active	NO
24	U25200GJ1989PLC012672	PARIXIT INDUSTRIES LIMITED	Director	22/12/2012	18/06/2012	-	Active	NO

Name :

Mr. Ramesh Choudhary

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Chirag Mehta
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.12.2011

Names of Equity Shareholders	No. of Shares
G. Rathinam	1
Dinesh Tiwari	1
Aradhna Dhand Chatterjee	1
Sanjay Agarwal	1
Amul Niphadkar	4000
Sharat Tripathi	10000
Anand Thiyagarajan	32000
Disha Infin Consultant Private Limited	120000
Samir Ashta	120000
Pankaj Chddha	190000
Nitrex Chemicals ESOP Trust	424000
Mahendra Lodha	840000
Rasna Processors Private Limited	2000000
Sirus Financial Servces Private Limited	5750000
Nitrex Mauritius Limited	8350000
Total	17840004

Names of Preference Shareholders	No. of Shares
Nitrex Mauritius Limited	1200000
Nitrex Mauritius Limited	7000000
CDC Group Plc.	4000000
CDC Group Plc.	270000
CDC Group Plc.	450000
CDC Group Plc.	450000
CDC Group Plc.	7830000
IDBI Limited	10746200
Total	31946200

AS ON 30.12.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	46.80
Bodies corporate	44.11
Directors or relatives of directors	4.71
Other top fifty shareholders	4.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Nitro Cellouse.

Products :

Item Code No. (ITC Code)	Product Description
39122019	Cellulose Nitrate

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

v European Countries

v Dubai

v Pakistan

v Egypt

v Greece

Imports :

Products :

Raw Material

Countries :

v USA

v France

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

v Standard Chartered Bank

Credit Documentation Unit, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India

v IDBI Bank Limited

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

v ABN AMRO Bank N.V.

v Bank of Baroda

v HDFC Bank

v ICICI Bank Limited

v IndusInd Bank

v Oriental Bank of Commerce

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	30.09.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	66.150	93.150
Foreign currency term loans from others	82.451	104.982
Loans taken for fixed assets	0.571	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	33.665	0.000
Total	182.837	198.132

Auditors :
Name :	Hitesh Prakash Shah and Company Chartered Accountants
Address :	105, Sakar-1, 1^st Floor, Opposite Gandhigram Rly Station, Off. Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26586683-85
Income-tax PAN of auditor or auditor's firm :	APGPS0174L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	v Sirius Financial Services Limited v Rasna Processors Private Limited v Mehta Lodha and Company
Other Related Party :	Employee Scheme Fund

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
17,940,000	Equity Shares	Rs. 10/- each	Rs. 179.400 Millions
32,000,000	Preference Shares	Rs. 10/- each	Rs. 320.000 Millions
	Total		Rs. 499.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17,840,004	Equity Shares	Rs. 10/- each	Rs. 178.400 Millions
31,946,200	Preference Shares	Rs. 10/- each	Rs. 319.462 Millions
	Total		Rs. 497.862 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 (18 Months)	30.09.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	497.862	497.862
(b) Reserves & Surplus	199.316	83.168
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	697.178	581.030
(3) Non-Current Liabilities
(a) long-term borrowings	149.172	198.132
(b) Deferred tax liabilities (Net)	20.668	28.969
(c) Other long term liabilities	0.500	0.500
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	170.340	227.601
(4) Current Liabilities
(a) Short term borrowings	41.767	101.635
(b) Trade payables	180.115	146.425
(c) Other current liabilities	79.176	64.897
(d) Short-term provisions	27.688	28.440
Total Current Liabilities (4)	328.746	341.397
TOTAL	1196.264	1150.028
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	405.357	503.905
(ii) Intangible Assets	20.801	53.429
(iii) Capital work-in-progress	107.561	99.898
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	3.933	99.683
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	21.209	9.234
(e) Other Non-current assets	0.346	0.589
Total Non-Current Assets	559.207	766.738
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	191.836	117.656
(c) Trade receivables	233.010	127.750
(d) Cash and cash equivalents	3.493	34.991
(e) Short-term loans and advances	208.707	102.893
(f) Other current assets	0.011	0.000
Total Current Assets	637.057	383.290
TOTAL	1196.264	1150.028

