MIRA INFORM REPORT

Report Date :

09.09.2014

IDENTIFICATION DETAILS

Name :	TYTAN ORGANICS PRIVATE LIMITED
Registered Office :	3^rd Floor, Sunama House, August Kranti Marg, Mumbai – 400026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.10.1991
Com. Reg. No.:	11-063639
Capital Investment / Paid-up Capital :	Rs.7.118 Millions
CIN No.: [Company Identification No.]	U24100MH1991PTC063639
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals and Intermediates.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31.03.2013 but the documents related to the financials for the year 2013 are not available from any sources. As per available financial of 2012, the company is continuously incurring losses which has resulted in to fully erosion of net worth. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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 tat 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 DENIED BY

Name :	Mr. Rakesh Pujari
Designation :	Finance Officer
Contact No.:	91-22-61597500
Date :	02.09.2014

LOCATIONS

Registered / Corporate Office :	3^rd Floor, Sunama House, August Kranti Marg, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-22-23851825 / 23851833 / 23885129 / 23886256 / 61597500
Fax No.:	91-22-23851767
E-Mail :	hemant_yeram@tytanorganics.com contact_us@tytanorganics.com
Website :	www.tytanorganics.com
Factory 1/ Head Office :	C-146, Trans Thane Creek Industrial Area, Pawne, Thane Belapur Road, Thane-400613, Maharashtra, India
Tel. No.:	91-22-64573300 / 27686684 / 27686685 / 27670803 / 27671839 / 27671744
Fax No.:	91-22-27671744
Factory 2 :	T-29, Taloja Industrial Area, MIDC Taloja, Taluka Panvel, District Raigad – 410208, Maharashtra, India
Tel. No.:	91-22-27401028
Fax No.:	91-22-27401029
Overseas Plant Office :	Post Box 41605, Hamriyah Free Zone, Sharjah, UAE
Tel. No.:	91-971-6-5260433 / 5260435

DIRECTORS

AS ON 23.09.2013

Name :	Mr. Cyrus Maneck Bahadurji
Designation :	Director
Address :	2/3, Spenta Co-Operative Housing Society Limited, Gibbs Road, Malabar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	24.01.1958
Date of Appointment :	16.10.1991
DIN No.:	00064818
Name :	Mrs. Tanaz Cyrus Bahadurji
Designation :	Director
Address :	2/3, Spenta Co-Operative Housing Society Limited, Gibbs Road, Malabar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	27.12.1956
Date of Appointment :	16.10.1991
DIN No.:	00064961
Name :	Mr. Anil Malhotra
Designation :	Nominee Director
Address :	Flat No. 411, Nestle Apartment, Mombay Dyeing Mill Compound, Worli, Mumbai-400013, Maharashtra, India
Date of Birth/Age :	25.02.1954
Date of Appointment :	04.03.2010
DIN No.:	03133593

KEY EXECUTIVES

Name :	Mr. Rakesh Pujari
Designation :	Finance Officer

MAJOR SHAREHOLDERS

AS ON 23.09.2013

Names of Shareholders	No. of Shares	% of Holding
Mazda Middle East (FZE), UAE	361767	50.83
Cyrus Maneck Bahadurji	342500	48.12
Tanaz Cyrus Bahadurji	7500	1.05
Total	711767	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 23.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.83
Directors or relatives of Directors	49.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals and Intermediates.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Central Bank of India, Industrial Finance Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India

Central Bank of India, Nariman Point Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Central Bank of India	114.120	142.894
Kotak Mahindra Prime Limited	1.103	0.085
HDFC Bank Limited	0.063	0.311
Short Term Borrowings
Cash Credit Account	30.731	43.321
Overdraft Facility	42.000	42.000
Packing Credit	53.613	43.146
Export Bills Discounting	36.321	47.750
Export Bills Negotiation	5.190	5.857
Local Bills Negotiation	2.519	0.000
Total	285.660	325.364

Banking Relations :	--
Auditors :
Name :	Kalyaniwala and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127, M. G. Road, Mumbai – 400001, Maharashtra, India
PAN No.:	91-22-56347640
Holding Company:	Mazda (ME) FZE Erstwhile Tytan Combine FZE
Fellow Subsidiary :	Tytan Organic Chemicals (Middle East) FZE

