MIRA INFORM REPORT

Report No. :	316209
Report Date :	07.04.2015

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) :	31.03.2014
Date of Incorporation :	19.02.2004
Com. Reg. No.:	04-043647
Capital Investment / Paid-up Capital :	Rs. 1.500 Million
CIN No.: [Company Identification No.]	U24114GJ2004PTC043647
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMA04972C
PAN No.: [Permanent Account No.]	AAECA6173B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer 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 53000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has achieved more than double of its turnover receivables and payables during FY2014. Trade relations 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 :	04.04.2015

LOCATIONS

Registered Office / Warehouse :	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 anjanipyes@yahoo.co.in
Location :	Owned

DIRECTORS

As on 23.09.2014

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

As on 23.09.2014

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 23.09.2014

Equity Share Break up (Percentage of Total Equity)

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 and Importer of Dyes and Intermediates.
Products :	Sodium Monochloro Acetate Lake erythrosie Textile dyes Dichloro aniline
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Dyes and Intermediates
Countries :	v China
Terms :
Selling :	Cash, Cheque and Credit (30 Days)
Purchasing :	Cash, Cheque and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers (As on 31.03.2013) :

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 (As on 31.03.2013):

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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
HDFC Bank Loan	0.000	0.291
SHORT TERM BORROWING
Axis Bank	37.645	0.000
HDFC Bank Car Loan	0.369	0.761
Yes Bank CC	7.795	2.951
Total	45.809	4.003

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
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 23.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

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	1.500	1.500	1.500
(b) Reserves & Surplus	17.133	6.059	3.296
(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)	18.633	7.559	4.796
(3) Non-Current Liabilities
(a) long-term borrowings	7.478	4.433	5.387
(b) Deferred tax liabilities (Net)	0.157	0.133	0.090
(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)	7.635	4.566	5.477
(4) Current Liabilities
(a) Short term borrowings	45.809	3.712	3.315
(b) Trade payables	110.453	45.390	32.926
(c) Other current liabilities	7.035	0.337	0.663
(d) Short-term provisions	10.747	4.146	0.197
Total Current Liabilities (4)	174.044	53.585	37.101
TOTAL	200.312	65.710	47.374
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.454	3.528	3.886
(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	3.454	3.528	3.886
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.668	14.756	11.238
(c) Trade receivables	112.411	33.990	22.181
(d) Cash and cash equivalents	13.283	7.375	4.175
(e) Short-term loans and advances	14.496	6.061	5.894
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	196.858	62.182	43.488
TOTAL	200.312	65.710	47.374

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	969.344	436.682	23.973
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	17.537	4.265	0.366
Less	TAX	6.464	1.501	0.149
	PROFIT/ (LOSS) AFTER TAX	11.073	2.764	0.217
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	6.059	3.296	3.079
	Balance Carried to the B/S	17.132	6.060	3.296
	Earnings / (Loss) Per Share (Rs.)	73.82	18.43	1.45

Expected Sales (2014-2015): Rs. 950.000 Million

The above information has been parted by Mr. Sanjay Patel

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.14	0.63	0.91
Return on Total Assets (PBT/Total Assets}	(%)	8.75	6.49	0.77
Return on Investment (ROI) (PBT/Networth)		0.94	0.56	0.08
Debt Equity Ratio (Total Debt /Networth)		2.86	1.08	1.81
Current Ratio (Current Asset/Current Liability)		1.13	1.16	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

c

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.500	1.500	1.500
Reserves & Surplus	3.296	6.059	17.133
Net worth	4.796	7.559	18.633
long-term borrowings	5.387	4.433	7.478
Short term borrowings	3.315	3.712	45.809
Total borrowings	8.702	8.145	53.287
Debt/Equity ratio	1.814	1.078	2.860

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	23.973	436.682	969.344
		1,721.558	121.979

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	23.973	436.682	969.344
Profit	0.217	2.764	11.073
	0.91%	0.63%	1.14%

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	Yes
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

CHANGE 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. 969.344 Million which is higher by 121.97% compared to earlier year’s turnover Rs. 436.682 Million. The profit before tax is Rs. 17.537 Million compared to earlier year’s profit before tax Rs. 4.265 Million. The profit for the year is increased substantially due increase in turnover and increase in gross profit margin. The directors expect reasonably good result for the next year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Shareholders	7.478	4.141
Total	7.478	4.141

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

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 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 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.62.16
UK Pound	1	Rs.92.73
Euro	1	Rs.68.23

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--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		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.