MIRA INFORM REPORT

Report No. :	315247
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	CITIZEN INDUSTRIES LIMITED
Registered Office :	401, Sarthak Complex, Near Swastik Cross Road, Urja House, Navarangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.08.1995
Com. Reg. No.:	04-027009
Capital Investment / Paid-up Capital :	Rs. 4.016 Million
CIN No.: [Company Identification No.]	U29190GJ1995PLC027009
IEC No.:	0896001458
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00356G
PAN No.: [Permanent Account No.]	AAACC7814P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Exporting and Import a quality Ranged of Laboratory Furniture, Animal Care Equipments, fume exhaust units and Air Handling Units.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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. Kamlesh Mehta
Designation :	Managing Director
Contact No.:	91-8588872204
Date :	31.03.2015

LOCATIONS

Registered Office :	401, Sarthak Complex, Near Swastik Cross Road, Urja House, Navarangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26441492/26441598/26441471
Mobile No.:	91-8588872204 (Mr. Kamlesh Mehta)
Fax No.:	91-79-26565642
E-Mail :	cilaccounts@citizenind.com info@citizenind.com
Website :	http://www.citizenind.com
Area :	1000 sq. ft.
Location :	Owned
Main Office :	Citizen Arena, Darshan Society Road, Opposite Nidhi Hospital, Navarangapura, Ahmedabad – 380009, Gujarat, India
Factory :	636, Laxmi Industrial Estate, Village Rakanpur, Santej, District – Gandhinagar, Gujarat, India
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Kamalesh Rasiklal Mehta

Designation :

Managing Director

Address :

14, Darshan Society, Near Stadium Circle, Navrangpura, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

05.07.1959

Qualification :

MBA

Date of Appointment :

07.08.1995

DIN No.

00238024

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	U32109GJ1991PTC016138	CITIZEN TECHNOFAB PVT LTD	Director	20/08/1991	20/08/1991	-	Strike off	NO
2	U33121GJ1993PTC019409	CITIZEN COIL COMPANY PVT LTD	Director	07/05/1993	07/05/1993	-	Strike off	NO
3	U29190GJ1995PLC027009	CITIZEN INDUSTRIES LIMITED	Managing director	07/08/1995	07/08/1995	-	Active	NO

Name :

Mr. Prafulbhai Kantilal Patel

Designation :

Whole time Director

Address :

4/B, Tulip Bungalows, Thaltej, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

21.03.1962

Qualification :

M.Tech

Date of Appointment :

07.08.1995

DIN No.

00412852

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	U33121GJ1993PTC019409	CITIZEN COIL COMPANY PVT LTD	Director	07/05/1993	07/05/1993	-	Strike off	NO
2	U29190GJ1995PLC027009	CITIZEN INDUSTRIES LIMITED	Whole-time director	07/08/1995	07/08/1995	-	Active	NO

Name :

Mr. Arvind Shivlal Patel

Designation :

Director

Address :

1021, Kolleblvde, Secaucus, N. J. 07094 (U.S.A)

Date of Birth/Age :

06.01.1957

Qualification :

B.E. Engineering

Date of Appointment :

02.11.1995

DIN No.

00413004

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	U29190GJ1995PLC027009	CITIZEN INDUSTRIES LIMITED	Director	02/11/1995	02/11/1995	-	Active	NO
2	U24295GJ2013PTC077980	RESIPOL ADHESIVES PRIVATE LIMITED	Director	01/04/2014	01/04/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Kamlesh Rasiklal Mehta	131800
Rasiklal S. Mehta	1000
Praful K. Patel	132500
Kantilal V. Patel	1000
Hareshbhai P Kamdar	1000
Nirmala A. Shah	1000
Arvindbhai S. Patel	133300
Total	401600

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Exporting and Import a quality Ranged of Laboratory Furniture, Animal Care Equipments, fume exhaust units and Air Handling Units.
Products :	Ranged of Laboratory Furniture Animal Care Equipments Fume exhaust units Air Handling Units
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Laboratory Furniture Animalcare Equipments Fume exhaust units Cooling and Heating coils Fan coil units Laboratory Fume Hoods
Countries :	Russia Afghanistan UAE
Imports :
Products :	Laboratory Furniture Animalcare Equipments Fume exhaust units Cooling and Heating coils Fan coil units Laboratory Fume Hoods
Countries :	China Japan
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C, Cheque and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Naroda, Industrial Estate Branch, Naroda, Ahmedabad – 382330, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
From state bank of india	0.219	0.329
SHORT TERM BORROWINGS
Cash credit from state bank of india	33.449	33.146
Other loans and advances from banks	0.113	0.114
Total	33.781	33.589