CAPITAL STRUCTURE

AS ON 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
711767	Equity Shares	Rs.10/- each	Rs.7.118 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.118	7.118
(b) Reserves & Surplus	(153.861)	(112.830)
(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)	(146.743)	(105.712)
(3) Non-Current Liabilities
(a) long-term borrowings	278.013	199.052
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	196.821	47.198
(d) long-term provisions	4.431	3.408
Total Non-current Liabilities (3)	479.265	249.658
(4) Current Liabilities
(a) Short term borrowings	170.374	182.074
(b) Trade payables	169.433	232.221
(c) Other current liabilities	38.535	196.729
(d) Short-term provisions	4.972	5.237
Total Current Liabilities (4)	383.314	616.261
TOTAL	715.836	760.207
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	423.331	444.998
(ii) Intangible Assets	0.369	0.177
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.875	1.996
(c) Deferred tax assets (net)	1.873	1.594
(d) Long-term Loan and Advances	0.067	0.092
(e) Other Non-current assets	0.676	0.655
Total Non-Current Assets	428.191	449.512
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	40.523	47.545
(c) Trade receivables	120.407	158.747
(d) Cash and cash equivalents	7.499	1.375
(e) Short-term loans and advances	114.009	102.937
(f) Other current assets	5.207	0.091
Total Current Assets	287.645	310.695
TOTAL	715.836	760.207

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.118
2] Share Application Money		0.000
3] Reserves & Surplus		3.256
4] (Accumulated Losses)		0.000
NETWORTH		10.374
LOAN FUNDS
1] Secured Loans		285.900
2] Unsecured Loans		55.761
TOTAL BORROWING		341.661
DEFERRED TAX LIABILITIES		0.000
TOTAL		352.035
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		256.592
Capital work-in-progress		0.000
INVESTMENT		2.009
DEFERRED TAX ASSETS		1.264
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.357
	Sundry Debtors	107.008
	Cash & Bank Balances	2.272
	Other Current Assets	0.000
	Loans & Advances	87.149
Total Current Assets		226.786
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	442.729
	Provisions	5.167
Total Current Liabilities		447.896
Net Current Assets		(221.110)
MISCELLANEOUS EXPENSES		0.000
PROFIT/LOSS ACCOUNT		313.280
TOTAL		352.035

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL		426.238	559.775	351.004
Less	EXPENSES
		TOTAL		441.046	547.651	358.158
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(14.808)	12.124	(7.154)
Less	DEPRECIATION/ AMORTISATION			24.032	22.592	2.333
Add	PRIOR YEAR ADJUSTMENTS			0.029	(1.237)	2.517
	PROFIT/(LOSS) BEFORE TAX			(38.811)	(10.705)	(12.004)
Less	TAX			(0.387)	0.200	17.171
	PROFIT/(LOSS) AFTER TAX			(38.424)	(11.905)	(29.175)
	EARNINGS IN FOREIGN CURRENCY
			Export of goods at FOB value	238.432	40.011	193.433
			Freight	17.343	17.343	3.577
			Insurance	0.000	0.191	0.058
			Interest Income	1.826	1.826	1.936
			Guarantee Commission	3.326	1.304	0.324
	TOTAL EARNINGS			260.927	60.675	199.328
	IMPORTS
			Raw Materials	7.383	22.904	26.556
	TOTAL IMPORTS			7.383	22.904	26.556
	Earnings/(Loss) Per Share (Rs.)			(53.98)	(16.73)	(40.99)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(9.01)	(2.130	(8.31)
Return on Total Assets (PBT/Total Assets}	(%)	(5.45)	(1.41)	(2.48)
Return on Investment (ROI) (PBT/Networth)		0.26	0.10	(1.16)
Debt Equity Ratio (Total Debt /Networth)		(3.06)	(3.61)	32.93
Current Ratio (Current Asset/Current Liability)		0.75	0.50	0.51

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions
Share Capital	7.118	7.118
Reserves & Surplus	(112.830)	(153.861)
Net worth	(105.712)	(146.743)
long-term borrowings	199.052	278.013
Short term borrowings	182.074	170.374
Total borrowings	381.126	448.387
Debt/Equity ratio	(3.605)	(3.056)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	351.004	559.775	426.238
		59.478	(23.855)

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	351.004	559.775	426.238
Profit	(29.175)	(11.905)	(38.424)
	(8.31%)	(2.13%)	(9.01%)

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	No
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	No
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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Directors	162.262	55.262
Relatives of Directors	0.465	0.500
Total	162.727	55.762

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80001774	08/11/2012 *	369,600,000.00	CENTRAL BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, CHANDER MUKHI,GR FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B65047938
2	80001236	25/11/2012 *	369,600,000.00	CENTRAL BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, CHANDER MUKHI,GR FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B65047243

*Date of modification Charges

FIXED ASSETS:

· Leasehold land

· Factory building

· Plant and machinery

· Furniture and fixtures

· Vehicles

· Laboratory equipments

· Data processing 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.60.26
UK Pound	1	Rs.97.51
Euro	1	Rs.77.94

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		11

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.