MIRA INFORM REPORT

Report No. :	320181
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	VIDHI DYESTUFFS MANUFACTURING LIMITED
Registered Office :	E/27, Commerce Centre, 78, Tardeo Road, Mumbai - 400034, Maharashtra
Tel. No.:	91-22-23514349
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.01.1994
Com. Reg. No.:	11-076156
Capital Investment / Paid-up Capital :	Rs.49.945 Million
CIN No.: [Company Identification No.]	L24110MH1994PLC076156
TAN No.: [Tax Deduction & Collection Account No.]	MUMV04639F
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Synthetic Food Colours and Trader in Chemicals.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The ratings continue to reflect VDML’s established position in the food – colours market supported by fair profitability levels and sound liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	17.01.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A3”
Rating Explanation	Moderate degree of safety and high credit risk.
Date	17.01.2014

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. Mitesh
Designation :	Business Development Director
Contact No.:	91-9820610566
Date :	28.04.2015

LOCATIONS

Registered / Administrative Office :	E/27, Commerce Centre, 78, Tardeo Road, Mumbai - 400034, Maharashtra, India
Tel. No.:	91-22-23514349/ 23522864/ 6347/ 56602188 / 40734747 (30 Lines) / 66602187 / 40734718 / 40734712
Fax No.:	91-22-23521980
E-Mail :	vidhi@bom4.vsnl.net.in
Website :	www.vidhifoodcolours.com
Location :	Owned
Locality :	Commercial
Factory 1 :	Plot No. 59-B, MIDC, Dhatav, Roha, District Raigad - 402109, Maharashtra, India
Tel. No.:	91-2194-263873
Owned:	Owned
Factory 2:	Plot No. 68, MIDC Dhatav, District Raigad - 402116, Maharashtra, India
Marketing and Distribution Networks :	Located at: · Algeria · Argentina · Australia · Austria · Brazil · Bolivia · Bulgaria · Belgium · Chile · Canada · Czech Republic · China · Cyprus · Columbia · Egypt · EI Salvador · France · Germany · Guatemala · Greece · Ghana · Holland · Hungary · Indonesia · Iran · Israel · Italy · Japan · Jordan · Kenya · Malaysia · Mauritius · Mexico · Norway · New Zealand · Netherland · Pakistan · Paraguay · Portugal · Peru · Philippines · Poland · Russia · South Africa · Switzerland · South Korea · Spain · Tanzania · Thailand · The Netherlands · Turkey · U K · Uruguay · Ukraine · USA · Venezuela · Vietnam

DIRECTORS

As on: 31.03.2014

Name :	Mr. Bipin Madhavji Manek
Designation :	Chairman and Managing Director
Address :	Flat No. 12, Somerset House, Off Bhulabhai Desai Road, Warden Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	07.06.1956
Name :	Mr. Mihir B. Manek
Designation :	Joint Managing Director
Address :	Flat No. 12, Somerset House, Off Bhulabhai Desai Road, Warden Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	08.03.1982
Name :	Mrs. Pravina Bipin Manek
Designation :	Director
Address :	Flat No. 12, Somerset House, Off Bhulabhai Desai Road, Warden Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	29.02.1956
Qualification :	B. A.
Experience :	19 Years of rich experience in the Business of food colour.
Name :	Mr. Vijay Krishnaswamirao Atre
Designation :	Director
Address :	54 Jaivijay Society, Western Express Highway, Vile Parle (East), Mumbai - 400099, Maharashtra, India
Date of Birth/Age :	06.04.1925
Name :	Mr. Prafulchandra Anantlal Shah
Designation :	Director
Address :	4 Apsara Apartment, Kishorkumar Ganguli Marg, 14 C Juhu Tara Road, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	13.11.1933
Name :	Mr. Chetan P. Bavishi
Designation :	Director
Date of Birth/Age :	29.02.1960
Qualification :	B. Com.
Experience :	28 years of rich experience
Name :	Mr. Niren Dinkerrai Desai
Designation :	Director
Address :	22/2 Navrang Building, Pedder Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	12.12.1956

KEY EXECUTIVES

Name :	Mr. Mitesh
Designation :	Business Development Director

SHAREHOLDING PATTERN

As on: 31.12.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	32101000	64.27
Sub Total	32101000	64.27
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	32101000	64.27
(B) Public Shareholding
(1) Institutions
Venture Capital Funds	200	0.00
Sub Total	200	0.00
(2) Non-Institutions
Bodies Corporate	1646627	3.30
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	10749481	21.52
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	4399933	8.81
Any Others (Specify)	1047759	2.10
Non Resident Indians	230686	0.46
Clearing Members	792073	1.59
Directors & their Relatives & Friends	25000	0.05
Sub Total	17843800	35.73
Total Public shareholding (B)	17844000	35.73
Total (A)+(B)	49945000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	49945000	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Names of Shareholders	No. of Shares	Percentage of Holding
Bipin M Manek	1,41,10,333	28.25
Pravina B Manek	1,79,90,667	36.02
Total	3,21,01,000	64.27