SOURCES OF FUNDS		30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		390.400
2] Share Application Money		0.000
3] Reserves & Surplus		(254.817)
4] (Accumulated Losses)		0.000
NETWORTH		135.583
LOAN FUNDS
1] Secured Loans		761.710
2] Unsecured Loans		7.738
TOTAL BORROWING		769.448
DEFERRED TAX LIABILITIES		61.881
TOTAL		966.912
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		655.857
Capital work-in-progress		116.691
INVESTMENT		99.683
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	94.051
	Sundry Debtors	164.923
	Cash & Bank Balances	2.346
	Other Current Assets	0.000
	Loans & Advances	83.061
Total Current Assets		344.381
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	231.143
	Other Current Liabilities	9.255
	Provisions	9.302
Total Current Liabilities		249.700
Net Current Assets		94.681
MISCELLANEOUS EXPENSES		0.000
TOTAL		966.912

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013 (18 Months)	30.09.2011 (12 Months)	30.09.2010
	SALES
		Income	2180.956	1382.638	1538.423
		Other Income	65.562	56.590	27.128
		TOTAL (A)	2246.518	1439.228	1565.551
Less	EXPENSES
		Cost of Materials Consumed	1174.140	784.892
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(27.263)	0.375
		Employees benefits expense	188.067	94.579
		Other expenses	532.822	270.170
		Prior period items	(0.645)	0.183
		Exceptional Items	0.000	(233.758)
		TOTAL (B)	1867.121	916.441	1484.232
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		379.397	522.787	81.319
Less	FINANCIAL EXPENSES (D)		35.949	26.589	77.585
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		343.448	496.198	3.734
Less/ Add	DEPRECIATION/ AMORTISATION (F)		196.062	178.464	145.658
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		147.386	317.734	(141.924)
Less	TAX (H)		31.251	(20.263)	(11.523)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		116.135	337.997	(130.401)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	770.589	516.876	548.730
	Earnings/ (Loss) Per Share (Rs.)		19.40	8.47	(7.35)

Particulars	31.03.2014
Sales Turnover (Approximately)	1960.000

Expected Sales (2014-15): Rs. 2300.000 Millions.

The above information has been parted by Mr. Chirag Mehta (Finance Head).

KEY RATIOS

PARTICULARS		31.03.2013 (18 Months)	30.09.2011 (12 Months)	30.09.2010
Net Profit Margin PAT / Sales	(%)	5.32	24.44	8.47
Operating Profit Margin (PBDIT/Sales)	(%)	17.39	37.81	5.28
Return on Total Assets (PBT/Total Assets}	(%)	13.59	33.43	(14.19)
Return on Investment (ROI) (PBT/Networth)		0.21	0.55	(1.05)
Debt Equity Ratio (Total Liability/Networth)		0.27	0.52	5.68
Current Ratio (Current Asset/Current Liability)		1.94	1.12	1.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.09.2011	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	497.862	497.862
Reserves & Surplus	83.168	199.316
Net worth	581.030	697.178
long-term borrowings	198.132	149.172
Short term borrowings	101.635	41.767
Total borrowings	299.767	190.939
Debt/Equity ratio	0.516	0.274

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2010	30.09.2011	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1538.423	1382.638	2180.956
		(10.126)	57.739

NET PROFIT MARGIN

Net Profit Margin	30.09.2010	30.09.2011	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1538.423	1382.638	2180.956
Profit/ (Loss)	(130.401)	337.997	116.135
	(8.48%)	24.45%	5.32%

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	No
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	No
20]	Export / Import details (if applicable)	No
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	10400153	16/01/2013	170,500,000.00	STANDARD CHARTERED BANK	(ACTING AS AN SECURITY AGENT) C D U, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B66957630
2	10399992	16/01/2013 *	150,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B67052498
3	10045756	16/01/2013 *	135,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B66957374
4	10023795	17/01/2013 *	170,500,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B66705880
5	80036582	14/01/2013 *	150,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B66710161

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	30.09.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand	8.102	101.635
Total	8.102	101.635

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from D-43, South Extension-II, New Delhi – 110049, India to the present address w.e.f.24.05.2010.

GENERAL INFORMATION

The Company is a public company domiciled in India and incorporated under provisions of the Companies Act, 1956. The company is engaged in the manufacturing of Nitro Cellouse.

