MIRA INFORM REPORT

Report Date :

08.09.2014

IDENTIFICATION DETAILS

Name :	ANJANI DYES AND INTERMEDIATES PRIVATE LIMITED
Registered Office :	301, Sachet-1, B/H City Center, Swastik Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.02.2004
Com. Reg. No.:	04-043647
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U24114GJ2004PTC043647
TAN No.: [Tax Deduction & Collection Account No.]	AHMA04972C
PAN No.: [Permanent Account No.]	AAECA6173B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Dyes and Intermediates.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 30000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Not Available
Comments :	Subject is an established company having satisfactory track record. Profitability of the company is low. However, general financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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. Sanjay Patel
Designation :	Sales Manager
Contact No.:	91-9825064957
Date :	05.09.2014

LOCATIONS

Registered Office :	301, Sachet-1, B/H City Center, Swastik Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26403085/ 26431611/ 65254565
Mobile No.:	91-9825064957 [Mr. Sanjay Patel]
Fax No.:	Not Available
E-Mail :	lakhanikp@yahoo.co.in

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Ashish Jashwantlal Patel

Designation :

Director

Address :

125, Sunrise Park, Opposite Drive In, Thaltej Road, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

29.03.1971

Date of Appointment :

10.07.2004

DIN No.:

01230172

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	U92411GJ1976PTC002955	SHASHI THEATRES PRIVATE LIMITED	Director	05/03/2001	05/03/2001	Active	NO
2	U24114GJ2004PTC043647	ANJANI DYES AND INTERMEDIATES PRIVATE LIMITED	Director	10/07/2004	10/07/2004	Active	NO

Name :

Mr. Pravinbhai Ranachhodbhai Patel

Designation :

Director

Address :

B/10, New Suryanarayan Society, Part-II, Near C.P. Nagar, Ghatlodia, Ahmedabad – 380061, Gujarat, India

Date of Birth/Age :

14.11.1971

Date of Appointment :

31.01.2008

DIN No.:

02058114

Name :

Mrs. Janki Ashishkumar Patel

Designation :

Additional director

Address :

125, Sunrise Park, Opposite Drive In, Thaltej Road, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

02/03/1973

Date of Appointment :

01.09.2009

DIN No.:

01390772

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	U92411GJ1976PTC002955	SHASHI THEATRES PRIVATE LIMITED	Director	31/08/2000	31/08/2000	Active	NO
2	U24114GJ2004PTC043647	ANJANI DYES AND INTERMEDIATES PRIVATE LIMITED	Additional director	01/09/2009	01/09/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Patel
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Sanjay Patel	4700
Pravin Patel	100
Ashish Patel	144700
Shashi Theatres Private Limited, India	100
Paresh Patel	100
Ashish J. Patel (HUF)	100
Jayshreeben J. Patel	100
Madhuben A. Patel	100
Total	150000

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	97.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Dyes and Intermediates.
Exports :	Not Divulged
Imports :
Products :	Dyes and Intermediates
Countries :	v China
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

GENERAL INFORMATION

Suppliers :

v Amjey Chemicals

v Anand Petrochem Private Limited

v Camex Limited

v Emco Dyestuff Private Limited

v Jiangsu Tiancheng Biochemical

v Ronit Enterprise

v Shriji Enterprise

v Sunny Chemical

v Swapnil Organics Private Limited

v Tianjin Grat Wall Chemical Co

Customers :

Others

v Abhinav Industies

v Aditya Synthetic

v Amar Dyes

v Amol Dye Chem

v Asiatic Industries

v Delta Hydro Carbon

v Dhara Enterprise

v Indo Overseas

v Jagson Industries

v Krishna Industries

v Navjivan Chemicals

v Onyx Interchem

No. of Employees :

7 (Approximately)

Bankers :

v Yes Bank Limited

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

v State Bank of India

SME CCC, 201-205, Sukan-II, Swastik Charrasta, Navrangpura, Ahmedabad - 380009, Gujarat, India

v HDFC Bank Limited

v ICICI Bank Limited

v Karnataka Bank

v Manekchowk Co Operative Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
HDFC Bank Loan	0.291	0.907
SHORT TERM BORROWINGS
State Bank of India	0.000	2.449
HDFC Bank car loan	0.761	0.761
ICICI Bank car loan	0.000	0.105
YES Bank CC	2.951	0.000
Total	4.003	4.222

