MIRA INFORM REPORT

Report No. :	308158
Report Date :	14.02.2015

IDENTIFICATION DETAILS

Name :	MEGHMANI INDUSTRIES LIMITED
Formerly Known As :	PATEL AGRO CHEM LIMITED
Registered Office :	Plot No.27, Phase I, GIDC Industrial Estate, Vatva, Ahmedabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.02.1993
Com. Reg. No.:	04-019013
Capital Investment / Paid-up Capital :	Rs.45.000 millions
CIN No.: [Company Identification No.]	U29199GJ1993PLC019013
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00395D
PAN No.: [Permanent Account No.]	AABCM0535G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is primarily engaged in manufacturing of agrochemical technicals and formulations.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4403000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of Meghmani Group. It is a well-established and reputed company having fine track record. The rating reflects company’s sound financial risk profile marked by healthy reserves position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payment terms are regular and as per commitment. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: A
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	03.10.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	03.10.2014

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 DECLINED BY

Name :	Mr. Jignesh Brahmkshatriya
Designation :	Accounts Manager
Contact No.:	91-79-25833381

LOCATIONS

Registered Office/ Factory 1 :	Plot No.27, Phase I, GIDC Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25833381/ 25897793/ 26569901
Fax No.:	91-79-26463999/ 25834588/ 25893495/ 26421400
E-Mail :	vshekhar@meghmani.com alkesh@meghmanidyes.com meghmaniad1@sancharnet.in helpdesk@meghmani.com exports@meghmani.com jbrahma@meghmanidyes.com jignesh@meghmanidyes.com
Website :	http://www.meghmani.com
Corporate Office :	203-204, White Cross, 15 Patel Society, Gulbai Tekra Road, Panchvati, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26569901/ 26562827/ 26467511/ 26562827
Fax No.:	91-79-26422600/ 26463999
Factory 2 :	Block No.401, Village Chharodi, Taluka Sanand, District Ahmedabad – 382 170, Gujarat, India
Tel. No.:	91-2717-273204/ 273284
Fax No.:	91-2717-273117
Factory 3 :	SEZ Unit, Plot No.Z-6, Special Economic, Zone Bharuch, Dehej – 392 130, Gujarat, India
Other Factories :	Also located at: · Panoli · Ankleshwar

DIRECTORS

AS ON 27.08.2014

Name :

Mr. Lalitbhai Kantibhai Patel

Designation :

Director

Address :

31, Park Hill, Near Narmada Vasahat, Opposite Karnavati Club, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

15.02.1967

Qualification :

B.Com

Date of Appointment :

22.02.1993

PAN No.:

ACNPP2094C

DIN No.:

00011773

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Director	22/02/1993	22/02/1993	-	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21/07/1999	21/07/1999	-	Active	NO
3	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
4	U24100GJ2007PLC051935	MEGHMANI SPECIALTY CHEMICALS LIMITED	Director	10/10/2007	10/10/2007	-	Active	NO
5	U24231GJ1993PTC020229	SYNERGY CHLORINATION PVT LIMITED	Director	27/10/2007	27/10/2007	-	Active	NO
6	U24100GJ2007PLC051763	UNISON INDUSTRIES LIMITED	Director	22/09/2008	25/08/2008	-	Active	NO
7	U67120GJ2009PTC058361	ALB STOCK BROKING PRIVATE LIMITED	Director	15/10/2009	15/10/2009	-	Active	NO
8	U24100GJ2012PTC068727	UNIWORTH ENTERPRISES PRIVATE LIMITED	Director	23/01/2012	23/01/2012	-	Converted to LLP	NO
9	AAA-6362	NAVRATAN SPECIALTY CHEMICALS LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
10	AAB-4707	UNIWORTH ENTERPRISES LLP	Designated Partner	18/04/2013	18/04/2013	-	Active	NO

Name :

Mr. Natwarlal Meghjibhai Patel

Designation :

Managing Director

Address :

6-B, Ashok Vatika No.1, Opposite Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad – 380 058, Gujarat, India

Date of Birth/Age :

01.06.1953

Qualification :

M.Sc.

