MIRA INFORM REPORT

Report No. :	317697
Report Date :	20.04.2015

IDENTIFICATION DETAILS

Name :	ASTIK DYESTUFF PRIVATE LIMITED MIVIN OVERSEAS CORPORATION EXPORT DIVISION OF ASTIK DYESTUFF PRIVATE LIMITED
Registered Office :	A-8, Viral Apartments, 50, S.V. Road, Andheri (West), Mumbai – 400058, Maharashtra
Tel. No. :	91-22-66938641
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.09.1988
Com. Reg. No.:	11-049010
Capital Investment / Paid-up Capital :	Rs. 9.800 Million
CIN No.: [Company Identification No.]	U24110MH1988PTC049010
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Reactive Dyes.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has reported an increase in its sales turnover and profitability during the financial year 2013-14. The company possesses a sound financial position marked by adequate liquidity and decent networth. Trade relations are 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. Note: Ms. Lissy of the export import Dept. Claimed that Mivin Overseas corporation is a division of Astik Dyestuff Private limited.

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

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 :	Ms. Lissy
Designation :	Export Import Department
Contact No.:	91-22-66938641
Date :	15.04.2015

LOCATIONS

Registered Office :	A-8, Viral Apartments, 50, S.V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-66938641 (5 Lines)
Fax No.:	91-22-26203737
E-Mail :	sales@astik.com
Website :	http://www.astik.com
Factory :	Plot No. 707 / B & C, GIDC Industrial Estate. Ankieshwar – 393002, Gujarat, India
Tel. No. :	91-2646-223983 / 224973
Fax No. :	91-2646-251825

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Chandaya Bada Karkera

Designation :

Whole-time Director

Address :

402, Bhimsen CHS Limited, Vishal Nagar, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

06.01.1942

Date of Appointment :

14.01.2010

DIN No. :

00030006

Name :

Mr. Ram Dugappa Ajekar

Designation :

Managing Director

Address :

52, Royal Accord IV Plot 17 Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

06.05.1946

Date of Appointment :

14.01.2010

DIN No. :

00030059

Name :

Mr. Sadashiv Bommayya Shetty

Designation :

Whole-time Director

Address :

78 Star Co-operative Housing Society, Flat No. 402, Jairajnagar, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

16.10.1946

Date of Appointment :

14.01.2010

DIN No. :

00030219

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	U24110MH1988PTC049010	ASTIK DYESTUFF PRIVATE LIMITED	Whole-time director	14/01/2010	29/09/1988	-	Active	NO
2	U24200MH1988PTC049365	SHREE CHAKRA ORGANICS PRIVATE LIMITED	Director	12/05/1989	12/05/1989	-	Active	NO
3	U91990MH2004NPL148221	TARAPUR ENVIRONMENT PROTECTION SOCIETY	Director	28/08/2004	28/08/2004	-	Active	NO

Name :

Mr. Mithun Ram Ajekar

Designation :

Director

Address :

52, Royal Accord IV Plot 17 Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

08.07.1978

Date of Appointment :

14.01.2010

DIN No. :

02909541

KEY EXECUTIVES

Name :	Ms. Lissy
Designation :	Export Import Department
Name :	Alwyn D’souza and Company
Designation :	Company Secretaries
Address :	Annex-103, Dimple Arcade, Asha Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Chandaya B Karkera	442500	45.15
Ram D Ajekar	419000	42.76
Sadashiv B Shetty	10000	1.02
Mohitakshi C. Karkera	8500	0.87
Vinitkumar C. Karkera	24000	2.45
Thrishala R Ajekar	8500	0.87
Mithun R Ajekar	35000	3.56
Minol R Ajekar	22500	2.30
Vaishali C. Karkera	10000	1.02
Total	980000	100.00

As on 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Reactive Dyes.
Products :	Reactive Dyes
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: Not Available

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 :

Information declined by the management.

Bankers :

Banker Name	Bank of Baroda
Branch Address	IBB Branch, HEM Niwas, S.V. Road, Kandivali (West), Mumbai – 400067, Maharashtra, 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)
SHORT TERM BORROWINGS
From Banks	60.185	40.147
Total	60.185	40.147

Auditors :
Name :	Lakhani and Company LLP Chartered Accountants
Address :	Hemsharsaka, 19, Gola Lane, Fort, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22666660 / 1/ 2
Fax No.:	91-22-22666644
E-Mail :	lakhani@lakhanicompany.com
Memberships :	Not Available
Collaborators :	Not Available
Associated Concern :	Mivin Overseas Corporation Shree Chakra Organics Private Limited

