MIRA INFORM REPORT

Report No. :	338135
Report Date :	25.08.2015

IDENTIFICATION DETAILS

Name :	COLOUR CHROMES PRIVATE LIMITED
Registered Office :	17, Chittaranjan Avenue, 3^rd Floor, Kolkata - 700072, West Bengal
Tel. No.:	91-33-22215191-93
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.08.1996
Com. Reg. No.:	21-080808
Capital Investment / Paid-up Capital :	Rs. 47.162 Million
CIN No.: [Company Identification No.]	U24121WB1996PTC080808
IEC No.:	0298001403
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCC1961A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chromium Chemicals.
No. of Employees :	Not Divulged

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 240000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DENIED BY

Name :	Ms. Suparna
Designation :	Office Executive
Contact No.:	91-33-22215183
Date :	24.08.2015

LOCATIONS

Registered Office / Corporate Office / Head Office:	17, Chittaranjan Avenue, 3^rd Floor, Kolkata - 700072, West Bengal, India
Tel. No.:	91-33-22215191-93
Fax No.:	91-33-22251488
E-Mail :	contact@colourchromes.com
Website :	www.colourchromes.com
Manufacturing Facility 1:	Shri Goenka Mills, Station Road, Shivpur, Varanasi - 221003, Uttar Pradesh, India
Manufacturing Facility 2:	Plot No. E103 and B58, Sathariya Industrial Development Authority, Jaunpur – 222202, Uttar Pradesh, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Sashi Prasad Goenka

Designation :

Director

Address :

105, Southern Avenue, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

27.11.1950

Date of Appointment :

07.08.1996

PAN No.:

ADOPG4922A

DIN No.:

00170962

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	U24121WB1996PTC080808	COLOUR CHROMES PRIVATE LIMITED	Director	07/08/1996	07/08/1996	-	Active	NO
2	U70109WB1935PTC008327	VIGNESH PROPERTIES PRIVATE LIMITED	Director	25/01/1999	25/01/1999	28/02/2011	Active	NO
3	U45201RJ2011PTC036877	VIVAT BUILDERS PRIVATE LIMITED	Director	02/11/2011	02/11/2011	-	Active	NO
4	U51909WB2011PTC163394	SUBHBIJAY VANIJYA PRIVATE LIMITED	Additional director	28/09/2012	28/09/2012	01/12/2012	Active	NO
5	U51909WB2011PTC163363	LINKPLAN SALES PRIVATE LIMITED	Additional director	28/09/2012	28/09/2012	01/12/2012	Active	NO
6	U51909WB2011PTC163438	MEANTIME TRADELINK PRIVATE LIMITED	Additional director	28/09/2012	28/09/2012	01/12/2012	Active	NO

Name :

Mrs. Manju Goenka

Designation :

Director

Address :

105, Southern Avenue, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

23.12.1952

Date of Appointment :

07.08.1996

PAN No.:

AGNPG4932E

DIN No.:

00304788

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	U24121WB1996PTC080808	COLOUR CHROMES PRIVATE LIMITED	Director	07/08/1996	07/08/1996	-	Active	NO
2	U45201RJ2011PTC036877	VIVAT BUILDERS PRIVATE LIMITED	Director	02/11/2011	02/11/2011	-	Active	NO

Name :

Mr. Apurva Goenka

Designation :

Director

Address :

105, Southern Avenue, Kolkata-700029, West Bengal, India

Date of Birth/Age :

11.01.1981

Date of Appointment :

25.09.2006

PAN No.:

AFAPG2396C

DIN No.:

00305146

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	U70109WB1935PTC008327	VIGNESH PROPERTIES PRIVATE LIMITED	Director	30/09/2002	30/09/2002	06/04/2009	Active	NO
2	U24119WB2004PTC098379	MAGNUS CHEMICALS PRIVATE LIMITED	Director	22/04/2004	22/04/2004	-	Active	NO
3	U24121WB1996PTC080808	COLOUR CHROMES PRIVATE LIMITED	Director	25/09/2006	25/09/2006	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Suparna
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Vishakha Goenka	120500
M P Goenka and Sons (HUF)	500
Sashi Prasad Goenka (HUF)	138000
Apurva Goenka	1218000
Manju Goenka	1301000
Sashi Prasad Goenka	1477000
Apurva Goenka (HUF)	12500
Magnus Chemicals Private Limited, India	448750
Total	4716250

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	9.52
Directors or relatives of Directors	90.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chromium Chemicals.