Date of Appointment :

01.11.2011

PAN No.:

AAUPP1727H

DIN No.:

00027540

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01/11/2011	22/02/1993	-	Active	NO
2	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	01/04/2014	02/01/1995	-	Active	NO
4	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	01/04/2013	21/07/1999	-	Active	NO
5	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
7	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
8	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
9	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	25/07/2008	25/07/2008	30/09/2013	Active	NO
10	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2009	27/02/2009	-	Active	NO
11	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Rameshbhai Meghjibhai Patel

Designation :

Managing director

Address :

No.54, Shreenath Park Society, Behind Avishkar Party Plot, Manekbaug, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

01.03.1956

Qualification :

B.A.

Date of Appointment :

01.11.2011

PAN No.:

ABHPP4316J

DIN No.:

00027637

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01/11/2011	22/02/1993	-	Active	NO
2	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	01/04/2014	02/01/1995	-	Active	NO
3	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	01/04/2013	21/07/1999	-	Active	NO
4	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12/09/2001	12/09/2001	-	Active	NO
5	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	17/09/2002	-	Active	NO
6	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
7	U45209GJ2005NPL046417	VATVA INDUSTRIAL ESTATE INFRASTRUCTURE DEVELOPMETN LIMITED	Director	13/07/2005	13/07/2005	28/12/2011	Active	NO
8	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
9	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
10	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Manubhai Khodidas Patel

Designation :

Director

Address :

141, Chittvan, South Bopal, Ahmedabad – 380 058, Gujarat, India

Date of Birth/Age :

06.11.1950

Date of Appointment :

27.08.2014

DIN No.:

00132045

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	U80903GJ1993NPL020139	PARYAVARAN EDUTECH	Director	27/08/2001	27/08/2001	-	Active	NO
2	U51390GJ2005PLC046314	DIALFORHEALTH UNITY LIMITED	Nominee director	23/06/2005	23/06/2005	-	Active	NO
3	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	25/08/2006	07/04/2006	-	Amalgamated	NO
4	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED.	Director	25/08/2006	07/04/2006	31/05/2014	Active	NO
5	L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	Director	29/09/2006	27/07/2006	27/04/2009	Active	NO
6	U74990GJ2000PTC037367	GVFL TRUSTEE COMPANY PRIVATE LIMITED	Director	30/08/2008	25/09/2007	-	Active	NO
7	U24230GJ2009PLC056149	ZYDUS TECHNOLOGIES LIMITED	Managing director	01/12/2013	20/02/2009	31/05/2014	Active	NO
8	U85100MH2010PTC208778	VIOLIO PHARMA PRIVATE LIMITED	Director	07/10/2010	07/10/2010	31/05/2014	Active	NO
9	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Director	27/08/2014	27/08/2014	-	Active	NO

Name :

Saroj Narayan Mohanty

Designation :

Director

Address :

C-103, West View CHS, Plot No.6, Sector 2, Charkop, Kandivali (West), Mumbai – 400 067, Maharashtra, India

Date of Birth/Age :

27.01.1953

Qualification :

M.Sc.

Date of Appointment :

27.06.2011

DIN No.:

03413326

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Director	27/06/2011	31/01/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jignesh Brahmkshatriya
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.08.2014

Names of Shareholders	No. of Shares
Natwarlal Meghjibhai Patel	897250
Bhartiben Natwarlal Patel	212500
Disha Natwarlal Patel	25000
Ankit Natwarlal Patel	215000
Rameshbhai Meghjibhai Patel	790000
Kalpanaben Rameshbhai Patel	7500
Karan Rameshbhai Patel	82500
Vaishakhi Rameshbhai Patel	20000
Amitaben Kantibhai Patel	886750
Lalit Kantibhai Patel	140500
Jagrutiben Lalit Patel	7500
Ganpatbhai Meghjibhai Patel	288750
Praful Ganpatbhai Patel	3000
Shardaben Popatbhai Patel	512250
Popatbhai Meghjibhai Patel	15250
Anil Popatbhai Patel	7500
Prashant Popatbhai Patel	5000
Kuverben Ishwerbhai Patel	337250
Anand I. Patel	12750
Darshan Anand Patel	10000
Haribhai Meghjibhai Patel	1500
Ravi Haribhai Patel	10375
Kiranbhai Manshukhbhai Patel	11875
Total	4500000

AS ON 27.08.2014

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

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in manufacturing of agrochemical technicals and formulations.