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 Million
50000	Preference Shares	Rs.10/- each	Rs. 0.500 Million
	Total		Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
980000	Equity Shares	Rs.10/- each	Rs. 9.800 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	9.800	9.800	9.800
(b) Reserves & Surplus	73.509	51.392	46.236
(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)	83.309	61.192	56.036
(3) Non-Current Liabilities
(a) long-term borrowings	48.700	40.150	38.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.500	4.300	4.300
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	53.200	44.450	42.300
(4) Current Liabilities
(a) Short term borrowings	60.185	40.147	40.137
(b) Trade payables	83.386	48.208	43.763
(c) Other current liabilities	2.418	2.467	1.567
(d) Short-term provisions	0.711	0.000	0.002
Total Current Liabilities (4)	146.700	90.822	85.469
TOTAL	283.209	196.464	183.805
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.665	14.729	15.503
(ii) Intangible Assets	0.006	0.010	0.016
(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	0.605	0.605	0.605
(c) Deferred tax assets (net)	19.494	16.534	10.121
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.962	0.725	0.206
Total Non-Current Assets	34.732	32.603	26.451
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	88.134	46.128	37.837
(c) Trade receivables	139.506	104.843	114.017
(d) Cash and cash equivalents	14.641	4.301	1.097
(e) Short-term loans and advances	5.178	7.616	1.844
(f) Other current assets	1.018	0.973	2.559
Total Current Assets	248.477	163.861	157.354
TOTAL	283.209	196.464	183.805

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	GROSS SALES TURNOVER	531.320	331.291	222.475
	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	31.514	9.894	222.475
Less/ Add	DEPRECIATION/ AMORTISATION	1.938	2.202	2.341
	PROFIT/ (LOSS) BEFORE TAX	33.452	7.692	(0.171)
Less	TAX	11.336	2.537	0.675
	PROFIT/ (LOSS) AFTER TAX	22.116	5.155	(0.846)
	IMPORTS
	Raw Materials	102.192	58.651	26.374
	TOTAL IMPORTS	102.192	58.651	26.374
	Earnings / (Loss) Per Share (Rs.)	22.57	5.26	(0.71)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	12.71	4.29	-0.10
Return on Investment (ROI) (PBT/Networth)		0.40	0.13	0.00
Debt Equity Ratio (Total Debt/Networth)		1.31	1.31	1.39
Current Ratio (Current Asset/Current Liability)		1.69	1.80	1.84

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.800	9.800	9.800
Reserves & Surplus	46.236	51.392	73.509
Net worth	56.036	61.192	83.309
long-term borrowings	38.000	40.150	48.700
Short term borrowings	40.137	40.147	60.185
Total borrowings	78.137	80.297	108.885
Debt/Equity ratio	1.394	1.312	1.307

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	222.475	331.291	531.320
		48.912	60.379

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	222.475	331.291	531.320
Profit	(0.846)	5.155	22.116
	(0.38%)	1.56%	4.16%

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	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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and Advances from related parties
From Shareholders	11.900	7.950
From Directors (Who are also Shareholders)	36.800	32.200
Total	48.700	40.150

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90222747	31/03/1997	6,839,000.00	BANK OF BARODA	KANDIVLI BRANCH, BOMBAY, Maharashtra - 400067, INDIA	-
2	90222262	16/01/1997 *	4,500,000.00	BANK OF BARODA	KANDIVLI BRANCH, BOMBAY, Maharashtra - 400067, INDIA	-
3	90224459	28/10/1998 *	4,500,000.00	BANK OF BARODA	KANDIVLI BRANCH, BOMBAY, Maharashtra - 400067, INDIA	-
4	80044321	18/01/2014 *	90,000,000.00	BANK OF BARODA	IBB BRANCH,HEM NIWAS,, S.V ROAD, KANDIVALI (W), M  UMBAI, Maharashtra - 400067, INDIA	B96789771
5	90222201	16/11/1998 *	1,500,000.00	BANK OF BARODA	KANDIVLI BRANCH, MUMBAI, Maharashtra - 400067, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Against Letter of Credit outstanding as on 31.03.2014	10.315	18.847
	10.315	18.847

FIXED ASSETS

• Leasehold-Factory Land
• Leasehold-Residential land
• Office Premises
• Factory Premises
• Site Developments
• Staff Quarters
• Plan t and Machinery
• Pipes and Fittings
• Electrical Installation
• Lab Equipments
• Computer
• Factory Equipments
• Furniture and Fixture
• Office equipment
• Vehicle
• Cycles

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 ayments 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. 62.35
UK Pound	1	Rs. 93.10
Euro	1	Rs. 67.13

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUC
Report Prepared by :	TRU

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
--PROFITABILITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.