Products :

Product Description	Item Code No. (ITC Code)
Chromic Acid Flakes	28191000
Chrome Oxide Green	28199000
Potassium Chromate	28415090
Sodium Chromate	28415010
Magnesium Carbonate	28369920
Sodium Sulphate	28331900

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Bank Name	Axis Bank Limited
Branch	Credit Management Centre (CMC), 1, Shakespeare Sarani, Ac Market, 3rd Floor,, Kolkata - 700071, West Bengal, 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

Auditors :
Name :	L B Jha and Company Chartered Accountant
Address :	GI, Gillander House, 8 Netaji Subhas Road, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22425858 / 5407 / 4277
Fax No.:	91-33-22420650 / 2230846
E-Mail :	lbjha@lbjha.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFL0464G
Memberships :	--
Collaborators :	--
Entities which key management personnel have significant influence :	· Swati Chemicals · Shri Goneka Mills · M.P. Goneka and Sons (HUF) · Magnus Chemicals Private Limited · Akshay Goneka Benefit Trust

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,716,250	Equity Shares	Rs.10/- each	Rs. 47.162 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	47.162	9.432	9.432
(b) Reserves & Surplus	35.721	66.558	60.580
(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)	82.883	75.990	70.012
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.292	1.093	0.824
Total Non-current Liabilities (3)	1.292	1.093	0.824
(4) Current Liabilities
(a) Short term borrowings	36.200	24.201	21.210
(b) Trade payables	15.122	3.166	36.339
(c) Other current liabilities	0.781	0.354	0.472
(d) Short-term provisions	0.245	0.690	2.448
Total Current Liabilities (4)	52.348	28.411	60.469
TOTAL	136.523	105.494	131.305
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.038	25.386	18.646
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	19.579	5.171	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	0.314	0.121	0.127
Total Non-Current Assets	45.931	30.678	18.773
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	32.728	27.945	19.526
(c) Trade receivables	27.569	25.162	37.935
(d) Cash and cash equivalents	11.727	11.161	32.579
(e) Short-term loans and advances	18.214	10.067	21.700
(f) Other current assets	0.354	0.481	0.792
Total Current Assets	90.592	74.816	112.532
TOTAL	136.523	105.494	131.305

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	406.834	307.511	276.542
Less	EXPENSES
		TOTAL	396.207	298.682	269.775
	PROFIT BEFORE TAX		10.627	8.829	6.767
Less	TAX		3.735	2.850	2.241
	PROFIT AFTER TAX		6.892	5.979	4.526
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	0.000	0.337	0.000
	IMPORTS
		Raw Materials	243.942	181.016	116.064
	Earnings Per Share (Rs.)		1.46	1.27	5.17

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.69	1.94	1.64
Return on Total Assets (PBT/Total Assets}	(%)	9.09	8.80	5.15
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.10
Debt Equity Ratio (Total Debt /Networth)		0.44	0.32	0.30
Current Ratio (Current Asset/Current Liability)		1.73	2.63	1.86

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	9.432	9.432	47.162
Reserves & Surplus	60.580	66.558	35.721
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	70.012	75.990	82.883
long-term borrowings	0.000	0.000	0.000
Short term borrowings	21.210	24.201	36.200
Total borrowings	21.210	24.201	36.200
Debt/Equity ratio	0.303	0.318	0.437

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	276.542	307.511	406.834
		11.199	32.299

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	276.542	307.511	406.834
Profit	4.526	5.979	6.892
	1.64%	1.94%	1.69%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans and advances from related parties
From director	15.600	19.215
From Related parties	20.600	4.986
Total	36.200	24.201

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10175464	08/05/2014 *	150,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 3RD FLOOR, AC MARKET, 1  SHAKESPEARE SARANI, KOLKATA, West Bengal - 700071, INDIA	C05198031

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.66.51
UK Pound	1	Rs.104.00
Euro	1	Rs.54.97

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	JYTK

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.