MIRA INFORM REPORT

Report Date :

14.10.2014

IDENTIFICATION DETAILS

Name :	AMBEY LABORATORIES PRIVATE LIMITED
Registered Office :	G-2 Vikas Apartments, 34/1 East Punjabi Bagh, New Delhi - 110026
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.03.1985
Com. Reg. No.:	55-020490
Capital Investment / Paid-up Capital :	Rs.48.935 Millions
CIN No.: [Company Identification No.]	U74899DL1985PTC020490
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Herbicides and pesticides
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 270000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by improvement in performance of the company and long track record of operation. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – 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 slowly 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	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	20.06.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	20.06.2014

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 (GENERAL DETAILS)

Name :	Mr. Joshi
Designation :	Account Manager
Contact No.:	91-11-28316167
Date :	13.10.2014

LOCATIONS

Registered Office / Head Office :	G-2 Vikas Apartments, 34/1 East Punjabi Bagh, New Delhi – 110026, India
Tel. No.:	91-11-28316167 / 321
Fax No.:	91-11-28316041
E-Mail :	architgupta@ambeygroup.com info@ambeygroup.com
Website :	www.ambeygroup.com
Factory :	SP, 1-5, Sotanala, RIICO Industrial Area, Behror, District Alwar -301701, Rajasthan, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Anil Gupta

Designation :

Director

Address :

A-55, Vasant Marg, Vasant Vihar, Delhi – 110057, India

Date of Birth/Age :

19.10.1953

Date of Appointment :

20.03.1985

DIN No.:

00375371

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	U74899DL1985PTC020490	AMBEY LABORATORIES PRIVATE LIMITED	Director	20/03/1985	20/03/1985	-	Active	NO
2	U74899DL1988PTC030903	TRISHUL MOTORS PRIVATE LIMITED	Director	10/03/1988	10/03/1988	21/02/2013	Active	NO
3	U63033DL1996PTC076442	AMBEY CAPITAL PRIVATE LIMITED	Director	19/02/1996	19/02/1996	-	Active	NO
4	U18101DL2005PTC137294	BADSHAH DESIGNS PRIVATE LIMITED	Director	01/01/2006	01/01/2006	21/02/2013	Active	NO
5	U74899DL1995PTC064931	AROMATIC ALLOYS AND ALLIED PRIVATE LIMITED.	Director	29/09/2012	25/08/2012	-	Active	NO
6	U74950DL2007PTC159531	SHREE BANKE BIHARI PACKAGING PRIVATE LIMITED	Director	22/07/2014	03/03/2014	-	Active	NO

Name :

Mr. Archit Gupta

Designation :

Director

Address :

A-55, Vasant Marg, Vasant Vihar, Delhi – 110057, India

Date of Birth/Age :

17.11.1981

Date of Appointment :

09.07.2004

DIN No.:

00378409

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	U74899DL1985PTC020490	AMBEY LABORATORIES PRIVATE LIMITED	Director	09/07/2004	09/07/2004	-	Active	NO
2	U51909DL2001PTC112353	ACCURATE IMPEX PRIVATE LIMITED	Director	12/09/2009	12/09/2009	-	Strike off	NO
3	U74899DL1995PTC064931	AROMATIC ALLOYS AND ALLIED PRIVATE LIMITED.	Director	29/09/2012	25/08/2012	-	Active	NO
4	U74950DL2007PTC159531	SHREE BANKE BIHARI PACKAGING PRIVATE LIMITED	Director	26/02/2014	26/02/2014	04/03/2014	Active	NO

Name :

Mr. Arpit Gupta

Designation :

Director

Address :

A-55, Vasant Marg, Vasant Vihar, Delhi – 110057, India

Date of Birth/Age :

30.09.1986

Date of Appointment :

29.09.2012

DIN No.:

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	U51909DL2001PTC112353	ACCURATE IMPEX PRIVATE LIMITED	Director	20/01/2006	20/01/2006	-	Strike off	NO
2	U74899DL1985PTC020490	AMBEY LABORATORIES PRIVATE LIMITED	Director	29/09/2012	10/07/2012	-	Active	NO
3	U74899DL1995PTC064931	AROMATIC ALLOYS AND ALLIED PRIVATE LIMITED.	Director	29/09/2012	25/08/2012	-	Active	NO
4	U74950DL2007PTC159531	SHREE BANKE BIHARI PACKAGING PRIVATE LIMITED	Director	26/02/2014	26/02/2014	01/03/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Joshi
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Anil Gupta	219295	44.81
Achla Gupta	100	0.02
Archit Gupta	28455	5.81
Arpit Gupta	5195	1.06
Anil Gupta HUF	20695	4.23
Ambey Capital Private Limited, India	215610	44.06
Total	489350	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	44.06
Directors or relatives of Directors	51.71
Others	4.23
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Herbicides and pesticides
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