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Names of Shareholders	No. of Shares	Percentage of Holding
Deepika Ganatra	1062316	2.13
Total	1062316	2.13

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Synthetic Food Colours and also Trading in Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
32.04.19	Synthetic Organic Colouring Matters
32.05.00	Colour Lakes

Brand Names :

“VIDHI”

Agencies Held :

--

Exports :

Products :

Food Colours

Countries :

• USA
• UK
• Middle East
• Europe
• Australia
• Africa
• Asian Countries
• South Africa
• Switzerland
• Srilanka

Imports :

Products :

Raw Materials Chemicals

Countries :

• Taiwan
• China
• Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

DSM Fine Chem

Customers :

· P & G India

· Uniliver India

No. of Employees :

40 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Rs.100.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

Banker Name :	Vijaya Bank
Branch :	Overseas Branch, Maker Chambers-Iv, Nairman Point, Mumbai – 400021, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Rs.750.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

· Bank of India

Facilities :

Secured Loan	As on 31.03.2014	As on 31.03.2013
	(Rs. In Million)
LONG TERM BORROWINGS:
TERM LOANS FROM BANKS
HDFC Bank	0.000	3.925
Vijaya bank	14.161	15.810
TERM LOANS FROM OTHERS
Bajaj Allianz Life Insurance Company Limited	7.771	7.629
SHORT TERM BORROWINGS:
REPAYABLE ON DEMAND – FROM BANKS
HDFC Bank	36.356	25.752
Vijaya Bank	347.886	311.048
Standard Chartered Bank	18.193	46.748
Total	424.367	410.912

Auditors :
Name :	Bhuta Shah and Company Chartered Accountants
Address :	901, regent chambers, Nariman point, Mumbai – 400021, Maharashtra, india
Tel. No.:	91-22-22832626
Fax No.:	91-22-22832727
E-Mail :	mail@bhutashah.com
Website :	www.bhutashah.com
Membership :	--
Enterprises over which key management personnel have significant influence :	· Arjun Food Colorants Manufacturing Private Limited · Trident Colours and Chemicals

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000,000	Equity Shares	Re.1/- each	Rs. 60.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
50,034,000	Equity Shares	Re.1/- each	Rs. 50.034 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49,945,000	Equity Shares	Re.1/- each	Rs. 49.945 Million
	Add: Forfeited Shares		Rs. 0.075 Million
	Total		Rs.50.020 Million

NOTE

i. Rights of Equity Shareholders

The Company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.

ii. The reconciliation of the number of shares outstanding is set out below:

Particulars	31.03.2014
Shares outstanding at the beginning of the year	49.945
Shares issued during the year	--
Shares bought back during the year	--
Shares outstanding at the end of the year	49.945

iii. Details of shareholders holding more than 5% shares in the company

Name of Shareholder	31.03.2014
	No. of Shares	% of Holding
Bipin M. Manek	14,110,333	28.25
Pravina B. Manek	17,990,667	36.02

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	50.020	50.020	50.020
(b) Reserves & Surplus	309.168	272.829	241.342
(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)	359.188	322.849	291.362
(3) Non-Current Liabilities
(a) long-term borrowings	21.932	27.364	40.319
(b) Deferred tax liabilities (Net)	11.758	11.126	5.883
(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)	33.690	38.490	46.202
(4) Current Liabilities
(a) Short term borrowings	402.435	383.548	332.938
(b) Trade payables	170.752	147.694	126.910
(c) Other current liabilities	29.525	27.933	27.378
(d) Short-term provisions	7.124	7.533	1.514
Total Current Liabilities (4)	609.836	566.708	488.740
TOTAL	1002.714	928.047	826.304
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	179.430	192.519	130.812
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	42.330
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.256	1.256	1.256
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.338	8.734	14.411
(e) Other Non-current assets	0.000	0.322	6.127
Total Non-Current Assets	190.024	202.831	194.936
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	263.804	210.424	143.061
(c) Trade receivables	435.479	369.376	331.577
(d) Cash and cash equivalents	34.217	38.358	51.949
(e) Short-term loans and advances	66.992	92.704	95.859
(f) Other current assets	12.198	14.354	8.922
Total Current Assets	812.690	725.216	631.368
TOTAL	1002.714	928.047	826.304