Products :

ITC Code No.	Product Descriptions
38083009	Atrazine

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
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	State Bank of India
Branch Address	Overseas Branch, 3^rd Floor, Amrit Jayanti Bhavan, Navjivan PO, B/H Gujarat Vidyapith, Ahmedabad – 380 014, 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

Dena Bank, 2^nd Floor, Dena Laxmi Building, 188-A, Ashram Road, Navarangpura, Ahmedabad – 380 009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee Term loans from banks (1^st Term loan Repayable in total 50 installments of Rs.7.000 millions each per month starting with January, 2012.)	97.248	199.910
Working capital loans from banks [Corporate loan repayable in total 4 installment of Rs.10.000 millions each per quarter and next total 3 installments of Rs.20.000 millions each per quarter starting with April, 2013.]	0.000	60.000
SHORT TERM BORROWINGS
Rupee Term loans from banks [Term loan (I and II) Repayable within next 12 months]	158.096	144.000
Working capital loans from banks	723.606	419.484
Total

Banking Relations :	--
Auditors :
Name :	Balkrishna T. Thakkar and Company Chartered Accountants
Address :	6th Floor, “Saffron”, Near Bank of Baroda, Ambawadi , Ahmedabad – 380 006, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAGPT9505M
Memberships :	Not Available
Collaborators :	Not Available
Enterprise in which Directors and Key Managerial Personnel (KMP) have significant Influence :	Meghmani Dyes and Intermediates Limited Navratan Specialty Chemicals LLP Meghmani Energy Limited Uniworth Enterprises LLP Meghmani Organics Limited Tapasheel Enterprise Unison Industries Limited Meghmani Chemicals Meghmani Specialty Chemicals Limited Patel Investment and Infrastructure Company Synergy Chlorination Private Limited Trent Chemical Industries Fidelity Exports Private Limited Vanguard Overseas Limited ALB Stock Broking Private Limited

CAPITAL STRUCTURE

AS ON 27.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	45.000	45.000	45.000
(b) Reserves & Surplus	1495.986	1356.455	1307.325
(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)	1540.986	1401.455	1352.325
(3) Non-Current Liabilities
(a) Long-term borrowings	553.232	602.839	708.871
(b) Deferred tax liabilities (Net)	19.802	26.030	32.562
(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)	573.034	628.869	741.433
(4) Current Liabilities
(a) Short term borrowings	881.702	563.484	372.750
(b) Trade payables	850.870	509.403	353.012
(c) Other current liabilities	40.746	26.542	25.895
(d) Short-term provisions	16.907	2.741	2.861
Total Current Liabilities (4)	1790.225	1102.170	754.518
TOTAL	3904.245	3132.494	2848.276
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	898.275	1131.623	870.389
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	17.016	8.335	212.435
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.005	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.464	24.560	26.265
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	939.760	1164.523	1109.094
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1247.751	737.440	696.673
(c) Trade receivables	1525.216	1051.869	848.362
(d) Cash and cash equivalents	52.946	46.553	61.311
(e) Short-term loans and advances	16.406	23.087	32.528
(f) Other current assets	122.166	109.022	100.308
Total Current Assets	2964.485	1967.971	1739.182
TOTAL	3904.245	3132.494	2848.276

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	3624.496	2259.080	1761.326
		Other Income	10.110	9.281	14.273
		TOTAL (A)	3634.606	2268.361	1775.599
Less	EXPENSES
		Cost of materials consumed	2304.324	1302.279	1257.796
		Purchases of stock-in-trade	228.049	185.914	174.017
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(198.909)	27.801	(72.498)
		Employee benefit expense	80.816	69.811	60.587
		Other expenses	664.911	481.331	367.002
		Exceptional Items	126.600	0.000	0.000
		TOTAL (B)	3205.791	2067.136	1786.904
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		428.815	201.225	(11.305)
Less	FINANCIAL EXPENSES (D)		109.365	84.211	43.234
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		319.450	117.014	(54.539)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		152.923	74.256	59.586
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		166.527	42.758	(114.125)
Less	TAX (H)		26.996	(6.372)	0.483
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		139.531	49.130	(114.608)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1040.455	995.325	1109.933
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	4.000	0.000
	BALANCE CARRIED TO THE B/S		1159.986	1040.455	995.325
	EARNINGS IN FOREIGN CURRENCY
		FOB value of manufactured goods exported	1931.213	1471.343	740.513
	TOTAL EARNINGS		1931.213	1471.343	740.513
	IMPORTS
		Raw Materials	1979.176	933.942	887.868
		Components & Spare Parts	0.000	0.187
		Capital Goods	0.283	0.000	1.854
	TOTAL IMPORTS		1979.459	934.129	889.722
	Earnings/ (Loss) Per Share (Rs.)		31.01	10.92	(25.47)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.85	2.17	(6.51)
Operating Profit Margin (PBDIT/ Sales)	(%)	11.83	8.91	(0.64)
Return on Total Assets (PBT/Total Assets}	(%)	4.28	1.37	(4.33)
Return on Investment (ROI) (PBT/Networth)		0.11	0.03	(0.08)
Debt Equity Ratio (Total Debt/Networth)		0.93	0.83	0.80
Current Ratio (Current Asset/Current Liability)		1.66	1.79	2.31