• Small Industries Development Bank Of India, Videocon Tower, Ground Floor,E-1,Rani Jhansi Road, Jhandewalan Extension, New Delhi - 110055, India
• ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Secured loans from bank	21.342	22.688
Hire purchase liabilities	2.739	4.590
SHORT TERM BORROWINGS
Axis Bank A/c No.911030050071920	94.578	42.968
Axis Bank A/C PCFC	0.000	62.668
Axis Bank- Buyer's credit	23.860	20.161
HSBC Factoring	0.000	29.823
Total	142.519	182.898

Banking Relations :	--
Auditors :
Name :	M.S. Sidhu and Company Chartered Accountants
Address :	O-83 FF, New Mahavir Nagar, New Delhi – 110018, India
PAN No.:	ANHPS3487R

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.100/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
489350	Equity Shares	Rs.100/- each	Rs.48.935 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	48.935	48.935	39.435
(b) Reserves & Surplus	50.930	22.072	12.400
(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)	99.865	71.007	51.835
(3) Non-Current Liabilities
(a) long-term borrowings	65.029	46.487	42.876
(b) Deferred tax liabilities (Net)	2.210	4.271	1.529
(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)	67.239	50.758	44.405
(4) Current Liabilities
(a) Short term borrowings	118.438	155.620	58.457
(b) Trade payables	44.233	20.988	2.021
(c) Other current liabilities	98.808	67.119	55.652
(d) Short-term provisions	13.500	3.500	5.444
Total Current Liabilities (4)	274.979	247.227	121.574
TOTAL	442.083	368.992	217.814
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	141.155	109.047	78.279
(ii) Intangible Assets	0.000	0.766	1.534
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	141.155	109.813	79.813
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	111.681	96.016	65.265
(c) Trade receivables	128.617	112.316	40.802
(d) Cash and cash equivalents	11.163	14.190	3.377
(e) Short-term loans and advances	49.467	36.657	28.557
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	300.928	259.179	138.001
TOTAL	442.083	368.992	217.814

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		710.979	459.973	326.967
		Other Income		1.119	0.855	1.124
		TOTAL		712.098	460.828	328.091
Less	EXPENSES			675.300	445.197	313.092
	PROFIT/(LOSS) BEFORE TAX			36.798	15.631	14.999
Less	TAX			7.940	5.959	4.914
	PROFIT/(LOSS) AFTER TAX			28.858	9.672	10.085
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	360.271	76.424	99.108
	TOTAL EARNINGS			360.271	76.424	99.108
	IMPORTS
			Raw Materials	196.309	159.859	89.916
	TOTAL IMPORTS			196.309	159.859	89.916
	Earnings / (Loss) Per Share (Rs.)			59.00	19.76	25.57

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.05	2.10	3.07
Net Profit Margin (PBT/Sales)	(%)	5.18	3.40	4.59
Return on Total Assets (PBT/Total Assets}	(%)	8.32	4.24	6.89
Return on Investment (ROI) (PBT/Networth)		0.37	0.22	0.29
Debt Equity Ratio (Total Debt /Networth)		1.84	2.85	1.95
Current Ratio (Current Asset/Current Liability)		1.09	1.05	1.14

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	39.435	48.935	48.935
Reserves & Surplus	12.400	22.072	50.930
Net worth	51.835	71.007	99.865
long-term borrowings	42.876	46.487	65.029
Short term borrowings	58.457	155.620	118.438
Total borrowings	101.333	202.107	183.467
Debt/Equity ratio	1.955	2.846	1.837

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	326.967	459.973	710.979
		40.679	54.570

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	326.967	459.973	710.979
Profit	10.085	9.672	28.858
	3.08%	2.10%	4.06%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Unsecured loans from directors	35.251	7.180
Unsecured loans from other's	5.697	12.029
Total	40.948	19.209

REVIEW OF OPERATIONS

During the year, the Company achieved a turnover of Rs.712.098 Millions against Rs.460.828 Millions of previous year and the Company earned a profit of Rs.28.858 Millions after tax against Rs.9.672 Millions of previous year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506779	17/06/2014	60,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C09690702
2	10440916	04/04/2014 *	10,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C05707765
3	10440700	04/04/2014 *	10,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C05450564
4	10418756	21/05/2013 *	77,500,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B75545806
5	10418759	04/04/2014 *	237,500,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C05454764

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 records 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 rime :

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.61.25
UK Pound	1	Rs.98.67
Euro	1	Rs77.60

INFORMATION DETAILS

Information Gathered by :	SUM
Analysis Done by :	HNA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.