Banking Relations :	--
Auditors :
Name :	K.P. Lakhani and Company Chartered Accountants
Address :	7, Ratnadeep Complex, Near Loha Bhavan, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27543496
Mobile No.:	91-9825258622
E-Mail :	lakhanikp@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAHPL1698L

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 10/- each	Rs. 1.500 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	1.500	1.500	1.500
(b) Reserves & Surplus	6.059	3.296	3.079
(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)	7.559	4.796	4.579
(3) Non-Current Liabilities
(a) long-term borrowings	4.433	5.387	4.004
(b) Deferred tax liabilities (Net)	0.133	0.090	0.067
(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)	4.566	5.477	4.071
(4) Current Liabilities
(a) Short term borrowings	3.712	3.315	2.541
(b) Trade payables	45.390	32.926	13.070
(c) Other current liabilities	0.337	0.663	0.000
(d) Short-term provisions	4.146	0.197	0.820
Total Current Liabilities (4)	53.585	37.101	16.431
TOTAL	65.710	47.374	25.081
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.528	3.886	2.083
(ii) Intangible Assets	0.000	0.000	0.000
(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	3.528	3.886	2.083
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14.756	11.238	5.470
(c) Trade receivables	33.990	22.181	13.990
(d) Cash and cash equivalents	7.375	4.175	1.801
(e) Short-term loans and advances	6.061	5.894	1.737
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	62.182	43.488	22.998
TOTAL	65.710	47.374	25.081

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	436.682	23.973	216.567
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		4.265	0.366	0.593
Less	TAX		1.501	0.149	0.213
	PROFIT AFTER TAX		2.764	0.217	0.380
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.296	3.079	2.699
	BALANCE CARRIED TO THE B/S		6.060	3.296	3.079
	Earnings Per Share (Rs.)		18.43	1.45	2.53

Particulars	31.03.2014
Sales Turnover (Approximately)	780.000

Expected Sales (2014-2015): Rs. 900.000 Millions

The above information has been parted by Mr. Sanjay Patel [Sales Manager]

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	0.98	1.53	0.27
Return on Total Assets (PBT/Total Assets}	(%)	6.49	0.77	2.36
Return on Investment (ROI) (PBT/Networth)		0.56	0.08	0.13
Debt Equity Ratio (Total Debt/Networth)		1.08	1.81	1.43
Current Ratio (Current Asset/Current Liability)		1.16	1.17	1.40

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	1.500	1.500	1.500
Reserves & Surplus	3.079	3.296	6.059
Net worth	4.579	4.796	7.559
long-term borrowings	4.004	5.387	4.433
Short term borrowings	2.541	3.315	3.712
Total borrowings	6.545	8.702	8.145
Debt/Equity ratio	1.429	1.814	1.078

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)
Turnover	216.567	23.973	436.682
		(88.930)	1,721.558

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	216.567	23.973	436.682
Profit	0.380	0.217	2.764
	0.18%	0.91%	0.63%

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	Yes
18]	Major customers	Yes
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	No
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	10391092	30/05/2013 *	47,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	B77055192

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From shareholders	4.142	4.480
Total	4.142	4.480

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 404, Akhil Complex, Opposite Fairdeal Complex, Opposite Fairdeal House, Swastik Char Rasta, Navrangpura, Ahmedabad – 380009, Gujarat, India to the present address w.e.f.01.08.2010.

PERFORMANCE

The turnover for the year is Rs.436.682 Millions which is higher by 82.15% compared to earlier year’s turnover Rs. 23.973 Millions. The profit before tax is Rs.4.265 Millions compared to earlier year’s profit before tax Rs. 0.366 Millions. The profit for the year is increased substantially due increase in turnover and increase in gross profit margin. The directors expect higher turnover and better result for the next year.

FIXED ASSETS:

v Computer

v Fax Machine

v Freeze

v Furniture

v Mobile

v Air Conditioner

v 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 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. 60.44
UK Pound	1	Rs. 98.64
Euro	1	Rs. 78.20

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	BVA

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	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.