BUSINESS REVIEW

The income from operation increased to Rs. 2246.520 Millions in FY 2012-13 (18 months) as against Rs. 1438.910 Millions in FY 2011-12 (12 months). For the said financial year PBIDT has increased to Rs. 378.760 Millions in FY 2012-13 (18 months) as against of Rs. 288.590 Millions in FY 2011-12 (12 months). profit before tax for the period is Rs. 146.740 Millions in FY 2012-13 (18 Months) as against Rs. 84.150 Millions in FY 2011-12 (12 months). During the period, the management continue to repay the dues of secured lenders as per schedule. The level of secured long term loans has reduced from Rs. 198.130 Millions in FY 2010-11 to Rs. 149.170 Millions in FY 2012-13 (18 months). During the period, the Company has incurred capital expenditure of Rs.65.060 Millions. With a view to concentrate on the affairs of the Company at both locations, the Company has sold off its investment in its subsidiary Excelex Biopolymers Private Limited (EBPL). As a consequence of it the corporate guarantee given to the subsidiary’s bank has been released since 18th May 2013. During the year Company’s Long Term Water Storage Rental Agreement with Valsad Nagarpalica was due for renewal. However, Company’s long term water storage agreement was not presently renewed by Nagarpalica elected body and hence Company had filed Special Civil Application before the Hon’ble Gujarat High Court to challenge this decision and to renew the said agreement till company’s requirement and decide the rent for further period of 10 years. [Special Civil Application no. 8645 dated 28/06/2012].

CONTINGENT LIABILITIES (AS ON 31.03.2013):

a) Claims not acknowledged as debts for Income Tax Rs. 52.515 Millions (Previous Year - Rs. 52.515 Millions) for the Asstt. Year 2004-05 to 2006-07 of the appeals filed by the Income Tax Department, before Hon’ble Income Tax Appellate Tribunal.

b) Claims not acknowledged as debts for Central Sales Tax - Rs.2.836 Millions (Previous Year - Rs. 2.836 Millions). The company has gone into appeal before the Gujarat Sales Tax Tribunal against the order passed by the Jt. Commissioner (Appeals) toward penalty under section 10D of the Central Sales Tax Act, 1956, read with section 9(2A) of the Central Sales Tax Act 1956 of Rs 2.758 Millions (Previous Year Rs. 2.758 Millions) and interest u/s. 47(4A) as per the Gujarat Sales Tax Act 1969 read with section 9(2B) of the Central Sales Tax Act 1956 of Rs 0.078 Million (Previous Year Rs 0.078 Million), for the financial year 2003-04, 2004-05 and 2005-06. The Company has made the application for the One-Time Sales Tax Settlement Scheme 2012 on 02 June 2012, but the order for the same has not yet been received.

(The amount shown in the item (a) & (b) above represent best possible estimate arrived on the basis of available information and without additional interest thereon. The uncertainties and possible reimbursements are dependent on the outcome of the different legal processes, which have been invoked by the Company or the claimants as the case may be and therefore cannot be predicted accurately. The Company engages reputed professional advisors to protect its interest and has been advised that it has strong legal positions against such dispute)

c) Corporate guarantee of Rs Nil (Previous Year - Rs. 257.500 Millions) given to Bank for term loan and working capital facilities sanctioned to the subsidiary.

d) Bank guarantees - Rs. 4.216 Millions (Previous Year - Rs. 5.031 Millions). These guarantees have been given in the normal course of the Company’s operations and are not expected to result in any loss to the Company, on the basis of the Company fulfilling its ordinary commercial obligations.

e) The company have contracts remaining to be executed on capital account and not provided for of Rs. Nil (Previous Year - Rs 15.730 Millions).

f) The Company has export obligations of Rs. 159.474 Millions (Previous Year - Rs. 111.034 Millions) against the utilisation of Advance Licence.

g) Company is having long term water supply agreement with Irrigation Department, Govt. of Gujarat since the year 1981 which was renewed on 28th May 2013. Company is also having long term water storage rental agreement since the year 1981 with Valsad Nagarpalica which was due for renewal w.e.f. 01/01/2012. However, Company’s long term water storage agreement was not presently renewed by Nagarpalica elected body during June 2012 and hence Company had filed Special Civil Application before the Hon’able Gujarat High Court to challenge this decision and to renew the said agreement till company’s requirement and decide the rent for further period of 10 years. [Special Civil Application no. 8645 dated 28/06/2012]. Hon’able High Court has given stay to Nagarpalica Elected body decision and case is still pending before the Hon’able High Court. The company is hopeful that the decision would be coming in their favour.

FIXED ASSETS

v Land

v Buildings

v Factory building

v Plant and equipment

v Other plant and equipment

v Furniture and fixtures

v Vehicles

v Motor vehicles

v Office equipment

v Computer 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. 61.86
UK Pound	1	Rs. 97.69
Euro	1	Rs. 77.37

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	JYO

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.