MIRA INFORM REPORT

Report No. :	338497
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	AETHER INDUSTRIES LIMITED
Registered Office :	Sy. No.35, Plot No.40, “Aangan”, Jaldarshan Society, Behind Row House, Umra, Surat – 395 007, Gujarat
Tel. No.:	91-261-3303000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.01.2013
Com. Reg. No.:	04-073434
Capital Investment / Paid-up Capital :	Rs.85.602 million
CIN No.: [Company Identification No.]	U24100GJ2013PLC073434
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AALCA2848Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of specialty chemicals.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 247500
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Even though, the company was incorporated on 23^rd January, 2013. But the company has started its business activities from April 2015. It is having a moderate track. Mr. Rohan Desai (Director) has provided us with all information. Further, he claimed that company has started its activity from April 2015. External borrowings of the company seems to be huge during FY 2014. However, trade relation is improving. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 PARTED BY

Name :	Mr. Rohan Ashwin Desai
Designation :	Director
Contact No.:	91-9825128381
Date :	25.08.2015

LOCATIONS

Registered Office :	Sy. No.35, Plot No.40, “Aangan”, Jaldarshan Society, Behind Row House, Umra, Surat – 395 007, Gujarat, India
Tel. No.:	91-261-3303000
Mobile No.:	91-9825128381 (Mr. Rohan Desai)
Fax No.:	91-261-3303329
E-Mail :	chaudhary.swati8@gmail.com info@aether.co.in rohan@aetherindustries.co.in
Website :	http://aetherindustries.lookchem.com http://www.aether.co.in http://aetherindustries.co.in
Factory :	Plot No.B21/7 SUSML Road No.3, Hojiwala Industrial Estate Sachin Palsana Highway Road, Vanz Gaon, Sachin, Surat – 394 230 Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ashwin Jayantilal Desai

Designation :

Managing Director

Address :

40, Jal Darshan Society, Near Umrigar School, Umra, Surat – 395 007, Gujarat, India

Date of Birth/Age :

18.09.1951

Qualification :

B. Tech (Chemical)

Date of Appointment :

23.01.2013

DIN No.:

00038386

PAN No.:

ABQPD3510P

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	U24231GJ1988PTC011199	REHASH INDUSTRIAL AND RESINS CHEMICALS PRIVATE LIMITED	Director	20/04/1995	20/04/1995	24/04/2013	Active	NO
2	U29199GJ1998PLC033633	GLOBE ENVIRO CARE LIMITED	Director	16/02/1998	16/02/1998	-	Active	NO
3	U24110MH1992PTC068653	SHRI VINAYAK CHEMEX (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	01/04/2008	Active	NO
4	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Managing director	01/04/2011	30/09/2003	20/07/2013	Active	NO
5	U24100GJ2013PLC073434	AETHER INDUSTRIES LIMITED	Managing director	23/01/2013	23/01/2013	-	Active	NO
6	U85191GJ2013NPL077168	AETHER FOUNDATION	Director	11/10/2013	11/10/2013	-	Active	NO

Name :

Mr. Rohan Ashwin Desai

Designation :

Director

Address :

40, Jal Darshan Society, Near Umrigar School, Umra, Surat – 395 007, Gujarat, India

Date of Birth/Age :

16.09.1979

Qualification :

B. Com

Date of Appointment :

23.01.2013

DIN No.:

00038379

PAN No.:

ABQPD3590G

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	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Whole-time director	01/04/2011	01/08/2004	20/07/2013	Active	NO
2	U74900GJ2007PTC052420	REDEFINE ENTERPRISES PRIVATE LIMITED	Director	24/12/2007	24/12/2007	-	Active	NO
3	U24100GJ2013PLC073434	AETHER INDUSTRIES LIMITED	Director	23/01/2013	23/01/2013	-	Active	NO
4	U85191GJ2013NPL077168	AETHER FOUNDATION	Director	11/10/2013	11/10/2013	-	Active	NO

Name :

Ms. Purnima Ashwin Desai

Designation :

Director

Address :

40, Jal Darshan Society, Near Umrigar School, Umra, Surat – 395 007, Gujarat, India

Date of Birth/Age :

24.01.1954

Qualification :

B. Com

Date of Appointment :

23.01.2013

DIN No.:

00038399

PAN No.:

ADWPD8309E

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	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Whole-time director	01/04/2011	30/09/2003	20/07/2013	Active	NO
2	U74900GJ2007PTC052420	REDEFINE ENTERPRISES PRIVATE LIMITED	Director	24/12/2007	24/12/2007	-	Active	NO
3	U24100GJ2013PLC073434	AETHER INDUSTRIES LIMITED	Director	23/01/2013	23/01/2013	-	Active	NO
4	U85191GJ2013NPL077168	AETHER FOUNDATION	Director	11/10/2013	11/10/2013	-	Active	NO

Name :

Mr. Aman Ashwinbhai Desai

Designation :

Additional Director

Address :