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1407.832	1177.680	1125.117
		Other Income	23.621	25.524	22.440
		TOTAL (A)	1431.453	1203.204	1147.557
Less	EXPENSES
		Cost of Materials Consumed	507.980	530.719	385.976
		Purchases of Stock-in-Trade	550.525	425.656	515.286
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.317)	(57.271)	8.909
		Employees benefits expense	24.330	21.320	18.577
		Other expenses	193.575	156.369	121.335
		TOTAL (B)	1267.093	1076.793	1050.083
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		164.360	126.411	97.474
Less	FINANCIAL EXPENSES (D)		53.367	45.518	38.041
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		110.993	80.893	59.433
Less	DEPRECIATION/ AMORTISATION (F)		19.747	17.273	9.443
	PROFIT BEFORE TAX (E-F) (G)		91.246	63.620	49.990
Less	TAX (H)		31.501	22.143	16.253
	PROFIT AFTER TAX (G-H) (I)		59.745	41.477	33.737
	EARNINGS IN FOREIGN CURRENCY		NA	719.175	495.149
	IMPORTS
		Raw Materials	282.343	176.259	130.231
		Trading Purchases of Chemicals	412.947	422.729	430.519
	TOTAL IMPORTS		695.290	598.988	560.750
	Earnings Per Share (Rs.)		1.19	0.83	0.67

Expected Sales (2014-2015): Rs.1750.000 Million

The above information has been parted by Mr. Mitesh.

QUARTERLY RESULTS

(Rs. In Million)

Particulars	30.06.2014 (Unaudited)	30.09.2014 (Unaudited)	31.12.2014 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	407.600	490.400	487.700
Total Expenditure	357.000	434.100	412.300
PBIDT (Excluding Other Income)	50.600	56.300	75.400
Other Income	2.500	3.500	0.600
Operating Profit	53.100	59.800	76.000
Interest	13.200	15.400	14.500
Exceptional Items	0.000	0.000	(4.100)
PBDT	40.000	44.400	57.400
Depreciation	3.500	3.600	4.800
Profit Before Tax	36.500	40.800	52.500
Tax	12.100	13.000	17.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	24.400	27.800	35.500
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	24.400	27.800	35.500

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	4.24	3.52	3.00
Operating Profit Margin (PBDIT/Sales)	(%)	11.67	10.73	8.66
Return on Total Assets (PBT/Total Assets}	(%)	9.11	6.86	6.39
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.17
Debt Equity Ratio (Total Debt/Networth)		1.18	1.27	1.28
Current Ratio (Current Asset/Current Liability)		1.33	1.28	1.29

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	50.020	50.020	50.020
Reserves & Surplus	241.342	272.829	309.168
Net worth	291.362	322.849	359.188
long-term borrowings	40.319	27.364	21.932
Short term borrowings	332.938	383.548	402.435
Total borrowings	373.257	410.912	424.367
Debt/Equity ratio	1.281	1.273	1.181

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	1125.117	1177.680	1407.832
		4.672	19.543

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	1125.117	1177.680	1407.832
Profit	33.737	41.477	59.745
	3.00%	3.52%	4.24%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT ARE NOT AVAILABLE.

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	Yes
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	Yes
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	Yes

OPERATIONS:

During the year subject has achieved a turnover of Rs. 1407.832 Million as compared to Rs.1177.680 Million of previous year registering a growth of 19.54%. The net profit after tax was also increased by 44.04% to Rs.59.745 Million as compared to profit after tax during previous year of Rs.41.477 Million.

Subject has manufactured 1905.45 M. Tons of Food colours against 1630.39 M. Tons in the previous year. Your Company has increased its export market share as well as local trading Sales on account of persistent marketing efforts.

The Directors assure to keep the growth momentum in coming years and strive for bright future for subject.

LITIGATION DETAILS:

LITIGATION DETAILS
Bench:- Bombay
Lodging No.:-	ITXAL/516/2010	Filing Date:-	02/03/2010	Reg. No.:-	ITXA/3468/2010	Reg. Date:-	07/06/2010
Petitioner:-	THE COMMISSIONER OF INCOME TAX		Respondent:-	VIDHI DYESTUFFS MANUFACTURING LTD.
Petn.Adv:-	SURESH KUMAR (0)		Resp. Adv.:	SUBHASH S. SHETTY (0)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Admitted(Unready)		Stage:-	FOR ADMISSION - FRESH
Last Date:-	14/11/2011
Last Coram:-	HON'BLE SHRI JUSTICE J.P. DEVADHAR HON'BLE SHRI JUSTICE A.R. JOSHI
Act. :	Income Tax Act,1961			Under Section 260A