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	45.000	45.000	45.000
Reserves & Surplus	1307.325	1356.455	1495.986
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1352.325	1401.455	1540.986
Long Term borrowings	708.871	602.839	553.232
Short Term borrowings	372.750	563.484	881.702
Total borrowings	1081.621	1166.323	1434.934
Debt/Equity ratio	0.800	0.832	0.931

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	1,761.326	2,259.080	3,624.496
		28.260	60.441

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	1,761.326	2,259.080	3,624.496
Profit	(114.608)	49.130	139.531
	(6.51%)	2.17%	3.85%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 440 of 2012

Status : PENDING

(Converted from : ST/1350/2012)

CCIN No : 001092201200440

Last Listing Date:

09/08/2012

Coram

· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA

S.NO.	Name of the Petitioner	Advocate On Record
1	CHIEF COMMISSIONER OF INCOME TAX (OSD) - CENTRAL - I	MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.	Name of the Respondent	Advocate On Record
1	MEGHMANI INDUSTRIES LIMITED	MR B S SOPARKAR for :Opponent(s) 1

Presented On	: 06/07/2012	Registered On	: 06/07/2012
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 44 times
StageName	: BOARD NO. I-A

Classification	· DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	· INCOME-TAX ACT, 1961

Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA 893/AHD/2009	INCOME TAX APPELLATE TRIBUNAL, C BENCH, AHMEDABAD	JUDICIAL MEMBER AND ACCOUNTANT MEMBER	13/01/2012	AHMEDABAD
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	06/07/2012	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	6	MRS MAUNA M BHATT:1
2	06/07/2012	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	MRS MAUNA M BHATT:1
3	15/08/2012	VAKALATNAMA	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) 1	-	MR B S SOPARKAR:1
4	15/08/2012	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	-	MRS MAUNA M BHATT:1
5	08/10/2012	VAKALATNAMA	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) 1	5	MR B S SOPARKAR:1
Linked Matters

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/600/2012	PENDING	-	- · HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
2	TAX APPEAL/601/2012	PENDING	-	- · HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	09/08/2012	3	-	BOARD NO. I-A	FIXED RULE / ADMIT	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/440/2012	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA	09/08/2012	N	ORDER	-	Y
	Certified Copy

S. No.	Applicant Name	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	13/08/2012	O/26638/2012	09/08/2012	29/08/2012	30/08/2012	Delivered	ORDER

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate borrowings	410.610	277.555
Loans and advances from related parties	45.374	65.374
Total	455.984	342.929

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10363110	27/06/2012	60,000,000.00	DENA BANK	2ND FLOOR, DENA LAXMI BUILDING, 188-A, ASHRAM ROAD, NAVARANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B42674184
2	10148356	13/08/2009 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A69011583
3	90102662	11/01/2014 *	1,298,400,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN PO, B/H GUJARAT VIDYAPITH, AHMEDABAD, GUJARAT - 380014, INDIA	B95903126
4	90100400	11/01/2014 *	1,298,400,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN PO, B/H GUJARAT VIDYAPITH, AHMEDABAD, GUJARAT - 380014, INDIA	B95902862

* Date of charge modification

FIXED ASSETS:

· Office Building

· Factory Building

· Factory Equipments

· Other Pollution Reduction Equipment

· Other Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computer Equipments

· Other Equipments

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	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		54

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.