40, Jal Darshan Society, Near Umrigar School, Umra, Surat – 395 007, Gujarat, India

Date of Birth/Age :

30.03.1983

Date of Appointment :

25.08.2014

DIN No.:

00043633

PAN No.:

AFIPD9634A

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	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Director	30/09/2003	30/09/2003	01/04/2011	Active	NO
2	U24100GJ2013PLC073434	AETHER INDUSTRIES LIMITED	Additional director	25/08/2014	25/08/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Purnima Ashwin Desai	8515000
Ashwin Jayantilal Desai	15000
Rohan Ashwin Desai	10000
Aman Ashwinbhai Desai	10000
Payal Rohan Desai	10000
Rohan Desai HUF	100
Ashwin Desai HUF	100
Total	8560200

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of specialty chemicals.
Products :	Specialty Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Japan United States of America European Countries
Imports :
Products :	Raw Materials
Countries :	China Japan Germany
Terms :
Selling :	L/C
Purchasing :	DA

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

80 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Majura Gate, Surat, 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

· Bank of Baroda

· Sutex Co-Operative Bank Limited

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT-TERM BORROWINGS
Loans repayable on demand from banks (Fixed Deposits and Mutual Funds) (Personal Guarantee of Directors)	120.063	0.000
Total	120.063	0.000

Auditors :
Name :	Arav and Company Chartered Accountants
Address :	D-214, International Trade Centre, Majura Gate, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-3013941
Fax No.:	91-261-6621979
E-Mail :	vsinghal@aravca.com info@aravca.com achaudhary@aravca.com
Website :	www.aravca.com
Income-tax PAN of auditor or auditor's firm :	AASFA9049D
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
10000000	Equity Shares	Rs.10/- each	Rs.100.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8560200	Equity Shares	Rs.10/- each	Rs.85.602 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	85.602	0.602
(b) Reserves & Surplus	1.033	(0.174)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	86.635	0.428
(3) Non-Current Liabilities
(a) Long-term borrowings	280.623	2.975
(b) Deferred tax liabilities (Net)	0.650	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	281.273	2.975
(4) Current Liabilities
(a) Short term borrowings	120.063	0.000
(b) Trade payables	0.372	0.000
(c) Other current liabilities	9.951	0.707
(d) Short-term provisions	0.230	0.011
Total Current Liabilities (4)	130.616	0.718
TOTAL	498.524	4.121
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.771	0.000
(ii) Intangible Assets	0.137	0.000
(iii) Capital work-in-progress	71.623	2.027
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.017	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.995	0.000
(e) Other Non-current assets	1.056	0.240
Total Non-Current Assets	98.599	2.267
(2) Current assets
(a) Current investments	162.776	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	130.921	0.901
(e) Short-term loans and advances	100.223	0.953
(f) Other current assets	6.005	0.000
Total Current Assets	399.925	1.854
TOTAL	498.524	4.121

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Revenue from operations	0.000	0.000
		Other Income	25.271	0.000
		TOTAL	25.271	0.000
Less	EXPENSES
		Employee benefit expense	5.612	0.035
		Other expenses	7.341	0.137
		TOTAL	12.953	0.172
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.318	(0.172)
Less	FINANCIAL EXPENSES		9.674	0.001
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.644	(0.173)
Less/ Add	DEPRECIATION/ AMORTISATION		0.787	0.000
	PROFIT/ (LOSS) BEFORE TAX		1.857	(0.173)
Less	TAX		0.650	0.000
	PROFIT/ (LOSS) AFTER TAX		1.207	(0.173)
	Earnings/ (Loss) Per Share (Rs.)		0.14	(2.66)

Particulars	31.03.2015
Income (Approximately)	40.000

The above information has been parted by Mr. Rohan Desai (Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current maturities of long-term debt	0.000	0.000
Cash generated from operations	NA	NA
Net cash flows from (used in) operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.44	(8.26)
Return on Investment (ROI) (PBT/Networth)		0.02	(0.40)
Debt Equity Ratio (Total Debt /Networth)		4.62	6.95
Current Ratio (Current Asset/Current Liability)		3.06	2.58

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Share Capital	0.602	85.602
Reserves & Surplus	(0.174)	1.033
Share Application money pending allotment	0.000	0.000
Net worth	0.428	86.635
Long-term borrowings	2.975	280.623
Short term borrowings	0.000	120.063
Current Maturities of Long term debt	0.000	0.000
Total borrowings	2.975	400.686
Debt/Equity ratio	6.951	4.625

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
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 about two years and two months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about one year and two months	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	Yes
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)
LONG-TERM BORROWINGS
Loans and advances from directors	6.384	2.225
Loans and advances from others	274.239	0.750
Total	280.623	2.975

INDEX OF CHARGES:

No Charges Exist for Company.

FIXED ASSETS:

Tangible Assets

· Office Equipment

· Computer Equipments

Intangible Assets

· Computer Software

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.66.71
UK Pound	1	Rs.105.10
Euro	1	Rs.77.11

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.