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10204274	22/10/2011 *	165,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B26618587
2	90166743	22/03/2002	55,500,000.00	VIJAYA BANK	OVERSEAS BR. MAKER CHAMBER-5 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
3	90163471	20/08/2014 *	606,500,000.00	VIJAYA BANK	OVERSEAS BRANCH,MAKER CHAMBERS-IV, NAIRMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C19974567
4	90163381	30/09/1996 *	5,000,000.00	SICOM LIMITED	NIRMAL 1ST FLOOR NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Furniture and Fixtures

· Office Premises

· Office Equipments

· Plant and Machinery

· Computers

· Tele phones

· Vehicles

UNAUDITED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2014

(Rs. In Million)

Sr. No.	Particulars			Quarter Ended		Nine Months Ended
				31.12.2014	30.09.2014	31.12.2014
				(Unaudited)
1	(a) Net Sales/Income from Operations			475.309	463.012	1340.916
	(b)Other Operating Income			12.397	27.379	44.775
	Total Income From Operations (Net)			487.706	490.391	1385.691
2	Expenditure
	(a)		Cost of Materials Consumed	185.223	212.282	543.668
	(b)		Purchases of Stock-in-Trade	165.276	202.092	484.964
	(c)		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.358)	(36.029)	(13.711)
	(d)		Employees benefits expense	9.060	7.248	23.123
	(e)		Depreciation and amortization expense	4.808	3.586	11.870
	(f )		Other expenses	53.115	48.456	165.298
			TOTAL (B)	417.124	437.635	1215.212
3	Profit from operation before other income, interest and other exceptional items(1-2)			70.582	52.756	170.479
4	Other Income			0.585	3.495	6.588
5	profit before interest and exceptional items(3+4)			71.167	56.251	177.067
6	Interest			14.483	15.408	43.053
7	Profit after interest but before exceptional items(5-6)			56.684	40.842	134.014
8	Exceptional Items			4.144	0.746	4.890
9	Profit(+)/Loss(-) from Ordinary Activities before tax (7-8)			52.540	40.096	129.124
10	Tax Expenses
	Current tax			18.157	12.500	42.157
	Earlier tax			0.000	(0.281)	0.205
	Deferred tax			(1.137)	0.792	(0.254)
11	Net Profit(+)/Loss(-) from Ordinary Activities after tax (9-10)			35.520	27.085	87.016
12	Extra Ordinary Items			--	--	--
13	Net Profit(+)/Loss(-) for the period (1112)			35.520	27.085	87.016
14	Paid-up Equity Share Capital Rs.1/ per share			50.020	50.020	50.020
15	Reserves excluding revaluation reserves			--	--	--
16		Earnings Per Share
(a)		Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		#0.71	#0.56	#1.74
(b)		Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		#0.71	#0.56	#1.74
17		Public Shareholding
		Number of Shares		17819000	17819000	17819000
		Percentage of Shareholding		35.68	35.68	35.68
18		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		--	--	--
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		--	--	--
		Percentage of Shares (as a % of the total share capital of the Company)		--	--	--
		b) Non-encumbered
		Number of shares		32126000	32126000	32126000
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100.00	100.00	100.00
		Percentage of Shares (as a % of the total share capital of the Company)		64.32	64.32	64.32
		Particulars
		INVESTOR COMPLAINTS
		Pending at the beginning of the quarter		--
		Received during the quarter		--
		Disposed of during the quarter		--
		Remaining unresolved at the end of the quarter		--

NOTES:

1. The above Unaudited Financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 12th February, 2015.

2. The statutory Auditors have carried out limited review of the financial results.

3. The Company has single business segment of manufacturing of food colours and trading in chemicals. Accordingly, disclosure requirements as per Accounting Standard (AS) 17- segment Reporting are not applicable to the company.

4. The Board of Directors as it meeting held on 14th November, 2014, has declared an interim dividend of Rs. 0.25/- per equity share of RS. 1/- each fully paid up, (i.e. 25%), aggregating Rs. 12.486 Million.

5. Effective April 01, 2014, the company has charged depreciation based on the revised remaining useful life of the assets as per the requirement of schedule II of the companies Act, 2013. Due to the above the depreciation charge of the quarter and nine months ended 31.12.2014 is lower by Rs.1.511 Million and adjustments to Accumulated Balance of retained Earning is Rs 1.162 Million

6. Exceptional items for the three month ended Dec, 2014 represents Rs.4.144 Million being loss on account of Breakdown of machinery.

7. Previous period's figures have been restated/regrouped/rearranged, wherever necessary to make them comparable with the current period.

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 judgment 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.63.33
UK Pound	1	Rs.96.52
Euro	1	Rs.68.93

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	NKT

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	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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.