Auditors :
Name :	Anil N. Shah and Company Chartered Accountants
Address :	203-205, Sarthak Complex, Behind Urja House, Near Swastik Cross Road, Navarangpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAFFA3776N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
401600	Equity Shares	Rs. 10/- each	Rs. 4.016 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.016	4.016	4.016
(b) Reserves & Surplus	160.803	167.373	171.958
(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)	164.819	171.389	175.974
(3) Non-Current Liabilities
(a) long-term borrowings	4.478	9.405	15.008
(b) Deferred tax liabilities (Net)	0.000	0.842	3.194
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.518	2.821	2.277
Total Non-current Liabilities (3)	7.996	13.068	20.479
(4) Current Liabilities
(a) Short term borrowings	33.562	33.260	67.726
(b) Trade payables	29.953	37.576	37.512
(c) Other current liabilities	16.351	11.071	18.543
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	79.866	81.907	123.781
TOTAL	252.681	266.364	320.234
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	93.929	100.882	111.236
(ii) Intangible Assets	0.970	0.881	1.305
(iii) Capital work-in-progress	0.000	0.037	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.189	5.189	5.889
(c) Deferred tax assets (net)	1.688	0.000	0.000
(d) Long-term Loan and Advances	5.740	5.791	6.116
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	107.516	112.780	124.546
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	57.664	63.798	102.422
(c) Trade receivables	67.248	81.283	80.949
(d) Cash and cash equivalents	15.143	2.842	5.093
(e) Short-term loans and advances	4.699	5.275	6.633
(f) Other current assets	0.411	0.386	0.591
Total Current Assets	145.165	153.584	195.688
TOTAL	252.681	266.364	320.234

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	224.534	279.345	265.511
		Other Income	1.805	3.389	1.501
		TOTAL (A)	226.339	282.734	267.012
Less	EXPENSES
		Cost of Materials Consumed	130.652	170.939	173.137
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	17.993	16.325	0.024
		Employees benefits expense	39.947	41.615	34.902
		Other expenses	30.187	39.840	40.454
		TOTAL (B)	218.779	268.719	248.517
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.560	14.015	18.495
Less	FINANCIAL EXPENSES (D)		4.639	7.396	9.026
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.921	6.619	9.469
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.021	13.554	15.006
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(9.100)	(6.935)	(5.537)
Less	TAX (H)		(2.530)	(2.351)	(0.635)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(6.570)	(4.584)	(4.902)
	IMPORTS
		Raw Materials	19.872	17.179	26.587
	TOTAL IMPORTS		19.872	17.179	26.587
	Earnings / (Loss) Per Share (Rs.)		(16.36)	(11.41)	(12.21)

Expected Sales (2014-15): Rs. 255.000 Million

The above information has been parted by Mr. Kamlesh Mehta (Managing Director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(2.93)	(1.64)	(1.84)
Operating Profit Margin (PBDIT/Sales)	(%)	3.37	5.02	6.97
Return on Total Assets (PBT/Total Assets}	(%)	(3.70)	(2.66)	(1.76)
Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.04)	(0.03)
Debt Equity Ratio (Total Debts/Networth)		0.23	0.25	0.47
Current Ratio (Current Asset/Current Liability)		1.82	1.88	1.58

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.016	4.016	4.016
Reserves & Surplus	171.958	167.373	160.803
Net worth	175.974	171.389	164.819
long-term borrowings	15.008	9.405	4.478
Short term borrowings	67.726	33.260	33.562
Total borrowings	82.734	42.665	38.040
Debt/Equity ratio	0.470	0.249	0.231

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	265.511	279.345	224.534
		5.210	(19.621)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	265.511	279.345	224.534
Profit	(4.902)	(4.584)	(6.570)
	(1.85%)	(1.64%)	(2.93%)

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-------
22]	Litigations that the firm / promoter involved in	-------
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	10269253	28/12/2010	99,300,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE, NARODA, AHMEDABAD, Gujarat - 382330, INDIA	B06491716
2	10269363	28/12/2010	99,300,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, NARODA, AHMEDABAD, Gujarat - 382330, INDIA	B06514210
3	10043018	02/02/2007	41,500,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, NARODA, AHMEDABAD, Gujarat - 382330, INDIA	A12774097
4	80025490	07/03/2007 *	41,500,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, NARODA, AHMEDABAD, Gujarat - 382330, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Deposits from directors	4.259	9.076
Total	4.259	9.076

FIXED ASSETS

• Land
• Factory Building
• Plant and Machinery
• Furniture and Fixture
• Computer
• Office Equipment
• 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. 62.59
UK Pound	1	Rs. 92.46
Euro	1	Rs. 67.51

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.